'Uuid'|'Title'|'Text'|'Site'|'SiteSection'|'Url'|'Timestamp'
'2f607a2b7e216b136b1323c1f1bc8cefa5d6c6f4'|'BRIEF-Horizon North Logistics qtrly loss per share $0.02'|'Aug 1 (Reuters) - Horizon North Logistics Inc:* Horizon North Logistics Inc. announces results for the quarter ended june 30, 2017* Qtrly revenue $91.6 million versus $52.5 million* Qtrly loss per share $0.02* Horizon North Logistics Inc-awarded contract in Q2 for provision of 380 person camp, related services with revenue expected to be $62 million over 3 year term Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-horizon-north-logistics-qtrly-loss-idUSASB0BCDS'|'2017-08-02T03:58:00.000+03:00'
'b1b9900050cab4b1959c454ffee5e515d8c910af'|'PRECIOUS-Gold holds near 7 week high on weak U.S. economic data'|'Aug 2 - Gold prices held early on Wednesday near a seven-week high struck in the previous session, as downbeat U.S. data weakened the prospect of the Federal Reserve pursuring an aggressive rate hike stance. FUNDAMENTALS * Spot gold was little changed at $1,268.00 per ounce at 0109 GMT. It hit $1,273.97 in the previous session, the highest since June 14. * U.S. gold futures for December delivery fell 0.4 percent to $1,274.10 per ounce. * A gauge of U.S. factory activity slid from a near three-year high in July amid a slowdown in new orders and consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter. * The U.S. dollar briefly touched a 15-month low on Tuesday on political turmoil in Washington and weak U.S. economic data that kept the Federal Reserve''s policy outlook uncertain. * The United States does not seek to topple the North Korean government and would like dialogue with Pyongyang at some point, but only on the understanding that it can never be a nuclear power, Secretary of State Rex Tillerson said on Tuesday. * President Donald Trump grudgingly accepted new congressional sanctions on Russia, Tillerson said on Tuesday, remarks in contrast with those of Vice President Mike Pence, who said the bill showed Trump and Congress speaking "with a unified voice." * The euro zone economy confirmed a robust expansion in the second quarter of the year, growing twice as much as Britain for the second consecutive quarter, preliminary estimates released by the European Union''s statistics agency showed on Tuesday. * Venezuela jailed two leading critics of President Nicolas Maduro on Tuesday in a fresh blow to the opposition after the election of a new political body with sweeping powers to strengthen the hand of the leftist government. * Asian stocks paused near decade-highs on Wednesday as investors waited to see if strong earnings results from tech bellwether Apple would ripple out to component makers in the region. DATA/EVENTS (GMT) 0900 Euro Zone Producer Prices June 1100 U.S. MBA Mortgage Market index weekly 1215 U.S. ADP National Employment Jul 1345 U.S. ISM-New York Index Jul (Reporting by Nithin Prasad in Bengaluru; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL4N1KO13H'|'2017-08-02T04:22:00.000+03:00'
'2ada2e7edcb9b5ea2efede9dd1a60a87c5086cb9'|'UPDATE 2-U.S. Treasury looks to offset future drop in Fed bond purchases'|'(Adds comments on ultra-long bonds from press conference)By Lindsay DunsmuirWASHINGTON, Aug 2 (Reuters) - The U.S. Treasury said on Wednesday it will keep coupon auctions steady in the third quarter and could increase issuance of bills and a broader set of coupons later in the year to make up for a future decline in Federal Reserve bond purchases."Treasury will likely respond to additional borrowing needs ... by increasing both Treasury bill and Treasury nominal coupon auction sizes," Monique Rollins, Treasury''s acting assistant secretary for financial markets, said in a statement.She added that Treasury will offer further guidance when the timing of the U.S. central bank''s plans becomes available.Minutes from the Treasury''s borrowing advisory committee, also released on Wednesday, indicated a decision by Treasury could come at the next refunding announcement in November and likely no later than the end of the first quarter in 2018."It''s a small signal Treasury is not going to ramp up auctions quickly but has the flexibility to offer a more market friendly transition than some have recommended," Jim Vogel, FTN Financial''s interest rates strategist, wrote in a research note following Treasury''s statement.Long-dated debt yields plunged and the yield curve flattened to its lowest levels in a week after the refunding announcement.The Fed has signaled it may begin as early as September to cut its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, which it bought in the wake of the 2007-2009 financial crisis and recession.Ultra-Long Bonds In its quarterly refunding announcement, Treasury also said it would auction $62 billion in coupon debt next week. It gave no further immediate information on the timing of a decision for its consideration of introducing ultra-long bonds.In May, Treasury said it was studying the possibility of issuing ultra-long bonds although its advisory committee had questioned investor enthusiasm for such a change.An ultra-long bond would fit in with Treasury''s objective to fund the government at the least cost over time."We are still looking at the ultra-long," Rollins told reporters at a press conference after the refunding announcement. "We''re looking at gaining feedback from market participants."She added that Treasury''s current focus is on the Fed''s tapering of its bond portfolio and the debt ceiling.On Monday, Treasury said it expects to raise $96 billion through credit markets during the July-September quarter, down $2 billion from its initial estimate.It also said it expects to issue $501 billion in net marketable debt in the fourth quarter, a marked jump that in part reflects Treasury''s current inability to increase borrowing in the third quarter as it struggles to raise the nation''s statutory borrowing limit, currently at $19.9 trillion.Congress has yet to reach a deal and U.S. Treasury Secretary Steven Mnuchin has warned the government will fully exhaust its borrowing capacity in October."A substantial portion of this marketable borrowing reflects Treasury''s plan to restore the cash balance to a prudent level," Treasury said. (Reporting by Lindsay Dunsmuir; Additional reporting by Richard Leong in New York; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-debt-refunding-idINL1N1KO0IV'|'2017-08-02T11:16:00.000+03:00'
'd9d209cab2c022d454b9145dde791958e844500d'|'Carlyle posts better-than-expected quarterly earnings'|'NEW YORK, Aug 2 (Reuters) - Private equity firm Carlyle Group LP posted better-than-expected second-quarter earnings on Wednesday, mirroring the performance of some of its peers as rising stock markets and a resilient world economy lifted investment returns.Carlyle earned an economic net income (ENI) of $274.8 million after taxes, more than twice what it earned a year earlier. That translated into $0.81 of ENI per share after taxes, well above analyst forecasts for 41 cents per share, Thomson Reuters I/B/E/S showed.ENI is a crucial performance measure for U.S. private equity firms as it accounts for unrealized gains or losses in investments.A Carlyle peer, Apollo Global Management, reported a second-quarter ENI of $183.5 million after taxes, or 46 cents per share, which matched analyst forecasts, according to Thomson Reuters I/B/E/SReporting by Koh Gui Qing; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/carlyle-group-results-idINL1N1KO0E1'|'2017-08-02T09:58:00.000+03:00'
'50084d658178d6ee0124f177443a619aa0d99259'|'Hugo Boss reports first U.S. growth in two years'|'August 2, 2017 / 6:08 AM / 24 minutes ago Hugo Boss reports first U.S. growth in two years Reuters Staff 3 Min Read FILE PHOTO: Jackets are on display in the Hugo Boss section in the Central Universal Department Store (TsUM) in Kiev, Ukraine, May 17, 2017. Valentyn Ogirenko/File Photo BERLIN (Reuters) - German fashion house Hugo Boss reported better-than-expected second-quarter sales and net profit on Wednesday after a restructuring plan to close stores and cut prices bore fruit and demand picked up in China and the United States. After a string of profit warnings and the departure of its chief executive, Hugo Boss has been slashing prices in China to bring them closer to European and U.S. levels, making efforts to appeal to younger customers and closing loss-making stores. "Our strategic realignment is beginning to take effect... We made considerable headway in the United States and in online business in particular," Mark Langer, the former finance chief who took over as chief executive last year,   Sales rose 2 percent to 636 million euros ($752.1 million), while net profit jumped fivefold to 57.6 million euros, beating average analyst forecasts for 619 million euros and 53 million euros respectively. The company, known for its smart men''s suits, said the U.S. business had grown for the first time in two years, with a 2 percent rise in sales, while sales jumped 14 percent in China. A recovery in tourism in Europe and stronger Chinese consumption are expected to lead a rebound in the luxury sector this year, the Bain consultancy predicted in May, with players like Burberry and Hermes also reporting better demand in China. Hugo Boss said the spring/summer 2018 collections for its revamped two core brands BOSS and HUGO had been well received at recent fashion shows in Florence and New York, with particularly strong demand for its athleisure and casualware. That helps underline its goal to return to growth of sales and earnings in 2018, while the company said it assumes sales will grow more strongly than the rest of the market from 2019 and beyond and the operating margin will rise again. Hugo Boss confirmed its outlook for stable sales for 2017 and a low double-digit percentage increase in net income. It trimmed its capital expenditure target to between 130 million and 150 million euros from a previous range of 150 million to 170 million euros, and lifted its target for free cash flow to around 250 million from a previous expectation for around 220 million. Reporting by Emma Thomasson; Editing by Edward Taylor and Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hugo-boss-results-idUKKBN1AI0HZ'|'2017-08-02T09:08:00.000+03:00'
'7ecc79eb2ace2ecb749abc4d8c2ce10b044b5ce0'|'Apple hits all-time highs, Asia hopes to benefit'|'August 2, 2017 / 12:56 AM / 4 minutes ago Equities weaken after Dow breaks 22,000; dollar soft Chuck Mikolajczak 4 Min Read NEW YORK (Reuters) - World stock markets fell on Wednesday even as Wall Street''s key Dow Jones Industrial Average .DJI broke the 22,000 barrier on strength in Apple ( AAPL.O ) shares, while the U.S. dollar fell to near 15-month lows on doubts about another rate hike this year. Shares of Apple, the largest U.S. company by market capitalization, surged 4.9 percent to a record high of $159.75 in the wake of its earnings, helping lift the Dow above the key 22,000 mark. Apple reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule. But Apple''s gains were not enough to prop up the broader U.S. stock indexes, with the benchmark S&P 500 and Nasdaq both lower. "Round numbers are a focal point, they are kind of arbitrary but people seem to focus and it can affect sentiment," said Brian Jacobsen, senior investment strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "If there’s going to be something that gives the market more fuel it has to come from fundamentals. Excitement about a round number can only carry it so far." The Dow Jones Industrial Average .DJI rose 40.21 points, or 0.18 percent, to 22,004.13, the S&P 500 .SPX lost 4.96 points, or 0.20 percent, to 2,471.39 and the Nasdaq Composite .IXIC dropped 29.78 points, or 0.47 percent, to 6,333.16. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.46 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.13 percent. European shares were weighed down by declines in banking .SX7P and mining .SXPP shares. The U.S. dollar hit its lowest level against the euro in more than 2-1/2 years on Wednesday on doubts about another Federal Reserve interest rate increase this year and expectations for European Central Bank hawkishness. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid Tepid U.S. inflation along with political turmoil in Washington has lessened the possibility of another Federal Reserve rate hike this year. Improving data in other major economies has also served to push the greenback down nearly 11 percent from January highs, benefiting commodities and emerging markets. The dollar index .DXY fell 0.27 percent, after touching 92.734, the lowest since early May 2016. the euro EUR= up 0.49 percent to $1.1859. Investors also dealt with conflicting statements from Federal Reserve officials. St. Louis Federal Reserve James Bullard is opposed to further U.S. interest rate increases by the central bank and warned that more hikes could hinder domestic inflation from achieving the Fed''s 2-percent goal, Market News International reported. But Cleveland Fed President Loretta Mester said the Fed should remain focused on gradually tightening U.S. policy because one-off factors, not a long-lasting trend, have caused inflation to weaken in recent months. U.S. private employers added 178,000 jobs in July, below economists'' expectations, a report by a payrolls processor showed on Wednesday, ahead of the U.S. Labor Department''s more comprehensive non-farm payrolls report on Friday. U.S. profits for the second quarter have been strong, with earnings growth currently at 11.4 percent, according to Thomson Reuters data. Of the 350 companies in the S&P 500 that have reported through Wednesday morning, 70 percent have topped expectations. Benchmark 10-year notes US10YT=RR last rose 1/32 in price to yield 2.2496 percent, from 2.251 percent late on Tuesday. U.S. crude CLcv1 rose 0.53 percent to $49.42 per barrel and Brent LCOcv1 was last at $52.17, up 0.75 percent on the day. Additional reporting by Rodrigo Campos; Editing by Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN1AI027'|'2017-08-02T03:58:00.000+03:00'
'2a38675a2c5ee0e751f2b10338e9081040541e70'|'BRIEF-Umpqua Holdings extends share repurchase program to July 31 2019'|'Aug 1 (Reuters) - Umpqua Holdings Corp:* Umpqua Holdings Corp - on july 31, 2017, co''s board of directors approved extension of company''s share repurchase program to july 31, 2019* Umpqua Holdings Corp - approximately 10.6 million shares remain authorized for repurchase under program - sec filing Source text - bit.ly/2uWIulh '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-umpqua-holdings-extends-share-repu-idUSFWN1KN0VT'|'2017-08-02T00:38:00.000+03:00'
'fb8b7929f92a8c7eaccb2f2b6d0256e08411e8d1'|'Dorsey''s Square reports smaller quarterly loss'|'August 2, 2017 / 8:16 PM / in 9 minutes Dorsey''s Square reports smaller quarterly loss Reuters Staff 1 Min Read FILE PHOTO - Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview November 19, 2015. Lucas Jackson/Files (Reuters) - Square Inc ( SQ.N ), the payments company co-founded by Twitter Inc ( TWTR.N ) Chief Executive Jack Dorsey, reported a smaller quarterly loss on Wednesday, as customers processed more transactions through its technology. Square said net loss narrowed to $15.96 million, or 4 cents per share, in the second quarter ended June 30, from $27.35 million, or 8cents per share, a year earlier. Net revenue rose 25.8 percent to $551.51 million. Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-square-results-idUKKBN1AI2OL'|'2017-08-02T23:16:00.000+03:00'
'8c5b977a5cb62ab53e39f1120247de3ef47cbb5e'|'TREASURIES-Bond yields drop as Treasury gives no hints on new long issue'|'* Treasury fails to guide on possible new long bond * U.S. yield curve flattest since July 26 By Karen Brettell NEW YORK, Aug 2 (Reuters) - Long-dated debt yields plunged on Wednesday, and the yield curve flattened to its lowest levels in a week, after the U.S. Treasury Department gave no indications about new long-dated issuance in a quarterly refunding statement. The Treasury said it will borrow $96 billion in the third quarter and has begun to consider how it will increase debt issuance later in the year to make up for a future decline in Federal Reserve bond purchases. It gave no further immediate information on its consideration of introducing ultra-long bonds. In May, the Treasury said it was studying the possibility of issuing ultra-long bonds, although its advisory committee had questioned investor enthusiasm for such a change. "They seem to be pushing off the really hard decisions that they are going to have to make to November," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. Thirty-year Treasury bonds were last down 4/32 in price to yield 2.85 percent, down from 2.88 percent before the announcement. The yield curve between five-year notes and 30-year bonds flattened to 103 basis points, the lowest level since July 26. Concerns about bumping up against the debt ceiling may have delayed the Treasury from increasing debt issuance this quarter. "In that context it makes sense to not increase sizes when you think you may have to delay auctions or cut sizes to avoid running over the limit," Kohli said. The Congressional Budget Office has said U.S. lawmakers need to raise the debt ceiling by mid-October to avoid defaulting on debt payments. The Treasury said on Monday that borrowing is likely to swell to $501 billion in the fourth quarter. The next major focus for investors is Friday''s employment report for July. (Editing by Nick Zieminski) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1KO0KQ'|'2017-08-02T11:16:00.000+03:00'
'344c087306424f3bd571a2364a261d42c1203084'|'PRESS DIGEST - Wall Street Journal - August 2'|'August 2, 2017 / 4:34 AM / an hour ago PRESS DIGEST - Wall Street Journal - August 2 2 Min Read Aug 2 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - The Trump administration is planning trade measures to force Beijing to crack down on intellectual-property theft and ease requirements that American companies share advanced technologies to gain entry to the Chinese market. on.wsj.com/2uXsjEk - Sprint Corp said it would decide soon on whether to pursue a merger with either T-Mobile US Inc or Charter Communications Inc , with an announcement coming "in the near future," according to the wireless carrier''s chief executive. on.wsj.com/2uXHmha - Matthias Müller was appointed to drag Volkswagen AG away from the emissions scandal and into the world of modern automotive technologies. He is facing opposition from the company''s skeptical managers. on.wsj.com/2uXsoI8 - Major health insurers in some states are seeking increases as high as 30 percent or more for premiums on 2018 Affordable Care Act plans, according to new federal data that provide the broadest view so far of the turmoil across exchanges as companies try to anticipate Trump administration policies. on.wsj.com/2uXokYm - Senate Republicans made clear they want to chart their own course to focus on a tax overhaul and critical fiscal legislation, bypassing requests from U.S. President Donald Trump to keep health care their top legislative priority. on.wsj.com/2uXDPQl (Compiled by Bengaluru newsroom) 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1KO1UK'|'2017-08-02T12:34:00.000+03:00'
'ae3e8ea8ce51117c509018b0affe19745640a0f7'|'Repsol says drilling suspended on Vietnam oil block disputed by China'|'A Repsol logo at a petrol station in Bormujos near the Andalusian capital of Seville, southern Spain March 3, 2016. Marcelo del Pozo/Files MADRID (Reuters) - Spain''s Repsol said it had suspended oil drilling in a block off Vietnam, where the prospecting in South China Sea waters claimed by China had infuriated Beijing and brought Chinese pressure on Vietnam to stop.Tension has been growing between Vietnam and China over energy development in the waterway, where extensive Chinese claims are challenged by five Southeast Asian countries and disputed by the United States.Repsol''s chief financial officer, Miguel Martinez, said work had been suspended off Vietnam, according to the transcript of a conference call with analysts last week."We are working with the PetroVietnam and with the Vietnamese authorities and the only comment is that right now, operations have been suspended," he said."We will have to see what the output is, but as mentioned $27 million is what we have spent till now in this well."A Repsol official confirmed the suspension on Wednesday, but declined to give further details.Drilling began in mid-June in Vietnam''s Block 136/3, which is licensed to Vietnam''s state oil firm, Spain''s Repsol and Mubadala Development Co of the United Arab Emirates.The block lies inside the U-shaped "nine-dash line" that marks the vast area that China claims in the sea and overlaps what it says are its own oil concessions.China had urged a halt to the exploration work and a diplomatic source with direct knowledge of the situation said that the decision to suspend drilling was taken after a Vietnamese delegation visited Beijing."Vietnam decided it didn''t want to pick a fight with China over this," the source said.Foreign Policy magazine said this week that China had threatened military action against Vietnam if it did not stop the drilling. It said that a decision to stop was made following acrimonious meetings of a divided politburo.Vietnam has not confirmed the suspension of drilling but last week defended its right to explore in the area."Vietnam''s petroleum-related activities take place in the sea entirely under the sovereignty and jurisdiction of Vietnam established in accordance with international law," Vietnamese Foreign Ministry spokeswoman Le Thi Thu Hang said."Vietnam proposes all concerned parties to respect the legitimate rights and interests of Vietnam." China claims most of the energy-rich South China Sea through which about $5 trillion in ship-borne trade passes every year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims.David Shear, a former U.S. ambassador to Vietnam and a former assistant secretary of defense for Asia and Pacific under President Barack Obama, said that he believed that as a result of the spat Vietnam had lost two oil drilling sites.He blamed it in part on "inattention" by President Donald Trump''s administration in the region."This is a setback for the rules-based order and for our interests," he said.Thomson Reuters data showed the drilling ship Deepsea Metro I was in the same position on Sunday as it had been since drilling began on the block in the middle of June.Greg Poling, director of the Asia Maritime Transparency Initiative at the Center for Strategic and International Studies said the suspension of drilling did not mean the contract had been cancelled."Hanoi could greenlight Repsol drilling another well nearby, but it''s certainly an expensive delay," he said.Additional reporting by Ben Blanchard in Beijing and David Brunnstrom in Washington; Writing by Matthew Tostevin, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/southchinasea-vietnam-idINKBN1AI271'|'2017-08-02T19:27:00.000+03:00'
'12275e77d99f4a68538f3b6d15a9e43f1f6454c6'|'Continental sees German carmakers shifting away from diesel'|'August 3, 2017 / 11:20 AM / 14 minutes ago Continental sees German carmakers shifting away from diesel Andreas Cremer 4 Min Read Wolfgang Schaefer, CFO of German tyre company Continental poses for the media before the annual news conference in Hanover, Germany March 2, 2017. Fabian Bimmer BERLIN (Reuters) - German carmakers are likely to stop developing new combustion engines in as little as six years as they focus investments in electric cars and self-driving technology, auto supplier Continental ( CONG.DE ) said. Companies such as Volkswagen ( VOWG_p.DE ), Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ) face pressure to clean up their diesel engines two years after VW''s emissions test-cheating scandal broke. German politicians and car bosses agreed on Wednesday to overhaul engine software on 5.3 million diesel cars to cut pollution. However, environmentalists vowed to press ahead with legal action aimed at banning polluting vehicles. Continental, which makes regulators for exhaust gas cleaning systems in diesel cars and nitrogen oxide-measuring sensors, expects German carmakers to abandon efforts to develop combustion engines from about 2023. "A new generation of combustion engines will again be developed but after that (around 2023), a further development will no longer be economically justifiable because more and more work will switch into electric mobility," finance chief Wolfgang Schaefer told Reuters in an interview on Thursday. Britain and France have announced plans to eventually ban sales of new diesel and petrol vehicles and Tesla ( TSLA.O ) has launched its first mass-market electric car. Separately, the CFO said he does not expect German carmakers to push for price cuts to help contain the costs of upgrading diesel engine software and offering scrapping incentives. Volkswagen, Daimler and BMW are preparing for software updates to cost at least 500 million euros (449.72 million pounds) and for scrapping incentives to be even more expensive, Germany''s VDA auto industry lobby said. "We always have price pressures in our industry," Schaefer said. "We expect no particular changes this year from what we are used to," he said when asked whether he expected carmakers to seek price reductions in the wake of the diesel agreement. This somewhat contrasts with Continental stakeholder Schaeffler ( SHA_p.DE ), which in June cut its annual profit guidance, citing increased price pressures in the automotive sector and higher development costs related to electric cars. Hanover-based Continental earlier on Thursday reported a 10 percent drop in second-quarter adjusted operating profit to 1.16 billion euros, citing higher raw material costs at its tyre-making division. Continental has had a "reasonable" start into the July-to-September business period, the CFO said, even as the company braces for world car production to slow in the second half of the year, especially in the United States. "Continental put up a solid quarter with some small puts and takes but on the whole was roughly in-line," said Evercore ISI analyst Chris McNally who has an "Underperform" rating on the stock. Reporting by Andreas Cremer and Ilona Wissenbach; Editing by Maria Sheahan and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-continental-results-cfo-idUKKBN1AJ1JS'|'2017-08-03T14:20:00.000+03:00'
'1fd6ae331ef6f5b7493b31e0456f681259944456'|'UPDATE 1-Nigeria''s state oil company signs deals with Chevron, Shell'|'(Adds details, background)LAGOS, Aug 3 (Reuters) - Nigeria''s state oil company said on Thursday it had signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves.The Nigerian National Petroleum Corporation (NNPC) said a joint venture agreement with Chevron Nigeria Limited would see the development of proven and probable reserves of 211 million barrels at the joint Sonam project."The project is expected to begin to bear fruits in (the) next three and six months," NNPC said in a statement, adding it was targeting production of 39,000 barrels per day of liquids and 283 million standard cubic feet of gas per day.It also said a joint venture with Shell Petroleum Development Company would lead to the development of a project comprising of 156 development activities across 12 oil mining licences in the Niger Delta oil hub.NNPC said the deal with Chevron would provide the $780 million needed to complete the Sonam project on which the U.S. company has already spent $1.5 billion.NNPC said the project with Shell, called Santolina, required third-party funding of $1 billion, without saying whether this was covered by the deal.The OPEC producer has struggled to fund its part of joint ventures with foreign partners through so called cash-calls which often got delayed in parliament.Nigeria has been since last year holding talks with oil majors over new finance agreements for joint ventures. (Reporting by Alexis Akwagyiram, Chijioke Ohuocha and Ulf Laessing; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-oil-idUSL5N1KP75K'|'2017-08-03T17:04:00.000+03:00'
'a2046689ea88c8a8220f108d8a5b80a6f961c43f'|'Europe’s no business as usual summer'|'“DON’T you know about our summer?” asks a spokesperson of a Swedish multinational, himself presumably on holiday as kids chirp in the background. Almost everyone is gone until September, he says. At a German multinational, “the whole board is away for August,” admits a spokesperson. Faced with a slew of out-of-office messages across corporate Europe, there seems little choice for a business correspondent but to report on the phenomenon itself.The practice of collectively taking July or August off dates from the Industrial Revolution, when it made sense to send off all assembly-line workers simultaneously. In England’s north entire factories used to descend on the same resorts. As any tourist who has found themselves in front of an cream shop that is closed during a sizzling southern European summer will know, it has spread beyond factory jobs. 2 hours ago Dinosaurs 3 hours ago Sam 3 4 hours ago A tale of two markets Buttonwood’s notebook 7 8 hours ago See all updates Until 2015 France had a rule that mandated some bakeries to stay open in August, so that Parisians—or rather tourists, because no chic Parisian wants to be seen in town during the summer—wouldn’t be deprived of baguettes. So empty is the city that month that the average speed of cars on a key ring road jumps from 38kph (24mph) to 52kph. Some of the best restaurants in Cyprus close in the tourist season. “Summer is near and Frankie will take a nap for a while,” says the site of Frankie’s Social, a trendy bar in Limassol.Much of Milan becomes deserted as well. In the artsy district of Brera, Rita Zubelli runs an ice-cream parlour with her parents and brother. It will close shop for two weeks shortly. Why not hire someone to serve tourists? Italian law has stricter rules for firms with non-family members—the staff toilet would have to be moved from the basement.It is not only the south that goes in for summer sloth. Production workers at Porsche, a German carmaker, are on a compulsory three-week break. In Norway fellesferie refers to a period of collective leave in July, when many firms shut and services including banks run on summer hours. In the Netherlands the bouwvak still means that many construction workers must take three weeks off in July and August. The timing is doubly puzzling for the industry because demand is strong and summer is the best time to build in a wet country. Even some police stations are shut in August. Presumably crime takes a break, too.Though Europe’s appetite for summer holidays is easy to mock, of the ten most productive countries in the world (judged by per-hour productivity) only one—America, in fifth place—is not in Europe. Still, in several countries including Germany and the Netherlands, workers and trade unions have begun to press for more flexible leave policies; not everyone wants to go on holiday at a set time when prices are highest.Firms that trade globally have had to adapt to demand from those parts of the world—especially Asia—that do not slow over summer and that expect someone in Europe to answer the phone. But though the European summer may spread itself out a little more over the year, there is scant sign that Europeans will cut down on their beach and mountain time. "Le long layoff"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725816-fellesferie-and-bouwvak-refer-particularly-european-business-habit-europes-no-business?fsrc=rss%7Cbus'|'2017-08-03T22:49:00.000+03:00'
'9196d3e904c73384912857b932461f110a6980db'|'Knorr-Bremse offers regulators sale of Haldex units: CEO'|'MUNICH (Reuters) - Germany''s Knorr-Bremse has offered to sell parts of Swedish brake systems maker Haldex to dispel regulators'' anti-trust concerns, the Germany company''s chief executive said."We have offered concessions in the disc brake and brake control businesses," Klaus Deller told Reuters in an interview."We have looked for buyers for both product areas and have offers on the table," he said, without providing details.EU regulators said last week they would investigate Knorr-Bremse''s bid for Haldex as concessions offered by the German company were insufficient.The decision created another obstacle for Knorr-Bremse after Haldex''s management dropped its support for the 5.5 billion crown ($679 million) all-cash takeover offer in June because of regulatory opposition.Knorr-Bremse, which first bid for Haldex 11 months ago, holds about 15 percent of its shares and has called an extraordinary general meeting (EGM) of the Swedish company, scheduled for Aug. 17.Reporting by Irene Preisinger; Writing by Maria Sheahan; Editing by Edward Taylor'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-haldex-ab-m-a-knorr-bremse-idINKBN1AJ0UP'|'2017-08-03T05:39:00.000+03:00'
'99bbb1c399040538eb8ca5a2dbf67f7e1609b246'|'Toshiba to invest in chip line without JV partner Western Digital'|'August 3, 2017 / 4:12 AM / an hour ago Toshiba to invest in chip line without JV partner Western Digital 2 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp ( 6502.T ) said on Thursday it would go ahead with the capital investment to build a new memory chip production line without joint venture partner Western Digital Corp ( WDC.O ) as the two failed to reach an agreement about the investment. The Japanese company said it has increased the amount of capital investment in the Fab 6 production line to 195 billion yen ($1.76 billion), up by 15 billion yen from its original estimate, because it is now going it alone. The two are at loggerheads over a planned sale of Toshiba''s chip unit, which is crucial for the firm to plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear business. Western Digital says any deal would require its consent. A Toshiba spokesman said even though the initial investment will be made unilaterally, the firm is open to talks with Western Digital about subsequent investment plans. Western Digital was not immediately available for comment. The new line, set to start operating around next summer, will produce memory chips using next-generation three-dimensional technology as Toshiba aims to raise the 3D proportion to about 90 percent in the year ending in March 2019. Separately, Toshiba was ordered to allow Western Digital to access databases at their memory chip joint venture, in a blow to the Japanese firm''s effort to push the U.S. partner into accepting the sale. The California Court of Appeal on Wednesday lifted the stay of a temporary restraining order saying Toshiba must allow Western Digital''s employees to access shared databases and chip samples at their joint venture in western Japan. Toshiba first shut out Western Digital in late June as tensions around the sale escalated. It temporarily suspended the lockout in July following a restraining order by the Superior Court of California, but reimplemented it a week later as its petition for an appeal was accepted. Related Coverage Reporting by Taiga Uranaka and Makiko Yamazaki; Editing by Chris Gallagher 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-chip-idINKBN1AJ0AY'|'2017-08-03T02:12:00.000+03:00'
'6f7db63ba737e80889e16492c1207865bd9f9a65'|'Adidas powers ahead in North America and China'|'August 3, 2017 / 5:52 AM / an hour ago Adidas powers ahead in North America and China 1 Min Read BERLIN, Aug 3 (Reuters) - German sportswear firm Adidas AG reported another quarter of bumper sales growth in North America and China on Thursday as it took market share from rivals like Nike and Under Armour. Adidas, which had already announced preliminary second-quarter results and raised its 2017 guidance last week, said sales grew 28 percent in China and 26 percent in North America. Overall, sales rose a currency-neutral 19 percent to 5.038 billion euros ($5.97 billion), with the core Adidas brand growing 21 percent while sales at the Reebok fitness brand were up 5 percent. $1 = 0.8440 euros Reporting by Emma Thomasson; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/adidas-results-idUSFWN1KP08J'|'2017-08-03T08:52:00.000+03:00'
'45350e7f1589f785cee86a8b64bbc1229f6b6551'|'Invesco in talks to acquire Guggenheim ETF business: source'|'Scott Minerd, Chairman of Investments and Global Chief Investment Officer of Guggenheim Partners, speaks during the Milken Institute Global Conference in Beverly Hills. Lucy Nicholson NEW YORK (Reuters) - Invesco Ltd ( IVZ.N ) is in discussions to acquire part of the investment management business of Guggenheim Partners LLC, including its exchange-traded funds (ETF) business, according to a person familiar with the matter.The discussions are fluid and a deal is not close to being finalized, according to the person, who was not authorized to discuss the matter publicly.A spokesman for Guggenheim and a spokeswoman for Invesco each said they do not comment on market rumors.Invesco, the world''s fourth-largest ETF provider, has a history of making big deals. In April it acquired Europe-based asset manager Source, bolstering its ETF product lineup. The company managed $858 billion in assets as of June 30.ETFs have been one of the fastest-growth products in asset management. They allow investors to trade an entire basket of stocks or bonds as easily as trading one stock. They often track a broad market index, instead of trying to outperform, and can be relatively low cost. Those factors have allowed the funds to win assets away from incumbent products.Guggenheim Investments had positive net flows into all its actively managed taxable fixed-income mutual funds and ETFs in July and now has a firm-record $30 billion under management in its retail bond mutual funds and ETFs and a firm-record $180 billion in fixed-income assets under management overall, the company said on Tuesday.Guggenheim has been disputing what the Financial Times last month called a "power struggle" between Chief Executive Officer Mark Walter and Global Chief Investment Officer Scott Minerd.Reporting by Trevor Hunnicutt and Jennifer Ablan; Editing by Christian Schmollinger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-guggenheim-m-a-invesco-idINKBN1AJ0D5'|'2017-08-03T02:42:00.000+03:00'
'bf5a5b1b7979630602be3593fd3cdfa9cce9eec4'|'Gold prices drift further away from seven-week highs as dollar firms - Reuters'|'A salesperson attends to a customer (not pictured) inside a jewellery showroom in Mumbai on April 28, 2017. Shailesh Andrade LONDON (Reuters) - Gold steadied on Thursday after nearing a seven-week high in the previous session as investors awaited U.S. jobs data for further clues on the outlook for interest rate rises.Gold rallied through most of July as the dollar fell on reduced expectations for a third U.S. rate rise this year. Inflation has been contained even though the labour market appears to be in its best shape in many years and despite double-digit U.S. earnings growth in the second quarter.Reduced rate rise expectations tend to weaken the dollar, making dollar-priced gold cheaper for non-U.S. investors.Spot gold was 0.1 percent higher at $1,267.30 per ounce by 1155 GMT after touching $1,258.20 earlier, its lowest in almost a week. It hit $1,272.84 on Wednesday, near Tuesday''s seven-week high of $1,273.97. U.S. gold futures for December delivery fell 0.4 percent to $1,273.10 per ounce."We''re still in a $1,200-$1,300 range and there doesn''t seem enough of anything material to worry investors sufficiently to break us through that upper level," ICBC Standard Bank analyst Tom Kendall said."On the downside it''s been very similar, on recent occasions where (gold has) got close to $1,200 its been well supported through a combination of physical demand and defensive buying from macro investors."The U.S. dollar steadied above a 2-1/2-year low against the euro hit in the previous session but was still looking wobbly. Futures markets now only see a 35 percent chance of another rate rise by the end of 2017.Spot gold may retest support at $1,258 per ounce, a break below which could cause a fall to the next support at $1,247, according to Reuters technical analyst, Wang Tao.Global demand for gold fell 14 percent in the first half of the year due mainly to a sharp decline in purchases by exchange traded funds, the World Gold Council said.Silver was flat at $16.53 per ounce after hitting its lowest in more than a week earlier in the day.Platinum rose 0.9 percent to $955.20 per ounce after rising to its highest since June 14 in the previous session.Palladium was 0.2 percent lower at $893 per ounce, on track to break a streak of nine-sessions of gains.Additional reporting by Nithin Prasad and Arpan Varghese in Bengaluru; editing by Jane Merriman and David Clarke'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-precious-idINKBN1AJ037'|'2017-08-02T23:22:00.000+03:00'
'5167fc411eb9dd62dadb8568ab1147e095fe7d3d'|'Jacobs Engineering to buy CH2M Hill in $3.27 billion deal'|'August 2, 2017 / 10:15 AM / in an hour Jacobs Engineering to buy CH2M Hill in $3.27 billion deal 2 Min Read (Reuters) - U.S. professional services provider Jacobs Engineering Group Inc ( JEC.N ) said on Wednesday it would buy engineering-services firm CH2M Hill Cos Ltd in a cash-and-stock deal valued at about $3.27 billion, including debt. The deal would bolster Jacobs'' reach in the infrastructure and government service sectors, and comes at a time when U.S. construction and engineering companies are expected to benefit from President Donald Trump''s proposed $1 trillion infrastructure-spending plan. ( reut.rs/2uUHTSQ ) Jacobs has a dominant presence in the petroleum and chemicals sector, besides focusing on aerospace and technology. The Dallas, Texas-based company also provides development and rehabilitation plans for highways, bridges, airports and railroads, among others. Englewood, Colorado-based CH2M Hill, which is a leader in the infrastructure and government service sectors, including water, transportation, environmental and nuclear, had trailing 12-month revenues of $4.4 billion. The deal, which has an equity value of about $2.85 billion, would add about 15 percent to Jacobs'' adjusted earnings per share and 25 percent to its adjusted cash earnings per share in the first full year after closing, the company said. Jacobs said it would be able to save $150 million in costs by the end of the second year, following the close of the deal in December 2017. Perella Weinberg Partners LP and Morgan Stanley and Co LLC served as financial advisers to Jacobs, while BofA Merrill Lynch and Credit Suisse advised CH2M. Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty and Martina D''Couto 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ch2m-hill-m-a-jacobs-engr-grp-idINKBN1AI16S'|'2017-08-02T08:15:00.000+03:00'
'4a039bb0d958bac7f4355e44582eca33977def25'|'Perks? No! U.S. flyers prefer the cheap seats: Reuters/Ipsos poll'|'August 2, 2017 / 4:43 PM / 4 hours ago Perks? No! U.S. flyers prefer the cheap seats: Reuters/Ipsos poll 4 Min Read Passengers on a flight out of John F. Kennedy (JFK) International Airport in New York. Lucas Jackson NEW YORK (Reuters) - U.S. airlines striving to boost profitability are up against an army of penny-pinching customers who would rather sit in a dreaded middle seat than pay more to fly, says a Reuters/Ipsos opinion poll released on Wednesday. Airlines have sought to lure travelers into business and first class with plush airport lounges, fancy onboard cocktails and high speed internet connections. But the poll showed 83 percent of Americans put ticket prices among their chief considerations when booking personal travel, outweighing travel perks or an airline''s reputation. Sixty percent of those polled said they would not pay extra to avoid being assigned a middle seat. About 52 percent said they would not pay more to fly on their preferred airline. (For a graphic on the poll, see: tmsnrt.rs/2hopAAW ) The results underscore the challenge for airlines to boost revenue with pricey extras like faster boarding and seats with extra leg room when customers in the backs of their planes are price-conscious and brand-agnostic. The Reuters/Ipsos poll was conducted online in English from June 22-29. It gathered responses from 2,316 American adults and has a credibility interval, a measure of accuracy, of 2 percentage points. A Good Deal The consumer focus on ticket price can work to the advantage of airlines. Carriers like United Airlines and Delta Air Lines may be shielded from public relations disasters when travelers care most about getting a good deal. "If they’re competing for the infrequent traveler, price is the number one issue. And that is why airlines have decided to match the prices of the lowest fare airlines via these basic economies," RW Mann and Co analyst Robert Mann said. Within the last several months, the largest U.S. carriers have all introduced their own versions of a no-frills, bare economy fare, a tier - and a few dollars - below what used to be the cheapest tickets. Basic fares on carriers American Airlines, Delta Air Lines and United Airlines will buy a seat in the main cabin of the plane, but with no advanced seating assignment and no option to upgrade. American and United go a step further, forbidding basic economy ticket holders from using overhead storage bins, though bags can be checked, at a fee, at the gate. Despite the inconveniences of a basic economy ticket, about 40 percent of United passengers buy the cheaper, more restrictive option when presented with a choice between the two, and about half of American Airlines passengers now choose the basic economy fares, the airlines said. "We recognize that many of our customers are price sensitive, and that''s a big part of the reason we rolled out our basic economy product earlier this year," American spokesman Matt Miller said. The Reuters/Ipsos survey found evidence of distrust of big airlines among passengers. About 53 percent of respondents said airlines prioritize profits over passenger safety despite eminent safety records and enhanced airport security measures. American attitudes toward air travel have soured over airline efforts to bolster profits by charging for checked baggage and squeezing more seats onto planes. United posted a better-than-expected financial performance for the quarter ending in June despite a storm of criticism when a passenger, 69, was hauled down the aisle of a flight in April for refusing to give up his seat to crew members. “We rolled out a number of initiatives to be a more customer-focused airline,” spokeswoman Megan McCarthy said. United last month said third quarter passenger unit revenue would be flat. Reporting by Alana Wise and Chris Kahn; Editing by Joseph White and Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-airlines-poll-idUSKBN1AI28V'|'2017-08-02T19:47:00.000+03:00'
'db6c31df314ef9ebbaa8d9f1961248cfd45ebd85'|'PSA tightens its management grip on Opel/Vauxhall'|'August 1, 2017 / 7:37 AM / 35 minutes ago PSA tightens its management grip on Opel/Vauxhall Reuters Staff 2 Min Read FILE PHOTO: Carlos Tavares (C), Chairman of the Managing Board of French carmaker PSA Group, Mary Barra (L), chairwoman and CEO of General Motors, and Dr Karl-Thomas Neumann, Chairman of the Management Board Opel Group GmbH, pose during a news conference in Paris, France, March 6, 2017. Christian Hartmann/File Photo FRANKFURT (Reuters) - PSA Group completed its takeover of the Opel and Vauxhall brands from General Motors on Tuesday, installing new managers and helping the French carmaker to become Europe''s second-largest carmaker by sales. General Motors is selling off its loss-making European operations to Peugeot, which has a better track record of making small cars profitable in Europe. “We are witnessing the birth of a true European champion today,” PSA Chairman Carlos Tavares said in a statement. “We will assist Opel and Vauxhall’s return to profitability and aim to set new industry benchmarks together." Opel announced a new management team, installing PSA executives Remi Girardon as Vice President Manufacturing and Philippe de Rovira as Opel''s new Chief Financial Officer. Opel said it was planning a "much leaner" management structure which aims to unlock economies of scale and synergies in purchasing, manufacturing and research and development estimated at 1.7 billion euros ($2 billion). The goal is to generate a positive operational free cash flow by 2020 as well as an operating margin of 2 percent by 2020 and 6 percent by 2026, Opel said in a statement. For General Motors the sale of Opel marks a steady retreat from Europe, a region where it has not been profitable since 1999. Since taking over as GM''s CEO in January 2014, Mary Barra has signed off on decisions to quit markets, including Russia and Indonesia, where GM lost money, and to pull the Chevrolet brand out of Europe. PSA admitted it was in talks to buy Opel in February, and announced a deal valuing the business at 2.2 billion euros in March. For PSA the purchase increases economies of scale in Europe. PSA and GM have tried before to combine their small cars - the failed centrepiece of a "global strategic alliance" unveiled in 2012, which was rapidly scaled back to three shared projects from 40 initially considered. Reporting by Edward Taylor; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN1AH3F8'|'2017-08-01T10:37:00.000+03:00'
'e474349db0ad580177485e490b24f319a2d5a5e8'|'Seed funding slows in Silicon Valley'|'August 1, 2017 / 5:06 AM / 31 minutes ago Seed funding slows in Silicon Valley Heather Somerville 8 Min Read FILE PHOTO: Apoorva Mehta, CEO of Instacart speaks during 2016 TechCrunch Disrupt in San Francisco, California, U.S. September 14, 2016. Beck Diefenbach/File Photo SAN FRANCISCO, August 1 (Reuters) - The bloom is off seed funding, the business of providing money to brand-new startups, as investors take a more measured approach to financing emerging U.S. technology companies. Seed-stage financing has been sliding for the last two years, with the number of transactions down about 40 percent since the peak in mid-2015, data show. Dollar investments in fledgling companies have also declined, although less dramatically, dropping more than 24 percent over the same period. The slowdown comes despite an explosion of interest by wealthy individuals and foreign investors looking to park money in the next big thing. And it has potentially big implications for Silicon Valley. Early-stage funding is the lifeblood of a technology ecosystem built on risk-taking. Denied critical resources in infancy, companies can''t hope to scale quickly enough to unseat incumbent industries and grow into the next Uber Technologies Inc [UBER.UL] or Airbnb. "The reason why startups are disrupting companies in the 21st Century is not because they are smarter. It''s because they have capital to do so," said Steve Blank, a serial entrepreneur, startup mentor and adjunct professor at Stanford University. Early-stage investors, known in Silicon Valley vernacular as seed and angel investors, often act as farm teams do in sports. They provide the first significant money and mentoring to help entrepreneurs prove their technology and hit milestones needed to attract even bigger investments from venture capitalists later on. But the zeal that prevailed just two years ago has faded. Seed and angel investors completed about 900 deals in the second quarter, down from roughly 1,100 deals in the second quarter of 2016 and close to 1,500 deals during that time period in 2015, according to a report released last month by Seattle-based PitchBook Inc, which supplies venture capital data. The dollar amount provided by seed and angel investors was $1.65 billion in the second quarter. That''s just shy of the $1.75 billion for the same time period of 2016 and down significantly from 2015, which saw $2.19 billion invested into fledgling startups. (For a look a declining seed funding, see tmsnrt.rs/2h62Rt4 ) Veteran seed investors and industry analysts offer a number of reasons for the decline. They cite concerns over inflated valuations as well as a tepid market for initial public offerings, which provide seed funders a way to recoup their investments. After some much-hyped IPOs such as GoPro Inc ( GPRO.O ), LendingClub Corp ( LC.N ) and Fitbit Inc ( FIT.N ) lost their sizzle, Wall Street has curbed its appetite for shares in unproven private companies with billion-dollar-plus valuations. Others blame the rise of technology leviathans for the decline in seed funding deals. San Francisco seed fund Initialized Capital, for example, has slowed its investment pace to about 20 companies a year, down from 50 to 60 just a few years ago, even though its fund size more than tripled to $125 million, according to managing partner Garry Tan. Among his concerns: dominant players such as Facebook Inc ( FB.O ) have amassed so much wealth they can quickly challenge a hot startup, diminishing its value. "Incumbents just get so much more power, so there are fewer super early-stage opportunities that are very valuable," Tan said. "I can imagine a 20 to 25 percent reduction in valuable investment opportunities." Fewer, Larger Investments Funding cycles in Silicon Valley ebb and flow. Several veterans say the decline in seed deals is bound to reverse at some point. Still, some early-stage investors say they''re observing a rethinking of the traditional "spray and pray" approach to seed funding. Instead of putting small amounts of money into lots of startups in the hopes that a few will work out, seed investors are shifting to fewer, larger deals. The median seed deal is now $1.6 million, according to Pitchbook, up from about $500,000 five years ago. That''s more in line with what big venture firms used to invest. And while data show that about 70 percent of seed-funded companies never make it to the next level, there is no shortage of interest from investors. About 450 seed funds have emerged in the past few years, according to fund managers, financed by investors as diverse as wealthy individuals, universities, sovereign wealth funds and Chinese family offices and corporations. The experience of early-stage venture firm Floodgate is typical. Investment partner Iris Choi said the firm''s average investment size has about tripled in the last four years, from $1 million on the high end to $3 million. But along with big bucks come big expectations. Funders betting seven figures want to see a much more mature business than in years past. The upshot is that some entrepreneurs are finding it harder to get a backer in the very early going, says Allan May, chairman and founder of angel investing group Life Science Angels, based in Sunnyvale, California. "The bar is now higher to get early-stage financing," May said. "You''ve got to be further along." In return for writing bigger checks - and assuming bigger risks - seed investors are also demanding larger ownership stakes in new companies. Initialized Capital, whose investments include San Francisco-based grocery delivery service Instacart, seeks about a 50 percent stake in startups in exchange for its investments, said Tan, the managing partner. That''s enormous considering other seed funders shoot for stakes closer to the 5 percent to 15 percent range. But more shares gives seed investors more leverage in future funding rounds when additional investors come on board. Seed funders risk seeing their stakes diluted significantly if they don''t take a large ownership from the start, or participate in future funding rounds so they don''t get squeezed by other venture capitalists. Venture Capital''s "Train Wrecks" To be sure, entrepreneurs still have ample opportunity to build the next big company. Launching a startup is cheaper than it has ever been, thanks to tools such as cloud computing that allow small fry to forgo the cost of building a data centre. Startup incubator programs have helped too. Still, quick deals could be harder to come by as seed funds with lacklustre performances struggle to raise new funds. "A lot of these funds didn''t perform," said Samir Kaji, senior managing director at First Republic Bank. "They are still around but they aren''t writing new checks." In the last year or so, at least nine seed firms have gone out of business, according to PitchBook. Veteran Chris Douvos, managing director with Venture Investment Associates, has put more than $250 million into seed funds over the last decade. He estimates that the hundreds of small seed funds that exist currently will dwindle to 40 to 80 in the next year or two. "All of venture capital''s train wrecks happen in slow motion," Douvos said. "The mass of these funds is on the bubble, and what will determine who lives and who dies is to some degree luck." Reporting by Heather Somerville; Editing by Jonathan Weber and Marla Dickerson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venture-seedfunding-analysis-idUKKBN1AH31W'|'2017-08-01T08:06:00.000+03:00'
'446f236db4b77af306719f78c54987dc381b6889'|'BP sees oil prices below $50 a barrel in 2018'|'August 1, 2017 / 7:54 AM / 2 hours ago BP sees oil prices below $50 a barrel in 2018 Ron Bousso and Karolin Schaps 2 Min Read FILE PHOTO: Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. Toby Melville/File Photo LONDON (Reuters) - BP expects global oil prices to hold within a range of $45-$50 a barrel next year as U.S. shale production grows, the British company''s chief financial officer said on Tuesday. After a slow start to the year, global oil demand recovered in the second quarter of 2017 and was expected to grow by 1.4 to 1.5 million barrels per day, Brian Gilvary told Reuters. "Global demand is looking pretty strong, and prices will firm around the levels seen today," he said. Oil prices averaged around $48 a barrel in the first half of 2017, according to BP, and are currently just below $53 a barrel. Global demand was at around 95 million bpd in 2016. Brent crude oil prices were expected to remain broadly unchanged in 2018 and average at around $45-$50 a barrel as U.S. shale production is able to expand at these levels, effectively capping prices. "We can now see where the price elasticity is. As the price comes up to $52-$53 a barrel we start to see some uptick in activity, as it drops to $45, we start to see that curtailing. Earlier BP reported a drop in second quarter profits after an exploration write-off in Angola. Reporting by Ron Bousso, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bp-oil-idINKBN1AH3GH'|'2017-08-01T10:50:00.000+03:00'
'f7841355d287f0ef884a190e06616abb55f60ac6'|'municipal bond sales fall, on course for long-term supply drop'|'NEW YORK, Aug 6 (Reuters) - U.S. states, cities, school districts and other borrowers in the $3.8 trillion municipal bond market are selling less debt this year, with issuance dropping 13.1 percent to $210.7 billion through July 31 versus the same period last year.The drop has been driven by plummeting refunding volumes, which dominated the issuance calendar last year. Refinancings are down 25 percent by par amount, while new money issuance is up by 7.3 percent, Thomson Reuters data show.Issuers were "put off by the overall rise in rates" after November''s U.S. presidential election, Cumberland Advisors'' fixed income director John Mousseau wrote on July 31.Supply could pick up through the rest of the year, however, because of a drop in yields that led to a wave of refinancings that could continue through the summer, Mousseau said.Barclays also said it expects refundings to comprise a larger portion of overall issuance in the next six months.Last month Barclays raised its total supply forecast to $380 billion to $400 billion for 2017 from a previous estimate of $360 billion to $380 billion.Analysts are pointing to a long-term downward trend, despite the expectation of a short-term increase.The market anticipates an average annual primary issuance decline of $50 billion to $100 billion over the next five to seven years because of fewer refundings, Municipal Market Analytics (MMA) wrote on July 24.When the lower supply is coupled with "increasingly challenged state budgets likely to discourage expansion of traditional infrastructure programs, the tax-exempt and AMT (alternative minimum tax) sub-markets are headed for worsening scarcity issues," MMA wrote.Reporting by Hilary Russ; editing by Daniel Bases and Grant McCool'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-municipals-issuance-idINL1N1KO1HF'|'2017-08-06T20:01:00.000+03:00'
'a3801ad8c639a7bc2405f3c57130bb440b3dbf45'|'Thais hope to get off Trump''s trade hit list as Tillerson heads for Bangkok'|'FILE PHOTO: A container is loaded onto a cargo ship at a port in Bangkok March 30, 2015. Athit Perawongmetha/File Photo BANGKOK (Reuters) - Thai officials voiced hope ahead of a visit by U.S. Secretary of State Rex Tillerson of escaping U.S. pressure over the size of their trade surplus with the United States as their figures point to a jump in imports, but U.S. data shows little change.A spokeswoman for the State Department''s East Asia Bureau said Tillerson, who will be the most senior U.S. official to visit Thailand since a 2014 coup, will discuss a broad range of issues including security, trade and investment.Tillerson visits Bangkok on Tuesday after attending regional meetings in Manila at the weekend.A narrowing trade gap would also reduce the risk of Thailand being labeled by Washington as a currency manipulator - the last thing Thailand wants as it struggles with a baht currency that exporters find uncomfortably strong.According to Thai customs-cleared figures, imports rose 35 percent from a year earlier in the first six months of 2017 while exports to the United States rose 7 percent.That meant Thailand''s trade surplus over the six months narrowed from $6 billion to $4.8 billion."We hope higher imports from the U.S. will help ease pressure on this issue... and the trend should continue," Pimchanok Vonkhorporn, head of the commerce ministry''s trade policy and strategy office, told Reuters on Monday.However, U.S. figures calculated using a different methodology showed little change in the gap during the first five months year on year. The U.S. estimate of a Thai trade surplus of $18.9 billion put it in 11th place on U.S. President Donald Trump''s list of countries to be investigated.The growth in Thailand''s imports from the United States this year was led by planes and parts, circuit boards, chemicals, metal and machinery and parts, the Thai data showed.It shows "we haven''t conducted any trade protectionist policy", said Thanavath Phonvichai, professor at the University of the Thai Chamber of Commerce.After being put on the U.S. list, Thailand defended itself with a 22-page justification that covered everything from its support for the United States in the Korean War to investment by U.S. companies in Thailand.About 40 percent of Thai exports to the United States come from U.S. firms, officials say. Thailand is the world''s No. 2 maker of hard drives, with U.S. firm Seagate Technology and Western Digital among big players.Although the Trump administration has indicated no specific action against Thailand, Trump has ordered a study into the causes of U.S. trade deficits.Additional reporting by Kitiphong Thaichareon in BANGKOK; and David Brunnstrom in WASHINGTON; Editing by Matthew Tostevin, Amy Sawitta Lefevre and Nick Macfie'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-tillerson-asia-thailand-idUSKBN1AN0GW'|'2017-08-07T08:40:00.000+03:00'
'787a9d0e14e4609653b64043d302bb538bc3d5c1'|'As short sellers target Chinese companies in Hong Kong, hostility mounts'|'FILE PHOTO: (L-R) The Hong Kong Exchanges flag, Chinese national flag and Hong Kong flag are hoisted outside the Hong Kong Stocks Exchange in Hong Kong June 7, 2016. Bobby Yip/File Photo HONG KONG (Reuters) - Short sellers are increasingly targeting Hong Kong-listed Chinese companies they allege have committed accounting tricks, market manipulation and fraud. And that’s despite mounting hostility faced by investors who bet against stocks.This year, there have been nine campaigns by short sellers against Hong Kong-listed companies as of mid-July, a record for the period, according to data from Activist Insight. This time last year there had been only two and in 2015 six. Short sellers said increasing capital flows between mainland China and Hong Kong, spurred by Beijing’s recent moves to open up its equity markets, were exacerbating corporate governance problems in Hong Kong.“We suspect the increased capital flows between the mainland and Hong Kong have encouraged more stock manipulations and frauds in Hong Kong,” Carson Block, founder of Muddy Waters and among the most prominent short activists, told Reuters in an email.But calling out these frauds is not for the faint-hearted. Those betting against companies encounter a bitter response from their targets, as well as from the shareholders in those companies and from the Chinese authorities. The short sellers say the backlash can come in the form of litigation, smear campaigns, arrests, hacking of their information, surveillance, physical assault and death threats - against them, their staff and even their families.Dan David, the 48-year old co-founder of U.S.-based short activist GeoInvesting, says he has received emails detailing how he might die, has been the target of multiple attempted hacks, sued three times unsuccessfully, and confronted in his driveway by an angry investor."People would rather make money on a fraud than lose money on the truth,” said David, who unveiled his most recent campaign against food manufacturer China''s Dali Foods Group ( 3799.HK ) in June.David claims the company has implausibly low expenses and salary costs, while its tax filings display troubling inconsistencies. The company has denied the allegations, which it says are misleading and based on selective information. SMALL PUBLIC FLOATS The short sellers borrow stock in a company and then sell it to take a short position – their hope being that they can buy the stock back at a lower price and close out the position at a profit.(For FACTBOX showing companies targeted:)Related Coverage Factbox: Chinese companies targeted by short sellers in Hong Kong in first halfDavid and other short sellers focused on mainland Chinese stocks listed in Hong Kong say that poor regulation, weak enforcement and small public floats means there are more stocks overvalued in the territory than in other major markets.China’s strict investment rules make it all but impossible to take short positions in individual domestic-listed Chinese stocks from overseas.Some companies may have used accounting tricks to overstate their profitability, or have over-promised – perhaps they have a fad product whose popularity will fade quickly.Critics say short sellers are cynical opportunists who destroy shareholder value for their own gain. The shorts counter by saying they are a force for good, going to great lengths to expose fraud and persistent problems with listing and governance standards in the city.In June, Christopher Cheung, who represents financial services and business interests in Hong Kong’s legislative chamber, called on Hong Kong''s Securities and Futures Commission to more tightly scrutinize short sellers, saying they had caused “serious disturbance to market order” in Hong Kong and hurt investors.FILE PHOTO: Carson Block, Chief Investment Officer, Muddy Waters Capital LLC., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. Brendan McDermid/File Photo In a statement, an SFC spokesman said: “The SFC considers that responsible research can all contribute to the overall market quality and price discovery process and has no intention to suppress legitimate commentaries on listed companies, whether positive or negative.”Though less prominent than peers such as Block, David - who is also chief investment officer of hedge fund FG Alpha - has been seeking to expose dodgy dealings at Chinese companies listed outside the mainland since 2010.He typically sets to work screening for a range of tell-tale signs, including auditors, brokers and investment banks that have a track record of working for questionable companies.Some firms, such as Asia-based Blazing Research, also solicit tips and will pay "handsomely" for useful information, it told Reuters in an email.Many firms hire private investigators to review a company’s operations in China. They can spend months pulling business registrations, poring over tax filings, counting truck traffic or point of sale terminals (sometimes after installing cameras), appraising land claims, and quizzing nearby residents. They are often looking to see whether the reality on the ground matches executives’ statements.RESEARCHER DETAINED But such tactics can backfire. On one occasion, a member of David''s team was beaten-up by security guards who spotted him counting trucks driving in and out of the company''s factory. Sometimes it is worse than that. AlfredLittle.com''s researcher Kun Huang, a Chinese-born Canadian, was convicted of criminal behavior and jailed in China for two years and then deported.David and Block have also received anonymous threatening emails. One received by Block in 2010 mentioned his wife Kathy, asking: "Are you, Kathy and your dad ready for a bullet?" Block moved to California the same year and now minimizes his time in Hong Kong, which he said is becoming a riskier environment for short sellers because of Beijing''s increasing influence in the former British colony.As Chinese companies grow savvier to short tactics, betting against them has become riskier. They are faster to rebut allegations and they also more often openly attack the short sellers’ credibility, making for more drawn-out, expensive campaigns.They will call on large shareholders or friendly funds and brokers to help prop up the share price or to suck up the supply of borrowable stock, making it more expensive to cover short positions."Some Hong Kong stocks have a very limited public float, making it easy for the controlling shareholder to prop up the share price even though the company is indeed fraudulent," said Blazing Research in an email.It is unclear if Block made or lost money on his December campaign against China Huishan Dairy ( 6863.HK ) after the company quickly halted its stock and announced the chairman was increasing his stake. The share price subsequently rose and stabilized until plummeting 85 percent on March 24."Being right and making money are two different things. Most of the time they do intersect for us, but not all of the time,” said Block in June.Reporting by Michelle Price; additional reporting by Elzio Barreto and Twinnie Siu in Hong Kong; Editing by Martin Howell'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-china-shortsellers-idUSKBN1AN001'|'2017-08-07T03:01:00.000+03:00'
'b0bd979f1d1abaf04eb2de55b51d5cc770b9bb39'|'Sequoia Capital China targets raising $1.5 bln in new yuan fund - sources'|'HONG KONG, Aug 2 (Reuters) - Sequoia Capital China, an early investor in top Chinese technology firms such as Alibaba, aims to raise $1.5 billion or more in a new yuan-denominated fund and is currently pitching it to prospective investors, sources familiar with the plans said.The China arm of Silicon Valley venture capital giant Sequoia Capital is targeting raising at least 10 billion yuan ($1.49 billion) in the new fund, said the sources, who couldn''t be named because the plans aren''t public.A string of venture capital and private equity funds are lining up to raise funds in yuan, tapping into the appetite of investors eager to grab opportunities in certain sectors in the world''s second largest economy such as financial services and media that are typically restricted to overseas buyers.Another big investment opportunity looms as startup founders prepare to take their companies public in local markets where valuations are generally higher than overseas exchanges.Fund managers are also looking to benefit from growing sources of capital at wealth management firms, insurers and other large domestic institutional investors that aim to boost returns in alternative assets, analysts and investors said.Reuters reported last month that Hillhouse Capital Group, an early investor in China''s tech behemoths including Tencent and JD.com, also plans to raise a new yuan fund with a target of about 8 billion yuan."A yuan fund generally makes things much easier when it comes to investments in Chinese firms as some of them are either in the industries where the government considers sensitive or they are keen to receive capital in yuan if they plan to go public at home in the future," said one of the sources.Investment managers have raised about 60 billion yuan this year till early July in funds denominated in the Chinese currency, compared with 64.4 billion yuan in all of 2016, according to data provider Preqin. That would put this year on pace to be the biggest since 2012, when 145.8 billion yuan in aggregate capital was raised.Sequoia Capital China declined to comment.The company was founded in 2005 by former investment banker Neil Shen, now one of the country''s best-known venture capitalists.It has raised four yuan-denominated funds and is among several China-focused investment firms such as Qiming Venture Partners that have funds in both U.S. and Chinese currencies.Sequoia Capital China has over 300 portfolio investments in China, including ride-hailing firm Didi Chuxing and on-demand services provider Meituan-Dianping. It will continue to focus on sectors ranging from industrial technology, healthcare and consumer to media with its new fund, said one of the sources. ($1 = 6.7260 Chinese yuan renminbi) (Reporting by Julie Zhu; Additional reporting by Elzio Barreto and Kane Wu; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sequoia-china-fund-idINL5N1KO09X'|'2017-08-02T07:56:00.000+03:00'
'd1baa877b29c7ad2f26c185f8e6a2f1908c8e566'|'Gold holds near seven week on weak economic data'|'Gold bars are displayed at a jewellery shop in Chandigarh May 8, 2012. Ajay Verma NEW YORK/LONDON (Reuters) - Gold rose on Wednesday, nearing seven-week highs as the dollar fell to a 15-month low and U.S. data showed fewer-than-expected new jobs in July, bringing into question chances of the Federal Reserve raising interest rates in the coming months.Gold is highly sensitive to rising rates because they lift bond yields, raising the opportunity cost of holding non-yielding bullion, and tend to boost the dollar, in which gold is priced.Spot gold was up 0.2 percent at $1,270.43 an ounce by 1:50 p.m. EDT (1750 GMT), just below Tuesday''s high of $1,273.97, the highest since June 14.U.S. gold futures settled down 0.08 percent at $1,278.40."This is one of the quieter sessions that I''ve seen in a while. Part of it is anticipation of the employment report," said Bill O''Neill, co-founder of LOGIC Advisors, pointing to technical resistance in bullion around $1,280.The U.S. dollar index fell to a 15-month low as traders eyed doubts about another U.S. rate increase this year."That''s helped perked things up off the lows," O''Neill said, adding that gold''s uptrend remained intact.U.S. private employers added 178,000 jobs in July, below economists'' expectations, a payrolls processor report showed.Investors were looking ahead to the more comprehensive U.S. non-farm payrolls report on Friday for a clearer indication of the Fed''s intentions.While weak employment data may dissuade the Fed from aggressive interest rate increases, gold is likely to come under pressure from the bank''s plans to shrink its balance sheet, said Mitsubishi analyst Jonathan Butler."If the Fed is no longer investing the proceeds of its maturing debt then we would expect the price of those securities to go down and the yield to go up, which is not good for gold," he said.Demand for physical gold has been weak, with holdings in the largest gold-backed exchange-traded-fund, the SPDR Gold Trust, falling more than 7 percent in July, the biggest monthly outflow since April 2013.Among other precious metals, silver was up 0.1 percent at $16.69 an ounce after touching its highest since June 29.Platinum was up 0.2 percent at $945.20 an ounce, after rising to $951.40, the highest since June 14 and near the 200-day moving average.Palladium, used in the automotive industry for emission-controlling catalytic converters, was 0.2 percent higher at $893.50 an ounce after rising to $906, the highest since June 13.But U.S. car sales data had disappointed, analysts at Commerzbank said. "We no longer see any justification for the high palladium price." Nithin Prasad and Arpan Varghese in Bengaluru; editing by David Evans and Richard Chang'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-precious-idINKBN1AI03S'|'2017-08-01T23:26:00.000+03:00'
'007b20e963e85af2d4ce4dea1b0135d1e54a1977'|'BRIEF-Goeasy Ltd Q2 same store sales rose 1.4 percent'|'Aug 1 (Reuters) - Goeasy Ltd* Goeasy Ltd. reports results for the second quarter ended June 30, 2017* Q2 same store sales rose 1.4 percent* Goeasy Ltd - revenue for Q2 of 2017 increased to $98.2 million, an increase of 14.1% from $86.1 million in Q2 of 2016* Goeasy Ltd - revenue for Q2 of 2017 increased to $98.2 million, an increase of 14.1% from $86.1 million in Q2 of 2016* Goeasy Ltd - company reconfirmed its stated targets for 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-goeasy-ltd-q2-same-store-sales-ros-idUSASB0BCC1'|'2017-08-02T00:26:00.000+03:00'
'c8253f5f86b3bc3b40e362883c5f1195bb5919f0'|'Brazil''s Temer seen defeating corruption charges in Congress'|'BRASILIA, Aug 2 (Reuters) - Brazil''s President Michel Temer is expected to win enough support from lawmakers on Wednesday to survive an unprecedented vote on whether he should stand trial on corruption charges.The deeply unpopular leader is hoping to put behind him a scandal that paralyzed his administration so that he can focus on passing legislation needed to end a budget crisis and help pull Latin America''s largest economy from its worst recession.The lower house vote will gauge how much political capital Temer still has to block additional charges federal prosecutors are preparing to file against him and to advance a crucial overhaul of Brazil''s costly pension system.His opponents need two-thirds of the votes in the chamber - 342 out of 513 - to approve a charge that Temer took bribes from the world''s largest meatpacker, JBS SA, and send the case to the Supreme Court, where he could be put on trial.Even some of his opponents see that as a tall order."It is very hard to get 342 votes," said Congressman Rubens Bueno of the Popular Socialist Party, which quit Temer''s coalition after a secretly recorded conversation with the owner of JBS plunged the president into a new corruption scandal."What matters is how many votes he gets. If Temer does not have a comfortable majority, his government will become unstable," Bueno said by telephone.Temer has scrambled for support in recent days to avoid becoming the second president to be ousted in a year in a deepening crisis fueled by massive corruption investigations.Temer needs just 172 votes to block the corruption charge. According to the Brasilia consultancy ARKO, which has surveyed lawmakers, he will get between 257 and 270 votes, enough to avoid trial but with a slim majority to continue governing.Waning support for Temer would leave him hard-pressed to win approval for the pension reform that is crucial for plugging Brazil''s budget deficit. The measure is a constitutional amendment that requires three-fifths of the house votes, or 308.Temer''s hold on office could become precarious if new corruption charges are brought against him. With the 2018 election year approaching, lawmakers will find it harder to back him again later his year.Brazil''s top prosecutor, Rodrigo Janot, has said he will file at least two more graft-related charges against Temer before he steps down in mid-September.An official with knowledge of the investigations told Reuters Janot is considering filing the charges of obstruction of justice and criminal organization sooner if lawmakers reject the first corruption charge.Janot''s team could also file the charges together to give them more punch, adding more incriminating evidence against Temer from new plea bargain statements by witnesses, the source said.Brazil has impeached two presidents, including Temer''s leftist predecessor Dilma Rousseff, whom he succeeded last year. However, Temer would be the first to face trial for corruption. (Additional reporting by Ricardo Brito and Lisandra Paraguassú; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-temer-idINL1N1KN1VK'|'2017-08-02T01:42:00.000+03:00'
'9c1251a5a9d50da38c85f518a850f70918c927f0'|'Small UK manufacturers in midst of export-led ''sweet spot'' - CBI'|'August 1, 2017 / 11:20 PM / 24 minutes ago Small UK manufacturers in midst of export-led ''sweet spot'' - CBI Reuters Staff 3 Min Read LONDON (Reuters) - Smaller British manufacturers are in the midst of an export-led "sweet spot", with output increasing at the fastest rate in seven years, according to an industry survey on Wednesday. The Confederation of British Industry''s (CBI) quarterly report on small- and medium-sized manufacturers showed export orders increased at the strongest pace since 2011, chiming with a survey on Tuesday that highlighted strong demand from abroad. Supporters of Britain''s decision to leave the European Union have said that sterling''s fall since last year''s referendum will help the economy by making exports more competitive. However, growth in the first half of 2017 slowed sharply as consumers felt the pinch of inflation, caused in part by the pound''s fall against other currencies. "Firms are clearly in an exporting sweet spot, able to exploit the competitiveness gains from a low exchange rate and a firm global backdrop," said CBI economist Alpesh Paleja. His comments used similar language to that in a speech in March from Bank of England Deputy Governor Ben Broadbent, who referred to a "sweet spot" for manufacturers during which they could enjoy the benefits of a weaker currency, before the possible downsides of Brexit come to fruition. The BoE announces its interest rate decision for August on Thursday. Only two out of 80 economists think it will hike interest rates from their record low level of 0.25 percent. Paleja said the boost from the weaker pound would fade, making an agreement for frictionless, tariff-free trade with European Union critical. "This is particularly true for (small- to medium-sized companies), as preparing for the UK''s exit from the EU is significantly more difficult for smaller companies facing greater pressure on their resources," he said. Separately, Britain''s National Institute for Economic and Social Research (NIESR) kept its forecasts for economic growth this year and next on hold at 1.7 percent and 1.9 percent. It also brought forward its expectation for the first Bank of England interest rate hike in 10 years to the first quarter of next year, from the second quarter of 2019 previously. NIESR said its forecasts were based on a return to "meaningful" productivity growth from 2018 onwards. Reporting by Andy Bruce, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-manufacturing-idUKKBN1AH5FU'|'2017-08-02T02:20:00.000+03:00'
'452c66bd343ae28c4e9c571c337e089b90e75b4a'|'SocGen shares fall while Natixis rises after differing second-quarter results'|'August 2, 2017 / 7:19 AM / 7 minutes ago SocGen shares fall while Natixis rises after differing second-quarter results Reuters Staff 2 Min Read FILE PHOTO: The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. Charles Platiau/File Photo PARIS (Reuters) - Shares in Societe Generale ( SOGN.PA ) fell while those of its rival Natixis ( CNAT.PA ) rose after the two French banks posted contrasting results, with SocGen posting lower profits while Natixis reported higher earnings. SocGen shares were down 3.4 percent in early session trading, making them the worst performer on France''s blue-chip CAC-40 index .FCHI after SocGen reported lower second-quarter profits and revenues. "Mixed results with good performance on retail activities, partly offset by lukewarm performance in CIB (corporate and investment banking)," Jefferies analysts wrote in a note on SocGen''s results. Natixis shares, on the other hand, rose 4 percent after Natixis reported late on Tuesday a better-than-expected rise in second-quarter profits. "The CIB beat was across all businesses with both equity and FICT (fixed income and commodities trading) showing better year-on-year performance than European peers," wrote Citigroup analysts in a note on Natixis. Reporting by Sudip Kar-Gupta; Editing by Maya Nikolaeva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ste-generale-natixis-stocks-idUKKBN1AI0P0'|'2017-08-02T10:18:00.000+03:00'
'7c65e54f17f60359a703962e808cf86acc9bf36c'|'U.S. bosses throw weight behind new drive to court India'|'August 2, 2017 / 10:41 AM / 17 minutes ago U.S. bosses throw weight behind new drive to court India Douglas Busvine 4 Min Read FILE PHOTO: India''s Prime Minister Narendra Modi hugs U.S. President Donald Trump as he departures the White House after a visit, in Washington, U.S., June 26, 2017. Carlos Barria/File photo NEW DELHI (Reuters) - Top U.S. bosses are backing a new effort to build strategic ties with India, following Prime Minister Narendra Modi''s first meeting with President Donald Trump. The U.S.-India Strategic Partnership Forum (USISPF) seeks to reset and broaden the relationship between the world''s two largest democracies, and to supplant an existing body that operates under the umbrella of the U.S. Chamber of Commerce. While Modi''s bear hug with Trump and a clutch of deals at their encounter in June symbolized a budding friendship, trade between the two nations has underperformed and Washington wants to narrow a $31-billion deficit. "What we are announcing today is an organization redesigned for the future," said John Chambers, the executive chairman of Cisco Systems Inc, who is also chairing the USISPF that was launched on Wednesday. The rollout follows a schism in which the management team of the U.S.-India Business Council (USIBC), headed by Mukesh Aghi, has joined the new organization. Chambers met Modi on Tuesday to brief him on the initiative and share its new logo - featuring interlocking blue and gold circles that symbolize the "win-win" nature of the project. The new body will not only focus on trade but also promote business startups, innovation and education - areas that Modi has prioritized in his three years in power. Describing Modi as "fearless", Chambers praised his decision last year to scrap high-value bank notes to cleanse the economy of illicit wealth. He also backed a new national sales tax launched last month, saying it was vital for Asia''s third-largest economy to scale up manufacturing and achieve strong long-term growth. "India is moving faster than any other country in the last three years," Chambers told a small group of reporters in New Delhi. "India used to be known as a very slow follower, and now it''s a fast innovator." Unanimous Vote to Split The strategic partnership initiative followed a unanimous vote on July 10 by the USIBC''s board to separate from the U.S. Chamber of Commerce. The new body''s board includes high-profile chief executives, such as Indra Nooyi of Pepsico Inc and Ajay Banga of Mastercard Inc. Thomas Donohue, president and chief executive of the U.S. Chamber of Commerce, last month criticized the breakaway as a "curious action". In a letter to members he described the USIBC as "alive and well". "The USIBC and its staff continue their hard work on key issues affecting the critical relationship between our two countries," the Chamber of Commerce said in answer to Chambers'' announcement. "We continue to receive strong support from our member companies as we focus our efforts on strengthening commercial ties," it added. "We will have more to say in the weeks ahead.” One source familiar with the move said it was motivated in part by perceptions that the U.S. Chamber of Commerce had become too close to the Republican Party, and tended to deliver public lectures detrimental to the two-way relationship. This included controversy over the issue of so-called H-1B visas widely used by India''s $125 billion software industry to send engineers and programmers on assignments to the United States. Trump administration officials were briefed on the strategic initiative and were supportive, added the source, who declined to be identified because of the sensitivity of the matter. Trump, despite clashing with leaders from allies such as Germany and Australia, turned on the charm for Modi, whose trip to Washington was deemed a success by both sides. Lisa Curtis, point person at the National Security Council for South and Central Asia, attended the inaugural forum. Joining her was Acting Assistant Secretary of State Alice Wells, the U.S. embassy said. Chambers said the Trump administration''s commitment to India was "unparalleled", adding: "This is the only strategic partnership that the Trump administration has really talked about." Additional reporting by Aditya Kalra; Editing by Clarence Fernandez and Robin Pomeroy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-india-usa-business-idUSKBN1AI18K'|'2017-08-02T13:40:00.000+03:00'
'e036f08678da546616ec7c94b0da93ed16065724'|'Israeli taxman seeks $45 mln from Coca Cola over royalties -report'|'JERUSALEM, Aug 2 (Reuters) - Israel''s Tax Authority wants Coca-Cola to pay some 160 million shekels ($45 million) in taxes on royalties that the global beverage giant receives from its local franchise for use of the brand name in Israel, local newspapers reported.Three leading Israeli newspapers said the tax bill is based on royalties of about 1 billion shekels transferred in recent years to Coca-Cola from Central Bottling Co, the Israel franchiser of Coca-Cola.The Tax Authority declined to comment and officials at Coca-Cola were unreachable outside of business hours.Under a tax treaty between the United States and Israel, the taxation rate for royalties for use of a trademark is 10 percent, but that rises to 15 percent for industrial royalties.Haaretz newspaper said normally the tax would have been deducted at the source, but the tax authority could not do this because Coca-Cola does not have a local corporate presence.The financial daily Calcalist said Coca-Cola retained Israeli law firm Goldfarb Seligman to handle the matter. Goldfarb Seligman declined to comment.Central Bottling is one of Israel''s largest food and drinks maker, with annual sales of about 2 billion shekels.$1 = 3.5554 shekels Reporting by Steven Scheer, editing by Louise Heavens'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/coca-cola-israel-taxation-idINL5N1KO1WP'|'2017-08-02T06:46:00.000+03:00'
'480be4a0c8d70d5300ff978146c72d97498ea589'|'Ternium wins antitrust nod for ThyseenKrupp''s Brazil steel unit'|'SAO PAULO (Reuters) - Brazil''s antitrust agency Cade has approved Ternium SA''s ( TX.N ) acquisition of Thyssenkrupp AG''s ( TKAG.DE ) Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA, allowing the German behemoth to end a foray in the Americas that triggered massive losses.In a ruling published in Brazil''s government gazette on Tuesday, Cade allowed without restrictions Ternium''s purchase of Thyssenkrupp''s 100 percent stake in CSA. The deal was valued at 1.5 billion euros ($1.8 billion) when it was announced on Feb. 22, confirming a Reuters report the prior day.On June 9, Cade agreed to analyze a request from Brazilian steelmaker Cia Siderúrgica Nacional SA ( CSNA3.SA ) to gauge whether the Ternium-CSA deal could hamper competition in the local flat steel market.Late last year, Thyssenkrupp took full control of CSA after Vale SA ( VALE5.SA ), the world''s No. 1 iron ore producer, exited the company for a token sum.Reporting by Gabriela Mello, Ana Mano and Guillermo Parra-Bernal; Editing by Jeffrey Benkoe'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-csa-m-a-ternium-antitrust-idUSKBN1AI1FG'|'2017-08-02T19:43:00.000+03:00'
'0300c1f228218ad8c7b5e36d5a98e9256089d608'|'Planes built for Russian airline may be next U.S. Air Force One'|'WASHINGTON (Reuters) - Facing pressure from President Donald Trump to cut the cost of new Air Force One aircraft, the U.S. Air Force is negotiating with Boeing to purchase two 747-8 jetliners that were built for a Russian airline that went bankrupt before they were delivered."We''re working through the final stages of coordination to purchase two commercial 747-8 aircraft and expect to award a contract soon," said Air Force spokeswoman Ann Stefanek, who declined to elaborate on the details.National security publication Defense One, which first reported the negotiations, said the Air Force was believed to be getting a good deal on the aircraft, which sell for about $386 million on average.The two aircraft were initially ordered four years ago by Transaero, a Russian airline that went bankrupt in 2015, a person familiar with the talks told Reuters.Boeing built two 747-8s out of an order of four. But the airline never took ownership of them, and the planes have been stored in the Mojave Desert, where the dry, hot climate slows corrosion, Defense One said.Trump rattled Boeing in December before taking office by saying in a Twitter message: "Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!"Boeing Chief Executive Officer Dennis Muilenburg called Trump and told him the cost could be reduced if the Air Force changed its requirements, sources familiar with the conversation said at the time.White House officials in December were unclear where Trump obtained the $4 billion figure. The Air Force has estimated it would spend $2.87 billion through 2021 for development of a new presidential aircraft.The cost of refitting the commercial 747-8s with the enhanced electronics and security systems required for Air Force One were unclear.Boeing had said it expected to add the Air Force One jets to its backlog, which currently numbers 20 planes - five passenger models and 15 freighters.The redeployment to the Air Force of jets already built for another customer would effectively reduce Boeing''s future 747 production plans by two aircraft. But it would provide a home for two airframes that have been built but remain unsold.The Air Force operates two military versions of the Boeing 747-200B aircraft that serve as Air Force One when the president is aboard. Both are nearing the end of their planned 30-year life.Reporting by Mike Stone, Idrees Ali, Alwyn Scott and Tim Hepher; Writing by David Alexander; Editing by Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-airforceone-idINKBN1AH5GS'|'2017-08-02T02:25:00.000+03:00'
'4b42ec7402a3cb4aa45b74fdad01b079444508e3'|'Mitsubishi Corp first-quarter net profit rises 17 percent, lifted by higher coking coal prices'|'August 2, 2017 / 5:16 AM / 25 minutes ago Mitsubishi Corp first-quarter net profit rises 17 percent, lifted by higher coking coal prices Reuters Staff 1 Min Read FILE PHOTO: The logo of Mitsubishi Corporation is displayed at the entrance of the company headquarters building in Tokyo, Japan, April 26, 2016. Issei Kato/File Photo TOKYO (Reuters) - Japanese commodities trading giant Mitsubishi Corp ( 8058.T ) said on Wednesday its first-quarter net profit grew 17 percent as higher coking coal prices boosted earnings. Mitsubishi, the biggest of Japan''s clutch of trading houses by assets, said net profit for April-June was 117.8 billion yen (£802.7 million), up from 100.8 billion yen in the same period a year earlier. For the full year through March, Mitsubishi maintained its forecast for net profit at 450 billion yen, up 2.2 percent from last year but below a mean estimate of 463 billion yen from nine analysts polled by Thomson Reuters I/B/E/S. The company previously said it expects stronger earnings from its machinery and chemical product businesses this year. Reporting by Yuka Obayashi; Editing by Kenneth Maxwell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mitsubishi-results-idUKKBN1AI0E6'|'2017-08-02T08:21:00.000+03:00'
'9063c5bdbb7e07828f0973f3b6018797069e637b'|'Siemens, Bombardier rail JVs to be headquartered in Berlin: sources'|'FILE PHOTO - A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland on May 22, 2017. Denis Balibouse/File Photo FRANKFURT (Reuters) - Siemens and Bombardier are set to agree to headquarter both of their planned transportation joint ventures in Berlin, two people close to the matter said.Siemens'' supervisory board was due to sign off on the deal on Wednesday, the people said.The two companies plan to bundle their rail signaling and rolling-stock divisions in two separate joint ventures in a deal that would give the two added heft to compete against Chinese rail giant CRRC.Bombardier Transportation declined to comment, while Siemens was not immediately available for comment.Reporting by Markus Wacket and Alexander Hübner; Writing by Arno Schuetze; Editing by Ludwig Burger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-siemens-bombardier-transportation-idINKBN1AI0SM'|'2017-08-02T06:05:00.000+03:00'
'4f45cab8a6812dcb3f91ac2478a2d2a1879c7c10'|'Too much experience is a good thing: the rise of the midlife entrepreneur - Guardian Small Business Network'|'In 2016, my 30-year corporate career in human resources came to an end and, armed with my redundancy package, I started my own coaching business. Little did I know that I was becoming part of a bigger movement, where growing numbers of midlifers have become self-employed. Suzanne Mountain. Photograph: Kathryn Fell A recent survey conducted by the Centre for Economic and Business Research found that 45% of all self-employed people are now over the age of 50 and that, as a group, we contribute more than £119bn to the UK economy every year. We’re setting up businesses faster than any other age group and employ nearly 10 million people – almost 2 million more than the under-50s. With over 30 years’ experience of talking to people about life choices and careers, I have observed a number of trends with my generation. Baby boomers have increasingly become disillusioned with the culture of large organisations. Flatter organisational structures, bottlenecks with too many senior candidates, and too few leadership positions have changed the world of work for many. Those of us who started our careers aspiring to receive the long-service pocket watch have realised the notion of a job for life has long since disappeared.Although illegal, age discrimination is still rife. Middle-aged candidates are often told they have “too much experience”, “will get bored quickly” and that they are “too big for this role”. Many midlifers have been overlooked for promotion, in the face of a dramatic reduction in the average management team age, as companies obsess about bringing in fresh young talent. We have an aging population and yet so many brilliant people in their 50s are being overlooked. This has left my generation feeling distrustful, fearful and defensive of the employment market and determined to take back control. When many find themselves in a position where they’re offered redundancy, they take the money and run – not to the jobcentre or an online job board but to their spare bedroom, to create the lifestyle they want. Not ready to retire: your 50s can be a good time to start a business Read more If you are in your 50s and considering setting up your own business, here is a reminder of your best assets and how to use them: Your experience: Your significant knowledge of an industry or sector will serve as credibility in those early days when you are just starting out. Being adaptable is key and, at this time of life, we have had plenty of experience of being just that. Your network : After years of working, you will have built up a large network of contacts who can assist you with your new venture. These people do not need to be clients but may have access to people who can become clients, investors or mentors. Your ability to raise funds quickly and easily : Many people in their 50s will have small mortgages or none at all. Plus new rules mean anyone over 55 can access their pension pot, which could provide valuable startup capital. Your balancing expertise : Over the years, midlifers have balanced full-time working with raising young families and caring for ageing parents, so being able to balance your new business with other aspects of your life is well within your toolkit. If the children have now left home, many women finally make the decision to set up the business they’ve been dreaming about for a long time. Your desire to make a contribution : Psychologist Erik Erikson coined the term “generativity” back in the 1950s. It’s the desire to give back to society with work that is more than just a job and a pay cheque. I find that when imagining their new businesses, my coaching clients often talk of their desire to realise unfulfilled dreams, leave a legacy and do something they always wanted to do. Understanding your purpose and building a business that satisfies this while giving back to others can be a powerful motivator. Suzanne Mountain’s is a business coach to midlife individuals. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs blogposts'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/small-business-network/2017/aug/03/midlife-entrepreneur-experience-suzanne-mountain-coach'|'2017-08-03T09:00:00.000+03:00'
'1cd7b117b712ad075fb91a7f2c4e66766bc9f450'|'UPDATE 1-Singapore''s GIC, Canadian pension fund to invest $1 bln in U.S. talent firm'|'(Adds details on total investment from GIC, CPPIB)Aug 3 (Reuters) - U.S. talent management agency WME-IMG, which counts Japan''s SoftBank Group among its investors, said it would receive a $1 billion investment from Canada''s largest pension fund manager and Singapore''s sovereign wealth fund GIC.Canada Pension Plan Investment Board (CPPIB), in a separate statement, said it would invest about $400 million for an 8 percent stake in WME-IMG, which owns brands like Ultimate Fighting Championship and the Miss Universe Organization."This investment in a unique market leading platform in entertainment, sports and media further diversifies our portfolio," said Ryan Selwood, managing director, head of direct private equity, private investments, CPPIB.The U.S. firm also counts Silver Lake Partners and Fidelity Investments among its investors.Terms of the transaction were not disclosed.WME-IMG operates hundreds of events, including the Miami Open tennis tournament and New York Fashion Week. (Reporting by Susan Mathew and John Benny in Bengaluru; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cppib-stake-idUSL4N1KP07T'|'2017-08-03T04:52:00.000+03:00'
'a976c24fa01b5089917bd040dc2893698b2ad8d6'|'XPO Logistics chasing deals worth up to $8 billion: CEO'|'August 2, 2017 / 8:31 PM / an hour ago XPO Logistics chasing deals worth up to $8 billion: CEO Arunima Banerjee 2 Min Read (Reuters) - XPO Logistics Inc ( XPO.N ) is pursuing deals worth up to $8 billion as it completes the integration of companies it bought during a buying spree in 2015, its top executive said. "We could easily do another deal or two in that size (deals in 2015), that''s completely feasible so now we have more bandwidth on the management team," Chief Executive Bradley Jacobs told Reuters on Wednesday. The logistics company, which reported an 11.7 percent jump in profit attributable to shareholders in the second quarter, spent about $6.5 billion in 2015. The acquisitions that year included France''s Norbert Dentressangle SA and trucking and logistics company Con-way Inc. "It is highly unlikely that we complete a deal in 2 or 3 months, so the more realistic time frame is up to a year even longer than that," Jacobs said. XPO has had preliminary discussions with a couple of companies and was at a very initial stage of the process, he added. The company, whose market capitalization has surged to over $6 billion from $173 million in 2011, was looking at existing lines of business or ones that are very closely related to its business mainly in North America and Europe. Greenwich, Connecticut-based XPO said revenue rose 2.1 percent to $3.76 billion in the latest quarter. XPO, whose customers include General Motors Co ( GM.N ), Home Depot Inc ( HD.N ) and Kellogg Co ( K.N ), said it expects ecommerce to be a long-term driver of growth. The company raised its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to at least $1.37 billion in 2017 and at least $1.6 billion in 2018, from $1.35 billion in 2017 and at least $1.58 billion in 2018 it previously expected. Reporting by Rachit Vats and Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-xpo-logistics-m-a-idINKBN1AI2PR'|'2017-08-02T18:31:00.000+03:00'
'23f261b934769ee497807fe848be290492176ab4'|'Mexican REIT Nova seeks about $127 mln in initial offering'|'MEXICO CITY, Aug 1 (Reuters) - Mexican real estate investment trust (REIT) Fibra Nova expects to raise around 2.27 billion pesos ($127 million) in an initial public offering on Wednesday.The amount, which includes a greenshoe allocation, is based on the mid-point of the 20 pesos to 21.50 pesos per certificate range posted on the Mexican stock exchange website on Tuesday.The REIT is made up of real estate holdings of meat and milk producer Grupo Bafar, and it will make its market debut on Thursday after its Wednesday pricing.Mexican REITs, known as Fibras, have become popular with Mexican pension funds in recent years due in part to favorable tax treatment. ($1 = 17.8950 Mexican pesos) (Reporting by Noe Torres; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nova-ipo-idINL1N1KO03U'|'2017-08-02T00:40:00.000+03:00'
'9e254b0d012eb1d4f73f3a00c81b66e965187905'|'UPDATE 1-Brazil antitrust watchdog councilor recommends rejection of Ale takeover'|'(Adds share performance, context)BRASILIA, Aug 2 (Reuters) - The rapporteur at Brazil''s antitrust watchdog for the acquisition of fuel distribution company Alesat Combustíveis by rival Ultrapar Participações SA defended the rejection of the deal on Wednesday.João Resende said Ale, as the company is known, did not agree to a proposal to sell assets in 12 states to get the approval. The asset sale would represent divestiture of 65 percent of the company''s activities, he said in his vote.Ultrapar''s fuel distribution unit Ipiranga, announced the acquisition of rival Ale in June for 2.17 billion reais ($696 million). Ipiranga is the second largest fuel distributor in Brazil.Ultrapar shares fell almost 1 percent on Wednesday morning trading, to 75.53 reais, after news of the councilor vote, paring back gains this year to 12 percent.$1 = 3.1201 reais Reporting by Leonardo Goy; Writing by Tatiana Bautzer; Editing by Bernadette Baum'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alesat-ma-ipiranga-cade-idINL1N1KO14Y'|'2017-08-02T14:04:00.000+03:00'
'923e0c6f11b02faf9f7222106000a87bf99bbd46'|'Trump extols corporate profits while seeking corporate tax cut'|'August 1, 2017 / 7:03 PM / in 19 minutes Trump extols corporate profits while seeking corporate tax cut David Morgan 4 Min Read WASHINGTON (Reuters) - U.S. President Donald Trump sent a Twitter message bragging about corporate America''s high profits under his presidency on Tuesday, prompting critics to say he was undercutting Republican arguments in favour of a tax cut for corporations. As Republicans in Washington try to refocus on taxes after the collapse of their failed drive to repeal Obamacare, Trump sent a morning tweet that said: "Corporations have NEVER made as much money as they are making now." Corporate lobbyists and Republicans consistently argue that a cut in the corporate income tax is needed to help corporations be more competitive. But highlighting corporate profits could diminish that argument. "This is a weird way to launch their proposal to cut corporate taxes," Democratic Senator Brian Schatz said in a tweet of his own responding to Trump. The largest U.S. public companies have seen profits accelerate in 2017, with quarterly earnings rising at a double-digit pace compared with a year ago, according to Thomson Reuters data. Full-year earnings are expected to be up 11.5 percent, which would be the strongest growth since 2011. More than six months into his presidency, Trump still sends out tweets that catch aides and allies off guard and sometimes clash with Republicans'' messaging on their policy agenda. The Trump tweet "takes the edge of urgency off the plea to reduce the burden on corporations," said William Galston, a senior fellow at the Brookings Institution think tank. Trump later took credit for surging U.S. stock prices that pushed the Dow Jones Industrial Average to a new record high on Tuesday. An American flag flies above the U.S. Capitol in Washington, U.S. July 26, 2017. Eric Thayer Stronger Gains Under Obama But the broader market saw a bigger rally under former President Barack Obama. The benchmark S&P 500 Index has gained 9.4 percent since Trump took office on Jan. 20, lagging a 16.2 percent S&P gain during Obama''s first months in office. Slideshow (2 Images) Senate Republican leader Mitch McConnell said on Tuesday that Congress would take up tax reform after the U.S. Labour Day holiday on Sept. 4, beginning in the House of Representatives. A White House timeline envisions a House vote on tax legislation in October and Senate vote in November. But there is little consensus on the issue. The White House insists on cutting the corporate rate to 15 percent, while House Republicans favour 20 percent. A top Senate Republican this week said lawmakers would be lucky to get it down to 25 percent. On Tuesday, Senate Democrats offered to work with Republicans on a bipartisan tax package, but only if it does not cut taxes for the wealthy, add to the federal deficit or allow Republicans to enact legislation on their own. But McConnell rejected the offer from 45 lawmakers led by Senate Democratic leader Chuck Schumer. "Most of the principles that would get the country growing again, they''re not interested in addressing," the Kentucky Republican told reporters. McConnell said he hoped Republican legislation might win support from three Senate Democrats who face reelection next year in Republican states and did not join the offer from other Democrats. Reporting by David Morgan; Additional reporting by Richard Cowan and Amanda Becker in Washington and Dan Burns in New York; Editing by Cynthia Osterman and Kevin Drawbaugh 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-tax-idUKKBN1AH53L'|'2017-08-01T23:41:00.000+03:00'
'ef385270cd52267dd0f8d0c6382a00563917b915'|'Euro zone manufacturing flying high in July - PMI'|'A worker welds a metal furnace in a factory in Gravellona Lomellina, 45km (27 miles) southwest of Milan, June 11, 2013. Stefano Rellandini/Files LONDON (Reuters) - Factories in the euro zone started the second half with buoyant growth, which although slightly weaker than previously estimated was broad-based and appears to be sustainable, a survey showed on Tuesday.IHS Markit''s final manufacturing Purchasing Managers'' Index dipped to 56.6 from June''s six-year high of 57.4, slightly down from a flash estimate of 56.8. Any reading above 50 indicates growth.An output index that feeds into a composite PMI due on Thursday fell to 56.5 from 58.7, which was the highest since April 2011."Euro zone factories were buzzing with activity again in July," said Chris Williamson, chief business economist at IHS Markit."The PMI came in slightly below the earlier flash estimate, slipping to a four-month low, but this is still an encouragingly buoyant reading."New orders remained firm, backlogs of work built up and hiring was strong, suggesting August will remain lively. The expansion came despite factories increasing prices for the 10th month.The output price index was 53.7, down from June''s 54.3 but comfortably above the breakeven mark - welcome news to the European Central Bank, which has struggled to get inflation anywhere near its 2 percent target ceiling.Prices rose 1.3 percent last month, official data showed on Monday, while unemployment in June dropped to its lowest level since 2009, confirming the economy''s robust recovery and giving the ECB more ground for tightening its monetary policy in theautumn.In September, the ECB is likely to announce a shift away from its ultra-easy policy, according to a Reuters poll.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-economy-pmi-idINKBN1AH3IX'|'2017-08-01T11:16:00.000+03:00'
'bda3efbe25d8160a5e7da98e2abe364cbe401c24'|'Platts considers changes to Singapore gasoline price assessments'|'August 1, 2017 / 4:28 AM / 2 hours ago Platts considers changes to Singapore gasoline price assessments Jessica Jaganathan 2 Min Read SINGAPORE (Reuters) - Oil price agency S&P Global Platts is mulling changes to its Singapore gasoline price assessments ahead of more stringent fuel standards being considered in Malaysia and Indonesia, the company said in a note to subscribers on Tuesday. Platts, a unit of S&P Global Inc, said it is reviewing the specifications of its assessments for free-on-board Singapore gasoline 92-octane, 95-octane and 97-octane. The company said it is assessing the suitability of continuing to assess these grades at a maximum sulfur content of 350-parts per million (ppm). It is also reviewing the reid vapour pressure (rvp), final boiling point, and benzene and oxygen content levels for these assessments, as well as the need to state specific maximum aromatic and olefins levels. "Two of the region''s largest gasoline importers - Malaysia and Indonesia - are reviewing their domestic gasoline specifications," Platts said in the note. Malaysia is targeting Oct. 1, 2018, to implement Euro 4M gasoline specifications for its 95-octane gasoline that would limit sulfur to 50ppm from the current 500ppm, Platts said. Asia''s top gasoline importer Indonesia is expected to move to Euro 4 gasoline specifications from Euro 2 by October 2018, the pricing agency also said. That would also limit sulfur to a maximum of 50ppm. Implementation in Indonesia, however, could take longer as state-owned Pertamina [PERTM.UL] said in June that it plans to delay some refinery upgrades and a new project due to financing issues. Platts last made changes to gasoline specifications in July of last year. The company is requesting for feedback from its clients by Sept. 29. Reporting by Jessica Jaganathan; Additional reporting by Wilda Asmarini in JAKARTA; Editing by Tom Hogue 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-singapore-gasoline-platts-idUSKBN1AH2ZI'|'2017-08-01T07:19:00.000+03:00'
'd27d71d9ec2091cea1aeac0e04a4308e36f3be09'|'Shell invests in Singapore solar firm Sunseap; eyes solar projects'|'August 1, 2017 / 4:14 AM / in 2 hours Shell invests in Singapore solar firm Sunseap; eyes solar projects 1 Min Read A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Toby Melville/File Photo SINGAPORE (Reuters) - Royal Dutch Shell has invested in Singapore-based solar firm Sunseap Group for an undisclosed sum as part of a planned collaboration on solar projects in the Asia-Pacific region, the companies said on Tuesday. Shell declined to reveal the amount invested by Shell Technology Ventures, the company''s corporate venturing arm. Privately held Sunseap Group has about 160 megawatts of distributed solar contracts in Singapore, holds an electricity retailer license and has secured utility scale solar projects in the region, the two companies said. Sunseap said in May that it aimed to expand in Singapore and the region, and scale up its operations following the implementation of several solar energy projects in Singapore, Malaysia, India, Vietnam, Thailand and the Philippines. It said then that it aimed to raise S$75 million ($55 million) for its expansion plans. ($1 = 1.3554 Singapore dollars) Reporting by Jessica Jaganathan; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-shell-idINKBN1AH2YS'|'2017-08-01T07:14:00.000+03:00'
'1f202c44a920c8fce38f3b6ac1cdc8a2e1b53ca1'|'Amazon poaches ATP tennis rights in UK from Sky-report'|'August 1, 2017 / 3:07 PM / 4 hours ago Amazon poaches ATP tennis rights in UK from Sky: report 2 Min Read Tennis - ATP World Tour - Aegon International - Eastbourne, Britain - July 1, 2017 Serbia''s Novak Djokovic celebrates with the trophy after winning the final against France''s Gael Monfils Action Images via Reuters/Matthew Childs LONDON (Reuters) - Amazon.com Inc has made it first move into major sports rights outside the United States by outbidding Sky for the exclusive UK rights to tennis''s ATP World Tour, the Guardian said on Tuesday. Amazon Prime Video agreed to pay as much as 10 million pounds ($13.2 million) a year for the rights, which include the ATP Tour finals competition between the top eight singles and doubles players, the newspaper said. Sky was paying about 8 million pounds a year under a deal that lasts until 2018, the Guardian said. Amazon won the streaming rights in the United States for NFL''s Thursday Night Football in April, kicking off a push by the online retailer to attract fans to its shopping and video service. Sky, Britain''s biggest pay-TV group, said last week it had walked away from bidding on some sports rights as it invest elsewhere in the business, including continuing to broaden its drama and entertainment content. Sky has recently reorganized its sports broadcasting to create channels dedicated to specific sports such as soccer, cricket, Formula One and golf. Amazon and Sky declined to comment. ($1 = 0.7557 pounds) Reporting by Paul Sandle; Editing by Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-atp-idUSKBN1AH4MZ'|'2017-08-01T18:00:00.000+03:00'
'761ab8350447f146b910837737cc8e7fa9a64297'|'UPDATE 1-Nigeria banks trying to stabilise 9mobile ahead of sale, FBN says'|'(Adds background)LAGOS, Aug 3 (Reuters) - Nigerian lenders will try to stabilise the business of 9mobile, the country''s fourth largest telecoms group, until they can find new investors, First Bank said, adding that it saw no need to impair loans made to the company, because of its cash flows."On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment," the bank''s chief executive Adesola Adeduntan said on an analysts'' call.Another lender, FCMB, said on Tuesday lenders had agreed to extend a $1.2 billion loan which the mobile operator, formerly known as Etisalat Nigeria, took out four years ago but struggled to repay due to a currency crisis and a recession in Nigeria.Nigerian regulators stepped in last month to save Etisalat Nigeria from collapse and prevent lenders placing the country''s fourth biggest telecoms group into receivership, prompting a board, management and name change.The local banks which participated in the loan, many of which are reporting first-half results, have been trying to work out the value of 9mobile before deciding whether to impair the loan or wait until the company finds new investors.Banks involved in the loan deal include: Zenith Bank , GT Bank, First Bank, UBA , Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.GT Bank with $138 million in outstanding loans to 9mobile and Access Bank with $131 million are among the most exposed.The telecoms group has asked Citigroup and Standard Bank to find an investor to buy into the firm and three companies have shown interest, a banking source close to the deal said. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha and Ulf Laessing; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-9mobile-idINL5N1KP7Z6'|'2017-08-03T13:45:00.000+03:00'
'ab1f8c1df20564a8adc593b68c3e0dfec851818f'|'Satellite group Inmarsat reiterates outlook despite uncertain markets'|'August 3, 2017 / 6:35 AM / 21 minutes ago Satellite group Inmarsat reiterates outlook despite uncertain markets Reuters Staff 1 Min Read FILE PHOTO - A technician looks at a solar panel on the Inmarsat S-Band/Hellas-Sat 3 satellite in the clean room facilities of the Thales Alenia Space plant in Cannes, France, February 3, 2017. Eric Gaillard/File Photo LONDON (Reuters) - British satellite company Inmarsat ( ISA.L ) said it was on track to meet its full-year revenue targets despite markets proving challenging and the general industry outlook difficult to predict. Inmarsat said its performance in 2017 and 2018 would be tied to demand in the aviation sector, where it provides in-flight connectivity, and government customers. "We remain confident about the medium to long term outlook for Inmarsat," it said on Thursday. "However, whilst we have delivered a robust performance in recent quarters, our markets remain challenging and the outlook continues to be difficult to predict." Reporting by Kate Holton, Editing by Paul Sandle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-inmarsat-results-idUKKBN1AJ0NY'|'2017-08-03T09:35:00.000+03:00'
'0566c3f1747447bdd9c90a06ba8c0377738ef7c7'|'BAWAG boosts H1 pretax profit, core capital ratio'|'ZURICH, Aug 3 (Reuters) - BAWAG PSK, the Austrian bank majority owned by private equity group Cerberus Capital Management, boosted first-half pretax profit 2.5 percent to 251 million euros ($297.5 million) as revenues and operating profit grew.Its fully loaded common equity tier 1 ratio rose to 16.5 percent of risk-weighted assets at the end of June, up 140 basis points from the end of 2016, it said on Thursday.It gave no detailed outlook for the year, saying only it expected its strong performance to continue.Unlisted BAWAG, Austria''s fourth-biggest bank, has more than 2.2 million customers and nearly 40 billion euros in assets. It reiterated that it was on the lookout for takeovers -- especially in Austria, Germany and Switzerland.BAWAG last month bought German regional lender Suedwestbank for an undisclosed price to expand its network in western Europe. The sale is set to close later this year.Cerberus owns 52 percent of BAWAG and GoldenTree Asset Management 40 percent. Unlike other Austrian banks that expanded heavily in central and eastern Europe, BAWAG focuses on Austria, where it holds two-thirds of its customer loan book. It also does retail, corporate, commercial real estate and portfolio lending in western Europe and the United States.BAWAG PSK is moving ahead with preparations for an initial public offering that could value the Austrian bank at up to 5 billion euros and has picked a lead organiser, people close to the matter had said in June.$1 = 0.8436 euros Reporting by Michael Shields; editing by Francois Murphy'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bawagpsk-results-idINZ8N1GF015'|'2017-08-03T03:54:00.000+03:00'
'f0c26359d4873d06aee3064ba5dcbd0d036064b3'|'Sponsors may be tempted by Olympics return to Los Angeles'|'August 1, 2017 / 9:43 PM / 19 hours ago Sponsors may be tempted by Olympics return to Los Angeles Liana B. Baker 4 Min Read Los Angeles Mayor Eric Garcetti announces an agreement for the city of Los Angeles to host the 2028 Olympic Games from Carson, California U.S. July 31, 2017. Mike Blake SAN FRANCISCO(Reuters) - Even if it is more than a decade away, a Summer Games in Los Angeles in 2028 may be a boost to the International Olympic Committee''s (IOC) efforts to extend its lucrative contracts with top sponsors such as Visa Inc and Coca-Cola Co, Olympic sponsorship experts said. Los Angeles agreed to host the 2028 Summer Games, after bowing out of a two-way contest with Paris for the 2024 Summer Games. Awarding two Summer Games in tandem is rare for the IOC, and under normal circumstances, the 2028 host city would not be known until 2021. U.S.-based multinational companies Visa ( V.N ), Coca-Cola ( KO.N ), Procter & Gamble ( PG.N ), Dow Chemical Co ( DOW.N ) and General Electric Co ( GE.N ) make up about half of the IOC''s top sponsors program, which contributes more than $1 billion in each four-year cycle to the games. All of these brands'' agreements with the IOC expire in 2020 after the Summer Games in Tokyo. At least one U.S.-based sponsor, which spoke to Reuters on condition of anonymity, said that it had been eager for the Games to return to the United States after so many years. "LA is a homegrown market, a U.S. market for these companies that gives a tremendous boost to the likelihood that they will continue to stay on as sponsors," said Rob Prazmark, chief executive of 21 Sports & Entertainment Marketing Group, who helped create the top sponsors program with the IOC. Los Angeles Mayor Garcetti speaks at the podium during the announcement that the city of Los Angeles will host the 2028 Olympic Games in Carson, California, U.S., July 31, 2017. Mike Blake The 2028 U.S. Summer Games, the first Summer Games in the United States since 1996, could be a factor in the renewal discussions with sponsors that are currently underway, said John Grady, a sports law professor at the University of South Carolina. "Once you have an American city, it puts a flame under that U.S. brand. They have a reason to renew that otherwise didn''t exist," Grady said. Slideshow (2 Images) With the next three games in Asia, some U.S.-based sponsors have bowed out of their official Olympic sponsorship deals, though the IOC has signed on new Asia-based sponsors such as Alibaba Group Holding Ltd ( BABA.N ). McDonald''s Corp ( MCD.N ) ended a 41-year sponsorship deal with the IOC in June, and the U.S. Olympic Committee also has lost sponsors such as AT&T Inc ( T.N ) and Citigroup Inc ( C.N ) ahead of the 2018 Winter Games in South Korea. Visa and Coca-Cola declined to comment beyond saying that their Olympic deals run until 2020. The IOC, P&G, Dow and GE did not respond to a request for comment. Intel, which signed on as a top sponsor in June, is locked in until 2024 and declined to comment. Just knowing the location of Games 11 years out could also benefit U.S. broadcaster NBC, a unit of Comcast Corp ( CMCSA.O ), which is signed on until 2032, because it now has significant lead time to work with advertisers and deal with the changing ways people watch the Games over the internet, which has led to lower TV ratings. An NBC spokesman, in a statement, called the next three host cities for the Summer Games, Tokyo, Paris and Los Angeles, "a U.S. broadcaster''s dream." Reporting by Liana B. Baker in San Francisco; Editing by Steve Orlofsky 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-olympics-sponsors-los-angeles-idUSKBN1AH5BG'|'2017-08-02T00:43:00.000+03:00'
'2297f9d8045d46dcbebb2f229e69ad8a9c673880'|'Rio Tinto CFO says good progress being made in Simandou deal'|'The Rio Tinto mining company''s logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. Jason Reed (Reuters) - Miner Rio Tinto is making good progress in the deal to sell its stake in the Simandou project in Guinea, Chief Financial Officer, Christopher Lynch said on Wednesday.Citing the complexity of the deal due to three parties being involved, he said discussions were still underway.The miner had signed a preliminary deal to sell its stake in the project to China''s Chinalco in October last year.If the deal to sell to Chinalco goes ahead, Rio will receive payments of between $1.1-$1.3 billion based on the timing of the project''s development, the company has said.Reporting by Sanjeeban Sarkar in Bengaluru, editing by Louise Heavens'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-plc-simandou-idINKBN1AI171'|'2017-08-02T08:20:00.000+03:00'
'7b947c8ad3308d369e746bc6c2023f948f5867a8'|'BRIEF-Cerus expands agreement with French National Blood Service'|'August 1, 2017 / 1:46 PM / 10 minutes ago BRIEF-Cerus expands agreement with French National Blood Service 1 Min   Cerus Corp * Cerus announces expanded supply agreement with french national blood service * Cerus corp - signing of two, new, expanded contracts with établissement français du sang for intercept blood system * One contract covers supply of intercept platelet kits * Cerus corp - initial term of platelet kit supply agreement is 2 years with 2 one-year extension options * Other contract is for purchase of additional illuminators to help support roll-out of intercept platelet kits to new regions Source text for Eikon:   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cerus-expands-agreement-with-frenc-idUSFWN1KN0FW'|'2017-08-01T16:45:00.000+03:00'
'86fc79a355ac8b65bfc532d91ac1faab1e88f40f'|'FDA approves leukemia treatment developed by Celgene, Agios'|'August 1, 2017 / 3:29 PM / 3 minutes ago FDA approves leukemia treatment developed by Celgene, Agios 3 Min Read A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. Jason Reed/File Photo (Reuters) - The U.S. Food and Drug Administration (FDA) on Tuesday approved Celgene Corp and Agios Pharmaceuticals Inc''s oral treatment for acute myeloid leukemia (AML) patients with a rare genetic mutation. The drug, Idhifa, will have a monthly list price of $24,872, Celgene said in an email, noting that the median time on therapy for patients was 4.3 months in the trial to secure the FDA''s approval. The list price of a drug is not necessarily what patients actually pay. Their ''out-of-pocket'' cost is based on their individual healthcare insurance plans and duration of treatment. AML is a cancer that originates in the bone marrow and progresses rapidly, resulting in an abnormal increase in white blood cells. It is generally diagnosed in older people, and is uncommon before the age of 45. The drug secured approval for relapsed or refractory AML patients with an IDH2 mutation. It is to be used along with a diagnostic test, developed by Abbott Laboratories, designed to detect the mutation. "While the product isn''t expected to be a big needle mover for Celgene, it does represent the first approval for a partnered product," J.P. Morgan analyst Cory Kasimov said, pointing out that the drug targeted "an area of clear high unmet need". Novartis AG''s recently approved AML drug, Rydapt, has a list price of $7,495 for a 14-day treatment duration and $14,990 for a 28-day duration. However, Novartis'' treatment is approved for newly diagnosed patients with AML carrying a specific genetic mutation called FLT3. Idhifa''s approval comes with a boxed warning — the strongest mandated by the FDA — designed to call attention to the risk of differentiation syndrome, an adverse reaction that could be fatal if untreated. Differentiation syndrome is characterized by fever, respiratory distress and multi-organ dysfunction. Idhifa is the first and only FDA-approved therapy for patients with an IDH2 mutation, a group that accounts for 8 to 19 percent of all AML patients. In the United States, that translates to about 1,200 to 1,500 patients, Celgene said. Oppenheimer''s Leah Rush Cann said in a client note that the drug could generate sales of $1.4 billion in 2021. About 21,380 new cases of AML will be diagnosed in 2017 and some 10,590 patients will succumb to the disease this year, according to estimates by the American Cancer Society. Shares of Agios were up 5 percent at $58.77 in afternoon trading. Celgene was little changed at $135.09. Reporting by Tamara Mathias and Natalie Grover in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-celgene-fda-idUSKBN1AH4P1'|'2017-08-01T18:21:00.000+03:00'
'c521e6c959aa011b2cf1bf9124abee3d9b7d1f62'|'BTG Pactual quarterly profits fall 30 pct as Brazil turmoil mounts'|'SAO PAULO, Aug 1 (Reuters) - Profit at Grupo BTG Pactual SA sank the most in six years in the second quarter as mounting political turmoil in Brazil drove down sales and trading income at Latin America''s largest independent investment bank.In a Tuesday securities filing, São Paulo-based BTG Pactual said net income totaled 503 million reais ($161 million) last quarter, down 30 percent from the prior three months. Profit fell to the lowest level since the third quarter of 2011, driving return on equity down to 13.3 percent.Management led by Chief Executive Officer Roberto Sallouti will discuss results at a conference call on Wednesday.$1 = 3.1260 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/btg-pactual-sa-results-idINE6N1I300N'|'2017-08-01T22:02:00.000+03:00'
'419ffb35ee91a75eaab3dbb96113ced94a23e37c'|'Rosneft CEO: U.S. sanctions will backfire, hurt U.S. energy majors'|'NIZHNEBUREISKY, Russia, Aug 3 (Reuters) - New U.S. sanctions imposed on Russia will have negative consequences for the United States and backfire on U.S. energy majors, Igor Sechin, chief executive officer of Russia''s largest oil producer Rosneft , said on Thursday.U.S. President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration."The sanctions are beginning to backfire on those who are introducing them, which is positive," Sechin told reporters."The powers of the U.S. president are limited, and sometimes it seems to me that sanctions are imposed on him, not us."Sechin said in this situation he saw positive consequences for Rosneft. "As for the negative consequences, as I said, they (the U.S. sanctions) are starting to work against our American partners. As for the positive ones, you will learn about them in the next four weeks," he said, without elaborating. (Reporting by Polina Nikolskaya; Writing by Dmitry Solovyov; Editing by Maria Kiselyova)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-russia-rosneft-sanctions-idUSR4N1KM001'|'2017-08-03T15:58:00.000+03:00'
'0f871b5da45ac0fdf820969b1e748510a3d5a430'|'Genesis Energy to buy Tronox''s alkali business for $1.3 billion'|'August 3, 2017 / 2:26 AM / 4 hours ago Genesis Energy to buy Tronox''s alkali business for $1.3 billion 2 Min Read (Reuters) - Genesis Energy LP said it will buy Tronox Ltd''s alkali business, the world''s largest producer of natural soda ash, for about $1.33 billion in cash to expand into the chemicals sector. Genesis said it would raise about $750 million through a convertible preferred units issue to fund the deal. The company received binding commitments from investment vehicles affiliated with KKR Global Infrastructure Investors II LP and GSO Capital Partners LP for the purchase of the 8.75 percent units. KKR and GSO will buy about 22.2 million units at $33.71 each, Genesis said. Tronox''s alkali business produces about 28 percent of the world''s natural soda ash output. Soda ash or sodium bicarbonate is used in the making of glass, baked goods, detergents and a variety of other industrial chemicals and products. Houston-based Genesis, a diversified midstream energy master limited partnership, also said its second-quarter net income attributable rose $10 million to $33.7 million. Tronox said it would use the proceeds from the sale to fund most of the cash needed to buy Cristal''s titanium dioxide business. In February, Tronox agreed to buy the titanium dioxide business, a subsidiary of Saudi Arabia''s Tasnee, for $1.67 billion, making Tronox the world''s largest producer of the whitening pigment. Credit Suisse is acting as financial adviser to Tronox on both the deals. Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tronox-ltd-m-a-genesis-eny-idINKBN1AJ068'|'2017-08-03T00:26:00.000+03:00'
'15c2a6693653b34a2997626166573305dd435bfa'|'Samsung scion Lee says he did not wield great power at chaebol'|'August 3, 2017 / 11:15 AM / 2 hours ago Samsung scion Lee says he did not wield great power at chaebol Joyce Lee 4 Min Read FILE PHOTO - Samsung Group chief, Jay Y. Lee, leaves after attending a court hearing to review a detention warrant request against him at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. Kim Hong-Ji/File Photo SEOUL (Reuters) - Samsung Group heir Jay Y. Lee denied bribery charges involving ousted South Korean president Park Geun-hye and said he had no knowledge of any pressure from her to pay bribes, as he wrapped up two days of testimony in his corruption trial on Thursday. Testifying for the first time since he was arrested in February, Lee said he has not wielded extensive power in running the sprawling conglomerate. His role has been largely limited to being vice-chairman of the group''s flagship Samsung Electronics Co ( 005930.KS ), the 49-year-old heir to one of Asia''s biggest conglomerates testified. "90-95 percent of my work relates to Samsung Electronics and related affiliates. And for other matters, I''ve been assisted by the corporate strategy office," Lee said, referring to the group''s now disbanded power centre, headed by his former top lieutenant, Choi Gee-sung. "While people outside Samsung think I''m higher in the hierarchy, I''ve never even taken a host seat at any meeting or luncheon (when Choi was around)," Lee told the court. Choi, Lee''s mentor and a former Samsung Electronics vice chairman, said in separate testimony he took greater responsibility than Lee as the head of corporate strategy office, which was harshly criticized for its role in the graft scandal. "As the head of the corporate strategy office, it was my responsibility to make a final decision," Choi told the court. "While people outside of Samsung think Lee is the leader as he made public appearances to represent Samsung, he''s been doing it because chairman Lee Kun-hee is hospitalised." Coaching for Park Meeting Prosecutors have focused on meetings between Lee and Park, when they say the two colluded to gain a state-backed pension fund''s support for a merger of Samsung affiliates. One of the allegations is that Samsung gave the daughter of a close Park confidante a 1 million euros (895,999 pounds) horse and financial support at the former president''s request. Choi in his testimony said it was his office that decided to back the daughter''s equestrian career without Lee''s knowledge. Lee said Choi gave him some coaching ahead of his meeting with Park in 2015 and also advised him to say at a parliament hearing that Samsung would disband the powerful corporate strategy office. Choi suggested in his testimony that he thought Lee might have been intimidated by Park when she rebuked him by saying Samsung had not done enough to sponsor equestrian sports as he had pledged. "Having led a sheltered life, he''s never seen anyone being mad," Choi said, adding he judged Lee "was not yet at a level to hold a dialogue on economic or industry issues with the president." Lee has been de facto head of the conglomerate since 2014, when his father, Samsung''s second-generation leader, was hospitalised for a heart attack. The court plans to wrap up Lee''s trial by August 27, when Lee''s detention period ends. Park, who like Lee remains in detention on charges of corruption and abuse of power, has denied wrongdoing in a separate trial. Lee last month refused to testify at Park''s trial, as his lawyers advised him it could put him in jeopardy at his own. Writing by Miyoung Kim; Editing by Bill Tarrant 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-idUKKBN1AJ1J2'|'2017-08-03T14:15:00.000+03:00'
'b22c76801ceba559ffcca8ad426d707f62405d71'|'Toshiba shares jump on report that auditor to sign off on results'|'August 7, 2017 / 1:24 AM / 32 minutes ago Toshiba shares jump on report that auditor to sign off on results Thomas Wilson 2 Min Read The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. Toru Hanai TOKYO (Reuters) - Toshiba Corp''s auditor will sign off on its annual financial results after months of being at odds with the embattled conglomerate - in a step that would lessen the risk of a delisting, the Nikkan Kogyo Shimbun newspaper reported on Monday. The report sent shares in Toshiba jumping 7 percent in morning trade. PricewaterhouseCoopers Aarata (PwC) has not endorsed Toshiba''s books since being appointed as its auditor in April 2016. A major sticking point has been a query from PwC over whether Toshiba should have recognised multi-billion dollar losses at U.S. nuclear arm Westinghouse earlier than last December, sources familiar with the matter have said. PwC will either issue a so-called "opinion without qualifications" - given where there are no problems in a company''s accounts - or an "opinion with qualifications" - given where only minor problems exist - by a bourse-imposed deadline on Thursday, the business daily said, without citing sources. Representatives for PwC and Toshiba declined to comment. In contrast, the Asahi Shimbun newspaper reported on July 25 that PwC was considering issuing an "adverse opinion" of Toshiba''s books, which would greatly increase the risk of a delisting. A writedown and liabilities linked to Westinghouse have forced Toshiba to put its prized memory chip business up for sale. But talks on the $18 billion sale have stalled, raising concerns over how fast the company can plug a multi-billion-dollar balance sheet hole. Any delisting before the sale is completed would reduce the urgency of the sale, but could further complicate Toshiba''s ability to raise money, in particular to feed its cash-hungry memory-chip business and potentially jeopardising its competitiveness. Toshiba was demoted to the second section of the Tokyo bourse this month after flagging negative shareholders'' equity of $5.2 billion. Reporting by Thomas Wilson; Additional reporting by Makiko Yamazaki; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AN03L'|'2017-08-07T05:51:00.000+03:00'
'bb8caf0fedcefda56e5ca5b89b24edd21a335a70'|'Google employee''s anti-diversity memo prompts company rebuke'|'August 7, 2017 / 3:23 AM / 10 hours ago Google employee''s anti-diversity memo prompts company rebuke Sam Forgione 4 Min Read FILE PHOTO: A security guard keeps watch as he walks past a logo of Google in Shanghai, China, April 21, 2016. Aly Song/File Photo REUTERS - Google executives over the weekend rushed to denounce an engineer''s memo that ascribed gender inequality in the technology industry to biological differences, a view that sparked outrage at the internet giant and inflamed tensions over sexual harassment and discrimination in Silicon Valley. The unnamed engineer asserted in the 3,000-word document that circulated inside the company last week that "Google’s left bias has created a politically correct monoculture" which prevented honest discussion of the issue. "Distribution of preferences and abilities of men and women differ in part due to biological causes and that these differences may explain why we don’t see equal representation of women in tech and leadership," he wrote. The memo stoked the heated debate over treatment of women in the male-dominated Silicon Valley that has boiled for months following sexual harassment scandals at Uber Technologies Inc and several venture capital firms. Google''s recently hired vice president of diversity, integrity and governance, Danielle Brown, sent a memo in response to the furor, saying the engineer''s essay "advanced incorrect assumptions about gender." "Part of building an open, inclusive environment means fostering a culture in which those with alternative views, including different political views, feel safe sharing their opinions," Brown wrote. "But that discourse needs to work alongside the principles of equal employment found in our Code of Conduct, policies, and anti-discrimination laws," she added. Google engineering vice president Aristotle Balogh also wrote an internal post criticizing the employee''s memo, saying "stereotyping and harmful assumptions" could not be allowed to play any part in the company''s culture. A Google spokesperson told Reuters that the statements from Brown and Balogh were official responses from Google. The controversy erupted as the Department of Justice continues to press an investigation of alleged gender-based pay discrimination at Google, a unit of Alphabet Inc.. The company has denied the charges. The episode also sparked debate on the proper limits of free speech in corporate environments. Entrepreneur Elissa Shevinsky wrote on blogging website Medium that speech "questioning the technical qualifications of people based on race or gender" could fall under Title VII of the Civil Rights Act, which prohibits employment discrimination based on race, color, religion, sex and national origin. "Google is not a space where employees should be able to express and share whatever feelings they may have, regardless of how it affects others," Shevinsky wrote. Former Google privacy engineer Yonatan Zunger wrote on Medium that the unnamed engineer "does not appear to understand the consequences of what he wrote, either for others or himself," and said if the engineer reported to him he''d be fired. There were also expressions of support for the anonymous engineer. He said in a comment on his original posting that he had received "many personal messages from fellow Googlers expressing their gratitude for bringing up these very important issues," according to a copy of the memo posted by technology news site Gizmodo. Motherboard, the online news outlet that first reported the employee''s memo, reported Sunday that many messages on the anonymous corporate messaging app Blind showed backing for the view that Google''s culture was too politically correct. Reporting by Sam Forgione; Editing by Jonathan Weber and Mary Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/google-diversity-idINKBN1AN09R'|'2017-08-07T06:19:00.000+03:00'
'001dc569f1ce8359a13013af05bab555d078baad'|'Google employee''s anti-diversity memo prompts company rebuke'|'Edition United States August 6, 2017 / 9:52 PM / 2 hours ago Google employee''s anti-diversity memo prompts company rebuke Sam Forgione 2 Min Read The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. Picture taken July 11, 2016. Morris Mac Matzen (Reuters) - Two Google executives criticized a memo that circulated late last week at the company from an unnamed engineer suggesting that there were "biological causes" for underrepresentation of women in technology and leadership. Among the views in the employee''s roughly 3,000-word memo was that "distribution of preferences and abilities of men and women differ in part due to biological causes and that these differences may explain why we don’t see equal representation of women in tech and leadership." Technology news site Motherboard, which first reported the employee''s memo, also reported that a Google employee said the memo had gone "internally viral." Gizmodo published a copy of the memo. The memo stoked a heated debate over treatment of women in the male-dominated Silicon Valley that has boiled for months following sexual harassment scandals at Uber Technologies Inc and several venture capital firms. Google, the world''s largest search engine and a unit of Alphabet Inc, recently hired a new vice president of diversity, integrity and governance, Danielle Brown. Brown sent a memo in response to the engineer''s, saying that it "advanced incorrect assumptions about gender." "Part of building an open, inclusive environment means fostering a culture in which those with alternative views, including different political views, feel safe sharing their opinions," Brown wrote. "But that discourse needs to work alongside the principles of equal employment found in our Code of Conduct, policies, and anti-discrimination laws," she added. Google vice president Aristotle Balogh also wrote an internal post criticizing the employee''s memo, saying "stereotyping and harmful assumptions" could not be allowed to play any part in the company''s culture. A Google spokesperson told Reuters that the statements from Brown and Balogh were official responses from Google. Reporting by Sam Forgione; Editing by Jonathan Weber and Mary Milliken 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-google-diversity-idUKKBN1AM0V3'|'2017-08-07T00:49:00.000+03:00'
'60a01fa3a8f54194e91b226dd889f10bc883bf79'|'U.S. jobless claims fall as labor market tightens further'|'A recruiter talks with a job seeker at the Construction Careers Now! hiring event in Denver, Colorado U.S. August 2, 2017. Rick Wilking WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell last week, pointing to a tightening labor market that likely keeps the Federal Reserve on course to announce plans next month to start reducing its massive bond portfolio.Labor market strength was also underscored by another report on Thursday showing U.S.-based employers last month announced the fewest job cuts in eight months. But a moderation in services sector activity to an 11-month low in July put a wrinkle in the brightening economic outlook.The services sector accounts for more than two-thirds of the U.S. economy and analysts worry that the slowdown, if sustained, could keep inflation tame."The services economy is cooling, which makes the Fed''s goal of 2 percent inflation a little harder to achieve," said Chris Rupkey, chief economist at MUFG in New York. "But with the labor market tight, the Fed can continue mopping up the stimulus provided to fight the financial crisis and recession."Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 240,000 for the week ended July29, the Labor Department said. Economists had forecast claims falling to 242,000.Claims have now been below 300,000, a threshold associated with a healthy labor market, for 126 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent.The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,500 to 241,750 last week, the lowest level since May.Related Coverage Atlanta Fed estimates U.S. third-quarter GDP growing at 4.0 percentEconomists believe that labor market tightness will encourage the Fed to announce a plan to start offloading its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September.The U.S. central bank is, however, expected to delay raising interest rates until December because of low inflation. The Fed has raised rates twice this year.The claims data has no bearing on July''s employment report, which is scheduled to be released on Friday, as it falls outside the survey period.According to a Reuters survey of economists, nonfarm payrolls probably increased by 183,000 jobs last month after surging by 222,000 in June. The unemployment rate is seen falling one-tenth of a percentage point to 4.3 percent.The U.S. dollar .DXY initially firmed against a basket of currencies on the claims data but gave up gains after the services sector survey. Prices for U.S. Treasuries rose, buoyed in part by the Bank of England''s decision to keep interest rates at a record low and downgrade its economic and inflation forecasts.U.S. stocks were mixed, with the S&P 500 <.SPX) and the Nasdaq .IXIC falling, but the Dow .DJI setting a new record high.Layoffs Decline In a separate report on Thursday, global outplacement consultancy Challenger, Gray & Christmas said U.S.-based employers announced 28,307 job cuts last month, down 9 percent from June and the fewest number since November 2016.Retailers planned to cut 3,862 jobs in July. They were closely followed by the healthcare products and services sector where employers planned 3,634 layoffs."While retailers are cutting the most jobs this year, those companies are also announcing the most hiring," said John Challenger, chief executive officer of Challenger, Gray & Christmas. "New retail jobs could be going to places like fulfillment and distribution centers."Retailers have accounted for 245,616 of the 556,493 new jobs that have been announced so far this year, according to Challenger tracking. Online retail giant Amazon ( AMZN.O ) plans to hire about 50,000 workers this month at its warehouses and sorting centers.A third report from the Institute for Supply Management (ISM) showed its non-manufacturing index fell to a reading of 53.9 last month, the lowest since August 2016, from 57.4 in June. A reading above 50 in the ISM index indicates an expansion in the services sector."The ISM report is clearly a big disappointment and suggests that the economy may have lost some momentum going into the third quarter," said Andrew Hunter, an economist at Capital Economics. "But it is worth remembering that these monthly surveys have always been volatile."Last month, a gauge of new orders received by services industries fell to 55.1 from 60.5 in June. A measure of services sector employment dropped 2.2 points to 53.6.Nine industries reported increasing employment and four said they had cut payrolls. Some companies said they "continued to refine workforce through efficiencies" and others reported "filling more open positions."Reporting by Lucia Mutikani; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-unemployment-idUSKBN1AJ1S6'|'2017-08-03T15:32:00.000+03:00'
'a96f9bff962a64c66c5da218529e0eabe279449f'|'FedEx says will not apply residential surcharge for holiday season'|'August 3, 2017 / 1:04 PM / 24 minutes ago FedEx will not charge extra for most holiday home deliveries Eric M. Johnson 3 Min Read A trader works by the post that trades FedEx on the floor of the New York Stock Exchange April 7, 2015. Brendan McDermid (Reuters) - FedEx Corp ( FDX.N ) said on Thursday it will not charge customers extra fees for most packages delivered to homes during the peak holiday shopping season this year, challenging rival United Parcel Service, which plans more widespread peak-season surcharges. FedEx''s holiday pricing strategy steps up the Memphis-based company''s battle with UPS, the world''s largest package delivery company, for a greater share of e-commerce business driven by retailers like Amazon.com Inc ( AMZN.O ) and Wal-Mart Stores Inc ( WMT.N ). UPS and FedEx have spent billions of dollars on upgrading their networks to handle rapidly rising e-commerce package volumes, particularly in the weeks leading up to Christmas. Atlanta-based UPS has charted a different course for pricing this holiday season. Parcels delivered to residences, as well as large packages and those exceeding system weight limits, would face surcharges of up to 97 cents for two-day air services to residential addresses from Dec. 17-23, UPS said. A 27-cent surcharge per package will apply to UPS'' ground service from Nov. 19 to Dec. 2 and between Dec. 17 and Dec. 23, UPS said. UPS declined to comment on FedEx''s surcharges, but said its own peak-season pricing makes sure its "appropriately compensated for the high value we provide at a time when the company must double daily delivery volume for six-to-seven consecutive weeks to meet customer demands." Baird Equity Research analyst Colin Sebastian said usually large shippers such as Amazon negotiate their own rates, so the impact from this would likely be limited. A spokeswoman for Amazon did not immediately return a request for comment. FedEx and UPS shares dipped slightly in trading on Thursday. FedEx Express and FedEx Ground in the U.S. and Canada will increase holiday surcharges for additional handling by $3 per package and for oversized goods by $25. FedEx will charge an extra $300 for parcels that exceed its maximum weight limit. FedEx said the new surcharges on oversize packages hit roughly 10 percent of its ground-shipping volume during the holiday rush and will be in place the week leading up to Black Friday through Christmas Eve. Amit Mehrotra, an analyst at Deutsche Bank in New York, said UPS and FedEx "aren''t that far off from each other." "FedEx will not be matching UPS as far as a blanket surcharge, but it is taking equal steps to manage its higher costs associated with oversized or extraordinary packages, things that are huge to push through their facilities." Reporting by Eric M. Johnson in Seattle, Jeffrey Dastin in San Francisco, and Rachit Vats in Bengaluru; Editing by Sai Sachin Ravikumar, Shounak Dasgupta and Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fedex-surcharge-idUSKBN1AJ1V5'|'2017-08-03T16:04:00.000+03:00'
'd094c895ef5c92d4e242f8b417c302ac604624cb'|'Belarussian investor withdraws bid for Sberbank''s Ukraine subsidiary'|'MINSK, Aug 3 (Reuters) - Belarussian investor Viktor Prokopenya has withdrawn his bid for the Ukrainian subsidiary of Russia''s biggest bank Sberbank, saying it would be too time consuming.Prokopenya was one of several bidders for the unit, which Sberbank put up for sale in March after Ukraine imposed sanctions on Sberbank and other Russian state banks operating in Ukraine in response to tensions over pro-Russian secessionists in eastern Ukraine.Prokopenya bid in July to acquire 100 percent of the unit via Belarussia''s Paritetbank, which he is in the process of acquiring, but told Reuters on Thursday that he had changed his mind."The acquisition of the unit of an international bank is an unbelievably complicated process that demands a lot of time," Prokopenya said in an interview. "As before, we believe that buying Sberbank''s Ukraine business is a great investment opportunity, but we''ve decided to focus on other projects."Prokopenya is the founder of VP Capital, a global investment company focused on the technology sector.Last Friday, the Ukrainian central bank said it had blocked the sale of the Sberbank unit to two Russian investors, who were among the bidders, due to a failure to provide the necessary documents.Reporting by Andrei Makhovsky; Writing by Alessandra Prentice; Editing by Susan Fenton'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sberbank-ukraine-belarus-idINL5N1KP7S0'|'2017-08-03T13:35:00.000+03:00'
'1aa54cf7423c591d118535c920519ff037cd9b9c'|'Irish services sector growth ticks up in July - PMI'|'August 3, 2017 / 5:10 AM / 29 minutes ago Irish services sector growth ticks up in July - PMI Reuters Staff 3 Min Read DUBLIN (Reuters) - Growth in Ireland''s services sector ticked up in July, a survey showed on Thursday, with strong growth in new orders suggesting momentum in the EU''s fastest-growing economy continued into the third quarter. The Investec Services Purchasing Managers'' Index (PMI) rose to 58.3 in July from 57.6 in June, when it had slipped to a seven-month low but still remained far above the 50 mark that separates growth from contraction. The sector last fell below that mark in June 2012, when Ireland was halfway through a three-year bailout. Like the wider economy, services firms have so far proved very resilient to neighbouring Britain''s decision to leave the European Union. The further expansion in July was driven by a faster pace of growth in new business, where the sub-index rebounded back above the 60 mark to 60.4 last month from 57.9 in June. "Even more encouragingly, the new export orders component reveals broad growth in demand, with respondents reporting higher new orders from a range of markets including the UK, U.S. and Continental Europe," Investec Ireland chief economist Philip O''Sullivan said. "Services firms have been responding to this by hiring more staff. Indeed, some panelists reported that they are training new staff in line with anticipations of further increases in workloads." O''Sullivan said that while more than nine times as many firms expect activity to grow over the coming year versus those who foresee a decline, the survey showed that expectations among companies weakened to an eight-month low in July, particularly among travel and leisure operators. "It is possible that speculation around Ireland''s future (post-Brexit) trading relationship with the UK could be slightly dampening the mood here, as that component is more reliant on UK business than the other parts of the industry," O''Sullivan said. The number of visitors from Britain fell by 6 percent year-on-year in the first six months of 2017, data showed last week, but the weakness in Ireland''s main tourism market has so far been more than offset by growth elsewhere. Reporting by Padraic Halpin; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN1AJ0ET'|'2017-08-03T08:10:00.000+03:00'
'2091a8df8b91c9229ffb1268b45f0f0d2de54195'|'BRIEF-Vulcan Materials reports Q2 earnings of $0.83/share from cont ops'|'August 2, 2017 / 12:58 PM / 18 minutes ago BRIEF-Vulcan Materials reports Q2 earnings of $0.83/share from cont ops   Vulcan Materials Co: * Vulcan announces second quarter 2017 results * Q2 earnings per share $0.83 from continuing operations * Q2 earnings per share view $1.20 -- Thomson Reuters I/B/E/S * Q2 revenue view $1.07 billion -- Thomson Reuters I/B/E/S * Q2 total revenues increased $74 million, or 8 percent, to $1.03 billion * Qtrly adjusted earnings from continuing operations were $0.90 per diluted share * Revised 2017 outlook for shipments to between 182 and 187 million tons * Project full year 2017 adjusted EBITDA of between $1.05 and $1.13 billion * Qtrly aggregates shipments decreased 2 percent versus prior year''s quarter and same-store shipments declined 3 percent   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vulcan-materials-reports-q2-earnin-idUSL5N1KO4GP'|'2017-08-02T15:57:00.000+03:00'
'22cf1968f039c65fb1e3d94ba777408f6f54e1a6'|'UK watchdog appoints funds critic to come up with fee disclosure format'|'August 2, 2017 / 1:58 PM / 11 minutes ago UK watchdog appoints funds critic to come up with fee disclosure format Reuters Staff 2 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s markets watchdog has asked an academic who accused the funds industry of being in "collective denial" over fees to come up with a common format for asset managers to publish their charges. The Financial Conduct Authority (FCA) is scrutinising the 6 trillion pound sector to see how it can offer better value for money. Making it easier for investors to compare charges is one way of doing this. "We want to see more consistent and standardised disclosure of costs and charges to institutional investors," the FCA said on its website on Wednesday. The watchdog said it has appointed Chris Sier, a professor at Newcastle University Business School, to chair a working group of industry and investor representatives to agree a template for fund managers to disclose their costs and charges. "Dr Sier... is an expert in pension scheme costs and charges who has worked closely with the Local Government Pension Scheme (LGPS) in developing their template for institutional disclosure," the FCA said. Sier is also the government''s "fintech" envoy for the north of England. The new group will be assembled by Sier and will start meeting in September. It should agree on a template for "mainstream" asset managers by year end, the FCA said. Sier told Reuters last year that the funds sector was in "collective denial" over fees. "If the asset management industry thinks things are going to carry on the way they are, they are sad, they are wrong," he said at the time, adding he had previously been threatened with lawsuits and had his phone tapped by an asset manager upset with his work. Reporting by Huw Jones; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-funds-regulations-idUKKBN1AI1SH'|'2017-08-02T16:58:00.000+03:00'
'459af0148302a87293352c63de8a9874b732f8a3'|'MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region'|'August 2, 2017 / 1:49 PM / 25 minutes ago MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region 4 Min Read * 11 of 14 Saudi petchems drop after oil drops below $52 * Dubai technically bullish * Banks buoy Abu Dhabi, ADCB shines * Analysts say Egypt real estate under pressure By Celine Aswad DUBAI, Aug 2 (Reuters) - Stock markets in the Gulf were mixed on Wednesday, with Saudi Arabia dragged down by a drop in crude oil prices while blue chips led gains the United Arab Emirates and Qatar higher. Brent crude futures lost 1.7 percent on Tuesday and traded below $52 a barrel for most of Wednesday. Consequently, 11 of the 14 petrochemical shares listed in Riyadh fell, including Saudi Basic Industries, which dropped 1.3 percent. The Riyadh index lost 0.4 percent. Shares of Nama Chemicals fell 0.5 percent after it reported a smaller net loss in the second quarter compared with last year. Shares of real estate manager Taiba Holding fell 0.1 percent after its second-quarter net profit fell 26.9 percent year-on-year to 54.4 million riyals ($14.51 million). The company attributed the lower profits to the decrease in the operating revenues of hotels and resorts segment. Dubai''s index rose 0.3 percent to 3,661 points, its fourth back-to-back session of gains. Technically, the index is bullish, and analysts at NBAD Securities believe the market is poised to target its yearly high of 3,738 points in the coming weeks. On Wednesday, shares of Emaar Properties, which has yet to report earnings, added another 1.2 percent taking its four-day gains to 4.3 percent. Dubai Investment which earlier this week had reported a 12.6 percent drop in its second quarter net profit attributable to shareholder, gained 2.5 percent. In Abu Dhabi, shares of Abu Dhabi Commercial Bank rose 1.9 percent. Analysts at Oman''s Ubhar Capital believe that the bank is trading at an attractive price-to-book multiple - a measure commonly used for banks - versus its peers. "The bank’s valuation is primarily driven by its strong core operating performance which warrants sustained dividend payouts over the forecast period,"U-Capital said . First Abu Dhabi Bank also rose, by 1.9 percent, helping take the index 1.0 percent higher. Qatar''s index snapped a five-day loosing streak as 11 of the top 20 most valuable shares rose, while only seven declined. Liquefied natural gas shipper Qatar Gas Transport was the top gainer amongst the large caps, jumping 4.0 percent. Egypt''s index finished flat with the top six of the most valued real estate developers finishing mixed; Heliopolis for Housing and Development added 2.1 percent while Palm Hills Development lost 1.6 percent. Analysts at Cairo''s Naeem Brokerage expect real estate developers to come under pressure in the second quarter and for the rest of the year because of higher interest rates, inflationary cost pressures and, a possible slowdown in demand. Highlights * The index fell 0.4 percent to 7,081 points. Dubai * The index added 0.3 percent to 3,661 points. Abu Dhabi * The index gained 1.0 percent to 4,608 points. Qatar * The index rebounded 0.6 percent to 9,361 points. Egypt * The index edged up 0.07 percent to 13,405 points. Kuwait * The index edged down 0.3 percent to 6,824 points. Bahrain * The index fell 0.1 percent to 1,326 points. Oman * The index added 0.5 percent 5,074 points. ($1 = 3.7501 riyals) (editing by Larry King) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KO4M4'|'2017-08-02T16:49:00.000+03:00'
'0cbc1bf167f5eba24eb46b06b07d196b77ddaba6'|'Veiled marketing: Anti-smoking groups slam Indonesia''s Big Tobacco'|'August 2, 2017 / 4:22 AM / 15 hours ago Veiled marketing: Anti-smoking groups slam Indonesia''s Big Tobacco Eveline Danubrata and Stefanno Reinard 4 Min Read A woman holds packs of Sampoerna cigarettes produced by PT HM Sampoerna at a cigarette shop in Jakarta, August 1, 2017. Beawiharta JAKARTA (Reuters) - Anti-smoking groups in Indonesia have slammed Big Tobacco for promoting sales by giving retailers cash rewards, shopping vouchers and even money to renovate, urging authorities to enforce advertising curbs to safeguard public health. The country with one of the highest smoking rates in the world does have a national regulation in place to restrict cigarette advertisements, including a ban on tobacco firms promoting their products while acting as a sponsor. But it is inconsistently enforced by regional authorities. Cigarette makers are making the most of this, tying up with small retailers and rewarding them for in-store promotion of products, the anti-smoking groups said. By mid-2016, Philip Morris-controlled PT Hanjaya Mandala Sampoerna Tbk ( HMSP.JK ), PT Gudang Garam Tbk ( GGRM.JK ) and Djarum Group had partnered 513 shop-owners in four cities surrounding Jakarta, a study by the Indonesian Public Health Association (IAKMI) shows. Cigarette companies have stepped up "veiled promotions" following a move by the Jakarta governor two years ago to ban all cigarette advertising on outdoor media, IAKMI said. "Their grip will take root even more, and the consumption of cigarettes will spread," said Widyastuti Soerojo, head of IAMKI''s tobacco control unit. A shop-owner in Tangerang, west of Jakarta, said as a Sampoerna partner he has to follow the company''s display requirements for its products and is not allowed to sell other cigarette brands. In return, Sampoerna has given him free cigarette packs, shopping vouchers, banners and even a million rupiah ($75) to paint his shop, he said, declining to be named as he was not authorised to speak to media. Cigarette advertisements are often found at small shops near schools, making children extremely vulnerable, said Lisda Sundari, head of the Lanterns for Children Foundation. A shocking video of a toddler reportedly puffing up to 40 cigarettes a day on the island of Sumatra went viral around seven years ago, firing up anti-tobacco activists who said it underscored the problem of underage smoking in Indonesia. A street vendor counts money as he buys a box of A Mild cigarettes produced by PT HM Sampoerna at a cigarette shop in Jakarta, August 1, 2017. Beawiharta Despite rising anti-smoking sentiment in the country of 250 million people, Indonesia''s cigarette market was the second-biggest in the world after China with 316.1 billion sticks sold last year, data from Euromonitor International shows. Gudang Garam and Djarum did not respond to requests for comment. Sampoerna did not immediately provide a comment. Industry Needs Room to Breathe Philip Morris, Sampoerna''s parent company, said the overall cigarette market in Indonesia dropped 11.6 percent in the second quarter from a year earlier, while its market share fell to 32.8 percent from 33.4 percent. Slideshow (2 Images) The U.S. cigarette giant said tax-driven price increases were partly responsible for the drop. "We are being pressured from all sides: rising excise taxes, a not-so-good economy, anti-tobacco movement," said Muhaimin Moeftie, chairman of the association of Indonesian white cigarette producers. Regulations should give the industry "room to breathe", he added. The decision to raise cigarette excise taxes by an average of 10.5 percent this year, following an 11 percent hike in 2016, was aimed at controlling consumption and distribution, a senior official at the finance ministry said. "The government is concerned about production, we hope production of cigarettes will gradually drop," said Heru Pambudi, director-general of customs and excise. But Indonesia''s parliament has initiated a bill which if passed into law would cut back health warnings on packs and effectively increase production. Proponents of the bill say it would safeguard a vital economic sector that employs millions and contributes nearly 10 percent of state revenues. "Don''t call us a sunset industry," said Moeftie. "We''ve been fighting for a long time. The industry must always be there." Reporting by Jakarta Newsroom and Eveline Danubrata, additional reporting by Stefanno Reinard, Hidayat Setiaji and Cindy Silviana; Editing by Ed Davies and Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-indonesia-tobacco-idUSKBN1AI0A5'|'2017-08-02T07:21:00.000+03:00'
'cfb47d792fff59b5f365cf936cfb40d91e91422f'|'UPDATE 1-US oil refiner HollyFrontier''s profit tops estimates'|'(Adds details, background)Aug 2 (Reuters) - U.S. oil refiner HollyFrontier Corp on Wednesday reported a quarterly profit that handily beat analysts'' estimates, helped by higher production and refinery margins.HollyFrontier said its refinery gross margin jumped 29.2 percent to $11.47 per produced barrel in the second quarter ended June 30.The company produced 483,210 barrels per day (bpd) of refined products, compared with 442,660 bpd, a year earlier.Robust demand for refined products and declining inventories have benefited refiners, whose margins dipped sharply last year due to a gasoline and diesel glut.Net profit attributable to HollyFrontier''s shareholders was $57.8 million, or 33 cents per share in the quarter, compared with a loss of $409.4 million, or $2.33 per share, a year earlier.HollyFrontier took an asset impairment charge of more than $600 million in the year-ago quarter.Excluding one-time items, the company earned 66 cents per share, beating analysts'' average expectation of 47 cents according to Thomson Reuters I/B/E/S.Sales and other revenue climbed 27.4 percent to $3.46 billion. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hollyfrontier-results-idINL4N1KO3R4'|'2017-08-02T09:03:00.000+03:00'
'd658ba06f47c910d4b03061ad16513983cedc23d'|'Fiserv secures takeover OK from UK''s Monitise with improved offer'|'August 7, 2017 / 6:28 AM / an hour ago Fintech firm Fiserv raises offer for Monitise to $98 million 2 Min Read (Reuters) - U.S. financial technology provider Fiserv made an improved offer for Monitise worth about 75 million pounds ($98 million) on Monday, hoping to secure backing from the British financial services technology group''s investors. Fiserv''s earlier offer, which valued the group at about 70 million pounds, drew criticism from Monitise''s investors led by Cavendish Asset Management, for being too low, given that the British group was worth over 1 billion pounds three year ago. Fiserv''s final offer of 3.1 pence in cash per share represents a premium of 34.8 percent over Monitise''s closing price on June 12, the last before the initial offer was made. Monitise said its directors unanimously recommended the increased and final offer, which is higher than the original 2.9 pence per share bid. Fiserv urged shareholders to accept the offer, pointing to the fact that Monitise''s board had stated that they would need to consider raising further capital and divestment of the business, were the deal to fall through. The values of payments firms have surged and mergers and acquisitions have proliferated in the sector as shoppers switch from cash to paying for purchases by smartphones or other mobile devices. AIM-listed Monitise blazed a trail by linking banks and mobile operators to build a business capable of handling billions of dollars in mobile payments, purchases and money transfers. But it has faced increased competition from free mobile payment systems offered by the likes of Alphabet Inc and Apple Inc. Banco Santander, Monitise''s top shareholder with a 4.67 percent stake, had submitted a letter of intent to back the deal, as had Visa Inc, a large customer and investor with a 2.41 percent stake. This alongside Monitise directors'' shares, meant that Fiserv had letters of intent or irrevocable undertakings for 229.6 million shares, representing 9.9 percent of Monitise''s existing issued share capital. Cavendish did not immediately respond to a request for comment. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and Susan Thomas 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-monitise-m-a-fiserv-idINKBN1AN0K1'|'2017-08-07T04:28:00.000+03:00'
'f966cb1e1ccae62545c293f8d60751dc3e515a7a'|'Investigators say Emirates Boeing plane in 2016 crash had no mechanical faults -report'|'August 6, 2017 / 9:00 AM / 8 hours ago Investigators say Emirates Boeing plane in 2016 crash had no mechanical faults -report 1 Min Read DUBAI, Aug 6 (Reuters) - UAE investigators looking into the cause of the 2016 Emirates crash at Dubai International Airport have found no mechanical issues with the aircraft prior to the incident. Investigators were "working to determine and analyze the human performance factors that influenced flight crew actions during the landing and attempted go-around", a United Arab Emirates General Civil Aviation Authority report said on Sunday. The Aug. 3, 2016 crash was the first major incident in Emirates'' more-than-30-year history. All 300 passengers and crew safely evacuated the jet but a firefighter died tackling flames after the Boeing 777-300, caught fire after skidding along the Dubai airport runway on its fuselage. (Reporting by Alexander Cornwell; Editing by Louise Ireland) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emirates-crash-investigation-idUSL5N1KS062'|'2017-08-06T17:00:00.000+03:00'
'cf029e49f65f92aa7135ad4f2656c09bda028b42'|'SAIC General Motors recalls 6,451 GL8 minivans in China'|'August 6, 2017 / 3:39 PM / an hour ago SAIC General Motors recalls 6,451 GL8 minivans in China 1 Min Read BEIJING (Reuters) - SAIC General Motors has started recalling 6,451 GL8 minivans in China due to problems with the vehicles'' electronic steering software, the country''s top quality watchdog said. The recall, which started on Friday, involves 2017 Buick GL8 vehicles made last year between June 6 and Dec. 6, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website. SAIC General Motors, a joint venture between General Motors Co and SAIC Motor Corp, will upgrade the software to eliminate any potential safety issues, according to the statement dated Aug. 4. Reporting by Ryan Woo; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-saic-motor-gm-recall-idUSKBN1AM0NM'|'2017-08-06T23:39:00.000+03:00'
'6af5e358a4e638a79140f98ce1a8029a10638db7'|'RPT-Wall St Week Ahead-Amazon shadow looms large ahead of retail earnings'|'August 6, 2017 / 5:01 PM / 5 hours ago RPT-Wall St Week Ahead-Amazon shadow looms large ahead of retail earnings 4 Min Read (Repeats column originally published on Aug 4, no changes) By Rodrigo Campos NEW YORK, Aug 4 (Reuters) - As old and new Amazon.com competitors gear up to report earnings, investors are eager to know how they plan to withstand the growth of the No. 1 online retailer. So far this quarter, Amazon has been brought up in some 130 earnings calls from S&P 1500 components according to a Reuters analysis. About 50 of those came in the last week alone. More than 30 companies reporting earnings in the following weeks mentioned Amazon during their most recent earnings call or were directly asked about threats or opportunities regarding Amazon''s growth. "Any retailer, whether it''s an online retailer or has online presence, or just brick and mortar, that tells you they’re not concerned about Amazon, they’re either in denial or lying," said Steven Osinski, marketing lecturer at the Fowler College of Business at San Diego State University. Beyond retailers like Wal-Mart and Target, and following Amazon''s planned acquisition of Whole Foods Market announced mid June, expect Amazon to pop up on earnings calls from food producers, packagers and retailers including SpartanNash and Dean Foods. Amazon mentions in less-expected earnings calls could also give investors an idea of where analysts expect the behemoth to strike next. "It''ll be interesting to see (Amazon CEO Jeff) Bezos'' next move in terms of wanting to expand into a certain space," said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta. He said apparel as well as pharmaceutical distribution were among the areas where Amazon has been said to make its next big move. "They''ve shown up in places we didn''t think they''d have competitive impact just two years ago." In a sign of Amazon''s widening clout, industry bellwethers like McDonald''s, 3M and Johnson & Johnson in their latest earnings calls were asked for the first time about effects of Amazon on their businesses. (For a graphic on Amazon''s stock growth, see bit.ly/2vxWft0 ) Not-So-Great Expectations Consumer discretionary is the S&P 500 sector expected to post the smallest year-over-year earnings growth this reporting quarter, with a gain of 3.3 percent. Overall, earnings are seen rising 12 percent from last year. Amazon''s own results weigh on the sector, as it earned 40 cents per share instead of the $1.42 analysts had expected. But its 25 percent revenue increase to $38 billion was seen as a detriment to some competitors and could weigh down expectations for their quarterly reports. "Expectations have been pushed down because a lot of the retailers, particularly the bricks and mortar ones, have had problems - Amazon and other related - so expectations are pretty low," said Nuveen Asset Management''s chief equity strategist, Bob Doll. "Amazon obviously has a very powerful model but on the other hand, they''re not going to put every bricks and mortar retailer out of business. These guys aren''t going to sit and let it happen." However, stocks in the sector approach their earnings at relatively rich valuations. Including Amazon, which has an earnings multiple above 100, investors in consumer discretionary stocks are paying more than $19 for every $1 in earnings forecast over the next 12 months. That is near the highest since 2009. As costly as sector stocks are, Amazon has kept growing faster than most, up more than 31 percent year to date. Amazon''s market cap, near half a trillion dollars, places it at about 20 percent of the S&P 500''s consumer discretionary sector. Its growing clout has called for comparisons with rival Wal-Mart, whose growth in the early 2000s raised concerns it would put smaller retailers out of business. "In some ways I don''t know if the Amazon effect is much different from what we''ve seen with Wal-Mart or Microsoft," said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis. "There''s fewer and fewer players and more concentration. It''s the result of winner-takes-all scenarios." Reporting by Rodrigo Campos, additional reporting by Caroline Valetkevitch; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-weekahead-idUSL1N1KQ1SN'|'2017-08-06T20:00:00.000+03:00'
'91c35cd215e8dd2ef2401ad6fea546a895c6a49f'|'Many business travellers prefer not to interact with others when on trips'|'AS ANYONE who flies regularly for work can attest, business travellers are not constantly being doted upon. Flights are not all booked by a travel manager, nor are never-ending drinks being poured by dutiful attendants. Indeed, corporate travel might be becoming a more independent affair.According to a recent survey , a growing number of business travellers would prefer to avoid interaction with people when on the road, at least until something goes wrong. The research by Egencia, Expedia’s business-travel arm, questioned nearly 5,000 business travellers in Europe, America and Australia. Half of them said they want to avoid human contact while travelling. 4 That is not because business travellers find their time on the road repugnant and want to bury themselves in their smartphones. According to the survey, 70% of business travellers prefer work trips to their regular time in the office. But technology is becoming increasingly important to these people for every element of their trips. Two-thirds want to be able to book and manage travel across all of their devices. Half want travel updates to arrive by text—a figure that rises to 63% among Americans, who consistently seek a larger role for technology than the other nationalities surveyed. And 43% (55% among Americans) are counting on artificial intelligence to improve their travel experience.Why the transatlantic divide? Michael Gulmann, Egencia’s chief product officer, says he was surprised to discover that in Europe, “it’s still very common to have someone else—your executive assistant or office manager—book your travel and handle your travel for you.” In America, in contrast, most people expect to be in charge of their own travel arrangements. Technology makes that much more convenient.One way that travellers stay on top of their trips is through in-flight wi-fi. It is important in other ways too. Forty-nine per cent of the travellers surveyed said that wi-fi increases their productivity, even though only 29% are reimbursed for it. Expect the quality of their work to shoot up in the coming years, then. A new report by the British firm Juniper Research predicts that the number of planes equipped with wi-fi around the world will more than double by 2022, meaning that more than half of the world’s planes will be equipped for wireless internet. Another excuse not to speak with fellow humans.Previous A judge rules on the case of the “incredible shrinking airline seat” Next Few business travellers now take a taxi'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/07/contactless-travel-0?fsrc=rss'|'2017-08-01T00:48:00.000+03:00'
'a4919c507676e373ff39d5abe3913a9e573a2c89'|'EU Commission extends review of Bayer-Monsanto deal until August 22'|'FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. Ina Fassbender/File Photo BRUSSELS (Reuters) - The European Commission on Tuesday extended its review of Bayer''s ( BAYGn.DE ) $66 billion takeover of agrochemicals group Monsanto ( MON.N ) by two weeks, adding the companies had submitted their proposed concessions on Monday.The Commission said it had received commitments aimed at allaying competition concerns on Monday but did not provide details.It set a deadline of Aug 22 to complete its preliminary review of the deal, after saying previously it expected to do so by Aug 7.Bayer is bracing for the Commission to go into an in-depth antitrust assessment of the merger, but aims to complete the transaction by the end of the year.The German chemicals maker has said it would make major asset sales to win the go-ahead from competition authorities such as the European Commission, which rules on mergers in the European Union.Reporting by Elizabeth Miles and Robert-Jan Bartunek; editing by Jason Neely'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-monsanto-m-a-bayer-eu-idINKBN1AH4BF'|'2017-08-01T10:49:00.000+03:00'
'4a10f5c80fa23e8c92aef9ea9ee0d76ee0dc75bd'|'Pfizer revenue misses on lower Prevnar, Enbrel sales'|'(Reuters) - Pfizer Inc''s chief executive said on Tuesday he would prefer to wait for clarity on U.S. tax reform before engaging in any big deals in order to get a better understanding of any potential acquisition target''s value.The largest U.S. drugmaker has been under increasing pressure from investors and Wall Street to pull off a large deal to help reignite growth.That pressure may intensify after Pfizer''s second-quarter revenue missed Wall Street estimates on Tuesday due to a decline in sales of the blockbuster pneumonia vaccine Prevnar and generic competition for Pristiq for depression."There are short-term events in the marketplace, such as tax reform, that may change asset values. Any focus on (business development) is somewhat delayed by resolution of that," CEO Ian Read told analysts."If it''s not done this year and there''s no clear path that you could take to the bank of (tax reform) being done early next year, then you move on ... and we''ll adapt our strategy accordingly," Read said separately in an interview with Reuters.Read called for a territorial tax change to ensure more equality with overseas-based rivals on U.S. taxes.For the latest quarter, strong sales of newer products Xeljanz for rheumatoid arthritis, breast cancer treatment Ibrance and blood clot preventer Eliquis, shared with Bristol-Myers Squibb, handily outperformed analysts'' forecasts.FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York, U.S. April 28, 2014. Andrew Kelly/File Photo However, overall revenue fell to $12.9 billion from $13.15 billion, below analysts'' average estimate of $13.08 billion, according to Thomson Reuters I/B/E/S."These results show that Pfizer''s growth drivers are still insufficient to drive meaningful sales growth against the backdrop of generic erosion," Berenberg analysts said.The company expressed confidence in its drug pipeline. Read said it has 15 drugs with annual sales potential of over $1 billion that could win approval over the next five years.It has high hopes for approvals of earlier use of Ibrance and the prostate cancer drug Xtandi that would boost sales. An Xtandi approval for non-metastatic prostate cancer, for example, would significantly expand the number of patients and duration of use.Pfizer raised the midpoint of its full-year adjusted earnings forecast by 2 cents and now expects $2.54 to $2.60 per share. It maintained a revenue forecast of $52 billion to $54 billion, as Prevnar in Europe, Xtandi and Pfizer''s biosimilar of the arthritis drug Remicade have not performed up to company expectations.Excluding items, Pfizer earned 67 cents per share, beating the average analysts'' estimate by a cent.Pfizer shares were down 6 cents at $33.10.Reporting by Bill Berkrot in New York and Natalie Grover in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/pfizer-results-idINKBN1AH42Z'|'2017-08-01T14:54:00.000+03:00'
'951825f39db36ba6ac8927cebf1aa82a4bb7a227'|'Shell says restart of Europe''s largest refinery is at least two weeks away'|'August 1, 2017 / 1:04 PM / 22 minutes ago Shell says restart of Europe''s largest refinery is at least two weeks away Reuters Staff 1 Min Read FILE PHOTO: A Shell logo is seen at a garage in Glasgow, Scotland, February 3, 2005. Jeff J Mitchell/File Photo. LONDON (Reuters) - Royal Dutch Shell ( RDSa.L ) said the earliest restart expected for Europe''s largest oil refinery is the second half of August. Shell shut down most of the units at the 404,000 barrel per day (bpd) Pernis oil refinery in the Netherlands following a power outage caused by a fire on the evening of July 29. "We expect to restart our operations at the earliest in the second half of August," a spokesman said in an email. "We regret the impact this may cause for our customers, and we are doing everything we can to minimize impact." Reporting by Libby George, edting by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-refinery-idUKKBN1AH4D7'|'2017-08-01T16:04:00.000+03:00'
'c11aa8530ea359aeb1c410ba6366d085ae3b9072'|'BRIEF-Mazda North American Operations reports July U.S. sales of 27,089 vehicles, down 3 pct'|'August 1, 2017 / 2:02 PM / 19 minutes ago BRIEF-Mazda North American Operations reports July U.S. sales of 27,089 vehicles, down 3 pct   Mazda North American Operations : * Mazda North American Operations - Reported July U.S. sales of 27,089 vehicles, representing a decrease of 3 percent versus July of last year Source text for Eikon:   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mazda-north-american-operations-re-idUSFWN1KN0N2'|'2017-08-01T17:01:00.000+03:00'
'4cb5b1976105d9bc800253d9f8b0c1bf35944076'|'Enel working with Morgan Stanley to sell Panama assets: sources'|'FILE PHOTO: The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. Arnd Wiegmann/File Photo MILAN/LONDON (Reuters) - Italy''s top utility Enel ( ENEI.MI ) is working with Morgan Stanley to sell its Fortuna hydroelectric plant in Panama as part of broader disposal plans, three sources with knowledge of the matter told Reuters.The process recently kicked off, the sources said, with Enel inviting possible bidders to submit indicative offers for the business, which is the biggest hydropower station in Panama, two of the sources said.Enel, Europe''s biggest utility by market value, runs an asset rotation program under which it sells some of its assets to buy others that may offer potentially higher returns. In the period 2017-2019 it plans to sell around 3 billion euros ($3.6 billion) of assets in its portfolio while investing around 4.5 billion euros in new acquisitions. "It''s not an easy asset to sell since there are not many buyers out there," one of the sources said on condition of anonymity. Another source said Enel was assessing the sale of a series of assets, including the Panama hydropower station.The source said the deal could fetch up to 1 billion euros.Enel, which carries group debt of more than 38 billion euros, operates a total of 354 megawatts of renewable capacity in the Central American country, most of it at the 300 MW Fortuna hydro facility. It was not clear if the group''s two solar installations in the country would also be included in the sale package.In 2016 Enel reported revenues in Panama of around 143 million euros and core earnings of 93 million euros.Hydropower, as the dominant form of renewable energy, remains a catalyst for growth around the world, providing large amounts of low-cost, reliable power.Enel declined to comment on Panama but said it constantly assessed options to extract value from its assets. "These options may include continuing asset operations or, should an interesting offer be presented, selling the asset or a part of it. Panama is no exception to this principle," it said. Last week Enel CEO Francesco Starace said advanced talks were under way to sell three assets in the second half of the year to raise around 600 million-700 million euros but declined to say which. Enel, which controls Spanish utility Endesa ( ELE.MC ), is looking to distribution grids and green power businesses to drive growth, especially in emerging markets. Last Thursday the utility said its core earnings in the first half fell, partly on drought conditions affecting its hydro power production.Reporting by Stephen Jewkes; Editing by Susan Fenton'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-enel-m-a-panama-idUSKBN1AI2M1'|'2017-08-03T03:43:00.000+03:00'
'2db49f7d9eb0ce9be9969e7283c9eac8cdae8bed'|'Oil dips on high OPEC supplies, defying falling U.S. crude stocks'|'August 3, 2017 / 2:08 AM / 3 hours ago Oil dips on high OPEC supplies, defying falling U.S. crude stocks Henning Gloystein 3 Min Read A gas station attendant pumps fuel into a customer''s car at PetroChina''s petrol station in Beijing, China, March 21, 2016. Kim Kyung-Hoon SINGAPORE (Reuters) - Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market. Strong demand in the United States provided prices with support, traders said, but ongoing high supplies from OPEC producers were restricting further gains. Brent crude futures, the international benchmark for oil prices, were trading down 17 cents, or 0.3 percent, at $52.19 per barrel at 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $49.44 per barrel, down 15 cents, or 0.3 percent, from their last settlement. U.S. crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels, according to the U.S. Energy Information Administration (EIA). That''s below levels seen this time last year, an indication of a tightening U.S. market. Traders said ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) were capping prices. The high OPEC supplies come despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8 million bpd between January this year and March 2018 in order to tighten the market. Trading data in Thomson Reuters Eikon shows that crude oil shipments by OPEC and Russia, which excludes pipeline supplies, hit a 2017 high of around 32 million bpd in July, up from around 30.5 million bpd in January. BMI Research said that the industry had adapted to the low oil prices. "Of the major projects sanctioned by the big five oil companies (ExxonMobil, Royal Dutch Shell, Chevron, BP and Total) over H1 2017, there has been a clear breakeven target price of $40 per barrel or lower at offshore oil projects," BMI said. This followed U.S. investment bank Goldman Sachs saying earlier this week that the oil industry had successfully adapted to oil prices around $50 per barrel. Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AJ05F'|'2017-08-03T04:59:00.000+03:00'
'478a34a88a7c6dade01eca142bce2f1a7ae91d95'|'Cobham says reviewing wireless unit as first-half profit falls'|'August 3, 2017 / 6:23 AM / 15 minutes ago Cobham says reviewing wireless unit as first-half profit falls   LONDON (Reuters) - Cobham ( COB.L ), the struggling British aerospace and defence electronics company, said on Thursday it was reviewing the future of its wireless business, which accounts for 10 percent of revenue, in the next stage of its turnaround plan. The company, which raised 500 million pounds ($661 million) in a rights issue to shore up its balance sheet in May, reported underlying profit before tax of 69.5 million pounds in the first half, down from 75.8 million pounds a year ago. Reporting by Paul Sandle; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cobham-results-idUKKBN1AJ0MU'|'2017-08-03T09:23:00.000+03:00'
'b1a558219bb68782d4f29a77d99b4ebf01e06005'|'Siemens plans Healthineers IPO in first half of 2018'|'FRANKFURT (Reuters) - Siemens ( SIEGn.DE ) said it plans to wait until next year to list its healthcare business, one of the world''s top medical technology providers and a solid performer in a generally disappointing third quarter for the German industrial group.Investors have been wondering about Siemens'' plans for Healthineers, valued at up to 40 billion euros ($47 billion), since Chief Executive Joe Kaeser announced last November he planned some kind of listing but gave no details.The delay, along with quarterly results that were dragged down by the group''s energy-related businesses, sent Siemens shares down more than 3 percent to the bottom of the blue-chip DAX .GDAXI and an eight-month low on Thursday.Kaeser pronounced himself partially satisfied with the quarter, which was however overshadowed by a controversy about Siemens gas turbines that were transported from Russia to Crimea, the subject of energy-technology sanctions."Everything is not perfect at Siemens," Kaeser, who extended his contract until 2021, told reporters on a conference call."The Crimea affair has cost us much time and effort. We have to ask ourselves what this means for our future business processes and relationships."Siemens said last month it had credible evidence that all four gas turbines it delivered a year ago for a project in southern Russia had been illegally moved to Crimea, confirming a series of Reuters reports.. A review of Siemens business practices in Russia could cost 100-200 million euros in sales, Kaeser said.Power Problems The Power and Gas business faced challenges from a global trend away from the large turbines in which Siemens specializes. It reported a 41 percent drop in orders and a worse-than-expected 23 percent fall in profit.Chief Financial Officer Ralf Thomas said competition in that business remained intense. "We have a tough year before us and also a very difficult 2018. Structural changes will be unavoidable," he told reporters on a conference call.Wind power unit Siemens Gamesa ( SGREN.MC ) already disappointed the market with results published last week, while oil industry-dependent Process Industries and Drives reported a profit well below what had been expected."Siemens Gamesa Renewable Energy was responsible for 90 percent of the consensus miss regarding orders," Baader wrote in a note, keeping its "buy" rating."Furthermore, the order decline in Power and Gas was more pronounced than expected."Thomas said Power and Gas was unlikely to hit its profit margin target range in the year to the end of September.Siemens Healthineers headquarters is pictured in Erlangen near Nuremberg, Germany, October 7, 2016. Michaela Rehle Margin Decline Siemens'' overall industrial profit margin fell to 10.4 percent from 10.8 percent due to acquisition-related effects.The company wants to get closer to the profitability of rivals, as Kaeser moves the trains-to-turbines group gradually away from its conglomerate structure.General Electric ( GE.N ) last month reported a 13.2 percent industrial operating margin, up 1 percentage point, despite portfolio and management turmoil.Kaeser, a former Siemens finance chief who seized power in a boardroom coup in 2013, is popular with investors for eliminating the nasty surprises that used to plague the group and slimming down its portfolio.He dampened expectations, however, for a quick agreement with Bombardier ( BBDb.TO ) to combine their rail businesses. "I wouldn''t bet on short-term things," he said.Alongside Healthineers, Siemens'' profits were supported by automation software unit Digital Factory and transportation unit Mobility, which beat expectations.Siemens'' overall profit from its industrial businesses was 2.25 billion euros, below a Reuters poll average of 2.41 billion. Orders fell 9 percent and sales rose 3 percent.The company confirmed its full-year forecasts, which include moderate sales growth, a book-to-bill ratio above 1 and an industrial profit margin of 11-12 percent.New York Listing? Siemens wants Healthineers to have its own currency for acquisitions and investments as the global healthcare market shifts focus from Siemens'' core business of imaging to molecular diagnosis and patient self-management.But Michael Sen, the board member with responsibility for Healthineers, said there was no list of M&A targets as such. "The equity story begins with a highly attractive portfolio, which we already have," he told reporters.Sen highlighted the attractions of a listing in the United States rather than Germany. Siemens has so far left it open where it will list Healthineers."Most peer group companies... are listed in the USA," he told reporters. "One has to ask where will one get the best research and coverage... and sufficient market making capacity and liquidity."Reporting by Georgina Prodhan; Editing by Keith Weir'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-siemens-results-idINKBN1AJ0GG'|'2017-08-03T03:17:00.000+03:00'
'4d79bcdf6f71332fdbdd49e6e9c5026cc61ba99f'|'Toshiba stops blocking Western Digital access to chip JV databases'|'TOKYO, Aug 3 (Reuters) - Toshiba Corp on Thursday said it had stopped blocking Western Digital Corp from accessing databases at their memory chip joint venture (JV).The step comes after the California Court of Appeal on Wednesday ruled in favour of Western Digital, effectively asking Toshiba to give Western Digital''s employees access to shared databases and chip samples at their JV in Japan.The two are at loggerheads over a planned sale of Toshiba''s chip unit, which is crucial for the firm to plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear business. Western Digital says any deal would require its consent.Toshiba first shut out Western Digital in late June as tensions around the sale escalated. It temporarily suspended the lockout in July following a restraining order by the Superior Court of California, but reimplemented it a week later as its petition for an appeal was accepted. (Reporting by Makiko Yamazaki; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-chip-lockout-idUSL4N1KP2DQ'|'2017-08-03T15:58:00.000+03:00'
'af09665d39306fdbaf8cbdfc0911e35140ec16f9'|'Apple shares sail to record high on healthy iPhone sales'|'August 1, 2017 / 8:31 PM / 18 minutes ago Apple shares sail to record high on healthy iPhone sales Reuters Staff 5 Min Read A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. Aly Song (Reuters) - Apple Inc on Tuesday delivered surprisingly strong fiscal third-quarter earnings and signaled that its upcoming 10th-anniversary phone is on schedule, driving the stock up 6 percent to an all-time high in after-hours trading. The stock climbed above its intraday record high of $159, after the company reported better-than-expected iPhone sales, revenue and earnings per share. The stock price move was expected to help drive the Dow Jones Industrial Averge over the 22,000 mark on Wednesday. The April-June quarter is traditionally a soft one for Apple as the market waits for the September launch of new iPhone models. But Tuesday’s results show that iPhone buyers may be less inclined than they once were to delay purchases until a new model is out. The iPad product lines also showed unexpected strength, service revenue continues to grow at a healthy clip, and even the much-maligned Apple Watch showed a 50 percent sales increase. Apple is widely tipped to adopt higher-resolution OLED displays for the latest iPhone, along with better touchscreen technology and wireless charging - which could come with a $1,000 plus price tag. The phone is expected to launch in September. The company forecast total revenue of between $49 billion and $52 billion for the current fourth quarter, while analysts on average were expecting $49.21 billion, according to Thomson Reuters I/B/E/S. Apple''s fourth quarter generally includes first-weekend sales of the company''s latest devices. The forecast "makes it fairly certain that at least some new iPhone models will be released on the normal schedule,” said analyst Jan Dawson of Jackdaw Research. “That doesn’t necessarily mean all new models will go on sale then, or that they’ll all be in abundant supply, but I would think it means that at the very least the successors to the current phones will be available." The company said iPhone sales rose 1.6 percent to 41.03 million in the third quarter ended July 1, above analysts'' average estimate of 40.7 million units, according to FactSet StreetAccount. Apple sold 40.4 million iPhones a year earlier. But a lower average iPhone selling price of $606, well below Wall Street expectations of $621, caused iPhone revenue to come in at $24.8 billion, below expectations of $25.5 billion. A person holds a red iPhone product at a Apple store in Nanjing, Jiangsu province, China, March 25, 2017. Stringer Apple Chief Financial Officer Luca Maestri told Reuters the weak price was partly explained by Apple lowering the flow of inventory by 3.3 million units, which he said were “entirely at the high end of the range.” Apple reports how many phones it sells to retailers, not how many phones it sells to consumers, what is known as a sell-in basis. When factoring how many existing “high end” phones the company cleared out of retail inventory, Maestri said average selling prices were higher. The company''s net income rose to $8.72 billion, or $1.67 per share, from $7.80 billion, or $1.42 per share, a year earlier. Revenue rose to $45.41 billion from $42.36 billion in the quarter, typically the company''s weakest, beating expectations of $44.89 billion. China Revenue Down, Autonomy to the Future Apple''s revenue from the Greater China region fell 9.5 percent to $8 billion in the latest quarter, as consumers switched to newer domestic offerings. The decline was smaller than recent quarters. Apple''s Maestri said mainland China revenue was flat, as were iPhone sales in the mainland. Sales of other Apple products rose in mainland China and were also up in Taiwan. “The decline from a market standpoint was concentrated in Hong Kong, which is a place that has been really affected by a reduction in tourism because the Hong Kong Dollar is pegged to the U.S. dollar,” Maestri said. Strong iPad sales of $4.9 billion - almost $1 billion above Wall Street expectations - and a 21.6 percent jump in the company''s services business that includes the App Store also helped boost revenue. In particular, Apple said that Walmart Stores Inc would buy 19,000 iPads to train as many as 225,000 employees. Apple CEO Tim Cook declined to directly address U.S. President Donald Trump''s claims that Apple will build three new factories in the U.S., instead citing the company''s job creation efforts and a $1 billion U.S. manufacturing fund. Cook also hinted that Apple''s experiments with self-driving cars may include ambitions that extend beyond cars. He said the company is making a "big investment" in autonomous systems. "From our point of view, autonomy is sort of the mother of all AI projects," Cook said. "And the autonomous systems can be used in a variety of ways, and a vehicle is only one, but there are many different areas of it. And I don''t want to go any further with that." Reporting by Anya George Tharakan in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila, Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-results-idUKKBN1AH57U'|'2017-08-02T01:31:00.000+03:00'
'ac149432c5abf82547cc9a39f23dad31d840f0e8'|'Toshiba to invest in chip line without JV partner Western Digital'|'TOKYO, Aug 3 (Reuters) - Toshiba Corp said on Thursday it would go ahead with the capital investment to build a memory chip production line without joint venture partner Western Digital Corp. The Japanese company said it has increased the initial amount of capital investment in the Fab 6 production line to 195 billion yen ($1.76 billion), up by 15 billion yen from its original estimate, because it is now going it alone.In a statement, Toshiba said it had been in talks with Western Digital''s SanDisk about investment jointly in the chip production line but they have not been able to reach an agreement. ($1 = 110.6700 yen) (Reporting by Taiga Uranaka; Editing by Chris Gallagher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-chip-idINT9N1IK01K'|'2017-08-03T02:01:00.000+03:00'
'f0d57b2d2b8cbe307b0d239d128759fc754bac3b'|'PRESS DIGEST- British Business - Aug 3'|'Aug 3 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesThe governments favourite infrastructure and engineering consultant, CH2M Hill, is to be taken over by its U.S. rival in a $3.35 billion deal. bit.ly/2wmUCePThe man who oversaw BP Plc''s drilling at the time of the Deepwater Horizon oil disaster is to return to London markets with a listing of Kosmos Energy Ltd, the U.S.-based explorer. bit.ly/2vqBIXbThe GuardianBritish Airways travellers faced delays at Heathrow and Gatwick on Wednesday after a temporary check-in problem. bit.ly/2uXkUqgThe average take home pay for the bosses of Britain''s top stock market-listed companies was 4.5 million pounds last year, according to the High Pay Centre''s annual survey of top executive pay. This compares to Office for National Statistics figures showing average annual earnings of 28,200 pounds for full-time employees in the year to April 2016. bit.ly/2vjOqYcThe TelegraphThe Bank of England should raise interest rates on Thursday and reverse part of the emergency stimulus deployed after the Brexit vote, according to former deputy governor John Gieve. bit.ly/2vuG1BCMore Britons are listening to commercial radio than BBC stations consistently for the first time in nearly a century of broadcasting, according to figures from the media regulator. bit.ly/2vqEtIeSky NewsDFS Furniture Plc, Britain''s biggest independent furniture retailer, will this week unveil a takeover of fast-growing rival Sofology Ltd just weeks after a profit warning sparked fresh fears of a slowdown in consumer spending. bit.ly/2uXrnkUMonthly purchasing managers'' index data from Markit/CIPS UK Construction showed a significant decline in building works, with a reading of 51.9 for last month - down from 54.8 in June. bit.ly/2ulyq3mThe IndependentGreggs Plc has announced it will open drive-through shops across the country after a trial in Salford proved to be a runaway success. ind.pn/2ho2sCz (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1KP03K'|'2017-08-03T03:32:00.000+03:00'
'fef1ee292e3c83ba3730324dc3a978e91cd47555'|'U.S. bosses throw weight behind new drive to court India'|'August 2, 2017 / 10:41 AM / 5 hours ago U.S. bosses throw weight behind new drive to court India Douglas Busvine 4 Min Read FILE PHOTO: India''s Prime Minister Narendra Modi hugs U.S. President Donald Trump as he departures the White House after a visit, in Washington, U.S., June 26, 2017. Carlos Barria/File photo NEW DELHI (Reuters) - Top U.S. bosses are backing a new effort to build strategic ties with India, following Prime Minister Narendra Modi''s first meeting with President Donald Trump. The U.S.-India Strategic Partnership Forum (USISPF) seeks to reset and broaden the relationship between the world''s two largest democracies, and to supplant an existing body that operates under the umbrella of the U.S. Chamber of Commerce. While Modi''s bear hug with Trump and a clutch of deals at their encounter in June symbolized a budding friendship, trade between the two nations has underperformed and Washington wants to narrow a $31-billion deficit. "What we are announcing today is an organization redesigned for the future," said John Chambers, the executive chairman of Cisco Systems Inc, who is also chairing the USISPF that was launched on Wednesday. The rollout follows a schism in which the management team of the U.S.-India Business Council (USIBC), headed by Mukesh Aghi, has joined the new organization. Chambers met Modi on Tuesday to brief him on the initiative and share its new logo - featuring interlocking blue and gold circles that symbolize the "win-win" nature of the project. The new body will not only focus on trade but also promote business startups, innovation and education - areas that Modi has prioritized in his three years in power. Describing Modi as "fearless", Chambers praised his decision last year to scrap high-value bank notes to cleanse the economy of illicit wealth. He also backed a new national sales tax launched last month, saying it was vital for Asia''s third-largest economy to scale up manufacturing and achieve strong long-term growth. "India is moving faster than any other country in the last three years," Chambers told a small group of reporters in New Delhi. "India used to be known as a very slow follower, and now it''s a fast innovator." Unanimous Vote to Split The strategic partnership initiative followed a unanimous vote on July 10 by the USIBC''s board to separate from the U.S. Chamber of Commerce. The new body''s board includes high-profile chief executives, such as Indra Nooyi of Pepsico Inc and Ajay Banga of Mastercard Inc. Thomas Donohue, president and chief executive of the U.S. Chamber of Commerce, last month criticized the breakaway as a "curious action". In a letter to members he described the USIBC as "alive and well". "The USIBC and its staff continue their hard work on key issues affecting the critical relationship between our two countries," the Chamber of Commerce said in answer to Chambers'' announcement. "We continue to receive strong support from our member companies as we focus our efforts on strengthening commercial ties," it added. "We will have more to say in the weeks ahead.” One source familiar with the move said it was motivated in part by perceptions that the U.S. Chamber of Commerce had become too close to the Republican Party, and tended to deliver public lectures detrimental to the two-way relationship. This included controversy over the issue of so-called H-1B visas widely used by India''s $125 billion software industry to send engineers and programmers on assignments to the United States. Trump administration officials were briefed on the strategic initiative and were supportive, added the source, who declined to be identified because of the sensitivity of the matter. Trump, despite clashing with leaders from allies such as Germany and Australia, turned on the charm for Modi, whose trip to Washington was deemed a success by both sides. Lisa Curtis, point person at the National Security Council for South and Central Asia, attended the inaugural forum. Joining her was Acting Assistant Secretary of State Alice Wells, the U.S. embassy said. Chambers said the Trump administration''s commitment to India was "unparalleled", adding: "This is the only strategic partnership that the Trump administration has really talked about." Additional reporting by Aditya Kalra; Editing by Clarence Fernandez and Robin Pomeroy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-usa-business-idINKBN1AI18K'|'2017-08-02T13:42:00.000+03:00'
'ecd99f3fe1ebf3ed30ad20c10844aefdc158881c'|'William Hill first-half profit shrinks on poor soccer results'|'August 2, 2017 / 6:59 AM / 2 hours ago William Hill first-half profit shrinks on poor soccer results Reuters Staff 2 Min Read A William Hill bookmaker store is seen in London, Britain July 21, 2016. Peter Nicholls/File Photo (Reuters) - British bookmaker William Hill Plc ( WMH.L ) posted an 11 percent drop in first-half pretax profit as unfavourable soccer results hit margins despite a rise in revenue. William Hill, which in March named a new chief executive and a finance boss, said profit before interest and tax for the 26 weeks to June 27 fell to 109 million pounds ($144 million) from 122 million a year earlier. Revenue rose 3 percent to 837 million pounds. "We are confident about delivering a good outturn in 2017 and beyond." William Hill said on Wednesday. Bookmakers in Britain suffered big payouts on favourites in a number of sports events in 2017. For example, 14 out of 15 of the best backed teams won on a busy midweek round of soccer fixtures on April 4. Financial results in the same period last year were boosted by the European soccer championship, held every four years. However, revenue from online channels - a key area for the company - were up 5 percent on strong wagering in the UK. Competition has intensified among gambling firms seeking to offset higher taxes and tighter regulation with a growing focus on fast-growing digital channels. Barclays analysts, in a client note, said the growth in online was driven by improvements in product and customer experience. Reporting by Rahul B in Bengaluru; editing by Jason Neely/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-william-hill-results-idUKKBN1AI0MQ'|'2017-08-02T09:58:00.000+03:00'
'cd1a8544525daa3a1b9f0209f68c0b465731f7d6'|'Toyota to take 5 percent stake in Mazda: Nikkei'|'The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. Mark Blinch (Reuters) - Toyota Motor Corp ( 7203.T ) would take a roughly 5 percent stake in Mazda Motor Corp ( 7261.T ) to establish a U.S. auto plant and develop key electric vehicle technologies, the Nikkei reported.The deal could be announced as soon as Friday, the newspaper said. ( s.nikkei.com/2wpAbhk )The Japanese automakers would discuss building a plant together in southern United States through a joint venture, Nikkei reported.The companies would build sport utility vehicles (SUVs) jointly at the plant, which has an annual output capacity of up to about 300,000 vehicles, and sell them through their own channels, according to Nikkei.The partnership would ease the companies'' investment burden and allow them to share expertise in particular production technologies, Nikkei said, adding that the automakers were also planning to develop electric vehicle technologies jointly.Reporting by Arunima Banerjee in Bengaluru; Editing by Supriya Kurane'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mazda-stake-toyota-idINKBN1AJ2J1'|'2017-08-03T15:55:00.000+03:00'
'8c6f24f6254d091d06623e70021d3e6cb725f2b4'|'UK insurer esure''s first-half profit surges 44.6 percent'|'August 3, 2017 / 6:27 AM / in 11 minutes UK insurer esure''s first-half profit surges 44.6 percent   (Reuters) - British insurer esure Group Plc ( ESUR.L ) reported a surge in first-half pretax profit, driven by an increase in demand for its motor insurance products and rising insurance prices. esure, which provides insurance products to almost two million drivers, home owners, pet owners and holiday makers across the UK, said pretax profit from continuing operations rose 44.6 percent to 45.1 million pounds ($59.6 million) in the six months ended June. Gross written premiums rose 22.8 percent to 393.3 million pounds in the period. Reporting by Noor Zainab Hussain and Rahul B in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-esure-group-results-idUKKBN1AJ0NG'|'2017-08-03T09:27:00.000+03:00'
'8269fa3c568fc9398e46ff24293e16c363d79d6c'|'Deutsche Telekom says any U.S. merger has to create real value'|'FILE PHOTO: A logo of Germany''s telecommunications giant Deutsche Telekom AG is seen before the company''s annual news conference in Bonn, Germany, March 2, 2017. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Any merger that Deutsche Telekom may enter into in the United States must deliver real value in terms of synergies, its finance chief said when asked why it was proving so difficult to strike a deal with Sprint or another party."It depends on how sure you can be to really get out the synergies you have on a piece of paper," Thomas Dannenfeldt told analysts on a call after Europe''s biggest telecoms provider reported second-quarter earnings on Thursday.Fourth-biggest U.S. wireless carrier Sprint said on Tuesday an announcement on merger talks should come in the "near future".It has been exploring a merger with Deutsche Telekom''s T-Mobile US as well as with cable provider Charter Communications.Deutsche Telekom on Thursday repeatedly refused to comment on the current situation.But Dannenfeldt said in-market consolidation did in general offer opportunities, and a mobile-to-mobile merger was the easiest way of creating synergies.T-Mobile US has previously tried and failed to merge with U.S. network operators AT&T and Sprint. It merged with Texas-based MetroPCS in 2014.Deutsche Telekom has wavered at times over the years about its commitment to remaining in the U.S. market. T-Mobile US is now its primary growth and profit driver.Reporting by Georgina Prodhan; Editing by Arno Schuetze'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-telekom-results-usa-idINKBN1AJ1ZD'|'2017-08-03T11:50:00.000+03:00'
'b92d43587bcdbc8d6b0c7cd127f8d99e788b0530'|'Macquarie, GIC funds offer to buy Philippines'' EDC shares for up to $1.3 billion'|'August 3, 2017 / 5:49 AM / 2 hours ago Macquarie, GIC funds offer to buy Philippines'' EDC shares for up to $1.3 billion 3 Min Read MANILA (Reuters) - Philippine renewable power producer Energy Development Corp said on Thursday a consortium of investors including a unit of Singaporean sovereign wealth fund GIC had offered to buy about a third of the company. EDC, the Southeast Asian nation''s largest producer of geothermal energy, said a consortium called Philippines Renewable Energy Holdings Corp (PREHC) had sought to acquire up to 31.7 percent of the company for up to $1.3 billion. ( bit.ly/2wnWfcq ) "The (consortium''s) proposed investment in the company would be a strategic investment that fits its long-term regional strategy and its expertise in the sector," EDC said. The consortium is composed of investors comprising funds managed by Macquarie Infrastructure Management (Asia) Pty Ltd, Singapore Branch, which is a member of Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd, an affiliate of GIC. MIRA and GIC had a combined installed capacity of over 11 gigawatts globally, it said. A GIC representative was not immediately available for comment. The consortium plans to form a long-term partnership in EDC, David Luboff, senior managing director of MIRA, said in a press release. The consortium was looking to buy 6.6 billion to 8.9 billion common shares of EDC, mostly from minority shareholders, at 7.25 pesos per share, or a maximum total price of 64.525 billion pesos ($1.28 billion), EDC said. The offer price represents a 21.8 percent premium over EDC''s closing price of 5.95 pesos on Wednesday. EDC sought a trading suspension of its shares on Thursday after receiving the tender offer notice. The tender offer will run from Aug. 10 until Sept. 18. First Gen Corp, parent of EDC, said separately it would retain control of the company with a 60 percent voting stake after the tender offer. "This is a clear vote of confidence in EDC''s clean energy platform from two of the world''s largest infrastructure investors," First Gen and EDC Chairman Federico Lopez said in a statement. ( bit.ly/2u5ZOHx ) ($1 = 50.3590 Philippine pesos) Reporting by Enrico dela Cruz; Editing by Stephen Coates 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-energy-dev-gic-pte-m-a-idINKBN1AJ0J3'|'2017-08-03T03:49:00.000+03:00'
'c816dc0ee57660dcfd09dd6acd7977feeca8bd4c'|'Aercap says handful of A320neo deliveries could be delayed'|'August 3, 2017 / 12:26 PM / in 42 minutes Aercap says handful of A320neo deliveries could be delayed Reuters Staff 1 Min Read DUBLIN (Reuters) - The world''s largest independent aircraft leasing company, AerCap ( AER.N ) said on Thursday that it believes a handful of its A320neo jet deliveries may be delayed until next year but that it would not have a material impact on its financial results. Airbus ( AIR.PA ) has delayed a number of deliveries of its A320neo jets due to engine problems with their Pratt & Whitney ( UTX.N ) engines. "We have a number of Pratt & Whitney powered A320neos scheduled for delivery in the second half of this year. If the problems persist, we would expect that a number of those will slip into 2018," chief executive Aengus Kelly told journalists on a conference call after AerCap''s second-quarter results. He said the delays would not have a material impact on AerCap as a whole and that he did not believe the problems would continue in the long term. "They will get it right," he said. Reporting by Conor Humphries; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aercap-hldg-airbus-idUKKBN1AJ1RO'|'2017-08-03T15:26:00.000+03:00'
'd68c5ed217cf0f18172f2388055126806de86b9b'|'China bankruptcies rise steadily in 2017 amid ''zombie firm'' crackdown'|'SHANGHAI, Aug 3 (Reuters) - Chinese courts handled more than 4,700 bankruptcy cases in the first seven months of 2017, up "steadily" on the same period of 2016 as Beijing stepped up its campaign against ''zombie firms'', a senior official with the judiciary said on Thursday."The difficulties of launching a bankruptcy case have been effectively eased," He Xiaorong, a senior director at China''s Supreme People''s Court, told a news briefing.He said that after 2009, the number of bankruptcy cases in China went into decline with creditors finding it difficult to bring insolvency cases in the courts, but subsequent reforms had improved the situation.Zombie enterprises are loss-making firms that continue to operate only with the support of government subsidies or soft loans. China promised last year to shut them down as part of supply side reform efforts to rejuvenate its debt-ridden state sector and make better use of its capital, labour and resources.Senior leadership sources estimated last year that the plans to close zombie enterprises over the 2016-2018 period could involve more than 6 million layoffs, and the government has already introduced special funds to help pay for redundancies.But China''s inadequate bankruptcy mechanisms have long been regarded as an obstacle when it comes to shutting down loss-making firms, with weak laws and inexperienced courts likely to expose companies to a ''creditors'' race'' that forces the piecemeal sale of assets.Executives have also complained the laws leave company bosses personally liable when it comes to repaying debts, making them reluctant to enter bankruptcy proceedings.The Supreme People''s Court''s He said China had made strides to perfect the country''s bankruptcy system, establishing mechanisms to identify zombie enterprises, handle layoffs and maintain social stability.He said that a special bankruptcy court set up in 2015 had handled 1,923 cases in the first seven months of 2017, up 28.3 percent compared to the same period of last year.It now takes an average of 1.7 years to close a business through insolvency procedures in China, better than the East and South Asia average of 2.6 years, according to a report by BMI Research published last week. (Reporting by David Stanway and Engen Tham; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/china-bankruptcy-idUSL4N1KP2YP'|'2017-08-03T15:48:00.000+03:00'
'2202fad7cf6dcae54721803084a18128201ae616'|'Cyclicals send European shares south again while Next shines'|'LONDON, Aug 3 (Reuters) - European shares fell back on Thursday as energy and banking stocks dragged broader indices, while retail was a bright spot after an upbeat set of results from Britain''s Next.The pan-European STOXX 600 slid 0.2 percent as cyclical sectors weighed, while euro zone blue chips fell 0.3 percent.Britain''s FTSE 100 slipped 0.1 percent as investors awaited the Bank of England''s monetary policy decision.Energy stocks fell 0.7 percent, weighed by refiner Neste which dropped 5.5 percent after second quarter profit missed expectations.The oil and gas sector is the worst performers in Europe this year and the only one trading in the red.Retailer Next jumped 9 percent, the best performer on the STOXX 600, after the firm returned to sales growth in the second quarter, boosted by an improvement in product ranges and a better online offer.Next''s shares had been dented this year by two cuts to profit guidance, putting it among the worst-performing on the STOXX 600 retail index, down 18 percent year-to-date.While banks overall fell on the day, shares in Italy''s largest bank Unicredit bucked the trend, climbing 4.4 percent after reporting forecast-beating profits for the second quarter.Unicredit helped Italy''s blue-chips outperform, up 0.2 percent.Credit Agricole shares fell 1.4 percent to the bottom of France''s CAC 40, despite the bank''s profits beating estimates.Some traders cited concerns over one-off items flattering the earnings numbers.Of the 56 percent of MSCI Europe companies having reported earnings for the quarter, 62 percent have either beaten or met estimates.Basic materials, energy and financials were leading the sector table in terms of forecast-beating results, while utilities and industrials have seen the most forecast misses.Reporting by Helen Reid, Editing by Vikram Subhedar'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/europe-stocks-idINL5N1KP1QJ'|'2017-08-03T05:29:00.000+03:00'
'e16ab278ba7de2c4e723eb22d242e95e97bd6f48'|'UniCredit second-quarter net profit beats forecasts'|'August 3, 2017 / 5:27 AM / in an hour UniCredit profit beats forecasts on stronger fees, lower loan losses Silvia Aloisi 3 Min Read FILE PHOTO: Unicredit''s bank logo is pictured on block notes and pens at the headquarters in Milan, Italy, February 9, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Italy''s largest bank by assets, UniCredit ( CRDI.MI ), posted a stronger-than-expected net profit for the second quarter on Thursday, thanks largely to a drop in loan-loss charges and better fee income. Chief Executive Jean-Pierre Mustier, appointed just over a year ago to turn around the then weakly capitalised bank, said a more benign European economic environment had helped results. He also said weaker costs and stable net-interest income -- a measure of how much a bank makes from its core retail business -- had contributed to the strong performance. "The engine is working very well," Mustier told reporters, confirming that the bank would pay a cash-only dividend on this year''s accounts, the first time in five years. The bank, which has operations in 17 countries, mostly in Europe, reported a net profit of 945 million euros, well above a consensus forecast of 676 million euros distributed by the bank. UniCredit also reported a lower-than-expected fall in trading income, and it booked a one-off gain in Germany. The lender, which this year completed a 13 billion euros capital increase, further boosted its core capital ratio to 12.8 percent at end-June through the sale of Polish unit Pekao. That ratio, up from 11.45 percent three months earlier, ranks as one of the strongest in Italy. "We expect stock to be up on the back of solid revenue trends, improving asset quality and another quarterly beat on capital generation," analysts at Jefferies said in a note. Mustier has been selling assets, including asset manager Pioneer, shutting branches and offloading bad loans to strengthen the bank''s balance sheet. Under a plan dubbed FINO (Failure Is Not An Option), the bank last month closed a deal to sell 17.7 billion euros of "sofferenze", the worst kind of bad loans, to a vehicle majority-owned by U.S. funds Pimco and Fortress. Loan-loss charges in the three months to June totalled 564 million euros, compared with analyst forecasts of around 700 million euros. Net fees and commissions rose 7.6 percent from a year earlier, helped by a distribution agreement UniCredit struck with French asset manager Amundi after selling it Pioneer. Reporting by Silvia Aloisi; Editing by Mark Bendeich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unicredit-results-idUKKBN1AJ0HG'|'2017-08-03T08:27:00.000+03:00'
'f0577997e8f16cf9eae35ee627caf32c5b942333'|'PRESS DIGEST - Wall Street Journal - August 7'|'August 7, 2017 / 4:27 AM / 37 minutes ago PRESS DIGEST - Wall Street Journal - August 7 1 Min Read Aug 6 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Google''s new diversity chief, Danielle Brown, criticized the contents of an employee''s memo that went viral inside the company for suggesting Google has fewer female engineers because men are better suited for the job. on.wsj.com/2vvGeo5 - The US military called off a search-and-rescue mission for three Marines missing after their Osprey aircraft went down in waters off Australia''s east coast, military officials said. on.wsj.com/2vvCsuT -WeWork Companies Inc raised $500 million to expand operations in South Korea and Southeast Asia. The New York-based company, said that it also acquired Singapore co-working firm, Spacemob Pte Ltd in a separate deal. on.wsj.com/2vwbTFE Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-wsj-idUSL4N1KT1VH'|'2017-08-07T07:25:00.000+03:00'
'1acab574dd18698ffc3fde70ff4dc742618717cf'|'Invesco in talks to acquire Guggenheim ETF business -source'|'NEW YORK (Reuters) - Invesco Ltd ( IVZ.N ) is in discussions to acquire part of the investment management business of Guggenheim Partners LLC, including its exchange-traded funds (ETF) business, according to a person familiar with the matter.The discussions are fluid and a deal is not close to being finalized, according to the person, who was not authorized to discuss the matter publicly.A spokesman for Guggenheim and a spokeswoman for Invesco each said they do not comment on market rumors.Invesco, the world''s fourth-largest ETF provider, has a history of making big deals. In April it acquired Europe-based asset manager Source, bolstering its ETF product lineup. The company managed $858 billion in assets as of June 30.ETFs have been one of the fastest-growth products in asset management. They allow investors to trade an entire basket of stocks or bonds as easily as trading one stock. They often track a broad market index, instead of trying to outperform, and can be relatively low cost. Those factors have allowed the funds to win assets away from incumbent products.Guggenheim Investments had positive net flows into all its actively managed taxable fixed-income mutual funds and ETFs in July and now has a firm-record $30 billion under management in its retail bond mutual funds and ETFs and a firm-record $180 billion in fixed-income assets under management overall, the company said on Tuesday.Guggenheim has been disputing what the Financial Times last month called a "power struggle" between Chief Executive Officer Mark Walter and Global Chief Investment Officer Scott Minerd.Reporting by Trevor Hunnicutt and Jennifer Ablan; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-guggenheim-m-a-invesco-idUSKBN1AJ0D5'|'2017-08-03T07:38:00.000+03:00'
'32254502fa8657f331f2e9478dd0a95435824725'|'Genesis Energy to buy Tronox''s alkali business for $1.3 bln'|'(Reuters) - Genesis Energy LP said it will buy Tronox Ltd''s alkali business, the world''s largest producer of natural soda ash, for about $1.33 billion in cash to expand into the chemicals sector.Genesis said it would raise about $750 million through a convertible preferred units issue to fund the deal. The company received binding commitments from investment vehicles affiliated with KKR Global Infrastructure Investors II LP and GSO Capital Partners LP for the purchase of the 8.75 percent units.KKR and GSO will buy about 22.2 million units at $33.71 each, Genesis said.Tronox''s alkali business produces about 28 percent of the world''s natural soda ash output. Soda ash or sodium bicarbonate is used in the making of glass, baked goods, detergents and a variety of other industrial chemicals and products.Houston-based Genesis, a diversified midstream energy master limited partnership, also said its second-quarter net income attributable rose $10 million to $33.7 million.Tronox said it would use the proceeds from the sale to fund most of the cash needed to buy Cristal''s titanium dioxide business.In February, Tronox agreed to buy the titanium dioxide business, a subsidiary of Saudi Arabia''s Tasnee, for $1.67 billion, making Tronox the world''s largest producer of the whitening pigment.Credit Suisse is acting as financial adviser to Tronox on both the deals.Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tronox-ltd-m-a-genesis-eny-idUSKBN1AJ068'|'2017-08-03T05:16:00.000+03:00'
'f66ef0f9b620b951de44f14c620d2282950f3ba4'|'Centrica on track to meet 2017 group targets after cuts net debt'|'August 1, 2017 / 6:37 AM / 4 hours ago Centrica raises UK electricity prices despite customer exodus Karolin Schaps and Nina Chestney 4 Min Read LONDON (Reuters) - Britain''s largest energy supplier Centrica ( CNA.L ) raised its household electricity prices on Tuesday to try to turn around a loss-making part of its business despite shedding another 485,000 customer accounts in under two months. The owner of British Gas is the last of the big six energy suppliers to increase prices this year, with the rising cost of power an increasingly sensitive political issue. "We''re concerned this price rise will hit many people already on poor-value tariffs," a spokeswoman for the British government said. Centrica announced a 12.5 percent power price rise from Sept. 15, its first in nearly four years, and said it had no alternative. "Over the last year and a half I''m afraid it''s (the electricity supply business) got into a more significant loss position," Centrica Chief Executive Iain Conn told journalists. Albeit bad news for its customers, Centrica investors welcomed the effort to stem losses and its shares were up 2.2 percent at 0920 GMT, towards the top of the list of gainers on London''s FTSE index .FTSE . Related Coverage SSE ( SSE.L ), Britain''s second-biggest energy supplier, and rival Scottish Power last month announced further customer losses, underscoring the increasingly competitive nature of a market that has attracted dozens of new entrants. Political Pressure Regulator Ofgem has proposed capping bills for some of the country''s most vulnerable customers. This followed a government request to set out plans to help those placed on the poorest-value tariffs. Centrica said it would protect 200,000 vulnerable customers -- typically seen as those who qualify for receiving a government contribution to pay their energy bills -- from the price rise. Figures published by Ofgem in December showed 74 percent of British Gas customers were on its standard tariff, which is typically more expensive than other offers. Centrica''s price increase also comes despite steep losses in customer accounts as many switch to rivals and new market entrants who often offer cheaper tariffs. The utility shed another 485,000 customer accounts between May 8 and the end of June, bringing the total this year to 746,000. Analysts at RBC Capital Markets, who have a ''sector perform'' rating on Centrica shares, called the customer losses "concerning" and said the price rise would put further political and regulatory scrutiny on the business. The head of Centrica''s consumer business, Mark Hodges, said a majority of those leaving did so as part of collective initiatives to switch suppliers. The utility is focussing much more on delivering end-consumer services like helping with boiler breakdowns or selling energy management equipment. The group''s first-half adjusted operating profit fell four percent year on year to 816 million pounds ($1.1 billion), in line with analysts'' expectations. It said it was on track to meet its 2017 targets and managed to bring down debt into a range it had been targeting to reach by the end of the year. Net debt stood at 2.9 billion pounds at the end of June and Conn said the company was keeping the possibility to raise its dividend under review. Additional reporting by Kylie MacLellan; Editing by Louise Heavens/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-centrica-results-idUKKBN1AH384'|'2017-08-01T09:37:00.000+03:00'
'a431a918312e350504dc277fb6e52e75137c71ce'|'AA fires chairman for gross misconduct, shares hit record low'|'August 1, 2017 / 3:11 PM / 27 minutes ago AA fires chairman for gross misconduct, shares hit record low Carolyn Cohn 3 Min Read FILE PHOTO: An AA recovery vehicle drives along the M6 motorway near Knutsford, northern England, April 8, 2016. Phil Noble/File Photo LONDON (Reuters) - Roadside recovery and motor insurance company AA ( AAAA.L ) has fired Executive Chairman Bob Mackenzie for gross misconduct and lowered its full-year forecasts, sending its shares sliding as much as 18 percent to a record low. Mackenzie became AA''s executive chairman after leading a management buy-in in June 2014, when the company also floated on the stock market having previously been owned by private equity firms Permira, Charterhouse and CVC. Some analysts said investors had been hoping Mackenzie would turn the company around and his departure could be taken badly, although others said there were tangible signs of improvements in performance coming through already. "Bob Mackenzie has been removed by the board from his role as executive chairman, from his other roles and as a director and as an employee of the company, for gross misconduct, with immediate effect," AA said in a statement. "This is a personal conduct matter," an AA spokeswoman said, declining to give more detail. She said Mackenzie was not being referred to financial industry regulators. Liberum analysts said they did not believe Mackenzie''s departure was related to any fraud. Non-executive director John Leach has been appointed as chairman and fellow non-executive director Simon Breakwell has been appointed as acting chief executive, AA said. The company also said its performance in the first half of its financial year, which started in February, had been hit by a combination of an erratic work load and an inherently fixed cost base. "We now expect the full-year performance to be broadly in line with that of the last financial year," it said. Last year, AA had trading revenue of 940 million pounds and earnings before interest, tax, deprecation and amortisation of 403 million. The company said the consensus forecasts for the current year had been 957 million and 413 million respectively. "Many investors in the AA were backing the executive chairman''s experience in restructuring under-invested business," Berenberg analysts said in a note, adding that his departure was unlikely to be taken well. However, analysts at Liberum reiterated their "buy" rating on the stock, saying the company''s free cash flow was still very strong and some other key metrics were generally encouraging. AA''s shares hit a low of 199.5 pence on Tuesday, valuing the company at 1.2 billion pounds. The shares were priced at 250 pence in the company''s June 2014 listing. They were trading at 211.6 percent at 1447 GMT. Veteran investor Neil Woodford''s firm owns 12 percent of the stock, while Goldman Sachs owns 4 percent, according to Thomson Reuters Eikon. Reporting by Carolyn Cohn; editing by Rachel Armstrong and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aa-chairman-idUKKBN1AH4NM'|'2017-08-01T18:15:00.000+03:00'
'e2af79958e01c0245f506a7de75a89f5364e442c'|'British hedge fund Man Group''s assets up 19 percent in first half'|'August 1, 2017 / 6:28 AM / 6 minutes ago Hedge fund Man Group''s assets jump in first half, flags slower second-half Maiya Keidan 4 Min Read LONDON (Reuters) - British hedge fund firm Man Group ( EMG.L ) said assets under management rose 19 percent in the first half of 2017, sending its shares higher on Tuesday, but cautioned growth was set to slow over the next six months. Total assets under management at the end of June were $95.9 billion, up from $80.9 billion at the end of December, it said in a statement. While the rise in assets boosted profits during the period, helped by the acquisition of real estate investment manager Aalto, which added $1.8 billion, its revenue margin had slipped after it won several large mandates at lower margins. Fee pressure is part of a multi-year trend for hedge funds, with start-ups charging a management fee of 1.25 percent on average, well below the traditional 2 percent, according to a study by industry body AIMA and prime broker GPP. "The first half was unusual in both the scale of net inflows, and the level of margin compression," said Luke Ellis, Man Group Chief Executive. "We would expect both to moderate in the second half, particularly given the uneven nature of institutional flows." Adjusted profit before tax increased by 48 percent to $145 million compared to the first six months of 2016, helping drive the share price up 4.4 percent to 167.1 pence at 0810 GMT. The number of investors putting cash to work with hedge funds has been rising in 2017, with $55 billion allocated in the first half of the year, data from industry analyst Eurekahedge showed, after investors pulled $70 billion in the second half last year, the data showed. Man Group''s long-only funds, which aim to profit when markets rise, and its alternatives strategies took in the majority of new assets, adding $4.5 billion and $3.7 billion, respectively, over the first six months. The company''s flagship long-only fund, the emerging market debt total return fund, made 3.5 percent while its continental European equity strategy was up 13.6 percent. Equities hedge fund managers grew assets by $23.5 billion overall in the first half of the year, with the average fund making 5.2 percent, Eurekahedge data showed. The only strategy to lose money was the alternatives strategy at its stock-picking unit GLG, from which investors pulled $900 million during the same time period, although GLG''s long-only funds took in $3.5 billion in net new money. "While the one negative is the level of revenue margin compression, it is our opinion that the company has been crystal clear on this point, as is evidenced by our 2017 net management fee forecast being almost exactly in line with company guidance," said an analyst note from RBC. Most of Man Group''s funds posted a positive performance with the exception of quantitative unit AHL, which racked up losses in three of its four funds. Poor performance for AHL comes at a time when many other computer-driven trend-following strategies have been struggling, with the average fund down 3.5 percent, data from investment bank Societe Generale showed. (The story corrects to read $3.5 billion, paragraph 12) Reporting by Maiya Keidan; Editing by Rachel Armstrong/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mangroup-performance-idUKKBN1AH37E'|'2017-08-01T09:28:00.000+03:00'
'35cab65a7360262d6a29288441c48b54d6ad2570'|'UPDATE 1-HeidelbergCement blames flat Q2 on weather, Easter, Ramadan'|'August 1, 2017 / 5:25 AM / in 34 minutes UPDATE 1-HeidelbergCement blames flat Q2 on weather, Easter, Ramadan 2 Min Read * Q2 operating earnings down 1 pct to 965 mln eur * Sales flat at 4.61 bln eur * Full-year outlook confirmed (Adds details on sales, outlook, CEO quote) FRANKFURT, Aug 1 (Reuters) - Germany''s HeidelbergCement reported flat second-quarter sales and a slight decrease in earnings, missing expectations, which it blamed on the timing of religious holidays and poor weather that hampered construction. Operating earnings before depreciation and amortisation slipped 1 percent on a like-for-like basis to 964 million euros ($1.14 billion), the company said on Tuesday, missing the average estimate of 985 million euros in a Reuters poll. Sales were 4.61 billion euros, also missing the average forecast, which was for 4.68 billion euros. "Growth in sales volumes was impaired by fewer working days due to Easter and the end of Ramadan as well as rainy weather, especially in the South, Northeast and Midwest of the USA," HeidelbergCement said in a statement. HeidelbergCement, the world''s biggest maker of aggregates used to make concrete and the second-biggest maker of cement, confirmed its full-year outlook for a moderate increase in sales and a mid-single to double-digit rise in operating profit. "We have seen a clear upward trend since Easter and expect a significantly stronger development in the second half of the year," Chief Executive Bernd Scheifele said, pointing to stable economic development in the industrial countries where HeidelbergCement makes more than 60 percent of its sales. $1 = 0.8452 euros Reporting by Georgina Prodhan; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/heidelbergcem-results-idUSL5N1KN0HZ'|'2017-08-01T08:23:00.000+03:00'
'a253bbe488fce565ddc392481f46494204f58058'|'Oil markets escape Venezuela sanctions for now'|'July 31, 2017 / 9:45 PM / 37 minutes ago Oil markets escape Venezuela sanctions for now Devika Krishna Kumar 3 Min Read Pedestrians walk next to a PDVSA gas station in Caracas, Venezuela, July 25, 2017. Picture taken July 25, 2017. Andres Martinez Casares NEW YORK (Reuters) - U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain. The move came after Sunday''s vote creating a new legislative superbody with the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote while Washington called it a "sham." All of Maduro''s assets subject to U.S. jurisdiction were frozen, and Americans are barred from doing business with him, the U.S. Treasury Department said. Treasury Secretary Steven Mnuchin, when asked about oil sanctions against Venezuela, said the U.S. would consider all options, keeping the possibility of trade flow disruptions alive. Related Coverage Factbox - What the United States supplies to Venezuela''s PDVSA: diluents and fuels U.S. oil futures CLc1 rose to settle above $50 a barrel on Monday, ahead of a key producer meeting and on expectations that sanctions would include the oil sector. [O/R] Traders and analysts said the sanctions, in their current state, would not affect oil flows to or from Venezuela. "The latest sanctions are more symbolic than anything else, as the oil sector remains exempted," said UBS oil analyst Giovanni Staunovo. The market had expected a likely ban on U.S. exports of lighter crude that Venezuela mixes with its heavy crude. Other options had included individual sanctions or various measures to restrict the Venezuelan government and state oil company PDVSA''s access to the U.S. banking system. Such moves might help Maduro in the realm of public opinion, said Adam Sieminski of the Center for Strategic and International Studies think tank and former head of the U.S. Energy Information Administration, prior to the announcement. "If we impose sanctions on Venezuela, we''re giving Maduro a scapegoat. He can blame his country''s problems on the United States," he said. Venezuela is a key source of heavy sour crude for U.S. refiners. U.S. imports of Venezuelan crude in the first four months this year averaged 724,000 barrels per day (bpd). The country has become more reliant on imports for blending due to problems at its refiners, which are running far below capacity. Venezuela took in an average of nearly 87,000 bpd of American-made fuels so far this year. U.S. refiners such as Valero Energy Corp ( VLO.N ) and Marathon Petroleum Corp ( MPC.N ) have been shifting away from processing heavy crudes such as those supplied by Venezuela and other OPEC producers. Reporting by Devika Krishna Kumar in New York; additional reporting by Ernest Scheyder in Houston; Editing by Tom Brown and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-politics-oil-idUKKBN1AG2J8'|'2017-08-01T00:44:00.000+03:00'
'58f21f839e8b4577b2a8be505c493407a480d6bf'|'Qatar Airways reverses decision to buy into American Airlines'|'A logo of Qatar Airways is seen at Hamad International Airport in Doha, Qatar June 12, 2017. Naseem Zeitoon NEW YORK (Reuters) - Qatar Airways will not proceed with its proposed financial investment in American Airlines Group Inc ( AAL.O ), reversing an earlier decision to build a stake of up to 4.75 percent in the U.S. carrier."Further review of the proposed financial investment, taking into account the latest public disclosure of American Airlines, has demonstrated that the investment no longer meets our objectives," Qatar Airways said in a statement.The statement did not elaborate, but in its most recent financial disclosure American Airlines posted profit and revenue that exceeded analysts'' expectations."Qatar Airways will continue to investigate alternative investment opportunities in the United States of America and elsewhere that do meet our objectives," the Qatar Airways statement said.The news came as a relief to American Airlines executives, who have from the beginning been vocally opposed to the share buy."We respect Qatar Airways'' decision not to proceed with its proposed investment in American Airlines. This in no way changes the course for American," American Airlines spokesman Matt Miller said.Qatar Airways'' proposal to buy into American was met with suspicion by critics at a time when Qatar is embroiled in the region''s worst diplomatic crisis in years and is locked in an airspace rights dispute with three other Gulf states.Qatar Airways Chief Executive Akbar al-Baker has said it was "business as usual" for the carrier despite the cutting of ties by the four Arab states, although he has acknowledged there has been a financial impact.The state-owned carrier lost access to 18 Middle East destinations in fallout from the ongoing regional political crisis.Also complicating matters for Qatar, legacy carriers in the United States have for years charged that their Gulf rivals, including Qatar, have received billions of dollars of unfair state subsidies, allegations the Gulf carriers deny.When news broke of Qatar''s intentions, American Airlines slammed the move, accusing the Middle Eastern carrier of receiving "illegal" state subsidies.In response to the proposed investment, American said it was canceling its code-share agreements with Qatar Airways and Gulf rival Etihad Airways.American, along with U.S. competitors Delta Air Lines ( DAL.N ) and United Airlines ( UAL.N ), have pressed the U.S. government to curb U.S. flights by Qatar Airways, Emirates and Etihad Airways.Shares of American were down 1.72 percent, $50.18, in afternoon trading.Reporting by Alana Wise; Editing by Chris Reese and Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-american-airline-stake-qatar-airways-idINKBN1AI22F'|'2017-08-02T13:41:00.000+03:00'
'72fe70ccd0316071e242fc6fdfb79e87282f3ce7'|'SunPower to sell 8point3 stake, forecast disappoints; shares slide'|'(Reuters) - SunPower Corp ( SPWR.O ) on Tuesday posted a smaller-than-expected quarterly loss, citing strong demand for its solar panels and projects, but its stock slid more than 11 percent in extended trade after the U.S. solar company failed to raise its outlook for the year.SunPower also announced that it would sell its stake in the 8point3 Energy Partners LP ( CAFD.O ) yieldco, following the lead of its partner in the venture, rival First Solar ( FSLR.O ).SunPower stock slid to $10.07 in extended trading after closing at $11.39 on the Nasdaq. As of Tuesday''s close, the stock had nearly doubled since March when it hit a 52-week low of $5.84.SunPower''s move to shed its stake in 8point3 comes nearly four months after the San Jose-based company said it was considering a replacement partner for First Solar, which at the same time announced it was looking to sell its stake.But SunPower said potential buyers were interested in buying the whole company and not just First Solar''s piece."The feedback from the market overwhelmingly was to buy out SunPower and First Solar, or buy out the whole company and not replace First Solar," SunPower Chief Executive Tom Werner said on a conference call with analysts.8point3 is a publicly-traded entity formed in 2015 that houses solar projects with long-term utility contracts. Proceeds from the sale will allow SunPower to pay down debt and retire its 2018 convertible bonds. The sale will also help SunPower simplify its business and make it easier to run, Werner said.A new, deep-pocketed buyer would benefit 8point3 by lowering its cost of capital, Raymond James analyst Pavel Molchanov said in an interview.SunPower, majority-owned by French oil company Total SA ( TOTF.PA ), has been working to cut costs and preserve cash as a global glut of solar panels has pushed down prices, harming profit margins for manufacturers and developers.Its second-quarter net loss widened to $93.8 million, or 67 cents per share, from a net loss of $70 million, or 51 cents per share, a year ago.Excluding one-time items, the company posted a loss of 35 cents per share, narrower than the loss of 44 cents per share Wall Street analysts had been expecting, according to Thomson Reuters I/B/E/S.For full-year 2017, SunPower expects net revenue of $1.9 billion to $2.1 billion, narrower than the prior view of $1.8 billion to $2.3 billion.Reporting by Nichola Groom in Los Angeles; editing by Matthew Lewis and G Crosse'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sunpower-results-idUSKBN1AH57G'|'2017-08-02T04:27:00.000+03:00'
'889c646949a4dc1ec197f91ef9dea8f12b14a7ac'|'WRAPUP-Air Canada, WestJet beat earnings estimates; shares surge'|'(Adds executive comments from conference calls)By Allison Lampert and Muvija MAug 1 (Reuters) - Canada''s two major airlines on Tuesday reported quarterly earnings that beat on profits as more passengers flew and indicated an improved operating environment for the rest of the year.Shares of Air Canada and smaller rival WestJet Airlines surged after the carriers benefited from strong air travel demand and generated lower-than-expected costs during the quarter.Airlines have been cutting costs and upgrading their fleets with fuel-efficient aircraft amid higher fuel costs after oil prices rebounded from multi-year lows in 2016.Montreal-based Air Canada, which reported a 13.6 percent rise in passenger traffic during the second quarter ended June 30, said it continues to expect robust demand during the next three months of 2017, but will shift some seats away from its Pacific service."Starting in June, we began to reduce the total number of seats to China, on services from Vancouver to Beijing and Shanghai and redeploy some capacity to the Atlantic where we see stronger booking development," Benjamin Smith, Air Canada''s president, passenger airlines, told analysts.The carrier also revised its 2017 guidance upward on free cash flow (FCF), return on invested capital (ROIC) and its margin for earnings before interest, taxes, depreciation, amortization and rent and restructuring costs (EBITDAR).Free cash flow is now expected in the range of C$600 million ($478.89 million) to C$900 million, up from a previous forecast of C$200 million to C$500 million.The carrier is planning to use some cash to purchase aircraft on order and reduce gross debt levels, Chief Financial Officer Michael Rousseau said.Air Canada''s cost per available seat mile (CASM), a key measure of how much an airline spends to fly a passenger, fell 3.5 percent in the quarter. Calgary-based WestJet now expects full year CASM, excluding fuel and employee profit share, to be up 1.5 percent to 2.5 percent, compared with an earlier forecast of a rise of 2.5 percent to 3.5 percent. ( bit.ly/2whnGV9 )Analysts have raised concerns that a decision by WestJet pilots to join a union could raise labor costs for the carrier, which has plans to boost international service and launch an ultra-low-cost-carrier.WestJet said it will begin negotiating its pilots'' first collective agreement in September.Canaccord Genuity analyst Doug Taylor described WestJet''s results as "strong" but said the push to unionize the low-cost-carrier''s employees remains a possible headwind.“I think there is still concern in the medium term as to what the evolving situation in relationship with their (WestJet’s) employees is going to have on their margins, profitability, flexibility and also their ability to go up market and down market at the same time,” Taylor said.Air Canada shares surged more than 10 percent to C$21.71 in midday trading while WestJet jumped 4.6 percent to C$26.00. The benchmark Canada share index fell 0.6 percent.WestJet''s net quarterly earnings rose to C$48.4 million ($38.63 million) or 41 Canadian cents per share, from C$36.7 million, or 30 Canadian cents, a year earlier.Air Canada''s net earnings rose to C$300 million ($239.44 million), or C$1.08 per share, from C$186 million, or 66 Canadian cents per share, a year earlier.$1 = 1.2529 Canadian dollars Reporting by Allison Lampert in Montreal and Anirban Paul in Bengaluru; Editing by Martina D''Couto and Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-airlines-results-idUSL4N1KN3SP'|'2017-08-01T18:00:00.000+03:00'
'28338b057208edc7950a1bd8c812ecdffd989abd'|'Sony''s sets record with three-fold jump in first-quarter operating profit'|'August 1, 2017 / 6:24 AM / 28 minutes ago Sony''s sets record with three-fold jump in first-quarter operating profit Reuters Staff 1 Min Read Logos of Sony Corp are seen at an electronics store in Narita International airport in Narita, Japan, November 1, 2016. Toru Hanai TOKYO (Reuters) - Japan''s Sony Corp ( 6758.T ) on Tuesday reported its highest-ever first-quarter operating profit, taking the electronics giant one step toward its highest annual profit in two decades on the back of solid sales of image sensors. Profit increased 2.8 times to 157.61 billion yen ($1.43 billion) in April-June, exceeding the previous first-quarter record of 121.3 billion yen set in 2007. The result compared with a Thomson Reuters Starmine SmartEstimate of 129.14 billion yen drawn from 10 analyst views. The firm maintained its profit forecast of 500 billion yen for the year ending March. While that is below the market''s average forecast of 562.19 billion yen, it would still be the highest since the company made 526 billion yen in the year ended March 1998, when it enjoyed strong sales of its first PlayStation games console and other electronics. It also benefited from box-office hit "Men in Black". ($1 = 110.2600 yen) Reporting by Makiko Yamazaki; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sony-results-idUKKBN1AH36U'|'2017-08-01T09:24:00.000+03:00'
'c8d48bd3f1303753f6f26ba31292980bb220e0ad'|'Dow pole vaults 22,000, but beware the landing'|'August 2, 2017 / 7:36 PM / in an hour Dow pole vaults 22,000, but beware the landing Rodrigo Campos 5 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly NEW YORK (Reuters) - The blue chip Dow Jones Industrial Average vaulted over the 22,000 mark for the first time on Wednesday, but investor fears about the sustainability of the gains took the shine off the round number milestone. The rally lost momentum during the day''s trading and despite the recent run up, helped by strong earnings from Apple Inc and Boeing Co, some technical indicators were flashing warning signs. "The market gain has been built on a narrow group of issues. That typically is not indicative of great health," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "I would not be shocked ... if we saw a pullback." And with industrials at a record high, Dow theory suggests that the Dow Transportation Average index should also hit a record in order to confirm the market''s march higher. But that index trails the Dow industrials'' year-to-date performance by almost 10 percentage points and is more than 6 percent below its July high. And overall market breadth, or the number of winning stocks relative to losers, is weakening even as the major U.S. indexes set record highs. That means the broad gains have been driven by advances in a declining number of companies, and market watchers fear they could be hard to sustain. The number of 52-week lows among NYSE- and Nasdaq-traded stocks is at its highest since late June while the number of 52-week highs has dropped sharply since mid-July. (For a graphic on ''U.S. stock market breadth'' click reut.rs/2hnL4Ob ) The Dow has risen by about 2,200 points this year and nearly 600 of that advance come from Boeing alone. Apple, McDonald''s Corp and UnitedHealth Group Inc have added more than 200 points each. The Dow is a price-weighted index, meaning names like Apple, with its $158 price tag, and Boeing, which trades around $238 per share, will generally have more of an influence over the index than components like the roughly $25 per share General Electric Co. The lack of breadth as well as the underperformance by the Dow transports could be a signal that the market rally could be sputtering out, at least for now. Julian Emanuel, executive director at U.S. equity and derivatives strategy at UBS in New York, said the weakness of the S&P 500 and Nasdaq on Wednesday versus the strength of Apple shares showed an "underlying fatigue in the rally." The S&P 500 and Nasdaq Composite traded flat on Wednesday, even as Apple jumped nearly 5 percent. Naeem Aslam, chief market analyst at Think Markets in London, said the Dow milestone was "a remarkable thing for investors ... but at the same time, this could also be a trap if the momentum does not follow." Aging Bull The more than eight-year bull market in U.S. stocks got a second wind after last year''s election of Donald Trump as U.S. president, on expectations that his business-friendly policies including tax cuts and deregulation would boost corporate gains and economic growth. But tax cuts and other parts of the Trump agenda have not materialized, leaving earnings growth as the real engine of the market. "Earnings growth allows the market to be patient about Washington. It allows the market to be patient about fiscal reform," said Steven Chiavarone, portfolio manager at Federated Investors in New York, who said they would "be buyers on any weakness." Fundamentals remain strong. With 350 of 500 companies'' reports in, the S&P 500 index is on track to post back-to-back double-digit quarterly earnings growth for the first time in almost six years. Still, the market is expensive by historical standards. Investors are paying $18 for every $1 in expected S&P 500 earnings over the next 12 months, near the highest since 2004 and above the long-term price-to-earnings average multiple of 15. "The market isn''t without issues as it relates to valuations which are full if not somewhat expensive," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. He expects the Dow to go beyond 22,000, however. There is also the summer seasonality to take into account. Neil Wilson, senior market analyst at ETX Capital in London, said the Dow''s run up past 22,000 was "indicative of a bull market speeding to a top." "August is usually not a great month for stocks, up five times in the last 20, so there is caution about how long this can be sustained beyond earnings season euphoria," Wilson said. Reporting by Rodrigo Campos, Saqib Ahmed, Caroline Valetkevitch, Chuck Mikolajczak, Tanya Agrawal, Sweta Singh, Yashaswini Swamynathan, Sinead Carew, writing by Rodrigo Campos; Editing by Megan Davies and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-dow-analysis-idUSKBN1AI2LB'|'2017-08-02T22:41:00.000+03:00'
'3ad9e2fcad628af5ae38a801b8954135a03f521b'|'U.S. ethanol makers steer away from fuel, reach for booze'|'August 1, 2017 / 9:59 PM / 7 hours ago U.S. ethanol makers steer away from fuel, reach for booze Karl Plume and Michael Hirtzer 3 Min Read A truckload of corn is dumped into a chute at the Lincolnway Energy plant in the town of Nevada, Iowa, December 6, 2007. Jason Reed CHICAGO (Reuters) - A U.S. glut of fuel-grade ethanol has major producers, including Green Plains Inc ( GPRE.O ) and industry pioneer Archer Daniels Midland Co ( ADM.N ), pursuing other markets and idling excess capacity in an effort to rebuild sagging margins. ADM and Green Plains both said on Tuesday they are converting fuel-ethanol capacity into beverage and industrial alcohol production, as well as idling some mills. The announcements follow Pacific Ethanol''s ( PEIX.O ) decision in June to buy a beverage-grade facility in Illinois, a diversification away from fuel ethanol. The shifts are the latest moves by the once-booming corn-ethanol sector that has struggled with thin margins for the past two years amid industry overcapacity. U.S. ethanol inventories hit a record 23.705 million barrels in April, according to U.S. Energy Information Administration data, as demand failed to keep up with growth in supplies. "The ethanol crush margin has been on a constant downward trend. The industry is figuring out how to deal with it," said Tanner Ehmke, senior economist with CoBank, a lead lender to ethanol makers. ADM said it was reconfiguring its Peoria, Illinois, corn dry mill to produce more beverage and industrial alcohol. It will steer the plant''s fuel to export markets, taking 100 million gallons of annual production out of the domestic market. "That reconfiguration allows us to focus on the profitable products that we wanted to maintain," ADM Chief Executive Officer Juan Luciano told analysts on a conference call on Tuesday. ADM has capacity to produce about 1.8 billion gallons of ethanol at its wet and dry corn mills, more than 10 percent of the 16 billion-gallon annual industry output. The company put its dry mills on the selling block last year but has yet to find a buyer. Green Plains said it idled about 50 million gallons of capacity at nine plants during its second quarter. The company said it was transitioning its plant in York, Nebraska, to industrial-grade ethanol that can be used in paint and cosmetic products and will eventually upgrade that facility to produce beverage ethanol. Green Plains'' profit margins in fuel ethanol in the second quarter averaged 7 cents per gallon, down from 15 cents per gallon in the same quarter last year. That ate in to returns, despite the company selling larger volumes of fuel in domestic and export markets. "The ultimate weakness in the ethanol margin during the quarter was a result of too much ethanol being produced by the industry," GPRE Chief Executive Officer Todd Becker told analysts. Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-ethanol-idUSKBN1AH5CU'|'2017-08-02T00:53:00.000+03:00'
'b3986fb892fac21f23fc8a45141c35281bff31a2'|'KKR to take PharMerica private in $1.4 bln deal'|'Aug 2 (Reuters) - PharMerica Corp, a U.S. pharmacy manager for long-term care facilities, said on Wednesday it agreed to be acquired by a newly formed company controlled by buyout firm KKR & Co LP for $1.4 billion, including debt.Under the deal, PharMerica''s shareholders will receive $29.25 per share in cash, representing a 16.8 percent premium to the company''s Tuesday closing price.Drugstore chain operator Walgreens Boots Alliance Inc will be a minority investor in the newly formed company. (Reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pharmeric-ma-kkr-idINL4N1KO405'|'2017-08-02T09:18:00.000+03:00'
'ec702b5791e7b192e99fc72950db0cad2f2a8bad'|'KKR to take PharMerica private in $1.4 billion deal'|'August 2, 2017 / 11:25 AM / in 18 minutes KKR to take PharMerica private in $1.4 billion deal 1 Min Read (Reuters) - PharMerica Corp ( PMC.N ), a U.S. pharmacy manager for long-term care facilities, said on Wednesday it agreed to be acquired by a newly formed company controlled by buyout firm KKR & Co LP ( KKR.N ) for $1.4 billion, including debt. Under the deal, PharMerica''s shareholders will receive $29.25 per share in cash, representing a 16.8 percent premium to the company''s Tuesday closing price. Drugstore chain operator Walgreens Boots Alliance Inc ( WBA.O ) will be a minority investor in the newly formed company. Reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pharmeric-m-a-kkr-idINKBN1AI1EA'|'2017-08-02T09:25:00.000+03:00'
'dd33b4cbba33163a2681bc713912841ac2083dfc'|'Bitcoin divides to rule'|'COMPARED with Brexit, Bitexit seems a piece of cake. On August 1st, without much agonising or awkward negotiation, a group of Bitcoin activists and entrepreneurs managed to create a second version of the crypto-currency. It immediately gained a following: in less than a day of existence, the value of a unit of “Bitcoin Cash” jumped to over $600, and tokens worth more than $10bn were in circulation (although that is still much smaller than Bitcoin classic, which stood at about $2,700 and nearly $45bn).This “fork”, as such events are called, came earlier than foreseen. But it is broadly how insiders had expected a two-year-old conflict over the future of Bitcoin to end. At the heart of this “civil war” was the question of how to increase the capacity of the system, which can only handle up to seven transactions per second. The new version is able to process 56 per second, but otherwise works much like the original one.  44   2 hours ago The   Will Bitcoin Cash be more than just another “altcoin”, as the many existing clones of the crypto-currency are called? It is backed by Chinese “miners”, firms that provide the computing power to confirm payments and mint new digital coins. They have been unhappy with how the original system has been managed by its developers—and made some further technical tweaks to ensure that the new Bitcoin survives. The followers of the two versions will now fight over which can claim to be the “real” Bitcoin.More interesting is what the fork might mean for the broader ecosystem of crypto-currencies, of which there are now hundreds. It has long been assumed that crypto-land would be dominated by one currency, Bitcoin, because of network effects: the more existing users it has, the more attractive it becomes to new ones. But Emin Gun Sirer of Cornell University says the split shows that this need not be true. Provided a group of crypto-cognoscenti has the will, the skills and oodles of computing power, it can conjure a new digital currency into existence—and, perhaps, even create value.This week’s fork has made bitcoin holders richer: they get an amount of the new version equal to their holdings of the old sort; and at least for now, both together are worth more than the old one alone. For this reason only, expect another split in November when an upgrade of the old Bitcoin system will kick in.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21725747-crypto-currencys-split-two-versions-may-be-followed-others-bitcoin?fsrc=rss'|'2017-08-02T08:00:00.000+03:00'
'a12413d83e6f4f21d8e07d244d0ede5938a2bf55'|'Volkswagen asks U.S. judge to toss Wyoming environmental lawsuit'|'August 2, 2017 / 3:30 PM / 16 minutes ago Volkswagen asks U.S. judge to toss Wyoming environmental lawsuit David Shepardson 3 Min Read A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo (Reuters) - Volkswagen AG ( VOWG_p.DE ), trying to put a massive emissions-cheating scandal behind it, has asked a U.S. judge to reject a lawsuit by Wyoming potentially seeking more than $1 billion in additional penalties for environment damages. The ruling could help decide whether other environmental claims against VW brought by about 15 states and some counties in Texas will go forward. In total, VW could faces billions of dollars in additional costs. Volkswagen has agreed to spend up to $25 billion to address claims from U.S. owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles. The company pleaded guilty in March to intentionally cheated on emissions tests. The current issue is whether federal law preempts most states from filing environmental enforcement suits against automakers. VW lawyer Robert Giuffra told U.S. District Judge Charles Breyer in a court hearing in San Francisco on Monday "you run the math on the Wyoming penalties. It would be higher than the (U.S. Environmental Protection Agency) penalty Volkswagen paid, which was $1.45 billion," according to a transcript of the hearing released on Tuesday. Volkswagen has settled with Wyoming and most other states over consumer claims for more than $600 million but not over environmental matters. Federal law allows California and states that adopt its emissions rules to enforce vehicle rules. Volkswagen has settled environmental claims with most of those states. Giuffra said that allowing Wyoming to bring its own lawsuit would be "unprecedented" and if the state won "it would make it impossible in the future for auto manufacturers to actually enter into the kinds of global settlements that Volkswagen did." Elizabeth Morrisseau, Wyoming senior assistant attorney general, urged Breyer to reject Volkswagen''s argument. "This case really comes down to ... a struggle between Congress telling the states, You don''t get to design cars, but you do get to control how they work on your roads," she said. Breyer expressed skepticism over Wyoming''s arguments. The fact that no similar case had been brought is "a yellow flag, not a red flag," he said. Last week, U.S. regulators approved a fix for 326,000 older 2.0-liter Volkswagen diesel cars. The fix includes hardware and software upgrades, including replacing an emissions catalyst. Reporting by David Shepardson in Washington; Editing by Jeffrey Benkoe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN1AI20Z'|'2017-08-02T18:22:00.000+03:00'
'a61464bd71f96c406b33399c3000d4dd6a525008'|'Brazil''s Alesat ponders ways to fund expansion after takeover blocked-CEO'|'SAO PAULO, Aug 2 (Reuters) - Alesat Combustíveis SA, a Brazilian fuel distribution company whose takeover was blocked by antitrust regulators on Wednesday, is pondering how best to accelerate domestic expansion, including bringing in a partner to help close the gap with lager rivals, its chief executive officer said.CEO and shareholder Marcelo Alecrim said in an interview on Wednesday that watchdog Cade''s decision to reject Alesat''s takeover by Ultrapar Participações SA "took me by surprise." The decision practically "kills the idea" of tying up Alesat with any of Brazil''s top-three gas station chains, he added.Alecrim said that, years prior to Alesat shareholders'' acceptance of Ultrapar''s 2.17 billion-real ($696 million) bid, the company held talks with France''s Total SA and Bunge Ltd - which has domestic biofuels operations. Alesat, which is equally controlled by Alecrim and investment holding company Asamar SA, accepted Ultrapar''s bid over a year ago."We may discuss partnerships, but that is not a priority now," Alecrim said. The company has 12.5 billion reais in annual revenue and may consider issuing debt in local markets to fund expansion, he added.The failed deal underscores how Brazilian authorities have turned tougher with deals that could give large conglomerates extra market power. On June 28, the majority of Cade''s board rejected Kroton Educacional SA''s purchase of smaller rival Estácio Participações SA, a deal that would have created the world''s No. 1 for-profit education firm. (Reporting by Tatiana Bautzer and Alberto Alerigi Jr.; Writing by Guillermo Parra-Bernal; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alesat-ma-idUSL1N1KO24T'|'2017-08-03T01:03:00.000+03:00'
'29f496e00d88bd0e5943b7f96ac92225766d1eb2'|'Deutsche Telekom says any U.S. merger has to create real value'|'FILE PHOTO: Deutsche Telekom logo is seen during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017. Fabian Bimmer/File Photo FRANKFURT (Reuters) - Any merger that Deutsche Telekom may enter into in the United States must deliver real value in terms of synergies, its finance chief said when asked why it was proving so difficult to strike a deal with Sprint or another party."It depends on how sure you can be to really get out the synergies you have on a piece of paper," Thomas Dannenfeldt told analysts on a call after Europe''s biggest telecoms provider reported second-quarter earnings on Thursday.Fourth-biggest U.S. wireless carrier Sprint said on Tuesday an announcement on merger talks should come in the "near future".It has been exploring a merger with Deutsche Telekom''s T-Mobile US as well as with cable provider Charter Communications.Deutsche Telekom on Thursday repeatedly refused to comment on the current situation.But Dannenfeldt said in-market consolidation did in general offer opportunities, and a mobile-to-mobile merger was the easiest way of creating synergies.T-Mobile US has previously tried and failed to merge with U.S. network operators AT&T and Sprint. It merged with Texas-based MetroPCS in 2014.Deutsche Telekom has wavered at times over the years about its commitment to remaining in the U.S. market. T-Mobile US is now its primary growth and profit driver.Reporting by Georgina Prodhan; Editing by Arno Schuetze'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-telekom-results-usa-idINKBN1AJ25J'|'2017-08-03T13:00:00.000+03:00'
'6e0bf44098049153d8ed4bb73c66f74d9f99eb35'|'Deals of the day-Mergers and acquisitions'|'(Adds Shire, Toyota, Hindustan Copper)Aug 3 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:** Gold Fields is in the process of disposing its Western Australia mine to Perth-headquartered Red 5 Ltd for A$18.5 million ($15 million), the South African miner said.** British aerospace and defense electronics group Cobham said it may sell two wireless businesses in the next stage of its turnaround plan.** XPO Logistics Inc is pursuing deals worth up to $8 billion as it completes the integration of companies it bought during a buying spree in 2015, its top executive said.** Antitrust watchdog Cade voted unanimously to reject Brazil''s Ultrapar Participações SA''s proposed acquisition of rival fuel distribution company Alesat Combustíveis SA.** Genesis Energy LP said it will buy Tronox Ltd''s alkali business, the world''s largest producer of natural soda ash, for about $1.33 billion in cash to expand into the chemicals sector.** Invesco Ltd is in discussions to acquire part of the investment management business of Guggenheim Partners LLC, including its exchange-traded funds (ETF) business, according to a person familiar with the matter.** Philippine renewable power producer Energy Development Corp said a consortium of investors including a unit of Singaporean sovereign wealth fund GIC had offered to buy about a third of the company.** Italian infrastructure group Atlantia has signed an agreement to buy a 29.38 percent stake in Aeroporto Guglielmo Marconi, the operator of the airport of Bologna, investing 164.5 million euros ($195 million) in the deal.** Bahrain''s Ithmaar Holding is exploring the sale of its 25.4 percent stake in BBK BSC, which has operations in Bahrain and Kuwait, India and Dubai, sources familiar with the matter said.** Belarussian investor Viktor Prokopenya has withdrawn his bid for the Ukrainian subsidiary of Russia''s biggest bank Sberbank, saying it would be too time consuming.** India has raised about 4 billion rupees ($62.80 million) by selling a 6.8 percent stake in state-run miner Hindustan Copper Ltd, the finance ministry said.** Shire, the London-listed pharmaceutical firm built up by acquisitions, said it might spin off its hyperactivity drugs business into a separate company and focus solely on rare disease treatments.** Toshiba Corp said it would invest in a new memory chip production line without joint venture partner Western Digital Corp, in a counter-punch against the U.S. firm which has opposed a planned auction of the business.** Toyota Motor Corp would take a roughly 5 percent stake in Mazda Motor Corp to establish a U.S. auto plant and develop key electric vehicle technologies, the Nikkei reported.** Any merger that Deutsche Telekom may enter into in the United States must deliver real value in terms of synergies, its finance chief said when asked why it was proving so difficult to strike a deal with Sprint or another party. (Compiled by Diptendu Lahiri and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1KP3ZA'|'2017-08-03T08:09:00.000+03:00'
'b56dc64e10b3b7efb7d15cde5b4241ad3d9d6dc5'|'TABLE- Top-20 selling vehicles in U.S. in July'|'Aug 1 (Reuters) - The following are the 20 top-selling vehicles in the U.S. in July as reported by the automakers and ranked by total units. Top 20 Selling Vehicles In U.S. In July RANK VEHICLE Jul-17 Jul-16 PCT CHNG 1 Ford F-Series P/U 69,467 65,657 +5.8 2 Chevy Silverado-C/K P/U 45,966 54,116 -15.1 3 Toyota RAV4 41,804 31,886 +31.1 4 Ram P/U 39,708 39,809 -0.3 5 Honda Civic 36,683 32,952 +11.3 6 Toyota Camry 33,827 34,123 -0.9 7 Nissan Rogue 32,425 33,298 -2.6 8 Honda CR-V 31,761 36,017 -11.8 9 Honda Accord 30,903 31,946 -3.3 10 Toyota Corolla 28,333 33,318 -15.0 11 Ford Escape 27,716 26,260 +5.5 12 Chevrolet Equinox 23,524 21,882 +7.5 13 Nissan Altima 22,314 24,949 -10.6 14 GMC Sierra P/U 19,963 22,428 -11.0 15 Jeep Grand Cherokee 19,024 16,661 +14.2 16 Toyota Highlander 19,017 15,213 +25.0 17 Ford Explorer 18,763 16,615 +12.9 18 Nissan Sentra 18,724 18,536 +1.0 19 Jeep Wrangler 18,698 18,662 +0.2 20 Toyota Tacoma 17,372 16,580 +4.8 Top 20 Selling Vehicles In U.S. Through July RANK VEHICLE YTD 2017 YTD 2016 PCT CHNG 1 Ford F-Series P/U 499,327 460,901 +8.3 2 Chevy Silverado-C/K P/U 308,906 327,768 -5.8 3 Ram P/U 290,151 273,029 +6.3 4 Nissan Rogue 228,114 182,181 +25.2 5 Toyota RAV4 226,570 197,786 +14.6 6 Honda CR-V 219,017 195,092 +12.3 7 Honda Civic 212,446 222,792 -4.6 8 Toyota Camry 210,724 233,884 -9.9 9 Toyota Corolla 204,860 224,592 -8.8 10 Honda Accord 190,994 201,300 -5.1 11 Ford Escape 184,672 181,638 +1.7 12 Nissan Altima 168,598 197,644 -14.7 13 Chevrolet Equinox 156,978 143,202 +9.6 14 Ford Explorer 137,224 128,952 +6.4 15 Jeep Grand Cherokee 135,403 117,016 +15.7 16 Nissan Sentra 131,298 141,550 -7.2 17 Ford Fusion 121,111 170,840 -29.1 18 GMC Sierra P/U 119,116 128,894 -7.6 19 Toyota Highlander 118,992 97,142 +22.5 20 Jeep Wrangler 117,620 119,074 -1.2 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL4N1KN5IE'|'2017-08-01T17:53:00.000+03:00'
'ab82f1c0aee348c57c5e8e0d8b17d4af016f1ed1'|'Daimler defends use of German auto industry committees'|'August 4, 2017 / 11:34 AM / 7 minutes ago Daimler defends use of German auto industry committees Reuters Staff 3 Min Read FILE PHOTO: The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 24 JUL FOR ALL IMAGES FRANKFURT (Reuters) - German carmaker Daimler ( DAIGn.DE ) defended industry committees on Friday, as cartel authorities examine allegations of collusion between BMW ( BMWG.DE ), Mercedes, Porsche, Audi and Volkswagen ( VOWG_p.DE ). German magazine Der Spiegel reported last month that BMW, Mercedes, Porsche, Audi, and Volkswagen may have colluded to fix the prices of diesel emissions treatment systems using industry committees. "Daimler is convinced that an exchange of opinions on technical issues between various manufacturers in the automotive industry is useful and that it accelerates many innovations or actually makes them possible," the carmaker said in a statement to Reuters on Friday. Der Spiegel said in its article that carmakers had agreed to limit the size of tanks for AdBlue, a filtering liquid used to remove nitrogen oxides from diesel emissions. The German carmakers had agreed to keep them small and had sought to standardise their size, the newspaper reported. A survey of the biggest selling cars at Audi, BMW and Mercedes by Reuters shows that the vehicles do not have identically sized AdBlue tanks. The AdBlue tank in the BMW 3 series has a capacity of 18 litres, while the Audi A4''s has 12 litres. Mercedes C-Class models can be fitted with tanks that are 25 litres or 8.5 litres in size. A variety of tank sizes is also evident in larger and smaller cars sold by BMW, Audi and Mercedes. Daimler declined to comment on the allegations raised in the article, but said: "The Group takes note with concern of the discussions amongst the public and in the media and regards generalised prejudgments and dubious legal assessments as premature and damaging." Daimler said it had a certified antitrust compliance programme, which fulfilled the highest requirements and was continually being further developed. "Insofar as violations of antitrust law might have occurred, as a matter of principle Daimler cooperates openly and transparently with the responsible authorities," Daimler added. The European Commission said it had not started a formal anti-trust investigation against the carmakers, but that it was looking into the matter. "The Commission and the Bundeskartellamt (German cartel office) have received information, which is currently being assessed under the leadership of the Commission as a matter of priority," it said. "It is premature to speculate on any potential competition concerns raised by the specific information received or on possible further steps." Reporting by Edward Taylor in Frankfurt and Francesco Guarascio in Brussels; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-emissions-cartel-idUKKBN1AK1A1'|'2017-08-04T14:34:00.000+03:00'
'80f05c73cd4ad58d169ce794c28f9b12303ada38'|'BRIEF-Natural Grocers By Vitamin Cottage reports Q3 earnings per share $0.03'|' 49 PM / 25 minutes ago BRIEF-Natural Grocers By Vitamin Cottage reports Q3 earnings per share $0.03 1   Natural Grocers By Vitamin Cottage Inc : * Natural Grocers by Vitamin Cottage announces third quarter and first nine months of fiscal 2017 results * Sees fiscal 2017 daily average comparable store sales down 1 percent to up 0.5 percent * Q3 earnings per share $0.03 * Q3 sales $194.7 million versus I/B/E/S view $196.3 million * Q3 daily average same store sales rose 0.4 percent * Q3 earnings per share view $0.12 -- Thomson Reuters I/B/E/S * Says revising its outlook for fiscal 2017 * Sees fiscal 2017 diluted earnings per share $0.31 to $0.34 * Sees fiscal 2017 capital expenditures $39 million to $41 million * Sees fiscal 2017 number of new stores 14 * FY2017 earnings per share view $0.45 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-natural-grocers-by-vitamin-cottage-idUSL5N1KPAZC'|'2017-08-04T01:48:00.000+03:00'
'55c483e2c7878b89089c641be2743279279a2103'|'Ex-Millennium trader Langlois preps new hedge fund - sources'|'August 4, 2017 / 8:35 AM / 26 minutes ago Ex-Millennium trader Langlois preps new hedge fund - sources Maiya Keidan 2 Min Read LONDON (Reuters) - Former Millennium Capital Partners and Brevan Howard Asset Management trader Arnaud Langlois is preparing to launch equities hedge fund Terreneuve Capital, two sources familiar with the matter told Reuters. Langlois plans to launch Terreneuve - which will use a so-called ''long-short'' strategy, betting on rising and falling share prices - with between $200 million and $250 million, the sources said. Langlois, who declined to comment on his plans, registered Terreneuve at Britain''s Companies House corporate registry on June 27. Investor demand for long-short funds such as Terreneuve is currently higher than for any other strategy, a recent survey from Credit Suisse showed. Fifty-nine percent of 200 investors surveyed rated long-short equities funds as the most interesting for the next six months and favoured them across Europe, Asia and North America, it showed. Long-short funds have made gains of 6.1 percent in the first six months of the year compared with the average hedge fund, which made 3.6 percent over the same period, according to data from industry tracker Hedge Fund Research. Langlois most recently worked at Millennium Capital as an equities portfolio manager between November 2013 and June 2017, filings with Britain''s Financial Conduct Authority show. He worked at Brevan Howard Asset Management between June 2008 and February 2010 and at multi-strategy hedge fund UBS O''Connor between September 2010 and April 2013, the filings show. Reporting by Maiya Keidan; Editing by Simon Jessop and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hedgefunds-launch-idUKKBN1AK0TB'|'2017-08-04T11:35:00.000+03:00'
'4dde03a74e2ac98954002bfc960a5f1d60182649'|'Canada''s OneREIT to be taken private in a C$1.1 billion deal'|'August 4, 2017 / 12:57 PM / 3 hours ago Canada''s OneREIT to be taken private in a C$1.1 billion deal 1 Min Read (Reuters) - Canada''s OneREIT ( ONR_u.TO ) said on Friday it would go private after being bought by SmartREIT and Strathallen Acquisitions Inc in a C$1.1 billion deal, including debt. Under the terms of the deal, shareholders of OneREIT, which owns and operates shopping centers in Canada, will receive C$4.26 per share in cash and SmartREIT unit. The company said it was exploring strategic alternatives earlier this year. Reporting by Ahmed Farhatha in Bengaluru; Editing by Arun Koyyur 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-onereit-m-a-smartreit-idINKBN1AK1II'|'2017-08-04T10:57:00.000+03:00'
'5b5f8689ec7a29f52cdbbdd6b9517c632c17848f'|'BRIEF-Aberdeen buys securities in Fura Gems and Trigon Metals'|'Aug 1 (Reuters) - Aberdeen International Inc:* Aberdeen acquires securities in Fura Gems Inc. and Trigon Metals Inc.* Aberdeen-Acquired additional 2.5 million common shares of Fura Gems Inc in non-brokered private placement financing of fura at price of $0.40/common share* Aberdeen International Inc - acquired 1 million units of Trigon Metals Inc in non-brokered private placement financing of trigon at price of $0.30/unit Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aberdeen-buys-securities-in-fura-g-idUSASB0BCCX'|'2017-08-02T01:06:00.000+03:00'
'0bf610550a0c20ba1f6c82b19e9cfb715300e89a'|'China''s Meituan-Dianping aims to raise up to $5 billion from Tencent, others: source'|'August 3, 2017 / 6:39 AM / in an hour China''s Meituan-Dianping aims to raise up to $5 billion from Tencent, others: source Julie Zhu 1 Min Read HONG KONG (Reuters) - Chinese internet firm Meituan-Dianping, backed by Tencent Holdings Group Ltd (0700.HK), is in talks with prospective investors to raise $3 billion to $5 billion, said one person with direct knowledge of the matter. The financing round, for which Meituan is in talks with several global institutional investors, would likely value the start-up at about $25 billion to $30 billion, the person said. About $1 billion of the new funds would come from an additional investment from Tencent, the person said. The person declined to be identified as the talks were not public. Meituan-Dianping and Tencent did not immediately respond to Reuters requests for comment. Reporting by Julie Zhu; Addintional reporting by Elzio Barreto and Sijia Jiang; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-meituan-dianping-fundraising-idINKBN1AJ0OH'|'2017-08-03T04:39:00.000+03:00'
'4e4e874e9af743528dbb7ba92860882c93f7ec61'|'Insurer Aviva first-half operating profit up 11 percent to £1.47 billion'|'August 3, 2017 / 6:34 AM / an hour ago Insurer Aviva first-half operating profit up 11 percent to £1.47 billion Reuters Staff 2 Min Read FILE PHOTO: Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain March 5, 2009. Stephen Hird/File Photo LONDON (Reuters) - British insurer Aviva ( AV.L ) posted an 11 percent rise in operating profit in the first half of 2017 to 1.47 billion pounds ($1.94 billion), it said on Thursday, boosted by strong performances in its general insurance and fund management units. Analysts in a company-supplied poll had forecast an operating profit of 1.45 billion pounds. The company has been selling businesses it considers underperforming, including most recently Asia and Middle East-focused Friends Provident International and three Spanish joint ventures. "Aviva is getting leaner and stronger and we are confident in our ability to sustain growth in the coming years," chief executive Mark Wilson said. Aviva Investors'' operating profit rose 45 percent to 71 million pounds and the firm''s general insurance business saw a 25 percent rise in operating profit to 417 million. Aviva''s life business'' operating profit rose 8 percent to 1.3 billion pounds. "Aviva is transforming it’s ''no growth'' businesses to ''organic growth'' businesses," said analysts at JP Morgan, reiterating their overweight rating on the stock. Aviva also announced a 10-year extension of its UK general insurance distribution agreement with HSBC ( HSBA.L ), which it said was one of the largest ever in UK insurance. Combined operating ratio for the firm''s general insurance business strengthened to 94.5 percent from 95.7 percent, where a level below 100 percent indicates an underwriting profit. The company said it would pay an interim dividend of 8.4 pence per share, up 13 percent and compared with a forecast 8.28 pence. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aviva-results-idUKKBN1AJ0O5'|'2017-08-03T09:37:00.000+03:00'
'791abd61cdb0ca4e9ae4e919ffe8511b466bdb36'|'Toyota plans truck, possibly SUV production in Mexico after Trump threat'|'Edition United States August 4, 2017 / 2:37 PM / 12 hours ago Toyota plans truck, possibly SUV production in Mexico after Trump threat Anthony Esposito 3 Min Read The Toyota Motor Corp. company logo is pictured at the company''s plant in Onnaing, near Valenciennes, France, May 17, 2017. Benoit Tessier MEXICO CITY (Reuters) - Toyota Motor Corp ( 7203.T ) said on Friday it planned to build pickup trucks and possibly SUVs at a new plant in Mexico, a move that followed threats by U.S. President Donald Trump to penalize the company if it built small cars south of the border. Toyota initially planned to produce Corolla sedans at the plant it is building in the central state of Guanajuato but will now switch production of the small cars and a new Mazda SUV crossover to a new assembly plant planned for the United States. Trump threatened in January to impose a hefty fee on the world''s largest automaker if it built Corollas for the U.S. market in Mexico. Toyota de Mexico spokesman Luis Lozano said the global auto maker would study producing SUVs in Guanajuato, in addition to the Tacoma truck model. "We''re going to concentrate only on pickups at the beginning and are studying the potential for SUVs in the future," he said. Trucks and SUVs represented some 65 percent of the North American market, Lozano said. The decision came as Toyota planned to take a 5 percent share of smaller Japanese rival Mazda Motor Corp ( 7261.T ) as part of an alliance that will see the two build a $1.6 billion U.S. assembly plant and work together on electric vehicles. A move to produce SUVs in Guanajuato would mark a continuation of a "burgeoning trend" of Mexican manufacturing meeting quality standards needed to produce more expensive vehicles, said Christopher Wilson of the Woodrow Wilson International Center. "Instead of building lower value cars that generally offer smaller margins in Mexico and keeping high-value SUV and luxury model production in the U.S., they are moving in the opposite direction," said Wilson, deputy director of the think tank''s Mexico institute. "The moves by Toyota seem to be designed to reduce political pressure on the company from President Trump," he added. Toyota''s Lozano told a Mexico radio station later on Friday he expected the company''s level of investment in the region to remain similar despite the shift in plans. "The investment that we calculated when we announced the decision to make a plant for Corolla was for $1 billion dollars," he said. "At present, we don''t have a final figure for what this change means for our assessments. Up to now, it seems it won''t vary substantially," Lozano said. Reporting by Anthony Esposito; Editing by Christian Plumb, Andrew Hay and Paul Tait 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-toyota-mazda-mexico-idUKKBN1AK1QC'|'2017-08-05T05:14:00.000+03:00'
'aa95e222dde81eef5375a411b0616318d6723830'|'Brazil builder PDG reaches non-binding agreement with banks -filing'|'August 5, 2017 / 4:48 PM / an hour ago Brazil builder PDG reaches non-binding agreement with banks -filing Reuters Staff 1 Min Read SAO PAULO (Reuters) - PDG Realty SA, the largest Brazilian homebuilder to have filed for bankruptcy protection, reached a non-binding agreement with bank creditors as part of restructuring talks, the company said in a filing late on Friday. PDG filed for bankruptcy protection in February after citing a severe cash crunch and onerous debt of 7.3 billion reais ($2.33 billion). It presented an in-court reorganization plan on June 7. Banks Caixa Econômica Federal, Banco do Brasil SA ( BBAS3.SA ) and Itaú Unibanco Holding SA ( ITUB4.SA ) and the company agreed to leave segregated assets outside the in-court reorganization, the filing said. PDG has struggled with cost overruns since it purchased smaller rival Agre Participações SA in May 2010, while also dealing with Brazil''s deep recession over the last two years. ($1 = 3.1307 reais)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-pdg-realty-sa-restructuring-idUKKBN1AL0KW'|'2017-08-05T19:47:00.000+03:00'
'2ab47b4826ed40f9673888004e9cb92a8fb0e43f'|'Amazon shadow looms large ahead of retail earnings'|'A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 21, 2016. Andrew Kelly NEW YORK (Reuters) - As old and new Amazon.com ( AMZN.O ) competitors gear up to report earnings, investors are eager to know how they plan to withstand the growth of the No. 1 online retailer. So far this quarter, Amazon has been brought up in some 130 earnings calls from S&P 1500 .SPSUP components according to a Reuters analysis. About 50 of those came in the last week alone. More than 30 companies reporting earnings in the following weeks mentioned Amazon during their most recent earnings call or were directly asked about threats or opportunities regarding Amazon''s growth. "Any retailer, whether it''s an online retailer or has online presence, or just brick and mortar, that tells you they’re not concerned about Amazon, they’re either in denial or lying," said Steven Osinski, marketing lecturer at the Fowler College of Business at San Diego State University. Beyond retailers like Wal-Mart ( WMT.N ) and Target ( TGT.N ), and following Amazon''s planned acquisition of Whole Foods Market ( WFM.O ) announced mid June, expect Amazon to pop up on earnings calls from food producers, packagers and retailers including SpartanNash ( SPTN.O ) and Dean Foods ( DF.N ). Amazon mentions in less-expected earnings calls could also give investors an idea of where analysts expect the behemoth to strike next. "It''ll be interesting to see (Amazon CEO Jeff) Bezos'' next move in terms of wanting to expand into a certain space," said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta. He said apparel as well as pharmaceutical distribution were among the areas where Amazon has been said to make its next big move. "They''ve shown up in places we didn''t think they''d have competitive impact just two years ago." In a sign of Amazon''s widening clout, industry bellwethers like McDonald''s ( MCD.N ), 3M ( MMM.N ) and Johnson & Johnson ( JNJ.N ) in their latest earnings calls were asked for the first time about effects of Amazon on their businesses. (For a graphic on Amazon''s stock growth, see bit.ly/2vxWft0 ) NOT-SO-GREAT EXPECTATIONS Consumer discretionary is the S&P 500 sector expected to post the smallest year-over-year earnings growth this reporting quarter, with a gain of 3.3 percent. Overall, earnings are seen rising 12 percent from last year. Amazon''s own results weigh on the sector, as it earned 40 cents per share instead of the $1.42 analysts had expected. But its 25 percent revenue increase to $38 billion was seen as a detriment to some competitors and could weigh down expectations for their quarterly reports. "Expectations have been pushed down because a lot of the retailers, particularly the bricks and mortar ones, have had problems - Amazon and other related - so expectations are pretty low," said Nuveen Asset Management''s chief equity strategist, Bob Doll. "Amazon obviously has a very powerful model but on the other hand, they''re not going to put every bricks and mortar retailer out of business. These guys aren''t going to sit and let it happen." However, stocks in the sector approach their earnings at relatively rich valuations. Including Amazon, which has an earnings multiple above 100, investors in consumer discretionary stocks are paying more than $19 for every $1 in earnings forecast over the next 12 months. That is near the highest since 2009. As costly as sector stocks are, Amazon has kept growing faster than most, up more than 31 percent year to date. Amazon''s market cap, near half a trillion dollars, places it at about 20 percent of the S&P 500''s consumer discretionary sector. Its growing clout has called for comparisons with rival Wal-Mart, whose growth in the early 2000s raised concerns it would put smaller retailers out of business. "In some ways I don''t know if the Amazon effect is much different from what we''ve seen with Wal-Mart or Microsoft," said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis. "There''s fewer and fewer players and more concentration. It''s the result of winner-takes-all scenarios." Reporting by Rodrigo Campos, additional reporting by Caroline Valetkevitch; Editing by David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN1AK2EB'|'2017-08-04T23:58:00.000+03:00'
'172a765a43acc8c5be484a25e5eb4a8f048e49f4'|'Tesla lowers price of Model X, saying margins improved'|'August 4, 2017 / 8:43 PM / 7 hours ago Tesla lowers price of Model X, saying margins improved Reuters Staff 2 Min Read A Tesla Model X electric sports-utility vehicle is displayed during a presentation in Fremont, California September 29, 2015. Stephen Lam SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) on Friday lowered the base price of its Model X SUV to $79,500 and said improving margins were behind the move, which came as the automaker is ramping up production of its new lower-priced Model 3. Some analysts have been concerned that the launch of the Model 3, whose base price is $35,000, would steer some potential buyers away from the Model X SUV to that lower-priced sedan. But Chief Executive Elon Musk said earlier this week that demand had not waned for the luxury electric sport-utility vehicle. "When we launched Model X 75D, it had a low gross margin. As we''ve achieved efficiencies, we are able to lower the price and pass along more value to our customers," Tesla in a statement on Friday announcing it had lowered the previous $82,500 starting price of the vehicle by $3,000. The most expensive version of the Model X, the P100D, with fastest acceleration and longer range, costs $145,000. Musk said on a call with analysts earlier this week that the launch of the Model 3 had not cannibalized Model X sales, and that demand for the Model X as well as the Model S had actually increased with the release of the lower-priced vehicle. The Model 3, marketed as a car for the masses, begins at $35,000 before incentives, but a longer-range version is priced at $44,000, to compete with high volume luxury sedans such as the Audi A4, BMW 3-series or Mercedes C-Class. Tesla does not break out gross margins of its individual models, but overall gross margins excluding stock-based compensation and revenue from zero-emission vehicle credits fell to 25 percent in the second quarter from 26.4 percent a year earlier, due to the Model 3 build. Reporting By Alexandria Sage; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-tesla-modelx-idUKKBN1AK2DH'|'2017-08-04T23:39:00.000+03:00'
'b3c5c155278d7aae1196ac00ebd33070dd8dad72'|'Britain''s SFO opens investigation into British American Tobacco'|'FILE PHOTO: Lucky Strike cigarettes are seen during the manufacturing process in the British American Tobacco Cigarette Factory (BAT) in Bayreuth, southern Germany, April 30, 2014. Michaela Rehle/File Photo LONDON (Reuters) - Britain has opened a formal investigation into suspicions of corruption at British American Tobacco (BAT) ( BATS.L ) and its subsidiaries, nearly two years after allegations of bribery in Africa first surfaced.The world''s largest international tobacco company said in a statement it intended to cooperate with the investigation but did not provide further details."The SFO confirms it is investigating suspicions of corruption in the conduct of business by BAT p.l.c., its subsidiaries and associated persons," Britain''s Serious Fraud Office (SFO) said in a statement on Tuesday.The maker of brands including Dunhill and Lucky Strike said in February last year it had appointed a law firm to investigate allegations of historic misconduct in Africa and that it was liaising with the SFO.BAT said then it was aware of some of the allegations and had looked into them, but was bringing in outside lawyers given the number and nature of the allegations and its zero tolerance of corruption anywhere in the world.The 2016 move came after a November 2015 BBC program described cases of BAT employees bribing officials in East African countries including Rwanda and Burundi in an effort to undermine anti-smoking laws. The BBC cited internal documents provided by whistleblowing former employee Paul Hopkins.Spokeswomen for BAT and the SFO declined to say which countries were covered by the investigation.Earlier this year, BAT said it had created a board subcommittee to monitor matters relating to the investigation between board meetings. It also said it had started a project in 2016 to review and strengthen its global compliance procedures.BAT initially appointed law firms Linklaters and Slaughter and May to investigate the allegations of misconduct and is now just working with the latter.Shares in BAT, which tumbled 12 percent in the previous two sessions following a proposal by the U.S. government to cut nicotine in cigarettes, were 1 percent higher at 1039 GMT.The London-based company last week unseated Marlboro maker Philip Morris International ( PM.N ) as the world''s largest international tobacco firm, following its $49 billion takeover of Reynolds American.The world''s biggest tobacco company is state-owned China National Tobacco Corporation.Additional reporting by Justin George Varghese and Arathy S Nair in Bengaluru; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bat-sfo-idUSKBN1AH3HD'|'2017-08-01T10:57:00.000+03:00'
'54ea343030a1ba1c0f7b042a0dba24c23941fd16'|'Britain''s SFO opens investigation into BATS in Africa'|'August 1, 2017 / 6:55 AM / 11 minutes ago Britain''s SFO opens investigation into BATS in Africa Reuters Staff 1 Min Read FILE PHOTO - People walk past the British American Tobacco offices in London, Britain October 21, 2016. Stefan Wermuth/File Photo (Reuters) - British American Tobacco ( BATS.L ) said on Tuesday that Britain''s Serious Fraud Office has opened a formal investigation into possible historic misconduct by the company in Africa. The maker of tobacco brands including Dunhill and Lucky Strike said it has been investigating a number of allegations of misconduct, that were originally made towards the end of 2015, through its legal advisers and by liaising with the SFO. The company said in a statement that it intends to co-operate with the investigation. Reporting by Justin George Varghese; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brit-am-tobacco-africa-idUKKBN1AH39Y'|'2017-08-01T09:55:00.000+03:00'
'986cb78117015a61e6c14e8fd49e910681ed3347'|'Board of Mexico''s Lala to decide on Vigor purchase on Thursday'|'SAO PAULO (Reuters) - The board of Mexican dairy producer Grupo Lala SAB de CV will decide on Aug. 3 on a bid to buy control of Vigor Alimentos SA, after a commitment to acquire the Brazilian producer of yoghurt and fresh cheese was reached earlier on Tuesday.Lala ( LALAB.MX ) said in a statement that a proposal to acquire Vigor from investment holding company J&F Investimentos SA, including a borrowing plan and a potential share offering, would be submitted for discussion at the board.São Paulo-based J&F and Vigor did not have an immediate comment. Reuters reported on Monday that Lala''s bid valued Vigor at 5.7 billion reais ($1.8 billion). JBS SA, the world''s largest meatpacker which is controlled by J&F, acknowledged in a securities filing that it was in advanced talks to exit its stake in Vigor.Lala aims to acquire 100 percent of Vigor and a 50 percent stake Vigor owns in subsidiary Itambé Alimentos SA, according to the statement. The rest of Itambé is owned by a cooperative that is not selling its stake.Lala''s bid was the highest among a group of strategic investors interested in Vigor. Reuters first reported on June 13 the groups vying for Vigor, which included France''s Groupe Lactalis SA and Danone SA.Vigor, founded a century ago, has 7,600 employees and 14 plants in Brazil. If the board approves the deal, Lala will hold a conference call with investors on Friday, the statement said.Vigor is J&F''s second divestiture since it was slammed a record-setting leniency fine related to a massive corruption scandal in Brazil. J&F is the holding company overseeing the fortune of Brazil''s billionaire Batista family, including the stake in JBS.On July 12, J&F concluded the sale of flip-flop maker Alpargatas SA ( ALPA4.SA ) to the investment firm of Brazil''s most prominent banking families for 3.5 billion reais.Proceeds from the sale will help not only J&F to pay its debts and part of the 10.3 billion-real fine, but also reinforce JBS coffers. JBS owns 19.4 percent of Vigor, with J&F holding the remaining stake.Shares of JBS were unchanged at 7.70 reais on Tuesday. Lala''s stock shed 1.2 percent to 34.690 Mexican pesos.Reporting by Tatiana Bautzer; Editing by Grant McCool and Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vigor-m-a-grupo-lala-idUSKBN1AH5CG'|'2017-08-02T00:50:00.000+03:00'
'2f235521ceaac72a9b5f11adac60d3cc17aebc4f'|'BRIEF-Express Scripts wins dismissal of lawsuit over its dealings with Anthem; plaintiffs can amend complaint'|'Aug 2 (Reuters) - Express scripts wins dismissal of shareholder lawsuit over its disclosures about its relationship with anthem -- u.s. Court ruling issued on aug 1U.S. DISTRICT JUDGE EDGARDO RAMOS IN MANHATTAN DISMISSES LAWSUIT WITHOUT PREJUDICE, MEANING PLAINTIFFS CAN AMEND THEIR COMPLAINTPLAINTIFFS ACCUSED EXPRESS SCRIPTS OF MISREPRESENTING WHAT THEY VIEWED AS ITS CONTENTIOUS RELATIONSHIP WITH ANTHEM OVER PRICING TERMSJUDGE SAYS PLAINTIFFS'' ALLEGATIONS DO NOT ESTABLISH A STRONG INFERENCE THAT EXPRESS SCRIPTS AND COMPANY OFFICIALS INTENDED TO COMMIT FRAUD'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/express-scripts-ruling-idINL1N1KO0P9'|'2017-08-02T11:59:00.000+03:00'
'bb40e6626622139f11d66ce76877f019333840c8'|'METALS-Shanghai metals futures rise across the board, buoyed by weaker dollar'|'SYDNEY, Aug 3 (Reuters) - Chinese metals futures opened firmer across the board on Thursday, boosted by a weak U.S. dollar.Traders said weakness in the greenback, amid doubts about another U.S. Federal Reserve rate hike this year, was driving investment interest in metals contracts."The positive moves are all about the currency," said a trader in Australia.Fundamentals * SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 0.72 percent at 50,140 yuan ($7,461.31) a tonne by 0105 GMT.* LME COPPER: Three-month copper on the London Metal Exchange was mostly flat at round $6,354.50 a tonne.* U.S. DOLLAR: The dollar index hit 15-month lows on Wednesday. A weaker U.S. currency this year has boosted demand for dollar-denominated metals, as it makes commodities cheaper for holders of other currencies.* SHFE ZINC: ShFE zinc was up more than 2 percent at 23,495 yuan, nearing its late-July peak. LME zinc was 1 percent firmer.* SHFE ALUMINIUM: Following strong overnight LME gains and signs of supply restrictions, ShFE aluminium was trading 1 percent firmer.* CHINA ALUMINIUM: Hongqiao Group, the world''s biggest aluminium producer, plans to shut more than 2 million tonnes a year of outdated smelter capacity.* "GREEN" ALUMINIUM: Producers of "green" aluminium - made using renewable energy rather than fossil fuels - are starting to charge premium prices thanks to rising demand from industrial customers under pressure to reduce their carbon footprints.* SHFE LEAD, NICKEl: ShFE lead and nickel were up 1.91 percent and 1.77 percent respectively, while tin was 0.83-percent higher* ZIMBABWE: Zimbabwe has filed a court application to enforce a previous notice to seize more than half of platinum producer Zimplats'' mining land, the company said on Wednesday.* For the top stories in metals and other news, click orMarkets News * Asian shares dipped as investors locked in recent gains after Wall Street''s Dow Jones Industrial Average broke the 22,000 barrier for the first time in its 121-year history.DATA/EVENT AHEAD (GMT) 0145 China Caixin services PMI Jul 0750 France Markit services PMI Jul 0755 Germany Markit services PMI Jul 0800 Euro zone Markit services PMI final Jul 0900 Euro zone Retail sales Jun 1100 Bank of England announces interest rate decision 1230 U.S. Weekly jobless claims 1400 U.S. Factory orders Jun 1400 U.S. ISM-non manufacturing PMI JulPrices Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.7200 Chinese yuan renminbi)Reporting by James Regan; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1KP16Y'|'2017-08-03T04:49:00.000+03:00'
'9d94a1a42d62818e2f6ae869ba28ecbb700cb37d'|'Auto workers'' union rolls the dice at Nissan''s Mississippi plant'|'August 2, 2017 / 5:53 PM / 3 hours ago Auto workers'' union rolls the dice at Nissan''s Mississippi plant Nick Carey 6 Min Read Nissan worker Tony Jacobson shows off an anti-union t-shirt outside the automaker''s plant in Canton, Mississippi, U.S., July 31, 2017. Photo taken July 31, 2017. Nick Carey CANTON, Miss. (Reuters) - For nearly a decade, the United Auto Workers union has tried to organize workers at Nissan Motor Co Ltd''s assembly plant here, challenging the company''s wages, safety record and commitment to treating African-American workers fairly. Starting Thursday, the roughly 4,000 workers at one of Mississippi''s largest industrial employers will cast their votes, affecting not only their own futures but the union''s as well. Another failure to organize a southern auto factory would leave the UAW weakened ahead of contract negotiations with the Detroit Three automakers in 2019, when many analysts forecast U.S. auto sales will be in a cyclical slump. The organizing vote, which the UAW called for last month, has divided workers at the Canton plant, which builds Nissan Murano sport utility vehicles, commercial vans and Titan and Frontier pickup trucks. Pro-union workers said the plant has a record of poor safety and complain that the company moved to a 401(k) defined contribution plan from a traditional plan. "This is not about wages, I''m concerned about safety issues at the plant and about my pension," says Patricia Ruffian, 51. "They say if we vote for the union we''re going to have nothing, we have to start from scratch, and that''s not true." The UAW also claims Nissan has illegally threatened workers that if they vote for the union, the plant will close. Based on those claims, the U.S. National Labor Relations Board has issued a number of complaints that Nissan has made that threat a number of times in recent years. The automaker denies the allegations. The outcome of the election could be contested, leading to a test of how the Trump-era NLRB will handle contentious labor issues. Rodney Francis, director of Human Resources at Nissan''s Canton plant, said, "Labor rights are about the right to organize, or not to organize. All we''ve been doing is providing employees with the facts so they can make an informed decision and at the end of the day this is about what they choose." Nissan has strong supporters on the factory floor, who point to the history of problems at Detroit''s unionized automakers and reject the UAW''s arguments that black workers are not treated fairly. "Black people are doing much better here since Nissan came," said Tony Jacobson, 52, who is black. He has worked at the plant since it opened in 2003 and makes $28 per hour - comparable to the top rate for unionized workers at General Motors Co or Ford Motor Co. "I''m trying to save our livelihoods, I don''t want Canton to be like Detroit." The UAW, like other large industrial unions, has struggled to expand membership as manufacturers have moved jobs overseas or to states like Mississippi that allow workers to shun union membership even in union shops. The union has organized smaller auto suppliers in the U.S. south, but has failed for decades to organize all the workers at a major southern auto-assembly plant. Politicians in the region have used low unionization as a selling point to attract more manufacturing investment. "If the union wins, it will encourage other in the South to unionize," Vanderbilt University labor analyst Daniel Cornfield said. "If the company wins, it will make it more difficult for the UAW to organize elsewhere in the South." Pro-union Nissan worker Patricia Ruffin shows off signs at the center the United Auto Workers has set up in its efforts to unionize Canton, Mississippi, U.S., July 31, 2017. Photo taken July 31, 2017. Nick Carey ''Changed the Landscape'' Scott Waller, president of the Mississippi Economic Council (MEC), the state''s chamber of commerce, says Nissan has "changed the landscape" in Mississippi. Nissan was the first automaker to locate a major assembly plant in the state, but since Mississippi won the contest for the factory in 2000, it has secured significant investments by other automotive giants like Toyota Motor Corp and Continental AG. The number of auto workers in the state rose to 18,000 in 2016, from 11,000 in 2010. Government statistics show the average Mississippi auto worker earned $50,510 in 2016, 34 percent above the state average. A vote for union representation at Nissan''s Canton plant "could affect that plant''s ability to compete and Mississippi''s ability to compete in the realm of economic development," Waller said. Nissan worker Tony Jacobson shows off a banner he made to show why he opposes the United Auto Workers unionÕs attempts to unionize the automakerÕs plant in Canton, Mississippi, U.S., July 31, 2017. Photo taken July 31, 2017. Nick Carey Workers at Nissan''s Canton plant earn less in total hourly wages and benefits than workers at unionized auto plants in the United States. See graphic tmsnrt.rs/2hnDyTr The union has connected the pay issue to its argument that Nissan is undermining progress on civil rights. "There''s a huge race issue there, there''s an issue of civil rights and the history of Mississippi plays into that narrative," UAW Secretary-Treasurer Gary Casteel said in an interview. Dolphus Weary, co-chair of community organization Move Mississippi Forward and a long-term black campaigner for racial unity, said he doesn''t see it that way. He recounts visiting a manufacturing plant in the 1960s where the only black workers were janitors. When he visited Nissan''s Canton plant, Weary says "my antenna were up looking for the same situation" but instead he found a plant where 46 percent of the managers were black. "This is the new Mississippi," Weary says of the plant. "I don''t think old arguments from 50 years ago will help move us forward." But Reverend Isiac Jackson, pastor of the Liberty Missionary Baptist Church in Canton, said management at Nissan''s plant has worked to prevent employees from voting on union representation, which is reminiscent of the time when Mississippi''s leaders tried to prevent black citizens from voting. "Now just let everybody vote," he said. "And if they vote against a union then everybody will go about their business." (For a graphic on ''What U.S. automakers earn'' click here ) Reporting By Nick Carey; Editing by Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-uaw-mississippi-idUSKBN1AI2EF'|'2017-08-02T20:52:00.000+03:00'
'24fbe3ecd7074b7e17862fcef07fcb5ade407837'|'Italy industry minister sees conditions for France shipyard deal'|'August 2, 2017 / 2:19 PM / an hour ago Italy industry minister sees conditions for France shipyard deal Reuters Staff 2 Min Read FILE PHOTO: Italian Industry Minister Carlo Calenda poses during an interview with Reuters in his office in Rome, Italy November 25, 2016. Tony Gentile/File Photo ROME (Reuters) - France and Italy can reach an agreement over the sale of the STX France shipyards to Fincantieri ( FCT.MI ), but Rome has no intention of backing down over its demands for the deal, Industry Minister Carlo Calenda said on Wednesday. French President Emmanuel Macron angered Rome by ordering STX''s "temporary" nationalisation last month, cancelling a deal in which state-owned Fincantieri and another Italian investor had agreed to buy a total of 54.6 percent of STX France. Italian and French ministers met on Tuesday to discuss the row and gave themselves until Sept. 27 to find a solution, with Rome adamant that it be given a controlling stake in STX. "We believe that there are all the conditions necessary to reach an accord on STX," Calenda told parliament. Some Italian politicians have said that in retaliation for Macron''s move, the government should nationalise the telecom network owned by Telecom Italia ( TLIT.MI ), which is controlled by French media group Vivendi ( VIV.PA ). "Legitimate and useful ideas about the ownership of networks cannot be put forward or pursued as retaliation against foreign investors, but must be considered purely in the context of general interest," Calenda said. Reporting by Francesca Piscioneri; Editing by Crispian Balmer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stx-m-a-fincantieri-france-idUKKBN1AI1U3'|'2017-08-02T17:19:00.000+03:00'
'6ae5677df5674193129f4b7ab2f049585973d2b8'|'BRIEF-Systemax Q2 EPS $0.52 from continuing operations'|'Aug 1 (Reuters) - Systemax Inc* Systemax reports second quarter 2017 financial results* Q2 earnings per share $0.52 from continuing operations* Systemax Inc qtrly net income per diluted share from continuing operations $0.40* Qtrly GAAP net sales $313.0 million versus $297.7 million* Systemax Inc qtrly consolidated sales increased 5.1% to $313.0 million* Qtrly non-GAAP net sales $313.0 million versus $285.5 million* Systemax Inc qtrly non-GAAP Q2 2017 continuing operations consolidated sales (comprising IPG and France) increased 9.6% to $313.0 million in U.S. dollars* Q2 earnings per share view $0.24, revenue view $306.4 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-systemax-q2-eps-052-from-continuin-idUSASB0BCAR'|'2017-08-02T00:23:00.000+03:00'
'959584b5aa37e9bd5a167a994fb3c3d3e4f60f19'|'Humana says Obamacare exchange member costs lower than predicted'|'August 2, 2017 / 1:30 PM / in an hour Humana says Obamacare exchange member costs lower than predicted 1 Min Read NEW YORK, Aug 2 (Reuters) - Humana Inc individual insurance customers who purchased their plans through the Obamacare program are having lower costs than expected so far this year, contributing to expectations for the individual business to swing to a profit this year, the company said on Wednesday. Chief Financial Officer Brian Kane said that the swing to a profit is also based on having to pay out fewer claims than it expected and planned for in previous financial periods, which resulted in an accounting adjustment. President Barack Obama''s signature healthcare law, the Affordable Care Act, is often called Obamacare. (Reporting by Caroline Humer; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/humana-results-individual-idUSL1N1KO0LQ'|'2017-08-02T16:29:00.000+03:00'
'01528f915c5aa3e2be4bfbfa8641e9f4dd139f5c'|'Philadelphia refiner, grappling with debt, says operations uninterrupted -letter'|'NEW YORK, Aug 2 (Reuters) - Philadelphia Energy Solutions will continue to operate its refinery without interruption as it seeks ways to tackle its debt burden, the company''s chief executive officer told employees in a letter reviewed by Reuters.It followed a Reuters report on Tuesday which said that the company tapped investment bank PJT Partners Inc for advice on dealing with its near-term debt maturities, including a $550 million loan that comes due in 2018."PES is in the midst of an ongoing process to assess our capital structure with the goal of improving financial flexibility," CEO Greg Gatta told employees in the letter dated Aug. 1. "We have engaged financial and legal advisors and are working constructively with our lenders to find a solution that will support the business for years to come."Gatta cited the Reuters report as the impetus for the letter.The PES-owned refinery, located in South Philadelphia, is the largest on the East Coast. It has a capacity of 335,000 barrels per day.A PES spokesman had no immediate response for a request for comment on the letter.The latest developments come five years after private equity firm Carlyle Group LP and Energy Transfer Partners LP''s Sunoco Inc cut a deal, supported by tax breaks and grants, to rescue the refinery owner from bankruptcy.The company had success in the initial years but has been whipsawed by weakening discounts on Bakken crude, high regulatory costs associated with the U.S. renewable fuel standard program and an industry-wide downturn, Gatta said. (Reporting By Jarrett Renshaw; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/philadelphia-energy-solutions-refinery-r-idINL1N1KO19N'|'2017-08-02T15:29:00.000+03:00'
'4cd6f34c7f4634ef315860d496381208fb04afde'|'BRIEF-Navient Corp acquires Duncan Solutions for $80 mln'|'August 1, 2017 / 1:45 PM / 19 minutes ago BRIEF-Navient Corp acquires Duncan Solutions for $80 mln 1 Min   Navient Corp * Navient acquires Duncan Solutions, expanding presence in municipal and toll services markets * Transaction was completed for a purchase price of approximately $80 million * As part of Navient, Duncan will continue to be led by its current management team * Employees will continue to work from headquarters location in Milwaukee and other locations around country after deal Source text for Eikon:   (Bengaluru Newsroom: +1 646 223 8780) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-navient-corp-acquires-duncan-solut-idUSASB0BC5A'|'2017-08-01T16:45:00.000+03:00'
'080738f24c0662755243995c8765b7706290d674'|'BRIEF-Ecolab reported Q2 adjusted earnings per share $1.13'|' 51 PM / 23 minutes ago BRIEF-Ecolab reported Q2 adjusted earnings per share $1.13 2   Ecolab Inc * Ecolab second quarter reported diluted EPS $1.01; adjusted diluted EPS $1.13, +5%; maintains full year 2017 adjusted diluted EPS forecast of $4.70 to $4.90 * Sees Q3 2017 adjusted earnings per share $1.36 to $1.44 * Sees FY 2017 adjusted earnings per share $4.70 to $4.90 * Q2 adjusted earnings per share $1.13 * Q2 earnings per share $1.01 * Q2 earnings per share view $1.13 -- Thomson Reuters I/B/E/S * FY2017 earnings per share view $4.78 -- Thomson Reuters I/B/E/S * Q3 earnings per share view $1.42 -- Thomson Reuters I/B/E/S * Ecolab Inc - expect second half of year to show better earnings growth comparisons than first half * Ecolab Inc - expect Q3 special charges related to restructuring and acquisition and integration charges to be approximately $0.02 per share * Ecolab Inc - future special gains and charges or discrete tax items, are expected to be a net charge of $0.08 for full year * Ecolab Inc - at current rates of exchange, we expect foreign currency to have a neutral impact on diluted earnings per share in q3 * Ecolab - expect full year special charges related to restructuring, acquisition,integration, other charges to be a net charge of about $0.22 per share * Ecolab Inc qtrly revenue $3,462.7 million versus $3,317.2 million * Q2 revenue view $3.40 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ecolab-reported-q2-adjusted-earnin-idUSASB0BC3X'|'2017-08-01T15:50:00.000+03:00'
'84717ef6be396c9c6e487b4986c5b528c8bb0ddc'|'EMERGING MARKETS-Latam currencies dip on U.S. jobs data, Brazil stocks up'|'(Updates prices) By Bruno Federowski SAO PAULO, Aug 4 (Reuters) - Latin American currencies fell on Friday as stronger-than-expected U.S. jobs figures bolstered the case for a third U.S. interest rate hike this year, spurring demand for dollars, while Brazilian stocks rose. U.S. nonfarm payrolls increased by 209,000 jobs last month, above analyst expectations, while June''s report was revised to show a bigger gain. Average hourly earnings rose 0.3 percent after gaining 0.2 percent in June. The positive numbers followed mixed U.S. economic figures that had cast doubt over the likelihood the Federal Reserve would raise rates once more this year and three times next year. Higher U.S. rates could drain capital from emerging markets. The job and average hourly earnings numbers could clear the way for the Fed to announce a plan to start shrinking its $4.5 trillion bond portfolio in September. Still, some traders refrained from making big bets on U.S. monetary policy in the absence of clear signs of accelerating inflation. "Despite the jobs growth, the fall in the unemployment and underemployment rates, wage pressure is modest at best," analysts at Brown Brothers Harriman wrote in a note. Currencies from Brazil, Mexico and Chile slipped between 0.1 percent and nearly 0.4 percent. The Colombian peso led losses as traders edged toward the safety of the U.S. dollar ahead of a national holiday on Monday. Brazil''s benchmark Bovespa stock index edged up, helped by a 4 percent gain in petrochemical firm Braskem SA after newspapers reported its controlling shareholders were considering moving to a U.S. headquarters. Shares of loyalty program Smiles SA rose more than 2 percent after the company reported a 18.3 percent increase in second-quarter net profit. Meanwhile, shares of meatpacker BRF SA fell over 2 percent as traders booked profits after three days of gains. Key Latin American stock indexes and currencies at 1955 GMT: Stock Latest daily % YTD % indexes change change MSCI Emerging Markets 1066.99 0.27 23.4 MSCI LatAm 2779.77 0 18.76 Brazil Bovespa 66935.03 0.24 11.14 Mexico IPC 51327.99 0.07 12.46 Chile IPSA 5103.06 0.56 22.92 Chile IGPA 25465.86 0.52 22.82 Argentina MerVal 21717.06 -0.29 28.37 Colombia IGBC 10937.14 0.01 7.99 Venezuela IBC 176451.95 12.11 456.54 Currencies Latest daily % YTD % change change Brazil real 3.1237 -0.35 4.02 Mexico peso 17.8700 -0.14 16.08 Chile peso 650.6 -0.37 3.09 Colombia peso 2986 -1.07 0.52 Peru sol 3.245 -0.18 5.21 Argentina peso (interbank) 17.6700 0.00 -10.16 Argentina peso (parallel) 18.1 0.44 -7.07 (Reporting by Bruno Federowski; Editing by Tom Brown and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL1N1KQ1ML'|'2017-08-04T23:52:00.000+03:00'
'243d667fceafa10039043c5ec2be4d6c354d7f4c'|'UPDATE 1-Australia''s Crown Resorts FY profit falls 16 pct, misses forecast'|'August 4, 2017 / 12:55 AM / 35 minutes ago UPDATE 1-Australia''s Crown Resorts FY profit falls 16 pct, misses forecast 3 Min Read * Crown underlying full year NPAT A$343.1 mln vs A$369.1 analysts * Australia "VIP" turnover down 48.9 pct * Company announces share buyback, shares up (Adds CEO comment, VIP turnover, shares) Aug 4 (Reuters) - Australian casino giant Crown Resorts Ltd said on Friday its underlying annual net profit fell by nearly a sixth, missing analyst forecasts, due to decreased demand from high-rolling VIP gamblers across its Australian resorts. Normalised net profit before one-off items came in at A$343.1 million ($272.9 million) for the year to June 30, down from A$406.2 million a year ago and below the A$369.1 million average forecast of 10 analysts polled by Thomson Reuters I/B/E/S. "Normalised" net profit is a measure used by casino companies to strip out irregularities in win rates. Australian VIP gambling turnover fell 49 percent, the company said, without providing an explanation for the dramatic plunge in a key source of revenue. Including significant items, like the sale of a major stake Macau casino joint venture with Melco Resorts & Entertainmnet Ltd, profit rose 96.7 percent to A$1.87 billion. "Crown''s Australian operations'' full-year result reflected difficult trading conditions," Crown Executive Chairman John Alexander said in a statement. Normalised revenue across the company''s Australian resorts fell 12.7 percent, "due primarily to the reduction in VIP program play revenue in Australia", Alexander added. Crown shares were 1.1 percent higher in early trade, while the broader market was down 0.4 percent, as the company announced a further buy-back of up to about 29.3 million shares. Companies use share buybacks to increase demand for their stock. The biggest listed casino firm outside China, just under half-owned by Australian billionaire James Packer, exited its remaining stake in Melco in May, ending a fraught offshore expansion and freeing up cash for new projects at home. China detained 19 Crown staff last year for illegally marketing gambling holidays abroad. Sixteen of the employees were later jailed. The incident prompted Crown to quit its global expansion plan, which had also included a proposed development in Las Vegas, and to focus on Australia where it is relying on a planned luxury resort on the Sydney waterfront for growth. At its Australian flagship casino, in Australia''s second-biggest city Melbourne, Crown said normalised pre-tax profit fell 12.5 percent as VIP turnover halved. The company did not offer any guidance about future profits. $1 = 1.2571 Australian dollars Reporting by Rushil Dutta in Bengaluru; Edited by Byron Kaye and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-crown-resorts-idUSL4N1KQ00T'|'2017-08-04T03:54:00.000+03:00'
'a1a72f63ae064718e17d9b8b43873037c3cb40b1'|'Toyota to build $1.6 billion U.S. plant with rival Mazda - source'|'August 3, 2017 / 6:33 PM / 15 minutes ago Toyota to build $1.6 billion U.S. plant with rival Mazda - source David Shepardson and Joseph White 5 Min Read The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. Mark Blinch WASHINGTON/DETROIT (Reuters) - Toyota Motor Corp ( 7203.T ) and rival Mazda Motor Corp are expected to announce plans on Friday to build a $1.6 billion (£1.21 billion) U.S. assembly plant as part of a new joint venture, a person briefed on the matter said. The plant will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and will employ about 4,000 people when it opens in 2021, the person said. A new auto plant would be a major boost to U.S. President Donald Trump, who campaigned on promises to increase manufacturing and expand employment for American autoworkers. The source, who was not authorized to speak to the media and requested anonymity, said the plant in a yet-to-be-determined U.S. location was expected to build Toyota Corolla cars and a Mazda crossover utility vehicle. Japan''s Nikkei reported earlier on Thursday that Toyota would take a roughly 5 percent stake in Mazda Motor Corp ( 7261.T ) to develop key electric vehicle technologies and jointly build a factory in the United States. The source confirmed the Japanese carmakers planned future joint efforts on electric vehicles. Toyota said the two companies have been exploring various areas of collaboration under a May 2015 agreement, and added that the group intended to submit a proposal to its board on Friday regarding Mazda. It did not comment further. "The industry pace of electrification has really picked up," Toyota Chairman Takeshi Uchiyamada, widely known as the father of the Prius hybrid, said at an event outside Tokyo on Friday, declining to comment on the U.S. plant or a Mazda deal. Related Coverage Mazda to issue new shares for Toyota to take stake - Nikkei He defended Toyota against concerns the company has fallen behind its competition on electric cars, citing new technology. Mazda said in statement that “nothing has been decided yet” and added the company would have a board meeting today. It did not comment further. "Mazda needs electrification technology. In the past they''ve poo-pooed EVs, they''ve felt that they can make internal combustion engines more efficient, but the bottom line is that globally you need to have this technology," said Janet Lewis, head of Asia transportation research at Macquarie Securities. With an R&D budget of around 140 billion yen ($1.27 billion) this year, a fraction of Toyota''s 1 trillion yen, Mazda has said that it lacks the funds to develop electric cars on its own. Subaru Corp ( 7270.T ), Japan''s smallest major automaker, also has a partnership with Toyota. Production Boost Toyota, the world''s second-largest automaker by vehicle sales in 2016 and Japan''s dominant car company, has been forging alliances with smaller Japanese rivals for several years, effectively consolidating the Japanese auto sector. A new U.S. assembly plant would likely become the prize in a fierce competition among Midwestern and Southern states eager to expand manufacturing jobs. The plan comes as demand for cars has fallen sharply. Toyota''s Corolla sales in the United States are down nearly 9 percent this year. In North America, Toyota builds Corolla cars in Canada and Mississippi and announced plans in 2015 to shift Canadian Corolla production to a new $1 billion plant in Mexico. Mazda, whose annual global vehicle sales are one-eighth that of Toyota, currently exports vehicles from Japan and Mexico to supply the U.S. market, where it generates roughly one-third of its global vehicle sales. It caters to a niche audience in North America with its design-conscious sedans and SUVs, and has been focussing on developing more fuel-efficient gasoline engines. Trump in January criticized Toyota for importing cars to the United States from Mexico. The Republican president also threatened to impose a hefty fee on Toyota if it were to build Corolla cars for the U.S. market at a plant in Mexico. But since January, Trump has praised Toyota for its U.S. investments. Toyota said in January it planned to invest $10 billion in the United States over the next five years to meet demand. Last month, Trump complimented Toyota for completing its long-planned new North American headquarters in Texas. "We want to be the car capital of the world once again and we are taking steps to achieve that goal," Trump wrote. The White House declined to comment on the Toyota-Mazda joint venture. Reporting by David Shepardson in Washington, Joe White in Detroit, Naomi Tajitsu in Tokyo and Arunima Banerjee in Bengaluru; Editing by Tom Brown and Clara Ferreira Marques 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mazda-stake-toyota-idUKKBN1AJ2MB'|'2017-08-04T07:07:00.000+03:00'
'9b79a197b4e2bdd59eba970e6a29efd64b3b5292'|'UPDATE 2-Austrian bank BAWAG PSK reports higher profits as IPO looms'|'* H1 pretax profit rises 2.5 pct to 251 million euros* Rothschild, Morgan Stanley, Goldman Sachs work on IPO - sources* Austrian lender on lookout for M&A in German-speaking Europe (Combines stories, adds background)By Michael Shields and Arno SchuetzeZURICH/FRANKFURT, Aug 3 (Reuters) - BAWAG PSK, the Austrian bank majority owned by private equity group Cerberus Capital Management, increased first-half pretax profits by 2.5 percent and bolstered its capital strength as it prepares for a share offer this year.Rothschild is advising BAWAG''s owners on the share listing that could take place by the autumn, two sources close to the matter told Reuters on Thursday.Morgan Stanley and Goldman Sachs have been named the top global coordinators among a number of banks working on the deal, which sources close to the matter said in June could value Austria''s fourth-biggest lender at up to 5 billion euros.Cerberus owns 52 percent of BAWAG and GoldenTree Asset Management 40 percent. The plan is to list a stake of 20 to 30 percent of the lender, which Cerberus acquired with other investors for 3.2 billion euros in 2007.One source said the sole listing would be in Vienna.Rothschild, Morgan Stanley, Goldman Sachs and BAWAG declined to comment, but BAWAG says on its website that an IPO is among a range of strategic options under review.BAWAG has more than 2.2 million customers and nearly 40 billion euros ($47.4 billion) in assets.Unlike other Austrian banks that expanded heavily in central and eastern Europe BAWAG remained focused on western markets, with its home market accounting for two thirds of its customer loan book while also operating in other European and U.S. retail, corporate, commercial real estate and mortgage markets.Last month it bought German regional lender Suedwestbank for an undisclosed price.BAWAG is keen to make more acquisitions in Germany, Austria and Switzerland (DACH), Chief Executive Anas Abuzaakouk said."We are actively looking at many opportunities across the DACH region. We think the region has a lot of opportunity for consolidation," he told Reuters.BAWAG''s fully loaded common equity tier 1 (CET 1) capital adequacy ratio rose to 16.5 percent of risk-weighted assets at the end of June, up 1.4 percentage points from the end of 2016.BAWAG has been hoarding capital to finance acquisitions and aims for a CET 1 ratio of only more than 12 percent this year. Based on a 12 percent level, it had a return on equity (ROE) of 16.6 percent in the second quarter. Its headline ROE was 13.1 percent.Abuzaakouk said the bank was deliberately overcapitalised to finance acquisitions.BAWAG refrained from commenting further on its 2017 targets given the strategic review under way. Those targets include ROE of 15 percent based on a 12 percent CET 1 ratio and pretax profit of more than 500 million euros.It made 251 million euros before tax in the first half. ($1 = 0.8443 euros) (Editing by Francois Murphy, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bawagpsk-results-idINL5N1KP1QX'|'2017-08-03T05:29:00.000+03:00'
'bfbc48d9c4a21ab4bcf0bd3aab22966418c71248'|'UPDATE 1-Health insurer Aetna''s quarterly profit ahead of estimates'|'(Adds details)Aug 3 (Reuters) - No. 3 U.S. health insurer Aetna Inc reported a much higher-than-expected quarterly profit on Thursday on strong cost controls and improved performance in its core businesses.Republican lawmakers have vowed to repeal and replace former President Barack Obama''s signature healthcare law, but have not agreed on how to do so, creating uncertainty about how the program will be run and whether it will be fully funded.Aetna said in May it would exit the 2018 Obamacare individual insurance market in Delaware and Nebraska - the two remaining states where it offered the plans.Net profit rose to $1.20 billion, or $3.60 per share, in the second quarter ended June 30, from $791 million, or $2.23 per share, a year earlier.Excluding items, Aetna earned $3.42 per share, beating analysts'' average estimate of $2.35, according to Thomson Reuters I/B/E/S."Our strong second quarter results speak to our continued focus on disciplined pricing and execution of our targeted growth strategy," said Aetna chairman and CEO Mark Bertolini.Aetna said its medical loss ratio — the percent of premiums spent on claims — fell to 78.6 percent in its commercial business from 83.4 percent, a year earlier. The company cited improved performance across its core commercial business for the improvement.The insurer said total revenue fell nearly 3 percent to $15.52 billion. Adjusted revenue came in at about $15.50 billion ahead of estimates of $15.39 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto and Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aetna-results-idINL4N1KP44J'|'2017-08-03T08:34:00.000+03:00'
'600330ddb4d55d3bbf0dcad5ab107e64381fdd86'|'Dutch bank NIBC is preparing for IPO: report'|'AMSTERDAM (Reuters) - Dutch bank NIBC is considering an initial public offering (IPO) of shares in the first months of 2018, Dutch newspaper Het Financieele Dagblad reported on Thursday.Owner JC Flowers is currently selecting banks to help with the process, with preparations still at early stages, the paper said, citing sources close to the company.NIBC spokesman Martin Groot Wesseldijk said the bank would not comment on "market rumors".NIBC is mainly active in mortgages and loans to small and medium-sized companies in the Netherlands, Germany and Britain.Analysts estimate the value of the bank between 1 billion and 1.5 billion euros ($1.2-$1.8 billion), according to the paper. JC Flowers paid 1.8 billion euros when it bought the bank from Dutch pension funds in 2005.The American investment firm prepared NIBC for an IPO 10 years ago, but had to change course when the financial crisis crippled the bank, which had made large bets on U.S. subprime mortgage loans.NIBC was the first in a number of Dutch banks, including ING and ABN Amro, to need state support to survive the financial crisis. The bank paid off the last of its debt to the government in 2014 and has undertaken a major overhaul since the crisis, adding retail services such as mortgage loans and savings accounts to its offerings.Reports of a possible IPO have surfaced repeatedly over the years, with former Chief Executive Jeroen Drost ruling out such a step in a 2013 interview, because he thought the bank was too small for the stock market.NIBC reported a 2016 net profit of 104 million euros, up 46 percent from a year earlier. Operating income rose 21 percent to 381 million euros.Reporting by Bart Meijer; Editing by Mark Potter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nibc-ipo-idINKBN1AJ0YF'|'2017-08-03T06:19:00.000+03:00'
'00f6e1057e945cb347a17726f567477071794116'|'Pay for UK''s top bosses drops sharply - CIPD report'|'August 2, 2017 / 11:06 PM / in 3 hours Pay for UK''s top bosses drops sharply, investors say more to do 4 Min Read FILE PHOTO: A view of the City of London and Canary Wharf. July 7, 2017. John Sibley/File Photo (This story corrects paragraph 7 to read "last" instead of "next" and "were" instead of "are".) By Andy Bruce and Simon Jessop LONDON (Reuters) - Pay packages for the bosses of Britain''s 100 biggest listed companies dropped 13 percent over the past year, a survey showed on Thursday, amid rising political and investor pressure to rein in on excessive earnings. The survey by the Chartered Institute of Personnel and Development (CIPD) and the High Pay Centre think tank showed the median pay for chief executives of companies in the FTSE 100 index <0#.FTSE> was 3.45 million pounds ($4.57 million) in 2016, down from 3.97 million pounds in 2015 and only marginally higher than in 2010. There was a "clear disparity" in pay between female CEOs and their male counterparts who earn on average almost twice as much, the survey showed, and still leaves most chief executives earning more than a 100 times the wage of the average worker. "This is a small but significant reduction and we view this positively," said Luke Hildyard, Policy Lead: Stewardship & Corporate Governance, Pensions and Lifetime Savings Association. "However, any complacency would be wrong." "Many companies are not listening to feedback from shareholders on this issue and the vast majority of pension fund investors think that pay gaps between executives and the wider workforce are too large." The CIPD said pay packages for CEOs remained "extraordinarily high" and for every 1 pound that the average FTSE 100 employee is paid, their chief executive earns 129 pounds. That ratio was down from 148 pounds in 2015, however. The decline in the total value of CEOs'' pay and perks follows increased pressure from investors ahead of the last round of shareholders'' annual general meetings, at which pay and other corporate issues were discussed and voted on. Among those to speak out earlier in the year about how boards should set their pay policies, which govern payouts for the next three years, were BlackRock ( BLK.N ), Legal & General ( LGEN.L ) and Norway''s sovereign wealth fund. Commenting on the survey results, a spokeswoman for the Investment Association, a trade body for asset managers, said several FTSE 100 companies had taken account of pay levels when setting pay policies, but it wanted the trend to continue. Income inequality is a hot political topic in Britain. Wage growth is not keeping pace with rising inflation since last year''s Brexit vote, putting consumer spending under strain. Prime Minister Theresa May has promised to overhaul corporate governance to try and close the earnings gap. "We have to hope that the reversal in rising executive pay is the beginning of a re-think on how CEOs are rewarded, rather than a short-term reaction to political pressure," said the CIPD''s chief executive, Peter Cheese. Business Minister Margot James said the CIPD''s report showed companies were making progress in ensuring executive pay is properly linked to performance, as sought by the government. Editing by Jeremy Gaunt, Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-pay-ftse-idUKKBN1AI2X7'|'2017-08-03T02:06:00.000+03:00'
'08e888451f3e7d32a4b501a4953b1e876cbe4a80'|'South Africa appoints Vodacom executive as CEO for state airline SAA'|'JOHANNESBURG, Aug 3 (Reuters) - South Africa has appointed Vodacom Group executive Vuyani Jarana as the new chief executive officer for the state airline, the Treasury said on Thursday."Given that Mr Jarana has turned around a loss-making subsidiary of the Vodacom Group, Vodacom Business Africa, into profitable and growth business, we believe he will be key in turning around South African Airways," Finance Minister Malusi Gigaba said in a statement.Jarana is currently chief officer for Vodacom Business at telecoms operator Vodacom Group. (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-saa-ceo-idUSJ8N1K401M'|'2017-08-03T17:03:00.000+03:00'
'e24d3e64d17f96e2494c8c62bef496abf93d9a90'|'Nikkei falls, hit by tech shares after ''Apple effect'' fades'|'August 3, 2017 / 6:23 AM / 9 minutes ago Nikkei falls, hit by tech shares after ''Apple effect'' fades 3 Min Read * ANA soars after Q1 operating profit jumps 80 pct * Weak correlation between opinion polls, Japan stocks-analyst By Ayai Tomisawa TOKYO, Aug 3 (Reuters) - Japan''s Nikkei share average fell on Thursday as investors wasted little time taking profits in tech shares which rallied the previous day on Apple''s strong quarterly earnings. The Nikkei ended 0.3 percent lower at 20,029.26 points. "The Japanese market rose ahead of U.S. markets after Apple''s earnings so investors were quick to lock in gains," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The Dow climbed above the 22,000 mark overnight for the first time, buoyed by Apple Inc''s healthy quarterly iPhone sales. But other tech stocks such as Applied Materials fell, while Philadelphia SE Semiconductor Index dropped 0.7 percent. "Although Apple surged overnight, other U.S. tech stocks were weak, and that''s why investors quickly decided that the overall market would not continue to benefit from ''the Apple effect'' and Japanese companies like Tokyo Electron fell today," Fujito added. Chip equipment maker Tokyo Electron Ltd shed 2.4 percent, while Advantest Corp stumbled 2.9 percent. Bucking the trend, ANA Holdings Inc soared 5.4 percent after Japan''s biggest airline by revenue said its first-quarter operating profit rose 80 percent due to brisk business on international routes and after taking control of low-cost arm Peach Aviation Ltd. Market reaction was muted to Prime Minister Shinzo Abe''s reshuffle of his cabinet on Thursday, as he attempts to regain public support hurt by a series of scandals. "The correlation between opinion polls and Japanese stocks is seen weak for now," said Takuya Takahashi, a strategist at Daiwa Securities, adding that unless Abe''s support rate declined sharply from the current level, the impact from political developments on the Japanese market should be limited. Abe had until recently been seen as likely to win a third term as head of his ruling Liberal Democratic Party (LDP), guaranteeing him the premiership and putting him on track to be Japan''s longest-serving prime minister. But his support has fallen below 30 percent in the recent polls, hit by opposition-fanned suspicions of Abe''s favouritism to a friend, as well as voter perceptions that he and his aides have grown arrogant in office. The broader Topix ended nearly flat at 1,633.82. (Reporting by Ayai Tomisawa; Editing by Lisa Twaronite and Kim Coghill) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1KP2K9'|'2017-08-03T09:19:00.000+03:00'
'd8f4679211809b278f47a65cd79bceff7b20980f'|'BHP denies it has agreed to sell Samarco stake to Vale'|'August 1, 2017 / 2:00 AM / 3 hours ago BHP denies it has agreed to sell Samarco stake to Vale Reuters Staff 2 Min Read FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via File Photo SYDNEY/RIO DE JANEIRO (Reuters) - BHP Billiton ( BHP.AX )( BLT.L ) on Tuesday denied commentary in a Brazilian newspaper that it has agreed to sell its stake in the Samarco iron ore mine to its partner Vale ( VALE5.SA ). The Samarco mine has been shut since November 2015, when a dam burst, unleashing a deluge of mud that killed 19 people and destroyed nearby towns. A columnist in the respected O Globo newspaper reported on Sunday that BHP wants to sell its stake and Vale wants to buy it. The column said the decision has been made. "It is something that will take more than six months to close," the column said. BHP spokesman Ben Pratt said the report was "incorrect". "There has been no agreement," he said. Asked whether BHP was looking to sell its stake, Pratt said: "We remain committed to the long-term remediation of the Samarco project." Vale declined to comment. BHP and Vale face a 155 billion real (37.86 billion pounds) claim to clean up the country''s worst environmental disaster. Reporting by James Regan and Marta Nogueira; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-vale-sa-samarco-idUKKBN1AH2SP'|'2017-08-01T04:57:00.000+03:00'
'f998c9f19544cebb3422d0b7fca8d266d6bfc471'|'Johnston Press half-year profit falls as tough trading persists for newspapers'|'August 2, 2017 / 6:32 AM / 3 minutes ago Johnston Press half-year profit falls as tough trading persists for newspapers Reuters Staff 3 Min Read (Reuters) - Newspaper publisher Johnston Press Plc ( JPR.L ) reported a 30.9 percent fall in half-year adjusted pretax profit and said trading conditions for regional newspapers in the UK continue to be difficult. However, the company said the monetisation of its digital audience continued to gain momentum, partly offsetting the decrease in print advertising revenues. The newspaper industry has been hard hit in recent years as advertisers have followed readers to online platforms, forcing print publishers such as Trinity Mirror ( TNI.L ) and Daily Mail and General Trust ( DMGOa.L ) to cut costs drastically. Trinity Mirror, which owns the Daily Mirror, on Monday ramped up its cost savings plan after weak print advertising and poor sales of classified ads pushed its half-year adjusted operating profit down 9.4 percent. Johnston Press said revenue, excluding classifieds, grew 4.6 percent to 85.6 million pounds in the 26 weeks to July 1, on stronger digital business and sales of "i" newspaper. The 250-year-old company said digital advertising revenue rose 14.8 percent, excluding classifieds, while print advertising revenue fell 4.5 percent. Revenue from classifieds fell 28.8 percent in the period. Digital audiences grew 15 percent to a record high of 26.5 million unique users a month, the company said, while page views rose about 20 percent to more than 110 million on average per month. Johnston, which has over 200 titles across the country, acquired "i", the cut-price sister paper of The Independent, for 24 million pounds last year to tap into its growing circulation revenue and advertising base. "i" newspaper''s circulation revenue rose to 11 million pounds from 4.4 mln pounds, while advertising revenue jumped nearly fourfold to 3 million pounds. Johnston''s adjusted pretax profit fell to 6.7 million pounds ($8.9 million) in the 26-week period from 9.7 million pounds, a year earlier. The publisher of the Yorkshire Post, The Scotsman, and several regional newspapers said total revenue fell 3.1 percent to 102.9 million pounds. Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-johnston-press-results-idUKKBN1AI0KA'|'2017-08-02T09:32:00.000+03:00'
'df46d04c00185cd7708c7805558c628444a84a2b'|'UK watchdog appoints funds critic to come up with fee disclosure format'|'August 2, 2017 / 1:43 PM / 32 minutes ago UK watchdog appoints funds critic to come up with fee disclosure format 2 Min Read LONDON, Aug 2 (Reuters) - Britain''s markets watchdog has asked an academic who accused the funds industry of being in "collective denial" over fees to come up with a common format for asset managers to publish their charges. The Financial Conduct Authority (FCA) is scrutinising the 6 trillion pound sector to see how it can offer better value for money. Making it easier for investors to compare charges is one way of doing this. "We want to see more consistent and standardised disclosure of costs and charges to institutional investors," the FCA said on its website on Wednesday. The watchdog said it has appointed Chris Sier, a professor at Newcastle University Business School, to chair a working group of industry and investor representatives to agree a template for fund managers to disclose their costs and charges. "Dr Sier... is an expert in pension scheme costs and charges who has worked closely with the Local Government Pension Scheme (LGPS) in developing their template for institutional disclosure," the FCA said. Sier is also the government''s "fintech" envoy for the north of England. The new group will be assembled by Sier and will start meeting in September. It should agree on a template for "mainstream" asset managers by year end, the FCA said. Sier told Reuters last year that the funds sector was in "collective denial" over fees. "If the asset management industry thinks things are going to carry on the way they are, they are sad, they are wrong," he said at the time, adding he had previously been threatened with lawsuits and had his phone tapped by an asset manager upset with his work. Reporting by Huw Jones; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-funds-regulations-idUSL5N1KO54U'|'2017-08-02T16:43:00.000+03:00'
'09fc706f0ff616a203fdbeec0013ad51178f6b12'|'Germany''s Siemens wins tender for Turkish wind power project'|'August 3, 2017 / 1:50 PM / 18 minutes ago Germany''s Siemens wins tender for Turkish wind power project Ercan Gurses 2 Min Read FILE PHOTO - Siemens logo is pictured at Siemens Healthineers headquarters in Erlangen near Nuremberg, Germany on October 7, 2016. Michaela Rehle/File Photo ANKARA (Reuters) - Turkey picked Germany''s Siemens ( SIEGn.DE ) as the winning bidder for a $1 billion (762.36 million pound) wind power project on Thursday, a sign Ankara wants to keep business separate from the widening diplomatic row between the NATO allies. Relations have deteriorated amid the crackdown that followed the failed coup in Turkey last year. The arrest last month of 10 rights activists, including a German, prompted Berlin to say it would review arms deals with Turkey. Ankara has sought to reassure German investors, saying their business in Turkey is not at risk. Germany was Turkey''s top export destination, buying $14 billion worth of Turkish goods in 2016, according to IMF data. A consortium led by Siemens was awarded the tender for the project - which includes the construction of a 1,000 MW power plant and wind turbines - after beating out eight other bidders, Energy Minister Berat Albayrak said. The award will mark an "important contribution" to bilateral relations, he said. The Siemens consortium, which includes Turkey''s Kalyon and Turkerler, submitted a bid of $3.48 cents per kilowatt-hour, beating Chinese firm Ming Yang, Germany''s Enercon and Denmark''s Vestas ( VWS.CO ). The turbines were due to come online by 2019, Albayrak said, adding the project will increase Turkey''s wind energy production by 17 percent. Turkerler Chairman Kazim Turker said that 35 percent of the project would be financed through international sources. Additional reporting by Orhan Coskun; Writing by Tuvan Gumrukcu; Editing by David Dolan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-turkey-energy-windpower-idUKKBN1AJ1ZR'|'2017-08-03T16:51:00.000+03:00'
'7bd98da01122a089dd9f5ae1e5f595edfac35fb5'|'UPDATE 1-UK Stocks-Factors to watch on Aug 3'|'August 3, 2017 / 7:03 AM / 36 minutes ago UPDATE 1-UK Stocks-Factors to watch on Aug 3 5 Min Read (Adds company news, futures) Aug 3 (Reuters) - Britain''s FTSE 100 futures were up 0.05 percent ahead of the cash market open on Thursday. * CONVATEC: British medical technology company ConvaTec on Thursday reported a 7.4 percent fall in operating profit for the first half of the year, as increased expenses offset higher sales and margins. * SERCO: British outsourcing group Serco said a better-than-expected outlook for its bid pipeline kept it on track to meet profit and revenue guidance this year despite several of its markets turning markedly more unpredictable. * INMARSAT: British satellite company Inmarsat said it was on track to meet its full-year revenue targets despite markets proving challenging and the general industry outlook difficult to predict. * MONDI: Packaging and paper company Mondi''s half-year underlying profit fell 6 percent after the valuation of its forestry assets in South Africa rose less than the year before and due to the impact of mill maintenance shutdowns, it said on Thursday. * AVIVA: Life and general insurer Aviva posted an 11 percent rise in operating profit in the first half of 2017 to 1.47 billion pounds ($1.94 billion), it said on Thursday, boosted by strong performances in its general insurance and fund management units. * ESURE GROUP: British insurer esure Group Plc reported a surge in first-half pretax profit, driven by an increase in demand for its motor insurance products and rising insurance prices. * COBHAM: Cobham, the struggling British aerospace and defence electronics company, said on Thursday it was reviewing the future of its wireless business, which accounts for 10 percent of revenue, in the next stage of its turnaround plan. * NEXT: British clothing retailer Next on Thursday reported a return to quarterly sales growth, driven by a strong performance from its Directory catalogue and internet business. * RANDGOLD: Randgold on Thursday reported a 53 percent rise in half-year profit and said its cash pile rose 11 percent to $572.8 million despite the payment of the 2016 dividend of $94 million. * LONDON STOCK EXCHANGE: London Stock Exchange Group Plc reported a 19.5 percent rise in first-half adjusted operating profit, helped by a strong performance in its clearing and FTSE Russell indexes businesses. * BOE: The Bank of England looks set to keep interest rates at a record low once again on Thursday with investors looking for signs that, faced with Brexit, it is getting nearer to raising rates for the first time in a decade. * COPPER: Three-month copper on the London Metal Exchange CMCU3 was mostly flat at round $6,354.50 a tonne. * GOLD/DEMAND: Global demand for gold fell 14 percent in the first half of this year due mainly to a sharp decline in purchases by exchange traded funds, the World Gold Council said in a report on Thursday. * OIL: Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market. Brent crude futures, the international benchmark for oil prices, were trading down 20 cents, or 0.4 percent, at $52.16 per barrel at 0506 GMT. * EX-DIVS: Unilever, RELX and Micro Focus will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 2.35 points off the index. * Britain''s major share index slipped on Wednesday as basic resources and financial stocks weighed on another full day of earnings with Standard Chartered and Rio Tinto among the large companies reporting disappointing results. The FTSE 100 dipped 0.3 percent after two robust sessions of gains, dragged down by heavyweight miners Rio Tinto and Glencore, with financials the biggest sector weight. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets Today''s Uk Papers > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1KP2TW'|'2017-08-03T10:02:00.000+03:00'
'0588d06ae06c50807b89721f7b3bb50987a432cd'|'Unilever''s venture arm gives Germany''s Helping a hand'|'The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid /File Photo (Reuters) - Unilever ( ULVR.L ) ( UNc.AS ) has invested in the German start-up Helping, a website for booking home cleaners, its latest effort to test new businesses as technology changes ways of selling packaged goods.The Anglo-Dutch company, whose brands include Domestos cleaners, Persil detergent and Dove soap, announced the investment on Wednesday, without disclosing its size.Helping, whose other investors include Rocket Internet ( RKET.DE ) and Mangrove Capital, plans to roll out additional household services internationally and upgrade its technology.The investment from Unilever Ventures, the company''s venture capital and private equity arm, follows a string of partnerships with the three-year old start-up, including co-branded marketing campaigns and the distribution of home care products to Helping customers, who use the site to find and book independent cleaners.Unilever was one of the first packaged goods makers to set up a venture capital arm to invest in early-stage brands, but the strategy has been adopted in recent months by nine other big food industry players.Unilever Ventures has also invested in food delivery services Gousto and Sun Basket.Reporting by Martinne Geller, editing by David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/helping-m-a-unilever-idINKBN1AH5DX'|'2017-08-01T20:24:00.000+03:00'
'368b3606f0fa311e8b62d2548c96600745c040bb'|'Ternium wins antitrust nod for ThyseenKrupp''s Brazil steel unit'|'SAO PAULO (Reuters) - Brazil''s antitrust agency Cade has approved Ternium SA''s ( TX.N ) acquisition of Thyssenkrupp AG''s ( TKAG.DE ) Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA, allowing the German behemoth to end a foray in the Americas that triggered massive losses.In a ruling published in Brazil''s government gazette on Tuesday, Cade allowed without restrictions Ternium''s purchase of Thyssenkrupp''s 100 percent stake in CSA. The deal was valued at 1.5 billion euros ($1.8 billion) when it was announced on Feb. 22, confirming a Reuters report the prior day.On June 9, Cade agreed to analyze a request from Brazilian steelmaker Cia Siderúrgica Nacional SA ( CSNA3.SA ) to gauge whether the Ternium-CSA deal could hamper competition in the local flat steel market.Late last year, Thyssenkrupp took full control of CSA after Vale SA ( VALE5.SA ), the world''s No. 1 iron ore producer, exited the company for a token sum.Reporting by Gabriela Mello, Ana Mano and Guillermo Parra-Bernal; Editing by Jeffrey Benkoe'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csa-m-a-ternium-antitrust-idINKBN1AI1FG'|'2017-08-02T09:40:00.000+03:00'
'ae8e7761850de6d6159d291b5422dd5349cf9b01'|'Shares of mall owner GGP drop after halting strategic alternative plan'|'NEW YORK (Reuters) - Shares of GGP Inc ( GGP.N ), a large owner of malls and regional shopping centers, fell sharply on Wednesday after the company said it would stay the course and not sell assets following a board review of all "strategic alternatives" announced in May.The stock was down 5.4 percent at $21.80 in morning trading, after earlier tumbling more than 8 percent. Shares had jumped 4.6 percent on May 1 when GGP said it was reviewing "all strategic alternatives."GGP Chief Executive Sandeep Mathrani said on a call with analysts that there was a tremendous amount of embedded value in its assets and that proceeding with GGP''s current strategy would produce the best long-term results for shareholders."We felt there was a lot of meat on the bone that the board didn''t want to leave on the table," Mathrani said. "We will continue to lease, lease, lease," he said.Mathrani said in May that there was a wide discount between public and private markets and that some of the parts were far greater than GGP''s stock price.On Wednesday, Mathrani said that gap remained but surprised analysts by saying the best way forward was to stay the course.Reporting by Herbert Lash; Editing by Bernadette Baum'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ggp-stocks-idUSKBN1AI1UL'|'2017-08-02T22:28:00.000+03:00'
'bafbc5b19ecb1133ab330fe92f2394600cc86758'|'How Toshiba''s sale of $18 billion chip unit stalled, and what''s next'|'August 2, 2017 / 5:18 AM / 12 hours ago How Toshiba''s sale of $18 billion chip unit stalled, and what''s next Makiko Yamazaki 4 Min Read FILE PHOTO: Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Japanese conglomerate Toshiba Corp''s talks to sell its prized memory chip business have stalled, raising concerns over how fast the company can plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear business. Toshiba''s chips and devices business accounted for roughly a third of its sales in the last financial year, and is the world''s second-largest maker of NAND chips after Samsung Electronics Co Ltd. The following are key questions and answers on the state of play and what might come next. Q. What''s going on with Toshiba''s memory chip sale? A. Toshiba said early this year that it would sell its chip business to pay down debt and cover the impact of a $6.33 billion writedown and liabilities linked to U.S. nuclear arm Westinghouse. Shareholders approved the plan in March. In June, Toshiba picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as a preferred bidder. But Western Digital, which jointly invests in Toshiba''s main chip plant and is a rival bidder, has taken Toshiba to court, arguing it needs to consent to a sale. The battle has unnerved the state-backed funds, and they are demanding that Toshiba resolve the conflict before the sale. Another point of contention has been a proposal by SK Hynix to help fund the deal with convertible bonds - a step that could eventually give it an equity interest. The Japanese funds do not want SK Hynix to gain a management stake. Q. What is Toshiba doing? A. In attempt to revive the stalled talks, Toshiba began reconsidering offers from other bidders last month, including Western Digital as well as Foxconn, formally known as Hon Hai Precision Industry, sources have said. Foxconn has said Apple Inc and computing giant Dell would join its bid. Sources said this week that the board was still split over which proposal was better. Q. Why does Toshiba need to sell it? A. Toshiba estimates that its nuclear losses drove its net worth to a negative 582 billion yen ($5.25 billion) in the last fiscal year. Reporting negative net worth - liabilities exceeding assets - for the second year running would prompt a delisting from the Tokyo Stock Exchange. Given regulatory approvals for any chips sale are likely to take at least several months, analysts say the company needs to reach a deal in weeks - rather than months - if it wants to be sure to close the deal by the end of the fiscal year in March. Toshiba has not provided an updated timeline for its decision on chips, saying it wants to clinch a deal as soon as possible. Q. What else could trigger a delisting? A. Toshiba could also be forced to delist if auditor PricewaterhouseCoopers Aarata does not endorse its financial results for the last fiscal year by an Aug. 10 deadline. Toshiba has already been demoted from the bourse''s main board, and a non-endorsement by its auditor would increase chances of a delisting, although the decision is up to the bourse. PwC has queried whether Toshiba needed to recognize losses at Westinghouse earlier, rather than in December last year. Toshiba was then still recovering from a previous 2015 accounting scandal that led to the ousting of several bosses. Q. Does a delisting matter? A. If it is delisted before a chips sale is completed, that disposal becomes less urgent. But it could further complicate Toshiba''s ability to raise money from markets or banks, in particular to feed its cash-hungry memory-chip business, jeopardizing its competitiveness. Toshiba is already barred from issuing equity as a result of the 2015 scandal. A delisting would cause some market waves and impact key shareholders. It would be the first major delisting for over a decade; even camera maker Olympus averted one in 2012, following a scandal around hidden losses. Reporting by Ritsuko Ando and Makiko Yamazaki; Edited by Clara Ferreira Marques and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN1AI0E9'|'2017-08-02T08:17:00.000+03:00'
'a3b853f75215c4fe6b3b976e094c91a9a13c99f4'|'KKR to take PharMerica private in $1.4 billion deal'|'(Reuters) - PharMerica Corp ( PMC.N ), a U.S. pharmacy manager for long-term care facilities, said on Wednesday it agreed to be acquired by a newly formed company controlled by buyout firm KKR & Co LP ( KKR.N ) for $1.4 billion, including debt.Under the deal, PharMerica''s shareholders will receive $29.25 per share in cash, representing a 16.8 percent premium to the company''s Tuesday closing price.PharMerica shares were trading a little short of the offer price at $28.90 before the bell on Wednesday.Drugstore chain operator Walgreens Boots Alliance Inc ( WBA.O ) will be a minority investor in the newly formed company. The deal, which will take PharMerica private, is expected to close early next year.PharMerica was created in 2007 by a merger of businesses spun off from AmerisourceBergen Corp ( ABC.N ) and Kindred Healthcare Inc ( KND.N ). It provides pharmacy services, ranging from dispensing prescriptions to trying to control drug costs, to nursing homes.The company also reported second-quarter profit and revenue largely in line with estimates, and said it had canceled its post-earnings conference call in light of the KKR deal.UBS Investment Bank and BofA Merrill Lynch are serving as financial advisers to PharMerica, while Davis Polk & Wardwell LLP is serving as legal adviser.Simpson Thacher & Bartlett LLP and Weil, Gotshal & Manges LLP are serving as legal advisers to KKR and Walgreens Boots Alliance, respectively.Last August, Reuters reported PharMerica was exploring strategic alternatives including a potential sale, citing people familiar with the matter.Reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar and Supriya Kurane'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pharmeric-m-a-kkr-idINKBN1AI1EA'|'2017-08-02T09:25:00.000+03:00'
'8baf9e7f0d2b1cee8be515e98be98c9d45072adb'|'U.S. oil prices open above $50 for first time since May, but headwinds persist'|'August 1, 2017 / 1:54 AM / 23 minutes ago Oil down 3 percent as ample OPEC supply weighs David Gaffen 3   A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. Essam Al-Sudani/File Photo NEW YORK (Reuters) - Oil slid about 3 percent from a two-month high on Tuesday as major world oil producers kept pumping out supply, worrying investors that several weeks of steady gains had pushed the rally too far, too fast. Selling picked up in the late morning as oil broke below Monday''s lows, and with more than 725,000 U.S. futures contracts traded by 12:17 p.m. EDT (1617 GMT), it was shaping up to be one of the busiest sessions in the last several weeks. OPEC production rose in July, a Reuters survey found Monday, despite a deal to cut output. That prompted selling after U.S. oil futures had risen more than 16 percent since late June. "It seems to be more technical and a combination of that and the OPEC story has everybody running for exits at the same time," said Phil Flynn, analyst at Price Futures Group in Chicago. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines. Brent crude LCOc1, the international benchmark, was down $1.55 a barrel, or 2.9 percent, to $51.18 at 12:17 p.m. EDT (1617 GMT). U.S. crude CLc1 was down $1.53, or 3.1 percent, to $48.64 a barrel. "Momentum indicators have us in overbought territory over the last few days, which is telling you (oil) is going to pull back somewhat," said Robert Yawger, director of energy futures at Mizuho Americas. Gasoline and heating oil crack spreads RBc1-CLc1 HOc1-CLc1 were stronger on Tuesday after Royal Dutch Shell ( RDSa.L ) said its Pernis refinery in the Netherlands, Europe''s largest oil refinery, will remain closed through mid-August following a fire. Industry group the American Petroleum Institute (API) is due to report its data on U.S. inventories at 4:30 p.m. EDT (2030 GMT). The U.S. government''s official data is out on Wednesday. On the demand side, forecasters including the International Energy Agency have been raising their estimates. [IEA/M] Oil company BP said Tuesday it sees demand growing by 1.4 to 1.5 million barrels per day (bpd). The Organization of the Petroleum Exporting Countries, along with Russia and other non-members have agreed to reduce output by 1.8 million bpd from Jan. 1, 2017 until March next year to get rid of excess supply. Oil output by OPEC rose last month by 90,000 bpd to a 2017 high, led by Libya, one of the exempt producers. For graphic on U.S. commercial crude oil stocks click: here Additional reporting by Alex Lawler and Henning Gloystein; Editing by Nick Zieminski and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AH2SJ'|'2017-08-01T04:45:00.000+03:00'
'00cc24c2d5aeb127765a6e28f4fd50219ad4336e'|'Gold steady near seven-week highs as dollar stumbles'|'August 1, 2017 / 1:08 AM / 3 hours ago Gold steady near seven-week highs on struggling dollar Nithin ThomasPrasad 3 Min Read A salesman arranges gold ornaments, on a display board, inside a jewellery showroom during Akshaya Tritiya, a major gold buying festival, in Kochi, India April 28, 2017. Sivaram V BENGALURU (Reuters) - Gold prices held steady near seven-week highs early Tuesday, after registering their biggest monthly gain in five in July, supported by a slump in the U.S. dollar and political uncertainty. Spot gold was nearly flat at $1,269.30 per ounce at 0358 GMT. It rose 2.2 percent last month, its biggest monthly gain since February. U.S. gold futures for August delivery rose 0.2 percent to $1,269.00 per ounce. "A weaker U.S. dollar continues to help precious metals to shine," said Jeffrey Halley, a senior market analyst at OANDA. "To this, we can add U.S./Russia relations, North Korea, Venezuela and the revolving door at the White House to the mix, all of which will also be supportive of gold as a safe haven." The dollar inched up but still hovered near a 2-1/2 year low versus the euro on Tuesday. Its outlook remained clouded by U.S. political turmoil and doubts about whether there will be another Federal Reserve rate hike this year. Tensions simmered in the U.S. as Russia retaliated to new sanctions and as North Korea continued to pose a threat to the country after it said on Saturday it had conducted another successful test of an intercontinental ballistic missile. [nL5N1KM3ZT] Gold is often used as an alternative investment during times of political and financial uncertainty. Investors are also looking ahead to the U.S. non-farm payrolls data later this week and how that will affect the dollar, according to Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. Spot gold is poised to break a resistance at $1,271 per ounce and rise towards the next resistance at $1,277, driven by a strong wave C, according to Reuters technical analyst, Wang Tao. In other precious metals, silver 0.3 percent to $16.84 per ounce. It hit an over one-month high in the previous session and rose 1.3 percent in July. Palladium rose 0.4 percent to $886.73 per ounce after it hit a near seven-week high in the previous session $897.05. It rose almost 5 percent in July. Platinum climbed 0.4 percent to $938.90 per ounce, after rising to $943.70 in the previous session, the highest since June 14. It rose almost 5 percent in July in what was its first monthly gain since February. Reporting by Nithin Prasad and Arpan Varghese in BENGALURU; Editing by Richard Pullin and Kenneth Maxwell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1AH2QA'|'2017-08-01T04:07:00.000+03:00'
'2cd70caa4f5c856daaf6f3fdaa0eaa95d75984c4'|'Daimler invests in flying taxi firm Volocopter'|'August 1, 2017 / 11:14 AM / in a minute Daimler invests in flying taxi firm Volocopter Reuters Staff 1 Min Read FILE PHOTO: A sign showing the name of German truck maker Daimler is pictured at the IAA truck show in Hanover, September 22, 2016. Fabian Bimmer/File Photo FRANKFURT (Reuters) - Germany''s Volocopter said it has received 25 million euros ($30 million) in funding to develop an electric flying taxi, with car and truck maker Daimler among the firms providing fresh cash. Daimler joined a consortium which includes technology investor Lukasz Gadowski, who sits on the supervisory board of Delivery Hero, and others, Volocopter said on Tuesday. Volocopter said it is developing a five-seat vertical take off and landing (VTOL) electric vehicle aimed at the taxi market and plans to carry out initial demonstrations in the fourth quarter of 2017. Potential competitors to Volocopter include German start-ups Lilium Jet and eVolo, as well as U.S.-based Terrafugia and California-based Joby Aviation. Commercial aircraft and helicopter manufacturer Airbus is also developing a single-seat "flying car." Reporting by Edward Taylor; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-volocopter-investment-idUKKBN1AH40Y'|'2017-08-01T14:03:00.000+03:00'
'81b0e2c9deaa2842ff45b5b23f6a5ddbc3eb8066'|'Rolls-Royce first-half profit rises as it steps up production'|'August 1, 2017 / 6:25 AM / 3 hours ago Rolls-Royce beats forecasts as it ramps up production Paul Sandle 3 Min Read FILE PHOTO: Rolls Royce Trent XWB engines, designed specifically for the Airbus A350 family of aircraft, are seen on the assembly line at the Rolls Royce factory in Derby, November 30, 2016. Paul Ellis/Pool/File Photo LONDON (Reuters) - Rolls-Royce ( RR.L ) beat first-half profit forecasts on Tuesday after delivering 27 percent more aircraft engines and higher maintenance revenue. The British maker of engines for aircraft and ships reported an underlying pretax profit of 287 million pounds, up 148 percent from a year earlier and beating market forecasts of 193 million. Rolls shares rose by as much as 8 percent to a two-year high of 957.5 pence after its earnings report. Chief Executive Warren East is rebuilding Rolls-Royce after a record annual loss last year, hurt by a bribery fine, a weaker British pound and falling revenue from older engine programmes. He is cutting costs, shortening manufacturing times and investing in new engines that will increase the size of its fleet and associated servicing revenue in the next decade. East said the company had beaten expectations in profit and cash in the first half. "That was due to a good performance from civil aerospace, there was an increase there in revenue, particularly from our in-service fleet," he told reporters. "We''ve made good progress but there''s still a lot to do and I''m telling people this is no time for complacency." The company is doubling production of its large civil aircraft engines, led by the Trent XWB for the long-range Airbus A350. It aims to capture half of the market by 2020. FILE PHOTO: Rolls Royce Trent XWB engines, designed specifically for the Airbus A350 family of aircraft, are seen on the assembly line at the Rolls Royce factory in Derby, November 30, 2016. Paul Ellis/Pool/File Photo It said it had an order book of more 2,700 large civil aircraft engines, which reflects an average five years of production including six years of cover for the Trent XWB family. The profit, however, comes from long-term service contracts with airlines. East said the company had reduced the loss it is making producing the engine as early launch pricing came to an end and it improved manufacturing efficiency. Analysts at Jefferies said a better-than-expected cash performance of negative 339 million pounds against their expectation of negative 585 million was reason enough for "a moment of exuberance". East, however, said the company needed to continue to ramp up of civil engine production and new product launches. Its marine engines business, which accounts for 8 percent of revenue, was still loss-making, and revenue in defence aerospace fell 4 percent, although lower overheads improved profit. East said the company was sticking to its full-year outlook calling for a modest performance improvement overall and similar free cash flow to the 100 million pounds achieved in 2016. He said adjustments in long-term contract accounting and a better performance in it power systems unit had come through quicker than expected, but it was also producing a lot more of the engines on which it books a loss. "Put all those together, we are pretty comfortable keeping the outlook as its stands," he said. Editing by Kate Holton and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rolls-royce-hldg-results-idUKKBN1AH370'|'2017-08-01T09:24:00.000+03:00'
'25fc6317d648817c829297d55c00c1166eaa416b'|'Morgan Stanley says euro strength to weigh on European earnings, financials best-placed'|'August 1, 2017 / 10:38 AM / 8 minutes ago Morgan Stanley says euro strength to weigh on European earnings, financials best-placed Reuters Staff 2 Min Read LONDON (Reuters) - The potential drag on European corporate profits, and equity valuations, from the euro''s surge this year is emerging as a key theme in the ongoing results season, with Morgan Stanley joining the chorus of big brokers warning of the hit to exporters. European equities have enjoyed renewed investor enthusiasm this year. However, the broadest European stock index is nursing two straight months of losses as investors take some money off the table on the back of the euro''s sharp rally. Strategists at Morgan Stanley cautioned that a 10 percent rise in the euro could knock 5 to 8 percent off Euro zone earnings and shave about 0.7 percentage points off regional GDP growth a year later as exports fall. On current estimates, European earnings are expected to grow 12.4 percent in 2017, according to Thomson Reuters I/B/E/S. The euro EUR= has rallied more than 12 percent year to date and is holding at two-and-a-half year peaks. This could be an issue for the region as its firms source 54 percent of their costs domestically versus 48 percent of their revenues, according to Morgan Stanley. Tech hardware, food, beverage & tobacco and household products firms could be hit hardest as these sectors have the highest foreign exposure, Morgan Stanley said, while banks, real estate and utilities could benefit as they have the lowest overseas exposure. "Financials are the last remaining source of net upgrades," Morgan Stanley strategists wrote in a note to clients. On the other hand, stocks that had benefited from a weaker euro in recent years such as Infineon, Valeo, Faurecia, Nokian Tyres and Tods, appear vulnerable, Morgan Stanley added. Reporting by Kit Rees, Editing by Vikram Subhedar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-earnings-euro-idUKKBN1AH3XV'|'2017-08-01T13:38:00.000+03:00'
'02a63bf6b842b10ff55e3765aaa5b0fa0a58d124'|'UPDATE 1-COFCO eyes bid for Renuka sugar mill in Brazil -court document'|'(Adds auction details, context)By José Roberto GomesSAO PAULO, Aug 1 (Reuters) - Chinese commodities trader COFCO has asked to participate in an auction in Brazil where a sugar mill owned by India''s Shree Renuka Sugars Ltd will be sold as part of an in-court debt restructuring, according to court documents seen by Reuters on Tuesday.COFCO already owns four sugar and ethanol plants in Brazil capable of processing a combined 15 million tonnes of cane per year. The company looked at other potential targets last year, but said prices were too high.Renuka, which is under bankruptcy protection, will sell its Revati mill in the municipality of Brejo Alegre in Sao Paulo state. The plant, which is near COFCO''s Sao Paulo operations, has capacity to process 4 million tonnes of cane per year. The auction is scheduled for Sept. 4.If successful, it would be the third sale of sugar and ethanol plants in Brazil through judicial auctions in less than a year, as players with stronger capital structure snap up the assets of heavily indebted rivals.Glencore Plc bought the Guararapes mill in November from distressed sugar group Unialco. Raízen Energia SA, a 50-50 joint venture between Cosan SA Industria e Comercio and Royal Dutch Shell Plc, acquired two mills from Tonon Bioenergia SA in June.According to the court documents seen by Reuters, Brazilian sugar firm Companhia Mineira de Açúcar e Álcool (CMAA), which owns two mills in Minas Gerais state, has also asked to take part in the auction. Last year CMAA acquired the Vale do Pontal mill from U.S.-based Archer Daniels Midland. (Reporting by José Roberto Gomes and Marcelo Teixeira; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-sugar-cofco-idINL1N1KN0YS'|'2017-08-01T14:44:00.000+03:00'
'12ed77099d5a6b441c2a6319eefc2d5b30c9ab6d'|'Singapore''s Temasek looking at German acquisitions -Welt am Sonntag'|'FRANKFURT, Aug 6 (Reuters) - Singapore state investor Temasek, one of the world''s biggest investors, wants to make acquisitions in Germany, a top executive of the group told a German weekly newspaper.The sovereign wealth fund is being advised by Michael Diekmann, former CEO of insurer Allianz, and Franz Fehrenbach, supervisory board chairman at Bosch."We want to increasingly turn to Germany," Tan Chong Lee, head of Temasek Europe, told Welt am Sonntag. "We have already looked at companies in Berlin and Munich."Lee said Temasek''s focus was on industrials but also companies in the consumer, technology, agricultural, pharma, biotech and services sectors, either listed or unlisted."We are also open to taking over companies completely jointly with a private equity group," he said, noting Temasek was not planning to take an overly proactive role, instead aiming for minority stakes and leaving business to management."We don''t want to restructure the companies or exchange management," he said. (Reporting by Christoph Steitz; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/germany-ma-temasek-holdings-idINL5N1KS06Y'|'2017-08-06T08:56:00.000+03:00'
'f6094964b472659da479979428977f0317bc2f1d'|'China''s Sunac raises $1 billion in bonds to refinance debt after deal spree'|'FILE PHOTO: Sunac China Holdings Ltd logo is seen during a exhibition in Hangzhou, Zhejiang province, China, May 25, 2015. China Daily/via File Photo HONG KONG/SHANGHAI (Reuters) - Sunac China Holdings Ltd has issued $1 billion worth of bonds offshore to refinance some of its existing debt, in the acquisitive Chinese property developer''s latest fundraising after a recent spate of deals.The highly-leveraged company is tapping multiple financing channels offshore after its credit risks came under scrutiny in China on a string of high-profile purchases, including the $6.52 billion tourism projects deal with Dalian Wanda Group and a $2.2 billion stake in Leshi Internet.Last week, Sunac agreed a private share sale worth $516.4 million.Sunac said in a filing on Thursday it issued $400 million senior notes due in 2020 and $600 million due in 2022 at coupon rates of 6.875 percent and 7.95 percent, respectively.The new bonds started trading on Thursday slightly weaker than their issue price."Clearly a billion dollars across two tranches is a big size – normally high yield names come in smaller tranches. And this is an acquisitive company," said a bond trader who asked not to be named, referring to the weak debut of Sunac''s new bonds.The bond sale included nine bookrunners, a lineup larger than usual, underscoring the challenges to issuers amid ample supply in the China high yield property sector.LVGEM (China) Real Estate is the latest joining the long queue of issuers on Thursday, hiring eight bookrunners.Analysts have said Sunac''s gearing ratio will surge to become among the most indebted developers in the country after the Wanda deal, and S&P has put Sunac''s rating on CreditWatch Negative, which means there is 50 percent of chance of negative rating action."The proceeds from the notes issue are intended to be used for re-financing the group''s existing indebtedness," Sunac said.Sunac''s next bond maturity date will not be until 2019, but 32.64 billion yuan from other borrowings will be due by the end of this year. Bond analysts expect the company to call the 2019 bonds on which it is paying a coupon of 8.75 percent. The bonds are callable in December.Sunac said its total borrowings, which include notes, asset-backed securities, bank loans, corporate bonds and private domestic corporate bonds, amounted to 112.8 billion yuan ($16.77 billion) as of the end of 2016.Sunac chairman Sun Hongbin said last month the deal with Wanda, which was adjusted to exclude the purchase of 76 hotels, would help the company''s liquidity and lower its debt level. He added the firm had "ample" cashflow, with 90 billion yuan of cash on hand.HSBC, Morgan Stanley, China CITIC Bank International, Citigroup, CMB International, Haitong International, Industrial Bank Co, ICBC International and SPDB International are the bookrunners of Sunac''s bond sale.Reporting by Clare Jim, Umesh Desai, Donny Kwok in HONG KONG and Adam Jourdan in SHANGHAI; Editing by Stephen Coates and Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sunac-china-notes-idINKBN1AJ02A'|'2017-08-02T23:16:00.000+03:00'
'024e4859a3f1c20224ee23ddeb52a36bba5e1796'|'Euro zone economy outperforms Britain for second straight quarter'|'August 1, 2017 / 9:04 AM / an hour ago Euro zone economy outperforms Britain for second straight quarter Francesco Guarascio 3 Min Read The map of Europe is depicted on a twenty euro banknote in this photo illustration taken in Athens, Greece May 22, 2015. Alkis Konstantinidis BRUSSELS (Reuters) - The euro zone economy confirmed a robust expansion in the second quarter of the year, growing twice as much as Britain for the second consecutive quarter, preliminary estimates released by the European Union''s statistics agency showed on Tuesday. The reading confirmed the trend begun this year as the 19-country currency bloc consolidates its recovery while Britain starts to feel the negative impact of its decision to quit the European Union. Gross domestic product (GDP) in the euro zone increased 0.6 percent on the quarter, after a slightly downwardly revised 0.5 percent rise in the first quarter, Eurostat''s data showed. In the March-June period, Britain''s economic output grew by 0.3 percent on the quarter, edging up from a sluggish rate of 0.2 percent in the first three months of the year. Britain''s slowdown comes after the country showed robust growth last year, outgrowing the euro zone in the last three quarters. The loss of pace coincides with the beginning of divorce talks with the EU in March and increased prospects of no access to the EU market after Brexit for Britain-based companies. Meanwhile, the euro zone economy has picked up speed, bolstered by higher business optimism, strong domestic consumption and decreasing unemployment, which in June reached its lowest level since 2009. In annualised terms, the euro zone economy expanded 2.3 percent in the second quarter after a 2.0 percent rise in the first three months of the year, Eurostat said. "All in all, the euro zone economy has rounded out the first half of the year in a very healthy state and seems to be set up nicely for continued firm growth for the rest of 2017," Bert Colijn, senior economist at ING said. In its latest forecasts, released in July, the International Monetary Fund estimated the euro zone would grow 1.9 percent this year and 1.7 percent in 2018, above Britain''s projected growth of 1.7 percent this year and 1.5 percent next. The EU economics commissioner, Pierre Moscovici, said the new estimates could likely lead to an upwardly revision of the commission''s forecasts, which in May predicted a 1.7 percent rise of euro zone''s output this year and 1.8 percent in 2018. Updated estimates of euro zone GDP growth in the second quarter will be released by Eurostat on August 16 and final data will come on September 7. The healthier state of the bloc''s economy could support European Central Bank''s plans to begin a tightening of monetary policy in autumn, although headline inflation remained stable at 1.3 percent in July, below the ECB target of below but close to 2 percent. Reporting by Francesco Guarascio @fraguarascio Editing by Jeremy Gaunt. 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-gdp-idUKKBN1AH3OL'|'2017-08-01T16:57:00.000+03:00'
'6fc86c1f5bf02d514507e643a7b8bfae98cd80ca'|'Apple doubles down on China as rivals pull ahead'|'August 1, 2017 / 1:26 PM / an hour ago Apple doubles down on China as rivals pull ahead Adam Jourdan and Pei Li 5 Min Read SHANGHAI/BEIJING (Reuters) - Apple Inc is binding itself more closely to China as its share of the world''s biggest smartphone market slips and it becomes more reliant on selling services which require government approval. A flurry of recent action by Cupertino-based Apple underlines its push to get on the right side of China''s notoriously tough tech regulators, as it looks to revive sales there. This weekend it moved to block apps used to evade the country''s internet censors, a decision that fits with Beijing''s recent crackdown on unapproved online content. And Apple has announced it will establish its first China data centre in the politically important province of Guizhou, and has created the new position of a managing director for Greater China, reporting directly to CEO Tim Cook. Apple''s China revenues have stalled, falling for a fifth straight quarter in January-March, when sales grew in every other region. China recently slipped to Apple''s third-largest market, as consumers have switched to newer domestic offerings. The buzz around new launches has also cooled since the iPhone 6 in 2014. (Graphics on ''China''s online chatter for iPhone7'' - tmsnrt.rs/2ufP3NQ ) When it unveils quarterly earnings later on Tuesday, Apple is likely to report another dip in China smartphone sales. Its once coveted iPhone has slipped into fifth position behind offerings from local rivals Huawei [HWT.UL], Oppo, Vivo and Xiaomi [XTC.UL], analysts said. The iPhone''s share of China''s smartphone shipments fell to 9 percent in January-June, from a peak of 14 percent in 2015, according to consultancy Counterpoint. Having China''s government on-side will certainly help. (Graphics on ''Smartphone market in China'' - tmsnrt.rs/2oSSFn3 ) "Because others have eaten away at Apple''s market share in China, it now has to pay more attention to regulation from government," said Beijing-based tech analyst Li Chengdong. "China is such a key market for Apple that it has to listen." Apple declined to comment for this article. Apple, like other U.S. tech brands including Facebook Inc and Alphabet Inc''s Google, has looked to woo China''s leaders to give it greater access, especially as it pushes services such as its App Store and Apple Pay. Services were Apple''s rare bright spot in its struggling China business and logged double-digit revenue growth in Greater China in January-March. And maintaining momentum is crucial, as device sales may come under pressure again until Apple unveils its new iPhone, widely expected later this year in a milestone launch that will be key to winning back Chinese buyers. A man looks at the screen of his mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. Aly Song Friendly Signal The services push, however, comes with risks. China is tightening regulation of what it sees as its cyberspace, including online media, live streaming and gaming, and brought in a new cyber security law on June 1, pushing firms to store user data inside China''s borders. Apple has made swift moves to comply, despite concerns by overseas business groups who say the law''s strict data rules and storage requirements are overly vague. The new data centre - part of a planned $1 billion investment in Guizhou province - has a potential political upside too. Beijing wants to turn Guizhou into a tech hub, while President Xi Jinping himself has close ties to the region as a delegate for the province at the Communist Party congress. "By setting up a data centre and pulling VPNs, (Apple) is sending a friendly signal to the Chinese government," said Liu Xingliang, head of the DCCI Internet Research Institute. Apple said at the weekend it would remove virtual private network (VPN) services from its China App Store - systems that allow users to bypass China''s so-called "Great Firewall" aimed at restricting access to overseas sites. Beijing has targeted VPNs as it bids to tighten control over the domestic internet, a drive that is ramping up ahead of the Communist Party Congress later this year. Some said the recent moves jarred with Apple''s stance in the United States last year, when it opposed an FBI court order to break into an iPhone of a gunman who fatally shot 14 people in San Bernardino in December 2015, with Cook saying it would be "bad for America". The U.S. firm''s gamble here is clear: making moves to appease Chinese censors may prompt criticism outside China, but the firm will hope that local consumers are rather less fazed. "It''s normal that Apple wants to get along well with the Chinese government," said Wang Siyue, 27, a marketing professional in Shanghai, who is a long-term iPhone user. "I will buy the next generation (iPhone) when it comes out. I''m just used to it," Wang said, adding she doesn''t use VPN much, and Apple''s move to take down the app wouldn''t impact her decision to buy a new iPhone. Reporting by Adam Jourdan and Pei Li; Editing by Miyoung Kim and Ian Geoghegan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-china-vpn-analysis-idUKKBN1AH4BJ'|'2017-08-01T16:26:00.000+03:00'
'860306cb4c8f717a2b26c654e242497ae19cb3ea'|'Global air freight demand in first-half strongest in 7 years – IATA'|'Aug 2 (Reuters) - Demand for global air freight rose 11 percent in June, lifting first-half growth to the highest since 2010, due to a surge in global trade, the International Air Transport Association (IATA) said on Wednesday."Air cargo is flying high on the back of a stronger global economy. Demand is growing at a faster pace than at any time since the Global Financial Crisis," said IATA Chief Executive, Alexandre de Juniac.New global export orders remained close to a six-year high, IATA added.Air freight demand, measured in freight tonne kilometres, climbed 10.4 percent for the first half.Available capacity rose 5.2 percent in June.Earlier on Wednesday, German airline Lufthansa raised its forecast for its air freight unit. (Reporting by Anna Serafin, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airlines-iata-freight-idINFWN1KO05A'|'2017-08-02T06:56:00.000+03:00'
'f952d5d395462660e4ae8ddac1d055d1926ff318'|'BRIEF-Agex Therapeutics raises $10 mln in equity financing to fund operations'|'August 2, 2017 / 1:10 PM / 12 minutes ago BRIEF-Agex Therapeutics raises $10 mln in equity financing to fund operations 1 Min   Biotime Inc * Agex Therapeutics Inc - raised $10 million in equity financing to fund its operations * Agex Therapeutics Inc - following financing, biotime continues to own about 87% of agex''s outstanding shares * Agex Therapeutics - financing is expected to fund preclinical development at agex as well as building company''s operational infrastructure  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-agex-therapeutics-raises-10-mln-in-idUSFWN1KO0QS'|'2017-08-02T16:10:00.000+03:00'
'1a9b1238a4d8cb222f60b5d485d6bc8a2a46c1ed'|'Greece sells 6-month T-bills, yield falls to 2.5 pct'|'ATHENS, Aug 2 (Reuters) - Greece sold 813 million euros ($961.5 million) of six-month T-bills on Wednesday to refinance a maturing issue, the country''s debt agency PDMA said.The paper was sold at a yield of 2.50 percent, down 28 basis points from a previous sale last month. The amount raised included 187.5 million euros in non-competitive bids.The sale''s bid-to-cover ratio was 1.86, up from 1.30 in the previous auction in July.In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is August 4. ($1 = 0.8920 euros) (Reporting by George Georgiopoulos)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-treasuries-idINZYN282U00'|'2017-08-02T07:41:00.000+03:00'
'5835090a765a291a79e5b029b7917eabafbdea01'|'BRIEF-City Furniture selects Ingenico Group and IBM to deliver in-store experience'|'August 2, 2017 / 1:05 PM / 11 minutes ago BRIEF-City Furniture selects Ingenico Group and IBM to deliver in-store experience   INGENICO GROUP SA: * CITY FURNITURE SELECTS INGENICO GROUP AND IBM TO DELIVER ENHANCED IN-STORE EXPERIENCE * CITY FURNITURE HAS CHOSEN TO UPGRADE POINT OF SALE (POS) ACROSS ITS 15 CITY FURNITURE AND 12 ASHLEY FURNITURE HOMESTORE SHOWROOMS   (Gdynia Newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-city-furniture-selects-ingenico-gr-idUSFWN1KO0RL'|'2017-08-02T16:05:00.000+03:00'
'1159be742e7c2adb67874aab9b0e41900dadfc2b'|'UPDATE 1-Philadelphia refiner, grappling with debt, says operations uninterrupted -letter'|'(Adds company comment)By Jarrett RenshawNEW YORK, Aug 2 (Reuters) - Philadelphia Energy Solutions will continue to operate its refinery without interruption as it seeks ways to tackle its debt burden, the company''s chief executive officer told employees in a letter reviewed by Reuters.It followed a Reuters report on Tuesday which said that the company tapped investment bank PJT Partners Inc for advice on dealing with its near-term debt maturities, including a $550 million loan that comes due in 2018."PES is in the midst of an ongoing process to assess our capital structure with the goal of improving financial flexibility," CEO Greg Gatta told employees in the letter dated Aug. 1. "We have engaged financial and legal advisors and are working constructively with our lenders to find a solution that will support the business for years to come."Gatta cited the Reuters report as the impetus for the letter.The PES-owned refinery, located in South Philadelphia, is the largest on the East Coast. It has a capacity of 335,000 barrels per day.When asked about the letter, a PES spokeswoman said the company''s examining its debt amid industry challenges but does not expect operations to be disrupted.The latest developments come five years after private equity firm Carlyle Group LP and Energy Transfer Partners LP''s Sunoco Inc cut a deal, supported by tax breaks and grants, to rescue the refinery owner from bankruptcy.The company had success in the initial years but has been whipsawed by weakening discounts on Bakken crude, high regulatory costs associated with the U.S. renewable fuel standard program and an industry-wide downturn, Gatta said. (Reporting By Jarrett Renshaw; Editing by W Simon, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/philadelphia-energy-solutions-refinery-r-idINL1N1KO1FW'|'2017-08-02T16:24:00.000+03:00'
'14a38cdd68338942d87625bf6051a49fd0e50013'|'Nikkei rises on strong earnings; Apple suppliers shine'|'* Murata, TDK soar after Apple''s strong earnings* Honda surges after co raises FY profit outlookBy Ayai TomisawaTOKYO, Aug 2 (Reuters) - Japan''s Nikkei share average posted modest gains on Wednesday, supported by strong earnings reports from local companies and by a rally in Apple suppliers after it reported robust profits.The Nikkei was up 0.4 percent at 20,058.24 points by mid-morning, after rising 0.3 percent on Tuesday.Apple suppliers soared, with Murata Manufacturing rising 3.2 percent, Taiyo Yuden rising 3.3 percent and TDK Corp gaining 1.9 percent after Apple Inc delivered surprisingly strong third-quarter earnings and signaled that its upcoming 10th-anniversary iPhone lineup is on schedule.Honda Motor Co soared more than 4 percent after Japan''s No.3 automaker raised its full-year operating profit forecast thanks to solid demand in Asia.While Japanese stocks have been supported by strong earnings from companies, traders say the Nikkei will continue to hover around the 20,000 mark because investors have been cautious about the risk of a further rise in the yen."So far, companies are reporting better-than-expected results, but such positive catalysts are offset by worries about a strong yen," said Toru Ibayashi, executive director of Wealth Management at UBS Securities in Tokyo."When the Nikkei is trading in a narrow range, retail investors are buying when the index is in the lower level in the range. Foreign investors would have chased the market higher if the yen weakens, but that''s not happening right now."Although the dollar was 0.1 percent higher at 110.490 yen during Asian trade, it touched a near seven-week low of 109.920 yen overnight.The dollar has been weighed down by political turmoil gripping Washington and largely uninspiring U.S. economic data, which is adding to uncertainty about the pace of future U.S. Federal Reserve policy tightening.Bucking the strength, mining stocks underperformed after oil prices fell, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel.Inpex Corp dropped 0.8 percent and Japan petroleum Exploration Co shed 0.5 percent.The broader Topix advanced 0.2 percent to 1,631.61 and the JPX-Nikkei Index 400 added 0.2 percent to 14,524.34. (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1KO11A'|'2017-08-02T00:30:00.000+03:00'
'c545f102a23b011741aac6b5ce1cb8aeea3284bb'|'UPDATE 1-Delaware court reverses closely watched DFC Global appraisal ruling'|'(Adds comments from shareholder attorney)By Tom HalsWILMINGTON, Del., Aug 1 (Reuters) - The Delaware Supreme Court on Tuesday reversed a lower court ruling that payday lender DFC Global Corp was sold too cheaply in 2014, but stopped short of declaring that the deal price should be a key test of fair value of a stock in a merger.The ruling stems from a so-called appraisal action, which has become a popular strategy for hedge funds to try to squeeze more cash from a merger deal, over the sale of DFC Global to Lone Star Funds for $9.50 per share, or about $1.3 billion.While the deal was approved by DFC shareholders, the funds went to court. Last year, a Delaware judge determined that the fair value of their 4.6 million DFC shares was $10.21 each, a 7 percent increase.The Delaware Supreme Court sent the case back to the Court of Chancery and directed Chancellor Andre Bouchard to reassess his finding and explain why he did not accept the deal price as fair value.Lone Start Funds declined to comment and Stuart Grant, a lawyer for the hedge funds, did not respond to a request for comment.Bouchard ruled last year that while the sale process "appeared to be robust," which usually protects against appraisal lawsuits, fair value was higher than the deal price because the business was in a temporary trough.Critics of Bouchard''s ruling urged the Supreme Court to use the DFC case to require the lower court to apply the deal price when the sales process was properly run, which the Supreme Court declined to do.Shareholder attorney Mark Lebovitch of Bernstein Litowitz Berger & Grossmann said a requirement to use the deal price would have been "intellectually indefensible." But he also noted Tuesday''s opinion second-guesses Bouchard''s ruling throughout."Shareholders should be concerned that the Supreme Court is constantly making it harder for the Court of Chancery to make any ruling in favor of shareholders, even in the most modest way."The Supreme Court also criticized Bouchard''s decision to downplay the deal price because the private equity fund premised what it could pay based on its own internal rate of return."To be candid, we do not understand the logic of this finding," said the opinion by Chief Justice Leo Strine.Wall Street dealmakers have warned that Bouchard''s view made it difficult for private equity buyers to protect their deals from appraisal-seeking hedge funds. (Reporting by Tom Hals in Wilmington, Delaware; editing by Grant McCool and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dfc-global-lone-star-ruling-idINL1N1KN1X0'|'2017-08-01T19:38:00.000+03:00'
'517134959de8e55de1580ce6d5f04b1a2a026059'|'Toshiba to invest in chip line without JV partner Western Digital'|'August 3, 2017 / 4:01 AM / 3 hours ago Toshiba to invest in chip line without JV partner Western Digital 1 Min Read TOKYO, Aug 3 (Reuters) - Toshiba Corp said on Thursday it would go ahead with the capital investment to build a memory chip production line without joint venture partner Western Digital Corp. The Japanese company said it has increased the initial amount of capital investment in the Fab 6 production line to 195 billion yen ($1.76 billion), up by 15 billion yen from its original estimate, because it is now going it alone. In a statement, Toshiba said it had been in talks with Western Digital''s SanDisk about investment jointly in the chip production line but they have not been able to reach an agreement. ($1 = 110.6700 yen) (Reporting by Taiga Uranaka; Editing by Chris Gallagher) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-chip-idUST9N1IK01K'|'2017-08-03T07:01:00.000+03:00'
'5c7585191617c2d69e05bb5a213049d341c56192'|'U.S. labour market tightening; services sector growth slowing'|'Emily Harp, Human Resources Specialist for the Colorado Department of Transportation, speaks to a job seeker at the Construction Careers Now! hiring event in Denver, Colorado U.S. August 2, 2017. Rick Wilking WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell last week, pointing to a tightening labour market that likely keeps the Federal Reserve on course to announce plans next month to start reducing its massive bond portfolio.Labour market strength was also underscored by another report on Thursday showing U.S.-based employers last month announced the fewest job cuts in eight months. But a moderation in services sector activity to an 11-month low in July put a wrinkle in the brightening economic outlook.The services sector accounts for more than two-thirds of the U.S. economy and analysts worry that the slowdown, if sustained, could keep inflation tame."The services economy is cooling, which makes the Fed''s goal of 2 percent inflation a little harder to achieve," said Chris Rupkey, chief economist at MUFG in New York. "But with the labour market tight, the Fed can continue mopping up the stimulus provided to fight the financial crisis and recession."Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 240,000 for the week ended July29, the Labor Department said. Economists had forecast claims falling to 242,000.Claims have now been below 300,000, a threshold associated with a healthy labour market, for 126 straight weeks. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is near full employment, with the jobless rate at 4.4 percent.The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 2,500 to 241,750 last week, the lowest level since May.Economists believe that labour market tightness will encourage the Fed to announce a plan to start offloading its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September.The U.S. central bank is, however, expected to delay raising interest rates until December because of low inflation. The Fed has raised rates twice this year.The claims data has no bearing on July''s employment report, which is scheduled to be released on Friday, as it falls outside the survey period.According to a Reuters survey of economists, nonfarm payrolls probably increased by 183,000 jobs last month after surging by 222,000 in June. The unemployment rate is seen falling one-tenth of a percentage point to 4.3 percent.The U.S. dollar .DXY initially firmed against a basket of currencies on the claims data but gave up gains after the services sector survey. Prices for U.S. Treasuries rose, buoyed in part by the Bank of England''s decision to keep interest rates at a record low and downgrade its economic and inflation forecasts.U.S. stocks were mixed, with the S&P 500 <.SPX) and the Nasdaq .IXIC falling, but the Dow .DJI setting a new record high.LAYOFFS DECLINE In a separate report on Thursday, global outplacement consultancy Challenger, Gray & Christmas said U.S.-based employers announced 28,307 job cuts last month, down 9 percent from June and the fewest number since November 2016.Retailers planned to cut 3,862 jobs in July. They were closely followed by the healthcare products and services sector where employers planned 3,634 layoffs."While retailers are cutting the most jobs this year, those companies are also announcing the most hiring," said John Challenger, chief executive officer of Challenger, Gray & Christmas. "New retail jobs could be going to places like fulfilment and distribution centres."Retailers have accounted for 245,616 of the 556,493 new jobs that have been announced so far this year, according to Challenger tracking. Online retail giant Amazon ( AMZN.O ) plans to hire about 50,000 workers this month at its warehouses and sorting centres.A third report from the Institute for Supply Management (ISM) showed its non-manufacturing index fell to a reading of 53.9 last month, the lowest since August 2016, from 57.4 in June. A reading above 50 in the ISM index indicates an expansion in the services sector."The ISM report is clearly a big disappointment and suggests that the economy may have lost some momentum going into the third quarter," said Andrew Hunter, an economist at Capital Economics. "But it is worth remembering that these monthly surveys have always been volatile."Last month, a gauge of new orders received by services industries fell to 55.1 from 60.5 in June. A measure of services sector employment dropped 2.2 points to 53.6.Nine industries reported increasing employment and four said they had cut payrolls. Some companies said they "continued to refine workforce through efficiencies" and others reported "filling more open positions."Reporting by Lucia Mutikani; Editing by Paul Simao'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-economy-idINKBN1AJ1X0'|'2017-08-03T11:20:00.000+03:00'
'dca290f6e2cd5a829d2d9f10b1949f811260416a'|'Australia new vehicle sales notch another record in July-industry'|'SYDNEY, Aug 3 (Reuters) - Australian new vehicle sales recorded a third straight month of record sales in July, a hopeful sign for spending across the economy given consumers were confident enough to splash out on big ticket items.The Australian Federal Chamber of Automotive Industries'' VFACTS report out on Thursday showed 92,754 new vehicles were sold in July, up 1.6 percent on the same month last year. Both months had the same number of selling days.That was the highest total for a July month on record. Sales for the year to date were running at 692,306, up 0.4 percent on the same period of 2016.Sales of sports utilities alone jumped 9.4 percent in July, with the small and medium segment in demand. Sales of light commercial vehicles edged up 0.8 percent after a run of very strong months, while the heavy vehicle market gained 14.5 percent.Toyota Motor Corp retained first place on the sales ladder with 19.3 percent of the market, while Mazda Motor Corp had another upbeat month taking 10.3 percent.Hyundai Motor took third spot with 8.1 percent. The Holden unit of General Motors followed with 7.0 percent, ahead of Ford at 6.8 percent. (Reporting by Wayne Cole)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-economy-vehicleregistrations-idUSL4N1KN054'|'2017-08-03T05:00:00.000+03:00'
'1e46e60e0eff8527effcac871e6f29ec69d458bf'|'MIDEAST STOCKS-Saudi supermarket Al Othaim may jump on Q2 beat'|'August 3, 2017 / 5:57 AM / in an hour MIDEAST STOCKS-Saudi supermarket Al Othaim may jump on Q2 beat 2 Min Read DUBAI, Aug 3 (Reuters) - Stock markets in the Gulf may trade in a narrow range on Thursday after crude oil prices regained some positive ground overnight while strong quarterly results from a Saudi supermarket chain may help boost its shares. On Wednesday, Brent contracts rose 1.1 percent, climbing back over $52 a barrel overnight. Although they weakened slightly early on Thursday, they were trading at $52.17 at 0546 GMT. In Saudi Arabia shares of supermarket owner Al Othaim Markets may rise as its second-quarter net income of 71.21 million riyals surpassed expectations. NBC Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals. The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces. Shares of Wataniya Insurance may get a boost after it reported an 81.1 percent on-year rise in second-quarter net profit to 7.68 million riyals. Medical equipment and hospital operators Al Hammadi , which has a market value of 4.51 billion riyals ($1.20 billion) as of Wednesday''s close, said it has entered preliminary discussions to study the "possibility of merger" with its smaller-sized peer National Medical Care. Details of the potential merger were not disclosed. Abu Dhabi''s largest listed developer, Aldar Properties , reported a 5.6 percent drop in second-quarter profit to 620 million dirhams ($169 million) amid a double-digit drop in revenue. SICO Bahrain and EFG Hermes had forecast a quarterly profit of 631.72 million dirhams and 600 million dirhams respectively for Aldar. ($1 = 3.7501 riyals) (Reporting by Celine Aswad; Editing by Sunil Nair) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KP0SX'|'2017-08-03T08:57:00.000+03:00'
'220122f065a274b3f41feac7b01393bbf97b300a'|'Clothing retailer Next returns to sales growth in latest quarter'|'August 3, 2017 / 6:26 AM / 34 minutes ago Clothing retailer Next returns to quarterly sales growth Reuters Staff 2 Min Read FILE PHOTO: A worker dresses a mannequin in a shop window display at a branch of clothing retailer Next in London''s West End, September 30, 2014. Andrew Winning/File Photo LONDON (Reuters) - British clothing retailer Next ( NXT.L ) on Thursday reported a return to quarterly sales growth, helped by an improvement in product ranges, a better online offer and a spell of warm weather. Next, which reduced profit guidance in January and May, said full price sales rose 0.7 percent in the second quarter to July 29. That compares to a fall of 3.0 percent in the previous quarter. The firm said it remained cautious on the consumer outlook. Britain''s most successful clothing store chain this century has faltered over the last two years, suffering from a broader slowdown in spending on clothing and footwear that it first identified in late 2015. Its shares have fallen 20 percent over the last year. It has previously cautioned that sales would likely be depressed this year by a squeeze in consumer spending as inflation erodes real earnings growth, and by price rises on garments due to the pound''s devaluation. Full price second quarter sales at Next Retail fell 7.4 percent, but they were up 11.4 percent at the Directory catalogue and internet business, with strong sales both in the UK and overseas. Next narrowed its sales guidance range for the full 2017-18 year to down 3.0 percent to up 0.5 percent from down 3.5 percent to up 0.5 percent previously. Profit guidance of 680-740 million pounds was maintained. Such an outcome would represent a second straight year of decline. Reporting by James Davey; editing by Kate Holton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-next-outlook-idUKKBN1AJ0MH'|'2017-08-03T09:26:00.000+03:00'
'fa39789b51e2a3da31813520d9f0850e5feadb3b'|'The private-equity business learns to be more flexible'|'THE private-equity business presents a paradox. Its barons like to boast of revamping the companies they buy. But they themselves have been steadfast to their own business model, centred on funds with a ten-year life. Within this time span, fund managers, known as “general partners” (GPs), commit to buy, manage and sell a clutch of companies; investors commit to lock up their money for the duration. Sometimes GPs or investors chafe at the time constraint. A new segment of the secondary market, “GP-led” deals, has sprung up to help them.Investors wanting to exit a fund early need to find a buyer for their stake in the secondary market. But sometimes none will offer an attractive price. Sometimes also, a fund nearing its expiry date may find itself still holding a large number of its investments. GP-led deals place the onus on fund managers to find buyers.  Such transactions have quickly grown from just 10% of the secondary market in 2012 to over one-third this year, according to estimates from Credit Suisse, a bank (see chart). Some such deals offer liquidity to investors during a fund’s “normal” lifetime. For instance, when many investors want to sell out of a fund early, a manager may solicit offers from buyers through a tender process, often getting investors a better price, as in a 2015 deal by Palamon Capital Partners, a British firm. A variant is a “stapled” deal where a firm ties a secondary-market sale to a primary fundraising. In June, Lexington, a secondary investor, agreed to buy out €1.2bn ($1.4bn) from investors in a 2012 fund of BC Partners, a London-based firm, while committing €600m to that firm’s newest fund.Perhaps the greatest novelty of GP-led deals, however, has been to ease the ten-year straitjacket. Private-equity managers often reckon they could make a better return by holding some assets for longer. But investors usually want their money back as promised, and are reluctant to stick around for much more than an additional year or two. GP-led fund restructurings and spin-outs try to close this gap.The restructuring market had a rocky start in around 2011. Some of the earliest deals involved poorly performing managers with no plans to set up any new funds. Investors were understandably unhappy at being stuck in “zombie funds”, or even being asked to chip in more.But as the market has grown, restructuring and spin-out deals have become a way to provide investors with the liquidity they want, while allowing assets to be managed for longer. The deals now nearly always involve new capital, usually from specialist investors in the private-equity secondary market, such as HarbourVest or Neuberger Berman. So existing investors can be offered choices ranging from cashing out to staying put to investing more.Such deals are not necessarily just for strugglers, but have become a tool for fund managers to pursue other goals. For instance, Investindustrial, a firm focused on southern Europe, in March 2017 put some assets into a new fund, largely because it expected better returns from managing its prize asset, PortAventura, a Spanish theme park, for longer. In 2016, Bridgepoint, a British private-equity firm, sold several smaller firms from its 2005 fund to a new fund, as it wanted to focus its efforts on a few investments, such as its crown jewel, Pret A Manger, a sandwich chain, which it wished to take public.The recent boom has been in part cyclical. In private equity’s core markets of Europe and America, where investors expect continued growth, secondary stakes are selling on average at just a 5% discount to their net asset value, making restructurings look attractive. In South America, by contrast, where the economic outlook is cloudier, the going discount is about 30%, and negotiations over several GP-led restructurings have collapsed.David Atterbury of HarbourVest, however, argues that GP-led deals are far from a temporary phenomenon: investors prize the liquidity they bring, and managers appreciate the newfound flexibility. Credit Suisse reckons private-equity secondary transactions may approach $40bn this year. But according to Preqin, a data provider, private-equity assets stood at nearly $2.6trn worldwide at the end of 2016. The new market has plenty of room to grow.Clarification (August 4, 2017): The article has been amended to clarify that BC Partners’ deal with Lexington has not yet been completed. This article appeared in the Finance and economics section of the print edition under the headline "Secondary education"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21725778-financiers-used-changing-others-business-models-tinker-their-own?fsrc=rss'|'2017-08-05T08:00:00.000+03:00'
'd9e20e4ce881e62382eeb24bbb5468efe2e97f39'|'Mexico, U.S. to help fight British Columbia wildfires'|'(Reuters) - Firefighters from Mexico and the United States were due to arrive in British Columbia this week to help fight 138 wildfires in the Western Canadian province, the provincial government said on Tuesday, as more hot and dry weather was forecast."They are going to be valuable assets to us just given the situation we''ve got and ... the weather forecast," British Columbia chief fire information officer Kevin Skrepnek said in a daily call with reporters.Mexico will send 108 firefighters and the United States will send 27 to join a force of nearly 4,000 battling blazes that have shut sawmills and mines and forced thousands from their homes. It is so far the province''s third worst fire season on record based on area burnt.Since April 1, 840 fires across the province have charred an estimated 460,000 hectares (1.1 million acres) and destroyed 305 structures, officials said, including homes, outbuildings such as sheds and barns, and commercial buildings. Some 115 burnt structures have not been identified.Canadian Prime Minister Justin Trudeau got his first look on Monday at damage caused by fires in the central interior of the province when he visited the city of Williams Lake. He said he was "deeply affected" by what he had seen and thanked firefighting personnel for their work.Forestry company West Fraser Timber Co said on Sunday that its Chasm sawmill would remain closed while the nearby community of Clinton, British Columbia, was under an evacuation order. Many of the workers at the mill live in Clinton.Imperial Metals Corp said last week that it planned to have its Mount Polley mine fully operational from Wednesday after residents of Williams Lake, where many of its workers live, were able to return after an evacuation order was lifted.Around 6,000 people in British Columbia are unable to return to their homes, said Robert Turner, assistant deputy manager of Emergency Management B.C. Last month there were some 45,000 evacuees, the most since the fires began this year.The fires have cost the province C$188 million ($149.94 million) so far this fire season, Turner said.Reporting by Nicole Mordant in Vancouver; Editing by Toni Reinhold'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-wildfire-idUSKBN1AH5DL'|'2017-08-02T01:15:00.000+03:00'
'9c60fb090baf7c970833778648f525fd1375385c'|'BRIEF-Fortis says purchase agreement between co and Teck has been terminated'|'Aug 1 (Reuters) - Fortis Inc:* Fortis statement on Waneta dam agreement* Says BC Hydro has exercised its right of first offer to acquire Teck''s two-thirds interest in Waneta dam* Fortis Inc - purchase agreement between Fortis and Teck has been terminated and Teck will pay Fortis a break fee of approximately $28 million Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fortis-says-purchase-agreement-bet-idUSFWN1KN0TO'|'2017-08-02T04:12:00.000+03:00'
'de7f54e5f53980aae7f772f60d99560e79c778ac'|'Brazil''s Vale calls ''speculative'' news it plans to buy stake in Samarco'|'SAO PAULO (Reuters) - Brazilian mining company Vale SA ( VALE5.SA ) dismissed as speculative a news report saying it planned to buy a stake in Samarco Mineração SA SAMNE.UL from Australian partner BHP Biliton Ltd, according to a securities filing on Tuesday.The news item referred to in the filing appeared on July 30 in a blog hosted by O Globo newspaper, Vale said. Samarco, responsible for Brazil''s worst environmental disaster in history, is a 50-50 joint venture of Vale and BHP.Reporting by Ana Mano'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-samarco-miner-m-a-vale-idINKBN1AH46O'|'2017-08-01T09:59:00.000+03:00'
'2e85e5ed15a75308a96970d1b02648c9c3d1fdc4'|'German manufacturing posts more solid growth in July - PMI'|'August 1, 2017 / 8:01 AM / 22 minutes ago German manufacturing posts more solid growth in July - PMI Reuters Staff 2 Min Read A robot heats up car bumpers with gas flames prior to painting at the Volkswagen headquarters during a media tour to present Volkswagen''s so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer BERLIN (Reuters) - The German manufacturing sector posted solid growth in July, albeit at a slightly slower rate than in June as new orders came in more slowly, a survey showed on Tuesday. Markit''s Purchasing Managers'' Index for manufacturing, which accounts for about a fifth of the German economy, fell to a five-month low of 58.1 in July from 59.6 in June. The reading was above the 50 line that separates growth from contraction. It was slightly lower than the flash reading of 58.3. Despite reaching a five-month low, new orders rose for the 32nd consecutive month and output grew for the 51st month in a row. Manufacturers also hired new staff as they have been doing every month since April 2016. "The German manufacturing sector finally gave up some momentum in July," said Markit economist Trevor Balchin. "This was still indicative of marked overall growth, however, with rates of expansion for output, new orders and jobs remaining historically sharp. Supply chains in particular were kept under intense pressure at the start of the second half of 2017." Markit said German manufacturing output, which expanded 4.9 percent on the year in May, would post overall growth of 3.5 percent this year. Reporting by Joseph Nasr; Editing by Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN1AH3HN'|'2017-08-01T11:01:00.000+03:00'
'77c6536af63f1cfd38e58def13827f4a1bc9dc84'|'Munich mayor says diesel deal might not avert car ban'|'August 3, 2017 / 1:19 PM / in 6 minutes Munich mayor says diesel deal might not avert car ban Reuters   A BMW logo is pictured before the annual news conference of German premium automaker BMW in Munich March 19, 2014. Michaela Rehle/File   The mayor of Munich, home to carmaker BMW( BMWG.DE ), expressed doubts on Thursday about whether a deal between German politicians and auto makers to cut pollution was enough to avert possible bans of diesel vehicles. On Wednesday, politicians and top carmakers agreed at a crisis summit to overhaul engine software on 5.3 million diesel cars to try to repair the industry''s battered reputation and avert potential bans in several cities. "I fear that the promised software updates for newer cars and financial support for the owners of old cars will not be enough to protect the health of people in the cities," Munich mayor Dieter Reiter said of the deal. In June, Reiter said Munich would consider banning some diesel vehicles amid "shocking" nitrogen oxide emissions in the Bavarian capital, a move which helped fuel concern about the future of diesel engines in Germany. Fritz Kuhn, the mayor of the city of Stuttgart which is also considering a ban, said he was disappointed about Wednesday''s deal: "That can only be a first step, more must still come." Environmentalists said the plan - almost two years after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. diesel emissions tests - was too little, too late. They vowed to press ahead with legal action to push for bans. However, Transport Minister Alexander Dobrindt said he was hopeful that driving bans could be avoided, noting that carmakers had agreed to fund incentives to persuade consumers to trade in older diesel cars, in addition to software updates. Evercore analysts said the deal had bought carmakers more time and cities would want to test whether it really reduced pollution before proceeding with unpopular bans. "It will certainly take years to receive reliable data in order to make that call," they said. Reiter said Munich would examine the effectiveness of the measures agreed on Wednesday with its own air pollution tests. Reporting by Joern Poltz, Ilona Wissenbach, writing by Emma Thomasson; editing by Erik Kirschbaum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-emissions-munich-idUKKBN1AJ1X5'|'2017-08-03T16:19:00.000+03:00'
'b313a71d6741882101472c5ef1c03a143c69aaef'|'British consumer morale steadies in July but at low levels - YouGov/Cebr'|'July 31, 2017 / 11:08 PM / 7 hours ago British consumer morale steadies in July but at low levels - YouGov/Cebr 2   Shoppers walk past a sale sign in central London, Britain June 27, 2017. Toby Melville/File Photo LONDON(Reuters) - British consumer confidence steadied last month after falling sharply in the aftermath of June''s inconclusive national election, but it still marked the weakest two months in four years, a survey published on Monday showed. Pollster YouGov and the Centre for Economics and Business Research (Cebr) consultancy said its consumer confidence index crept back up to 107.3 in July from 107.1 in June. But morale overall remained muted as households have been squeezed by rising inflation that followed last year''s Brexit vote, as well as subdued wage growth. July''s reading marked the first time the index has been below 108 for two consecutive months since mid-2013, when Britain''s recovery from the financial crisis began in earnest. Respondents reported a decline in their household finances for the fourth month in a row, bringing that index to its lowest level since December 2014. Nina Skero, head of macroeconomics at Cebr, said this was to be expected given recent inflationary pressures, "What could be as troubling for many consumers over the coming year is the cooling off of property market expectations over the next 12 months - if house prices fall once again then tricky economic conditions would get even more difficult," she added. On Monday, Bank of England lending data showed mortgage approvals fell to a nine-month low in June. House price data from mortgage lender Nationwide are due at 0600 GMT. YouGov/Cebr''s gauges for job security and expectations for household finances for the next year helped to boost the index slightly overall. Another measure of consumer confidence from market research firm GfK fell to a one-year low in July - data which, alongside weak growth figures, is likely to further deter Bank of England policymakers from raising interest rates on Thursday. Reporting by Emma Rumney, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKBN1AG2MN'|'2017-08-01T02:07:00.000+03:00'
'cd09176a0a79dbb846175bb46208506f51f188cf'|'Air Canada''s second-quarter profit jumps 61 pct'|' 10 AM / 12 minutes ago Air Canada''s second-quarter profit jumps 61 pct 1 Min   Air Canada reported a 61 percent rise in quarterly profit on Tuesday, due to higher passenger traffic. The company''s net earnings rose to C$300 million ($240.8 million), or C$1.08 per share, in the second quarter, from C$186 million, or 66 Canadian cents per share, a year earlier. Operating revenue rose to C$3.91 billion from C$3.46 billion in the year-ago period. $1 = 1.2457 Canadian dollars Reporting by Anirban Paul in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-canada-results-idUSL4N1KN3S7'|'2017-08-01T13:06:00.000+03:00'
'817607d01008953f0221db2a74f40ed12d33923e'|'UPDATE 2-ConvaTec profit misses, CFO quits; shares plunge'|'(Adds share movement, analyst comment)Aug 3 (Reuters) - Medical technology company ConvaTec on Thursday posted lower first-half profit that fell short of expectations as expenses rose, sending its shares down more than 10 percent.ConvaTec also said CFO Nigel Clerkin would leave the company in October after its decision to relocate the position to its main office in Reading. He decided not to relocate his family from Dublin, it said.Shares in the company, which declared an inaugural interim dividend of 1.4 cents per share, posted their biggest drop since going public last October. The stock was the top percentage loser on the FTSE 100 index that was marginally up.ConvaTec said it appointed Frank Schulkes as CFO-designate and will become CFO on Oct. 31.Frank, who until 2015 was CFO and executive vice president of GE Healthcare, was the CFO of Germany-based industrial firm Wittur Group before being appointed at ConvaTec.ConvaTec, whose products are used in acute wound care and critical care, said adjusted operating profit fell 7.4 percent to $193.5 million in the six months ended June 30. The profit was below the company compiled consensus of $207 million.Operating expenses rose 10.4 percent to $307.7 million.UBS analysts said ConvaTec management attributed weakness in the first half to a range of one-off and non-repeating issues, but expected improvement in growth rates in all divisions in the second half."But we expect guidance of more than 4 percent revenue growth will come into question after 1.5 percent in H1," UBS analysts said in a note.Departure of the "well-regarded" CFO less than a year after the IPO may add an "additional cloud over the story", the analysts said.The company, which raised nearly $1.8 billion in the biggest IPO in 2016, said guidance for the full year remained unchanged with revenue growth weighted towards the second half of the year.ConvaTec recorded revenue growth in three out of its five businesses in the first half of the year.Gross margins rose to 60.3 percent from 58.8 percent a year ago, on the back of a "margin-improvement plan" that delivered a 40-basis-point benefit in the first half on a constant currency basis, the company said.ConvaTec still expects around half of the targeted 300 basis points improvement in adjusted gross margin this year. In comparison, the plan delivered a boost of about 130 basis points in 2016.Revenue rose marginally to $831.3 million, missing the company-compiled estimates of $834.4 million, ConvaTec said. (Reporting by Justin George Varghese; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/convatec-group-results-idINL4N1KP2SZ'|'2017-08-03T05:09:00.000+03:00'
'25e34a4781444877d1197caef238ef12f95c6eb3'|'REFILE-CEE MARKETS-Crown firms after Czechs deliver first EU rate hike for years'|'(Refiles to update headline) * Crown jumps as CNB lifts rates, surprising part of the market * Hike is the CNB''s first since 2018, EU''s first since 2012 * CEE central banks unlikely to follow CNB''s hike this year By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Aug 3 (Reuters) - The crown surged on Thursday after the Czech central bank (CNB) delivered the the European Union''s first central bank interest rate hike for more than five years to fight inflation. The 20 basis point hike in the two-week repo rate to 0.25 percent had not been expected by half of the analysts in a Reuters poll, and had not been priced in by markets, . It was the first Czech rate rise since 2008. The crown touched 25.9 against the euro, its strongest level since April when the CNB abandoned a cap which had kept the crown weaker than 27 since late 2013. It traded at 25.965 by 1139 GMT, up half a percent. Czech interest rates swaps (IRSs) ticked up around 5 basis points, short-end forward rate agreements rose 10 basis points and bond bid/ask spreads widened, but few deals were struck. The stocks of lenders Erste and Komercni Banka extended their gains after the decision, leading a 0.4 percent rise in the Prague bourse''s main stock index. The crown, which weakened to a one-month low of 26.172 earlier this week, traded at the levels where analysts in a Reuters poll projected it to be at the end of this month. The poll predicted a gradual strenghtening to 25.5 in the next 12 months, and projected stronger than expected courses for the region''s main currencies, with Europe''s economic growth powering ahead. The Czech economy is also picking up. With inflation running at 2.3 percent in June, above the 2 percent midpoint of the target range, the CNB had become the first central bank in the region which indicated that rate tightening could come soon. Sceptics had said that the crown firmed a good clip since being set free in April, and its strengthening had tightened monetary conditions enough. The CNB was also uncertain over how soon the European Central Bank will drop its own ultra-loose policy of bond purchases. "Future (CNB) decisions will be highly dependent on the inflation path and the state of the economy, which has recently been feared to be overheating," said Natalia Kornela Setlak, analyst of Nordea in a note. Romania''s central bank is unlikely to follow the example of the Czech hike at its meeting on Friday, according to another Reuters poll. None of the region''s central banks are seen lifting rates this year. Elsewhere, the government bonds of Hungary, which have much higher yields than Czechs, drew strong demand at two auctions on Thursday. CEE MARKETS SNAPSH AT 1339 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.965 26.103 +0.53 4.01% 0 0 % Hungary 303.65 303.59 -0.02% 1.70% forint 00 50 Polish zloty 4.2520 4.2576 +0.13 3.57% % Romanian leu 4.5635 4.5616 -0.04% -0.62% Croatian 7.4065 7.4065 +0.00 2.01% kuna % Serbian 119.44 119.70 +0.22 3.27% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1014.4 1010.5 +0.38 +10.0 2 9 % 7% Budapest 36238. 36041. +0.55 +13.2 23 13 % 3% Warsaw 2363.5 2366.0 -0.11% +21.3 2 6 4% Bucharest 8339.0 8299.2 +0.48 +17.7 4 2 % 0% Ljubljana 807.19 809.85 -0.33% +12.4 9% Zagreb 1885.2 1886.1 -0.05% -5.49% 7 3 Belgrade 718.22 707.17 +1.56 +0.12 % % Sofia 719.96 715.14 +0.67 +22.7 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0 0 +067b -2bps ps 5-year 0.083 0.048 +030b +4bps ps 10-year 0.898 0 +041b +0bps ps Poland 2-year 1.821 0.007 +249b -2bps ps 5-year 2.697 0.013 +291b +0bps ps 10-year 3.364 0.006 +288b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.57 0.67 0.77 0 IBOR=> Hungary <BU 0.23 0.31 0.38 0.15 BOR=> Poland <WI 1.79 1.825 1.88 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1KP6E8'|'2017-08-03T10:40:00.000+03:00'
'bf87ca0e7faf54061b50ea7ed7892e89773a8b93'|'EU mergers and takeovers (Aug 3)'|'BRUSSELS, Aug 3 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:Approvals and Withdrawals -- Chinese car parts maker Hubei Aviation Precision Machinery Technology Co. Ltd and Canadian peer Magna International to set up a joint venture (approved Aug. 3)-- U.S. communications infrastructure company Digital Bridge Holdings, Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to jointly acquire U.S. data centre operator Vantage Data Centres (approved Aug. 3)-- U.S. private equity firm Advent International to acquire Danish packaging company Faerch Plast from Swedish buyout firm EQT (approved Aug. 3)-- U.S. industrial company Deere & Co to acquire German road construction company Wirtgen (approved Aug. 3)New Listings -- Brammer France SAS, owned by U.S. private equity firm Advent International, to acquire machine parts supplier Industrial Parts Holding (notified Aug. 1/deadline Sept. 6/simplified)Extensions and Other Changes -- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline Aug. 25)First-Stage Reviews by Deadline Aug 4 -- Austrian construction company WIG Wietersdorfer Holding GmbH and Saudi Arabian Amiantit to set up a joint venture (notified June 29/deadline Aug. 4)Aug 9 -- French carmaker Peugeot and French bank BNP Paribas to acquire joint control of U.S. carmaker General Motors'' financing subsidiaries and branches (notified July 4/deadline Aug. 9)Aug 16 -- Norwegian retailer Norgesgruppen and Swedish peer Axfood to jointly acquire Swedish food retailer Eurocash Food AB (notified July 10/deadline Aug. 16)Aug 17 -- Private equity group Ardian, the Netherlands'' APG Asset Management and Dutch pension fund PGGM to jointly acquire control of LBC tank terminals (notified July 11/deadline Aug. 17/simplified)Aug 21 -- Canadian pension fund OTPP, Canadian investment management company AIMCo, Canadian infrastructure manager Borealis, which administers the Ontario Municipal Employees Retirement System Primary Pension Plan, and fund manager KIA to jointly acquire British airport LCY (notified July 13/deadline Aug. 21/simplified)Aug 22 -- Spanish bank Banco Santander to acquire peer Banco Popular Group (notified July 14/deadline Aug. 22)-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 22)Aug 23 -- Asset management company Carlyle and private equity firm GTCR to jointly acquire contract research company Albany Molecular Research (notified July 17/deadline Aug. 23/simplified)Aug 24 -- Luxembourg-based investment company Letterone to acquire British healthcare product retailer Holland & Barrett (notified July 18/deadline Aug. 24/simplified)Aug 25 -- Danish shipping company AP Moller Maersk and Denmark''s Danske Bank to set up a joint venture (notified July 19/deadline Aug. 25/simplified)-- U.S. scientific instruments maker Thermo Fisher Scientific to acquire Dutch drugmaker Patheon (notified July 19/deadline Aug. 25)-- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline Aug. 25)Aug 28 -- Aerospace and marine product maker Moog Inc and Singapore Airlines Ltd''s engineering unit to set up a joint venture (notified July 24/deadline Aug. 28/simplified)-- Dutch asset management company APG to acquire a portfolio of 48 project companies in Belgium, France, Germany, the Netherlands and the UK (notified July 20/deadline Aug. 28/simplified)-- Private equity firm HGCapital to acquire software provider Visma (notified July 20/deadline Aug. 28/simplified)-- French oil major Total, credit card payment services company Worldline S.A. and African fintech provider Intouch Corp to acquire joint control of digital payment services provider Intouch SAS (notified July 20/deadline Aug. 28/simplified)-- Canadian asset manager Brookfield and French energy company Engie to acquire joint control of British electricity wholesaler FHHGL (notified July 20/deadline Aug. 28/simplified)Aug 29 -- French private equity firm Ardian to acquire engineering services provider Assystem Technologies'' Global Product Solutions unit (notified July 24/deadline Aug. 29)-- Norwegian metals company Norsk Hydro to acquire sole control of aluminium company Sapa, which is a joint venture with Norwegian conglomerate Orkla ASA (notified July 24/deadline Aug. 29/simplified)Aug 31 -- French dairy company Groupe Lactalis to acquire German peer Omira (notified July 26/deadline Aug. 31)-- Private equity firm CVC Capital to acquire Italian leather processing company Pasubio (notified July 26/deadline Aug. 31/simplified)Sept 1 -- Television holding groups ProSiebenSat.1 Media of Germany, France''s TV group TF1 and Mediaset with networks in Italy and Spain to establish a joint venture selling advertising space (notified July 27/deadline Sept. 1/simplified)Sept 4 -- VIMNI, Viacom''s Italian branch, and publisher De Agostini Editore to jointly acquire DeA Broadcast, a new LLC programming creator (notified July 28/deadline Sept. 4/simplified)Sept 6 -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified)-- Brammer France SAS, owned by U.S. private equity firm Advent International, to acquire machine parts supplier Industrial Parts Holding (notified Aug. 1/deadline Sept. 6/simplified)Nov 30 -- Private equity firm Bain Capital Investors to acquire German tyre wholesaler Reiff Tyre (notified July 25/deadline Aug. 30/simplified)-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to Nov. 30 from July 24 the European Commission opened an in-depth investigation)Deadline Suspended -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information)Guide to Eu Merger Process Deadlines: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.Simplified: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Elizabeth Miles)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-ma-idINL5N1KP37O'|'2017-08-03T10:39:00.000+03:00'
'978dcb7a5cb3cabb93176d9fe43b6410c8cae108'|'Asda posts worst annual figures since Walmart takeover - Business'|'Asda has posted its worst annual figures since being taken over by the American grocer Walmart , as fierce competition in the UK supermarket sector took its toll.Britain’s third biggest supermarket chain admitted performance was “behind expectations” after pre-tax profit for 2016 fell 19% to £791.7m.Accounts filed at Companies House also showed sales fell to £21.6bn from £22.3bn as shoppers flocked to cheaper rivals.Asda has trailed behind Tesco, Sainsbury’s and Morrisons, and is the worst performer of the UK’s “big four” grocers. The former chief executive Andy Clarke was replaced by the Walmart veteran Sean Clarke, who has attempted to breathe new life into the business. He took the helm last summer . He has focused on dropping prices, boosting the quality of food ranges and improving customer service.While underlying sales for the year plunged 5.7%, Asda pointed to a recent improvement in trading. The latest industry figures showed Asda attracted an additional 398,000 shoppers in the 12 weeks to 16 July. The Kantar data showed Asda’s sales for the period grew by 1% compared with the same period last year.In May, the grocer also reported sales in the first quarter had fallen 2.8% compared with the same period the previous year – an improvement on the 2.9% fall in the fourth quarter. Second-quarter figures are expected this month.The accounts also showed Andy Clarke and the former chief customer officer Barry Williams, who has also left the business, received a combined £2.5m payoff. The firm did not break down the share of this sum.Sean Clarke and the former Sainsbury’s executive Roger Burnley, who started as chief operations officer recently, have focused their turnaround efforts on the retail basics. The finance director, Alex Russo, said: “Our sales performance, relative to the market, was behind our expectations. However, in the last quarter of 2016, we saw an improvement following the changes made to our ranges and investment in price and service.”Asda also reported an operating cashflow of £1.41bn, an increase of 8%, and said a dividend of £450m was paid to Walmart .All the “big four” grocers have suffered in recent years from seismic changes to the industry. Consumers have swapped their weekly shop for more frequent visits to smaller convenience stores as they seek to cut down on food waste at home. There has also been a shift away from bricks and mortar stores as some prefer buying online.While shoppers can buy Asda food over the internet, the supermarket has been hit harder than most because it refuses to join rivals in opening smaller stores. The “big four” have also come under attack from discounters Aldi and Lidl, which can undercut their bigger rivals by stocking fewer high-quality ranges. They are able to negotiate rock-bottom prices by buying entire crops from farmers while bigger supermarkets buy smaller quantities from a larger number of suppliers so they can offer more choice.Asda again has been affected more than the others because its biggest point of difference was price, something that has been cannibalised in recent years with the low-cost operators. Asda has been too slow in responding to that competition, at a time when its arch rival Tesco has managed to turn its business around.Tom Berry, retail analyst at GlobalData, said: “Asda has chosen to focus on price rather than range and in-store experience, which has clearly been the wrong strategy.”Notes in Asda’s accounts showed it was focusing on cutting costs: “Our commitment to the ASDA ‘low cost operating model’ has resulted in improving operating efficiencies and delivering productivity savings across stores and distribution centres.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/02/asda-worst-annual-figures-walmart-takeover'|'2017-08-02T21:21:00.000+03:00'
'9d6a3cb6ba0c03c7764eae566f564bb695ca360a'|'Axel Springer says not in talks to buy Constantin Medien''s Sport1'|'FILE PHOTO: The logo of German publisher Axel Springer is pictured in front of the company''s headquarters in Berlin July 25, 2013. Fabrizio Bensch/File Photo FRANKFURT (Reuters) - German publisher Axel Springer is not currently in talks to buy sports media platform Sport1 from Constantin Medien, Springer''s chief executive said on Wednesday.Constantin Medien has said it is selling Sport1, which has TV, radio, mobile and internet offerings. Two sources told Reuters last month that Axel Springer was in exclusive talks to buy Sport1 and was bidding more than 80 million euros ($95 million)."From today''s point of view, Sport1 is not a priority for us," Mathias Doepfner told reporters on a conference call after the Bild publisher reported first-half results.When asked whether talks were ongoing, he replied: "No."Reporting by Georgina Prodhan; Editing by Ludwig Burger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-axel-sprngr-results-constantin-medie-idINKBN1AI118'|'2017-08-02T07:25:00.000+03:00'
'a4da092c4f3470d20646ee8a198f4ffd0815f1cc'|'Lufthansa eyes Italian market, not interested in Alitalia as it is'|'A Lufthansa Airbus A319 airplane lands at the Charles de Gaulle International Airport in Roissy, near Paris, July 28, 2017. Benoit Tessier FRANKFURT (Reuters) - Lufthansa''s chief financial officer said the group is interested in helping to shape the Italian aviation market but is not willing to take over struggling national carrier Alitalia in its current shape."It is indeed a very interesting market and we will see how we can play an active role. We are not willing to indicate in what way we can play that role," Ulrik Svensson told analysts and journalists after the group reported second-quarter results.Svensson declined to be drawn on whether the group has made a non-binding offer but said that Lufthansa was not interested in Alitalia as it looks today.Ryanair said last week it was among bidders for Alitalia but that it would only pursue a deal if the airline was restructured and government influence removed.Lufthansa''s Svensson also reiterated the carrier would be interested in leasing more jets and crew from Air Berlin, but said that hurdles remained to a full takeover.Reporting by Victoria Bryan; Editing by Ludwig Burger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lufthansa-results-m-a-idINKBN1AI0VT'|'2017-08-02T06:35:00.000+03:00'
'bdeb637d9359b09f26d45841aa4d8539f0bca34d'|'UPDATE 1-Singapore''s GIC leads $220 mln funding round for Chinese P2P firm Dianrong'|'* GIC, CMIG Leasing, S.Korea''s Simone among investors in new round* Dianrong studying mkts in Indonesia, Singapore, Vietnam, others* No decision made on IPO yet, will depend on ease of listing (Adds use of funds, expansion plans, potential IPO)By Elzio BarretoHONG KONG, Aug 2 (Reuters) - Chinese peer-to-peer lending platform Dianrong said on Wednesday it raised $220 million from a group of investors led by Singapore sovereign wealth fund GIC Pte Ltd, looking to step up research of new technology as it expands across China and explores ventures in other countries in the region.Other investors in the funding round included CMIG Leasing, a unit of China''s biggest private investment conglomerate China Minsheng Investment Group (CMIG), and South Korean fund manager Simone Investment Managers, Dianrong said.The Shanghai-based firm would use the funds to automate some of its new branches across China, for research and development and potential acquisitions, Soul Htite, co-chief executive of Dianrong, told Reuters."Now we''ve graduated to another level, so people that know finance are also seeing us as someone that is really going to be part of the finance industry," Htite said in an interview.The company, co-founded by Htite, who was also behind U.S. online lender LendingClub Corp, already has big backers including the private equity arm of Standard Chartered and technology-focused investment firm Tiger Global Management. It raised $207 million in a previous fundraising round in 2015.After launching its platform in 2012, Dianrong expanded into different services including supply-chain financing using blockchain technology, as it looks to grow beyond the crowded market in China that has thousands of P2P players. The company in 2015 unveiled a joint venture with Seoul-based conglomerate Hanwha Group to offer marketplace lending and other financial technology services in South Korea.It recently launched a partnership in Hong Kong to offer a marketplace for Asian investors to buy into U.S. consumer loans, and in July Dianrong bought the asset origination business of Shanghai-based Quark Finance to increase the volume of loans in its platform.The acquisition added 71 branches in 47 cities that will need to be automated and upgraded with Dianrong''s technology."We''re going to increase our risk management capabilities and continue to automate. We''re also going to speed up some of the R&D projects," Htite said."We also want to keep capital on the side just in case another M&A opportunity appears."Dianrong was studying the markets in Indonesia, Singapore, Hong Kong, Taiwan, Vietnam, Malaysia and Cambodia for potential ventures, Htite said."There are places that we definitely are going go to, we just need to make sure that we stay on our core strategy, which is China," Htite added. "We''re in talks with partners in these countries already."Dianrong has not decided on an initial public offering yet, but Chinese people should be able to benefit from its growth whether it goes public overseas or lists A-shares in domestic markets."No decision has been made on the market, but Dianrong is a company that started in Shanghai, so why should it do an IPO in the U.S.?" Htite said"That decision is not dependent on Dianrong only. That decision is dependent on, if you''re talking about the Hong Kong exchange or New York exchange or A-shares, whoever makes it easier for us to list, we''re going to go with that." (Reporting by Elzio Barreto; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-dianrong-gic-pte-idINL4N1KO1VJ'|'2017-08-02T04:19:00.000+03:00'
'1cfc101aa2166a1b096b8a166bae743fe0a17828'|'BRIEF-Viacom sees Sept qtr domestic affiliate revenues to decline in low single digits'|' 18  Viacom sees Sept qtr domestic affiliate revenues to decline in low single digits   Viacom Inc: * Viacom Inc- operating income in filmed entertainment returned to growth for the first time since fourth quarter 2015- conf call * Viacom Inc sees volume growth and mid to high single digit CPM increases in upfronts - conf call * Viacom on payment delay from Huahua- "notwithstanding the delay in the June payment, everything''s on track"- conf call * Viacom says ad loads were "unhealthfully high", cutting back ads for investment in future- conf call * Viacom sees Sept quarter domestic ad sales decline to be similar to June quarter''s decline- conf call * Viacom expects domestic affiliate revenues to decline in the low single digits for the Sept quarter- conf call  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-viacom-sees-sept-qtr-domestic-affi-idUSFWN1KP1AK'|'2017-08-04T01:17:00.000+03:00'
'8f5903b9af4907a5689b028da1d8f2e180ce1635'|'Hargreaves will not pay special dividend on FCA notification'|'August 4, 2017 / 6:44 AM / 25 minutes ago Hargreaves Lansdown cancels special dividend after regulator warns on capital Sanjeeban Sarkar and Simon Jessop 3 Min Read (Reuters) - Fund supermarket Hargreaves Lansdown ( HRGV.L ) cancelled a planned special dividend on Friday after Britain''s financial regulator said the company needed to shore up its capital base, sending its shares lower. Hargreaves, which helps retail customers invest in a range of products through its online platform, said the Financial Conduct Authority (FCA) had said the company''s strong growth and increased complexity meant it needed to bolster its cash buffer. The company plans to launch its HL Savings product later in the year, a cash deposit service supported by marketplace lending, and this year also launched Lifetime ISAs, or individual savings accounts eligible for a government bonus. While the FCA did not specify a precise figure, Hargreaves said the new methodology to be used by the regulator meant it needed to keep back an extra 50 million pounds ($66 million), and would not have enough to pay a planned special dividend. "The group maintains a strong net cash position and the board believes it already had a robust balance sheet with sufficient capital to fund ongoing trading and future growth," Hargreaves said in a statement. "The action announced today maintains capital above our regulatory risk appetite levels, in line with our strategy of offering a safe and secure home for our clients'' lifelong investments." The FCA action comes just weeks after it said it would launch a study looking at whether online fund platforms were providing good value for money for investors. Shares in the firm were down 5.1 percent at 0751 GMT, among the top fallers on in the blue-chip FTSE 100 index .FTSE , despite the company also updating on several measures of trading ahead of its formal results, to show it was performing well. Hargreaves said net assets under administration rose 28 percent to 79.2 billion pounds for the year ended June 30. Pretax profit for the period also rose 21 percent to 265-266 million pounds. The company is set to report results on Aug. 15. "While we would expect the shares to react negatively this morning, we expect the capital increase to be a one-off event, with any future increases dealt with via a more gradual build-up of surplus capital through a slightly lower overall payout," said Shore Capital analyst Paul McGinnis. McGinnis said the pretax profit figure was 4 percent above his forecast and he advised clients to "use any weakness today to pick up shares in this asset gathering monster". Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Anjuli Davies and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hargreaves-dividend-idUKKBN1AK0K6'|'2017-08-04T09:44:00.000+03:00'
'5284c77822f0a94967363b2ff26d0a1bcdebacec'|'Executive wages may have fallen, but the case for pay ratios is even stronger'|'I t’s amazing: the fat cats of the FTSE 100 survived on smaller helpings of cream last year. Chief executives saw their average pay decline from £5.4m to £4.5m in 2016, a drop of 17%, according to calculations by personnel body CIPD and the High Pay Centre. On a rough estimate, the bosses collected “only” 129 times the average earnings of their employees, down from 145 times in 2015.Actually, this finding is remarkable only in one way: it happened in a year in which share prices, which affect the value of stock-based incentive packages, were strong. But take a wider perspective to understand why companies may have decided that 2016 was a good moment to take the foot off the pay accelerator.A critical factor, as the report’s authors suggest, may have been the political climate. The government was talking about putting workers on remuneration committees, introducing annual binding votes on pay and forcing publication of pay ratios. Did companies decide a little less excess would soften the coming reforms? We’ve seen a similar plot line in the past. The ill-named “shareholder spring” of 2012, which saw a few (but not, in fact, very many) investor rebellions over pay, coincided with Vince Cable, business secretary in the coalition government, getting angry about boardroom pay. Once the storm passed, and Cable’s initial proposals had been watered down, executive pay took off again.Thus government ministers, if they are serious about tackling this issue, should not be tempted for a moment to think the problem has suddenly become smaller. Little can be read into a single year’s decline in chief executives’ average pay because the increases have compounded over decades. That 2016 pay ratio of 129:1 was estimated to be 47:1 back in 1998.Margot James, the business minister, says the government will publish its proposals “shortly”, which at least addresses the suspicious silence in the Queen’s speech. What should it do? Pay ratios, binding votes and employees on pay committees are all worthwhile reforms.Indeed, the case for pay ratios gets stronger. The High Pay Centre’s figures are just best estimates, derived from inadequate data in annual reports. It would be far better to have reliable numbers, detailed by companies on a country-by-country basis.Mere publication of ratios guarantees no action, of course. But, as with the gender pay gap, transparency is a useful place to start. If the government can’t clear even that low hurdle, you’ll know Theresa May’s bullish talk was 100% nonsense.RSA: well and truly resurrectedTwo years ago RSA, the owner of More Than, looked dead in the water as an independent company. Zurich Insurance was talking about a bid at 550p a share, or £5.6bn, an offer that shareholders would surely have embraced. RSA had suffered too many calamities in the recent past and the self-help strategy of its chief executive, Stephen Hester, fresh to the job after his Royal Bank of Scotland years, was too young to be trusted. In the end, Zurich proved to be a time-waster and RSA’s shares returned to the distressed price of 400p. And now? They are 654p, providing a textbook example of why it’s often best to resist the instant thrill of a bid, or non-bid in that case.RSA’s improvement has been rapid. Hester on Wednesday decorated the first-half underwriting result with the word “record”. He hasn’t actually checked the numbers going back to the founding of the Sun Insurance company in 1706, but he’s probably on safe ground. RSA’s combined ratio – claims and costs as a percentage of premiums – was 93.2%, miles better than anything seen in years.The figure can get better yet, he says, as RSA pursues “best in class” ratios. That is still be proved but the sense of momentum is undeniable. RSA has been decluttered by getting rid of the wilder overseas adventures. It is now concentrated in the UK, Scandinavia and Canada – mature but healthy markets – and costs are still being removed as better technology arrives. The half-year dividend was boosted by a third.Hester, 56, isn’t obviously itching to be chief executive of a fourth FTSE 100 firm (the first was British Land). But he’s an obvious candidate for Barclays if Jes Staley is felled by the fallout from the whistleblowing affair.Gambling still paying off for William HillHow severe is the squeeze on consumers’ real incomes? Not so severe if you’re William Hill. The amount wagered online on sport rose 13% in the first half and even the shops registered a 2% increase in bets. William Hill , after a rotten run online, reckons it is now outperforming the market, which sounds correct. Even so, its numbers were a sharp improvement on a period a year ago that included the supposed bonanza of the Euro football tournament. Gambling, it seems, remains a resilient business – at least until stakes are cut on those electronic roulette machines.Topics Executive pay and bonuses Nils Pratley on finance Pay Work & careers Family finances Inequality RSA Insurance comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/aug/03/executive-wages-pay-ratios-remuneration-transparent'|'2017-08-03T13:01:00.000+03:00'
'5505c57ab9d18a6fa2c1b7168f5414605a309a4c'|'Novo Banco starts sale of life insurance unit'|'August 1, 2017 / 3:40 PM / 19 minutes ago Novo Banco starts sale of life insurance unit Reuters Staff 1 Min Read LISBON (Reuters) - Portugal''s Novo Banco has formally launched the sale process of life insurance unit GNB Seguros Vida, one of the country''s biggest insurers with assets of more than 5 billion euros (4.46 billion poounds), Novo Banco said on Tuesday. Portuguese authorities are in the final phase of selling Novo Banco, which was carved out of the collapse of Banco Espirito Santo in 2014, to U.S. fund Lone Star. "Novo Banco has formally started the process of contacts to sell its GNB insurer to ensure an exclusive, long-term distribution contract," a Novo Banco spokesman confirmed to Reuters. The sales process is being advised by consultancy Deloitte. Novo Banco has a network of 475 branches through which GNB life assurance would still be distributed. At the end of 2016 GNB was the ninth largest life insurer in Portugal, in terms of premiums. Reporting By Sergio Goncalves, writing by Axel Bugge 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-novo-banco-insurance-idUKKBN1AH4Q7'|'2017-08-01T18:40:00.000+03:00'
'f83045a91b26d8c4515ef5c1f2b965c590f1e9ac'|'Former drug company exec Martin Shkreli is convicted of fraud'|'Edition United States August 4, 2017 / 6:53 PM / 5 minutes ago Former drug company executive Martin Shkreli is convicted of fraud Reuters Staff 1 Min Read Former drug company executive Martin Shkreli arrives at U.S. District Court for the fifth day of jury deliberations in his securities fraud trial in the Brooklyn borough of New York City, U.S., August 4, 2017. Carlo Allegri NEW YORK (Reuters) - Former drug company executive Martin Shkreli was convicted of fraud by jurors in a U.S. court in Brooklyn on Friday, after a highly publicized, monthlong trial. Slideshow (2 Images) Federal prosecutors had accused the 34-year-old of defrauding investors in his hedge funds and stealing from his old drug company, Retrophin Inc ( RTRX.O ), to pay them back. Shkreli was convicted on two counts of securities fraud and one count of conspiracy. He was found not guilty on five other counts. Reporting By Brendan Pierson in New York; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-crime-shkreli-idUKKBN1AK27F'|'2017-08-04T22:00:00.000+03:00'
'1dbb200155837c26f44b63273e37c39350b32206'|'Toyota to take 5 pct stake in Mazda, jointly build $1.6 bln U.S. plant'|'August 4, 2017 / 8:00 AM / an hour ago Toyota to take 5 pct stake in Mazda, jointly build $1.6 bln U.S. plant 1 Min Read TOKYO, Aug 4 (Reuters) - Japanese automakers Toyota Motor Corp and Mazda Motor Corp announced on Friday they will build a $1.6 billion U.S. assembly plant as part of a new joint venture, while Toyota will take a 5 percent stake in its smaller rival. The plant, which is planned to start operating in 2021, will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people, according to a company filing. They also said that they would consider joint development of electric vehicles, as tightening global emissions regulations prompt more automakers to develop battery powered cars. (Reporting by Makiko Yamazaki, Ritsuko Ando and Naomi Tajitsu; Editing by Muralikumar Anantharaman) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/toyota-mazda-idUST9N1KA00Z'|'2017-08-04T10:59:00.000+03:00'
'e280f6aacb639bb7dea86d9e871cc27948f8ee73'|'Japan Tobacco to buy Indonesian ''kretek'' cigarette firms for $677 million'|'The flag of Japan Tobacco Inc (JT) is seen outside the company''s headquarters building in Tokyo, Japan, May 18, 2016. Toru Hanai JAKARTA/TOKYO (Reuters) - Japan Tobacco Inc on Friday said it has agreed to buy an Indonesian maker of "kretek" tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world''s second-largest tobacco market.The announcement comes as Japan Tobacco has been trying to acquire tobacco businesses in emerging Asian markets. It has said it is in talks to buy assets of Philippine cigarette maker Mighty Corp Ltd.In a statement on Friday, Japan Tobacco said it is acquiring all shares of PT Karyadibya Mahardhika and PT Surya Mustika Nusantara. Including the pair''s debt, the value of the deal is $1 billion, Japan Tobacco said.The transaction will be completed in the October-December quarter, pending regulatory clearance, Japan Tobacco said.Kretek cigarettes, which are made of tobacco and the spice clove, dominate in Indonesia where Japan Tobacco mostly sells conventional cigarettes, the company said."This deal will give the JT Group immediate scale and presence on a nationwide level in the Indonesian kretek market," Japan Tobacco said.Indonesia''s cigarette market was the world''s second-biggest after China with 316.1 billion sticks sold last year, data from Euromonitor International showed.Japan Tobacco has been looking for acquisition targets in emerging markets, such as Southeast Asia, Africa and Latin America, the chief executive of the world''s third-biggest tobacco company told Reuters in May.The former state monopoly, still one-third owned by the government, has been hit by a faster-than-expected decline in cigarette sales in Japan, its biggest market, where it commands a 60 percent share.Reporting by Eveline Danubrata in JAKARTA and Taiga Uranaka in TOKYO; Editing by Christopher Cushing'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-japan-tobacco-indonesia-deals-idINKBN1AK0R9'|'2017-08-04T06:11:00.000+03:00'
'771ccb5685c93531568789027c75674427a0c2c9'|'Is Emmanuel Macron serious about privatisation?'|'ONE reason for Italian anger over the decision on July 27th by Emmanuel Macron, France’s president, to stop Fincantieri, a shipbuilder from Trieste, winning control of a French shipyard at Saint-Nazaire, was that recent cross-border deals have mostly gone France’s way. Italian businesspeople have grown nervous about French firms’ “colonisation” by means of acquisitions in luxury goods, media and telecoms, including the €46bn ($55bn) merger between Luxottica, an Italian maker of spectacles, and France’s Essilor, announced in January (the group’s headquarters will be in Paris). The bad taste will linger even if the two governments strike a deal over Saint-Nazaire by the autumn, as they have pledged.Yet Mr Macron’s move has been even more dismaying for those at home who want the state to get on with privatisation. During his presidential run Mr Macron promised to raise €10bn from sales of some of the state’s sprawling portfolio of holdings in firms. The aim was to pay for a new fund to help other companies invest in innovation. His threat to nationalise the Saint-Nazaire yard (rather than cede control to Fincantieri) is a retrograde step. 2 hours ago Dinosaurs 3 hours ago Sam 3 4 hours ago A tale of two markets Buttonwood’s notebook 7 8 hours ago See all updates The direction of travel was supposed to be towards sell-offs. For the past few years the French state has been quietly disposing of its stakes in various regional airports, including Lyon, Nice and Toulouse. It was Mr Macron, as economy minister in 2015-16, who oversaw the sales and who pressed for the disposal of Groupe ADP, a large company that owns the main airports in Paris, at Charles de Gaulle and Orly.Mr Macron left office before he could finish the job and ADP remains 50.6% state-owned. But under his economic team, led by politicians drawn from the centre-right, its sale looks all but inevitable (and should raise some €7bn). An obvious bidder is Vinci, a French infrastructure firm. Yet privatising airports only goes so far. The question is what comes next. Mr Macron’s government will soon, probably after the summer, announce its plan for ADP and say which other stakes are to be sold off.A smaller role for the state in business is long overdue. A couple of decades after most countries in western Europe sold off many of their corporate holdings, France still has a huge portfolio. According to a report in January by the Cour des Comptes, an independent public auditor, the state has investments in nearly 1,800 firms, holdings which together are worth almost €100bn. The state-owned sector in France employs nearly 800,000 people, the most of all the countries surveyed by the Cour des Comptes (see chart). The number of firms in which the state has a majority stake has been rising since around 2006.Public holdings are mainly managed by the Agence des participations de l’État (APE), by Bpifrance, a public-investment fund and the Caisse des Dépôts et Consignations (CDC), a state investment bank. The Cour des Comptes reckons the trio are doing a poor job; its report was scathing about public management of corporate assets over the decades (while recognising some recent improvements). It laments a lack of purpose in ownership and chronic failures of supervision, for example in the collapse of Areva, a nuclear firm 92% owned by the state. One curse for EDF, an energy utility that is another big holding, was being made to absorb some of Areva’s struggling business last year.The auditor also sees confusion between the three agencies, describes overall financial losses in recent years, poor governance and concludes that “the state has difficulty being a good shareholder”. Even more damning is the verdict of a former boss of APE, David Azéma, who ran it until 2014. His experience, he explains, taught him that lumbering, publicly owned companies always lose value to nimbler competition. Political meddling hurts, he says, as when ministers rather than boards pick chief executives—who cannot be sacked however badly they perform.Politicians also bully, he says, citing pressure last year on EDF, forcing it to agree against managers’ wishes to finance and build Hinkley Point C, a nuclear power station in Britain that risks becoming a huge financial liability. Mr Azéma urges France “massively” to reduce the state’s stakes in all listed companies, or at least create proxy boards to block political meddling.All these problems help explain why the value of the 13 listed companies managed by the APE, worth some €66bn as of mid-July, has declined in recent years. The performance of a few big firms, notably nuclear and energy companies, was particularly awful. Most striking is the withering of EDF, 83.4% owned by the state. The utility’s share price was €86 in 2007 and has fallen to under €9. Despite generating over €71bn in annual revenue, the company, which has enormous liabilities, is valued at less than €26bn.Politicians do show a new readiness to divest public holdings, partly because the national budget needs revenue. Trade unions, too, are likelier to accept at least limited change. Support for hardline unions has declined, notably with the emergence this year of the reform-minded CFDT as the single-largest union. Asked about sales of public assets, its leader, Laurent Berger, says it would be “idiotic” to separate the state from strategic sectors, but that his members could accept changes on a “case-by-case basis”.Yet some politicians are said to be lobbying to delay sales of public assets, arguing that innovation funds could instead be raised by setting aside cashflow from the firms. State bodies have grown cannier in finding ways of preserving their influence over companies, even as they reduce ownership. The APE’s holding in Safran, a big aeronautical and defence firm that has thrived in recent years, for example, has been cut from 30% in 2010 to just 14% this year. Yet the state retains nearly one-quarter of voting rights. It keeps other leverage, especially in the defence industry where it is a huge customer. It might further cut its holdings in Safran and could reduce its current 26% in another defence firm, Thales (that stake is worth just over €5bn). But it is less likely that the state would sharply reduce its 11% holding in Airbus, a plane manufacturer, that is worth some €6bn.Mr Macron is not entirely hands-off in his attitude to public assets and his decision about Saint-Nazaire shows a willingness to meddle in private ones too. As economy minister in 2015 he increased the state’s stake in Renault, a big carmaker, by 4.7 percentage points, to nearly 20%, in order to force the firm to obey a new law giving double-voting rights to long-term shareholders (ie, the state). That infuriated Nissan, Renault’s other big shareholder. Government officials now talk about selling some of the stake.Will Mr Macron and his team dare introduce radical changes? Probably not. A likelier outcome is a gradual slicing away of parts of public holdings. Bruno Le Maire, the finance minister, talks of the state stepping back slowly from holding corporate assets. That would probably mean trimming its €5bn stake in Orange, formerly France Telecom, for example.The chairman of two large companies, one with a large state stake, suggests that in the end the role of state is “too important in French economic life” to be changed quickly. An official at the state-owned railways firm, SNCF, concurs. That firm devours billions in subsidies, but is popular with the public who would not countenance its privatisation, or that of any other firm seen as “strategic”. Outright privatisation of airports might soon be inevitable, but other changes are likely to come one step at a time, with some in the wrong direction. "National treasures"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725797-french-state-mismanaging-its-valuable-corporate-assets-emmanuel-macron-serious-about?fsrc=rss%7Cbus'|'2017-08-03T22:49:00.000+03:00'
'a32e191b3b532c481760af00c3249f5fd87573d3'|'Fraport raises forecast for Antalya airport as Russians return'|'FRANKFURT, Aug 3 (Reuters) - Fraport has raised its forecast for passenger numbers at Turkey''s Antalya airport this year after a rush of Russian tourists at the start of the summer vacation season, the airport operator''s finance chief said."Given the positive trends and very surprising run by the Russians to Antalya in the first six months, we are changing our guidance so that we now see potential of up to 24 million," Matthias Zieschang told analysts during a conference call after Fraport reported second-quarter financial results.Fraport had previously expected passenger volume at Antalya, of which it owns half, to rise to 22 million this year from 19 million in 2016.Tourism, which normally contributes $30 billion to Turkey''s economy annually, was hammered after a series of bombings and after Turkey shot down a Russian warplane over Syria in late 2015, prompting a diplomatic crisis.The two countries have since normalised ties. Foreign visitors to Turkey rose for the first time in two years this April, data showed this week, with almost half of the increase coming from Russia.In the first half of 2017, passenger numbers at Antalya jumped around 29 percent to 9.5 million, according to Fraport, as the return of tourists from Russia helped offset a decline in German passengers.CFO Zieschang affirmed that Fraport hoped to reach break-even at Antalya airport this year. (Reporting by Maria Sheahan and Ilona Wissenbach; Editing by Tom Sims)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fraport-airport-results-turkey-idINL5N1KP6QI'|'2017-08-03T12:10:00.000+03:00'
'3817c97ba8a5bd083c4fb9a0ff7167602c3ddb70'|'Generali first-half operating profit rises four percent to beat expectations'|'August 2, 2017 / 5:45 AM / 15 minutes ago Generali first-half operating profit rises four percent to beat expectations Reuters Staff 1 Min Read FILE PHOTO: A banner with a logo of Generali insurance is seen outside one of its branch offices in Telfs, Austria, November 1, 2016. Leonhard Foeger/File Photo MILAN (Reuters) - Italy''s top insurer Assicurazioni Generali ( GASI.MI ) said on Wednesday its operating profit in the first half rose 4.1 percent to beat expectations, boosted by its non-life business. Europe''s No.3 insurer said first-half operating earnings came in at 2.59 billion euros ($3.1 billion), above an analyst forecast provided by the company of 2.51 billion euros. Its operating profit in the life segment fell 2.8 percent in the period, while that of the non-life business rose 0.7 percent. Generali, which confirmed its strategic plan targets, said its economic solvency ratio - a measure of financial strength - stood at 207 percent from 194 percent in 2016. Reporting by Stephen Jewkes, editing by Valentina Za 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-generali-results-idUKKBN1AI0G2'|'2017-08-02T08:45:00.000+03:00'
'2bf08e716eafa2bb7389a1f1fda6f208ff8e03b2'|'BAE beats first-half earnings forecasts, says on track for the year'|'August 2, 2017 / 6:22 AM / in 11 minutes BAE beats first-half earnings forecasts, says on track for the year Reuters Staff 2 Min Read A sign adorns a hangar at the BAE Systems facility in Salmesbury, Britain, March 10, 2016. Phil Noble/File Photo LONDON (Reuters) - BAE Systems ( BAES.L ) reported a better-than-expected 11 percent rise in first-half earnings of 945 million pounds ($1.25 billion) on Wednesday, and said it was sticking to its full-year target despite a softening in demand in cyber & intelligence. Chief executive Charles Woodburn, who took over from Ian King on July 1, said the performance was consistent with his expectations, and the group was well placed to benefit from an expected increase in defence budgets. Britain''s biggest defence contractor is forecasting that its underlying earnings per share this year will be 5-10 percent higher than the 40.3 pence it made in 2016. "Whilst there is no change to the group-level earnings guidance, some softening in the top line of, and an anticipated second-half restructuring charge in, Cyber & Intelligence are expected to be offset across the rest of the business," it said. BAE reported sales of 9.6 billion pounds, up 4 percent on a constant currency basis, in the six months to end-June, and a 14 percent rise in EPS to 19.8 pence, beating analysts forecasts of 9.1 billion pounds and 19 pence respectively. Reporting by Paul Sandle; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bae-systems-results-idUKKBN1AI0J9'|'2017-08-02T09:31:00.000+03:00'
'0eb320957ba7509ff24815a69c3b869e4226126c'|'Haldex says will not back Knorr-Bremse bid whatever EGM outcome'|'August 2, 2017 / 1:56 PM / 13 minutes ago Haldex says will not back Knorr-Bremse bid whatever EGM outcome Reuters Staff 2 Min Read STOCKHOLM (Reuters) - Swedish brake systems maker Haldex ( HLDX.ST ) said on Wednesday it would stand by its decision not to support a 5.53 billion crown (515.35 million pounds) bid from German rival Knorr-Bremse regardless of the outcome of a shareholders meeting this month. The Haldex board pulled its endorsement for the Knorr-Bremse bid in June saying it was unlikely that competition authorities would approve the deal. Knorr-Bremse, which first bid for Haldex 11 months ago, holds about 15 percent of its shares and has called an extraordinary general meeting (EGM) of the Swedish company, scheduled for Aug. 17. The German company is proposing that the EGM instructs the Haldex board to recommend that the Swedish Securities Council approve an extension of the acceptance period for its bid until February 2018. The board said should the EGM vote in favour of an extension, it would not be able to comply as that would contravene the Swedish Companies Act and its obligations to act in the best interest of shareholders. "The very low probability of the deal being cleared cannot offset the material harm that would be caused," the Haldex board said in a statement on Wednesday. It said an extension would reduce Haldex''s value and "impair the possibility for the shareholders to either receive a new bid for the company or to benefit from the creation of long-term shareholder value on a standalone basis". EU regulators said last month they would investigate the takeover offer as concessions offered by the German company were insufficient. Reporting by Johannes Hellstrom; editing by Simon Johnson and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-haldex-m-a-knorr-bremse-idUKKBN1AI1SD'|'2017-08-02T16:56:00.000+03:00'
'ecd6bcf876c79262fbfb9461f78a5152d9e78997'|'Germany''s long goodbye to coal despite Merkel''s green push'|'August 2, 2017 / 12:46 PM / 4 hours ago Germany''s long goodbye to coal despite Merkel''s green push Vera Eckert 4 Min Read German Chancellor and leader of the conservative Christian Democratic Union party CDU Angela Merkel attends the CDU party convention in Essen, Germany, December 6, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Burning coal for power looks set to remain the backbone of Germany''s energy supply for decades yet, an apparent contrast to Chancellor Angela Merkel''s ambitions for Europe''s biggest economy to be a role model in tackling climate change. Merkel is avoiding the sensitive subject of phasing out coal, which could hit tens of thousands of jobs, in the campaign for the Sept. 24 election, in which she hopes to win a fourth term. Although well over 20 billion euros are spent each year to boost Germany''s green energy sector, coal still accounts for 40 percent of energy generation, down just 10 points from 2000. To avoid disruption in the power and manufacturing sectors, coal imports and mines must keep running, say industry lobbies, despite the switch to fossil-free energy. "(Coal) makes a big contribution to German and European energy supply security and this will remain the case for a long time to come," the chairman of the coal importers'' lobby VDKi, Wolfgang Cieslik told reporters last week. He also stressed it was crucial for steel manufacturing in Germany, the seventh biggest producer in the world, that use a quarter of the country''s coal imports. Critics point to the irony in Merkel''s tacit support for coal given that she criticised U.S. President Donald Trump for ditching the Paris climate accord after pledging to voters he would lift environmental rules and revive coal-mining jobs. "Merkel ... has no right to criticise the disastrous climate production policy of U.S. President Trump ... figures in this country speak for themselves," said former Green lawmaker Franz-Josef Fell, referring to Overseas Development Institute (ODI) figures showing the extent of public money going to coal. Utilities such as RWE, Uniper and EnBW with coal generation on their books fire back by saying their output is covered by them holding carbon emissions rights certificates, while much of their historic profitability has been eroded due to competition from renewables. Apart from the environmentalist Greens, who want coal generation to end by 2030, none of the main political parties have set phase-out target dates. Huge vested interests are stifling debate, whether it is potential job losses that alarm powerful unions or the effect on industrial companies relying on a stable power supply. Industry figures show renewables accounted for 29 percent of power output in both 2015 and 2016, up from 7 percent in 2000. But plants burning imported hard coal still make up 17 percent and brown coal from domestic mines 23 percent of power output. Cheap coal lets them run at full tilt when necessary while the weather dictates if wind and solar produce anything at all. Cieslik said he expected hard coal alone to retain a share of 15 percent by 2030. VDKi warns that nuclear energy, accounting for 14 percent of power, will remove even more of the round-the-clock supply when it is phased out by 2022. Wind and solar cannot even fill current gaps and a system run mainly on green power would fail to provide guaranteed supply over a winter fortnight, it says. Power grid operator Amprion has said German networks came close to blackouts during settled and overcast conditions in January when renewable plants produced almost nothing. Even environmental groups acknowledge the fossil fuel lobbies have a point, arguing there must be remedies to the problem of intermittent renewable supply. "Old coal plants can be made flexible at a reasonable cost and allow countries with a high share of coal-to-power a soft transition to a climate friendly energy system," said a study commissioned by Agora thinktank, which backs the energy switch. Reporting by Vera Eckert, editing by Madeline Chambers and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-coal-election-idINKBN1AI1LQ'|'2017-08-02T15:42:00.000+03:00'
'f7036e9827aaf52a47f8282483f04719536e501e'|'''Faster, cheaper, cleaner'': experts disagree about Elon Musk''s Hyperloop claims - Guardian Sustainable Business'|'E lon Musk’s plans for magnetically-levitated pods are back in the news after South Korea signed an agreement to develop a full-scale Hyperloop testbed, with the intention of ultimately building a system to zip across the country in 20 minutes.Slovakia, Abu Dhabi, the Czech Republic, France, Sweden and Indonesia are also interested in building their own Hyperloops.Musk claims Hyperloop pods will be faster than trains, safer than cars and much less damaging to the environment than aircraft. But is building an entirely new “fifth mode” of transport (after planes, trains, cars and boats), complete with its own unique infrastructure, the most sustainable solution to our transportation problems?“Musk always talks about how to change the world’s energy systems as much as its transportation systems,” said Bent Flyvbjerg, an economist specialising in mega-projects at Oxford University’s Saïd Business School. “The Hyperloop fits in well in that respect, shifting transport away from carbon to renewables.”Although Hyperloop is still almost entirely theoretical, apart from a few small-scale experiments, academics have been crunching the numbers since Musk first proposed it in 2013, when he offered the technology free for anyone to use.Faster, cheaper, cleaner Earlier this year, scientists at Nasa’s Glenn Research Centre in Ohio examined the Hyperloop concept from a technical and cost perspective. They concluded that “estimates of energy consumption, passenger throughput, and mission analyses all support Hyperloop as a faster and cheaper alternative to short-haul flights [of 250 to 500 miles].”Hyperloop’s benefits really kick in, though, when you consider its environmental benefits. A feasibility analysis by the US Department of Transportation (DOT) estimates that Hyperloop routes could be up to six times more energy efficient than air travel on short routes, and over three times faster than the world’s fastest high-speed rail system.The high-pods would also be more eco-friendly than road vehicles, according to researchers at the Helmut Schmidt University in Hamburg. Last year, they calculated the effects on road traffic of building a 300km Hyperloop in northern Germany dedicated to freight. They quantified the impact of removing thousands of trucks from the road, including reduced air and noise pollution, greenhouse gas emissions, congestion and road accidents.Even though a Hyperloop in cloudy Germany could not run solely on solar power, it could still avoid emitting up to 140,000 tons of carbon dioxide each year, according to the study, as well as up to 0.2% of Germany’s entire production of air pollutants like methane, nitrous oxides and dust. Overall, the Hyperloop could produce up to €900m (£805m) of value in reduced pollution, accidents and congestion each year – equal to a third of its estimated €2.7bn initial investment.Too much hype? However, others think that Musk’s estimates for building a Hyperloop system are, like his confidence in a “ verbal approval ” for a route between New York City and Washington DC, hopelessly naive.Musk put a price-tag of about $17m per mile on a Hyperloop in California. But when Nicolas McLean, an engineer at the University of Queensland, analysed the cost of building a similar Hyperloop along the eastern coast of Australia he concluded, “the cost of the overall system was roughly 10 times larger than Musk’s initial prediction … which relied on undeveloped or immature technology”.A feasibility analysis by DOT last year was similarly sceptical: “Cost estimates for a land-based Hyperloop system may appear lower than other modes, but as the technology is still conceptual and in very initial testing, there is uncertainty in both the underlying infrastructure needed to operate a system and the cost to construct it.”This may be ignoring the Musk factor, thinks Flyvbjerg: “We know that Musk is very cost conscious, and he has already proven himself capable of getting good engineers to work for him.” Flyvbjerg thinks that Musk could reduce costs by locating Hyperloop stations beneath airports, and by improving tunnelling technologies.Musk recently launched The Boring Company , a firm that aims to reduce the cost and increase the speed of building tunnels by a factor of 10. “Tunnel boring machines themselves are only a few decades old, and are still very bespoke, slow and expensive,” says Flyvbjerg. “Musk needs to demonstrate that there is another way of doing things that is fast, cheap and modular.”None of these words is synonymous with public transportation projects, which often take decades and billions of taxpayer dollars to realise. “Nobody has been able to deliver this kind of infrastructure in a way where it’s profitable, so subsidies have always been needed,” says Flyvbjerg.That could play to Musk’s strengths. In 2015, the LA Times calculated that Musk’s rocket, electric car and solar power companies had benefited from nearly $5bn (£3.8bn) in government funding, in the form of grants, tax breaks, discounted loans, rebates and environmental credits.“I wouldn’t bet my money on being able to make something like the Hyperloop financially viable,” says Flyvbjerg. “But that’s OK. We subsidise all sorts of other infrastructure so why not the Hyperloop, if we think there’s an environmental or business case for it?”Topics Guardian sustainable business Transport features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/aug/04/hyperloop-planet-environment-elon-musk-sustainable-transport'|'2017-08-04T10:00:00.000+03:00'
'588534806611a2b772a0999b59975294be50f9ab'|'CORRECTED-BP sees oil prices below $55 a barrel in 2018'|'August 1, 2017 / 7:46 AM / an hour ago CORRECTED-BP sees oil prices below $55 a barrel in 2018 2 Min Read (Corrects oil price to show range of $45-$55 a barrel in lead, headline, paragraph 6) * Global oil demand to grow by 1.4-1.5 mln bpd, BP CFO says * U.S. shale production finds range at $45-$55/bbl By Ron Bousso and Karolin Schaps LONDON, Aug 1 (Reuters) - BP expects global oil prices to hold within a range of $45-$55 a barrel next year as U.S. shale production grows, the British company''s chief financial officer said on Tuesday. After a slow start to the year, global oil demand recovered in the second quarter of 2017 and was expected to grow by 1.4 to 1.5 million barrels per day, Brian Gilvary told Reuters. "Global demand is looking pretty strong, and prices will firm around the levels seen today," he said. Oil prices averaged around $48 a barrel in the first half of 2017, according to BP, and are currently just below $53 a barrel. Global demand was at around 95 million bpd in 2016. Brent crude oil prices were expected to remain broadly unchanged in 2018 and average at around $45-$55 a barrel as U.S. shale production is able to expand at these levels, effectively capping prices. "We can now see where the price elasticity is. As the price comes up to $52-$53 a barrel we start to see some uptick in activity, as it drops to $45, we start to see that curtailing." Earlier BP reported a drop in second quarter profits after an exploration write-off in Angola. (Reporting by Ron Bousso, editing by Louise Heavens) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bp-oil-idUSL5N1KN1IY'|'2017-08-01T12:06:00.000+03:00'
'ffbd2263b53af47218811006a80a5effd096862b'|'Asia shares advance as investors look to data for proof of ''goldilocks'''|'August 1, 2017 / 1:10 AM / 26 minutes ago Asia shares advance as investors look to data for proof of ''goldilocks'' Hideyuki Sano 7 Min Read Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. Issei Kato TOKYO (Reuters) - Asian shares rose on Tuesday as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in fine fettle with inflation staying well contained. Spreadbetters expected a mostly stronger start for European shares, forecasting Britain''s FTSE .FTSE to open 0.5 percent higher, Germany''s DAX to start up 0.1 percent and France''s CAC .FCHI to open little changed. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.7 percent, led by gains in financials and energy shares and coming within a whisker of last Thursday''s heights not seen since January 2008, while Tokyo''s Nikkei .N225 rose 0.2 percent. Hong Kong''s Hang Seng .HSI added 0.7 percent, touching its highest since June 2015, and the Hang Seng China Enterprises index .HSCE was up 1.8 percent and at its highest since August 2015. Strong inflows from mainland investors via the stock connect program linking Hong Kong and the mainland are seen to be helping drive the recent rise in Hong Kong stocks. Australian stocks advanced 0.9 percent on the strength of financials and materials shares. On Wall Street, the Dow Jones Industrial Average .DJI rose 0.28 percent to end at a record high of 21,891.12 but the Nasdaq Composite .IXIC pulled back 0.42 percent after its recent rallies. MSCI ACWI .MIWD PUS, an index of the world''s 47 stock markets, logged its ninth consecutive month of gains in July, the longest winning spell since 2003-04, on the back of expectations of solid global economic growth. On the other hand, softening U.S. inflation in recent months prompted investors to bet the Federal Reserve will adopt a patient approach to further interest rate increases. "The abundance of cheap money is perhaps a theme that is getting stale. Yet, that is the best explanation you could think of to explain the strength of shares and commodities today," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management. The CBOE volatility index .VIX, which measures implied volatility of stocks and is often seen as investors'' fear gauge, stood near record low levels hit last week, partly as investors sell options to enhance low yields. "The low level of the Vix is a testament that investors expect ''goldilocks markets'' to continue," said Shuji Shirota, head of macro economic strategy group at HSBC in Tokyo. "Under such an environment, the dollar, which is a safe-haven asset, will continue to decline," he added. Indeed, besides the United States, recent data from other parts of the world suggest a ''goldilocks'' scenario where growth is fast enough to create jobs but not so rapid that it would lead to runaway inflation. A private survey showed growth in China''s manufacturing quickened in July, as output and new orders rose at the fastest pace since February on strong export sales. South Korea''s trade data also showed the country''s exports grew at robust pace in July, led by shipments of memory chips and electronic storage devices. All of these data will be followed by preliminary flash estimates of euro zone gross domestic product at 0900 GMT, and then U.S. spending and manufacturing data, due at 1230 GMT and 1400 GMT respectively. In the currency market, the euro EUR= traded at $1.1832, having risen to as high as $1.1846, its best level since January 2015, with a test of $1.20 within sight. It has gained almost 15 percent from its January 3 low of $1.0340, which was its weakest level since January 2003, on rising expectations that the European Central Bank will taper its stimulus next year. The dollar also slipped to a 1-1/2-month low of 110.005 yen JPY= , and last stood at 110.18 yen, down 0.1 percent. The dollar''s index against a basket of six major currencies was at 92.878 .DXY, not far from a 13-month low of 92.784 plumbed overnight. The index had marked its fifth straight monthly decline in July, the longest consecutive retreat since its losing run marked from the end of 2010 through early 2011. The Australian dollar gained 0.4 percent to $0.8034 AUD=D4 , helped by the strong Chinese data, ahead of the Reserve Bank of Australia''s policy announcement later in the day. The RBA is widely expected to keep interest rates on hold. The Chinese yuan hit 10-month highs in both onshore CNY=CFXS and offshore CNH=D4 trade. U.S. political turmoil also weighed on the dollar after U.S. President Donald Trump dismissed his communications director, Anthony Scaramucci, just over a week after naming him to the job. An administration official said Trump''s new chief of staff, retired Marine Corps General John Kelly, who sources said was seeking to impose order and discipline on a White House riven with factions and backbiting, asked for Scaramucci''s removal. Oil prices rose to two-month highs on Monday, on expectations of U.S. sanctions against Venezuela''s oil sector after Sunday''s election of a constitutional super-body in Caracas, which Washington denounced as a "sham" vote. Oil prices maintained gains even after the U.S. Treasury Department late on Monday announced sanctions limited only to Venezuelan President Nicolas Maduro. Brent crude futures LCOc1 traded at $52.81 per barrel after having hit a high of $52.92 on Monday. Copper CMCU3 rose 0.2 percent to $6,380 per tonne, holding near Monday''s two-year high of $6,430 and its 2015 peak of $6,481. Additional reporting by Cynthia Kim and Dahee Kim in Seoul, Editing by Shri Navaratnam and Lisa Twaronite 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN1AH2QN'|'2017-08-01T08:30:00.000+03:00'
'27d66c25caefa12dc780cb57934bfc7a54d804c7'|'China''s factories power ahead in July, but others in Asia off the pace'|'August 1, 2017 / 6:51 AM / 2 hours ago Factories motoring ahead, show scant evidence of braking Jonathan Cable and Marius Zaharia 5 Min Read FILE PHOTO: A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China July 27, 2017. Aly Song/File Photo LONDON/HONG KONG (Reuters) - Factories across the world powered into July, providing evidence that economic momentum has carried through into the second half despite central banks in the West preparing to start scaling back years of massive stimulus. Growth in the euro zone remained buoyant, British manufacturing recovered in July from a seven-month low and Chinese factory activity unexpectedly expanded. A survey due later from the United States is expected to suggest factories chugged along at a slightly more modest, but still solid, pace. "The world economy was doing quite well in the second quarter and nothing has changed in July. The overall picture is pretty healthy," said Andrew Kenningham at Capital Economics. "There is nothing immediately on the horizon to cause the global economy generally to slow. Central banks are moving very slowly to remove stimulus -- but it is very slow and cautious so I don''t think that will cause any problems." China and the euro zone are key to the second-half outlook, with those regions seen driving a larger share of the global recovery because political turmoil in Washington imperils President Donald Trump''s plans to pass stimulus plans. Last week, the International Monetary Fund upgraded its growth projections for China and Europe, while keeping its global forecast at 3.5 percent. Full-year growth in China is widely expected to meet the government''s target of 6.5 percent handily but most analysts predict the broader economy will begin to cool eventually as regulators maintain a clampdown on riskier types of lending. In the second quarter, the euro zone economy expanded 0.6 percent, matching a median forecast in a Reuters poll and confirming the bloc''s robust recovery. It will give the European Central Bank more grounds for tweaking its monetary policy in the autumn. In September, the ECB is expected to announce a shift away from its ultra-easy policy, according to a Reuters poll. [ECB/INT] While the U.S. Federal Reserve and ECB are expected to slowly normalise policy after years of cheap money, many Asian central bankers are likely to be more cautious about tapping the brakes for fear of derailing their recoveries. Australia''s central bank kept its cash rate unchanged at a record low 1.5 percent on Tuesday, despite saying the domestic and global economy continue to improve. Still, signs British factories had a good month should hearten Bank of England policymakers ahead of Thursday''s interest rate announcement. But more focus will be on Thursday''s PMI for the services industry, which drives the bulk of the Britain''s economic output. Only two of 80 economists polled by Reuters think the BoE will raise its main interest rate this week. [ECILT/GB] FILE PHOTO: Labourers work at a construction site in Beijing, China July 20, 2017. Jason Lee/File Photo Growth IHS Markit''s final manufacturing Purchasing Managers'' Index for the euro zone dipped to 56.6 from June''s six-year high of 57.4, slightly down from a flash estimate of 56.8. Any reading above 50 indicates growth. [EUR/PMIM] Pointing to momentum continuing, new orders remained firm, backlogs of work built up and hiring was strong. The expansion came despite factories increasing prices for the tenth month. Tuesday''s Markit/CIPS UK Manufacturing PMI rose to 55.1 from a downwardly revised 54.2 in June, exceeding the 54.4 consensus in a Reuters poll. [GB/PMIM] FILE PHOTO: Helmets are placed outside a construction site in Beijing, China July 20, 2017. Jason Lee/File Photo "A combination of the weaker pound and increasing global growth optimism is boosting sentiment amongst firms," said James Smith at ING. China''s Caixin/Markit Manufacturing Purchasing Managers'' Index (PMI) rose to a four-month high of 51.1, well ahead of June''s 50.4, as export orders flooded in. The findings were more upbeat than official data on Monday, which suggested a slight loss of momentum. But taken together they pointed to continued resilience in the world''s second-largest economy and the possibility its industrial recovery may last a bit longer than expected. "The key takeaway from the PMIs is China, which shows that the momentum is still ongoing into the start of the third quarter," said Khoon Goh at ANZ. "We do expect a bit of a growth slowdown (in Asia) in the second half but full-year growth numbers to be an improvement from last year''s." Threats of growing U.S. protectionism continues to hang over Asia''s trade-reliant economies. Though Trump did not follow through on many of his protectionism threats made during the campaign, there are signs the U.S. administration is growing frustrated at a lack of concessions from its major trading partners. So the picture was mixed for Asia, with factory activity shrinking in Indonesia and Malaysia. India, one of the world''s fastest growing economies, saw its manufacturing sector slam into reverse, as a new Goods and Services Tax (GST) sowed confusion among producers. In Japan, there were signs sluggish domestic demand is picking up, though stubbornly low inflation likely mean its central bank will not pare back its radical stimulus until long after the Fed and ECB. Reporting by Jonathan Cable and Marius Zaharia Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-idUKKBN1AH39J'|'2017-08-01T09:50:00.000+03:00'
'734547044e77e80189e5f1317ca1f53e534d0401'|'Dialysis provider FMC''s Second-quarter profit edges up 2 percent as costs weigh'|'August 1, 2017 / 5:28 AM / in 11 minutes Dialysis provider FMC''s Second-quarter profit edges up 2 percent as costs weigh Reuters Staff 1 Min Read FRANKFURT (Reuters) - Fresenius Medical Care ( FMEG.DE ), the world''s largest provider of kidney dialysis, posted a 2 percent gain in quarterly operating profit, missing consensus, as growth in the number of dialysis patients was offset by higher personnel expenses and other costs. Second-quarter earnings before interest and tax came in at 583 million euros ($690 million), below the average estimate of 611 million euros from a Reuters poll of analysts. The group still expects 2017 adjusted net income to increase by 7-9 percent at constant currencies. ($1 = 0.8453 euros) Reporting by Ludwig Burger; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fresenius-care-results-idUKKBN1AH33E'|'2017-08-01T08:27:00.000+03:00'
'bcbd921f0180e3ce1f87a61c5a4fd9aa8e7c4a82'|'Volkswagen executive pleads guilty in U.S. diesel emissions case'|'August 4, 2017 / 2:17 PM / 3 hours ago Volkswagen executive pleads guilty in U.S. emissions cheating case Nick Carey 4 Min Read Volkswagen executive Oliver Schmidt in this booking photo in Fort Lauderdale, Florida, U.S., provided January 9, 2017. Courtesy of Broward County Sheriff''s Office/Handout via REUTERS DETROIT (Reuters) - Volkswagen AG ( VOWG_p.DE ) executive Oliver Schmidt pleaded guilty on Friday in U.S. District Court in Detroit in connection with a massive diesel emissions scandal that has cost the German automaker as much as $25 billion. Under a plea agreement, Schmidt will face up to seven years in prison and a fine of between $40,000 and $400,000 after admitting to conspiring to mislead U.S regulators and violating clean air laws. Schmidt will be sentenced on Dec. 6. In March, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve U.S. charges that it installed secret software in vehicles in order to elude emissions tests. U.S. prosecutors have charged eight current and former Volkswagen executives so far. "Schmidt participated in a fraudulent VW scam that prioritized corporate sales at the expense of the honesty of emissions tests and trust of the American purchasers," said Deputy Assistant Attorney General Jean Williams. "Schmidt, along with each and every official involved in this emissions scandal, will be held fully accountable for their actions by the Department of Justice as this investigation continues." Earlier this year, Schmidt was charged with 11 felony counts and federal prosecutors said he could have faced a maximum of up to 169 years in prison. As part of his guilty plea, prosecutors agreed to drop most of the counts and Schmidt consented to be deported at the end of his prison sentence. Schmidt was in charge of the company’s environmental and engineering office in Auburn Hills until February 2015, where he oversaw emissions issues. ''CHEATING'' After being informed of the existence of the emissions software in the summer of 2015, according to the agreement, Schmidt conspired with other executives to avoid disclosing "intentional cheating" by the automaker in a bid to seek regulatory approval for its model 2016 VW 2 liter diesel vehicles. During the period in question, Schmidt was working at the company’s Wolfsburg, Germany, headquarters as "one of three subordinates” to the head of engine development. He was arrested when he traveled to the United States in early January. Volkswagen said on Friday it "continues to cooperate with investigations by the Department of Justice into the conduct of individuals. It would not be appropriate to comment on any ongoing investigations or to discuss personnel matters." As part of the agreement, Volkswagen agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and offered to buy back about 500,000 vehicles. James Liang, a VW employee who pleaded guilty to misleading regulators, is cooperating with prosecutors and will be sentenced on Aug. 25. Among those indicted earlier were Heinz-Jakob Neusser, former head of development for VW Brand and two former heads of engine development, Jens Hadler and Richard Dorenkamp. Most of the Volkswagen executives charged are in Germany and may not travel to the United States since Germany typically does not extradite its citizens. Last month, the Justice Department charged former Audi AG NSUG.AG manager Giovanni Pamio with directing employees to design software enabling thousands of Audi diesel cars to beat U.S. emissions tests. He was arrested in Germany. Audi is a unit of VW. Reporting by Nick Carey in Detroit and David Shepardson in Washington; Editing by Jeffrey Benkoe and Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-volkwwagen-emissions-idINKBN1AK1OY'|'2017-08-04T17:30:00.000+03:00'
'd04ca2a5b12f19bd71abc066a68434e2e61ffae1'|'Allianz forms JV with LV= to create third largest British P&C insurer'|'August 4, 2017 / 7:26 AM / 4 hours ago Allianz forms JV with LV= to create third largest British P&C insurer 1 Min Read FILE PHOTO: The logo of Europe''s biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. Jacky Naegelen/File Photo FRANKFURT (Reuters) - German insurance titan Allianz said on Friday that it had agreed to create a joint venture and strategic partnership with British insurer LV= to form the third-largest property and casualty insurance company in the UK. Allianz will pay 500 million pounds ($657.35 million) in exchange for a 49 percent stake in LV=''s General insurance business, a deal that is expected to close in the second half of this year. In a second stage, Allianz will pay 213 million pounds for a further 20.9 percent stage taking place in 2019. Reporting by Tom Sims; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lv-allianz-idINKBN1AK0NC'|'2017-08-04T05:26:00.000+03:00'
'3257ed316735850985363c8f1b60d6ed4fec6aa3'|'Airbus deliveries remain hampered by engine delays'|'August 4, 2017 / 6:06 PM / in 2 hours Airbus deliveries remain hampered by engine delays Tim Hepher 4 Min Read Undelivered Airbus A320neo aircraft are parked on the tarmac in Toulouse, France, August 4, 2017 as deliveries to airlines have been disrupted mainly by delays in receiving the latest generation of engines. Tim Hepher TOULOUSE, France (Reuters) - Airbus delivered 47 aircraft in July to reach the half-way point in its target for the year, but its narrowbody A320neo family continues to feel the disruption from delays in getting the latest generation of engines from their manufacturers. The European planemaker said on Friday it had delivered 9 of the upgraded medium-haul jetliners in July, bringing total A320neo-family deliveries so far this year to 68, just a third of the full-year target of 200 for that model. Airbus said last week its earnings had been hit by delays in receiving engines for the aircraft type and increased pressure on engine supplier Pratt & Whitney, a unit of United Technologies ( UTX.N ) that has been hampered by a series of glitches. Total Airbus airplane deliveries between January and July reached 353 aircraft, propelled by brisk deliveries of the earlier A320 model, Airbus said in a monthly data release. That compares with a full-year target of around 700. Evidence of the ongoing A320neo engine disruption could be seen on Friday in clusters of undelivered jets jammed into tight spaces around the perimeter of the Toulouse aerodrome where the world''s second-largest planemaker has its main factory. Some two dozen aircraft were visible from the roadside, painted in the livery of their airline customers but yet to receive their engines or in some cases wingtip extensions. The majority of the jets are destined for airlines that have selected Pratt & Whitney''s new Geared Turbofan engine, but a handful are also waiting for engines from CFM International, co-owned by General Electric ( GE.N ) and Safran ( SAF.PA ). A Reuters tally of jets parked without engines included six built for India: four for GoAir, a Pratt & Whitney customer, and two for CFM customer Air India. India said on Thursday Pratt & Whitney had promised a solution by September. Others with as yet unpowered jets included Mexico''s Volaris. Asked to comment on the number of undelivered jets, an Airbus spokesman said it had delivered many more than at the same point last year, when A320neo output was in early stages, but that it had "expected to be more advanced" by mid 2017. "We still target full-year A320neo deliveries to be around 200 but in view of the engine issues, this target becomes more challenging," he said. Airbus introduced a caveat into its 2017 forecasts last week, saying its target of more than 700 jetliner deliveries depended on its engine suppliers. Airbus meanwhile said on Friday it had sold four aircraft in July - typically a quiet month in odd-numbered years coming after the Paris Airshow - to reach 252 for the year. That total fell to 205 after cancellations, leaving Airbus behind U.S. rival Boeing ( BA.N ) in this year''s order race. Boeing has posted 446 orders through July 25, or 386 when adjusted for cancellations. July''s orders included one Airbus A350-1000, a large twin-engined jet due for its first delivery by the end of this year. Reporting by Tim Hepher; editing by Richard Lough 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-airbus-deliveries-idUSKBN1AK252'|'2017-08-04T21:05:00.000+03:00'
'2b17ddaedcc7ca1f543706ad61ff1835e1866f51'|'German ministers and carmakers meet to ''save diesel'''|'August 1, 2017 / 11:09 PM / 2 minutes ago German carmakers in emissions deal to try to avert diesel bans Emma Thomasson and Andreas Cremer 6 Min Read BERLIN (Reuters) - German politicians and car bosses agreed on Wednesday to overhaul engine software on 5.3 million diesel cars to cut pollution and try to repair the industry''s battered reputation. However, environmentalists said the plan - almost two years after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. diesel emissions tests - was too little, too late, and vowed to press ahead with legal action aimed at banning polluting vehicles. Chancellor Angela Merkel''s government has come under mounting pressure for not doing enough to crack down on vehicle pollution and for being too close to powerful carmakers. The issue has become a central campaign topic ahead of next month''s national election, prompting the government to summon the country''s top car bosses to try to avert moves in some cities to force bans on diesel vehicles. Ministers are wary of angering the owners of 15 million diesel vehicles and damaging an industry that is the country''s biggest exporter and provides about 800,000 jobs. To that end, politicians stopped short of demanding costly mechanical modifications to engine and exhaust systems and said they had agreed for now on software updates for 5.3 million cars. "We expect a new culture of responsibility from carmakers," Environment Minister Barbara Hendricks, from the centre-left Social Democrats, told a news conference, adding the software updates were just a first step in cutting emissions. "There is much to make good - to the environment, to people in cities, car owners and not least to the security of the car industry in Germany and its hundreds of thousands of jobs." Related Coverage German lobby group DUH says to continue campaign to ban diesel Hendricks criticized the VDA automakers lobby for putting out a statement proclaiming a deal two hours before ministers spoke to the media. She added the VDA''s comment that the deal was "unique in Europe and the world" lacked humility. The stakes have increased for German carmakers in recent weeks. Britain and France have announced plans to eventually ban all diesel and petrol vehicles and Tesla ( TSLA.O ) has launched its first mass-market electric car. Meanwhile, top German manufacturers BMW ( BMWG.DE ), Daimler ( DAIGn.DE ), Audi ( NSUG.DE ), Porsche and VW ( VOWG_p.DE ) are being investigated by European regulators for alleged anti-competitive collusion. Lost Trust The DUH environmental group said the summit had failed as software updates would only result in a cut of about 2-3 percent of emissions of toxic nitrogen oxides (NOx), adding it would pursue court cases for diesel bans in 16 cities. Matthias Mueller, CEO of German car maker Volkswagen and Dieter Zetsche, CEO of German car maker Daimler AG meet with German federal ministers to discuss the future of diesel vehicles, after a nearly two-year saga of scandal spread from Volkswagen to others in the sector in Berlin, Germany, August 2, 2017. Axel Schmidt/POOL "Today''s summit is bad news for hundred of thousands of people who will get sick and 10,600 who will die prematurely due to NOx each year," DUH head Juergen Resch said in a statement. The VDA said the software updates should cut NOx emissions by 25-30 percent for those cars affected, reducing pollution at least as much as possible driving bans. "The car industry knows it has lost a lot of trust. We must and will work on winning back that trust," VDA president Matthias Wissmann said. Transport Minister Alexander Dobrindt said a refusal by foreign carmakers to participate in the plan was "completely unacceptable". Slideshow (9 Images) Carmakers also agreed to fund incentives aimed at encouraging consumers to trade in older diesel cars that cannot be helped with software updates. The VDA said the software updates would cost VW, Daimler and BMW together at least 500 million euros ($593 million), while scrapping incentives would be much more expensive. Evercore analyst Arndt Ellinghorst said the costs were manageable for the industry, but cautioned: "What the agreement doesn’t do is restore consumer confidence in diesel engines." German car sales data on Wednesday showed diesel car sales fell 12.7 percent in July. Now diesel makes up only 40.5 percent of new car sales in Europe''s largest car market, down from 46 percent at the end last year. An opinion poll published on Wednesday by Die Welt newspaper showed 73 percent of Germans want politicians to take a tougher line with the car industry on air pollution. VW''s emissions test cheating - which was exposed by U.S. regulators - led to a string of revelations that showed diesel vehicles from most manufacturers release far more NOx gases on the road than in laboratory tests used to assess their safety. But cutting back on NOx pollution is causing another headache for carmakers, which were betting on diesel technology to help cut carbon dioxide (CO2) emissions to meet climate change rules. Diesel engines are up to 20 percent more fuel efficient than petrol equivalents. Falling sales of diesel cars have led to an increase in CO2 emissions, Germany''s KBA motor authority said on Wednesday. Average emissions per vehicle rose 0.4 percent in July to 128.4 grams of carbon dioxide per kilometre, it said. (To view a graphic on ''Western Europe sales of diesel cars'' click tmsnrt.rs/2p3Ttd5 ) Additional reporting by Andrea Shalal and Edward Taylor; Editing by Keith Weir and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-emissions-idUKKBN1AH5FO'|'2017-08-02T16:53:00.000+03:00'
'b150cdc9d237bec4cb90416422b3767085a97954'|'MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region'|'* 11 of 14 Saudi petchems drop after oil drops below $52* Dubai technically bullish* Banks buoy Abu Dhabi, ADCB shines* Analysts say Egypt real estate under pressureBy Celine AswadDUBAI, Aug 2 (Reuters) - Stock markets in the Gulf were mixed on Wednesday, with Saudi Arabia dragged down by a drop in crude oil prices while blue chips led gains the United Arab Emirates and Qatar higher.Brent crude futures lost 1.7 percent on Tuesday and traded below $52 a barrel for most of Wednesday. Consequently, 11 of the 14 petrochemical shares listed in Riyadh fell, including Saudi Basic Industries, which dropped 1.3 percent. The Riyadh index lost 0.4 percent.Shares of Nama Chemicals fell 0.5 percent after it reported a smaller net loss in the second quarter compared with last year.Shares of real estate manager Taiba Holding fell 0.1 percent after its second-quarter net profit fell 26.9 percent year-on-year to 54.4 million riyals ($14.51 million).The company attributed the lower profits to the decrease in the operating revenues of hotels and resorts segment.Dubai''s index rose 0.3 percent to 3,661 points, its fourth back-to-back session of gains. Technically, the index is bullish, and analysts at NBAD Securities believe the market is poised to target its yearly high of 3,738 points in the coming weeks.On Wednesday, shares of Emaar Properties, which has yet to report earnings, added another 1.2 percent taking its four-day gains to 4.3 percent.Dubai Investment which earlier this week had reported a 12.6 percent drop in its second quarter net profit attributable to shareholder, gained 2.5 percent.In Abu Dhabi, shares of Abu Dhabi Commercial Bank rose 1.9 percent. Analysts at Oman''s Ubhar Capital believe that the bank is trading at an attractive price-to-book multiple - a measure commonly used for banks - versus its peers."The bank’s valuation is primarily driven by its strong core operating performance which warrants sustained dividend payouts over the forecast period,"U-Capital said .First Abu Dhabi Bank also rose, by 1.9 percent, helping take the index 1.0 percent higher.Qatar''s index snapped a five-day loosing streak as 11 of the top 20 most valuable shares rose, while only seven declined. Liquefied natural gas shipper Qatar Gas Transport was the top gainer amongst the large caps, jumping 4.0 percent.Egypt''s index finished flat with the top six of the most valued real estate developers finishing mixed; Heliopolis for Housing and Development added 2.1 percent while Palm Hills Development lost 1.6 percent.Analysts at Cairo''s Naeem Brokerage expect real estate developers to come under pressure in the second quarter and for the rest of the year because of higher interest rates, inflationary cost pressures and, a possible slowdown in demand.Highlights Saudi Arabia * The index fell 0.4 percent to 7,081 points.Dubai * The index added 0.3 percent to 3,661 points.Abu Dhabi * The index gained 1.0 percent to 4,608 points.Qatar * The index rebounded 0.6 percent to 9,361 points.Egypt * The index edged up 0.07 percent to 13,405 points.Kuwait * The index edged down 0.3 percent to 6,824 points.Bahrain * The index fell 0.1 percent to 1,326 points.Oman * The index added 0.5 percent 5,074 points. ($1 = 3.7501 riyals) (editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL5N1KO4M4'|'2017-08-02T11:49:00.000+03:00'
'a3174c637fa52b42201a3e680b4f0a22c47ea392'|'Exclusive: Blackstone in talks to sell stake in camera maker Leica - sources'|'Vintage lenses and cameras of German camera manufacturer Leica are on display at the Leica headquarters in Wetzlar, Germany, November 10, 2016. Kai Pfaffenbach FRANKFURT (Reuters) - Buyout group Blackstone ( BX.N ) is in talks with potential buyers for its 45 percent stake in iconic high-end camera and sport optics maker Leica, people close to the matter said.The investor has teamed up with an investment bank to work out strategic options for the company and has already held talks with several potential acquirers, the people said, adding no official auction process was underway.Blackstone declined to comment.Any potential buyer will have to come to terms with Austria''s Kaufmann family, whose vehicle ACM owns a 55 percent stake in Leica, having brought in Blackstone as a co-investor in 2011."ACM has long-term goals with Leica Camera," Leica Chairman and ACM managing director Andreas Kaufmann told Reuters, adding that his family''s definition of long-term was that of a 100-year horizon.Leica, one of the world''s oldest photography brands, traces its roots back to a German microscope producer founded in 1849, and launched its first 35 mm compact camera in 1924.The rise of competitors after the World War Two, especially in Japan, saw Leica transform into a niche upmarket brand.In 1996, Leica Camera separated from the microscope and measuring devices businesses and listed on the stock exchange, before luxury goods maker Hermes invested in it in 2000, later selling its stake to the Kaufmann family, which by end-2007 held 97 percent of the company.Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros this year and may have a valuation of around 700 million euros ($828 million) in a potential deal, people close to the matter said.FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo While mass market camera makers such as Canon ( 7751.T ) and Nikon ( 7731.T ) trade at 7 to 9 times their expected core earnings, Blackstone hopes to reap a premium to that for Leica, whose cameras are seen as luxury goods.Sport optics peers include Germany''s Zeiss and Austria''s Swarovski Optik.Zeiss is potentially interested in Leica Camera, but would only agree to a deal if it was able to secure a majority stake, the sources said.Potential buyers include other family investors, they said, adding that Asian optics groups and private equity funds had also shown interest.Last year, Chinese investor CDH expressed interest in buying Blackstone''s stake in Leica, but no deal materialized, one of the people said.China''s Huawei, founded by a former Chinese army engineer, has licensed Leica camera technology for use in some of its smartphones. Huawei is the world''s third largest smartphone maker.Providing cameras for other uses from smartphones to cars has emerged as a second pillar of suppliers, while pocket cameras sales have come under pressure from the rise of smartphones. Expensive lifestyle cameras have so far bucked that trend.Huawei was, however, unlikely to show interest in buying Blackstone''s stake, one of the people said.Zeiss and Huawei declined to comment, while CDH was not immediately available for comment.Additional reporting by Julie Zhu, Dasha Afanasieva and Eric Auchard; Editing by Maria Sheahan and David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-blackstone-leica-camera-sale-idINKBN1AI22V'|'2017-08-02T13:46:00.000+03:00'
'81f48e0c7f24eadc7b6b331c3f17321b71526d27'|'BRIEF-Vestas says intends to fight General Electric''s patent complaint'|'August 2, 2017 / 1:52 PM / 10 minutes ago BRIEF-Vestas says intends to fight General Electric''s patent complaint 1 Min Read Aug 2 (Reuters) - VESTAS SAYS * "IS AWARE THAT GENERAL ELECTRIC CO. HAS FILED A PATENT COMPLAINT IN THE U.S. AGAINST VESTAS AMERICAN WIND TECHNOLOGY, INC. AND VESTAS WIND SYSTEMS A/S." * "WE STRONGLY BELIEVE THAT THE COMPLAINT IS WITHOUT MERIT AND INTEND TO CHALLENGE IT." FURTHER COMPANY COVERAGE: (Reporting by Jacob Gronholt-Pedersen) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vestas-says-intends-to-fight-gener-idUSFWN1KO0SK'|'2017-08-02T16:52:00.000+03:00'
'84ff1fa796ab01f8cc7608eb6635e9a64ac78334'|'UPDATE 1-Health insurer Humana profit beats estimates'|'(Adds details)Aug 2 (Reuters) - U.S. health insurer Humana Inc reported a much better-than-expected quarterly profit on Wednesday, due to strength in its Medicare Advantage business, which sells plans to the elderly and to people with disabilities.The company, which also raised its full-year earnings forecast, said the individual Medicare Advantage results significantly outperformed its original expectations.The company said net income rose to 650 billion, or $4.46 per share, in the second quarter ended June 30, from $311 million, or $2.06 per share, a year earlier.Excluding items, the company earned $3.49 per share, beating the analysts'' average estimate of $3.08, according to Thomson Reuters I/B/E/S.Total revenue fell 3 percent to $13.53 billion, primarily due to lower Obamacare business revenue.Humana, which walked away from its $34 billion deal with Aetna Inc earlier in the year, has already said it will exit Obamacare business in 2018 because of losses.Republican lawmakers have vowed to repeal and replace former President Barack Obama''s signature healthcare law, often called Obamacare, but have not agreed on how to do so, creating uncertainty about how the program will be run and whether it will be fully funded.The company said it now expects full-year adjusted earnings to be at least about $11.50 per share from its previous guidance of at least $11.10. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/humana-results-idINL4N1KO3T1'|'2017-08-02T09:03:00.000+03:00'
'b692b63b6a3656d0a9e2d74f3946106495ee313d'|'Swiss manufacturing in July posts strongest growth in six years'|'August 2, 2017 / 9:48 AM / 20 minutes ago Swiss manufacturing in July posts strongest growth in six years John Revill 3 Min Read Vacheron Constantin watchmakers work on calibres in the company workshop in Plan-les-Ouates near Geneva October 14, 2014. Vacheron Constantin is part of the privately owned luxury group Richemont based in Geneva. Denis Balibouse ZURICH (Reuters) - Switzerland''s manufacturers posted their strongest growth in more than six years for July, figures on Wednesday showed, pointing towards a sustained upswing for the sector that has been battered by the highly-valued Swiss franc. The Manufacturing Purchasing Managers Index reached 60.9 points during July, its highest level since February 2011, and well above the growth threshold of 50 points and the long term average of 53.8 points. The improvement was attributed to "bulging order books" with the corresponding backlog of orders rising to its highest level since 2010. "This pleasing development points towards dynamic industrial output in the months to come," said Credit Suisse, which compiles the index together with the Swiss SVME purchasing managers'' association. Growth in Switzerland, where manufacturing makes up around 18 percent of the economy, has been supported by solid PMI developments in neighbouring European countries. French manufacturing activity held close to a six-year high in July helped by political uncertainty dissipating after the presidential election, a survey showed on Tuesday. The eurozone''s factories showed a buoyant start to the second half of 2017. Other encouraging data on Wednesday showed improving sentiment in the Swiss economy which had been rocked by soaring value of the franc after the country''s central bank ditched a cap on the currency versus the euro in January 2015. Swiss retail sales rose 1.5 percent in calendar-adjusted real terms in June versus the year-earlier month, the Federal Statistics Office said. Swiss shops had suffered as a result of customers using their more highly valued currency to go shopping across the border in neighbouring France and Germany. The Swiss Consumer Index also improved to -3 points during the third quarter from a reading of -8 in the second quarter, with a balance of respondents seeing brighter economic outlook than earlier this year. With 200 companies across all sectors surveyed, the PMI results showed the improvement appeared to be broad-based and not just limited to pharmaceutical and chemical companies which had been supporting Swiss exports in recent months, said Credit Suisse economist Maxime Botteron. The recent weakening of the franc, which has dropped from 1.08 francs to the euro to 1.14 in recent weeks, has also lifted some of the pressure on Swiss companies which have cut costs to remain competitive as the currency made their products more expensive. "Many companies have been exporting, but at a zero margin; now they will be able to invest in new machinery and new products again," said Rudolf Minsch, chief economist at Economiesuisse, an employers association. Reporting by John Revill; Editing by John Miller and Raissa Kasolowsky 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-pmi-idUKKBN1AI140'|'2017-08-02T12:48:00.000+03:00'
'0029c512bef6e02961f01b17bfaaef530c1c946a'|'UPDATE 1-Deutsche Telekom Q2 profits beat forecasts, U.S. in spotlight'|'* Q2 core profit rose 9 pct to 5.94 bln v 5.76 bln consensus* Revs increase 6.0 pct to 18.89 bln euros, powered by U.S.* Modestly raises full-year core profit target to 22.3 bln* Telekom shares hinge on prospects for U.S. merger tie-up (Adds U.S. merger speculation, stock, analyst comments)By Eric AuchardFRANKFURT, Aug 3 (Reuters) - Deutsche Telekom, Europe''s biggest telecom company, on Thursday posted quarterly results that topped expectations, with a 9 percent rise in core profit powered by strength in the United States and modest gains in Germany and Europe.The German company slightly nudged up its 2017 outlook for core profit to around 22.3 billion euros ($26.4 billion) from 22.2 billion euros previously.Second-quarter results were driven by the contribution from its T-Mobile US business, 64-percent controlled by Deutsche Telekom, which last month said it added more than a million customers for the 17th quarter in a row.T-Mobile, the No. 3 U.S. mobile operator, is one of two public suitors seeking a tie-up with No. 4-ranked Sprint Corp in what would mark a mega-merger deal that could reshape the U.S. telecommunications market into three huge players.Reuters reported this week that Sprint''s majority owner, Japan''s SoftBank Group is exploring merger options not just with T-Mobile but also a tie-up with cable communications provider Charter Communications.Deutsche Telekom''s stock has seesawed on the prospects for its T-Mobile business reaching a merger deal with Sprint, gaining as much as 12 percent in May when speculation peaked but falling to trade down 4.4 percent in the year to date as no deal arose.The shares were up 1.6 percent at 15.78 euros by 0718 GMT on Thursday, making them the biggest gainers on Germany''s blue-chip DAX index, which was down 0.3 percent."The stock is all about Sprint," brokerage Bernstein said, noting the quarterly financial results followed a consistent pattern of increasing strength, led by the U.S. business.Overall at Deutsche Telekom, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose 8.9 percent to 5.94 billion euros, beating forecasts, which ranged from 5.63 billion to 5.89 billion euros in a Reuters poll.Revenue rose by 6.0 percent to 18.89 billion euros, topping the high end of forecasts by 10 analysts polled by Reuters.Citi analyst Simon Weeden called the results a solid set of figures with an "unexpected recovery" in revenue growth for Deutsche Telekom''s German mobile services business, which turned slightly positive in the quarter, aided by a big marketing push.Telekom said it invested 3 billion euros in capital spending, a 12.4 percent increase, leading quarterly free cash flow to dip 1.4 percent to 1.3 billion euros. For the full year, it reaffirmed its annual free cash flow target of 5.5 billion.During the second quarter, the United States business contributed half of Telekom group revenue and 44 percent of core profit, while Germany contributed one-third of reported profits and other business roughly one-fifth.T-Systems, its technical and communications consulting business, posted a 1.8 percent decline in second-quarter revenue amid sustained industry pricing pressure, Telekom said. Orders in the second quarter dropped 13.4 percent to 1.3 billion euros.$1 = 0.8440 euros Reporting By Eric Auchard; Editing by Maria Sheahan and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-telekom-results-idUSL5N1KP0QE'|'2017-08-03T09:00:00.000+03:00'
'02136115658feedc3f196b33addfae97d9695c9b'|'Strong demand in London, New York boosts hotelier M&C''s profit'|'August 4, 2017 / 6:28 AM / 16 minutes ago Strong demand in London, New York boosts hotelier M&C''s profit Reuters Staff 1 Min Read (Reuters) - Millennium & Copthorne Hotels Plc ( MLC.L ) (M&C) reported a 12.5 percent rise in first-half profit, helped by stronger demand at its hotels in London and Singapore and sterling''s weakness. The operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said pretax profit rose to 63 million pounds ($83 million) in the six months ended June 30, up from 56 million pounds a year ago. M&C, majority-owned by Singaporean businessman Kwek Leng Beng''s property company, also said revenue per available room, a key industry measure, rose 4.9 percent in constant currency. Reporting by Esha Vaish in Bengaluru. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mill-cop-hotels-results-idUKKBN1AK0IP'|'2017-08-04T09:27:00.000+03:00'
'0243b997144150a9ab22a4993c6a5a310514c22e'|'BMW''s 5-series launch helps drive forecast-beating second-quarter profit'|'August 3, 2017 / 5:44 AM / 20 minutes ago BMW''s 5-series launch helps drive forecast-beating second-quarter profit Reuters Staff 1 Min Read A BMW logo is seen at a car dealership in Vienna, Austria, May 30, 2017. Heinz-Peter Bader FRANKFURT (Reuters) - German luxury carmaker BMW ( BMWG.DE ) posted a forecast-beating 7.5 percent rise in second-quarter profits as sales of its new 5-series helped to offset slowing demand for luxury cars in the United States. Earnings before interest and tax (EBIT) rose to 2.92 billion euros ($3.46 billion), compared with an average forecast for 2.82 billion in a Reuters poll of banks and brokerages. BMW affirmed its guidance for a slight increase in full-year group pretax profit and an operating margin of 8 to 10 percent at its automotive business, which posted a second-quarter margin of 9.7 percent, up from 9.5 percent a year earlier. BMW said it now forecasts a solid increase in automotive segment revenues for the full year. Reporting by Edward Taylor; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bmw-results-idUKKBN1AJ0IX'|'2017-08-03T08:43:00.000+03:00'
'79a9048a83ac7fef93050b4a66ac07ec0407236e'|'Austrian lender BAWAG eyes takeovers in German-speaking Europe-CEO'|'ZURICH, Aug 3 (Reuters) - BAWAG PSK, the Austrian bank majority owned by private equity group Cerberus Capital Management, is keen to make acquisitions in Germany, Austria and Switzerland as the sector consolidates, Chief Executive Anas Abuzaakouk said."We are actively looking at many opportunities across the DACH region. We think the region has a lot of opportunity for consolidation," he told Reuters.Austria''s fourth-biggest bank boosted first-half pretax profit 2.5 percent to 251 million euros ($297.5 million) as revenues and operating profit grew.Its fully loaded common equity tier 1 ratio rose to 16.5 percent of risk-weighted assets at the end of June, up 140 basis points from the end of 2016, it said on Thursday.BAWAG has traditionally targeted a 12 percent CET1 ratio, and Abuzaakouk said the bank was deliberately overcapitalised to finance a string of acquisitions, including a deal last month to buy Germany''s Sudwestbank.He said its easygroup segment expected to make its first loans in Germany before the year was out.Reporting by Michael Shields; Editing by John Miller'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bawagpsk-results-ceo-idUSZ8N1GF017'|'2017-08-03T16:08:00.000+03:00'
'2f1ed501e9c8c95c2570089fc333a406eedc94dc'|'Madame Tussauds-owner Merlin cautious on outlook due to recent attacks'|'August 4, 2017 / 6:25 AM / 33 minutes ago Madame Tussauds-owner Merlin cautious on outlook due to recent attacks Reuters Staff 3 Min Read FILE PHOTO: The London Eye, run by Merlin Entertainments, is seen at dawn in central London, Britain October 21, 2013. Toby Melville/File Photo LONDON (Reuters) - Britain''s Merlin Entertainments ( MERL.L ), operator of tourist attractions such as Madame Tussauds, retained a cautious view on the near term outlook for its home market due to recent attacks, though it maintained full-year profit guidance. Merlin, the world''s second-biggest visitor attractions group behind Walt Disney ( DIS.N ), had said in June it had seen a fall in demand from domestic tourists following the attacks in London and Manchester and cautioned that foreign visitors could stay away in the coming months. "As we approach the peak trading period, we are making good progress across most of our businesses, although we remain cautious on the near term outlook for our UK attractions, reflecting the recent terror attacks," Chief Executive Nick Varney said on Friday as the firm reported flat first half profit. He said he still expected the firm to deliver full year profit in line with current expectations. Prior to Friday''s update, analysts were on average forecasting a pretax profit of 305 million pounds ($401 million), according to Reuters data, up from 259 million pounds in 2016. Varney pointed to the increasing diversification of Merlin''s portfolio, the ongoing roll out of new attractions and accommodation and a continued focus on productivity and efficiencies. Merlin''s business is very second-half weighted and over 70 percent of 2016 profit was generated from outside the UK. The group, which also runs the Sea Life aquarium, the Dungeons, Legoland and theme parks such as Alton Towers, made a pretax profit of 50 million pounds for the 26 weeks to July 1, the same as last year, despite a 9.6 percent rise in revenue to 685 million pounds on a constant currency basis. It said the lack of profit growth was in part due to several adverse timing effects which will normalise in the second half. The interim dividend was raised 9.1 percent to 2.4 pence. Shares in Merlin, up 3 percent so far in 2017, closed on Thursday at 462.8 pence, valuing the business at 4.7 billion pounds. Reporting by James Davey; Editing by Paul Sandle and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-merlin-ent-results-idUKKBN1AK0I9'|'2017-08-04T09:33:00.000+03:00'
'16c8bfe7a9947d5fddd35ba24666f74c1c7aa6e7'|'Germany to weigh Commerzbank stake sale post-election: WirtschaftsWoche'|'FILE PHOTO: The logo of Germany''s Commerzbank is seen in the late evening sun on top of its headquarters in Frankfurt, Germany, September 29, 2016. Kai Pfaffenbach /File Photo FRANKFURT (Reuters) - The German government will consider the sale of its 15.6 percent stake in Commerzbank following federal elections in September, German weekly WirtschaftsWoche reported on Friday, citing unnamed sources.Both Commerzbank and the German finance ministry declined to comment on the report.Shares of Commerzbank were indicated to open 0.5 percent lower at 0637 GMT, the second-biggest decliner on the DAX.The German government last month welcomed Cerberus as Commerzbank''s second-largest shareholder when the bank announced the U.S. buyout fund had built a stake controlling 5.01 percent of its voting rights."Rising investor interest is positive for Commerzbank and its share price," a spokeswoman for the German Finance Ministry said at the time. "We haven''t changed our position on Commerzbank."The guiding principle, she had said, was: "We want a good financial result for taxpayers."In recent months, Commerzbank has been implementing a restructuring program, focusing on digitizing its back office, cutting staff, and growing its retail customer base.This week it announced that it posted a loss in the second quarter after job-related restructuring costs and weak markets.Reporting by Tom Sims in Frankfurt and Gernot Heller in Berlin; Editing by Maria Sheahan'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-commerzbank-shareholder-idUSKBN1AK0J6'|'2017-08-04T14:34:00.000+03:00'
'5c0b85b867b38bc698e4710e4c9768b100af796a'|'GRAINS-Wheat eases for 4th day on ample world supply; corn, soy fall'|'SINGAPORE, Aug 3 (Reuters) - Chicago wheat futures lost more ground on Thursday with the market trading close to its lowest since late June on pressure from ample global supplies. Corn and soybean prices gave up some of last session''s gains as weather forecasts indicated little stress to maturing crops in the U.S. Midwest. FUNDAMENTALS * Extremely poor conditions for U.S. spring wheat have largely been priced in. Harvesting of the drought-hit crop is now under way, while rising expectations for production in rival exporter Russia are tempering supply concerns. * Russian agriculture consultancy IKAR on Tuesday increased its estimate for this year''s wheat production in Russia to a record 74-77 million tonne range. * For corn and soybeans, weather forecasts showed few serious threats in the next two weeks for the heart of the U.S. Midwest crop belt. The corn crop is filling kernels and soybeans are in the key pod-setting phase. * Corn rose on Wednesday after fllowing a yield estimate from commodity brokerage INTL FCStone. The firm late Tuesday projected the U.S. corn crop at 13.590 billion bushels, with an average yield of 162.8 bushels per acre (bpa). * The estimate is well below the USDA''s most recent forecast for a corn crop of 14.255 billion bushels, with a trend-based yield of 170.4 bpa. * Commodity funds were net buyers of Chicago Board of Trade corn and soybean futures contracts on Wednesday and net sellers of wheat, traders said. MARKET NEWS * A gauge of world stocks edged lower on Wednesday even as Wall Street''s venerable Dow Jones Industrial Average topped the 22,000 barrier on strength in Apple shares, while the U.S. dollar held near 15-month lows on doubts about another rate hike this year. DATA/EVENTS (GMT) 0145 China Caixin services PMI Jul 0750 France Markit services PMI Jul 0755 Germany Markit services PMI Jul 0800 Euro zone Markit services PMI final Jul 0900 Euro zone Retail sales Jun 1100 Bank of England announces interest rate decision 1230 U.S. Weekly jobless claims 1400 U.S. Factory orders Jun 1400 U.S. ISM-non manufacturing PMI Jul Grains prices at 0036 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 459.75 -1.00 -0.22% -0.33% 500.28 29 CBOT corn 378.50 -0.50 -0.13% +0.53% 390.82 40 CBOT soy 974.75 -2.75 -0.28% +0.31% 985.91 40 CBOT rice 12.48 -$0.02 -0.12% +1.75% $11.94 75 WTI crude 49.45 -$0.14 -0.28% +0.59% $46.36 66 Currencies Euro/dlr $1.184 -$0.001 -0.08% +0.36% USD/AUD 0.7945 -0.002 -0.21% -0.28% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-grains-idUSL4N1KP06N'|'2017-08-03T03:50:00.000+03:00'
'c722f26630569d3a6bd93eac541702270e8dbcc9'|'Bank of England set to stay on hold as Brexit risks loom'|'August 2, 2017 / 11:03 PM / in 3 hours Bank of England set to stay on hold as Brexit risks loom William Schomberg 4 Min Read FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay/File Photo LONDON (Reuters) - The Bank of England looks set to keep interest rates at a record low once again on Thursday with investors looking for signs that, faced with Brexit, it is getting nearer to raising rates for the first time in a decade. When they last met in June, Governor Mark Carney and his fellow rate-setters voted by a narrow 5-3 margin to keep Bank Rate at 0.25 percent. (For graphic on Bank of England votes, click tmsnrt.rs/2eSYykb ) The surprisingly close decision pushed up sterling and British government bond yields as investors pulled forward their expectations of a rate hike. Chief Economist Andy Haldane said soon after that he was close to voting for a hike too, adding to speculation that the BoE might soon be ready to follow the lead of the U.S. Federal Reserve and raise borrowing costs. With unemployment at a four-decade low and inflation above the Bank''s target, the case had seemed to be growing for the BoE to at least reverse the emergency rate cut it made after last year''s shock decision by voters to leave the European Union. But since June, data has shown the economy had its slowest growth since 2012 in the first half of this year, that inflation has dipped and that growth in wages remains weak. Furthermore, divorce talks between Britain and the rest of the EU had a stumbling start, leaving many firms nervous about the risk of a damaging Brexit in 2019. "Given it looks like the economy might be slowing now, it seems like an odd time" to raise interest rates, former BoE deputy governor Charlie Bean said, speaking at a monetary policy conference held by Fathom Consulting on Wednesday. He challenged the view of the MPC''s rate-hike supporters that a pick-up in investment and exports was likely to offset the impact of weaker spending by consumers. "At the current juncture it is not plausible to think that investment is going to, given the uncertainty about trade relationships in the future," Bean said. Any meaningful rise in exports was likely to be more than two years away, he added. Lower Growth Likely After the weak start to the year for economy, the BoE is likely to lower its growth forecast for 2017 while edging up its inflation projections only slightly. Further diminishing the chance of a vote for a rate hike on Thursday, one of June''s three dissenters has left the BoE. Most economists expect a 6-2 vote, unless Haldane changes his vote to give another 5-3 result. Rather than raise rates, the BoE might take a smaller step by not renewing the bank lending incentives that were part of its big stimulus after the Brexit vote shock. Carney and his top officials are likely to want to keep the prospect of a rate hike on the radar, as a further fall in sterling would add to inflation which already looks set to hit 3 percent this year, above the Bank''s 2 percent target. Low unemployment also increases the chance that wages might soon rise faster, creating an upward spiral of domestically generated inflation. John Gieve, another former BoE deputy governor, said the Bank risked moving too late to stop the recent sharp rise inflation from becoming entrenched, especially as Britain''s government might succumb to pressure to raise public-sector pay. "I think fiscal policy has changed," Gieve said. "The risk that the Bank will start tightening too late has changed." Reporting by William Schomberg Editing by Jeremy Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN1AI2X4'|'2017-08-03T02:04:00.000+03:00'
'65a483d594cb0b0d74913d518f500ce3173098ed'|'Brazil blocks fuel distributor Ale takeover by Ultrapar'|'BRASILIA (Reuters) - Shares of Brazil''s Ultrapar Participações SA fell the most in two and a half years on Wednesday after antitrust watchdog Cade voted unanimously to reject its proposed acquisition of rival fuel distribution company Alesat Combustíveis SA.All seven Cade councilors voted to block the deal.The rapporteur of the case, João Resende, had said Ale, as the company is known, did not agree to a proposal to sell assets in 12 states to obtain the approval.Related Coverage Brazil''s Alesat ponders ways to fund expansion after takeover blocked-CEOThe asset sale would represent divestiture of 65 percent of the company''s revenue, Resende said in his vote. Ultrapar´s unit Ipiranga is the second-largest fuel distributor in Brazil.Ultrapar''s fuel distribution unit, Ipiranga, announced its proposed acquisition of Ale for 2.17 billion reais ($696 million) in June last year.This is the second deal blocked by the Brazilian antitrust watchdog in less than two months. Cade rejected on June 28 Kroton Educacional SA''s proposed takeover of rival college operator Estácio Participações SA.Ultrapar shares tumbled 4.9 percent to 71.15 reais on Wednesday, the largest drop since December 2014, paring back this year''s gains to 5.4 percent.Brazil''s antitrust watchdog has yet to vote on another Ultrapar deal, the acquisition of Petrobras'' liquified petroleum unit Liquigas Distribuidora SA. Petrobras ( PETR4.SA ) agreed to sell the unit to Ultrapar last November.The acquisition by Ultrapar has already been considered "complex", meaning the tie-up could create too much market power for the buyer.Reporting by Leonardo Goy; Writing by Tatiana Bautzer; Editing by Matthew Lewis and Andrew Hay'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alesat-m-a-ipiranga-cade-idINKBN1AI2VL'|'2017-08-02T20:11:00.000+03:00'
'7599493cb84c417fd352944c49d8a74ae568892a'|'Exclusive - Blackstone in talks to sell stake in camera maker Leica: sources'|'August 2, 2017 / 3:44 PM / in 7 minutes Exclusive: Blackstone in talks to sell stake in camera maker Leica - sources Arno Schuetze 4 Min Read Vintage lenses and cameras of German camera manufacturer Leica are on display at the Leica headquarters in Wetzlar, Germany, November 10, 2016. Kai Pfaffenbach FRANKFURT (Reuters) - Buyout group Blackstone ( BX.N ) is in talks with potential buyers for its 45 percent stake in iconic high-end camera and sport optics maker Leica, people close to the matter said. The investor has teamed up with an investment bank to work out strategic options for the company and has already held talks with several potential acquirers, the people said, adding no official auction process was underway. Blackstone declined to comment. Any potential buyer will have to come to terms with Austria''s Kaufmann family, whose vehicle ACM owns a 55 percent stake in Leica, having brought in Blackstone as a co-investor in 2011. "ACM has long-term goals with Leica Camera," Leica Chairman and ACM managing director Andreas Kaufmann told Reuters, adding that his family''s definition of long-term was that of a 100-year horizon. Leica, one of the world''s oldest photography brands, traces its roots back to a German microscope producer founded in 1849, and launched its first 35 mm compact camera in 1924. The rise of competitors after the World War Two, especially in Japan, saw Leica transform into a niche upmarket brand. In 1996, Leica Camera separated from the microscope and measuring devices businesses and listed on the stock exchange, before luxury goods maker Hermes invested in it in 2000, later selling its stake to the Kaufmann family, which by end-2007 held 97 percent of the company. Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros this year and may have a valuation of around 700 million euros ($828 million) in a potential deal, people close to the matter said. FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo While mass market camera makers such as Canon ( 7751.T ) and Nikon ( 7731.T ) trade at 7 to 9 times their expected core earnings, Blackstone hopes to reap a premium to that for Leica, whose cameras are seen as luxury goods. Sport optics peers include Germany''s Zeiss and Austria''s Swarovski Optik. Zeiss is potentially interested in Leica Camera, but would only agree to a deal if it was able to secure a majority stake, the sources said. Potential buyers include other family investors, they said, adding that Asian optics groups and private equity funds had also shown interest. Last year, Chinese investor CDH expressed interest in buying Blackstone''s stake in Leica, but no deal materialized, one of the people said. China''s Huawei, founded by a former Chinese army engineer, has licensed Leica camera technology for use in some of its smartphones. Huawei is the world''s third largest smartphone maker. Providing cameras for other uses from smartphones to cars has emerged as a second pillar of suppliers, while pocket cameras sales have come under pressure from the rise of smartphones. Expensive lifestyle cameras have so far bucked that trend. Huawei was, however, unlikely to show interest in buying Blackstone''s stake, one of the people said. Zeiss and Huawei declined to comment, while CDH was not immediately available for comment. Additional reporting by Julie Zhu, Dasha Afanasieva and Eric Auchard; Editing by Maria Sheahan and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-blackstone-leica-camera-sale-idUKKBN1AI22V'|'2017-08-02T19:00:00.000+03:00'
'dd1eaf74df4339b9afa683fcfae8ad5a83a81830'|'Brazil J&F Investimentos agrees to sell Vigor to Mexico''s Lala'|'August 4, 2017 / 12:53 AM / 6 minutes ago Brazil J&F Investimentos agrees to sell Vigor to Mexico''s Lala 1 Min Read SAO PAULO (Reuters) - Brazil''s holding company J&F Investimentos SA said it signed an agreement to sell dairy company Vigor Alimentos SA to Mexico''s Grupo Lala SAB de CV. In a statement, J&F, which holds investments of the billionaire Batista family and is also the controlling shareholder of JBS SA, the world''s largest meatpacker, said the enterprise value of the company is 5.7 billion reais ($1.8 billion). Reuters reported on Monday that Lala had valued Vigor at $1.8 billion. J&F holds 80.8 percent of Vigor and JBS has a 19.2 percent stake. Both are selling their stakes. In a securities filing, JBS said its stake in Vigor had an enterprise value of 1.1 billion reais ($353.4 million), but the company will receive from Lala 780 million reais ($250.6 million), equivalent to the stake''s equity value. Reporting by Tatiana Bautzer; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vigor-m-a-lala-idUSKBN1AK027'|'2017-08-04T03:51:00.000+03:00'
'f5c1c755b8ff2bd4cb2145806d7db6733e325828'|'Asia tentative, dollar languishes on U.S. politics, mixed data'|'People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. Kim Kyung-Hoon SINGAPORE (Reuters) - Asian stocks inched up on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar were pressured by news Special Counsel Robert Mueller had issued grand jury subpoenas in his investigation of alleged Russian interference in the 2016 U.S. elections.MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, although gains were kept in check by the reluctance of many investors to stake out fresh positions ahead of U.S. job data later in the global day.The index was poised to climb 0.3 percent for the week, taking its gains for far this year to nearly 24 percent.Japan''s Nikkei dropped 0.3 percent on a stronger yen, and looked set to end the week little changed.South Korea''s KOSPI, which closed at a 3-1/2-week low on Thursday, recovered 0.3 percent. It is down 0.4 percent this week.China''s blue-chip CSI 300 lost 0.3 percent, while Hong Kong''s Hang Seng gained 0.1 percent.Overnight, the S&P and Nasdaq closed 0.2 percent and 0.35 percent lower respectively, with the declines led by technology shares.But the Dow managed to post slight gains, staying above the 22,000 level breached on Wednesday.U.S. stocks fell to intraday lows late on Thursday after the Wall Street Journal reported that Mueller has empanelled a grand jury to investigate allegations of Russian interference in the 2016 presidential election.Two sources told Reuters on Thursday that grand jury has issued subpoenas in connection with a June 2016 meeting that included U.S. President Donald Trump''s son, his son-in-law and a Russian lawyer."Politics come to the forefront once again with the latest developments in the Trump-Russia probe," said Jingyi Pan, market strategist at IG in Singapore, but added that "equity markets continued with a semblance of calm awaiting Friday’s U.S. jobs report".Investors will scrutinize July''s employment report for clues on whether it could influence the timing of the Federal Reserve''s plans to tighten monetary policy.Non-farm payrolls were expected to have increased by 183,000 jobs last month after surging by 222,000 in June, Reuters survey of economists found. The unemployment rate is seen falling one-tenth of a percentage point to 4.3 percent.The dollar index, which tracks the greenback against a basket of six major peers, languished near the 15-month low hit earlier this week. It was down almost 0.1 percent on Friday at 92.779, set to end the week 0.5 percent lower.The dollar crept up 0.1 percent to 110.125 yen, but failed to make up most of Thursday''s 0.6 percent loss. It is on track for a weekly loss of 0.5 percent.Benchmark 10-year notes were at 2.2247 percent on Friday. On Thursday, they fell to as low as 2.218 percent, their lowest level since late June, and closed at 2.228 percent.Sterling hit a nine-month low against the euro overnight, and held near that level on Friday, after the Bank of England''s policymakers kept interest rates at a record-low 0.25 percent."The unsavory combination of uninspiring UK economic data in July and uncertainty surrounding Brexit talks has pressured BoE hawks and dented expectations of a rate hike occurring anytime soon," Lukman Otunuga, research analyst at ForexTime, wrote in a note."With the central bank downgrading its UK GDP growth forecast for both this year and 2018, sterling is poised for further punishment down the road."Sterling was 0.9041 to the euro on Friday, after falling to as low as 0.9048, its weakest since Nov. 2.That helped lift the FTSE 0.85 percent.A 0.5 percent jump in retail sales in the euro zone in June from May, well above market expectations of a 0.1 percent rise, gave the euro a boost.The common currency was up 0.1 percent to $1.1879, extending Thursday''s 0.1 percent gain. It is set to end the week 1.2 percent stronger.Venezuela''s bolivar currency tumbled 18 percent against the U.S. dollar on Thursday on the black market, ahead of the inauguration of a legislative superbody that the opposition says will give President Nicolas Maduro sweeping new powers.In commodities, oil prices remained under pressure following losses overnight. Persistent concerns about high crude supplies from OPEC offset the previous day''s data showing record U.S. gasoline demand.U.S. crude was marginally higher at $49 a barrel, after sliding 1.1 percent overnight, putting it on track for a weekly loss of 1.4 percent.Global benchmark Brent slipped almost 0.1 percent to $51.96, extending Thursday''s 0.7 percent loss, headed for a 1.05 percent weekly decline.Gold was steady, holding on to Thursday''s 0.15 percent gain. Spot gold was at $1,268.66 an ounce, after Thursday''s 0.15 percent gain, and set to end the week little changed.Reporting by Nichola Saminather; Editing by Kim Coghill and Eric Meijer'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN1AK01X'|'2017-08-04T03:52:00.000+03:00'
'86d62058cd6322b6cccba6290a8c992f2f481deb'|'Paytm plans to launch messaging service to rival WhatsApp'|'FILE PHOTO: A Sadhu or a Hindu holy man pays the vendor through Paytm, a digital wallet company, after buying a book during the annual religious festival of Magh Mela in Allahabad, India, January 26, 2017. Jitendra Prakash/File Photo MUMBAI (Reuters) - India''s leading digital payments firm Paytm plans to launch a messaging service by the end of this month to compete with Facebook Inc''s WhatsApp, a source familiar with the matter said on Tuesday.Paytm, which is backed by Japan''s SoftBank and China''s Alibaba, wants to attract people in India to use a messaging service embedded in its payments app, which many already use to buy everything from food to plane tickets.Paytm''s messaging service will let users send audio, video, pictures and texts, said the source, who declined to be named."Paytm wants to become a digital universe for Indian commerce where consumers can communicate, shop and use financial services," said Pavel Naiya, an analyst at tech research Counterpoint.Paytm has more than 225 million users in India.An advertisement of Paytm, a digital wallet company, is pictured at a road side stall in Kolkata, India, January 25, 2017. Picture taken January 25, 2017. Rupak De Chowdhuri WhatsApp, which had 200 million monthly active users as of February in India, its biggest single market, has also been looking at moving into digital payment services there.Earlier this year, another Indian messaging platform, Hike, rolled out an electronic payments service in its app to cash in on the growth in digital transactions in the country.E-payments in India surged after the country banned old, high-value currency notes late last year. Firms such as Paytm have since rapidly increased their market share.Digital payments in India will jump nearly 10 times by 2020 to $500 a 2016 report by Boston Consulting Group.The Wall Street Journal was first to report Paytm''s plan to launch a messaging service.Paytm did not respond to an email seeking comment. WhatsApp was not immediately reachable for comment.Reporting by Sankalp Phartiyal; editing by David Clarke'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/paytm-messaging-whatsappp-idINKBN1AH46X'|'2017-08-01T10:04:00.000+03:00'
'775c57e18a10c1164f96cdb5294d71652c4cdb8c'|'Broadbent stresses rates message as Bank of England tries again'|'August 4, 2017 / 2:53 PM / 12 minutes ago Broadbent stresses rates message as Bank of England tries again William Schomberg 4 Min Read Deputy Governor of the Bank of England Ben Broadbent gestures as he speaks at a Reuters Newsmaker event at Canary Wharf in London, Britain November 18, 2015. Neil Hall/Files LONDON (Reuters) - A Bank of England policymaker sought on Friday to drive home its message that interest rates are likely to rise, a day after investors took its shift to a more downbeat view of the economy as a sign that it was in no hurry to move. Sterling suffered its biggest daily fall in a month on Thursday and fell further on Friday despite Deputy Governor Ben Broadbent''s comments, illustrating the difficulty the bank faces in trying manage expectations about when it might raise rates for the first time in more than 10 years. Inflation is likely to remain above the central bank''s 2 percent target for the next three years and unemployment is at its lowest level since the 1970s. On the other hand, the prospect of Brexit is weighing on investment by companies and consumers are struggling with weak wage growth. Broadbent took to the airwaves on Friday to talk about the prospect of rates going up, a day after the BoE said investors could be underestimating the scale of rate hikes over the next three years. "We do think the economy will continue to grow. We think wage growth will pick up," he told BBC radio. "I think there may be some possibility for interest rates to go up a little bit." He also sought to dispel concerns that a return to slightly higher borrowing costs could hurt Britain''s economy. "One shouldn''t overdo the significance of this," Broadbent said. "If and when it happens, there will be a lot of talk about the first rate rise since ''x''. But it''s just a rate rise and we got perfectly used to rate rises of this size in the past." STRUGGLING TO GIVE A STEER But sterling-averse investors appeared to ignore the message on rates - which the Bank has given before - and focused more on the cut in its forecasts for economic growth and wages. Fathom Consulting said the Bank "tried to have its cake and eat it" as it voted to keep rates on hold once again and told investors they were not pricing in enough future rate hikes. "Markets have grown wise to these siren voices and have ignored the Bank''s message," Fathom economist Joanna Davies said. The BoE''s current assessment also assumes households and businesses will remain confident that Britain''s departure from the EU will be fairly smooth, while financial markets are more pessimistic. BoE Governor Mark Carney has struggled to give a reliable steer on the likely path for interest rates since he took over the British central bank in 2013, often seeing his guidance overtaken by unexpected developments in the economy. Broadbent also told the BBC the BoE''s monetary policymakers were not very concerned about the debts of British households because consumer credit, relative to incomes, remained much lower than its level before the financial crisis. "It is absolutely right that the prudential side of the Bank ... should be concerned about pockets of debt that are growing very, very quickly," he said. "The MPC (Monetary Policy Committee) does not think this is a first-order macro issue for the economy." Writing by William Schomberg; Editing by Shri Navartatnam and John Stonestreet 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/britain-boe-idINKBN1AK1S2'|'2017-08-04T12:53:00.000+03:00'
'19037fbeaeee9451a74e2c8f492c1399ecec79cd'|'Critics of Wisconsin''s proposed Foxconn plant voice concerns'|'August 3, 2017 / 10:52 PM / 2 hours ago Critics of Wisconsin''s proposed Foxconn plant voice concerns Julia Jacobs 3 Min Read The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan June 12, 2017. Eason Lam MADISON, Wis. (Reuters) - Wisconsin''s proposed $3 billion incentive package for a new LCD screen plant by Taiwan''s Foxconn is in danger of being pushed through the state''s Republican-controlled legislature too quickly, Democratic critics said on Thursday. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern Wisconsin. It will initially employ 3,000 people but that number could rise to 13,000, officials have said. Proponents including President Donald Trump and Wisconsin Governor Scott Walker have touted the project''s investment potential and job creation, including an expected 22,000 ancillary and 10,000 construction jobs. But some critics see the deal as corporate welfare and caution against a hasty approval process. Foxconn is a major supplier to Apple Inc for its iPhones, but the company has not said if the Wisconsin factory would produce any parts for Apple. At a public hearing to discuss the plan on Thursday, some Democrats bemoaned what they view as a rush. "Why do we have to be held ransom for $3 billion when they should be able to come here just based on our credible work force, based on the resources we have here?" Democratic state Representative Amanda Stuck said at the hearing. However, state officials called the deal "historic" and said it would be "transformational" for the state''s economy. Foxconn is also weighing an additional business in Wisconsin, the Milwaukee Journal Sentinel reported on Tuesday, citing unnamed sources. "We cannot let this opportunity pass us by," Scott Neitzel, secretary of the state Department of Administration, told legislators. Republican Walker ordered the state legislature into special session on Tuesday to consider the incentive package. Legislators have previously said that a vote could be held this month. Democrats said they want to see the fine print of the offer. "It''s kind of hard to be for or against this when you don''t have enough information," Democratic state Representative David Crowley said. Additional reporting and writing by Suzannah Gonzales in Chicago; Editing by Matthew Lewis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-foxconn-wisconsin-idUSKBN1AJ33M'|'2017-08-04T01:50:00.000+03:00'
'4bd9baad41f3b65abea0daa05f25e06a25eaa780'|'Bunge leaves door open to selling itself, cuts 2017 forecast'|'(Reuters) - Bunge Ltd ( BG.N ) kept the door open on Wednesday to a sale of the company as it reported a 34 percent drop in quarterly earnings and cut its full-year outlook, but its chief executive officer predicted a grains market rebound that would reverse the slide.CEO Soren Schroder said planned cost cuts should also help improve performance by the agricultural commodities trader after its second straight weak quarterly result.Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc and Louis Dreyfus Co, known as the ABCDs in global grain trading, have been stung by a glut of crops following four years of bumper harvests around the world.The companies have taken steps to diversify and invest in higher-margin businesses such as food ingredients and natural flavorings, but results of the efforts have been mixed.Cargill''s restructuring effort has begun to yield higher earnings while Bunge has stumbled as its heavier presence in South America, home to a large share of its elevators and processing plants, has blunted gains.Bunge, which rebuffed an approach from rival Glencore Plc ( GLEN.L ) in May, will "evaluate the best path," CEO Soren Schroder told analysts on a conference call, when asked whether selling the company was an option."There''s no entrenchment," he added.Bunge unveiled a cost-cutting and restructuring plan last month that it said will slash costs by $250 million by the end of 2019.Grain Market Recovery Schroder forecast a turnaround in agricultural commodities markets that have burdened Bunge and the broader grain trading industry for more than two years with a string of huge global harvests and record supplies."Global corn stocks, while ample, are going down. Wheat stocks are going down. Soybean stocks, depending on how the U.S. crop comes out, probably have peaked," Schroder said in an interview with Reuters."You''re setting yourself up for a rebound," he added.Global corn supplies are forecast to drop by nearly 12 percent by the end of the 2018 season, and soybean stocks are seen down 1.3 percent, according to the latest U.S. Department of Agriculture forecast. Global wheat stocks are seen up less than 1 percent year-on-year after more than doubling over the previous decade.But analysts, some of whom have cut outlooks for Bunge, were skeptical of an imminent recovery."That''s been a common refrain for the last several quarters among agribusiness companies yet we continue to see downward earnings revisions," said Farha Aslam, analyst with Stephens Inc.On Tuesday, rival Archer Daniels said slow farmer sales in South America dragged down profits for its soybean processing business.The optimistic outlook by Bunge, which has seen shares whipsawed between poor results and speculation of a potential takeover, comes despite this year''s record corn and soybean crop in Brazil and forecasts for another bumper crop in the United States, the world''s top two producers.Some analysts expect Bunge''s second consecutive weak quarter to invite another approach by Glencore while others believe the overhaul could buy time to deliver on promised growth.Regional partnerships and joint ventures remain possibilities for Bunge as it looks to prop up return on invested capital. U.S. grain handling and South American and Asian oilseed crushing are among sectors that are ripe for consolidation, Schroder told Reuters.On Wednesday, the company slashed its full-year agribusiness earnings target to $550 million to $650 million, from $800 million to $925 million in the first quarter, and its food and ingredients target to $210 million to $230 million, from $245 million to $265 million. Both were cut for a second straight quarter.Net income available to shareholders fell to $72 million, or 51 cents per share, in the quarter, from $109 million, or 78 cents per share, a year earlier.Bunge shares were near unchanged on Wednesday at $78.08.Reporting by Karl Plume in Chicago; Additional reporting by Ahmed Farhatha in Bengaluru; Editing by Jeffrey Benkoe and Cynthia Osterman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bunge-results-idINKBN1AI16O'|'2017-08-02T12:16:00.000+03:00'
'2d7cdabd3ed3c6e4dcd2727a442c186e16e73039'|'EXCLUSIVE: N.Y. regulator subpoenas Wells Fargo over unwanted auto insurance'|'A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. Mike Blake/File Photo NEW YORK (Reuters) - New York state''s banking and insurance regulator issued subpoenas on Tuesday to two Wells Fargo & Co units after the bank said it had sold auto insurance to hundreds of thousands of customers who did not need it.The New York Department of Financial Services (NYDFS) is demanding Wells'' loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, according to copies of the subpoenas obtained by Reuters.Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers'' names without their permission.The N.Y. regulator is also seeking documents showing how and when Wells learned its so-called collateral protection insurance may have been unnecessarily or wrongfully issued.The bank has to provide the information by Aug. 22.The regulator sent a separate request for information to National General Insurance Co, which was identified as an underwriter of the insurance in a report into the matter prepared for Wells by consultant Oliver Wyman. The New York Times obtained a copy of the report.A Wells spokeswoman declined to comment and National General did not immediately respond to a request for comment.Wells first became aware of potential problems a year ago, when the auto lending business began receiving an unusually high number of complaints, Franklin Codel, head of consumer lending, said in an interview last week.The bank said it would refund about $80 million to an estimated 570,000 customers who were wrongly charged for auto insurance from 2012 to 2017, including roughly 20,000 whose vehicles were repossessed.The subpoenas, each of which is nine pages long, were sent to Wells Fargo Bank NA in Saint Louis Park, Minnesota, and Wells Fargo Insurance Services USA Inc in Charlotte, North Carolina.The subpoenas also request the Wyman report and any other analyses of policies issued to New York customers.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/wells-fargo-accounts-new-york-idINKBN1AI26Q'|'2017-08-02T19:14:00.000+03:00'
'960c7045d5869fc1854cc2be2ca1f20c015734ae'|'Deals of the day-Mergers and acquisitions'|'(Adds Bayer-Monsanto, Vale SA, Gas Natural and Didi Chuxing)Aug 1 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1315 GMT on Tuesday:** The European Commission on Tuesday extended its review of Bayer''s $66 billion takeover of agrochemicals group Monsanto by two weeks, adding the companies had submitted their proposed concessions on Monday.** Mexico''s Grupo Lala SAB de CV is close to acquiring Brazilian dairy company Fábrica de Produtos Alimentícios Vigor SA, a person with knowledge of the matter said on Monday.** India has privately raised objections to Chinese firm Shanghai Fosun Pharmaceutical Group''s proposed $1.3 billion takeover of Indian drugmaker Gland Pharma, a source familiar with the matter said on Monday.** Charter Communications Inc''s shares surged to a record high on Monday after a source said Japan''s SoftBank Group Corp was considering an acquisition offer, even as Charter shot down the possibility of it being the acquirer in any merger with SoftBank''s U.S. wireless carrier, Sprint Corp .** BHP Billiton denied commentary in a Brazilian newspaper that it has agreed to sell its stake in the Samarco iron ore mine to its partner Vale.** Brazilian mining company Vale SA dismissed as speculative a news report saying it planned to buy a stake in Samarco Mineração SA from Australian partner BHP Biliton Ltd, according to a securities filing on Tuesday.** Three non-Spanish investment funds are interested in acquiring 20 percent of the domestic distribution network owned by Gas Natural, a source taking part in the operation said on Tuesday.** Chinese ride-sharing firm Didi Chuxing said on Tuesday it would invest and collaborate with European ride-sharing firm, Taxify, in a strategic partnership.** Anbang Insurance Group, whose chairman was detained in June, denied a report that it had been told by regulators in China to sell its overseas assets.** British payments firms Worldpay said its U.S. suitor Vantiv has been granted a week-long extension to Aug. 8 to make a firm takeover bid or walk away for six months.** PSA Group put new managers in place at Opel and Vauxhall, completing a 2.2 billion euro ($2.6 billion) takeover which helps the French company to become Europe''s second-largest carmaker by sales.** Hurdles ranging from existing commercial tie-ups to politics make drugmaker AstraZeneca a problematic takeover target in the wake of last week''s big lung cancer setback that hammered the stock and rekindled takeover talk. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1KN3NQ'|'2017-08-01T13:07:00.000+03:00'
'bbc75d0a3ba538edf593ee3b9f33615bcf41da81'|'Germany to agree plan to cut diesel emissions - sources'|'August 1, 2017 / 12:17 PM / 7 minutes ago Germany to agree plan to cut diesel emissions - sources   Cars and trucks are stuck in a traffic jam near Irschenberg, Germany July 28, 2017. Michaela Rehle BERLIN (Reuters) - The German government will not force the auto industry to make costly engine retrofits to cut emissions but will accept software updates for around 2 million diesel cars at a meeting on Wednesday, industry and government sources said on Tuesday. The summit of politicans and car executives was called to discuss ways to reduce inner-city pollution in an attempt to avert bans of diesel cars and restore the reputation of the sector battered since the Volkswagen ( VOWG_p.DE ) scandal. The auto industry has agreed to software updates for around 2 million cars that will cost around 300 million euros (268.04 million pounds), a government source said. An industry source said foreign car makers had not agreed to participate for now. The sector and the government will each contribute half to a 500 million euro fund aimed at helping local governments reduce pollution, while the government will also put more funds into subsidies for electric cars for officials. Reporting by Markus Wacket, writing by Emma Thomasson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-diesel-idUKKBN1AH48N'|'2017-08-01T15:17:00.000+03:00'
'f9bacc8ea643dfe4c1542a7b8de98d02178c8952'|'Brazil''s Bom Jesus creditors approve reorganization plan -source'|'SAO PAULO, Aug 2 (Reuters) - Creditors of Grupo Bom Jesus, a Brazilian grain producer that filed for bankruptcy protection in May, have agreed to proposed terms of a 2.6 billion reais ($835 million) debt restructuring, a source with knowledge of the matter said.All classes of creditors voted in favor of the plan in a court in the midwestern town of Rondonópolis, the source added.The approved reorganization plan allows the grain producer to sell assets such as farms to raise cash. Creditors can choose between debt maturities to up to 15 years or receive notes that may be repaid earlier once Bom Jesus sells assets, court documents seen by Reuters show.Reuters first reported the proposed terms of the restructuring, which is being advised by Pantalica Partners, a year ago.$1 = 3.1128 reais Reporting by Tatiana Bautzer; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/grupo-bom-jesus-restructuring-idINL1N1KO23B'|'2017-08-02T20:21:00.000+03:00'
'7efa1bd2a06ec76b9a688d00f2ca32803a2d8569'|'REFILE-CEE MARKETS-Crown firms after Czechs deliver first EU rate hike for years'|'August 3, 2017 / 12:40 PM / 3 hours ago REFILE-CEE MARKETS-Crown firms after Czechs deliver first EU rate hike for years 7 Min Read (Refiles to update headline) * Crown jumps as CNB lifts rates, surprising part of the market * Hike is the CNB''s first since 2018, EU''s first since 2012 * CEE central banks unlikely to follow CNB''s hike this year By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Aug 3 (Reuters) - The crown surged on Thursday after the Czech central bank (CNB) delivered the the European Union''s first central bank interest rate hike for more than five years to fight inflation. The 20 basis point hike in the two-week repo rate to 0.25 percent had not been expected by half of the analysts in a Reuters poll, and had not been priced in by markets, . It was the first Czech rate rise since 2008. The crown touched 25.9 against the euro, its strongest level since April when the CNB abandoned a cap which had kept the crown weaker than 27 since late 2013. It traded at 25.965 by 1139 GMT, up half a percent. Czech interest rates swaps (IRSs) ticked up around 5 basis points, short-end forward rate agreements rose 10 basis points and bond bid/ask spreads widened, but few deals were struck. The stocks of lenders Erste and Komercni Banka extended their gains after the decision, leading a 0.4 percent rise in the Prague bourse''s main stock index. The crown, which weakened to a one-month low of 26.172 earlier this week, traded at the levels where analysts in a Reuters poll projected it to be at the end of this month. The poll predicted a gradual strenghtening to 25.5 in the next 12 months, and projected stronger than expected courses for the region''s main currencies, with Europe''s economic growth powering ahead. The Czech economy is also picking up. With inflation running at 2.3 percent in June, above the 2 percent midpoint of the target range, the CNB had become the first central bank in the region which indicated that rate tightening could come soon. Sceptics had said that the crown firmed a good clip since being set free in April, and its strengthening had tightened monetary conditions enough. The CNB was also uncertain over how soon the European Central Bank will drop its own ultra-loose policy of bond purchases. "Future (CNB) decisions will be highly dependent on the inflation path and the state of the economy, which has recently been feared to be overheating," said Natalia Kornela Setlak, analyst of Nordea in a note. Romania''s central bank is unlikely to follow the example of the Czech hike at its meeting on Friday, according to another Reuters poll. None of the region''s central banks are seen lifting rates this year. Elsewhere, the government bonds of Hungary, which have much higher yields than Czechs, drew strong demand at two auctions on Thursday. CEE MARKETS SNAPSH AT 1339 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.965 26.103 +0.53 4.01% 0 0 % Hungary 303.65 303.59 -0.02% 1.70% forint 00 50 Polish zloty 4.2520 4.2576 +0.13 3.57% % Romanian leu 4.5635 4.5616 -0.04% -0.62% Croatian 7.4065 7.4065 +0.00 2.01% kuna % Serbian 119.44 119.70 +0.22 3.27% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1014.4 1010.5 +0.38 +10.0 2 9 % 7% Budapest 36238. 36041. +0.55 +13.2 23 13 % 3% Warsaw 2363.5 2366.0 -0.11% +21.3 2 6 4% Bucharest 8339.0 8299.2 +0.48 +17.7 4 2 % 0% Ljubljana 807.19 809.85 -0.33% +12.4 9% Zagreb 1885.2 1886.1 -0.05% -5.49% 7 3 Belgrade 718.22 707.17 +1.56 +0.12 % % Sofia 719.96 715.14 +0.67 +22.7 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0 0 +067b -2bps ps 5-year 0.083 0.048 +030b +4bps ps 10-year 0.898 0 +041b +0bps ps Poland 2-year 1.821 0.007 +249b -2bps ps 5-year 2.697 0.013 +291b +0bps ps 10-year 3.364 0.006 +288b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.57 0.67 0.77 0 IBOR=> Hungary <BU 0.23 0.31 0.38 0.15 BOR=> Poland <WI 1.79 1.825 1.88 1.73 BOR=> Note: FRA are for ask quotes prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1KP6E8'|'2017-08-03T15:43:00.000+03:00'
'6450fb6da556da40ee48d824d3c43f5c58d3ab61'|'Facebook to step up fact-checking in fight against fake news'|'August 3, 2017 / 12:40 PM / 4 hours ago Facebook to step up fact-checking in fight against fake news Reuters Staff 2 Min Read FILE PHOTO: The Facebook application icon on a phone screen, August 3, 2017. Thomas White/File Photo BERLIN (Reuters) - Facebook is to send more potential hoax articles to third-party fact checkers and show their findings below the original post, the world''s largest online social network said on Thursday as it tries to fight so-called fake news. The company said in a statement on its website it will start using updated machine learning to detect possible hoaxes and send them to fact checkers, potentially showing fact-checking results under the original article. Facebook has been criticised as being one of the main distribution points for so-called fake news, which many think influenced the 2016 U.S. presidential election. The issue has also become a big political topic in Europe, with French voters deluged with false stories ahead of the presidential election in May and Germany backing a plan to fine social media networks if they fail to remove hateful postings promptly, ahead of elections there in September. On Thursday Facebook said in a separate statement in German that a test of the new fact-checking feature was being launched in the United States, France, the Netherlands and Germany. "In addition to seeing which stories are disputed by third-party fact checkers, people want more context to make informed decisions about what they read and share," said Sara Su, Facebook news feed product manager, in a blog. She added that Facebook would keep testing its "related article" feature and work on other changes to its news feed to cut down on false news. Reporting by Emma Thomasson; Editing by Greg Mahlich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-fakenews-idUKKBN1AJ1PD'|'2017-08-03T15:40:00.000+03:00'
'effd31e1ad92710d01f222d85aa99ca2a4788900'|'UPDATE 4-Ultrapar shares tumble as Brazil blocks fuel distributor Ale takeover'|'BRASILIA (Reuters) - Shares of Brazil''s Ultrapar Participações SA fell the most in two and a half years on Wednesday after antitrust watchdog Cade voted unanimously to reject its proposed acquisition of rival fuel distribution company Alesat Combustíveis SA.All seven Cade councilors voted to block the deal.The rapporteur of the case, João Resende, had said Ale, as the company is known, did not agree to a proposal to sell assets in 12 states to obtain the approval.Related Coverage Brazil''s Alesat ponders ways to fund expansion after takeover blocked-CEOThe asset sale would represent divestiture of 65 percent of the company''s revenue, Resende said in his vote. Ultrapar´s unit Ipiranga is the second-largest fuel distributor in Brazil.Ultrapar''s fuel distribution unit, Ipiranga, announced its proposed acquisition of Ale for 2.17 billion reais ($696 million) in June last year.This is the second deal blocked by the Brazilian antitrust watchdog in less than two months. Cade rejected on June 28 Kroton Educacional SA''s proposed takeover of rival college operator Estácio Participações SA.Ultrapar shares tumbled 4.9 percent to 71.15 reais on Wednesday, the largest drop since December 2014, paring back this year''s gains to 5.4 percent.Brazil''s antitrust watchdog has yet to vote on another Ultrapar deal, the acquisition of Petrobras'' liquified petroleum unit Liquigas Distribuidora SA. Petrobras ( PETR4.SA ) agreed to sell the unit to Ultrapar last November.The acquisition by Ultrapar has already been considered "complex", meaning the tie-up could create too much market power for the buyer.Reporting by Leonardo Goy; Writing by Tatiana Bautzer; Editing by Matthew Lewis and Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alesat-m-a-ipiranga-cade-idUSKBN1AI2VL'|'2017-08-03T02:31:00.000+03:00'
'de6b480c86091553ba1f3cfba16c12e69f035cf7'|'UPDATE 1-Avon CEO Sheri McCoy to step down following activist pressure'|'(Adds details, results)Aug 3 (Reuters) - Cosmetics maker Avon Products Inc, which has been under pressure from activist investor Barington Capital, said on Thursday Sheri McCoy will step down as chief executive in March next year.Barington had been pushing for management changes at the company since 2015, but backed off for a year after Avon signed a deal to sell its U.S. business to private-equity firm Cerberus Capital Management and added an independent director to its board.Barington renewed its pressure after Avon reported a surprise loss in the quarter-ended March and demanded McCoy be removed, accusing her of overseeing "a tremendous destruction of shareholder value" and questioned her ability to manage the business effectively.Since McCoy took the top job at the cosmetics maker in April 2012, the shares have fallen nearly 85 percent. The company has reported higher quarterly sales only twice since 2015.Avon on Thursday reported a 3 percent drop in quarterly revenue as demand fell in most of its markets including the northern part of Latin America and Europe, Middle East & Africa.Barington did not immediately respond to a request for comment outside regular business hours.Avon said on Thursday it had retained executive search firm Heidrick & Struggles to identify McCoy''s successor.The company''s shares were marginally down in premarket trading. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/avon-prdcts-ceo-idINL4N1KP4IJ'|'2017-08-03T09:35:00.000+03:00'
'd3ee8a00e95bbf31aab45cee43754d7c8686a036'|'UK house prices rise for second month in July - Nationwide'|'August 1, 2017 / 6:11 AM / 20 minutes ago UK house prices rise for second month in July - Nationwide Reuters Staff 2 Min Read Houses are seen in London, Britain January 19, 2017. Stefan Wermuth LONDON (Reuters) - British house prices rose for a second month in a row in July after falling between March and May, mortgage lender Nationwide said on Tuesday, suggesting a stabilisation in the housing market which has weakened since last year''s Brexit vote. Prices rose 0.3 percent in July from June, Nationwide said, slower than June''s 1.1 percent jump. Economists polled by Reuters had expected prices to edge down by 0.1 percent in July. In annual terms, prices were 2.9 percent higher, slowing from a rise of 3.1 percent in June, Nationwide said. Economists had expected a weaker annual increase of 2.7 percent. "On the surface, this appears at odds with recent signs of cooling in the housing market," Robert Gardner, Nationwide''s chief economist, said in a statement. The number of housing transactions dipped to their lowest level for eight months in June when the number of mortgages approved for house purchase sank to a nine-month low. "But a lack of homes on the market appears to be providing support, with annual house price growth remaining only just outside the 3-6 percent range, that has been prevailing for most of the past two years," Gardner said. Although the economy had weakened in early 2017, the shortage of houses on the market would lead to price growth of around 2 percent in 2017, he said. House prices, as measured by Nationwide, rose by 5.6 percent in annual terms in August last year, shortly after by the decision by voters to leave the European Union. Since then, the pace of Britain''s economic growth has slowed sharply as consumers felt the pinch of rising inflation. Writing by William Schomberg; Editing by John Stonestreet and Andrew Heavens 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-houseprices-nationwide-idUKKBN1AH35R'|'2017-08-01T09:11:00.000+03:00'
'8f87fed56e2d2e9e9d6f4a00717ea14773fdc607'|'Bank of England interest rate decision grips the City - business live'|'Close Skip to main content The Guardian - Back to home become a supporter subscribe find a job jobs news opinion sport arts life All sections news headlines world news UK news science cities global development tech business environment obituaries opinion opinion home the guardian view columnists cartoons opinion videos letters sport sport home football rugby union cricket tennis cycling F1 golf US sports arts culture home books music tv & radio art & design film games classical stage life lifestyle home fashion food recipes love & sex health & fitness home & garden women family travel money What term do you want to search? Search with google become a supporter subscribe Sign in/up my account Comment activity Edit profile Email preferences Change password Sign out International edition INT edition: switch to the UK edition UK switch to the US edition US switch to the Australia edition AU switch to the INT jobs dating holidays the guardian app video podcasts pictures newsletters today''s paper the observer digital archive crosswords Facebook Twitter jobs dating holidays business economics banking money markets eurozone more sign in Comment activity Edit profile Email preferences Change password Sign out become a supporter subscribe search jobs dating more from the guardian: dating jobs change edition: switch to the UK edition switch to the US edition switch to the AU edition International edition switch to the UK edition switch to the US edition switch to the Australia edition The Guardian - Back to home home › business › markets eurozone economics banking retail home UK world sport football opinion culture business selected lifestyle fashion environment tech travel browse all sections close Business Business live Pound slides as Bank of England says Brexit is hitting pay rises and investment - as it happened Rolling coverage of the Bank of England’s interest rate decision, and governor Carney’s press conferencePound hits nine-month low Mark Carney: Brexit uncertainty is hitting businesses Carney: Some bosses are refusing pay rises because of Brexit Bank of England left interest rates unchanged and cut growth forecasts Why the Bank left rates on hold Any questions about today? Updated Watch the Bank of England’s press conference here Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Thursday 3 August 2017 16.02 BST First published on Thursday 3 August 2017 08.20 BST Key events Show 4.00pm BST 16:00 Afternoon summary: Bank of England''s Brexit warnings 3.11pm BST 15:11 Bank of England: What the experts say 2.38pm BST 14:38 Larry Elliott : Bank is ''all gong and no dinner'' 2.21pm BST 14:21 Pound thumped by Carney''s dovishness 1.20pm BST 13:20 Carney: Brexit uncertainty is hitting pay rises 12.32pm BST 12:32 Carney: We can''t stop Brexit making you poorer 12.30pm BST 12:30 Mark Carney press conference Live feed Show 5.36pm BST 17:36 PS: we asked you all what question you’d like answered today - here’s the answer!Q&A What is inflation and why does it matter? Show Hide Inflation is when prices rise. Deflation is the opposite - price decreases over time - but inflation is far more common.If inflation is 10%, then a £50 pair of shoes will cost £55 in a year''s time and £60.50 a year after that.Inflation eats away at the value of wages and savings - if you earn 10% on your savings but inflation is 10%, the real rate of interest on your pot is actually 0%.A relatively new phenomenon, inflation has become a real worry for governments since the 1960s.As a rule of thumb, times of high inflation are good for borrowers and bad for investors.Mortgages are a good example of how borrowing can be advantageous - annual inflation of 10% over seven years halves the real value of a mortgage.On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode.The government''s preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the Consumer Prices Index (CPI).The Retail Prices Index (RPI) is often used in wage negotiations.Was this helpful? Thank you for your feedback. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.00pm BST 16:00 Afternoon summary: Bank of England''s Brexit warnings Bank of England Governor Mark Carney (centre) delivers the bank’s quarterly Inflation Report today. Photograph: Andy Rain/EPA OK, time for a recap, with links to the key points in this liveblog.The Bank of England has left UK interest rates at their current record low of 0.25% . Six policymakers concluded that the UK economy is too sluggish to handle higher borrowing costs. Two, though, argued that inflation needed to be tackled.The vote dashed speculation that the Bank might have delivered a shock interest rate rise.The BoE has also downgraded its forecasts for economic growth and wages , as the uncertainty created by Brexit starts to hit the economy.2017: Growth revised down to 1.7%, from 1.9%2018: Growth revised down to 1.6%, from 1.7%Rupert Seggins (@Rupert_Seggins) Inflation Report forecasts in a nutshell. Growth slightly lower than previously expected. Inflation the same. Lower unemployment rate. pic.twitter.com/KTRDetXoJE August 3, 2017 This has hit the pound, which is wallowing at a nine-month low against the euro this afternoon . Bad news for holidaysmakers who haven’t exchanged their holiday money yet.Speaking to reporters in London, governor Mark Carney laid out a flurry of reasons why Brexit was causing economic problems. Carney said companies across the economy are reining in their investment, as they don’t know if Britain will end up with a ‘smooth Brexit’ or a cliff-edge one.“It is evident that uncertainties about the eventual relationship are weighing on the decisions of some business.We see it directly in the macro-economic numbers, investment has been weaker than we otherwise would have expected.”And people are also being hit in the pocket, as bosses refuse to stump up decent pay rises. As Carney puts it:There’s an element of Brexit uncertainty that’s affecting the wage bargaining.Some firms, a material number of firms, are less willing to give bigger pay rises as it’s not as clear what their market access is going to be over the next few years.” These comments underline the Bank’s concerns over Brexit, and it’s likely negative impact on real incomes in the future.Ed Conway (@EdConwaySky) I asked Carney if Brexit had ALREADY damaged econ. In short:Yes. Investment weaker, businesses nervier… “consequences starting to build”August 3, 2017 Ed Conway (@EdConwaySky) Last wk Chancellor told me Brexit was partly to blame for weak GDP. Today Carney echoes him. These aren’t forecasts. “It’s happening now”August 3, 2017 Economists say that the Bank was more dovish than expected , which may signal that interest rates will remain lower for longer than expected. Carney argued today that market expectations may be wrong....but time will tell (as usual) who is right.That’s all for today. Here’s our full news story on the Bank of England’s moves:Bank of England keeps interest rates on hold despite inflation fears Read more Thanks for reading, and for all the comments. GW . Updated at 4.02pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.56pm BST 15:56 If every cloud has a silver lining, then the Brexit uncertainty is a gift to wealth managers. Swiss Bank Julius Baer has got the message - it is opening new offices in Manchester, Leeds, Glasgow and Belfast to target nervous ultra-rich Brits.Anjuli (@AnjuliDavies) As Banks begin "Brexodus" from London: Swiss bank Julius Baer opens UK offices to seize on Brexit nerves https://t.co/hvBAQbBQQW August 3, 2017 Updated at 3.56pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.11pm BST 15:11 Bank of England: What the experts say Here’s some reaction to today’s flurry of news from the Bank of England . Roland Rudd, chairman of the pro-EU Open Britain group, said Mark Carney has shown the damage that a hard Brexit will cause.“This report paints a dismal picture of what hard Brexit is doing to our economy. Downgraded growth, higher inflation and modest wage growth all point to lower living standards for the British people.“Nobody voted in the referendum to become poorer. The Government’s top priority in this process must be to protect jobs and living standards. “To protect our economy, Ministers must retain totally free and frictionless trade with Europe by keeping us in the Single Market and the Customs Union.”Markus Kuger , Senior Economist at Dun & Bradstreet , says the BoE is right to be worried about the UK economy: “News that the Bank of England has lowered its growth forecast for 2017 and voted to maintain interest rates at 0.25% reiterates the economic uncertainty that the UK is facing, as the landscape continues to be uncertain with Brexit on the horizon.The BoE’s perspective is not dissimilar to our analysis, and Dun & Bradstreet are maintaining a ‘deteriorating’ risk outlook for the UK until there is more clarity on how Brexit will impact businesses operating in the UK market.Sam Hill of Royal Bank of Canada reckons last week’s weak UK growth figures deterred the Bank from raising rates.The Bank of England voted to leave Bank Rate unchanged at 0.25% at the August MPC meeting, in line with expectations. Only two Committee members, Ian McCafferty and Michael Saunders, dissented in favour of a 25bp hike on this occasion.This was despite Andy Haldane having said in June that ‘provided the data are still on track’ a hike ‘would be prudent moving into the second half of the year’. Evidently, it appears as though Haldane, the BoE’s chief economist, judges that the disappointing Q2 GDP growth rate of 0.3% q/q had knocked the data off track.Peter Dixon , chief UK economist at Commerzbank , says Mark Carney sounded more worried about Britain’s EU exit today.The outlook presented by the BoE today was not very different to prior expectations although perhaps Governor Carney’s opening comments highlighted the economic risks posed by Brexit more than has hitherto been the case. However, the overall view of the economy remains broadly similar to May. But market expectations of a rate hike fell slightly following the publication of the MPC minutes which showed the vote to keep rates on hold widened from 5-3 to 6-2, though this was due more to a change in the Committee’s composition than a change in view on economic prospects.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.38pm BST 14:38 Larry Elliott : Bank is ''all gong and no dinner'' Our economics editor Larry Elliott believes the Bank of England is playing with fire by continually hinting at rate rises, but never delivering. He says the Bank keeps talking like a hawk, but acting like a dove. And eventually traders will lose patience, and sell the pound hard.Larry writes:Threadneedle Street’s continued failure to understand the link between unemployment and wages means it is quite likely that when the next inflation report comes out in November the message will be the same: no rate rise but the promise of an imminent get-tough approach.This is all very well, but history suggests that talking up the value of a currency only works for so long. Eventually, markets will decide that the Bank is all gong and no dinner. And the pound will fall unless they are tossed some raw meat.The Bank keeps hinting at a rate rise. Markets will only listen for so long Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.21pm BST 14:21 Pound thumped by Carney''s dovishness Back in the markets, the pound has slumped to a new nine-month low against the euro. Sterling is now trading at just €1.106, down from €1.20 this morning, as traders respond to the Bank of England’s downgraded forecasts for growth and wages.Mark Carney’s gloomy comments about the impact of Brexit on the UK economy hasn’t helped the mood either.The pound vs the euro over the last year Photograph: Thomson Reuters The pound has also dropped further against the US dollar to $1.3127, more than a cent below this morning’s eight-month high. Ross Andrews, director of fixed rate bond provider, Minerva Lending , says savers should expect more tough times:”With UK growth forecasts downgraded by the Bank of England , the odds of an interest rate rise this year have now lengthened considerably.”With the UK on slightly uncertain ground, politically and economically, a rate rise any time soon remains highly unlikely.”Even when interest rates finally do start to rise, the minutes once again reminded us that any increases will be gradual and limited.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.42pm BST 13:42 Q: There are reports that the UK government might push its target for balancing the budget back to 2027 - what impact would that have for monetary policy? We don’t change our views on fiscal until fiscal change, says Carney snappily. So, the Bank will ‘take stock’ once the autumn Budget is released.But the biggest potential stimulus for this economy is the outcome of the Brexit negotiations, he concludes.And that’s the end of the press conference - and probably the start of the summer holidays at the Bank of England .... Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.40pm BST 13:40 Q: Does the strike at the Bank of England over pay hint at a broader issue of public anger about the state of the economy? Carney says he ‘absolutely recognises’ that difficult decisions have been taken over pay at the Bank over several years.Real income growth hasn’t been this weak in this country since the 19th century, partly due to financial crisis, and then fuelled by other factors.The country faces ‘big, big’ issues, and the Bank’s Monetary Policy Committee must handle the consequences. And that includes letting inflation run over target, rather than tightening monetary policy and pushing unemployment up.We are trying to cushion the impact of Brexit by keeping people in work....These are much bigger questions than the MPC can address, Carney concludesFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.35pm BST 13:35 Q: If Britain’s transitional agreement doesn’t include access to the single market and the customs union, will economic growth be damaged? Relative to the current arrangements, in the medium term.... anything that reduces access to aspects of our largest trading partner, is likely to reduce the level of economic activity in this country, Mark Carney replies.That’s a YES.But he cautions that big question is what else comes alongside that deal. For example, agreements could be struck with other non-EU countries that boost the economy.But...the uncertainty over this is affecting, to various degrees, businesses, financial markets and households in this country, he insists. Ed Conway (@EdConwaySky) I asked Carney if Brexit had ALREADY damaged econ. In short:Yes. Investment weaker, businesses nervier… “consequences starting to build”August 3, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.30pm BST 13:30 Matthias from the Dutch Financial Times reminds Mark Carney that there are staff protesting outside the Bank of England today, because they only received a 1% pay rise. This is an important issue - should the UK government drop its 1% cap on all public sector pay?Carney risks an international incident by getting his countries muddled up....Mehreen (@MehreenKhn) Carney asked a question from a journalist the "Dutch Financial Times". He responds by calling him a German.August 3, 2017 Peter Thal Larsen (@peter_tl) Mark Carney replies to question from Dutch @FD_Nieuws correspondent with comment about "your German readers" #shotsfired .August 3, 2017 Carney then argues that the Bank is operating normally despite the “regrettable” strike, and has been concentrating its resources on those staff who are most underpaid.Mr Carney, incidentally, turned down his 1% pay rise last year - but still received around £880,000 in pay and benefits.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.23pm BST 13:23 Carney downplays the idea that the Bank of England might raise interest rates in ‘baby steps’ of less than 0.25%. That’s not been discussed.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.20pm BST 13:20 Carney: Brexit uncertainty is hitting pay rises My colleague Katie Allen asks Mark Carney to explain why the Bank of England has cut its wage forecasts today. Governor Carney says that ‘softer’ productivity growth is one factor, meaning that there is simply less to share between owners and workers.But he also signals out the ongoing EU negotiations, which means some bosses are refusing to pay staff more.Carney says:We are picking up across the country that there is an element of Brexit uncertainty that is affecting wage bargaining.Some firms, potentially a material number of firms, are less willing to give bigger pay rises given it’s not as clear what their market access will be over the next few years.Ed Conway (@EdConwaySky) Carney: There is an element of Brexit uncertainty affecting wage bargaining around country. Some firms less willing to give bigger pay risesAugust 3, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.13pm BST 13:13 We are in the teeth of a squeeze on consumers right now, Carney warns, but it will feel better in the new year. Deputy governor Ben Broadbent chimes in too - saying things are “particularly tough” right now, as rising inflation hits earnings.We are at the zenith of pass-through effects, and the hit to real incomes.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.10pm BST 13:10 Q: What are you hearing from businesses about a Brexit transition deal? There is a widespread desire from countries across the UK economy for a transition period after Brexit, says Carney.There is an understanding that market access, product standards, authorisation issues, data standard issues...will affect both side of the integrated economy between the UK and the EU 27.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.07pm BST 13:07 Q: How can you be sure that the UK economy can handle higher interest rates? Households are less vulnerable than there were, says Carney, although some are certainly vulnerable. Most could handle higher interest rates.The more important issue is how businesses and exporters would be affected.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.05pm BST 13:05 Q: How is the MPC thinking about that first interest rate move back to 0.5%? Would it be the first stage in a tightening cycle, or just a one-off move to remove last August’s stimulus after the Brexit vote? Nice question.... Carney gives a roundabout answer, before suggesting that rates could rise “faster than the markets expect, but slower than in a traditional cycle”.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.03pm BST 13:03 Q: Is the City underestimating the timing of the first interest rate hike, or the pace of hiking, or both? Carney declines to drop any hints about when interest rates might go up (for the first time in a decade).But, he explains, the Bank has taken the view that it can take a little longer to bring inflation back to target.But as time goes on, spare capacity is used up. So if the economy performs as the Bank forecasts, interest rates will rise FASTER than expected.Katie Allen (@KatieAllenGdn) Carney, asked about timing of a UK rate hike: not appropriate for me to tie hands of the monetary policy committee by expanding on our viewAugust 3, 2017 Jon Sindreu (@jonsindreu) Carney: If Brexit doesn''t hit the economy, stimulus will withdrawn faster than the market expects.August 3, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1 of 5 Newest Newer Older Oldest Topics Business Business live Bank of England Mark Carney Inflation Economics Services sector'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/aug/03/bank-of-england-interest-rates-pound-inflation-mark-carney-service-sector-uk-business-live'|'2017-08-03T15:38:00.000+03:00'
'3960f0e2156950f4b5c68162957f9cfb02cd5e51'|'Brazil J&F Investimentos agrees to sell Vigor to Mexico''s Lala'|'SAO PAULO (Reuters) - Brazil''s holding company J&F Investimentos SA said it signed an agreement to sell dairy company Vigor Alimentos SA to Mexico''s Grupo Lala SAB de CV.In a statement, J&F, which holds investments of the billionaire Batista family and is also the controlling shareholder of JBS SA, the world''s largest meatpacker, said the enterprise value of the company is 5.7 billion reais ($1.8 billion).Reuters reported on Monday that Lala had valued Vigor at $1.8 billion.J&F holds 80.8 percent of Vigor and JBS has a 19.2 percent stake. Both are selling their stakes.JBS said in a securities filing that its stake in Vigor had an enterprise value of 1.1 billion reais ($353.4 million), but the company will receive from Lala 780 million reais ($250.6 million), equivalent to the stake''s equity value.J&F did not specify how much it will effectively be paid for its stake, which has an enterprise value of 4.6 billion reais.Lala confirmed in a filing its board agreed to propose the acquisition to shareholders. "There are important potential synergies, in the productive and commercial areas," the filing said.Vigor is the second firm sold by J&F since the holding company agreed in May to pay a record-setting 10.3 billion-real ($3.1 billion) leniency fine after members of the Batista family admitted bribing politicians to get favors.Havaianas flip-flop maker Alpargatas SA ( ALPA4.SA ) was sold to the investment firms of Brazil''s most prominent banking families for 3.5 billion reais ($1.1 billion) on July 12.Additional reporting by Noe Torres in Mexico City; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vigor-m-a-lala-idINKBN1AK027'|'2017-08-03T22:56:00.000+03:00'
'be88600fd2a7c7c49a87efc521951393df519cbe'|'Trump close to decision on addressing Chinese trade practices'|'August 1, 2017 / 11:51 PM / 2 hours ago Trump close to decision on addressing Chinese trade practices Steve Holland 4 Min Read U.S. President Donald Trump greets guests during an event with small businesses in the East Room of the White House in Washington, U.S., August 1, 2017. Jonathan Ernst WASHINGTON (Reuters) - U.S. President Donald Trump is close to a decision on how to respond to what he considers China''s unfair trade practices, a senior Trump administration official said on Tuesday. Trump is considering encouraging U.S. Trade Representative Robert Lighthizer to initiate an investigation of Chinese trade practices under the 1974 Trade Act''s section 301, the official said. An announcement could come as early as this week, the official said, speaking on condition of anonymity. Section 301 of the Trade Act of 1974 allows the president to unilaterally impose tariffs or other trade restrictions to protect U.S. industries from "unfair trade practices" of foreign countries, such as trade agreement violations, or "discriminatory" actions that burden U.S. commerce. The United States has a long list of grievances about China on trade, including accusations of steel dumping and theft of U.S. intellectual property. China has said that trade between China and the United States benefits both sides and that Beijing is willing to work with Washington to improve their trade relationship. Trump has long been a critic of Chinese trade practices but his interest in penalizing Beijing has risen because of his concern at what he perceives to be Chinese inaction on reining in increasingly belligerent North Korea. The United States has pressed China to exert more economic and diplomatic pressure on North Korea to help rein in its nuclear and missile programs. Beijing has repeatedly said its influence on North Korea is limited and that it is doing all it can. A senior Chinese official said on Monday there was no link between North Korea''s nuclear program and China-U.S. trade. Susan Thornton, acting assistant secretary of state for East Asia, told a congressional hearing on Tuesday that new U.S. sanctions aimed at curbing North Korean''s weapons programs, including measures aimed at Chinese financial institutions, could be expected "fairly soon." Chinese national flags are flying near a steel factory in Wu''an, Hebei province, China, February 23, 2017. Picture taken February 23, 2017. Thomas Peter Section 301 was used extensively in the 1980s to combat Japanese imports of motorcycles, steel and other products - an era during which Lighthizer served as deputy U.S. trade representative. The statute has been little used since the World Trade Organization was launched in 1995. The WTO provides a forum for resolving trade disputes, but Lighthizer and Commerce Secretary Wilbur Ross have complained that it is extremely slow, often taking years to reach a conclusion, and that the Geneva-based organization has an inherent anti-U.S. bias. Both China''s Foreign Ministry and Commerce Ministry did not respond immediately to requests for comment. Chinese Premier Li Keqiang met Michigan''s governor Rick Snyder in Beijing on Tuesday, where he said the common interests of China and the United States were bigger than any disputes. "China welcomes U.S. states, including Michigan, to ... enhance bilateral trade and investment, ... and consolidate and expand cooperative consensus to create better development opportunities and jobs for both countries'' peoples," Li told Snyder, according to a Chinese government statement. "The Trump administration believes in free and fair trade and will use every available tool to counter the protectionism of those who pledge allegiance to free trade while violating its core principles," Ross said in a Wall Street Journal opinion piece on Tuesday. He tried to refute arguments that the Trump administration was taking a protectionist stance, saying that both China and Europe were more protectionist because they subsidized export industries and had "formidable tariff and non-tariff trade barriers against imports." "China is not a market economy. The Chinese government creates national champions and takes other actions that significantly distort markets," Ross wrote. "Responding to such actions with trade remedies is not protectionist." Additional reporting by David Lawder in Washington and Michael Martina in Beijing; Editing by Andrew Hay, Peter Cooney & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-trade-china-idUKKBN1AH5HM'|'2017-08-02T02:45:00.000+03:00'
'e813164c5ff24ad642b6512d05b5af0de92c8503'|'BRIEF-AMC Entertainment sees Q2 loss per share $1.34 to $1.36'|'Aug 1 (Reuters) - AMC Entertainment Holdings Inc* AMC Entertainment Holdings, Inc. previews second quarter 2017 results, announces cost reduction and revenue enhancement initiatives, issues additional 2016 pro forma financials and provides guidance for full year 2017* Sees Q2 2017 loss per share $1.34 to $1.36* Sees quarterly revenue $1.2 billion to $1.204 billion* AMC Entertainment Holdings Inc - AMC expects to report total revenues for three months ended June 30, 2017, to be between $1,200 million and $1,204 million* Q2 earnings per share view $-0.01, revenue view $1.25 billion -- Thomson Reuters I/B/E/S* Sees 2017 net capital expenditures $500 to $550 million* Sees 2017 total revenues $5.10 to $5.23 billion* Sees 2017 diluted loss per share $1.17 to $0.97* FY2017 earnings per share view $0.60, revenue view $5.27 billion -- Thomson Reuters I/B/E/S* AMC Entertainment - expects to achieve at least a $30 million adjusted EBITDA contribution from cost savings and revenue enhancements through end of 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amc-entertainment-sees-q2-loss-per-idUSASB0BCC6'|'2017-08-02T00:41:00.000+03:00'
'8134d774b02f8af686d0548c5f2e9409a5ccfe66'|'RBI comfortable with repo rate vs CPI target rate - deputy governor'|'August 2, 2017 / 10:45 AM / an hour ago RBI comfortable with repo rate vs CPI target rate - deputy governor 1 Min Read A Reserve Bank of India (RBI) logo is seen at the entrance gate of tts headquarters in Mumbai, India June 7, 2017. Shailesh Andrade/File Photo MUMBAI (Reuters) - The Reserve Bank of India is "comfortable" with interest rates being "slightly" higher than its stated preference of having a difference between the repo rate and the inflation target of 1.75 percent, Deputy Governor Viral Acharya said on Wednesday. The difference now stands at 2 percent, after the RBI cut the repo rate by 25 basis points to 6 percent, above the central bank''s inflation target of 4 percent. "I think we are just slightly outside of the range of 1.75 percent and we are comfortable with that," Acharya said. Reporting by Devidutta Tripathy; Editing by Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-rbi-acharya-idINKBN1AI198'|'2017-08-02T13:45:00.000+03:00'
'a455b0e042368b49842d7e37bb4668872e94e2d7'|'Clariant, Huntsman investor backs merger, fears fight is a distraction'|'August 4, 2017 / 4:03 PM / 14 minutes ago Clariant, Huntsman investor backs merger, fears fight is a distraction John Miller 4 Min Read FILE PHOTO: A woman cycles past the logo of U.S. chemical company Huntsman in front of a plant in Basel September 30, 2011. Huntsman announced earlier this week to cut 600 Jobs in its Swiss plants. Arnd Wiegmann/File Photo ZURICH (Reuters) - A big investor in Clariant ( CLN.S ) and Huntsman ( HUN.N ) backs the chemical companies'' planned $20 billion (15.34 billion pounds) merger, saying it would unlock synergies and lift profits more than any alternative from activists seeking to derail the deal. Alex Roepers, whose Atlantic Investment Management is the 13th-largest investor in U.S.-based Huntsman and 20th-biggest owner of Switzerland''s Clariant, fears the merger fight spearheaded by White Tale Holdings is "distracting management". White Tale, whose principals include U.S. hedge fund manager Keith Meister, has amassed a 10 percent Clariant stake worth nearly 750 million Swiss francs ($770.1 million). Roepers said he has spoken with Meister but remains behind the deal. "The best way to create value is by these companies combining, executing an integration plan and then looking actively for opportunities to improve the portfolio," Roepers told Reuters in an interview. Clariant and Huntsman have promised $400 million in annual cost savings. Completing the merger, then examining the portfolio including Clariant''s pigments and masterbatches units that Chief Executive Harriolf Kottmann has said could be sold, is the best path forward, Roepers said. "There are some pieces that could go for higher value in an auction, but that can be done post-merger," he said. Another suitor such as Germany''s Evonik ( EVKn.DE ) could still emerge with a more-lucrative offer for Clariant, he said, but years of waiting have produced nothing so far. Since the merger was announced in May, Roepers has bulked up on a Clariant stake he bought in late 2016 while adding 1.8 percent of Huntsman after meeting with its management. His combined stakes are worth around $200 million, according to Reuters calculations. They are the biggest holdings in his $1.4 billion fund. Clariant shares have risen 7 percent since the merger announcement in May, with Huntsman shares down 3 percent. White Tale, whose New York-based investors include David Winters and David Millstone, calls the merger "value destructive" and contrary to Clariant''s focus on speciality chemicals over commodities. Clariant confirmed on Friday it has spoken with White Tale but said the group had yet to offer an alternative to the merger, a spokesman said. Meister did not respond to a request for comment. Huntsman CEO Peter Huntsman said on Thursday on CNBC that White Tale''s activists had also opposed his 2013 move to buy $1.1 billion worth of assets from Rockwood Holdings spun off this week in an IPO. They "were telling us this would be a disaster to buy the Rockwood business," Huntsman said. "Here we are, celebrating the formation of a great company." Clariant, whose merger must secure two-thirds backing among shareholders, has said none of its other top-20 shareholders oppose the deal. It has hired Goldman Sachs to fight off White Tale. "They''ll have to go up against two very motivated managements (who want) to do this deal, who I think have very good arguments to do it," Roepers said. "We''ll see who wants to go with these guys. We''re not one of them." Additional reporting by Michael Flaherty in New York; Editing by Michael Shields 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-clariant-huntsman-investor-idUKKBN1AK1XG'|'2017-08-04T19:02:00.000+03:00'
'c0cdff63aa13d337984d723a7e6580ad52d6acfe'|'Column: China''s coal imports soar as India''s stumble'|'A worker shovels coal at a freight yard in Hefei, Anhui province, January 13, 2013. Stringer/Files LAUNCESTON, Australia (Reuters) - China''s imports of coal from the seaborne market surged again in July, providing a stark contrast to a fourth consecutive monthly decline for India.It''s possible that the market should be paying more attention to China''s growing imports rather than India''s downturn.The different dynamics in the world''s two largest importers of the polluting fuel are largely a reflection of juxtaposing domestic policies.China is restricting domestic coal output and shutting inefficient mines, which, coupled with a decline in hydropower output, has boosted demand for imports.India, which gave back the title of the world''s top coal importer to China last year, has a stated policy of reducing coal imports to zero and is boosting domestic production and efficiency of distribution toward that end.China''s seaborne imports were 20.8 million tonnes in July, up sharply from 17.9 million in June, according to vessel-tracking and port data monitored by Thomson Reuters Supply Chain and Commodity Forecasts.The July data may be slightly revised in coming days as cargoes that arrived in the last few days of the month are factored in, but this won''t change the underlying message that China''s imports are strong.July will be the third month this year where seaborne imports have exceeded 20 million tonnes, taking the year-to-date total to 135.2 million tonnes, up 12 percent from the first seven months of 2016.Looking at the breakdown of suppliers, and top exporter Australia has fared better than regional rival Indonesia, most likely because it is the major global shipper of coking coal used to make steel, while Indonesia concentrates on lower grade thermal coal.China''s imports from Australia were 8 million tonnes in July, taking the year-to-date total to 51.26 million, a gain of 15.3 percent over the same period in 2016.A worker carries coal in a basket in industrial area in Mumbai, May 31, 2017. Shailesh Andrade/Files Indonesia has supplied more to China, with 56.72 million tonnes in the first seven months, but this is only up 10.3 percent from the same period last year, or about two-thirds of Australia''s increase.While not a major supplier to China, it''s worth noting that the United States has shipped 4.03 million tonnes in the January-July period, double the 1.96 million from the same period last year.INDIA LOSES APPETITE India''s seaborne imports dropped 13.4 percent in the first seven months of the year to 105.36 million tonnes, with top supplier Indonesia dropping 9.7 percent to 47.29 million.Australia saw its exports to India slip 11.2 percent to 23.66 million tonnes, with its bigger percentage decline most likely because higher prices and a longer sea voyage undercut its competitiveness against both Indonesian and other exporters.India''s imports from the United States actually increased, rising 16.8 percent in the January to July period to 6.23 million tonnes.What the vessel-tracking data does show is that the gain in China''s imports in the first seven months of 2017 of 13.6 million tonnes has not been enough to offset the decline of 16.3 million in India''s seaborne purchases.In some ways this makes the ongoing gain in thermal coal prices somewhat surprising, with the globalCOAL front-month Newcastle contract rising above $100 a tonne this week, reaching a high of $102.50 on Aug. 1, its best level since December.Part of the answer is likely that the rise in Chinese demand has largely been for higher grades of thermal coal, such as those most commonly loaded at Newcastle port in Australia, the world''s largest export harbour for the fuel.It''s further likely that much of the reduction in India''s imports have been for lower-quality Indonesian coal, which would struggle to find buyers elsewhere.This makes watching China''s imports key for the outlook for prices, since this appears to be driving the market more than India''s slumping appetite for coal.Editing by Christian Schmollinger'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/column-russell-coal-asia-idINKBN1AJ0X4'|'2017-08-03T06:14:00.000+03:00'
'4aff6839e6ed2c75d871251604ad5e9b51826811'|'RBS plans to make Amsterdam its EU base after Brexit'|'People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. Neil Hall/File Photo LONDON (Reuters) - Royal Bank of Scotland is in discussions with the Dutch central bank to use the Netherlands as its trading base in the European Union once Britain leaves the bloc, the bank said on Friday.Chief Executive Ross McEwan said the bank plans to build-up its Amsterdam unit, acquired after RBS bought ABN Amro in 2008, so that its trading division NatWest Markets can continue to operate smoothly after Brexit.He said that the unit currently has just a ''handful'' of staff but plans to employ a total of around 150."NatWest Markets has reviewed ways to minimise disruption to the business and continue to serve its customers well in the event of any loss of EU passporting," the bank said in its half year report."Should the outcome of the current EU separation negotiations make it necessary, NatWest Markets is ensuring our existing RBS N.V.banking licence in the Netherlands is operationally ready."RBS has focused on banking in the UK and Ireland since being rescued with a 45.5 billion pound ($59.77 billion)taxpayer bailout at the height of the financial crisis, meaning it would likely move fewer employees overseas than larger global investment banks."Setup costs will be in the low tens of millions, running costs also in the low tens of millions," Chief Finance Officer Ewen Stevenson told reportersAmsterdam, with some of the world''s fastest data links and a history of high-frequency trading has been attracting financial market platforms looking for a post-Brexit base in Europe with both Tradeweb and MarketAxess saying they would move to the city.However its appeal to investment banks looking to move there has been muted by a cap on bonuses for workers in the financial services industry.A rule limiting bonuses to 20 percent of fixed pay was brought in by the Dutch government after the 2008 financial crisis. The country''s parliament voted in June to scrap that limit in a non-binding consultative vote.($1 = 0.7612 pounds)Reporting By Anjuli Davies'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-rbs-idINKBN1AK0L3'|'2017-08-04T10:00:00.000+03:00'
'2432675bfadda5d0a98c8a3579f8479ea237b50c'|'Chinese regulator has no plans to ask Anbang to sell overseas assets'|'FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. Jason Lee/File Photo BEIJING (Reuters) - China''s insurance regulator said on Thursday it had no plans to ask insurer Anbang to sell overseas assets.A spokesman for the China Insurance Regulatory Commission made the comments at a media briefing in Beijing.Reporting by Shu Zhang in Beijing; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-conglomerates-anbang-group-idINKBN1AJ073'|'2017-08-03T00:51:00.000+03:00'
'0912564673429f06b21d3b4e4fd9995873e99f70'|'US STOCKS SNAPSHOT-Dow breaches 22,000 powered by Apple rally'|'August 2, 2017 / 1:34 PM / 18 minutes ago US STOCKS SNAPSHOT-Dow breaches 22,000 powered by Apple rally 1 Min Read Aug 2 (Reuters) - The Dow Industrials breached the 22,000 mark for the first time ever on Wednesday, helped by a rally in Apple''s shares. The Dow Jones Industrial Average rose 31.71 points, or 0.14 percent, to 21,995.63. The S&P 500 gained 2.02 points, or 0.08 percent, to 2,478.37. The Nasdaq Composite added 30.28 points, or 0.48 percent, to 6,393.22. (Reporting by Tanya Agrawal; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1KO4QB'|'2017-08-02T16:32:00.000+03:00'
'85288194a7fa1ba177d9246bd2044cc20b3aab09'|'BRIEF-Genworth MI Canada Q2 earnings per share C$1.61'|'Aug 1 (Reuters) - Genworth MI Canada Inc:* Genworth MI Canada Inc. Reports second quarter 2017 results including net operating income of $126 million* Q2 earnings per share c$1.61* Q2 earnings per share view C$1.09 -- Thomson Reuters I/B/E/S* Q2 operating earnings per share C$1.36* Genworth MI Canada Inc qtrly premiums earned $168 million up 7 pct y/y* Genworth MI Canada Inc qtrly premiums written $170 million versus $249 million* Q2 earnings per share view C$1.09, revenue view C$164.9 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-genworth-mi-canada-q2-earnings-per-idUSASB0BCD3'|'2017-08-02T01:11:00.000+03:00'
'b9c20d978d382f2062443a4858127933c117dcef'|'Euro zone economic growth stays robust in second quarter'|'An employee moves a roll of printing paper at a factory in northwestern Athens November 12, 2014. Alkis Konstantinidis/Files BRUSSELS (Reuters) - The euro zone economy confirmed a robust expansion in the second quarter of the year, growing twice as much as Britain for the second consecutive quarter, preliminary estimates released by the European Union''s statistics agency showed on Tuesday.The reading confirmed the trend begun this year as the 19-country currency bloc consolidates its recovery while Britain starts to feel the negative impact of its decision to quit the European Union.Gross domestic product (GDP) in the euro zone increased 0.6 percent on the quarter, after a slightly downwardly revised 0.5 percent rise in the first quarter, Eurostat''s data showed.In the March-June period, Britain''s economic output grew by 0.3 percent on the quarter, edging up from a sluggish rate of 0.2 percent in the first three months of the year.Britain''s slowdown comes after the country showed robust growth last year, outgrowing the euro zone in the last three quarters.The loss of pace coincides with the beginning of divorce talks with the EU in March and increased prospects of no access to the EU market after Brexit for Britain-based companies.Meanwhile, the euro zone economy has picked up speed, bolstered by higher business optimism, strong domestic consumption and decreasing unemployment, which in June reached its lowest level since 2009.In annualised terms, the euro zone economy expanded 2.3 percent in the second quarter after a 2.0 percent rise in the first three months of the year, Eurostat said."All in all, the euro zone economy has rounded out the first half of the year in a very healthy state and seems to be set up nicely for continued firm growth for the rest of 2017," Bert Colijn, senior economist at ING said.In its latest forecasts, released in July, the International Monetary Fund estimated the euro zone would grow 1.9 percent this year and 1.7 percent in 2018, above Britain''s projected growth of 1.7 percent this year and 1.5 percent next.The EU economics commissioner, Pierre Moscovici, said the new estimates could likely lead to an upwardly revision of the commission''s forecasts, which in May predicted a 1.7 percent rise of euro zone''s output this year and 1.8 percent in 2018.Updated estimates of euro zone GDP growth in the second quarter will be released by Eurostat on August 16 and final data will come on September 7.The healthier state of the bloc''s economy could support European Central Bank''s plans to begin a tightening of monetary policy in autumn, although headline inflation remained stable at 1.3 percent in July, below the ECB target of below but close to 2 percent.Reporting by Francesco Guarascio @fraguarascio Editing by Jeremy Gaunt.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-economy-gdp-idINKBN1AH42O'|'2017-08-01T14:26:00.000+03:00'
'1c156404d188957efb9b4ac48cacd8befc121dce'|'RBS plans to make Amsterdam its EU base after Brexit'|'August 4, 2017 / 7:10 AM / in 4 hours RBS plans to make Amsterdam its EU base after Brexit Anjuli Davies and Lawrence White 3 Min Read FILE PHOTO: The City of London business district is seen through windows of the Royal Bank of Scotland (RBS) headquarters in London, Britain September 10, 2015. Toby Melville/File Photo LONDON (Reuters) - Royal Bank of Scotland is in discussions with the Dutch central bank to use the Netherlands as its trading base in the European Union once Britain leaves the bloc, the bank said on Friday. Chief Executive Ross McEwan said the bank plans to build-up its Amsterdam unit, acquired after RBS bought ABN Amro in 2008, so that its trading division NatWest Markets can continue to operate smoothly after Brexit. He said that the unit currently has just a ''handful'' of staff but plans to employ a total of around 150. "NatWest Markets has reviewed ways to minimize disruption to the business and continue to serve its customers well in the event of any loss of EU passporting," the bank said in its half year report. "Should the outcome of the current EU separation negotiations make it necessary, NatWest Markets is ensuring our existing RBS N.V.banking license in the Netherlands is operationally ready." RBS has focused on banking in the UK and Ireland since being rescued with a 45.5 billion pound ($59.77 billion) taxpayer bailout at the height of the financial crisis, meaning it would likely move fewer employees overseas than larger global investment banks. "Setup costs will be in the low tens of millions, running costs also in the low tens of millions," Chief Finance Officer Ewen Stevenson told reporters Amsterdam, with some of the world''s fastest data links and a history of high-frequency trading has been attracting financial market platforms looking for a post-Brexit base in Europe with both Tradeweb and MarketAxess saying they would move to the city. However its appeal to investment banks looking to move there has been muted by a cap on bonuses for workers in the financial services industry. A rule limiting bonuses to 20 percent of fixed pay was brought in by the Dutch government after the 2008 financial crisis. The country''s parliament voted in June to scrap that limit in a non-binding consultative vote. (This story has been refiled to add dropped word in first paragraph) Reporting By Anjuli Davies '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-britain-eu-rbs-idUSKBN1AK0L8'|'2017-08-04T10:10:00.000+03:00'
'b3a4d9f6e95f93c95398734769301a918704ccea'|'Google developing technology for Snapchat-like media content - WSJ'|'August 4, 2017 / 6:11 PM / 15 minutes ago Google developing technology for Snapchat-like media content - WSJ Reuters Staff 1 Min Read FILE PHOTO - A woman holds her smart phone, which displays the Google home page, in this picture illustration taken February 24, 2016. Eric Gaillard/Illustration/File Photo (Reuters) - Alphabet Inc''s ( GOOGL.O ) Google is developing technology to create media content along the lines of Snap Inc''s ( SNAP.N ) "Discover" platform, the Wall Street Journal reported, citing people familiar with the matter. Google has been in discussions with several publishers, including Vox Media, the Washington Post and Time Inc ( TIME.N ), for the project, the Journal said on Friday. ( on.wsj.com/2vAc6rY ) The project, dubbed "Stamp", could be announced as early as next week, the report said. Google was not immediately available for comment. Reporting by Anya George Tharakan in Bengaluru; Editing by Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-alphabet-snapchat-idUKKBN1AK25D'|'2017-08-04T21:10:00.000+03:00'
'17173834ecc27a96404e684dcedbd187440ab916'|'Oil prices fall on surprise rise in U.S. inventories, high OPEC output'|'An oil refinery of Essar Oil , which runs India''s second biggest private sector refinery, is pictured in Vadinar, Gujarat, on October 4, 2016. Amit Dave/File Photo SINGAPORE (Reuters) - Oil prices fell 1 percent on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high OPEC supplies weighed on international prices.U.S. West Texas Intermediate (WTI) crude was at $48.69 per barrel at 0456 GMT, down 47 cents, or 1 percent, from its last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday.Brent crude, the international oil benchmark, was down 47 cents - almost 1 percent - at $51.31 per barrel.The American Petroleum Institute''s (API) said that U.S. crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million, denting hopes that recent inventory draws were a sign of a tightening U.S. market.Jeffrey Halley of futures brokerage OANDA said following the API''s report "traders stampeded for the door to lock in profits from the last eight days'' bull-run."Official storage figures are due to be published by the U.S. Energy Information Administration later on Wednesday.Outside the United States, Brent was pulled down by reports this week showing production from the Organization of the Petroleum Exporting Countries (OPEC) at a 2017 high of 33 million barrels per day (bpd). That is despite OPEC''s pledge to restrict output along with other non-OPEC producers, including Russia, by 1.8 million bpd between January this year and March 2018.The Economist Intelligence Unit said that despite the cuts "the global market remains oversupplied," and it warned that "there is no guarantee that further cuts will be sufficient to rebalance the oversupplied global oil market."Energy consultancy Douglas Westwood reckons that this year''s oil market will be slightly undersupplied but that the glut will return in 2018, and last to 2021."Oversupply will actually return in 2018. This is due to the start-up of fields sanctioned prior to the downturn," said Steve Robertson, head of research for the firm''s Global Oilfield Services. "This is in addition to the production gains through increased investment and activity in the U.S. unconventional (shale) space."While Robertson said unforeseen major supply disruptions could lift the market, he warned that expectations based on thinking the price "always bounces back should be tempered by a reality check," adding that there was "the very real possibility that the current recovery could take much longer to materialise".Likely acting as a further lid on prices is that, according to U.S. bank Goldman Sachs, second quarter company results had shown that oil majors "are adapting to $50 per barrel oil prices and can afford to pay dividends in cash" at that level.Reporting by Henning Gloystein; Additional reporting by Keith Wallis in LONDON; Editing by Kenneth Maxwell and Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1AI02W'|'2017-08-02T04:05:00.000+03:00'
'be86a63a8f9bae60f139feae77be719b755a09c3'|'First Choice compensation for holiday horror was the last thing on its mind - Money'|'In January four of us were booked on a week’s holiday at the Rubicon Palace in Lanzarote. Four days before departure I received an email from the travel operator, First Choice, informing me there was upgrade work at the hotel and assuring me that this would not affect our stay.When we arrived, however, parts of the complex resembled a construction site. One of our party was a builder who said that in Britain nobody would be allowed within 100 metres of this type of work.The main bar was shut, the pool area was being tiled and pneumatic drills roared all day. We complained and First Choice agreed to pay us £1,000 in compensation. On our return I received an email confirming the cheque would be sent shortly.More than a month later an email asked me to confirm I had received it. I hadn’t. After another three weeks I was phoned and told the cheque had been cancelled and a replacement reissued. More weeks passed and this didn’t arrive either. I rang and was told it had been posted that very day. No sign of it. When I rang again I was kept on the phone for an hour while they discovered it hadn’t been sent.I have subsequently sent two emails and received not a word in reply. I am staggered by this organisational incompetence. MA, NottinghamFirst Choice is part of Thomson, which has been criticised before over its record on compensating holidaymakers for delayed flights.It would seem from your case that it’s not too keen on parting with its money for spoiled idylls either. It claims that it did originally send a cheque to you, which may well be the case. The trouble is it didn’t arrive and no attempts seem to have been made to reissue it.Thomson skirts over this aspect of its customer service and hastens to send the money, along with an extra £50 goodwill gesture, when it discovers free publicity is pending.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Consumer rights Your problems with Anna Tims Consumer affairs features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/aug/02/first-choice-compensation-holiday-horror'|'2017-08-02T08:59:00.000+03:00'
'0ab715bb307c75acd3fa658131b861d20a72593c'|'MOVES-Ion Pacific appoints Ellis Chu as managing director in China'|'August 2, 2017 / 12:36 PM / 22 minutes ago MOVES-Ion Pacific appoints Ellis Chu as managing director in China 1 Min Read Aug 2 (Reuters) - Asian merchant bank Ion Pacific appointed Ellis Chu as a managing director, head of Greater China. Chu joins Ion Pacific from Bank of America Merrill Lynch where was the head of China mergers and acquisitions. (Reporting by Diptendu Lahiri) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ion-pacific-moves-ellis-chu-idUSL4N1KO4HL'|'2017-08-02T20:36:00.000+03:00'
'f3cd762e08ef4a15e04c7d4bfd7d30803f408afc'|'UPDATE 1-Bunge 2nd-qtr profit dips 34 pct on weak agribusiness margins'|'August 2, 2017 / 10:13 AM / 35 minutes ago Bunge leaves door open to selling itself, cuts 2017 forecast Karl Plume 5 Min Read (Reuters) - Bunge Ltd ( BG.N ) kept the door open on Wednesday to a sale of the company as it reported a 34 percent drop in quarterly earnings and cut its full-year outlook, but its chief executive officer predicted a grains market rebound that would reverse the slide. CEO Soren Schroder said planned cost cuts should also help improve performance by the agricultural commodities trader after its second straight weak quarterly result. Bunge and rivals Archer Daniels Midland Co ( ADM.N ), Cargill Inc and Louis Dreyfus Co, known as the ABCDs in global grain trading, have been stung by a glut of crops following four years of bumper harvests around the world. The companies have taken steps to diversify and invest in higher-margin businesses such as food ingredients and natural flavorings, but results of the efforts have been mixed. Cargill''s restructuring effort has begun to yield higher earnings while Bunge has stumbled as its heavier presence in South America, home to a large share of its elevators and processing plants, has blunted gains. Bunge, which rebuffed an approach from rival Glencore Plc ( GLEN.L ) in May, will "evaluate the best path," CEO Soren Schroder told analysts on a conference call, when asked whether selling the company was an option. "There''s no entrenchment," he added. Bunge unveiled a cost-cutting and restructuring plan last month that it said will slash costs by $250 million by the end of 2019. Grain Market Recovery Schroder forecast a turnaround in agricultural commodities markets that have burdened Bunge and the broader grain trading industry for more than two years with a string of huge global harvests and record supplies. "Global corn stocks, while ample, are going down. Wheat stocks are going down. Soybean stocks, depending on how the U.S. crop comes out, probably have peaked," Schroder said in an interview with Reuters. "You''re setting yourself up for a rebound," he added. Global corn supplies are forecast to drop by nearly 12 percent by the end of the 2018 season, and soybean stocks are seen down 1.3 percent, according to the latest U.S. Department of Agriculture forecast. Global wheat stocks are seen up less than 1 percent year-on-year after more than doubling over the previous decade. But analysts, some of whom have cut outlooks for Bunge, were skeptical of an imminent recovery. "That''s been a common refrain for the last several quarters among agribusiness companies yet we continue to see downward earnings revisions," said Farha Aslam, analyst with Stephens Inc. On Tuesday, rival Archer Daniels said slow farmer sales in South America dragged down profits for its soybean processing business. The optimistic outlook by Bunge, which has seen shares whipsawed between poor results and speculation of a potential takeover, comes despite this year''s record corn and soybean crop in Brazil and forecasts for another bumper crop in the United States, the world''s top two producers. Some analysts expect Bunge''s second consecutive weak quarter to invite another approach by Glencore while others believe the overhaul could buy time to deliver on promised growth. Regional partnerships and joint ventures remain possibilities for Bunge as it looks to prop up return on invested capital. U.S. grain handling and South American and Asian oilseed crushing are among sectors that are ripe for consolidation, Schroder told Reuters. On Wednesday, the company slashed its full-year agribusiness earnings target to $550 million to $650 million, from $800 million to $925 million in the first quarter, and its food and ingredients target to $210 million to $230 million, from $245 million to $265 million. Both were cut for a second straight quarter. Net income available to shareholders fell to $72 million, or 51 cents per share, in the quarter, from $109 million, or 78 cents per share, a year earlier. Bunge shares were near unchanged on Wednesday at $78.08. Reporting by Karl Plume in Chicago; Additional reporting by Ahmed Farhatha in Bengaluru; Editing by Jeffrey Benkoe and Cynthia Osterman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bunge-results-idUSKBN1AI16O'|'2017-08-02T13:36:00.000+03:00'
'c5b293320f3a5dcc3369563b2f18ab371d1c9b77'|'Exclusive: Sanctions gap lets Western firms tap Russian frontier oil'|'August 2, 2017 / 1:50 PM / 3 hours ago Exclusive: Sanctions gap lets Western firms tap Russian frontier oil 6 Min Read The Novokuibyshevsk refinery near the city of Samara, Russia, in a file photo. Nikolay Korchekov OSLO/MOSCOW (Reuters) - A gap in U.S. sanctions allows Western companies to help Russia develop some of its most technically challenging oil reserves, and risks undermining the broad aim of the measures, a Reuters review of company results and media releases has found. When Washington imposed the sanctions on Moscow in 2014 over its annexation of Crimea and role in the Ukraine conflict, the U.S Treasury said it wanted to "impede Russia''s ability to develop so-called frontier or unconventional oil resources". The restrictions were designed to prevent Russia countering declining output from conventional wells by tapping these hard-to-recover reserves which require newer extraction techniques like fracking, an area where it relies on Western technology. Three years on, however, Norway''s Statoil is helping Kremlin oil giant Rosneft ( ROSN.MM ) develop unconventional resources, while British major BP ( BP.L ) is considering a similar project. Statoil is not breaching sanctions and nor would BP be doing so, but the cooperation highlights how sanctions have only been partially effective in curbing Western energy investment. The United States, having itself experienced a spike in oil output from tapping shale rock over the past decade, worded the measures to prohibit Western companies from helping Russia develop "shale reservoirs". It did not mention other lesser-known forms of unconventional deposits. The EU followed suit by banning cooperation on projects "located in shale formations by way of hydraulic fracturing". Rosneft and its Western partners are not targeting shale but are instead drilling to reach oil reserves known as limestone - deeper reservoirs that lie beneath shale oil. Statoil, in media releases issued in June and December 2013, and its annual report for that year, said the venture would explore "shale oil" opportunities in the Samara region, which is situated on the Volga river. After sanctions were imposed in 2014, the company amended all the releases on its website to replace "shale" with "limestone", though it did not alter the 2013 annual report. It described the venture as limestone from that point on. "In the original press release, and communication following that, we used an imprecise geological term," a Statoil spokesman told Reuters. "We became attentive to this after the introduction of sanctions." "We have since corrected it, and now use the precise and correct term - limestone," he added about the project, which saw its first well drilled in January this year. "The Domanik formation is a limestone formation and is not covered by European or U.S. sanctions." Statoil Gets Permission Geologists are unanimous, though, that even though shale and limestone formations are different geological structures, they both constitute unconventional oil resources. Both are extracted through hydraulic fracturing, or fracking. Experts say limestone deposits in Russia''s Domanik formation, where Statoil and Rosneft are drilling, could yield billions of barrels of crude. Spokesmen for the U.S. Treasury, and for European Commission foreign affairs and security policy, both declined to comment on Russian projects, the wording of the sanctions or if any change was planned to include other unconventional oil resources. Under EU sanctions, which Norway signed up to, companies have to ask for clearance from their governments to enter new Russian oil projects. Statoil, which is majority owned by the Norwegian government, said it had "applied for and received a pre-authorization related to the Domanik project by the Norwegian Ministry of Foreign Affairs". Rosneft also started describing the venture as a limestone project after sanctions were imposed, but has not amended its previous statements which described it as shale. "It would not be correct to call these sediments shale in the meaning of those being explored in the United States," a Rosneft official told Reuters in emailed comments. Bp Looks to Explore In May 2014, just months before the toughest sanctions were imposed on Russia, BP signed a similar agreement with Rosneft to explore in the Domanik formation in the region of Orenburg, about 400 km (250 miles) south east of Samara. The project has yet to get off the ground but a BP spokesman in Russia said the company remained interested in exploring hard-to-extract resources in the Volga-Urals region. He declined to comment further but a BP source said the company was currently seeking an approval from the British government to start work on the project. The American shale revolution has seen U.S. firms flood the market with crude since the start of the decade - and Russian oil executives say their country could have shale and other unconventional resources as big as those in the United States. Such deposits would allow Russia to maintain its output as production from mature, conventional fields in West Siberia is declining. Additional reporting by Vladimir Soldatkin and Oksana Kobzeva in Moscow, Yeganeh Torbati in Washington and Gwladys Fouche in Oslo; Writing by Katya Golubkova; Editing by Dmitry Zhdannikov and Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-russia-rosneft-domanik-statoil-idUSKBN1AI1RQ'|'2017-08-02T16:50:00.000+03:00'
'3b5b88d817a471208850aba96c7cdd60ecefd1ed'|'Hydro-powered smelters charge premium prices for ''green'' aluminum'|'August 2, 2017 / 11:09 AM / 8 hours ago Hydro-powered smelters charge premium prices for ''green'' aluminum Peter Hobson 9 Min Read FILE PHOTO: An aluminium coil is seen during opening of a production line for the car industry at a branch of Norway''s Hydro aluminum company in Grevenbroich, Germany May 4, 2017. Wolfgang Rattay/File Photo LONDON (Reuters) - Producers of "green" aluminum - made using renewable energy rather than fossil fuels - are starting to charge premium prices thanks to rising demand from industrial customers under pressure to reduce their carbon footprints. Operators of smelters powered by hydro-electricity in the likes of Norway, Russia and Canada are promoting their environmental credentials - and stealing a march on others that rely on coal or gas, notably in China and the Gulf. The competitive edge lies not in the metal itself, but the fact that its production requires far lower total emissions of greenhouse gases including carbon dioxide. While they do not use the term "green" aluminum, a number of producers are offering low-carbon guarantees on their metal, although they refuse to say how much more they charge for this beyond saying the premiums are relatively modest. Those with access to large hydro-power capacity such as Norway''s Norsk Hydro ( NHY.OL ), U.S.-based Alcoa ( AA.N ), Russia''s Rusal ( 0486.HK ) and London-listed Rio Tinto ( RIO.L ) believe the tide is turning in their favor. Nearly 200 countries have agreed to set targets for limiting CO2 emissions under the Paris climate accord on curbing global warming, although President Donald Trump has decided to pull the United States out of the pact. This is boosting demand for "green" aluminum particularly from the motor, electronics and packaging industries which need to produce lower carbon goods to satisfy regulators, investors and consumers. The pressure to make low carbon metal is increasing from all sides, said Kathrine Fog, a senior vice president at Norsk Hydro. "We''ve seen this coming from the market, our customers, shareholders, financial markets, NGOs, you name it," she added. "That means in the end it will affect the bottom line." Making aluminum from bauxite ore requires massive amounts of electricity, so a plant''s energy source is the biggest contributor to its overall greenhouse gas emissions rather than the smelting process itself. Making one tonne of aluminum at plants using power generated by burning coal, the main source for those in China and Australia, releases up to 18 tonnes of CO2 equivalent. For gas-powered plants in the Middle East, the figure is between five and eight tonnes, but for those running on hydro-power it is lower still at only around two tonnes. Aluminum can also be recycled with even lower emissions, although global demand is such that new metal will be required for years to come. Hydro Slippage While the world is pushing for a lower carbon future, the aluminum industry overall is heading in the other direction. In 2005, the amounts of hydro and coal power used to make aluminum were roughly the same at around 200,000 gigawatt hours each, according to the International Aluminum Institute (IAI). A decade later the hydro figure had changed little, whereas coal had leapt to around 450,000 GWh. That was largely due to expansion in China, which now accounts for around 55 percent of global aluminum output. The country''s plants rely on coal for 90 percent of their energy needs. With gas use also rising due to new plants in the United Arab Emirates, Bahrain, Qatar and Saudi Arabia, hydro''s share of the mix slipped to 30 percent in 2015, according to IAI data. This compared with 59 percent for coal and nine percent for gas, with nuclear energy accounting for the remaining two percent. But at the same time, companies including iPhone maker Apple ( AAPL.O ) and Toyota ( 7203.T ) are working to reduce the carbon footprint of their products. A number of aluminum makers are therefore positioning themselves to benefit by offering metal with guaranteed low emissions. While still low, demand for such guarantees is likely to force more producers to invest and curtail their use of coal - or be cut off from many of the world''s largest buyers and markets as the push for low carbon products accelerates. By early next year, the Aluminum Stewardship Initiative, a group of producers and consumers, will launch a voluntary certification scheme that includes an emissions threshold of eight tonnes of CO2 equivalent per tonne of new metal. FILE PHOTO: Members of the media photograph a prototype iMac Pro during the annual Apple Worldwide Developer Conference (WWDC) in San Jose, California, U.S. June 5, 2017. Stephen Lam/File Photo Smelters above this will be eligible if they show they can bring emissions down over time, but it is almost certainly unachievable for coal-fired plants. Chinese aluminum maker Chalco did not immediately respond to a request for comment. Hongqiao, the country''s largest producer, said it would "continue to invest and advance technological innovation and environmental protection". Other firms which run both fossil fuel- and hydro-powered plants see commercial opportunities in the renewable option. Rio Tinto is already selling branded RenewAl aluminum guaranteeing four tonnes or less of CO2 equivalent. Alcoa launched a product line called Sustana last year that includes Ecolum aluminum offering less than 2.5 tonnes - far below the industry average of around 11 tonnes. Both companies charge customers a premium for the metal. "We are seeing that yes, they will absolutely be willing to pay for it," said Rio Tinto Aluminum chief executive Alf Barrios. Rio would not disclose sales figures or the size of the premium but said RenewAl added $6 million to core earnings (EBITDA) in its launch year of 2015 and sales were growing. Christine Keener, head of commercial at Alcoa''s aluminum unit, told Reuters: "There is a premium to guarantee that Ecolum is coming from a hydro power smelter." Alcoa negotiated premiums with each buyer and their size depended on the customer''s needs and local availability of alternatives, she said. Keener played down the size of the premium, saying it was "not hundreds of dollars a tonne". Standard aluminum trades at around $1,900 on the London Metal Exchange. CMAL3 She would not say how much Ecolum had been sold but said interest from buyers was increasing. Neither Norsk Hydro nor Rusal have launched specific low-carbon brands. Norsk Hydro''s Fog, however, told Reuters the company''s use of hydro-power was "part of our total offering to our customers and therefore is part of the premium that we get". Rusal, which makes aluminum by harnessing Siberia''s river systems, said there was no premium but clients nevertheless preferred metal from hydro-powered smelters. It aims to use non-carbon power exclusively by 2020, up from 95 percent now. Rising Demand Electronics manufacturers, car makers, packaging companies and the construction sector are driving the demand for cleaner metal, aluminum producers, parts makers and buyers said. The trend is strongest in Europe and the United States where consumer awareness and environmental regulation is greater. However, they said the global procurement policies at multinational companies and tightening environmental rules in countries such as China meant it would spread worldwide. Demand for aluminum is expected to rise by around four percent a year over the next five years. In the motor industry, the annual growth forecast is 10-20 percent; firms are switching from cheaper but heavier steel to make lighter vehicles consuming less fossil fuel that meet tougher emissions controls. Many manufacturers are already using aluminum in engine blocks. The metal is also going into the bodies and chassis of costlier models, and this trend is expected to spread to mass market models as the environmental net tightens. Along with Apple and fellow electronics firm Bosch ROBG.UL, car makers Toyota, BMW ( BMWG.DE ) and Audi ( NSUG.DE ) and food packagers Tetra Pak and Nespresso all told Reuters they were moving to reduce the carbon-footprint of their aluminum supplies. With around 59 million tonnes of new aluminum produced annually, BMW said it used around 600,000 tonnes of new metal each year. Tetra Pak uses 150,000 tonnes each year for its containers that hold the likes of fruit juices and milk. Apple, which says it aims to use only hydro-produced aluminum, used more than 4,000 tonnes of mostly new metal in its aluminum-clad iPhones alone in the first half of this year, according to calculations based on product specifications and sales figures. None of these companies would say whether they were willing to pay more for greener metal. Reporting by Peter Hobson; Additional reporting by Katya Golubkova; editing by David Stamp 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aluminium-sales-environment-idUSKBN1AI1CF'|'2017-08-02T19:09:00.000+03:00'
'ce4209be62c2ebd4763f8edd1857e1872ef6e2ef'|'BRIEF-Baker Hughes, a GE company, declares quarterly dividend'|'August 1, 2017 / 1:45 PM / in 19 minutes BRIEF-Baker Hughes, a GE company, declares quarterly dividend 1 Min   Baker Hughes A Ge Co * Baker hughes, a ge company declares quarterly dividend * Baker hughes says declared a cash dividend of $0.17 per share of common stock payable august 25, 2017 to holders of record on august 11, 2017 Source text for Eikon:   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-baker-hughes-a-ge-company-declares-idUSFWN1KN0KR'|'2017-08-01T16:44:00.000+03:00'
'ef5f7bdad887c9de851a2cd094bbc3db91a5dbcc'|'Knorr-Bremse offers regulators sale of Haldex units: CEO'|'MUNICH (Reuters) - Germany''s Knorr-Bremse has offered to sell parts of Swedish brake systems maker Haldex to dispel regulators'' anti-trust concerns, the Germany company''s chief executive said."We have offered concessions in the disc brake and brake control businesses," Klaus Deller told Reuters in an interview."We have looked for buyers for both product areas and have offers on the table," he said, without providing details.EU regulators said last week they would investigate Knorr-Bremse''s bid for Haldex as concessions offered by the German company were insufficient.The decision created another obstacle for Knorr-Bremse after Haldex''s management dropped its support for the 5.5 billion crown ($679 million) all-cash takeover offer in June because of regulatory opposition.Knorr-Bremse, which first bid for Haldex 11 months ago, holds about 15 percent of its shares and has called an extraordinary general meeting (EGM) of the Swedish company, scheduled for Aug. 17.Reporting by Irene Preisinger; Writing by Maria Sheahan; Editing by Edward Taylor'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-haldex-ab-m-a-knorr-bremse-idUSKBN1AJ0UP'|'2017-08-03T15:43:00.000+03:00'
'4a27ef682440fe5322586c846291407bf946d843'|'Viacom reports better-than-expected revenue, profit'|'FILE PHOTO - A woman exits the Viacom Inc. headquarters in New York, U.S. on April 30, 2013. Lucas Jackson/File Photo (Reuters) - Viacom Inc ( VIAB.O ), the owner of MTV, Comedy Central and Paramount, posted better-than expected quarterly revenue and profit as higher affiliate revenue offset continued declines in U.S. advertising revenue.The company''s shares were up 2.7 percent at $36.00 in after-hours trading on Thursday.Viacom''s domestic affiliate revenue, the fees it collects from cable TV operators as well as online distributors, rose 4 percent to $1.01 billion.Analysts had expected a 2.8 percent rise in domestic affiliate revenue, according to financial data and analytics firm FactSet.New York City-based Viacom, like many of its peers, is struggling to keep viewers watching its channels as they flock to online streaming services such as Netflix Inc ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Prime. With fewer people watching live television, TV ratings and ad revenue have taken a nosedive.Domestic advertising revenue fell 2 percent in the third quarter, the 12th consecutive quarterly decline, in line with analysts'' expectations, according to FactSet.Viacom said in February that as part of a turnaround plan orchestrated by new Chief Executive Bob Bakish, it is focusing on six of its brands - Paramount, BET, Comedy Central, MTV, Nickelodeon and Nick Jr."There remains much work to be done, but we will continue to build on this progress for our shareholders, partners and fans," CEO Bakish said in a statement on Thursday.Excluding items, the company earned $1.17 per share. Analysts on average had expected to earn $1.05 share, according to Thomson Reuters I/B/E/S.Net profit attributable to Viacom rose to $683 million, or $1.70 per share, in the third quarter ended June 30 from $432 million, or $1.09 per share, a year earlier.Revenue rose 8.3 percent to $3.36 billion, beating analysts'' expectation of $3.29 billion.Last month, Viacom tried to buy Scripps Networks Interactive ( SNI.O ), home of such lifestyle networks as Food Network, HGTV and the Travel Channel, but was outbid by Discovery Communications, which announced on Monday it is buying Scripps for $11.9 billion.Reporting by Aishwarya Venugopal in Bengaluru and Jessica Toonkel in New York; Editing by Maju Samuel'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-viacom-results-idUSKBN1AJ2U6'|'2017-08-04T04:20:00.000+03:00'
'612b16232e03b835589a8d6668ad11ac8cbeee1e'|'Transitional Brexit deal crucial for banks - Nicky Morgan'|'July 31, 2017 / 11:07 PM / 38 minutes ago Transitional Brexit deal crucial for banks - Nicky Morgan Huw Jones 4 Min Read FILE PHOTO - Nicky Morgan arrives for a cabinet meeting at number 10 Downing Street, in central London, Britain July 12, 2016. Neil Hall LONDON (Reuters) - Transitional arrangements after leaving the European Union in 2019 will be crucial for protecting the economy and the City of London''s global role in finance, a senior British lawmaker said on Tuesday. Nicky Morgan, the new chair of parliament''s Treasury Select Committee, has asked the Bank of England''s top regulator to say if lenders are ready for a "hard" Brexit if there is no "bridge" between leaving the bloc and the start of new trading terms. "The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector," Morgan said in a statement announcing her request to the BoE. Morgan, a former Cabinet minister who campaigned in last year''s referendum for Britain to stay in the EU, is the latest senior politician to call for transitional arrangements, which some ministers who want a clean break with Europe oppose. Faced with such divisions, banks and insurers in London who rely on EU "passports" to access the EU market are pushing ahead with plans to shift some operations from London to the EU ahead of Brexit, to be sure of serving customers there. HSBC ( HSBA.L ), Britain''s biggest bank, said on Monday it will spend up to $300 million to move jobs and part of its business to Paris. BoE Deputy Governor Sam Woods wrote to several hundred firms in April to ask how they would deal with an abrupt severing of ties with Europe. Morgan wants Woods to provide her with a summary of the responses by Wednesday, saying the committee may want to scrutinise them. "I have also asked Mr Woods for his views on the desirability and design of a transitional arrangement with the EU, to provide more time to negotiate and prepare for a new UK-EU economic relationship," Morgan said. "Getting these arrangements right will be crucial for ensuring that the City retains its pre-eminence as a global financial centre, and to protect the economy and jobs as the UK leaves the EU," she added. A senior banking industry official told Reuters a transitional deal must not simply extend the status quo for a few more years. "We want to avoid a second cliff edge. It cannot be a pause, it has to be a transition, otherwise you just delay the cliff edge," the official said. In her letter to Woods, who is also head of the BoE''s Prudential Regulation Authority (PRA), Morgan asks if firms have identified "common trigger points" for moving operations, and if a hard Brexit posed a threat to financial stability. She also asks if the PRA has the capacity to directly authorise and supervise financial firms from elsewhere in the EU who want to continue providing services in Britain after Brexit. Some of those firms may have to convert from branches into subsidiaries with their own cushion of capital -- a complex process. BoE Governor Mark Carney said earlier this year that a transition period would be "highly advisable". The PRA, which will review the firms'' plans over the summer, said it would reply to Morgan by Wednesday. Reporting by Huw Jones; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1AG2ML'|'2017-08-01T02:06:00.000+03:00'
'b85f19605d5f3b7fbfcc282ff7dadf7bfc13e4ae'|'Euro zone economic growth stays robust in second quarter'|'August 1, 2017 / 9:05 AM / 31 minutes ago Euro zone economic growth stays robust in second quarter Reuters Staff 2 Min Read FILE PHOTO: Cargo wagons are parked at a train station in Munich, Germany, May 6, 2015. Michaela Rehle/File Photo BRUSSELS (Reuters) - Euro zone growth remained robust in the second quarter after a strong reading in the first three months of the year, preliminary estimates released by the European Union''s statistics agency showed on Tuesday. Eurostat said gross domestic product (GDP) in the 19-country currency bloc increased 0.6 percent in the second quarter on the quarter and 2.1 percent on the year, in line with forecasts of economists polled by Reuters. The EU statistics office revised slightly down the quarterly growth figure for the first quarter to 0.5 percent from the previously estimated 0.6 percent. In annualized terms, the euro zone economy expanded 2.3 percent in the second quarter after a 2.0 percent rise in the first three months of the year, Eurostat said. Updated estimates of euro zone GDP growth in the second quarter will be released by Eurostat on August 16 and final data will come on September 7. The acceleration in output growth confirms the sound recovery of the euro zone after data released on Monday showed the bloc recorded in June its lowest unemployment rate since 2009. The healthier state of the bloc''s economy support European Central Bank''s plans to begin a tightening of monetary policy in autumn, although headline inflation remained stable at 1.3 percent in July, below the ECB target of below but close to 2 percent. Reporting by Francesco Guarascio @fraguarascio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-gdp-idUKKBN1AH3OR'|'2017-08-01T12:03:00.000+03:00'
'b58aa08fbe1e49624411ce97577fbf416ecb1332'|'Mexico''s Lala could seal Vigor purchase on Thursday'|'SAO PAULO (Reuters) - The board of Mexican dairy producer Grupo Lala SAB de CV will decide on Aug. 3 on a bid to buy control of Vigor Alimentos SA, after a commitment to acquire the Brazilian producer of yoghurt and fresh cheese was reached earlier on Tuesday.Lala ( LALAB.MX ) said in a statement that a proposal to acquire Vigor from investment holding company J&F Investimentos SA, including a borrowing plan and a potential share offering, would be submitted for discussion at the board.São Paulo-based J&F and Vigor did not have an immediate comment. Reuters reported on Monday that Lala''s bid valued Vigor at 5.7 billion reais ($1.8 billion). JBS SA, the world''s largest meatpacker which is controlled by J&F, acknowledged in a securities filing that it was in advanced talks to exit its stake in Vigor.Lala aims to acquire 100 percent of Vigor and a 50 percent stake Vigor owns in subsidiary Itambé Alimentos SA, according to the statement. The rest of Itambé is owned by a cooperative that is not selling its stake.Lala''s bid was the highest among a group of strategic investors interested in Vigor. Reuters first reported on June 13 the groups vying for Vigor, which included France''s Groupe Lactalis SA and Danone SA.Vigor, founded a century ago, has 7,600 employees and 14 plants in Brazil. If the board approves the deal, Lala will hold a conference call with investors on Friday, the statement said.Vigor is J&F''s second divestiture since it was slammed a record-setting leniency fine related to a massive corruption scandal in Brazil. J&F is the holding company overseeing the fortune of Brazil''s billionaire Batista family, including the stake in JBS.On July 12, J&F concluded the sale of flip-flop maker Alpargatas SA ( ALPA4.SA ) to the investment firm of Brazil''s most prominent banking families for 3.5 billion reais.Proceeds from the sale will help not only J&F to pay its debts and part of the 10.3 billion-real fine, but also reinforce JBS coffers. JBS owns 19.4 percent of Vigor, with J&F holding the remaining stake.Shares of JBS were unchanged at 7.70 reais on Tuesday. Lala''s stock shed 1.2 percent to 34.690 Mexican pesos.Reporting by Tatiana Bautzer; Editing by Grant McCool and Andrew Hay'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vigor-m-a-grupo-lala-idINKBN1AH5CG'|'2017-08-01T19:54:00.000+03:00'
'9f6a2be2b6390f40c4741305cb42c7fa76762220'|'How Toshiba''s sale of $18 billion chip unit stalled, and what''s next'|'August 2, 2017 / 5:20 AM / in 6 hours How Toshiba''s sale of $18 billion chip unit stalled, and what''s next Makiko Yamazaki 4 Min Read FILE PHOTO: Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Japanese conglomerate Toshiba Corp''s talks to sell its prized memory chip business have stalled, raising concerns over how fast the company can plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear business. Toshiba''s chips and devices business accounted for roughly a third of its sales in the last financial year, and is the world''s second-largest maker of NAND chips after Samsung Electronics Co Ltd. The following are key questions and answers on the state of play and what might come next. Q. What''s going on with Toshiba''s memory chip sale? A. Toshiba said early this year that it would sell its chip business to pay down debt and cover the impact of a $6.33 billion writedown and liabilities linked to U.S. nuclear arm Westinghouse. Shareholders approved the plan in March. In June, Toshiba picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as a preferred bidder. But Western Digital, which jointly invests in Toshiba''s main chip plant and is a rival bidder, has taken Toshiba to court, arguing it needs to consent to a sale. The battle has unnerved the state-backed funds, and they are demanding that Toshiba resolve the conflict before the sale. Another point of contention has been a proposal by SK Hynix to help fund the deal with convertible bonds - a step that could eventually give it an equity interest. The Japanese funds do not want SK Hynix to gain a management stake. Q. What is Toshiba doing? A. In attempt to revive the stalled talks, Toshiba began reconsidering offers from other bidders last month, including Western Digital as well as Foxconn, formally known as Hon Hai Precision Industry, sources have said. Foxconn has said Apple Inc and computing giant Dell would join its bid. Sources said this week that the board was still split over which proposal was better. Q. Why does Toshiba need to sell it? A. Toshiba estimates that its nuclear losses drove its net worth to a negative 582 billion yen ($5.25 billion) in the last fiscal year. Reporting negative net worth - liabilities exceeding assets - for the second year running would prompt a delisting from the Tokyo Stock Exchange. Given regulatory approvals for any chips sale are likely to take at least several months, analysts say the company needs to reach a deal in weeks - rather than months - if it wants to be sure to close the deal by the end of the fiscal year in March. Toshiba has not provided an updated timeline for its decision on chips, saying it wants to clinch a deal as soon as possible. Q. What else could trigger a delisting? A. Toshiba could also be forced to delist if auditor PricewaterhouseCoopers Aarata does not endorse its financial results for the last fiscal year by an Aug. 10 deadline. Toshiba has already been demoted from the bourse''s main board, and a non-endorsement by its auditor would increase chances of a delisting, although the decision is up to the bourse. PwC has queried whether Toshiba needed to recognize losses at Westinghouse earlier, rather than in December last year. Toshiba was then still recovering from a previous 2015 accounting scandal that led to the ousting of several bosses. Q. Does a delisting matter? A. If it is delisted before a chips sale is completed, that disposal becomes less urgent. But it could further complicate Toshiba''s ability to raise money from markets or banks, in particular to feed its cash-hungry memory-chip business, jeopardizing its competitiveness. Toshiba is already barred from issuing equity as a result of the 2015 scandal. A delisting would cause some market waves and impact key shareholders. It would be the first major delisting for over a decade; even camera maker Olympus averted one in 2012, following a scandal around hidden losses. Reporting by Ritsuko Ando and Makiko Yamazaki; Edited by Clara Ferreira Marques and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN1AI0E9'|'2017-08-02T10:14:00.000+03:00'
'3a66d885ea627abbdcd3250765aa8d5b104c0bc6'|'Drifting crop chemical deals ‘double whammy’ to U.S. farmers'|'August 2, 2017 / 2:37 PM / 2 hours ago Drifting crop chemical deals ‘double whammy’ to U.S. farmers Rod Nickel 6 Min Read John Weiss looks over his crop of soybeans, which he had reported to the state board for showing signs of damage due to the drifting of Monsanto''s pesticide Dicamba, at his farm in Dell, Arkansas, U.S. July 25, 2017. Picture taken July 25, 2017. Karen Pulfer Focht (Reuters) - An advanced weed-killing chemical has twice come back to haunt Arkansas farmer John Weiss. The herbicide, known as dicamba, has long been employed in the United States to kill weeds before fields were planted, but its use spiked after regulators last year approved a new formulation that allowed farmers to apply it to growing plants. That should have been good news for Weiss and hundreds of other farmers, who planned to use it to control hard-to-kill weeds in fields planted with crops bioengineered to survive the chemical. Instead, farmers reported the agricultural chemical was drifting into neighboring fields and damaging crops unable to resist it. Last month, in response to the reports, Arkansas and Missouri temporarily banned its use. The fallout from dicamba hit Weiss on two fronts: The drifting chemicals, he said, stunted his unprotected soybean crops and marked the plants with damaged, withered leaves. Then came the ban, which meant he could no longer use the chemical on the dicamba-resistant soybeans and cotton it was meant to protect. "It''s just a double whammy, this whole thing," said Weiss. Crops have suffered damage across much of the farm belt. Governments in 17 states are investigating more than 1,400 complaints of dicamba problems covering 2.5 million acres, Kevin Bradley, a University of Missouri associate professor in the plant sciences division, wrote last week. The three companies that sell the chemical in the United States for use on growing crops of soybeans and cotton, Monsanto Co, BASF and DuPont, say their products have not always been used according to label instructions. Some farmers used older dicamba products that were more drift-prone, deployed spraying equipment contaminated with other herbicides, or applied dicamba in the wrong conditions, Monsanto''s chief technology officer Robb Fraley said. The situation is part of an evolving battle between farmers and pests that threaten their crops. For two decades, growers have sown crops genetically modified to resist chemicals such as glyphosate, popularly known as Roundup, allowing them to selectively kill all the weeds in a field. But the weeds have rallied, developing resistance to many popular chemicals, prompting farmers to try alternatives such as dicamba. Limited Options It is unclear what is causing dicamba to drift into other crops, though agronomists say it could be caused by high winds or changes in temperature. Complaints have been rampant. So far, Arkansas has received 760 reports from farmers of dicamba drift damage - a record for one product - spanning 209,000 acres, according to the state plant board. The state has taken a tough stance against the chemical, banning its use for 120 days starting July 11. Missouri imposed a one-week ban starting July 8. Tennessee placed tight restrictions on when dicamba can be sprayed. John Weiss looks over his crop of soybeans, which he had reported to the state board for showing signs of damage due to the drifting of Monsanto''s pesticide Dicamba, at his farm in Dell, Arkansas, U.S. July 25, 2017. Picture taken July 25, 2017. Karen Pulfer Focht The Arkansas State Plant Board relies on the "honor system" to enforce its ban, said director Terry Walker. Violations are punishable by fines up to $25,000, he said. The damaged crops and the subsequent bans have created tensions among some farmers. Lee Cole, a farmer in Hayti, Missouri, who said his soybeans looked like they had been burned by "a blowtorch" because of dicamba, doubts everyone will comply with the regulations. "Even the best farmers, when you''re under pressure to get it done, you''re going to do whatever you''ve got to do." Farmers who lose bushels because of drift have little recourse, since U.S. crop insurance does not cover losses caused by dicamba, according to U.S. Agriculture Department guidelines. Some farmers have filed lawsuits against dicamba producers, while others have turned on their neighbors, blaming them for ruined crops. In one case late last year, an Arkansas sheriff said a farmer fatally shot a neighbor over a dispute about crops damaged by dicamba, according to media reports. Slideshow (5 Images) Many farmers, such as Brad Doyle, have scrambled to find alternative ways to protect their crops. The Arkansas grower, who planted dicamba-resistant soybeans to re-sell through his seed business, said he chose to spray less-effective fomesafen to avoid dicamba drifting. He has deployed workers to pull weeds by hand. "Options are running out," he said. Ted Glaub, who manages 30 farms in Arkansas, Missouri and Mississippi, said it would be a costly mistake to write off dicamba. "We need dicamba. We don''t have enough tools," he said. Straightening Up Farmers, regulators and the companies selling the pesticide are examining ways to control the drift. BASF, for instance, gave away 600,000 chemical spray nozzles to prevent the wrong ones from being used. In Missouri, the department of agriculture consulted Monsanto, BASF and DuPont to develop new requirements for dicamba, including spraying only when wind is light and during certain hours. Penalties range up to $10,000 per violation. The chemical companies must inform pesticide sellers and trained applicators of the restrictions, according to Missouri''s department of agriculture. A BASF spokeswoman said the changes are being flagged on industry websites and through media coverage, adding the company has spoken with retailers who sell the product. Monsanto was consulted about Missouri''s requirements, but believes its current label directions are sufficient, Fraley said. A DuPont spokeswoman said it followed all special requirements in Missouri. Some farmers said the efforts - particularly the bans - have revived damaged plants. Tom Burnham, who grows soybeans in both Arkansas and Missouri, is among them. "Ever since we got the ban in Arkansas, my crop has really progressed, started to straighten up," Burnham said. Burnham added, however, that his Missouri crop shows fresh dicamba damage since the state''s ban lifted. Reporting by Rod Nickel in Winnipeg, Manitoba; additional reporting by Mark Weinraub in Chicago; Editing by Paul Thomasch 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-pesticides-farmers-idINKBN1AI1VP'|'2017-08-02T17:35:00.000+03:00'
'041babb7aadc985a8e4a25dd30d7c2a36eadac93'|'UK Stocks-Factors to watch on Aug. 4'|'Aug 4 (Reuters) - Britain''s FTSE 100 index is seen opening down 2 points at 7473 on Friday, according to financial spreadbetters. * ECONOMY: British shops saw a dip in sales last month, with fashion retailers enduring their worst July for eight years, a survey showed on Friday, adding to evidence consumers are cutting back spending on discretionary items. Britain''s economy has slowed as the rise in inflation since last year''s Brexit vote and modest pay growth have squeezed consumers'' real earnings. * OIL: Oil markets dipped on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. Brent crude futures, the international benchmark for oil prices, were at $51.90 a barrel, down 11 cents, or 0.2 percent, from their last close and around 70 cents for the week. * GOLD: Gold held steady on Friday, close to a seven-week high hit earlier this week, as the dollar eased to hover near multi-month lows ahead of monthly U.S. nonfarm payrolls data due out later and amid continuing U.S. political uncertainty. Spot gold was nearly flat at $1,268.00 per ounce at 0434 GMT. It was on track to end the week almost unchanged. * LONDON COPPER: Three-month copper on the London Metal Exchange barely budged from overnight levels, trading at $6,343 a tonne at 0100 GMT. * UK blue chips rose to a one-week high on Thursday after the Bank of England kept rates on hold, hitting the pound and lifting export-oriented stocks accordingly. The market is also buoyed by solid earnings updates. The FTSE rose 0.85 percent to 7,474.77 points with big international firms like Diageo extending gains as sterling weakened following the central bank''s decision. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Dialight PLC Half Year 2017 Dialight PLC Earnings Release LSL Property Services PLC Half Year 2017 LSL Property Services PLC Earnings Release PHSC PLC Full Year 2017 PHSC PLC Earnings Release Ibstock PLC Half Year 2017 Ibstock PLC Earnings Release Silver Falcon PLC Half Year 2017 Silver Falcon PLC Earnings Release Pearson PLC Half Year 2017 Pearson PLC Earnings Release Millennium & Copthorne Half Year 2017 Millennium & Copthorne Hotels PLC Hotels PLC Earnings Release RPS Group PLC Half Year 2017 RPS Group PLC Earnings Release Devro PLC Half Year 2017 Devro PLC Earnings Release Cloudcall Group PLC Half Year 2017 Cloudcall Group PLC Earnings Release Merlin Entertainments PLC Half Year 2017 Merlin Entertainments PLC Earnings Release Royal Bank of Scotland Group Half Year 2017 Royal Bank of Scotland PLC Group PLC Earnings Release Kennedy Wilson Europe Real Half Year 2017 Kennedy Wilson Europe Estate PLC Real Estate PLC Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KQ22Y'|'2017-08-04T08:20:00.000+03:00'
'2e3d8a04c4b2e8206b10db83f04bd7a8b116c424'|'Google developing technology for Snapchat-like media content: WSJ'|'August 4, 2017 / 6:13 PM / 2 hours ago Google developing technology for Snapchat-like media content: WSJ 1 Min Read The sign marking the Google offices is lit up in Cambridge, Massachusetts, U.S. on June 27, 2017. Brian Snyder/File Photo (Reuters) - Alphabet Inc''s ( GOOGL.O ) Google is developing technology to create media content along the lines of Snap Inc''s ( SNAP.N ) "Discover" platform, the Wall Street Journal reported, citing people familiar with the matter. Google has been in discussions with several publishers, including Vox Media, the Washington Post and Time Inc ( TIME.N ), for the project, the Journal said on Friday. ( on.wsj.com/2vAc6rY ) The project, dubbed "Stamp", could be announced as early as next week, the report said. Google was not immediately available for comment. Reporting by Anya George Tharakan in Bengaluru; Editing by Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/alphabet-snapchat-idINKBN1AK25P'|'2017-08-04T21:13:00.000+03:00'
'1a7a9b0b2923d9ad718f5a774fad94e5c221bb33'|'UPDATE 1-Botox-maker Allergan''s quarterly profit beats estimates'|'A sign marks Allergan''s offices in Medford, Massachusetts, U.S., July 31, 2017. Brian Snyder (Reuters) - Botox-maker Allergan Plc ( AGN.N ) reported a better-than-expected quarterly profit, helped by strength in its medical aesthetics unit, prompting the drugmaker to raise its full-year revenue forecast.The company said it now expects full-year revenue in the range of $15.85 billion to $16.05 billion from its previous forecast of $15.80 billion to $16 billion.Net revenue for the quarter rose 9 percent to $4.01 billion, beating Wall Street estimates of $3.94 billion.Revenue in its medical aesthetics unit, which includes its Botox blockbuster wrinkle treatment, rose more than 53 percent to $643.9 million.Excluding special items, the company earned $4.02 per share, topping analysts'' average estimate of $3.92, according to Thomson Reuters I/B/E/S.Net loss attributable to ordinary shareholders widened to $795.5 million, or $2.37 per share, in the second quarter ended June 30, from $571.3 million, or $1.44 per share, a year earlier.Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Supriya Kurane'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-allergan-results-idUSKBN1AJ1PZ'|'2017-08-03T15:39:00.000+03:00'
'c5a43f4300596f26dcd03081d7073f6bd769aa88'|'Discovery gains female advertising audience with Scripps deal'|'The Discovery Communications headquarters building is seen in Silver Spring, Maryland December 3, 2009. Jim Bourg/File Photo NEW YORK (Reuters) - Discovery Communications Inc ( DISCA.O ), whose nature and science TV channels attract mostly male viewers, will reach more women and diversify its advertising revenue through its acquisition of Scripps Networks Interactive Inc ( SNI.O ), advertisers said on Tuesday.Scripps'' channels, such as Home and Garden TV, have about twice as many female viewers as male in the 18 to 34 age range, a coveted group for advertisers, according to Nielsen data. The majority of the Discovery Channel''s viewers in that age group are male.Discovery''s $11.9 billion deal to acquire Scripps, announced on Monday, is expected to boost the media company''s negotiating leverage as it seeks new audiences.Discovery''s ad revenue, which did not grow in the second quarter from a year ago, may benefit from Scripps'' clout with advertisers, Discovery Chief Executive David Zaslav told analysts on an earnings call on Monday.Scripps'' programming is well-received internationally, and Discovery had already been buying its content in Latin America, Zaslav said on the call. "And if we see market share gain, that''ll translate very quickly to real advertising value for us around the world."Scripps posted a 2.5 percent increase in ad revenue in its preliminary second-quarter results.Jason Kanefsky, director of strategic investments at Havas Media Group, a marketing agency that works with clients in industries like luxury goods, spirits and banking, said his clients pay attention to how many ad dollars go to Scripps because they value the viewers of the network''s lifestyle channels such as the Food Network and the Travel Channel."That is the only brand they ask about specifically," Kanefsky said, noting that its channels are clear buys for certain advertisers."The Scripps programming is more valuable than Discovery in my opinion," he said. "If you''re a food brand, you want to advertise with Food Network."Shenan Reed, president of digital at MEC North America, an advertising media agency that counts L''Oreal among its clients, said she had always wanted to see a larger female audience at the network before buying ads on its channels.Not much may change for brands already advertising with Scripps or Discovery to reach those audiences, said Barry Lowenthal, president of The Media Kitchen, a media buyer with clients that include retail and financial services companies.Advertisers would only be affected if Discovery decides to change ad prices or its commission structure, he said."I can''t imagine Discovery will lower the ad rates," Lowenthal said.Reporting by Sheila Dang; additional reporting by Jessica Toonkel; Editing by Richard Chang'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/scripps-net-int-m-a-discovery-commns-adv-idINKBN1AH529'|'2017-08-01T16:49:00.000+03:00'
'ed8749c05b02991665f6ae951c71c6121f825f18'|'S&P 500 to exclude Snap after voting rights debate'|'August 1, 2017 / 1:44 AM / 22 minutes ago S&P 500 to exclude Snap after voting rights debate Trevor Hunnicutt 3 Min Read FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo NEW YORK (Reuters) - The S&P 500 will start excluding companies that issue multiple classes of shares, managers of the index said on Monday, a move that effectively bars Snap Inc after its decision to offer stock with no voting rights. The decision takes effect starting Tuesday, according to a statement by the manager of the widely used benchmark, S&P Dow Jones Indices LLC. Snap did not immediately respond to a request for comment. Existing components of the S&P index with several share classes - such as Google parent Alphabet Inc and Berkshire Hathaway Inc - will not be affected. "Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues," the index provider said in a statement. The S&P changes, which extend to the S&P MidCap 400 and S&P SmallCap 600 indexes, reflect a toughening stance by index firms and the investors they represent who increasingly emphasise the importance of corporate governance rights. That often runs up against the interest of leaders of high-growth, often technology companies that resist coming to public markets and offering full voting rights out of fear they will lose control of their companies. Snap''s $3.4 billion (2.57 billion pounds) March IPO was the third-largest ever for a U.S. tech company but some investors were taken aback by the company''s unusual decision to offer new investors a class of common stock with no voting rights. Snap shares had their busiest trading day in two and a half months in a volatile session on Monday, as early investors could sell their shares   its market debut. The stock pared losses to close down 1 percent at $13.67, after falling as much as 5.1 percent and hitting a record low. FTSE Russell said last week it planned to exclude Snap from its stock indexes. Inclusion in a stock index has been an important milestone for young companies, bringing their shares into many passive funds and others that closely follow indexes like the S&P 500, a guide for trillions of dollars of capital worldwide. The decision likely means that funds like $243 billion SPDR S&P 500 ETF will not buy Snap any time soon. Reporting by Trevor Hunnicutt'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-s-p-idUKKBN1AH2RY'|'2017-08-01T04:43:00.000+03:00'
'306a062dba7ac43480f7359c92d288652270acd6'|'Nothing cold about sub-zero rates, IMF researchers find'|'August 4, 2017 / 8:06 AM / 22 minutes ago Nothing cold about sub-zero rates, IMF researchers find Jeremy Gaunt 3   The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo LONDON (Reuters) - Negative interest rates imposed by central banks have generally worked as a tool to boost inflation, pulling down yields and sometimes weakening currencies, International Monetary Fund research has concluded. It also found that commercial banks for the most part have maintained their profits under such policy, cushioning margins with such tactics as not passing on all of a policy rate cut to customers. The findings come in a report by IMF economists Giovanni Dell’Ariccia, Vikram Haksar and Tommaso Mancini-Griffoli who studied the impact of sub-zero interest rate policy in the euro zone, Denmark, Japan, Sweden and Switzerland. Cutting rates below zero has been a factor in some central banks'' struggle to help their economies recover from the financial crisis and its accompanying trend towards deflation. The European Central Bank, for example, currently has an overnight deposit rate of minus 0.4 percent. This means it effectively charges banks for holding deposits, an attempt to get them to lend it instead, pumping up the economy. But it was uncharted territory. "For the ancient Egyptians, zero represented the base of pyramids. In science it became the freezing point of water, in geography the altitude of the sea, in history the starting point of calendars," the researchers noted before going on to ask what zero meant in monetary policy terms. There were various concerns: Would it work? Would it undermine financial stability? Would cutting rates below zero have the same impact as cutting rates above zero? The findings were generally positive, suggesting monetary conditions were helped. "Overall, the policy seems to have worked well: money market rates and bond yields fell in every country we looked at. Currencies also weakened somewhat, at least temporarily," the researchers wrote. "Lending rates declined somewhat, though less than policy rates. Banks benefited from lower wholesale funding costs, and some raised fees. Bank profits have generally been resilient. Lending has held up." The caveat is that the negative rates are small and that they are not intended to last a long time. "If policy rates remain negative for a long time, or if a deeper dive below zero is contemplated, the effectiveness of the policy and the stability of the financial system could be at risk," the researchers said. The research paper can be found at: here Reporting by Jeremy Gaunt, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-cenbank-rates-idUKKBN1AK0R5'|'2017-08-04T11:04:00.000+03:00'
'7e09b03fe5211d9534eb0af40a9e92ef84f40215'|'BRIEF-Singapore''s GIC, MassMutual and Blackstone to buy Goldman''s stake in Rothesay Life- Sky News'|'August 4, 2017 / 4:35 PM / 33 minutes ago BRIEF-Singapore''s GIC, MassMutual and Blackstone to buy Goldman''s stake in Rothesay Life- Sky News 1 Min Read Aug 4 (Reuters) - * Singapore''s GIC, MassMutual and Blackstone, will announce deal early next week to buy Goldman''s 33 pct stake in Rothesay Life- Sky News,citing sources * Transaction is expected to value Rothesay at about 2 billion stg- Sky News,citing sources Source bit.ly/2vpfghR 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-singapores-gic-massmutual-and-blac-idUSFWN1KQ0X9'|'2017-08-04T19:34:00.000+03:00'
'ff89937fdb4677b3111e09b4e464f36302a1900c'|'Rothschild to advise on IPO for Austrian lender BAWAG: sources - Reuters'|'The logo of BAWAG PSK Bank is pictured on one of its branches in Vienna, Austria, March 2, 2016. Leonhard Foeger ZURICH/FRANKFURT (Reuters) - The owners of Austrian lender BAWAG PSK have hired Rothschild to advise them on an initial public share offer that could take place as early as autumn, two sources close to the matter told Reuters on Thursday.Morgan Stanley and Goldman Sachs have been named the top global coordinators among a slew of banks working on the deal, which sources said in June could value Austria''s fourth-biggest bank at up to 5 billion euros.Private equity group Cerberus Capital Management owns 52 percent of BAWAG and GoldenTree Asset Management 40 percent. The plan is to list a stake of 20 to 30 percent of the lender. One source said the sole listing would be on the Vienna Stock Exchange.Rothschild, Morgan Stanley and BAWAG declined comment, while Goldman Sachs was not immediately available.Reporting by Michael Shields and Arno Schuetze'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bawag-psk-ipo-idINKBN1AJ10S'|'2017-08-03T06:44:00.000+03:00'
'83fc89b1408c73b9f6a7933fb555e99e0239743c'|'Swiss bank Julius Baer opens UK offices to seize on Brexit nerves'|'August 3, 2017 / 12:27 PM / 4 hours ago Swiss bank Julius Baer opens UK offices to seize on Brexit nerves Joshua Franklin 3 Min Read FILE PHOTO: Logo of Swiss private bank Julius Baer is seen at an office building in Zurich, Switzerland July 24, 2016. Arnd Wiegmann/File Photo ZURICH (Reuters) - Swiss private Julius Baer ( BAER.S ) is opening three new UK offices as it looks to bank for wealthy residents spooked by uncertainty over Britain''s planned exit from the European Union. The offices will be in Manchester, Leeds and Glasgow while Julius Baer will also establish a small team in Belfast, Northern Ireland, the Zurich-based bank said in a statement on Thursday. Julius Baer had a UK presence only in London so far. A person familiar with the plans said Julius Baer would likely staff the offices with around 30 employees. Speaking last week, Chief Executive Boris Collardi had highlighted Britain as "one of the biggest opportunities for Julius Baer" because of the wider uncertainties created by Brexit. "The typical high-net-worth individual in the UK is feeling very uncertain about the future in terms of assets, in terms of currency risk, in terms of diversification and in terms of how they should be positioning themselves in this market," he said. It bucks a trend set by many investment banks planning to reduce their UK presence in anticipation of Brexit, a process which could cost banks their ability to serve the EU from London - commonly referred to as passporting rights. However, passporting rights are of less significance in private banking, where stability is one of the main priorities. Britain is one of the most attractive markets for private banks with the world''s fourth-largest population of millionaire households behind the United Sates, China and Japan, according to Boston Consulting Group. Two-thirds of Britain''s wealth is held by individuals outside of London and the southeast, said Julius Baer, Switzerland''s third-biggest private bank behind UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ). UBS has UK offices in London, Birmingham, Newcastle, Manchester, Edinburgh and Leeds. Credit Suisse serves the UK market through its London office. Reporting by Joshua Franklin; Editing by Michael Shields 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-julius-baer-britain-idUKKBN1AJ1RT'|'2017-08-03T15:27:00.000+03:00'
'4920fecf1db3eabf56a54a5b1da8e14d5a0ea575'|'Union to press for Freeport mine worker rights on Indonesia visit'|'TORONTO, Aug 2 (Reuters) - A trade union said on Wednesday that it will press Indonesia''s government to reinstate thousands of striking workers at Freeport-McMoRan Inc''s Grasberg mine when union officials visit the Southeast Asian country next week.IndustriALL Global Union said in an emailed statement that it would formally announce plans on Thursday for its mission to support striking workers at Grasberg, the world''s second-largest copper mine, and a smelter jointly owned and operated by Freeport and Mitsubishi Materials.Arizona-based Freeport, the world''s biggest publicly-traded copper miner, has repeatedly said it has acted on labor issues in accordance with Indonesian law and its labor contract.Following export restrictions related to a permit dispute, Freeport furloughed some 3,000 workers in Indonesia earlier this year, which prompted a strike and high levels of absenteeism.Freeport later deemed that approximately 3,000 full-time and 1,000 contract employees who were absent had "voluntarily resigned."An estimated 5,000 workers at Grasberg have extended their strike for a fourth month, to the end of August.The union said it would meet with senior management from Freeport''s Indonesian unit and heads of the affected Indonesian unions in Jakarta on Aug. 10. Union representatives would also meet with officials from Indonesia''s Ministry of Energy and Mineral Resources and the Ministry of Manpower during the Aug. 8-11 visit.IndustriALL said it wants the government to declare Freeport''s furlough illegal, while recognizing that workers went on a legal and legitimate strike and did not "voluntarily resign."The union has previously said 309 workers at PT Smelting were also deemed to have "voluntarily resigned" after taking part in a strike. (Reporting by Susan Taylor; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/freeport-mcmoran-indonesia-labor-idUSL1N1KO1IB'|'2017-08-02T23:59:00.000+03:00'
'ee8c7e99d5b383ec644a6ce6c5487836062815fc'|'Exclusive: Blackstone in talks to sell stake in camera maker Leica - sources'|'August 2, 2017 / 3:44 PM / 5 hours ago Exclusive: Blackstone in talks to sell stake in camera maker Leica - sources Arno Schuetze 4 Min Read Vintage lenses and cameras of German camera manufacturer Leica are on display at the Leica headquarters in Wetzlar, Germany, November 10, 2016. Kai Pfaffenbach FRANKFURT (Reuters) - Buyout group Blackstone ( BX.N ) is in talks with potential buyers for its 45 percent stake in iconic high-end camera and sport optics maker Leica, people close to the matter said. The investor has teamed up with an investment bank to work out strategic options for the company and has already held talks with several potential acquirers, the people said, adding no official auction process was underway. Blackstone declined to comment. Any potential buyer will have to come to terms with Austria''s Kaufmann family, whose vehicle ACM owns a 55 percent stake in Leica, having brought in Blackstone as a co-investor in 2011. "ACM has long-term goals with Leica Camera," Leica Chairman and ACM managing director Andreas Kaufmann told Reuters, adding that his family''s definition of long-term was that of a 100-year horizon. Leica, one of the world''s oldest photography brands, traces its roots back to a German microscope producer founded in 1849, and launched its first 35 mm compact camera in 1924. The rise of competitors after the World War Two, especially in Japan, saw Leica transform into a niche upmarket brand. In 1996, Leica Camera separated from the microscope and measuring devices businesses and listed on the stock exchange, before luxury goods maker Hermes invested in it in 2000, later selling its stake to the Kaufmann family, which by end-2007 held 97 percent of the company. Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros this year and may have a valuation of around 700 million euros ($828 million) in a potential deal, people close to the matter said. FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo While mass market camera makers such as Canon ( 7751.T ) and Nikon ( 7731.T ) trade at 7 to 9 times their expected core earnings, Blackstone hopes to reap a premium to that for Leica, whose cameras are seen as luxury goods. Sport optics peers include Germany''s Zeiss and Austria''s Swarovski Optik. Zeiss is potentially interested in Leica Camera, but would only agree to a deal if it was able to secure a majority stake, the sources said. Potential buyers include other family investors, they said, adding that Asian optics groups and private equity funds had also shown interest. Last year, Chinese investor CDH expressed interest in buying Blackstone''s stake in Leica, but no deal materialized, one of the people said. China''s Huawei, founded by a former Chinese army engineer, has licensed Leica camera technology for use in some of its smartphones. Huawei is the world''s third largest smartphone maker. Providing cameras for other uses from smartphones to cars has emerged as a second pillar of suppliers, while pocket cameras sales have come under pressure from the rise of smartphones. Expensive lifestyle cameras have so far bucked that trend. Huawei was, however, unlikely to show interest in buying Blackstone''s stake, one of the people said. Zeiss and Huawei declined to comment, while CDH was not immediately available for comment. Additional reporting by Julie Zhu, Dasha Afanasieva and Eric Auchard; Editing by Maria Sheahan and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-blackstone-leica-camera-sale-idUSKBN1AI22V'|'2017-08-02T18:44:00.000+03:00'
'54374c9f3ac29875ce4a30b7d1f0b96765fb3121'|'Deals of the day-Mergers and acquisitions'|'(Adds Rio Tinto, Atlantia, Jacobs Engineering Group, PharMerica, Amec Foster Wheeler, Ternium)Aug 2 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Wednesday:** Odebrecht SA, the Brazilian conglomerate selling assets in the wake of a corruption scandal, has agreed to sell a 16.4 percent stake in the world''s No. 4 diamond mine to a partner, a person with direct knowledge of the transaction said on Tuesday.** The board of Mexican dairy producer Grupo Lala SAB de CV will decide on Aug. 3 on a bid to buy control of Vigor Alimentos SA, after a commitment to acquire the Brazilian producer of yoghurt and fresh cheese was reached earlier on Tuesday.** Lufthansa''s chief financial officer said the group is interested in helping to shape the Italian aviation market but is not willing to take over struggling national carrier Alitalia in its current shape.** German publisher Axel Springer is not currently in talks to buy sports media platform Sport1 from Constantin Medien, Springer''s chief executive said.** SunPower Corp said on Tuesday that it would sell its stake in the 8point3 Energy Partners LP yieldco, following the lead of its partner in the venture, rival First Solar.** U.S. private equity funds Tennenbaum Capital Partners LLC (TCP) and Goldman Sachs BDC (GSBD) have bought solar energy company Conergy Asia & ME Pte Ltd and its subsidiaries, Conergy said on Wednesday.** Unilever, has invested in the German start-up Helping, a website for booking home cleaners, its latest effort to test new businesses as technology changes ways of selling packaged goods. The Anglo-Dutch company, whose brands include Domestos cleaners, Persil detergent and Dove soap, announced the investment on Wednesday, without disclosing its size.** Miner Rio Tinto is making good progress in the deal to sell its stake in the Simandou project in Guinea, Chief Financial Officer Christopher Lynch said.** The chief executive of Italian infrastructure group Atlantia does not rule out sweetening the terms of an offer for Spanish rival Abertis, which could become the target of a counterbid.** U.S. professional services provider Jacobs Engineering Group Inc said it would buy engineering-services firm CH2M Hill Cos Ltd in a cash-and-stock deal valued at about $3.27 billion, including debt.** PharMerica Corp, a U.S. pharmacy manager for long-term care facilities, said it agreed to be acquired by a newly formed company controlled by buyout firm KKR & Co LP for $1.4 billion, including debt.** Britain''s market regulator said a takeover of Amec Foster Wheeler Plc by oilfield services firm Wood Group could hurt competition.** Brazil''s antitrust agency Cade has approved Ternium SA''s acquisition of Thyssenkrupp AG''s Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA, allowing the German behemoth to end a foray in the Americas that triggered massive losses. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1KO3AP'|'2017-08-02T08:15:00.000+03:00'
'53fef18bae7af9e72870d462b45056686677c835'|'No deal yet in German crisis talks with car industry-source'|'August 2, 2017 / 1:50 PM / 12 minutes ago No deal yet in German crisis talks with car industry-source 1 Min Read BERLIN, Aug 2 (Reuters) - Talks between German politicians and carmakers were still continuing on Wednesday, an insider source said, even after the auto industry association VDA said it agreed to cut emissions by updating the software of 5 million diesel cars. A source close to the negotiations said the talks between several cabinet ministers, regional premiers and auto bosses were still ongoing and had broken into several groups. A news conference is scheduled for 1400 GMT. Earlier on Wednesday, the VDA said carmakers will install new engine management software in 5 million cars to make exhaust filtering systems more effective and bring down emissions of nitrogen oxide by 25 percent to 30 percent in those cars. Reporting by Holger Hansen; Writing by Emma Thomasson; Editing by Andrea Shalal 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-emissions-talks-idUSB4N1FT01B'|'2017-08-02T16:50:00.000+03:00'
'58f8acecc4952d56ed039c9da622b84c4ea49225'|'Apple forecasts revenue above estimates, shares sail to record'|'August 1, 2017 / 8:33 PM / an hour ago Apple forecasts revenue above estimates, shares sail to record Reuters Staff 4 Min Read A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. Aly Song (Reuters) - Apple Inc forecast current-quarter revenue largely above Wall Street estimates on Tuesday, helping to allay investor concerns about a possible delay in the launch of the iPhone''s 10th-anniversary edition later this year, and sending its shares to an all-time high. The world''s most valuable technology company beat on every major top line metric, reporting better-than-expected fiscal third-quarter iPhone sales, revenue and analysts'' earnings per share estimates. The stock climbed above its intraday record high in late trade, up about 6 percent to $159. Apple is widely tipped to adopt higher-resolution OLED displays for the latest iPhone, along with better touchscreen technology and wireless charging - which could come with a $1,000 plus price tag. The company forecast total revenue of between $49 billion and $52 billion for the current quarter, while analysts on average were expecting $49.21 billion, according to Thomson Reuters I/B/E/S. Apple''s fourth quarter generally includes first-weekend sales of the company''s latest devices. The company said iPhone sales rose 1.6 percent to 41.03 million in the third quarter ended July 1, above analysts'' average estimate of 40.7 million units, according to FactSet StreetAccount. Apple sold 40.4 million iPhones a year earlier. But a lower average iPhone selling price of $606, well below Wall Street expectations of $621, caused iPhone revenue to come in at $24.8 billion, below expectations of $25.5 billion. FILE PHOTO - The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. Lucy Nicholson/File Photo Apple Chief Financial Officer Luca Maestri told Reuters the weak price was partly explained by Apple reducing channel inventory by 3.3 million units, which he said were “entirely at the high end of the range.” Apple reports how many phones it sells to retailers, not how many phones it sells to consumers, what is known as a sell-in basis. When factoring how many existing “high end” phones the company cleared out of retail inventory, Maestri said average selling prices were higher. FILE PHOTO - The new iPhone 7 smartphone goes on sale inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016. Lucy Nicholson/File Photo The company''s net income rose to $8.72 billion, or $1.67 per share, from $7.80 billion, or $1.42 per share, a year earlier. Revenue rose to $45.41 billion from $42.36 billion in the quarter, typically the company''s weakest, beating expectations of $44.89 billion. Apple''s revenue from the Greater China region fell 9.5 percent to $8 billion in the latest quarter, as consumers switched to newer domestic offerings. The decline was smaller than recent quarters. Apple''s Maestri said mainland China revenue was flat, as were iPhone sales in the mainland. Sales of other Apple products rose in mainland China and were also up in Taiwan. “The decline from a market standpoint was concentrated in Hong Kong, which is a place that has been really affected by a reduction in tourism because the Hong Kong Dollar is pegged to the U.S. dollar,” Maestri said. Strong iPad sales of $4.9 billion - almost $1 billion above Wall Street expectations - and a 21.6 percent jump in the company''s services business that includes the App Store also helped boost revenue. Reporting by Anya George Tharakan in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila, Bernard Orr 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/apple-results-idUKKBN1AH580'|'2017-08-02T00:24:00.000+03:00'
'd2453cf8250a32f4d4328afce78eb04741c6789b'|'Britain says doubling export financing for trade with Peru'|'July 31, 2017 / 10:01 PM / an hour ago Britain says doubling export financing for trade with Peru Reuters Staff 2 Min Read LIMA (Reuters) - Britain''s export credit arm is doubling its financing for supporting trade with Peru to at least $5 billion (3.78 billion pounds), the British embassy in Lima said Monday. Peru''s public and private sectors will be able to tap the funds to import goods and services from Britain in the local sol currency, one of 40 currencies that UK Export Finance (UKEF) supports, the embassy said. "We''re making it easier for British and Peruvian companies to do business together in a wide range of sectors," British Ambassador to Peru Anwar Choudhury said in a statement. The announcement came as some British exporters are looking for trade opportunities outside of the European Union after the United Kingdom voted to leave the bloc. UKEF is working with the Andean Development Corporation to provide financing for infrastructure, energy and water treatment projects in Latin America that use British goods and services, the embassy said. Peruvian President Pedro Pablo Kuczynski''s government has said it expects some $15 billion in investments in infrastructure projects will be needed through 2021 to fulfil its plan to greatly expand access to running water. Reporting By Mitra Taj; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peru-britain-idUKKBN1AG2KA'|'2017-08-01T01:00:00.000+03:00'
'8d1deb4802e4e8e5876b99405afb8df745868bbb'|'Romania commits to keep annual defence spending at 2 pct of GDP until 2026'|'BUCHAREST, Aug 1 (Reuters) - NATO member Romania will spend 2 percent of its gross domestic product on defence every year for the next nine years, a military procurement plan for 2017-2026 showed on Tuesday.Romania, one of the United States'' staunchest allies in eastern Europe along with Poland, spent 1.7 percent of GDP in 2016 on defence and hit the NATO target of 2 percent this year.U.S. President Donald Trump has made more expenditure his priority for NATO, using his first alliance meeting in May to scold European leaders about historically low spending levels.Romania would spend a total 9.8 billion euros ($11.6 billion) on modernising its military under the new plan, endorsed by Romania''s Supreme Defence Council (CSAT), a CSAT statement said.The CSAT gave no further details about the plan, but said: "Consideration will be given to involving the national defence industry, which needs to be modernised and develop adequate military production capabilities."In June, the U.S. State Department said it approved the possible sale of seven Patriot missile defence systems worth $3.9 billion to Romania. The prime contractors would be Raytheon Co and Lockheed, it said.The Patriot missiles would be part of an integrated air defence system comprising six newly acquired F-16 fighter jets as Romania is bringing its forces up to NATO standards and retiring outdated communist-era MiGs.Romania, hosts a U.S. ballistic missile defence station and has contributed troops to U.S.-led and NATO campaigns in Iraq and Afghanistan.Russian President Vladimir Putin has said Moscow views the missile shield in eastern Europe as a "great danger" and Moscow will be forced to respond by enhancing its own missile strike capability. (Reporting by Radu Marinas; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/romania-defence-idINL5N1KN56A'|'2017-08-01T12:36:00.000+03:00'
'514a18a9d93a5476b22929c9511975335937d386'|'Goldman has plans to expand online bank to Europe - treasurer'|'August 1, 2017 / 4:41 PM / in 29 minutes Goldman has plans to expand online bank to Europe - treasurer Reuters Staff 1 Min Read FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo (Reuters) - Goldman Sachs Group Inc has plans to open an online deposits business in Europe, the bank''s treasurer Robin Vince said on Tuesday. Vince, who was speaking on Goldman''s fixed earnings call, said Goldman has added $5 billion of online deposits since the acquisition of General Electric Co''s online deposits business in 2016. Reporting by Olivia Oran in New York; Editing by Alden Bentley 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-goldman-sachs-deposits-idUKKBN1AH4TP'|'2017-08-01T19:41:00.000+03:00'
'5ff768d60f42e58515b01f8e9b7c59f9353d0f6f'|'India refiners outshine Asia peers with new output, rising local demand'|'A worker rides a bicycle at the Bharat Petroleum Corporation Ltd. refinery in Mumbai April 24, 2008. Punit Paranjpe/Files SINGAPORE/NEW DELHI (Reuters) - Indian refiners are outperforming their competitors in South Korea and Thailand as they have ramped up output from new fuel and chemical capacities to meet rising domestic demand that could further lift their earnings over the next two years.Asia is adding net refining capacity of 360,000 barrels per day (bpd) this year, according to Wood Mackenzie, with units coming online in China and Vietnam that could keep most of Asia well-supplied and weigh on refining margins for export-oriented refiners in South Korea and Thailand.India, though, where refiners have already ramped up capacity that has come online, will likely be shielded from the pressure on margins by strong local demand, analysts said."Indian refiners are a bright spot in Asia because of rising fuel demand," Hindustan Petroleum Corp Ltd''s Chairman M K Surana told Reuters.Surana expects Indian demand growth of about 5 percent a year up to 2030 as a rising population and increasing affluence drive up oil use in the world''s third-largest crude importer.Indian oil minister Dharmendra Pradhan on Monday indicated a slower growth pace, but still said the country would consume 226 million tonnes (4.95 million bpd) of refined products in fiscal year 2021/22, up from 205 million tonnes in 2017-2018."We expect India to lead global oil demand growth, contributing to one-third of the growth expected in 2017-2030," Goldman Sachs analysts told clients last week.Indian refiners Bharat Petroleum Corp Ltd, HPCL and Reliance Industries could see their shares rising, with gains between 11 percent for Reliance and 25 percent for BPCL over the next year, the analysts said.Among the refiners that have recently added capacity are BPCL, which is ramping up output after an expansion at its Kochi refinery, and Indian Oil Corp, which is planning to run its Paradip refinery at full capacity this year.Indian oil refiners are being undervalued, the Goldman Sachs analysts said."Multiple re-rating could continue as investors give more credit for diminishing regulatory headwinds and sustainable earnings growth," the analysts said.Regulatory changes in India that allow refiners to charge market rates for fuels, they said, have also improved the profitability at domestic refiners.Analysts at Japanese investment bank Nomura said in July that their top investment recommendations for Asian refineries were IOC, BPCL and HPCL, "owing to refinery volume increase, deregulated petrol and diesel prices, and undemanding valuations."In contrast, Goldman said added capacities across Asia could dampen gross refining margins. The bank expects Singapore complex refining margins to drop to $7.70 and $7.30 in 2018 and 2019, respectively, from $8 this year.That means valuations for Asian refiners are stretched, it said, and recommended investors sell SK Innovation, owner of South Korea''s largest refiner, S-Oil Corp, and Thailand''s Thai Oil PCL and IRPC PCL.With low oil prices helping to drive India''s demand, though, and capacity additions slowing, its market is likely to remain snug, said Tushar Tarun Bansal, director at consultancy Ivy Global Energy."Only a few secondary units are expected to come onstream in the next five years," he said, while India''s strong economic growth will continue to drive rising oil demand going forward.Reporting by Florence Tan in SINGAPORE and Nidhi Verma in NEW DELHI; Editing by Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-india-refineries-idINKBN1AH3P3'|'2017-08-01T12:13:00.000+03:00'
'54e7c37b71e73a11e9f2fefdf1924b541bc26eeb'|'Irish unemployment rate ticks up for first time in 15 months'|'August 1, 2017 / 10:46 AM / 23 minutes ago Irish unemployment rate ticks up for first time in 15 months Reuters Staff 1 Min Read DUBLIN (Reuters) - Ireland''s unemployment rate ticked up for the first time in over a year in July to 6.4 percent from 6.3 percent the previous month, the central statistics office said on Tuesday. Unemployment has fallen steadily since peaking at 15.1 percent in 2012, when Ireland was midway through a three-year international bailout. But after 12 months of steady falls, the rate has stalled at around 6.4 percent since April. The finance department has forecast that the jobless rate will dip below 6 percent by the end of this year. Reporting by Conor Humphries, editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-unemployment-idUKKBN1AH3YD'|'2017-08-01T13:46:00.000+03:00'
'a2bf258da1efa360d070f705cff7ca11114ffa57'|'Siemens plans Healthineers IPO in first half of 2018'|'August 3, 2017 / 5:15 AM / 17 minutes ago Siemens plans Healthineers IPO in first half of 2018 Reuters Staff 1 Min Read Siemens Healthineers headquarters is pictured in Erlangen near Nuremberg, Germany, October 7, 2016. Michaela Rehle FRANKFURT (Reuters) - German industrial group Siemens ( SIEGn.DE ) plans an initial public offering of its healthcare unit, expected to value the business at up to 40 billion euros ($47 billion), in the first half of 2018, it said in a statement on Thursday. The trains-to-turbines group wants Healthineers to have its own currency for acquisitions and investments as the global healthcare market shifts focus from Siemens'' core business of imaging to molecular diagnosis and patient self-management. Siemens also said its supervisory board had extended the contract of Chief Executive Joe Kaeser ahead of time until the company''s 2021 annual shareholder meeting. It had been due to run out next year. The announcements came as Siemens published third-quarter results that missed expectations, with profit from its industrial businesses of 2.25 billion euros versus a Reuters poll average of 2.41 billion, orders down 9 percent and sales up 3 percent. Reporting by Georgina Prodhan; Editing by Edward Taylor 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-siemens-results-idUKKBN1AJ0GG'|'2017-08-03T08:11:00.000+03:00'
'92828e99b1bcc0271f93ec1a052c423f8d778758'|'Legal & General moves Asian fund team from London and Chicago to Hong Kong'|'August 3, 2017 / 7:05 AM / 40 minutes ago Legal & General moves Asian fund team from London and Chicago to Hong Kong Reuters Staff 1 Min Read The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. Alessia Pierdomenico/File Photo LONDON (Reuters) - The fund management arm of insurer Legal & General ( LGEN.L ) is moving the management of its Asian equity index funds to Hong Kong from London and Chicago, it said on Thursday. The funds, which collectively manage $290 billion in assets, will move in the fourth quarter, Legal & General Investment Management (LGIM) said in a statement. This follows the switch last week to Hong Kong of the trading and execution of Asian equity orders as well as the appointment of Danny Kwok as head of Asia Pacific equity trading, LGIM said in a statement. "By having local execution, fund management expertise, fund vehicles and infrastructure, we will be better able to respond to regional opportunities and client needs," said Alan Flynn, Head of LGIM Asia, in the statement. European asset manager LGIM manages 902 billion pounds ($1.19 trillion) in assets, making it one of the continent''s largest asset managers. Reporting by Carolyn Cohn and Maiya Keidan; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-legalgeneral-asia-investment-idUKKBN1AJ0RE'|'2017-08-03T10:05:00.000+03:00'
'76832ce108c7ad6bdd920a3a209604dc6c9edb24'|'Spain’s Gas Natural sells 20 percent of local grid for 1.5 bln euros'|'MADRID, Aug 3 (Reuters) - Spain''s Gas Natural said on Thursday it had agreed to sell 20 percent of its local grid to a consortium of foreign investors for 1.5 billion euros ($1.8 billion).The minority stake in Gas Natural in Spain, a local subsidiary of Gas Natural, was sold to Allianz Capital Partners and Canada Pension Plan Investment Board.Gas Natural had been studying a sale of its grid for some time as a result of growing investor interest in similar stakes in recent years. The capital from the sale will principally be used to finance future investments, the company said in a statement. (Reporting by Sam Edwards; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gas-natural-grid-idINL5N1KP8Z6'|'2017-08-03T17:30:00.000+03:00'
'9c9252303fefbad23e12c0cf2915e03f4e1afdfe'|'HeidelbergCement blames flat second-quarter on weather, Easter, Ramadan'|'August 1, 2017 / 5:26 AM / in an hour HeidelbergCement blames flat second-quarter on weather, Easter, Ramadan Reuters Staff 2 Min Read A logo of HeidelbergCement is pictured at their headquarters in Heidelberg, Germany, June 21, 2016. Ralph Orlowski FRANKFURT (Reuters) - Germany''s HeidelbergCement ( HEIG.DE ) reported flat second-quarter sales and a slight decrease in earnings, missing expectations, which it blamed on the timing of religious holidays and poor weather that hampered construction. Operating earnings before depreciation and amortisation slipped 1 percent on a like-for-like basis to 964 million euros ($1.14 billion), the company said on Tuesday, missing the average estimate of 985 million euros in a Reuters poll. Sales were 4.61 billion euros, also missing the average forecast, which was for 4.68 billion euros. "Growth in sales volumes was impaired by fewer working days due to Easter and the end of Ramadan as well as rainy weather, especially in the South, Northeast and Midwest of the USA," HeidelbergCement said in a statement. HeidelbergCement, the world''s biggest maker of aggregates used to make concrete and the second-biggest maker of cement, confirmed its full-year outlook for a moderate increase in sales and a mid-single to double-digit rise in operating profit. "We have seen a clear upward trend since Easter and expect a significantly stronger development in the second half of the year," Chief Executive Bernd Scheifele said, pointing to stable economic development in the industrial countries where HeidelbergCement makes more than 60 percent of its sales. ($1 = 0.8452 euros) Reporting by Georgina Prodhan; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-heidelbergcem-results-idUKKBN1AH33A'|'2017-08-01T08:26:00.000+03:00'
'b2b9f1bb675a8704b4927ee387a84b2128c4889f'|'UPDATE 2-German two-year bond yield hits seven-week low after auction'|'* Germany sells 3.2 bn euros of negative-yielding bonds* Demand twice the amount of bonds allotted* Euro zone bond yields broadly lower on day* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices)By Dhara Ranasinghe and John GeddieLONDON, Aug 1 (Reuters) - Germany''s two-year bond yields fell to a seven-week low on Tuesday, following firm demand at an auction of the debt.The euro zone''s benchmark bond issuer sold 3.219 billion euros of the zero-coupon bonds. Demand was twice the amount of the bonds allocated to investors.Analysts said a number of factors had supported demand for short-dated bonds from the bloc''s biggest economy.Central bank buying for European Central Bank stimulus has recently been skewed towards the bonds, a trend which should continue to push prices higher and yields lower.In addition, a rally in the euro has broadly lifted demand for euro-denominated assets, with short-dated German debt the most freely available because it is widely traded.The common currency is trading near 2-1/2-year highs against the dollar and is up around 13 percent so far this year.Finally, a view that the ECB is unlikely to raise interest rates anytime soon even as it looks to scale back its stimulus scheme has anchored short-dated bond yields.While long-dated bond yields in Germany have risen and held at higher levels since a speech by ECB chief Mario Draghi in Portugal in late June, short-dated peers have given up initial rises to head back down.Trade in money market futures suggests investors do not expect the ECB to lift interest rates until the final quarter of 2018."The Schatz auction went rather well despite the still low yield levels on these bonds," said DZ Bank strategist Christian Lenk. "We have retraced from the highs seen at the end of June and this partly reflects a view that the ECB won''t lift rates soon."Germany''s two-year yield fell as much as 3 basis points to minus 0.703 percent, its lowest since June 13.Most 10-year bond yields across the euro zone were 5-6 basis points lower on the day.Elsewhere, data showed euro zone growth remained robust in the second quarter after a strong reading in the first three months of the year.Eurostat said gross domestic product in the 19-country bloc increased 0.6 percent on the quarter in the second quarter and 2.1 percent on the year, in line with forecasts of economists polled by Reuters.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarketsReporting by Dhara Ranasinghe and John Geddie; Editing by Gareth Jones and John Stonestreet'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL5N1KN2PY'|'2017-08-01T08:49:00.000+03:00'
'8d191ffd6c40056ba479de2394986789d95816fe'|'Brazil regulator approves Mosaic purchase of Vale fertilizer unit'|'August 1, 2017 / 3:39 PM / an hour ago Brazil regulator approves Mosaic purchase of Vale fertilizer unit 2 Min Read A view shows the company logo of Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. Pilar Olivares/File Photo SAO PAULO (Reuters) - A Brazilian regulator has approved the acquisition of miner Vale''s ( VALE5.SA ) fertilizer unit by U.S.-based Mosaic ( MOS.N ) without restrictions, according to a notice in the official government newspaper published Tuesday. Mosaic agreed to buy Vale Fertilizantes in December for $2.5 billion in a deal that makes Vale the largest shareholder in the U.S. company while raising money to help the Brazilian miner to achieve its debt reduction goals. "This acquisition gives Mosaic the opportunity to benefit from the growing Brazilian agriculture market. ... For Vale, the deal guarantees an important capital injection and a significant minority position in the global fertilizer business," the Administrative Council for Economic Defense (CADE) said in its published opinion approving the deal. Vale Fertilizantes has capacity to produce 4.8 million tonnes of phosphate fertilizers and 500,000 tonnes of potash, including five phosphate mines in Brazil, four production facilities and a Brazilian potash project. Through the transaction, Mosaic also will buy the Kronau potash project in Canada and Vale Fetilizantes'' 40 percent stake in the Miski Mayo phosphate mine in Peru. Mosaic opted not to buy the Rio Colorado potash project in Argentina and the Cubatão nitrogen and non-integrated phosphate venture, CADE said. Vale will have a 11 percent stake in Mosaic after the conclusion of the deal and may appoint two members of Mosaic''s board of directors. Reporting by Luciano Costa; Writing by Jake Spring; Editing by David Gregorio 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vale-m-a-mosaic-fertilizers-idINKBN1AH4PH'|'2017-08-01T13:39:00.000+03:00'
'af3c59bbb4ae4833e07876d088fe27687ceb5111'|'Euro zone producer price inflation slows in June to lowest this year'|'August 2, 2017 / 9:14 AM / 6 hours ago Euro zone producer price inflation slows in June to lowest this year Reuters Staff 2 Min Read A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. Kai Pfaffenbach BRUSSELS (Reuters) - Euro zone prices at factory gates grew in June at their slowest pace this year, raising the prospect of a further easing of consumer inflation later in the year, data released by the European Union''s statistics office showed on Wednesday. Eurostat said industrial producer prices in the 19-country currency bloc increased 2.5 percent on the year in June, slowing from an upwardly revised 3.4 percent rise in May and a 4.3 percent surge in April. The June figure was the lowest this year in a further sign that inflationary pressures are easing, complicating European Central Bank''s plans to begin a gradual tightening of its monetary policy in autumn. Headline inflation was stable at 1.3 percent in July, far from its 2.0 percent peak reached in February, according to preliminary estimates released by Eurostat this week. The ECB''s target is for an inflation rate below, but close to 2 percent. Despite the monthly easing, producer prices increased on the year by more than forecast by economists polled by Reuters, who had predicted on average a 2.4 percent rise in June. On the month, prices eased in June by 0.1 percent, in line with market expectations. In May industrial prices went down by 0.3 percent on the month, slightly less than the 0.4 percent fall previously estimated by Eurostat. Eurostat''s estimates showed a slowdown of industry inflation also in its core indicator that excludes volatile energy prices, with a year-on-year 2.2 percent rise in June after a 2.4 percent increase in May a 2.6 percent rise in April. Inflation in energy prices in the manufacturing sector eased to 2.9 percent from 5.8 percent in May. Prices grew at a lower pace also for intermediate goods and durable consumer goods, such as cars. They grew at a stable pace for non-durable consumer goods, such as clothes, and capital goods. Reporting by Francesco Guarascio @fraguarascio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-ppi-idUKKBN1AI0ZL'|'2017-08-02T12:21:00.000+03:00'
'590f3005f06c26341441b74a008037f17d87a747'|'Abu Dhabi’s Mubadala sells second stake in U.S. chipmaker AMD'|'ABU DHABI (Reuters) - Abu Dhabi’s Mubadala Investment Company on Friday said it sold a 3.9 percent stake in Advanced Micro Devices in its second sale of shares in the U.S.-based semiconductor company this year.State-owned Mubadala sold 40 million shares or 3.9 percent of the outstanding shares of the company, inclusive of warrants and excluding the convertible bonds, Mubadala spokesman Brian Lott said.The value of the deal was not disclosed.According to Reuters calculations, the sale value was $529.6 million based on AMD’s closing share price of $13.24 on Thursday.“This is in line with Mubadala’s strategy as a financial investor with a long-term perspective, to optimize our shareholding in certain assets and monetize them at the appropriate time,” Lott said.In March, Mubadala sold 45 million shares for around $613 million.Mubadala continues to be the largest shareholder in AMD, holding 57 million common shares and 75 million warrants, representing a 12.9 percent stake.Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, among others, was formally merged with another Abu Dhabi investment fund, International Petroleum Investment Co (IPIC) in January.The merger created a firm with assets of about $122 billion based on valuations at the end of 2016.Reporting by Stanley Carvalho, editing by Jason Neely'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-emirates-mubadala-amd-idINKBN1AK0NA'|'2017-08-04T05:26:00.000+03:00'
'093426fd235774133a0b18a6c1ae9c08ecf551c4'|'Verizon stuns Kangaroo market with debut bond print Down Under'|'SYDNEY, Aug 4 (IFR) - Verizon Communications (Baa1/BBB+/A–) has reopened Australia''s Kangaroo bond market for global corporate issuers with a stunning four-tranche print that can only encourage further issuance from offshore blue chips.The US telecom giant smashed expectations with a A$2.2 billion ($1.76 billion) four-tranche issue. It is the first Kangaroo bond from a corporate issuer this year and the second-biggest corporate bond in the Australian dollar market, just shy of Apple''s A$2.25 billion three-tranche Kangaroo debut in August 2015.Verizon priced well inside guidance levels and in line with its US dollar curve, said market sources.The A$500 million 5.5-year floating-rate note priced 122 basis points wide of three-month BBSW, 8bp below 130bp area guidance, while the A$550 million 3.5 percent fixed-rated February 2023s priced at asset swaps plus 122bp.The A$450 million 4.05 percent seven-year and A$700m 4.5 percent 10-year notes priced 157bp and 185b over asset swaps, versus respective guidance in the 160bp area and 190bp area.Deutsche Bank and JP Morgan were joint lead managers for the trade.Verizon''s jumbo financing again highlights the pent-up demand for corporate credit in Australia''s bank-dominated local market. Local corporate bond sales have jumped to A$8 billion this year versus just A$1.6 billion in same period in 2016 and A$5.1 billion in the whole of last year.Apple revealed the Australian market''s potential as a global funding alternative in 2015 with its inaugural A$2.25 billion four-year and seven-year debut in August 2015 that smashed the previous A$500 million record for corporate Kangaroos. US chipmaker Intel followed with a A$800 million sale of four and seven-year Kangaroos in November 2015.In June 2016, Coca-Cola raised A$1 billion from a four and eight-year issuance, the same month Apple returned with a A$1.425 billion four-year, 7.6-year and 10-year offering.Three other corporate Kangaroos last year raised between A$175 million and A$350 million from single tranche trades.US companies have issued bonds overseas in recent years to avoid high US corporate tax rates levied on repatriated overseas profits.Companies have chosen to keep profits offshore, issuing bonds in foreign currencies and swapping proceeds back to US dollars to help pay dividends and finance stock buybacks.US motorcycle maker Harley-Davidson, rated A3/A– (Moody’s/S&P), could follow Verizon having held investor meetings in Australia and Singapore in March for a possible Kangaroo debut.Verizon has had a busy week in the Asian capital markets. It also priced a $950 million 5.15 percent 33-year non-call five Formosa bond in the Taiwanese market. Citigroup and BNP Paribas Taipei were local underwriters while Citigroup and Goldman Sachs were structuring agents on the trade.Verizon is a huge bond issuer with over $116 billion-equivalent in bonds outstanding, the vast majority of which is in US dollars. This total includes $3 billion of 16-year notes sold on Tuesday as part of a liability management exercise to take out a number of high-coupon legacy bonds as well as other short-term debt. (Reporting by John Weavers; editing by Steve Garton and Daniel Stanton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/verizon-debt-bonds-idINL4N1KQ30G'|'2017-08-04T06:52:00.000+03:00'
'1f6c5cb92c3bbc7e933cf1c4ac1f83ad7dac789e'|'Russia in talks with Asian investors on Sovcomflot sell-off -RIA'|'August 1, 2017 / 3:50 PM / 24 minutes ago Russia in talks with Asian investors on Sovcomflot sell-off -RIA 1 Min Read MOSCOW, Aug 1 (Reuters) - Russia is in talks with Asian investors on the privatisation of state shipping company Sovcomflot, the RIA news agency cited Russian First Deputy Prime Minister Igor Shuvalov as saying on Tuesday. The government does not rule out other forms of the company''s privatisation apart from an initial public offering, the agency quoted Shuvalov as saying. (Reporting by Gleb Stolyarov; Writing by Dmitry Solovyov; Editing by Maria Kiselyova) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-privatisation-sovcomflot-idUSR4N1KB020'|'2017-08-01T18:50:00.000+03:00'
'4b018932b6b99b7d598c5fbea2b88779c7acc2ed'|'Three funds interested in Spain''s Gas Natural''s local grid: source'|'FILE PHOTO: The logo of Gas Natural is seen inside its headquarters in Madrid, Spain, May 11, 2016. Sergio Perez/File photo MADRID (Reuters) - Three non-Spanish investment funds are interested in acquiring 20 percent of the domestic distribution network owned by Gas Natural, a source taking part in the operation said on Tuesday.The sale could raise 1.5 billion euros ($1.8 billion) and should be finalised within one to three weeks, the source said.Earlier on Tuesday, Gas Natural confirmed it was selling the part of the grid, though gave no other details.Reporting by Carlos Ruano; Writing by Paul Day; Editing by Tomas Cobos'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-gasnatural-m-a-idUSKBN1AH3PM'|'2017-08-01T17:21:00.000+03:00'
'44b38b9867a405a10751679db25a9fc0769ea5ee'|'Price comparison website Gocompare first-half profit up on higher marketing margins'|'August 1, 2017 / 7:12 AM / in 16 minutes Price comparison website Gocompare first-half profit up on higher marketing margins Reuters Staff 1 Min Read Price comparison website Gocompare.Com Group Plc ( GOCO.L ) said its operating profit rose 21.5 percent in the first half of the year, helped by higher marketing margins. The company, which demerged from British insurer esure Group Plc ( ESUR.L ) in November, said adjusted operating profit rose to 17.5 million pounds for the six months ended June 30 from 14.4 million pounds. Gocompare, which helps customers compare rates of insurance policies and financial products and energy tariffs, said its marketing margin rose to 39.6 percent from 34.5 percent last year. The company said revenue rose 4.1 percent to 75.8 million pounds in the period. Reporting by Justin George Varghese and Noor Zainab Hussain   Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gocompare-com-results-idUKKBN1AH3C3'|'2017-08-01T10:12:00.000+03:00'
'dcc0e08c1dd2d5a52bebd5ebb97e6d50aaf5ac83'|'Puerto Rico oversight board to investigate debt and fiscal crisis'|'NEW YORK, Aug 2 (Reuters) - Puerto Rico''s federally appointed financial oversight board said on Wednesday it will investigate the U.S. commonwealth''s debt "and its relationship to the fiscal crisis" which has left it with $72 billion in debt and a 45-percent poverty rate.The board, a creation of the 2016 federal Puerto Rico rescue law known as PROMESA, said in a statement that the investigation will review the fiscal crisis, examine the debt and how it was issued, including disclosure and selling practices."The Oversight Board considers this investigation an integral part of its mission to restore fiscal balance and economic opportunity and to promote Puerto Rico''s reentry to the capital markets pursuant to its responsibilities under PROMESA," the statement said.The board is tasked with managing the island''s finances. Earlier this year it helped develop a 10-year fiscal turnaround plan, and is in charge of making sure it follows through.Reporting by Daniel Bases; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-idINL1N1KO25R'|'2017-08-02T19:50:00.000+03:00'
'7c2881c67994e4bb9d0f59e403429994d434ec69'|'Dutch bank NIBC is preparing for IPO - report'|'AMSTERDAM, Aug 3 (Reuters) - Dutch bank NIBC is considering an initial public offering (IPO) of shares in the first months of 2018, Dutch newspaper Het Financieele Dagblad reported on Thursday.Owner JC Flowers is currently selecting banks to help with the process, with preparations still at early stages, the paper said, citing sources close to the company.NIBC is mainly active in mortgages and loans to small and medium-sized companies in the Netherlands, Germany and Britain.Analysts estimate the value of the bank between 1 billion and 1.5 billion euros ($1.2 and $1.8 billion), according to the paper. JC Flowers paid 1.8 billion euros when it bought the bank from Dutch pension funds in 2005.The American investment firm prepared NIBC for an IPO 10 years ago, but had to change course when the financial crisis crippled the bank, which had made large bets on U.S. subprime mortgage loans.NIBC reported a 2016 net profit of 104 million euros, up 42 percent from a year earlier.NIBC could not immediately be reached for comment.$1 = 0.8443 euros Reporting by Bart Meijer; Editing by Mark Potter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nibc-ipo-idINL5N1KP1DI'|'2017-08-03T04:39:00.000+03:00'
'2adc5440fb7b26b1d16f671606e2b3f433d785f8'|'Yancoal Australia looks to raise $2.5 billion to pay for Rio Tinto coal mines'|'SYDNEY (Reuters) - Yancoal Australia Ltd ( YAL.AX ) said on Wednesday it will look to raise $2.5 billion from investors to acquire the Coal & Allied division of Rio Tinto ( RIO.AX ) ( RIO.L ).Yancoal won a bidding war against commodities giant Glencore PLC ( GLEN.L ) by agreeing on a price of $2.69 billion for Coal & Allied. It subsequently announced a deal to sell on a major component of the business to Glencore.The miner will conduct a rights offer priced at $0.10 per new share. Yancoal shares closed 40 percent lower at A$0.25.The deal could give Yancoal, majority-owned by Chinese coal giant Yanzhou Coal Mining Co Ltd ( 600188.SS ), majority interests in three of the 10 largest thermal coal collieries in Australia.Yanzhou will subscribe to $1 billion worth of the rights offer, while Glencore will account for $300 million, according to Yancoal.Glencore is also buying 16.6 percent of a Coal & Allied Hunter Valley Operations mine from Yancoal and 32.4 percent from Mitsubishi Corp ( 8058.T ).Glencore coal chief Peter Freyberg told reporters on Wednesday he was confident Yancoal would raise the funds needed to complete the deal.Reporting by James Regan; Editing by Christopher Cushing'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yancoal-shareissue-idINKBN1AI15G'|'2017-08-02T08:05:00.000+03:00'
'75a5ec4d275d3b4b2ebc9e660945540f3eaa1f6b'|'Unilever''s venture arm gives Germany''s Helping a hand'|'August 1, 2017 / 10:07 PM / 8 hours ago Unilever''s venture arm gives Germany''s Helping a hand 2 Min Read FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid /File Photo (Reuters) - Unilever ( ULVR.L ) ( UNc.AS ) has invested in the German start-up Helping, a website for booking home cleaners, its latest effort to test new businesses as technology changes ways of selling packaged goods. The Anglo-Dutch company, whose brands include Domestos cleaners, Persil detergent and Dove soap, announced the investment on Wednesday, without disclosing its size. Helping, whose other investors include Rocket Internet ( RKET.DE ) and Mangrove Capital, plans to roll out additional household services internationally and upgrade its technology. The investment from Unilever Ventures, the company''s venture capital and private equity arm, follows a string of partnerships with the three-year old start-up, including co-branded marketing campaigns and the distribution of home care products to Helping customers, who use the site to find and book independent cleaners. Unilever was one of the first packaged goods makers to set up a venture capital arm to invest in early-stage brands, but the strategy has been adopted in recent months by nine other big food industry players. Unilever Ventures has also invested in food delivery services Gousto and Sun Basket. Reporting by Martinne Geller, editing by David Evans 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-helping-m-a-unilever-idUSKBN1AH5D4'|'2017-08-02T06:07:00.000+03:00'
'69d3023dca790308f7c0e6e90db5466116903c69'|'Asda profit fell 11.5 percent in 2016'|'Edition United States August 2, 2017 / 8:25 AM / 3 minutes ago Asda profit fell 11.5 percent in 2016 Reuters Staff 2 Min Read Shoppers leave the Asda superstore in High Wycombe, Britain, February 7, 2017. Picture taken February 7, 2017. Eddie Keogh LONDON (Reuters) - Asda, the British supermarket business of U.S. retail giant Wal-Mart ( WMT.N ), reported an 11.5 percent drop in profit in 2016, a performance it said was "behind expectations". Of Britain''s big four supermarket players - market leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda and Morrisons ( MRW.L ) - Asda was hurt the most by the rise of discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL]. Asda has said it was too slow in repositioning its business to respond to that competition. Statutory accounts for Asda Group Limited, Britain''s third largest supermarket chain, published on Thursday showed an underlying operating profit of 1.08 billion pounds ($1.4 billion) in 2016, down from 1.22 billion pounds for 2015. Revenue fell 3.2 percent to 21.7 billion pounds, with like-for-like sales down 5.7 percent. "Our sales performance, relative to the market, was behind our expectations. However, in the last quarter of 2016, we saw an improvement following the changes made to our ranges and investment in price and service," said Chief Financial Officer Alex Russo. Asda also reported an operating cash flow of 1.41 billion pounds, an increase of 8 percent, and said a dividend of 450 million pounds was paid to Wal-Mart. Wal-Mart veteran Sean Clarke, who returned to Asda as CEO in July last year, and former Sainsbury''s executive Roger Burnley, who started as chief operations officer three months later, have focused their turnaround efforts on the retail basics. They have had some success, slowing the rate of Asda''s sales decline to 2.8 percent in the first quarter. Second-quarter results are due to be published on Aug. 17. Reporting by James Davey; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-asda-results-idUKKBN1AI0UN'|'2017-08-02T11:20:00.000+03:00'
'f8add5a4705ffc92241f80ade69fdaf270a4c8da'|'Car supplier ZF''s H1 margin improves on TRW synergies'|'FRANKFURT, Aug 3 (Reuters) - German auto supplier ZF Friedrichshafen AG improved its profit margin in the first half of 2017 thanks to synergy gains and improved business in the wake of its takeover of U.S.-based rival TRW, the company said on Thursday.The unlisted auto supplier said its adjusted earnings before interest and taxes (EBIT) rose 9 percent to 1.2 billion euros ($1.42 billion), with sales up 2.7 percent to 18.3 billion euros.Its EBIT margin was 6.6 percent, up from 6.3 percent in the first half of last year, which ZF said was despite higher spending on autonomous and electric cars technology."We were able to achieve this by boosting operating performance and realizing synergies resulting from the acquisition of TRW," Chief Financial Officer Konstantin Sauer said in a statement, without being more specific.ZF is snapping up rival suppliers which can help prepare it for a new era of electromobility and autonomous driving.Since 2015, ZF has bought rival TRW Automotive, taken a 40 percent stake in German lidar maker Ibeo Automotive and made an unsuccessful $515 million bid for Swedish brake systems group Haldex.Since buying TRW for $13.5 billion, ZF has sought to pay down its debt, which now stands at 7.6 billion euros.$1 = 0.8444 euros Reporting by Edward Taylor; Editing by Maria Sheahan'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zf-friedrich-results-idUSL5N1KO6MQ'|'2017-08-03T16:03:00.000+03:00'
'b8c695e26c6704cf8083f1fe8bd4244a8738041f'|'Discovery gains female advertising audience with Scripps deal'|'August 1, 2017 / 6:47 PM / in 2 hours Discovery gains female advertising audience with Scripps deal Sheila Dang 3 Min Read The Discovery Communications logo is seen at their office in Manhattan, New York, U.S., August 1, 2016. Andrew Kelly NEW YORK (Reuters) - Discovery Communications Inc ( DISCA.O ), whose nature and science TV channels attract mostly male viewers, will reach more women and diversify its advertising revenue through its acquisition of Scripps Networks Interactive Inc ( SNI.O ), advertisers said on Tuesday. Scripps'' channels, such as Home and Garden TV, have about twice as many female viewers as male in the 18 to 34 age range, a coveted group for advertisers, according to Nielsen data. The majority of the Discovery Channel''s viewers in that age group are male. Discovery''s $11.9 billion deal to acquire Scripps, announced on Monday, is expected to boost the media company''s negotiating leverage as it seeks new audiences. Discovery''s ad revenue, which did not grow in the second quarter from a year ago, may benefit from Scripps'' clout with advertisers, Discovery Chief Executive David Zaslav told analysts on an earnings call on Monday. Scripps'' programming is well-received internationally, and Discovery had already been buying its content in Latin America, Zaslav said on the call. "And if we see market share gain, that''ll translate very quickly to real advertising value for us around the world." Scripps posted a 2.5 percent increase in ad revenue in its preliminary second-quarter results. Jason Kanefsky, director of strategic investments at Havas Media Group, a marketing agency that works with clients in industries like luxury goods, spirits and banking, said his clients pay attention to how many ad dollars go to Scripps because they value the viewers of the network''s lifestyle channels such as the Food Network and the Travel Channel. "That is the only brand they ask about specifically," Kanefsky said, noting that its channels are clear buys for certain advertisers. "The Scripps programming is more valuable than Discovery in my opinion," he said. "If you''re a food brand, you want to advertise with Food Network." Shenan Reed, president of digital at MEC North America, an advertising media agency that counts L''Oreal among its clients, said she had always wanted to see a larger female audience at the network before buying ads on its channels. Not much may change for brands already advertising with Scripps or Discovery to reach those audiences, said Barry Lowenthal, president of The Media Kitchen, a media buyer with clients that include retail and financial services companies. Advertisers would only be affected if Discovery decides to change ad prices or its commission structure, he said. "I can''t imagine Discovery will lower the ad rates," Lowenthal said. Reporting by Sheila Dang; additional reporting by Jessica Toonkel; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-scripps-net-int-m-a-discovery-commns-idUKKBN1AH521'|'2017-08-01T21:46:00.000+03:00'
'93e34fe3883d394f0cdf836eaecee309e865efb2'|'Thyssenkrupp works council chief unaware of any breakup options'|'August 2, 2017 / 10:32 AM / in 19 minutes Thyssenkrupp works council chief unaware of any breakup options Reuters Staff 2 Min Read FILE PHOTO: The logo of ThyssenKrupp is seen at the headquarters of the steel maker and multinational conglomerate in Essen, Germany, April 20, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - The works council chief of Thyssenkrupp ( TKAG.DE ) is not aware of any examination by the German industrial group of a possible break-up, he told Reuters on Wednesday. "I''m not aware of any such deliberations," Wilhelm Segerath said after German business daily Boersen-Zeitung cited the deputy supervisory board chief of Thyssenkrupp Steel Europe, another labour representative, as saying he was ready to consider alternatives to a steel merger with Tata Steel Europe. ( TISC.NS ). The Boersen-Zeitung cited an unnamed foreign investment banker as saying that Thyssenkrupp - which also makes car parts, submarines and elevators - could consider a break-up. Thyssenkrupp shares briefly rose as much as 3 percent. By 1007 GMT, they were down 0.9 percent to 25.32 euros. Segerath, who heads the works council for the entire group, reiterated that labour representatives opposed the planned steel joint venture with Tata, which he described as "balance sheet cosmetics". Reporting by Georgina Prodhan; Editing by Ludwig Burger 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-thyssenkrupp-steel-idUKKBN1AI17R'|'2017-08-02T13:31:00.000+03:00'
'5cb80fb3eeb9afb2a24430a4d282559882de9df8'|'UPDATE 1-Unilever to take part in Nigerian unit cash call'|'(Add Quote: , detail, background)By Oludare Mayowa and Chijioke OhuochaLAGOS, Aug 2 (Reuters) - Anglo-Dutch consumer goods group Unilever will take part in a 58.85 billion naira ($162 million) share sale by its Nigerian unit and will not convert a loan made to the subsidiary into equity, Unilever Nigeria said on Wednesday.Unilever Nigeria, 60.05 percent owned by Unilever, is aiming to raise money to pay off loans owed to related firms and to give it some flexibility in the event of a further devaluation of the naira, its chief financial officer said.The business plans to offer 1.96 billion shares at 30 naira each, a 26 percent discount to its Wednesday''s price of 40.51 naira. The sale ends on Sept. 8.Finance chief Adesola Sotande-Peters told analysts on a conference call that Unilever Nigeria owed sister firms in Ghana and elsewhere money in foreign currency and wanted to repay that with proceeds from the share sale.She said the unit''s total indebtedness in dollars was $120 million, with around $64 million owed to its parent.Unilever granted its Nigerian unit a $108 million loan to help it with dollar shortages in Africa''s biggest economy, brought on by low oil prices, the unit said in its prospectus.Despite recession in Nigeria, the West African country remains Africa''s single largest consumer market.Last week, Unilever Nigeria announced a 238 percent rise in half-year pretax profit to 5.04 billion naira.However, analysts say Nigerian consumers are shifting towards more affordable products due to double-digit percentage increases in inflation.Unilever Nigeria said it would continue to invest in distribution and remain focused on consumers'' changing demands. It plans to boost local production and source more raw materials in Nigeria.$1 = 364.50 naira Editing by Susan Fenton and Mark Potter'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/nigeria-unilever-idUSL5N1KO5OR'|'2017-08-03T00:40:00.000+03:00'
'14b476479eeddb0abebbbc01c763497a8969bdd4'|'U.S. consumer spending edges up; income held back by drop in dividends'|'August 1, 2017 / 1:11 PM / 15 minutes ago U.S. consumer spending edges up; income held back by drop in dividends Lucia Mutikani 3 Min Read An H&M store has sale signs in the window in New York City, U.S., August 11, 2016. Picture taken August 11, 2016. U.S. retail sales were unexpectedly flat in July as Americans cut back on purchases of clothing and other goods, pointing to a moderation in consumer spending that could temper expectations of an acceleration in economic growth in the third quarter. Joe White - RTSMZ1W WASHINGTON (Reuters) - U.S. consumer spending barely rose in June as personal income failed to increase for the first time in seven months amid a decline in dividend payments, pointing to a moderate pace of consumption growth in the third quarter. The Commerce Department said on Tuesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent in June after an upwardly revised 0.2 percent gain in May. There was also little sign of inflation. The personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.1 percent in June after a similar gain in May. In the 12 months through June, the so-called core PCE price index increased 1.5 percent after advancing by the same margin in May. The core PCE is the Federal Reserve''s preferred inflation measure. The U.S. central bank has a 2 percent target. The data was included in the second-quarter gross domestic product report published last week. That report showed consumer spending increasing at a 2.8 percent annualised rate, which accounted for the bulk of the economy''s 2.6 percent growth pace during the quarter. U.S. stock index futures pared gains slightly after the data while the dollar .DXY held gains. Prices of U.S. Treasuries were trading lower. The increase in consumer spending in June was in line with economists'' expectations. Consumer spending was previously reported to have gained 0.1 percent in May. When adjusted for inflation, consumer spending was unchanged after rising 0.2 percent in May. June''s flat reading likely sets consumer spending on a moderate growth path in the third quarter. Since accelerating at a 3.8 percent pace in the second quarter of 2016, consumer spending growth has remained below a 3.0 percent rate, restrained by sluggish wage gains. In June, personal income was unchanged. That was the weakest reading since a 0.1 percent dip in November 2016 and followed a 0.3 percent increase in May. Wages and salaries increased 0.4 percent in June. Personal dividend income declined 3.0 percent in June after surging 4.8 percent in May. Income at the disposal of households after accounting for inflation fell 0.1 percent, the largest decrease since last December. Savings slipped to $546.4 billion in June from $564.7 billion in May. Reporting by Lucia Mutikani; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-spending-idUKKBN1AH4DR'|'2017-08-01T16:10:00.000+03:00'
'd0ad1410fd8e9a02ab3de36575f944105c799363'|'BP in talks with electric carmakers on service station chargers'|'August 1, 2017 / 2:04 PM / in an hour BP in talks with electric carmakers on service station chargers Karolin Schaps and Ron Bousso 4 Min Read BP Chief Executive Bob Dudley addresses the gathering during a media interaction in New Delhi, India, June 15, 2017. Adnan Abidi LONDON (Reuters) - BP ( BP.L ) is in talks with electric vehicle makers on partnering to offer battery re-charging docks at its global network of fuel service stations as it seeks to benefit from the move away from diesel and petrol cars, Chief Executive Bob Dudley told Reuters on Tuesday. The expected rapid growth in the use of electric vehicles in the coming decades is threatening oil companies'' business model as demand for some road fuels could plateau as early as the late 2020s, according to some oil company estimates. Looking to take a slice of the growing market, London-based BP is however examining different ways to get involved in the sector. "We have discussions going on with a lot of the EV manufacturers to have a tie-up with our retail network for charging," Dudley said in an interview. Rival Royal Dutch Shell ( RDSa.L ) has already launched a pilot scheme to install battery charging docks at a few of its service stations in Britain and the Netherlands. The number of electric vehicles on roads is forecast to grow significantly in the coming decades, particularly in cities, with BP estimating that there will be 100 million by 2035, up from 1.2 million in 2015. Dudley has been a vocal advocate of the oil and gas industry''s need to take part in the move away from fossil fuels towards using cleaner sources of energy in order to combat global warming. But BP, along with rivals including Shell have yet to come up with a clear plan for increasing their interests in renewable energy production such as solar and wind. "We''ll be ready for this world but we''re not going to dive in too deeply," he said, referring to BP''s previously unsuccessful ventures into renewable energy, including solar power. BP will make investments in future technologies but these will be small percentage stakes in companies or partnering with them, he said. FILE PHOTO: A general view of a new BP petrol station on the outskirts of Mexico City, Mexico, March 9, 2017. Carlos Jasso/File Photo Dudley said BP was also studying autonomous vehicles and the potential for combining natural gas with solar power generation. Oil companies are also using venture capital funds to invest in new energy technologies. Shell, for example, announced on Tuesday an investment in a Singapore-based solar firm Sunseap Group. Pivotal Year FILE PHOTO: A BP petrol station is seen in a car wing mirror near Leicester, England, October 11, 2016. Toby Melville/File Photo This year is shaping up to be pivotal for BP as it starts up the largest number of new projects in a single year and the huge series of payments made in penalties and compensation for the deadly 2010 Deepwater Horizon rig explosion in the Gulf of Mexico taper off. BP''s shares rose by more than 3 percent on Tuesday to trade around 459 pence after the company reported a 10 percent rise in oil and gas production in the second quarter. The company aims to add 800,000 barrels per day of new production by the end of the decade. Dudley said that the company will remain focussed on reining in spending in order to make the company profitable in "a new normal" of a $50 a barrel oil price and aimed to reduce its operating breakeven cost to $30 a barrel in order to make it resilient. BP''s first American CEO also said BP could not identify at the moment any attractive opportunities in the U.S. shale industry, where it has a smaller production interest compared with Exxon Mobil( XOM.N ), Chevron ( CVX.N ) and Shell. "We scan and screen ops all the time and people offer things to us. They just appear expensive," Dudley said. Meanwhile, however, BP is one of several major companies developing shale gas prospects in Argentina''s Vaca Muerta province. He also denied a recent media report that said BP was thinking of putting its entire North Sea business up for sale. "That is absolutely incorrect, we are deeply committed to the North Sea, it is one of our heartlands," he said. Reporting by Karolin Schaps and Ron Bousso; Editing by Veronica Brown, Greg Mahlich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-ceo-idUKKBN1AH4HQ'|'2017-08-01T17:17:00.000+03:00'
'5c2d38198e809f328853d5d83b74a976405005cd'|'Embattled trader Noble Group pays $40 million bond coupon: market sources'|'August 1, 2017 / 5:21 AM / 21 minutes ago Embattled trader Noble Group pays $40 million bond coupon: market sources Anshuman Daga and Umesh Desai 3 Min Read FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. Bobby Yip/File Photo SINGAPORE/HONG KONG (Reuters) - Singapore-listed commodities trader Noble Group Ltd has paid the coupon on its 2020 bond, market sources said on Tuesday, helping to reduce worries about the company''s immediate ability to service its debt. The payment of about $40 million to bondholders comes after Noble last week announced a dramatic overhaul and flagged a quarterly loss of as much as $1.8 billion. It also sold its U.S. gas and power business for $248 million, started a process to sell its oils liquids unit and announced plans for up to $1 billion of disposals over the next two years. An external spokeswoman for Noble had no immediate comment on the 2020 bond coupon payment. Noble''s $1.2 billion bonds due 2020 had a 6.75 percent coupon due on July 29. Last month, Noble deferred a payment on its perpetual bonds, triggering a sell-off. Its next scheduled bond payment is $7 million for a coupon on its 2018 bonds in September. After that it faces the expiry of a key $2 billion credit facility in October - a fresh deadline following a four-month extension with creditors. For now, the market is expected to focus on Noble''s quarterly results, due this month, for details on its plans to sell assets and cut its debt of more than $3 billion. "The sale of its oil liquids and gas and power assets would raise cash and reduce debt, but the proceeds may not be sufficient to mitigate the underlying losses and less favorable access to credit lines, in our view," S&P Global Ratings said in a statement last week. Sources close to the company and investors have said the business remains hemmed in by financing constraints - a major issue for trading houses - and has lost many traders, analysts and managers over the past months, despite cash offers to keep key staff until December. Noble''s shares were 12 percent higher in late morning trade while its 2020 bonds were up about three points at 36.5/37.5 cents on the dollar. The shares are down 75 percent this year, shrinking its market value to around $400 million, compared with $6 billion in February 2015. Noble was thrust into the spotlight in February 2015 when previously obscure Iceberg Research accused it of overstating its assets by billions of dollars, which Noble rejected. In 2015, consultants PricewaterhouseCoopers found Noble had complied with international accounting rules. Reporting by Anshuman Daga and Umesh Desai; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-noble-grp-debt-idUSKBN1AH334'|'2017-08-01T08:20:00.000+03:00'
'd994d85cb6a4bdd21375d4a0fef393fadaef2bec'|'British supermarket Morrisons agrees wholesale deal with McColl''s'|'August 1, 2017 / 7:41 AM / 17 minutes ago British supermarket Morrisons agrees wholesale deal with McColl''s 2 Min Read Shopping trolleys are parked at a Morrisons supermarket in south London, Britain, August 19, 2016. Peter Nicholls/File Photo LONDON (Reuters) - British supermarket Morrisons ( MRW.L ) said it had agreed a long-term supply deal with local retailer McColl''s which will take wholesale sales to more than 1 billion pounds in due course. Starting in Jan. 2018, the firm will become the sole supplier to 350 McColl''s newsagents and 1,300 convenience stores, it said in a statement on Tuesday. "This new partnership is a further example of Morrisons leveraging existing assets to access the UK''s growing convenience food market in a capital light way," Chief Executive David Potts said. Morrisons said that by the end of 2018 it expects its wholesale sales to top 700 million pounds including tobacco, with that figure rising above 1 billion pounds in "due course". The deal also marks the revival of the Safeway brand after more than a decade, with McColl''s to be given exclusive access to its more than 400 fresh, frozen and ambient food products for a one-year period. Morrisons announced it would resurrect the brand in August 2016. It disappeared in 2004 when Morrisons acquired it and converted its remaining stores. Its revival is part of Potts'' drive to broaden Morrisons'' business, targeting 50-100 million pounds of additional profit in the medium term from areas such as online business, wholesale and manufacturing. Reporting by Emma Rumney; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-morrison-supermk-wholesale-idUKKBN1AH3FJ'|'2017-08-01T10:41:00.000+03:00'
'a5adfca72b653318790b00e50edb7ee795cf8fe1'|'Brazil''s Alesat ponders ways to fund expansion after takeover blocked-CEO'|'SAO PAULO (Reuters) - Alesat Combustíveis SA, a Brazilian fuel distribution company whose takeover was blocked by antitrust regulators on Wednesday, is pondering how best to accelerate domestic expansion, including bringing in a partner to help close the gap with lager rivals, its chief executive officer said.CEO and shareholder Marcelo Alecrim said in an interview on Wednesday that watchdog Cade''s decision to reject Alesat''s takeover by Ultrapar Participações SA "took me by surprise." The decision practically "kills the idea" of tying up Alesat with any of Brazil''s top-three gas station chains, he added.Alecrim said that, years prior to Alesat shareholders'' acceptance of Ultrapar''s 2.17 billion-real ($696 million) bid, the company held talks with France''s Total SA ( TOTF.PA ) and Bunge Ltd ( BG.N ) - which has domestic biofuels operations. Alesat, which is equally controlled by Alecrim and investment holding company Asamar SA, accepted Ultrapar''s bid over a year ago."We may discuss partnerships, but that is not a priority now," Alecrim said. The company has 12.5 billion reais in annual revenue and may consider issuing debt in local markets to fund expansion, he added.The failed deal underscores how Brazilian authorities have turned tougher with deals that could give large conglomerates extra market power. On June 28, the majority of Cade''s board rejected Kroton Educacional SA''s purchase of smaller rival Estácio Participações SA, a deal that would have created the world''s No. 1 for-profit education firm.Reporting by Tatiana Bautzer and Alberto Alerigi Jr.; Writing by Guillermo Parra-Bernal; Editing by James Dalgleish'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alesat-m-a-idINKBN1AI2VQ'|'2017-08-02T20:11:00.000+03:00'
'2ad1dff51fef4e4e89104cfe56ea12ad3f3eec3c'|'U.S. judge dismisses lawsuit over Buffett''s See''s ''kosher'' chocolate'|'(Reuters) - A U.S. judge has dismissed a proposed class action lawsuit claiming that See''s Candies, a unit of Warren Buffett''s Berkshire Hathaway Inc, sold Valentine''s Day chocolates that were mislabeled as kosher.Though See''s admitted to a printing error, U.S. District Judge Edward Chen in San Francisco said the lawsuit by New Jersey resident Avi Weiss did not belong in federal court because he did not show damages exceeding the required $5 million minimum.Chen issued his decision on Thursday. Lawyers for Weiss did not immediately respond to requests for comment on Friday. Neil Popovic, a lawyer for See''s, declined to comment.In his February 2016 complaint, Weiss said he had bought See''s Classic Red Heart Assorted Chocolates in its shop in Los Angeles, believing they were kosher. A shelf card had been printed with the "KSA" symbol of Kosher Supervision of America, which is often used to designate food as kosher.Weiss sued on behalf of "thousands" of shoppers who overpaid for or would not have bought the See''s candies if they knew they were not kosher. He accused See''s of violating California consumer protection and false advertising laws.The judge said that even if See''s sold plenty of kosher candy, only mislabeled products were relevant to determining whether he had jurisdiction, and the evidence suggested that only an "extremely small" percentage was mislabeled.Chen also noted that See''s had disclosed the results of an internal review into whether it had broader mislabeling problems, but Weiss did not fully investigate whether such problems could get him over the $5 million threshold.In light of that failure, Chen dismissed the lawsuit with prejudice, meaning it cannot be brought again.See''s is based in South San Francisco, California. It has apologized for the printing error, and offered refunds.Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-berkshire-hatha-sees-lawsuit-idUSKBN1AK1YW'|'2017-08-04T19:16:00.000+03:00'
'67067813f10dc46ac19f705c8f42aad6ce3696b6'|'BRIEF-Gramercy Property Trust Q2 core FFO per share $0.49'|'Aug 1 (Reuters) - Gramercy Property Trust:* Gramercy Property Trust reports second quarter 2017 financial results* Q2 revenue $131.4 million* Q2 FFO per share $0.49* Sees fy 2017 core FFO per share $1.90 to $1.95* Q2 FFO per share view $0.51 -- Thomson Reuters I/B/E/S* Fy2017 FFO per share view $2.12 -- Thomson Reuters I/B/E/S* Gramercy Property Trust qtrly affo per common share $ 0.44* Gramercy Property Trust - 2017 full year guidance has been revised to a range of $1.90 to $1.95 per diluted share for affo* Q2 core FFO per share $0.49 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-gramercy-property-trust-q2-core-ff-idUSASB0BCCY'|'2017-08-02T01:07:00.000+03:00'
'53ba813c122128d47ddf19eb0599a1c824d47f19'|'Iraq in market to raise $1 billion, first standalone bond in over decade'|'DUBAI, Aug 2 (Reuters) - Iraq started marketing a $1 billion bond on Wednesday, its first international debt issuance as a standalone credit since 2006 and an attempt to put decades of turmoil behind it.With huge oil reserves behind it, the bond was seeking to tempt emerging market investors with alluring profits -- necessary to offset concerns over a history of war and the recent rise of militant group Islamic State.Iraq issued $1 billion in bonds last January, but that offering was 100 percent guaranteed by the U.S government. This time it is alone.A document issued by one of the banks leading the deal showed an initial price guidance for the bond, with a maturity of five and a half years, in the low 7 percent area.That level would be considered "attractive" by some fund managers. It is a yield comparable with that of Ukraine, another conflict-troubled emerging market.The transaction is expected to gather significant demand from U.S. and European investors looking at emerging markets for yield they cannot get elsewhere.Pension funds, fund managers and sovereign wealth funds are likely to take a good share of the paper, fund managers said.Iraq needs external financing to plug a widening budget deficit which lower oil prices since 2014 and the slow pace of much needed fiscal reforms have inflated to approximately 25 trillion Iraqi dinars ($21.44 billion) for 2017, according to the bond prospectus.Out of a deficit of 25 trillion Iraqi dinars, 23.3 trillion will be raised through domestic and international borrowing, according to Iraq’s 2017 supplementary budget.Commercial banks, bond investors and international lenders, including multilateral institutions such as the International Monetary Fund, World Bank and the Organisation for Economic Cooperation and Development are estimated to contribute approximately 11.5 trillion dinars.The support Iraq gets from development finance institutions is a form of an implicit guarantee for investors.Elections Ahead When compared with similarly rated countries across emerging markets such as Ukraine and Ghana, Iraq has the advantage of not having any immediate solvency concerns, and sizable commitments of donors for reconstruction purposes.It is less of a credit risk than some of its peers, but upcoming parliamentary elections in spring 2018 and, potentially, ensuing political instability are all risks that will be factored in the final pricing, fund managers said.Iraq’s bond could also benefit from extra liquidity coming from yield-hungry investors exiting riskier assets.“People potentially exiting distressed high yield names in the emerging markets space would look to participate in a new high yield issue given that they would get liquidity in the primary market rather than in the secondary,” said Max Wolman, senior portfolio manager at Aberdeen Asset Management.Country representatives met fixed income investors in the United States earlier this week, ending last Tuesday a roadshow which stopped in London, Boston and New York. Citi, Deutsche Bank and JPMorgan are the joint lead managers. Iraq is rated B- stable by S&P and Fitch. ($1 = 1,166.0000 Iraqi dinars) (Reporting by Davide Barbuscia Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iraq-bond-idINL5N1KO3UB'|'2017-08-02T10:20:00.000+03:00'
'4fd953b68d0d81595f7096f31676ab575840fce6'|'CEE MARKETS-Crown retreats as cbank seen turning dovish after rate rise'|'* Czech central bank''s post-hike comments were dovish-analysts * Czech crown gives up almost all of post-rate-hike gains * Loose ECB policy discourages monetary tightening-analysts * Romanian central bank holds fire, lifts inflation forecast * MOL shares hit 6-year high after strong Q2 results (Adds Romanian central bank decision, governor comments) By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, Aug 4 (Reuters) - The crown retreated on Friday due to doubts that the Czech central bank (CNB) will follow up its interest rate hike on Thursday with further monetary tightening. The leu was flat as the Romanian central bank kept interest rates on hold at its meeting. The Czech crown had shed 0.3 percent to 26.12 against the euro by 1332 GMT, approaching the levels it hit before the rate hike. On Thursday the CNB lifted its two-week repo rate by 20 basis points to 0.25 percent, boosting the crown to 25.9, its strongest since April when the bank removed a cap that had kept it weaker than 27 against the euro since 2013. It was the first hike in the Czech Republic in more than nine years and the first among European Union member states in more than five years. Other central banks in central Europe, under less pressure from recent inflation figures, are unlikely to follow the Czech example this year. Czech inflation is above its 2 percent target, the labour market is the tightest in the EU, and the economy is seen growing at annual rates above 3 percent, in line with the region. But Czech inflation is seen dipping below 2 percent again. The bank''s new outlook is more dovish than before and it also fears hot money inflows if European Central Bank policies remain loose, making Czech assets attractive, analysts said. "If the ECB postpones its first tightening, the CNB will have no other option than to be patient too," Ceska Sporitelna analysts said. The CNB''s press conference on Thursday changed the outlook, Komercni Banka dealer Dalimil Vyskovsky said, "pointing to somewhat slower hikes from now on". "Apparently the bank (is) trying to sound as dovish as possible, once again, in our view the reason behind it being fears of EURCZK reaction getting too strong," he added. The key 3-month Prague inter-bank offered rate (PRIBOR was fixed at 42 basis points, up 11 basis points. In Romania, the central bank revised its inflation forecast upwards, but it remains within the target, Governor Mugur Isarescu said after his bank''s meeting. He said arguments "to take action" are piling up but a decision cannot be made without looking at regional and European policies. The only comparable country in the region for Romania in terms of interest rates is Poland, he said. The Polish central bank may start considering rate hikes next year, and Hungary in 2019, analysts have said. Stock markets mostly rose across the region on Friday. Budapest''s main index even hit a new record high, buoyed by the shares of oil and gas group MOL, which touched a 6-year high after the firm posted better than expected earnings, and raised its earnings outlook for 2017. CEE MARKETS SNAPSH AT 1532 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.120 26.041 -0.30% 3.40% 0 0 Hungary 304.55 303.90 -0.21% 1.40% forint 00 50 Polish zloty 4.2415 4.2447 +0.08 3.83% % Romanian leu 4.5640 4.5631 -0.02% -0.64% Croatian 7.4054 7.4065 +0.01 2.02% kuna % Serbian 119.60 119.61 +0.01 3.14% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1026.4 1017.5 +0.88 +11.3 8 7 % 8% Budapest 36597. 36416. +0.50 +14.3 54 07 % 6% Warsaw 2384.0 2365.4 +0.78 +22.3 0 8 % 9% Bucharest 8335.0 8340.8 -0.07% +17.6 1 4 4% Ljubljana 809.55 806.01 +0.44 +12.8 % 2% Zagreb 1892.0 1889.9 +0.11 -5.16% 0 4 % Belgrade 729.39 718.12 +1.57 +1.68 % % Sofia 719.47 720.14 -0.09% +22.6 9% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.103 -0.103 +058b -10bps ps 5-year 0.097 0.044 +032b +4bps ps 10-year 0.898 0 +043b -1bps ps Poland 2-year 1.819 -0.013 +250b -1bps ps 5-year 2.702 0.024 +293b +2bps ps 10-year 3.353 0.002 +289b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.54 0.62 0.71 0 IBOR=> Hungary <BU 0.21 0.25 0.31 0.15 BOR=> Poland <WI 1.7575 1.7825 1.8575 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KQ47D'|'2017-08-04T12:02:00.000+03:00'
'ba94965bc9b16a109a0f95df4854b4f9ef2f05fe'|'Apple shares sail to record high on healthy iPhone sales'|'August 1, 2017 / 8:33 PM / in 10 minutes Apple shares sail to record high on healthy iPhone sales Reuters Staff 6 Min Read A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. Aly Song (Reuters) - Apple Inc ( AAPL.O ) on Tuesday delivered surprisingly strong fiscal third-quarter earnings and signalled that its upcoming 10th-anniversary phone lineup is on schedule, driving the stock up 6 percent to an all-time high in after-hours trading. The stock climbed above its intraday record high to $159.10 (120.44 pounds) after the company reported better-than-expected iPhone sales, revenue and earnings per share. The stock price move was expected to help drive the Dow Jones Industrial Average over the 22,000 mark on Wednesday. Apple also said it hit a milestone of 1.2 billion iPhones sold. The April-June quarter is traditionally a soft one for Apple as the market waits for the September launch of new iPhone models. But Tuesday’s results show that iPhone buyers may be less inclined than they once were to delay purchases until a new model is out. The iPad product lines also showed unexpected strength, service revenue continues to grow at a healthy clip, and even the much-maligned Apple Watch showed a 50 percent sales increase. Apple is widely tipped to adopt higher-resolution OLED displays for the latest iPhone, along with better touchscreen technology and wireless charging - which could come with a $1,000 plus price tag. The phone is expected to launch in September. The company forecast total revenue of between $49 billion and $52 billion for the current fourth quarter, while analysts on average were expecting $49.21 billion, according to Thomson Reuters I/B/E/S. Apple''s fourth quarter generally includes first-weekend sales of the company''s latest devices. The forecast "makes it fairly certain that at least some new iPhone models will be released on the normal schedule,” said analyst Jan Dawson of Jackdaw Research. “That doesn’t necessarily mean all new models will go on sale then, or that they’ll all be in abundant supply, but I would think it means that at the very least the successors to the current phones will be available." But Bob O''Donnell, chief analyst at TECHnalysis Research, cautioned that if Apple releases cheaper models before the premium models in its 10th anniversary phone lineup, the cheaper models could dampen sales of more expensive units released closer to the holidays. The company said iPhone sales rose 1.6 percent to 41.03 million in the third quarter ended July 1, above analysts'' average estimate of 40.7 million units, according to FactSet StreetAccount. Apple sold 40.4 million iPhones a year earlier. But a lower average iPhone selling price of $606, well below Wall Street expectations of $621, caused iPhone revenue to come in at $24.8 billion, below expectations of $25.5 billion. FILE PHOTO - The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. Lucy Nicholson/File Photo Apple Chief Financial Officer Luca Maestri told Reuters the weak price was partly explained by Apple lowering the flow of inventory by 3.3 million units, which he said were “entirely at the high end of the range.” Apple reports how many phones it sells to retailers, not how many phones it sells to consumers, what is known as a sell-in basis. When factoring how many existing “high end” phones the company cleared out of retail inventory, Maestri said average selling prices were higher. The company''s net income rose to $8.72 billion, or $1.67 per share, from $7.80 billion, or $1.42 per share, a year earlier. Revenue rose to $45.41 billion from $42.36 billion in the quarter, typically the company''s weakest, beating expectations of $44.89 billion. China Revenue Down, Autonomy to the Future FILE PHOTO - The new iPhone 7 smartphone goes on sale inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016. Lucy Nicholson/File Photo Apple said revenue from emerging markets excluding China grew 18 percent, a bright spot. But sales from the Greater China region fell 9.5 percent to $8 billion in the latest quarter, as consumers switched to newer domestic offerings. The decline was smaller than recent quarters. Apple''s Maestri said mainland China revenue was flat, as were iPhone sales in the mainland. Sales of other Apple products rose in mainland China and were also up in Taiwan. “The decline from a market standpoint was concentrated in Hong Kong, which is a place that has been really affected by a reduction in tourism because the Hong Kong Dollar is pegged to the U.S. dollar,” Maestri said. Apple CEO Tim Cook also directly addressed the company''s decision to remove so-called VPN apps from the App Store in China. Those apps help Chinese users circumnavigate government internet restrictions. "We would obviously rather not remove the apps, but like we do in other countries we follow the law wherever we do business," Cook said. "We believe in engaging with governments even when we disagree. This particular case, we’re hopeful that over time the restrictions we’re seeing are lessened, because innovation really requires freedom to collaborate and communicate." Strong iPad sales of $4.9 billion - almost $1 billion above Wall Street expectations - and a 21.6 percent jump in the company''s services business that includes the App Store also helped boost revenue. In particular, Apple said that Walmart Stores Inc ( WMT.N ) would buy 19,000 iPads to train as many as 225,000 employees. The company also said it increased production of AirPods, its wireless headphones. Apple CEO Tim Cook declined to directly address U.S. President Donald Trump''s claims that Apple will build three new factories in the U.S., instead citing the company''s job creation efforts and a $1 billion U.S. manufacturing fund. Cook also hinted that Apple''s experiments with self-driving cars may include ambitions that extend beyond cars. He said the company is making a "big investment" in autonomous systems. "From our point of view, autonomy is sort of the mother of all AI projects," Cook said. "And the autonomous systems can be used in a variety of ways, and a vehicle is only one, but there are many different areas of it. And I don''t want to go any further with that." Reporting by Anya George Tharakan in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila, Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-results-idUKKBN1AH580'|'2017-08-02T02:21:00.000+03:00'
'94f9c7733362475e37d856e79f68580d274aa37e'|'Travis Perkins profit falls on tough plumbing and heating market'|'August 2, 2017 / 6:51 AM / 33 minutes ago Travis Perkins profit falls on tough plumbing and heating market Reuters Staff 2 Min Read A worker stacks timber at the Vauxhall depot of building material supplier Travis Perkins in London, Britain October 25, 2013. Neil Hall/File Photo LONDON (Reuters) - Travis Perkins ( TPK.L ), Britain''s biggest supplier of building materials, on Wednesday reported a 2.1 percent fall in first-half operating profit, reflecting a weak plumbing and heating market and recent investments. The group, which trades from over 20 businesses including Travis Perkins, Wickes, BSS, Toolstation and Tile Giant, detailed a plan to stabilise the performance of its troubled plumbing and heating division and "create more options to maximise shareholder value." It said it remained cautious on the economic outlook for the second half. The group''s customers include local authorities, big building firms, traders such as plumbers and kitchen fitters and regular consumers, with its fortunes closely tied to housing transactions and consumer confidence. For the six months to June 30 Travis Perkins made an adjusted operating profit of 190 million pounds ($251 million)down from 194 million pounds, despite a 3.5 percent rise in revenue to 3.22 billion pounds. The interim dividend was raised 1.6 percent to 15.5 pence. In the first half the group took the decision to recover input cost inflation by raising prices. "Whilst this had some impact on trading volume, it enabled us to maintain group gross margins and positions the business well for the future," said Chief Executive John Carter. Shares in Travis Perkins, up 5.4 percent so far this year, closed on Tuesday at 1,530 pence, valuing the business at 3.85 billion pounds. Reporting by James Davey, editing by Louise Heavens 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-travis-perkins-results-idUKKBN1AI0M7'|'2017-08-02T09:51:00.000+03:00'
'fdec87f4661555c05ce0ec4a18ab4df35da00689'|'Activists attack Wisconsin''s Foxconn deal as harmful to wetlands'|'August 1, 2017 / 10:49 PM / 3 hours ago Activists attack Wisconsin''s Foxconn deal as harmful to wetlands Suzannah Gonzales 3 Min Read Foxconn Chairman Terry Gou (2nd R) shakes hands with U.S. President Donald Trump, flanked by House Speaker Paul Ryan (R-WI) (L) and Senator Ron Johnson (R-WI) (R), during a White House event where the Taiwanese electronics manufacturer announced plans to build a $10 billion dollar LCD display panel screen plant in Wisconsin, in Washington, U.S. July 26, 2017. Jonathan Ernst (Reuters) - Activists on Tuesday attacked Wisconsin''s plan to waive environmental reviews for Taiwanese electronics manufacturer Foxconn''s proposed $10 billion LCD flat-screen factory, calling it a roadmap to destruction of precious state wetlands. Environmental groups, including Midwest Environmental Advocates and the Wisconsin League of Conservation Voters, said the state''s proposal rolls back protections for wetlands, which act as natural filters for drinking water and wildlife habitats, and protect against flooding. "It''s hard to throw a rock without hitting a wetland," said Ryan Billingham, spokesman for the Wisconsin League of Conservation Voters. "It''s shocking to us in its extreme," he added of the state''s proposed plan. Foxconn, formally known as Hon Hai Precision Industry Co Ltd ( 2317.TW ), hopes to open the plant in 2020 at a 1,000-acre site in southeastern Wisconsin. It will initially employ 3,000 people but that number could rise to 13,000, according to Foxconn and to Wisconsin''s Republican governor, Scott Walker. Foxconn is a major supplier to Apple Inc ( AAPL.O ) for its iPhones, but the company has not said if the Wisconsin factory would produce any parts for Apple. President Donald Trump, who has suggested the deal would not have happened without his efforts, said he was told by Foxconn Chairman Terry Gou that the investment could be larger than $10 billion. "He told me off the record, he thinks he may go to $30 billion," Trump said at a small business event at the White House on Tuesday of Foxconn''s investment. Foxconn Chairman Terry Gou (L) shakes hands with U.S. President Donald Trump during a White House event where the Taiwanese electronics manufacturer announced plans to build a $10 billion dollar LCD display panel screen plant in Wisconsin, in Washington, U.S. July 26, 2017. Jonathan Ernst "I promised I wouldn''t tell," Trump said to laughter. Foxconn had no immediate comment. State officials also emphasized the job creation, including an expected 22,000 ancillary and 10,000 construction jobs. "We can preserve our natural resources & help businesses create jobs, economic opportunity for the people of WI. The two aren''t incompatible," Tom Evanson, spokesman for Walker, said on Twitter. Walker ordered the Republican-controlled state legislature into special session on Tuesday to consider the package. Legislators said a public hearing will be held Thursday and a vote could occur this month. The draft bill allows Foxconn to discharge dredged or fill material into some wetlands without state permits. The legislation also would allow Foxconn to connect artificial bodies of water with natural waterways without state permits. Gou told the Milwaukee Journal Sentinel that Wisconsin was appealing in part because of its proximity to abundant fresh water from Lake Michigan. "New business is great, but it shouldn''t come at the expense of our water and air," Clean Wisconsin said on Facebook. Reporting by Suzannah Gonzales in Chicago; Additional reporting by David Shepardson and Ayesha Rascoe in Washington; Editing by Ben Klayman and Matthew Lewis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/foxconn-wisconsin-idINKBN1AH5ER'|'2017-08-02T01:48:00.000+03:00'
'73d6a0dd75c10379f195d8d40d3c6a7ef736ee4f'|'BRIEF-Valvoline qtrly earnings per share $0.27'|'Aug 1 (Reuters) - Valvoline Inc:* Qtrly earnings per share $0.27* Valvoline Inc qtrly adjusted earnings per share $0.34* Valvoline - narrows full-year adjusted eps guidance to $1.37-$1.40 and raises free cash flow guidance to $160-$180 million* Valvoline - raises fy free cash flow guidance to $160-$180 million* Valvoline - intention to make a $400 million voluntary contribution to its U.S. Qualified pension plan* Valvoline qtrly vioc system-wide same-store sales growth of 7.9 percent* Qtrly sales $ 534 million versus. $ 499 million* Q3 earnings per share view $0.34, revenue view $530.6 million -- Thomson Reuters I/B/E/S Source text - bit.ly/2hlPIMr '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-valvoline-qtrly-earnings-per-share-idUSFWN1KN0SU'|'2017-08-02T00:39:00.000+03:00'
'dfdbd10138eb79d7b5af70c7a89cc99e25e13572'|'Upward pressure on British shop prices eases, for now - BRC'|'August 1, 2017 / 11:08 PM / 7 hours ago Upward pressure on British shop prices eases, for now - BRC Reuters Staff 2 Min Read FILE PHOTO: A woman holds a Union Flag shopping bag in London, Britain April 23, 2016. Kevin Coombs/File Photo LONDON (Reuters) - Prices in British shops fell slightly faster in July than a month before but are likely to pick up again later this year, according to a British Retail Consortium survey published on Wednesday. Prices had fallen at their slowest annual rate in four years in June, at 0.3 percent, but in July deflation reverted back to the levels seen in May, with prices falling by 0.4 percent. Helen Dickinson, chief executive of the British Retail Consortium, said the July figure brings "the march of overall shop prices towards inflationary territory to a halt, for now at least". The drop in the value of the pound after last year''s Brexit vote has pushed up prices, putting the Bank of England on alert as it considers whether to raise its record-low interest rates. Food prices - pushed up by a weaker pound and its impact on the cost of imports - rose by 1.2 percent in July compared with a year earlier, slower than a 1.4 percent rise the month before. Still, the increase in food prices stands in contrast to a deflationary trend seen over the past four years which reflected a supermarket price war before the Brexit vote. Non-food prices continued to fall at a steady rate, reflecting how retailers have tried to balance out their price increases for some products with cuts in other areas, the BRC said. "There is a limit to how much retailers can absorb into their margins," Dickinson said. "As we move into the autumn we can expect non-food prices to get closer to inflationary territory. Data last month showed that consumer price inflation unexpectedly slowed in June for the first time since October, dropping to 2.6 percent from 2.9 percent in May. This Bank of England had previously warned inflation could exceed 3 percent by the autumn, and this lifted some pressure on it to raise interest rates. Reporting by Emma Rumney, editing by William Schomberg and David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-inflation-brc-idUKKBN1AH5FQ'|'2017-08-02T02:13:00.000+03:00'
'f73a46a6d767c01af3ee8e90fe229482ce20ae17'|'British testing Intertek''s first-half profit rises'|'August 1, 2017 / 6:39 AM / 26 minutes ago British testing Intertek''s first-half profit rises Reuters Staff 1 Min Read (Reuters) - British testing company Intertek Group ( ITRK.L ) reported on Tuesday a 21.9 percent rise in first-half profit, helped by a strong performance in its products-related business and a fall in the pound. Intertek, which tests anything from oil to children''s toys to check they comply with regulatory standards, said adjusted pretax profit rose to 210.3 million pounds ($277.7 million) in the six months ended June 30, from 172.5 million pounds a year ago. ($1 = 0.7573 pounds) Reporting by Esha Vaish and Justin George Varghese, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-intertek-group-results-idUKKBN1AH38E'|'2017-08-01T09:39:00.000+03:00'
'180b75e483aa26db5a07c6fe3f41799679212838'|'CORRECTED-UPDATE 1-Canada''s WestJet Airlines smashes profit estimates'|'(Corrects to add "Excluding fuel and employee profit share" in paragraph 5)Aug 1 (Reuters) - Canada''s WestJet Airlines Ltd reported a quarterly profit that handily beat Street expectations as it flew more passengers and managed costs effectively.The company, which said in April that it plans to launch an ultra-low-cost carrier (ULCC) in Canada, flew 5.9 million passengers in the second quarter ended June 30, up 11.5 percent from last year.WestJet''s bigger rival Air Canada also reported a higher-than-expected quarterly profit on Tuesday.Both companies have been upgrading their fleets with fuel-efficient aircrafts. WestJet started as a low-cost airline but added premium services in a bid to increase revenue.Excluding fuel and employee profit share, cost per available seat mile (CASM) - a key measure of how much an airline spends to fly a passenger - fell to 9.84 Canadian cents from 9.93 Canadian cents in the year-ago period, WestJet said on Tuesday.The Calgary-based company''s revenue passenger miles (RPMs), or traffic, increased 8.9 percent, and capacity, measured in available seat miles (ASMs), grew 6.3 percent.Excluding items, WestJet earned 41 Canadian cents per share, smashing past analysts'' estimate of 28 Canadian cents, according to Thomson Reuters I/B/E/S.Net earnings rose to C$48.4 million ($38.8 million), or 41 Canadian cents per share, in the quarter, from C$36.7 million, or 30 Canadian cents, a year earlier.Revenue rose 11 percent to C$1.06 billion.Load factor - which is a measure of total capacity utilization - rose to 82.8 percent from 80.8 percent.$1 = 1.2469 Canadian dollars Reporting by Anirban Paul and Muvija M in Bengaluru; Editing by Martina D''Couto '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/westjetairlines-results-idINL4N1KN4CJ'|'2017-08-01T09:51:00.000+03:00'
'0601e2e940ea2cb9c6766dc6145c6eca092aa85e'|'UK proposes new start-up fund as EU finance risks drying up'|'July 31, 2017 / 11:10 PM / in 30 minutes UK proposes new start-up fund as EU finance risks drying up Reuters Staff 2 Min Read FILE PHOTO - Britain''s Chancellor of the Exchequer Phillip Hammond arrives in Downing Street in London, Britain September 8, 2016. Neil Hall LONDON (Reuters) - Britain''s finance ministry proposed a new fund on Tuesday to help promising start-up companies that risk losing access to European Union finance after Brexit. Last year British companies received around 800 million pounds of equity finance and 400 million pounds of other assistance such as loan guarantees from the European Investment Fund, part of the EU-backed European Investment Bank. While the EIB does fund some projects outside the EU, it is unclear if British companies will have easy access to this finance after they are no longer part of the bloc. And money from the European Investment Fund often plays an important role in unlocking private-sector finance. "It''s vital that we make sure our cutting-edge firms have the funding they need to meet their potential," chancellor of the exchequer Philip Hammond said in a statement of the proposed National Investment Fund. Key details such as the size of the fund and how it will be financed are yet to be decided, and will be part of a government consultation with industry. The finance ministry said the fund could either be a public-private partnership or start off as wholly public funded and then sold off after it had developed a track record. It added that there was a general shortage of funding for British start-ups compared to their American competitors. Just one in 10 British start-ups which receive initial funding progress to receive a fourth round of finance, compared with nearly a quarter in the United States, it said. "The National Investment Fund will help address this gap," the ministry said. The United States accounts for more than half of start-ups globally which have reached a valuation of more than $1 billion, while 4 percent of the global total have come from Britain, the highest share in Europe. ($1 = 0.7615 pounds) Reporting by David Milliken, editing by Alister Doyle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-investment-idUKKBN1AG2MV'|'2017-08-01T02:10:00.000+03:00'
'6b6ef1b959e07bf48268f4009183cd1e4d5cb322'|'China factory activity accelerates in July on strong export orders - Caixin PMI'|'August 1, 2017 / 1:59 AM / 2 hours ago China factory activity accelerates in July on strong export orders: Caixin PMI Reuters Staff 4 Min Read An employee works at a silk factory in Nantong, Jiangsu province, China July 17, 2017. Stringer BEIJING, August 1 (Reuters) - Growth in China''s manufacturing quickened in July, a private survey showed on Tuesday, as output and new orders rose at the fastest pace since February on strong export sales. But even as firms boosted purchasing in anticipation of more business, employment levels at factories fell at the fastest pace in 10 months and a reading on business outlook was the lowest since last August - a sign that economic momentum may start to ebb in the months ahead. The Caixin/Markit Manufacturing Purchasing Managers'' Index (PMI) rose to 51.1 in July, above the 50-point mark that separates growth from contraction, and well ahead of the 50.4 in June which was also the median figure forecast by 21 analysts in a Reuters survey. A resurgent export sector underpinned by a brightening global economy helped China post surprisingly strong gross domestic product growth of 6.9 percent in the first half of the year. The Caixin readings diverged from an official PMI survey released on Monday which showed growth in China''s manufacturing sector cooled slightly last month due to slackening export demand. The private survey, however, tends to focus on smaller firms while the official PMI covers mostly larger firms, many of them state-owned manufacturers. "Operating conditions in the manufacturing sector improved further in July, suggesting the economy''s growth momentum will be sustained." Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, said in a note accompanying the data release. "That said, it''s unlikely that financial regulatory tightening will be relaxed." The broader consensus among China watchers is that economic growth will cool in coming months as a government crackdown on financial risks raises borrowing costs, squeezing profits and output. Yet, there appears more than enough momentum to reach Beijing''s growth target of around 6.5 percent for the year. The Caixin new export orders reading came in at 53.5 in July, up from 50.9 June and the highest since February. While China''s foreign trade faces a mostly positive environment in the second half of the year, uncertainties still exist, Vice Commerce Minister Qian Keming said in Beijing on Monday. The United States and China failed earlier this month to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump''s economic and security relations with Beijing. Chinese goods producers in July were able to raise output prices the most since March, Tuesday''s PMI showed, as input inflation also accelerated, though the price gains were much milder than those seen around the turn of the year. Companies still expected to increase output over the next 12 months, but the reading was the lowest since August. On the whole, while China''s manufacturing sector has remained resilient, companies'' outlook has now worsened or held steady since hitting a nearly two-year high in February. That turning point roughly corresponds to when the Chinese government stepped up a campaign to rein in debt risks through a concerted deleveraging effort, which has driven up borrowing costs. A Caixin/Markit survey covering China''s services sector will be released on Wednesday. The official survey showed the sector remained robust despite a slight slowdown last month. Reporting by Elias Glenn; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-pmi-factory-caixin-idUKKBN1AH2SR'|'2017-08-01T04:50:00.000+03:00'
'83197289d39ade511ad97a3fae997d7251ad9ef4'|'CANADA STOCKS-TSX down as energy losses offset surges in Shopify, airlines'|'August 1, 2017 / 2:26 PM / 16 minutes ago CANADA STOCKS-TSX down as energy losses offset surges in Shopify, airlines 2 Min Read * TSX down 50.73 points, or 0.33 percent, at 15,093.14 * Seven of the TSX''s 10 main groups move lower TORONTO, Aug 1 (Reuters) - Canada''s main stock index fell on Tuesday as falling energy stocks helped outweigh gains for companies reporting strong earnings, including airline Air Canada and e-commerce company Shopify Inc. The heavyweight energy group, which accounts for one-fifth of the index''s weight, retreated 0.8 percent as crude prices slipped from a two-month high, with major oil producer Suncor Energy Inc down 1.8 percent at C$39.95. Large banks and miners also dragged the index lower despite Air Canada surging to an all-time high after its second-quarter profit handily beat analysts'' estimates. The stock was last up 10 percent at C$21.81. Its smaller rival, WestJet Airlines Ltd, also topped expectations, and its shares gained 4.4 percent to C$25.93. Shopify, the Ottawa-based company that counts Procter & Gamble Co among its customers, jumped 11.7 percent to C$128.35 after reporting a smaller-than-expected loss and a 75 percent jump in revenue. Toronto-based Thomson Reuters rose 4.4 percent to C$59.59 after the information services provider reported higher-than-expected second-quarter earnings, helped by demand for market data, and increased its full-year forecast for margins and adjusted earnings per share. Decliners outnumbers advancers by a two-to-one ratio overall, with seven of the index''s 10 main groups in the red. At 9:48 a.m. ET (1348 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 50.73 points, or 0.33 percent, at 15,093.14. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent, while the financials group slipped 0.2 percent. Those two groups and the energy sector collectively account for almost two-thirds of the index''s weight. Reporting by Alastair Sharp; Editing by W Simon 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1KN0OO'|'2017-08-01T17:26:00.000+03:00'
'8817971a2d271a978c4828eadcbd7478f54c63ce'|'EU mergers and takeovers (Aug 2)'|'BRUSSELS, Aug 2 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:Approvals and Withdrawals -- Chinese chemicals company China National Bluestar (Group) Co. Ltd and Japanese fibres and chemicals company AKC to set up a joint venture (approved Aug. 2)-- Shipping terminal operator PSA International Pte Ltd and Terminal Investment Ltd Sarl, which is indirectly and jointly controlled by Swiss container line MSC (Mediterraneann Shipping Company), to jointly acquire Belgian container terminal operator PSA DGD (approved Aug. 1)New Listings -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified)Extensions and Other Changes -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 22)First-Stage Reviews by Deadline Aug 3 -- U.S. industrial company Deere & Co to acquire German road construction company Wirtgen (notified June 28/deadline Aug. 3)Aug 4 -- Austrian construction company WIG Wietersdorfer Holding GmbH and Saudi Arabian Amiantit to set up a joint venture (notified June 29/deadline Aug. 4)Aug 9 -- French carmaker Peugeot and French bank BNP Paribas to acquire joint control of U.S. carmaker General Motors'' financing subsidiaries and branches (notified July 4/deadline Aug. 9)Aug 10 -- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline Aug. 10)Aug 14 -- U.S. communications infrastructure company Digital Bridge Holdings, Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to jointly acquire U.S. data centre operator Vantage Data Centres (notified July 7/deadline Aug. 14/simplified)Aug 16 -- U.S. private equity firm Advent International to acquire Danish packaging company Faerch Plast from Swedish buyout firm EQT (notified July 10/deadline Aug. 16/simplified)-- Norwegian retailer Norgesgruppen and Swedish peer Axfood to jointly acquire Swedish food retailer Eurocash Food AB (notified July 10/deadline Aug. 16)-- Chinese car parts maker Hubei Aviation Precision Machinery Technology Co. Ltd and Canadian peer Magna International to set up a joint venture (notified July 10/deadline Aug. 16/simplified)Aug 17 -- Private equity group Ardian, the Netherlands'' APG Asset Management and Dutch pension fund PGGM to jointly acquire control of LBC tank terminals (notified July 11/deadline Aug. 17/simplified)Aug 21 -- Canadian pension fund OTPP, Canadian investment management company AIMCo, Canadian infrastructure manager Borealis, which administers the Ontario Municipal Employees Retirement System Primary Pension Plan, and fund manager KIA to jointly acquire British airport LCY (notified July 13/deadline Aug. 21/simplified)Aug 22 -- Spanish bank Banco Santander to acquire peer Banco Popular Group (notified July 14/deadline Aug. 22)-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 22)Aug 23 -- Asset management company Carlyle and private equity firm GTCR to jointly acquire contract research company Albany Molecular Research (notified July 17/deadline Aug. 23/simplified)Aug 24 -- Luxembourg-based investment company Letterone to acquire British healthcare product retailer Holland & Barrett (notified July 18/deadline Aug. 24/simplified)Aug 25 -- Danish shipping company AP Moller Maersk and Denmark''s Danske Bank to set up a joint venture (notified July 19/deadline Aug. 25/simplified)-- U.S. scientific instruments maker Thermo Fisher Scientific to acquire Dutch drugmaker Patheon (notified July 19/deadline Aug. 25)Aug 28 -- Aerospace and marine product maker Moog Inc and Singapore Airlines Ltd''s engineering unit to set up a joint venture (notified July 24/deadline Aug. 28/simplified)-- Dutch asset management company APG to acquire a portfolio of 48 project companies in Belgium, France, Germany, the Netherlands and the UK (notified July 20/deadline Aug. 28/simplified)-- Private equity firm HGCapital to acquire software provider Visma (notified July 20/deadline Aug. 28/simplified)-- French oil major Total, credit card payment services company Worldline S.A. and African fintech provider Intouch Corp to acquire joint control of digital payment services provider Intouch SAS (notified July 20/deadline Aug. 28/simplified)-- Canadian asset manager Brookfield and French energy company Engie to acquire joint control of British electricity wholesaler FHHGL (notified July 20/deadline Aug. 28/simplified)Aug 29 -- French private equity firm Ardian to acquire engineering services provider Assystem Technologies'' Global Product Solutions unit (notified July 24/deadline Aug. 29)-- Norwegian metals company Norsk Hydro to acquire sole control of aluminium company Sapa, which is a joint venture with Norwegian conglomerate Orkla ASA (notified July 24/deadline Aug. 29/simplified)Aug 31 -- French dairy company Groupe Lactalis to acquire German peer Omira (notified July 26/deadline Aug. 31)-- Private equity firm CVC Capital to acquire Italian leather processing company Pasubio (notified July 26/deadline Aug. 31/simplified)Sept 1 -- Television holding groups ProSiebenSat.1 Media of Germany, France''s TV group TF1 and Mediaset with networks in Italy and Spain to establish a joint venture selling advertising space (notified July 27/deadline Sept. 1/simplified)Sept 4 -- VIMNI, Viacom''s Italian branch, and publisher De Agostini Editore to jointly acquire DeA Broadcast, a new LLC programming creator (notified July 28/deadline Sept. 4/simplified)Sept 6 -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified)Nov 30 -- Private equity firm Bain Capital Investors to acquire German tyre wholesaler Reiff Tyre (notified July 25/deadline Aug. 30/simplified)-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to Nov. 30 from July 24 the European Commission opened an in-depth investigation)Deadline Suspended -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information)Guide to Eu Merger Process Deadlines: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.Simplified: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Elizabeth Miles)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL5N1KO2ZS'|'2017-08-02T13:38:00.000+03:00'
'79d9bd5af70c69f978c803afa4c71c77f67c38c9'|'Standard Chartered first-half profit up 93 percent, says no dividends yet'|'August 2, 2017 / 8:46 AM / in 2 hours Lack of dividend and loan growth take shine off StanChart Lawrence White 3 Min Read A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. Bobby Yip LONDON (Reuters) - A failure to resume dividends and to grow its loans overshadowed a recovery in first half profits for Standard Chartered, pushing its shares 5 percent lower on Wednesday. The bank''s profit jumped 93 percent in the six months to the end of June, partly because it avoided the hefty losses from its private equity business and bad loans that blighted its results a year ago. StanChart''s underlying loan impairments of $583 million (440.56 million pounds) for the first half were down from $1.1 billion in the same period a year ago. These are closely watched by investors in the Asia-focused bank, which has had a glut of bad debts in the past few years following over-exuberant lending. "We are positioned to resume growth, and we have shown early encouraging signs we can do that," Chief Executive Bill Winters told reporters on a conference call. Despite the signs of progress and optimistic tone from its executives, StanChart shares fell more than 5 percent in London following the results announcement. The bank said it would not resume paying dividends, as some investors had hoped for following its stronger profits and capital position. StanChart said it would revisit the issue at the end of the year. HSBC on Monday reported rising profits and the return of a further $2 billion to shareholders via a stock buy-back, in a sign that StanChart''s bigger rival is much further ahead in its turnaround plan. HSBC has paid out around $10 billion a year in dividends in the last four years, while StanChart cut payouts since November 2015 to focus on restructuring. People walk outside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. Bobby Yip Revenue Challenge Having slashed costs and stamped out riskier behaviour at the bank, Winters'' biggest problem now is growing revenues to boost profits. People walk inside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. Bobby Yip In the two years since he took up his job at StanChart, former JPMorgan banker Winters has announced over 15,000 job cuts, raised more than $5 billion in capital and overhauled how the bank makes loan decisions in an effort to make it sturdier. Despite that, revenue growth remains stubbornly low and the bank is struggling to find more profitable lending opportunities after scaling back its risk exposure. "We suspect investors will be disappointed with a lack of loan growth and lukewarm commentary on capital return," analyst Joseph Dickerson at Jefferies in London said in a note after the results. The bank''s loans totalled $267 billion at the end of the second quarter, unchanged from the previous quarter. Low global interest rates, lost income from axed businesses and rising competition from regional players in its main markets have combined to temper hopes of an income recovery. The bank said its core capital ratio, a key measure of financial strength, rose to 13.8 percent at the end of June on improving profits. Reporting By Lawrence White, additional reporting by Simon Jessop; Editing by Jane Merriman and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stanchart-results-idUKKBN1AI0WV'|'2017-08-02T11:45:00.000+03:00'
'8abfc49866cc0537d268fef2761a269d96c859d5'|'Bridgepoint close to buying British house builder Miller Homes'|'August 1, 2017 / 3:16 PM / a minute ago Bridgepoint close to buying British house builder Miller Homes 2 Min Read LONDON (Reuters) - Private equity firm Bridgepoint is about to buy British house builder Miller Homes for 655 million pounds ($865.6 million), from a subsidiary of Blackstone ( BX.N ), a private equity and alternative investment firm, a source close to the matter said. A spokesman for Bridgepoint declined to comment. GSO Capital, Blackstone''s credit arm, took control of the construction company in a refinancing which was announced in late 2011. In 2014 Miller scrapped plans for an initial public offering, citing market volatility. In 2016, Miller Homes had 565 million pounds in revenue and operating profit of 103 million pounds, up from 500 million pounds and 78 million pounds respectively in 2015. Miller Homes had benefited from a government scheme aimed at helping buyers get on the housing ladder, with over a third of new home reservations in 2016 coming through the scheme. The British and Scottish governments, have both committed to retaining their schemes through to at least 2021 and 2019 respectively, Miller Homes said in an annual report. Reporting by Dasha Afanasieva, editing by Rachel Armstrong and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-miller-homes-sale-bridgepoint-idUSKBN1AH4O5'|'2017-08-01T18:09:00.000+03:00'
'30c087f4014ce550096c40ec97126f1a6bbbadf2'|'Japan brewer Asahi Group ups full-year outlook after Europe brand purchase'|'August 3, 2017 / 8:47 AM / 19 minutes ago Japan brewer Asahi Group ups full-year outlook after Europe brand purchase Sam Nussey 2 Min Read FILE PHOTO: A man walks past the logo of Asahi Group Holdings at the company''s headquarters in Tokyo, Japan, May 17, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s Asahi Group Holdings Ltd ( 2502.T ) raised its full-year earnings outlook on Thursday, boosted by the inclusion of the eastern European beer brands it acquired from Anheuser-Busch InBev NV ( ABI.BR ) earlier this year. Asahi said it now expected operating profit to rise 22.2 percent to 167.3 billion yen (£1.13 billion) for the year through December, compared with an earlier forecast of 146 billion yen. The company also raised the outlook for its annual dividend payment to 69 yen per share from 60 yen per share. Operating profit for the six months through June grew 34 percent to 70.7 billion yen as the beer maker digested the $8 billion European deal that closed in March, the largest-ever overseas beer deal by a Japanese brewer. While Asahi''s home market remains its profit mainstay, the brewer is pinning hopes on its overseas acquisitions for growth. Asahi has spent around 1.2 trillion yen buying up beer brands in eight European countries from AB Inbev, the world''s biggest brewer, who sold off assets to appease regulators during its $100 billion acquisition of SABMiller. Targeting higher-yielding assets and with its focus on the expanded European operations, Asahi has been reviewing businesses where it holds minority stakes. In June, it announced it would sell its 20 percent stake in Chinese brewer Tingyi-Asahi Beverages Holding Co Ltd for $612 million. Asahi is not the only Japanese brewer seeking growth overseas. Sapporo Holdings Ltd ( 2501.T ) on Thursday said it would buy Californian brewer Anchor Brewing Co for $33 million as it looks to bolster its U.S. operations. Sapporo also reported operating profit fell 1 percent to 3 billion yen in the six months through June due to rising costs. Reporting by Sam Nussey; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asahi-group-results-idUKKBN1AJ11K'|'2017-08-03T11:50:00.000+03:00'
'0aa2ef3416896c3dba1f5ccd164ddccd2ce71f14'|'Car supplier ZF''s H1 margin improves on TRW synergies'|'FRANKFURT, Aug 3 (Reuters) - German auto supplier ZF Friedrichshafen AG improved its profit margin in the first half of 2017 thanks to synergy gains and improved business in the wake of its takeover of U.S.-based rival TRW, the company said on Thursday.The unlisted auto supplier said its adjusted earnings before interest and taxes (EBIT) rose 9 percent to 1.2 billion euros ($1.42 billion), with sales up 2.7 percent to 18.3 billion euros.Its EBIT margin was 6.6 percent, up from 6.3 percent in the first half of last year, which ZF said was despite higher spending on autonomous and electric cars technology."We were able to achieve this by boosting operating performance and realizing synergies resulting from the acquisition of TRW," Chief Financial Officer Konstantin Sauer said in a statement, without being more specific.ZF is snapping up rival suppliers which can help prepare it for a new era of electromobility and autonomous driving.Since 2015, ZF has bought rival TRW Automotive, taken a 40 percent stake in German lidar maker Ibeo Automotive and made an unsuccessful $515 million bid for Swedish brake systems group Haldex.Since buying TRW for $13.5 billion, ZF has sought to pay down its debt, which now stands at 7.6 billion euros.$1 = 0.8444 euros Reporting by Edward Taylor; Editing by Maria Sheahan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zf-friedrich-results-idINL5N1KO6MQ'|'2017-08-03T06:04:00.000+03:00'
'b8a64a94eb1e035cdb6815bbdabfea0e9dac4073'|'Asian shares dip on profit-taking after Dow hits 22,000'|'August 3, 2017 / 1:08 AM / in 2 hours Asian shares slide as tech shares crumble after Dow hits 22,000 Hideyuki Sano 5 Min Read People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Asian shares slid on Thursday, led by falls in South Korean tech shares, as investors locked in recent gains after Wall Street''s Dow Jones Industrial Average broke the 22,000 barrier for the first time in its 121-year history. Spreadbetters expected European stocks to follow suit, predicting Britain''s FTSE and Germany''s DAX to both open about 0.1 percent lower while forecasting a flat open for France''s CAC. MSCI''s broadest index of Asia-Pacific shares outside Japan dropped 0.6 percent, with South Korea''s tech-heavy Kospi index on course to drop 1.6 percent. "We haven''t seen a major correction in tech shares so far this year so they may be hitting a speed bump," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. Samsung Electronics, which last Friday posted its biggest daily fall since October, slid 2.3 percent, giving up the gains made so far this week. SK Hynix dropped 2.9 percent. "Those shares that were bought heavily on Tuesday are being sold aggressively. I would suspect investors want to take profits quickly after they saw a sharp correction last week," said Yukino Yamada, senior strategist at Daiwa Securities. Some Seoul shares took an additional hit from President Moon Jae-in''s new tax plan. Japan''s Nikkei dropped 0.3 percent. In New York overnight, the Dow Jones Industrial Average topped the 22,000 mark for the first time on the strength in Apple shares following its earnings. The S&P 500 gained 0.05 percent, hovering just below its record high touched last week, supported by upbeat earnings and rising expectations that the Federal Reserve''s policy tightening will move ahead only slowly. "The stock markets are supported by steady growth in earnings," said Mutsumi Kagawa, chief global strategist at Rakuten Securities, noting steady growth in forward earnings in the United States, Japan and elsewhere. "In addition, even as the economy grows, both policy interest rates and long-term interest rates remain low because inflation remains tame due to various structural reasons," he added. U.S. inflation has been contained even as the country''s labor market appears to be in its best shape in many years, with the jobless rate staying near a 17-year low. A report by private payrolls processor ADP showed on Wednesday that private U.S. employers added 178,000 jobs in July, slightly below economists'' expectations, although payroll gains in June were revised up to 191,000 from an originally reported 158,000. Market participants expect the more closely watched government employment report due on Friday to show a solid expansion in U.S. job creation. In the currency market, the dollar has been losing its luster as the euro zone and a few other countries have been slowly winding back stimulus. The European Central Bank, which is buying 60 billion euro ($71 billion) bonds per month to shore up euro zone economies, is expected to unveil a plan to wind down the asset purchase program in coming months. The euro traded at $1.1845, after having risen to as high as $1.19105 on Wednesday, its highest level since January 2015. The common currency has strengthened sharply against the safe-haven Swiss franc, having gained more than four percent in less than two weeks to 1.1488 francs. The British pound held near its highest in almost 11 months against a broadly weaker dollar ahead of the Bank of England''s "Super Thursday", which could shed light on how soon interest rates could be lifted. Sterling has been supported in recent weeks by expectations the bank might finally be getting ready for a hike after a series of hawkish comments from policymakers, though Governor Mark Carney could be more cautious. The pound last traded at $1.3221 , near Wednesday''s 11-month high of $1.3250. The yen stepped back from Tuesday''s 1 1/2-month high of 109.92 yen per dollar to trade at 110.69 yen . Oil prices dipped as a rally that pushed up prices by almost 10 percent since early last week lost its momentum, despite renewed signs of a gradually tightening U.S. market. While strong demand in the United States supported prices, ongoing strong supplies from OPEC producers restricted further gains. Brent crude futures slipped 0.4 percent to $52.17 per barrel, still not far from Wednesday''s high of $52.93, its highest level in 10 weeks. Reporting by Hideyuki Sano; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN1AJ02E'|'2017-08-03T04:08:00.000+03:00'
'7098f6060923c3b5851663345737d0a2c915d764'|'LSE posts 19.5 percent rise in first-half profit'|'August 3, 2017 / 6:12 AM / 10 minutes ago LSE posts 19.5 percent rise in first-half profit Reuters Staff 1 Min Read A red London bus passes the Stock Exchange in London February 9, 2011. Luke MacGregor (Reuters) - London Stock Exchange Group Plc ( LSE.L ) reported a 19.5 percent rise in first-half adjusted operating profit, helped by a strong performance in its clearing and FTSE Russell indexes businesses. LSE, which is exploring investments to drive growth after the collapse of its proposed merger with Deutsche Boerse DBIGn.DE, said adjusted operating profit rose to 398 million pounds($526.32 million) in the six months ended June 30, from 333 million pounds, a year earlier. Revenue rose 18.1 percent to 853 million pounds. Reporting by Noor Zainab Hussain and Arathay Nair in Bengaluru; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-results-idUKKBN1AJ0LM'|'2017-08-03T09:12:00.000+03:00'
'5c5516dab5b0456977f67835e9190829272eeaf0'|'Kering drops suit against Alibaba, to co-operate on counterfeits'|'FILE PHOTO: Two men chat beside a logo of Alibaba (China) Technology Co. Ltd at its headquarters on the outskirts of Hangzhou, Zhejiang province May 17, 2010. Steven Shi/File Photo PARIS (Reuters) - French luxury goods group Kering ( PRTP.PA ) has dropped a lawsuit filed in New York against Alibaba ( BABA.N ) and Alipay and agreed instead to co-operate with the two companies to safeguard intellectual property rights and fight counterfeiting.Chinese e-commerce company Alibaba has faced allegations in the past that its online shopping sites fail to prevent the sale of copyright-infringing goods.Alibaba has said it is constantly improving its monitoring and enforcement of rules against counterfeits."The companies have established a joint task force with the purpose of collaborating fully, exchanging useful information, and working closely with law enforcement bodies to take appropriate action against infringers of Kering''s brands identified with Alibaba''s advanced technology capabilities," the groups said in a statement on Thursday."As part of the agreement, Kering has agreed to dismiss the lawsuit filed against Alibaba and Alipay, an Ant Financial subsidiary, in the U.S. District Court in New York," they said.In August 2016, A U.S. judge dismissed part of a lawsuit filed by Gucci, Yves Saint Laurent and other luxury brands accusing Alibaba of promoting the sale of counterfeit goods saying their complaint failed to support those claims.Reporting by Sudip Kar-Gupta; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-kering-alibaba-idUSKBN1AJ1UN'|'2017-08-03T15:59:00.000+03:00'
'eaca55597803145173a6afc157d1b7b42635094a'|'CORRECTED-(OFFICIAL)-U.S. taxable bond funds attract $1.8 bln in week -Lipper'|'August 4, 2017 / 3:16 AM / 16 minutes ago CORRECTED-(OFFICIAL)-U.S. taxable bond funds attract $1.8 bln in week -Lipper 1 Min Read (Correcting headline and first paragraph to read investors added $1.8 billion to taxable bond funds, not pulled $925 million, to comply with an official correction from Lipper) NEW YORK, Aug 3 (Reuters) - Investors added $1.8 billion to taxable bond funds during the latest week, marking the fourth straight week of inflows for the funds, Lipper data showed on Thursday. Stock funds posted $133 million of outflows during the week through Wednesday, a third straight week of withdrawals, according to the research service. Reporting by Trevor Hunnicutt; Editing by Chris Reese & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSL1N1KQ03X'|'2017-08-04T06:16:00.000+03:00'
'502fda1616ec9475e33e10a21f82b37352ca75a1'|'Struggling dollar awaits US jobs report for potential relief'|'August 4, 2017 / 1:01 AM / 16 minutes ago Struggling dollar awaits U.S. jobs report for potential relief Shinichi Saoshiro 3 Min Read Dollar banknotes are seen under Euro saving money box in this picture illustration taken February 16, 2017. Dado Ruvic/Illustration TOKYO (Reuters) - The dollar struggled near a 2-1/2-year low against the euro and a seven-week trough versus the yen on Friday in the wake of weak U.S. data, awaiting the closely watched non-farm jobs report later in the session for potential relief. The greenback has been on the back foot through the week, weighed by largely uninspiring U.S. economic data which have added to uncertainty about the pace of future Federal Reserve policy tightening and political turmoil gripping Washington. The market received a fresh dose of both factors overnight. Data from the U.S. Institute of Supply Management (ISM) showed its manufacturing index fell more than expected, while it was reported that a grand jury will investigate allegations of Russian meddling in the U.S. election. Beleaguered dollar bulls looked to the U.S. jobs report due at 1230 GMT to turn fortunes around for the greenback, at least in the short term. Economists polled by Reuters expect U.S. employers to have added 183,000 jobs in July, down from 222,000 in June. The euro added 0.1 percent to $1.1878 EUR= and in striking distance of $1.1910, its highest since January 2015 scaled midweek. The dollar was steady at 110.005 yen JPY= after touching 109.855 overnight, its   "Expectations for the Fed hiking interest rates within the year are already less than 50 percent and the figure could drop further if the jobs report disappoints, taking dollar/yen towards 109.00," said Yukio Ishizaki, senior currency strategist at Daiwa Securities. Fed funds futures implied traders saw a roughly 44 percent chance of a Fed rate hike in December, according to CME Group''s FedWatch tool. "While bargain hunting by Japanese institutional investors is preventing dollar/yen from sliding too far below 110.00 yen, there is also significant demand for the yen stemming from its gains against the pound and the Canadian and Australian dollars," Ishizaki said. Sterling took a battering overnight after the Bank of England voted 6-2 to keep interest rates at current record lows and lowered its forecasts for growth, inflation and wages, disappointing investors who expected more hawkish messaging. The pound was last at 90.410 pence per euro EURGBP=D3 after retreating to a nine-month low of 90.485 pence overnight. It stood little changed at $1.3144 GBP=D3 after losing 0.7 percent the previous day. Against the yen, the pound extended losses from Thursday, when it slid 1.2 percent, to touch an 11-day low of 144.33 GBPJPY=. The dollar index   currencies was 0.15 percent lower at 92.704 .DXY, poised to lose about 0.6 percent on the week during which it fell to a 15-month low of 92.548. Reporting by Shinichi Saoshiro; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-forex-idUKKBN1AK02L'|'2017-08-04T03:54:00.000+03:00'
'ce161aa78ee64e3240dbe33c07d0d0b3cefc8d7b'|'Apple''s Tim Cook hopes China will ease VPN restrictions 2,'|'Apple''s Tim Cook hopes China will ease VPN restrictions by Rishi Iyengar @Iyengarish August 2, 2017: 8:51 AM ET Tim Cook: Technology can''t work without people Apple''s CEO says he hopes China''s intensified crackdown on internet access is only temporary. Tim Cook on Tuesday addressed the controversy over his company''s recent removal of some virtual private network (VPN) apps from its China App Store, reiterating that the U.S. company was simply complying with Chinese regulations. "We''re hopeful that over time the restrictions we''re seeing are lessened, because innovation really requires freedom to collaborate and communicate," Cook said during Apple''s ( AAPL , Tech30 ) latest earnings call. "We believe in engaging with governments even when we disagree," he said. China has in recent months strengthened its massive internet censorship apparatus, which is often referred to as the Great Firewall. It has partially blocked popular messaging apps like WhatsApp and stepped up its censorship of images deemed politically sensitive. Earlier in the year, Chinese authorities announced a widening crackdown on VPNs , which use encryption to bypass online filters -- a move they defended last week by saying it is aimed at "cleaning" the internet. Apple''s decision to remove the VPN apps in China was widely criticized, with many saying it was aiding and abetting Chinese censorship. ExpressVPN, one of the popular apps that was delisted, said in a blog post that it was "disappointed" and "troubled" by the tech giant''s decision. But Cook defended the move, saying it was no different to Apple''s compliance with local regulations in all its markets. "We would obviously rather not remove the apps, but like we do in other countries we follow the law wherever we do business," he said. Related: Russia bans VPNs to stop users from looking at censored sites He also disputed comparisons made by some critics between Apple''s treatment of Chinese government requests and its refusal last year to help U.S. authorities unlock the phone of one of the perpetrators of the San Bernardino terrorist attack. "In the case of the U.S., the law in the U.S. supported us. It was very clear," Cook said. "In the case of China, the law is very clear there ... We have to abide by them in both cases. That doesn''t mean that we don''t state our point of view in the appropriate way." Related: FBI says it has cracked terrorist''s iPhone without Apple''s help This is not the first time Apple has drawn criticism for doing the Chinese government''s bidding. The company removed multiple apps belonging to the New York Times from the App Store in China in December. It has also been at the receiving end of Chinese censorship, with its iBooks and iTunes Movie services shut down last year. The latest controversy comes as Apple faces a continuing decline in sales in China, its biggest overseas market. The company''s revenue from the Greater China region in the latest quarter fell 10% from a year earlier. Apple is not the only big American tech firm following Chinese censors'' orders. Customers of Amazon''s ( AMZN , Tech30 ) cloud computing service in the country have recently been warned to immediately stop using tools that bypass the Great Firewall and websites that are not registered with the Chinese government. Related: Amazon brings Prime to China "We could receive a notice from regulators at any time asking us to shut down such services," said a message sent out Monday by Beijing Sinnet Technology, the Chinese partner of Amazon Web Services. "If you have any of the [services], please stop in case your business is affected," said the message, which was provided to CNN by one of the companies'' clients. Amazon and Sinnet did not immediately respond to requests for comment. -- Serenitie Wang contributed to this report CNNMoney (New Delhi) First published August 2, 2017: 3:57 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/08/02/technology/business/tim-cook-defends-china-vpn-app-censorship/index.html'|'2017-08-02T12:01:00.000+03:00'
'13317f9df28a230849299a0774a73ff08a2edc88'|'Tesla quarterly revenue more than doubles'|'August 2, 2017 / 8:26 PM / 21 minutes ago Tesla quarterly revenue more than doubles Reuters Staff 1 Min Read The interior of the Tesla Model 3 sedan is seen in this undated handout image as the car company handed over its first 30 Model 3 vehicles to employee buyers at the company''s facility in Fremont, California, U.S. on July 28, 2017. Tesla/Handout via REUTERS (Reuters) - Electric-car maker Tesla Inc''s ( TSLA.O ) quarterly revenue more than doubled, driven by deliveries of its high-end Model S sedans and sports utility vehicle Model X. However, the company''s net loss attributable to shareholders widened to $336.4 million (254.36 million pounds) for the second quarter ended June 30 from $293.2 million a year earlier. bit.ly/2uXmTL2 On a per share basis, net loss attributable to shareholders narrowed to $2.04 from $2.09. Revenue rose to $2.79 billion from $1.27 billion. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesla-results-idUKKBN1AI2PK'|'2017-08-02T23:26:00.000+03:00'
'0f7285e8463fa2140c10e17ffe785a0e08018295'|'Oil prices fall on surprise rise in U.S. inventories, high OPEC output'|'August 2, 2017 / 1:04 AM / in 20 minutes Oil prices fall on surprise rise in U.S. inventories, high OPEC output Henning Gloystein 3 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo SINGAPORE (Reuters) - Oil fell on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.85 per barrel at 0046 GMT, down 31 cents, or 0.6 percent, from their last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday. Brent crude futures LCOc1, the international benchmark for oil prices, were trading down 30 cents, or 0.6 percent, at $51.48 per barrel. The American Petroleum Institute (API) said late on Tuesday that U.S. crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million, hitting hopes that recent inventory draws were a sign of a tightening U.S. market. In global markets, prices were weighed down by a survey this week that showed production by the the Organization of the Petroleum Exporting Countries (OPEC) hit a 2017-high of 33 million barrels per day (bpd), despite the club''s pledge to restrict output together with some non-OPEC producers including Russia by 1.8 million bpd between January this year and March 2018. Because of rising global output, energy consultancy Douglas Westwood said oversupply would likely return soon, and last for years. "Oversupply will actually return in 2018. This is due to the start-up of fields sanctioned prior to the downturn. This is in addition to the production gains through increased investment and activity in the U.S. unconventional space," said Steve Robertson, head of research for the firm''s Global Oilfield Services. Douglas Westwood said it expected oversupply to last until at least 2021. Robertson said that "external factors such as major interruptions to supply from political or weather-related events can shift the balance quickly". But he warned that "any expectations of recovery based upon optimism or wishful thinking along ''it always bounces back'' should be tempered by a reality check, and the very real possibility that the current recovery could take much longer to materialise". Reporting by Henning Gloystein; Additional reporting by Keith Wallis in London; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AI02U'|'2017-08-02T04:04:00.000+03:00'
'7981ffce4cb907be3081ca96327f3c6fef658d97'|'Lufthansa sees stable third quarter unit revenues'|'August 2, 2017 / 5:35 AM / 23 minutes ago Lufthansa sees stable third quarter unit revenues Reuters Staff 1 Min Read A Lufthansa Airbus A319 airplane lands at the Charles de Gaulle International Airport in Roissy, near Paris, July 28, 2017. Benoit Tessier FRANKFURT (Reuters) - Lufthansa ( LHAG.DE ) said it expected third-quarter unit revenues to be stable, and increased the forecast for its air freight unit after a good start to the year. The carrier said it now expected Lufthansa Cargo to report a profit for this year, after previously predicting a slightly smaller loss than last year. Its cargo arm reported a profit of 78 million euros ($92.24 million) for the first half of the year, compared with a loss of 45 million in the same period in 2016. Lufthansa had already reported first half results earlier this month, increasing its profit target for the year at the same time to predict a figure above last year''s 1.75 billion euros. Analysts currently forecast 2017 profit of 2.14 billion. Reporting by Victoria Bryan; Editing by Edward Taylor 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-results-idUKKBN1AI0FF'|'2017-08-02T08:34:00.000+03:00'
'7c70fbcc0ad76ddb540b864af93ecacc8b2b0c8b'|'Bunge CEO says to ''evaluate best path'' amid consolidation talk'|'(Reuters) - U.S. agricultural commodities trader Bunge Ltd ( BG.N ) will "evaluate the best path" for the company with shareholders in mind, Chief Executive Officer Soren Schroder said on Wednesday when asked whether a sale of the company is possible."There''s no entrenchment," he said during an earnings conference call with analysts.Bunge was approached by rival commodities trader Glencore PLC ( GLEN.L ) with a takeover offer in May.Reporting by Karl Plume in Chicago; Editing by Bernadette Baum'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bunge-consolidation-idINKBN1AI1PR'|'2017-08-02T11:26:00.000+03:00'
'd4fd6f0a873b42d99168bc79371226ced4301195'|'Activists attack Wisconsin''s Foxconn deal as harmful to wetlands'|'August 1, 2017 / 10:39 PM / 14 hours ago Activists attack Wisconsin''s Foxconn deal as harmful to wetlands Suzannah Gonzales 3 Min Read The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. Tyrone Siu/File Photo (Reuters) - Activists on Tuesday attacked Wisconsin''s plan to waive environmental reviews for Taiwanese electronics manufacturer Foxconn''s proposed $10 billion LCD flat-screen factory, calling it a roadmap to destruction of precious state wetlands. Environmental groups, including Midwest Environmental Advocates and the Wisconsin League of Conservation Voters, said the state''s proposal rolls back protections for wetlands, which act as natural filters for drinking water and wildlife habitats, and protect against flooding. "It''s hard to throw a rock without hitting a wetland," said Ryan Billingham, spokesman for the Wisconsin League of Conservation Voters. "It''s shocking to us in its extreme," he added of the state''s proposed plan. Foxconn, formally known as Hon Hai Precision Industry Co Ltd ( 2317.TW ), hopes to open the plant in 2020 at a 1,000-acre site in southeastern Wisconsin. It will initially employ 3,000 people but that number could rise to 13,000, according to Foxconn and to Wisconsin''s Republican governor, Scott Walker. Foxconn is a major supplier to Apple Inc ( AAPL.O ) for its iPhones, but the company has not said if the Wisconsin factory would produce any parts for Apple. President Donald Trump, who has suggested the deal would not have happened without his efforts, said he was told by Foxconn Chairman Terry Gou that the investment could be larger than $10 billion. "He told me off the record, he thinks he may go to $30 billion," Trump said at a small business event at the White House on Tuesday of Foxconn''s investment. "I promised I wouldn''t tell," Trump said to laughter. Foxconn had no immediate comment. State officials also emphasized the job creation, including an expected 22,000 ancillary and 10,000 construction jobs. "We can preserve our natural resources & help businesses create jobs, economic opportunity for the people of WI. The two aren''t incompatible," Tom Evanson, spokesman for Walker, said on Twitter. Walker ordered the Republican-controlled state legislature into special session on Tuesday to consider the package. Legislators said a public hearing will be held Thursday and a vote could occur this month. The draft bill allows Foxconn to discharge dredged or fill material into some wetlands without state permits. The legislation also would allow Foxconn to connect artificial bodies of water with natural waterways without state permits. Gou told the Milwaukee Journal Sentinel that Wisconsin was appealing in part because of its proximity to abundant fresh water from Lake Michigan. "New business is great, but it shouldn''t come at the expense of our water and air," Clean Wisconsin said on Facebook. Reporting by Suzannah Gonzales in Chicago; Additional reporting by David Shepardson and Ayesha Rascoe in Washington; Editing by Ben Klayman and Matthew Lewis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-foxconn-wisconsin-idUSKBN1AH5EF'|'2017-08-02T01:38:00.000+03:00'
'efeb0d400dbd296e9252132cd140a93b2ab34601'|'Axel Springer to buy United Internet''s performance marketing network'|'FILE PHOTO: A shareholder takes a newspaper during the annual shareholders meeting of German newspaper publisher Axel Springer in Berlin April 16, 2014. Fabrizio Bensch/File Photo FRANKFURT (Reuters) - German publisher Axel Springer has agreed to buy internet service provider United Internet''s online performance marketing business to create Europe''s largest network of its kind and prepare it for a public listing, the companies said on Wednesday.Performance marketing networks, or marketing affiliates, connect online advertisers and publishers, for which they earn a fee. The bigger they are, the better their technology gets at matching clients.Axel Springer''s Awin and United Internet''s Affilinet together have advertising turnover of 718 million euros ($849 million), earnings before interest, tax, depreciation and amortization of 30 million euros and 1,100 employees, mostly software developers and salespeople.Awin has 6,000 advertisers around the globe, while Affilinet has more than 3,500 advertisers in seven European countries.Axel Springer will first buy out Swisscom''s 48 percent share in Awin for 60 million euros plus interest by exercising a call option, valuing it at 5.2 times 2017 EBITDA.It will then issue new shares to United Internet to buy most of Affilinet.Axel Springer will hold 80 percent of the new Awin and United Internet the remaining 20 percent. Awin Chief Executive Mark Walters will head the combined company.Reporting by Georgina Prodhan; Editing by Greg Mahlich'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-axel-sprngr-united-internet-marketing-idINKBN1AI1WE'|'2017-08-02T12:46:00.000+03:00'
'663024fee0e81e1a5c6dd5256ca25a379401df84'|'Unilever''s venture arm gives Germany''s Helpling a hand'|'FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid /File Photo (This version of the August 1 story corrects spelling of start-up)(Reuters) - Unilever has invested in German start-up Helpling, a website for booking home cleaners, its latest effort to test new businesses as technology changes ways of selling packaged goods.The Anglo-Dutch company, whose brands include Domestos cleaners, Persil detergent and Dove soap, announced the investment on Wednesday, without disclosing its size.Helpling, whose other investors include Rocket Internet and Mangrove Capital, plans to roll out additional household services internationally and upgrade its technology.The investment from Unilever Ventures, the company''s venture capital and private equity arm, follows a string of partnerships with the three-year old start-up, including co-branded marketing campaigns and the distribution of home care products to Helpling customers, who use the site to find and book independent cleaners.Unilever was one of the first packaged goods makers to set up a venture capital arm to invest in early-stage brands, but the strategy has been adopted in recent months by nine other big food industry players.Unilever Ventures has also invested in food delivery services Gousto and Sun Basket.Reporting by Martinne Geller; editing by David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-helping-m-a-unilever-idINKBN1AH5D4'|'2017-08-01T20:04:00.000+03:00'
'7b92f4c2a99617226d40220b3494494887775027'|'SunPower to sell 8point3 stake, forecast disappoints; shares slide'|'(Reuters) - SunPower Corp ( SPWR.O ) on Tuesday posted a smaller-than-expected quarterly loss, citing strong demand for its solar panels and projects, but its stock slid more than 11 percent in extended trade after the U.S. solar company failed to raise its outlook for the year.SunPower also announced that it would sell its stake in the 8point3 Energy Partners LP ( CAFD.O ) yieldco, following the lead of its partner in the venture, rival First Solar ( FSLR.O ).SunPower stock slid to $10.07 in extended trading after closing at $11.39 on the Nasdaq. As of Tuesday''s close, the stock had nearly doubled since March when it hit a 52-week low of $5.84.SunPower''s move to shed its stake in 8point3 comes nearly four months after the San Jose-based company said it was considering a replacement partner for First Solar, which at the same time announced it was looking to sell its stake.But SunPower said potential buyers were interested in buying the whole company and not just First Solar''s piece."The feedback from the market overwhelmingly was to buy out SunPower and First Solar, or buy out the whole company and not replace First Solar," SunPower Chief Executive Tom Werner said on a conference call with analysts.8point3 is a publicly-traded entity formed in 2015 that houses solar projects with long-term utility contracts. Proceeds from the sale will allow SunPower to pay down debt and retire its 2018 convertible bonds. The sale will also help SunPower simplify its business and make it easier to run, Werner said.A new, deep-pocketed buyer would benefit 8point3 by lowering its cost of capital, Raymond James analyst Pavel Molchanov said in an interview.SunPower, majority-owned by French oil company Total SA ( TOTF.PA ), has been working to cut costs and preserve cash as a global glut of solar panels has pushed down prices, harming profit margins for manufacturers and developers.Its second-quarter net loss widened to $93.8 million, or 67 cents per share, from a net loss of $70 million, or 51 cents per share, a year ago.Excluding one-time items, the company posted a loss of 35 cents per share, narrower than the loss of 44 cents per share Wall Street analysts had been expecting, according to Thomson Reuters I/B/E/S.For full-year 2017, SunPower expects net revenue of $1.9 billion to $2.1 billion, narrower than the prior view of $1.8 billion to $2.3 billion.Reporting by Nichola Groom in Los Angeles; editing by Matthew Lewis and G Crosse'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sunpower-results-idINKBN1AH57G'|'2017-08-01T20:59:00.000+03:00'
'1a433250882cbdbb17806fbe4c15ccb527031d3a'|'Shire upgrades earnings guidance after second-quarter earnings beat'|'August 3, 2017 / 11:29 AM / an hour ago Shire may spin off hyperactivity drugs, raises forecasts Paul Sandle 4 Min Read FILE PHOTO: Vitamins made by Shire are displayed at a chemist''s in northwest London July 11, 2014. Suzanne Plunkett/File Photo LONDON (Reuters) - Shire, the London-listed pharmaceutical firm built up by acquisitions, said it might spin off its hyperactivity drugs business into a separate company and focus solely on rare disease treatments. Chief Executive Flemming Ornskov said the recent approval of its newest ADHD (attention deficit hyperactivity disorder) drug, and strong demand for its blockbuster Vyvanse, meant the business could thrive as a standalone company. Analysts said the division, which markets amphetamine drugs to children and increasingly to adults as well, could be worth as much as $8.5 billion. "The critical strategic decision before us is to determine how best to manage and operate these two businesses in a way that ensures that each has the appropriate level of management focus, investment and strategic flexibility," Ornskov said. The decision to review the business came as Shire upgraded its full-year earnings forecasts after a strong second quarter. Ornskov said a split was the natural evolution of the plan he laid out when he joined in 2013 to make the company an undisputed leader in rare diseases. "I set out a clear strategy of refocusing the company overall on rare diseases, through a series of acquisitions, in particular of course Baxalta," he told reporters on Thursday. Shire bought haemophilia specialist Baxalta for $32 billion last year in its biggest deal, helping product sales rise 55 percent in the second quarter to $3.59 billion. That deal dwarfed the $186 million Shire paid 20 years ago for Richwood Pharmaceutical, the owner of amphetamine-based ADHD drugs Dextrostat and Adderall. A decade later it agreed to buy New River Pharmaceuticals, just before Vyvanse was approved. The drug remains an ADHD market leader and in 2015 it was approved to treat binge eating disorder. It had sales of $518.2 million in the last quarter. Shire''s newest ADHD drug, Mydayis, received U.S. approval in June. "This approval, and its pending launch, further underscores our success in creating a sustainable franchise and our continued commitment to innovation in ADHD," Ornskov said. Logical Move Analysts at Berenberg said a spin-off would be welcome news and a back-of-the-envelope calculation based on cash flow suggested a valuation of $8.0 billion-8.5 billion, although it was not yet clear if that level could be achieved. "It would remove Shire''s exposure to the patent cliff for Vyvanse in 2023, a major overhang for the stock, as well as inject cash into the balance sheet to help drive deleveraging," they said. Liberum analysts said they could see the logic of a listing for the business, which accounts for 17 percent of Shire''s revenue, rather than a sale to a big rival because there was little scope for further cost cuts and a question mark still hangs over the use drugs to treat hyperactive children. Shire, which is based in Ireland but generates most of its sales in the United States, had second-quarter revenue of $3.75 billion and non-GAAP earnings of $3.73 per ADS (American Depositary Share), up 11 percent and above the consensus $3.60. It also upgraded the midpoint of its full-year earnings per share forecast by 10 cents to $15, reflecting its first-half performance and stronger than expected cost savings from the Baxalta deal. But Shire nudged down estimates for full-year product sales to $14.3 billion-$14.6 billion, from $14.5 billion-14.8 billion, due to a new generic rival to its gastrointestinal drug Lialda. Shire''s shares retreated from gains after the results were published to trade down 1.9 percent at 4,116 pence by 1506 GMT. Editing by Susan Fenton and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-shire-results-idUKKBN1AJ1KI'|'2017-08-03T14:27:00.000+03:00'
'c1fc4a026b8fe43338d08041b42595c1334da38d'|'China to report strong July economic data; trade numbers could fuel friction with U.S.'|'August 3, 2017 / 9:30 AM / 18 minutes ago China to report strong July economic data; trade numbers could fuel friction with U.S. Reuters Staff 6 Min Read FILE PHOTO - A woman walks past containers at a port in Shanghai January 13, 2009. Aly Song/File Photo BEIJING (Reuters) - A flurry of data in coming weeks should show steady growth in China in July, though the potential for increased trade friction with the United States poses a risk to the world''s second-largest economy as it navigates a tighter policy environment. China is expected to report another strong month of exports in July, according to a Reuters poll of analysts, which could play into increasing rhetoric from Washington that China unfairly benefits in the trade relationship. China''s exports are seen rising 10.9 percent year-on-year in July, according to a median estimate from a poll of analysts, which would be down only slightly from June''s robust 11.3 percent growth, while imports are expected to increase 16.6 percent. China''s trade surplus in July was tipped at $46.08 billion, which would be the second highest this year, though it had shrunk to $185 billion   year from $257.1 billion in the same period in 2016 as imports picked up. But the surplus with the United States, China''s largest export market, actually rose 6.5 percent in the first half to $117.5 billion, giving grist to U.S. President Donald Trump''s frequent arguments that the trade balance between the two nation hurts the U.S. economy. Indeed, American appetite for Chinese goods appear to have only increased over the years. The surplus with the U.S. accounted for 64 percent of China''s total surplus in the first half, compared to 43 percent in the year-ago period, according to China customs data. u.s.-China Trade Tensions The issue has resurfaced over the past week as a bipartisan chorus has risen urging Trump to stand up to China as he prepares to launch an inquiry into Beijing''s intellectual property and trade practices in coming days. Tensions between Washington and Beijing have escalated in recent months as Trump has pressed China to cut steel production to ease global oversupply and rein in North Korea''s missile program. Trump tweeted on Saturday after the latest North Korea missile test that he was "very disappointed" in China and that Beijing profits from U.S. trade but had done "nothing" for the United States with regards to North Korea, something he would not allow to continue. "We see a bumpy road ahead for the trade relationship between the two countries", said Yang Zhao, Nomura''s chief China economist. "But it is unlikely that the two nations will enter a true trade war." Zhao said that part of the reason for China''s bigger surplus with the U.S. this year is better performance of the world''s no. 1 economy. China is set to publish trade data on Tuesday. China''s economy grew a faster-than-expected 6.9 percent in the first half, with net exports a positive contributor after being a drag on growth for two years. Solid July Despite Financial Crackdown? Any slowdown in China''s exports could present a challenge to the country''s policymakers as a rebound in shipments abroad has helped stabilize economic growth amid a government crackdown on the property market and an overleveraged financial system. The crackdown has seen a broad tightening in financial conditions, with higher borrowing costs seen cooling growth over coming months. But official and private purchasing manager surveys this week pointed to solid activity in the manufacturing sector and slightly slower growth in the services sector. Other key data to be released over the next two weeks are expected to show economic growth remained solid in July, almost on par with June. Growth in fixed asset investment is expected to have been unchanged from June at 8.6 percent, while retail sales growth may have moderated slightly to 10.8 percent from 11.0 percent a month earlier, analysts said. Inflation is expected to have stayed muted last month, with the consumer price index (CPI) forecast to be unchanged from 1.5 percent in June. Producer prices are also seen steady from June''s 5.5 percent rise. Industrial output, which increased by an unexpectedly high 7.6 percent in June, is forecast to ease off slightly to 7.2 percent growth in July. Inflation data will be published on Wednesday and fixed asset investment, retail and industrial output will be published on August 14. As China continues with an effort to reduce financial leverage in its highly indebted economy, money supply growth is expected to have remained at a record low of 9.4 percent in July. Loan data will also be closely watched for signs of whether the economy continued to build up more debt, amid signs that banks have shifted more credit back onto their books in response to the shadow financing clamp-down. Bank lending probably declined to 800 billion yuan in July after lenders extended a greater-than-expected 1.54 trillion yuan ($229.04 billion) in loans in June. That would be the lowest amount since November as regulators call on banks to take a cautious approach to credit amid fast-rising mortgage lending. Analysts also expect China''s foreign currency reserves, the largest in the world, to have increased slightly to $3.069 trillion in July from $3.057 trillion last month. China is set to publish foreign reserves data on Monday, while money supply and bank lending is expected anytime from August 10-15. Reporting by Elias Glenn and Shaloo Shrivastava; Additional reporting by Stella Qiu; Editing by Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-data-idUKKBN1AJ15F'|'2017-08-03T12:28:00.000+03:00'
'e1e92bd4fd00446347778d1d702b2a48bd144512'|'Avon CEO Sheri McCoy to step down'|'August 3, 2017 / 11:21 AM / 2 hours ago Rising losses, investor pressure push Avon CEO Sheri McCoy to quit 3 Min Read FILE PHOTO - The Avon Products headquarters is seen in midtown Manhattan area of New York, June 21, 2013. Brendan McDermid/File Photo (Reuters) - Avon Products Inc ( AVP.N ), which has been under pressure from activist investor Barington Capital, said Sheri McCoy will step down as chief executive next year, and reported another surprise quarterly loss. Shares of the company, which now expects to meet the lower end of its full-year forecast, fell to a more than one-and-a-half-year low in morning trading. McCoy''s exit caps a turbulent five years for the company, which shrunk to half its size after selling most of its U.S. business, navigated a bribery scandal in China and has lost about 85 percent of its value. Avon has also been struggling to reverse a steady decline in sales as the pioneer of direct-selling loses favor to bigger players such as Estee Lauder Cos Inc ( EL.N ) and other niche brands. Annual sales that crossed $10 billion in 2012, are now at half those levels and are expected to drop further. McCoy, who took the top job at the company in April 2012, had so far resisted stepping down despite repeated calls by Barington to do so since 2015. McCoy managed to stave off some of that pressure by agreeing to sell an 80 percent stake in its U.S. business to private-equity firm Cerberus Capital Management and adding an independent director to its board, changes that Barington approved at the time. The activist investor, however, renewed its pressure after Avon reported a surprise loss in the quarter-ended March this year, and demanded McCoy be removed accusing her of overseeing "a tremendous destruction of shareholder value" and questioned her ability to manage the business effectively. Barington, which holds a less than 1 percent stake in the company, declined to comment. Avon has hired executive search firm Heidrick & Struggles to identify McCoy''s successor, suggesting the company was looking for an outsider for the job. Avon also reported a loss of 2 cents per share in the second quarter, missing analysts'' estimate of a profit of 7 cents per share, according to Thomson Reuters I/B/E/S.Revenue fell 3 percent to $1.4 billion, hurt in part by fewer active door-to-door representatives in Russia and Malaysia, and intense competition in Brazil. Avon said it now expects to meet the bottom end of its forecast for full-year constant currecy revenue growth of low-single-digits and adjusted gross margin growth of 100-140 basis points. Avon''s shares fell as much as 13 percent to $2.92 shortly after the market opened on Thursday. Reporting by Siddharth Cavale and Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-avon-prdcts-ceo-idUSKBN1AJ1K5'|'2017-08-03T14:21:00.000+03:00'
'22f792972e74fc20a94d4b7513937242654d7084'|'Trading platform Tradeweb selects Amsterdam as post-Brexit base'|'August 3, 2017 / 6:52 AM / 23 minutes ago Trading platform Tradeweb selects Amsterdam as post-Brexit base   LONDON (Reuters) - Trading platform Tradeweb unveiled plans on Thursday to expand its European operations in Amsterdam to make sure it can service European Union clients after Britain''s divorce from the bloc. Tradeweb''s European operation is currently based solely in London, and a spokeswoman for the firm said that office would remain after Brexit. Tradeweb has submitted an application with the Dutch Authority for the Financial Markets (AFM) to establish a fully regulated entity within the EU, it said in an emailed statement. "Tradeweb''s imperative has always been to provide our global client base with access to liquidity across a range of products," said Enrico Bruni, head of Europe and Asia business at Tradeweb. "Post-Brexit, for many investors, uninterrupted access to that liquidity requires an independent and fully functional regulated entity within the EU, and our Amsterdam office will be a new expression of our mission." Reporting by John Geddie; Editing by Jamie McGeever 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-tradeweb-idUKKBN1AJ0Q5'|'2017-08-03T09:52:00.000+03:00'
'9a7549f125c929ec49fb8a8f4ea25beb5abbc35c'|'UPDATE 1-Yields drop sharply on Egypt T-bills after foreign currency reserves surge'|'(Adds comment, background)By Arwa GaballaCAIRO, Aug 3 (Reuters) - The average yields on Egypt''s six-month and one-year treasury bills fell sharply in an auction on Thursday, central bank data showed, after foreign currency reserves surged above levels before a 2011 political uprising.Egypt''s central bank said on Tuesday that foreign currency reserves jumped by $4.73 billion at the end of July to $36.04 billion, higher than before the uprising that drove away tourists and foreign investors, key sources of currency.At the first treasury auction since the reserve announcement average yields on the 182-day bill fell to 19.574 percent from 21.175 percent at the last sale on July 27, and yields on the 364-day bill fell to 19.348 percent from 20.952 percent."This illustrates improvement in liquidity, mainly boosted by the strong recovery in appetite from foreign investors and inflows in Egyptian treasuries," said Hany Farahat, senior economist at Cairo-based CI Capital."This will ease the cost of funding for the government," he said.Egypt''s dollar liquidity has been improving since it signed a $12 billion three-year International Monetary Fund loan agreement in November tied to ambitious economic reforms aimed at luring back foreign investment.Foreign buyers have been snapping up Egyptian treasuries in recent months, with total foreign holdings hitting 250.7 billion Egyptian pounds ($14.11 billion) as of the auction on August 1, according to the head of public debt at the finance ministry, Sami Khallaf.Egypt''s central bank has raised its key interest rates by 700 basis points since November when it floated its currency, encouraging foreign investors to buy up its debt.Egypt attracted $9.8 billion in foreign investment in domestic debt instruments in the 2016-2017 fiscal year that ended in June, compared to $1.1 billion the previous year. ($1 = 17.7700 Egyptian pounds) (Reporting by Arwa Gaballa, editing by Pritha Sarkar; Writing by Eric Knecht)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/egypt-treasury-bonds-idINL5N1KP6SA'|'2017-08-03T11:45:00.000+03:00'
'87b5f1fecf7514db0f15aebb3f9069bc0403efda'|'Three funds interested in Spain''s Gas Natural''s local grid: source'|'FILE PHOTO: The logo of Gas Natural is seen inside its headquarters in Madrid, Spain, May 11, 2016. Sergio Perez/File photo MADRID (Reuters) - Three non-Spanish investment funds are interested in acquiring 20 percent of the domestic distribution network owned by Gas Natural, a source taking part in the operation said on Tuesday.The sale could raise 1.5 billion euros ($1.8 billion) and should be finalised within one to three weeks, the source said.Earlier on Tuesday, Gas Natural confirmed it was selling the part of the grid, though gave no other details.Reporting by Carlos Ruano; Writing by Paul Day; Editing by Tomas Cobos '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gasnatural-m-a-idINKBN1AH3PM'|'2017-08-01T07:19:00.000+03:00'
'b2b0867a0cad75850a5b328ce7e330d5e828436e'|'MIDEAST STOCKS-Saudi''s Al Othaim, Abu Dhabi''s Aldar outperform otherwise quiet region'|'DUBAI, Aug 3 (Reuters) - Saudi Arabia''s supermarket and Abu Dhabi''s largest listed developer outperformed an otherwise weak regional market in early trade on Thursday because of their strong second quarter earnings.Shares of Al Othaim Markets rose 2.4 percent after 30 minutes of trade after its second-quarter net income of 71.21 million riyals surpassed expectations. NBC Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals.The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces.Shares of airport ground handling service provider Saudi Ground Services slumped 4.4 percent after it reported a 37.6 percent drop in second quarter net income to 122.3 million riyals.Shares of medical equipment and hospital operator Al Hammadi climbed 2.9 percent after the $1.2 billion company said it has entered preliminary discussions to study the "possibility of merger" with its smaller-sized peer National Medical Care. Its shares were up 2.8 percent.Details of the potential merger were not disclosed.The Riyadh index barely moved.Abu Dhabi''s largest listed developer, Aldar Properties , was up 1.3 percent after it reported a 5.6 percent drop in second-quarter profit to 620 million dirhams ($169 million) amid a double-digit drop in revenue.SICO Bahrain and EFG Hermes had forecast a quarterly profit of 631.72 million dirhams and 600 million dirhams respectively for Aldar.Most other bluechips which had risen on Wednesday fell on profit taking with Abu Dhabi Commercial Bank down 1.8 percent, dragging the index 0.8 percent lower.Dubai''s index fell 0.4 percent as Emaar Properties lost 0.8 percent.In Qatar, the index edged down 0.2 percent with developer of the Pearl Qatar, United Development declining 0.8 percent.The company said it sold beachfront plot of land in the Pearl to Al Mana Group, where a commercial mall will be built, scheduled to open in the third quarter of 2018. The value of the sale was not disclosed.Reporting by Celine Aswad; Editing by Richard Balmforth'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KP215'|'2017-08-03T15:53:00.000+03:00'
'a025220967a26e22410e3c136f90c450aef1d7e0'|'More Than sent me contradictory letters – and said I was six years old - Money'|'I received two letters on the same day from my car insurer More Than, both bearing the same date of eight days previously. One said my policy was cancelled; the other declared it would automatically renew. Both gave my date of birth as 11 November 2010, indicating that I was just six years old. Because the £709 premium had been taken from my account two days after the date on the letters, I assumed that the first one cancelling the policy was a formality to let me know that it had been superseded by the new one. I decided to call to correct my date of birth and discovered that my policy had been renewed and then cancelled, meaning my car had been uninsured for two-and-a-half days. I was told that I would have to complain by phone rather than letter, and that it was impossible to renew the policy immediately. Apparently the cover was cancelled because I had asked to be removed as the named driver and could not therefore be the policyholder – but no one warned me of this. Who would sign two contradictory letters on the same day addressed to a six-year-old child? CB, London More Than explains that “human error” was to blame and the cancellation notice should never have been sent, nor should you have been told that policyholders must be named drivers. As for your extreme youth, this was an “input error”.More Than has since issued the correct documents along with £100 in goodwill and insists that, despite what you were told in the letter and in subsequent phone calls, you were never left without cover.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Car insurance Your problems with Anna Tims Consumer rights Consumer affairs Insurance Motoring features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/aug/03/more-than-contradictory-letters-without-car-cover'|'2017-08-03T09:00:00.000+03:00'
'3a4e0b0972e40e5070e3383200cf6a045694dd32'|'Deutsche Telekom Q2 profits beat forecasts as U.S. in spotlight'|'August 3, 2017 / 5:08 AM / in 2 hours Deutsche Telekom Q2 profits beat forecasts as U.S. in spotlight 1 Min Read FRANKFURT, Aug 3 (Reuters) - Deutsche Telekom, Europe''s biggest telecom company, on Thursday posted quarterly results that topped expectations, with a 9 percent rise in core profit powered by strong results in the United States and modest gains in Germany and Europe. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose 8.9 percent to 5.94 billion euros ($7.04 billion), beating forecasts, which ranged from 5.63 billion to 5.89 billion euros in a Reuters poll. Revenue rose by 6.0 percent to 18.89 billion euros, topping the high end of forecasts by 10 analysts polled by Reuters, which ranged from 18.63 billion to 18.86 billion euros. The German company slightly nudged up its 2017 outlook for adjusted EBITDA to around 22.3 billion euros from 22.2 billion previously. It reaffirmed its annual free cash flow target of 5.5 billion. $1 = 0.8443 euros Reporting By Eric Auchard; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-telekom-results-idUSF9N1JO02P'|'2017-08-03T08:08:00.000+03:00'
'd2980c652549a8e5cc9548fb50fcd933e440c176'|'Shell invests in Singapore solar firm Sunseap; eyes solar projects'|'August 1, 2017 / 3:28 AM / 31 minutes ago Shell invests in Singapore solar firm Sunseap; eyes solar projects Reuters Staff 1 Min Read A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Toby Melville/File Photo SINGAPORE (Reuters) - Royal Dutch Shell ( RDSa.L ) has invested in Singapore-based solar firm Sunseap Group for an undisclosed sum as part of a planned collaboration on solar projects in the Asia-Pacific region, the companies said on Tuesday. Shell declined to reveal the amount invested by Shell Technology Ventures, the company''s corporate venturing arm. Privately held Sunseap Group has about 160 megawatts of distributed solar contracts in Singapore, holds an electricity retailer license and has secured utility scale solar projects in the region, the two companies said. Sunseap said in May that it aimed to expand in Singapore and the region, and scale up its operations following the implementation of several solar energy projects in Singapore, Malaysia, India, Vietnam, Thailand and the Philippines. It said then that it aimed to raise S$75 million ($55 million) for its expansion plans. ($1 = 1.3554 Singapore dollars) Reporting by Jessica Jaganathan; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-singapore-shell-idUKKBN1AH2WS'|'2017-08-01T06:27:00.000+03:00'
'ab84627cc06b5afc966ae686700eca900ea6b661'|'Britain could lose 40,000 investment bankers after Brexit – report'|'July 31, 2017 / 11:04 PM / 3 hours ago Britain could lose 40,000 investment bankers after Brexit – report Anjuli Davies 4 Min Read FILE PHOTO: A view of the City of London, Canary Wharf and the Shard, Britain July 7, 2017. John Sibley/File Photo LONDON (Reuters) - Britain''s finance industry could lose up to 40,000 investment banking jobs in the next few years unless it strikes a softer deal on its departure from the European Union, according to a new report by consultancy firm Oliver Wyman. Banks are currently planning for a worst-case scenario in which they lose access to the European single market once Britain leaves the bloc in 2019, as they say they do not have time to wait to see how Britain''s talks with Brussels unfold. Citigroup ( C.N ), Bank of America ( BAC.N ) and Morgan Stanley ( MS.N ) as well as Britain''s Barclays ( BARC.L ) have all indicated in the last month they are finalising plans to set up subsidiaries within the EU. "The banks are working on ‘no regrets’ moves, which increase options but don’t cost that much either to undertake or to reverse," Matt Austen, UK head of financial services at Oliver Wyman, said. "Once you get to the point of putting balance sheet and capital into an entity, it becomes more committed. The economics really start to bite when banks start to deploy financial resources." These initial moves could see around 12,000 to 17,000 banking jobs move out of London but with a number of issues, including around clearing, still to be hammered out, that number could more than double to 40,000, the consultancy estimated. The wholesale banking sector, which includes sales and trading and investment banking, employs around 80,000 people in Britain, according to Oliver Wyman, so based on that figure about half of these jobs could move. Oliver Wyman had warned in October in a report commissioned by the industry''s main lobby group TheCityUK that 75,000 jobs may disappear from Britain if finance firms, including insurers and asset managers, lost the right to sell their services freely across Europe, costing the government up to 10 billion pounds in lost tax revenue. But for now banks are holding off on implementing plans to move a significant number of people, focusing instead on ensuring they have the right legal and operational framework to do business in the EU if Britain fails to negotiate a favourable exit deal, banking executives say. "Most are looking to minimise expense and disruption by relocating as little as possible in the first instance," Oliver Wyman said. The largest global banks in London have so far indicated about 9,600 jobs could go to the continent in the next two years, according to public statements and information from industry sources. "If you want to move people in advance of March 2019, realistically, the latest you can afford to wait is next summer, maybe even sooner," Austen said. The consultancy also estimated that $30 to $50 billion (22.73 to 37.88 billion pounds) of extra capital might be needed to support new European entities, equivalent to 15 to 30 percent of the capital currently committed to the region by wholesale banks, which could knock 2 percent off their returns on equity. "There is a risk that banks’ capital needs could be higher still, for example if they fail to achieve sought-after regulatory treatment (from European Union regulators) on issues such as internal model approvals and the treatment of large inter-company exposures." The bill for duplication of services as they build up new European entities in areas such as risk and compliance could add between 2 and 4 percent to the annual cost base or around $1 billion. "Given that returns on equity in European wholesale banking are already below hurdle for many players, these new challenges from Brexit will raise difficult questions about the viability of some activities over the medium term," the consultancy said. "Some banks may even choose to withdraw capacity from the European market as a whole and redeploy to other regions, such as Asia or the US." Reporting By Anjuli Davies. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-finance-idUKKBN1AG2MJ'|'2017-08-01T02:04:00.000+03:00'
'bf325e0ec9da494abb09f9c9522cf5cc00143e99'|'TREASURIES-Yields rise as month-end demand dissipates'|'* Friday''s U.S. payrolls report in focus * Treasury to announce refunding schedule on Wednesday By Karen Brettell NEW YORK, Aug 1 (Reuters) - U.S. Treasury yields rose on Tuesday as buying demand from month-end extensions passed and U.S. economic data contained no significant surprises. Month-end buying prompted by index extensions had supported bonds on Monday. Now, “it is the first day of the month so month-end buying pressures from July are behind us,” said Ian Lyngen, head of U.S. interest rate strategy at BMO Capital Markets in New York. Investors were also waiting on a busy week of economic data releases, which will culminate in Friday''s U.S. employment report for July. Data on Tuesday showed that U.S. consumer spending barely rose in June as income failed to increase for the first time in seven months, pointing to a moderate pace of consumption growth in the third quarter. A manufacturing report later on Tuesday and services and non-manufacturing data on Thursday will be watched for further indications of the strength of the U.S. economy, with the main economic focus on Friday''s payrolls number. The market is in “a holding pattern into payrolls and average hourly earnings on Friday,” said Lyngen. Benchmark 10-year notes were last down 7/32 in price to yield 2.32 percent, up from 2.29 percent late on Monday. The Treasury Department''s quarterly refunding announcement on Wednesday will be scrutinized for any indication of how the government plans to make up for a reduction in Federal Reserve bond purchases once the U.S. central bank begins paring them. Investors will also be focused on whether the government plans to introduce a new ultra-long bond, or revive a 20-year issue, which Treasury Secretary Steven Mnuchin has said would be beneficial for the government’s funding mix. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1KN0JL'|'2017-08-01T11:24:00.000+03:00'
'56a3a5598257bdb2385b719100ebd9b6b7e4266c'|'LV= in advanced talks with Allianz for general insurance stake'|'August 3, 2017 / 6:58 AM / in an hour LV= in advanced talks with Allianz for general insurance stake Reuters Staff 1 Min Read FILE PHOTO: The logo of Europe''s biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. Jacky Naegelen/File Photo LONDON (Reuters) - British insurer LV= is in advanced talks with German rival Allianz to sell a minority stake in its general insurance operation. The 174-year old firm said on Thursday that discussions with Allianz were ongoing but there was no certainty that a deal would be agreed. The statement came in response to a Sky News report that the two companies were close to an agreement valuing LV=''s general insurance division at approximately 1 billion pounds ($1.32 billion) with an announcement expected on Aug. 4. A source close to the matter told Reuters that negotiations were about to be finalised and the deal was expected by the end of this week. Bournemouth-based LV= has nearly six million British customers and offers a range of products from car, home, travel and life insurance to investment and retirement solutions. LV= also ranks as one of one of Britain''s biggest financial services mutuals, with about 5,700 employees. Reporting By Pamela Barbaglia; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lv-allianz-m-a-idUKKBN1AJ0QC'|'2017-08-03T09:54:00.000+03:00'
'aab59f799d7dbcd1cdb8df70f567827d0f7231c5'|'China bankruptcies rise steadily in 2017 amid ''zombie firm'' crackdown'|'SHANGHAI, Aug 3 (Reuters) - Chinese courts handled more than 4,700 bankruptcy cases in the first seven months of 2017, up "steadily" on the same period of 2016 as Beijing stepped up its campaign against ''zombie firms'', a senior official with the judiciary said on Thursday."The difficulties of launching a bankruptcy case have been effectively eased," He Xiaorong, a senior director at China''s Supreme People''s Court, told a news briefing.He said that after 2009, the number of bankruptcy cases in China went into decline with creditors finding it difficult to bring insolvency cases in the courts, but subsequent reforms had improved the situation.Zombie enterprises are loss-making firms that continue to operate only with the support of government subsidies or soft loans. China promised last year to shut them down as part of supply side reform efforts to rejuvenate its debt-ridden state sector and make better use of its capital, labour and resources.Senior leadership sources estimated last year that the plans to close zombie enterprises over the 2016-2018 period could involve more than 6 million layoffs, and the government has already introduced special funds to help pay for redundancies.But China''s inadequate bankruptcy mechanisms have long been regarded as an obstacle when it comes to shutting down loss-making firms, with weak laws and inexperienced courts likely to expose companies to a ''creditors'' race'' that forces the piecemeal sale of assets.Executives have also complained the laws leave company bosses personally liable when it comes to repaying debts, making them reluctant to enter bankruptcy proceedings.The Supreme People''s Court''s He said China had made strides to perfect the country''s bankruptcy system, establishing mechanisms to identify zombie enterprises, handle layoffs and maintain social stability.He said that a special bankruptcy court set up in 2015 had handled 1,923 cases in the first seven months of 2017, up 28.3 percent compared to the same period of last year.It now takes an average of 1.7 years to close a business through insolvency procedures in China, better than the East and South Asia average of 2.6 years, according to a report by BMI Research published last week. (Reporting by David Stanway and Engen Tham; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-bankruptcy-idINL4N1KP2YP'|'2017-08-03T05:49:00.000+03:00'
'97dab94a83d241a3f145f6ace80b849ed393b439'|'RPT-BRIEF-North American heavy truck orders rise in July - ACT'|'(Repeats to additional subscribers)STOCKHOLM, Aug 3 (Reuters) - Industry data provider ACT Research:* Preliminary net orders of heavy trucks (Class 8) in North America rose 4 pct in July vs June, and were up 81 pct yr/yr* "While down on a nominal basis from the 2017 order trend, seasonal adjustment brings July’s order intake in-line with recent activity," Kenny Vieth, President and Senior Analyst at ACT Research, said in a statement* "Over the past six-months, Class 8 net orders, seasonally adjusted, have averaged 21,900 units/month," Vieth added* The biggest truck makers in North America include AB Volvo , Daimler and Paccar* Link to ACT release: bit.ly/2w8SUyEReporting by Johannes Hellstrom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1KP1JD'|'2017-08-03T09:26:00.000+03:00'
'1f8f5925e912fc2aa06b7304eb357e8bbe060271'|'Serco first-half results on track, pipeline gives room for optimism'|'August 3, 2017 / 6:41 AM / in 13 minutes Serco first-half results on track, pipeline gives room for optimism Reuters Staff 2 Min Read A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. Darren Staples/Files EDINBURGH (Reuters) - British outsourcing group Serco ( SRP.L ) said a better-than-expected outlook for its bid pipeline kept it on track to meet profit and revenue guidance this year despite several of its markets turning markedly more unpredictable. Serco, which runs transport, health, justice, defence and security services for public departments and gets half of its revenues from the UK, reported flat first half revenue of 1.5 billion pounds ($2.0 billion), with the weakness of the pound helping to offset the decline. "The most striking element is the order intake, which for two successive periods has been very strong, totalling some 4 billion pounds in the last twelve months, and we have succeeded in maintaining the pipeline at broadly similar levels despite strong order conversion," CEO Rupert Soames said in a statement. "However, as we said in June, we remain sensibly cautious in the light of the political environment in several of our markets becoming markedly more unpredictable". Underlying trading profit fell 30 percent, after a series of one-offs in the same period last year, to 35 million pounds. the group is in the middle of an overhaul started three years ago after a reset of strategy followed a series of profit warnings. Reporting by Elisabeth O''Leary; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-serco-results-idUKKBN1AJ0OL'|'2017-08-03T09:40:00.000+03:00'
'977271304959ad9ed94a5a42c2bfa1dcf8c0b697'|'PRESS DIGEST - Wall Street Journal - Aug 3'|'August 3, 2017 / 4:21 AM / 2 hours ago PRESS DIGEST - Wall Street Journal - Aug 3 2 Min Read Aug 3 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Irene Rosenfeld is stepping down after 11 years as chief executive of Mondelez International Inc, as the snack giant faces pressure to improve profitability amid an upheaval in the packaged-food business. McCain Foods CEO Dirk Van de Put will succeed her in November. on.wsj.com/2vkwFIv - U.S. President Donald Trump announced a proposal to cut the number of green cards issued annually by half, embracing a Senate measure that advances his drive to reduce legal as well as illegal immigration into the United States. on.wsj.com/2vkqYdp - Brazil''s Congress rejected bribery charges against President Michel Temer, preventing his case from going to trial at the Supreme Court and averting a third change of power in less than two years. on.wsj.com/2vkwFIa - U.S. President Donald Trump signed into law a bill imposing sanctions on Russia to punish it for its interference in the 2016 U.S. election, even as he hit back by saying the legislation was "seriously flawed." on.wsj.com/2vkAGwj - Qatar Airways said it is abandoning its controversial plan to take a stake of up to 10 percent in American Airlines Group Inc, ending a brash attempt by the government-owned Middle East carrier to push into the United States amid political upheaval at home. on.wsj.com/2vktWyD (Compiled by Bengaluru newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1KP1ZQ'|'2017-08-03T07:18:00.000+03:00'
'3cd48fc8ca09f1aac52d08c0e9665dee1b2078ab'|'Strong U.S. jobs report seen in July; wages likely rose'|'August 4, 2017 / 4:12 AM / 2 hours ago Strong U.S. jobs report seen in July; wages likely rose Lucia Mutikani 5 Min Read FILE PHOTO - Job seekers line up to apply during "Amazon Jobs Day," a job fair being held at 10 fulfillment centers across the United States aimed at filling more than 50,000 jobs, at the Amazon.com Fulfillment Center in Fall River, Massachusetts, U.S., August 2, 2017. Brian Snyder WASHINGTON (Reuters) - U.S. employers likely maintained a strong pace of hiring in July while raising wages for workers, signs of labor market tightness that could clear the way for the Federal Reserve to announce next month a plan to start shrinking its massive bond portfolio. According to a Reuters survey of economists, the Labor Department''s closely watched employment report on Friday will probably show that non-farm payrolls increased by 183,000 jobs last month after surging 222,000 in June. Average hourly earnings are forecast to have risen 0.3 percent after gaining 0.2 percent in June. That would be the biggest increase in five months. But the year-on-year increase in wages will probably slow to 2.4 percent as last year''s sharp rise drops out of the calculation. Average hourly earnings increased 2.5 percent in the 12 months to June and have been trending lower since surging 2.8 percent in February. Lack of strong wage growth is surprising given that the economy is near full employment. "This will be another encouraging labor market report for the Fed in their anticipated plans for gradual monetary policy tightening into the second half of the year," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina. Economists expect the Fed will announce a plan to start reducing its $4.5 trillion portfolio of Treasury bonds and mortgage-backed securities in September. Sluggish wage growth and the accompanying benign inflation, however, suggest the U.S. central bank will delay raising interest rates again until December. The Fed has raised rates twice this year, and its benchmark overnight lending rate now stands in a range of 1 to 1.25 percent. Wage growth is crucial to sustaining the economic expansion after output increased at a 2.6 percent annual rate in the second quarter, an acceleration from the January-March period''s pedestrian 1.2 percent pace. The unemployment rate is forecast to have dropped one-tenth of a percentage point to 4.3 percent, a 16-year touched in May. It has dropped four-tenths of a percentage point this year and matches the most recent Fed median forecast for 2017. Still, some slack remains in the labor market, which economists say is restraining wage growth. "We still have a lot of potential workers who are working part-time; there is still slack in the labor market which hasn''t been fully worked through," said Mike Moran, head of economic research, the Americas, at Standard Chartered Bank in New York. July''s anticipated employment gains would be close to the 180,000 monthly average for the first half of the year. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Solid Dynamics Republican President Donald Trump, who inherited a strong job market from the Obama administration, has pledged to sharply boost economic growth and further strengthen the labor market by slashing taxes, cutting regulation and boosting infrastructure spending. But after six months in office, the Trump administration has failed to pass any economic legislation and has yet to articulate plans for tax reform and infrastructure as well as most of its planned regulatory roll-backs. "Labor market dynamics remain very solid and we think that payroll gains in the coming months will continue to be strong enough to reduced the unemployment rate," said Harm Bandholz, chief U.S. economist at UniCredit Research in New York. The jobs composition in July likely mirrored June''s. Manufacturing payrolls are forecast increasing by 5,000 jobs. But employment in the automobile sector probably fell further as slowing sales and bloated inventories force manufacturers to cut back on production. U.S. auto sales fell 6.1 percent in July from a year ago to a seasonally adjusted rate of 16.73 million units. General Motors Co and Ford Motor Co have both said they will cut production in the second half of the year. While further job gains are likely in construction, homebuilders probably laid off more workers in July. Investment in homebuilding contracted in the second quarter at its fastest pace in nearly seven years. Retail payrolls are expected to have increased for a second straight month in July as hiring by online retailers more than offset job losses at brick-and-mortar stores. Companies like major online retailer Amazon are creating jobs a warehouses and distribution centers. This week it held a series of job fairs to hire about 50,000 workers. Reporting by Lucia Mutikani; Editing by James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-economy-idUKKBN1AK09W'|'2017-08-04T07:08:00.000+03:00'
'2b44e82403079475f35def2914306c51b9139aa6'|'UPDATE 2-Toyota to build $1.6 bln U.S. plant with rival Mazda -source'|'FILE PHOTO - A delivery truck enters gate three at the Toyota Motor Manufacturing Plant, home of the Toyota Camry, Avalon and Venza, in Georgetown, Kentucky, U.S. on January 27, 2010. John Sommers II/File Photo WASHINGTON/DETROIT (Reuters) - Toyota Motor Corp ( 7203.T ) and rival Mazda Motor Corp are expected to announce plans on Friday to build a $1.6 billion U.S assembly plant as part of a new joint venture, a person briefed on the matter said.The plant will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people when it opens in 2021, the person said on Thursday.A new auto plant would be a major boost to U.S. President Donald Trump, who campaigned on promises to boost manufacturing and expand employment for American autoworkers.The source, who was not authorized to speak to the media and requested anonymity, said the plant in a yet to be determined U.S. location was expected to build Toyota Corolla cars and a Mazda crossover utility vehicle.Japan''s Nikkei reported earlier on Thursday that Toyota would take a roughly 5 percent stake in Mazda Motor Corp ( 7261.T ) to develop key electric vehicle technologies and jointly build a factory in the United States.The source who spoke to Reuters confirmed the Japanese carmakers planned future joint efforts on electric vehicles.Toyota, in a statement, said the two companies have been exploring various areas of collaboration under a May 2015 agreement."We intend to submit a proposal to our board of directors today regarding the partnership with Mazda, however, we would like to refrain from providing further comment at this time," Toyota said in a statement issued by its U.S. operations.Mazda said in statement that “nothing has been decided yet” and added the company “will have a board meeting on this matter today. We cannot comment any further."Toyota, the world''s second largest automaker by vehicle sales in 2016 and Japan''s dominant car company, has been forging alliances with smaller Japanese rivals for several years, effectively consolidating the Japanese auto sector.FILE PHOTO - Toyota Camrys and Avalons sit ready to shipped at the Toyota Motor Manufacturing Plant in Georgetown, Kentucky, U.S. on January 27, 2010. John Sommers II/File Photo A new U.S. assembly plant would likely become the prize in a fierce competition among Midwestern and Southern states eager to expand manufacturing jobs.The new U.S. plant comes demand for cars has fallen sharply. Toyota''s U.S. Corolla sales are down nearly 9 percent this year.In North America, Toyota builds Corolla cars in Canada and Mississippi and announced plans in 2015 to shift Canadian Corolla production to a new $1 billion plant in Mexico.Slideshow (2 Images) Trump in January criticized Toyota for importing cars to the United States from Mexico. The Republican president also threatened to impose a hefty fee on Toyota if it were to build Corolla cars for the U.S. market at a plant in Mexico."Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump said in a post on Twitter.But since January, Trump has praised Toyota for its U.S. investments. Toyota said in January it plans to invest $10 billion in the United States over the next five years to meet demand.Last month, Trump complimented Toyota for completing its long-planned new North American headquarters in Texas."We want to be the car capital of the world once again and we are taking steps to achieve that goal," Trump wrote.The White House declined to comment on the Toyota-Mazda joint venture.Reporting by David Shepardson in Washington, Joe White in Detroit and Arunima Banerjee in Bengaluru; Editing by Supriya Kurane and Tom Brown'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toyota-mazda-idUSKBN1AJ2O4'|'2017-08-04T03:51:00.000+03:00'
'b6d707685b8467287b7197dba9567cc7f2c326ce'|'‘Countries can go backwards’: Elif Shafak and Margaret Hodge at the Guardian women seminar - Global Development Professionals Network'|'Guardian women seminar: How women can change the world ‘Countries can go backwards’: Elif Shafak and Margaret Hodge at the Guardian women seminar Turkish novelist Elif Shafak and UK politician Margaret Hodge talk about the state of modern feminism at the Guardian women seminar Photograph: Alicia Canter for the Guardian'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/audio/2017/aug/01/countries-can-go-backwards-elif-shafak-and-margaret-hodge-at-the-guardian-women-seminar'|'2017-08-01T03:00:00.000+03:00'
'bc5deaedd182420d50da6b9dce86c438ba0227c8'|'CME sees dollars in data sales, but struggles to grow'|'NEW YORK, Aug 2 (Reuters) - CME Group Inc, the world''s biggest exchange operator by market value, is looking to the lucrative business of selling data to boost revenue, spawn new financial products, and change the way many futures contracts trade.But early stumbles have undercut confidence that the Chicago-based company can catch up with rivals, much less transform the markets it dominates, anytime soon.Even as CME reported a big jump in second-quarter profit on Tuesday, analysts were looking for answers regarding its data business, whose revenue tumbled 7 percent to $96.1 million, the lowest figure since the fourth quarter of 2014.The decline comes months after Chief Executive Officer Terry Duffy rescinded revenue goals he laid out for the unit, after finding that growing data sales would be harder than expected."What''s driving the decline in data?" Wells Fargo analyst Christopher Harris asked CME executives on an earnings conference call on Tuesday.The decline was "surprising," Harris said, since CME reported strong trading volumes and is adding international customers.Although they are making progress in revamping the data business, growth will not come until next year, executives said.Many investors, analysts and market participants view data as the key to future profits and growth at global exchanges.As owner of the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and Commodity Exchange, CME has a near monopoly in trading certain futures and options contracts across interest rate, foreign exchange, equity, energy and agricultural markets. Its benchmarks, like West Texas Intermediate crude oil futures and S&P 500 futures, are the basis for billions of dollars'' worth of daily commerce.That position allowed CME to put off building a competitive data business even as rivals dived in, because it could charge premium prices.CME produced net profit margins last year of 43 percent, versus 32 percent at Intercontinental Exchange Inc and 28 percent at Deutsche Boerse AG, according to Thomson Reuters data.But CME is effectively leaving money on the table as customer demand for data has increased, and it is now trying to make up for lost ground.In February, Duffy laid out an ambitious plan to grow annual data revenue 5 percent to 6 percent annually, starting this year. The strategy had three major prongs: selling more granular, real-time data to traders; offering services like cloud hosting; and licensing proprietary information to firms that create financial products like indexes and exchange-traded funds.However, executives realized they had underestimated the complexities of building out the business, and in April nixed 2017 data revenue projections.CME now expects to see growth next year, President Bryan Durkin said on Tuesday, without specifying a target. The company has made progress on staffing and is now auditing customers to see how they use CME data, to charge them properly, he said."It definitely represents an important revenue stream to us," Durkin said.Playing Catch Up CME''s data revenue has barely budged in recent years, even as the business became the leading source of growth for competitors.Global exchanges reported a collective 29 percent increase in revenue from data and indexing businesses last year, with a compound annual growth rate of 12 percent since 2011, said TP ICAP-owned Burton-Taylor International Consulting.At CME, data revenue rose just 2 percent last year, and was lower than in 2011.Data is also becoming a bigger piece of the revenue pie at most exchanges. At ICE, for instance, data and indexing fees contributed 44 percent of revenue last year, compared with 11 percent at CME.Although it is still a long way from peers, CME''s efforts have been well-received by algorithmic traders, an important customer group. CME recently began rolling out data feeds that give a view into all of the orders on its markets, which can give electronic firms an edge over less-sophisticated counterparts.CME will likely start charging more for those valuable data, said Christian Hauff, CEO of Quantitative Brokers, which provides algorithms and data-driven analytics to help firms trade."It should pay off in the field of work that we do, and I''m sure prop trading firms that share our DNA would be benefiting significantly from looking at this data," he said in an interview.Reporting by John McCrank; Editing by Lauren Tara LaCapra and Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cme-data-idINL1N1KN1SW'|'2017-08-02T03:00:00.000+03:00'
'a0674f36b9dc0bed05d39516db853c0a51bc00af'|'UPDATE 1-BTG Pactual profit sinks as political turmoil hurts trading desk'|'SAO PAULO (Reuters) - Profit at Grupo BTG Pactual SA sank the lowest in six years in the second quarter as mounting political turmoil in Brazil drove down sales and trading income at Latin America''s largest independent investment bank.In a Tuesday securities filing, São Paulo-based BTG Pactual said net income totaled 503 million reais ($161 million) last quarter, down 30 percent from the prior three months. Profit and revenue fell to the lowest level since the third quarter of 2011, driving return on equity down to 13.3 percent.Revenue plummeted 49 percent as BTG Pactual''s trading desk struggled with rising political turmoil in May that sparked higher interest-rate market volatility and weighed down trading volumes. The bank also reversed an advisory fee for a deal that Brazil''s antitrust watchdog blocked - Kroton Educacional SA''s failed takeover of education firm Estácio Participações SA.Brazilian bonds, stocks and currency tumbled in May, when billionaire Joesley Batista accused President Michel Temer of working to obstruct a corruption probe. It hurt Temer''s efforts to pass deficit-cutting legislation needed to avert further sovereign debt rating downgrades and pull the economy out of a three-year long recession.BTG Pactual wants to regain earnings power in core activities after a drastic balance sheet downsizing last year. Cost controls and a cautious increase in risk-taking across Latin America had helped increase the bank''s "operational leverage" earlier in the year, Chief Executive Officer Roberto Sallouti said in May.Assets fell to 119.113 billion reais at the end of June. For most of last year, BTG Pactual had to dismantle profitable trading positions and cut assets by two-thirds to cope with massive client fund withdrawals stemming from a corruption probe ensnaring founder André Esteves.Revenue totaled 851 million reais, while expenses dropped 29 percent to 498 million reais from the prior three months. Income from investment banking dipped 88 percent in the period, while income from sales and trading slumped 74 percent to 154 million reais.Regulatory capital ratio at BTG Pactual''s core banking unit fell to 19 percent in the quarter, but remained the highest among Brazil''s largest banks. Such a level is key to promote expansion in investment banking and money management without straining costs, Sallouti has repeatedly said.Management plans to discuss results at a conference call on Wednesday.Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker, Bernard Orr'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-btg-pactual-sa-results-idUSKBN1AI020'|'2017-08-02T03:44:00.000+03:00'
'6808487d840bd7b220182892dab5e0e7cc5d7cb4'|'BRIEF-RR Donnelley Q2 EPS $1.09 from continuing operations'|'Aug 1 (Reuters) - Rr Donnelley & Sons Co:* RR Donnelley reports second quarter 2017 results* Q2 earnings per share $1.09 from continuing operations* Q2 sales rose 0.8 percent to $1.65 billion* RR Donnelley & Sons Co qtrly non-gaap loss per share $0.06* RR Donnelley & Sons Co - company reaffirmed its 2017 full year guidance previously issued on may 2, 2017* RR Donnelley & Sons Co - on an organic basis, qtrly consolidated net sales declined 0.8 percent* RR Donnelley & Sons Co - is in process of disposing of remaining 99,594 shares of Donnelley financial common stock in a tax-free transaction Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rr-donnelley-q2-eps-109-from-conti-idUSASB0BCAN'|'2017-08-02T00:22:00.000+03:00'
'8390f1e13e5f3ace3a327b99bd761e229d9e0161'|'Euro zone business activity lost some momentum in July, still strong - PMI'|'August 3, 2017 / 8:12 AM / 6 minutes ago Euro zone business activity lost some momentum in July, still strong - PMI Jonathan Cable 2 Min Read A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. Kai Pfaffenbach LONDON, Aug 3 (Reuters) - Euro zone businesses started the second half of 2017 with robust growth although the pace slowed slightly from June as a loss of momentum in Germany and France dragged on activity, a survey showed on Thursday. IHS Markit''s final composite Purchasing Managers'' Index for the euro zone was 55.7 in July, down from June''s 56.3 and a flash estimate of 55.8. It has been above the 50 mark that divides growth from contraction since mid-2013. "The surveys indicated a slight cooling in the pace of growth in July, but this is still an encouragingly upbeat picture of business conditions," said Chris Williamson, chief business economist at survey compiler IHS Markit. Related Coverage ECB says euro zone inflation pressures still weak Williamson said the data pointed to a 0.6 percent economic growth rate, matching official preliminary estimates for the second quarter that were released on Tuesday. A Reuters poll last month predicted a 0.4 percent pace. Signalling the positive readings could continue into August, new orders rose, backlogs of work were built up and firms increased headcount. The employment sub-index held steady at June''s 54.4, one of the highest readings in the last 10 years. Activity in Germany''s services sector slowed to a 10-month low, however, and France''s private sector grew more slowly in July than in the previous month, earlier figures showed. Spain''s services PMI dipped last month. "Of the four largest euro members, only Italy recorded faster growth in July," noted Williamson. A PMI covering the bloc''s dominant service industry held at June''s 55.4, matching the flash estimate. Tuesday''s manufacturing PMI dipped from the previous month. New business for services firms came in at a faster rate last month. The sub-index nudged up to 55.2 from 55.1 in June. Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN1AJ0XV'|'2017-08-03T11:19:00.000+03:00'
'877dbc0d547fc581742bd6b9b4e3d8606e07af04'|'Deutsche Telekom says any U.S. merger has to create real value'|'August 3, 2017 / 1:49 PM / 6 minutes ago Deutsche Telekom says any U.S. merger has to create real value Reuters Staff 2 Min Read FILE PHOTO: A logo of Germany''s telecommunications giant Deutsche Telekom AG is seen before the company''s annual news conference in Bonn, Germany, March 2, 2017. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Any merger that Deutsche Telekom may enter into in the United States must deliver real value in terms of synergies, its finance chief said when asked why it was proving so difficult to strike a deal with Sprint or another party. "It depends on how sure you can be to really get out the synergies you have on a piece of paper," Thomas Dannenfeldt told analysts on a call after Europe''s biggest telecoms provider reported second-quarter earnings on Thursday. Fourth-biggest U.S. wireless carrier Sprint said on Tuesday an announcement on merger talks should come in the "near future". It has been exploring a merger with Deutsche Telekom''s T-Mobile US as well as with cable provider Charter Communications. Deutsche Telekom on Thursday repeatedly refused to comment on the current situation. But Dannenfeldt said in-market consolidation did in general offer opportunities, and a mobile-to-mobile merger was the easiest way of creating synergies. T-Mobile US has previously tried and failed to merge with U.S. network operators AT&T and Sprint. It merged with Texas-based MetroPCS in 2014. Deutsche Telekom has wavered at times over the years about its commitment to remaining in the U.S. market. T-Mobile US is now its primary growth and profit driver. Reporting by Georgina Prodhan; Editing by Arno Schuetze 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-telekom-results-usa-idUKKBN1AJ1ZD'|'2017-08-03T16:46:00.000+03:00'
'6cdc30a2be47573eb6736c6a0d08630ac3070b01'|'Yoox Net-a-Porter open to partnerships in different markets'|'Federico Marchetti, CEO of online clothing retailer Yoox Net-A-Porter speaks during a news conference at the unveiling of the company Tech Hub premises at White City in London Britain June 27, 2017. Toby Melville MILAN (Reuters) - The chief executive of luxury online retailer Yoox Net-a-Porter (YNAP) ( YNAP.MI ), Federico Marchetti, said the group is open to considering partnerships and collaborations in different markets."The model we chose is to go independently, fully owned and by ourselves (but) we are open to evaluate options for different markets," Marchetti told Reuters on Wednesday, without giving further details on any ongoing talks.The CEO added that "the business of YNAP is a business of partnerships and collaborations."Reporting by Giulia Segreti; Editing by Susan Fenton'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ynap-ceo-idINKBN1AI2HI'|'2017-08-02T16:26:00.000+03:00'
'6ffe06251966d32a7a4c14d6075511021e79cc6e'|'SocGen underperforms French rivals in equities trading in second quarter'|'FILE PHOTO: The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. Gonzalo Fuentes/File Photo PARIS (Reuters) - Societe Generale underperformed its French banking rivals in equities trading in the second quarter, reporting lower revenue from that business while BNP Paribas and Natixis achieved significant gains.Overall, France''s second biggest bank on Wednesday reported a 28 percent fall in second-quarter net profit after setting aside 300 million euros ($354.12 million) to pay for potential legal costs, part of the bank''s efforts to turn the page following a series of legal disputes and scandals.SocGen, more focused on equities than its rivals, has shaken up management and invested more in fixed income and prime services, aimed at hedge fund clients, in the past few years to make its investment banking revenue less volatile."We have a model which has as an objective a resilient revenue contribution," SocGen''s chief executive Frederic Oudea said in a video presentation, posted on the bank''s website.SocGen''s shares fell 4 percent in early trading, while the broad European banking index was down 0.3 percent."The performance in equity derivative and corporate financing in light of peers is low, part of it could be explained by a high comparison base," analysts at Jefferies said in a note.BNP Paribas last week reported a 25.7 percent rise in equities trading and prime services, while Natixis posted a 33 percent rise in equity trading.But SocGen fared comparatively better in fixed income trading, where it reported a 6.8 percent decrease in sales versus a 16 percent drop at BNP Paribas.SocGen''s investment bank accounts for about a third of its revenue."While global markets ended the quarter higher, Q2 was marked primarily by the widespread ''wait-and-see'' attitude of investors, in conjunction with ever lower volatility and a weaker dollar," SocGen said in a statement.SocGen said that the quarterly volatility of its corporate and investment banking revenue since the beginning of 2014 has been lower than that of French, European or U.S. rivals.The bank continued to cut costs in the business in the second quarter, which helped to offset lower revenue from trading and financing and advisory to bring net profit up 11 percent to 499 million euros.As well as cutting costs, French banks are also aiming to digitise more functions to compete with European rivals, such as Credit Suisse and Deutsche Bank.SocGen''s second-quarter group net income fell to 1.06 billion euros from 1.46 billion euros a year earlier, in line with the average of estimates from five analysts in a Reuters poll.Group revenues fell 26 percent to 5.20 billion euros, below 5.39 billion euros expected by the analysts. A recovery in retail banking in eastern Europe and Africa helped partly to offset pressure on margins in French retail banking from low interest rates, and a decrease in trading sales.($1 = 0.8472 euros)Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta and Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/ste-generale-results-idINKBN1AI0J7'|'2017-08-02T04:21:00.000+03:00'
'6394dc24d2d9e01ce9cf6b07b9d5eead6d8cc1e1'|'SocGen reports second-quarter profit fall, as litigation provisions weigh'|'Edition United States August 2, 2017 / 4:55 AM / an hour ago SocGen underperforms French rivals in equities trading in second quarter Maya Nikolaeva 3 Min Read FILE PHOTO: The logo of the French bank Societe Generale is seen on the Chassagne and Alicate towers by architects Michel Andrault, Pierre Parat et Nicolas Ayoub at the bank''s headquarters June 1, 2017 at La Defense business and financial district in Puteaux near Paris, France. Charles Platiau/File Photo PARIS (Reuters) - Societe Generale underperformed its French banking rivals in equities trading in the second quarter, as it posted lower revenues in that area which compared with a sharp rise at BNP Paribas and Natixis . Overall, it reported on Wednesday a 28 percent fall in its group second-quarter net profit after it had set aside 300 million euros ($354.12 million) to pay for potential legal costs as the bank seeks to turn the page following a series of legal disputes and scandals. SocGen, more focused on equities than its rivals, has shaken up its management and has invested more in fixed income and prime services - which often deals with hedge fund clients - over the past few years to make its investment banking revenue less volatile. French banks are also looking to cut operational costs and digitize more functions to compete better with European rivals such as Credit Suisse and Deutsche Bank as they slash jobs and exit businesses. BNP Paribas reported last week a 25.7 percent rise in equities trading and prime services, while Natixis posted a 33 percent rise in equity trading. However, SocGen fared comparatively better in fixed income trading, where it reported a 6.8 percent decrease in sales versus a 16 percent drop at BNP Paribas. "While global markets ended the quarter higher, Q2 was marked primarily by the widespread ''wait-and-see'' attitude of investors, in conjunction with ever lower volatility and a weaker dollar," SocGen said in a statement. SocGen said that the quarterly volatility of its corporate and investment banking revenue since the beginning of 2014 has been lower than that of French, European or U.S. peers. The French bank continued to cut costs in the unit in the second quarter, which helped offset lower revenue from trading and financing and advisory to bring net profit up 11 percent to 499 million euros. SocGen''s second-quarter group net income fell to 1.06 billion euros from 1.46 billion euros a year earlier, in line with the average of five analyst estimates in a Reuters poll. Group revenues fell 26 percent to 5.20 billion euros, below 5.39 billion euros expected by the analysts, as pressure on margins in French retail banking from low interest rates, and a decrease in trading sales weighed on turnover. Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ste-generale-results-idUKKBN1AI0CC'|'2017-08-02T07:53:00.000+03:00'
'a77a380adcfe3194738299b0e307d67fd9d44086'|'PRESS DIGEST- British Business - Aug 3'|'Aug 3 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesThe governments favourite infrastructure and engineering consultant, CH2M Hill, is to be taken over by its U.S. rival in a $3.35 billion deal. bit.ly/2wmUCePThe man who oversaw BP Plc''s drilling at the time of the Deepwater Horizon oil disaster is to return to London markets with a listing of Kosmos Energy Ltd, the U.S.-based explorer. bit.ly/2vqBIXbThe GuardianBritish Airways travellers faced delays at Heathrow and Gatwick on Wednesday after a temporary check-in problem. bit.ly/2uXkUqgThe average take home pay for the bosses of Britain''s top stock market-listed companies was 4.5 million pounds last year, according to the High Pay Centre''s annual survey of top executive pay. This compares to Office for National Statistics figures showing average annual earnings of 28,200 pounds for full-time employees in the year to April 2016. bit.ly/2vjOqYcThe TelegraphThe Bank of England should raise interest rates on Thursday and reverse part of the emergency stimulus deployed after the Brexit vote, according to former deputy governor John Gieve. bit.ly/2vuG1BCMore Britons are listening to commercial radio than BBC stations consistently for the first time in nearly a century of broadcasting, according to figures from the media regulator. bit.ly/2vqEtIeSky NewsDFS Furniture Plc, Britain''s biggest independent furniture retailer, will this week unveil a takeover of fast-growing rival Sofology Ltd just weeks after a profit warning sparked fresh fears of a slowdown in consumer spending. bit.ly/2uXrnkUMonthly purchasing managers'' index data from Markit/CIPS UK Construction showed a significant decline in building works, with a reading of 51.9 for last month - down from 54.8 in June. bit.ly/2ulyq3mThe IndependentGreggs Plc has announced it will open drive-through shops across the country after a trial in Salford proved to be a runaway success. ind.pn/2ho2sCz (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL4N1KP03K'|'2017-08-02T22:32:00.000+03:00'
'3afbcaa7df44b8b90dcbec6498317ce073a6e9ed'|'Dollar index edges up from 15-month low; euro pauses after rally'|'FILE PHOTO - Dollar banknotes are seen under Euro saving money box in this picture illustration taken February 16, 2017. Dado Ruvic/Illustration LONDON (Reuters) - An under-pressure dollar was flat on Thursday, holding above a 2-1/2-year low hit in the previous session as investors readied for U.S. jobs data.The dollar index .DXY, which measures its value against a basket of six major currencies, rose about 0.1 percent to 92.940. On Wednesday, it slid to 92.548, its weakest since May 2016."It would need a substantially good jobs data (reading on Friday) to mitigate some of the growing bearish sentiment around the dollar and, barring that, we should see the dollar continue to trade lower," said Viraj Patel, an FX strategist at ING in London.Despite double-digit U.S. earnings growth in the second quarter and private sector payroll growth last month of another 178,000, expectations of a third Federal Reserve interest rate rise have dissipated and futures markets now only see a 35 percent chance of another hike by the end of 2017.The dollar''s decline has pushed the euro higher EUR=EBS with the single currency hitting a 2-1/2-year high of 1.1910 against the dollar on Wednesday. It was trading a shade below that at $1.1844 on Thursday.Despite the single currency''s more than 12.5 percent rise against the dollar this year, a Reuters poll found risks still skewed more in favour of the single currency, driven by expectations the European Central Bank will start to scale back its stimulus programme.The poll of more than 60 foreign exchange strategists showed the euro will weaken slightly in the coming year but is expected to close 2017 higher than where it started the year.Sterling GBP=D3 was trading a touch higher at $1.1323 before a Bank England policy decision later in the day. Markets expect the Bank to have turned more dovish again after a burst of hawkishness in June.Reporting by Saikat Chatterjee; editing by John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-forex-idUKKBN1AJ03U'|'2017-08-03T04:30:00.000+03:00'
'82a54e576618c0cfd7408c1aafb62c7b1f99eab9'|'ConvaTec profit falls as costs rise; CFO to step down'|'August 3, 2017 / 6:42 AM / in 14 minutes ConvaTec profit falls as costs rise; CFO to step down Reuters Staff 1 Min Read (Reuters) - British medical technology company ConvaTec ( CTEC.L ) on Thursday reported a 7.4 percent fall in operating profit for the first half of the year, as increased expenses offset higher sales and margins. ConvaTec also said CFO Nigel Clerkin would leave the company in October after its decision to relocate the position of CFO to its main office in Reading, as he decided not to relocate his family from Dublin. The company appointed Frank Schulkes as CFO designate and he will become CFO on Oct. 31. Frank was previously CFO of Wittur Group, an industrial firm based in Germany. ConvaTec, whose products are used in acute wound care and critical care, said adjusted operating profit fell to $193.5 million from $209 million a year earlier. Reporting by Justin George Varghese; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-convatec-group-results-idUKKBN1AJ0OO'|'2017-08-03T09:41:00.000+03:00'
'5b530ff2a4e195de5f1b513b87fc7fe22531b5df'|'Canada''s BCE profit drops as expenses rise; maintains outlook'|'TORONTO, Aug 3 (Reuters) - Canada''s largest telecom company, BCE Inc, posted a 2.1 percent drop in second-quarter earnings on Thursday as expenses climbed, but stuck to its full-year forecast as the acquisition of regional operator Manitoba Telecom Services boosted revenue.The company, popularly known as Bell, said net income attributable to its shareholders fell to C$762 million, or 84 Canadian cents per share, in the second quarter, from C$778 million, or 89 Canadian cents per share, a year earlier.Montreal-based BCE''s operating revenue rose 6.7 percent to C$5.70 billion. (Reporting by Alastair Sharp; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bce-results-idINL1N1KP0EN'|'2017-08-03T09:55:00.000+03:00'
'f75a03bffe793763f055494571107cd7b5bdceaa'|'Reuters poll - Euro needs policy change from ECB to fly higher'|'August 3, 2017 / 11:40 AM / 34 minutes ago Reuters poll - Euro needs policy change from ECB to fly higher Rahul Karunakar and Hari Kishan 4 Min Read (Reuters) - The euro is set to end 2017 higher against the dollar, a Reuters poll showed, with the risks skewed more in favour of the single currency, driven by expectations the European Central Bank starts to scale back stimulus. Having lost almost a quarter of its value against the dollar over the last three years, the euro has gained more than 12 percent so far this year, making it the best performing major currency. (World FX rates in 2017 - tmsnrt.rs/2egbfVh ) While the poll of more than 60 foreign exchange strategists showed the euro will weaken slightly in the coming year from where it was trading on Wednesday, the currency is expected to close out 2017 higher than where it started the year. The euro is forecast to trade at $1.16 in a month and at $1.15 in six months and hold at that level in a year, compared to a 2016 close of around $1.05. Median predictions in August''s survey were the highest since a January 2015 poll, the month when the ECB announced it would start buying bonds on a monthly basis and a few months after the Fed stoppped its quantitative easing bond purchases. But now, with the ECB widely expected to scale back its quantitative easing (QE) programme, and as doubts have risen if the Federal Reserve will be able to raise rates again this year, the euro is expected to hold strong against the dollar. "We were expecting the euro to do better, it certainly has gone beyond our expectations. The rotation back into the euro and the anticipation that there will be a tapering from the ECB is certainly a big factor," said Jane Foley, senior FX strategist at Rabobank. "The ball is very much in the court of the ECB right now with respect to sending signals that could move the euro dollar." Over three quarters of strategists who answered an extra question said a change in expectations for ECB policy will have a bigger influence on euro strength for the remainder of 2017 compared to a change in expectations for another Fed rate hike. "A distinct and explicit shift to (ECB) ''taper'' will probably have more impact than watered down Fed, given the likely dovish spill over to other central banks too," said Vishnu Varathan, economist at Mizuho Bank. Forty-two of the 56 strategists who answered another extra question said risks to their euro forecasts were skewed more in favour of the single currency. Predictions for euro/dollar parity or lower have vanished in recent polls after several forecasters had it pencilled into their horizons at the beginning of 2017. The euro has been bolstered by buoyant euro zone growth this year, outpacing its trading peers like Britain and the United States. Not only has data out of the U.S. remained lacklustre, the lack of political unity in Washington and fading expectations for any form of tax cuts from President Donald Trump has hurt the dollar dearly. Currency speculators too have cut their bets in favour of the dollar, with net short positions in July built up for the first time in well over a year, according to the latest data from the Commodity Futures Trading Commission. Currently, there is very little in favour of the dollar. The currency should benefit when the Fed starts to shrink its balance sheet but if the central bank does not follow through on a predicted rate hike by the end of the year, it could weigh on the dollar further. [FED/R] Any further dollar fall though will be limited as financial markets are assigning less than 50 percent chance for the Fed to raise rates at its December meeting. "If the Fed does not raise rates this year, the euro would appreciate more than we currently expect," said Asmara Jamaleh, economist at Intesa Sanpaolo. Polling and analysis by Indradip Ghosh and Sujith Pai; Editing by Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-forex-poll-euro-idUKKBN1AJ1LZ'|'2017-08-03T14:40:00.000+03:00'
'9a406746219785fc60ed6aea345df8d6c7fffa10'|'UniCredit profit beats forecasts on stronger fees, lower loan losses'|'Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. Stefano Rellandini MILAN (Reuters) - UniCredit, Italy''s largest bank, reported its biggest quarterly profit in almost a decade on Thursday, outstripping market expectations and restoring cash dividends after a radical balance sheet overhaul.The result will add to a general sense that the worst is over for Italy''s banks, long seen as the euro zone''s weakest financial link. The strong earnings also confirmed that Chief Executive Jean-Pierre Mustier''s turnaround plan had begun to pay off barely a year since he took up the job.Mustier, appointed in July 2016 to reinvigorate the then weakly capitalised bank, has been selling businesses, cutting jobs and shutting branches to strengthen UniCredit''s balance sheet.He also pulled off a 13 billion euro ($15.43 billion) share issue, Italy''s biggest cash call, in February to bolster the bank''s financial strength.The restructuring helped drive the Milan-based bank''s net profit up 3 percent to 945 million euros. The bank confirmed this was its best quarter since June 2008, even though it highlighted that the scope of its activities had changed since then. The result was 40 percent higher than a consensus forecast distributed by the bank.UniCredit shares were up about 6 percent in afternoon trade.Mustier said Europe''s more benign economic environment had helped the results, along with lower costs and stable net-interest income, a measure of how much a bank makes from its core retail business."These are the early, encouraging signs of our turnaround plan. The engine is working very well," he told reporters, confirming that the bank would pay an all-cash dividend on this year''s accounts, the first time in five years.Italy had failed for years to tackle the problems of its banking industry, saddled with 350 billion euros of bad loans. But this year the government, with European Union approval, committed more than 20 billion euros to rescue three banks, removing systemic risks.Monte dei Paschi di Siena, the world''s oldest bank, is being bailed out by the state, while two Veneto banks were liquidated, with their healthiest assets handed over to UniCredit''s rival, Intesa Sanpaolo."The government action has significantly reduced the risk premium for Italian banks," Mustier said. Italian banking shares have outperformed those of European peers by nearly 15 percent since the start of the year.He was still cautious about the outlook, despite strong profits and a core capital base that is ahead of his "Transform 2019" plan. He did not revise up any goals for this year, except for loan provisioning costs, now expected to be a bit lower.The bank boosted its core capital ratio to 12.8 percent at end-June, making it one of Europe''s strongest, through the sale of Polish division Pekao. It will add another 84 basis points in the next quarter with the sale of asset manager Pioneer.A year ago, the ratio, a key measure of financial strength, stood at a lowly 10.3 percent."It''s better to manage expectations, because not all quarters are the same and there is still a lot of work to do," Mustier said, adding stricter accounting standards and other regulatory requirements would eat into the bank''s capital base in the second half of the year and beyond.Several analysts said UniCredit now had excess capital after years of lagging behind rivals."Things are going much, much better than expected," one trader said. "Yet, at 18-19 euros a share, the restructuring story starts to be priced in and UniCredit could need a revamp in its investment case."Under a plan dubbed FINO (Failure Is Not An Option), the bank last month closed a deal to sell 17.7 billion euros of "sofferenze", the worst kind of bad loans, to a vehicle majority-owned by U.S. funds Pimco and Fortress.Loan-loss charges in the three months to June totalled 564 million euros, compared with analyst forecasts of around 700 million euros. Net fees and commissions rose 7.6 percent from a year earlier, helped by a distribution agreement UniCredit struck with fund manager Amundi after selling it Pioneer.($1 = 0.8422 euros)Addiitonal reporting by Gianluca Semeraro and Danilo Masoni; Editing by Mark Bendeich and Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/unicredit-results-idINKBN1AJ18L'|'2017-08-03T08:00:00.000+03:00'
'0e5f96b1cbb0db875c603ee821b49b7b8d4f66c0'|'Delaware court reverses closely watched DFC Global appraisal ruling'|'WILMINGTON, Del., Aug 1 (Reuters) - The Delaware Supreme Court reversed on Tuesday a lower court ruling that payday lender DFC Global Corp was sold too cheaply in 2014 and criticized the finding that private equity buyers do not necessarily pay fair value in merger deals.The ruling stems from a so-called appraisal action, which has become a popular strategy for hedge funds to try to squeeze more cash from a merger deal, over the sale of DFC Global to Lone Star Funds for $9.50 per share, or about $1.3 billion.While the deal was approved by DFC shareholders, the funds went to court. Last year, a Delaware judge determined that the fair value of their 4.6 million DFC shares was $10.21 each.The Delaware Supreme Court sent the case back to the Court of Chancery and directed Chancellor Andre Bouchard to reassess his finding and explain why he did not accept the deal price as fair value.Lone Start Funds and Stuart Grant, a lawyer for the hedge funds, did not immediately respond to a request for comment.Bouchard ruled last year that while the sale process "appeared to be robust," which usually protects against appraisal lawsuits, fair value was higher than the deal price because the business was in a temporary trough.He also gave less weight to the deal price because the private equity fund premised the price on its own internal rate of return.A similar ruling last year involving the 2013 buyout of Dell Inc prompted Wall Street dealmakers to warn that deals involving private equity buyers would be constant targets for appraisal cases.The Supreme Court said a private equity buyer''s expectations for its return does prevent it from paying fair value."To be candid, we do not understand the logic of this finding," said the opinion by Chief Justice Leo Strine.Brooklyn Law School professor Minor Myers said the ruling indicated that properly run merger deals would be protected from appraisal cases, even those involving private equity."The identity of the buyer doesn''t matter, it''s the character of the sales process," he said.Advocates of reining in appraisal cases had urged the Supreme Court to use the DFC case to create a presumption that the deal price is the best evidence of fair value when a sale was properly run.But the Supreme Court resisted, saying it would difficult to outline the conditions when the court should accept the deal price. (Reporting by Tom Hals in Wilmington, Delaware; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dfc-global-lone-star-ruling-idINL1N1K80OM'|'2017-08-01T15:31:00.000+03:00'
'5b8ac18cf72d259917f9559b006fe3b3b294bdaf'|'EU anti-fraud office send VW probe findings to German prosecutors'|'August 1, 2017 / 12:03 PM / a minute ago EU anti-fraud office send Volkswagen probe findings to German prosecutors Reuters Staff 2 Min Read FILE PHOTO: A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. Mike Blake/File Photo BRUSSELS (Reuters) - The European anti-fraud office investigating whether Volkswagen used EU funds and European Investment Bank (EIB) loans to develop devices that cheated emission tests has sent its judicial recommendations to German prosecutors. VW was plunged into the biggest business crisis in its 80-year history when the cheating scandal was exposed in September 2015. It has cost the company more than $25 billion in fines, compensation and vehicle refits. European anti-fraud office OLAF said it had investigated whether there was any link between funds VW received and the production of engines or devices that could be used to manipulate emission tests. Volkswagen has denied misusing the funds and said they were used for their designated purpose. "OLAF sent its final report and a judicial recommendation to the German national authorities, namely the public prosecutor''s office in Braunschweig, Germany, as well as an administrative recommendation to the European Investment Bank," OLAF said. It added it had recommended the EIB review the implementation of its anti-fraud policies. The bank was not available for immediate comment. In May 2016 it announced that VW had repaid two 975-million-euro ($1.15 billion) loans ahead of schedule. ($1 = 0.8465 euros) Reporting by Robert-Jan Bartunek; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-eu-fraud-idUKKBN1AH46S'|'2017-08-01T14:57:00.000+03:00'
'a4d9980ccb03719e9152ba5f970746ddb9bad3d2'|'SoftBank invests $250 million in U.S. online lender Kabbage'|'August 3, 2017 / 10:39 AM / 4 hours ago SoftBank invests $250 million in U.S. online lender Kabbage Anna Irrera 3 Min Read FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Issei Kato/File photo NEW YORK (Reuters) - Kabbage Inc, a U.S. online lender for small businesses, said on Thursday it had raised $250 million in equity funding from SoftBank Group Corp ( 9984.T ), the latest fintech investment by the Japanese technology conglomerate. That is the largest equity investment in such lenders outside of China so far, according to data provider CB Insights. The Atlanta-based startup, which operates in North America and Europe, will use the cash to add lending products and other types of financial services, it said in a statement. Kabbage plans to launch in Asia within the next 18 months, co-founder and Chief Executive Rob Frohwein said in an interview. "We believe that our system can be deployed rapidly on an international basis." He declined to disclose Kabbage''s new financial services. Kabbage is among a group of young companies that use digital technologies to lower lending costs and offer credit faster than brick-and-mortar institutions. Founded in 2009, Kabbage sells its technology to large banks to provide credit online, and has provided nearly $3.5 billion in funding to small businesses. Its technology powers automated lending for banks Banco Santander SA ( SAN.MC ), ING Groep NV ( INGA.AS ) and Scotiabank ( BNS.TO ). SoftBank, led by Chief Executive Masayoshi Son, has become a prolific global investor in technology startups. In 2015 it invested $1 billion in San Francisco-based online student lender Social Finance, known as SoFi. While online lending is expanding, the sector has faced growing pains, including softer institutional investor demand due to concerns about loan quality. This has made it harder for such lenders to raise funding, leading analysts and market participants to suggest the sector might be headed for consolidation. In March Reuters reported that Kabbage was looking to raise a new round of equity funding for potential consolidation, with listed competitor On Deck being one of its acquisition targets. Kabbage has no "specific plan" to buy On Deck, Frohwein said. "We look at all sorts of opportunities, but it needs to be in spaces that are not similar or overlapping with what we do." Reporting by Anna Irrera; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kabbage-softbank-group-deals-idINKBN1AJ1EL'|'2017-08-03T08:39:00.000+03:00'
'385d2a745117c9332d1a60eb54c6ac1417390145'|'Dow hits record high on strong earnings season'|'Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid (Reuters) - The Dow came within spitting distance of the 22,000 mark and the S&P 500 was also higher, powered by strong corporate earnings.The Nasdaq Composite, however, was kept in check by losses in healthcare shares, led by Regeneron. The drugmaker''s shares were down 3.84 percent after a rating downgrade.All eyes will now be on the quarterly performance of Dow-component Apple, which reports after the closing bell. The iPhone maker''s shares were up 0.11 percent.Tech has been the best performing sector this year, despite recent bouts of volatility on rising valuation concerns. The tech index rose 0.34 percent."While valuations overall and for the tech sector isn''t cheap, some of the most powerful earnings growth has come from large-cap technology names," said Bill Northey, chief investment officer at U.S. Bank Wealth Management.Investors have been counting on earnings to support high valuations for equities. The S&P 500 is trading at about 18 times earnings estimates for the next 12 months, above its long-term average of 15 times.S&P 500 earnings are expected on average to have grown 10.8 percent in the second quarter, according to Thomson Reuters I/B/E/S."We are two-thirds through the earnings season and estimates are going only higher, including for the full year, which is helping support the fundamentals-driven market." said Northey.At 12:42 p.m. ET (1642 GMT), the Dow Jones Industrial Average was up 93.78 points, or 0.43 percent, at 21,984.9. The index pierced through the historic 20,000 milestone in January and the 21,000 mark barely one and a half months later.The S&P 500 was up 5.8 points, or 0.23 percent, at 2,476.10 and the Nasdaq Composite was up 7.87 points, or 0.12 percent, at 6,355.99.The telecommunications and financials led the gainers, helped by a rise in Verizon and JPMorgan.Economic data showed U.S. consumer spending barely rose in June as income failed to increase for the first time in seven months.The core PCE numbers - the Federal Reserve''s preferred metric to gauge inflation - for June edged up 0.1 percent following a similar increase in May.Under Armour fell as much as 10.16 percent to a record low after the sportswear maker cut its full-year sales forecast.Automaker Ford fell 2.58 percent, while General Motors was down 3.64 percent, after reporting a fall in monthly sales.Sprint jumped 10.15 percent after swinging to a quarterly profit for the first time in three years, while Xerox rose 3.91 percent after its profit beat expectations.Advancing issues outnumbered decliners on the NYSE by 1,597 to 1,188. On the Nasdaq, 1,445 issues fell and 1,366 advanced.Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1AH4FM'|'2017-08-01T16:36:00.000+03:00'
'7d209fcc8cc6272043d1f7ec3542ec0386ce5ff7'|'PRESS DIGEST- British Business - Aug 1'|'Aug 1 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesAnti-fracking protesters face the threat of prison if they obstruct Ineos Holdings Ltd''s efforts to explore for shale gas after it secured wide-ranging injunctions to protect its operations. bit.ly/2vctT89Children will soon have the chance to join the likes of Charlie Bucket, Augustus Gloop and Veruca Salt on a tour of Willy Wonka''s Chocolate Factory after one of Britain''s most promising independent publishing businesses secured a deal with Roald Dahl''s estate. bit.ly/2vh0N6QThe GuardianThe financial watchdog has announced fresh measures to protect consumers from spiralling debt as official data showed that borrowing through credit cards, overdrafts and car loans has topped 200 billion pounds ($263.84 billion) for the first time since the global financial crisis. bit.ly/2vmLwm6Booths, the family-owned upmarket grocer, has been forced to call in accountants to conduct a financial health check of the business after a difficult 18 months. bit.ly/2vmSyqPThe TelegraphStonegate Pub Company Ltd ( IPO-SPC.L ) has made a 100 million pounds takeover bid for Revolution Bars Group Plc, just over two months after the cocktail bar''s shares plummeted 46 percent in one week. bit.ly/2uP7NHxRedX Pharma Plc, a biotech company specialising in developing cancer drugs, looks set to return to the London market after administrators agreed to sell the rights to a promising treatment for leukemia to a U.S. company for $40 million. bit.ly/2tYiysnSky NewsCredit rating agency Moody''s has warned about soaring levels of household debt as Bank of England figures show unsecured borrowing is back above 200 billion pounds. bit.ly/2vgHxGSA former boss of Marks & Spencer and an ex-Unilever Plc chief operating officer are being lined up to play key roles in the 6 billion pounds auction of Flora and I Can''t Believe It''s Not Butter. bit.ly/2vcoJJ1The IndependentMaintenance, security and hospitality staff at the Bank of England are to go on a three-day strike after talks between the central bank and the Unite union over a pay offer broke down. ind.pn/2tWTQIS$1 = 0.7574 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1KM6JG'|'2017-08-01T03:11:00.000+03:00'
'e18e832e45127d0d897d6337ae1e1abf60052e08'|'Monsoon rains to stay weak in key regions for next 2 weeks'|'August 4, 2017 / 12:21 PM / 8 hours ago Monsoon rains to stay weak in key regions for next 2 weeks 2 Min Read A woman stands on a seaside promenade against the background of pre-monsoon clouds gathered over the Arabian Sea in Kochi, India, May 15, 2017. Sivaram V/Files MUMBAI (Reuters) - Key crop growing regions in India are likely to receive lower rainfall than normal in the next fortnight, the state-run weather forecaster said, raising concerns over the yield of summer-sown crops. Areas in the country''s central, north-western and southern states that grow cotton, pulses, sugarcane and oilseeds will be hit, the India Meteorological Department said in its extended range outlook. The regions that have received less rainfall so far in the current monsoon season, such as Marathwada and Vidarbha in central India, are likely to get lower-than-normal monsoon rains in the fortnight ending Aug. 17, it said. India''s monsoon rains have delivered 1 percent less rainfall than normal so far this year, but erratic distribution has flooded some areas while leaving others in drought. The monsoon rains deliver about 70 percent of India''s annual rainfall and are critical for farmers because half of their lands lack irrigation. Farming accounts for 15 percent of India''s $2 trillion economy and employ more than half of its 1.3 billion people. Reporting by Rajendra Jadhav; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-monsoon-idINKBN1AK1FE'|'2017-08-04T15:20:00.000+03:00'
'0e3100f4197f4eba854cd4112d638633e39cec8c'|'BRIEF-Seacor Holdings Q2 earnings per share $0.63'|' 19  Seacor Holdings Q2 earnings per share $0.63   Seacor Holdings Inc: * Seacor Holdings announces results of operations for its second quarter ended june 30, 2017 and provides an update on recent events and transactions * Q2 loss per share $0.39 from continuing operations * Q2 earnings per share $0.63 * Qtrly operating revenues $ 115.8 million versus. $99.6 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-seacor-holdings-q2-earnings-per-sh-idUSASB0BDGQ'|'2017-08-04T01:18:00.000+03:00'
'5d39a1b347b41b4685c5113b4139b5eb3af27a55'|'BRIEF-Quad/graphics Q2 adjusted earnings per share $0.24'|'Aug 1 (Reuters) - Quad/Graphics Inc:* Quad/Graphics reports second quarter and year-to-date 2017 results* Q2 adjusted non-gaap earnings per share $0.24* Q2 earnings per share $0.13* Quad/Graphics Inc qtrly net sales $963.2 million versus $1.03 billion* Quad/Graphics Inc - remain on track to deliver on our 2017 financial guidance* Quad/Graphics Inc - "remain on track to deliver on our 2017 financial guidance"* Q2 earnings per share view $0.13, revenue view $985.8 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-quad-graphics-q2-adjusted-earnings-idUSASB0BCAM'|'2017-08-02T00:21:00.000+03:00'
'cca20ae1e9d96853a19511a0b5f9cbed89a4a41f'|'JGBs barely budge, fail to track gains in U.S. Treasuries'|'TOKYO, Aug 2 (Reuters) - Japanese government bonds barely budged on Wednesday, with the benchmark 10-year cash bonds untraded in the morning due to a lack of trading incentives, showing limited response to gains in U.S. bond prices.The 10-year benchmark JGB yield was unchanged at 0.070 percent, while the 30-year yield was also flat at 0.875 percent.While U.S. bond prices gained on Tuesday on weak auto sales data, any boost from the U.S. bond market was offset by generally risk-positive sentiment as Japanese share prices gained following upbeat earnings from Apple Inc.Thursday will see an auction of 10-year inflation-linked JGBs. They have been under pressure due to diminishing inflation expectations.The breakeven inflation rate, or the yield gap between conventional and inflation-linked JGBs, shrank to 36.5 basis points, the narrowest level since October last year. (Reporting by Tokyo Markets Team; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1KO2G0'|'2017-08-02T04:48:00.000+03:00'
'cad230a90878b6c0fd8d6bb9b44dd3b0047b3e3b'|'BRIEF-Douglas Emmett Q2 FFO per share $0.47'|'Aug 1 (Reuters) - Douglas Emmett Inc* Q2 FFO per share $0.47* Douglas Emmett Inc qtrly same property cash NOI increased to $106.1 million, up 4.7%* Douglas Emmett Inc - adjusting our 2017 full year guidance to $0.52 to $0.58 for net income per common share* Douglas Emmett Inc - adjusting our 2017 full year guidance to $1.89 to $1.93 for FFO* Douglas Emmett Inc qtrly total revenues $199.6 million versus $187.2 million* EOG Resources Inc qtrly earnings per share $0.129* Q2 earnings per share view $0.13, revenue view $198.0 million -- Thomson Reuters I/B/E/S* FY2017 earnings per share view $0.54, revenue view $796.7 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-douglas-emmett-q2-ffo-per-share-idUSFWN1KN0VH'|'2017-08-01T23:59:00.000+03:00'
'dca181d59b874d679241d64b29b7903f0d65f0ec'|'Toyota plans truck, possibly SUV production in Mexico after Trump threat'|'August 4, 2017 / 7:57 PM / 20 minutes ago Toyota plans truck, possibly SUV production in Mexico after Trump threat Anthony Esposito 2 Min Read Toyota Motor President Akio Toyoda and Mazda Motor President Masamichi Kogai attend a joint news conference in Tokyo, Japan August 4, 2017. Kim Kyung-Hoon/File Photo MEXICO CITY (Reuters) - Toyota Motor Corp ( 7203.T ) on Friday said it planned to build pickup trucks and possibly SUVs at a new plant in Mexico, a move that followed threats by U.S. President Donald Trump to penalize the company if it built small cars south of the border. Toyota initially planned to produce Corolla sedans at the plant it is building in the central state of Guanajuato but will now switch production of the small cars and a new Mazda SUV crossover to a new assembly plant planned for the United States. Trump in January threatened to impose a hefty fee on the world''s largest automaker if it built Corollas for the U.S. market in Mexico. Toyota de Mexico spokesman Luis Lozano said the global auto maker would study producing SUVs in Guanajuato, in addition to the Tacoma truck model. Journalists raise their hands to ask questions to Toyota Motor President Akio Toyoda and Mazda Motor President Masamichi Kogai during a joint news conference in Tokyo, Japan August 4, 2017. Kim Kyung-Hoon "We''re going to concentrate only on pickups at the beginning and are studying the potential for SUVs in the future," he said, adding that trucks and SUVs represented some 65 percent of the North American market. The decision came as Toyota planned to take a 5 percent share of smaller Japanese rival Mazda Motor Corp ( 7261.T ) as part of an alliance that will see the two build a $1.6 billion U.S. assembly plant and work together on electric vehicles. A move to produce SUVs in Guanajuato would mark a continuation of a "burgeoning trend" of Mexican manufacturing meeting quality standards needed to produce more expensive vehicles, said Christopher Wilson of the Woodrow Wilson International Center. "Instead of building lower value cars that generally offer smaller margins in Mexico and keeping high value SUV and luxury model production in the U.S., they are moving in the opposite direction," said Wilson, deputy director of the think tank''s Mexico institute. "The moves by Toyota seem to be designed to reduce political pressure on the company from President Trump," he added. Reporting by Anthony Esposito; Editing by Christian Plumb and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/toyota-mazda-jobs-idINKBN1AK2B0'|'2017-08-04T23:23:00.000+03:00'
'94f44b0cb1173856ec7c37b9d499d72e85e0a54d'|'Toyota eyes possible SUV production at Guanajuato, Mexico plant'|'August 4, 2017 / 2:36 PM / 2 hours ago Toyota eyes possible SUV production at Guanajuato, Mexico plant 1 Min Read The Toyota Motor Corp. company logo is pictured at the company''s plant in Onnaing, near Valenciennes, France, May 17, 2017. Benoit Tessier MEXICO CITY (Reuters) - Toyota Motor Corp ( 7203.T ) will study producing SUVs at a plant it is building in Mexico''s central state of Guanajuato, in addition to the Tacoma truck model, Toyota de Mexico spokesman Luis Lozano told Reuters on Friday. Toyota plans to take a 5 percent share of smaller Japanese rival Mazda Motor Corp ( 7261.T ) as part of an alliance that will see the two build a $1.6 billion U.S. assembly plant and work together on electric vehicles. "We''re going to concentrate only on pickups at the beginning and are studying the potential for SUVs in the future," he said. Toyota initially had been planning to produce Corollas at the $1 billion plant being built in Guanajuato but will now switch that production and a new Mazda SUV crossover to its new planned U.S. assembly plant. Reporting by Anthony Esposito; Editing by Christian Plumb 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toyota-mazda-mexico-idUSKBN1AK1QC'|'2017-08-04T17:35:00.000+03:00'
'7c3d3fd569c34aa2f12d98ff225deb06993a6505'|'Goldman Sachs declares 3.9 percent stake in Spain''s DIA: filing'|'FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo MADRID (Reuters) - Goldman Sachs owns 3.9 percent of Spanish supermarket chain DIA ( DIDA.MC ), according to a filing with Spain''s market regulator made days after Russian billionaire Mikhail Fridman''s investment vehicle bought a stake in the firm.Investors have to declare their company holdings to regulators in Spain when they exceed 3 percent.According to the filing, Goldman''s stake went over 3 percent on July 28, the day Fridman''s LetterOne Investment Holdings said it had bought a 3 percent stake and had an option to buy another 7 percent, sending DIA''s shares up 15 percent.The U.S. investment bank disclosed its stake to the regulator on Aug. 3, the filing shows.Other major investors in DIA include Baillie Gifford, with 10 percent, Black Creek Investment with 4.98 percent, BlackRock ( BLK.N ) with 6.5 percent and Morgan Stanley ( MS.N ) with 6.5 percent, according to Spain''s CNMV regulator.Fridman''s LetterOne is aiming to become a big investor in the food and retail sector. Its L1 Retail division was launched in December and in June agreed to buy Britain''s Holland & Barrett health foods chain for 1.77 billion pounds ($2.3 billion).Reporting by Andres Gonzalez; writing by Sarah White; editing by David Clarke'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-dia-investors-goldmansachs-idINKBN1AK1KG'|'2017-08-04T11:17:00.000+03:00'
'900f60b05303f99fb5f645f8d7a4a83b06a801d4'|'JGBs inch down on lacklustre outcome of BOJ buying operation'|'TOKYO, Aug 4 (Reuters) - Japanese government bond prices inched down on Friday as the market nudged lower on lacklustre results to the Bank of Japan''s buying operation for longer-term debt, although overall activity was limited ahead of the U.S. non-farm payrolls report due later in the session.The five-year and 30-year yields rose half a basis point to minus 0.065 percent and 0.870 percent, respectively.The benchmark 10-year yield was flat at 0.065 percent.The BOJ on Friday bought a total of 910 billion yen ($8.27 billion) of short- to super-long maturity JGBs as part of its regular debt-buying scheme.Of these, the outcome to the buying operations for long-term and super-long JGBs were seen to have been weaker compared with the previous operations conducted on Monday.$1 = 110.0900 yen Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1KQ1H0'|'2017-08-04T03:31:00.000+03:00'
'18b36340c1e4b277c6575bb4b5c28ed910554e44'|'RPS Group first-half profit rises 35 percent; expects to beat financial year estimates'|'August 4, 2017 / 7:07 AM / 41 minutes ago RPS Group first-half profit rises 35 percent; expects to beat financial year estimates Reuters Staff 1 Min Read (Reuters) - Infrastructure and resources consultant RPS Group Plc ( RPS.L ) reported a 35 percent rise in first-half profit and said it expects to modestly exceed market expectations for the full year. The company also raised its dividend by 3 percent to 4.80 pence per share. RPS, which advises on the oil and gas, nuclear and transport sectors, said the profit boost came from its acquisitions in Norway and Australia and due to lower costs at its energy businesses. The company had committed about 126 million pounds to acquisitions between 2014 and 2016 outside of oil and gas in an effort to reduce its dependence on the sector. RPS said profit before tax, amortisation and transaction related costs rose to 27.2 million pounds ($35.74 million) in the period ended June 30 from 20.2 million pounds a year ago. Revenue rose 7.9 percent to 314.5 million pounds, the company said. Reporting by Justin George Varghese in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-rps-group-results-idUKKBN1AK0L0'|'2017-08-04T10:06:00.000+03:00'
'19d382b5ee17c583f1a4f9ade33d67dd0a8e7b6c'|'Bristol-Myers to buy IFM Therapeutics to strengthen cancer pipeline'|'(Reuters) - Bristol-Myers Squibb Co said it would buy privately held IFM Therapeutics for an upfront payment of $300 million, as the drugmaker looks to bolster its cancer portfolio after losing ground to Merck & Co''s rival treatment Keytruda.The acquisition of IFM, whose backers include Novartis, will give Bristol-Myers access to the company''s preclinical cancer programs.IFM investors are also eligible to additional contingent payments of up to $1.01 billion upon the achievement of certain milestones, the companies said on Thursday.Bristol-Myers, which is also under pressure from activist investors, expects the deal to close during the third quarter.The drugmaker has fallen behind Merck in the key field of immuno-oncology after its Opdivo drug failed to prolong survival patients with non-small cell lung cancer, the largest cancer market. '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ifm-therapeutics-m-a-bristol-myers-idINKBN1AJ2Z1'|'2017-08-03T19:20:00.000+03:00'
'718b0df8381721f5ac4b949292ddd8f375a54dc3'|'GLOBAL LNG-Prices firm on demand from South Korea, Taiwan'|'LONDON/SINGAPORE, Aug 4 (Reuters) - Asian spot LNG prices rose this week as South Korean importers and Taiwan showed appetite amid a flurry of cargo offerings from projects across Asia and the Atlantic.Spot prices LNG-AS for September delivery rose to $5.90 per million British thermal units (mmBtu), 15 cents above last week.Korea Gas Corp, one of the world''s biggest LNG importers, is expected to seek several cargoes via tender, alongside smaller peer SK E&S, according to market sources.Taiwan''s state-run CPC is also seeking added supply to cover its summer demand, they said.On the supply side, Russia''s Sakhalin II project is expected to offer several October-loading cargoes, traders said, likely to weigh on spot prices during the month as more supply emerges, including from new projects gearing up operations.Chevron''s new Wheatstone LNG project is due to export first LNG in September, according to trade sources, while the fourth production line at Cheniere Energy''s Sabine Pass plant appears to have begun liquefying gas, based on higher feed-stock flows.Meanwhile, Angola''s export plant launched a tender to sell a prompt cargo loading over Aug. 7 to 9. That tender closes on Aug. 8 and will be valid until Aug. 10.Exxon Mobil is offering a cargo from its Papua New Guinea project for loading over Sept. 16-20 via tender, which will close on Aug. 2 and is valid until Aug. 4.New sources of demand are also looming. Bangladesh''s state minister for energy and power, Nasrul Hamid, said he expects the country to import around 17.5 million tonnes of the fuel per year by 2025.The country expects to begin bringing in LNG cargoes via two floating import terminals by July next year, Hamid said.Hamid said Bangladesh was in talks with Qatar''s RasGas and Indonesia''s Pertamina for long-term supply deals, while it also planned to import significant amounts of its future demand via the freely traded spot market.Reporting by Oleg Vukmanovic and Mark Tay; Editing by Susan Thomas'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-lng-idINL5N1KQ4M9'|'2017-08-04T12:58:00.000+03:00'
'e12ff1ad2ac7b30be001228262ad2568ecd00946'|'Results help Next, Randgold shine on deflated FTSE; Convatec slumps'|'August 3, 2017 / 9:19 AM / in 3 hours British blue chips gain as BoE stays put; strong earnings help Danilo Masoni and Kit Rees 4 Min Read FILE PHOTO: A man walks through the lobby of the London Stock Exchange in London, Britain, August 25, 2015. Suzanne Plunkett/File Photo MILAN (Reuters) - UK blue chips rose to a one-week high on Thursday after the Bank of England kept rates on hold, lifting export oriented stocks and boosting a market buoyed by solid earnings updates. The FTSE .FTSE rose 0.7 percent to 7,460.5 points with big international firms like Diageo ( DGE.L ) extending gains as sterling weakened following the central bank''s decision. The domestically focussed midcap index .FTMC added 0.2 percent. The BoE kept borrowing costs at a record low once again and trimmed its forecasts for economic growth both this year and next. It hinted again at a rate hike next year. "It seems the bank is reluctant to rock the economic recovery by hiking rates just yet and the Bank''s view on growth has also been downgraded since the May meeting," said Tom Stevenson, investment director at Fidelity International. British blue chips suffered in June when the BoE''s vote by a narrow 5-3 margin to keep rates on hold boosted bets that a rate hike was closer.On Thursday a six to two majority voted to keep interest rates steady. On the earnings front, retailer Next ( NXT.L ) was in the spotlight. Its shares surged 8.8 percent after it returned to sales growth in the second quarter, helped by warm weather and an improvement in its online offering. "There have been concerns about the instore sales and are Next going to be able to shift towards consumer patterns -- (we''re) starting to see more of an online presence as well in the Directory," said Jonathan Roy, advisory investment manager at Charles Hanover Investments. "The reaction we''re seeing today is more of a sigh of relief from investors because Next have consistently disappointed the market with results over the last couple of years." Precious metals miner Randgold Resources ( RRS.L ) also enjoyed gains, with its shares rising 4 percent after reporting a jump in first half profit and raising its production forecast. Shire ( SHP.L ) rose 4.4 percent after the drugmaker upgraded its earnings forecast and said it was exploring options for its hyperactive drugs business, including a listing. But disappointing earnings weighed on shares in Convatec ( CTEC.L ), which slumped 6.5 percent after posting a lower profit for the first half and also announcing the departure of its CEO. Standard Chartered ( STAN.L ), down 0.8 percent, extended losses from the previous session after its results were overshadowed by the absence of a dividend. On the FTSE 250 .FTMC , beaten-down defence stock Cobham ( COB.L ) leading the charge, up 5.1 percent after its first half results showed the tentative signs of recovery. Reporting by Danilo Masoni and Kit Rees; Editing by Richard Balmforth 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AJ14E'|'2017-08-03T12:18:00.000+03:00'
'edbea3f26ccccf2fcb1589c2a3edfc9c397fe7fc'|'Wells Fargo to pay U.S. $108 million over veterans'' loans'|'August 4, 2017 / 3:09 PM / in 36 minutes Wells Fargo to pay U.S. $108 million over veterans'' loans Jonathan Stempel 4 Min Read FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. Mike Blake/File Photo (Reuters) - Wells Fargo & Co ( WFC.N ) will pay the U.S. government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees. The third-largest U.S. bank on Friday said the accord resolved claims that its Interest Rate Reduction Refinance Loans should have been ineligible for guarantees under a U.S. Department of Veterans Affairs loan guaranty program. Such claims were raised in a lawsuit filed in 2006 and made public in 2011, in which Georgia mortgage brokers Victor Bibby and Brian Donnelly sought to recoup losses that the government, and by extension taxpayers, suffered on guaranteed loans that went into default. "Wells Fargo made a lot of money passing off charges to the veterans that Wells Fargo was supposed to pay itself," James Butler, a lawyer for the brokers, said in a statement. Bibby and Donnelly had sued eight lenders to recoup similar losses, and Wells Fargo''s settlement is the seventh and largest. Bank of America Corp ( BAC.N ), Citigroup Inc ( C.N ), First Tennessee, JPMorgan Chase & Co ( JPM.N ), PNC Financial Services Group Inc ( PNC.N ) and SunTrust Banks Inc ( STI.N ) settled in 2012 for a combined $161.7 million, the brokers'' lawyers said. "We are committed to serving the financial health and well-being of veterans," Wells Fargo Chief Executive Tim Sloan said in a statement. "Settling this longstanding lawsuit allows us to put the matter behind us and continue to focus on serving customers and rebuilding trust with our stakeholders." Wells Fargo has in the last 11 months been addressing fallout from other practices, including a scandal over its creation of unauthorized customer accounts, and its charging of borrowers for auto insurance they did not want or need. On Friday, the bank said it is examining whether it may have imposed unnecessary financial harm on customers through residential mortgage fees, frozen deposit accounts, and "add-on" products such as identity theft protection. In 2011, Wells Fargo had reached a $10 million settlement in a separate class action lawsuit claiming it imposed excessive closing costs on about 60,000 refinancing loans for veterans. Friday''s settlement is also notable because the government declined to help Bibby and Donnelly pursue their lawsuit under the federal False Claims Act. Such lawsuits let private whistleblowers sue on the government''s behalf and share in recoveries. Government intervention often results in larger settlements. A lawyer for the eighth lender in the whistleblower case, Mortgage Investors Corp, did not immediately respond to requests for comment. The case is U.S. ex rel. Bibby et al v Wells Fargo Bank NA et al, U.S. District Court, Northern District of Georgia, No. 06-00547. Reporting by Jonathan Stempel in New York; Editing by Bill Rigby and Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wellsfargo-settlement-idUSKBN1AK1U1'|'2017-08-04T18:09:00.000+03:00'
'564cbba547504d274837a64cc34fe43173637394'|'CEE MARKETS-Crown retreats as cbank seen turning dovish after rate rise'|'* Czech central bank''s post-hike comments were dovish-analysts * Czech crown gives up almost all of post-rate-hike gains * Loose ECB policy discourages monetary tightening-analysts * Romanian central bank seen holding fire, may hike next year * MOL shares hit 6-year high after strong Q2 results By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, Aug 4 (Reuters) - The crown retreated on Friday due to doubts that Thursday''s Czech central bank (CNB) interest rate hike would be followed by further tightening. The crown had shed 0.13 percent to 26.075 against the euro by 0944 GMT, approaching the levels it hit before the rate hike. On Thursday, the rate increase boosted the currency to 25.9, its strongest since April when the CNB removed a cap that had kept it weaker than 27 against the euro since 2013. The hike was the first in the Czech Republic in over nine years and the first among European Union member states in more than five years. Other central banks in Central Europe, under less pressure from recent inflation figures, remain dovish and are unlikely to follow the Czech example this year, including the Romanian bank, which meets on Friday. The CNB lifted its two-week repo rate by 20 basis points to 0.25 percent on Thursday. Inflation is above its 2 percent target, the Czech labour market is the tightest in the EU, and the economy is seen growing at annual rates above 3 percent, in line with the region. But the Czech inflation rate is seen dipping below 2 percent again. The bank''s new outlook is more dovish than before and it also fears hot money inflows if European Central Bank policies remain loose, making Czech assets attractive, analysts said. "If the ECB postpones its first tightening, the CNB will have no other option than to be patient too," Ceska Sporitelna analysts said. The CNB''s press conference on Thursday changed the outlook, Komercni Banka dealer Dalimil Vyskovsky said, "pointing to somewhat slower hikes from now on." "Apparently the bank (is) trying to sound as dovish as possible, once again, in our view the reason behind it being fears of EURCZK reaction getting too strong," he added. The key 3-month Prague inter-bank offered rate (PRIBOR was fixed at 42 basis points, up 11 basis points. The leu traded a shade firmer ahead of the Romanian central bank''s meeting. The bank is unlikely to lift its rates this year, but is expected to narrow the corridor between its lending and deposit facility later this year, tightening conditions. Next year it could start to reverse its rate cuts, because inflation could jump close to the top of its 1.5-3.5 percent target range, analysts have said. The Polish central bank may also start considering rate hikes next year, and Hungary in 2019, analysts have said. Stock markets rose in the region, with Budapest leading gains on a surge in MOL shares to a 6-year high after the oil and gas group posted better than expected earnings, and raised its earnings outlook for 2017. CEE MARKETS SNAPSH AT 1043 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.079 26.041 -0.15% 3.56% 0 0 Hungary 304.10 303.90 -0.06% 1.55% forint 00 50 Polish zloty 4.2422 4.2447 +0.06 3.81% % Romanian leu 4.5610 4.5631 +0.05 -0.57% % Croatian 7.4060 7.4065 +0.01 2.01% kuna % Serbian 119.62 119.61 -0.01% 3.12% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1021.3 1017.5 +0.37 +10.8 7 7 % 2% Budapest 36684. 36416. +0.74 +14.6 24 07 % 3% Warsaw 2375.0 2365.4 +0.40 +21.9 5 8 % 3% Bucharest 8345.5 8340.8 +0.06 +17.7 7 4 % 9% Ljubljana 808.42 806.01 +0.30 +12.6 % 6% Zagreb 1890.5 1889.9 +0.03 -5.23% 8 4 % Belgrade 728.18 718.12 +1.40 +1.51 % % Sofia 716.60 720.14 -0.49% +22.2 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.026 0.026 +071b +3bps ps 5-year 0.093 0.04 +032b +4bps ps 10-year 0.898 0 +044b +0bps ps Poland 2-year 1.814 -0.017 +250b -1bps ps 5-year 2.68 0.012 +291b +1bps ps 10-year 3.338 -0.014 +288b -2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.55 0.65 0.73 0 IBOR=> Hungary <BU 0.21 0.25 0.31 0.15 BOR=> Poland <WI 1.772 1.795 1.86 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KQ23Q'|'2017-08-04T08:12:00.000+03:00'
'a6775681c4ecbea0eb8d8408e0edbddf722d437c'|'Oil prices dip on high OPEC supplies, rising U.S. production'|'August 4, 2017 / 1:58 AM / 2 hours ago Oil prices flatten, but under shadow of high production 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo LONDON (Reuters) - Oil prices recouped earlier losses on Friday but remained on track for a weekly decline, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures LCOc1, the international benchmark, were trading at $52.06 a barrel at 1314 GMT, 5 cents above the last close and heading for a fall of just under 1 percent on the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $49.08 per barrel but set to end the week more than 1 percent lower. Earlier in the day, both contracts traded more than 50 cents lower. Analysts said prices were pressured by rising output, although strong demand limited the losses. "Increasing OPEC production and increasing OPEC exports are the reason the market has been trading lower," PVM Oil Associates analyst Tamas Varga said. Barclays bank said: "we expect a downward (price) correction during this quarter", but forecast Brent at an average of $54 per barrel during the fourth quarter. While the Organization of the Petroleum Exporting Countries is leading cuts of 1.8 million barrels per day (bpd) along with some non-members such as Russia, its July exports hit a record high, according to a report by Thomson Reuters Oil Research. July''s exports at 26.11 million bpd represented a rise of 370,000 bpd, with most coming from Nigeria. A Reuters survey also showed OPEC oil output at 2017 highs in July, led by Libyan gains. Libya and Nigeria were exempt from OPEC''s output deal. Output in Russia is also high. Russia''s largest oil producer, Rosneft ( ROSN.MM ), said its crude production grew by 11.1 percent year-on-year in the second quarter. U.S. oil production hit 9.43 million bpd, the highest since August 2015 and up 12 percent from its most recent low in June last year. C-OUT-T-EIA Still, U.S. crude exports in June fell to 786,000 bpd, compared with just over 1 million bpd in May, data showed on Friday. Prices were still more than 16 percent above the lows hit in June, as strong summer demand for transport fuel has buoyed benchmark contracts. U.S. gasoline demand rose to a record 9.842 million bpd last week, according to government data this week. "Gasoline demand is now +0.1 percent (year-on-year). This is reasonably encouraging given it had been flat or negative since late November 2016," U.S. investment bank Jefferies said. [EIA/S] Reporting by Henning Gloystein; Editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKBN1AK04N'|'2017-08-04T11:58:00.000+03:00'
'98ae86027dd07af9a5e8fe17363fce72637c26fa'|'Global refiners brace themselves as China cements its oil market dominance'|'August 4, 2017 / 7:14 AM / 4 hours ago Global refiners brace themselves as China cements its oil market dominance Jessica Jaganathan and Tom Daly 5 Min Read FILE PHOTO: A visitor looks at China National Offshore Oil Corporation''s (CNOOC) oil refinery in Huizhou, China''s southern Guangdong province July 28, 2009. Tyrone Siu/File Photo SINGAPORE/BEIJING (Reuters) - China is on pace to overtake the United States as the world''s biggest oil importer this year, cementing its status as Asia''s most pivotal oil market actor that will increasingly dominate the region''s fuel trade. For the first time, China imported more crude oil in the first half of the year than the U.S., government statistics showed. China averaged 8.55 million barrels per day (bpd) versus 8.12 million bpd in the U.S., a trend that is expected to last. The shift highlights the change in the center of gravity in global oil markets from West to East. Chinese state-run oil trader Unipec is now the world''s biggest physical oil trader. By drawing more of the world''s oil to its shores, China, the second-biggest oil consumer after the U.S., will play a crucial role in setting the global price of the commodity, especially as the crude futures market in Shanghai develops. China''s import surge is being driven by the expansion of its refinery capacity. But, as the domestic demand has not materialized to soak up the fuel supply, China''s exports of gasoline and diesel have climbed to record highs. This flood of products has caused headaches for competitors across Asia and depressed diesel profit margins to multi-year lows in 2016. "China is putting a lot of pressure on the traditional export hubs of Taiwan, Korea and Singapore to capture the market share within Southeast Asia and Australia," said Joe Willis, senior research analyst, Asia refining, at energy consultancy Wood Mackenzie. The trend of more refining capacity and higher exports is set to continue. China plans to add at least 2.5 million bpd of refining capacity by 2020, according to a recent presentation from China Petroleum & Chemical Corp, or Sinopec. Sinopec is Asia''s biggest oil refiner and the parent of Unipec. This year, PetroChina Ltd will start a 260,000 bpd refinery in Yunnan in southern China while China National Offshore Oil Corp will start up a 200,000 bpd expansion at its existing Huizhou plant in Guangdong province. The start ups will add 350,000 bpd of new Chinese capacity in 2017 though both plants will not reach full capacity until 2018. Exports of gasoline from China are expected to increase by at least 10,000 barrels per day this year from 2016, driving overseas gasoline sales to between 235,000 bpd and 240,000 bpd this year and about 330,000 bpd in 2018, estimates from consultants FGE and Wood Mackenzie showed. Unipec is leading the way in targeting new overseas markets, moving jet fuel from Singapore to northwest Europe in June for the first time in several years. Meanwhile, Chinese diesel shipments in 2017 have more than doubled to France, more than quadrupled to Italy and the country shipped diesel to Kenya for the first time this year. HIGH QUALITY FUEL Export-oriented refiners in Singapore, South Korea and Taiwan will be most affected by the Chinese competition. "We''re trying to diversify and find new markets by increasing the number of our customers in existing countries," a South Korean refining source said, declining to be named as he was not authorized to speak with the media. "It''s affecting Korean refiners as we are having one more player in the market." Japanese and Indian refiners will be less affected. China and India have eclipsed Japan as Asia''s biggest oil consumer. Japanese refiners are consolidating capacity because of a falling population and the increasing use of alternative fuels in the power and transportation sector has cut oil consumption. Meanwhile, Indian refiners are focusing on meeting soaring domestic demand. China''s new modern refineries are competing with the region''s exporters in producing fuels for countries with stringent fuel standards such as Australia. Diesel exports to Australia climbed seven-fold to 850,000 tonnes in 2016 and are on pace to nearly match that level this year. A slowdown in Chinese domestic fuel demand as people use more electric vehicles or co-share bicycles and scooters has pushed refiners to export more gasoline. China''s gasoline demand is expected to slow to 3.5 to 4 percent in 2017 compared with last year''s 6.5 percent growth, said Sri Paravaikkarasu, head of East of Suez oil at FGE. Sales growth for automobiles, mainly powered by gasoline, has slowed to 0.7 percent in the first half of 2017, compared with 8.7 percent a year ago, while those powered by alternative fuels grew 52.9 percent, BMI Research said. Reporting by Jessica Jaganathan and Florence Tan in SINGAPORE, Tom Daly in BEIJING and Jane Chung in SEOUL; Editing by Henning Gloystein and Christian Schmollinger 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-china-oil-refining-idUSKBN1AK0MC'|'2017-08-04T10:12:00.000+03:00'
'b8a9406ae914067fe23085ae57603d4f423793dd'|'U.S. payrolls increase more than expected, wages rise'|'August 4, 2017 / 12:45 PM / an hour ago Strong U.S. jobs report bolsters case for further Fed tightening Lucia Mutikani 6 Min Read Job seekers line up to apply during "Amazon Jobs Day," a job fair being held at 10 fulfillment centers across the United States aimed at filling more than 50,000 jobs, at the Amazon.com Fulfillment Center in Fall River, Massachusetts, U.S., August 2, 2017. Brian Snyder WASHINGTON (Reuters) - U.S. employers hired more workers than expected in July and raised their wages, signs of labour market tightness that likely clears the way for the Federal Reserve to announce a plan to start shrinking its massive bond portfolio. The Labor Department said that nonfarm payrolls increased by 209,000 jobs last month amid broad-based gains. June''s employment gain was revised up to 231,000 from the previously reported 222,000. Average hourly earnings increased nine cents, or 0.3 percent, in July after rising 0.2 percent in June. That was the biggest increase in five months. On a year-on-year basis, wages increased 2.5 percent for the fourth straight month. "It was strong across the board. It puts (the Fed) still on track to start the programme to wind down the book in September and it''s a long ways off in December for the next rate hike," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York. Lack of strong wage growth is surprising given that the economy is near full employment, but July''s monthly increase in earnings could offer some assurance to Fed officials that inflation will gradually rise to its 2 percent target. Economists expect the Fed will announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at its next policy meeting in September. The Fed bought these securities to lower interest rates in the wake of the 2007-2009 financial crisis. Sluggish wage growth and the accompanying benign inflation, however, suggest the U.S. central bank will delay raising interest rates again until December. The Fed has raised rates twice this year and its benchmark overnight lending rate is in a range of 1 percent to 1.25 percent. Prices of U.S. government debt fell after the data while U.S. stock index futures added to gains. The dollar .DXY rose sharply against a basket of currencies. Economists polled by Reuters had forecast payrolls increasing by 183,000 jobs in July and wages rising 0.3 percent. Wage growth is crucial to sustaining the economic expansion after output increased at a 2.6 percent annual rate in the second quarter, an acceleration from the January-March period''s pedestrian 1.2 percent pace. The unemployment rate dropped one-tenth of a percentage point to 4.3 percent in July, matching a 16-year low touched in May. It has declined four-tenths of a percentage point this year and is now at the most recent Fed median forecast for 2017. July''s decline in the jobless rate came even as more people entered the labour force, underscoring job market strength. LABOUR FORCE RISES The labour force participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of a percentage point to 62.9 percent. Still, some slack remains in the labour market. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, was unchanged at 8.6 percent last month. This alternative measure of unemployment hit a 9-1/2-year low in May. July''s employment gains exceeded the monthly average of 184,000 for this year. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Republican President Donald Trump, who inherited a strong job market from the Obama administration, cheered Friday''s strong employment. "Excellent Jobs Numbers just released - and I have only just begun," Trump said on Twitter. "Many job stifling regulations continue to fall. Movement back to USA!" Trump has pledged to sharply boost economic growth and further strengthen the labour market by slashing taxes, cutting regulation and boosting infrastructure spending. But after six months in office, the Trump administration has failed to pass any economic legislation and has yet to articulate plans for any tax cuts and infrastructure spending as well as most of its planned regulatory rollbacks. The composition of the job gains in July mirrored June''s. Manufacturing payrolls increased by 16,000 jobs, the largest increase since February. Employment in the automobile sector rose by 1,600 despite slowing sales and bloated inventories that have forced manufacturers to cut back on production. U.S. auto sales fell 6.1 percent in July from a year ago to a seasonally adjusted rate of 16.73 million units. General Motors Co ( GM.N ) and Ford Motor Co ( F.N ) have both said they will cut production in the second half of the year. Construction firms hired 6,000 workers last month. Hiring at homebuilding sites increased 5,100 last month. The professional and business services sector added 49,000 workers to its payrolls last month. Retail payrolls rose by 900 in July as hiring at motor vehicle and parts dealerships as well as online retailers offset a drop of 10,000 in employment at clothing stores. Companies like major online retailer Amazon ( AMZN.O ) are creating jobs at warehouses and distribution centres. Amazon this week held a series of job fairs to hire about 50,000 workers. Government payrolls gained 4,000 in July. Reporting by Lucia Mutikani; Additional reporting by Karen Brettell in New York; Editing by James Dalgleish and Paul Simao 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-economy-idUKKBN1AK1HC'|'2017-08-04T15:45:00.000+03:00'
'33e8753d438749309c3c309cb26b1e09c3dbf4cb'|'EU sends charge sheet to Visa over inter-regional fees'|'August 3, 2017 / 10:55 AM / 2 hours ago EU sends charge sheet to Visa over inter-regional fees 2 Min Read FILE PHOTO: A VISA credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. Maxim Zmeyev/Illustration/File Photo BRUSSELS (Reuters) - The European Commission said on Thursday it had sent a charge sheet to credit card group Visa ( V.N ) over the fees merchants have to pay when customers from outside the bloc make purchases in the European Union. In 2014, the Commission ended another investigation into the company''s fee structure when Visa Europe agreed to cap the transaction fees it charged. The Commission said it was now looking at so-called inter-regional interchange fees, those charged to merchants when accepting Visa cards issued outside the European Economic Area (EEA), for example when tourists make purchases in the EU. "Inter-regional fees represent an important part of the total fees within the Visa scheme," the Commission said. The Commission, which has the power to fine Visa up to 10 percent of its global turnover if it is found breaching the bloc''s antitrust rules, said it was waiting for the company''s response before deciding on further action. After Visa is given access to the Commission''s file on the issue, it has two months to reply. Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eu-competition-visa-idUSKBN1AJ1GG'|'2017-08-03T13:54:00.000+03:00'
'c7b67827d44195a1e4422e2299f5e5a45a62ff62'|'Toyota to take 5 pct stake in Mazda, jointly build $1.6 bln U.S. plant'|'TOKYO, Aug 4 (Reuters) - Japanese automakers Toyota Motor Corp and Mazda Motor Corp announced on Friday they will build a $1.6 billion U.S. assembly plant as part of a new joint venture, while Toyota will take a 5 percent stake in its smaller rival.The plant, which is planned to start operating in 2021, will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people, according to a company filing.They also said that they would consider joint development of electric vehicles, as tightening global emissions regulations prompt more automakers to develop battery powered cars. (Reporting by Makiko Yamazaki, Ritsuko Ando and Naomi Tajitsu; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/toyota-mazda-idINT9N1KA00Z'|'2017-08-04T06:01:00.000+03:00'
'ec083428244bb66886480e0e4207d30239f30aaf'|'Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022'|'August 3, 2017 / 10:36 PM / in 6 minutes Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022 1 Min Read SAO PAULO, Aug 3 (Reuters) - Brazil''s Petroleo Brasileiro SA prepaid a $333 million debt to Bank of Tokyo-Mitsubishi due in 2018 and borrowed $500 million from the Japanese bank due in 2022, the state-controlled oil company said in a securities filing on Thursday. Petrobras, as the company is known, also borrowed $150 million from Banco Safra due in 2022, the filing added. Proceeds will help carry out liability management duties. (Reporting by Tatiana Bautzer; Editing by Tom Brown) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-debt-idUSE6N1FG05D'|'2017-08-04T01:36:00.000+03:00'
'f039b03c8b9d8a4ff168665491797704b76d3786'|'UPDATE 2-Lilly''s acute migraine drug succeeds in late-stage study'|'August 4, 2017 / 10:54 AM / an hour ago Lilly''s acute migraine drug succeeds in late-stage study Natalie Grover 3 Min Read (Reuters) - Drugmaker Eli Lilly and Co said on Friday its acute migraine drug lasmiditan succeeded in a key late-stage study, setting the stage for U.S. regulatory approval. About 40 million Americans suffer from migraine - intense headaches characterized by throbbing pain and sensitivity to light and nausea. The disorder, which can last for days, is incurable. The size of the migraine market is expected to balloon to more than $10 billion in 2025 from $3 billion in 2015 in the United States and other developed countries, healthcare research firm Decision Resources Group said last year. A clutch of drugmakers including Lilly are racing to grab a piece of this lucrative, under-served market. Lilly''s trial tested three doses of lasmiditan against a placebo. Patients in the trial had an average of more than five migraine attacks per month. At two hours following the first dose, a higher percentage of patients treated with lasmiditan were migraine pain-free compared to those on a placebo, meeting the study''s main goal. Indianapolis-based Lilly originally discovered lasmiditan, but licensed out the oral drug to CoLucid Pharmaceuticals in 2005. Lilly bought CoLucid for $960 million earlier this year. Lilly said it expected to file a U.S. marketing application for lasmiditan in the second half of 2018. Currently, migraine patients are treated with triptans, a class of drugs that hit the market in the 1990s. Triptans work by constricting blood vessels in the brain and cannot be used in up to 35 percent of patients due to high cardiovascular risk. A host of other drugs - including anti-depressants, medicines for hypertension and even botox - are also used to treat migraine, but with little success. Lilly has another migraine drug in development called galcanezumab, which works differently from lasmiditan and targets a protein associated with pain signaling called CGRP. Unlike lasmiditan, galcanezumab is being evaluated as a treatment to prevent migraines in patients who suffer from a severe form of the disorder. Companies including Amgen Inc, Teva, Allergan, Biohaven and Alder Biopharmaceuticals also have CGRP drugs to prevent and treat migraine in the latter stages of development. Amgen submitted a U.S. application to market its migraine drug, erenumab, in May. Migraine costs the U.S. about $36 billion in healthcare and lost productivity, according to the Migraine Research Foundation. Lilly''s shares, up about 11 percent this year, were little changed in early trading. Reporting by Natalie Grover and Divya Grover in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uk-lilly-trials-idUSKBN1AK156'|'2017-08-04T16:43:00.000+03:00'
'e50fa790bad1ab58aa1478c907a76f34f62c19a2'|'BRIEF-Ranger Energy Services sees IPO of 5 million shares priced between $16-$18/shr'|'Aug 1 (Reuters) -* Ranger Energy Services Inc sees IPO of 5 million shares of its Class A common stock priced between $16.00 and $18.00 per share - SEC filing* Ranger Energy Services - CSL Capital, Bayou Well Holdings and their affiliates have indicated that they may collectively purchase up to 1.8 million shares in the offering Source text: ( bit.ly/2hkFbl0 )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-ranger-energy-services-sees-ipo-of-idINFWN1KN0NS'|'2017-08-01T12:24:00.000+03:00'
'f1de85dc9a5b4e8c85f609a432484135a0bea952'|'Bank of England in focus as sterling hits 11-month highs'|'August 3, 2017 / 8:04 AM / an hour ago Sterling skids to nine-month low vs euro as BoE keeps rates unchanged Jemima Kelly 4 Min Read A shop cash register is seen with both Sterling and Euro currency in the till at the border town of Pettigo, Ireland October 14, 2016. Clodagh Kilcoyne LONDON (Reuters) - Britain''s pound skidded almost 1 percent to a nine-month low against the euro on Thursday, after the Bank of England voted 6-2 to keep interest rates at their record lows and lowered its forecasts for growth, inflation and wages. BoE Governor Mark Carney and his top officials reiterated that they might raise borrowing costs more than investors expect over the next three years, possibly within a year. But markets focussed on the Bank''s lowering of its 2017 growth forecasts, to 1.7 percent from 1.9 percent in May, as well as its unexpected reduction of its inflation projections, which it put at just under 2.6 percent in a year''s time after peaking around 3 percent in October. "The 6-2 vote was as expected. However, the dovish growth and inflation (forecasts were) a surprise to the markets," said Mizuho''s head of hedge fund FX sales, Neil Jones. After Carney said in a press conference that business investment was likely to be negatively affected by Brexit, with bad consequences for productivity and wage growth, sterling fell as low as 90.485 pence per euro, the weakest since early November EURGBP=D3. It also fell over a cent against the dollar to a three-day low of $1.3113 GBP=D3 , having earlier reached an 11-month high of $1.3267 against the U.S. currency. Although most economists taking part in a Reuters poll had forecast a 6-2 vote to keep rates on hold, some had thought that chief economist Andy Haldane could join those calling for an immediate increase. At the last meeting, three rate-setters voted to raise rates, but one, Kristin Forbes, has since departed and been replaced by the more dovish Silvana Tenreyro. "The market hadn’t priced in much possibility of a hike this month, but the 6-2 vote was a bit of a dovish surprise for us," said Yujiro Goto, an analyst at Nomura, one of the only banks that had been calling for a rate increase this month. A British Pound Sterling note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration For a Reuters graphic on views of the Monetary Policy Committee''s members, click on: tmsnrt.rs/2eSYykb Brexit Uncertainty The Bank also kept its asset-purchase programmes unchanged and said a bank lending scheme would end as previously scheduled in February 2018. A few weeks ago, investors had begun to price in a chance that the BoE might raise interest rates for the first time in a decade this month, after a series of hawkish remarks by policymakers, including Carney and Haldane. But a raft of weaker data - as well as deep uncertainty about the impact of Brexit - called that view into question. Recent figures showed the economy had its slowest growth since 2012 in the first half of this year, while inflation has also dipped and growth in wages remains weak. Divorce talks between Britain and the rest of the EU have had a stumbling start, leaving many companies nervous about the risk of a damaging departure from the bloc in 2019. "The reality is that we’re facing an uncertain period, and neither markets nor companies like uncertainty," said Mark Horgan, chief executive of foreign exchange provider Moneycorp. "The market has been spooked by the 1.7 percent growth forecast ... In any market where your inflation is greater than your growth forecast, you’ve got a problem." Earlier, a purchasing managers'' index (PMI) survey for Britain''s dominant services industry showed a slight pick-up in July to 53.8, which came as a relief to those worried about an economic slowdown and sent sterling briefly higher. By 1530 GMT, sterling was trading down 0.6 on the day at $1.3142, and down 0.8 percent at 90.40 pence per euro. Editing by Larry King '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN1AJ0WJ'|'2017-08-03T12:29:00.000+03:00'
'5ae46784deb6caf32f5f1949df508a21699e6984'|'RPT-Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022'|'August 4, 2017 / 12:36 AM / in 40 minutes RPT-Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022 1 Min Read (Repeats story with no change to text or headline) SAO PAULO, Aug 3 (Reuters) - Brazil''s Petroleo Brasileiro SA prepaid a $333 million debt to Bank of Tokyo-Mitsubishi due in 2018 and borrowed $500 million from the Japanese bank due in 2022, the state-controlled oil company said in a securities filing on Thursday. Petrobras, as the company is known, also borrowed $150 million from Banco Safra due in 2022, the filing added. Proceeds will help carry out liability management duties. (Reporting by Tatiana Bautzer; Editing by Tom Brown) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-debt-idUSL1N1KQ00Z'|'2017-08-04T03:34:00.000+03:00'
'742d6643195e751a30c2fc092dcd7ab0ee15f125'|'Genetic testing threatens the insurance industry'|'IF A genetic test could tell whether you are at increased risk of getting cancer or Alzheimer’s, would you take it? As such tests become more accessible, more and more people are saying “yes”. The insurance industry faces a few headaches as a result.Once used only for medical reasons, basic predictive genetic tests can now be ordered online for a few hundred dollars. One company, 23andMe, in California, has collected some 4,000 litres of sputum since 2007, enlightening 2m people on their ancestry, health risks and what they may pass on to offspring. In April it received regulatory approval to screen for risk factors connected to ten diseases and genetic conditions, including late-onset Alzheimer’s and Parkinson’s. The ruling could open the floodgates for others to sell direct to consumers.  35   11   15 hours ago Sam   “Information is power”, argue many who take such tests. But insurers fear that without equal access to such information, they will lose out to savvy customers. Consumer groups, on the other hand, fear that if underwriters did have access to such information, people with “bad” genes might find themselves unfairly excluded from cover. Either way, the scientific advances could well disrupt insurance significantly.Unlike diagnostic genetic tests, predictive ones are conducted on people without symptoms. The best-known example was provided by Angelina Jolie, an actress who discovered she had a gene mutation that markedly raised her risk of breast cancer. She underwent a double mastectomy.Tests might influence financial as well as medical decisions. A person at increased risk of dying young may want to buy life insurance. Someone likely to contract cancer may buy cancer or critical-illness cover, which pays a lump sum upon diagnosis. Because predictive tests—unlike diagnostic ones—often need not be disclosed, the customer can secure an advantage over a future insurer.So underwriters warn that predictive genetic testing could well lead to adverse selection. The New York Times recently reported on a woman who bought long-term care insurance after testing positive for ApoE4, a mutation of a gene related to increased risk of Alzheimer’s. The insurer had tested her memory three times before issuing the policy, but could not know about the genetic result. Robert Green, at Harvard University, found that people told they have the mutation were five times more likely to buy long-term care insurance than those without such information.Asymmetry of information—when the customer knows more than the insurer—is the industry’s nightmare. If predictive tests further improve and become more common while non-disclosure rules stay in place, some insurance products might eventually die out. Either insurers would go belly-up, or premiums would become prohibitively expensive. Hence, argue some insurers, if the customer knows something relevant about their health, so should the insurer.But tests might also help insurers. Christoph Nabholz, from Swiss Re, a reinsurance giant, is most excited about tests that spot early signs of cancer or cardiovascular disease. For life and health insurers, who want to keep people alive and well, such information could be invaluable. Discovery, a South African health insurer, plans to offer customers a test that maps part of their genome. The focus is on “actionable data”, where medical intervention or lifestyle change could mitigate risk, explains Jonathan Broomberg from Discovery.This might help people who are already insured. But it worries those seeking new policies, who fear that underwriters may use predictive information to discriminate. Some might lose access to insurance. This raises ethical questions about when, if ever, genetic discrimination is acceptable. Moreover, since the relative role that genes play in the development of diseases is still being studied, some people might be unfairly and wrongly penalised.Unpredictability rulesSo regulations today often protect consumers from the mandatory disclosure of predictive tests. But the rules are patchy. In Britain the industry has agreed to a blanket moratorium, renewable every three years, on using predictive genetic information. The sole exception is Huntington’s chorea, where a test of one gene is infallible and has to be disclosed to an insurer for life cover worth more than £500,000 ($662,000). In America the Genetic Information Nondiscrimination Act bans health insurers (and employers) from using such results, but is silent on other types of insurance. In several countries life insurers may already ask for disclosure of predictive genetic tests for policies over a certain value.But testing is rarely cut-and-dried. Ronnie Klein from the Geneva Association, an insurance-industry think-tank, says that, unlike Huntington’s, most illnesses stem from a number of factors, including lifestyle and environment, and a combination of genes. For example, although the ApoE4 allele increases the risk of Alzheimer’s, many without it still get the disease.Some regulators, such as Germany’s, have outlawed direct-to-consumer tests. But nothing stops Germans from ordering from abroad, and, just as it became normal for life insurers to ask for family history, so insurers will surely eventually have access to relevant genetic information. The question will be what they are allowed to do with it. When blood tests for AIDS first appeared, insurers also fretted about adverse selection. Many jurisdictions ruled they could not be used for calculating health premiums, as these were a basic good, but could be used for life policies. As genetic testing spreads, society and insurers may face many similar difficult assessments.This article appeared in the Finance and economics section of the print edition under the headline "The gene is out of the bottle"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21725783-insurers-worry-about-adverse-selection-insured-worry-about?fsrc=rss'|'2017-08-03T22:49:00.000+03:00'
'306a5989cd4c78d25175ba4ad7c2d6434808160c'|'Munich prosecutors escalate Audi probe to board level'|'August 4, 2017 / 1:48 PM / 12 minutes ago Munich prosecutors escalate Audi probe to board level Reuters Staff 1 Min Read FILE PHOTO: The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo MUNICH (Reuters) - Munich prosecutors on Friday said a criminal probe into diesel manipulation at carmaker Audi ( NSUG.DE ) has now reached the management board level. The investigation is targeting unknown individuals, a spokeswoman for the Munich prosecutor''s office said on Friday. "The investigation is at the level of current and former Audi board members," the spokeswoman said, adding that authorities are seeking to establish whether any managers had violated their supervisory duties. Whether or not supervisory duties have been breached remains unclear, the spokeswoman said. A breach of supervisory duties could result in a penalty of up to 1 million euros (917,778 pounds). Audi confirmed it had been notified about the probe by prosecutors, adding it is working constructively with the authorities. Reporting by Joern Poltz and Andreas Cremer; Writing by Edward Taylor; Editing by Christoph Steitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-emissions-audi-idUKKBN1AK1N5'|'2017-08-04T16:47:00.000+03:00'
'b517eadc6bce849d8bafc24a58fe5c9089aead44'|'Bunge aims to ''reinvent'' dealings with Brazilian soy farmers'|' 35 PM / in 2 minutes Bunge aims to ''reinvent'' dealings with Brazilian soy farmers Tom Polansek 3 Min Read CHICAGO (Reuters) - With Brazilian farmers storing soybeans due to low prices, Bunge Ltd is aiming to change the way it buys crops in an effort to prompt more selling and rebuild profit margins. Bunge, one of the world''s largest oilseed processors, wants to get farmers to agree to sell more of their upcoming crops to the company ahead of harvest time by offering extra help with services, such as financing and price risk management, Chief Executive Soren Schroder told analysts on Wednesday on a conference call. "We feel that we can step it up," he said. "It is our objective to sort of reinvent the way that we go to market with the farmer." Bunge and its competitors have suffered as Brazilian farmers have put soybeans from the 2017 harvest in storage, rather than selling them when prices are low. That has reduced margins by forcing the companies to compete with each other to buy soybeans, even though inventories are ample. In Brazil, grain handlers, such as Cargill Inc [CARG.UL], regularly give products like chemicals and seeds to farmers in exchange for commitments that the growers will deliver portions of their harvests to the companies, said John Baize, an international agricultural trade and policy consultant. Growers make the deals so they do not need to borrow money to buy materials. Cargill had no immediate comment on Thursday on Bunge''s plans to enhance its offerings. Archer Daniels Midland Co, another rival, said in a statement it is "always evaluating how it can bring more value to these important relationships" with Brazilian farmers. Bunge''s moves are the latest steps by a major grain handler to cope with pressures from large global harvests that have driven down prices and subdued volatility essential to earnings. Companies have also invested in higher-margin businesses, such as food ingredients, but results of the efforts have been mixed. On Wednesday, Bunge kept the door open to a sale of the company as it reported a 34 percent drop in quarterly earnings. The company also slashed its full-year agribusiness earnings target because of slow selling by Brazilian farmers. Kenneth Zaslow, analyst for BMO Capital Markets, said increased soybean sales by South American farmers will be the key catalyst for Bunge to "reaccelerate its earnings to more normalized levels." On Tuesday, ADM said slow farmer sales in South America had dragged down quarterly profits for its soybean processing business. Reporting by Tom Polansek; editing by Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-grains-bunge-idUSKBN1AJ36P'|'2017-08-04T02:23:00.000+03:00'
'9c8a680a073397a97484f4d566f14791e4eb8088'|'Yelp to sell Eat24 for $287.5 million, authorizes share repurchase'|'FILE PHOTO: The Yelp Inc. logo is seen in their offices in Chicago, Illinois, March 5, 2015. Jim Young/File Photo SAN FRANCISCO (Reuters) - Yelp Inc ( YELP.N ) said on Thursday it would sell its Eat24 business to Grubhub ( GRUB.N ) for $287.5 million in cash, news along with better-than-expected quarterly revenue that drove its shares up more than 18 percent.The consumer review website operator also said its board had authorized a $200 million share repurchase program.Shares of Grubhub, meanwhile, fell 7 percent in extended trade. The online food delivery platform reported second-quarter revenue up 32 percent to $159 million, slightly above the $158 million expected on average by analysts, according to Thomson Reuters data.Yelp said it would enter a long-term strategic partnership in which it would integrate online ordering from restaurants on Grubhub''s site.Yelp''s second-quarter revenue rose 20 percent to $209 million, above the $205 million expected by analysts, on average.Net income of $7.6 million far exceeded $400,000 a year earlier. Earnings per share were 9 cents per share, versus 1 cent per share, a year ago.Investors were cheered by the beat in revenue after Yelp missed first-quarter revenue estimates, along with news of the sale and the repurchase program."It''s a sign that execution is back on track," analyst Matthew Thornton of Suntrust Robinson Humphrey Capital Markets said.Looking to the third quarter, Yelp said it expects revenue of $217 to $222 million. Analysts have been expecting $219.67 million.Shares rose to $37.12 in after-hours trade, up 18.3 percent, after closing at $31.37.Reporting by Marc Vartabedian; Editing by Lisa Shumaker and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-yelp-results-idINKBN1AJ2VP'|'2017-08-03T19:11:00.000+03:00'
'22b02be9cc72f5c820fc49b386a3636e2e6901f7'|'BRIEF-Mantech wins $200 million DARPA STO multi-year IDIQ award'|' 49 PM / 25 minutes ago BRIEF-Mantech wins $200 million DARPA STO multi-year IDIQ award 1   Mantech International Corp * Mantech wins $200 million DARPA STO multi-year IDIQ award * Mantech International Corp - IDIQ contract to provide support for DARPA''s scientific, engineering, and technical assistance program  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mantech-wins-200-million-darpa-sto-idUSFWN1KN0KA'|'2017-08-01T15:47:00.000+03:00'
'9681c2c74af5aa11ea3deee0b9df9b8ba7a1ca46'|'Thomson Reuters reports higher 2nd-quarter revenue'|'FILE PHOTO: The Thomson Reuters logo is seen on the company building in Times Square, New York October 29, 2013. Carlo Allegri/File Photo August 1(Reuters) - Thomson Reuters Corp on Tuesday reported higher-than-expected second-quarter earnings, helped by demand for market data, and increased its full-year forecast for margins and adjustedearnings per share.The Toronto-based information services provider is seeing its business grow at a time when many financial services companies have been cutting headcount.Despite this, the need for market data continues to grow, said Jim Smith, chief executive of Thomson Reuters, in an interview Tuesday."The overall demand for market data last year increased and has never been higher," Smith said. "It''s just that it''s feeding machines as opposed to educating people behind terminals."Sales in the company''s Financial & Risk division, which accounted for more than half of company revenue, outpaced cancellations, a key indicator of future growth, driven by salesin Europe, Middle East, Africa and Asia. Financial & Risk revenue, excluding currency, was up 2 percent to $1.5 billion.The news and information company reported second-quarter net earnings of $206 million, or 27 cents per share, compared with $350 million or 45 cents per share a year ago.Adjusted for special items, earnings were 60 cents per share, 8 cents ahead of estimates, according to Thomson Reuters I/B/E/S.Margins were stronger than expected, said Drew McReynolds, analyst at RBC Capital Markets, in a note to clients.Total second-quarter revenue was $2.78 billion, up 2 percent from a year earlier, but was flat when currency was factored in.That matched analyst expectations, according to Thomson Reuters I/B/E/S.Thomson Reuters, which is the parent of Reuters News, competes for financial customers with Bloomberg LP, as well as News Corp''s Dow Jones unit.The company raised its 2017 forecast for earnings to between $2.40 and $2.45 per share, up from $2.35. It raised a forecast for adjusted earnings margins to a range of 29.3 percent to 30.3 percent.Thomson Reuters also affirmed its outlook of low single-digit revenue growth.The company saw increased revenue across all of its divisions except for Reuters News, which saw $74 million in revenue, down 5 percent year over year.Smith said the revenue decline was due to a one-time benefit that hit last year.Reporting By Jessica Toonkel; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/thomsonreuters-results-idINKBN1AH3Y7'|'2017-08-01T13:44:00.000+03:00'
'db23e2bb7ba4833d147dc227150cf795efbca6d8'|'Athletics-Bolt ready to race, and really ready to retire'|'August 1, 2017 / 7:13 PM / 7 minutes ago Bolt ready to race, and really ready to retire Mitch Phillips 5 Min Read Athletics - Usain Bolt Press Conference - London, Britain - August 1, 2017 Jamaica''s Usain Bolt during the press conference Action Images via Reuters/Matthew Childs LONDON (Reuters) - Just in the unlikely case that the world of athletics did not know what they will be missing once Usain Bolt walks away in less than two weeks, the Jamaican superstar''s final eve-of-race news conference rammed home the message on Tuesday. These events have become part and parcel of every global championship and though Tuesday’s version in east London lacked the dancing girl razzmatazz of his Rio welcome last year, it scored heavily on nostalgia as every aspect of his stellar career was raked over anew. As always, journalists and TV crews, around 400 of them, from every corner of the world packed every available space and strained their arms in desperation to get their question answered by the great man, who playfully castigated one half of the auditorium for not giving him an enthusiastic enough welcome. Bolt is an old hand of course and rolled out all the familiar answers, but always with grace. His proudest moment was winning the world junior title on home soil as a 15-year-old while his most satisfying performance was his 200 meters world record run in the 2008 Beijing Olympics, where he poured all his concentration into getting the mark he had always wanted, having earlier danced over the line when winning the 100m. He explained how his motivation to keep putting his body through such a punishing regime was renewed each year by resetting his goals - with one often created for him by a casually "disrespectful" remark from one of his opponents. His target in London is clear – to sign off with a fourth 100m title and a fifth 4x100m relay gold – taking his world haul to 13 to add to his eight Olympic golds - and then head off to play football with his friends and have fun. "I’m ready," he said. "If I show up at a championships you know I’m fully confident and ready to go. "I ran 9.95 in Monaco so it shows I’m going in the right direction. Going through the rounds always helps me and it’s then about who can keep their nerve. "It’s go time, so let’s go." The London Stadium, where he successfully defended his sprint double in the 2012 Olympics, will rise to acclaim him when he settles into his blocks for the last time on Saturday night. Then, other than the relay a week later, he will be gone, leaving the sport without the man who has been its focal point for a decade. Athletics - Usain Bolt Press Conference - London, Britain - August 1, 2017 Jamaica''s Usain Bolt during the press conference Action Images via Reuters/Matthew Childs Tuesday''s event included big screen "farewell and thanks" messages from the likes of actors Samuel L. Jackson and Idris Elba, former France footballer Thierry Henry, model Cara Delevingne and India cricket captain Virat Kohli, underlining his status as probably the world’s most famous and arguably most admired sportsman. Bolt, who turns 31 later this month, looked moved by the images, saying: "It’s just brilliant that people in other disciplines respect what you do as they know the work you have to do." British TV had screened his "I am Bolt" film on Monday night, which opened a window on the rarely seen battles he has had to go through to overcome so many injuries and was a testament to his willingness to work himself back into shape year after year. Slideshow (4 Images) That is one thing he will not miss, and although he thrives on the pressure of the big race, he says he is looking forward to watching the next one from the sidelines. "Oh yeah, sitting down, talking about it, no pressure," he said. "The next championship should be fun. "It’s going to be hard, as track and field has been everything for me since I was 10 and it’s been a rush – but we’ll see where life takes me." He intends to stay close to athletics and is eyeing some sort of roving ambassadorial role, inspiring the world’s youth to get involved in a sport he says is on the up after reaching "rock bottom" with the Russian doping crisis of two years ago. While fans and the sport’s administrators will miss Bolt enormously, those lamenting his departure most of all will probably be his chief sponsor Puma, the German sportswear manufacturer which has shod him and ridden his glory for a decade while the rest of the sport has largely been dominated by rivals Adidas and Nike. Bolt''s parents were on hand on Tuesday to present him with his final pair of spikes – a combination of gold to mark his career highs and the purple of his school, William Knibb Memorial, where it all started after his cricket coach suggested he try out for the track team. "I didn''t know I would be a world record holder growing up, I had no idea," he said. "So all I''ll say now is, if you work hard, that anything is possible." Editing by Christian Radnedge'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-athletics-world-bolt-idUSKBN1AH53V'|'2017-08-01T21:57:00.000+03:00'
'a34a70a382ced7a9cd53d90ebe513a8146bf8c09'|'Russia''s Otkritie Bank talking to potential investors about capital boost - source'|'MOSCOW, Aug 4 (Reuters) - Otkritie Bank, Russia''s largest private bank, is talking to a number of potential investors as it seeks to boost its capital, a source close to the bank told Reuters on Friday.The source said the talks were a part of the bank''s "regular business process," without identifying the potential investors or providing other details.Otkritie declined to comment.Otkritie Bank is 65 percent owned by Otkritie Holding, which in turn is owned by a group of executives from Lukoil, VTB bank, Otkritie and others. (Reporting by Kira Zavyalova and Katya Golubkova; editing by Christian Lowe and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-otkritie-investors-idINL5N1KQ5A4'|'2017-08-04T14:52:00.000+03:00'
'749b5104787e3b427be2c37e858932adbbdbda29'|'Two HNA deals hit hurdles as China tightens scrutiny - sources'|'The HNA Group logo is seen in this illustration photo June 1, 2017. Picture taken June 1, 2017. Thomas White/Illustration/Files HONG KONG (Reuters) - At least two of HNA Group''s overseas deals have hit a hurdle as the Chinese conglomerate struggles to take money out of China, said four people familiar with the process, amid a widening crackdown by Beijing on debt-fueled corporate acquisitions.The two HNA deals hit by the crackdown on transferring money outside China are its announced acquisition of the London-based International Currency Exchange (ICE) for about 200 million pounds ($264.36 million) and a mandatory tender offer to buy a larger stake in a Swedish hotel group, the people said.China started gradually tightening capital outflows in the second half of last year, slowing the hectic pace of dealmaking by domestic companies looking to scoop up overseas assets ranging from movie studios to football clubs.The regulators stepped up pressure in June, ordering a group of lenders to assess exposure to some of the more aggressive dealmakers, including HNA, the property-to-film conglomerate Dalian Wanda and Anbang Insurance Group.The stringent regulatory scrutiny of overseas deals, after Chinese companies spent a record $221 billion on assets overseas in 2016, will not only cool new dealmaking but also impede the closing of some of the pending transactions, according to three bankers in Hong Kong involved in mergers and acquisition.In the case of HNA, one of its units that specializes in air travel, tourism, and hospitality management, HNA Tourism, said in April 2016 that it had agreed to buy ICE, one of the world''s largest foreign exchange retailers, as part of a European investment spree aimed at expanding its business. ( reut.rs/2vhtOzi )The deal was expected to be completed in April this year, but HNA Tourism has been facing roadblocks for months in obtaining Chinese regulatory approval to move capital offshore to finance the relatively small takeover, said one person with direct knowledge of the matter."There was no capital outflow restrictions when the deal was announced," a second source said, referring to the ICE deal. But, the source added, "HNA had to file for regulatory approval when the capital control rules came out, which takes time."An acquisition transaction usually takes six months to a year to close. China''s largest overseas acquisition - ChemChina''s $43 billion purchase of Syngenta AG, took about a year and a half to clear all regulatory hurdles.Smaller deals usually close more quickly than large ones.But HNA, which last year completed a $6.5 billion purchase of a stake in Hilton Hotels, may need to wait till the end of this year to close the ICE transaction due to the capital controls, said the two sources.In the other deal, HNA has postponed the mandatory tender offer for acquiring all outstanding shares in Sweden''s Rezidor Hotel Group AB until September, according to two other people familiar with the deal and an announcement document from its unit HNA Sweden Hospitality Management AB.The HNA unit announced a mandatory takeover bid for Rezidor in December, offering 34.86 Swedish crowns ($3.78) per share. That came after HNA Tourism bought 51 percent of Rezidor as part of a deal to buy Carlson Hotels Inc in April last year.HNA Sweden has not yet obtained all "necessary regulatory, governmental or similar clearances, approvals and decisions" for the settlement of the tender offer, the group unit said in its official tender notice in June, reviewed by Reuters.Two of the sources familiar with the Rezidor deal said the regulatory and government clearance mainly referred to HNA''s inability to take its capital outside China to fund the transaction.In case HNA is not able to complete the tender offer for all the remaining outstanding shares of Rezidor, its holding of a little more than half of the Swedish hotel group would also be subject to review in line with local regulations, one of the sources said.All the sources declined to be named as they were not authorised to discuss the deals.HNA, HNA Tourism, ICE and the Swedish hotel group did not immediately respond to requests for comment.CORPORATE STRUCTURES With more than $100 billion in assets, HNA has signed about $50 billion in deals over the last two years, buying stakes in logistics firms, hotels and even Deutsche Bank. At least $8 billion worth of those deals are still pending, according to Thomson Reuters data.One is an agreement signed in January by HNA''s U.S. unit to purchase a stake in hedge fund investor SkyBridge Capital. Woomi Yun, a SkyBridge spokeswoman, said Tuesday that the New York-based firm did not have any concerns about financing for the transaction. Representatives for HNA and SkyBridge both said on Monday that they expected the deal to be completed by the end of the summer. The sale is under review by the Committee on Foreign Investment in the United States (CFIUS).HNA has recently pushed back against media reports that it faces mounting pressure from bankers and regulators, even as it announced a shareholding shake-up in a bid to quash concerns over its ownership.Beijing is increasingly scrutinising opaque corporate structures, excess debt and deals it sees as risky as it tries to control capital outflows and keep the economy stable.That crackdown appears to have had ripple effects in recent days. On Tuesday, Anbang Insurance Group denied a Bloomberg report that it had been told by regulators in China to sell its overseas assets.After a spate of successful deals worth over $30 billion, however, Anbang had begun running into trouble even before the detention in June of its chairman, Wu Xiaohui, failing to close on a handful of investments and facing criticism over its opaque shareholding structure.Adding to the challenges at home, Shanghai Fosun Pharmaceutical Group''s proposed $1.3 billion takeover of Gland Pharma, an Indian drugmaker, has also run into trouble with the Indian government privately raising objections, according to a source familiar with the matter. The source said the objections were partly because of concerns that the Chinese drugmaker was facing at home.The chairman of Shanghai Fosun, Chen Qiyu, said in a filing to the Hong Kong stock exchange on Tuesday that India had not informed Gland Pharma of the result of its review of the acquisition.The Hong Kong Monetary Authority has also been tightening scrutiny of HNA''s land acquisitions in Hong Kong as part of a broad probe into lenders'' exposure to the real estate sector, according to loan bankers in the territory.The HKMA has been asking banks who have financed HNA''s real estate purchases to provide information such as its source of repayment and leverage ratio, loan bankers said.Reporting by Julie Zhu, Sumeet Chatterjee and Kane Wu in Hong Kong; Additional reporting by Lawrence Delevingne in New York and Yan Jiang and Chien Mi Wong of Basis Point/LPC; Editing by Philip McClellan and Frances Kerry'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/china-conglomerates-hna-idINKBN1AH3W1'|'2017-08-01T08:19:00.000+03:00'
'f62f4de5ed4a7b8db7d4be2c492354b7d9c83772'|'GLOBAL MARKETS-Asia tentative, dollar languishes on U.S. politics, mixed data'|'August 4, 2017 / 12:50 AM / in an hour Asia tentative, dollar languishes on U.S. politics, mixed data Nichola Saminather 6 Min Read People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. Kim Kyung-Hoon SINGAPORE (Reuters) - Asian stocks struggled on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar remained under pressure on signs that probes into possible Russian interference in the 2016 U.S. elections are gathering pace. MSCI''s broadest index of Asia-Pacific shares outside Japan was marginally higher, with many investors reluctant to stake out fresh positions ahead of U.S. job data later in the global day. The index was poised to rise 0.2 percent for the week, taking its gains for far this year to nearly 24 percent. Japan''s Nikkei dropped 0.4 percent on a stronger yen, and looked set to end the week little changed. South Korea''s KOSPI, which closed at a 3-1/2-week low on Thursday, recovered 0.3 percent. It is down 0.4 percent this week. Overnight, the S&P and Nasdaq closed 0.2 percent and 0.35 percent lower respectively. The declines were led by technology shares, with the S&P tech index tumbling 0.35 percent. But the Dow managed to post slight gains, staying above the 22,000 level breached on Wednesday. "When you hit these major milestones it’s not unusual to trade sideways for a few days," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management in New York. Stocks fell to intraday lows late in the session after the Wall Street Journal reported that Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate allegations of Russia’s interference in the elections. But major indexes quickly recouped those losses. Two sources told Reuters on Thursday that grand jury has issued subpeonas in connection with a June 2016 meeting that included U.S. President Donald Trump''s son, his son-in-law and a Russian lawyer. "The grand jury is a sign that the investigation is growing in intensity over the Trump campaign''s possible collusion with Russia," Stephen Innes, head of Asia-Pacific trading at OANDA, wrote in a note. "Another toxic elixir for the greenback is brewing." Mixed economic data did not help matters for Treasury yields or the dollar. U.S. 10-year Treasury yields fell to their lowest since late June following the Journal report. Benchmark 10-year notes were at 2.2212 percent early on Friday. On Thursday, they fell to as low as 2.218 percent, their lowest level since late June, and closed at 2.228 percent. While the number of Americans filing for unemployment benefits fell last week, and U.S.-based employers announced the fewest job cuts in eight months last month, services sector activity moderated to a 11-month low in July. The dollar index, which tracks the greenback against a basket of six major peers, languished near the fifteen-month low hit earlier this week. It was down 0.15 percent early on Friday at 92.702 percent, set to end the week 0.6 percent lower. The dollar also slipped 0.2 percent to 109.82 yen, its lowest since mid-June. It is on track for a weekly loss of 0.75 percent. Markets are now awaiting July''s employment report, due later in the session, for clues on whether it will impact the timing of Federal Reserve''s gradual policy tightening. Nonfarm payrolls probably increased by 183,000 jobs last month after surging by 222,000 in June, according to a Reuters survey of economists. The unemployment rate is seen falling one-tenth of a percentage point to 4.3 percent. Sterling hit a nine-month low against the euro overnight and held near that level early on Friday after the Bank of England''s policymakers kept interest rates at a record-low 0.25 percent. "The unsavory combination of uninspiring UK economic data in July and uncertainty surrounding Brexit talks has pressured BoE hawks and dented expectations of a rate hike occurring anytime soon," said Lukman Otunuga, research analyst at ForexTime. "With the central bank downgrading its UK GDP growth forecast for both this year and 2018, sterling is poised for further punishment down the road." Sterling was 0.9042 to the euro early on Friday, after falling to as low as 0.9048, its weakest since Nov. 2. That helped lift the FTSE 0.85 percent. A 0.5 percent jump in retail sales in the euro zone in June from May, well above market expectations of a 0.1 percent rise, gave the euro a boost. The common currency was up 0.1 percent to $1.1884, extending Thursday''s 0.1 percent gain. It is set to end the week 1.2 percent stronger. In commodities, oil prices remained under pressure following losses overnight. Persistent concerns about high crude supplies from OPEC offset the previous day''s data showing record U.S. gasoline demand. U.S. crude was little changed at $49.04 a barrel, after sliding 1.1 percent overnight, putting it on track for a weekly loss of 1.3 percent. Global benchmark Brent slipped 0.1 percent to $52.01, extending Thursday''s 0.7 percent loss, headed for a 1 percent weekly decline. The dollar''s loss was gold''s gain, with the precious metal rising in early trade. Spot gold climbed 0.1 percent to $1,269.71 an ounce, after Thursday''s 0.15 percent gain, and set to end the week little changed. (This version of the story corrects milestone for dollar index in 18th paragraph) Reporting by Nichola Saminather; Editing by Kim Coghill 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN1AK01X'|'2017-08-04T03:49:00.000+03:00'
'7c6244379181b70d98c871b0ce743faafff3107f'|'Viacom shares tumble 10 percent on affiliate sale woes'|'August 4, 2017 / 1:47 PM / 3 hours ago Viacom''s weak forecast shows need for merger: analysts Jessica Toonkel 4 Min Read FILE PHOTO - A woman exits the Viacom Inc. headquarters in New York, U.S. on April 30, 2013. Lucas Jackson/File Photo NEW YORK (Reuters) - Viacom Inc could gain a leg up in negotiations with distributors and ward off declines in U.S. ad revenue and sales by finding a merger partner, analysts said on Friday. Shares of Viacom, which owns MTV and Comedy Central, plunged as much as 13 percent on Friday, a day after it forecast lower sales to U.S. pay-TV companies and streaming video services this quarter. Viacom, like other U.S. television networks, has struggled to retain viewers who prefer to watch shows and movies on tablets and phones, and must also compete with streaming services like Netflix Inc and Amazon.com Inc that are spending billions to create their own content. Viacom Chief Executive Bob Bakish has taken steps that helped boost ratings, slow the decline of U.S. ad sales and win a key cable distributor back, but analysts and investors expect challenges ahead due to a long-term shift in consumer behavior. "If you aren''t selling, you need to be consolidating and scaling up," said Rich Greenfield, an analyst at BTIG. Viacom declined to comment on a potential deal. Bakish told investors on Thursday he would evaluate opportunities but is focused on "organic execution." Viacom has contemplated deals before. Last year, National Amusements, the privately held movie company through which Shari Redstone and her 94-year-old father Sumner Redstone control Viacom and CBS Corp, urged the two to explore a merger. Those discussions failed over disagreement on price. Viacom last month pursued an acquisition of Scripps Networks Interactive, which Discovery Communications won for $11.9 billion in stock and cash. Viacom needs to find something that will give it "must-have programming," said Brian Wieser, analyst at Pivotal Research. Given the progress that Viacom has made over the past months, a sale now would make sense, wrote Barton Crockett, analyst at FBR Capital Markets, on Friday. "If Viacom were sold tomorrow, we are convinced the equity could be much higher," he wrote. All large-cap U.S. media stocks were down on Friday, with the exception of shares in Time Warner Inc, which is being acquired by AT&T Inc. HEADWIND WORRIES Analysts at Deutsche Bank, which rates Viacom a "sell," said they see Viacom''s future negotiations with distributors as "challenging." Deutsche Bank also noted that Viacom''s networks are not on many of the online low-cost "skinny bundles" of networks which are attracting customers away from the cable and satellite. While Viacom is on AT&T''s DirecTV Now service and has one channel on Dish Network Corp''s Sling TV, it is not on Hulu''s skinny bundle, YouTube TV or Sony Vue. Another growing concern among investors is how Viacom will fare in negotiations with one of its biggest pay TV partners, Charter Communications Inc, when that deal is up early next year. Earlier this year, Charter moved five of its flagship networks to its most expensive programming tier, a move that will likely result in lower affiliate revenue for Viacom. Bakish told investors he does not expect to resolve the issue with Charter until the two reach a new deal. Reporting by Jessica Toonkel and Sheila Dang; Editing by Anna Driver, Bernadette Baum and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-viacom-stocks-idUSKBN1AK1N7'|'2017-08-04T21:47:00.000+03:00'
'0d36f5eb62936645a7547c689cf6184171d239b4'|'VW brand CEO says Tesla has abilities VW lacks'|'August 4, 2017 / 6:19 PM / 32 minutes ago VW brand CEO says Tesla has abilities VW lacks Reuters Staff 2 Min Read FILE PHOTO - Herbert Diess, chairman of the board of Volkswagen, speaks during the World premiere of Volkswagen''s new Polo in Berlin, Germany June 16, 2017. Stefanie Loos FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) the world''s largest carmaker by sales, is looking to loss-making startup Tesla ( TSLA.O ) for inspiration on how to improve its core business, the VW brand''s chief executive Herbert Diess said in an interview published on VW''s website. Asked who VW’s main competitors are, Diess told an internal company publication: “In the old world it is Toyota, Hyundai, and the French carmakers. In the new world it is Tesla." Tesla, headed by Elon Musk, has shaken up the auto industry with its ambition to build a mass market for electric cars, posing a competitive threat to established carmakers, which remain reliant on producing cars with combustion engines. Diess said the Volkswagen brand, which sold 5,987,800 cars last year, is seeking to catch up with and overtake smaller California-based Tesla, which sold 83,922 cars last year. "Tesla belongs among the competitors which has abilities that we currently do not have," Diess said in the interview with "Inside", a publication for VW employees. Around half of Tesla''s engineers are software experts, while at VW''s core brand it is a much lower proportion, Diess said. Tesla has good electric motors, a fast charging network, autonomous driving technology, internet connectivity, and a new approach toward vehicle distribution. "This shows that we need to significantly improve. We can do this. We measure ourselves against Tesla quite deliberately. Our goal: Using our abilities not just to catch up, but even to overtake,” Diess, who drives an electric VW Golf, said. Reporting by Edward Taylor; Additional reporting by Alexandria Sage in San Francisco; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-tesla-diess-idUKKBN1AK263'|'2017-08-04T21:19:00.000+03:00'
'fd98af43dab03e21af456cbf014ac5ebf57d9c82'|'Tesla surges as Wall Street bets on Model 3'|'NEW YORK/SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) jumped over 6 percent on Thursday as its quarterly report fuelled bets that its new Model 3 sedan would propel the luxury electric carmaker into the mainstream.Chief Executive Elon Musk is counting on the Model 3, Tesla''s least pricey car, to make the company profitable and establish it as the leading electric carmaker ahead of BMW, General Motors and other long-established players.Tesla''s stock is up 63 percent in 2017, underscoring Wall Street''s confidence in Musk.The Palo Alto, California company late on Wednesday reported quarterly results that beat average analyst estimates, and said it received more than 1,800 reservations per day for the Model 3 since its launch last week.Tesla had $3 billion in cash on hand at the end of the June quarter, reassuring investors who were worried after Musk warned on Friday that the automaker would face six months of "manufacturing hell" in ramping up production of the Model 3.Tesla''s cash burn, expected to top $2 billion this year, has prompted short-sellers like Greenlight Capital''s David Einhorn to bet against the company [L1N1KN1FE], and some analysts expect the carmaker to seek extra funding this year.Musk said investors should have "zero concern" Tesla would fail to reach its production target of 10,000 vehicles each week by the end of 2018.Skeptics believe Tesla''s aggressive production targets are unrealistic and the company''s electric cars will be overtaken by larger automakers.Yet at least two brokerages raised their price targets following Tesla''s report. RBC Capital Markets upped its target price by $31 to $345, pushing it well ahead of the median target of $322, data."While we don''t have meaningful reason to doubt that Tesla can eventually achieve its targets, doing so in a timely manner without some growing pains could prove challenging," RBC Capital Markets analyst Joseph Spak wrote in a research note.FILE PHOTO: Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via File Photo Portfolio managers who hold shares of Tesla say they saw the most recent quarter as further evidence Musk will deliver on his promise of building a product that consumers want, even if he sometimes misses deadlines."Investors trust Musk because he''s made it work. It''s not that every one of his predictions have come true on schedule, but they have all come true," said Kevin Landis, a portfolio manager at Firsthand Funds ( ALTEX.O ) who holds shares of the company.CAN TESLA GO FAST ENOUGH? The $35,000 base-price Model 3 is Tesla''s least expensive car. It is designed and priced to compete with high-volume luxury sedans like the Audi A4, BMW 3-series or Mercedes C-Class. Those typically sell for between $40,000 and $50,000, or about half the price of Tesla''s previously launched cars, the Model S or Model X.A Tesla Model 3 sedan is seen in this undated handout image as the car company handed over its first 30 Model 3 vehicles to employee buyers at the company''s facility in Fremont, California, U.S. on July 28, 2017. Tesla/Handout via REUTERS David Kudla, chief investment strategist at Mainstay Capital Management, who shorted Tesla in the past but does not have a current position on its shares, said he expected Musk to go back to capital markets before year end to raise extra funding.Musk said on an earnings call with analysts Wednesday that while Tesla was not considering an equity raise, "we are thinking about debt" issuance.The sooner the company does that, the better shape it will be in, Kudla added, saying he expected more delays and slow-downs as the company ramps up Model 3 output.“There are so many things that can go wrong,” he added.Yet Scott Goginsky, a portfolio manager at the Biondo Growth ( BIONX.O ) fund, said Tesla''s rich valuation should allow the company to raise additional capital if necessary without overly-diluting its share price.He said he had been trimming his holding in the company not over concern with its fundamentals, but to prevent it from becoming too large a position in his portfolio."People want the car. They will definitely sell it. It''s just a matter of whether they can make it fast enough," he said.Reporting by Noel Randewich in San Francisco and Sweta Singh in Bengaluru, additional reporting by David Randall; Editing by Nick Zieminski and Andrew Hay'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/tesla-results-idINKBN1AJ211'|'2017-08-03T12:04:00.000+03:00'
'88e97d2f7ffc40c41d6688f0df46845060dc51f2'|'Toyota to take 5 percent stake in Mazda - Nikkei'|'August 3, 2017 / 5:54 PM / an hour ago Toyota to take 5 percent stake in Mazda: Nikkei Reuters Staff 1 Min Read The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. Mark Blinch (Reuters) - Toyota Motor Corp ( 7203.T ) would take a roughly 5 percent stake in Mazda Motor Corp ( 7261.T ) to establish a U.S. auto plant and develop key electric vehicle technologies, the Nikkei reported. The deal could be announced as soon as Friday, the newspaper said. ( s.nikkei.com/2wpAbhk ) The Japanese automakers would discuss building a plant together in southern United States through a joint venture, Nikkei reported. The companies would build sport utility vehicles (SUVs) jointly at the plant, which has an annual output capacity of up to about 300,000 vehicles, and sell them through their own channels, according to Nikkei. The partnership would ease the companies'' investment burden and allow them to share expertise in particular production technologies, Nikkei said, adding that the automakers were also planning to develop electric vehicle technologies jointly. Reporting by Arunima Banerjee in Bengaluru; Editing by Supriya Kurane 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mazda-stake-toyota-idUKKBN1AJ2J1'|'2017-08-03T21:32:00.000+03:00'
'daf7bab0a4d1a32559f782f5267701bedf2d2c93'|'Brazil J&F Investimentos agrees to sell Vigor to Mexico''s Lala'|'SAO PAULO (Reuters) - Brazil''s holding company J&F Investimentos SA said it signed an agreement to sell dairy company Vigor Alimentos SA to Mexico''s Grupo Lala SAB de CV.In a statement, J&F, which holds investments of the billionaire Batista family and is also the controlling shareholder of JBS SA, the world''s largest meatpacker, said the enterprise value of the company is 5.7 billion reais ($1.8 billion).Reuters reported on Monday that Lala had valued Vigor at $1.8 billion.J&F holds 80.8 percent of Vigor and JBS has a 19.2 percent stake. Both are selling their stakes.JBS said in a securities filing that its stake in Vigor had an enterprise value of 1.1 billion reais ($353.4 million), but the company will receive from Lala 780 million reais ($250.6 million), equivalent to the stake''s equity value.J&F did not specify how much it will effectively be paid for its stake, which has an enterprise value of 4.6 billion reais.Lala confirmed in a filing its board agreed to propose the acquisition to shareholders. "There are important potential synergies, in the productive and commercial areas," the filing said.Vigor is the second firm sold by J&F since the holding company agreed in May to pay a record-setting 10.3 billion-real ($3.1 billion) leniency fine after members of the Batista family admitted bribing politicians to get favors.Havaianas flip-flop maker Alpargatas SA ( ALPA4.SA ) was sold to the investment firms of Brazil''s most prominent banking families for 3.5 billion reais ($1.1 billion) on July 12.Additional reporting by Noe Torres in Mexico City; Editing by Sandra Maler'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-vigor-m-a-lala-idUSKBN1AK027'|'2017-08-04T08:53:00.000+03:00'
'5630a17d736f43bcef74606ed046969fdce5134d'|'Chinese bank IPOs in Hong Kong suffer in the shadows'|' 16 PM / in 19 minutes Chinese bank IPOs in Hong Kong suffer in the shadows Elzio Barreto 6 Min Read FILE PHOTO: People walk past a building of Zhongyuan Bank in Zhengzhou, Henan province, China December 27, 2014. Stringer/File Photo HONG KONG (Reuters) - Smaller Chinese banks that have listed in Hong Kong in the past year are badly underperforming the rest of the market – and their exposure to China''s shadow banking system may be a major reason. The lack of appetite for the initial public offerings is likely to make it more difficult for the dozens of smaller Chinese banks who would also like to list, bankers say. Only if they are able to sell a big portion of their shares to so-called cornerstone investors – often shareholders and companies with which they already have financial ties – will they find it easy to go public. Mainstream investors – whether retail or institutional – are wary of the levels of disclosure from the banks that have listed in Hong Kong in the past year, bankers said. They say the risks of the banks'' involvement in selling and buying so-called wealth management products in mainland China are unclear. Of the six banks that have listed in Hong Kong in the past 16 months, all are underperforming the benchmark Hang Seng index .HSI . From their IPO prices, their shares have moved between a gain of 7.5 percent, in the case of Jilin Jiutai Rural Commercial Bank ( 6122.HK ), to a decline of 21.5 percent for Bank of Tianjin ( 1578.HK ). The Hang Seng Index is up 20 percent since Jilin Jiutai went public in January and has gained 35.3 percent since Bank of Tianjin''s debut in March 2016. [L3N1KG21J] "You really find it difficult to find a catalyst at this moment to invest into the banks," said Arthur Kwong, head of Asia Pacific Equities at BNP Paribas Asset Management in Hong Kong. "It''s not that transparent what kind of investments they are making." Those concerns may dampen demand for upcoming deals expected from Bank of Gansu, China Bohai Bank Co [BOHAI.UL] and Bank of Jiujiang. The three banks to list so far this year - Jilin Jiutai, Guangzhou Rural Commercial Bank and ( 1551.HK ) and Zhongyuan Bank ( 1216.HK ) - were all priced towards the bottom of their indicative ranges, indicating that investor sentiment remains weak. Hong Kong''s Securities and Futures Commission declined to comment about the banks'' level of disclosure. The Hong Kong stock exchange said it would be more appropriate to ask China''s banking regulator any questions about the banks. Funding-Liability Mismatches One of the biggest concerns is that some of the smaller banks are boosting profits by tapping short term funds in the interbank market or by issuing wealth management products to invest into structured products or securities with an obscure setup, creating the risk of funding mismatches and a liquidity crunch as their assets tend to be much longer term than the liabilities. Chinese authorities have been seeking to reign in the shadow banking sector and the financial institutions'' off-balance sheet business this year as they seeks to prevent China''s growing debt problem from creating major financial risks. "The market, especially institutional investors, still has the worry about non-performing loans inside the banks," said Chris Choy, chief investment officer at Hong Kong fund firm Quam Asset Management, adding that recent measures to control trust and wealth management products signal further pain to come for the banks. Data from PwC suggests regional banks – in a bid to keep profit growth at maximum speed – have become some of the largest investors in shadow banking products, with investment portfolios in those products accounting for as much as 46 percent of city commercial banks'' assets at the end of 2016, while loans to customers made up 37 percent of assets. "There''s a lot of focus from international investors on that. There''s no doubt there''s a transparency issue," said the head of equity capital markets (ECM) at a global investment bank in Hong Kong that has worked on several financial listings in the city. He declined to be named because of the confidentiality of his ties with the banks. Issuance of negotiable certificates of deposit (NCD), which many banks use to buy those investment products, reached a record 5 trillion yuan ($735.3 billion) in the first quarter of this year, according to Moody''s Investors Service. Those investments can include anything from relatively simple bonds and debt securities issued by other banks, to opaque trust fund plans and wealth management products, but the multiple layers in some of those products means their true risk is not easy to assess. "Somewhere along the way, some of the things that may need to be done, like provision for asset losses, might not always be done timely at each level. That would be the potential risk inherent in the system," said Vincent Yao, PwC China Financial Service Partner. Zhongyuan Bank, the largest city commercial bank in the central Henan Province, is one example. The lender, which priced its $1 billion IPO near the bottom of expectations on July 19, has seen its securities investments soar almost six-fold between 2014 to 2016, accounting for 42 percent of total assets, while loans now only make up 37 percent of assets. Cornerstone investors bought about half of Zhongyuan Bank''s offering. Zhongyuan Bank didn''t respond to a Reuters request for comment on their investments and performance since going public. (For a graphic on ''Jilin Jiutai Rural Commercial Bank vs. Hang Seng Index'' click reut.rs/2h22ksc ) (For a graphic on ''China Zheshang Bank vs. Hang Seng Index'' click reut.rs/2h1MTAk ) (For a graphic on ''Bank of Tianjin vs. Hang Seng Index'' click reut.rs/2eN4wmN ) Reporting by Elzio Barreto; Editing by Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-banks-newissues-idUKKBN1AJ34O'|'2017-08-04T02:07:00.000+03:00'
'6f55522f71d0daedc7e9e2b8b507387993a34c38'|'PRESS DIGEST -Wall Street Journal - Aug 4'|'Aug 4 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc managers in Singapore were aware of the Honda Motor Co recall when they bought more than 1,000 defective Vezels and rented them to drivers without the needed repairs, according to internal Uber emails and documents reviewed by The Wall Street Journal. on.wsj.com/2vnvpnN- Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate Russia''s interference in the 2016 elections, a sign that his inquiry is growing in intensity and entering a new phase, according to people familiar with the matter. on.wsj.com/2vn76X8- Andrew Hall, a legendary trader who made billions betting on oil''s rise, confirmed that he is closing the main fund at the firm he founded, Astenbeck Capital Management LLC, after he misjudged the impact of a boom in U.S. production that upended the market. on.wsj.com/2vobwwO- Avon Products Inc pushed out Chief Executive Sheri McCoy after a disappointing five-year tenure during which she oversaw an overhaul of the storied cosmetics seller but ultimately failed to stop its years-long downward spiral. on.wsj.com/2vnoviw- Toyota Motor Corp and Mazda Motor Corp are expected to announce plans to build a $1.6 billion assembly plant in the United States, which would create 4,000 new jobs and be up and running by 2021, according to a person briefed on the plans. on.wsj.com/2vnkydu- West Virginia''s Democratic Governor Jim Justice announced at a rally with U.S. President Donald Trump that he was switching parties to join the Republicans. on.wsj.com/2vns0Wb (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1KQ1TS'|'2017-08-04T02:06:00.000+03:00'
'8d5a0da566baa41ce8e2c34d9f43f94040bb7e62'|'Oil trades near two-month high, but ample supply weighs'|'August 1, 2017 / 1:45 AM / in 12 minutes Oil trades near two-month high, but ample supply weighs 3 Min Read A worker fills a tank with subsidized fuel at a fuel station in Jakarta April 18, 2013. Beawiharta LONDON (Reuters) - Oil traded near $53 a barrel on Tuesday, close to a two-month high, supported by signs that a persistent inventory glut is starting to ease and strong global demand, although stronger OPEC production kept a lid on gains. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines. [EIA/S] But OPEC production rose in July, a Reuters survey found, despite a deal to cut output. Brent crude LCOc1, the international benchmark, was down 9 cents at $52.63 a barrel at 1024 GMT. The contract traded intraday at $52.93, the highest since May 25. U.S. crude CLc1 was up 1 cent at $50.18. "The most bullish argument looking forward is that we are now in the second half of the year," said Tamas Varga of oil broker PVM. "Global demand is expected to pick up significantly." Some forecasters including the International Energy Agency have been raising their demand estimates. [IEA/M] Oil company BP, which reported earnings on Tuesday, was upbeat, seeing demand growing by 1.4 to 1.5 million barrels per day (bpd). "Global demand is looking pretty strong, and prices will firm around the levels seen today," BP Chief Financial Officer Brian Gilvary told Reuters. The Organization of the Petroleum Exporting Countries, as part of a deal with Russia and other non-members, is reducing output by about 1.2 million bpd from Jan. 1, 2017 until March next year to get rid of excess supply. OPEC''s adherence to its supply cuts has been high but in recent months production has increased due in part to recovering output in countries exempt from the deal. Oil output by OPEC rose last month by 90,000 bpd to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the exempt producers. [OPEC/O] The increase means it will take longer for OPEC to clear the excess, analysts at Commerzbank said, although they added such concerns had faded for now. "At the current OPEC production level, the oil market is likely to show a supply deficit of only around 500,000 barrels per day in the second half of the year," Carsten Fritsch of Commerzbank said. "In other words, OPEC will not achieve its goal of completely eliminating the oversupply by year''s end." Additional reporting by Henning Gloystein; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AH2S0'|'2017-08-01T13:51:00.000+03:00'
'4b8fb0963750e00c32c1d6a9637ffee48645571c'|'How Toshiba''s sale of $18 billion chip unit stalled, and what''s next'|'August 2, 2017 / 5:20 AM / 35 minutes ago How Toshiba''s sale of $18 billion chip unit stalled, and what''s next Makiko Yamazaki 5 Min Read FILE PHOTO: Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Picture taken on January 16, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Japanese conglomerate Toshiba Corp''s ( 6502.T ) talks to sell its prized memory chip business have stalled, raising concerns over how fast the company can plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear business. Toshiba''s chips and devices business accounted for roughly a third of its sales in the last financial year, and is the world''s second-largest maker of NAND chips after Samsung Electronics Co Ltd ( 005930.KS ). The following are key questions and answers on the state of play and what might come next. Q. What''s going on with Toshiba''s memory chip sale? A. Toshiba said early this year that it would sell its chip business to pay down debt and cover the impact of a $6.33 billion (£4.79 billion) writedown and liabilities linked to U.S. nuclear arm Westinghouse. Shareholders approved the plan in March. In June, Toshiba picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix ( 000660.KS ) as a preferred bidder. But Western Digital ( WDC.O ), which jointly invests in Toshiba''s main chip plant and is a rival bidder, has taken Toshiba to court, arguing it needs to consent to a sale. The battle has unnerved the state-backed funds, and they are demanding that Toshiba resolve the conflict before the sale. Another point of contention has been a proposal by SK Hynix to help fund the deal with convertible bonds - a step that could eventually give it an equity interest. The Japanese funds do not want SK Hynix to gain a management stake. Q. What is Toshiba doing? A. In attempt to revive the stalled talks, Toshiba began reconsidering offers from other bidders last month, including Western Digital as well as Foxconn, formally known as Hon Hai Precision Industry ( 2317.TW ), sources have said. Foxconn has said Apple Inc ( AAPL.O ) and computing giant Dell would join its bid. Sources said this week that the board was still split over which proposal was better. Q. Why does Toshiba need to sell it? A. Toshiba estimates that its nuclear losses drove its net worth to a negative 582 billion yen ($5.25 billion) in the last fiscal year. Reporting negative net worth - liabilities exceeding assets - for the second year running would prompt a delisting from the Tokyo Stock Exchange. Given regulatory approvals for any chips sale are likely to take at least several months, analysts say the company needs to reach a deal in weeks - rather than months - if it wants to be sure to close the deal by the end of the fiscal year in March. Toshiba has not provided an updated timeline for its decision on chips, saying it wants to clinch a deal as soon as possible. Q. What else could trigger a delisting? A. Toshiba could also be forced to delist if auditor PricewaterhouseCoopers Aarata does not endorse its financial results for the last fiscal year by an Aug. 10 deadline. Toshiba has already been demoted from the bourse''s main board, and a non-endorsement by its auditor would increase chances of a delisting, although the decision is up to the bourse. PwC has queried whether Toshiba needed to recognise losses at Westinghouse earlier, rather than in December last year. Toshiba was then still recovering from a previous 2015 accounting scandal that led to the ousting of several bosses. Q. Does a delisting matter? A. If it is delisted before a chips sale is completed, that disposal becomes less urgent. But it could further complicate Toshiba''s ability to raise money from markets or banks, in particular to feed its cash-hungry memory-chip business, jeopardising its competitiveness. Toshiba is already barred from issuing equity as a result of the 2015 scandal. A delisting would cause some market waves and impact key shareholders. It would be the first major delisting for over a decade; even camera maker Olympus averted one in 2012, following a scandal around hidden losses. Reporting by Ritsuko Ando and Makiko Yamazaki; Edited by Clara Ferreira Marques and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AI0EH'|'2017-08-02T08:21:00.000+03:00'
'316d0eeae86fa7c513caee1aa41a60e4e7219888'|'Is Emmanuel Macron serious about privatisation?'|'ONE reason for Italian anger over the decision on July 27th by Emmanuel Macron, France’s president, to stop Fincantieri, a shipbuilder from Trieste, winning control of a French shipyard at Saint-Nazaire, was that recent cross-border deals have mostly gone France’s way. Italian businesspeople have grown nervous about French firms’ “colonisation” by means of acquisitions in luxury goods, media and telecoms, including the €46bn ($55bn) merger between Luxottica, an Italian maker of spectacles, and France’s Essilor, announced in January (the group’s headquarters will be in Paris). The bad taste will linger even if the two governments strike a deal over Saint-Nazaire by the autumn, as they have pledged.Yet Mr Macron’s move has been even more dismaying for those at home who want the state to get on with privatisation. During his presidential run Mr Macron promised to raise €10bn from sales of some of the state’s sprawling portfolio of holdings in firms. The aim was to pay for a new fund to help other companies invest in innovation. His threat to nationalise the Saint-Nazaire yard (rather than cede control to Fincantieri) is a retrograde step.  The direction of travel was supposed to be towards sell-offs. For the past few years the French state has been quietly disposing of its stakes in various regional airports, including Lyon, Nice and Toulouse. It was Mr Macron, as economy minister in 2015-16, who oversaw the sales and who pressed for the disposal of Groupe ADP, a large company that owns the main airports in Paris, at Charles de Gaulle and Orly.Mr Macron left office before he could finish the job and ADP remains 50.6% state-owned. But under his economic team, led by politicians drawn from the centre-right, its sale looks all but inevitable (and should raise some €7bn). An obvious bidder is Vinci, a French infrastructure firm. Yet privatising airports only goes so far. The question is what comes next. Mr Macron’s government will soon, probably after the summer, announce its plan for ADP and say which other stakes are to be sold off.A smaller role for the state in business is long overdue. A couple of decades after most countries in western Europe sold off many of their corporate holdings, France still has a huge portfolio. According to a report in January by the Cour des Comptes, an independent public auditor, the state has investments in nearly 1,800 firms, holdings which together are worth almost €100bn. The state-owned sector in France employs nearly 800,000 people, the most of all the countries surveyed by the Cour des Comptes (see chart). The number of firms in which the state has a majority stake has been rising since around 2006.Public holdings are mainly managed by the Agence des participations de l’État (APE), by Bpifrance, a public-investment fund and the Caisse des Dépôts et Consignations (CDC), a state investment bank. The Cour des Comptes reckons the trio are doing a poor job; its report was scathing about public management of corporate assets over the decades (while recognising some recent improvements). It laments a lack of purpose in ownership and chronic failures of supervision, for example in the collapse of Areva, a nuclear firm 92% owned by the state. One curse for EDF, an energy utility that is another big holding, was being made to absorb some of Areva’s struggling business last year.The auditor also sees confusion between the three agencies, describes overall financial losses in recent years, poor governance and concludes that “the state has difficulty being a good shareholder”. Even more damning is the verdict of a former boss of APE, David Azéma, who ran it until 2014. His experience, he explains, taught him that lumbering, publicly owned companies always lose value to nimbler competition. Political meddling hurts, he says, as when ministers rather than boards pick chief executives—who cannot be sacked however badly they perform.Politicians also bully, he says, citing pressure last year on EDF, forcing it to agree against managers’ wishes to finance and build Hinkley Point C, a nuclear power station in Britain that risks becoming a huge financial liability. Mr Azéma urges France “massively” to reduce the state’s stakes in all listed companies, or at least create proxy boards to block political meddling.All these problems help explain why the value of the 13 listed companies managed by the APE, worth some €66bn as of mid-July, has declined in recent years. The performance of a few big firms, notably nuclear and energy companies, was particularly awful. Most striking is the withering of EDF, 83.4% owned by the state. The utility’s share price was €86 in 2007 and has fallen to under €9. Despite generating over €71bn in annual revenue, the company, which has enormous liabilities, is valued at less than €26bn.Politicians do show a new readiness to divest public holdings, partly because the national budget needs revenue. Trade unions, too, are likelier to accept at least limited change. Support for hardline unions has declined, notably with the emergence this year of the reform-minded CFDT as the single-largest union. Asked about sales of public assets, its leader, Laurent Berger, says it would be “idiotic” to separate the state from strategic sectors, but that his members could accept changes on a “case-by-case basis”.Yet some politicians are said to be lobbying to delay sales of public assets, arguing that innovation funds could instead be raised by setting aside cashflow from the firms. State bodies have grown cannier in finding ways of preserving their influence over companies, even as they reduce ownership. The APE’s holding in Safran, a big aeronautical and defence firm that has thrived in recent years, for example, has been cut from 30% in 2010 to just 14% this year. Yet the state retains nearly one-quarter of voting rights. It keeps other leverage, especially in the defence industry where it is a huge customer. It might further cut its holdings in Safran and could reduce its current 26% in another defence firm, Thales (that stake is worth just over €5bn). But it is less likely that the state would sharply reduce its 11% holding in Airbus, a plane manufacturer, that is worth some €6bn.Mr Macron is not entirely hands-off in his attitude to public assets and his decision about Saint-Nazaire shows a willingness to meddle in private ones too. As economy minister in 2015 he increased the state’s stake in Renault, a big carmaker, by 4.7 percentage points, to nearly 20%, in order to force the firm to obey a new law giving double-voting rights to long-term shareholders (ie, the state). That infuriated Nissan, Renault’s other big shareholder. Government officials now talk about selling some of the stake.Will Mr Macron and his team dare introduce radical changes? Probably not. A likelier outcome is a gradual slicing away of parts of public holdings. Bruno Le Maire, the finance minister, talks of the state stepping back slowly from holding corporate assets. That would probably mean trimming its €5bn stake in Orange, formerly France Telecom, for example.The chairman of two large companies, one with a large state stake, suggests that in the end the role of state is “too important in French economic life” to be changed quickly. An official at the state-owned railways firm, SNCF, concurs. That firm devours billions in subsidies, but is popular with the public who would not countenance its privatisation, or that of any other firm seen as “strategic”. Outright privatisation of airports might soon be inevitable, but other changes are likely to come one step at a time, with some in the wrong direction.This article appeared in the Business section of the print edition under the headline "National treasures"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725797-french-state-mismanaging-its-valuable-corporate-assets-emmanuel-macron-serious-about?fsrc=rss'|'2017-08-03T22:49:00.000+03:00'
'44b53c7c7014041ac5a242b6ab13dd636e4dc316'|'BoE''s Broadbent says UK better placed for rate hike - BBC'|'August 4, 2017 / 5:21 AM / 5 hours ago BoE''s Broadbent says UK better placed for rate hike Reuters Staff 2 Min Read Deputy Governor of the Bank of England Ben Broadbent speaks at a Reuters Newsmaker event at Canary Wharf in London, Britain, November 18, 2015. Neil Hall/File Photo LONDON (Reuters) - Britain is "a little bit" better placed to cope with possible interest rate increases, Bank of England Deputy Governor Ben Broadbent said on Friday, a day after the central bank said borrowing costs may have to rise more than markets expect. "I think there may be some possibility for interest rates to go up a little bit," Broadbent told BBC radio. "One shouldn''t overdo this. If and when it happens there will be a lot of talk about the first rate rise since ''x''. But it''s just a rate rise and we got perfectly used to rate rises of this size in the past." The BoE has not raised interest rates for more than a decade but has signalled that it might increase borrowing costs, possibly starting in 2018, as inflation remains above its 2 percent target and unemployment is at a four-decade low. However, the BoE also said on Thursday it was worried about the impact of Brexit on Britain''s economy, raising questions about when interest rates might actually rise. Broadbent told the BBC that uncertainties about Brexit appeared to be putting companies off new investment, despite an increase in profits for exporters following the fall in the value of the pound since the vote in June last year to exit the European Union. He also said the BoE''s monetary policy makers were not very concerned about the debts of British households because consumer credit, relative to incomes, remained much lower than its level before the financial crisis. "It is absolutely right that the prudential side of the Bank ... should be concerned about pockets of debt that are growing very, very quickly," he said. "The MPC (Monetary Policy Committee) does not think this is a first-order macro issue for the economy." Writing by William Schomberg; Editing by Shri Navartatnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-boe-broadbent-idUKKBN1AK0EF'|'2017-08-04T08:23:00.000+03:00'
'7410d43025364ec6cf30c19a19c0e9b0d8df21a1'|'China to report strong July economic data; trade numbers could fuel friction with U.S.'|'August 3, 2017 / 9:40 AM / 2 hours ago China to report strong July economic data; trade numbers could fuel friction with U.S. 6 Min Read FILE PHOTO: Workers ride on an motor rickshaw through an aluminium ingots depot in Wuxi, Jiangsu province in this September 26, 2012 file picture. Aly Song/File Photo BEIJING (Reuters) - A flurry of data in coming weeks should show steady growth in China in July, though the potential for increased trade friction with the United States poses a risk to the world''s second-largest economy as it navigates a tighter policy environment. China is expected to report another strong month of exports in July, according to a Reuters poll of analysts, which could play into increasing rhetoric from Washington that China unfairly benefits in the trade relationship. China''s exports are seen rising 10.9 percent year-on-year in July, according to a median estimate from a poll of analysts, which would be down only slightly from June''s robust 11.3 percent growth, while imports are expected to increase 16.6 percent. China''s trade surplus in July was tipped at $46.08 billion, which would be the second highest this year, though it had shrunk to $185 billion in the first half of this year from $257.1 billion in the same period in 2016 as imports picked up. But the surplus with the United States, China''s largest export market, actually rose 6.5 percent in the first half to $117.5 billion, giving grist to U.S. President Donald Trump''s frequent arguments that the trade balance between the two nation hurts the U.S. economy. Indeed, American appetite for Chinese goods appear to have only increased over the years. The surplus with the U.S. accounted for 64 percent of China''s total surplus in the first half, compared to 43 percent in the year-ago period, according to China customs data. u.s.-China Trade Tensions The issue has resurfaced over the past week as a bipartisan chorus has risen urging Trump to stand up to China as he prepares to launch an inquiry into Beijing''s intellectual property and trade practices in coming days. Tensions between Washington and Beijing have escalated in recent months as Trump has pressed China to cut steel production to ease global oversupply and rein in North Korea''s missile program. Trump tweeted on Saturday after the latest North Korea missile test that he was "very disappointed" in China and that Beijing profits from U.S. trade but had done "nothing" for the United States with regards to North Korea, something he would not allow to continue. "We see a bumpy road ahead for the trade relationship between the two countries", said Yang Zhao, Nomura''s chief China economist. "But it is unlikely that the two nations will enter a true trade war." Zhao said that part of the reason for China''s bigger surplus with the U.S. this year is better performance of the world''s no. 1 economy. China is set to publish trade data on Tuesday. China''s economy grew a faster-than-expected 6.9 percent in the first half, with net exports a positive contributor after being a drag on growth for two years. Solid July Despite Financial Crackdown? Any slowdown in China''s exports could present a challenge to the country''s policymakers as a rebound in shipments abroad has helped stabilise economic growth amid a government crackdown on the property market and an overleveraged financial system. The crackdown has seen a broad tightening in financial conditions, with higher borrowing costs seen cooling growth over coming months. But official and private purchasing manager surveys this week pointed to solid activity in the manufacturing sector and slightly slower growth in the services sector. Other key data to be released over the next two weeks are expected to show economic growth remained solid in July, almost on par with June. Growth in fixed asset investment is expected to have been unchanged from June at 8.6 percent, while retail sales growth may have moderated slightly to 10.8 percent from 11.0 percent a month earlier, analysts said. Inflation is expected to have stayed muted last month, with the consumer price index (CPI) forecast to be unchanged from 1.5 percent in June. Producer prices are also seen steady from June''s 5.5 percent rise. Industrial output, which increased by an unexpectedly high 7.6 percent in June, is forecast to ease off slightly to 7.2 percent growth in July. Inflation data will be published on Wednesday and fixed asset investment, retail and industrial output will be published on August 14. As China continues with an effort to reduce financial leverage in its highly indebted economy, money supply growth is expected to have remained at a record low of 9.4 percent in July. Loan data will also be closely watched for signs of whether the economy continued to build up more debt, amid signs that banks have shifted more credit back onto their books in response to the shadow financing clamp-down. Bank lending probably declined to 800 billion yuan in July after lenders extended a greater-than-expected 1.54 trillion yuan ($229.04 billion) in loans in June. That would be the lowest amount since November as regulators call on banks to take a cautious approach to credit amid fast-rising mortgage lending. Analysts also expect China''s foreign currency reserves, the largest in the world, to have increased slightly to $3.069 trillion in July from $3.057 trillion last month. China is set to publish foreign reserves data on Monday, while money supply and bank lending is expected anytime from August 10-15. ($1 = 6.7238 Chinese yuan renminbi) Reporting by Elias Glenn and Shaloo Shrivastava; Additional reporting by Stella Qiu; Editing by Shri Navaratnam 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/china-economy-data-idINKBN1AJ16C'|'2017-08-03T07:40:00.000+03:00'
'd85b12a3d6d6e59107c1659a50f0c6f577468d3b'|'Volvo Cars to share engine technology and more with parent Geely - sources'|'Edition United States August 4, 2017 / 2:10 AM / 15 minutes ago Volvo Cars to share engine technology and more with parent Geely: sources Norihiko Shirouzu 3 Min Read FILE PHOTO: Employees work along a Geely Automobile Corporation assembly line in Cixi, Zhejiang province June 21, 2012. Carlos Barria/File Photo BEIJING (Reuters) - Sweden''s Volvo Cars, a unit of Zhejiang Geely Holding Group, has agreed to make some engines available for Geely-branded vehicles, sources said, deepening ties between the carmakers who already share technology through third brand Lynk & Co. Three people close to Geely and Volvo said the first Volvo-powered Geely model was expected to hit the market as early as late next year as a 2019 model year car. The car will be equipped with a new 1.5-liter turbo charged gasoline engine which Volvo has been developing for smaller cars, the knowledgeable individuals said. Volvo is expected to share a 2.0-liter turbo-charged engine at a later date and will also allow Geely-branded cars to use a common vehicle platform the two automakers developed jointly for Volvo and Lynk & Co. "The terms of the recently announced joint venture between Volvo Cars and Geely Group mean that existing and future technologies can be shared by Volvo, Geely Auto and Lynk & Co, under license agreements," a Volvo spokesman said. Analysts questioned Geely''s ability to absorb the best of Volvo when it acquired the automaker from Ford Motor Co almost seven years ago. Yet Geely has been working progressively to improve its technology with Volvo know-how. Better designed cars following its 2010 purchase of Volvo – such as its GC9 sedan and Boyue sport-utility vehicle – have helped lift Geely''s fortunes. Its China sales grew 50 percent last year to 766,000 vehicles and it expects sales to climb well above the 1 million mark this year. Ultimately, it aspires to sell more outside China. Earlier this year, Geely bought 49.9 percent of struggling Malaysian carmaker Proton from conglomerate DRB-HICOM Bhd. Geely officials have told Reuters the Hangzhou automaker is planning to improve Proton cars by sharing Geely and Volvo technologies. Analysts have said one big risk for Volvo, as it combines more with its parent, is the dilution of Volvo’s brand image by sharing its technology and know-how with a Chinese auto upstart. Volvo Chief Executive Hakan Samuelsson said the key was to differentiate the brand sufficiently - even if the two groups share more technology. For Volvo, that is about more and better safety equipment, among other aspects. "The progress Geely has been able to make in improving products and brand image over the past several years makes me feel more confident they can execute this process successfully," Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said. Last month Geely and Volvo said they plan to go beyond Lynk & Co and create a joint venture to share technology, such as vehicle architecture and engines via cross licensing arrangements managed by that joint venture. Samuelsson told Reuters last month the deal would provide Volvo with greater development resources and efficiency in purchasing parts. It also should help Volvo speed up introduction of new technology in areas such as components for electric vehicles, he said. Reporting by Norihiko Shirouzu; Editing by Clara Ferreira-Marques and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-autos-geely-volvo-idUKKBN1AK057'|'2017-08-04T05:07:00.000+03:00'
'bbe84e082f7a065f0af7f53d2fd667456218b3cf'|'TREASURIES-Yields fall as weak auto sales raise growth concerns'|'(Recasts with auto sales; Adds Quote: s, data, updates prices) * Weak auto sales sends yields tumbling * Treasury to announce refunding schedule on Wednesday * Friday''s employment report in focus By Karen Brettell NEW YORK, Aug 1 (Reuters) - U.S. Treasury yields fell on Tuesday as weak auto sales raised concerns about slow economic growth, before Friday’s highly anticipated employment report for July. U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles , struggled to curb a slide in retail sales during the month. Yields had risen before the sales reports. "Weak auto sales really took the air out of bond sellers," said Jim Vogel, an interest rate strategist at FTN Financial in New York. Benchmark 10-year notes rose 10/32 in price to yield 2.26 percent, down from 2.29 percent late on Monday. Services and non-manufacturing data on Thursday will be watched for further indications of the strength of the U.S. economy, with the main economic focus on Friday''s employment report. The market is in "a holding pattern into payrolls and average hourly earnings on Friday," said Ian Lyngen, head of U.S. interest rate strategy at BMO Capital Markets in New York. Data on Tuesday showed that a measure of U.S. factory activity fell from a near three-year high, setting the economy on a moderate growth path in the third quarter. A separate report showed that inflation remains low. The personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.1 percent in June after a similar gain in May. In the 12 months through June, the so-called core PCE price index increased 1.5 percent after advancing by the same margin in May. The Treasury Department''s quarterly refunding announcement on Wednesday will be scrutinized for any indication of how the government plans to make up for a reduction in Federal Reserve bond purchases once the U.S. central bank begins paring them. Investors will also be focused on whether the government plans to introduce a new ultra-long bond, or revive a 20-year issue. Yields on Treasury bills due on Oct. 5 spiked on Tuesday on concerns that U.S. lawmakers may not raise the debt ceiling before the government runs out of funds. The Congressional Budget Office has said U.S. lawmakers need to raise the debt ceiling by mid-October to avoid defaulting on debt payments. The Washington Post reported that talks between the White House and the Senate’s top Republican and Democrat broke up on Tuesday without a resolution to raising the debt limit. (Editing by Meredith Mazzilli and Grant McCool) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1KN1FZ'|'2017-08-01T16:33:00.000+03:00'
'ed70b2b1aa6c8724d8853bb533eaf0e7dfa7037e'|'Viacom shares tumble 13 percent on affiliate sales woes'|'FILE PHOTO - A woman exits the Viacom Inc. headquarters in New York, U.S. on April 30, 2013. Lucas Jackson/File Photo NEW YORK (Reuters) - Viacom Inc could gain a leg up in negotiations with distributors and ward off declines in U.S. ad revenue and sales by finding a merger partner, analysts said on Friday.Shares of Viacom, which owns MTV and Comedy Central, plunged as much as 13 percent on Friday, a day after it forecast lower sales to U.S. pay-TV companies and streaming video services this quarter.Viacom, like other U.S. television networks, has struggled to retain viewers who prefer to watch shows and movies on tablets and phones, and must also compete with streaming services like Netflix Inc and Amazon.com Inc that are spending billions to create their own content.Viacom Chief Executive Bob Bakish has taken steps that helped boost ratings, slow the decline of U.S. ad sales and win a key cable distributor back, but analysts and investors expect challenges ahead due to a long-term shift in consumer behavior."If you aren''t selling, you need to be consolidating and scaling up," said Rich Greenfield, an analyst at BTIG.Viacom declined to comment on a potential deal. Bakish told investors on Thursday he would evaluate opportunities but is focused on "organic execution."Viacom has contemplated deals before. Last year, National Amusements, the privately held movie company through which Shari Redstone and her 94-year-old father Sumner Redstone control Viacom and CBS Corp, urged the two to explore a merger. Those discussions failed over disagreement on price.Viacom last month pursued an acquisition of Scripps Networks Interactive, which Discovery Communications won for $11.9 billion in stock and cash.Viacom needs to find something that will give it "must-have programming," said Brian Wieser, analyst at Pivotal Research.Given the progress that Viacom has made over the past months, a sale now would make sense, wrote Barton Crockett, analyst at FBR Capital Markets, on Friday."If Viacom were sold tomorrow, we are convinced the equity could be much higher," he wrote.All large-cap U.S. media stocks were down on Friday, with the exception of shares in Time Warner Inc, which is being acquired by AT&T Inc.HEADWIND WORRIES Analysts at Deutsche Bank, which rates Viacom a "sell," said they see Viacom''s future negotiations with distributors as "challenging."Deutsche Bank also noted that Viacom''s networks are not on many of the online low-cost "skinny bundles" of networks which are attracting customers away from the cable and satellite.While Viacom is on AT&T''s DirecTV Now service and has one channel on Dish Network Corp''s Sling TV, it is not on Hulu''s skinny bundle, YouTube TV or Sony Vue.Another growing concern among investors is how Viacom will fare in negotiations with one of its biggest pay TV partners, Charter Communications Inc, when that deal is up early next year.Earlier this year, Charter moved five of its flagship networks to its most expensive programming tier, a move that will likely result in lower affiliate revenue for Viacom.Bakish told investors he does not expect to resolve the issue with Charter until the two reach a new deal.Reporting by Jessica Toonkel and Sheila Dang; Editing by Anna Driver, Bernadette Baum and Meredith Mazzilli'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-viacom-stocks-idINKBN1AK1N7'|'2017-08-04T11:52:00.000+03:00'
'9bd8605e3e8d74d4360dc8a3e5af3279e9d76679'|'Oil subdued on high OPEC supplies, rising U.S. production'|'August 4, 2017 / 2:01 AM / 16 minutes ago Oil subdued on high OPEC supplies, rising U.S. production Henning Gloystein 2 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo SINGAPORE (Reuters) - Oil markets opened weak on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. U.S. West Texas Intermediate (WTI) crude futures were at $49.03 per barrel at 0136 GMT, flat from their last close but around 80 cents below their opening value this week. Brent crude futures, the international benchmark for oil prices, were at $51.99 a barrel, down 2 cents from their last close and around 60 cents below the start of the week. Traders said that prices were being held in check around current levels - rising output prevented increases, while strong demand prevented drops. Crude oil exports by the Organization of the Petroleum Exporting Countries rose to a record high in July, driven largely by soaring exports from the group''s African members, according to a report by Thomson Reuters Oil Research this week. July''s 26.11 million barrels per day (bpd) in exports marked a rise of 370,000 bpd, most of which came from Nigeria, which posted a rise of 260,000 bpd in shipments. In the United States, oil production has hit 9.43 million barrels per day (bpd), the highest level since August 2015 and up 12 percent from its most recent low in June last year. "Quarterly reporting season has seen a swathe of (U.S.) shale producers announce aggressive production targets, despite weak prices as they cut costs and become more efficient," ANZ bank said on Friday. Strong demand is still preventing prices from falling. U.S. gasoline demand rose to 9.842 million bpd last week, the highest since the U.S. Energy Information Administration began collecting the data in 1991, the federal agency reported this week. Reporting by Henning Gloystein; Editing by Kenneth Maxwell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AK04P'|'2017-08-04T04:58:00.000+03:00'
'd7927d66ba489e1b6b4a5818f0fc235854bc01d8'|'Nikkei down as stronger yen casts shadow; Mazda soars on Toyota tie-up'|'August 4, 2017 / 2:27 AM / in 13 minutes Nikkei down as stronger yen casts shadow; Mazda soars on Toyota tie-up 3 Min Read * Despite upbeat earnings, yen''s rise poses risk to shares * Topix continues to outperform Nikkei on small-cap strength * Mazda rises on Toyota tie-up news, Suzuki soars on earnings By Hideyuki Sano TOKYO, Aug 4 (Reuters) - Japan''s Nikkei share average slipped on Friday as the yen''s rise to seven-week highs overshadowed optimism on corporate earnings, while Mazda Motor rose ahead of an expected announcement of a capital alliance with Toyota Motor. The Nikkei shed 0.4 percent by mid-morning trade, but stayed flat on the week. The trading range in which it has remained since mid-June has narrowed. A surprisingly soft reading on U.S. services sector sapped risk appetite and helped to bring down the dollar to a seven-week low of 109.85 yen on Friday. "If the dollar falls below 110 yen, many companies will have to change their assumption on the exchange rates. That means risk of downward revision to the current optimism on earnings. We are at a watershed now," said Seiki Orimi, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Japanese companies that have reported quarterly earnings so far saw a 12.9 percent rise in operating profit, with 60 percent of them beating market expectations, according to Okasan Securities. Market players also noted, however, that many shares tended to fall, or quickly lose gains, even if their earnings were in line with expectations. Shares of Kirin Holdings fell 4.0 percent on Friday after Japan''s largest beverage company by market value raised its annual operating profit outlook by 4.1 percent, slightly less than analysts had expected. Lion fell 6.8 percent after the earnings of the manufacturer of toothpaste and other toiletry goods came in line with expectations. On the other hand, Suzuki Motor jumped 7.8 percent after the automaker''s profits for the quarter beat market expectations. Among other automakers, Mazda Motor jumped more than 5 percent. Mazda and rival Toyota Motor Corp are expected to announce plans on Friday to build a $1.6 billion U.S assembly plant as part of a new joint venture, a person briefed on the matter said. Toyota shares rose 0.3 percent. The broader Topix fell 0.3 percent, maintaining its outperformance versus the Nikkei since June thanks to strength in small-cap shares. The so-called NT ratio, which measures the Nikkei''s value relative to the Topix, fell to 12.25, its lowest level since February 2016. (Editing by Lisa Twaronite & Shri Navaratnam) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1KQ1CD'|'2017-08-04T05:24:00.000+03:00'
'a43cfae2f27e6dd045819cd6601856097173ce72'|'Deals of the day-Mergers and acquisitions'|'Aug 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Friday:** Automotive supplier ZF Friedrichshafen is able to consider large acquisitions in the wake of the unlisted company''s $13.5 billion euro takeover of TRW in 2015, Chief Executive Stefan Sommer said on Thursday.** Spain''s Gas Natural said it had agreed to sell 20 percent of its Spanish gas distribution assets to a consortium of foreign investors for 1.5 billion euros ($1.8 billion).** Bristol-Myers Squibb Co said it would buy privately held IFM Therapeutics for an upfront payment of $300 million, as the drugmaker looks to bolster its cancer portfolio after losing ground to Merck & Co''s rival treatment Keytruda.** Brazil''s holding company J&F Investimentos SA said it signed an agreement to sell dairy company Vigor Alimentos SA to Mexico''s Grupo Lala SAB de CV.** Japanese automakers Toyota Motor Corp 7203.T and Mazda Motor Corp said they plan to build a $1.6 billion U.S. assembly plant and jointly develop electric vehicle technologies.** Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector.** Abu Dhabi''s Mubadala Investment Company said it sold a 3.9 percent stake in Advanced Micro Devices in its second sale of shares in the U.S.-based semiconductor company this year.** Japan Tobacco Inc said it has agreed to buy an Indonesian maker of "kretek" tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world''s second-largest tobacco market.** Vietnam''s state investment firm plans to sell an additional 3.33 percent of dairy company Vinamilk shares in 2017, furthering the privatisation process for one of the state''s most lucrative assets, its chairman said. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KQ3DR'|'2017-08-04T08:02:00.000+03:00'
'8ab869eef49ac6945ff46f6ac1d281955ab7e084'|'UK homebuilders'' shares slump on ''Help to Buy'' worries'|'August 4, 2017 / 8:28 AM / 5 hours ago UK housebuilders'' shares slump on "Help to Buy" worries Reuters Staff 2 Min Read FILE PHOTO: A construction worker casts a shadow as he works on a Taylor Wimpey housing estate in Aylesbury, Britain, February 7, 2017. Eddie Keogh/File Photo LONDON (Reuters) - Shares in British homebuilders slumped on Friday after an article in trade publication Property Week cast doubt over the future of the government''s "Help to Buy" scheme which is aimed at boosting home ownership among first-time buyers. An article in Property Week said the government had begun a review of the scheme which could result in it being wound down or replaced before its scheduled end in April 2021. A spokesman for Britain''s planning ministry said the "Help to Buy" equity loan scheme was regularly reviewed. "To infer from that that it will be cancelled is incorrect," the spokesman said. Shares in the homebuilding sector, which fell between 5-6 percent in early trading, recouped some losses but were still firmly in the red compared with a broadly flat FTSE 100 .FTSE . Persimmon ( PSN.L ) shares, which hit an all-time high in the previous session, were the weakest performers, down more than 3 percent. Taylor Wimpey ( TW.L ), Barratt Development ( BDEV.L ) and Bellway ( BWY.L ) all fell more than 2 percent in heavy volume. An official policy paper on housing published in February had stated that the government had committed £8.6 billion for the scheme to 2021. Reporting by Vikram Subhedar and William James, Editing by Kit Rees and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-homes-idUKKBN1AK0SN'|'2017-08-04T11:28:00.000+03:00'
'a3f1705b8b3c1012d48024f33b6b62a5f6a43bfe'|'British Airways says "system issues" affecting check-in at Heathrow'|'August 2, 2017 / 7:53 AM / 18 minutes ago British Airways says "system issues" affecting check-in at Heathrow 1 Min Read LONDON, Aug 2 (Reuters) - British Airways said system issues were affecting the check-in process on flights from Heathrow, Europe''s biggest airport, on Wednesday. "We''re currently experiencing some system issues at the airport this morning," British Airways said on Twitter, in reference to Heathrow''s Terminal 5, adding in other tweets that the issues meant check-in was taking longer than usual. British Airways suffered a massive computer system failure in late May caused by a power supply issue near Heathrow which stranded 75,000 customers over a busy holiday weekend. Reporting by Alistair Smout; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-britishairways-idUSL9N1IW002'|'2017-08-02T10:52:00.000+03:00'
'f60e5c89d12734d8d6585b7f286f3f3f9d03fd54'|'Lufthansa eyes Italian market, not interested in Alitalia as it is'|'A Lufthansa Airbus A319 airplane lands at the Charles de Gaulle International Airport in Roissy, near Paris, July 28, 2017. Benoit Tessier FRANKFURT (Reuters) - Lufthansa''s chief financial officer said the group is interested in helping to shape the Italian aviation market but is not willing to take over struggling national carrier Alitalia in its current shape."It is indeed a very interesting market and we will see how we can play an active role. We are not willing to indicate in what way we can play that role," Ulrik Svensson told analysts and journalists after the group reported second-quarter results.Svensson declined to be drawn on whether the group has made a non-binding offer but said that Lufthansa was not interested in Alitalia as it looks today.Ryanair said last week it was among bidders for Alitalia but that it would only pursue a deal if the airline was restructured and government influence removed.Lufthansa''s Svensson also reiterated the carrier would be interested in leasing more jets and crew from Air Berlin, but said that hurdles remained to a full takeover.Reporting by Victoria Bryan; Editing by Ludwig Burger'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-lufthansa-results-m-a-idUSKBN1AI0VT'|'2017-08-02T16:33:00.000+03:00'
'72a5668076b43d5ab7625dbf16dd49aea56fbb8f'|'Asia tech stocks bathe in Apple glow, dollar steadies'|'FILE PHOTO - A floor trader monitors share prices during afternoon trading at the Hong Kong Stock Exchange in Hong Kong, China September 26, 2016. Bobby Yip/File Photo LONDON (Reuters) - Asian technology stocks hit 17-year peaks and Wall Street''s Dow index looked set to break 22,000 points later on Wednesday, as blockbuster earnings from Apple rippled out to component makers globally.Shares in the world''s most valuable company surged 6 percent after-hours to a record of more than $159 each, taking its market capitalisation above $830 billion.That should help carry the Dow through the 22,000 mark when trading resumes in New York. E-Mini futures for the Dow were up 0.2 percent despite a lower Europe as disappointing results from Societe Generale and Commerzbank weighed on the bank stocks. [.EU]Apple reported better-than-expected iPhone sales, revenue and earnings per share and signalled its upcoming 10th-anniversary phone is on schedule.It helped dispel one of the few nagging doubts of the corporate earnings season so far -- that Amazon’s lacklustre results last week might have revealed some tiredness among the giant U.S. tech and internet stocks that have been driving the stock market rally all year."It is all about Apple," said Naeem Aslam chief market analyst at Think Markets. "The firm comfortably topped its forecast and produced stellar numbers for its revenue and profit."Among Asia''s Apple suppliers, LG Innnotek jumped 10 percent and SK Hynix, the world''s second-biggest memory chip maker, rose 3.8 percent.Murata Manufacturing firmed 4.9 percent and Taiyo Yuden 4.4 percent, helping Tokyo''s Nikkei up 0.47 percent.The MSCI tech index for Asia also climbed 0.9 percent to ground not trod since early 2000, bringing its gains for the year to a heady 40 percent.Those gains balanced losses in basic materials and energy to leave MSCI''s broadest index of Asia-Pacific shares outside Japan steady near its highest since late 2007.There was a note of caution over reports that U.S. President Donald Trump was close to a decision on how to respond to what he considers China''s unfair trade practices.Tepid U.S. inflation along with political has lessened the possibility of another Federal Reserve rate hike this year, lowering bond yields across the globe.Improving data in other major economies has also served to push the greenback down nearly 11 percent from January peaks, benefiting commodities and emerging markets.A swathe of manufacturing surveys (PMIs) out on Tuesday had underlined how the improvement in activity had broadened out from the United States to Asia and Europe.Ebullient Mood Alan Ruskin, head of G10 forex at Deutsche Bank, noted the top five PMIs were all Northern European economies and every index in Europe was now in expansionary territory above 50."That will do nothing to hurt ebullient global risk appetite," said Ruskin. "This phase of the risk rally is based on growth data, but even more on subdued inflation measures."MSCI''s gauge of stocks across the globe was just below an all-time peak.On Wall Street later electric car maker Tesla, gadget firm Fitbit and insurance provider AIG will report results.In currency markets, the dollar index was stuck at just under 93, after touching 92.777, the lowest since early May 2016. It was aided by gains on a softer yen which saw it creep to 110.80.Yet the euro also benefited from buying against the yen, reaching its highest since February last year. It nudged up against the dollar and Swiss Franc too, briefly striking new 2-1/2-year highs against both at $1.1846 and 1.1468 francs per euro respectively. [/FRX]Euro zone June producer price inflation data helped it on its way as it topped analysts'' forecasts. There was a slowdown in the pace overall, but it bolstered bets that the European Central Bank could soon start winding down its more than 2-trillion-euro stimulus programme."The ECB is going to be the central bank to watch for the rest of the year," said JP Morgan Asset Management global market strategist Alex Dryden."We think they are going to take 9-12 months to get out of the market but that is a big question ... it could even be six months," he added.Bond markets were largely quiet, with the premiums investors demand to hold South European government debt over the German equivalent close to their lowest levels in weeks and both 2- and 10-year U.S. Treasury yields barely budged. [US/]In emerging markets, MSCI''s EM stocks index was near a three-year high. India''s central bank became the first in Asia to cut interest rates this year, while Venezuela''s bonds continued to slid amid rising political tensions there around President Nicolas Maduro.Oil prices were under pressure again too amid rising U.S. fuel inventories and as major world producers kept pumping, causing investors to worry that several weeks of steady gains had pushed the rally too far. [O/R]Brent crude eased to $51.80 a barrel, while U.S. crude lost 8 cents to $49.07. Wayne Cole in Sydney; Editing by Andrew Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1AI02H'|'2017-08-02T06:16:00.000+03:00'
'767f00dfdc0999876ea7977d5b86fcfafc932526'|'Barclays leases more office space in Dublin ahead of Brexit'|'August 2, 2017 / 9:12 AM / 17 minutes ago Barclays leases more office space in Dublin ahead of Brexit Reuters Staff 1 Min Read FILE PHOTO: Pedestrians shelter under umbrellas as they walk past a Barclays branch in central London May 8, 2014. Stefan Wermuth/File Photo (Reuters) - Barclays has signed a lease agreement for more office space in central Dublin as the bank prepares to expand its operations in the Irish capital to cope with the impact of Britain''s exit from the European Union. Green REIT, an Irish real estate development trust, said it had agreed a 20-year lease agreement to let two-and-a-half floors covering 3,437 square meters to the British lender in its development on One Molesworth Street. Barclays said on July 14 that it was in talks with Irish regulators about extending its activities in Dublin to ensure it can continue to service its EU customers smoothly after Brexit. Reporting by Rachel Armstrong; editing by Simon Jessop 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-green-reit-barclays-ireland-idUKKBN1AI103'|'2017-08-02T12:05:00.000+03:00'
'a7405096b0f6094806cb4510a3ae38a694264564'|'Argentina hit drags down Aggreko''s first-half profit'|'August 2, 2017 / 6:23 AM / in 25 minutes Argentina hit drags down Aggreko''s first-half profit Reuters Staff 1 Min Read (Reuters) - Aggreko ( AGGK.L ), the world''s largest temporary power provider, said its results were hurt by lower pricing on its Argentina contracts as it reported a 10 percent fall in first-half profit. The British firm, whose kit powers major events and covers electricity shortfalls, said pretax profit before exceptional items fell to 63 million pounds ($83 million) in the six months ended June 30, from 71 million pounds a year ago. It said the result met market expectations. "I am confident that the changes we have made in the last two years are delivering results, with our first-half performance supporting our view that, Argentina aside, we will grow this year," Chief Executive Chris Weston said. Reporting by Esha Vaish and Rahul B in Bengaluru, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aggreko-results-idUKKBN1AI0JE'|'2017-08-02T09:23:00.000+03:00'
'073f05dfd38de98279dd821bfcf009ddfbea9df8'|'Airbus deliveries remain hampered by engine delays'|'Edition United States August 4, 2017 / 6:07 PM / 18 minutes ago Airbus deliveries remain hampered by engine delays Tim Hepher 4 Min Read Undelivered Airbus A320neo aircraft are parked on the tarmac in Toulouse, France, August 4, 2017 as deliveries to airlines have been disrupted mainly by delays in receiving the latest generation of engines. Tim Hepher TOULOUSE, France (Reuters) - Airbus delivered 47 aircraft in July to reach the half-way point in its target for the year, but its narrowbody A320neo family continues to feel the disruption from delays in getting the latest generation of engines from their manufacturers. The European planemaker said on Friday it had delivered 9 of the upgraded medium-haul jetliners in July, bringing total A320neo-family deliveries so far this year to 68, just a third of the full-year target of 200 for that model. Airbus said last week its earnings had been hit by delays in receiving engines for the aircraft type and increased pressure on engine supplier Pratt & Whitney, a unit of United Technologies ( UTX.N ) that has been hampered by a series of glitches. Total Airbus airplane deliveries between January and July reached 353 aircraft, propelled by brisk deliveries of the earlier A320 model, Airbus said in a monthly data release. That compares with a full-year target of around 700. Evidence of the ongoing A320neo engine disruption could be seen on Friday in clusters of undelivered jets jammed into tight spaces around the perimeter of the Toulouse aerodrome where the world''s second-largest planemaker has its main factory. Some two dozen aircraft were visible from the roadside, painted in the livery of their airline customers but yet to receive their engines or in some cases wingtip extensions. The majority of the jets are destined for airlines that have selected Pratt & Whitney''s new Geared Turbofan engine, but a handful are also waiting for engines from CFM International, co-owned by General Electric ( GE.N ) and Safran ( SAF.PA ). A Reuters tally of jets parked without engines included six built for India: four for GoAir, a Pratt & Whitney customer, and two for CFM customer Air India. India said on Thursday Pratt & Whitney had promised a solution by September. Others with as yet unpowered jets included Mexico''s Volaris. Asked to comment on the number of undelivered jets, an Airbus spokesman said it had delivered many more than at the same point last year, when A320neo output was in early stages, but that it had "expected to be more advanced" by mid 2017. "We still target full-year A320neo deliveries to be around 200 but in view of the engine issues, this target becomes more challenging," he said. Airbus introduced a caveat into its 2017 forecasts last week, saying its target of more than 700 jetliner deliveries depended on its engine suppliers. Airbus meanwhile said on Friday it had sold four aircraft in July - typically a quiet month in odd-numbered years coming after the Paris Airshow - to reach 252 for the year. That total fell to 205 after cancellations, leaving Airbus behind U.S. rival Boeing ( BA.N ) in this year''s order race. Boeing has posted 446 orders through July 25, or 386 when adjusted for cancellations. July''s orders included one Airbus A350-1000, a large twin-engined jet due for its first delivery by the end of this year. Reporting by Tim Hepher; editing by Richard Lough 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-airbus-deliveries-idUKKBN1AK252'|'2017-08-04T21:01:00.000+03:00'
'6856798a5b1631ace19fd8553e97361646b869f8'|'German insurer Allianz to form joint venture with UK rival LV'|'August 4, 2017 / 10:51 AM / 33 minutes ago German insurer Allianz to form joint venture with UK rival LV Reuters Staff 2 Min Read FILE PHOTO: The logo of Europe''s biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. Jacky Naegelen/File Photo FRANKFURT (Reuters) - German insurer Allianz ( ALVG.DE ) has agreed to create a joint venture and strategic partnership with British rival LV= [LV.UL] to form the third-largest property and casualty insurance company in Britain. Allianz will pay 500 million pounds in exchange for a 49 percent stake in LV=''s general insurance business, a deal that is expected to close in the second half of this year. In a second stage, Allianz will pay 213 million pounds for a further 20.9 percent stake in 2019. The transaction is split in phases for tax reasons. The deal gives 174-year old LV= financial strength, while it offers Allianz an increased presence in a highly competitive market. Allianz Chief Executive Oliver Baete said products would be marketed under the LV= brand rather than under its own name, deviating from past acquisitions. In a statement, Baete called LV= "one of the UK''s most respected and loved brands". "We must be flexible in the modern world," Baete said in a call with journalists. The strategic rationale is good, analysts with RBC Europe wrote in a note to investors. It "fits with Allianz''s stated aims of increasing its presence in markets where it already has an established position that can be boosted by increased scale, in our view". Bournemouth-based LV= has nearly six million British customers and offers a range of products from car, home, travel and life insurance to investment and retirement solutions. LV= also ranks as one of one of Britain''s biggest financial services mutuals, with about 5,700 employees. Reporting by Tom Sims; Editing by Maria Sheahan and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lv-m-a-allianz-idUKKBN1AK14Q'|'2017-08-04T13:51:00.000+03:00'
'78335a2bb38a63d31030a835ca0ea6592cd9e350'|'GM July China sales up 6.3 pct y/y, pick up pace from June'|'FILE PHOTO - The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. Rebecca Cook/File Photo BEIJING (Reuters) - General Motors Co’s vehicle sales in China grew 6.3 percent in July from a year earlier to 287,581 vehicles, following a 4.3 percent increase in June, the Detroit automaker reported on Thursday.GM’s January-July sales totaled 2.05 million vehicles, a 1.3-percent decline from the same period a year ago.Its sales results come on the heels of relatively strong sales numbers reported on Wednesday by Honda Motor Co and Toyota Motor Corp.Honda said its sales in July rose 11.6 percent from a year earlier to 113,803 vehicles, while Toyota’s sales volume of 108,900 vehicles were 11.4 percent ahead on-year.Reporting By Norihiko Shirouzu; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-autos-china-gm-idUSKBN1AJ0N7'|'2017-08-03T09:20:00.000+03:00'
'9578579ee23c51758e9730882fa5de1384f676d9'|'Dutch bank NIBC is preparing for IPO: report'|'August 3, 2017 / 8:18 AM / an hour ago Dutch bank NIBC is preparing for IPO: report Bart Meijer 2 Min Read AMSTERDAM (Reuters) - Dutch bank NIBC is considering an initial public offering (IPO) of shares in the first months of 2018, Dutch newspaper Het Financieele Dagblad reported on Thursday. Owner JC Flowers is currently selecting banks to help with the process, with preparations still at early stages, the paper said, citing sources close to the company. NIBC spokesman Martin Groot Wesseldijk said the bank would not comment on "market rumors". NIBC is mainly active in mortgages and loans to small and medium-sized companies in the Netherlands, Germany and Britain. Analysts estimate the value of the bank between 1 billion and 1.5 billion euros ($1.2-$1.8 billion), according to the paper. JC Flowers paid 1.8 billion euros when it bought the bank from Dutch pension funds in 2005. The American investment firm prepared NIBC for an IPO 10 years ago, but had to change course when the financial crisis crippled the bank, which had made large bets on U.S. subprime mortgage loans. NIBC was the first in a number of Dutch banks, including ING and ABN Amro, to need state support to survive the financial crisis. The bank paid off the last of its debt to the government in 2014 and has undertaken a major overhaul since the crisis, adding retail services such as mortgage loans and savings accounts to its offerings. Reports of a possible IPO have surfaced repeatedly over the years, with former Chief Executive Jeroen Drost ruling out such a step in a 2013 interview, because he thought the bank was too small for the stock market. NIBC reported a 2016 net profit of 104 million euros, up 46 percent from a year earlier. Operating income rose 21 percent to 381 million euros. Reporting by Bart Meijer; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-nibc-ipo-idUSKBN1AJ0YF'|'2017-08-03T16:18:00.000+03:00'
'f5ef7b0ee858727a7c690170dc29918b5544da8e'|'SAP says restrictions on new recruitment not a general hiring freeze'|'August 4, 2017 / 1:19 PM / 7 hours ago SAP says restrictions on new recruitment not a general hiring freeze 3 Min Read FILE PHOTO: SAP headquarters in Walldorf, Germany, January 24, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - German business software company SAP denied a media report on Friday that said it has imposed a complete freeze on recruitment in order to meet financial targets this year, while reiterating that it had restricted new hirings in some areas. Business magazine WirtschaftsWoche said on Friday that SAP had instituted a cost-savings program to control infrastructure spending, corporate purchasing and business travel that was not tied directly to generating sales. SAP continued to hire new employees in development and sales while reining in on other types of recruitment as well as non-essential travel, the company said. "This is in no way a general hiring freeze," an SAP spokesman said. WirtschaftsWoche said it obtained a leaked document, marked "strictly confidential" spelling out SAP''s plan, which it said had been decided on July 15 by the company''s executive board. During its quarterly investor call in July Chief Financial Officer Luka Mucic said SAP would hold back on incremental hiring after increasing its overall workforce by 3,000 in the first half of 2017 and 7,000 in the past year to 87,114 in June. He was seeking to reassure investors after the company reported rapid revenue growth in the second quarter but fell shy of profit forecasts as internal expenses and employee stock option costs contributed to a 27 percent drop in operating profits. "So we now have a situation in which we believe that we have, for the moment, everything that we need to drive and scale this business and that should help us in the second half-year," Mucic said, referring to how this would help SAP control costs. SAP''s global workforce increased by 9 percent in the 12 months to end-June compared with percentage rises in the mid-single digits late in 2015 and early 2016, according to company financial reports. SAP has indicated that the heavy investments it has been making in internet-delivered cloud services and datacentres can begin to yield sustainable double-digit percentage growth rates for operating profits in the coming years, up from current mid- to high-single-digit rates. Reporting by Eric Auchard; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-sap-se-employment-idUSKBN1AK1KM'|'2017-08-04T16:09:00.000+03:00'
'4f82034895f774d8f69e660ba07e6d1a3071303c'|'BRIEF-Paysafe reaches deal on cash offer by Blackstone, CVC funds'|'Aug 4 (Reuters) - PAYSAFE GROUP PLC :* 2.7 Announcement - Recommended Cash Offer * CO, PI UK BIDCO ANNOUNCE THEY REACHED DEAL ON TERMS OF RECOMMENDED CASH OFFER TO BE MADE BY BIDCO FOR PAYSAFE* UNDER TERMS OF ACQUISITION, EACH PAYSAFE SHAREHOLDER WILL BE ENTITLED TO RECEIVE: 590 PENCE IN CASH PER PAYSAFE SHARE* ACQUISITION VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF PAYSAFE AT APPROXIMATELY £2.96 BILLION* PI UK BIDCO IS NEWLY-INCORPORATED CO JOINTLY-OWNED BY FUNDS MANAGED BY BLACKSTONE AND FUNDS MANAGED AND/OR ADVISED BY CVC* Acquisition Is Expected to Complete in q4 of 2017 * PI TOPCO LIMITED ENTERED INTO SHARE PURCHASE AGREEMENT WITH SPECTRUM GLOBAL LIMITED, WHEREBY PAYSAFE''S UNIT TO BE SOLD TO SPECTRUM GLOBAL SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-paysafe-reaches-deal-on-cash-offer-idINASM000DML'|'2017-08-04T04:26:00.000+03:00'
'9870ae3c02bd11bf9051bca226593f12f6656b39'|'Braskem eyes U.S. move amid changes to shareholder pact -media reports'|'August 4, 2017 / 4:58 PM / 3 minutes ago Braskem eyes U.S. move amid changes to shareholder pact -media reports 3 Min Read SAO PAULO, Aug 4 (Reuters) - The controlling shareholders of Brazil-based petrochemical producer Braskem SA are considering moving to a U.S. headquarters as they study options to simplify its ownership structure and improve corporate governance, newspapers reported on Friday. Braskem is controlled by state oil firm Petroleo Brasileiro SA and engineering group Odebrecht SA, which are in talks to revise their shareholder agreement. One of the ideas under review in the process is a plan to move Braskem''s headquarters to the United States, newspapers Valor Economico and O Estado de S. Paulo wrote, without saying where they got the information. Estado reported that the possibility of unifying Braskem''s multiple share classes was also under review. Additionally, Valor said a dispersed ownership structure and the end of a controlling shareholder accord were under consideration. Braskem shares rose 3 percent in midday Sao Paulo trading, just shy of an all-time high hit on July 20. New York-listed American depositary receipts rose 4 percent. Braskem declined to comment. Odebrecht and Petrobras, as the oil company is known, did not immediately respond to questions. Braskem was at the center of a political corruption scandal involving Odebrecht and Petrobras and pleaded guilty in U.S. court in December to conspiring to violate a foreign bribery law, agreeing to pay a $957 million penalty. Braskem has also been faced with an investigation in Mexico and a shareholder lawsuit in the United States regarding the scandal, as well as issues with delayed filings in Brazil. The operator of Sao Paulo''s stock exchange warned last month that Braskem could be suspended from Level 1 trading after failing to submit certain financial statements by a deadline. Moody''s Investors Service put the company''s debt ratings on review for downgrade due to the delay. Odebrecht owns 50.1 percent of Braskem''s common shares and Petrobras owns 47.0 percent. Including preferred shares, they own a combined 74.4 percent stake in the company. Both Odebrecht and Petrobras are in the middle of major asset sales programs as they seek to reduce debt after financing costs spiked due to the corruption scandal. (Reporting by Ana Mano; Editing by Brad Haynes and Tom Brown) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/braskem-reorganization-idUSL1N1KQ0DM'|'2017-08-04T19:57:00.000+03:00'
'a783cbee45ec9750129ddc5ff38ef788f1120c3c'|'Canadian Natural among bidders for Cenovus'' Pelican Lake: sources'|'FILE PHOTO - President and CEO Brian Ferguson of Cenovus Energy addresses shareholders during the company''s annual general meeting in Calgary, Alberta, Canada on April 29, 2015. Todd Korol/File Photo TORONTO/CALGARY (Reuters) - Cenovus Energy Inc ( CVE.TO ) has received separate bids from Canadian Natural Resources Ltd ( CNQ.TO ), ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million).Calgary-based Cenovus is also in advanced talks to sell another oil project in Suffield, Alberta, which is likely to fetch between C$500 million and C$600 million, the people added.Cenovus has also received strong inbound interest from TransCanada Corp ( TRP.TO ), Enbridge Inc ( ENB.TO ), Pembina Pipeline Corp ( PPL.TO ), Keyera Corp ( KEY.TO ) and Inter Pipeline Ltd ( IPL.TO ) for buying all or parts of separate midstream assets in the Deep Basin, the people said. But there was no formal sale process underway for Deep Basin, a region that straddles Alberta and British Columbia, the people added.Cenovus last month said it expected asset sales could fetch more than C$5 billion by the end of this year. It has been seeking buyers for parts of its portfolio to pay off debt used to part-fund its C$16.8 billion purchase of some ConocoPhillips assets in May.That deal effectively doubled the size of company''s producing assets, but sent Cenovus shares tumbling, prompted some investors to revolt and led to the resignation of Chief Executive Brian Ferguson.Cenovus spokesman Brett Harris said on Thursday the sale processes for Pelican Lake and Suffield were "proceeding well." He declined to elaborate. Canadian Natural, Enbridge, Inter Pipeline, Keyera, Pembina and TransCanada declined comment. ARC did not respond to requests for comment.Deep Basin conventional natural gas assets, which Cenovus bought from ConocoPhillips, has attracted interest from private equity firms as well, the people said.Midstream assets, which process or transport gas from Deep Basin, are attractive to buyout firms as the revenue from this business is less volatile.Cenovus has not decided on timing for that sale, according to the sources.If it meets price objectives for the other assets, it will likely hold off on the Deep Basin sale until production increases, so it can fetch a higher price, the people said.Reporting by John Tilak in Toronto, Ethan Lou in Calgary; Additional reporting by David French in New York; Editing by Jim Finkle and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cenovus-energy-divestiture-idINKBN1AK1X2'|'2017-08-04T14:03:00.000+03:00'
'ae0594e749c8089223af514602770386bf7cb0c1'|'Lender CYBG says on track for full-year results'|'August 1, 2017 / 7:43 AM / 28 minutes ago Lender CYBG says on track for full-year results Reuters Staff 2 Min Read (Reuters) - CYBG Plc ( CYBGC.L ), the lender spun off from National Australia Bank ( NAB.AX ), reported a 2.3 percent rise in net interest income for the nine months to June and said it expects to meet its full-year expectations. The Glasgow-based company, whose brands include Clydesdale Bank and Yorkshire Bank, said trading in three months to June 30 was in line with its expectations and that it was targeting a "modest" inaugural dividend for the current year. The bank said underlying operating costs for the full year would be below 680 million pounds -- at least 10 million pounds lower than previously thought. Shares in the company were up 6.6 percent at 0735 GMT, making them the top gainer on FTSE 250 .FTMC index. CYBG''s mortgage book grew to 22.8 billion pounds by June 30, from 22.4 billion pounds at the end of March 2017. CYBG said its net interest margin rose to 229 basis points in the nine months to June from 226 basis points in six months to March, as deposit repricing help offset asset yield pressure. CYBG said in September that it would invest more than 350 million pounds over the next two years to reduce costs and increase efficiencies in a tough trading market. The company is targeting more than 100 million pounds of sustainable cost reductions by 2019. Common equity tier one capital ratio - a key measure of financial strength - slipped to 12.4 percent at June 30 from 12.5 percent in March on restructuring costs. ($1 = 0.7570 pounds) Reporting by Noor Zainab Hussain and Rahul B in Bengaluru; Editing by Louise Heavens/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cybg-outlook-int-idUKKBN1AH3G0'|'2017-08-01T10:43:00.000+03:00'
'aaebe09b17217f968750195ab9d0d5751d8ed9bf'|'Insurer Direct Line reports 9.5 percent rise in first-half profit'|'August 1, 2017 / 6:34 AM / 17 minutes ago Insurer Direct Line reports 9.5 percent rise in first-half profit Reuters Staff 1 Min Read Direct Line Insurance Group ( DLGD.L ), Britain''s largest motor insurer, reported a 9.5 percent rise in first-half profit on higher insurance. Direct Line, whose brands include Churchill, Green Flag and Privilege, said operating profit from ongoing operations rose to 354.2 million pounds ($467.93 million) for the six months, from 323.6 million a year earlier. Gross written premiums rose 5 percent to 1.69 billion pounds, with a 10 percent rise in gross written motor premiums. The company also raised its interim dividend by 1.9 pence to 6.8 pence per share. ($1 = 0.7569 pounds) Reporting by Noor Zainab Hussain and Arathy S Nair in Bengaluru; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-direct-line-ins-results-idUKKBN1AH37W'|'2017-08-01T09:33:00.000+03:00'
'df9ee07c2f0015b88204eddfa3ab87c2e39d6854'|'Mazda to issue new shares for Toyota to take stake - Nikkei'|'TOKYO, Aug 4 (Reuters) - Mazda Motor Corp will issue new shares to Toyota Motor Corp as part of an agreement that will see Toyota take a roughly 5 percent stake in its smaller rival, the Nikkei business daily reported in its online edition.Toyota President Akio Toyoda and Mazda President Masamichi Kogai will hold a joint news conference as early as Friday to announce the deal, the paper said, without citing its sources.The Nikkei earlier reported the plan for a capital alliance. Toyota and Mazda have said they would discuss cooperation at a board meeting Friday. (Reporting by Tokyo Newsroom; Editing by Clara Ferreira Marques)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/toyota-mazda-shareissue-idINT9N1KA00U'|'2017-08-04T02:01:00.000+03:00'
'032dedf399e09569ac0b831c63892b71efd5d9a1'|'Goldman Sachs declares 3.9 pct stake in Spain''s DIA - filing'|'FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo MADRID (Reuters) - Goldman Sachs owns 3.9 percent of Spanish supermarket chain DIA ( DIDA.MC ), according to a filing with Spain''s market regulator made days after Russian billionaire Mikhail Fridman''s investment vehicle bought a stake in the firm.Investors have to declare their company holdings to regulators in Spain when they exceed 3 percent.According to the filing, Goldman''s stake went over 3 percent on July 28, the day Fridman''s LetterOne Investment Holdings said it had bought a 3 percent stake and had an option to buy another 7 percent, sending DIA''s shares up 15 percent.The U.S. investment bank disclosed its stake to the regulator on Aug. 3, the filing shows.Other major investors in DIA include Baillie Gifford, with 10 percent, Black Creek Investment with 4.98 percent, BlackRock ( BLK.N ) with 6.5 percent and Morgan Stanley ( MS.N ) with 6.5 percent, according to Spain''s CNMV regulator.Fridman''s LetterOne is aiming to become a big investor in the food and retail sector. Its L1 Retail division was launched in December and in June agreed to buy Britain''s Holland & Barrett health foods chain for 1.77 billion pounds ($2.3 billion).Reporting by Andres Gonzalez; writing by Sarah White; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-dia-investors-goldmansachs-idUSKBN1AK1KG'|'2017-08-04T16:03:00.000+03:00'
'f2d4e936486661b01f9ea8e47f55a4144f23d1d4'|'National Grid to create separate system operator'|'August 3, 2017 / 7:27 AM / in an hour National Grid to create separate system operator Reuters Staff 2 Min Read Migrating starlings fly at dusk past electricity pylons silhouetted by the sunset of a clear autumn evening in the Kent countryside, in Graveney, Britain, October 26, 2015. Dylan Martinez/File Photo OSLO (Reuters) - Britain''s National Grid ( NG.L ) will create a new company to separately operate its electricity system by April 2019, energy regulator Ofgem said on Thursday. "National Grid should proceed with plans to set up a new legally separate company to carry out its electricity system operator function," Ofgem said in a statement. The new company will require a different licence, staff and offices from other National Grid units, while its board members will not be able to sit on the National Grid''s and its units'' boards, it said. Ofgem expects the new company to be fully operational by April 2019. Ofgem and the energy ministry in January proposed the separation of National Grid''s two main businesses to ensure the group avoids conflicts of interest as both operator and owner of Britain''s power grid. Ofgem said at the time: "A more independent system operator will help to keep household bills down by working to ensure and enable more competition, coordination and innovation across the system." Reporting by Lefteris Karagiannopoulos; editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-national-grid-restructuring-idUKKBN1AJ0SZ'|'2017-08-03T10:26:00.000+03:00'
'8e0492fb2a7d8676062be8c7b244e672ee5c12b0'|'Australia''s Commonwealth Bank accused of massive money-laundering breaches'|'August 3, 2017 / 5:28 AM / 2 hours ago Australia''s Commonwealth Bank accused of massive money-laundering breaches Swati Pandey and Tom Westbrook 3 Min Read FILE PHOTO: The logo of the Commonwealth Bank of Australia (CBA) is displayed outside a branch in Sydney, Australia, March 21, 2016. David Gray/File Photo SYDNEY (Reuters) - The Australian government on Thursday accused the country''s biggest mortgage lender, Commonwealth Bank of Australia, of widespread breaches of money-laundering and counter-terrorism financing rules. Financial intelligence agency AUSTRAC said it had initiated civil penalty proceedings in the Federal Court against CommBank for "serious and systemic non-compliance", in the biggest case of its kind in Australia and the first against a major bank. "The effect of CommBank''s conduct in this matter has exposed the Australian community to serious and ongoing financial crime," AUSTRAC said in a court filing. Commonwealth Bank said in a statement it was reviewing the allegations and would respond "in due course". Australia''s biggest mortgage lender failed to report suspicious matters "either on time or at all involving transactions totalling over A$77 million ($61 million)", AUSTRAC said. The agency alleged 53,700 contraventions of the anti-money laundering and counter-terrorism financing Act, particularly with regards to so-called intelligent deposit machines or IDMs. The previous biggest such case came against Australia''s top bookmaker Tabcorp Holdings, earlier this year, with only 108 alleged breaches. Tabcorp paid A$45 million in fines, the biggest civil penalty in Australian corporate history. An AUSTRAC spokeswoman declined to comment on possible penalties facing CommBank, or whether other banks could be in the agency''s firing line. The maximum penalty for contravening the anti-money laundering and counter terrorism financing law is A$18 million per breach. Anonymous Deposits IDMs are a type of automated teller machine that accepts deposits by both cash and check, and facilitate anonymous cash deposits. There had been significant growth in the use of CommBank''s IDMs since their rollout in May 2012, AUSTRAC said. Cash deposits in the six months to June 2016 surged to A$5.8 billion compared with A$89 million in the first six months after CommBank introduced the machines. Cash was deposited using fake names with proceeds going to drug importation syndicates, AUSTRAC alleges in its court filings. "Even after suspected money laundering or structuring on Commbank accounts had been brought to CommBank''s attention, CommBank did not monitor its customers with a view to mitigating and managing money laundering/terrorism financing risk," the court filing shows. CommBank accounts were also used for "cuckoo smurfing", a form of money laundering which involves transfers between countries without the need for money to actually cross international borders, AUSTRAC added. Reporting by Tom Westbrook and Swati Pandey; Editing by Himani Sarkar and Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-cba-moneylaundering-idUKKBN1AJ0HM'|'2017-08-03T08:28:00.000+03:00'
'dd50d2065967e3e0e6b8993dc3f19f6ee080cd2e'|'Elliott discloses NXP stake, Qualcomm''s $38 billion bid in its radar'|'A display on automotive technology is shown in the NXP Semiconductors booth during the 2017 CES in Las Vegas, Nevada January 6, 2017. Steve Marcus (Reuters) - Activist investor Elliott Management Corp on Friday disclosed a 6 percent stake in chipmaker NXP Semiconductors NV ( NXPI.O ), which is being bought by Qualcomm Inc ( QCOM.O ) for $38 billion, and indicated it could engage in talks to boost the offer price.Elliott''s stake makes it NXP''s largest shareholder, and the hedge fund''s biggest semiconductor campaign to-date.The fund said in a filing that it believed NXP''s shares were "significantly undervalued", and added it may make proposals related to the company''s business, including the Qualcomm deal. ( bit.ly/2u7SzKT )Bloomberg had reported in May that investors, including Elliott, were pressuring NXP to renegotiate with Qualcomm to raise its offer. ( bloom.bg/2qzW3o0 )"While we believe NXP could be worth $110 or more on a stand-alone basis, some investors believe that Qualcomm should pay up to $130 per share for NXP," Susquehanna Financial Group analysts wrote in a note dated July 7.NXP shares were trading up 1.7 percent at $112.50, just above Qualcomm''s $110 per share offer for the company.Qualcomm, which supplies chips to Android smartphone makers, is set to become the leading supplier to the fast-growing automotive chip market following the deal, the largest-ever in the semiconductor industry.The deal is currently expected to close by the end of 2017.Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nxp-semicondtrs-elliott-idINKBN1AK1Y5'|'2017-08-04T14:08:00.000+03:00'
'edf53237675f51e283cdd8456704ac65b3e41db1'|'Ackman''s Pershing Square says it plans to nominate directors at ADP'|'August 4, 2017 / 7:01 PM / 5 minutes ago Ackman''s Pershing Square says it plans to nominate directors at ADP 1 Min Read William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. Brendan McDermid BOSTON (Reuters) - Billionaire investor William Ackman on Friday said his Pershing Square Capital Management hedge fund plans to nominate directors to, but not try to control, the 10-person board at payroll services company Automatic Data Processing Inc ( ADP.O ). Ackman said he sees an opportunity to improve operating performance at the company through "transformational" change and cost cutting, and that he is willing to work with existing management or a new chief executive from outside the company to push for those changes. Reporting by Svea Herbst-Bayliss; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-adp-ackman-pershing-idUSKBN1AK282'|'2017-08-04T22:14:00.000+03:00'
'03f84db49d6478451e836add609c533e2eb3a3a7'|'After merger collapse, Steinhoff goes for controlling stake in Shoprite'|'August 4, 2017 / 5:12 PM / 24 minutes ago After merger collapse, Steinhoff goes for controlling stake in Shoprite TJ Strydom 3 Min Read FILE PHOTO: A worker pushes trolleys at the Shoprite store in Johannesburg, South Africa February 23, 2016. Siphiwe Sibeko/File Photo JOHANNESBURG (Reuters) - South African retail group Steinhoff ( SNHG.DE ) ( SNHJ.J ) said it plans to acquire a controlling stake in supermarket operator Shoprite ( SHPJ.J ) through its African spinoff in a share deal worth 35.5 billion rand (2 billion pounds). Steinhoff abandoned plans to merge with Shoprite in February, but billionaire Christo Wiese, who is the largest shareholder in both companies and their chairman, has said he wants to consolidate his holdings. After the merger was called off, Steinhoff moved to list its African retail assets separately on the Johannesburg stock exchange and said on Friday it has established a single company - STAR - through which to effect the listing. Steinhoff has gradually expanded from a South African furniture wholesaler to a global discount retailer, acquiring Britain''s Poundland, U.S.-based Mattress Firm and Australia''s Fantastic in the past two years. Acquiring control of Shoprite will give it access to grocery shoppers in South Africa and 14 other African markets, including fast growing consumer hubs of Nigeria, Angola and Zambia. Steinhoff said in a statement it has entered into call option agreements with Titan Premier Investments, a company ultimately controlled by a Wiese family trust, as well as the Public Investment Corporation (PIC) and Lancaster Group. "The exercise and implementation of the call options will not require STAR to extend a mandatory offer to the remaining Shoprite shareholders," Steinhoff said. Once the call options are exercised and implemented, STAR will hold approximately 22.7 percent of the economic interest and 50 percent of the voting rights in Shoprite, Steinhoff said. The deal will value Shoprite''s ordinary shares, deferred voting shares and cash at a combined 35.5 billion rand, the company said. STAR will remain a unit of Steinhoff and will house all the firm''s African assets except its logistics unit Unitrans, Steinhoff said. Pep, a low-end retailer founded by Wiese in 1965 in a small town near the border with Namibia, will be the largest single asset in STAR''s stable. Steinhoff in 2014 bought Pep for 63 billion rand - $5.7 billion at time. Reporting by TJ Strydom; editing by Tiisetso Motsoeneng and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-shoprite-hldgs-m-a-steinhoff-intlnl-idUKKBN1AK22G'|'2017-08-04T20:12:00.000+03:00'
'dcec09651c4b4ee9bbab8119e569d3a7b1aedc41'|'Korea''s Tax Break'|'From Photographer: Chung Sung-Jun/Getty Images While the rest of the world tries to lower corporate taxes to stimulate growth, South Korea''s populist leader is taking a different approach as he seeks to rein in the country''s conglomerates. President Moon Jae-in''s proposal to raise the levy for companies with more than 200 billion won ($177 million) in taxable income to 25 percent from 22 percent sent the benchmark Kospi Index down almost 2 percent on Thursday in the second-biggest one-day decline since U.S. President Donald Trump got elected on Nov. 8. Samsung Electronics Co., which has the largest weighting, and the largest pretax profit of the companies impacted, tumbled 2.5 percent. Moon''s party only holds 40 percent of seats in the National Assembly, so a quick passage isn''t guaranteed. But if enacted, the tax hikes probably won''t be as bad as investors in South Korea''s largest companies think. If anything, the 3 percentage point lift in corporate tax might let the chaebol off fairly easy considering Moon''s commitment to getting tough on big business. For one, the increase would affect just 92 companies, even if they account for 65 percent of the equity value in South Korea, based on a Bloomberg Gadfly analysis of available market capitalization data. And many of those companies are already paying an effective tax rate above that: The 92 firms currently pay an average effective tax rate of 26 percent, the Bloomberg-compiled data show. The median is 24 percent. In Korea, resident corporations are taxed on their worldwide income . So even though Samsung generated only 10 percent of revenue from South Korea, it paid an effective tax rate of 25.5 percent in the last 12 months. That includes charges such as local taxes, as well as taxes paid in countries with higher corporate tax rates, like the U.S. (Samsung doesn''t disclose its geographic breakdown of profits). The fact the Kospi Index dropped in response to the proposed changes makes sense -- in theory, additional taxes paid to the government means less money for dividends and other means of returning cash to shareholders. It could also potentially derail investments in growth and hiring. But right now, earnings are pretty healthy: More than half of companies on the Kospi Index that have reported this quarter posted profit growth or narrowed losses, according to data compiled by Bloomberg. Plus, if Moon''s tax proposal goes through as planned, Korea''s largest corporations will also be able to take advantage of new tax deductions for things like turning non-regular employment positions into regular ones, and hiring women returning to the workforce. Just because the headline tax burden might go up doesn''t mean that''s what these companies will actually pay. Korean chaebol have received decades'' worth of free passes from past government policies that promoted low corporate taxes for the wealthiest companies in the hope of spurring economic growth. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up That was fine when Koreans felt these firms were working to benefit the people. But this week''s testimony by Jay Y. Lee , Samsung''s vice chairman, on allegations he paid bribes to a friend of South Korea''s ousted president to secure support for a key merger, should remind Moon that voters put him in office to get rid of the kind of breaks (tax and otherwise) these conglomerates have received over the years. A slight corporate tax increase allows Moon to be seen to be cracking down on that special treatment while in reality only lightly curtailing company profits. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-04/korea-s-tax-break'|'2017-08-04T05:03:00.000+03:00'
'b1af408c7572b43975d6583cd7f5d38b0ec5d06c'|'China stocks regulator approves seven IPOs to raise $416 million'|'FILE PHOTO: An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China September 7, 2015. Jason Lee/File Photo SHANGHAI (Reuters) - China''s securities regulator has said it has approved seven initial public offerings (IPOs) that aim to raise a combined total of up to 2.8 billion yuan ($416.22 million).Three of the approved IPOs are on the Shanghai bourse, two are on the Shenzhen small and medium enterprise board, and two are on the start-up ChiNext board, the China Securities Regulatory Commission said in a statement on its official microblog late on Friday.($1 = 6.7741 Chinese yuan)Reporting by Engen Tham; Editing by Paul Tait'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-china-ipo-idUSKBN1AL01W'|'2017-08-05T10:35:00.000+03:00'
'224fcd4872ec63dc01f62d9f12695a98893c6b27'|'Berkshire profit falls on lower gains, underwriting loss'|'FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo (Reuters) - Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) on Friday reported a 15 percent drop in second-quarter profit, as lower investment gains and a loss from insurance underwriting offset improvement in its BNSF railroad business.Operating profit also fell short of analyst forecasts, though Berkshire attributed much of the decline to currency fluctuations and its accounting for a major contract with the insurer American International Group Inc ( AIG.N ).Net income for Omaha, Nebraska-based Berkshire fell to $4.26 billion, or $2,592 per Class A share, from $5 billion, or $3,042 per share, a year earlier.Operating profit declined 11 percent to $4.12 billion, or $2,505 per Class A share, from $4.61 billion, or $2,803 per share.Analysts on average expected operating profit of about $2,791 per share, according to Thomson Reuters I/B/E/S.Buffett believes operating income is a better gauge of how Berkshire and its more than 90 businesses are doing than net income, which fluctuates more because it incorporates investment and derivative gains, which fell 64 percent from a year earlier.Book value per share, Buffett''s preferred measure of growth, rose 2.7 percent from the end of March to $182,816.The company''s stock price, meanwhile, set a record high on Friday, with Class A shares closing up $1,629.80 at $270,000."They had a good quarter," said Bill Smead, chief executive of Smead Capital Management Inc in Seattle, which owns Berkshire shares. "The results reflect Berkshire''s positioning in the U.S. economy."RAILROAD BNSF saw profit rise 24 percent to $958 million, helped by high single-digit percentage increases in freight revenue from consumer and industrial products, and double-digit increases from agricultural products and coal.Profit from manufacturing, service and retailing units rose 10 percent to $1.66 billion, helped by greater demand for products from its IMC International Metalworking unit.Such gains helped offset a second straight quarterly loss from insurance underwriting, totaling $22 million compared with a year earlier $337 million profit.Berkshire said that weakness reflected losses from currency changes, higher claims payouts at the Geico auto insurance unit, and the amortization of deferred charges from its January agreement to take on long-term AIG property and casualty risks in exchange for $10.2 billion upfront.That contract helped boost float, or the amount of insurance premiums collected before claims are paid and which help fund Berkshire''s growth, to $107 billion from $91 billion at year end.MORE CASH, MORE STOCKS Berkshire ended June with about $99.7 billion of cash and equivalents, plus large investments in shares of Kraft Heinz Co ( KHC.O ), Wells Fargo & Co ( WFC.N ), Apple Inc ( AAPL.O ) and Coca-Cola Co ( KO.N ).It bought just over $3 billion of stocks in the quarter, and is poised to become Bank of America Corp''s ( BAC.N ) biggest shareholder by exercising stock warrants at below-market prices, for what would now be a $12.5 billion paper profit.Berkshire has found uses for some of its growing cash hoard.Its Berkshire Hathaway Energy unit, whose quarterly profit rose 7 percent, hopes to spend $9 billion to buy the parent of Texas power transmission company Oncor Electric Delivery Co out of bankruptcy.And in June, Buffett threw a C$2 billion financing lifeline to Home Capital Group Inc ( HCG.TO ), Canada''s largest nonbank lender, which was struggling with a deposit exodus and had admitted to concealing mortgage fraud.Thanks to Buffett, Home Capital said this week that issues over whether it can survive have been resolved.Berkshire''s operating businesses also including smaller units that sell such things as See''s Candies, Dairy Queen ice cream and Brooks running shoes.Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-berkshire-hatha-results-idUSKBN1AK2F8'|'2017-08-05T00:11:00.000+03:00'
'22976fe19ad02fc62261d68799707af5803f6676'|'Iraq secures $195 million Japanese loan for electricity sector'|'August 5, 2017 / 12:44 PM / an hour ago Iraq secures $195 million Japanese loan for electricity sector Reuters Staff 1 Min Read FILE PICTURE: Japan''s State Minister for Foreign Affairs Kentaro Sonoura speaks with media during the 3rd Intersessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. Kham BAGHDAD (Reuters) - Japan has agreed to lend Iraq up to $195 million for a project to help repair a thermal power station in the southern province of Basra, an Iraqi government statement said on Saturday. Though Iraq is a major OPEC oil producer, the country faces chronic electricity shortages, with its fragile grid struggling to meet demand after years of war, sanctions and neglect. The loan was signed during a visit to Iraq by Japan''s State Minister for Foreign Affairs, Kentaro Sonoura, who met Prime Minister Haider al-Abadi on Saturday, the prime minister office said in a statement. Iraq needs external financing to plug a budget deficit of approximately 25 trillion Iraqi dinars ($21.44 billion) for this year as it grapples with lower global oil prices and costs associated with the fight against Islamic State. Reporting by Ahmed Rasheed; Editing by Stephen Powell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-iraq-electricity-japan-loan-idUKKBN1AL0CY'|'2017-08-05T15:47:00.000+03:00'
'954d093d517c053687df0e47f1b79e5a7d80a015'|'BRIEF-Ardmore Shipping Q2 loss per share $0.06'|'August 2, 2017 / 1:13 PM / 9 minutes ago BRIEF-Ardmore Shipping Q2 loss per share $0.06 1 Min   Ardmore Shipping Corp * Ardmore Shipping Corporation announces financial results for the three and six months ended june 30, 2017 * Quarterly loss per share $0.06 * Quarterly revenue $49.9 million versus $39.7 million * Ardmore Shipping Corp - expects approximately 45 scheduled drydock days in q3 of 2017 * Ardmore Shipping Corp qtrly revenue was $49.9 million, an increase of $10.2 million from year-ago period * Q2 earnings per share view $-0.07, revenue view $31.0 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ardmore-shipping-q2-loss-per-share-idUSASB0BCJC'|'2017-08-02T16:11:00.000+03:00'
'7deb04c95e0c73e61840e08a457089111396f8ce'|'BRIEF-Cerus enters into $40 mln amended growth capital agreement'|'August 2, 2017 / 1:09 PM / 8 minutes ago BRIEF-Cerus enters into $40 mln amended growth capital agreement   Cerus Corp * Cerus enters into $40 million amended growth capital agreement * Cerus Corp - it has entered into a $40 million amended growth capital credit facility with oxford finance llc * Cerus Corp - under amended facility, cerus received an immediate $30 million loan at closing on july 31, 2017 * Cerus Corp - has option to draw another $10 million subject to achieving a specified revenue milestone * Cerus Corp - a portion of proceeds from initial $30 million loan were used to repay outstanding term loans of about $17.6 million   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cerus-enters-into-40-mln-amended-g-idUSFWN1KO0QM'|'2017-08-02T16:08:00.000+03:00'
'1bc8008ffbb4bbf1eee40e6e44025110b57ef717'|'PRESS DIGEST - Wall Street Journal - August 2'|'Aug 2 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Trump administration is planning trade measures to force Beijing to crack down on intellectual-property theft and ease requirements that American companies share advanced technologies to gain entry to the Chinese market. on.wsj.com/2uXsjEk- Sprint Corp said it would decide soon on whether to pursue a merger with either T-Mobile US Inc or Charter Communications Inc , with an announcement coming "in the near future," according to the wireless carrier''s chief executive. on.wsj.com/2uXHmha- Matthias Müller was appointed to drag Volkswagen AG away from the emissions scandal and into the world of modern automotive technologies. He is facing opposition from the company''s skeptical managers. on.wsj.com/2uXsoI8- Major health insurers in some states are seeking increases as high as 30 percent or more for premiums on 2018 Affordable Care Act plans, according to new federal data that provide the broadest view so far of the turmoil across exchanges as companies try to anticipate Trump administration policies. on.wsj.com/2uXokYm- Senate Republicans made clear they want to chart their own course to focus on a tax overhaul and critical fiscal legislation, bypassing requests from U.S. President Donald Trump to keep health care their top legislative priority. on.wsj.com/2uXDPQl (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1KO1UK'|'2017-08-02T02:35:00.000+03:00'
'477a7e823e26be35fe04878d4745113e81569222'|'BP''s west Africa partner Kosmos to list in London by end-September'|'August 2, 2017 / 10:55 AM / an hour ago BP''s west Africa partner Kosmos to list in London by end-September 2 Min Read FILE PHOTO: A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. Toby Melville/File Photo LONDON (Reuters) - Kosmos Energy, which is exploring for gas offshore Senegal and Mauritania with oil major BP, will list on the London Stock Exchange by the end of September in a bid to attract more European investors, it said on Wednesday. Kosmos, which has been listed in New York since 2011, announced a major gas find in partnership with BP off the coast of Senegal in May, boosting the area''s reputation as one of the world''s hotbeds for gas exploration. The company also owns parts of licenses to drill for oil offshore Suriname in South America close to where U.S. oil major Exxon Mobil and its partners recently decided to go ahead with a $4.4 billion oilfield megaproject. Kosmos expects its London listing to attract more European investors seeking exposure to promising oil and gas exploration. "There are a number of European investment funds and specialist international oil and gas investors that are currently unable to hold Kosmos'' shares due to their listing outside of a European regulated market," the company said, explaining the rationale for its London secondary listing. The process is expected to complete later in the third quarter, it said. Kosmos estimates its licenses offshore Senegal and Mauritania could hold more than 50 trillion cubic feet of gas resources and it continues to drill further. "Kosmos offers exposure to an ongoing high-impact, three-well exploration campaign that could more than double its valuation – it is our favorite high-impact explorer," said analysts at RBC Capital Markets who rate the stock as ''outperform''. Reporting by Karolin Schaps, editing by David Evans 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kosmos-energy-ipo-london-idINKBN1AI1AM'|'2017-08-02T08:55:00.000+03:00'
'1420ece45e20ef7d785e44007fb71389a28c5575'|'CANADA STOCKS-TSX rises with banks, miners; earnings misses weigh'|'August 2, 2017 / 1:49 PM / 12 minutes ago CANADA STOCKS-TSX rises with banks, miners; earnings misses weigh 1 Min Read TORONTO, Aug 2 (Reuters) - Canada''s main stock index rose in early trade on Wednesday, boosted by gains in big banks and gold miners, while IT company CGI Group and movie theater chain Cineplex Inc fell after missing earnings expectations. The Toronto Stock Exchange''s S&P/TSX composite index was up 46.11 points, or 0.3 percent, to 15,248.21 shortly after the open. There were two advancers for every decliner. (Reporting by Alastair Sharp; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1KO0OT'|'2017-08-02T16:49:00.000+03:00'
'dbae5103111a7b51c4a54eede6dbbaa53dfcbe55'|'China factory activity accelerates in July on strong export orders - Caixin PMI'|'FILE PHOTO: Chinese national flags are flying near a steel factory in Wu''an, Hebei province, China, February 23, 2017. Thomas Peter/File Photo BEIJING (Reuters) - Growth in China''s manufacturing quickened in July, a private survey showed on Tuesday, as output and new orders rose at the fastest pace since February on strong export sales.But even as firms boosted purchasing in anticipation of more business, employment levels at factories fell at the fastest pace in 10 months and a reading on business outlook was the lowest since last August - a sign that economic momentum may start to ebb in the months ahead.The Caixin/Markit Manufacturing Purchasing Managers'' Index (PMI) rose to 51.1 in July, above the 50-point mark that separates growth from contraction, and well ahead of the 50.4 in June which was also the median figure forecast by 21 analysts in a Reuters survey.A resurgent export sector underpinned by a brightening global economy helped China post surprisingly strong gross domestic product growth of 6.9 percent in the first half of the year.The Caixin readings diverged from an official PMI survey released on Monday which showed growth in China''s manufacturing sector cooled slightly last month due to slackening export demand. The private survey, however, tends to focus on smaller firms while the official PMI covers mostly larger firms, many of them state-owned manufacturers."Operating conditions in the manufacturing sector improved further in July, suggesting the economy''s growth momentum will be sustained." Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, said in a note accompanying the data release."That said, it''s unlikely that financial regulatory tightening will be relaxed."The broader consensus among China watchers is that economic growth will cool in coming months as a government crackdown on financial risks raises borrowing costs, squeezing profits and output. Yet, there appears more than enough momentum to reach Beijing''s growth target of around 6.5 percent for the year.The Caixin new export orders reading came in at 53.5 in July, up from 50.9 June and the highest since February.While China''s foreign trade faces a mostly positive environment in the second half of the year, uncertainties still exist, Vice Commerce Minister Qian Keming said in Beijing on Monday.The United States and China failed earlier this month to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump''s economic and security relations with Beijing.Chinese goods producers in July were able to raise output prices the most since March, Tuesday''s PMI showed, as input inflation also accelerated, though the price gains were much milder than those seen around the turn of the year.Companies still expected to increase output over the next 12 months, but the reading was the lowest since August.On the whole, while China''s manufacturing sector has remained resilient, companies'' outlook has now worsened or held steady since hitting a nearly two-year high in February.That turning point roughly corresponds to when the Chinese government stepped up a campaign to rein in debt risks through a concerted deleveraging effort, which has driven up borrowing costs.A Caixin/Markit survey covering China''s services sector will be released on Wednesday. The official survey showed the sector remained robust despite a slight slowdown last month.Reporting by Elias Glenn; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-pmi-factory-caixin-idINKBN1AH2YK'|'2017-08-01T07:12:00.000+03:00'
'71a9da7b49a35b54bac5073d23ca3cf8b27fe00b'|'Irish manufacturing activity grows steadily in July - PMI'|'August 1, 2017 / 5:04 AM / in 32 minutes Irish manufacturing activity grows steadily in July - PMI Reuters Staff 2 Min Read FILE PHOTO: A man works on the production line at the Toyota factory in Derby, central England, March 7, 2011. Darren Staples/File Photo Irish manufacturing activity grew steadily in July, albeit slipping from June''s two-year high pace, and companies remained confident that production would keep rising in the year ahead, a survey showed on Tuesday. The Investec Purchasing Managers'' index slipped back to 54.6 in July from a two-year high of 56.0 in June but remained well above the 50 mark separating growth from contraction. The survey registered a slow-down in growth rates for new orders and employment in the sector. The rate of growth in new export orders eased to an eight-month low. But levels of outstanding business rose for the third consecutive month while suppliers'' delivery times lengthened to the greatest extent in over six years as vendors struggled to meet another substantial monthly increase in purchasing activity. Some 49 percent of respondents forecast a rise in output in the coming year compared with 9 percent anticipating a decline, with respondents expecting higher new orders from both domestic and export clients. "Following a strong performance by the manufacturing sector in H1 this year, and the generally improving global backdrop, we ... remain upbeat about prospects for the sector over the remainder of the year," Investec Ireland chief economist Philip O''Sullivan said. Ireland, the European Union''s fastest-growing economy, is widely seen as the member most at risk from Brexit due to its close trading links with Britain. But after a muted initial impact, Dublin now sees its economy growing faster in 2017 that it did a year ago when Britons voted to leave the bloc. 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN1AH31M'|'2017-08-01T08:04:00.000+03:00'
'04e0fd47feb21a3461d6a7bd7a2993ecd5008463'|'Vantiv granted extension to make firm bid for Worldpay'|'August 1, 2017 / 6:31 AM / 5 minutes ago Vantiv granted extension to make firm bid for Worldpay Reuters Staff 1 Min Read Worldpay logo in undated handout. Handout/Worldpay LONDON (Reuters) - British payments firms Worldpay ( WPG.L ) said on Tuesday that its U.S. suitor Vantiv ( VNTV.N ) has been granted a week-long extension to Aug. 8 to make a firm takeover bid or walk away for six months. Vantiv agreed to buy Worldpay, a former unit of Royal Bank of Scotland ( RBS.L ), for 7.7 billion pounds on July 5 and was meant to submit a bid by Aug. 1, but the two companies are still negotiating the final terms of the deal. Worldpay said that positive discussions are continuing but there can be no certainty that a firm offer will be submitted. It added that the deadline could be pushed back further still if the UK Takeover Panel approved. Reporting By Pamela Barbaglia; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-worldpay-vantiv-m-a-idUKKBN1AH37M'|'2017-08-01T09:31:00.000+03:00'
'656325878fd8e4662be3465e5d6d7c9a374be272'|'Banco BPM agrees $1.3 billion sale of asset management unit to Anima'|'LONDON/MILAN (Reuters) - Italy''s third-largest bank, Banco BPM ( BAMI.MI ), is set to pocket up to 1.1 billion euros ($1.3 billion) from the sale of its asset management unit Aletti Gestielle SGR to domestic rival Anima Holding ( ANIM.MI ), the companies said.Anima said on Friday it may seek to raise 300 million euros in a share sale to fund the acquisition, which is set to create the fourth-biggest player in Italy''s fast-changing asset management industry.Banco BPM, which currently owns 15 percent of Anima, said it would keep a significant stake in the group and pledged to buy into the possible share issue.Banco BPM and Anima said in a joint statement the asset manager would pay 700 million euros in cash to buy Aletti Gestielle, confirming what a source close to the matter told Reuters earlier.Banco BPM will receive up to a further 250 million euros based on the unit''s excess capital and earnings at the time of closing, which is expected by the end of the year.The bank may also transfer to Anima other assets currently under management by its private banking unit Banca Aletti for another 150 million euros.The deal follows a merger last year of Banco Popolare and Banca Popolare di Milano to create Banco BPM.Discussions started earlier this year when Banco BPM decided to streamline its asset portfolio and offload Aletti Gestielle, a former unit of Banco Popolare with 18 billion euros of assets under management.Anima Holding alone had more than 75 billion euros of assets under management at the end of June. Commercial partnerships, including with Banco BPM, allow Anima to sell its products through 4,800 bank branches.The deal includes a 20-year partnership between Anima and Banco BPM.Barclays acted as sole financial adviser to BPM on the deal while Mediobanca and Bank of America advised Anima.Aletti Gestielle drew interest from other domestic and international players including Italy''s Azimut ( AZMT.MI ).A number of European asset managers have joined forces recently as they scramble to gain regional or global scale and streamline operations to cope with declining fees and tougher regulatory scrutiny.Among them is France''s Amundi ( AMUN.PA ), which bought rival Pioneer Investments from UniCredit ( CRDI.MI ) for 3.6 billion euros in December in a bid to win market share in Europe.In Britain, meanwhile, investment managers Standard Life ( SL.L ) and Aberdeen Asset Management ( ADN.L ) agreed an 11 billion pound merger in March to create Britain''s biggest money manager and Europe''s second biggest with 660 billion pounds in assets.Editing by David Evans and Adrian Croft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-banco-bpm-m-a-aletti-gestielle-idINKBN1AK23U'|'2017-08-04T15:33:00.000+03:00'
'eff6ee2c7327c50ccd6863a833aea8fc76fa0a17'|'PRESS DIGEST- New York Times business news - August 4'|'August 4, 2017 / 4:55 AM / in 36 minutes PRESS DIGEST- New York Times business news - August 4 2 Min Read Aug 4 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Federal prosecutors are investigating Kushner Companies, the real estate firm owned by the family of Jared Kushner over its use of a program that grants visas to wealthy overseas investors. The authorities are also looking into the role of Kushner''s sister, Nicole Meyer. nyti.ms/2vnlIpm - Avon Products Inc said its chief executive, Sherilyn McCoy, would step down at the end of March as the door-to-door seller of beauty products has faced pressure from activist investors to reshape its management and speed up its turnaround. nyti.ms/2vnYUGa -The Trump administration said it would not delay an Obama-era regulation on smog-forming pollutants from smokestacks and tailpipes, reversing a decision that the EPA administrator, Scott Pruitt made in June, to put off an Oct. 1 deadline for designating which areas of the country met new ozone standards. nyti.ms/2vnQj6g -Alibaba Group Holding Ltd and Kering SA, the owner of brands Gucci and Saint Laurent, said they had resolved their differences. Kering would withdraw a 2015 lawsuit charging that counterfeit goods had been sold from the Chinese e-commerce giant''s website. nyti.ms/2vnogDW Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1KQ207'|'2017-08-04T07:54:00.000+03:00'
'88a43e4071ce5456a9d8d27e64efe5c82f3eab40'|'PRESS DIGEST- New York Times business news - Aug 7'|'Aug 7 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Fox News suspended Eric Bolling, a longtime host at the network, pending an investigation into reports that he sent lewd photographs to three female colleagues via text message. nyti.ms/2flMXdt- Workers at a Nissan plant in Mississippi overwhelmingly rejected a bid to unionize, an election that the union quickly criticized. The union accused Nissan of waging an unusually aggressive fight against the organizing effort. nyti.ms/2fkLBzN- U.S. Vice President Mike Pence declared his loyalty to President Trump, denouncing an article suggesting that he was positioning himself to run for president in 2020 if Trump does not seek a second term. nyti.ms/2fkfJv4- U.S. Deputy Attorney General Rod Rosenstein said the Justice Department was not pursuing reporters as part of its growing number of leak investigations. nyti.ms/2flaRWCCompiled by Bengaluru newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt-idINL4N1KT1XU'|'2017-08-07T02:53:00.000+03:00'
'621859d89bc541432058fce2d8dd0ce7463d6589'|'UK mobile masts group Arqiva hires banks for initial public offering -source'|'LONDON, Aug 6 (Reuters) - Arqiva, a company that runs much of Britain''s TV and mobile infrastructure, has hired four banks for an initial public offering, a source familiar with the matter said on Sunday.The company, whose biggest shareholders include the Canada Pension Plan Investment Board and Macquarie, has appointed Barclays, Goldman Sachs, HSBC and JP Morgan for the listing, the source said, confirming an earlier report from Sky News.The banks and Arqiva did not immediately respond to requests for comment.Arqiva, which carried the BBC''s first TV broadcast in 1936, works with major mobile operators, independent radio groups and leading British broadcasters.Media reports had suggested the firm could be worth between 5 and 6 billion pounds ($7.57 billion).The company made an operating profit of 227.5 million pounds in the nine months ending March 31, 2017 and revenue of 701.8 million pounds, according to an unaudited statement. Senior net debt amounted to 2.5 billion pounds at the end of June 2016.Earlier this year, Rothschild and Bank of America Merrill Lynch were hired to work on a sale, sources said. One source, who had looked at the asset, estimated an equity value of around 2 billion pounds. ($1 = 0.7925 pounds) (Reporting by Dasha Afanasieva; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/arqiva-ipo-idINL5N1KS0KJ'|'2017-08-06T15:01:00.000+03:00'
'dcb79b77906396f645272cc2224f6df9a74f6697'|'Rise in industry orders suggests German industry to gain steam'|'FILE PHOTO: A worker at a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. Ina Fassbender/File Photo BERLIN (Reuters) - German industrial orders rose twice as much as expected in June as a surge in domestic demand offset weaker foreign appetite, data showed on Friday, suggesting this sector of Europe''s largest economy will gain traction in the coming months.Factories posted a 1 percent increase in contracts in June after orders for German-made goods rose by an upwardly revised 1.1 percent in May, data from the Economy Ministry showed. That beat the Reuters forecast for a 0.5 percent rise."The order numbers are another mosaic tile in what is a very positive picture of the economy," said Nordea economist Holger Sandte.A breakdown of the June data showed domestic demand increased by 5.1 percent while foreign orders dropped by 2 percent, with orders from the euro zone declining by 2.4 percent.But foreign orders are generally outpacing domestic demand even though Friday''s data showed the opposite, Sandte said."The stronger euro isn''t likely to hamper this development much so the traffic lights for the economy are still glowing green," he added.The orders data follows a flurry of upbeat figures that have underlined the strength of the German economy seven weeks before a national election in which Chancellor Angela Merkel is seeking a fourth term.''CLIMAX REACHED'' Recent data has shown the number of Germans out of work falling, engineering orders increasing, the manufacturing sector growing and consumer morale rising, though private sector growth has slowed.Merkel''s conservatives, who have presided over a period of economic prosperity in Germany for much of the last 12 years, have made the country''s rude economic health a pillar of their campaign, promising "a strong economy and secure jobs".The Economy Ministry said order levels, combined with an excellent business climate, pointed to a continued slight upturn in industrial activity.But Sal. Oppenheim economist Ulrike Kastens warned that while the economic upturn was likely to continue in Germany, it was unlikely to maintain current growth rates."The economic climax will probably have been reached in the second quarter," she said.The government has forecast gross domestic product (GDP) growth of 1.5 percent this year -- below the 1.9 percent expansion seen in 2016, which was the strongest rate in five years.Factories making consumer goods and manufacturers of intermediate goods both registered strong order increases but bookings for capital goods declined as robust domestic demand was unable to offset a fall in foreign orders.Quarterly data was also strong, with order levels in the April-June period coming in 0.8 percent above first-quarter levels as bookings climbed two months in a row after falling in April, the Economy Ministry said.additional reporting by Rene Wagner; Writing by Michelle Martin; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/germany-economy-orders-idINKBN1AK0MP'|'2017-08-04T10:16:00.000+03:00'
'422ecb2da00733b6e5948d70e2c2e1d05dfc6e4b'|'No plan yet on Kushner''s flagship Manhattan tower -Vornado CEO'|'Senior advisor Jared Kushner waits for a joint news conference by U.S. President Donald Trump and Lebanese Prime Minister Saad Hariri at the White House in Washington, U.S., July 25, 2017. Yuri Gripas NEW YORK (Reuters) - The fate of the flagship Manhattan office tower partially owned by the family of President Donald Trump''s son-in-law, Jared Kushner, is still being debated, a joint owner of the building said on Tuesday.Kushner Cos, the company that had been overseen by Kushner, said in July it was reassessing how to finance the redevelopment of 666 Fifth Avenue after failed talks with a former Qatari prime minister."We have been internally debating what the business plan is for the asset and that debate continues and so we don''t have an update on that right now," said Steven Roth, chief executive of Vornado Realty Trust on a conference call with analysts.Kushner, who is married to Trump''s daughter Ivanka, sold his interests in the realty company to a family trust in January.Vornado owns a 49.5 percent stake in the office portion of the building, whose overall debt encumbrance was listed at $1.4 billion in a regulatory filing on Monday. Vornado also owns a stretch of the building''s retail frontage on Fifth Avenue.Roth said the 41-story property built in 1957 was a wonderful asset but he had nothing more to say about the building, which Kushner acquired in 2006 for $1.8 billion, the most ever paid for a New York office tower at the time.Kushner Cos sold its interests in the building''s retail frontage but still holds a 50.5 percent stake in the office portion.Reporting by Herbert Lash; Editing by Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-property-vornadorealty-kushner-idUSKBN1AH4R3'|'2017-08-01T18:55:00.000+03:00'
'1ba45547d429b84c79b35fe483558145a761ce23'|'Tesla shares rise as investors bet on Model 3 success'|'FILE PHOTO: Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company’s Fremont facility in California, U.S. July 28, 2017. Tesla/Handout via File Photo SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) jumped 6 percent on Thursday as its quarterly report fuelled bets that its new Model 3 sedan will propel the luxury electric carmaker into the mainstream.Chief Executive Elon Musk is counting on the Model 3, Tesla''s least pricey car to date, to make the company profitable and establish it as the leading electric carmaker ahead of BMW, General Motors and other long-established players.Tesla''s stock is up 63 percent in 2017, underscoring Wall Street''s confidence in Musk.The Palo Alto, California company late on Wednesday reported quarterly results that beat average analyst estimates, and it said it received more than 1,800 reservations per day for the Model 3 since its launch last week.Tesla had $3 billion in cash on hand at the end of the June quarter, reassuring investors who were worried after Musk warned on Friday that the automaker would face six months of "manufacturing hell" in ramping up production of the Model 3.Musk said investors should have "zero concern" that Tesla would fail to reach its production target of 10,000 vehicles each week by the end of 2018.A Tesla Model 3 sedan is seen in this undated handout image as the car company handed over its first 30 Model 3 vehicles to employee buyers at the company''s facility in Fremont, California, U.S. on July 28, 2017. Tesla/Handout via REUTERS Skeptics believe Tesla''s aggressive production targets are unrealistic and that the company''s electric cars will be overtaken by larger automakers.At least two brokerages raised their price targets following Tesla''s report. RBC Capital Markets raised its target price by $31 to $345, pushing it well ahead of the median price target of $322, according to Thomson Reuters data."While we don''t have meaningful reason to doubt that Tesla can eventually achieve its targets, doing so in a timely manner without some growing pains could prove challenging," RBC Capital Markets analyst Joseph Spak wrote in a research note.The $35,000 base-price Model 3 is Tesla''s least expensive car. It is designed and priced to compete with high-volume luxury sedans like the Audi A4, BMW 3-series or Mercedes C-Class. Those typically sell for between $40,000 and $50,000, or about half the price of Tesla''s previously launched cars, the Model S or Model X.Also on Thursday, Consumer Reports said GM''s Chevrolet Bolt electric car, priced at $37,495, reached 250 miles (402 km) on a single charge, beating out Tesla''s 2016 Model S 75D and 2016 Model X 90D."A new Tesla Model S or X 100D would probably beat the Bolt''s range, but you''d have to pay $100,000 or more for one of those cars," Consumer Reports said.Reporting by Noel Randewich in San Francisco and Sweta Singh Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tesla-results-idINKBN1AJ211'|'2017-08-03T17:04:00.000+03:00'
'251fcc63b1222830bd327bc9feff8c39ddd2ceff'|'OCC may penalize Wells Fargo over improper auto insurance charges: WSJ'|'August 4, 2017 / 4:24 PM / in 2 hours OCC may penalize Wells Fargo over improper auto insurance charges: WSJ 1 Min Read FILE PHOTO - A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver, Colorado, U.S. on April 13, 2016. Rick Wilking/File Photo NEW YORK (Reuters) - Wells Fargo & Co ( WFC.N ) may face regulatory sanctions for having improperly charged customers for auto insurance they did not seek, the Wall Street Journal reported on Friday. The Office of the Comptroller of the Currency is considering taking action over the matter, the Journal said, citing unnamed sources. The bank said last week that 570,000 customers may have been wrongly charged for the insurance. In an interview, Wells''s head of consumer lending told Reuters the bank had informed regulators of the problems last year. Reporting by Lauren Tara LaCapra 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-wells-fargo-autos-idUSKBN1AK1ZF'|'2017-08-04T19:23:00.000+03:00'
'74fae5c48ac7ff59f8720365502f2ca5279f2104'|'Under Armour''s game plan to revive sales could hit snags'|'FILE PHOTO: An Under Armour logo is seen on a running shoe on display at an store in Chicago, Illinois, U.S., October 25, 2016. Jim Young/File Photo (Reuters) - Under Armour Inc ( UAA.N ), which became a sensation riding the athleisure trend a few years ago, laid out a strategy this week to stanch a steep decline in sales growth but the company''s progress could hit roadblocks. The company admitted that its days of astronomical growth were behind them and said it would cut jobs and close stores, underscoring its struggles in a fast-changing and fiercely competitive U.S. sportswear market. "We are not standing still," Chief Executive Kevin Plank said on a post-earnings call. Under Armour has set its sights on turning around sales with more affordable apparel and women''s wear, stylish lifestyle products, a more substantial online presence, and greater speed getting its products to shelves. The company, however, could be spreading itself too thin, analysts said. Under Armour''s troubles are partly tied to the fading athleisure trend - casual clothing designed for both exercise and everyday wear. But there are bigger problems afoot. Under Armour has only one hit shoe line: Stephen Curry. That carried the company''s sales for three years, but demand for the latest collection, Curry 3, has been underwhelming. Rivals Nike Inc ( NKE.N ) and Adidas AG ( ADSGn.DE ), which have many successful lines, can sell their products at various price points at different outlets - department stores, sporting goods retailers and online - reaching more buyers. Under Armour hasn''t been able to match that reach even as bankruptcies of several sporting goods chains such as Sports Authority have eliminated key distribution channels. To compensate, Under Armour has inked deals with Kohl''s Corp ( KSS.N ), DSW Inc ( DSW.N ) and Famous Footwear, but analysts said it was too early to tell whether these steps were working. TOO ATHLETIC Adidas, which has been pouring cash into its U.S. business and pulling ahead of rivals, on Thursday reported another quarter of bumper sales growth. Nike last month posted a slight increase in quarterly sales even as North America sales stayed flat. Under Armour posted a 9 percent sales increase in its latest quarter, a far cry from its average growth rate of 20 percent between 2014 and 2016. Adding to the company''s woes is the fact that shoppers view Under Armour as a brand catering to athletes rather than average Joes. "With Under Armour it''s more of like a sport; more of a basketball, on-court kind of feel and look. With Nike and Adidas, they make it so urban for everyone to wear," said Alanzo Jones, a shopper at a Manhattan Foot Locker store. The company is trying to shake off this image but its choice of endorsers - tennis ace Andy Murray and pro golfer Jordan Spieth among other athletes - isn''t helping. Adidas and Nike, on the other hand, have signed on celebrities such as Kendall Jenner and Bella Hadid: models with millions of Instagram followers and a hit with the young crowd. Some things, however, are out of Under Armour''s control. Adidas and Nike have cashed in on the recent retro trend, selling yesteryear favorites Superstars and Air Jordans. But for Under Armour, a young company selling shoes for merely a decade, the trend is out of bounds. For now, everyone agrees that Under Armour needs to be more than a one-hit wonder. "Steph Curry can do his part, he can keep wearing the shoe and keep winning Championships with his team, but at the end of the day if the shoe is not evolving ... they''re going to get nowhere in that market," said A-Line partners analyst Gabriella Santaniello. Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Sayantani Ghosh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-under-armour-strategy-analysis-idUSKBN1AK2H6'|'2017-08-05T01:03:00.000+03:00'
'a0c464327e5ea958cb758428aa2d128ffb59bd01'|'Fox News host Bolling suspended after sexting allegations - Reuters'|'NEW YORK, Aug 5 (Reuters) - Fox News on Saturday suspended host Eric Bolling following a media report that he sent sexually inappropriate text messages to colleagues, marking the third high-profile harassment case to rock the conservative, highly rated cable news outlet.Bolling''s lawyer called the claims "untrue and terribly unfair.""Eric Bolling has been suspended pending the results of an investigation, which is currently underway," Fox News, part of Twenty-First Century Fox Inc, said in a statement. A report on the Fox News website referred only to "allegations of inappropriate behavior."Fox News parted ways with star host Bill O''Reilly in April following allegations of sexual harassment, and former Fox News Chairman Roger Ailes was forced to resign last year after being accused of sexual misconduct by a number of women, including former anchor Gretchen Carlson. Both men denied wrongdoing.As co-host of the Fox News show "The Specialists," Bolling is part of a panel discussing the top stories of the day. He also hosts "Cashin'' In," a business show.The Huffington Post, citing 14 sources who requested anonymity, reported on Friday that several years ago, Bolling sent unsolicited photos of male genitalia by text message to at least two colleagues at Fox Business and another one at Fox News. The messages were sent on several occasions, the Huffington Post said.Bolling''s attorney, Michael Bowe, said in an email to Reuters that "the anonymous, uncorroborated claims are untrue and terribly unfair. We intend to fully cooperate with the investigation so that it can be concluded and Eric can return to work as quickly as possible."Previously, Bowe said in a statement to the Huffington Post that Bolling did not recall sending any inappropriate messages and would "vigorously pursue his legal remedies" to combat any false or defamatlory accusations.Fox News, with a conservative bent associated with Republican Party politics, has led most ratings for U.S. cable news for years but has been unsettled by reports that it has been a hostile workplace for women.Ailes was credited with building Fox News into a politically influential channel. Fox News parted ways with O''Reilly, the face of the channel, after advertisers began to flee his show.Rupert Murdoch, executive chairman of Twenty-First Century Fox, wrote at the time that the company was committed to "fostering a work environment built on the values of trust and respect." (Reporting by Daniel Trotta; Editing by David Gregorio and Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/fox-bolling-idINL1N1KR0J4'|'2017-08-05T21:30:00.000+03:00'
'c457a3414051642470169f88990a5a0103a00b85'|'SAIC General Motors recalls 6,451 GL8 minivans in China - Reuters'|'BEIJING, Aug 6 (Reuters) - SAIC General Motors has started recalling 6,451 GL8 minivans in China due to problems with the vehicles'' electronic steering software, the country''s top quality watchdog said.The recall, which started on Friday, involves 2017 Buick GL8 vehicles made last year between June 6 and Dec. 6, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website.SAIC General Motors, a joint venture between General Motors Co and SAIC Motor Corp, will upgrade the software to eliminate any potential safety issues, according to the statement dated Aug. 4. (Reporting by Ryan Woo; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/saic-motor-gm-recall-idINL4N1KS0DJ'|'2017-08-06T13:17:00.000+03:00'
'a51d34e59a84821c73b4bd3fdfb2094151cd4569'|'U.S. businesses fear Trump mishandling of China IP, trade probe'|' 05 PM / in 4 minutes U.S. businesses fear Trump mishandling of China IP, trade probe Ginger Gibson 4 Min Read U.S. President Donald Trump walks to Marine One as he departs for a day trip to West Virginia from the White House in Washington, U.S., August 3, 2017. Joshua Roberts WASHINGTON (Reuters) - U.S. President Donald Trump''s threat to investigate China''s intellectual property and trade practices is valid, but his administration may not be up to the delicate task of carrying out a new China probe without sparking a damaging trade war, U.S. business lobbyists told Reuters on Thursday. The lobbyists'' fears that Trump could mishandle such an inquiry came as he searched for ways to increase pressure on China to do more about reining in North Korea''s nuclear and missile programs, with trade policy viewed as a useful lever. Lobbyists said Trump was right to criticize China on trade, but they expressed concern about general disorganization and inconsistency at the White House and warned that Trump might make matters worse with China if he follows through. "Companies, I think, are rightly concerned about how this administration will handle any sort of enforcement action or investigation given that we have not seen this administration be particularly nuanced or strategic in its approach," said a technology industry source who asked not to be identified because the issue is still under consideration by the White House ahead of a public announcement. Trump is expected to issue a presidential memorandum declaring Chinese theft of intellectual property a problem that requires a U.S. response. At the same time, U.S. Trade Representative Robert Lighthizer is expected to launch an investigation based on Section 301 of the Trade Act of 1974. An announcement may come as early as next week. Section 301, a popular trade tool in the 1980s that has been rarely used in the past decade, could lead to the president unilaterally slapping tariffs or other trade limits on China. The Section 301 process also can bypass the World Trade Organization procedures for adjudicating global trade grievances. Though widely used worldwide, the WTO process is viewed unfavorably by the Trump administration. Trump''s willingness to use "obsolete U.S. trade law," could create problems, said Chad Bown, a trade expert at the Peterson Institute for International Economics, a private think tank. "While the administration has identified a legitimate policy problem, Trump’s proposed solution may only make matters worse." As speculation of a Section 301 probe rippled through Washington, a diplomatic deal that includes China appeared to be taking shape at the United Nations on Thursday that would impose stronger UN sanctions against North Korea. In addition to the United States, the European Union, Japan, Germany and Canada have all expressed concern about China''s behavior on intellectual property theft. The technology sector has been especially hard hit in IP disputes. "Our members generally support trade enforcement, but want the administration to be careful those actions don''t lead to a trade war," said an official with one business trade group, asking not to be identified because the White House had not yet made an announcement. Business lobbyists have been in talks with the White House on the issue, but some reported uncertainties. "We’ve been talking with (National Security Council) but frankly for us even, it''s difficult to determine exactly who are the decision makers," the technology industry source said. "We just don’t know exactly what the mentality will be or ... the decision making or calculus." Additional reporting by David Lawder, Lesley Wroughton and Steve Holland; Editing by Kevin Drawbaugh and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-trade-china-idUKKBN1AJ34D'|'2017-08-04T02:01:00.000+03:00'
'b4c84e13702d288ec5bb9185477294c56f6c37ab'|'Exclusive - Sanctions gap lets Western firms tap Russian frontier oil'|'August 2, 2017 / 1:51 PM / in 3 hours Exclusive: Sanctions gap lets Western firms tap Russian frontier oil 6 Min Read The Novokuibyshevsk refinery near the city of Samara, Russia, in a file photo. Nikolay Korchekov OSLO/MOSCOW (Reuters) - A gap in U.S. sanctions allows Western companies to help Russia develop some of its most technically challenging oil reserves, and risks undermining the broad aim of the measures, a Reuters review of company results and media releases has found. When Washington imposed the sanctions on Moscow in 2014 over its annexation of Crimea and role in the Ukraine conflict, the U.S Treasury said it wanted to "impede Russia''s ability to develop so-called frontier or unconventional oil resources". The restrictions were designed to prevent Russia countering declining output from conventional wells by tapping these hard-to-recover reserves which require newer extraction techniques like fracking, an area where it relies on Western technology. Three years on, however, Norway''s Statoil is helping Kremlin oil giant Rosneft ( ROSN.MM ) develop unconventional resources, while British major BP ( BP.L ) is considering a similar project. Statoil is not breaching sanctions and nor would BP be doing so, but the cooperation highlights how sanctions have only been partially effective in curbing Western energy investment. The United States, having itself experienced a spike in oil output from tapping shale rock over the past decade, worded the measures to prohibit Western companies from helping Russia develop "shale reservoirs". It did not mention other lesser-known forms of unconventional deposits. The EU followed suit by banning cooperation on projects "located in shale formations by way of hydraulic fracturing". Rosneft and its Western partners are not targeting shale but are instead drilling to reach oil reserves known as limestone - deeper reservoirs that lie beneath shale oil. Statoil, in media releases issued in June and December 2013, and its annual report for that year, said the venture would explore "shale oil" opportunities in the Samara region, which is situated on the Volga river. After sanctions were imposed in 2014, the company amended all the releases on its website to replace "shale" with "limestone", though it did not alter the 2013 annual report. It described the venture as limestone from that point on. "In the original press release, and communication following that, we used an imprecise geological term," a Statoil spokesman told Reuters. "We became attentive to this after the introduction of sanctions." "We have since corrected it, and now use the precise and correct term - limestone," he added about the project, which saw its first well drilled in January this year. "The Domanik formation is a limestone formation and is not covered by European or U.S. sanctions." Statoil Gets Permission Geologists are unanimous, though, that even though shale and limestone formations are different geological structures, they both constitute unconventional oil resources. Both are extracted through hydraulic fracturing, or fracking. Experts say limestone deposits in Russia''s Domanik formation, where Statoil and Rosneft are drilling, could yield billions of barrels of crude. Spokesmen for the U.S. Treasury, and for European Commission foreign affairs and security policy, both declined to comment on Russian projects, the wording of the sanctions or if any change was planned to include other unconventional oil resources. Under EU sanctions, which Norway signed up to, companies have to ask for clearance from their governments to enter new Russian oil projects. Statoil, which is majority owned by the Norwegian government, said it had "applied for and received a pre-authorization related to the Domanik project by the Norwegian Ministry of Foreign Affairs". Rosneft also started describing the venture as a limestone project after sanctions were imposed, but has not amended its previous statements which described it as shale. "It would not be correct to call these sediments shale in the meaning of those being explored in the United States," a Rosneft official told Reuters in emailed comments. Bp Looks to Explore In May 2014, just months before the toughest sanctions were imposed on Russia, BP signed a similar agreement with Rosneft to explore in the Domanik formation in the region of Orenburg, about 400 km (250 miles) south east of Samara. The project has yet to get off the ground but a BP spokesman in Russia said the company remained interested in exploring hard-to-extract resources in the Volga-Urals region. He declined to comment further but a BP source said the company was currently seeking an approval from the British government to start work on the project. The American shale revolution has seen U.S. firms flood the market with crude since the start of the decade - and Russian oil executives say their country could have shale and other unconventional resources as big as those in the United States. Such deposits would allow Russia to maintain its output as production from mature, conventional fields in West Siberia is declining. Additional reporting by Vladimir Soldatkin and Oksana Kobzeva in Moscow, Yeganeh Torbati in Washington and Gwladys Fouche in Oslo; Writing by Katya Golubkova; Editing by Dmitry Zhdannikov and Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-russia-rosneft-domanik-statoil-idUKKBN1AI1RQ'|'2017-08-02T16:49:00.000+03:00'
'6e63d4cc167c3ef02388c81199e5cf127e2bb789'|'UPDATE 1-COFCO eyes bid for Renuka sugar mill in Brazil -court document'|'(Adds auction details, context)By José Roberto GomesSAO PAULO, Aug 1 (Reuters) - Chinese commodities trader COFCO has asked to participate in an auction in Brazil where a sugar mill owned by India''s Shree Renuka Sugars Ltd will be sold as part of an in-court debt restructuring, according to court documents seen by Reuters on Tuesday.COFCO already owns four sugar and ethanol plants in Brazil capable of processing a combined 15 million tonnes of cane per year. The company looked at other potential targets last year, but said prices were too high.Renuka, which is under bankruptcy protection, will sell its Revati mill in the municipality of Brejo Alegre in Sao Paulo state. The plant, which is near COFCO''s Sao Paulo operations, has capacity to process 4 million tonnes of cane per year. The auction is scheduled for Sept. 4.If successful, it would be the third sale of sugar and ethanol plants in Brazil through judicial auctions in less than a year, as players with stronger capital structure snap up the assets of heavily indebted rivals.Glencore Plc bought the Guararapes mill in November from distressed sugar group Unialco. Raízen Energia SA, a 50-50 joint venture between Cosan SA Industria e Comercio and Royal Dutch Shell Plc, acquired two mills from Tonon Bioenergia SA in June.According to the court documents seen by Reuters, Brazilian sugar firm Companhia Mineira de Açúcar e Álcool (CMAA), which owns two mills in Minas Gerais state, has also asked to take part in the auction. Last year CMAA acquired the Vale do Pontal mill from U.S.-based Archer Daniels Midland. (Reporting by José Roberto Gomes and Marcelo Teixeira; editing by Grant McCool)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/brazil-sugar-cofco-idUSL1N1KN0YS'|'2017-08-02T00:42:00.000+03:00'
'6682d25addca5c8ce1b52c61cc9cff1b7d95dbf7'|'UPDATE 4-''Pharma bro'' Shkreli convicted of fraud in U.S. court, assails ''witch hunt'''|'(Adds prosecutor''s statement, more outside comment)By Brendan PiersonNEW YORK, Aug 4 (Reuters) - A U.S. jury convicted Martin Shkreli, the brash former drug company and hedge fund executive, on Friday of defrauding investors in hedge funds he ran years before he gained fame for jacking up the price of a drug.Jurors in U.S. District Court in Brooklyn found Shkreli guilty of two counts of securities fraud and one count of conspiracy. But they acquitted him of five conspiracy counts, including conspiracy to steal from his old drug company, Retrophin Inc.Securities fraud carries a maximum sentence of 20 years in prison, though defendants in such cases rarely receive the maximum sentence.Federal prosecutors had accused the 34-year-old New Yorker of lying to investors in the funds and looting Retrophin to pay them back.Immediately after the verdict, Shkreli appeared somewhat shaken. But when he emerged from the courthouse later to talk to reporters, he was happy and confident.He portrayed the verdict, which came on the fifth day of deliberations after a monthlong trial, as a victory."This was a witch hunt of epic proportions, and maybe they found one or two broomsticks, but at the end of the day, we''ve been acquitted of the most important charges," he told reporters.Acting U.S. Attorney Bridget Rohde, whose office prosecuted the case, praised the jury''s decision."Justice was served," she said after the verdict.Before going on trial, Shkreli had been best known for raising the price of anti-infection drug Daraprim by 5,000 percent in 2015 as chief executive of Turing Pharmaceuticals.That increase sparked outrage from U.S. lawmakers and patients - and earned Shkreli the nickname "Pharma bro."Shkreli emphasized the jury''s finding that he did not conspire to steal from Retrophin."Count seven was the government''s attempt to theorize that I robbed Peter to pay Paul, and the jury has spoken conclusively that Retrophin was not defrauded in this case," Shkreli told reporters.Shkreli''s attorney, Benjamin Brafman, citing his client''s acquittal on the Retrophin charge, said Shkreli might avoid prison time or at least receive a "much, much lower" sentence than that contemplated by the government.Prosecutors said that, starting around 2009, Shkreli lied to investors in his hedge funds, MSMB Capital and MSMB Healthcare, concealing trading losses behind fake account statements.Prosecutors said Shkreli eventually paid investors back with stock or cash from Retrophin by having them sign settlement or consulting agreements with the company. Those agreements were the basis for prosecutors'' claim that Shkreli conspired to steal from Retrophin.During his closing arguments, Brafman urged jurors to see his client not as a fraudster but as an eccentric genius determined to find cures for rare diseases.Brafman said that Shkreli''s statements to investors were made in good faith. He also emphasized that none of Shkreli''s investors lost money, a rarity in a securities fraud case.John Zach, a former federal prosecutor who is now a defense lawyer at the law firm of Boies Schiller Flexner, said the fact that investors did not lose money could help Shkreli get a lighter sentence.Christopher LaVigne, a former federal prosecutor who is now a defense lawyer at the law firm of Shearman & Sterling, said it was notable that prosecutors secured a conviction without investor losses, and said it could encourage more such cases in the future.“A case like this, I think it emboldens them,” he said.Reporting By Brendan Pierson in New York; Additional reporting by Jonathan Stempel; Editing by Jonathan Oatis and Noeleen Walder'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-crime-shkreli-idINL1N1KQ1GP'|'2017-08-04T17:03:00.000+03:00'
'de7fc93f3380250251639f4a34246569d6780751'|'Germany''s FMC to buy U.S. home dialysis firm NxStage for $2 billion'|'FRANKFURT (Reuters) - German dialysis services provider Fresenius Medical Care (FMC) ( FMEG.DE ) has agreed to buy NxStage ( NXTM.O ), a U.S. maker of devices for use in home dialysis, for around $2 billion in cash, it said on Monday.The German group will offer $30 per share, a 22 percent premium to NxStage''s 90-day moving average share price, to acquire all of NxStage''s outstanding shares.The deal, which has been approved by NxStage''s board, will add its System One home dialysis machine, sold primarily to FMC and rival DaVita ( DVA.N ) in the United States, to FMC''s portfolio of products.Analysts at Bernstein said the deal came as a surprise but made good strategic sense in the medium term."Currently HHD (home dialysis) is a niche treatment as under current reimbursement it is an expensive modality. However, with reimbursement increasingly moving towards an integrated care model... the flexibility of being able to treat patients at home is likely to be more attractive," they said.Boston-based NxStage made $366 million in revenue in 2016 and narrowed its net loss to $5 million from $15 million a year earlier. It has 3,400 employees.Analysts said the deal valued NxStage at around 15 times expected core profit, roughly on par with comparable medical technology deals.FMC said it expected the acquisition to start adding to net income within three years from closing, expected in 2018.It sees annual pretax cost-savings potential of $80 to $100 million over three to five years, and integration costs of about $150 million in the next three years.It plans to finance the acquisition with cash and debt.Shares in FMC slipped 1.6 percent to 77.76 euros in midmorning trade, making them the biggest decliners on the German blue-chip DAX index .GDAXI .(This version of the story has been refiled to add dropped word "million" in sixth paragraph)Reporting by Georgina Prodhan and Maria Sheahan; Editing by Greg Mahlich and Susan Thomas'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nxstage-medical-m-a-fresenius-care-idINKBN1AN0GL'|'2017-08-07T03:42:00.000+03:00'
'ce2cb7427d97bf348a704004edde32ba4a94b0d7'|'Higher-cost crude could squeeze margins at U.S. refiners'|'August 7, 2017 / 5:07 AM / in 15 hours Higher-cost crude could squeeze margins at U.S. refiners 4 Min Read The Phillips 66 gas station in Superior, Colorado, U.S., July 27, 2017. Rick Wilking HOUSTON (Reuters) - U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. The shift also could mean higher prices for consumers in the last weeks of the summer driving season and into the fall if refiners are able to pass along those higher costs to drivers, analysts said. PBF Energy Inc , Valero Energy Corp, Phillips 66 and Marathon Petroleum Corp said in earning calls over the past two weeks they are running more light crude as a result of narrower discounts for heavy crude. ExxonMobil Corp also is running a heavier slate of light crude at a Gulf Coast plant. Refiners'' "margins have already been heavily impacted," said John Auers, executive vice president at refining consultancy Turner, Mason & Co. "They will be impacted in the third quarter" as well, Auers said. The final period''s outlook could depend on whether the U.S. applies sanctions on Venezuelan imports, he added. In part, the companies are reacting to high costs and anticipating weaker supplies of Venezuelan crude coming to the United States. Heavy crude prices also have been impacted by tax changes in Russia that have raised prices of its heavy crudes and by reduced production from Canada last quarter. Through June, U.S. imports of Venezuelan crude declined 7.1 percent compared with the same six month period last year, to 654,078 barrels per day (bpd), according to Reuters data. Light, sweet crude costs more than heavier oils, narrowing the discount that U.S. refiners, especially those along the Gulf Coast, have gained by configuring their plants to run heavy, sour crude over the past 20 years. Marathon''s second-quarter income from its refining and marketing operations fell in part due to "unfavorable crude oil and feedstock acquisition costs, primarily due to lower sweet/sour crude oil price differentials," the company said on Thursday. PBF also said narrower heavy crude discounts contributed to its second quarter loss of $1.01 a share, compared to Wall Street expectations of a 2-cent a share gain. Exxon is studying adding a light crude-processing unit at its Beaumont, Texas, refinery early in the next decade, spokeswoman Charlotte Huffaker said this week. It would be the second light-crude processing unit at the plant. "These investments reflect the increased availability of abundant, affordable supplies of U.S. light crude," Huffaker said in an email. Valero and Phillips beat analysts'' estimates, Valero by 13 cents at $1.23 a share and Phillips by 5 cents at $1.06 a share. Other factors could balance the higher crude cost in the coming months, such as strong global demand for U.S. refined products, said Andrew Lipow, president of Lipow Oil Associates in Houston. "Prices are going up because we''re seeing the impact of the cuts by OPEC and non-OPEC countries," Lipow said. Neil Earnest, president of Dallas energy consultancy Muse, Stancil & Co, said changes in the price of crude could also affects refiners'' margins ahead. "They don''t move in lockstep," Earnest said. "It may, however, impact a refiner who has customized a process to run heavy crude. That refiner may see narrower margins." Reporting by Erwin Seba; Additional reporting by Jarrett Renshaw and Devika Krishna Kumar in New York; Editing by Gary McWilliams and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-refineries-crude-switch-idUSKBN1AN0E5'|'2017-08-07T08:06:00.000+03:00'
'82a15bb53c867cd7608b7f4fe6d48becf3feda8e'|'General Motors recalling nearly 800,000 pickup trucks worldwide'|'August 4, 2017 / 11:42 PM / 15 hours ago General Motors recalling nearly 800,000 pickup trucks worldwide 2 Min Read The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. Rebecca Cook WASHINGTON (Reuters) - General Motors Co ( GM.N ) is recalling nearly 800,000 Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks worldwide that could lose power steering, according to documents made public Friday. The largest U.S. automaker said the 2014 model year trucks could suffer a temporary loss of electric power steering, especially during low-speed turning maneuvers, according to documents disclosed Friday by the National Highway Traffic Safety Administration. The recall includes about 690,000 vehicles in the United States, 80,000 in Canada and around 25,000 in other markets. GM dealers will reflash the vehicle''s software to address the defect. GM spokesman Tom Wilkinson did not have any details on whether crashes or injuries are connected to the recall. GM told regulators that before the 2015 model year it made a series of changes to address potential sources of temporary low voltage conditions that disable the power steering. GM has not said when dealers will begin repairing vehicles. Reporting by David Shepardson; Editing by Andrew hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-generalmotors-recall-idUSKBN1AK2J9'|'2017-08-05T02:41:00.000+03:00'
'94828cea1f834a75db501f128610bd0b871b20cf'|'Exclusive: Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role - sources'|'August 3, 2017 / 2:05 PM / in 2 hours Exclusive: Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role - sources Tom Arnold , Davide Barbuscia and Saeed Azhar 3 Min Read FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. Ali Jarekji/File Photo DUBAI (Reuters) - Goldman Sachs ( GS.N ) has bought a slice of Saudi Aramco''s IPO-ARMO.SE $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters. It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals. Goldman purchased a portion of the $10 billion revolving credit facility Aramco signed with a number of banks in 2015. Two of the sources said Goldman purchased several million dollars in the secondary market from Australia and New Zealand Banking Group ( ANZ.AX ). The bank was not part of the original list of 27 banks on the credit facility, which included other American, European, Asian and regional banks including Citigroup, JPMorgan, HSBC and Bank of China. Aramco plans to raise $100 billion through the listing of five percent of the company in Saudi Arabia and one or more overseas location. Goldman and ANZ declined to comment, while Aramco did not immediately respond to a request for comment. JPMorgan Chase, Morgan Stanley and HSBC have been hired as international financial advisers for Aramco''s initial public offering, Reuters reported in March. Two of the sources said Goldman was expected to join the trio as a global coordinator and bookrunner for the facility when those positions are finalised. The bank is moving to enlarge its presence in the kingdom. It recently applied to Saudi Arabia''s capital markets regulator for a license to trade equities in the kingdom, Reuters reported in June. The sources said Goldman had been "shopping around" among other banks on the facility to ask if they wanted to exit the loan. One of the sources described the pricing on the facility as "very fine" and difficult for some lenders to make money from, but adding that it was still attractive to those banks looking to build a strong relationship with Aramco. The margin for the dollar loan was 12 and 10 basis points for the five-year and 364-day facilities respectively, according to the 2015 statement on the transaction. It is not the first time that banks have positioned themselves on one deal in Saudi Arabia in the hope of winning a role on a related transaction at a later date. The banks involved in Saudi Arabia''s debut $17.5 billion international bond last year, had a role in the earlier $10 billion syndicated loan. In another sign of Goldman''s growing footprint in Saudi Arabia, it was hired to manage the sale of a stake in Riyadh airport, the first major privatization of an airport in the kingdom, three sources told Reuters last month. Editing by David Evans '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-goldman-sachs-aramco-idINKBN1AJ213'|'2017-08-03T17:00:00.000+03:00'
'7f5ac0cb9afac3c0c094de49a861d0d1e90646b5'|'Italian minister warns of rigid response to French shipyard move'|'FILE PHOTO: Carlo Calenda poses during an interview with Reuters in his office in Rome, Italy November 25, 2016. Tony Gentile/File Photo ROME (Reuters) - Paris and Rome should be able to resolve their differences over the sale of a disputed shipyard, Italy''s industry minister said on Wednesday, but he hinted that French investors might yet be hurt because of the row.The comments from Industry Minister Carlo Calenda could spell trouble in particular for French media group Vivendi ( VIV.PA ), which has taken control of Italy''s main telecom provider Telecom Italia (TIM) ( TLIT.MI ).France angered Rome last month by ordering the "temporary" nationalization of STX France shipyards, cancelling a deal in which Italy''s state-owned Fincantieri ( FCT.MI ) and another Italian investor had agreed to buy 54.6 percent of STX.Italian and French ministers met on Tuesday to discuss the row and gave themselves until Sept. 27 to find a solution, with Rome adamant that it be given a controlling stake in STX."We believe that there are all the conditions necessary to reach an accord on STX," Calenda told parliament.Some Italian politicians have said that in retaliation for the French move, Rome should nationalize TIM''s telecom network, deeming it a strategic interest, just as Paris has ruled that STX France is a core national concern.Calenda did not rule out such a move, but said it would have to be undertaken because it was viewed to be in the general good rather than an act of revenge.He added that he was reviewing whether Vivendi had fulfilled its legal obligations and informed the prime minister''s office after it had exercised de facto control over TIM.Tightening Its Grip Since the phone company is considered a strategic national asset, Italian rules state that as part of a "golden power" clause the government must be notified of any change in control or ownership within 10 days of it taking place."Our country must raise its defenses against unfair practices," Calenda said. "For this reason we will apply with intransigence existing norms on golden shares and will propose measures against hostile takeovers for listed companies."Vivendi is TIM''s top investor with a 24 percent stake and recently tightened its grip on the Italian group by appointing two thirds of the board and playing a key role in the departure of CEO Flavio Cattaneo last month.On July 27, when TIM released its half-year results, it said in a statement that its board had "acknowledged the beginning of the direction and coordination activity over Telecom Italia."A source close to the matter said Vivendi could risk a fine if it was established that it did not inform the government in a timely manner. Rome can veto the acquisition of stakes in TIM or changes in control over the company, but only when the buyer comes from outside the European Union.Calenda said he did not want to sour relations with France, telling lawmakers that Italy enjoyed an 11.4-billion-euro trade surplus with its northern neighbor. He said French-controlled companies in Italy had a combined turnover of 96 billion euros and employed 250,000 people."To defend Italian interests in a concrete fashion means to defend these numbers and make them grow further," he said. "For people investing in Italy, we do not ask for your passport but your industrial plan."Additional reporting by Francesca Piscioneri and Silvia Aloisi; Editing by Susan Fenton'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stx-m-a-fincantieri-france-idUSKBN1AI2NM'|'2017-08-03T04:08:00.000+03:00'
'5745985fe34437d3b78efebb4cd05ce7984f0cce'|'Western Digital intends to invest in new chip line along with Toshiba'|'TOKYO, Aug 3 (Reuters) - Western Digital Corp on Thursday said it still intends to invest in a new memory chip production line along with Toshiba Corp, despite the Japanese joint venture partner saying that it would go it alone.Toshiba said earlier it would go ahead with the investment to build the Fab 6 equipment line in Yokkaichi without Western Digital as the two failed to reach an agreement about the investment."While we are disappointed by Toshiba''s announcement, the agreements governing the JVs give us the right to participate in investments in Fab 6 equipment along with Toshiba and that is exactly what we intend to do," Western Digital said in a statement. (Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-chip-western-digital-idINT9N1IK020'|'2017-08-03T04:44:00.000+03:00'
'1b808a1b1532f651d381d7ba3f2e009fbf747a79'|'S.Korea''s GS Caltex shuts heavy oil upgrading unit after fire'|'SEOUL, Aug 10 (Reuters) - South Korea''s second-largest oil refinery GS Caltex said that it had shut a heavy oil upgrading unit after it was hit by fire on Thursday morning.The blaze, which is under control, broke out in the heavy oil upgrading unit, or Vacuum Residue Hydrocracker (VRHCR), at GS Caltex''s No.2 plant in Yeosu, southwest of Seoul, a company spokesman said.The VRHCR converts heavy oil into more expensive and cleaner fuel such as gasoline.The spokesman said no injuries had been reported, adding that the cause of the fire and damage to the unit were still being assessed.He said it was too early to tell if there would be any impact on the refinery''s operations.GS Caltex, equally owned by GS Energy Corp, a unit of GS Holdings and U.S. oil major Chevron Corp, runs a 790,000 barrels-per-day refinery in Yeosu. (Reporting by Jane Chung; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/southkorea-gscaltex-fire-idINS6N1KI005'|'2017-08-09T23:24:00.000+03:00'
'7ab78e7955ef6a0f98f777ad4e034bcf3d54e287'|'Commonwealth Bank says ''coding error'' explains alleged money-laundering breaches'|'Pedestrians are reflected in a Commonwealth Bank of Australia logo which adorns the wall of a branch in Sydney, Australia, August 7, 2017. David Gray SYDNEY (Reuters) - The Commonwealth Bank of Australia (CBA) on Monday said a software error was behind most of the roughly 53,700 times it allegedly broke anti-money laundering law, in a case that could see the country''s biggest lender fined several billion dollars.Financial intelligence agency AUSTRAC filed a civil case on Thursday accusing the bank of several breaches of law including failing to identify, monitor and report money transfers over $10,000, in contravention of the anti-money laundering and counter-terrorism financing Act.It also said the bank did not act upon police instruction to suspend accounts linked to criminal activity.The following day, the bank''s share price saw its steepest one-day decline in 18 months.CBA said intelligent deposit machines introduced in 2012 did not create so-called threshold transaction reports (TTRs), which would have alerted it to any suspicious activity, due to a coding error that went unnoticed until it was fixed in September 2015."Within a month of discovering it, we notified AUSTRAC, delivered the missing TTRs and fixed the coding issue," CBA said in a statement on Monday. "The vast majority of the reporting failures alleged in the statement of claim (approximately 53,000) relate specifically to this coding error."As such, it said penalties should be just and appropriate.CBA Chief Executive Officer Ian Narev told The Australian Financial Review he would work through the "difficult matters" and that it was for the board to decide whether his job was on the line.Stephen Mayne, a director at the Australian Shareholders'' Association, which aggregates about A$500 million worth of CBA''s shareholders proxy votes, said the issue was a very serious challenge for the bank''s board."At this point, we don''t want to hear from management, but from the independent Chairman Catherine Livingstone, on what she and the board think about the allegations against management."The bank''s share price ended up 1 percent on Monday, in line with the benchmark index.CRIMINAL ACTIVITY AUSTRAC also said the bank failed on several occasions to follow instructions from law enforcement to suspend accounts flagged as suspicious and linked to criminal activity."We recognize that there are other serious allegations in the claim unrelated to the TTRs," the bank said.AUSTRAC said some accounts were used for "cuckoo smurfing", a form of money laundering involving multiple people such as a syndicate that make numerous small deposits to avoid detection. The syndicate then obtains details of a bank customer to make seemingly legitimate money transfers in that customer''s name."These are really serious accusations," said Daniel Smith, general manager at CGI Glass Lewis, which advises local funds with assets over A$1 trillion. "We are interested in how the board determines responsibility and how vigorously the bank disputes these accusations."The case comes less than half a year after AUSTRAC fined bookmaker Tabcorp Holdings Ltd almost A$420,000 ($333,000) for each of 108 breaches, resulting in the biggest civil penalty in Australian corporate history at A$45 million.The maximum penalty per breach is A$18 million. Based on the Tabcorp case, analysts at wealth manager Shaw and Partners put CBA''s potential fine at A$22 billion.Mayne said it would be appropriate for the bank to note a contingent liability for a potential fine in the financial accounts to be released on Wednesday.Reporting by Paulina Duran and Tom Westbrook; Editing by Susan Fenton and Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-australia-cba-moneylaundering-idUSKBN1AM0TM'|'2017-08-06T23:19:00.000+03:00'
'00f25d031878cde7fda1c5cc934804a97ec7d80c'|'Wal-Mart, Walgreens, CVS turn up the heat on generic drugmaker deals'|'August 3, 2017 / 11:31 PM / 20 hours ago Wal-Mart, Walgreens, CVS turn up the heat on generic drugmaker deals Deena Beasley 4 Min Read FILE PHOTO: A person holds pharmaceutical tablets and capsules in this picture illustration taken in Ljubljana September 18, 2013. Srdjan Zivulovic (Reuters) - The largest U.S. retail pharmacies, including Wal-Mart Stores Inc and Walgreens Boots Alliance Inc, are wielding more leverage when buying generic drugs, accelerating a decline in prices likely to affect drug companies for some time, industry experts said on Thursday. That pressure is exacerbated by efforts from U.S. health regulators to speed approval of copycat drugs, industry sources said. The extent of the shift became clearer this week, when wholesale drug distributors Cardinal Health Inc and AmerisourceBergen Corp, as well as top global generic drugmaker Teva Pharmaceutical Industries Ltd, warned of generic price declines of as much as 9 percent through the end of the year. The news prompted a sell off in shares of generic manufacturers and distributors. On Thursday, Teva fell 24 percent, while rival Mylan NV dropped 6 percent and AmerisourceBergen fell 10 percent. Drugmakers Perrigo Co Plc and Endo International Plc fell 5 percent and 6 percent, respectively. Since Thursday, Cardinal Health has dropped 10 percent. Walgreens formed a drug-buying partnership with AmerisourceBergen in 2013, and earlier this year partnered with pharmacy benefit manager Express Scripts Holdings Co. Retailer CVS Health Corp has tied up with Cardinal Health and, more recently, Wal-Mart has joined with McKesson Corp to source generic drugs. Industry analysts said the alliances took some time to become effective, but their power over negotiations is becoming clear. "There''s no question those guys are getting much better pricing and really squeezing the manufacturers on margins," said Gabelli & Co portfolio manager Jeff Jonas. "It''s going to be a tough space for some time ... they are just going to keep playing the manufacturers off against each other." Express Scripts, in an emailed statement, said its partnership with Walgreens "helps enhance our ability to further drive down the cost of generics ... Scale matters and when you can negotiate on behalf of 83 million people." A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. Daniel Becerril The alliances appear to benefit the retail pharmacies more than their partner wholesalers, whose revenue depends on a cut of the prices of the generic drugs they distribute. "Those distributors operate on a maybe 2 percent profit margin, so when your revenue drops, your 2 percent margin becomes a smaller dollar amount," Jonas said. "I think that maybe they underestimated how big of an impact that would be when they joined these groups." Teva said it is awaiting the result of bids for a supply contract with Wal-Mart and McKesson, and that it now expects prices to fall by a rate in the high single digits through the remainder of the year. In May, Teva said its outlook for price erosion had worsened to 7 percent from 5 percent. AmerisourceBergen sees generic drug price erosion at the high end of the 7 percent to 9 percent range it had previously forecast. "It is not at all clear whether the pricing environment will materially improve next year either," Jefferies analyst David Steinberg said in a note to clients. Generic drugmakers have also come under greater scrutiny from U.S. consumers, lawmakers and regulators after a series of steep price hikes for drugs long on the market in recent years. The U.S. Food and Drug Administration began in 2015 to clear a backlog of applications to bring additional competing generic drugs to market and lower prices, a mission endorsed by its new Commissioner Scott Gottlieb. "There are good reasons to think the changes we are seeing are structural," Wells Fargo analyst David Maris wrote on Thursday, citing "larger retailing and wholesaling groups, a more efficient FDA, slowing generic drug penetration rates." Reporting by Deena Beasley; additional reporting by Michael Erman; editing by Michele Gershberg and Grant McCool 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-usa-drugs-generics-idINKBN1AJ36D'|'2017-08-03T21:31:00.000+03:00'
'7f7d58052090be9f5b21f53da65cf0bba0ddc28d'|'Lucara Diamond mulls partnership to sell world''s largest uncut stone'|'FILE PHOTO: Jewellery company de Grisogono displays the Constellation rough diamond, measuring over six centimetres wide during a news conference in Paris, France, September 9, 2016. Charles Platiau TORONTO (Reuters) - Nearly two years after unearthing a tennis ball-sized 1,109-carat rough diamond, Lucara Diamond Corp is considering forming a partnership to sell the stone if it still does not have a deal in the next six to eight weeks.Lucara, which failed to sell the world''s largest uncut stone at Sotheby''s auction house in June 2016, continues to receive offers, Chief Executive William Lamb said on a conference call with analysts on Friday.The Vancouver-based miner is mulling "one or two" options for an outright sale, but such bids have failed to meet financial scrutiny in the past, Lamb noted."If that doesn''t pan out ... within the next six to eight weeks we will most fully look to enter into a partnership," Lamb said. "I think we''ve got to. It''s been almost two years since we recovered the stone and the market is, I think, chomping at the bit, waiting to see what the outcome from that is going to be."Lucara''s board regularly discusses how best to capitalize on the diamond, Lamb said.In July, Reuters reported that Lucara would need a partner in order to cut and sell the rough diamond, second in size only to the 3,106.75 carat Cullinan, which was cut into 105 diamonds, including several British Crown Jewels."I think people don''t really understand the quantum of money we''re looking at," said Lamb, a former De Beers executive.Bidding at the auction in London stalled at $61 million, short of the $70 million reserve."Everybody on the call will most fully would know one or two wealthy people who, on the weekend, could go out and buy a Lamborghini at $250,000," Lamb said on the call. "What we are asking for, for the stone, is for a company to go out and spend the equivalent of 280 Lamborghinis."The diamond was discovered at Lucara''s Karowe mine in Botswana in November 2015 and is said to be 2.5 to 3 billion years old. It was named "Lesedi La Rona" or "Our Light" in Tswana, the language of the southern African country.Reporting by Susan Taylor; editing by Grant McCool'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lucara-diamond-cutting-idINKBN1AK2AQ'|'2017-08-04T17:47:00.000+03:00'
'73d339efae69e829a1795676918a9043952e6c97'|'Argentina increases 2024 dollar bond issuance'|'BUENOS AIRES, Aug 4 (Reuters) - Argentina increased its dollar-denominated Bonar 2024 sovereign bond issuance by $4 billion on Friday, the second time it has increased the bond in a little over a month.President Mauricio Macri''s government will sell $2.7 billion of the bond to Nomura Securities Internacional Inc., Banco Bilbao Vizcaya Argentaria, S.A., BBVA Banco Francés S.A., HSBC Bank USA National Association and Citibank NA London Branch, according to a the country''s official Gazette.The government had announced it was increasing the issuance of the Bonar 2024 to $4 billion on June 30 and a finance ministry spokeswoman said Friday''s announcement was new.The bond was originally sold in 2014 for $3.25 billion with a 8.75 percent coupon. At the time the country was locked out of the international capital markets due to a debt default that was resolved last year, soon after President Mauricio Macri came to power in late 2015. (Reporting by Hernan Nessi and Caroline Stauffer; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/argentina-bond-idINL1N1KQ0NZ'|'2017-08-04T11:27:00.000+03:00'
'cf508627e7630dbcc0f30e5696ee6175f7a2dbea'|'UPDATE 1-BTG Pactual profit sinks as political turmoil hurts trading desk'|'(Recasts to add details throughout)SAO PAULO, Aug 1 (Reuters) - Profit at Grupo BTG Pactual SA sank the lowest in six years in the second quarter as mounting political turmoil in Brazil drove down sales and trading income at Latin America''s largest independent investment bank.In a Tuesday securities filing, São Paulo-based BTG Pactual said net income totaled 503 million reais ($161 million) last quarter, down 30 percent from the prior three months. Profit and revenue fell to the lowest level since the third quarter of 2011, driving return on equity down to 13.3 percent.Revenue plummeted 49 percent as BTG Pactual''s trading desk struggled with rising political turmoil in May that sparked higher interest-rate market volatility and weighed down trading volumes. The bank also reversed an advisory fee for a deal that Brazil''s antitrust watchdog blocked - Kroton Educacional SA''s failed takeover of education firm Estácio Participações SA.Brazilian bonds, stocks and currency tumbled in May, when billionaire Joesley Batista accused President Michel Temer of working to obstruct a corruption probe. It hurt Temer''s efforts to pass deficit-cutting legislation needed to avert further sovereign debt rating downgrades and pull the economy out of a three-year long recession.BTG Pactual wants to regain earnings power in core activities after a drastic balance sheet downsizing last year. Cost controls and a cautious increase in risk-taking across Latin America had helped increase the bank''s "operational leverage" earlier in the year, Chief Executive Officer Roberto Sallouti said in May.Assets fell to 119.113 billion reais at the end of June. For most of last year, BTG Pactual had to dismantle profitable trading positions and cut assets by two-thirds to cope with massive client fund withdrawals stemming from a corruption probe ensnaring founder André Esteves.Revenue totaled 851 million reais, while expenses dropped 29 percent to 498 million reais from the prior three months. Income from investment banking dipped 88 percent in the period, while income from sales and trading slumped 74 percent to 154 million reais.Regulatory capital ratio at BTG Pactual''s core banking unit fell to 19 percent in the quarter, but remained the highest among Brazil''s largest banks. Such a level is key to promote expansion in investment banking and money management without straining costs, Sallouti has repeatedly said.Management plans to discuss results at a conference call on Wednesday.$1 = 3.1260 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker, Bernard Orr'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/btg-pactual-sa-results-idINL1N1KO00C'|'2017-08-01T22:45:00.000+03:00'
'6ef15143f3c936f829f2414d545dde22dc556501'|'Nikkei falls as tech shares slip as ''Apple effect'' fades'|'* ANA soars after Q1 operating profit jumps 80 pct* Correlation between opinion polls and Japan stocks is weak - analystBy Ayai TomisawaTOKYO, Aug 3 (Reuters) - Japan''s Nikkei share average fell on Thursday as investors wasted little time taking profits in tech shares which rose the previous day after Apple posted strong quarterly earnings.The Nikkei dropped 0.4 percent to 20,003.17 points by mid-morning, after rising 0.5 percent on Wednesday."The Japanese market rose ahead of U.S. markets after Apple''s earnings so investors were quick to lock in gains," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.The Dow climbed above the 22,000 mark overnight for the first time, buoyed by Apple Inc''s healthy quarterly iPhone sales. But other tech stocks such as Applied Materials fell 3.1 percent, while Philadelphia SE Semiconductor Index dropped 0.7 percent."Although Apple surged overnight, other U.S. tech stocks were weak, and that''s why investors quickly decided that the overall market would not continue to benefit from ''the Apple effect'' and Japanese companies like Tokyo Electron fell today," Fujito added.Chip equipment maker Tokyo Electron Ltd shed 2.0 percent, while Advantest Corp stumbled 3.6 percent.Apple suppliers which rose on the previous day languished as well. Murata Manufacturing dropped 0.5 percent and TDK shed 0.4 percent.Bucking the trend, ANA Holdings Inc soared 4.5 percent after Japan''s biggest airline by revenue said first-quarter operating profit rose 80 percent due to brisk business on international routes and after taking control of low-cost arm Peach Aviation Ltd.Traders were also awaiting an expected cabinet reshuffle by Prime Minister Shinzo Abe later in the day as he attempts to regain public support hurt by a series of scandals."The correlation between opinion polls and Japanese stocks is seen weak for now," said Takuya Takahashi, a strategist at Daiwa Securities, adding that unless Abe''s support rate declined sharply from the current level, the impact from political developments should be limited on the Japanese market.Abe had until recently been seen as likely to win a third term as head of his ruling Liberal Democratic Party (LDP) and thus the premiership, putting him on track to be Japan''s longest-serving prime minister.But support has fallen below 30 percent in the recent polls, hit by opposition-fanned suspicions of Abe''s favouritism to a friend, as well as voter perceptions that he and his aides have grown arrogant in office.The broader Topix dropped 0.3 percent to 1,630.01. (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1KP1HE'|'2017-08-03T00:37:00.000+03:00'
'5ea604b783745ae1bdffdabdf369b12feea2d928'|'Foreign buyout firms drive Canada private equity deals to new high'|'TORONTO, Aug 2 (Reuters) - Foreign buyout firms chasing Canadian assets helped push private equity activity to a record high in the first half of 2017, and lawyers and fund managers say the trend is likely to continue through the rest of the year.Deal values jumped 55 percent in the first half from a year ago to C$14.6 billion ($11.6 billion), an all-time high, according to data released by Thomson Reuters on Wednesday. Deal volumes rose 10 percent to 184.About 38 percent of the buyout deals targeting Canadian companies had a non-Canadian lead investor, compared with 27 percent in the first half of 2016."There''s quite a bit of a focus from American players on Canada. And this focus is on the bigger deals," said Michael Akkawi, head of the private equity practice at law firm Torys LLP, who sees strong foreign involvement in the coming year.Highlights included the C$4.8 billion acquisition of Canadian financial technology company DH Corp by buyout firm Vista Equity Partners and Starwood Capital Group''s purchase of Milestone Apartments for C$1.7 billion.Meanwhile, venture capital investment in Canadian companies hit a 16-year high in the first half, rising 18 percent to C$2.1 billion, driven by deals in the healthcare and technology sectors. It was the best first half since 2001."We''ve had a few exceptional deals. We''re seeing both U.S. and Canadian interest in Canadian technology companies," said Shahir Guindi, national co-chair of law firm Osler, Hoskin & Harcourt LLP.Guindi advised Element AI Inc as Canada''s biggest artificial intelligence (AI) company raised C$137 million, in one of the largest-ever funding rounds for an AI company.Deal volumes, however, slipped 27 percent from year-earlier levels, suggesting a smaller number of companies were benefiting from large investments."I expect the early stage activity to remain very strong," said Damien Steel, managing director at OMERS Ventures, who sees a squeeze on companies requiring series B investments."Fintech and AI will dominate the funding in terms of themes," Steel added. "You''re seeing a ton of AI and machine learning companies coming out of Canada."$1 = 1.2562 Canadian dollars Reporting by John Tilak; Editing by Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-privateequity-idINL1N1KO0O8'|'2017-08-02T13:55:00.000+03:00'
'4ab2d4f8ca48eff8674ab235969f8c69d35860db'|'MIDEAST STOCKS-Saudi Arabia, Egypt outperform in weak region - Reuters'|'* Saudi''s Samba up on higher interim dividend recommendation* Two insurers rise after Q2 earnings* Property-related shares fall after earnings* Egypt far outperforms Gulf* Qalaa up sharply since Kenya rail concession endedBy Celine AswadDUBAI, Aug 6 (Reuters) - Saudi Arabia''s stock market edged up on the back of modest gains in the banking sector on Sunday while Egypt imitated world markets'' strong finish at the end of last week. Most other Middle Eastern bourses fell.The Riyadh index added 0.1 percent, remaining near a six-week low, as Samba Financial Group jumped 3.4 percent after its board recommended a cash dividend of 0.75 riyal for the first half of the year. The proposed cash outlay is two-thirds more than Samba''s interim payout in 2016.Gulf General Cooperative Insurance jumped 4.6 percent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.7 percent after announcing a 24 percent jump in net income.Emaar the Economic City dropped 3.1 percent after it reported an 85.4 percent drop in second-quarter net profit, citing lower residential sales and higher financial charges.Al Andalus Property fell 1.2 percent. It reported second-quarter net profit of 27.6 million riyals, up 11 percent from the same period last year.Qatar''s index dropped 0.6 percent with 15 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3.0 percent.In the United Arab Emirates, Dana Gas lost 1.5 percent, helping drag Abu Dhabi''s index 0.2 percent lower.Dubai''s index fell 0.3 percent, snapping five straight sessions of modest gains. Union Properties, the most heavily traded stock, lost 1.3 percent and Emaar Malls Group fell 0.4 percent ahead of the release of its quarterly earnings.In Egypt, private equity firm Qalaa Holdings added 2.7 percent; the stock has risen 10.7 percent in the past four days after a Kenyan court ended the company''s troubled Rift Valley Railways'' concession and ordered that assets and employees be handed over to Kenya Railways.The company said its investment have been amortised so the transfer wouldn''t affect its consolidated earnings. Some investors believe terminating the investment could reduce a financial drain on Qalaa and help it focus management attention on more profitable areas.Most other Egyptian shares were also strong, taking their cue from the positive mood in global equities. The index rose 1.1 percent.HIGHLIGHTS SAUDI ARABIA * The index added 0.1 percent to 7,094 points.DUBAI * The index edged down 0.3 percent to 3,666 points.ABU DHABI * The index fell 0.2 percent to 4,586 points.QATAR * The index lost 0.6 percent to 9,345 points.EGYPT * The index gained 1.1 percent to 13,558 points.KUWAIT * The index declined 0.2 percent to 6,812 points.BAHRAIN * The index fell 0.2 percent to 1,320 points.OMAN * The index lost 0.7 percent 5,022 points. (Editing by Andrew Torchia and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL5N1KS0C9'|'2017-08-06T12:17:00.000+03:00'
'bba830d3800cf10a04d1327f8d5238978d342e6c'|'BMW urges foreign carmakers to pay into German transport fund -FAS'|'Edition United States August 5, 2017 / 3:00 PM / 8 hours ago BMW urges foreign carmakers to pay into German transport fund: FAS Reuters Staff 3 Min Read Harald Krueger, Chief Executive of German luxury carmaker BMW addresses the company''s annual news conference in Munich, southern Germany, March 21, 2017. Michael Dalder FRANKFURT (Reuters) - Foreign carmakers should contribute to a proposed German fund set up to improve urban transport infrastructure, BMW ( BMWG.DE ) CEO Harald Krueger has said, just days after a deal was reached to cut pollution and avert a ban on diesel engines. "It would send a good signal if they would participate," Krueger told the Frankfurter Allgemeine Sonntagszeitung (FAS). Under an agreement reached on Wednesday, German carmakers and the government will contribute equally to a 500 million euro ($589 million) fund aimed at helping local governments reduce pollution, including introducing systems to improve traffic flows and public transport. Krueger said it remained to be seen how much BMW would pay and that it would depend on market share in Germany. Last year, BMW had a 9.2 percent share of Germany''s car market, third behind Volkswagen''s ( VOWG_p.DE ) 19.6 percent and Daimler''s ( DAIGn.DE ) 10.4 percent, according to vehicle authority KBA. "So far we only have clear commitments from the three German manufacturers, the others have not commented so far," he said. The agreement also includes the overhaul of engine software on 5.3 million diesel cars, aimed at repairing the industry''s battered reputation. Environment Minister Barbara Hendricks said physical changes to Euro-5 and Euro-6 models would also be considered by a national task force on diesel emissions. "The topic is not off the table at all; we''re only just getting started," she told FAS. She said no solution could be ruled out completely, and warned German carmakers to "get off their high horse". Krueger defended the measures - announced almost two years after Volkswagen admitted to cheating U.S. diesel emissions tests - following criticism from environmentalists that the plans are insufficient. "At the diesel summit ambitious packages were agreed on," he told FAS. The government expects implementation of the carmakers'' commitments by the end of next year, Deputy Economy Minister Matthias Machnig wrote in a column in the Tagesspiegel newspaper. "We will monitor whether this takes place," he said. ($1 = 0.8495 euros) Reporting by Christoph Steitz and Andrea Shalal; Editing by Jason Neely and Louise Ireland 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-emissions-funding-idUKKBN1AL0H7'|'2017-08-06T14:10:00.000+03:00'
'7ac88a40620d8685bf3e3152ad8850b39991afe4'|'Nothing cold about sub-zero rates, IMF researchers find'|'FILE PHOTO: The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, June 10, 2017. Ralph Orlowski/File Photo LONDON (Reuters) - Negative interest rates imposed by central banks have generally worked as a tool to boost inflation, pulling down yields and sometimes weakening currencies, International Monetary Fund research has concluded.It also found that commercial banks for the most part have maintained their profits under such policy, cushioning margins with such tactics as not passing on all of a policy rate cut to customers.The findings come in a report by IMF economists Giovanni Dell’Ariccia, Vikram Haksar and Tommaso Mancini-Griffoli who studied the impact of sub-zero interest rate policy in the euro zone, Denmark, Japan, Sweden and Switzerland.Cutting rates below zero has been a factor in some central banks'' struggle to help their economies recover from the financial crisis and its accompanying trend towards deflation.The European Central Bank, for example, currently has an overnight deposit rate of minus 0.4 percent. This means it effectively charges banks for holding deposits, an attempt to get them to lend it instead, pumping up the economy.But it was uncharted territory."For the ancient Egyptians, zero represented the base of pyramids. In science it became the freezing point of water, in geography the altitude of the sea, in history the starting point of calendars," the researchers noted before going on to ask what zero meant in monetary policy terms.FILE PHOTO: A view of an entrance of Sweden''s central bank in Stockholm, Sweden, August 12, 2016. Violette Goarant/File Photo There were various concerns: Would it work? Would it undermine financial stability? Would cutting rates below zero have the same impact as cutting rates above zero?The findings were generally positive, suggesting monetary conditions were helped.FILE PHOTO: The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo "Overall, the policy seems to have worked well: money market rates and bond yields fell in every country we looked at. Currencies also weakened somewhat, at least temporarily," the researchers wrote."Lending rates declined somewhat, though less than policy rates. Banks benefited from lower wholesale funding costs, and some raised fees. Bank profits have generally been resilient. Lending has held up."The caveat is that the negative rates are small and that they are not intended to last a long time."If policy rates remain negative for a long time, or if a deeper dive below zero is contemplated, the effectiveness of the policy and the stability of the financial system could be at risk," the researchers said.The research paper can be found at: hereReporting by Jeremy Gaunt, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-cenbank-rates-idUSKBN1AK0R5'|'2017-08-04T11:06:00.000+03:00'
'8456c4f9aabcf0705d60eab552c823c38cd85e39'|'No let-up likely in Trump trade war talk'|'August 4, 2017 / 4:37 PM / 5 minutes ago No let-up likely in Trump trade war talk Andy Bruce 4 Min Read LONDON (Reuters) - Talk of trade war looks here to stay for the time being, especially as data over the coming week seems more likely than not to aggravate U.S. President Donald Trump''s gripes with China and Germany. While global trade has bubbled back into life after a lean few years, so too have fears of protectionism, leaving financial markets wary in an otherwise improving global economy. German Foreign Minister Sigmar Gabriel said last month it was a cause of "great concern" that the United States could start a trade war with Europe, while tension between Washington and Beijing has escalated. In the last week U.S. senators from both sides of the house urged Trump to stand up to China as he prepares to launch an inquiry into its intellectual property and trade practices in coming days. At the moment, the working assumption for most investors is that international cooperation will win the day - as the International Monetary Fund pushed for earlier this year - before a full-blown trade war starts. "Do I think that the U.S. will be dumb enough to go ahead and put in place a series of measures which will act as an obstacle to trade with these countries? I suspect not," said Peter Dixon, global financial economist at Commerzbank in London. The United States posted a much smaller goods trade deficit than expected for June, helped by an improvement in exports. But this may be eclipsed by figures from China and Germany due in coming days. BUMPY ROAD China''s goods trade surplus for July, due on Tuesday, looks set to top $46 billion (35.29 billion pounds), according to a Reuters poll of economists. That would be the second highest this year. Although the surplus has fallen sharply year on year over the first half of 2017, against the United States it has increased 6.5 percent. "We see a bumpy road ahead for the trade relationship between the two countries", said Yang Zhao, Nomura''s chief China economist. "But it is unlikely that the two nations will enter a true trade war." Part of the reason for China''s bigger surplus with the U.S. this year is the better performance of the world''s no. 1 economy, Zhao said. German figures also due on Tuesday are expected to show its goods trade surplus widened too, to 21 billion euros ($24.7 billion) in June from 20.3 billion in May, according to the Reuters poll. Germany had the world''s biggest current account surplus in 2016 at $289 billion and has been under pressure to boost domestic demand to lessen its reliance on exports - not least from European Union peers that want to raise their own competitiveness. Berlin can point to the fact its trade surplus has actually fallen 2 percent in the 12 months to May compared with the same period a year ago, but that pace of progress may not be enough to spare it criticism from the United States. "I suspect it''s a lot of rhetoric at the moment," said Dixon at Commerzbank. "But that doesn''t mean to say we can dismiss the risk." (This version of the story corrects time reference in third paragraph). Additional reporting by Elias Glenn and Shaloo Shrivastava; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AK20L'|'2017-08-04T19:37:00.000+03:00'
'998e157695e1aac127c61fded7b7b939e027eaf6'|'Indonesia''s Martabe gold mine gets buyout enquiries: major owner EMR'|'SINGAPORE/SYDNEY (Reuters) - The giant Martabe gold mine on the Indonesian island of Sumatra has attracted several unsolicited enquiries from buyers, its majority owner EMR Capital said on Thursday.Earlier this week, financial sources cited market talk that parties had made approaches to buy Martabe, which has a resource of 7.5 million ounces of gold and 67 million ounces of silver."As you would expect, we have received a number of unsolicited inbound enquiries about Martabe," said EMR, which has a 61.4 percent stake in the mine. "There is, however, no formal sale process ongoing," it wrote in an email to Reuters.EMR did not provide any details on the mine''s valuation, but a financial source has said it is at a big premium to the price Martabe was last acquired for.Australia-based EMR spearheaded a consortium ­that bought 95 percent of the mine from Hong Kong''s G-Resources last year for $775 million, including assumed debt, plus $130 million if gold prices average $1,500 an ounce over a 12-month period before January 2019. Gold has not traded above $1500 an ounce since April 2013.The other stakeholders in the mine are U.S. investment group Farallon Capital Management, with 20.6 percent, and Indonesian billionaires Martua Sitorus with 11 percent and the Hartono family with 7 percent.(This story has been refiled to correct typo in headline)Reporting by Anshuman Daga in SINGAPORE and James Regan in SYDNEY, additional reporting by Eveline Danubrata in JAKARTA; Editing by Himani Sarkar'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gold-indonesia-m-a-idINKBN1AJ0TB'|'2017-08-03T05:29:00.000+03:00'
'80190a8745ede2c68575cbd96b39d0105e2414c2'|'Austrian lender BAWAG eyes takeovers in German-speaking Europe-CEO'|'ZURICH, Aug 3 (Reuters) - BAWAG PSK, the Austrian bank majority owned by private equity group Cerberus Capital Management, is keen to make acquisitions in Germany, Austria and Switzerland as the sector consolidates, Chief Executive Anas Abuzaakouk said."We are actively looking at many opportunities across the DACH region. We think the region has a lot of opportunity for consolidation," he told Reuters.Austria''s fourth-biggest bank boosted first-half pretax profit 2.5 percent to 251 million euros ($297.5 million) as revenues and operating profit grew.Its fully loaded common equity tier 1 ratio rose to 16.5 percent of risk-weighted assets at the end of June, up 140 basis points from the end of 2016, it said on Thursday.BAWAG has traditionally targeted a 12 percent CET1 ratio, and Abuzaakouk said the bank was deliberately overcapitalised to finance a string of acquisitions, including a deal last month to buy Germany''s Sudwestbank.He said its easygroup segment expected to make its first loans in Germany before the year was out.Reporting by Michael Shields; Editing by John Miller'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bawagpsk-results-ceo-idINZ8N1GF017'|'2017-08-03T06:09:00.000+03:00'
'3e182d0b5587c55e4060de60f85e462aff95540b'|'U.S. factory orders post biggest gain in eight months'|'A production line employee works at the AMES Companies factory, the largest wheelbarrow factory in the world, in Harrisburg, Pennsylvania, U.S. on June 29, 2017. Picture taken on June 29, 2017. Tim Aeppel/File Photo WASHINGTON (Reuters) - New orders for U.S.-made goods rebounded in June, recording their biggest increase in eight months, but manufacturing is expected to continue to grow at a moderate pace as the boost from the energy sector fades.Factory goods orders jumped 3.0 percent, the Commerce Department said on Thursday. That was the largest gain since October 2016 and followed two straight monthly declines. May''s data was revised to show orders falling 0.3 percent instead of the previously reported 0.8 percent drop.Economists had forecast that factory orders would surge 2.9 percent in June. Manufacturing, which makes up about 12 percent of the U.S. economy, has been buoyed by a surge in oil and gas drilling.But the energy stimulus is easing as ample supplies restrain crude oil prices. At the same time, motor vehicle production is declining as the industry struggles with falling sales, which have created an inventory glut.Motor vehicle production has decreased for three straight quarters. General Motors Co and Ford Motor Co have both announced they will cut production during the second half of this year. U.S. auto sales fell 6.1 percent in July from a year ago to a seasonally adjusted rate of 16.73 million units.Thursday''s report from the Commerce Department also showed orders for non-defense capital goods excluding aircraft - seen as a measure of business spending plans - were unchanged in June instead of slipping 0.1 percent as reported last month. Orders for these so-called core capital goods rose 0.8 percent in May.Shipments of core capital goods, which are used to calculate business equipment spending in the gross domestic product report, edged up 0.1 percent instead of the previously reported 0.2 percent gain.In June, orders for machinery increased 0.4 percent after advancing 2.6 percent in May. Mining, oil field and gas field machinery orders increased 3.8 percent after accelerating 10.3 percent in May.Orders for transportation equipment jumped 19.0 percent, the biggest rise since July 2014, reflecting a 131.1 percent surge in civilian aircraft orders. Motor vehicle orders nudged up 0.1 percent after rising 0.3 percent in May.Unfilled orders at factories increased 1.3 percent in June, the largest gain since July 2014. Manufacturing inventories rose 0.2 percent while shipments fell 0.2 percent. The inventories-to-shipments ratio rose to 1.38 from 1.37 in May.Reporting by Lucia Mutikani; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-manufacturing-idINKBN1AJ21B'|'2017-08-03T17:06:00.000+03:00'
'69d5d8f1ecf59183d044e92484b5005c42b79a4f'|'Big Tobacco Won’t Let the FDA Cut Nicotine Without a Fight'|'In 2009 a Democratic Congress and president gave the U.S. Food and Drug Administration the power to regulate tobacco. Eight years later, under a White House and Congress controlled by Republicans, the FDA made its strongest use of that authority. On July 28 it said it would move to cut the level of ­nicotine in cigarettes to nonaddictive levels. The news shocked Washington and Wall Street, sending tobacco stocks plunging and lobbyists scrambling to respond.The policy is the latest sign that FDA Commissioner Scott Gottlieb, who was confirmed in early May, is turning out to be among the most aggressive (and unpredictable) cabinet officials during the early days of the Trump administration. In less than three months, Gottlieb, a 45-year-old physician and cancer survivor, has moved quickly on a number of issues not typically within the FDA’s purview, including the high cost of prescription drugs and the opioid crisis . In June, Gottlieb took the rare step of asking a drug company to pull a powerful opioid pain medication off the market. Although the company wasn’t legally required to do so, it complied.“I’ve pledged a deep commitment to taking aggressive steps to address the epidemic of addiction to opioids,” Gottlieb said in announcing the nicotine policy. “I’ll pursue efforts to reduce addiction to ­nicotine with the same vigor.”His proposal to make cigarettes less addictive could lead to the most sweeping effort to reduce smoking in the U.S. since 1965, when President Lyndon Johnson signed a law requiring packs of cigarettes to carry a health warning. It also strikes an adversarial tone with the $130 billion tobacco industry , a surprising move for an administration that’s rolling back regulations. It’s not clear whether Gottlieb personally sought President Trump’s counsel before making the announcement. An administration official says the White House ­supports the policy and disagreed that it was a break from Trump’s antiregulation agenda.The move won Gottlieb praise from a former Obama official. “I was worried, given the rhetoric about regulation from the current administration, that he would be held back, but he’s done really well,” says Robert Califf, the last FDA commissioner under President Obama. Califf said the agency had been considering ways to lower nicotine content in ­cigarettes for some time.In announcing the policy, the FDA also said it will delay by five years a deadline for ­e-cigarette companies to get their products cleared for sale by the FDA, meaning that market will remain unregulated until 2022. That could be good news for tobacco companies developing alternative products. It also has some antismoking advocates worried. “I am concerned by delay in implementing the commonsense rules finalized last year,” Senator Richard Blumenthal, a Democrat from Connecticut, said in an emailed statement. “By dragging their feet, the FDA risks rolling back the incredible gains we have made to protect a new generation from a lifetime of disease.”The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up In his July 28 briefing, Gottlieb called nicotine both the “problem” and “ultimately, the solution.” The FDA “must also recognize potential for innovation to lead to less harmful products,” he said. In an interview following the announcement, Gottlieb said the agency needs more time to craft ­regulations for e-cigarettes, which would allow the industry to develop technologies such as vaping. “We were thinking about, or thought we could, potentially reduce levels of nicotine to create that inflection point in public health,” he said. “Taking a new, balanced approach to new product innovations could make a lot of sense and help people transfer off cigarettes in a world where cigarettes were no longer addictive.”The FDA wants to collect input from the public before proposing a rule, which still could be years away. In the meantime, the policy is sure to set off a lobbying fight. Tobacco companies could sue to stop it. They could also lobby members of Congress to defund it or block the FDA from imposing or enforcing it. According to tobacco lobbyists, the industry could argue that the policy amounts to a de facto ban on cigarettes. While the 2009 law gives the FDA the power to regulate cigarettes, it explicitly states the agency may not ban them.Even some antismoking advocates think the FDA is on shaky ground. “The legal mandate that they have to do this is extremely weak,” says Clive Bates, a public-health activist. “They say they’re not banning cigarettes, but they are banning cigarettes with any meaningful level of nicotine in them.” Bates says the rule will probably be stopped by Congress or in the courts.BOTTOM LINE - FDA Commissioner Gottlieb’s plan to cut the nicotine in cigarettes to nonaddictive levels will likely spark a lobbying fight from the tobacco industry.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-03/big-tobacco-won-t-let-the-fda-cut-nicotine-without-a-fight'|'2017-08-03T20:07:00.000+03:00'
'907bb790bf6a99684540302d83793e34e0786a03'|'Tesla''s quarterly revenue beats estimates'|'SAN FRANCISCO (Reuters) - Tesla Inc reported quarterly revenue that doubled on Wednesday and a loss that was the electric car maker''s largest ever, but its shares rose after revealing more than 1,800 daily reservations for the Model 3 and predicting increased Model S deliveries in the second half of 2017.Shares rose as high as 8 percent to $351.67 in late trade.Despite a warning by Chief Executive Elon Musk last week that the Silicon Valley automaker would face six months of "manufacturing hell" in producing its first Model 3s, investors were enthusiastic over a remaining $3 billion cash on hand at the end of the second quarter, as loss-making Tesla spent just shy of $1 billion on capital expenditures, less than expected.Still, given the continued build-out of the Fremont factory and Tesla''s Gigafactory battery plant in Nevada, the possibility of continued cash burn is high. Tesla said it plans $2 billion in capital expenses in the second half of the year, which would erode its cash cushion to about $1 billion.Musk, however, told analysts on a conference call the company was considering debt to expand cash on hand, "but not thinking about a capital raise."Chief Financial Officer Deepak Ahuja said Tesla''s spending was at "historical highs," amounting to over $100 million per week.Model S demand was increasing, Tesla said, adding that Model S and X deliveries would rise in the second half of 2017.Musk said investors should have "zero concern" that Tesla would fail to reach its production target of 10,000 vehicles each week by the end of 2018.Bullish investors - who sent Tesla''s share price up 77 percent from January to a June high of $386.99 - are betting on Musk''s strategy to transform the low-volume automaker into a clean energy and transportation company offering electric semi-trailer trucks, rooftop solar energy systems and large-scale battery storage.FILE PHOTO: First production model of Tesla Model 3 out the assembly line in Fremont, California , U.S. is seen in this undated handout photo from Tesla Motors obtained by Reuters July 10, 2017. Tesla Motors/Handout via REUTERS Model 3 Orders Tesla''s results came within a week of Tesla''s long anticipated Model 3 launch, where Musk revealed that first off the production line would be a $44,000 version of the car with a 310-mile (500 km) range. That is significantly higher than the $35,000 price most customers were anticipating, before incentives. That base model will begin production in January.Elon corrected a statement he made at the event that Tesla had booked over 500,000 net reservations for the Model 3, changing that to 455,000.Tesla will begin delivering Model 3s to non-employees in the fourth quarter, it said.As production improves, the non-GAAP Model 3 gross margin should be positive in the fourth quarter, Tesla said, eventually growing to 25 percent in 2018.Revenue in the quarter rose to $2.79 billion from $1.27 billion, beating analysts'' average estimate of $2.51 billion, according to Thomson Reuters I/B/E/S.Excluding items, the company lost $1.33 per share.The company''s net loss attributable to shareholders widened to $336.4 million, from $293.2 million a year earlier. ( bit.ly/2uXmTL2 )On a per share basis, net loss attributable to shareholders narrowed to $2.04 from $2.09.(This story corrects to show Tesla spent capital expenses of $1 billion, not $1 million in latest quarter.)Reporting by Aishwarya Venugopal in Bengaluru and Alexandria Sage in San Francisco; Editing by Sriraj Kalluvila, Bernard Orr'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/tesla-results-idINKBN1AI2PC'|'2017-08-02T18:27:00.000+03:00'
'cf3eaf8e5f8d09aa860e6b45306ac5b1ef7684a1'|'Egypt inflation surges to 35 percent in July after subsidy cuts'|'August 10, 2017 / 3:11 PM / 2 hours ago Egypt inflation surges to 35 percent in July after subsidy cuts Nadine Awadalla 3 Min Read Egyptians buy subsidised food contributed by the Ministry of Defence and Military Production of the Egyptian Armed Forces in Cairo, Egypt July 24, 2017. Amr Abdallah Dalsh CAIRO (Reuters) - Egypt''s key inflation rates soared to multi-decade highs on Thursday on the back of energy subsidy cuts agreed with the International Monetary Fund as a condition of its $12 billion three-year loan. Annual urban inflation for July hit a critical high of 33.0 percent from 29.8 percent in June, the official CAPMAS statistics agency said, the highest since June 1986, and the second highest since Reuters data began in 1958. Core inflation, which strips out volatile items like food, rose to 35.26 percent year-on-year in July from 31.95 percent in June, the central bank said. That is the highest level since at least 2005, the oldest available central bank records. Import-dependent Egypt has been hit by soaring inflation since it floated its currency in November, and since then the pound has roughly halved in value. Infographic ID: ''2fuMEgt'' Egyptians buy subsidised food contributed by the Ministry of Defence and Military Production of the Egyptian Armed Forces in Cairo, Egypt July 24, 2017. Amr Abdallah Dalsh "Your costs are tied to the dollar so (businesses) have no option but to keep their prices high... It''s all tied in one way or another to the exchange rate," said Allen Sandeep, head of research at Naeem Brokerage in Cairo. Slideshow (3 Images) The currency float was the opening salvo of an ambitious economic reform programme agreed with the IMF, which includes tax increases and subsidy cuts. In late June, the government raised fuel prices by up to 50 percent, pushing prices higher still for Egyptians battered by austerity measures. Despite the situation, President Abdel Fattah al-Sisi and his government have pledged to push ahead with politically sensitive reforms. The central bank raised its key interest rates by 200 basis points last month, seeking to ease the inflationary pressure, and is set to meet to decide on rates again later next week. Inflation could start to cool and fall below 20 percent by the end of 2017 as the effects of the currency float begin to fade, allowing the central bank to cut interest rates, a research note from Capital Economics said on Thursday. Reporting by Nadine Awadalla; Editing by Amrutha Gayathri, John Stonestreet and Pritha Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-egypt-inflation-idUKKBN1AQ1V7'|'2017-08-10T18:51:00.000+03:00'
'356e411984ada130cfde434f15ae055c547ff922'|'Microsoft Surface devices fail on reliability - Consumer Reports'|'August 10, 2017 / 12:10 PM / 15 minutes ago Microsoft Surface devices fail on reliability - Consumer Reports Salvador Rodriguez 3 Min Read FILE PHOTO - The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. Mike Blake/File Photo SAN FRANCISCO (Reuters) - The breakage rate for Microsoft Corp’s Surface devices is significantly worse than for other manufacturers'' laptops and tablets, Consumer Reports said, adding that it was removing its "recommended" designation for Surface products. The non-profit publication surveyed 90,000 tablet and laptop owners and found that an estimated 25 percent of those with Microsoft Surface devices would be presented with “problems by the end of the second year of ownership,” according to a study published on Thursday. “If you are very concerned about how long your products are going to last, it might be better for you to go with a brand that has a higher predicted reliability,” Jerry Beilinson, electronics editor at the consumer goods testing publication, said in an interview. Microsoft disputed the study, saying the company’s return and support rates differ significantly from the Consumer Reports study. “We don’t believe these findings accurately reflect Surface owners’ true experiences or capture the performance and reliability improvements made with every Surface generation,” the company said in a statement. According to the Consumer Reports survey responses, the Microsoft devices were found to freeze, unexpectedly shut down or have issues with their touchscreens, Beilinson said. Altogether, the reliability issues made Microsoft a statistical outlier compared with other brands. Apple Inc had the most reliable devices, Beilinson said. Microsoft entered the hardware market with its first Surface tablet in 2012. Since then, the company has released a series of new Surface tablets and laptops, including the well-reviewed Surface Pro, which launched in May. The Surface devices serve as a face for the company and exemplify how Microsoft’s manufacturing partners can build hardware around the Windows 10 operating system. However, Surface is a small part of Microsoft’s overall revenue, and Surface revenue has declined year-over-year for the past two quarters. “The reality is that Microsoft has very little experience in some of the newer categories it’s entering very rapidly, which may expose it to more risk of problems in manufacturing,” said Jan Dawson, chief analyst at Jackdaw Research. Consumer Reports has conducted its annual reliability study since 1952, starting with cars. The study is also used to determine the reliability of products like refrigerators, lawn mowers, televisions and more. In more recent years, the organisation has added laptops and tablets. Reporting by Salvador Rodriguez; Editing by Jonathan Weber and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-microsoft-surface-idUKKBN1AQ1F9'|'2017-08-10T15:09:00.000+03:00'
'3aa0ee35154e0406b4af8028faac242ecf95eac9'|'BRIEF-Softbank vision fund invests in India''s Flipkart'|'August 10, 2017 / 8:26 AM / 3 hours ago BRIEF-Softbank vision fund invests in India''s Flipkart 1 Min Read Aug 10 (Reuters) - Flipkart says: * Softbank vision fund invests in Flipkart * To become one of the largest shareholders of the company * After this financing round Flipkart will have in excess of $4 billion of cash on balance sheet * This is biggest ever private investment in Indian technology company Source text for Eikon: [Flipkart Group, India''s leading e-commerce marketplace, has announced an investment - a mix of primary and secondary capital - from SoftBank Vision Fund, the world''s largest technology-focused investment fund. This is the biggest ever private investment in an Indian technology company, and will make the Vision Fund one of the largest shareholders in Flipkart. The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world''s premier technology companies - Tencent, eBay and Microsoft. After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet] (Mumbai newsroom) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-softbank-vision-fund-invests-in-in-idUSL4N1KW3B3'|'2017-08-10T11:25:00.000+03:00'
'b68508a84cb4c4ea3286a08f3736803fc073c300'|'HNA, Qatar not acting in concert at Deutsche Bank: board member in Spiegel'|'FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - China''s HNA and Qatar have not acted in concert as shareholders of Deutsche Bank ( DBKGn.DE ), a board member representing the Chinese conglomerate told Der Spiegel.HNA acquired its stake of just under 10 percent of the German lender earlier this year. Qatar''s royal family has a similarly sized holding."The notion that HNA and Qatar acted in concert is total rubbish," supervisory board member Alexander Schuetz said in the Spiegel interview published Friday.Europe''s top regulator, the European Central Bank, has been considering carrying out a review of the bank''s two largest shareholders, according to a regulator source.An investigation, a so-called ownership-control procedure, to scrutinise banks'' shareholders may take place if there is "significant influence over the management of the bank", the ECB''s website says.Reporting by Tom Sims; Editing by Christoph Steitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-deutsche-bank-hna-idINKBN1AK182'|'2017-08-04T09:21:00.000+03:00'
'cf5abef4d8e8415c9d4ba7e5a88b21f33628e5c1'|'Dow hits record high as Amazon, Apple pull down S&P 500'|'August 3, 2017 / 8:41 PM / 4 hours ago Dow hits record high as Amazon, Apple pull down S&P 500 Noel Randewich 4 Min Read (Reuters) - The S&P 500 and the Nasdaq fell on Thursday, weighed down by Amazon.com, Apple and other top-shelf technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high. Stocks lost a little ground late in the session after the Wall Street Journal reported that Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate allegations of Russia''s interference in the 2016 U.S. presidential election. "It''s more distraction for the White House and less stability," said Chris Zaccarelli, chief investment officer at Cornerstone Financial Partners. "It definitely was market moving." The S&P 500 information technology index .SPLRCT, which has led other sectors in 2017, dipped 0.35 percent. Apple lost 1.0 percent after hitting a record high the day before. It and Amazon.com ( AMZN.O ), down 0.90 percent, weighed more than any other stocks on the S&P 500. Silicon Valley electric carmaker Tesla ( TSLA.O ) jumped 6.50 percent after reporting quarterly results above Wall Street''s expectations. Analysts, on average, expect S&P 500 earnings to have grown 11.8 percent and they project earnings up 9.2 percent for the September quarter, according to Thomson Reuters I/B/E/S. The S&P 500 has risen 11 percent in 2017 and is trading at 18 times expected earnings, pricey compared to its 10-year average of 14, according to Thomson Reuters Datastream. "Earnings are supporting this market and consumers are supporting it from a macroeconomic standpoint," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. "This is a Goldilocks economy, good enough to push the market higher, no bubbles in sight." The Dow Jones Industrial Average .DJI edged up 0.04 percent, or 9.86 points, to end at 22,026.1, an all-time high. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid On Wednesday, the Dow rose above 22,000 for the first time. "When you hit these major milestones it''s not unusual to trade sideways for a few days," Blancato said. The S&P 500 .SPX lost 0.22 percent to 2,472.16 and the Nasdaq Composite .IXIC dropped 0.35 percent to 6,340.34. Wall Street has shrugged off a recent failure by a Republican-controlled Congress to overhaul healthcare legislation as well as doubts about how easily President Donald Trump will be able to fulfil promises to cut taxes and increase infrastructure spending. Investors are watching economic data for clues on the health of the economy ahead of the keenly awaited monthly payrolls data on Friday. Labor Department data on Thursday showed weekly jobless claims   market, while a report from the Institute for Supply Management showed its non-manufacturing index fell to 53.9 last month from 57.4 in June. Yum Brands ( YUM.N ) fell 2.30 percent, while Dish Network ( DISH.O ) lost 4.52 percent after releasing their earning reports. Avon Products ( AVP.N ) fell 10.71 percent after the cosmetics seller posted an unexpected quarterly loss and said its CEO will step down. About 6.6 billion shares changed hands in U.S. exchanges, above the 6.1-billion average over the last 20 sessions. Additional reporting by Kimberly Chin in New York and Tanya Agrawal   Nick Zieminski and James Dalgleish 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-stocks-idINKBN1AJ2W7'|'2017-08-03T18:41:00.000+03:00'
'5fb28ae9d1c4df12cce974bd796fe47dcb356bcf'|'Paysafe backs $3.9 billion offer from Blackstone/CVC group'|'August 4, 2017 / 6:56 AM / 4 hours ago Paysafe backs $3.9 billion offer from Blackstone/CVC group 2 Min Read (Reuters) - Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector. Payments companies have become sought-after targets as more shoppers switch from cash to paying for purchases by smartphones or other mobile devices. U.S. group Vantiv is in talks to buy Britain''s Worldpay for 7.7 billion pounds. Paysafe offers pre-paid cashcards and online wallets which are popular among online gambling customers, and has recently agreed to buy Merchants'' Choice Payments Solutions for $470 million to strengthen its presence in the United States. Its board said on Friday it considered the terms of the 590 pence per share cash proposal, which was tabled last month, to be "fair and reasonable." However, Paysafe shares were up 1.3 percent at 600 pence in early trade, signaling investors are hopeful of a higher offer. Paysafe and the bidding consortium said the deal was expected to close in the fourth quarter of 2017 following approval by shareholders. It would also need to be cleared by regulators in Britain, Switzerland Mauritius, the European Union, the United States and China among others. Reporting by Rahul B in Bengaluru. Editing by Jane Merriman and Mark Potter 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-paysafe-group-m-a-idINKBN1AK0KN'|'2017-08-04T04:56:00.000+03:00'
'0b39a1f2b35d99d181c3262c0279fbc70e669be9'|'BRIEF-Graham Holdings reports Q2 adj. EPS $8.10'|'August 2, 2017 / 12:58 PM / 18 minutes ago BRIEF-Graham Holdings reports Q2 adj. EPS $8.10   Graham Holdings Co * Graham holdings company reports second quarter earnings * Q2 earnings per share $7.46 * Q2 revenue rose 7 percent to $676.1 million * Q2 earnings per share $8.10, excluding items   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-graham-holdings-reports-q2-adj-eps-idUSASB0BCJ3'|'2017-08-02T15:57:00.000+03:00'
'175e6b1450619ab1a093d5dd0b91906ecbabab91'|'India puts curbs on pigeon peas import to support local prices'|'MUMBAI (Reuters) - India has put a cap on imports of pigeon peas at 200,000 tonnes, the government said in a notification on Saturday, as the price of the lentil plunged more than 60 percent due to record production.The restriction will help support local prices of pigeon peas in the world''s biggest importer of the lentils, but will put pressure on producers such as Myanmar, Tanzania, Mozambique and Malawi which rely on exports to India.In the fiscal year running from April to March traders can import no more than 200,000 tonnes, the government said.India had imported 703,540 tonnes pigeon peas, also known as arhar or tur locally, in 2016/17 fiscal year ended on March 31."After the bumper production, restriction on the imports was necessary to support local prices. The government should now allow export of lentils as well," said Pravin Dongre, chairman of the India Pulses and Grains Association.India''s pigeon peas production jumped 80 percent to 4.6 million tonnes in 2016/17."In the current fiscal year traders have so far imported more than 160,000 tonnes of pigeon peas. In August 40,000 tonnes is likely to land in the country. So there is no scope for new import contracts," said a Mumbai-based importer who declined to be identified.Reporting by Rajendra Jadhav; editing by Jason Neely'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-pulses-imports-idINKBN1AL0G3'|'2017-08-05T12:20:00.000+03:00'
'dd9c5fa45a8be0f185365cfe0e3d1fb1759bc98b'|'Apple to launch watches that can make calls: Bloomberg'|'A man looks at the screen of his mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. Aly Song (Reuters) - Apple Inc plans to release a version of its smartwatch later this year that can connect directly to cellular networks, Bloomberg reported on Friday, citing people familiar with the matter. Some of the new models for the Apple Watch will be equipped with LTE chips and be able to perform many tasks without needing an iPhone to be in range, the Bloomberg report said. bloom.bg/2ff0K5P Currently, the Apple Watch needs to be connected to an iPhone to send messages, get directions from maps and stream music. Intel Corp will supply the LTE modems for the new watch, according to Bloomberg. The iPhone maker is already in talks with carriers in the United States and Europe about offering the cellular version of the Apple Watch, the report said. Intel declined to comment, while Apple did not immediately respond to a request for comment. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-apple-watch-idUSKBN1AK2FG'|'2017-08-05T00:20:00.000+03:00'
'fc2d1cad991537d0c296d6df8da87199d48a6cf7'|'United Technologies in bid to acquire Rockwell Collins: source'|'(Reuters) - United Technologies Corp ( UTX.N ), the U.S. maker of Otis Elevators and Carrier air conditioners, has submitted an offer to acquire aircraft component manufacturer Rockwell Collins Inc ( COL.N ), a person familiar with the matter said on Friday.By acquiring Rockwell Collins, which has a market capitalisation of $19.3 billion, United Technologies would bulk up its aerospace group, giving it the option of separating it from the company''s other industrial units.Rockwell Collins has been working with an investment bank to review United Technologies'' offer, and there is no certainty that it will decide to engage in any further negotiations with United Technologies, the source said.The source asked not to be identified because the matter is confidential. Rockwell Collins and United Technologies declined to comment.Bloomberg News reported earlier on Friday that United Technologies was "weighing" a potential acquisition of Rockwell Collins, but said it was unclear whether the two companies were currently in talks.A combination of the two large aerospace suppliers would meld Rockwell''s commercial and military aircraft avionics business with United Technologies'' broad portfolio that includes aircraft engines, structures, cockpit and cabin controls, ventilation systems and other electronic and mechanical devices used in aviation.United Technologies'' Pratt & Whitney engine unit has had production problems with its new Geared Turbofan engine, prompting delays of new Airbus ( AIR.PA ) A320neo aircraft. United Technologies also has noted weakness in demand for Otis elevators, particularly in China, which has weighed on results.In April, Rockwell acquired B/E Aerospace, a maker of aircraft seats, lavatories and galleys, a deal that broadened its product lines but drew questions from analysts and investors who saw little logic in combining the two businesses.Rockwell expanded its avionics business with a deal to provide aircraft data networking services, known as FOMAX, for all new Airbus A320 aircraft starting in 2018.A deal with United Technologies would open the way for Rockwell to capitalise on "connected aircraft" that can transmit sophisticated data about onboard systems, routes and weather, allowing airlines to improve operations and maintenance.United Technologies has a market capitalisation of $96.8 billion. The company beat expectations for quarterly revenue and profit in the latest quarter, and said it had solved a supply chain problem with the Geared Turbofan engines that had caused Airbus to delay deliveries of the new A320neo aircraft.Last year, United Technologies fended off a takeover approach from Honeywell International Inc ( HON.N ).Reporting by Mike Stone in Washington and Alwyn Scott in New York; editing by Tom Brown and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/rockwell-collins-m-a-utc-idINKBN1AK2G4'|'2017-08-04T19:32:00.000+03:00'
'5911796654c28f5a694edf13135b919b61b0fb9b'|'Auto supplier ZF feels able to attempt a large takeover'|'FRANKFURT (Reuters) - Automotive supplier ZF Friedrichshafen [ZFF.UL] is able to consider large acquisitions in the wake of the unlisted company''s $13.5 billion euro takeover of TRW in 2015, Chief Executive Stefan Sommer said on Thursday."We feel well positioned, we feel strongly positioned, also for larger takeovers," Stefan Sommer said in a call with journalists to discuss the Germany-based company''s first-half earnings, and its appetite for further deals.Sommer declined to comment on a Wall Street Journal report last month, which said ZF attempted to buy U.S. commercial vehicle parts supplier Wabco Holdings ( WBC.N ) before talks broke down. [nL5N1KG73X]The unlisted supplier based in Friedrichshafen, a town on the shores of Lake Constance, wants to cut its dependence on combustion-engined cars, and has sought to build up its expertise in components for autonomous and electric vehicles.With the TRW deal, ZF added sensors, brakes and airbags to its core business of manufacturing automated gearboxes for combustion-engined and hybrid cars.Since then it has sought to further expand its expertise in complex onboard electronics to make acceleration, braking and engine management systems more intelligent.Earlier this year, ZF took a 40 percent stake in German lidar maker Ibeo Automotive and made an unsuccessful $515 million bid for Swedish brake systems group Haldex ( HLDX.ST ).To shore up its finances, ZF has sought to pay down its debt, which now stands at 7.6 billion euros, the company said.First-half earnings also showed an improved profit margin, thanks to synergy gains and improved business in the wake the TRW takeover.ZF said its adjusted earnings before interest and taxes (EBIT) rose 9 percent to 1.2 billion euros ($1.42 billion), with sales up 2.7 percent to 18.3 billion euros.Its EBIT margin was 6.6 percent, up from 6.3 percent in the first half of last year, which ZF said was despite higher spending on autonomous and electric cars technology."We were able to achieve this by boosting operating performance and realising synergies resulting from the acquisition of TRW," Chief Financial Officer Konstantin Sauer said in a statement, without being more specific.Reporting by Edward Taylor and Ilona Wissenbach; Editing by Maria Sheahan and Adrian Croft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zf-friedrich-results-idINKBN1AJ2SM'|'2017-08-03T18:10:00.000+03:00'
'033ed8630e8d8f7f7927aa4a89e66a81245844cd'|'China, BRICS trade ministers vow to fight protectionism'|'Edition United States August 2, 2017 / 7:17 AM / a minute ago China, BRICS trade ministers vow to fight protectionism Reuters Staff 3 Min Read China''s Commerce Minister Zhong Shan attends a news conference of BRICS (Brazil, Russia, India, China and South Africa) trade ministers meeting in Shanghai, China August 2, 2017. Aly Song SHANGHAI (Reuters) - China and the other BRICS nations pledged on Wednesday to fight protectionism and safeguard intellectual property rights, even as U.S. President Donald Trump considers action against what he sees as unfair trade practices by China. Trade ministers from Brazil, Russia, India, China and South Africa concluded two days of meetings in Shanghai agreeing to deepen trade and investment links, and "safeguard and develop" the multilateral trading system, according to a statement by Chinese Commerce Minister Zhong Shan. "Ministers were committed to continue to firmly oppose trade and investment protectionism, recommitted to their existing pledge for both standstill and rollback of protectionist measures, and called upon countries to join in that commitment," the statement said. The ministers also approved guidelines for cooperation between the five countries on intellectual property rights (IPR). "Ministers agreed to promote exchanges and cooperation on IPR legislation and enforcement in order to create favorable conditions for trade and innovation-driven economic development," the statement said. China''s Commerce Minister Zhong Shan (R) attends a news conference of BRICS (Brazil, Russia, India, China and South Africa) trade ministers meeting in Shanghai, China August 2, 2017. Aly Song On Tuesday, a senior Trump administration official said Trump could decide as early as this week on how to respond to what he considers China''s unfair trade practices. China''s Commerce Minister Zhong Shan attends a news conference of BRICS (Brazil, Russia, India, China and South Africa) trade ministers meeting in Shanghai, China August 2, 2017. Aly Song A Chinese commerce ministry official declined to answer questions about Trump. The United States has a long list of grievances about China on trade, including accusations of steel dumping and theft of U.S. intellectual property. Trump promised tough measures during his campaign last year but so far has not followed through. Trump''s interest in penalizing Beijing has risen because of his concern at what he perceives to be Chinese inaction on reining in an increasingly belligerent North Korea, which is pursuing its missile and nuclear weapons programs in defiance of U.N. Security Council resolutions. Beijing has repeatedly said its influence on North Korea is limited and that it is doing all it can. Moreover, it argues trade between China and the United States benefits both sides and that Beijing is willing to work with Washington to improve their trade relationship. Reporting by John Ruwitch; Editing by Nick Macfie 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-brics-idUKKBN1AI0O2'|'2017-08-02T10:09:00.000+03:00'
'81d38117422ed9ffc9fff9dbbce5b8e044d5b304'|'CME sees dollars in data sales, but struggles to grow'|'August 2, 2017 / 5:06 AM / 8 hours ago CME sees dollars in data sales, but struggles to grow John McCrank 5 Min Read FILE PHOTO: Terry Duffy, executive chairman and president CME Group, takes part in a panel discussion titled "Global Markets in Uncertain Times" at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013. Fred Prouser NEW YORK (Reuters) - CME Group Inc, the world''s biggest exchange operator by market value, is looking to the lucrative business of selling data to boost revenue, spawn new financial products, and change the way many futures contracts trade. But early stumbles have undercut confidence that the Chicago-based company can catch up with rivals, much less transform the markets it dominates, anytime soon. Even as CME reported a big jump in second-quarter profit on Tuesday, analysts were looking for answers regarding its data business, whose revenue tumbled 7 percent to $96.1 million, the lowest figure since the fourth quarter of 2014. The decline comes months after Chief Executive Officer Terry Duffy rescinded revenue goals he laid out for the unit, after finding that growing data sales would be harder than expected. "What''s driving the decline in data?" Wells Fargo analyst Christopher Harris asked CME executives on an earnings conference call on Tuesday. The decline was "surprising," Harris said, since CME reported strong trading volumes and is adding international customers. Although they are making progress in revamping the data business, growth will not come until next year, executives said. Many investors, analysts and market participants view data as the key to future profits and growth at global exchanges. As owner of the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and Commodity Exchange, CME has a near monopoly in trading certain futures and options contracts across interest rate, foreign exchange, equity, energy and agricultural markets. Its benchmarks, like West Texas Intermediate crude oil futures and S&P 500 futures, are the basis for billions of dollars'' worth of daily commerce. That position allowed CME to put off building a competitive data business even as rivals dived in, because it could charge premium prices. CME produced net profit margins last year of 43 percent, versus 32 percent at Intercontinental Exchange Inc and 28 percent at Deutsche Boerse AG, according to Thomson Reuters data. But CME is effectively leaving money on the table as customer demand for data has increased, and it is now trying to make up for lost ground. In February, Duffy laid out an ambitious plan to grow annual data revenue 5 percent to 6 percent annually, starting this year. The strategy had three major prongs: selling more granular, real-time data to traders; offering services like cloud hosting; and licensing proprietary information to firms that create financial products like indexes and exchange-traded funds. However, executives realized they had underestimated the complexities of building out the business, and in April nixed 2017 data revenue projections. CME now expects to see growth next year, President Bryan Durkin said on Tuesday, without specifying a target. The company has made progress on staffing and is now auditing customers to see how they use CME data, to charge them properly, he said. "It definitely represents an important revenue stream to us," Durkin said. Playing Catch Up CME''s data revenue has barely budged in recent years, even as the business became the leading source of growth for competitors. Global exchanges reported a collective 29 percent increase in revenue from data and indexing businesses last year, with a compound annual growth rate of 12 percent since 2011, said TP ICAP-owned Burton-Taylor International Consulting. At CME, data revenue rose just 2 percent last year, and was lower than in 2011. Data is also becoming a bigger piece of the revenue pie at most exchanges. At ICE, for instance, data and indexing fees contributed 44 percent of revenue last year, compared with 11 percent at CME. Although it is still a long way from peers, CME''s efforts have been well-received by algorithmic traders, an important customer group. CME recently began rolling out data feeds that give a view into all of the orders on its markets, which can give electronic firms an edge over less-sophisticated counterparts. CME will likely start charging more for those valuable data, said Christian Hauff, CEO of Quantitative Brokers, which provides algorithms and data-driven analytics to help firms trade. "It should pay off in the field of work that we do, and I''m sure prop trading firms that share our DNA would be benefiting significantly from looking at this data," he said in an interview. Reporting by John McCrank; Editing by Lauren Tara LaCapra and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cme-data-idUSKBN1AI0D9'|'2017-08-02T08:06:00.000+03:00'
'64803a514554895d79cb3c8b06d8cc274c8c4237'|'GRAPHIC-Foreign flows into Asian equities fall for the first time in 2017'|'Aug 7 (Reuters) - Foreign investors sold Asian equities in July, ending a six-month streak of net purchases that helped drive a surge in regional stock markets, but analysts are confident the latest turn doesn''t portend a sustained exodus from the region.MSCI''s broadest index of Asia-Pacific shares outside Japan has risen nearly 25 percent so far this year.July data from seven Asian exchanges including India, Indonesia, and Thailand showed foreign investors'' total equity sales in the region exceeded their purchases for the first time this year.However, analysts believe the pace of sales is unlikely to accelerate, with China''s manufacturing sector showing still-solid growth and reduced expectations of a U.S. interest rate hike this year helping to support Asian stocks.Indonesian equity markets saw net sales of about $800 million, the most in the region. That was followed by South Korea and Thailand, with net sales of $382 million and $197 million respectively.Indian equities, however, attracted inflows for the sixth consecutive month in July on expectations of easier monetary policy. The Reserve Bank of India cut its main policy rate on August 2, becoming the first Asian central bank to trim rates this year."The recent hawkish turn by major central banks such as ECB and BOE, coupled with the expectation of a growth moderation in the second half for Asian markets had likely caused investors’ confidence to wane in July, " said Jingyi Pan, market strategist at IG in Singapore, referring to the European Central Bank and the Bank of England."However with current supportive conditions, such as the sustained expansion of China’s manufacturing sector, an accommodative Fed outlook and a broadly resilient currency market... the likelihood of an acceleration in foreign selling is not high at the moment."Factory activity in China expanded at the fastest pace in four months in July, giving investors optimism that the global economy can carry momentum through into the second half of the year.The other factor in contention is the Federal Reserve. Despite stronger-than-expected jobs growth in June and July, markets are evenly split on the likelihood of another rate hike by the Fed this year as U.S. inflation remains stubbornly low.A market rally this year has driven up the valuations of Asian shares, which are now trading above their 10-year average.According to StarMine data, the average forward 12-month price-to-earnings ratio of Asia-Pacific shares stood at 13.3.But with the average Asian PE still significantly cheaper than Wall Street''s 19.1, and the global average of 15.4, analysts say valuations are not behind the slowdown in foreign investments in the region."In July there was no clear trend with some value and some growth sectors outperforming, so no evidence of selling due to valuations." said Adrian Mowat, chief Asian and emerging markets equity strategist at J.P. Morgan."We remain bullish on Asian equities with overweights in China and South Korea."South Korea was the cheapest in the region with forward 12-month P/E of 10 according to the data.With foreign inflows slowing in the last two months, analysts said domestic investors have started to pitch in and support the equity rally.Domestic flows are accelerating in India, Indonesia, Thailand and in Korea, according to a BNP Paribas report.The report said the trend of Asian markets being driven more by foreign institutional investors (FII) money than domestic institutional investors (DII) money has started to change over the past 12-15 months, with DII money increasingly important in influencing market movements."Remember if foreign investors are selling, the local investors must be buying" said J.P. Morgan''s Mowat.Reporting By Patturaja Murugaboopathy with Additional Reporting by Gaurav Dogra; Editing by Shri Navaratnam'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/asia-stocks-idINL4N1KQ2UF'|'2017-08-07T05:47:00.000+03:00'
'b0fea703e059f7ec4717e4ef8064602ec1ebcf40'|'Aldi stops selling eggs in Germany over food safety scare'|'August 4, 2017 / 1:05 PM / 7 minutes ago Aldi stops selling eggs in Germany over food safety scare Reuters Staff 4 Min Read Eggs are pictured in this illustration photo in Bad Honnef, Germany, August 4, 2017. Wolfgang Rattay/Illustration Photo FRANKFURT (Reuters) - Discount supermarket chain Aldi is withdrawing all eggs from sale at its more than 4,000 stores in Germany as a precaution, it said on Friday, as a scare over the possible contamination of eggs with insecticide spreads. Traces of insecticide fipronil were found in eggs in Belgium and the Netherlands last month, which has led to the temporary shut-down of some poultry farms and to supermarkets halting the sale of eggs from the Netherlands. Fipronil is considered by the World Health Organization to be moderately toxic, with high doses leading to feelings of nausea and dizziness. Very large quantities can cause damage to the kidneys, liver and lymph glands. German Agriculture Minister Christian Schmidt said the likelihood of a health hazard was very unlikely, but German state authorities were working to examine all egg supplies and determine where they originated or were processed. "The situation is under control, but we cannot give the all-clear signal yet ... We are taking this very seriously," Schmidt told the Straubinger Tagblatt/Landshuter Zeitung newspaper group. He urged consumers to check any already purchased eggs against lists of affected supplies that were available online. Investigators suspect the chemical may have gotten into eggs through a contaminated detergent against mites called Dega 16 that is used to clean barns, and criminal investigations have been launched in both Belgium and the Netherlands. The Netherlands is the world''s second-largest agricultural exporter after the United States and sells around 5 billion eggs a year to Germany. The detergent was also supplied to farms in the northern German state of Lower Saxony, from where eggs were distributed across the country, Lower Saxony''s agriculture ministry said. Eggs are pictured in this illustration photo in Bad Honnef, Germany, August 4, 2017. Wolfgang Rattay/Illustration Photo Dutch food safety watchdog NVWA said this week only a limited type of egg, recognizable by specific serial numbers, posed a risk. Nonetheless, around 180 poultry companies in the Netherlands have been temporarily closed, and some firms have culled their flock. Slideshow (2 Images) A number of supermarket chains including Germany''s REWE and Penny have taken Dutch eggs off their shelves. Aldi is the first major retailer to halt all egg sales, regardless of origin. "This is merely a precaution, there is no reason to assume there are any health risks," Aldi North and Aldi South, the two operators of Aldi stores, said in a joint statement on Friday. Aldi South''s 190 stores in Switzerland have stopped the sale of imported eggs, Aldi Suisse said in a separate statement. The Dutch organisation of food retailers CBL said on Friday all possibly contaminated eggs would be removed from the shelves of supermarkets in the Netherlands. Albert Heijn, the country''s largest supermarket chain, said it had removed two thirds of the 38 different kind of eggs it normally sells. The company, part of Ahold Delhaize ( AD.AS ), said it could not yet estimate the cost of the move. Public prosecutors in Belgium and the Netherlands are investigating poultry service providers that are suspected of having added Dega 16 to their products, the European Commission said, without providing further details. Reporting by Maria Sheahan; Additional reporting by Robert-Jan Bartunek, Francesco Guarascio, Charlotte Steenackers, Bart Meijer, Matthias Inverardi, Andrea Shalal and Michael Shields; Editing by Mark Potter and Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-netherlands-germany-eggs-idUKKBN1AK1JM'|'2017-08-04T16:06:00.000+03:00'
'afde3d1256844e90969bbf1bb9dac71d5993bd13'|'Mazda to issue new shares for Toyota to take stake - Nikkei'|'TOKYO, Aug 4 (Reuters) - Mazda Motor Corp will issue new shares to Toyota Motor Corp as part of an agreement that will see Toyota take a roughly 5 percent stake in its smaller rival, the Nikkei business daily reported in its online edition.Toyota President Akio Toyoda and Mazda President Masamichi Kogai will hold a joint news conference as early as Friday to announce the deal, the paper said, without citing its sources.The Nikkei earlier reported the plan for a capital alliance. Toyota and Mazda have said they would discuss cooperation at a board meeting Friday. (Reporting by Tokyo Newsroom; Editing by Clara Ferreira Marques)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toyota-mazda-shareissue-idINT9N1KA00U'|'2017-08-04T02:01:00.000+03:00'
'416f38f9c3dbc35cea4e12f14187a2949b19ae96'|'Brexit-wary Bank of England leaves rates on hold, cuts growth forecast'|'LONDON (Reuters) - The Bank of England kept interest rates at a record low again on Thursday and cut its forecasts for growth and wages as it warned that Brexit was weighing on the economy.The gloomier outlook for the next two years further reduced speculation that the BoE was close to its first rate hike in a decade.Governor Mark Carney nonetheless sought to keep alive the possibility of one next year.He said uncertainty about Brexit -- in particular lower investment by companies -- meant the economy could not grow as fast as before without pushing up inflation. So, just a small improvement in growth could bring forward a rate hike."The speed limit, if you will, of the economy has slowed," he told reporters. "That ... could have consequences for monetary policy, depending on the evolution of demand."But investors saw no sign that the BoE was in a hurry to raise rates, a contrast to the outcome of its June meeting.The pound hit a nine-month low against the euro and fell by more than a cent against the U.S. dollar. Shares rose and British government bond prices jumped.Bets on interest rate futures suggested investors had pushed back their expectation for the first BoE rate hike by four months to December next year, RBC Capital Markets said.Central banks around the world have struggled to wean their economies off the stimulus of rock-bottom interest rates, largely because of weak wage growth for workers.The BoE faces the extra challenge of Britain''s leaving the European Union, and its uncertain impact on Britain''s economy.Related Coverage Highlights: Bank of England''s Carney speaks following rates decisionCarney said "the assumption of a smooth transition to a new economic relationship with the EU will be tested" and he said investment levels in 2020 were set to be 20 percentage points below a BoE forecast before the Brexit vote.His wary tone about Brexit prompted an angry response from a leading supporter of last year''s Leave campaign.John Longworth, a former head of the British Chambers of Commerce, said the BoE was resorting to "Project Fear" again, referring to what Brexit supporters said was a campaign to scare voters away from voting to leave the EU.The Bank said it now expects the economy to grow by 1.7 percent this year, down from its May forecast of 1.9 percent and by 1.6 percent in 2018, down from from 1.7 percent. It kept its 2019 forecast at 1.8 percent.Faced with a weaker outlook, the BoE''s rate-setters voted 6-2 to keep Bank Rate at 0.25 percent, in line with a Reuters poll of economists. That was more clear cut than a close 5-3 vote at the Monetary Policy Committee''s meeting in June.Britain''s Bank of England Governor, Mark Carney, addresses journalists during a press conference to deliver the quarterly inflation report in London, August 3, 2017. Frank Augstein/Pool Since then one of the dissenters, Kristin Forbes, has left the central bank. Michael Saunders and Ian McCafferty voted again for a 25 basis point rate rise. But BoE Chief Economist Andy Haldane, who said in June that he was likely to back a rate hike in the second half of this year, stayed with the majority.The Bank said it might raise borrowing costs a bit more than investors expect over the next three years.But U.S. bank Citi said the BoE was probably more worried about the risks of a disorderly Brexit than it let show."Brexit downside risks are larger than the MPC can formally acknowledge, which keeps the bar for a pre-2019 rate hike high, in our view," analysts at the bank said in a note to clients.The Bank kept its asset purchase programmes unchanged on Thursday. It also said a bank lending scheme would end as on schedule in February 2018.Slideshow (2 Images) Analysts at HSBC predicted the 6-2 vote for keeping rates on hold would become 7-2 once when the finance ministry''s top economist Dave Ramsden joins the MPC in September. He oversaw the ministry''s pre-referendum forecasts about Brexit which warned of a hit to the economy from a Leave vote.BOE DILEMMA The split on the MPC over what to do with rates highlights the challenge facing the central bank.Britain avoided a recession after the Brexit vote in June 2016, inflation is running above the BoE''s 2 percent target and unemployment is at a four-decade low.At the same time, data has shown the economy had its slowest growth since 2012 in the first half of this year, inflation unexpectedly eased back in June and wage growth is weak.A series of surveys of Britain''s manufacturing, construction and services sectors published this week suggested the economy remained in a low gear in July.Furthermore, Brexit talks between London and Brussels have made little progress, raising concerns that a messy departure from the bloc in 2019 could hammer the economy.In response to the painfully slow rises this year, the Bank cut its forecasts for wage growth in 2018 and 2019 to 3 and 3.25 percent, down by half a percent for each year.It blamed the downgrade on Britain''s stubbornly weak productivity and in part on the Brexit uncertainty.The BoE lowered by only a fraction its forecasts for inflation which it now saw at just under 2.6 percent in a year''s time after peaking at around 3 percent in October.British inflation in June stood at 2.6 percent and the BoE''s latest forecasts see it remaining above its 2 percent target throughout its three-year forecast period.Writing by William Schomberg Editing by Jeremy Gaunt.'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/britain-boe-idINKBN1AI2X5'|'2017-08-02T21:07:00.000+03:00'
'1f96d6e8a961b2b7baaef9afa5a773ed3bd7c516'|'MIDEAST STOCKS-Saudi Arabia, Egypt outperform in weak region'|'* Saudi''s Samba up on higher interim dividend recommendation* Two insurers rise after Q2 earnings* Property-related shares fall after earnings* Egypt far outperforms Gulf* Qalaa up sharply since Kenya rail concession endedBy Celine AswadDUBAI, Aug 6 (Reuters) - Saudi Arabia''s stock market edged up on the back of modest gains in the banking sector on Sunday while Egypt imitated world markets'' strong finish at the end of last week. Most other Middle Eastern bourses fell.The Riyadh index added 0.1 percent, remaining near a six-week low, as Samba Financial Group jumped 3.4 percent after its board recommended a cash dividend of 0.75 riyal for the first half of the year. The proposed cash outlay is two-thirds more than Samba''s interim payout in 2016.Gulf General Cooperative Insurance jumped 4.6 percent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.7 percent after announcing a 24 percent jump in net income.Emaar the Economic City dropped 3.1 percent after it reported an 85.4 percent drop in second-quarter net profit, citing lower residential sales and higher financial charges.Al Andalus Property fell 1.2 percent. It reported second-quarter net profit of 27.6 million riyals, up 11 percent from the same period last year.Qatar''s index dropped 0.6 percent with 15 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3.0 percent.In the United Arab Emirates, Dana Gas lost 1.5 percent, helping drag Abu Dhabi''s index 0.2 percent lower.Dubai''s index fell 0.3 percent, snapping five straight sessions of modest gains. Union Properties, the most heavily traded stock, lost 1.3 percent and Emaar Malls Group fell 0.4 percent ahead of the release of its quarterly earnings.In Egypt, private equity firm Qalaa Holdings added 2.7 percent; the stock has risen 10.7 percent in the past four days after a Kenyan court ended the company''s troubled Rift Valley Railways'' concession and ordered that assets and employees be handed over to Kenya Railways.The company said its investment have been amortised so the transfer wouldn''t affect its consolidated earnings. Some investors believe terminating the investment could reduce a financial drain on Qalaa and help it focus management attention on more profitable areas.Most other Egyptian shares were also strong, taking their cue from the positive mood in global equities. The index rose 1.1 percent.Highlights Saudi Arabia * The index added 0.1 percent to 7,094 points.Dubai * The index edged down 0.3 percent to 3,666 points.Abu Dhabi * The index fell 0.2 percent to 4,586 points.Qatar * The index lost 0.6 percent to 9,345 points.Egypt * The index gained 1.1 percent to 13,558 points.Kuwait * The index declined 0.2 percent to 6,812 points.Bahrain * The index fell 0.2 percent to 1,320 points.Oman * The index lost 0.7 percent 5,022 points. (Editing by Andrew Torchia and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-stocks-idUSL5N1KS0C9'|'2017-08-06T17:17:00.000+03:00'
'3281c6985ce177ac578addf18aa3faa59d2190ee'|'Mortgage drawdowns in Ireland in second-quarter fall further behind approvals'|'August 2, 2017 / 8:43 AM / 19 minutes ago Mortgage drawdowns in Ireland in second-quarter fall further behind approvals Reuters Staff 3 Min Read DUBLIN (Reuters) - Mortgage drawdowns in Ireland grew 29 percent in value in the second quarter compared to a year earlier, official data showed on Wednesday, marking a slowdown from the previous quarter as a chronic housing shortage stalled some willing buyers. Irish mortgage lending collapsed after a property bubble burst in 2007. A recovery over the past three years ago has picked up pace in recent months thanks to Ireland''s rapidly growing economy, but is being held back in part by a widening gap between approvals and drawdowns widens. House buyers in Ireland need formal mortgage approval in principle from a bank before they can make an offer on a house. Mortage drawdowns in the second quarter grew to 1.65 billion euros, Ireland''s Banking & Payments Federation said. Dermot O''Leary, chief economist at Goodbody Stockbrokers, said this meant that of the 35,000 mortgages approved in the 12 months to the end of June, 27,000 were drawn down, the biggest gap in percentage terms since the data began in 2011. "Both approvals and drawdowns are clearly rising, but a mismatch is now opening up as approvals grow at a faster pace," O''Leary wrote in a note. "The scarcity of new supply coming to the market, relative to demand, is likely to be the main reason for this trend. In this environment it is inevitable that price inflation has accelerated." Irish residential property prices climbed 11.9 percent in the year to the end of May, the highest annual growth rate in two years, although they are still 29.5 percent below the peak of the property boom a decade ago. Analysts estimate that the mortgage market will grow to more than 7 billion euros of drawndowns this year from a low of 2.5 billion euros in 2011. This is still some way shy of the 13.5 billion euros O''Leary said would represent a "normal" functioning market. Allied Irish Banks ( ALBK.I ) (AIB) said the gap between approvals and drawdowns had been a feature since last year. "People are clearly having difficulty in getting the units even though they have financing and that''s all back to the supply equation which is improving but there''s a significant overhang," AIB chief financial officer Mark Bourke told Reuters. "It is problematic from a buyer''s point of view, particularly first-time buyers where they have a very keen price point and there is only a very small number of new developments, especially in the urban areas." Reporting by Padraic Halpin; Editing by Raissa Kasolowsky 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-banking-mortgages-idUKKBN1AI0WJ'|'2017-08-02T11:42:00.000+03:00'
'07c7c86dd3b5092497353e7b100afa7516eb5905'|'Mitsubishi Corp first-quarter net profit rises 17 percent, lifted by higher coking coal prices'|'FILE PHOTO: The logo of Mitsubishi Corporation is displayed at the entrance of the company headquarters building in Tokyo, Japan, April 26, 2016. Issei Kato/File Photo TOKYO (Reuters) - Japanese commodities trading giant Mitsubishi Corp said on Wednesday its first-quarter net profit grew 17 percent as higher coking coal prices boosted earnings.Mitsubishi, the biggest of Japan''s clutch of trading houses by assets, said net profit for April-June was 117.8 billion yen ($1.06 billion), up from 100.8 billion yen in the same period a year earlier.For the full year through March, Mitsubishi maintained its forecast for net profit at 450 billion yen, up 2.2 percent from last year but below a mean estimate of 463 billion yen from nine analysts polled by Thomson Reuters I/B/E/S.The company previously said it expects stronger earnings from its machinery and chemical product businesses this year.($1 = 110.8200 yen)Reporting by Yuka Obayashi; Editing by Kenneth Maxwell'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mitsubishi-results-idINKBN1AI0FR'|'2017-08-02T08:43:00.000+03:00'
'a282d2d569106fce163c50c712eb09e907d7cdd0'|'Miners, energy stocks give European shares another leg up'|'August 7, 2017 / 7:37 AM / 2 hours ago European shares dip as Paddy Power, PostNL losses outweigh strong miners Helen Reid 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 4, 2017. Staff/Remote LONDON (Reuters) - Losses from PostNL and Paddy Power Betfair outweighed strong basic resources and energy stocks, sending European shares down on Monday, after robust gains in the previous session. The pan-European STOXX 600 index dipped 0.1 percent after early gains, having enjoyed its best day in three weeks on Friday as the euro fell, helping dollar-earning firms make gains. Euro zone blue-chips held on to 0.1 percent gains, while Germany''s DAX steadied and British stocks climbed 0.2 percent. Some investors warned the worst of the impact of a stronger euro on European equities could be yet to come. "The euro is likely to have an impact in the third quarter, with a 10 percent appreciation of the euro lowering earnings per share by around 5 percent," said Valentin Bissat, senior strategist at Mirabaud Asset Management. Large losses in individual stocks sent benchmarks lower on the day. PostNL shares fell 6.4 percent after the Dutch postal company said its full-year profits would come in at the lower end of expectations due to regulatory changes. Shares in gambling firm Paddy Power Betfair dropped 8 percent, on track for their worst day in more than a year, after the company said CEO Breon Corcoran would step down, though the company named a new CEO to succeed him. Fresenius Medical Care (FMC) shares fell 1.3 percent, weighing on the DAX, as a deal to acquire U.S. dialysis device maker NxStage for $2 billion in cash met with lukewarm reception. Mining firms provided the strongest support for benchmarks, up 1.4 percent as copper and iron ore prices climbed. [MET/L] ArcelorMittal, BHP Billiton, Anglo American, Rio Tinto and Glencore were among top European gainers, up 1.7 to 3.1 percent. Oil stocks hit a six-week high as crude prices held near a nine-week peak. Of the two-thirds of MSCI Europe companies having reported quarterly results, 61 percent overall have either met or beaten expectations, according to Thomson Reuters data. Energy stocks have seen the strongest results so far, with 82 percent beating analyst estimates, while only 41 percent of industrials firms have beaten expectations. "We are seeing big rebounds in energy and materials. On a year-on-year basis we have seen some stabilization in commodities, which is really a base effect because of the weakness of 2016," said Alex Dryden, global market strategist at JP Morgan Asset Management. "I don''t see huge upside in this commodities rally, but I acknowledge the strength of the numbers coming out of this space," he added. Banco BPM jumped 3.2 percent, leading euro zone banks higher after the Italian lender agreed the sale of its asset manager Aletti to Anima for $1.3 billion. "On the positive side, good deal for the sale of Aletti and good operating trends with fees growing 15 percent year-on-year and net interest income in line with expectations," said KBW analysts. "On the negative side it was a small earnings miss ... and also a small miss for the CET1 ratio," they added. Reporting by Helen Reid; Editing by Janet Lawrence 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks-idUSKBN1AN0PA'|'2017-08-07T15:37:00.000+03:00'
'1defbfdfd3caac1f2539d33b16b27fd5a0b5eef9'|'UPDATE 1-Apple to launch watches that can make calls - Bloomberg'|' 19 PM / in 3 minutes UPDATE 1-Apple to launch watches that can make calls - Bloomberg 1 Min Read (Adds Intel response) Aug 4 (Reuters) - Apple Inc plans to release a version of its smartwatch later this year that can connect directly to cellular networks, Bloomberg reported on Friday, citing people familiar with the matter. Some of the new models for the Apple Watch will be equipped with LTE chips and be able to perform many tasks without needing an iPhone to be in range, the Bloomberg report said. bloom.bg/2ff0K5P Currently, the Apple Watch needs to be connected to an iPhone to send messages, get directions from maps and stream music. Intel Corp will supply the LTE modems for the new watch, according to Bloomberg. The iPhone maker is already in talks with carriers in the United States and Europe about offering the cellular version of the Apple Watch, the report said. Intel declined to comment, while Apple did not immediately respond to a request for comment. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/apple-watch-idUSL4N1KQ5JZ'|'2017-08-05T01:19:00.000+03:00'
'c0579a82cb6920d486f916368b94c54706841b9b'|'BRIEF-Express Scripts wins dismissal of lawsuit over its dealings with Anthem; plaintiffs can amend complaint'|'August 2, 2017 / 1:59 PM / 18 minutes ago BRIEF-Express Scripts wins dismissal of lawsuit over its dealings with Anthem; plaintiffs can amend complaint 1 Min Read Aug 2 (Reuters) - Express scripts wins dismissal of shareholder lawsuit over its disclosures about its relationship with anthem -- u.s. Court ruling issued on aug 1 U.S. DISTRICT JUDGE EDGARDO RAMOS IN MANHATTAN DISMISSES LAWSUIT WITHOUT PREJUDICE, MEANING PLAINTIFFS CAN AMEND THEIR COMPLAINT PLAINTIFFS ACCUSED EXPRESS SCRIPTS OF MISREPRESENTING WHAT THEY VIEWED AS ITS CONTENTIOUS RELATIONSHIP WITH ANTHEM OVER PRICING TERMS JUDGE SAYS PLAINTIFFS'' ALLEGATIONS DO NOT ESTABLISH A STRONG INFERENCE THAT EXPRESS SCRIPTS AND COMPANY OFFICIALS INTENDED TO COMMIT FRAUD 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/express-scripts-ruling-idUSL1N1KO0P9'|'2017-08-02T16:58:00.000+03:00'
'88327266277625c648dc833fcd41181930923f99'|'EXCLUSIVE: Odebrecht to exit Angola diamond mine, sources say'|'FILE PHOTO: A sign of the Brazilian construction conglomerate Odebrecht is seen at their headquarters in Lima, Peru, January 24, 2017. Guadalupe Pardo/File Picture SAO PAULO (Reuters) - Odebrecht SA, the Brazilian conglomerate selling assets in the wake of a corruption scandal, has agreed to sell a 16.4 percent stake in the world''s No. 4 diamond mine to a partner, a person with direct knowledge of the transaction said on Tuesday.According to the person, Odebrecht exited Sociedade Mineira de Catoca Lda to meet terms of a 12 billion-real ($3.84 billion) asset sale goal. State-run Empresa Nacional de Prospecção, Exploração, Lapidação & Comercialização de Diamantes de Angola EP, commonly known as Endiama, bought out the stake with the help of other partners in Catoca, the person added.The deal was confirmed by another person, who said it had been approved by Endiama''s board earlier in the day to assert Angolan government control over domestic mining assets. Bankers have estimated the value of Odebrecht''s Catoca stake at $300 million, based on a valuation of $1.8 billion for the mine.A spokesman for São Paulo-based Odebrecht declined to comment. Efforts to contact Catoca and Endiama after working hours in Luanda were unsuccessful.Odebrecht is the largest of Brazilian engineering firms accused of colluding to overcharge Petróleo Brasileiro SA and other state firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party as well as domestic and international allies.The group, which once was Brazil''s largest private-sector employer, agreed to dispose of several assets to pay a $3.5 billion leniency accord with Brazilian, U.S. and Swiss authorities, and meet terms of a debt restructuring accord with banks.Panama The people spoke under condition of anonymity, because terms of the transaction remain private.Asset sales have gained momentum as Odebrecht clinches accords with a dozen countries where it paid bribes to win contracts between 2002 and 2016. Planned divestitures like that of a 28 percent stake in Brazil''s Santo Antônio hydropower dam could be concluded within months if settlements are finalized, the first person said.Earlier in the day, Odebrecht agreed to pay $220 million in fines to Panama''s government. The fine included $100 million for using the banking system for illicit activities, Panama''s Attorney General Kenia Porcell said.Odebrecht had been a partner in Catoca, which accounts for almost 80 percent of Angola''s diamond production, for over three decades, the second person said. Currently, Catoca has a pool of Russian and Chinese investors working alongside the state-controlled firm known as Endiama.($1 = 3.1256 reais)Additional reporting by Tatiana Bautzer in São Paulo; Editing by David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/odebrecht-divestiture-angola-idINKBN1AI0J5'|'2017-08-02T09:22:00.000+03:00'
'e8bfce898edfbf9f4195aeb7a9dd17e15f14456f'|'RSA first-half operating profit rises 15 percent to £360 million'|'August 2, 2017 / 6:26 AM / 18 minutes ago RSA first-half operating profit rises 15 percent to $475 million Reuters Staff 2 Min Read A sign of RSA insurance company is pictured outside its office in London in this December 13, 2013 file photo. Toby Melville/Files LONDON (Reuters) - British motor and home insurer RSA ( RSA.L ) posted an above-forecast operating profit of 360 million pounds ($475.45 million) in the first half, led by strong performances in Canada and Scandinavia, it said on Wednesday. Operating profit rose 15 percent from a year earlier, RSA said in a trading statement. Analysts had forecast operating profit of 338 million pounds, according to a company-supplied consensus forecast. Best known in Britain for its More Than brand, RSA has been selling businesses and cutting costs under chief executive Stephen Hester, the former boss of Royal Bank of Scotland ( RBS.L ), who joined in 2014 to overhaul the company. The restructuring is now complete, RSA said. "While RSA is now measuring against higher performance standards, there is much more that can be done to improve," Hester said. RSA''s combined ratio, a measure of underwriting profitability, strengthened to a record 93.2 percent. A level below 100 percent indicates a profit. The firm''s Scandinavian and Canadian businesses did well, despite some large losses in Canada, RSA said. Its Irish business, hit by an accounting scandal in 2013, returned to profit. However, group underwriting profit for RSA''s UK business dropped nearly 80 percent to 17 million pounds following an unexpected large cut in the rate used to calculate personal injury claims, pushing up the size of those payments. Underlying return on tangible equity was 16.6 percent, against a target range of 13-17 percent and forecast 15.3 percent. Net written premiums rose 11 percent to 3.4 billion pounds on a reported currency basis, against a forecast 3.35 billion. RSA said it would pay an interim dividend of 6.6 pence, up 32 percent but below a forecast 7 pence. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rsa-results-idUKKBN1AI0JC'|'2017-08-02T09:26:00.000+03:00'
'3d87f5adc1cfd81b10803f48aa5d0c46cd83874e'|'Ireland''s tax take misses target in July'|'August 2, 2017 / 3:31 PM / 16 minutes ago Ireland''s tax take misses target in July Reuters Staff 2 Min Read DUBLIN (Reuters) - Ireland collected slightly less tax than expected in the year to the end of July, but it also spent less than planned and the government''s finances were boosted by the sale of a 28-percent stake in Allied Irish Banks ( ALBK.I ), data showed on Wednesday. Tax collection was 0.8 percent below target in the year to the end of July, narrowing from a shortfall of 2.4 percent reported three months ago. Expenditure was 0.9 percent lower than planned, finance ministry figures showed. Ireland''s economy has been the top performer in the European Union for the past three years, swelling the country''s tax take in the process. The finance ministry has forecast that tax revenues will grow by 5.2 percent in 2017. Ireland aims to cut its deficit to 0.4 percent of gross domestic product this year from 0.7 percent last year as it moves towards its first balanced budget for a decade. The government''s surplus for the first seven months of the year swelled to 3.37 billion euros (3.02 billion pounds) from 862 million at the same time last year, primarily due to the sale of 28 percent of the state''s shareholding in Allied Irish Banks. When the AIB share sale and other one-off transactions are excluded, the government surplus increased by 671 million euros from the same time last year due to increased tax revenues and reduced interest costs. Reporting by Conor Humphries; Editing by Louise Ireland 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-budget-idUKKBN1AI21S'|'2017-08-02T18:31:00.000+03:00'
'4e134099be706c2d929a220742da67943e4e51ff'|'Apple hits all-time highs, Asia hopes to benefit'|'NEW YORK (Reuters) - World stock markets fell on Wednesday even as Wall Street''s key Dow Jones Industrial Average .DJI broke the 22,000 barrier on strength in Apple ( AAPL.O ) shares, while the U.S. dollar fell to near 15-month lows on doubts about another rate hike this year.Shares of Apple, the largest U.S. company by market capitalization, surged 4.9 percent to a record high of $159.75 in the wake of its earnings, helping lift the Dow above the key 22,000 mark.Apple reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule.But Apple''s gains were not enough to prop up the broader U.S. stock indexes, with the benchmark S&P 500 and Nasdaq both lower."Round numbers are a focal point, they are kind of arbitrary but people seem to focus and it can affect sentiment," said Brian Jacobsen, senior investment strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin."If there’s going to be something that gives the market more fuel it has to come from fundamentals. Excitement about a round number can only carry it so far."The Dow Jones Industrial Average .DJI rose 40.21 points, or 0.18 percent, to 22,004.13, the S&P 500 .SPX lost 4.96 points, or 0.20 percent, to 2,471.39 and the Nasdaq Composite .IXIC dropped 29.78 points, or 0.47 percent, to 6,333.16.The pan-European FTSEurofirst 300 index .FTEU3 lost 0.46 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.13 percent.European shares were weighed down by declines in banking .SX7P and mining .SXPP shares.The U.S. dollar hit its lowest level against the euro in more than 2-1/2 years on Wednesday on doubts about another Federal Reserve interest rate increase this year and expectations for European Central Bank hawkishness.Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid Tepid U.S. inflation along with political turmoil in Washington has lessened the possibility of another Federal Reserve rate hike this year.Improving data in other major economies has also served to push the greenback down nearly 11 percent from January highs, benefiting commodities and emerging markets.The dollar index .DXY fell 0.27 percent, after touching 92.734, the lowest since early May 2016. the euro EUR= up 0.49 percent to $1.1859.Investors also dealt with conflicting statements from Federal Reserve officials.St. Louis Federal Reserve James Bullard is opposed to further U.S. interest rate increases by the central bank and warned that more hikes could hinder domestic inflation from achieving the Fed''s 2-percent goal, Market News International reported.But Cleveland Fed President Loretta Mester said the Fed should remain focused on gradually tightening U.S. policy because one-off factors, not a long-lasting trend, have caused inflation to weaken in recent months.U.S. private employers added 178,000 jobs in July, below economists'' expectations, a report by a payrolls processor showed on Wednesday, ahead of the U.S. Labor Department''s more comprehensive non-farm payrolls report on Friday.U.S. profits for the second quarter have been strong, with earnings growth currently at 11.4 percent, according to Thomson Reuters data. Of the 350 companies in the S&P 500 that have reported through Wednesday morning, 70 percent have topped expectations.Benchmark 10-year notes US10YT=RR last rose 1/32 in price to yield 2.2496 percent, from 2.251 percent late on Tuesday.U.S. crude CLcv1 rose 0.53 percent to $49.42 per barrel and Brent LCOcv1 was last at $52.17, up 0.75 percent on the day.Additional reporting by Rodrigo Campos; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN1AI027'|'2017-08-02T03:59:00.000+03:00'
'894a7a1aefb045cb9a28362f591f925bb090c7fa'|'Home Capital posts 2nd qtr loss, says concerns about future resolved'|'The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada May 1, 2017. Picture taken using a wide angle lens. Chris Helgren TORONTO (Reuters) - Home Capital Group reported a bigger-than-expected second-quarter loss on Wednesday but said issues relating to its ability to continue as a going concern had been resolved.Canada''s biggest non-bank lender reported a loss of C$1.73 per share for the second quarter. That compared with analysts'' expectations of C$1.14 a share, according to Thomson Reuters I/B/E/S data.Home Capital secured an equity injection and a C$2 billion ($1.6 billion) line of credit from Warren Buffett''s Berkshire Hathaway in June. Berkshire Hathaway currently holds a 20 percent stake in the business and will increase that to 38 percent if Home Capital shareholders approve an agreement for it to do so next month.In announcing its results for the latest quarter, the company said its business plan and cash flow forecasts suggested that current liquidity and credit facilities were sufficient to support its ongoing business for the foreseeable future."Management has concluded that there is no longer material uncertainty that casts significant doubt as to the ability of the company to continue as a going concern," it said in a statement alongside the results.Home Capital warned in June that it expected to record a loss in the second quarter due to costs related to its efforts to shore up liquidity after investors withdrew more than 90 percent of funds from its high interest savings accounts.The withdrawals began when the company terminated the employment of former Chief Executive Martin Reid on March 27 and accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission (OSC), accused Home Capital of making misleading statements to investors about its mortgage underwriting business.Home Capital reached a settlement with the OSC in June and accepted responsibility for misleading investors about mortgage underwriting problems.It has also sold some assets, enabling it to pay off the C$900 million it had outstanding on the Berkshire Hathaway facility last month.The company said it had C$3.94 billion in available liquidity and credit capacity as of Aug. 1 including the now undrawn C$2 billion from Berkshire Hathaway.Its high interest savings account and Guaranteed Investment Certificate deposits, two key sources of funding, had both increased since it last reported on its funding and liquidity position on July 14.The company appointed Yousry Bissada as its new chief executive in July, tasking the mortgage industry veteran with leading its recovery.Reporting by Matt Scuffham; Editing by Tom Brown, Bernard Orr'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-homecapital-results-idUSKBN1AI2YR'|'2017-08-03T02:46:00.000+03:00'
'8116d79c564479a9249e6c44b6096033fc5eec6b'|'Henkel counts on new products to tackle weak sales growth'|'August 10, 2017 / 12:19 PM / an hour ago Henkel counts on new products to tackle weak sales growth Martinne Geller and Maria Sheahan 4 Min Read FILE PHOTO - Samples of liquid and powder laundry detergent Persil from German consumer goods group Henkel are pictured at Henkel''s annual general shareholders'' meeting in Duesseldorf, Germany, April 11, 2016. Wolfgang Rattay/File Photo LONDON/FRANKFURT (Reuters) - Consumer goods group Henkel ( HNKG_p.DE ) plans to roll out new beauty products in major markets France and Italy to bolster business after its second quarter growth in organic sales was the weakest in eight years. The maker of Persil laundry detergent, adhesives brand Loctite and Schwarzkopf hair products, said sales of professional beauty care products were robust in April to June. But the retail business, which sells products such as Schwarzkopf and Syoss shampoos and Fa shower gel, had fallen short of the group''s expectations. "The team is looking at where we can innovate in the second half of the year, we have a strong pipeline of products and are doing more rollouts," CEO Hans van Bylen told journalists during a conference call on Thursday. The group would also step up promotions of shower gels and shampoos in Italy and France, as sales had declined in those markets in the second quarter, he said. The German group earlier reported organic sales growth of 2.2 percent for the second quarter, at the bottom of its annual guidance range and sending its shares down more than 4 percent to a six-month low. Bernstein Research said the growth figure, the weakest result in eight years, fell short of analyst expectations for 3.2 percent. Recent sales figures from European rivals L''Oreal ( OREP.PA ) and Unilever ( UNc.AS ) ( ULVR.L ) - which also makes Persil products - fell short of analyst expectations too, but Henkel''s results were perceived to be more disappointing. Organic sales at Henkel''s beauty care business, which accounts for around a fifth of group revenue, were flat year-on-year, as a decline in volumes offset a small increase in prices. "The weak topline result at beauty care might raise eyebrows if Henkel is strategically well enough positioned," analysts at Baader Helvea Equity Research said. According to a recent Baader Helvea research note, Henkel is the world''s No. 4 player in retail hair care, behind L''Oreal, Procter & Gamble ( PG.N ) and Unilever and has market share of around 3 percent in body care, making it the fourth-biggest player in that sector as well. Growth at Henkel''s other two businesses, adhesives and laundry and home care, also slowed in the second quarter. Quarterly group earnings before interest and taxes (EBIT), adjusted for one-offs, rose 11 percent to 839 million euros (756.72 million pounds) on sales of 5.1 billion euros (4.60 billion pounds), missing average analyst estimates for 915 million and 5.23 billion respectively. Liberum analysts, who recommend selling shares in Henkel, said the results showed that Henkel would have to rely on acquisitions to reach its 2020 profit targets as developed markets remain intensely competitive. Henkel stuck to its standard forecast for underlying sales growth in 2017 of 2 to 4 percent, and a 7 to 9 percent increase in adjusted earnings per preferred share. Shares in Henkel were down 4.7 percent at 113.70 euros (102.55 pounds) by 1040 GMT, putting them among the biggest decliners on the STOXX Europe 600 index . Additional reporting by Georgina Prodhan; Editing by David Holmes and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-henkel-ag-results-idUKKBN1AQ1G5'|'2017-08-10T15:18:00.000+03:00'
'25ace412a940cc88065b2718089020d3981eabc9'|'Arqiva hires banks for initial public offering - source'|'August 6, 2017 / 5:07 PM / 3 hours ago Arqiva hires banks for initial public offering - source Reuters Staff 2 Min Read LONDON (Reuters) - Arqiva, a company that runs much of Britain''s TV and mobile infrastructure, has hired four banks for an initial public offering, a source familiar with the matter said on Sunday. The company, whose biggest shareholders include the Canada Pension Plan Investment Board and Macquarie ( MQG.AX ), has appointed Barclays ( BARC.L ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ) and JP Morgan ( JPM.N ) for the listing, the source said, confirming an earlier report from Sky News. The banks and Arqiva did not immediately respond to requests for comment. Arqiva, which carried the BBC''s first TV broadcast in 1936, works with major mobile operators, independent radio groups and leading British broadcasters. Media reports had suggested the firm could be worth between 5 and 6 billion pounds. The company made an operating profit of 227.5 million pounds in the nine months ending March 31, 2017 and revenue of 701.8 million pounds, according to an unaudited statement. Senior net debt amounted to 2.5 billion pounds at the end of June 2016. Earlier this year, Rothschild and Bank of America Merrill Lynch ( BAC.N ) were hired to work on a sale, sources said. One source, who had looked at the asset, estimated an equity value of around 2 billion pounds. Reporting by Dasha Afanasieva; Editing by Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-arqiva-ipo-idUKKBN1AM0PZ'|'2017-08-06T20:50:00.000+03:00'
'754d5dbfd073fa38b3a91cccf4eb4b2f5ebe5d83'|'US refiner HollyFrontier posts profit in second quarter'|'(Reuters) - U.S. oil refiner HollyFrontier Corp ( HFC.N ) on Wednesday reported a quarterly profit that handily beat analysts'' estimates, helped by higher production and refinery margins.HollyFrontier said its refinery gross margin jumped 29.2 percent to $11.47 per produced barrel in the second quarter ended June 30.The company produced 483,210 barrels per day (bpd) of refined products, compared with 442,660 bpd, a year earlier.Robust demand for refined products and declining inventories have benefited refiners, whose margins dipped sharply last year due to a gasoline and diesel glut.Net profit attributable to HollyFrontier''s shareholders was $57.8 million, or 33 cents per share in the quarter, compared with a loss of $409.4 million, or $2.33 per share, a year earlier.HollyFrontier took an asset impairment charge of more than $600 million in the year-ago quarter.Excluding one-time items, the company earned 66 cents per share, beating analysts'' average expectation of 47 cents according to Thomson Reuters I/B/E/S.Sales and other revenue climbed 27.4 percent to $3.46 billion.Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta and Sai Sachin Ravikumar'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hollyfrontier-results-idUSKBN1AI19F'|'2017-08-02T13:34:00.000+03:00'
'f19d101dfabda9b75e077d18ffaaaa2e37becd37'|'BRIEF-Denny''s Corporation Q2 earnings per share $0.12'|'Aug 1 (Reuters) - Dennys Corp* Denny’S Corporation reports results for second quarter 2017* Q2 adjusted earnings per share $0.14* Q2 earnings per share $0.12* Q2 earnings per share view $0.15 -- Thomson Reuters I/B/E/S* Q2 revenue $133.4 million versus I/B/E/S view $131.7 million* Dennys Corp qtrly domestic system-wide same-store sales increased 2.6%, including growth of 2.7% at co restaurants* Dennys Corp sees full year 2017 cash capital expenditures between $25 and $27 million* Dennys Corp sees FY 2017 same-store sales growth at company and domestic franchised restaurants between 0% and 2%* Dennys Corp sees full year 2017 total operating revenue between $523 and $532 million including franchise and licensing revenue between $140 and $142 million* Dennys Corp - for full year 2017, expects 45 to 50 new restaurant openings, with net restaurant growth of 5 to 15 restaurants Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dennys-corporation-q2-earnings-per-idUSASB0BC9D'|'2017-08-02T00:01:00.000+03:00'
'52ecf168399201889f36d967b8d2a5fe4c08e32e'|'German ministers, carmakers meet under pressure to tackle pollution'|'August 1, 2017 / 11:07 PM / in an hour German carmakers in emissions deal to try to avert diesel bans Emma Thomasson and Andreas Cremer 6 Min Read BERLIN (Reuters) - German politicians and car bosses agreed on Wednesday to overhaul engine software on 5.3 million diesel cars to cut pollution and try to repair the industry''s battered reputation. However, environmentalists said the plan - almost two years after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. diesel emissions tests - was too little, too late, and vowed to press ahead with legal action aimed at banning polluting vehicles. Chancellor Angela Merkel''s government has come under mounting pressure for not doing enough to crack down on vehicle pollution and for being too close to powerful carmakers. The issue has become a central campaign topic ahead of next month''s national election, prompting the government to summon car bosses to try to avert moves in some cities to force bans on diesel vehicles. Justice Minister Heiko Maas said the agreement was only a first step, warning that bans on diesel vehicles could not be ruled out and urging car makers to focus more on consumers. "The legal requirements for clean air remain in effect," he told Thursday editions of Germany''s daily newspaper Bild. Ministers have been wary of angering the owners of 15 million diesel vehicles and damaging an industry that is the country''s biggest exporter and provides about 800,000 jobs. Politicians stopped short of demanding costly mechanical modifications to engine and exhaust systems and said they had agreed for now on software updates for 5.3 million cars. "We expect a new culture of responsibility from carmakers," Environment Minister Barbara Hendricks, from the centre-left Social Democrats, told a news conference, also adding the software updates were just a first step in cutting emissions. Related Coverage Factbox - Germany agrees measures to cut diesel pollution "There is much to make good - to the environment, to people in cities, car owners and not least to the security of the car industry in Germany and its hundreds of thousands of jobs." Hendricks criticised the VDA automakers lobby for putting out a statement proclaiming a deal two hours before ministers spoke to the media. She added the VDA''s comment that the deal was "unique in Europe and the world" lacked humility. The stakes have increased for German carmakers in recent weeks. Britain and France have announced plans to eventually ban all diesel and petrol vehicles and Tesla has launched its first mass-market electric car. Meanwhile, top German manufacturers BMW, Daimler, Audi, Porsche and VW ( VOWG_p.DE ) are being investigated by European regulators for alleged anti-competitive collusion. R-L Matthias Wissmann, president of the German Automobile Industry Association (VdA), Harald Krueger, CEO of German car maker BMW, Dieter Zetsche, CEO of German car maker Daimler AG and Matthias Mueller, CEO of German car maker Volkswagen meet with German federal ministers to discuss the future of diesel vehicles, after a nearly two-year saga of scandal spread from Volkswagen to others in the sector in Berlin, Germany, August 2, 2017. Axel Schmidt/POOL Lost Trust The DUH environmental group said the initiative had failed as software updates would only result in a cut of about 2-3 percent of emissions of toxic nitrogen oxides (NOx), adding it would pursue court cases for diesel bans in 16 cities. "Today''s summit is bad news for hundred of thousands of people who will get sick and 10,600 who will die prematurely due to NOx each year," DUH head Juergen Resch said in a statement. The VDA said the software updates should cut NOx emissions by 25-30 percent for those cars affected, reducing pollution at least as much as possible driving bans. "The car industry knows it has lost a lot of trust. We must and will work on winning back that trust," VDA president Matthias Wissmann said. Slideshow (12 Images) Transport Minister Alexander Dobrindt said a refusal by foreign carmakers to participate in the plan was "completely unacceptable". Carmakers also agreed to fund incentives aimed at encouraging consumers to trade in older diesel cars that cannot be helped with software updates. The VDA said the software updates would cost VW, Daimler and BMW together at least 500 million euros (447 million pounds), while scrapping incentives would be much more expensive. Evercore analyst Arndt Ellinghorst said the costs were manageable for the industry, but cautioned: "What the agreement doesn’t do is restore consumer confidence in diesel engines." German car sales data on Wednesday showed diesel car sales fell 12.7 percent in July. Now diesel makes up only 40.5 percent of new car sales in Europe''s largest car market, down from 46 percent at the end last year. An opinion poll published on Wednesday by Die Welt newspaper showed 73 percent of Germans want politicians to take a tougher line with the car industry on air pollution. VW''s emissions test cheating - which was exposed by U.S. regulators - led to a string of revelations that showed diesel vehicles from most manufacturers release far more NOx gases on the road than in laboratory tests used to assess their safety. But cutting back on NOx pollution is causing another headache for carmakers, which were betting on diesel technology to help cut carbon dioxide (CO2) emissions to meet climate change rules. Diesel engines are up to 20 percent more fuel efficient than petrol equivalents. Falling sales of diesel cars have led to an increase in CO2 emissions, Germany''s KBA motor authority said on Wednesday. Average emissions per vehicle rose 0.4 percent in July to 128.4 grams of carbon dioxide per kilometre, it said. Additional reporting by Andrea Shalal and Edward Taylor; Editing by Keith Weir and Robin Pomeroy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-emissions-idUKKBN1AH5FY'|'2017-08-02T02:06:00.000+03:00'
'5ac5adbc8f0ffad43c72982b896fbd183aa07bba'|'Yuan, rupee seen stumbling if dollar revives: Reuters poll'|'FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. Mukesh Gupta/File Photo BENGALURU (Reuters) - In 12 month''s time the Chinese yuan will have erased most of its gains made this year, provided the U.S. Federal Reserve sticks to its tightening path, boosting the greenback, a Reuters poll showed.Having strengthened more than 3 percent since the start of 2017, the yuan is forecast to weaken to 6.90 per dollar in a year, according to the poll of over 60 foreign exchange analysts taken July 27-Aug 2.It was trading around 6.72 on Wednesday.While the dollar should benefit when the Fed starts shrinking its balance sheet, which it has said it expected to do "relatively soon", it could falter again if the central bank fails to follow through with a rate hike later this year.At the start of the year, traders had expected faster rate hikes from the Fed and some form of stimulus from the new Trump administration would drive the dollar up strongly against emerging currencies.But, the greenback has instead taken a beating on fading hopes that President Trump will be able to push through deep tax cuts and massive infrastructure spending.That has brightened the outlook for Asian currencies.Strong Chinese economic data over recent months has cooled worries over the yuan''s weakening, leaving further scope for the People''s Bank of China (PBOC) to tighten the country''s domestic liquidity conditions.Authorities also tightened their grip on the yuan recently by adjusting the daily midpoint guidance formula to deter speculators betting on further falls in the yuan. That move has been reinforced by frequent dollar selling by state banks."China''s currency had long been struggling with depreciation pressure, which is now history for the time being," wrote Stefan Grosse, economist at NORD/LB."The U.S. dollar''s current phase of weakness is helping the renminbi (yuan)."FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. Thomas White/Illustration/File Photo Helping restore market confidence in the currency, the PBOC introduced a different methodology to calculate the mid-point reference rate for the yuan.In its latest report, The International Monetary Fund (IMF) said the yuan''s exchange rate is broadly consistent with underlying economic fundamentals and desirable policies.Fitch Ratings agency echoed the IMF''s view, confirming a stable outlook on the Chinese economy and maintaining its A+ rating, citing improvement in the country''s external finances as well as macroeconomic picture.A separate Reuters poll showed speculators increased their positions in favour of most Asian currencies.Bullish bets on the Chinese yuan were at their highest since December late last month. Investors also turned bullish on the Indian rupee after being sellers of the currency since April.The Indian rupee is now forecast to have weakened to 65.00 per dollar in a year, lower than the 63.70 it was trading around on Wednesday, having gained roughly 6 percent so far in 2017.On Wednesday, the Reserve Bank of India (RBI) cut its policy rate by 25 basis points to 6.0 percent as expected, the lowest since November 2010, on concerns over softening inflation. The poll was taken before the rate decision.The RBI also cut the reverse repo rate by 25 basis points to 5.75 percent.India is set to reclaim its position as the fastest growing major economy, with GDP expected to grow an annual 7.3 percent in the current fiscal year, benefiting from a new goods and services tax policy.But in the near-term the impact of the new tax is expected to be negative for the economy and a lack of clarity among producers hurt the country''s factory activity in July, which shrank at its fastest rate in more than nine years."Within the emerging market space, currencies with strong fundamentals could continue to gain despite stretched valuations – INR falls in this category," said Tushar Arora, senior economist at HDFC Bank.Additional reporting by Kanishka Singh; Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/forex-poll-asia-idINKBN1AJ1W8'|'2017-08-03T13:25:00.000+03:00'
'273afcf542bb0b2d9b546f34f804facb93e1afee'|'Israeli chipmaker TowerJazz Q2 profit rises, meets estimates'|'JERUSALEM, Aug 3 (Reuters) - Israeli chipmaker TowerJazz on Thursday reported higher quarterly net profit that met estimates, and forecast record revenue for the third quarter.TowerJazz, which makes chips for smartphones, battery chargers, AC/DC adapters and image sensors, said on Thursday it earned 49 cents per diluted share in the second quarter, up from 40 cents a year earlier. Revenue rose 13 percent to a record $345 million.The company was forecast to earn 49 cents a share on revenue of $345 million, according to Thomson Reuters I/B/E/S.It projects third-quarter revenue of $355 million, plus or minus 5 percent, for a 9 percent annual gain. (Reporting by Ari Rabinovitch and Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/towerjazz-results-idINL5N1KP2GK'|'2017-08-03T06:29:00.000+03:00'
'1160930973386ae4eef43658666c8ba29099e163'|'UPDATE 2-Copec''s Eldorado bid faces three rival offers, sources say'|'SAO PAULO (Reuters) - Chilean pulpmaker Empresas Copec SA''s bid to buy rival Eldorado Brasil Celulose SA, which collapsed early on Friday because of price disagreements, faces three competing offers, two people with direct knowledge of the situation said.Following Thursday''s end of exclusive talks with Copec unit Arauco, Eldorado parent J&F Investimentos SA has opened a new bidding process for the company, said the sources. Proposals by Indonesia''s Asia Pacific Resources International Holdings Ltd, Brazil''s Fibria SA and an unidentified Asian firm have been submitted, they added.Fibria, the world''s No. 1 eucalyptus pulp producer, sees potentially significant cost savings from an acquisition but could face tough antitrust scrutiny in Brazil, one of the people said. Copec''s Arauco would have to join a new competitive bidding to buy the Eldorado, the other source added.The sources requested anonymity to discuss the matter freely.Reuters reported earlier on Friday that talks between Copec''s Arauco and Eldorado collapsed because the two sides failed to agree on a price. Copec failed to cut Eldorado''s price tag, the people said.Eldorado''s enterprise value, which includes cash, market capitalization, debt and minority interests, is slightly above 10 billion reais ($3.2 billion), the sources told Reuters on Friday. Eldorado''s debt hovers around 8 billion reais, and J&F''s lenders are pressing for a sale, the sources said in May.Arauco declined to comment. The other companies did not have an immediate comment.Buying Eldorado could allow either foreign bidder apart from Fibria to expand in Brazil, where lawmakers have discussed easing sales of land to foreign investors. Land in Brazil offers global pulpmakers advantages, such as more-productive soil than Scandinavia and Chile.Shares of Santiago-based Copec posted their highest gain in three months, adding 2.4 percent at 7,980 Chilean pesos. Fibria rose 2.4 percent to 34.58 reais.Brazil''s billionaire Batista family controls 81 percent of Eldorado through J&F, with the two pension funds owning the rest. J&F controls the Batistas'' stake in meatpacking giant JBS SA and companies in the home cleaning, banking and energy industries.Eldorado is among the flagship assets J&F put up for sale after agreeing to pay a record-setting 10.3 billion-real fine for the Batista family''s role in corruption scandals that have hurt President Michel Temer''s administration.Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Additional reporting by Antonio de la Jara in Santiago; Editing by Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-eldorado-brasil-m-a-empresas-copec-idUSKBN1AK2EN'|'2017-08-04T23:58:00.000+03:00'
'6aa2af07a78bd01be6bca0d7a557e61d72c47c82'|'Brazil police arrest ex-Rio infrastructure head in Olympics graft probe'|'RIO DE JANEIRO, Aug 3 (Reuters) - Brazilian federal police on Thursday opened a new front in their investigation into alleged corruption involving Olympic projects, arresting Rio de Janeiro''s former head of infrastructure on suspicions he took bribes.Police and federal prosecutors said in statements that 35.5 million reais ($11.4 million) in bribes were paid by companies that built a bus rapid transit system linking Rio''s main airport to Olympic areas, as well as works to clean sewage-infested waters near the Olympic village, which remain badly polluted.Federal prosecutors said a consortium led by construction firms OAS SA and Carioca Engenharia paid bribes to officials at the federal Cities Ministry so they would free up funding to city officials for the projects. They also allegedly paid bribes to city officials once the firms were paid for their work.Police arrested Alexandre Pinto, head of infrastructure in the government of former Mayor Eduadro Paes, who oversaw much of Rio''s Olympic efforts.Brazil''s Supreme Court opened an investigation in April into Paes, accused in plea bargain testimony of taking at least 15 million reais in bribes related to Olympic contracts. He denies any wrongdoing.Paes said in a statement on Thursday that it would be "a great disappointment" if the accusations against Pinto and about the overall scheme were found to be true. The former mayor underscored that Pinto was not a political appointee, but a career bureaucrat.Pinto could not immediately be reached for comment. It was not clear who was providing legal counsel for him.Thursday''s accusations were not the first to be made in connection with Brazil''s hosting of the world''s two largest sporting events - the 2014 World Cup and the 2016 Games.In April, federal investigators alleged that contracts to build or refurbish at least six soccer stadiums, including Rio''s famed Maracana, were alleged to have been won by firms paying bribes to officials.In March, investigators made arrests in connection to alleged bribes paid in connection to the extension of Rio''s subway line to the main Olympic area.Investigators in France are probing whether money was doled out to members of the International Olympic Committee to vote in 2009 for Rio to win the right to host the Games. (Reporting by Pedro Fonseca; Writing by Brad Brooks; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-olympics-idINL5N1KP7QY'|'2017-08-03T16:55:00.000+03:00'
'938eadfa78b9e11dedcdf5c4f4ef1e1f44991271'|'Pirelli to offer 30-40 percent stake in IPO - sources'|' 00 AM / in 41 minutes Pirelli to offer 30-40 percent stake in IPO - sources Elisa Anzolin 3 Min Read A Pirelli''s tyre is pictured at the headquater in Milan, March 26, 2015. Italian tyre maker Pirelli has a strong future with owner-to-be China National Chemical Corp and is not talking to others about a possible counterbid, CEO Marco Tronchetti Provera told Reuters in an interview on Thursday. Picture taken on March 26, 2015. Giorgio Perottino - RTR4V4J9 MILAN (Reuters) - Pirelli is set to place 30 to 40 percent of its shares in an initial public offering expected to be wrapped up in early October, two sources close to the matter said, as the Italian tyre maker readies a return to the bourse under new ownership. The world''s fifth largest tyre maker was delisted from the Milan stock market in 2015, where its shares had traded since 1922, following a mandatory offer launched by an investment vehicle controlled by China National Chemical Corp (ChemChina). Pirelli is expected to make a file its listing request with market regulator Consob these days, one of the sources said. "The idea is to conclude the IPO either in late September or early October, it''s a pretty tight schedule," the source said, adding that the final timing will depend on Pirelli securing all the necessary regulatory approvals. Pirelli is eyeing a listing start on Oct. 4, the person added, confirming a date cited in Italian media. Pirelli declined to comment. The company has previously said it planned to list in the fourth quarter of this year. The tyre maker said in April ChemChina was willing to reduce its stake to below 50 percent "for the greater success of the IPO". State-owned ChemChina holds a 65 percent stake in Marco Polo International Italy, the sole shareholder in Pirelli. Camfin, an Italian holding company whose investors include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ), has 22.4 percent and an investment fund linked to Russia''s Rosneft ( ROSN.MM ) owns the rest. As part of the ChemChina deal, Pirelli''s less profitable truck and industrial tyre business was folded into the Chinese group''s listed unit Aeolus ( 600469.SS ), leaving the Italian company to focus on the operations that supply tyres for cars, light trucks and motorbikes. In that business, Pirelli has been focussing in recent years on more upmarket tyres for brands such as Mercedes, Audi, and BMW -- luxury carmakers which have weathered the latest downturn in the industry better than their mainstream rivals. For the first quarter of this year, which marked the launch of Milan-based Pirelli as a pure consumer tyre player, the company reported revenues of 1.34 billion euros and earnings before interest, taxes, depreciation and amortisation (EBITDA) of 270.3 million euros. The premium business accounted for 67.8 percent of overall sales. Reporting by Elisa Anzolin, writing by Agnieszka Flak, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pirelli-ipo-idUKKBN1AJ191'|'2017-08-03T13:01:00.000+03:00'
'b51454173b8386b66c90a080e5d3c75d29f7f776'|'Western firms are coining it along China’s One Belt, One Road'|'“MUTUAL benefit, joint responsibility and shared destiny,” sings a choir of enthusiastic schoolgirls in a music video called “The Belt and Road, Sing Along” from Xinhua, a news service run by the Chinese government, that mixes shots of cranes and shipping containers with people enjoying foreign landmarks. Western firms are scarcely less optimistic. Launched by China in 2013, the One Belt, One Road policy, known as OBOR, has two parts. There is a land-based “belt” from China to Europe, evoking old Silk Road trade paths, then a “road” referring to ancient maritime routes.OBOR will span 65 countries (see map), and China has so far invested over $900bn in projects ranging from highways in Pakistan to railway lines in Thailand. Western multinationals, spotting a bonanza, are selling billions of dollars of equipment, technology and services to Chinese firms building along it. 2 hours ago Dinosaurs 2 hours ago Sam 3 4 hours ago A tale of two markets Buttonwood’s notebook 6 8 hours ago See all updates America’s General Electric (GE) made sales of $2.3bn in equipment orders from OBOR projects in 2016, almost three times the total for the previous year. John Rice, the firm’s vice-chair, expects the firm to enjoy double-digit growth in revenues along OBOR in coming years. Other firms, such as Caterpillar, Honeywell, and ABB, global engineering giants, DHL, a logistics company, Linde and BASF, two industrial gas and chemicals manufacturers, and Maersk Group, a shipping firm, rattle off lists of OBOR projects. Deutsche Bank has structured eight trade deals around it and has an agreement with the China Development Bank, one of China’s policy lenders, to fund several OBOR schemes.All the activity has confounded early sceptics. They noted that in the past 15 years as China industrialised, the country’s companies ran construction projects over an expanse approximately equivalent to the built area of all western Europe with very little help from foreign firms.Yet OBOR has highlighted that Chinese groups have little experience abroad, and that their Western counterparts offer a technological edge and thorough knowledge of local conditions across the OBOR region, from Tajikistan to Thailand. Partnering with Western multinationals also gives Chinese companies credibility, particularly with financial institutions. One Western executive admits that Chinese companies make liberal use of his firm’s name in OBOR project presentations to raise finance even though it is only marginally involved.Below the beltSome executives worry that OBOR may have its downsides in the longer term. China wants to open up new markets for Chinese firms in sectors that are currently dominated by Western companies, across industries ranging from engineering and telecoms to shipping and e-commerce. Western firms are profiting handsomely from OBOR itself, but Chinese ones even more so. A database of open-source information collated by the Reconnecting Asia Project, run by the Centre for Strategic and International Studies, a think-tank in Washington, DC, shows that 86% of OBOR projects have Chinese contractors, 27% have local ones and only 18% have contractors of foreign origin.Chinese firms are moving beyond contract work to become operators of projects and investors too. Their Western competitors may win lots of business in the OBOR countries only for as long as their technological advantage lasts. That lead in turn will be eroded as Western companies work with Chinese partners on OBOR. In 2016 alone, ABB did business with more than 400 Chinese enterprises, helping them adjust for huge differences in construction and engineering standards across countries. Such firms will learn and advance in the process.Yet for now, Western companies are focused on the opportunities. Jean-Pascal Tricoire, the Hong Kong-based chief executive of Schneider Electric, a French energy-services firm, says that for his company OBOR is one of the most important plans of the early part of this century. Honeywell has recently formed a team called “East to Rest” that manages sales and marketing to mainland firms that are expanding abroad. As a goateed singer in Xinhua’s music video promises Chinese viewers, “when Belt and Road reaches Europe, Europe’s red wine is delivered to the doorstep half a month earlier”. For years to come, OBOR looks likely to be the toast of Western boardrooms, too. "Where the twain shall meet"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725810-general-electric-got-23bn-orders-infrastructure-project-last-year-western-firms?fsrc=rss%7Cbus'|'2017-08-03T22:49:00.000+03:00'
'4669940dabf41b179402853736858bad5a7b030e'|'With a bit of love, Japan''s Subaru soars in U.S. while rivals falter'|'August 3, 2017 / 10:59 AM / in 3 hours With a bit of love, Japan''s Subaru soars in U.S. while rivals falter Naomi Tajitsu 4 Min Read FILE PHOTO: A Subaru insignia is seen on a car In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo TOKYO (Reuters) - As many automakers struggle with slowing demand in the U.S. car market, one of Japan''s smaller automakers has managed to buck the trend by sticking to an unconventional marketing strategy, along with a little "love". Subaru Corp, Japan''s No. 6 automaker by global sales volume, posted on Thursday a 17.5 percent rise in its quarterly operating profit to 119.3 billion yen ($1.08 billion), buoyed by higher sales in the United States, its biggest market. With worldwide sales roughly one-tenth that of compatriot Toyota Motor Corp''s, Subaru reported a 12.3 percent jump in U.S. sales for the quarter, even as many of its rivals have been hit by both an overall slowdown in the U.S. market from record levels last year and a growing preference for bigger vehicle models, versus the sedan. Subaru''s sales gains contrasted with the 5.7 percent drop in North American sales at Japan''s No.3 automaker Honda Motor and a 6.0 percent fall at Mazda Motor Corp. Like most Japanese automakers, Subaru sells more sedans than trucks and SUVs in the United States, but even as sales have dwindled for smaller models, its outperformance in the world''s No. 2 auto market after China was driven largely by strong demand for the recently revamped version of its Impreza sedan. The new model is more fuel efficient than its predecessor and carries more advanced safety features. But with it and its other models like the Outback and the Forester, Subaru has departed from selling cars as high-performance machines, marketing them instead as lifestyle products. Its marketing strategy in the United States, which accounts for around 60 percent of its global sales volume, for years has focused mainly on affluent and liberal-minded consumers, with advertisements featuring slogans such as love and inclusion which have won over consumers living largely on the west and east coasts. "We use ''love'' as a keyword in our marketing. In the past we focused on selling cars based on their performance, but for years we''ve been promoting our cars as something which will make our customers'' lives more fulfilling," CFO Toshiaki Okada told reporters at a results briefing. This strategy has worked for the tiny automaker - monthly sales in the United States have climbed on a year-on-year basis for 68 straight months. Suzuki Soars Along with a boost in U.S. production capacity last year, Okada said this strategy would "help our numbers going forward", while cautioning that U.S. selling incentives would increase this year as competition remains fierce. Subaru produces just over 1 million vehicles annually at its plants in Japan and the United States, compared with Toyota''s roughly 10 million at plants across all major continents. Toyota is expected to announce a 16 percent drop in its quarterly operating profit, according to analysts surveyed by Thomson Reuters I/B/E/S, while Nissan last week posted an almost 13 percent slide in profit, dragged by rising incentives to sell its cars in the United States. Meanwhile, Suzuki Motor Corp, which does not sell cars in the United States, posted on Thursday a 44 percent jump in its first-quarter operating profit, boosted by a 14.3 percent rise in vehicles sales in its biggest market, India. ($1 = 110.7200 yen) Reporting by Naomi Tajitsu; Editing by Himani Sarkar and Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/subaru-results-idINKBN1AJ1H0'|'2017-08-03T08:59:00.000+03:00'
'1c256b631de543660f23af8a4821209ad9b5c021'|'TREASURIES-Yields fall on dovish Bank of England, soft data'|'(Adds Friday''s data, updates prices) * U.S. yields fall with tumbling U.K. bond yields * ISM non-manufacturing index weakens * Treasury yield curve flattest in a week By Karen Brettell NEW YORK, Aug 3 (Reuters) - U.S. Treasury yields fell to more than one-week lows on Thursday after the Bank of England kept interest rates at a record low and downgraded its economic and inflation forecasts, raising concerns about global economic growth. Investors had begun to price in the chance that the BoE might raise interest rates this month for the first time in a decade. Thursday’s decision sent yields on 10-year UK government debt tumbling to their lowest since June 28. “It’s pretty dovish testimony. They are again walking back policy,” said Tom di Galoma, a managing director at Seaport Global Holdings in New York. Weak U.S. non-manufacturing data also boosted bonds. The Institute for Supply Management (ISM) said its non-manufacturing index fell to a reading of 53.9 last month from 57.4 in June. A reading above 50 indicates an expansion in the services sector, which accounts for more than two-thirds of the U.S. economy. Benchmark U.S. 10-year notes gained 7/32 in price to yield 2.24 percent, down from 2.26 percent late on Wednesday. Friday''s employment report for July is this week''s main economic focus. Employers are expected to have added 183,000 jobs in the month, according to the median estimate of 92 economists polled by Reuters. The Treasury yield curve also continued to flatten, a day after the U.S. Treasury Department said it was still considering an ultra long bond but did not announce a new issue. The Treasury gave no timing for when it may make a decision on the bond. It also said it has begun to consider how it will increase debt issuance to make up for a future decline in U.S. Federal Reserve bond purchases. The yield curve between five-year notes and 30-year bonds flattened to 101 basis points, the lowest since July 25. Large block trades in bond futures contracts may have helped boost the long-dated debt. A block of 7,453 contracts was purchased on Treasury bond futures at 7:37 am EDT on Thursday, after a block of 7,483 contracts was bought at 8:52 am EDT on Wednesday, according to data by the CME Group. (Editing by Bernadette Baum and Steve Orlofsky) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1KP1FQ'|'2017-08-03T17:00:00.000+03:00'
'1ab53c3774f4fe749281c19da438e278fb5b4fa8'|'Breakthrough in leasehold scandal, plus cash grabs by Student Loans Company - Money'|'Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed.Money news Breakthrough in leasehold scandal as Countryside buys back freeholds Pensioners living in golden era as income rise outstrips workers’ Average UK broadband speed slower than most of Europe, report finds Minority ethnic families earning up to £8,900 less than white Britons ‘Political uncertainty’ blamed for slowdown in UK property market Feature Goodbye to buy-to-let: why I’m moving on after 13 years as a landlady Facebook Twitter Pinterest Vanessa Lafaye outside her Oxford flat: ‘It feels like the right time to get out.’ Photograph: Martin Godwin for the Guardian In pictures Medieval homes for sale Facebook Twitter Pinterest The core of Longley Old Hall in Huddersfield, once owned by the lords of the manor of Almondsbury, is late 14th century. Photograph: Fine & Country In the spotlight Complaints continue to grow about the Student Loans Company from those who have paid off their debt. Miles Brignall reports Facebook Twitter Pinterest Graduates who have paid off their student loans say they are continuing to have as much as £300 a month taken from their pay packets by the Student Loans Company. Photograph: Russell Boyce/Reuters Consumer champions Virgin refuses to refund credit on dead friend’s mobile phone Rentalcars.com drives me to the brink with US car hire surcharge Henry vacuum is under warranty but the pipes are no longer covered Fitbit is giving me the runaround after their device burned my wrist Money deals Get peace of mind for your summer break with great value holiday cover from Guardian travel insurance, provided by Voyager .The Guardian money transfer service , provided by Moneycorp, could help you save on sending money overseas with expert guidance, great exchange rates and free online transfers. To get Money Talks delivered to your inbox sign up here Topics Money Money Talks Leasehold Pensions Consumer affairs Consumer rights Buying to let'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/10/breakthrough-leasehold-scandal-cash-grabs-student-loans-company'|'2017-08-10T22:15:00.000+03:00'
'ebeaaf60bd8b5469bd97f5c8e57b6a999d5ad36f'|'U.S. Defense Secretary Mattis begins tech outreach with Amazon visit'|'August 10, 2017 / 7:58 PM / an hour ago Defense Secretary Mattis begins tech outreach with Amazon visit Dustin Volz 1 Min Read FILE PHOTO: U.S. Secretary of Defense James Mattis arrives to attend a NATO defence ministers meeting at the Alliance headquarters in Brussels, Belgium, June 29, 2017. Virginia Mayo/Pool MOUNTAIN VIEW, Calif. (Reuters) - U.S. Defense Secretary Jim Mattis kicked off his first official visit to the U.S. technology industry on Thursday with a tour of Amazon''s headquarters in Seattle, the first stop on a two-day outreach campaign intended to highlight the Pentagon''s commitment to tech innovation. Mattis was scheduled to visit Mountain View, California, later in the day to tour the Pentagon''s Defense Innovation Experimental Unit, or DIUx, a Silicon Valley outpost set up in 2015 by his predecessor, Ash Carter. He was also expected to visit Alphabet''s Google headquarters in Palo Alto on Friday. "A pleasure to host #SecDef James Mattis at Amazon HQ in Seattle today," Amazon Chief Executive Jeff Bezos wrote on Twitter. The visit comes as the Trump administration has sparred with the technology industry on a host of issues, including immigration, privacy and net neutrality. Reporting by Dustin Volz; Editing by Leslie Adler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-cyber-mattis-idUSKBN1AQ2EB'|'2017-08-10T22:43:00.000+03:00'
'e8e7fb76ab9e070fe0b4cd76d9a44a49411b7678'|'CEE MARKETS-Dinar retests 22-month highs, Serbian central bank meets'|'* Dinar near 22-month high, helped by euro remittances from abroad * Serbia seen keeping region''s highest interest rates on hold * Stocks mostly outperforms Western peers (Adds Serbian central bank decision) By Sandor Peto BUDAPEST, Aug 10 (Reuters) - Serbia''s dinar tested 22-month highs against the euro on Thursday, outperforming other Central European currencies as the Serbian central bank left its key rate left on hold at 4 percent, the highest in the region. The Serbian central bank did not follow the example of its Czech counterpart, which last week became the first in the region to lift interest rates for several years. While Czech inflation is above the central bank''s 2 percent goal, the Serbian central bank''s target range is higher, at 1.5 percentage points on either side of 3 percent. The bank does not need a rate hike to keep inflation within that target, while higher borrowing costs would weigh on economic growth, which at 1.3 percent in annual terms in the second quarter was well behind the regional pace. A rate cut could weaken the dinar and help growth, but the bank has been unwilling to risk going against a trend towards rising global interest rates. It said concerns about uncertain monetary policy developments abroad outweighed slower than expected growth at home. The dinar firmed 0.4 percent against the euro to 119.76 by 1049 GMT, retaining its early gains and staying near the 22-month highs reached a week ago at 119.40. The central bank has repeatedly intervened in the market to keep the dinar in tight ranges, fighting dinar strength in the past several weeks. It has purchased at least 725 million euros and sold 345 million euros in the market so far this year. The dinar has been lifted in relatively illiquid summer trading, with state payments for some infrastructure projects and wholesale payments for agricultural products lifting demand for the currency. Euro remittances from the more than one million Serbs living abroad also pick up in the summer. A Reuters poll of analysts last week predicted the dinar will ease to 123.9 against the euro by the end of July 2018. The poll projected stronger levels for the region''s currencies than earlier forecasts as economic growth powers ahead in the region and its main foreign market, the euro zone. Central European equities mostly softened on Thursday as global sentiment remained sour over political tension between North Korea and the United States. The region''s main stock indices were mixed and mostly outperformed Western European peers. Czech Moneta Money Bank fell 1.1 percent, even though the company reported higher than expected second-quarter earnings and said last week''s central bank interest rate hike would improve its profitability. Gains of Polish Alior Bank, which reported a rise in profits, mitigated the loss in Warsaw''s bluechip equities index. CEE MARKETS SNAPSH AT 1249 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.155 26.171 +0.06 3.26% 0 5 % Hungary 305.30 305.42 +0.04 1.15% forint 00 50 % Polish zloty 4.2725 4.2690 -0.08% 3.08% Romanian leu 4.5735 4.5690 -0.10% -0.84% Croatian 7.4000 7.4015 +0.02 2.10% kuna % Serbian 119.76 120.23 +0.39 3.00% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1029.2 1029.8 -0.06% +11.6 6 7 8% Budapest 36763. 36578. +0.51 +14.8 83 47 % 8% Warsaw 2395.5 2408.1 -0.52% +22.9 9 1 8% Bucharest 8374.2 8395.1 -0.25% +18.2 9 3 0% Ljubljana 804.60 801.90 +0.34 +12.1 % 3% Zagreb 1888.2 1892.3 -0.22% -5.34% 7 4 Belgrade 721.40 719.94 +0.20 +0.56 % % Sofia 728.60 727.06 +0.21 +24.2 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.104 0.078 +078b +7bps ps 5-year 0.113 0 +037b +0bps ps 10-year 0.887 0 +046b +0bps ps Poland 2-year 1.844 0.017 +252b +0bps ps 5-year 2.734 0.024 +299b +2bps ps 10-year 3.406 0.079 +298b +8bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.55 0.64 0.73 0 IBOR=> Hungary <BU 0.21 0.29 0.36 0.15 BOR=> Poland <WI 1.767 1.799 1.847 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KW2UO'|'2017-08-10T07:34:00.000+03:00'
'41752cb6d7900c06280e0c439256c7dcf43dd3c7'|'European shares slip weighed by Swiss Re; RBS up'|'August 4, 2017 / 7:46 AM / 23 minutes ago European shares slip weighed by Swiss Re; RBS up Reuters Staff 2 Min Read The Milan''s stock exchange building in downtown Milan, Italy, October 27, 2015. Alessandro Garofalo MILAN (Reuters) - European shares inched lower in early deals on Friday as investors focussed on a raft of mixed company results with insurance firm Swiss Re hit after missing profit estimates. The pan-European STOXX 600 index fell 0.1 percent, and on track to end the week flat following two straight week of declines. Euro zone blue chips .STOXX50E fell 0.2 percent and Britain''s FTSE was flat. Swiss Re ( SRENH.S ) was the biggest drag to the STOXX, down 3.4 percent, after the world''s second-largest reinsurer said first-half net profit fell 35 percent, missing expectations. But Royal Bank of Scotland ( RBS.L ), which has not made an annual profit since 2007, rose 3.5 percent after the British bank swung to a first-half profit as its recovery continued. Nearly two thirds of the companies listed on the MSCI Europe index have already released results. Of them, 61 percent have either beaten of matched expectations with second-quarter earnings growth expected at more than 22 percent. Reporting by Danilo Masoni, Editing by Vikram Subhedar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AK0PI'|'2017-08-04T10:45:00.000+03:00'
'c1647e66ffc22b24c8be92db8efb23e128512542'|'Uber takes action to fix unsafe cars rented to Singapore drivers'|'August 4, 2017 / 1:49 AM / an hour ago Uber takes action to fix unsafe cars rented to Singapore drivers 2 Min Read The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. Tyrone Siu SINGAPORE (Reuters) - Uber Technologies Inc said on Friday it has taken action to fix defective cars that it had rented to drivers in Singapore and was coordinating with regulators in the city state to resolve any concerns. The Wall Street Journal earlier quoted internal Uber emails and documents showing the ride-hailing firm had rented more than 1,000 defective Vezel sport-utility vehicles, manufactured by Honda Motor Co, to drivers. Honda recalled the model in April 2016 for an electrical component that could overheat and catch fire. Uber managers in Singapore were aware of the recall when they bought the vehicles, the report said. "As soon as we learned of a Honda Vezel from the Lion City Rental fleet catching fire, we took swift action to fix the problem, in close coordination with Singapore''s Land Transport Authority," Uber said in a statement. "But we acknowledge we could have done more—and we have done so," it said, adding it had hired three experts at the rental firm to ensure it fully responded to safety recalls. Singapore''s Land Transport Authority had no immediate comment. The latest incident adds to a growing list of problems affecting the San Francisco-based firm, which has been beset by complaints about its workplace culture, a federal inquiry into software to help drivers avoid police and an intellectual property lawsuit by Waymo, the self driving car unit of Google parent Alphabet Inc. Reporting by Miyoung Kim; Editing by Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-singapore-idUSKBN1AK04B'|'2017-08-04T04:37:00.000+03:00'
'66777dfcd941bc3ef8d8c16a20c93ba90db20edb'|'Allianz forms JV with LV= to create third largest British P&C insurer'|'August 4, 2017 / 7:43 AM / 19 minutes ago Allianz forms JV with LV= to create third largest British P&C insurer Reuters Staff 1 Min Read FILE PHOTO: The logo of Europe''s biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. Jacky Naegelen/File Photo FRANKFURT (Reuters) - German insurance titan Allianz ( ALVG.DE ) said on Friday that it had agreed to create a joint venture and strategic partnership with British insurer LV= [LV.UL] to form the third-largest property and casualty insurance company in the UK. Allianz will pay 500 million pounds ($657.35 million) in exchange for a 49 percent stake in LV=''s General insurance business, a deal that is expected to close in the second half of this year. In a second stage, Allianz will pay 213 million pounds for a further 20.9 percent stage taking place in 2019. Reporting by Tom Sims; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lv-allianz-idUKKBN1AK0P6'|'2017-08-04T10:43:00.000+03:00'
'01820e3a743b9fa29f5cd3de62a9349461e7816b'|'Asia stocks edge higher, dollar languishes ahead of U.S. jobs data'|'The New York Stock Exchange (NYSE) is pictured in New York City, New York, U.S., August 2, 2017. Carlo Allegri LONDON (Reuters) - The dollar, bond yields and U.S. stock futures all rose on Friday, following stronger-than-expected U.S. jobs data which also pointed to wage growth picking up in the world''s biggest economy.It bolstered what was set to be a fourth straight week of gains for world stocks and metals, and helped lift some of the weight that has been on the dollar as a saga over Russian interference in last year''s U.S. election has deepened.The U.S. Labor Department said non-farm payrolls increased by 209,000 jobs last month amid broad gains across industries.June''s employment gain was also revised up to 231,000 from an already strong 222,000, while hourly earnings rose 0.3 percent in July after rising 0.2 percent in June. That was the biggest increase in five months.It sent the dollar index - the dollar measured vs 6 other top world currencies - to a four-day high, pushing the euro back to $1.1829 and the Japanese yen to 110.59 per dollar."At first blush it is pretty strong," said David Joy, Chief Market Strategist at Ameriprise Financial in Boston."The number of jobs created easily exceeded the expectation. Good strength in manufacturing jobs, average hourly earnings met expectations, an uptick from last month, participation rate up a tick."Wall Street stock futures climbed to point to a slightly higher start for Wall Street''s main markets than they had been before the data. [.N]The highlight so far this week has been the Dow Jones Industrial breaking through the 22,000 barrier which has also helped MSCI''s ''All World'' index rise for a fourth week in a row.In bond markets, traders were betting that the upbeat payrolls figures would help cement a scaling back of the Federal Reserve''s $4.5 trillion balance sheet next month, and could raise U.S. interest rates again later in the year.The U.S. 10-year Treasury yield was up 3 basis points at 2.26 percent, dragging bond yields in Europe higher. The U.S. five-year, 30-year treasury yield curve also flattened to below 100 bps, the lowest since July 11.In commodities, oil prices continued to be weighed down by persistent concerns about high crude supplies from both OPEC and the United States.U.S. crude slipped 0.2 percent to $48.93 a barrel, after sliding 1.1 percent overnight, putting it on track for a weekly loss of 1.5 percent. Global benchmark Brent steadied at $51.97, after a 0.7 percent loss the previous day.Gold was nudged lower to $1,262 an ounce after the payrolls figures and now looks set to score a modest weekly fall for the first time in four weeks.Reporting by Marc Jones; Editing by Toby Davis'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/global-markets-idINKBN1AK0HZ'|'2017-08-04T04:22:00.000+03:00'
'aaf9ac3cc6c34e5c988da545edcb6c5a8f15a201'|'Exclusive: China regulators plan to crack down further on overseas deals'|'August 4, 2017 / 2:52 PM / an hour ago Exclusive: China regulators plan to crack down further on overseas deals Kane Wu and Sumeet Chatterjee 6 Min Read FILE PHOTO: A customer (L) stands in front of a counter of Hainan Airlines at an airport in Haikou, Hainan province, China, July 29, 2014. Stringer/File Photo HONG KONG (Reuters) - China plans to further tighten the screws on overseas acquisitions by Chinese companies and borrowing to fund those transactions, and has started closely scrutinising the commercial aspects of the deals, three people familiar with the move said. The National Development and Reform Commission (NDRC), and the Ministry of Commerce (MOFCOM) are now reviewing deal agreements in minute detail, said the people, who work with various regulatory bodies and Chinese companies on their acquisition plans. The two bodies are asking companies looking to buy assets overseas to justify terms, including target valuations, deal premiums and financing arrangements, they said. This was particularly the case with companies not seen by the Chinese government as "strategic," they said. The tightened measures have been issued as informal guidance by Chinese regulators and have not been made official yet, said two of the people. The tightening of regulatory oversight for outbound purchases comes as Beijing is cracking down on some large domestic conglomerates for their debt-fuelled acquisitions abroad of assets ranging from hotels to movie studios. The regulatory measures, if in place for an extended period, could deter some companies from making overseas acquisitions, and could also weigh on outbound deal volumes in China. China''s outbound M&A volumes nearly halved in the first six months of this year to $64.2 billion following a crackdown on capital outflows, after Chinese companies spent a record $221 billion on assets overseas in 2016, according to Thomson Reuters data. On top of tightened scrutiny of deal terms, the country''s foreign exchange and banking regulators are also looking to step up their monitoring of loans made by the overseas branches of Chinese banks, two of the people said. Those two regulators - the State Administration of Foreign Exchange (SAFE) and the China Banking Regulatory Commission (CBRC) - also plan to make it tougher for companies to borrow overseas by pledging some assets in China, the people said. Borrowing funds from foreign banks and overseas branches of Chinese banks by pledging real estate and other assets in the mainland with local banks has been a common practice for some companies looking to fund foreign acquisitions. But some industry officials have questioned the quality of those pledged assets, and whether the lenders would be able to raise money against those in case borrowers defaulted on their repayment obligations. SAFE said in a written reply to questions from Reuters that it would strengthen China''s financial market regulations along with other financial supervisory authorities to ward off overseas investment risks while promoting trade and investment. It said it would guide financial institutions to strengthen their compliance and risk management with regards to foreign loans backed by domestic guarantees. "We will strictly crack down on fake and malicious guarantees, to promote overseas investment in a healthy and orderly way." The foreign exchange regulator also said it would encourage domestic companies with the capability of investing overseas to pursue "authentic and legitimate foreign deals, and encourage domestic banks to exercise prudence when offering financing services." The three people familiar with the decision to scrutinise deals more closely declined to be identified as they were not authorised to discuss regulatory matters in public. Officials at the banking regulator, the commerce ministry, and the NDRC did not immediately respond to faxed requests for comment. IMPORTANT FOCUS China started tightening capital outflows in the second half of last year. In June this year, the regulators ordered a group of lenders to assess exposure to some of China''s more aggressive dealmakers, including HNA, the property-to-film conglomerate Dalian Wanda and Anbang Insurance Group. Beijing''s stepped up deleveraging campaign, as part of efforts to control debt risk to the broader financial system and to maintain economic stability, comes ahead of a key party meeting later this year. While submitting share purchase agreements for overseas deals with the NDRC is a long established practice for Chinese companies, previously the regulator did not pay close attention to pricing and funding details, two of the people said. "The level of inquiry has gone a lot deeper than the past - who you are as a buyer and what you are buying are of important focus," one of them said, referring to the NDRC scrutiny of the deal proposals. Much of these new regulatory measures, however, would not be applicable for overseas acquisitions related to Chinese President Xi Jinping''s signature foreign policy, the Belt and Road initiative, the people said. Last year, China''s acquisitions in the Belt and Road regions, which span vast regions from China to Europe and Africa, totalled about $10 billion, according to a research report by Thomson Reuters and Chinese institutions published last month. SAFE also said it would back domestic companies participation in the initiative. "The regulators want to ensure that capital now would not be that easily available to those deals that are neither strategic for the country nor for the company," said one of the people in Beijing who advises Chinese companies on M&A transactions. "The are looking to plug the regulatory arbitrage that some companies took advantage of." Reporting by Kane Wu and Sumeet Chatterjee. Additional reporting by Shu Zhang in Beijing and Jasper Ng in Hong Kong; Editing by Philip McClellan 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/china-conglomerates-idINKBN1AK1R1'|'2017-08-04T12:52:00.000+03:00'
'82ec1e5184645f4dc3b8a40f80148ff673ef74b8'|'Exclusive: Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role - sources'|'FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. Ali Jarekji/File Photo DUBAI (Reuters) - Goldman Sachs ( GS.N ) has bought a slice of Saudi Aramco''s ( IPO-ARMO.SE ) $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters.It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals.Goldman purchased a portion of the $10 billion revolving credit facility Aramco signed with a number of banks in 2015. Two of the sources said Goldman purchased several million dollars in the secondary market from Australia and New Zealand Banking Group ( ANZ.AX ).The bank was not part of the original list of 27 banks on the credit facility, which included other American, European, Asian and regional banks including Citigroup, JPMorgan, HSBC and Bank of China.Aramco plans to raise $100 billion through the listing of five percent of the company in Saudi Arabia and one or more overseas location.Goldman and ANZ declined to comment, while Aramco did not immediately respond to a request for comment.JPMorgan Chase, Morgan Stanley and HSBC have been hired as international financial advisers for Aramco''s initial public offering, Reuters reported in March.Two of the sources said Goldman was expected to join the trio as a global coordinator and bookrunner for the facility when those positions are finalised.The bank is moving to enlarge its presence in the kingdom. It recently applied to Saudi Arabia''s capital markets regulator for a license to trade equities in the kingdom, Reuters reported in June.The sources said Goldman had been "shopping around" among other banks on the facility to ask if they wanted to exit the loan.One of the sources described the pricing on the facility as "very fine" and difficult for some lenders to make money from, but adding that it was still attractive to those banks looking to build a strong relationship with Aramco.The margin for the dollar loan was 12 and 10 basis points for the five-year and 364-day facilities respectively, according to the 2015 statement on the transaction.It is not the first time that banks have positioned themselves on one deal in Saudi Arabia in the hope of winning a role on a related transaction at a later date. The banks involved in Saudi Arabia''s debut $17.5 billion international bond last year, had a role in the earlier $10 billion syndicated loan.In another sign of Goldman''s growing footprint in Saudi Arabia, it was hired to manage the sale of a stake in Riyadh airport, the first major privatization of an airport in the kingdom, three sources told Reuters last month.Editing by David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-goldman-sachs-aramco-idINKBN1AJ213'|'2017-08-03T12:05:00.000+03:00'
'f9e503f11c47ebeb2a8c8f54ea8f6248cf62f4f3'|'General Motors recalling nearly 800,000 pickup trucks worldwide'|'Edition United States August 4, 2017 / 11:43 PM / 4 hours ago General Motors recalling nearly 800,000 pickup trucks worldwide Reuters Staff 2 Min Read The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. Rebecca Cook WASHINGTON (Reuters) - General Motors Co ( GM.N ) is recalling nearly 800,000 Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks worldwide that could lose power steering, according to documents made public Friday. The largest U.S. automaker said the 2014 model year trucks could suffer a temporary loss of electric power steering, especially during low-speed turning maneuvers, according to documents disclosed Friday by the National Highway Traffic Safety Administration. The recall includes about 690,000 vehicles in the United States, 80,000 in Canada and around 25,000 in other markets. GM dealers will reflash the vehicle''s software to address the defect. GM spokesman Tom Wilkinson did not have any details on whether crashes or injuries are connected to the recall. GM told regulators that before the 2015 model year it made a series of changes to address potential sources of temporary low voltage conditions that disable the power steering. GM has not said when dealers will begin repairing vehicles. Reporting by David Shepardson; Editing by Andrew hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-generalmotors-recall-idUKKBN1AK2J9'|'2017-08-05T02:41:00.000+03:00'
'ab3c700f54877a7dca43dfa2a4e5af547d70f305'|'UPDATE 1-Fires extinguished after CSX train derailment in Pennsylvania - Reuters'|'(Updates with sulfur fires extinguished)By Eric M. JohnsonAug 4 (Reuters) - Firefighters on Friday extinguished a string of sulfur fires that broke out in a small Pennsylvania town after dozens of CSX Corp rail cars careened off the tracks, the company said, but residents remained under evacuation orders.Emergency agencies were awaiting results of air quality tests in the area before determining as early as Saturday when residents of tiny Hyndman, Pennsylvania could be allowed to return home, CSX spokesman Rob Doolittle said in a written statement.He said hazardous substance experts also continued working with firefighters at the scene to contain leaks and minimize environmental damage.There was no word from federal transportation regulators, the company, or Pennsylvania State Police on the cause of the derailment in Hyndman, about 100 miles (160 km) southeast of Pittsburgh.Thirty-two cars came off the rails as the train moved through the town just before 5 a.m. on Wednesday, the company said, and emergency managers said portions of the train plowed into a residential garage and caught fire.CSX initially said one rail car containing liquefied petroleum gas and one car containing molten sulfur leaked and were on fire. As of Friday, CSX said the propane fire had been extinguished, though small sulfur fires continued to burn.The governor''s office said roughly 1,000 people had been ordered to leave the town and there was no timeline, as of early Friday, for when residents might be allowed to return to their homes.A CSX spokeswoman did not immediately respond on Friday to questions about service disruptions on the railway. The company said earlier that a nearly 80-mile stretch between Connellsville, Pennsylvania, and Cumberland, Maryland, would be affected for about a week.The train of five locomotives and 178 rail cars was traveling from Chicago to Selkirk, New York, when it jumped the tracks, CSX said. It said 128 cars carried mixed freight, including construction materials, paper and wood pulp.Crews were working to remove overturned rail cars from the site, the company said on Friday.Investigators with the National Transportation Safety Board and the Federal Railroad Administration were in Hyndman, the agencies said.Wednesday''s accident marked the third derailment for a CSX train since November. The crash happened two days after CSX Corp Chief Executive Officer Hunter Harrison apologized to customers for service disruptions and said some railroad employees were resisting planned cost-cutting measures. (Reporting by Eric M. Johnson in Seattle; Additional reporting by Dan Whitcomb in Los Angeles; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/csx-derailment-idINL1N1KR00G'|'2017-08-04T23:14:00.000+03:00'
'a0a63bef44d5aef1476402d67a302fbeb8e255d1'|'Why I proudly support Nissan workers’ fight to form a union in Mississippi - Bernie Sanders - US news'|'A few months before the historic March on Washington for Jobs and Freedom, Dr Martin Luther King Jr wrote in his Letter from a Birmingham Jail : “We know from painful experience that freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.”This week, thousands of courageous workers at a Nissan plant in Canton, Mississippi, are doing just that . They are voting for the right to join a union, the right to make a living wage and the right to job security and pensions. And they are doing so by connecting workers’ rights with civil rights, as the plant’s workforce is over 80% African American.Bernie Sanders attacks ''greedy'' Nissan for anti-union campaign Read more But Nissan, like other large corporations, is doing everything it can to stop these workers from forming a union. In the lead up to the vote, Nissan management has been deluging employees with anti-union literature and is threatening to close the plant if a majority of its workers vote to establish a union.Supervisors have called workers off assembly lines for one-on-one interrogations. Anti-union videos are being run on a constant loop in employee break rooms. Groups of workers have been called into “roundtable” meetings to hear management disparage the United Auto Workers ( UAW ). Nissan has been saturating local TV and radio with anti-union propaganda. This could go down as one of the most vicious, and illegal, anti-union crusades in decades. Workers should never have to endure this type of threatening campaign or walk through a minefield just to vote for a union. The truth is Nissan is an all-too-familiar story of how greedy corporations divide and conquer working people. The company has brought in large numbers of contract employees and paid them less than they paid full-timers for the same work – an old trick for driving down everyone’s wages. The company is also telling those undecided about the union that their pro-union co-workers would cost them their jobs. They have threatened the local community, saying that if the plant in Canton was unionized, it would move somewhere else.Sadly, these kinds of threats matter a great deal in towns like Canton. Mississippi is the poorest state in the country, with over 30% of children living in poverty. The average weekly wage is just $727, the lowest in the nation. Very few people in the state have a defined benefit pension plan, and one out of five suffer from food insecurity.Large corporations like Nissan like to set up shop in states like Mississippi because they know that when safety nets are frayed, and people hit hard times, they’re more likely to accept low wages and poor working conditions. They know how to exploit human misery and insecurity, and turn them into high profits.Our goal must be to raise wages in Mississippi and all over this country, not engage in a destructive race to the bottomNissan is no stranger to trade unions. It has union representation in 42 out of 45 of its plants throughout the world – from Japan to France, Australia to Britain. But the company does not want unions in the US south, because unions mean higher wages, safer working conditions, decent healthcare and a secure retirement.Corporations like Nissan know that if they stop workers in Mississippi from forming a union, wages will continue to be abysmally low in this state. Further, if workers are unable to form unions and engage in collective bargaining, Americans throughout this country will continue to work for longer hours for lower wages. As Americans, our goal must be to raise wages in Mississippi and all over this country, not engage in a destructive race to the bottom.Nissan is not a poor company. It is not losing money. Last year, it made a record-breaking $6.6bn in profits and it gave its CEO more than $9.5m in total compensation.Those kinds of obscene profits are a direct result of corporations’ decades-long assault on workers and their unions. Forty years ago, more than a quarter of all workers belonged to a union. Today, that number has gone down to just 11%, and in the private sector it is less than 7%. And as corporations and Republican politicians succeed in decimating the right of workers to bargain collectively for better wages and benefits, the American middle class, once the envy of the world, is disappearing while income and wealth inequality is soaring. We have got to turn that around.I proudly support Nissan workers’ fight to form a union. What they are doing takes tremendous courage. If they succeed in forming a union it will not only improve their wages and working conditions, but will benefit workers across the south and all across this country.But regardless of what happens this week, Nissan workers should be very proud. They have exposed the system of racial and economic injustice that corporations like Nissan are perpetrating. We need to build on their courageous efforts, and fight for an economy that works for all of us, not just the top one percent.Topics US unions Bernie Sanders Mississippi Automotive industry Nissan Democrats comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/us-news/2017/aug/03/nissan-workers-union-bernie-sanders'|'2017-08-03T13:00:00.000+03:00'
'793d5aa8ffc9f7d4a718d57c36de85b21ac4a46d'|'Western Digital intends to invest in new chip line along with Toshiba'|'FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo TOKYO (Reuters) - Western Digital Corp on Thursday said it still intends to invest in a new memory chip production line along with Toshiba Corp, despite the Japanese joint venture partner saying that it would go it alone.Toshiba said earlier it would go ahead with the investment to build the Fab 6 equipment line in Yokkaichi without Western Digital as the two failed to reach an agreement about the investment."While we are disappointed by Toshiba''s announcement, the agreements governing the JVs give us the right to participate in investments in Fab 6 equipment along with Toshiba and that is exactly what we intend to do," Western Digital said in a statement.Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Himani Sarkar'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-chip-western-digital-idINKBN1AJ0PK'|'2017-08-03T04:49:00.000+03:00'
'a80ec1564a75ee562001476746f8bf1c0605568c'|'British Airways mixed-fleet cabin crew to strike over public holiday'|'August 3, 2017 / 11:05 AM / 3 hours ago British Airways mixed-fleet cabin crew to strike over public holiday Reuters Staff 1 Min Read Britain Cricket - India v New Zealand - ICC Champions Trophy Warm Up Match - The Oval - 28/5/17 A British Airways plane flies over the Oval Cricket ground Action Images via Reuters / John Sibley Livepic LONDON (Reuters) - British Airways "mixed fleet" cabin crew members are set to strike for another two weeks in August, including over a public holiday, as part of a long-running pay dispute. The Unite union said mixed-fleet staff, who make up around 15 percent of the total BA cabin staff, would strike from August 16 to August 30, and called on the company to help settle the standoff. The action would extend an ongoing strike which started at the beginning of July. Mixed-fleet cabin crew have taken nearly 60 days of industrial action so far this year. In previous strikes BA has vowed to keep disruption to customers to a minimum. Reporting by Kate Holton; Editing by Alistair Smout 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iag-britishairways-strike-idUKKBN1AJ1I0'|'2017-08-03T14:04:00.000+03:00'
'c001df01311c0f8be3633d7abe60d41137dae69e'|'Preview: China to report strong July economic data; trade numbers could fuel friction with U.S.'|'August 3, 2017 / 9:40 AM / in 28 minutes Preview: China to report strong July economic data; trade numbers could fuel friction with U.S. 6 Min Read FILE PHOTO: Workers ride on an motor rickshaw through an aluminium ingots depot in Wuxi, Jiangsu province in this September 26, 2012 file picture. Aly Song/File Photo BEIJING (Reuters) - A flurry of data in coming weeks should show steady growth in China in July, though the potential for increased trade friction with the United States poses a risk to the world''s second-largest economy as it navigates a tighter policy environment. China is expected to report another strong month of exports in July, according to a Reuters poll of analysts, which could play into increasing rhetoric from Washington that China unfairly benefits in the trade relationship. China''s exports are seen rising 10.9 percent year-on-year in July, according to a median estimate from a poll of analysts, which would be down only slightly from June''s robust 11.3 percent growth, while imports are expected to increase 16.6 percent. China''s trade surplus in July was tipped at $46.08 billion, which would be the second highest this year, though it had shrunk to $185 billion in the first half of this year from $257.1 billion in the same period in 2016 as imports picked up. But the surplus with the United States, China''s largest export market, actually rose 6.5 percent in the first half to $117.5 billion, giving grist to U.S. President Donald Trump''s frequent arguments that the trade balance between the two nation hurts the U.S. economy. Indeed, American appetite for Chinese goods appear to have only increased over the years. The surplus with the U.S. accounted for 64 percent of China''s total surplus in the first half, compared to 43 percent in the year-ago period, according to China customs data. u.s.-China Trade Tensions The issue has resurfaced over the past week as a bipartisan chorus has risen urging Trump to stand up to China as he prepares to launch an inquiry into Beijing''s intellectual property and trade practices in coming days. Tensions between Washington and Beijing have escalated in recent months as Trump has pressed China to cut steel production to ease global oversupply and rein in North Korea''s missile program. Trump tweeted on Saturday after the latest North Korea missile test that he was "very disappointed" in China and that Beijing profits from U.S. trade but had done "nothing" for the United States with regards to North Korea, something he would not allow to continue. "We see a bumpy road ahead for the trade relationship between the two countries", said Yang Zhao, Nomura''s chief China economist. "But it is unlikely that the two nations will enter a true trade war." Zhao said that part of the reason for China''s bigger surplus with the U.S. this year is better performance of the world''s no. 1 economy. China is set to publish trade data on Tuesday. China''s economy grew a faster-than-expected 6.9 percent in the first half, with net exports a positive contributor after being a drag on growth for two years. Solid July Despite Financial Crackdown? Any slowdown in China''s exports could present a challenge to the country''s policymakers as a rebound in shipments abroad has helped stabilise economic growth amid a government crackdown on the property market and an overleveraged financial system. The crackdown has seen a broad tightening in financial conditions, with higher borrowing costs seen cooling growth over coming months. But official and private purchasing manager surveys this week pointed to solid activity in the manufacturing sector and slightly slower growth in the services sector. Other key data to be released over the next two weeks are expected to show economic growth remained solid in July, almost on par with June. Growth in fixed asset investment is expected to have been unchanged from June at 8.6 percent, while retail sales growth may have moderated slightly to 10.8 percent from 11.0 percent a month earlier, analysts said. Inflation is expected to have stayed muted last month, with the consumer price index (CPI) forecast to be unchanged from 1.5 percent in June. Producer prices are also seen steady from June''s 5.5 percent rise. Industrial output, which increased by an unexpectedly high 7.6 percent in June, is forecast to ease off slightly to 7.2 percent growth in July. Inflation data will be published on Wednesday and fixed asset investment, retail and industrial output will be published on August 14. As China continues with an effort to reduce financial leverage in its highly indebted economy, money supply growth is expected to have remained at a record low of 9.4 percent in July. Loan data will also be closely watched for signs of whether the economy continued to build up more debt, amid signs that banks have shifted more credit back onto their books in response to the shadow financing clamp-down. Bank lending probably declined to 800 billion yuan in July after lenders extended a greater-than-expected 1.54 trillion yuan ($229.04 billion) in loans in June. That would be the lowest amount since November as regulators call on banks to take a cautious approach to credit amid fast-rising mortgage lending. Analysts also expect China''s foreign currency reserves, the largest in the world, to have increased slightly to $3.069 trillion in July from $3.057 trillion last month. China is set to publish foreign reserves data on Monday, while money supply and bank lending is expected anytime from August 10-15. ($1 = 6.7238 Chinese yuan renminbi) Reporting by Elias Glenn and Shaloo Shrivastava; Additional reporting by Stella Qiu; Editing by Shri Navaratnam 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-economy-data-idINKBN1AJ16C'|'2017-08-03T07:40:00.000+03:00'
'8a2062f3f564fbe9c6c1260b5c73eb51e926b19c'|'FTSE slips as homebuilders crumble; RBS shines'|'August 4, 2017 / 9:16 AM / 14 minutes ago FTSE marks best week in 2017 as dollar earners, financials shine Kit Rees 4 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain, August 25, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - The UK''s top share index enjoyed its best week so far in 2017 as gains among big defensive overseas earners on Friday outweighed falls for housebuilding stocks. Britain''s blue chip FTSE 100 .FTSE index ended the session up 0.5 percent at 7,511.71 points after a shaky start to the trading session, while mid caps .FTMC gained 0.3 percent. A fall in sterling and strength in the dollar following a robust U.S. jobs report boosted shares in overseas earners, with a rise in stocks such as British American Tobacco ( BATS.L ) and Diageo ( DGE.L ) helping lift the index into positive territory. Energy firms and financials also underpinned the rally, with robust first half results from lender Royal Bank of Scotland ( RBS.L ) sending its shares 2 percent higher, with peers HSBC ( HSBA.L ), Barclays ( BARC.L ) and Lloyds ( LLOY.L ) also rising. RBS'' shares rose on signs that its recovery was gathering speed, after its first-half profit beat expectations. "Bulls will like the strong capital and revenue beat," analysts at Jefferies said in a note. Merlin Entertainments ( MERL.L ) was the biggest riser, up 5.7 percent after saying that it still expected to deliver full year profit in line with current expectations. Gains, however, were slightly dampened by sizeable falls among housebuilding stocks, with shares in Barratt Developments ( BDEV.L ), Persimmon ( PSN.L ) and Taylor Wimpey ( TW.L ) all sliding between 3.7 to 4.7 percent. Housebuilders'' shares fell following a report that the UK government was reviewing Help-to-Buy, a scheme aimed at helping first-time buyers onto the property ladder. Some analysts, however, were not too concerned. "We believe the violent share price falls were an over reaction to speculation," analysts at Jefferies said in a note. "A housebuilder is always a willing seller, their business is to sell homes, for them selling a home is not a lifestyle choice. Yes Help to Buy helps, but ... we believe that two-thirds of Help to Buy sales would have been completed without Help to Buy," Jefferies analysts added. Half year results weighed on education publisher Pearson ( PSON.L ), whose shares fell 2 percent after cutting its dividend and saying that it would slash another 3,000 jobs. Pearson has struggled with a slowdown in its key North American market as well as the rise of digital, and its shares have dropped more than 20 percent so far this year. Dividend disappointment also weighed on shares in Hargreaves Lansdown ( HRGV.L ), which dropped 2.6 percent after the fund platform cancelled its special dividend for the year. Editing by Matthew Mpoke Bigg and Toby Davis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AK0WP'|'2017-08-04T12:17:00.000+03:00'
'107ee49ed812181565405e5ea5937c0c3355edac'|'Hansa Medical drug allows kidney transplantation in tough cases'|'LONDON, Aug 2 (Reuters) - An experimental drug from Sweden''s Hansa Medical has allowed doctors to perform successful kidney transplants in 24 out of 25 patients with a particularly high risk of organ rejection, researchers said on Wednesday.A donated kidney is the best treatment option for people with end-stage renal disease but some 30 percent of those on transplant lists have antibodies making them highly sensitive to donor organs, even with standard immunosuppressant drugs.Hansa''s drug candidate IdeS - a bacterial enzyme that depletes such problem antibodies - offers a novel way to desensitise these patients so they can receive a new kidney that their bodies would otherwise reject.There are currently no approved drugs for desensitisation, making IdeS a potentially important new medicine for Hansa, which specialises in enzyme-based drugs for transplantation and acute autoimmune diseases.Writing in the New England Journal of Medicine, researchers reported on the cases of 11 patients in Sweden and 14 in the United States who received IdeS before transplantation.The new kidneys worked in all but one of the patients, although the scientists said their results "should be interpreted cautiously" given the small numbers involved. (Reporting by Ben Hirschler; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hansa-medical-kidney-idUSL5N1KN5WK'|'2017-08-03T00:00:00.000+03:00'
'97d357fa5fc45cd45ed5e4f1817bbb9a6f0e74ad'|'CPPIB takes 8 pct stake in talent management co WME/IMG'|'Aug 2 (Reuters) - Canada Pension Plan Investment Board (CPPIB), Canada''s largest pension fund manager, said on Wednesday it would invest about $400 million for an 8 percent stake in talent management agency WME/IMG.The agency operates hundreds of events, including the Miami Open tennis tournament and New York Fashion Week. (Reporting by John Benny in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cppib-stake-idINL4N1KO5KM'|'2017-08-02T18:07:00.000+03:00'
'32309133d04d5718f27bc2ae77dad10fa5d2eda6'|'Australia antitrust regulator raises flags on BP Woolworths petrol buyout'|'FILE PHOTO - Customers leave a Woolworths supermarket in central Sydney February 25, 2011. Daniel Munoz/File Photo (Reuters) - Australia''s antitrust regulator said on Thursday it was concerned BP Plc''s ( BP.L ) plan to buy the petrol stations of grocery giant Woolworths Ltd ( WOW.AX ) would hurt competition, a sign it may block the A$1.8 billion ($1.4 billion) deal.The Australian Competition and Consumer Commission (ACCC) said the buyout would cut the number of major rivals selling petrol, reducing the incentive to keep retail prices low."As a result, motorists may end up paying more at the pump," ACCC Chairman Rod Sims said in a statement.Woolworths and London-based BP announced the deal in December 2016, a major component of the Australian retailer''s effort to cut non-core businesses and concentrate on a supermarket price war with rival Coles, owned by Wesfarmers ( WES.AX ).Woolworths issued a statement noting the regulator''s concerns and said it would "continue to work with BP and the ACCC to progress the merger clearance process".The ACCC said Woolworths appears to influence fuel prices in large Australian cities, either by leading price cuts or quickly following competitors'' price cuts, and "we are concerned that BP would not follow Woolworths''s pricing strategy".The regulator said it will publish a draft decision later this month, with a final decision scheduled for Oct. 26.Reporting by Ambar Warrick in Bengaluru; Edited by Byron Kaye and Richard Pullin'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-woolworths-bp-sale-idUSKBN1AQ00B'|'2017-08-10T08:10:00.000+03:00'
'5917a34a7458eee2c02f791e6a73594a4d419169'|'GAIL India first-quarter profit falls, beats estimates'|'August 10, 2017 / 12:14 PM / 8 hours ago GAIL India first-quarter profit falls, beats estimates 1 Min Read (Reuters) - State-run gas utility GAIL (India) Ltd posted a 23 percent fall in first-quarter profit on Thursday, but beat analysts'' expectations. Profit came in at 10.26 billion rupees ($160.06 million) for the three months ended June 30, compared with 13.35 billion rupees a year earlier, the company said. bit.ly/2vItgDg Analysts on average had expected GAIL to post a quarterly profit of 10.18 billion rupees, according to Thomson Reuters data. Revenue from the company''s natural gas transmission services business rose 10 percent to 11.34 billion rupees in the quarter. ($1 = 64.1000 Indian rupees) Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sunil Nair and Vyas Mohan 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/gail-india-results-idINKBN1AQ1FV'|'2017-08-10T10:14:00.000+03:00'
'f28f5a0e3983b759708adff62654d570c04d3033'|'Elliott discloses NXP stake, Qualcomm''s $38 billion bid in its radar'|'August 4, 2017 / 4:08 PM / 36 minutes ago Elliott discloses NXP stake, to push for higher price in Qualcomm deal Liana B. Baker and Anya George Tharakan 3 Min Read A display on automotive technology is shown in the NXP Semiconductors booth during the 2017 CES in Las Vegas, Nevada January 6, 2017. Steve Marcus (Reuters) - Activist investor Elliott Management Corp on Friday disclosed a 6 percent stake in chipmaker NXP Semiconductors NV ( NXPI.O ) and indicated it was pushing for a higher price tag in NXP''s pending sale to Qualcomm Inc ( QCOM.O ) for $38 billion in cash. Elliott''s stake, valued at roughly $2.2 billion to $2.3 billion, makes it NXP''s largest shareholder, and the hedge fund''s biggest activist shareholder campaign involving a semiconductor company to date. The New York-based fund said in a filing that it believed NXP''s shares were "significantly undervalued", and added it may make proposals related to the company''s business, including the Qualcomm deal. ( bit.ly/2u7SzKT ) At least 70 percent to 80 percent of NXP shareholders must agree to tender their shares for the deal with Qualcomm to go through. The tender offer deadline has been pushed out for several months while the deal awaits regulatory approvals. The companies have said the deal is expected to close by the end of the year. NXP shares were trading up 1.7 percent at $112.50, just above Qualcomm''s $110 per share offer for the company, indicating most NXP shareholders expect a better deal. Qualcomm declined to comment. NXP did not immediately respond to a request for comment. "While we believe NXP could be worth $110 or more on a stand-alone basis, some investors believe that Qualcomm should pay up to $130 per share for NXP," Susquehanna Financial Group analysts wrote in a note dated July 7. Qualcomm, which supplies chips to Android smartphone makers, is set to become the leading supplier to the fast-growing automotive chip market following the deal, the largest-ever in the semiconductor industry. Apple Inc ( AAPL.O ) sued Qualcomm earlier this year, accusing it of overcharging for chips, and said it had asked its contract manufacturers to withhold license payments from the company while the dispute played out. The dispute has weighed on Qualcomm''s financials. Reporting by Liana B. Baker in New York and Anya George Tharakan in Bengaluru; editing by Shounak Dasgupta and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-nxp-semicondtrs-elliott-idUSKBN1AK1Y5'|'2017-08-04T19:07:00.000+03:00'
'26316a3f78dc9dc2858902da3a15dc92e169a26c'|'UK consumer spending sees longest decline since 2013 - Visa'|'August 6, 2017 / 11:17 PM / 15 hours ago UK consumer spending sees longest decline since 2013 - Visa Reuters Staff 3 Min Read A shopper carries a bag advertising a sale on Oxford Street in London, Britain December 26, 2015. Neil Hall LONDON (Reuters) - British consumer spending fell for the third month in a row in July in its longest losing streak in over four years, according to data released on Monday, in another sign that the impact of last year''s Brexit vote is rippling through to households. Overall consumer spending, the engine of the British economy, dropped by 0.8 percent in real terms last month compared with July 2016, payments company Visa said. That was quicker than June''s 0.2 percent fall, and following a further drop in May it marks the longest consecutive decline since February 2013, when a still-frail economy was struggling to recover from the financial crisis. "The figure provides further evidence that rising prices and stagnant wage growth are squeezing consumers'' pockets," said Kevin Jenkins, Visa''s managing director for the United Kingdom and Ireland. Last week the Bank of England downgraded its forecast for economic growth this year and next, due partly to slower-than-expected wage rises, and it sees a weaker outlook for household spending than for other sectors of the economy. Visa''s data chimed with other signs that households are under financial pressure - from lacklustre retail sales to falling new car registrations and mortgage approvals. A fall in the value of sterling since the Brexit vote in June last year has stoked inflation at a time when wage growth is slowing, squeezing incomes. Consumer confidence dropped to a one-year low in July, according to market research firm GfK. Spending on transport and communications and on clothing and footwear took the biggest knocks, down by 6.1 percent and 5.2 percent respectively. The fall in sales of clothing - a sector especially reliant on imports - was the second-biggest in five years, after an even larger drop in May. Clothing sales had enjoyed a boost early in July due to better-than-usual summer weather, a survey from the Confederation of British Industry showed, but since then both the weather and the picture from other retail measures has been gloomier. Visa pointed to continued strength in spending on hotels, restaurants and bars, as sterling''s weakness deterred Britons from going abroad. "The sector is likely to have benefited from an early surge in summer staycations, as the weak pound made holidaying at home more attractive," Jenkins said. Reporting by Emma Rumney, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-consumers-idUKKBN1AM0WM'|'2017-08-07T02:17:00.000+03:00'
'641d62208bde984ea1f8a016eed47e2b8d7adb22'|'Vivendi has to say on Monday whether it controls Telecom Italia - report'|'August 5, 2017 / 11:13 AM / 6 hours ago Vivendi must say on Monday whether it controls Telecom Italia: report Reuters Staff 2 Min Read The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. Charles Platiau/File Photo MILAN (Reuters) - French media group Vivendi ( VIV.PA ) will have to declare on Monday whether it controls Telecom Italia ( TLIT.MI ) following a request by Italy''s market watchdog Consob, Il Sole 24 Ore reported. Consob made the request through French counterpart Autorité des marchés financiers (AMF) and Vivendi will have to make public its answer to the AMF, the newspaper said. Vivendi''s influence in Italy''s telecommunications sector has come under increased scrutiny since the company built up a stake of 24 percent in Telecom Italia and took 29 percent of the country''s biggest commercial broadcaster, Mediaset ( MS.MI ). Vivendi, Consob and the AMF all declined to comment on the report. If Vivendi declared it effectively controls Telecom Italia, it would be forced to consolidate the group''s large debt pile into its accounts and would give the Rome government grounds to step in as it is allowed to do for companies of national interest, the newspaper said. Telecom Italia said on Friday its board on July 27 had acknowledged that Vivendi was "directing and coordinating" the phone group. However, the issue of whether Vivendi effectively controls it had not been discussed. Also, Italy''s government is looking into whether Vivendi breached an obligation to notify Rome of its "direction" role at Telecom Italia, a company considered a strategic national asset. In an interview with newspaper La Stampa last Sunday, Consob Chairman Giuseppe Vegas said there could be a transparency issue around top shareholder Vivendi''s management of Telecom Italia. Reporting by Valentina Za in Milan and Gus Trompiz in Paris; editing by Dale Hudson and Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-vivendi-telecom-italia-idUKKBN1AL0AA'|'2017-08-05T14:09:00.000+03:00'
'098694101d2a1fdd2ab0623c2d369d6cdac6d390'|'Lifetime Isa proving popular as young savers rush to snap them up - Money'|'Isas Lifetime Isa proving popular as young savers rush to snap them up Around 28,000 people have taken out Skipton building society’s cash Lisa, while Hargreaves Lansdown has opened 22,000 accounts Lifetime Isas let you save tax-free for either a property or retirement. Photograph: Gareth Fuller/PA Isas Lifetime Isa proving popular as young savers rush to snap them up Around 28,000 people have taken out Skipton building society’s cash Lisa, while Hargreaves Lansdown has opened 22,000 accounts View more sharing options Rupert Jones Saturday 5 August 2017 07.00 BST T hey launched with a whimper rather than a bang, but four months on, Lifetime Isas – or Lisas – seem to be proving popular. This week, Skipton building society revealed that 28,000 people had opened its cash version of the Lisa in just six weeks. And investment firm Hargreaves Lansdown said it had opened more than 22,000. Launched in April , a Lisa lets you save tax-free for either a property or retirement. The crucial difference to standard Isas is that you also get a government bonus equal to 25% of what you save. It will be yours to keep either when you buy a property or reach 60. The maximum amount you can save into a Lisa each year is £4,000, so the government would give you a £1,000 bonus on that amount. You can open the account any time between the age of 18 and 40, and earn a bonus each year until you reach 50. Should you resist Lisa … out to lure you into saving for a property or retirement? Read more Skipton launched its cash Lisa on 6 June and is the only provider with a high street presence. It said the account has been popular with younger savers looking to take advantage of the government’s bonus. More than half (51%) of those who have opened an account are under the age of 30 and looking to boost their savings to turn their dream of becoming a homeowner into a reality, said a spokeswoman. Skipton’s Lisa can be opened online and pays 0.5% interest. The society said a 25-year-old maximising the annual allowance for eight years would have a pot of around £40,776 by the age of 33. However, Hargreaves Lansdown said most people would be saving via this type of account for at least five years, and so should think about opting for a stocks and shares Lisa rather than a cash one to give themselves the best chance of good returns. Other providers of stocks and shares Lisas include The Share Centre and Nutmeg. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/aug/05/lifetime-isa-lisa-young-savers-skipton-hargreaves-lansdown'|'2017-08-05T03:00:00.000+03:00'
'c7abf70d147ebdf526c450f753c233f508d7a12a'|'Bank of England stays on hold, hints again at 2018 rate rise'|'August 3, 2017 / 11:10 AM / 2 hours ago Brexit-wary Bank of England leaves rates on hold, cuts growth forecast William Schomberg and David Milliken 5 Min Read LONDON (Reuters) - The Bank of England kept interest rates at a record low again on Thursday and, seeing Brexit weighing on the economy, cut its forecasts for growth and wages. The gloomier outlook for the next two years further reduced speculation in financial markets that the BoE might be nearing its first rate hike in a decade. Governor Mark Carney nonetheless sought to keep alive the possibility of one next year. He said uncertainty about Brexit -- in particular lower investment by companies -- meant the economy could not grow as fast as before without pushing up inflation. So, just a small improvement in growth could bring forward a rate hike. "The speed limit, if you will, of the economy has slowed," he told reporters. "That ... could have consequences for monetary policy, depending on the evolution of demand." But investors saw no sign that the BoE was in a hurry to raise rates, a stark contrast to the outcome of its last meeting in June when markets thought a hike might be imminent. The pound hit a nine-month low against the euro and fell by more than a cent against the U.S. dollar. Shares rose and British government bond prices jumped. Central banks around the world have struggled to wean their economies off the stimulus of rock-bottom interest rates, largely because of weak wage growth for workers. The BoE faces the extra challenge of Britain''s leaving the European Union, and its uncertain impact on Britain''s economy. The Bank said it now expects the economy to grow by 1.7 percent this year, down from its May forecast of 1.9 percent. It also shaved its growth forecast for next year to 1.6 percent from 1.7 percent, but kept 2019 at 1.8 percent. The BoE''s rate-setters voted 6-2 to keep Bank Rate at 0.25 percent, in line with forecasts in a Reuters poll of economists. That was more clear cut than an unexpectedly close 5-3 vote at the Monetary Policy Committee''s meeting in June. Since then one of the dissenters, Kristin Forbes, has left the central bank. Michael Saunders and Ian McCafferty voted again for a 25 basis point rate rise. But BoE Chief Economist Andy Haldane, who said in June that he was likely to back a rate hike in the second half of this year, stayed with the majority. The Bank said it might raise borrowing costs a bit more than investors expect over the next three years and suggested that a first hike might come within a year. But U.S. bank Citi said the BoE was probably more worried about the risks of a disorderly Brexit than it appeared on Thursday. FILE PHOTO: Mark Carney, Governor of the Bank of England attends the quarterly Inflation Report press conference at the bank in London, Britain February 2, 2017. Kirsty Wigglesworth/Pool/File Photo "Brexit downside risks are larger than the MPC can formally acknowledge, which keeps the bar for a pre-2019 rate hike high, in our view," analysts at the bank said in a note to clients. Citi said a smooth exit from the EU was still the most likely outcome, so the BoE would probably raise rates from late 2019, taking them to 2 percent by the end of 2021. The Bank kept its asset purchase programs unchanged on Thursday. It also said a bank lending scheme would end as on schedule in February 2018. Boe Dilemma The split on the MPC over what to do with interest rates highlights the challenge facing the central bank. On the one hand, Britain avoided a recession after the shock referendum decision in June 2016 to leave the EU, inflation is running above the BoE''s 2 percent target, and unemployment is at a four-decade low. At the same time, data has shown the economy had its slowest growth since 2012 in the first half of this year, inflation unexpectedly eased back in June and wage growth is weak. A series of surveys of Britain''s manufacturing, construction and services sectors published this week suggested the economy remained in a low gear in July. Furthermore, Brexit talks between London and Brussels have made little progress, raising concerns that a messy departure from the bloc in 2019 could hammer the economy. In response to the painfully slow rises this year, the Bank cut its forecasts for wage growth in 2018 and 2019 to 3 and 3.25 percent, down by half a percent for each year. It blamed the downgrade on Britain''s stubbornly weak productivity and in part on the Brexit uncertainty. The BoE lowered by only a fraction its forecasts for inflation which it now saw at just under 2.6 percent in a year''s time after peaking at around 3 percent in October. British inflation in June stood at 2.6 percent and the BoE''s latest forecasts see it remaining above its 2 percent target throughout its three-year forecast period. Helping to offset the squeeze on household spending power, exports were seen growing a bit more strongly than in the BoE''s May forecasts. But investment was likely to be weaker than previously expected in 2018 and 2019. Carney said investment levels in 2020 were set to be 20 percentage points below a BoE forecast before the Brexit vote. For graphic click: tmsnrt.rs/2eSYykb Writing by William Schomberg Editing by Jeremy Gaunt. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-idUKKBN1AJ1I2'|'2017-08-03T14:02:00.000+03:00'
'19cb62863e3299dd921f6ae41271c31ad0023ebf'|'China''s Meituan-Dianping aims to raise up to $5 billion from Tencent, others -source'|'August 3, 2017 / 9:40 AM / 29 minutes ago China''s Meituan-Dianping aims to raise up to $5 billion from Tencent, others -source Julie Zhu 3 Min Read FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. Aly Song/File Photo HONG KONG (Reuters) - Online Chinese services firm Meituan-Dianping, backed by Tencent Holdings ( 0700.HK ), is in talks with prospective investors to raise up to $5 billion, likely valuing the startup at as much as $30 billion, said a person with direct knowledge of the matter. China''s largest on-demand services provider, which is akin to a mix of Yelp and Groupon and does food delivery, is in talks with several global institutional investors to raise $3 billion to $5 billion and obtain a valuation of $25 billion to $30 billion, the person said. About $1 billion of the new funds would come from an additional investment from Tencent, said the person, who declined to be identified as the talks were not public. Meituan-Dianping and Tencent declined to comment. Bloomberg reported earlier on Thursday that Meituan-Dianping is in talks to raise up to $5 billion. The latest fundraising plan comes as the startup looks to invest heavily in offline retail services in a strategy that will pit it directly against China''s top e-commerce firms. Alibaba Group Holding ( BABA.N ) and JD.com Inc ( JD.O ) are already channeling substantial resources into big data, artificial intelligence and logistics to tap new consumers in China''s vast offline retail market - brick-and-mortar stores that still make up over 80 percent of total retail sales in the country. Alibaba invested in Meituan prior to the latter''s 2015 merger with Tencent-backed Dianping, but its stake fell after the deal. It has since invested heavily in a separate group of on-demand service providers, including food delivery platforms Ele.me and Koubei and ticketing service Tao Piao Piao. Meituan-Dianping said in January last year that it had raised over $3.3 billion in funding, led by Tencent and Singapore''s Temasek Holdings, that valued it at more than $18 billion, in one of the biggest fundraising rounds by a startup. It has more than $3 billion remaining from that funding round and has no plans for an initial public offering before completing setting up infrastructure for services including offline retail, Chen Shaohui, its VP of strategy, told Reuters in an interview last week. [nL3N1KH3K8] Meituan-Dianping, which has 200 million monthly active users, opened its first offline concept store last month, where consumers can go and buy grocery items and seafood using the company''s app. It also looks to expand its base of strategic partners and invest in backend technology, small-scale ride-hailing services as well as in the travel ticketing business, Chen said. Reporting by Julie Zhu; Addintional reporting by Kane Wu, Elzio Barreto and Sijia Jiang; Editing by Christopher Cushing and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/meituan-dianping-fundraising-idINKBN1AJ16S'|'2017-08-03T12:39:00.000+03:00'
'17c2a03cf293d26029a3ebca721ceaf264aefdda'|'EU sends charge sheet to Visa over inter-regional fees'|' 09 AM / 15 minutes ago EU sends charge sheet to Visa over inter-regional fees Reuters Staff 2 Min Read FILE PHOTO: A VISA credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. Maxim Zmeyev/Illustration/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 17 JULY FOR ALL IMAGES BRUSSELS (Reuters) - The European Commission said on Thursday it had sent a charge sheet to credit card group Visa ( V.N ) over the fees merchants have to pay when customers from outside the bloc make purchases in the European Union. In 2014, the Commission ended another investigation into the company''s fee structure in 2014 when Visa Europe agreed to capping the transaction fees it charged. The Commission said it was now looking at so called inter-regional interchange fees, those charged to merchants when accepting Visa cards issued outside the European Economic Area (EEA), for example when tourists make purchases in the EU. "Inter-regional fees represent an important part of the total fees within the Visa scheme," the Commission said. The Commission, which has the power to fine Visa up to 10 percent of its global turnover if it is found breaching the bloc''s antitrust rules, said it was waiting for the company''s response before deciding on further action, a Commission spokeswoman told Reuters. Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-competition-visa-idUKKBN1AJ1IL'|'2017-08-03T14:09:00.000+03:00'
'bc3603e8dc67d509b53b9ac8cc9b0c3a3b65fc77'|'ZF says assumes Knorr bid for Haldex will go through'|'FRANKFURT (Reuters) - German automotive supplier ZF Friedrichshafen poured cold water on speculation it could renew its efforts to take over Swedish brake systems maker Haldex if a purchase by Knorr-Bremse fails."At the moment we assume that it will be completed successfully, that we tender our shares and that it will no longer have any relevance to our strategy," ZF Chief Executive Stefan Sommer told journalists during a conference call after ZF reported first-half financial results.Knorr-Bremse trumped ZF''s offer for Haldex nearly a year ago, but its 5.5 billion crown ($679 million) all-cash takeover offer is facing resistance, with Haldex''s management having dropped its support for the bid because of regulatory opposition.ZF holds 17 percent of shares in Haldex.Reporting by Ilona Wissenbach; Writing by Maria Sheahan; Editing by Edward Taylor'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-haldex-ab-m-a-zf-friedrich-idINKBN1AJ13R'|'2017-08-03T07:14:00.000+03:00'
'7b9893fa47cf61831c6375b2e98cfa5c39cb4bc0'|'Insurer AXA says first-half net income rises two percent'|'Edition United States August 3, 2017 / 5:22 AM / in 16 minutes Insurer AXA says first half net income rises 2 percent Reuters Staff 1 Min Read FILE PHOTO: The AXA logo is seen at its headquarters in Melbourne May 31, 2010. Mick Tsikas/File Photo PARIS (Reuters) - AXA, Europe''s second-biggest insurer, reported a 2 percent rise in net profit for the first half of the year, helped by higher asset management and property and casualty earnings, and by lower restructuring costs. Net income rose to 3.27 billion euros ($3.9 billion) in the first half of 2017, while revenues rose 0.5 percent to 54.28 billion euros. "We are very confident in our capacity to reach our targets, according to the Ambition 2020 plan," AXA''s chief financial officer Gerald Harlin told reporters on a conference call. Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-axa-sa-results-idUKKBN1AJ0GW'|'2017-08-03T08:13:00.000+03:00'
'56458a1b2f210c9fb2d7b5c8e1fe4129c9993d40'|'Fraport raises forecast for Antalya airport as Russians return'|'FRANKFURT, Aug 3 (Reuters) - Fraport has raised its forecast for passenger numbers at Turkey''s Antalya airport this year after a rush of Russian tourists at the start of the summer vacation season, the airport operator''s finance chief said."Given the positive trends and very surprising run by the Russians to Antalya in the first six months, we are changing our guidance so that we now see potential of up to 24 million," Matthias Zieschang told analysts during a conference call after Fraport reported second-quarter financial results.Fraport had previously expected passenger volume at Antalya, of which it owns half, to rise to 22 million this year from 19 million in 2016.Tourism, which normally contributes $30 billion to Turkey''s economy annually, was hammered after a series of bombings and after Turkey shot down a Russian warplane over Syria in late 2015, prompting a diplomatic crisis.The two countries have since normalised ties. Foreign visitors to Turkey rose for the first time in two years this April, data showed this week, with almost half of the increase coming from Russia.In the first half of 2017, passenger numbers at Antalya jumped around 29 percent to 9.5 million, according to Fraport, as the return of tourists from Russia helped offset a decline in German passengers.CFO Zieschang affirmed that Fraport hoped to reach break-even at Antalya airport this year. (Reporting by Maria Sheahan and Ilona Wissenbach; Editing by Tom Sims)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fraport-airport-results-turkey-idUSL5N1KP6QI'|'2017-08-03T17:09:00.000+03:00'
'abe40e9fdd8cacfbe9b730a38f5f898b730eb2c6'|'Indonesia, Russia sign MoU to trade palm, coffee for Sukhoi jets'|'August 6, 2017 / 5:08 AM / 11 hours ago Indonesia, Russia sign MoU to trade palm, coffee for Sukhoi jets Reuters Staff 2 Min Read JAKARTA (Reuters) - Indonesian state trading company PT Perusahaan Perdagangan Indonesia and Russian state conglomerate Rostec have signed a preliminary deal to trade Sukhoi SU-35 jets for commodities like palm oil and coffee, the Indonesian trade ministry said. A memorandum of understanding (MoU) was signed in Moscow and further details about the expected deal will be announced in the coming days by the Indonesian trade and defense ministers, Indonesian trade ministry official Imam Pambagyo said on Sunday. "This barter under the supervision of both governments hopefully will soon be realised through the exchange of eleven Sukhoi SU-35s and a number of Indonesian exports, starting from coffee and tea to palm oil and strategic defence products," Trade Minister Enggartiasto Lukita said in a statement released on Friday. There were no details on the value of the deal or the quantity of commodities Indonesia would potentially ship to Russia. Lukita was in Moscow for an Indonesia-Russia business forum. Russia is currently facing a new round of U.S.-imposed trade sanctions, while Indonesia is trying to promote its palm oil products amid threats of a cut in consumption by European Union countries. Lukita said Indonesia is trying to expand its trade and partnerships with Russia as that country is currently under a trade embargo with the United States and the EU. Indonesia, which had a $411 million (315.25 million pounds) trade surplus with Russia in 2016, aims to expand its partnership in tourism, education, energy, technology and aviation among others. Reporting by Agustinus Da Costa and Fransiska Nangoy; Editing by Ed Davies and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-indonesia-russia-palmoil-idUKKBN1AM05K'|'2017-08-06T08:07:00.000+03:00'
'9602f7e81d105cbddbef0a18961d95447c43cd90'|'UK consumer spending sees longest decline since 2013 - Visa'|'August 6, 2017 / 11:33 PM / 6 hours ago UK consumer spending sees longest decline since 2013: Visa Reuters Staff 3 Min Read A shopper carries a bag advertising a sale on Oxford Street in London, Britain December 26, 2015. Neil Hall LONDON (Reuters) - British consumer spending fell for the third month in a row in July in its longest losing streak in over four years, according to data released on Monday, in another sign that the impact of last year''s Brexit vote is rippling through to households. Overall consumer spending, the engine of the British economy, dropped by 0.8 percent in real terms last month compared with July 2016, payments company Visa said. That was quicker than June''s 0.2 percent fall, and following a further drop in May it marks the longest consecutive decline since February 2013, when a still-frail economy was struggling to recover from the financial crisis. "The figure provides further evidence that rising prices and stagnant wage growth are squeezing consumers'' pockets," said Kevin Jenkins, Visa''s managing director for the United Kingdom and Ireland. Last week the Bank of England downgraded its forecast for economic growth this year and next, due partly to slower-than-expected wage rises, and it sees a weaker outlook for household spending than for other sectors of the economy. Visa''s data chimed with other signs that households are under financial pressure - from lackluster retail sales to falling new car registrations and mortgage approvals. A fall in the value of sterling since the Brexit vote in June last year has stoked inflation at a time when wage growth is slowing, squeezing incomes. Consumer confidence dropped to a one-year low in July, according to market research firm GfK. Spending on transport and communications and on clothing and footwear took the biggest knocks, down by 6.1 percent and 5.2 percent respectively. The fall in sales of clothing - a sector especially reliant on imports - was the second-biggest in five years, after an even larger drop in May. Clothing sales had enjoyed a boost early in July due to better-than-usual summer weather, a survey from the Confederation of British Industry showed, but since then both the weather and the picture from other retail measures has been gloomier. Visa pointed to continued strength in spending on hotels, restaurants and bars, as sterling''s weakness deterred Britons from going abroad. "The sector is likely to have benefited from an early surge in summer staycations, as the weak pound made holidaying at home more attractive," Jenkins said. Reporting by Emma Rumney, editing by David Milliken 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-economy-consumers-idUKKBN1AM0WA'|'2017-08-07T02:17:00.000+03:00'
'b6c3e53b3c4fcf7096cdeeb368f33406cf88f402'|'PRESS DIGEST- British Business - Aug 7'|'Aug 7 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesRoyal Dutch Shell Plc is to launch as an electricity supplier in Britain, challenging some of Europe''s biggest utilities. bit.ly/2fk3KhiThe chief executive of Glaxosmithkline Plc, Emma Walmsley, has vowed to develop more blockbuster drugs by bringing greater commercial rigour to its research and development. bit.ly/2fk4nraThe GuardianHead office staff at the Tesco-owned One Stop convenience chain are fighting for a better redundancy package after it emerged employees on Tesco contracts were being offered a more generous payoff. bit.ly/2fk8DH0Sainsbury''s is to cut more than 1,000 jobs at head office as part of a fresh efficiency drive designed to save 500 million pounds ($652.25 million). bit.ly/2fjTC87The TelegraphProperty investor Henderson Park, founded by former Goldman Sachs executive Nick Weber last year, has confirmed the acquisition of two of the UK''s largest hotels in a deal thought to be worth around 500 million pounds. bit.ly/2fjvhzrBoutique hotel operator Firmdale is set to report that it booked record revenue of 125.8 million pounds in 2016 driven largely by rising room rates at its eight London properties. bit.ly/2fknhxZSky NewsArqiva, which is owned by a consortium of Australian and Canadian investors, has appointed Barclays Plc, Goldman Sachs Group Inc, HSBC Holdings Plc and JPMorgan Chase & Co to prepare a London stock market listing that would value the company at up to 6 billion pounds. bit.ly/2fkNQD5An independent study will look at how the UK can meet its climate change targets while also keeping costs down for consumers. bit.ly/2fkxN8x ($1 = 0.7666 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1KS0OA'|'2017-08-06T21:41:00.000+03:00'
'84038ec728d5c2f09a4c00725a2f8a710c3aca8c'|'Dow pole vaults 22,000, but beware the landing'|'A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly NEW YORK (Reuters) - The blue-chip Dow Jones Industrial Average closed over the 22,000 mark for the first time on Wednesday, but investor fears about the sustainability of the gains took the shine off the round number milestone.The rally lost momentum during the day''s trading and despite the recent run up, helped by strong earnings from Apple Inc ( AAPL.O ) and Boeing Co ( BA.N ), some technical indicators were flashing warning signs."The market gain has been built on a narrow group of issues. That typically is not indicative of great health," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "I would not be shocked ... if we saw a pullback."And with the Dow industrials at a record high, Dow theory suggests that the Dow Transportation Average .DJT index should also hit a record in order to confirm the market''s march higher.But that index trails the Dow industrials'' year-to-date performance by almost 10 percentage points and is nearly 6 percent below its own July 14 record high.Also, overall market breadth, or the number of winning stocks relative to losers, is weakening even as the major U.S. indexes hover near record highs.That means the broad gains have been driven by advances in a declining number of companies, and market watchers fear they could be hard to sustain.The number of 52-week lows among NYSE- and Nasdaq-traded stocks is at its highest since late June while the number of 52-week highs has dropped sharply since mid-July.(For a graphic on ''U.S. stock market breadth'' click reut.rs/2hnL4Ob )Apple, McDonald''s Corp ( MCD.N ) and UnitedHealth Group Inc ( UNH.N ) have each added more than 200 points to the index.The Dow is a price-weighted index, meaning names like Apple, with its $157 price tag, and Boeing, which closed Wednesday near $238 per share, will generally have more of an influence over the index than components like the roughly $25 per share General Electric Co ( GE.N ).The lack of breadth as well as the underperformance by the Dow transports could be a signal that the market rally could be sputtering out, at least for now.Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS in New York, said the weakness of the S&P 500 and Nasdaq on Wednesday versus the strength of Apple shares showed an "underlying fatigue in the rally."The S&P 500 and Nasdaq Composite traded flat on Wednesday, even as Apple jumped nearly 5 percent.Naeem Aslam, chief market analyst at Think Markets in London, said the Dow milestone was "a remarkable thing for investors ... but at the same time, this could also be a trap if the momentum does not follow."AGING BULL The more than eight-year-old bull market in U.S. stocks got a second wind after last year''s election of Donald Trump as U.S. president, on expectations that his business-friendly policies including tax cuts and deregulation would boost corporate gains and economic growth.But tax cuts and other parts of the Trump agenda have not materialized, leaving earnings growth as the real engine of the market."Earnings growth allows the market to be patient about Washington. It allows the market to be patient about fiscal reform," said Steven Chiavarone, portfolio manager at Federated Investors in New York, who said they would "be buyers on any weakness."Fundamentals remain strong. With 350 of 500 companies'' reports in, the S&P 500 index .SPX is on track to post back-to-back double-digit quarterly earnings growth for the first time in almost six years.Still, the market is expensive by historical standards. Investors are paying $18 for every $1 in expected S&P 500 earnings over the next 12 months, near the highest since 2004 and above the long-term price-to-earnings average multiple of 15."The market isn''t without issues as it relates to valuations which are full if not somewhat expensive," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. He expects the Dow to go beyond 22,000, however.There is also summer seasonality to take into account.Neil Wilson, senior market analyst at ETX Capital in London, said the Dow''s run up past 22,000 was "indicative of a bull market speeding to a top.""August is usually not a great month for stocks, up five times in the last 20, so there is caution about how long this can be sustained beyond earnings season euphoria," Wilson said.Reporting by Rodrigo Campos, Saqib Ahmed, Caroline Valetkevitch, Chuck Mikolajczak, Tanya Agrawal, Sweta Singh, Yashaswini Swamynathan and Sinead Carew; Writing by Rodrigo Campos; Editing by Meredith Mazzilli and James Dalgleish'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-usa-stocks-dow-analysis-idINKBN1AI2LB'|'2017-08-02T17:42:00.000+03:00'
'3ad0a43a1cf37f35266b6b97992fe7b9746e444e'|'Volkswagen to offer incentives soon for diesel owners to adopt cleaner models'|'Edition United States August 4, 2017 / 9:01 AM / 19 minutes ago VW to offer incentives soon for diesel owners to adopt cleaner models Reuters Staff 1 Min Read FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. Hannibal Hanschke/File Photo BERLIN (Reuters) - Volkswagen will offer incentives to drivers of older diesel models of its five main passenger-car brands to switch to cleaner vehicles in a bid to help cut pollution, it said. Volkswagen (VW) said incentives are currently being prepared for owners of models designed to meet the Euro-1, Euro-2, Euro-3 and Euro-4 emissions standards and will be on offer soon, but it did not disclose any financial details. The incentives will apply to models of the VW namesake brand, Audi, Seat, Skoda, Porsche and VW commercial vehicles, it said. The carmaker reiterated it will install a software upgrade on around 4 million Euro-5 and Euro-6 models in Germany as part of a deal agreed with German top-level politicians on Wednesday to help prevent diesel cars being banned from driving into city centers. Reporting by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-germany-emissions-volkswagen-idUKKBN1AK0VN'|'2017-08-04T11:58:00.000+03:00'
'd6c641fd186e6662d4b87e5107d5de14f13a91fc'|'BMW urges foreign carmakers to pay into German transport fund - FAS'|'August 5, 2017 / 3:06 PM / an hour ago BMW urges foreign carmakers to pay into German transport fund - FAS Reuters Staff 2 Min Read Harald Krueger, Chief Executive of German luxury carmaker BMW addresses the company''s annual news conference in Munich, southern Germany, March 21, 2017. Michael Dalder FRANKFURT (Reuters) - Foreign carmakers should contribute to a proposed German fund set up to improve urban transport infrastructure, BMW ( BMWG.DE ) CEO Harald Krueger has told a German newspaper, only days after a deal was reached to cut pollution and avert a ban on diesel engines. "It would send a good signal if they would participate," Krueger told Frankfurter Allgemeine Sonntagszeitung. Under an agreement reached on Wednesday, German carmakers and the government will contribute equally to a 500 million euro fund aimed at helping local governments reduce pollution, including introducing systems to improve traffic flows and public transport. The agreement also includes the overhaul of engine software on 5.3 million diesel cars, aimed at repairing the industry''s battered reputation. Environment Minister Barbara Hendricks said physical changes to Euro-5 and Euro-6 models would also be considered by a national task force on diesel emissions. "The topic is not off the table at all; we''re only just getting started," she told the Frankfurter Allgemeine Sonntagszeitung newspaper. She said no solution could be ruled out completely, and warned German carmakers to "get off their high horse". Krueger defended the measures - announced almost two years after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. diesel emissions tests - following criticism from environmentalists that the plans are insufficient. "At the diesel summit ambitious packages were agreed on," he told FAS. The government expects implementation of the carmakers'' commitments by the end of next year, Deputy Economy Minister Matthias Machnig wrote in a column in the Tagesspiegel newspaper. "We will monitor whether this takes place," he said. Reporting by Christoph Steitz and Andrea Shalal; editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-emissions-funding-idUKKBN1AL0H9'|'2017-08-05T18:06:00.000+03:00'
'bd82d8a3a0444d4ffbed9b4e736b558e66a2f221'|'Mexican REIT Nova raises less than expected in issue'|'MEXICO CITY, Aug 3 (Reuters) - Mexican real estate investment trust (REIT) Fibra Nova raised 1.22 billion Mexican pesos ($68 million), the Mexican stock exchange said on Thursday, in an initial public offering that raised much less than expected.Fiba Nova certificates debuted on the market at 19.50 pesos, below estimates of a range between 20 and 21.50 pesos. The company would have raised around 2.3 billion pesos if it had priced in the middle of the range.Five investors bought the certificates, the Mexican stock exchange said in a statement.The REIT is made up of real estate holdings of meat and milk producer Grupo Bafar, and will make its market debut on Thursday after its Wednesday pricing.Mexican REITs, known as Fibras, have become popular with Mexican pension funds in recent years due in part to favorable tax treatment.$1 = 17.8670 Mexican pesos Reporting by Sheky Espejo; Editing by Meredith Mazzilli'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nova-ipo-idINL1N1KP1ES'|'2017-08-03T16:50:00.000+03:00'
'0421265ae87c04244f4a6e763597fe3598aa8b51'|'UPDATE 1-BTG Pactual''s distressed debt unit seen bolstering profit'|'(Adds comments, share performance throughout)By Guillermo Parra-BernalSAO PAULO, Aug 2 (Reuters) - A slow Brazilian economic recovery and the need for lenders to offload souring credit from their balance sheets are propping up Grupo BTG Pactual SA''s distressed debt unit, offering a chance to reverse weak quarterly results, executives said on Wednesday. Activity at BTG Pactual''s special situations unit helped spur an 86 percent jump in corporate lending revenue in the second quarter, Chief Financial Officer João Dantas said in a conference call. It was the only one in BTG Pactual''s seven revenue lines that did not fall or remained stable last quarter.The special situations unit, led by partner Alexandre Camara, oversees about 30 billion reais ($9.6 billion) worth of bad corporate credit at face value. BTG Pactual has earmarked about 1 billion reais of proprietary capital to buy more of those assets, he told Reuters in April.Profit, which sank 30 percent last quarter, should normalize as Brazil''s political turmoil eases and Latin America investment banking activity recovers, Chief Executive Officer Roberto Sallouti said in the call. Shares of Latin America''s No. 1 independent investment bank fell 2.4 on the profit miss.Distressed debt stands out as Sallouti''s most promising bet to bring back profitability up to the level left by his predecessor André Esteves, who quit after being ensnared in a corruption probe in November, 2015. The unit is buying more collateralized, non-performing corporate loans on hopes that cash-strapped companies will offload assets at fire-sale prices to raise money."We know this business and it has performed especially well in recent months," Dantas said.Net income sank to a six-year low of 503 million reais ($161 million) last quarter, as Brazil''s political crisis hampered the interest-rate trading desk. Return on equity fell for the fifth quarter in eight.Brazilian bonds, stocks and currency tumbled in May, when a billionaire accused President Michel Temer of working to obstruct a corruption probe. The situation hurt Temer''s efforts to pass deficit-cutting legislation needed to avert further sovereign debt rating downgrades and pull Brazil out of a three-year long recession.Revenue plummeted 49 percent as BTG Pactual''s trading desk struggled with higher rate market volatility and weak trading volumes. The bank also reversed an advisory fee for a deal that Brazil''s antitrust watchdog blocked - apparently Kroton Educacional SA''s failed takeover of education firm Estácio Participações SA.The fee reversal was worth 37 million reais, Dantas said, without elaborating.$1 = 3.1164 reais Editing by Bernadette Baum, Bernard Orr'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/btg-pactual-sa-results-idINL1N1KO0ZC'|'2017-08-02T15:05:00.000+03:00'
'e540e39fc3cdd17c7f5cf857f1c00b575315e5b1'|'Ferrari CEO says a utility vehicle would not hurt brand or margins'|'August 2, 2017 / 5:26 PM / 18 minutes ago Ferrari CEO says a utility vehicle would not hurt brand or margins Agnieszka Flak 4 Min Read FILE PHOTO: The Ferrari logo on a car at a dealership in Singapore June 1, 2017. Thomas White/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 31 JUL FOR ALL IMAGES MILAN (Reuters) - An expansion of Ferrari''s line-up into utility vehicles would not compromise the Italian carmaker''s exclusive status nor its luxury profit margins, Chief Executive Sergio Marchionne said on Wednesday. Marchionne has repeatedly ruled out following rivals such as Volkswagen-owned Lamborghini ( VOWG_p.DE ) into sport-utility vehicles (SUV). But recent press reports have said the sports car maker is considering developing a four-seat utility vehicle to boost profits, unnerving some investors concerned it could weaken the brand. After being spun-off from Fiat Chrysler ( FCHA.MI ), Ferrari ( RACE.MI ) ( RACE.N ) has sought to show it can increase profits without the backing of its parent and lift sales. The group has released several quarters of record earnings, helped by the launch of a number of special edition models. But Marchionne said Ferrari was now approaching the limit of the number of cars it can produce from its current range without weakening their exclusive appeal, and needed to look beyond. The manager, who is set to leave the company in 2021, said if the carmaker ever made a utility vehicle it would be "Ferrari style" for "the selected few" and not to compete with the likes of Porsche. Its claim to fame would not be "being able to climb rocks", Marchionne told analysts on a conference call, adding the board had yet to decide whether to go down that road. "Whatever it is, it will be of the same calibre as anything else we''ve done." Earlier on Wednesday, Ferrari reported a 24 percent rise in second-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) and a 14 percent increase in quarterly sales, both in line with expectations. Revenues were helped by sales of 12 cylinder models such as the GTC4Lusso and the LaFerrari Aperta hybrid convertible. The 812 Superfast, Ferrari''s most powerful model to date that has yet to arrive on the market, already has a waiting list beyond 2018, the company said. Ferrari is celebrating its 70th anniversary this year with a series of tailor-made cars, all inspired by iconic models from its past. Overall, the group plans to ship around 8,400 vehicles in 2017, getting closer to the 9,000 goal it has set for 2019. The company has also been trying to broaden its appeal beyond drivers attracted by the technological prowess of its 8-cylinder and 12-cylinder models. Marchionne said the company needed to go after customers drawn to the brand''s style rather than the power of engines. "There are more people that would buy non-extreme versions of Ferrari than those that will buy extreme versions," he said, adding this move did not mean compromising on price. The GTC4Lusso T, a four-seater with a smaller V8 turbo engine, was marketed as "designed to be driven every day", raising expectations of other such releases from the Maranello, Italy-based factory. "We see volume expansion as the most positive and exciting thread to the bull case," Evercore ISI analyst George Galliers said in a note. Marchionne said Ferrari would unveil a new strategy to 2022 early next year and that it would give an indication on how it would expand the luxury brand beyond cars. Milan-listed shares closed down 3.45 percent at 89.6 euros as investors had hoped for a lift to full-year guidance. The uncertainty around the impact of the product expansion on margins also weighed on sentiment, traders said. Reporting by Agnieszka Flak; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ferrari-results-idUKKBN1AI2CY'|'2017-08-02T20:26:00.000+03:00'
'8de1c5334fcd2211b704e9db8d54b8a1f5f2fd74'|'MOVES-UK insurer Novae names Adam Cragg COO'|'August 10, 2017 / 10:57 AM / 3 hours ago MOVES-UK insurer Novae names Adam Cragg COO 1 Min Read Aug 10 (Reuters) - Lloyd''s of London insurer Novae Group Plc said on Thursday it had appointed Adam Cragg as its chief operating officer. Cragg, who has 25 years of experience in the insurance industry, was most recently Beazley Plc''s head of operations for UK and Rest of the World. Cragg will report to Chief Executive Matthew Fosh, Novae said. (Reporting by Arjun Panchadar in Bengaluru) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/novae-group-moves-adam-cragg-idUSL4N1KW45Q'|'2017-08-10T13:56:00.000+03:00'
'5855d38c9770a607dc33895398b2c46d3229ea6e'|'BRIEF-Medley Management Inc reports Q2 core earnings per share $0.10'|' 20 AM / in 13 minutes BRIEF-Medley Management Inc reports Q2 core earnings per share $0.10   Medley Management Inc: * Medley Management Inc declares $0.20 per share dividend and reports second quarter 2017 results * Q2 core earnings per share $0.10 * Q2 GAAP earnings per share $0.06 * Q2 revenue $16.4 million versus $21.3 million * Q2 earnings per share view $0.12 -- Thomson Reuters I/B/E/S * Medley Management Inc says total assets under management were $5.4 billion as of June 30, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-medley-management-inc-reports-q2-c-idUSASB0BEXS'|'2017-08-10T13:20:00.000+03:00'
'be01610e72a1952a6c70ae4d190b67aa039a2c21'|'Nissan Mississippi plant workers vote against UAW representation'|'FILE PHOTO - The Nissan logo is seen at the 2017 New York International Auto Show in New York City, U.S. on April 12, 2017. Brendan Mcdermid/File Photo CINCINNATI (Reuters) - Workers at Nissan Motor Co Ltd''s ( 7201.T ) plant in Canton, Mississippi, voted nearly two to one against union representation, the company and the United Auto Workers (UAW) said late on Friday. The vote at the end of a bitterly contested campaign extended a decades-long record of failure by the union to organize a major automaker''s plant in the U.S. South. The vote at the Canton plant could leave the UAW weakened ahead of contract negotiations with the Detroit Three automakers in 2019, when many analysts are predicting a cyclical slump for U.S. auto sales. The last failed UAW vote in the U.S. South, at a Volkswagen AG ( VOWG_p.DE ) plant in Chattanooga in 2014, was far closer than the tally in Mississippi. Pro-union workers say the Nissan plant - which builds Nissan Murano sport utility vehicles, commercial vans, and Titan and Frontier pickup trucks - has a poor safety record and the automaker moved them to a 401(k) defined retirement plan from a traditional pension fund. The UAW had put 10 years of groundwork into the vote at the Japanese automaker''s Mississippi facility, after two unsuccessful attempts at a Nissan plant in Tennessee, only to fall well short in a bitterly contested campaign that the union maintained was a continuation of the civil rights struggle of the 1960s. Nissan said the tally of votes, which was overseen by the U.S. National Labor Relations Board (NLRB), was 2,244 votes against unionization to 1,307 in favor. "With this vote, the voice of Nissan employees has been heard," Nissan said in a statement. "They have rejected the UAW and chosen to self-represent, continuing the direct relationship they enjoy with the company." The UAW has maintained that Nissan has illegally threatened workers with the closure of their plant or the loss of their jobs if they voted in favor of unionization, a claim Nissan hotly denies. That claim has been backed by a number of complaints lodged by the NLRB. The union said in a statement it is asking the NLRB to proceed with a trial to "stop Nissan''s serial commission of unfair labor practices in Mississippi." The union claims in fresh charges filed with the NLRB that Nissan "conducted repeated captive audience meetings" and played "virtually non-stop anti-union videos" ahead of the vote. "The result of the election was a setback for these workers, the UAW and working Americans everywhere, but in no way should it be considered a defeat," UAW president Dennis Williams said in a statement. Reporting by Nick Carey; Editing by Paul Tait and Tom Hogue'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-uaw-mississippi-nissan-idUSKBN1AL02O'|'2017-08-05T07:16:00.000+03:00'
'd0107b8ca582b2eca95e4450f84f75b5c864db4b'|'Wells auto borrowers want bank compelled to help repair credit reports'|'August 4, 2017 / 10:16 PM / in 5 hours Wells auto borrowers want bank compelled to help repair credit reports Lisa Lambert 3 Min Read FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. Mike Blake/File Photo WASHINGTON (Reuters) - Borrowers unwittingly charged for auto insurance when they took out car loans from Wells Fargo & Co asked a U.S. court on Friday to force the bank to help them repair their credit scores. As part of the class action in the U.S. District Court for the Southern District of New York, some of the 800,000 people who were charged unknowingly for unnecessary insurance filed a motion to have National General Insurance Company, Wells and the bank''s dealer services "investigate and correct any and all inaccurate information that Defendants or their agents reported to Equifax, Experian, TransUnion" and other credit agencies. That would keep the borrowers from enduring "imminent, irreparable harm" because Wells had reported monthly payments made higher due from the erroneous auto insurance charges, purported delinquencies on the insurance, and other shortfalls. All U.S. lenders use credit reports to determine the amount of risk a potential borrower poses, and from there set interest rates in accordance with the likelihood the borrower will default or turn the person down outright. Low credit scores can cost borrowers thousands more in interest every year on mortgages, car loans, insurance, rent, and credit cards. Last week, Wells Fargo announced it would begin a remediation program this month going through the end of the year for 570,000 of the borrowers given improper car insurance that includes "working with credit bureaus to correct customers'' credit records, if applicable," as well as refunds. Last Friday news broke Wells had enrolled 800,000 borrowers for collision insurance from National General without their knowledge or consent. Some customers repeatedly notified the bank they already had coverage, often cheaper, through another company, but still were charged the monthly premium. The bank has already had to go to court over its sales practices in the last year, after it was revealed that it had signed up millions of people for phony or unnecessary accounts and products, often without them knowing. The litigants requesting a preliminary injunction say National General received millions of dollars fraudulently for commissions on the policies, while Wells received kickbacks from the insurer, higher interest costs, and collecting additional levies such as fees associated repossessing cars. A Wells spokeswoman declined to comment on Friday''s motion. Under court rules, the bank has 14 days to respond. The borrowers filing the motion requested oral arguments. Reporting by Lisa Lambert; Editing by David Gregorio 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-wells-fargo-lawsuit-injunction-idUSKBN1AK2HI'|'2017-08-05T01:12:00.000+03:00'
'e57f424b2941296aeda28643038b04c40f0750a1'|'UK Stocks-Factors to watch on Aug 7'|'Aug 7 (Reuters) - Britain''s FTSE 100 index is expected to open 19 points higher at 7531.2 on Monday, according to financial spreadbetters. * PAYSAFE: Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners , the latest in a string of deals in the sector. * UK BOOKMAKERS: British finance minister Philip Hammond has blocked government attempts to curb high-stakes gambling machines commonly found in betting shops in order to preserve tax revenues, the Daily Mail newspaper reported on Saturday. * TULLOW: The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. Total is one of the owners of Ugandan oilfields, alongside China''s Cnooc and Britain''s Tullow Oil. * SAINSBURY: Britain''s second-biggest supermarket chain, Sainsbury''s, is considering cutting 1,000 head office jobs as part of a drive to save 500 million pounds ($652 million) in costs, the Sunday Telegraph newspaper reported. * UK REAL ESTATE: The directors of small British construction businesses are lending them more money to plug a funding gap as banks set tighter lending criteria and major contractors delay payments, a survey showed on Monday. * GOLD: Gold held steady near two-week lows on Monday, with the dollar remaining supported by expectations of monetary tightening in the United States following stronger-than-expected jobs data last week. * LME COPPER: London Metal Exchange copper on Monday fell half a percent $6,343 a tonne by 0137 GMT, having earlier jumped to $6,430.50, less than $10 below its most recent-two year high. Volumes were roughly treble the average for early Asia, around 5500 lots. * The UK''s top share index enjoyed its best week so far in 2017 as gains among big defensive overseas earners on Friday outweighed falls for homebuilding stocks. Britain''s blue chip FTSE 100 index ended the session up 0.5 percent at 7,511.71 points. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Ultra Electronics Holdings Half Year 2017 Ultra Electronics PLC Holdings PLC Earnings Release Telit Communications PLC Half Year 2017 Telit Communications PLC Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KT26G'|'2017-08-07T08:44:00.000+03:00'
'ba7dec36fad6d584fd927e2c59340b852a182322'|'LV= in advanced talks with Allianz for general insurance stake'|'August 3, 2017 / 6:59 AM / 22 minutes ago LV= in advanced talks with Allianz for general insurance stake 1 Min Read FILE PHOTO: The logo of Europe''s biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. Jacky Naegelen/File Photo LONDON (Reuters) - British insurer LV= is in advanced talks with German rival Allianz to sell a minority stake in its general insurance operation. The 174-year old firm said on Thursday that discussions with Allianz were ongoing but there was no certainty that a deal would be agreed. The statement came in response to a Sky News report that the two companies were close to an agreement valuing LV=''s general insurance division at approximately 1 billion pounds ($1.32 billion) with an announcement expected on Aug. 4. A source close to the matter told Reuters that negotiations were about to be finalised and the deal was expected by the end of this week. Bournemouth-based LV= has nearly six million British customers and offers a range of products from car, home, travel and life insurance to investment and retirement solutions. LV= also ranks as one of one of Britain''s biggest financial services mutuals, with about 5,700 employees. Reporting By Pamela Barbaglia; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lv-allianz-m-a-idINKBN1AJ0QC'|'2017-08-03T04:59:00.000+03:00'
'6c63af23ac8a8f1332a1a8ac412d0132c90c931a'|'Asia traders consider sending diesel, jet fuel to Europe after Dutch refinery fire'|'August 1, 2017 / 8:13 AM / in 24 minutes Asia traders consider sending diesel, jet fuel to Europe after Dutch refinery fire Jessica Jaganathan 3 Min Read SINGAPORE (Reuters) - Traders in Asia are considering shipping diesel and jet fuel to Europe after a fire at that region''s largest oil refinery disrupted supplies and boosted fuel margins, five traders and shipbrokers said on Tuesday. Two shipbrokers said they had seen a rise in enquiries on booking long-range vessels to ship the fuels to Europe after Royal Dutch Shell ( RDSa.L ) shut most of the units at its 404,000 barrels per day Pernis refinery in Rotterdam following a fire in the power supply system on July 29. Although they added that no booking had been reported yet. Shipping rates have already been affected, said one of the brokers, adding that rate for a ''Long-Range 2'' vessel plying the Middle East to Europe route is being quoted around 12 percent higher than before the Pernis refinery outage. "Loading dates (for the diesel and jet fuel cargoes) are for around mid-August, but I think it will be difficult to find oil on such prompt dates," he said, referring to trader enquiries. "But I suspect there may be some oil on water which will be diverted to Europe." The Asian diesel margin jumped to a near two-year high on Monday, while the jet fuel margin climbed to a 1-1/2-year peak, tracking gains in the benchmark European prompt Low Sulphur Gasoil futures contract. Still, traders are being cautious as the length of the shutdown remains unknown. "The (diesel) timespread in Asia is backwardated, so the arbitrage doesn''t really work," a Singapore-based trader said, referring to the price difference between August and September. A backwardated price structure indicates higher prices for prompt barrels compared with later months, which may mean losses for the traders as it typically takes over 20 to 30 days to ship to Europe. "Right now, no one knows how big a problem (the outage) is, so it''s best to get some clarity first," the trader added, declining to be identified. The exchange of futures for swaps (EFS), a contract that traders typically deal in to hedge their Asia-Europe arbitrage cargoes, fell to minus $5.23 a tonne from minus 50 cents a tonne on Friday, a middle distillates broker said. The arbitrage typically gets more profitable when the EFS trades at about minus $15 a tonne or below. Strong demand for diesel from India had driven the EFS into positive territory, which boosted interest in a reverse arbitrage route earlier this month. Reporting by Jessica Jaganathan; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asia-distillates-arbitrage-idUKKBN1AH3J3'|'2017-08-01T11:13:00.000+03:00'
'0162e4d5531a5bd571834a9a74097869981b462e'|'Deutsche Bank tumbles down private bank rankings after tough 2016'|'ZURICH (Reuters) - Deutsche Bank dropped out of the world''s top 15 private banks in 2016, a year marked by negative headlines for Germany''s biggest lender, rankings by wealth management researcher Scorpio Partnership showed on Monday.Private banking assets at Deutsche Bank fell 28 percent in dollar terms to $227 billion at the end of 2016, sending it tumbling five places to 16th in Scorpio''s rankings of the 25 biggest private banks in the world.Deutsche Bank sold a wealth management business in the United States last year and withdrew from a number of countries. A spokesman for the bank said the majority of its fall in assets stemmed from the sale.Deutsche Bank faced a rocky 2016 in which the U.S. Department of Justice wanted the bank to pay $14 billion for mis-selling toxic mortgage-backed securities before the 2007-2009 financial crisis.The demand rocked confidence in Deutsche Bank and triggered billions of dollars in withdrawals by clients. The bank eventually settled for $7.2 billion.FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach/File Photo Swiss bank UBS kept its place as the world''s biggest private bank with $2.06 trillion in assets under management, Scorpio found, followed by Bank of America, Morgan Stanley and Wells Fargo.Switzerland''s Credit Suisse, which has prioritized private banking under Chief Executive Tidjane Thiam, was overtaken by Royal Bank of Canada and fell to sixth.The biggest gainer on the list was China Merchants Bank, which rose five rungs to 15th. Bank of China also entered the list, in 24th place.Overall, Scorpio found the biggest 25 private banks managed $13.3 trillion for clients with at least $1 million in assets, representing 63.2 percent of the market.Operating income in the industry was virtually flat as private banks faced up to low and negative interest rates as well as an increasing preference by wealthy clients for passive investments.Reporting by Joshua Franklin and John O''Donnell; editing by Susan Fenton and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-banks-wealth-idUSKBN1AN005'|'2017-08-07T03:03:00.000+03:00'
'8c1ec603a11c78ba9f9abfd953f5f0fb792faff8'|'PRESS DIGEST- New York Times business news - Aug 7'|'Aug 7 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Fox News suspended Eric Bolling, a longtime host at the network, pending an investigation into reports that he sent lewd photographs to three female colleagues via text message. nyti.ms/2flMXdt- Workers at a Nissan plant in Mississippi overwhelmingly rejected a bid to unionize, an election that the union quickly criticized. The union accused Nissan of waging an unusually aggressive fight against the organizing effort. nyti.ms/2fkLBzN- U.S. Vice President Mike Pence declared his loyalty to President Trump, denouncing an article suggesting that he was positioning himself to run for president in 2020 if Trump does not seek a second term. nyti.ms/2fkfJv4- U.S. Deputy Attorney General Rod Rosenstein said the Justice Department was not pursuing reporters as part of its growing number of leak investigations. nyti.ms/2flaRWCCompiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1KT1XU'|'2017-08-07T07:49:00.000+03:00'
'c90d07ec26ad5c1ba3504817ae03a5238767c580'|'Asia stocks, dollar get boost from firm Wall Street, U.S. jobs'|'Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. Issei Kato/Files SINGAPORE (Reuters) - Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a U.S. tax plan that will repatriate corporate profits.MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.5 percent.Japan''s Nikkei was up 0.6 percent.Chinese blue chips rose 0.1 percent, while the Shanghai Composite was flat. Hong Kong''s Hang Seng climbed 0.4 percent.South Korea''s KOSPI was up 0.5 percent, while Australian shares surged 1 percent.The dollar moderated on Monday following a strong climb on Friday after data showed U.S. nonfarm payrolls rose by 209,000 jobs last month, and June''s employment gain was revised higher.Growing signs of labour market tightness offer Federal Reserve policymakers some assurance that inflation will gradually rise to the central bank''s 2 percent target, and likely clear the way for a plan to start shrinking its massive bond portfolio.The dollar was also buoyed by comments from National Economic Council director Gary Cohn that the U.S. administration is working on a tax plan that would bring corporate profits back to the United States.But the pull back in the dollar backs some views in markets that Friday''s rally may not have legs yet.The dollar index, which tracks the greenback against a basket of six global peers, inched back 0.2 percent to 93.343. It rallied 0.76 percent on Friday, its biggest one-day gain this year.The dollar slipped 0.2 percent against the euro to $1.17985 per euro, after surging 0.8 percent on Friday.The greenback rose 0.1 percent to 110.78 yen, extending Friday''s 0.6 percent gain."The most logical view here is the moves on Friday were clearly just a sizeable covering of USD shorts, from what was one of the biggest net short positions held against the USD for many years," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note.For the dollar rally to gain momentum, the market needs to change its interest rate pricing, and that hasn''t happened yet, Weston added.Markets are pricing in about an even chance of a U.S. interest rate hike in December.Benchmark 10-year U.S. Treasury notes inched back slightly to 2.2673 percent. They closed at 2.269 percent on Friday, up from Thursday''s close of 2.228 percent.The lift in sentiment from Friday''s jobs data also supported Wall Street. The Dow closed 0.3 percent higher, its eighth consecutive record high. The S&P and Nasdaq ended the session up 0.2 percent.The Australian dollar strengthened 0.2 percent to $0.7945.In commodities, oil prices edged lower but retained most of Friday''s gains, posted as the strong jobs data bolstered hopes for growing energy demand.Officials from a joint OPEC and non-OPEC technical committee are set to meet in Abu Dhabi on Monday and Tuesday to discuss ways to boost compliance with their supply reduction agreement.U.S. crude slipped 0.1 percent to $49.53 a barrel on Monday, after rising 1.1 percent on Friday.Global benchmark Brent also lost 0.1 percent to trade at $52.37, after Friday''s 0.8 percent gain.Gold steadied as the dollar surrendered some of its gains, but remained under pressure. The precious metal was marginally higher at $1,258.38, failing to make up most of Friday''s 0.8 percent loss.Reporting by Nichola Saminather; Editing by Shri Navaratnam and Richard Borsuk'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets-idINKBN1AN089'|'2017-08-07T06:06:00.000+03:00'
'4f9f3340726abf4b428feda658edfeda3bd02a5e'|'Xing signs up million new members in H1'|'FRANKFURT, Aug 7 (Reuters) - German professional social network Xing signed up a million new members in the first half of the year, taking its total membership to 13.2 million, it said on Monday.Xing, which markets itself as a local service in contrast with global networks such as Microsoft''s LinkedIn, said revenue grew 12 percent to 42 million euros ($50 million) and core profit (EBITDA) surged 19 percent to 27 million euros.$1 = 0.8480 euros Reporting by Georgina Prodhan; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/xing-results-idINFWN1KS01Y'|'2017-08-07T03:48:00.000+03:00'
'ed3d8bda2fd32f81795e68c4d72f8386fac9d389'|'Exclusive: China in talks to sell electricity to Myanmar amid warming ties'|'August 4, 2017 / 12:36 AM / 5 hours ago Exclusive: China in talks to sell electricity to Myanmar amid warming ties Yimou Lee and Shoon Naing 6 Min Read FILE PHOTO: People are pictured through electric cables and wires at a street inside Bogyoke Aung San market in Yangon, November 6, 2013. Minzayar/Files YANGON (Reuters) - Energy-hungry Myanmar is in initial talks to buy electricity from China, according to officials and documents reviewed by Reuters, in the latest sign of warming ties with Beijing under leader Aung San Suu Kyi. Since taking office in April last year, Suu Kyi has sought to repair relations that were strained when a previous semi-civilian government in 2011 blocked a China-backed dam, which was supposed to send most of its electricity to China''s Yunnan province. China''s appetite for the hydro project has waned in recent years, as a switch towards less energy-intensive industries amid an economic slowdown has left Yunnan province with a surplus of power. Instead, Beijing has turned its attention to other projects that fit with its "Belt and Road" initiative, which aims to stimulate trade by investment in infrastructure throughout Asia and beyond. Three Chinese state-owned companies have proposed separate plans to plug Myanmar''s national power grid into Yunnan''s electricity network, according to documents reviewed by Reuters and two people familiar with the talks. Rural Yunnan, which generates around 85 percent of its electricity from hydropower, already sends surplus power to more developed eastern China, as well as Vietnam and Laos. While China has been supplying power on a small scale to some remote Myanmar towns near their shared border, the talks are the first to discuss connecting the national grids of the two countries to meet Myanmar''s urgent demand for electricity. BLACKOUTS With only a third of Myanmar''s population connected to the grid and major cities experiencing blackouts, buying electricity from Yunnan could be a short-term solution to boost its power supply, the two people familiar with the talks said. "China welcomes the plan, but Myanmar is still reviewing the details," said one of the people, a senior Myanmar energy official. The "government-to-government talks" were still at an early stage, the official added, with details such as price and timing still to be worked out. "It''s one of the many options we are considering," the official said. Htain Lwin, spokesman of Myanmar''s ministry of electricity and energy, confirmed initial talks had taken place but declined to comment further. Myanmar has been exploring a range of plans to solve its acute energy shortage, from building coal-powered generators to tapping its reserves of deep sea gas. Some international investors and analysts have criticised a lack of clarity in the country''s energy policy. "Myanmar needs electricity, and if China offers a compelling plan to provide more power, then it ought to be considered," said Jeremy Mullins, research director at Yangon-based consulting firm Myanmar Energy Monitor. FILE PHOTO: Myanmar State Counsellor Aung San Suu Kyi shakes hands with Chinese President Xi Jinping as they meet at the Great Hall of the People in Beijing, China, May 16, 2017. Damir Sagolj/Files MEMORANDUM OF UNDERSTANDING One proposal is from state-owned China Electric Power Equipment and Technology Company Ltd, which signed a memorandum of understanding with Myanmar in March last year to build a high-voltage transmission line running for several hundred miles from the border town of Muse, in northeastern Myanmar, to Meiktila in the centre of the country, the documents show. The agreement was extended for six months in May this year and a feasibility study for the 500 kilovolt (thousand volts) transmission line is under way. State-run China Southern Power Grid Company Ltd (CSG) proposed a similar plan in June to carry power from Yunnan via a high-voltage cable, according to the documents. A third plan, proposed by CSG''s subsidiary Yunnan International Company Ltd, would use an existing cable to carry power to Meiktila from Yunnan via Muse, according to the documents and the official familiar with the talks. The World Bank''s Yangon-based energy specialist, Myoe Myint, said such a project could take up to five years to complete, a quicker solution in comparison with hydropower in Myanmar, where it would take far longer to build and bring online a single dam. He said rough terrain and instability along the border with China, however, could bring challenges to the power trade. Some 20,000 people in March fled Myanmar''s northeast after fighting between the government and ethnic armed groups. CSG and its subsidiary Yunnan International declined to comment. China Electric Power Equipment and Technology did not respond to requests for comment. "STUPID IDEA" While the plan would be welcomed by many in Myanmar, where power consumption is among the lowest in the world, it could stoke concerns about China''s growing economic clout. Many officials in the Southeast Asian country have been wary of domination by its giant neighbour. Beijing has been pushing for access to a strategically important port in Myanmar, and in April signed an agreement to pump oil through a pipeline from its western coast to landlocked Yunnan. "What if China cut off the power trade after our grids are connected? We need to also consider the political situation and stability of the two countries," said the first Myanmar official. Some argue that buying electricity from China would mean an outflow of dollars from a country with little reserves of hard currency. "Myanmar has abundant hydropower resources for power generation," said a third senior Myanmar energy official, who is familiar with the plans but not directly involved in talks. "It''s a stupid idea to buy it from China." Reporting By Yimou Lee and Shoon Naing; Editing by Alex Richardson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/myanmar-china-energy-exclusive-idINKBN1AK00T'|'2017-08-04T07:49:00.000+03:00'
'b806d28443af7b74ef9e1dbeaf9314c41cc88042'|'United Technologies in bid to acquire Rockwell Collins -source'|'(Reuters) - United Technologies Corp ( UTX.N ), the U.S. maker of Otis Elevators and Carrier air conditioners, has submitted an offer to acquire aircraft component manufacturer Rockwell Collins Inc ( COL.N ), a person familiar with the matter said on Friday.By acquiring Rockwell Collins, which has a market capitalization of $19.3 billion, United Technologies would bulk up its aerospace group, giving it the option of separating it from the company''s other industrial units.Rockwell Collins has been working with an investment bank to review United Technologies'' offer, and there is no certainty that it will decide to engage in any further negotiations with United Technologies, the source said.The source asked not to be identified because the matter is confidential. Rockwell Collins and United Technologies declined to comment.Bloomberg News reported earlier on Friday that United Technologies was "weighing" a potential acquisition of Rockwell Collins, but said it was unclear whether the two companies were currently in talks.A combination of the two large aerospace suppliers would meld Rockwell''s commercial and military aircraft avionics business with United Technologies'' broad portfolio that includes aircraft engines, structures, cockpit and cabin controls, ventilation systems and other electronic and mechanical devices used in aviation.United Technologies'' Pratt & Whitney engine unit has had production problems with its new Geared Turbofan engine, prompting delays of new Airbus ( AIR.PA ) A320neo aircraft. United Technologies also has noted weakness in demand for Otis elevators, particularly in China, which has weighed on results.In April, Rockwell acquired B/E Aerospace, a maker of aircraft seats, lavatories and galleys, a deal that broadened its product lines but drew questions from analysts and investors who saw little logic in combining the two businesses.Rockwell expanded its avionics business with a deal to provide aircraft data networking services, known as FOMAX, for all new Airbus A320 aircraft starting in 2018.A deal with United Technologies would open the way for Rockwell to capitalize on "connected aircraft" that can transmit sophisticated data about onboard systems, routes and weather, allowing airlines to improve operations and maintenance.United Technologies has a market capitalization of $96.8 billion. The company beat expectations for quarterly revenue and profit in the latest quarter, and said it had solved a supply chain problem with the Geared Turbofan engines that had caused Airbus to delay deliveries of the new A320neo aircraft.Last year, United Technologies fended off a takeover approach from Honeywell International Inc ( HON.N ).Reporting by Mike Stone in Washington and Alwyn Scott in New York; editing by Tom Brown and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-rockwell-collins-m-a-utc-idUSKBN1AK2G2'|'2017-08-05T00:27:00.000+03:00'
'c20c12ddd28166a742752defef935db01778cec1'|'SGL could take over BMW stake in carbon fiber JV: Euro am Sonntag'|'FRANKFURT (Reuters) - Germany''s SGL Group ( SGCG.DE ) could acquire BMW''s ( BMWG.DE ) stake in a joint venture for the production of carbon fiber, the company''s chief executive has told a German weekly."I assume that BMW does not want to become a maker of carbon fiber. For us, carbon fiber is a core element of our strategy and an essential part of the value chain," Juergen Koehler told Euro am Sonntag in an interview published on Saturday."The takeover could be an option."SGL Automotive Carbon Fibers (ACF) was founded in 2009. SGL owns 51 percent while BMW holds the rest. BMW also owns 18.44 percent in SGL Group, according to SGL''s website, while Volkswagen ( VOWG_p.DE ) holds 9.82 percent.Koehler also said the company had narrowed the number of bidders for its cathodes unit to a handful, confirming the group expects to sign a deal by the end of the year at the latest.Reporting by Christoph Steitz; Editing by Andrew Bolton'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-acf-m-a-sgl-idINKBN1AL09G'|'2017-08-05T08:43:00.000+03:00'
'd210dcc8d71890f3aeac4dfc0dedd55261146660'|'Veiled marketing: Anti-smoking groups slam Indonesia''s Big Tobacco'|'August 2, 2017 / 4:21 AM / 15 hours ago Veiled marketing: Anti-smoking groups slam Indonesia''s Big Tobacco Eveline Danubrata and Stefanno Reinard 4 Min Read A woman holds packs of Sampoerna cigarettes produced by PT HM Sampoerna at a cigarette shop in Jakarta, August 1, 2017. Beawiharta JAKARTA (Reuters) - Anti-smoking groups in Indonesia have slammed Big Tobacco for promoting sales by giving retailers cash rewards, shopping vouchers and even money to renovate, urging authorities to enforce advertising curbs to safeguard public health. The country with one of the highest smoking rates in the world does have a national regulation in place to restrict cigarette advertisements, including a ban on tobacco firms promoting their products while acting as a sponsor. But it is inconsistently enforced by regional authorities. Cigarette makers are making the most of this, tying up with small retailers and rewarding them for in-store promotion of products, the anti-smoking groups said. By mid-2016, Philip Morris-controlled PT Hanjaya Mandala Sampoerna Tbk ( HMSP.JK ), PT Gudang Garam Tbk ( GGRM.JK ) and Djarum Group had partnered 513 shop-owners in four cities surrounding Jakarta, a study by the Indonesian Public Health Association (IAKMI) shows. Cigarette companies have stepped up "veiled promotions" following a move by the Jakarta governor two years ago to ban all cigarette advertising on outdoor media, IAKMI said. "Their grip will take root even more, and the consumption of cigarettes will spread," said Widyastuti Soerojo, head of IAMKI''s tobacco control unit. A shop-owner in Tangerang, west of Jakarta, said as a Sampoerna partner he has to follow the company''s display requirements for its products and is not allowed to sell other cigarette brands. In return, Sampoerna has given him free cigarette packs, shopping vouchers, banners and even a million rupiah ($75) to paint his shop, he said, declining to be named as he was not authorised to speak to media. Cigarette advertisements are often found at small shops near schools, making children extremely vulnerable, said Lisda Sundari, head of the Lanterns for Children Foundation. A shocking video of a toddler reportedly puffing up to 40 cigarettes a day on the island of Sumatra went viral around seven years ago, firing up anti-tobacco activists who said it underscored the problem of underage smoking in Indonesia. A street vendor counts money as he buys a box of A Mild cigarettes produced by PT HM Sampoerna at a cigarette shop in Jakarta, August 1, 2017. Beawiharta Despite rising anti-smoking sentiment in the country of 250 million people, Indonesia''s cigarette market was the second-biggest in the world after China with 316.1 billion sticks sold last year, data from Euromonitor International shows. Gudang Garam and Djarum did not respond to requests for comment. Sampoerna did not immediately provide a comment. Industry Needs Room to Breathe Philip Morris, Sampoerna''s parent company, said the overall cigarette market in Indonesia dropped 11.6 percent in the second quarter from a year earlier, while its market share fell to 32.8 percent from 33.4 percent. Slideshow (2 Images) The U.S. cigarette giant said tax-driven price increases were partly responsible for the drop. "We are being pressured from all sides: rising excise taxes, a not-so-good economy, anti-tobacco movement," said Muhaimin Moeftie, chairman of the association of Indonesian white cigarette producers. Regulations should give the industry "room to breathe", he added. The decision to raise cigarette excise taxes by an average of 10.5 percent this year, following an 11 percent hike in 2016, was aimed at controlling consumption and distribution, a senior official at the finance ministry said. "The government is concerned about production, we hope production of cigarettes will gradually drop," said Heru Pambudi, director-general of customs and excise. But Indonesia''s parliament has initiated a bill which if passed into law would cut back health warnings on packs and effectively increase production. Proponents of the bill say it would safeguard a vital economic sector that employs millions and contributes nearly 10 percent of state revenues. "Don''t call us a sunset industry," said Moeftie. "We''ve been fighting for a long time. The industry must always be there." Reporting by Jakarta Newsroom and Eveline Danubrata, additional reporting by Stefanno Reinard, Hidayat Setiaji and Cindy Silviana; Editing by Ed Davies and Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-indonesia-tobacco-idUKKBN1AI0A1'|'2017-08-02T07:21:00.000+03:00'
'215cfe7629264ef60e5f3ed088eeb9c05e027c50'|'Exclusive: Hasbro ends talks to buy entertainment company Lionsgate - sources'|'FILE PHOTO: A Transformers statue stands on display at the Hasbro booth during the 2014 Comic-Con International Convention in San Diego, California July 25, 2014. Sandy Huffaker/File Photo (Reuters) - Hasbro Inc, the maker of games ranging from Monopoly to foam Nerf balls, has ended talks to acquire U.S. movie studio and entertainment company Lions Gate Entertainment Corp, people familiar with the matter said on Wednesday.The deal would have given Hasbro a direct pipeline into Hollywood with more movies and TV shows tied to its toy brands.The Pawtucket, Rhode Island-based company has worked with Viacom Inc''s Paramount Pictures on the "Transformers" and "G.I. Joe" film franchises, and with the Lionsgate movie studio on a "My Little Pony" film, due in theaters in October.The negotiations with Lions Gate ended last week because of price disagreements, the sources said, asking not to be identified because the talks were confidential. It is not clear whether negotiations could restart in the future.Lions Gate declined to comment. Hasbro did not respond to a request for comment.Hasbro shares fell 1.9 percent to $103.90, giving the company a market value of about $12.9 billion. Shares of Lions Gate were trading almost flat at $29.25, representing an overall market value of close to $5.9 billion.Hasbro has taken several steps to boost its presence in the entertainment business as a way to fuel toy sales. The company operates Hasbro Studios, which produces TV shows such as the upcoming Netflix Inc series "Stretch Armstrong and the Flex Fighters."In 2014, Hasbro held merger discussions with DreamWorks Animation SKG Inc, the studio behind "Shrek," but DreamWorks was subsequently bought by Comcast Corp.By owning Lions Gate, Hasbro would have been able to tap the talent behind "The Hunger Games," "La La Land" and other hit films, and distribute the movies directly to theaters. It also would have taken over a TV division that produces series such as "Orange is the New Black" and "Nashville.""Synergies would be realized from overlap in creative, marketing, production, and verticalization of content model," according to Jefferies LLC analysts.A deal would have come a year after Lions Gate acquired premium U.S. television network Starz in a $4.4 billion cash-and-stock deal, aimed at making it less dependent on delivering blockbuster movies by giving it ownership of pay television channels with more than 30 million subscribers.Lions Gate Chairman Mark Rachesky''s hedge fund MHR Fund Management LLC is the company''s largest shareholder. Media mogul John Malone, who is also a shareholder, has a seat on the company''s board as well. Lions Gate vice chairman and board member Michael Burns also sits on the board of Hasbro.Hasbro plans to release toys tied to several movies later this year, including Walt Disney Co''s "Star Wars: The Last Jedi" and "Thor: Ragnarok."Reporting by Greg Roumeliotis and Jessica Toonkel in New York; Additional reporting by Lisa Richwine in Los Angeles; Editing by Bill Rigby'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lionsgate-m-a-hasbro-idINKBN1AI1XG'|'2017-08-02T12:51:00.000+03:00'
'deeb7649c78885a22456d005677b542a99520899'|'Dollar clings to modest gains after bounce from 15-month lows'|'August 2, 2017 / 12:43 AM / an hour ago Dollar extends modest bounce from 15-month lows 4 Min Read FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration/File Photo TOKYO (Reuters) - The dollar extended its modest bounce from 15-month lows on Wednesday, benefiting from a pause in selling of the battered currency as investors begin positioning for key events this week, notably Friday''s U.S. employment report. The dollar index against a basket of major currencies shook off a decline in Treasury yields and was a shade higher at 93.090 after bouncing from 92.777, its lowest since May 2016. The euro was unchanged at $1.1806 after being nudged away from a 2-1/2-year peak of $1.1846 set the previous day. The greenback has been weighed down by political turmoil gripping Washington and largely uninspiring U.S. economic data, particularly sluggish inflation, which is adding to uncertainty about the pace of future Federal Reserve policy tightening. "The dollar has already weakened significantly, especially against its European counterpart, reaching a point where some participants began buying back the currency ahead of Friday''s U.S. employment data," said Shin Kadota, senior strategist at Barclays in Tokyo. "But these are mere position adjustments before the U.S. jobs data and the bearish trend for the dollar still remains intact," Kadota added. The euro has gained about 12 percent against the dollar so far this year. In addition to the political risks and monetary policy uncertainty that have plagued its U.S. peer, the common currency has drawn support from expectations that the European Central Bank would eventually begin phasing out its easy policy. The U.S. currency was 0.15 percent higher at 110.535 yen, pulling away from a near seven-week low of 109.920 touched overnight. "The dollar is being supported against the yen with U.S. stocks continuing to perform strongly, despite the potential risks they are faced with," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust. The Dow racked up a fifth straight record high on Tuesday, even as Wall Street loses confidence that President Donald Trump and a Republican-controlled Congress will be able to push through tax cuts and increased spending on infrastructure this year. [.N] Sera at Sumitomo Mitsui Trust also said that the market is likely to take in stride a cabinet reshuffle planned on Thursday by Japanese Prime Minister Shinzo Abe, who hopes to revive his flagging ratings. "Market participants of course will be watching how the cabinet reshuffle turns out. But few, if any, expect the reshuffle to have an impact on the market," Sera said. For potential impact on the dollar, the market awaited the U.S. ADP jobs report and comments by San Francisco Fed President John Williams and Cleveland Fed chief Loretta Mester due later in the session. The greenback, meanwhile, managed to bounce back against dollar bloc currencies such as the New Zealand and Canadian dollars. The New Zealand dollar dropped to a one-week low of $0.7416 and was last down 0.5 percent at $0.7427 following lacklustre data. The number of jobs created in New Zealand fell unexpectedly and wage inflation remaining tepid in the second quarter, adding weight to the prospect of the central bank keeping rates on hold at record lows for years. The Canadian dollar struggled after being hit by a slide in crude oil prices. The loonie extended its overnight drop to trade at C$1.2570 per dollar , pulled further away from a 25-month high of C$1.2414 reached last week. The Australian dollar, another commodity-linked currency, was down 0.2 percent at $0.7953 following its ascent the previous day to $0.8066, its strongest since May 2015. Editing by Kim Coghill '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-forex-idUKKBN1AI01Y'|'2017-08-02T03:42:00.000+03:00'
'f31ca104a540b29ca6f9380cf6b1b1958571c675'|'Chileans want change, says presidential hopeful Guillier - Reuters'|'Chile''s presidential candidate Alejandro Guillier poses for a picture during a interview with Reuters in Santiago, Chile August 8, 2017. Pablo Sanhueza SANTIAGO (Reuters) - Alejandro Guillier, the Chilean center-left''s best hope to succeed President Michelle Bachelet next year, said investors could be assured he would stick to the "rules of the game" if elected, but that Chileans were demanding real change.Should he be elected, his priorities would be finding ways to diversify Chile''s economy away from the dominant copper industry, adding value to the country''s commodities exports, and giving communities outside capital Santiago a stronger say, Guillier told Reuters as part of the Latin American Investment Summit.Guillier is polling around 20 percent of voting intentions ahead of November''s general election, trailing conservative candidate Sebastian Pinera, who is close to 40 percent, and at around the same level of support as harder left candidate Beatriz Sanchez, according to an aggregator poll by electoral forecasters Tresquintos.However, if no candidate secures at least 50 percent of votes in the first round, the top two go to a run-off in December. That is likely to be a close contest.An ex-journalist who entered politics after being elected to the senate in 2013, Guillier is unaffiliated with any major party but has the backing of most of Bachelet''s center-left coalition.However, he needs to differentiate himself to win over Chileans. Bachelet''s government has low popularity ratings after a series of missteps, including a reform drive that received a lukewarm response in an increasingly polarized country - criticized by the right for going too far, and by the left for not doing enough."What happened in Europe is happening in Chile. People are fed up with traditional political parties and a more citizen-based politics is coming," said Guillier, in an interview in Santiago''s ex-Congress building."What we need now is not so much structural reforms, but that the reforms reach regular people and that they feel them in their daily lives."Compared to Bachelet, 64-year-old Guillier said he would pursue a more decentralized approach, empowering local councils and communities.A man arranges the tie of Chile''s presidential candidate Alejandro Guillier after a interview with Reuters in Santiago, Chile August 8, 2017. Pablo Sanhueza And while market favorite Pinera has emphasized policies focused on improving sluggish economic growth, Guillier said growth must also come with jobs and welfare provisions."We are not going to throw people out onto the street to tweak the economy," he said.Policies such as moving forward with a new "mega-port," a "more aggressive" support of renewable energy, and investing in Chile''s fast-growing tourism could help the country eventually get back to gross domestic product growth of 4 percent, he said.Slideshow (2 Images) The economy of the top copper exporter is forecast to grow around 1.5 percent this year, held back by weak business confidence and investment, although a gradually rising copper price is expected to improve its longer-term outlook.Guillier wants to encourage investment by cutting in half the time needed for mining and energy projects to receive environmental approval, and not bringing in new royalties or taxes. In return, he said he expected companies to re-invest more of their profits in local communities."We are going to respect the rules of the game, we always have respected them, we are a country that accepts foreign investment," said Guillier.He singled out an initiative by development agency Corfo to provide cheaper lithium to foreign companies prepared to invest in next-generation lithium technology within Chile as something he was watching "with a lot of enthusiasm."That model could be applied to other parts of Chile''s mining and energy industry to increase the value of products Chile makes and provide higher quality training and jobs, he said.Follow Reuters Summits on Twitter @Reuters_SummitsReporting by Rosalba O''Brien and Antonio de la Jara; Editing by Chris Reese'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-guillier-idINKBN1AO2HA'|'2017-08-08T19:25:00.000+03:00'
'a99ed0ef6d84790b7db460792101aa1d86a37f50'|'Envision to sell ambulance business to KKR in $2.4 billion deal'|'A member of the American Medical Response (AMR) ambulance crew wheels a gurney into a residence during a medical call in Las Vegas, Nevada, March 24, 2011. Steve Marcus (Reuters) - Envision Healthcare Corp ( EVHC.N ) said on Tuesday it would sell its ambulance business to buyout firm KKR & Co ( KKR.N ) in an all-cash deal valued at $2.4 billion as it sharpens its focus on its core businesses.The merger with American Medical Response (AMR), the largest U.S. provider of ambulance services, would allow KKR''s Air Medical Group to easily substitute costly helicopter flights with ambulances for shorter trips.The combined company is expected to transport more than five million patients per year through a fleet of air and ground ambulances across 46 states and the District of Columbia.Reuters reported last month that KKR was in advanced talks to acquire the business.The buyout firm had acquired Air Medical two years ago.The deal would also help streamline Envision''s business after its $10 billion merger with AmSurg Corp late last year, helping the company focus on providing services to physician practice groups and operating outpatient surgery centers.The deal is being funded primarily by KKR''s North America XI Fund and Koch Equity Development LLC.Guggenheim Securities was financial adviser to Envision while Barclays advised Air Medical. Citi and Goldman Sachs were Koch Equity''s advisers.Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur and Anil D''silva'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-envision-hlthcr-m-a-kkr-idINKBN1AO14E'|'2017-08-08T08:54:00.000+03:00'
'642c56b3e64746ccca67418e778672ba69f9ea99'|'Eldorado, Chile''s Empresas Copec talks end over price, sources say'|'SAO PAULO, Aug 4 (Reuters) - Talks between Chile''s Empresas Copec SA and J&F Investimentos SA over Brazilian pulpmaker Eldorado Brasil SA have collapsed as the end of an exclusivity period approached and price disagreements remained, three sources with direct knowledge of the matter said on Friday.Empresas Copec''s unit Arauco remains interested in Eldorado Brasil, said one of the people, who requested anonymity to discuss the matter freely. The exclusivity period ended in the early hours of Friday. According to the people, Arauco could continue to negotiate better terms for the purchase, although facing competing bids for Eldorado.Efforts to contact the companies were not immediately successful. (Reporting by Guillermo Parra-Bernal and Tatiana Bautzer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eldorado-brasil-ma-empresas-copec-idINL1N1KQ0O6'|'2017-08-04T11:57:00.000+03:00'
'456370425ba198d7ce0d81d6640ec8c3fc894836'|'Pearson cuts interim payout by 72 percent'|'August 4, 2017 / 6:31 AM / 8 hours ago Pearson cuts 3,000 jobs, slashes dividend in latest recovery push 4 Min Read The company logo is displayed outside the Pearson offices in London, Britain August 4, 2017. Neil Hall LONDON (Reuters) - British education group Pearson is cutting 3,000 jobs and slashing its dividend in its latest attempt to revive a business hit by the shift to digital from paper textbooks. The job losses, accounting for almost 10 percent of the group total, are part of Chief Executive John Fallon''s third attempt since 2014 to reshape a company whose main U.S. college business has also been hit by a drop in student enrollments. "The structural challenges in our biggest market, in higher education courseware, have been more challenging than any of us thought they would be three years ago," he said on Friday. "We are running the business that our biggest market will continue to decline by around 6 or 7 percent for each of the next two years." Pearson, the world''s largest educational publisher, sells everything from school textbooks to academic books and electronic tests. It competes with companies such as John Wiley & Sons and public providers of education tests. The 173-year-old group has sold off its best-known assets including the Financial Times newspaper and the Economist magazine to generate cash to invest in its core education business. Last month, it also announced the sale of a 22 percent stake in book publisher Penguin Random House. But it has struggled to respond quickly enough to a changing and shrinking U.S. education market. U.S college enrollments fell 1.5 percent in the Spring, the company said, as more young people went into jobs rather than studying. Students are also increasingly renting textbooks rather than buying them. Most of the job cuts will come in late 2018 and early 2019, and will be across operations, Fallon said, as the group shifts to fewer digital platforms for its back office and products. By early 2020, Fallon will have reduced Pearson''s staff by 10,000 from around 39,000 when he took over, and cut costs by 950 million pounds ($1.3 billion) in three restructurings. ''PERPETUAL RESTRUCTURING'' Pearson also said it would slash its dividend payout for the first half of the year by 72 percent to 5 pence a share. The company logo is displayed outside the Pearson offices in London, Britain August 4, 2017. Neil Hall Investors had been braced for a reduction since February, when Pearson announced a 2.6 billion pounds pretax loss due to a writedown on the value of its North American business. The company said revenue for the six months to the end of June rose an underlying 1 percent to 2.05 billion pounds, and adjusted operating profit more than trebled to 107 million, helped by currency moves and its last restructuring plan. Fallon said the group had put in a "steady" performance ahead of the second half, when it makes the majority of its sales as students return to schools and colleges. Slideshow (3 Images) "That steady start through the end of June has continued through the end of July, which is one of our biggest sales months of the year, which is obviously encouraging but there''s still a long way to go," he said. After previous false dawns, he was wary of calling Pearson''s recovery and said there was no change to the outlook for the full year. "We are being very clear and realistic about the short-term challenges that we face (in the next two years)," he said. "But at that point, as college enrollments start to stabilise and as we see the benefits of all the digital investments that we are making, the business will first stabilise and then start to grow again." Analyst Neil Campling at Northern Trust Capital Markets said the reiteration of guidance may give some comfort to investors, but given the reliance on fourth-quarter results he was wary. "We see Pearson as a perpetual restructuring story, with no reliability in execution, dividend cuts, no growth and selling quality, profitable assets," he said. "That is our view. And we are sticking to it." Shares in Pearson, which have fallen 25 percent in 12 months, were down 0.9 percent to 663 pence at 1050 GMT. Editing by Guy Faulconbridge and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-pearson-results-idUKKBN1AK0IU'|'2017-08-04T09:30:00.000+03:00'
'324ba5477bfe9adb18300ff39fd77ed095c9ed7f'|'Vivendi has to say on Monday whether it controls Telecom Italia: report'|'August 5, 2017 / 11:13 AM / 6 hours ago Vivendi must say on Monday whether it controls Telecom Italia: report 2 Min Read The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. Charles Platiau/File Photo MILAN (Reuters) - French media group Vivendi ( VIV.PA ) will have to declare on Monday whether it controls Telecom Italia ( TLIT.MI ) following a request by Italy''s market watchdog Consob, Il Sole 24 Ore reported. Consob made the request through French counterpart Autorité des marchés financiers (AMF) and Vivendi will have to make public its answer to the AMF, the newspaper said. Vivendi''s influence in Italy''s telecommunications sector has come under increased scrutiny since the company built up a stake of 24 percent in Telecom Italia and took 29 percent of the country''s biggest commercial broadcaster, Mediaset ( MS.MI ). Vivendi, Consob and the AMF all declined to comment on the report. If Vivendi declared it effectively controls Telecom Italia, it would be forced to consolidate the group''s large debt pile into its accounts and would give the Rome government grounds to step in as it is allowed to do for companies of national interest, the newspaper said. Telecom Italia said on Friday its board on July 27 had acknowledged that Vivendi was "directing and coordinating" the phone group. However, the issue of whether Vivendi effectively controls it had not been discussed. Also, Italy''s government is looking into whether Vivendi breached an obligation to notify Rome of its "direction" role at Telecom Italia, a company considered a strategic national asset. In an interview with newspaper La Stampa last Sunday, Consob Chairman Giuseppe Vegas said there could be a transparency issue around top shareholder Vivendi''s management of Telecom Italia. Reporting by Valentina Za in Milan and Gus Trompiz in Paris; editing by Dale Hudson and Jason Neely 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-vivendi-telecom-italia-idINKBN1AL0AA'|'2017-08-05T09:13:00.000+03:00'
'1a6848f8d3a1050fc12cddd5427e6d4003d7b9e0'|'Mexichem to buy 80 percent of Israel''s Netafim for $1.5 billion: report'|'JERUSALEM (Reuters) - Mexican industrial group Mexichem ( MEXCHEM.MX ) has agreed to buy an 80 percent stake in Israeli irrigation firm Netafim in a deal valuing the company at $1.895 billion, Netafim said on Monday.Mexichem will pay some $1.5 billion, acquiring a 61 percent stake owned by private equity and buyout firm Permira, which bought into Netafim in 2011, before it roughly doubled in value.Another 6 percent will come from Israel''s Kibbutz Magal and 13 percent from Kibbutz Hatzerim, which will remain a minority shareholder with a 20 percent stake.Mexichem, whose products range from petrochemicals to plastic pipes and which operates more than 120 production plants in over 30 countries, has a market value of $6 billion.The deal is expected to close in the fourth quarter of 2017, subject to various approvals.Netafim, which was founded in 1965 and pioneered drip irrigation technology, has 17 manufacturing plants and 4,300 employees worldwide. It also offers crop management technologies such as monitoring and control and dosing systems and crop management software.Its sales in 2016 totaled about $855 million.Citing good results in prior years and a positive outlook, the company said in March it had hired Goldman Sachs, Bank of America Merrill Lynch and CenterView to handle a possible sale or public offering and several groups had expressed an interest."The acquisition will give Mexichem access to advanced technology that can be used as a base for ''smart'' solutions in other industrial fields," Mexichem Chief Executive Antonio Carrillo Rule said in a statement in Hebrew issued by Netafim.Under the agreement, Netafim''s core activities in production and research and development will be kept in Israel for at least 20 years."The company will remain independent. The management team and myself will keep running the company," Netafim Chief Executive Ran Maidan told Reuters. "We will be able come with all the advantages of being a part of a group, and on the other hand we will maintain Netafim''s independent character and identity."Maidan said he expected Netafim to help Mexichem expand in foreign markets like India where it has a strong foothold, while Netafim should benefit from Mexichem''s presence in Latin America.JP Morgan advised Mexichem in the transaction.Reporting by Ari Rabinovitch and Steven Scheer; Editing by Greg Mahlich'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-mexichem-netafim-idINKBN1AN0GP'|'2017-08-07T03:42:00.000+03:00'
'c6ccedf7e927d1d15f1d6bb7d027f414bf244365'|'Oil steady near nine-week highs on fall in U.S. drilling activity'|'Edition United States August 7, 2017 / 1:08 AM / an hour ago Oil slides from nine-week highs as market looks to OPEC 3 Min Read Gas burns off at the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. Essam Al-Sudani LONDON (Reuters) - Oil prices edged down from nine-week highs on Monday, pressured by worries over high production from OPEC and the United States. Global benchmark Brent crude futures LCOc1 were down 67 cents, or 1.28 percent, at $51.75 a barrel at 1344 GMT. They traded as low as $51.56 a barrel earlier in the day. U.S. crude futures CLc1 were down 67 cents, or 1.35 percent, at $48.91 per barrel, but up from the day''s low of $48.78 a barrel. Both contracts stood more than $1 below the levels hit last week, which marked their highest since late May, when oil producers, led by the Organization of the Petroleum Exporting Countries, had extended a deal to reduce output by 1.8 million barrels per day (bpd) until the end of next March. Doubts have since emerged about the effectiveness of the cuts because OPEC output hit a 2017 high in July and its exports hit a record. "The market is looking for comment from Saudi Arabia signaling OPEC will meet its agreed target," Hans van Cleef, senior energy economist with ABN AMRO, said. "The possibility for (price) movement seems limited unless OPEC comes out with a statement." Officials from a joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi on Monday and Tuesday to discuss ways to boost compliance with the deal. The doubts about the OPEC production deal outweighed the impact of a protest at Libya''s Sharara oilfield, which led to a brief shutdown starting late on Sunday. The country''s National Oil Corp. said production at the 270,000 bpd field was restarting on Monday. High oil output in the United States counteracted other bullish factors, including a Baker Hughes report on Friday that showed a cut of one drilling rig in the week to Aug. 4, bringing the total count down to 765. RIG-OL-USA-BHI U.S. weekly oil production hit 9.43 million bpd in the week to July 28, the highest since August 2015 and up 12 percent from its most recent low in June last year. C-OUT-T-EIA Still, some analysts said strong words from OPEC could help to shore up prices. "The negative price impact at the start of the week coming from OPEC and compliance focus will probably dissipate," SEB Markets chief commodities analyst Bjarne Schieldrop said. "Saudi Arabia will restate that they will export only 6.6 million bpd (six-year low) in August and inventories will continue to draw down." Additional reporting by Jane Chung in Seoul and Henning Gloystein in Singapore; editing by David Evans, Jason Neely and Jane Merriman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AN02R'|'2017-08-07T04:05:00.000+03:00'
'ebfd01d3fb9873be385e0ab2f55b3a585fd8788a'|'Brazil builder PDG reaches non-binding agreement with banks -filing - Reuters'|'SAO PAULO, Aug 5 (Reuters) - PDG Realty SA, the largest Brazilian homebuilder to have filed for bankruptcy protection, reached a non-binding agreement with bank creditors as part of restructuring talks, the company said in a filing late on Friday.PDG filed for bankruptcy protection in February after citing a severe cash crunch and onerous debt of 7.3 billion reais ($2.33 billion). It presented an in-court reorganization plan on June 7.Banks Caixa Econômica Federal, Banco do Brasil SA and Itaú Unibanco Holding SA and the company agreed to leave segregated assets outside the in-court reorganization, the filing said.PDG has struggled with cost overruns since it purchased smaller rival Agre Participações SA in May 2010, while also dealing with Brazil''s deep recession over the last two years.$1 = 3.1307 reais Reporting by Silvio Cascione'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/pdg-realty-sa-restructuring-idINL1N1KR0CF'|'2017-08-05T14:44:00.000+03:00'
'7b80c0d61f3798f0ca889280f19bb5e813e3a844'|'CANADA STOCKS-TSX boosted by higher oil prices, U.S. jobs data'|'(Adds analyst Quote: s, details throughout; updates prices)* TSX closes up 66.01 points, or 0.43 percent, at 15,257.97* Eight of TSX''s 10 main industry groups end higher* Energy gains nearly 2 percent* Index rises 0.9 percent for the weekBy Fergal SmithTORONTO, Aug 4 (Reuters) - Canada''s main stock index rose on Friday to extend this week''s gains, helped by higher oil prices, which boosted energy shares, and a lift to bond yields after data showed stronger-than-expected jobs growth in the United States.The Toronto Stock Exchange''s S&P/TSX composite index closed up 66.01 points, or 0.43 percent, at 15,257.97. For the week, the index gained 0.9 percent."We have had some strong earnings out of Canada which is starting to turn the index around," said Ian Scott, equity analyst at Manulife Asset Management.The index closed on Friday above its 50-day moving average for just the second time since early May, which could be a bullish signal.Higher oil prices boosted energy shares nearly 2 percent, with Suncor Energy Inc climbing 1.3 percent to C$41.73.U.S. crude oil prices settled 1.1 percent higher at $49.58 a barrel after a strong U.S. jobs report bolstered hopes for growing energy demand.The U.S. data also lifted bond yields and gave "a bid to the financials," Scott said.Signs of U.S. labor market tightness likely clears the way for the Federal Reserve to announce a plan to start shrinking its massive bond portfolio.Higher yields reduce the value of insurance companies'' liabilities and increase net interest margins of banks.Royal Bank of Canada rose 0.6 percent to C$94.52 and Fairfax Financial Holdings Ltd climbed 2.2 percent to C$613.20.Canadian data also showed employment growth, but also a jump in the trade deficit which weighed on the Canadian dollar.A pullback this week in the loonie, which has still strengthened more than 9 percent since early May, could provide some relief for the country''s exporters.Industrials rose 0.4 percent as railroad stocks advanced, while consumer discretionary stocks climbed 1 percent and technology rose 0.9 percent.Open Text Corp rose 4 percent to C$43.62 as several analysts increased their price targets on the business software company''s stock after its quarterly earnings impressed.Eight of the index''s 10 main groups ended higher.Major gold miners were among the heaviest weights as the spot price of the precious metal took a hit from expectations of tighter monetary policy from the Fed.Barrick Gold Corp declined 2.1 percent to C$21.02 and Kinross Gold fell 2.9 percent to C$5.29.Gold futures fell 0.7 percent to $1,258.5 an ounce.First Majestic Silver Corp tumbled 18.5 percent to C$7.89 after it reported disappointing earnings and outlook. (Additional reporting by Alastair Sharp; Editing by Bill Trott and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL1N1KQ1UQ'|'2017-08-05T00:31:00.000+03:00'
'1c2ac4389069eff19943071437df62cb8bc1a8c9'|'Gold steady near seven-week highs ahead of U.S. jobs data'|'A sales person shows a gold ring to customers at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Ahmedabad, India, October 28, 2016. Amit Dave (Reuters) - Gold held steady on Friday, close to a seven-week high hit earlier this week, as the dollar eased to hover near multi-month lows ahead of monthly U.S. nonfarm payrolls data due later and amid continuing U.S. political uncertainty.Spot gold had risen 0.1 percent to $1,268.80 per ounce by 0647 GMT. It was on track to end the week almost unchanged. U.S. gold futures for December delivery climbed 0.1 percent to $1,275.30 per ounce."Investors are cautious ahead of the data that''s coming out of the U.S. on Friday and that is why it''s been a bit quiet," said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore.Markets are now awaiting July''s employment report, due later in the session, for clues on whether it will impact the timing of the U.S. Federal Reserve''s policy tightening."The dollar weakening on news of developments in the ongoing U.S. elections investigations also assisted gold quite a bit," Lan said.U.S. Special Counsel Robert Mueller has convened a grand jury investigation in Washington to examine allegations of Russian interference in last year''s vote and has started issuing subpoenas, sources familiar with the situation said on Thursday.The Republican Party''s repeated failures to overhaul the healthcare system and multiple congressional and federal investigations into President Donald Trump''s campaign have cast a shadow over his first six months in office.The dollar index, which tracks the greenback against a basket of six major peers, languished near 15-month lows hit earlier this week. [USD/]"We expect gold to trade entirely on the nuances of the U.S. dollar ahead of the data," said Jeffrey Halley, senior market analyst at OANDA.Spot gold may test support at $1,264 per ounce, a break below which could cause a further loss to the next support at $1,258, according to Reuters technical analyst, Wang Tao.Among other precious metals, silver rose 0.4 percent to $16.68 per ounce, after falling to a one-week low in the previous session.Platinum climbed 0.3 percent to $963.49 per ounce and was on track to gain more than 3.5 percent this week. It matched its June 6 high of $967.50 an ounce during the session, the strongest level since late April.Palladium was steady around $885 per ounce, up less than 1 percent this week.Reporting by Nithin Prasad and Arpan Varghese in BENGALURU; Editing by Joseph Radford and Tom Hogue'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/global-precious-idINKBN1AK03T'|'2017-08-03T23:31:00.000+03:00'
'de228b0d1cc5fb03abeda7f948f24a6cb91f6a03'|'Draft U.N. resolution would slash North Korea exports by a third - diplomat'|'August 4, 2017 / 7:15 PM / 7 minutes ago Draft U.N. resolution would slash North Korea exports by a third - diplomat Reuters Staff 1 Min Read FILE PHOTO - A North Korean flag flies on a mast at the Permanent Mission of North Korea in Geneva October 2, 2014. Denis Balibouse/File Photo UNITED NATIONS (Reuters) - A U.S.-drafted United Nations Security Council resolution aims to slash by a third North Korea''s $3 billion (2.3 billion pounds) annual export income by banning the country''s exports of coal, iron, iron ore, lead, lead ore and seafood, a council diplomat said on Friday. The diplomat, speaking on condition of anonymity, said there was a "high confidence" that Russia and China would support the draft resolution. The United States is aiming for a vote on Saturday to impose the stronger sanctions over North Korea''s two intercontinental ballistic missile (ICBM) tests in July, diplomats said. A resolution needs nine votes in favour, and no vetoes by the United States, China, Russia, France or Britain, to be adopted. The draft resolution would also prohibit countries from increasing the current numbers of North Korean labourers working abroad, ban new joint ventures with North Korea and any new investment in current joint ventures, said the diplomat. Reporting by Michelle Nichols; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-northkorea-missiles-resolution-idUKKBN1AK28N'|'2017-08-04T22:14:00.000+03:00'
'2d7f6f5770219c966238fe2c76260c6255920cc6'|'Standard Chartered expects Brexit relocation will cost $20 million'|'August 4, 2017 / 2:03 PM / an hour ago Standard Chartered expects Brexit relocation will cost $20 million 3 Min Read People walk outside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. Bobby Yip LONDON (Reuters) - Standard Chartered ( STAN.L ) will need to spend around $20 million (15.31 million pounds) making Frankfurt its European base in order to secure market access to the European Union when Britain leaves the bloc, Chief Executive Bill Winters told Reuters. Global banks have started enacting contingency plans to ensure they can still serve EU clients after Britain leaves in March 2019 and the cost of those plans has begun to emerge. Emerging markets-focused lender Standard Chartered said in May that it was in talks with regulators about making Frankfurt its European base, where it already has a branch from which it conducts euro clearing activities. "It will cost us $20 million probably," Winters said of the associated costs of converting that branch to a subsidiary. "Capital won''t go in until you activate the subsidiary, so let''s say March 2019 and that amount is purely dependent on Bafin (Germany''s banking regulator), but would probably be in the hundreds of millions." Standard Chartered currently has around 100 staff in Frankfurt and has office space capacity to add another 20. "One question is where can people sit after Brexit?" Winters in an interview with Reuters. "It would be costly to physically move all your people who deal with a European client. Basic sales staff and relationship managers are already in situ across the continent." HSBC said this week it could spend up to $300 million moving up to 1,000 jobs and parts of its business to Paris following Britain''s exit from the European Union, as well as associated legal fees. RBS ( RBS.L ) also said on Friday it was in discussions with the Dutch central bank to use the Netherlands as its trading base post-Brexit and that set-up costs would be in the low tens of millions. Winters said the bank also considered Dublin as its EU base and that it was "a very close call" but one of the deciding factors was Ireland''s credit rating, which is below German''s AAA status. "It would''ve been easy to set up there (Dublin) also. But at the end of day it involved an interesting issue around the country''s credit rating. We felt large institutional investors would prefer Germany." The country''s credit rating caps that of any bank subsidiaries operating in it, meaning if Ireland''s rating fell, Standard Chartered''s business there could become more expensive or risky for counterparties to deal with. Reporting By Anjuli Davies and Lawrence White; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-stanchart-idUKKBN1AK1O3'|'2017-08-04T17:02:00.000+03:00'
'6b544869c507c3ce574a7802c614a483e16f980b'|'Mazda could expand alliance with Toyota: executive'|'Toyota Motor President Akio Toyoda and Mazda Motor President Masamichi Kogai attend a joint news conference in Tokyo, Japan August 4, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Japanese carmaker Mazda Motor Corp ( 7261.T ) could expand its alliance with Toyota Motor Corp ( 7203.T ), announced earlier on Friday, on condition that "its autonomy is assured", a senior Mazda executive said on Friday.Mazda Executive Vice President Akira Marumoto was speaking in Tokyo after the two companies announced their alliance, including plans to build a $1.6 billion U.S. assembly plant and work together on electric vehicle technology.Reporting by Sam Nussey; Editing by Clara Ferreira Marques'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toyota-mazda-alliance-idINKBN1AK1AD'|'2017-08-04T09:41:00.000+03:00'
'08cce51cfac64684c3b10949247dd753b9efa4b8'|'Toyota lifts outlook, first quarter profit falls less than market expected'|'August 4, 2017 / 6:29 AM / 14 minutes ago Toyota lifts outlook, first quarter profit falls less than market expected Reuters Staff 1 Min Read FILE PHOTO: The Toyota logo is seen at a dealership in Ruemlang, outside Zurich October 10, 2012. Michael Buholzer/File Photo TOKYO (Reuters) - Toyota Motor Corp raised its full-year outlook on Friday after posting a lower than expected fall in quarterly operating profit thanks to favourable exchange rates. Operating profit at the world''s No. 2 automaker came in at 574.29 billion yen (£3.97 billion) for the April-June period, down 11 percent from 642.23 billion yen a year ago. Analysts on average expected 538.3 billion yen, according to Thomson Reuters I/B/E/S. Toyota said it now expects full-year operating profit of 1.85 trillion yen, up from a previous forecast of 1.6 trillion yen. Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toyota-results-idUKKBN1AK0IX'|'2017-08-04T09:28:00.000+03:00'
'21052287212f1832e4ae0570640a74a9fadba9fd'|'BRIEF-Paysafe reaches deal on cash offer by Blackstone, CVC funds'|'August 4, 2017 / 6:24 AM / in 9 minutes BRIEF-Paysafe reaches deal on cash offer by Blackstone, CVC funds   PAYSAFE GROUP PLC : * 2.7 Announcement - Recommended Cash Offer * CO, PI UK BIDCO ANNOUNCE THEY REACHED DEAL ON TERMS OF RECOMMENDED CASH OFFER TO BE MADE BY BIDCO FOR PAYSAFE * UNDER TERMS OF ACQUISITION, EACH PAYSAFE SHAREHOLDER WILL BE ENTITLED TO RECEIVE: 590 PENCE IN CASH PER PAYSAFE SHARE * ACQUISITION VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF PAYSAFE AT APPROXIMATELY £2.96 BILLION * PI UK BIDCO IS NEWLY-INCORPORATED CO JOINTLY-OWNED BY FUNDS MANAGED BY BLACKSTONE AND FUNDS MANAGED AND/OR ADVISED BY CVC * Acquisition Is Expected to Complete in q4 of 2017 * PI TOPCO LIMITED ENTERED INTO SHARE PURCHASE AGREEMENT WITH SPECTRUM GLOBAL LIMITED, WHEREBY PAYSAFE''S UNIT TO BE SOLD TO SPECTRUM GLOBAL SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/brief-paysafe-reaches-deal-on-cash-offer-idUSASM000DML'|'2017-08-04T14:24:00.000+03:00'
'88191978efc31454806632e9bd842edf5830172d'|'Domestic demand helps German industry orders beat forecast in June'|'August 4, 2017 / 6:17 AM / a few seconds ago Domestic demand helps German industry orders beat forecast in June   A worker at a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. Ina Fassbender/File Photo BERLIN (Reuters) - German industrial orders rose twice as much as expected in June as domestic demand surged, data showed on Friday, suggesting this sector of Europe''s largest economy is likely to gain traction in the coming months. Factories posted a 1.0 percent increase in contracts in June after bookings for ''Made in Germany'' goods rose by an upwardly revised 1.1 percent in May, data from the Economy Ministry showed. The reading for June beat the Reuters forecast for a 0.5-percent rise. The Economy Ministry said order levels, combined with an excellent business climate, pointed to a continued slight upturn in industrial activity. A breakdown of the June data showed domestic demand increased by 5.1 percent while foreign orders dropped by 2.0 percent. Reporting by Michelle Martin; Editing by Joseph Nasr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-germany-economy-orders-idUKKBN1AK0H6'|'2017-08-04T09:07:00.000+03:00'
'a8a63a412297442da683e59b778698b8f078b171'|'African Markets - Factors to watch on Aug 4'|'NAIROBI, Aug 4 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: *RWANDA - Rwandans go to the polls to elect their next leader, with incumbent, Paul Kagame, expected to secure a clean sweep of the votes and extend his rule for another seven years. GLOBAL MARKETS Asian stocks inched up on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar were pressured by news Special Counsel Robert Mueller had issued grand jury subpoenas in his investigation of alleged Russian interference in the 2016 U.S. elections. GLOBAL OIL Oil markets dipped on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand slipped to three-week lows against the dollar on Thursday, erasing most of the previous session''s gains in a cautious market as a vote on a motion of no-confidence against President Jacob Zuma drew closer. KENYA MARKETS The Kenyan shilling was firmer on Thursday, as dollar supplies improved, boosted by a sell-off of hard currency by commercial banks looking to cope with a liquidity squeeze. KENYA ELECTION Passengers jostled with ticket touts and hawkers at Kenya''s main bus stations on Thursday as thousands started leaving cities before next week''s vote, some because they are registered in rural wards, others because they are scared of violence. KENYA ECONOMY Kenya''s private sector activity contracted for the third consecutive month in July, but at a slower pace, as firms took a cautious stance ahead of national elections next week, a survey showed on Thursday. NIGERIA ECONOMY Nigeria and the International Monetary Fund disagree over how much the economy will grow this year, with the government saying 2.2 percent and the Fund opting for just 0.8 percent. NIGERIA OIL Nigeria''s state oil company said on Thursday it had signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves. NIGERIA FOREIGN EXCHANGE Nigerian banks have started showing investors price Quote: s for the country''s currency, the naira, on screens instead of giving them by phone, traders said. ZAMBIA POLITICS Police arrested a Zambian opposition leader on Thursday and said he would be charged with defaming President Edgar Lungu, an offence that carries a maximum five-year prison term. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/africa-factors-idUSL5N1KQ0GH'|'2017-08-04T07:54:00.000+03:00'
'889a04d18d27d3c7f3179ec6208165444ba50dcb'|'Volvo Cars to share engine technology and more with parent Geely: sources'|'August 4, 2017 / 2:11 AM / an hour ago Volvo Cars to share engine technology and more with parent Geely: sources Norihiko Shirouzu 3 Min Read FILE PHOTO: Employees work along a Geely Automobile Corporation assembly line in Cixi, Zhejiang province June 21, 2012. Carlos Barria/File Photo BEIJING (Reuters) - Sweden''s Volvo Cars, a unit of Zhejiang Geely Holding Group, has agreed to make some engines available for Geely-branded vehicles, sources said, deepening ties between the carmakers who already share technology through third brand Lynk & Co. Three people close to Geely and Volvo said the first Volvo-powered Geely model was expected to hit the market as early as late next year as a 2019 model year car. The car will be equipped with a new 1.5-liter turbo charged gasoline engine which Volvo has been developing for smaller cars, the knowledgeable individuals said. Volvo is expected to share a 2.0-liter turbo-charged engine at a later date and will also allow Geely-branded cars to use a common vehicle platform the two automakers developed jointly for Volvo and Lynk & Co. "The terms of the recently announced joint venture between Volvo Cars and Geely Group mean that existing and future technologies can be shared by Volvo, Geely Auto and Lynk & Co, under license agreements," a Volvo spokesman said. Analysts questioned Geely''s ability to absorb the best of Volvo when it acquired the automaker from Ford Motor Co almost seven years ago. Yet Geely has been working progressively to improve its technology with Volvo know-how. Better designed cars following its 2010 purchase of Volvo – such as its GC9 sedan and Boyue sport-utility vehicle – have helped lift Geely''s fortunes. Its China sales grew 50 percent last year to 766,000 vehicles and it expects sales to climb well above the 1 million mark this year. Ultimately, it aspires to sell more outside China. Earlier this year, Geely bought 49.9 percent of struggling Malaysian carmaker Proton from conglomerate DRB-HICOM Bhd. Geely officials have told Reuters the Hangzhou automaker is planning to improve Proton cars by sharing Geely and Volvo technologies. Analysts have said one big risk for Volvo, as it combines more with its parent, is the dilution of Volvo’s brand image by sharing its technology and know-how with a Chinese auto upstart. Volvo Chief Executive Hakan Samuelsson said the key was to differentiate the brand sufficiently - even if the two groups share more technology. For Volvo, that is about more and better safety equipment, among other aspects. "The progress Geely has been able to make in improving products and brand image over the past several years makes me feel more confident they can execute this process successfully," Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said. Last month Geely and Volvo said they plan to go beyond Lynk & Co and create a joint venture to share technology, such as vehicle architecture and engines via cross licensing arrangements managed by that joint venture. Samuelsson told Reuters last month the deal would provide Volvo with greater development resources and efficiency in purchasing parts. It also should help Volvo speed up introduction of new technology in areas such as components for electric vehicles, he said. Reporting by Norihiko Shirouzu; Editing by Clara Ferreira-Marques and Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-autos-geely-volvo-idUSKBN1AK057'|'2017-08-04T05:09:00.000+03:00'
'7041fba4c11fcfa1cc0b0594c9c702664fb9e851'|'UK car sales fall for fourth month in a row in June'|'August 4, 2017 / 8:24 AM / 7 hours ago UK car sales fall for fourth month in a row in July Reuters Staff 2 Min Read New Mini cars are parked outside a Mini dealership in Brighton in southern England in this file photo dated August 6, 2013. Luke MacGregor LONDON (Reuters) - British new car registrations fell for a fourth consecutive month in July, the longest run of declines since 2011, in the latest sign of how uncertainty about Brexit is hitting Britain''s economy, a car lobby group said on Friday. Demand fell across business, fleet and private sales with total registrations down by 9.3 percent compared with July last year, the Society of Motor Manufacturers and Traders (SMMT) said. In the first seven months of the year as a whole, private sales were down 5 percent, with business registrations down 0.2 percent and fleet sales up slightly at 0.1 percent, leaving total registrations down 2.2 percent. "The fall in consumer and business confidence is having a knock-on effect on demand in the new car market and government must act quickly to provide concrete plans regarding Brexit," said SMMT Chief Executive Mike Hawes. Bank of England Governor Mark Carney said on Thursday uncertainty around Britain''s split with the European Union was weighing on the economy. Samuel Tombs, an economist with Pantheon Macroeconomics, warned that "the downturn has further to run". The hit to consumer sentiment from June''s national election - in which Prime Minister Theresa May lost her parliamentary majority - could push registrations down further as sales tend to lag six months behind consumer confidence, he said. Registrations for alternatively fuelled vehicles, however, soared 64.9 percent, the SMMT said. The government said on July 26 that sales of petrol and diesel cars would be banned from 2040. Reporting by Emma Rumney; Editing by William Schomberg and Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-autos-registrations-idUKKBN1AK0SF'|'2017-08-04T11:23:00.000+03:00'
'2f857f9c49d82fc253ac8614d06fa8a9cf5e09cd'|'Paysafe recommends takeover offer from Blackstone/CVC consortium'|'August 4, 2017 / 6:56 AM / 6 hours ago Paysafe backs $3.9 billion offer from Blackstone/CVC group Reuters Staff 2 Min Read (Reuters) - Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners [CVC.UL], the latest in a string of deals in the sector. Payments companies have become sought-after targets as more shoppers switch from cash to paying for purchases by smartphones or other mobile devices. U.S. group Vantiv is in talks to buy Britain''s Worldpay for 7.7 billion pounds. Paysafe offers pre-paid cashcards and online wallets which are popular among online gambling customers, and has recently agreed to buy Merchants'' Choice Payments Solutions for $470 million to strengthen its presence in the United States. Its board said on Friday it considered the terms of the 590 pence per share cash proposal, which was tabled last month, to be "fair and reasonable." However, Paysafe shares were up 1.3 percent at 600 pence in early trade, signalling investors are hopeful of a higher offer. Paysafe and the bidding consortium said the deal was expected to close in the fourth quarter of 2017 following approval by shareholders. It would also need to be cleared by regulators in Britain, Switzerland Mauritius, the European Union, the United States and China among others. Reporting by Rahul B in Bengaluru. Editing by Jane Merriman and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-paysafe-group-m-a-idUKKBN1AK0KP'|'2017-08-04T09:58:00.000+03:00'
'fd41c6383ab0781b25094f4f443a3fc5f16efbf4'|'HNA, Qatar not acting in concert at Deutsche Bank: board member in Spiegel'|'FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - China''s HNA and Qatar have not acted in concert as shareholders of Deutsche Bank ( DBKGn.DE ), a board member representing the Chinese conglomerate told Der Spiegel.HNA acquired its stake of just under 10 percent of the German lender earlier this year. Qatar''s royal family has a similarly sized holding."The notion that HNA and Qatar acted in concert is total rubbish," supervisory board member Alexander Schuetz said in the Spiegel interview published Friday.Europe''s top regulator, the European Central Bank, has been considering carrying out a review of the bank''s two largest shareholders, according to a regulator source.An investigation, a so-called ownership-control procedure, to scrutinise banks'' shareholders may take place if there is "significant influence over the management of the bank", the ECB''s website says.Reporting by Tom Sims; Editing by Christoph Steitz'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-deutsche-bank-hna-idUSKBN1AK182'|'2017-08-04T19:19:00.000+03:00'
'33cc60854715d549682d8f6e99059a87d4cf9c84'|'Toyota to take 5 percent stake in Mazda, jointly build $1.6 billion U.S. plant'|'August 4, 2017 / 8:11 AM / 5 minutes ago Toyota takes stake in Mazda, links up for $1.6 billion U.S. plant Naomi Tajitsu and Sam Nussey 6 Min Read Toyota Motor President Akio Toyoda and Mazda Motor President Masamichi Kogai bow at a joint news conference in Tokyo, Japan August 4, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Toyota Motor Corp ( 7203.T ) said on Friday it planned to take a 5 percent share of smaller Japanese rival Mazda Motor Corp ( 7261.T ), as part of an alliance that will see the two build a $1.6 billion U.S. assembly plant and work together on electric vehicles. The plant was a surprise for investors at a time of cooling U.S. sales, but marked good news for U.S. President Donald Trump who came to office on the back of promises to bring back manufacturing and jobs for U.S. workers. He commented on Twitter that it was a "great investment in American manufacturing". The plant, whose location is not yet public, will be able to produce 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people. It will start operating in 2021. Analysts said the plan was more than a political ploy. The alliance is also an attempt to catch up with rivals in the race for electric car technology, as tighter global emissions rules loom, along with the entry of new players into the market. "There will be new rivals appearing - Apple ( AAPL.O ), Google ( GOOGL.O ) - these are IT companies, we also need to compete with them, too," Toyota President Akio Toyoda, grandson of the company''s founder, told a news conference in Tokyo. He was appointed last year to lead Toyota''s newly formed electric car division, flagging the group''s commitment to a technology it has been slow to embrace. "What''s different from the past is that there are no nautical charts for us to follow. It''s without precedent," he said of the push into alternatives to the internal combustion engine. Other traditional automakers such as Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ) are also weighing how best to work on new, disruptive technology, from electric vehicles to autonomous driving, that require hefty investment and have turned firms like Google and Tesla ( TSLA.O ) into rivals. Related Coverage Mazda could expand alliance with Toyota: executive Toyota has set a goal for all of its vehicles to be zero emission by 2050. But until recently, it has said it favored EVs for short-distance commuting, given their limited driving range and lengthy charging time. It has been investing heavily in hydrogen fuel-cell vehicles (FCVs), while rivals such as Nissan Motor Co ( 7201.T ), Volkswagen AG ( VOWG_p.DE ) and Tesla have touted pure electric cars as the most viable zero-emission vehicles. As part of the agreement, as well as electric car technology, Toyota and Mazda will work together to develop in-car information technologies and automated driving functions. BULKING UP Toyota Motor President Akio Toyoda and Mazda Motor President Masamichi Kogai attend a joint news conference in Tokyo, Japan August 4, 2017. Kim Kyung-Hoon Toyota, Japan''s biggest auto company, has been forging alliances with smaller rivals for several years, effectively engineering a loose network at the heart of the Japanese auto sector. It already owns a 16.5 percent stake in sixth-ranked Subaru Corp ( 7270.T ) with which it also has a development partnership. Toyota is also courting compact car maker Suzuki Motor Corp ( 7269.T ) to cooperate on R&D and parts supply, as Toyota seeks to tap its smaller rival''s expertise in emerging Asian markets. As part of Friday''s plan, Toyota, the world''s second-largest automaker by vehicle sales last year, will take a 5 percent share of Mazda, and Mazda will take a 0.25 percent share of Toyota. Mazda said it could even expand the alliance, as long as it could stay in control of its own management. "We will study the possibility of expanding the capital alliance, but the basic premise is that autonomy is assured," said Mazda Executive Vice President Akira Marumoto. Slideshow (9 Images) A stake in Mazda may also prevent future incursions by tech companies, one analyst said. "For a technology company which lacks the expertise in making cars, Mazda could look like a very interesting acquisition. They''re very good, they''re not too expensive. Maybe Toyota realizes this," CLSA managing director Chris Richter said. "By buying a 5 percent stake, Toyota takes Mazda off the table rather than having it sit out there like a free agent which could someday be used against them." Mazda, for its part, stands to gain from a deal that gives the small automaker a production foothold in the United States. At the moment, it ships all vehicles sold in the country, its biggest market, from its plants in Japan and Mexico. With an R&D budget of around 140 billion yen ($1.27 billion) this year, a fraction of Toyota''s 1 trillion yen, Mazda lacks the funds to develop electric cars on its own, a predicament shared by Subaru and Suzuki. "Mazda needs electrification technology. In the past, they''ve pooh-poohed EVs, they''ve felt they can make internal combustion engines more efficient, but the bottom line is that globally you need to have this technology," said Janet Lewis, head of Asia transportation research at Macquarie Securities. The automakers plan to produce Toyota Corollas and a new Mazda SUV crossover at the new plant, and the companies said they could eventually build other cars including electric vehicles. Toyota initially had been planning to produce Corollas at its new $1 billion plant being built in Mexico, prompting Trump to threaten punitive tariffs. The company has since said it will instead produce its Tacoma truck model in Mexico. Additional reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Clara Ferreira Marques and Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-toyota-mazda-idUKKBN1AK0RF'|'2017-08-04T11:08:00.000+03:00'
'202a5c4197e27472a4b497dd600902e58b4f5012'|'Fitbit is giving me the runaround after their device burned my wrist - Money'|'Consumer champions Fitbit is giving me the runaround after their device burned my wrist After wearing the fitness device for a day my skin appeared red and irritated – but the refund I was offered hasn’t been straightforward Wearing a Fitbit for just one day irritated the skin on my wrist, leaving it red and resembling a burn. Consumer champions Fitbit is giving me the runaround after their device burned my wrist After wearing the fitness device for a day my skin appeared red and irritated – but the refund I was offered hasn’t been straightforward View more sharing options Miles Brignall Saturday 5 August 2017 07.00 BST I recently bought a £120 Fitbit Charge 2 at John Lewis but, having worn it for a day, I started feeling a pain on my skin under the strap. When I removed it, my skin was red and resembled a bad burn in feel and appearance. On Fitbit’s advice I returned the product in its original packaging with the receipt. They then assured me that upon receiving the product they would provide a refund in full via wire transfer. Having provided them with the necessary account details they then told me that their policy regarding refunds had changed and they would instead send me a “virtual MasterCard” loaded with the refund. I wasn’t at all happy about this but was informed it was all they could offer. It comes with all kinds of restrictions such as only being able to use it online, and I can only spend up to the total amount loaded on to the card – in this case £120. Their product caused me physical harm: the least I had asked for was a simple refund to my account. I have been trying to get my money back for three months and I’m getting nowhere. JB, London Given your experience, you’d think that the company would be falling over itself to put matters right. I would have been straight back to John Lewis to demand a full refund. The Consumer Rights Act is clearly on your side – and it’s the retailer that you have the contract with. You have a 30-day no-quibble right to take products back if they are not fit for purpose and it’s up to the retailer to sort out problems with the manufacturer. As you had sent it back to Fitbit, we asked Fitbit to pay you a proper refund. It has now agreed to pay the money straight into your bank account. “We are committed to delivering a superior experience for our customers and will therefore be providing JB with a full refund,” said a spokeswoman. In reference to the burn, it said: “The experience reported is not typical for the tens of millions of users around the world who enjoy our products every day. We conduct extensive testing and consult with top industry experts to develop stringent standards so that users can safely wear and enjoy our products.” We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/aug/05/fitbit-burned-wrist-full-refund'|'2017-08-05T03:00:00.000+03:00'
'ae97d820ffc21019960fe77bbb0cc6fff47200fb'|'Apple to launch watches that can make calls - Bloomberg'|'August 4, 2017 / 9:24 PM / 17 minutes ago Apple to launch watches that can make calls - Bloomberg Reuters Staff 1 Min Read FILE PHOTO: The Apple Inc. store is seen in Los Angeles, California, U.S., September 16, 2016. Lucy Nicholson/File Photo (Reuters) - Apple Inc ( AAPL.O ) plans to release a version of its smartwatch later this year that can connect directly to cellular networks, Bloomberg reported on Friday, citing people familiar with the matter. Some of the new models for the Apple Watch will be equipped with LTE chips and be able to perform many tasks without needing an iPhone to be in range, the Bloomberg report said. bloom.bg/2ff0K5P Currently, the Apple Watch needs to be connected to an iPhone to send messages, get directions from maps and stream music. Intel Corp ( INTC.O ) will supply the LTE modems for the new watch, according to Bloomberg. The iPhone maker is already in talks with carriers in the United States and Europe about offering the cellular version of the Apple Watch, the report said. Apple and Intel did not immediately respond to requests for comment. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-apple-watch-idUKKBN1AK2FK'|'2017-08-05T00:23:00.000+03:00'
'86c9a4bfa9737c4df2dcca7ba6c8030d752e1c4f'|'Carillion shares fall as Investec slashes rating'|'August 1, 2017 / 9:20 AM / in 17 minutes Carillion shares fall as Investec slashes rating Esha Vaish 3 Min Read (Reuters) - Crisis-hit British construction company Carillion ( CLLN.L ) could face a further liquidity crisis due to high levels of cash owed by customers and the large amounts it owes suppliers, Investec analysts said, slashing their valuation to a sixth of its value. Shares in Carillion fell as much as 7 percent, adding to the roughly 80 percent slump since July 10, when it said it would part ways with its CEO and booked an 845 million pound writedown on problematic construction contracts. Since then, the British company''s shares have failed to make any material recovery as analysts have speculated that the group might raise at least 500 million pounds through a share sale or a debt-for-equity swap to shore up the balance sheet. Investec''s construction equities team said that its base case assumed that the company would pursue a discounted 500 million pound equity issue, leading it to resume coverage with a 50 pence rating, down from its earlier 300 pence target price. The brokerage also gave the stock a "sell" rating versus a "hold" rating earlier. "Despite widespread sell-side optimism, the industry''s challenges, including fixed price contracting, negative working capital risks and pension deficits, are not going away," they wrote in a note to clients. "Our benchmarking analysis suggests Carillion could face further problems," they added, pointing to the fact that the group still owed more and needed to collect more than the sector average. A spokeswoman for Carillion declined to comment. The construction sector has underperformed the wider market by 9 percent each year since 2007, with companies struggling after taking on a number of multi-year, fixed-price contracts at wafer-thin margins after the recession. These contracts later turned sour due to escalating costs, and Carillion''s troubles have been compounded by a huge debt pile and pension obligations, trouble collection cash from clients and lesser available work following the Brexit vote. Carillion''s July provision was booked against receivables - payments that the company no longer expected to collect - and Investec said the company still had receivables of 400 million pounds, 75 percent above the sector average. What the company owes clients and suppliers - payables - were also 75 percent above the sector average at 800 million pounds, the brokerage added. Carillion''s stock was down 2.6 percent at 55.35 pence at 0903 GMT, making it the top loser on FTSE''s midcap index .FTMC on Tuesday. ($1 = 0.7576 pounds) Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-outlook-research-idUKKBN1AH3Q0'|'2017-08-01T12:19:00.000+03:00'
'6f3b86411c81233481a1f549330bc4f569452a23'|'Brazil''s Vale calls ''speculative'' news it plans to buy stake in Samarco'|'SAO PAULO (Reuters) - Brazilian mining company Vale SA ( VALE5.SA ) dismissed as speculative a news report saying it planned to buy a stake in Samarco Mineração SA SAMNE.UL from Australian partner BHP Biliton Ltd, according to a securities filing on Tuesday.The news item referred to in the filing appeared on July 30 in a blog hosted by O Globo newspaper, Vale said. Samarco, responsible for Brazil''s worst environmental disaster in history, is a 50-50 joint venture of Vale and BHP.Reporting by Ana Mano'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-samarco-miner-m-a-vale-idUSKBN1AH46O'|'2017-08-01T20:01:00.000+03:00'
'5f3a28e6e604160642978eaad071f1fb19bf514a'|'U.S. construction spending falls as government outlays tumble'|'August 1, 2017 / 2:05 PM / in 19 minutes U.S. construction spending falls as government outlays tumble Reuters Staff 2 Min Read FILE PHOTO: A construction labourer works on top of a building in Los Angeles, California, U.S., March 6, 2017. Mike Blake/File Photo WASHINGTON (Reuters) - U.S. construction spending unexpectedly fell in June as investment in public projects recorded its biggest drop since March 2002, suggesting a downward revision to the second-quarter economic growth estimate. The Commerce Department said on Tuesday that construction spending tumbled 1.3 percent to $1.21 trillion, the lowest level since September 2016. Spending in May was revised to show it rising 0.3 percent. Economists polled by Reuters had forecast construction spending increasing 0.4 percent in June after it was previously reported as being unchanged in May. Construction spending increased 1.6 percent on a year-on-year basis. The government said on Friday in its advance gross domestic product estimate that the economy grew at a 2.6 percent annualized rate in the second quarter. In June, investment in public construction projects plunged 5.4 percent, the biggest drop since March 2002. The decline pushed public construction spending to its lowest level since February 2014. Outlays on state and local government construction projects fell 5.1 percent in June, also the largest fall since March 2002. Federal government construction spending slumped 9.3 percent, the largest drop since December 2010. Spending on private construction projects slipped 0.1 percent after a similar drop in May. Investment in private residential construction fell 0.2 percent. Spending on private nonresidential structures edged up 0.1 percent in June after surging 0.6 percent in May. Investment in residential and nonresidential structures such as oil and gas wells is slowing as the boost from oil prices fades. Reporting by Lucia Mutikani; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-construction-idUKKBN1AH4HK'|'2017-08-01T17:02:00.000+03:00'
'684a51d15087b47381b498bd0e7cba2607bd0371'|'Demand at U.S. 10-year note auction weakest since November'|'NEW YORK, Aug 9 (Reuters) - Bidding for $23 billion of U.S. 10-year Treasury notes on Wednesday, the second part of this week''s $62 billion quarterly refunding, was the weakest since November, Treasury data showed.The ratio of bids to the amount of 10-year government debt offered was 2.23, which was the lowest since the 2.22 set nine months ago. This measure of overall auction demand was 2.45 at the previous 10-year note sale in July.The Treasury paid investors and bond dealers a yield of 2.250 percent on the latest 10-year Treasury issue. This compared with 2.325 percent last month and was more than 1 basis point above what traders had expected, analysts said.Indirect bidders which include fund managers and foreign central banks bought 57.93 percent of the latest 10-year offering, their smallest share at a 10-year auction in nine months.Small dealers and other direct bidders purchased 6.81 percent of the issue, the most since March.Primary dealers or the top 23 Wall Street firms that do business directly with the Federal Reserve bought 35.26 percent of the latest 10-year issue, which was their largest share since December. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-treasury-auction-idINL1N1KV1IQ'|'2017-08-09T16:05:00.000+03:00'
'70db33c0b85fad1e9346371db7ec1f0842507a11'|'Exclusive: China regulators plan to crack down further on overseas deals'|'FILE PHOTO: A customer (L) stands in front of a counter of Hainan Airlines at an airport in Haikou, Hainan province, China, July 29, 2014. Stringer/File Photo HONG KONG (Reuters) - China plans to further tighten the screws on overseas acquisitions by Chinese companies and borrowing to fund those transactions, and has started closely scrutinizing the commercial aspects of the deals, three people familiar with the move said.The National Development and Reform Commission (NDRC), and the Ministry of Commerce (MOFCOM) are now reviewing deal agreements in minute detail, said the people, who work with various regulatory bodies and Chinese companies on their acquisition plans.The two bodies are asking companies looking to buy assets overseas to justify terms, including target valuations, deal premiums and financing arrangements, they said.This was particularly the case with companies not seen by the Chinese government as "strategic," they said.The tightened measures have been issued as informal guidance by Chinese regulators and have not been made official yet, said two of the people.The tightening of regulatory oversight for outbound purchases comes as Beijing is cracking down on some large domestic conglomerates for their debt-fuelled acquisitions abroad of assets ranging from hotels to movie studios.The regulatory measures, if in place for an extended period, could deter some companies from making overseas acquisitions, and could also weigh on outbound deal volumes in China.China''s outbound M&A volumes nearly halved in the first six months of this year to $64.2 billion following a crackdown on capital outflows, after Chinese companies spent a record $221 billion on assets overseas in 2016, according to Thomson Reuters data.On top of tightened scrutiny of deal terms, the country''s foreign exchange and banking regulators are also looking to step up their monitoring of loans made by the overseas branches of Chinese banks, two of the people said.Those two regulators - the State Administration of Foreign Exchange (SAFE) and the China Banking Regulatory Commission (CBRC) - also plan to make it tougher for companies to borrow overseas by pledging some assets in China, the people said.Borrowing funds from foreign banks and overseas branches of Chinese banks by pledging real estate and other assets in the mainland with local banks has been a common practice for some companies looking to fund foreign acquisitions.But some industry officials have questioned the quality of those pledged assets, and whether the lenders would be able to raise money against those in case borrowers defaulted on their repayment obligations.SAFE said in a written reply to questions from Reuters that it would strengthen China''s financial market regulations along with other financial supervisory authorities to ward off overseas investment risks while promoting trade and investment.It said it would guide financial institutions to strengthen their compliance and risk management with regards to foreign loans backed by domestic guarantees. "We will strictly crack down on fake and malicious guarantees, to promote overseas investment in a healthy and orderly way."The foreign exchange regulator also said it would encourage domestic companies with the capability of investing overseas to pursue "authentic and legitimate foreign deals, and encourage domestic banks to exercise prudence when offering financing services."The three people familiar with the decision to scrutinize deals more closely declined to be identified as they were not authorized to discuss regulatory matters in public. Officials at the banking regulator, the commerce ministry, and the NDRC did not immediately respond to faxed requests for comment.IMPORTANT FOCUS China started tightening capital outflows in the second half of last year. In June this year, the regulators ordered a group of lenders to assess exposure to some of China''s more aggressive dealmakers, including HNA, the property-to-film conglomerate Dalian Wanda and Anbang Insurance Group.Beijing''s stepped up deleveraging campaign, as part of efforts to control debt risk to the broader financial system and to maintain economic stability, comes ahead of a key party meeting later this year.While submitting share purchase agreements for overseas deals with the NDRC is a long established practice for Chinese companies, previously the regulator did not pay close attention to pricing and funding details, two of the people said."The level of inquiry has gone a lot deeper than the past - who you are as a buyer and what you are buying are of important focus," one of them said, referring to the NDRC scrutiny of the deal proposals.Much of these new regulatory measures, however, would not be applicable for overseas acquisitions related to Chinese President Xi Jinping''s signature foreign policy, the Belt and Road initiative, the people said.Last year, China''s acquisitions in the Belt and Road regions, which span vast regions from China to Europe and Africa, totaled about $10 billion, according to a research report by Thomson Reuters and Chinese institutions published last month. SAFE also said it would back domestic companies participation in the initiative."The regulators want to ensure that capital now would not be that easily available to those deals that are neither strategic for the country nor for the company," said one of the people in Beijing who advises Chinese companies on M&A transactions."The are looking to plug the regulatory arbitrage that some companies took advantage of."Reporting by Kane Wu and Sumeet Chatterjee. Additional reporting by Shu Zhang in Beijing and Jasper Ng in Hong Kong; Editing by Philip McClellan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-conglomerates-idINKBN1AK195'|'2017-08-04T09:31:00.000+03:00'
'891defb894c9837949bd4bf19a39bdf08ba9c486'|'Infrastructure borrowing drops as U.S. states await Trump plan details'|'Work crews work to replace a bridge over the Massachusetts Turnpike, part of in MassDOT''s (Massachusetts Department of Transportation) Commonwealth Avenue Bridge Replacement Project, in Boston, Massachusetts, U.S., August 4, 2017. Brian Snyder SAN FRANCISCO/NEW YORK (Reuters) - President Donald Trump arrived in office having promised a bold $1 trillion infrastructure investment plan over 10 years for roads, bridges, airports and transit systems crumbling by the day across the United States.But nearly seven months later the administration has produced few details on the future of federal infrastructure funding, one reason why state and municipal governments have issued fewer bonds to improve roads, water systems and other projects so far in 2017.An early budget by Republican Trump even proposed stripping popular transportation funding programs.Through July, new municipal deals to fund transportation, utilities and power projects totaled $50.7 billion, down 19.4 percent from the same period last year, according to an analysis of Thomson Reuters data.That decline outpaces a broader drop in the U.S. municipal bond market overall, with total issuance down 13.1 percent thus far in 2017 to $201.7 billion.New deals have lagged since November''s post-election selloff, when state and local governments quickly issued bonds fearing potential policy changes and rate increases by the Federal Reserve.Since then, the lower issuance has been driven by plummeting refunding volumes. Such refinancings dominated last year''s higher issuance levels, but the states and cities that sell such bonds were put off by the overall rise in rates."I think people started to realize that the agenda within the Trump administration wasn''t going to accelerate as quickly as had been advertised," said Randy Gerardes, director of municipal securities research at Wells Fargo in New York.That is discouraging news for commuters, travelers and the transportation industry that must contend with yawning gap of new projects and maintenance across the country. The American Society of Civil Engineers this year assigned a D+ grade to U.S. infrastructure.The Trump administration has announced a 10-year $1 trillion infrastructure plan financed through $200 billion in government funding, underpinned by private investment.While states and cities build most of the country''s public infrastructure, they rely on stable and predictable funding from the federal government to help complete those projects.Historically, the U.S. financed the vast majority of its infrastructure through the tax-exempt, low-cost vehicle of the $3.8 trillion U.S. municipal bond market.Work crews work to replace a bridge over the Massachusetts Turnpike, part of in MassDOT''s (Massachusetts Department of Transportation) Commonwealth Avenue Bridge Replacement Project, in Boston, Massachusetts, U.S., August 4, 2017. Brian Snyder Trump''s plan to utilize private financing to spur the bulk of his infrastructure program is "unrealistic," said James Grabovac, a managing director at McDonnell Investment Management.But state and local governments may be "reluctant to engage in long-term infrastructure financing given that there''s a promise of a trillion-dollar federal investment program somewhere on the horizon," Grabovac said.''Bond Picker''s Market'' The dearth of infrastructure-related bond issuance has left a "bond picker''s market," with more buyers than sellers.Slideshow (6 Images) "When deals do come to market, people are aggressively bidding them up," said Gerardes. "That''s pushing up the price and down the rates."Revenue bonds, which often finance infrastructure projects because they are repaid with tolls, fares and fees instead of tax dollars, maintained a small but steady spread over general obligation bonds for all of 2014 and 2015.But that narrowed in the final days of 2016, and revenue bonds are now trading on par with GO bonds. That is in part because belief in the safety of the GO pledge has waned since special revenue pledges led to better bondholder recoveries in some Chapter 9 bankruptcies.Such competition for new deals could encourage governments to issue more bonds. But that hinges on the support of politicians and taxpayers, who typically pay higher user fees or increased taxes to service debts."Unfortunately neither one of those options are politically palatable," said Gerardes.State and local finances are also still pressured by lingering pension and retiree healthcare liabilities, leaving them wary of taking on more debt to fund infrastructure projects.The tides may be changing, however. Last week transportation deals led the new issuance calendar, buoyed by deals from San Francisco, Washington, Georgia and Illinois.Of all infrastructure sectors measured by Thomson Reuters - including water and sewer, highways and airports - public power saw the biggest drop in issuance of 57.4 percent below par value.Bonds issued for seaports and marine terminals, however, increased by 134.1 percent and for bridges by 59.9 percent.Reporting by Robin Respaut in San Francisco and Hilary Russ in New York; additional reporting by Melissa Wen in San Francisco; Editing by Daniel Bases and Grant McCool'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-municipals-infrastructure-idUSKBN1AM0VB'|'2017-08-07T01:04:00.000+03:00'
'2ad7d22dd73e21600da054b38c3308217c6ffdcf'|'Sensex edges up; Tata Steel gains ahead of results'|'August 7, 2017 / 6:22 AM / 14 hours ago Sensex edges down; Tata Steel rises ahead of results 1 Min Read Brokers trade at their computer terminals at a stock brokerage firm in Mumbai January 6, 2015. Shailesh Andrade/Files REUTERS - Sensex slipped on Monday, dragged down by IT stocks, while the decline was capped by gains in Tata Steel Ltd on expectations of strong quarterly results. The benchmark BSE Sensex fell 0.16 percent to 32,273.67, while the broader NSE Nifty ended 0.09 percent lower at 10,057.40. Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/india-sensex-stocks-idINKBN1AN0JC'|'2017-08-07T04:22:00.000+03:00'
'19eaece6053ea82bb0770998b57f65b23acfe63b'|'Dame Helen Alexander, former chief executive of The Economist Group, died on August 5th'|'ROLE models for women in business are still too rare, not least in Britain. Last November an independent review backed by the government urged FTSE 100 companies to raise the share of women on their boards from 27% to 33% by 2020. Sadly, that push this week lost one of its leading champions, Helen Alexander, the deputy chair of the review.Business had no better ambassador. She was self-effacing but a world-class networker—a winning combination that helps to explain, along with her intelligence and charm, why all sorts of firms flocked to have her on their board (from Northern Foods to Centrica, Rolls-Royce and the British arm of Huawei), to advise them (Bain Capital) or to chair them (the Port of London Authority and, more recently, UBM, an events business). In 2009 she became the first woman to be president of the Confederation of British Industry, the country’s main employers’ group. But Helen had built her reputation in the media industry. From 1997 to 2008 she was chief executive of The Economist Group (the publisher of this newspaper), the company she joined as a marketing executive in 1985. During her tenure, profits soared and The Economist ’s circulation more than doubled, to 1.3m.Her success owed much to a leadership style that lacked fireworks and did not seek fame, but deserved more recognition, for both its humanity and effectiveness. Helen relied on a quiet wisdom: listening not lecturing. No name was ever forgotten, no thoughtful personal gesture was too small. For all the fashionable fascination with big strategy, she was unerringly sensible and, where need be, decisive: nothing foolish would happen on her watch. She treated her colleagues with respect, set an example of discipline and solid values (the diary always cleared time for family), and in return inspired confidence. “You can trust Helen completely,” was the word from one editor of The Economist to his successor.Although she could seem quintessentially British (St Paul’s Girls’ School, Oxford University), she was also thoroughly global. She loved travelling to the Olympic games, where the world came together in good-spirited competition. Her mother was Russian (with roots in Estonia), her grandmother had been Maxim Gorky’s lover; Helen’s MBA was from INSEAD in France and she was a stalwart of an annual Franco-British gathering called the Colloque. France awarded her the Légion d’Honneur in November 2015.At her acceptance speech at the French embassy in London, delivered in flawless French, her one pause to collect herself came when thanking her husband and three children for their support in her battle against cancer, which had been diagnosed about a year earlier. Helen approached that struggle as she did all else: head on, admirably, a class act.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21725895-helens-humanity-intelligence-and-charm-will-be-missed-she-was-60-dame-helen-alexander?fsrc=rss'|'2017-08-06T08:00:00.000+03:00'
'88fb0b80cb1df5ff71c36184ff747137ec15cf08'|'WeWork to invest $500 mln to expand in Southeast Asia, South Korea'|'FILE PHOTO: A mug bears the name of WeWork is seen at its flagship location in Hong Kong, China February 23, 2017. Bobby Yip/File Photo HONG KONG (Reuters) - New York-based startup WeWork on Monday said it will invest $500 million in Southeast Asia and South Korea in its latest effort to tap growing demand for shared office space in Asia.The firm, which provides workspace for users as varied as freelancers, entrepreneurs and corporations, said it will buy Singaporean peer Spacemob for an undisclosed amount, and that it will retain Spacemob''s management team.WeWork named Turochas "T" Fuad, who founded Spacemob early last year, as its managing director for Southeast Asia. It also appointed Matt Shampine, currently WeWork''s head of marketing and revenue for Asia, as general manager for Korea.It did not elaborate on its investment in Korea.The announcement comes less than two weeks after WeWork set up a Chinese unit with the help of a $500 million injection from China''s Hony Capital and Japan''s SoftBank Group Corp to expand beyond current locations of Beijing, Shanghai and Hong Kong.That followed the establishment earlier in July of a joint venture with SoftBank in Japan which aims to open its first workspace-sharing location in Tokyo next year.WeWork could announce more local units soon, founder and Chief Executive Officer Adam Neumann told Reuters in a July interview. Having separate local entities in different countries gives WeWork the flexibility to take some of those units public, while keeping others under the parent, he said.WeWork operates over 155 properties in 16 markets including the United States, its biggest market, Canada and Germany.Reporting by Julie Zhu; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-wework-expansion-idUSKBN1AN0EY'|'2017-08-07T08:07:00.000+03:00'
'd893eb457ffbb9d7c930127f8a66c936ee69a822'|'Asia stocks edge higher, dollar languishes ahead of U.S. jobs data'|'August 4, 2017 / 12:52 AM / 15 minutes ago U.S. payrolls report boosts dollar, equities, bond yields Chuck Mikolajczak 4 Min Read The New York Stock Exchange (NYSE) is pictured in New York City, New York, U.S., August 2, 2017. Carlo Allegri NEW YORK (Reuters) - The U.S. dollar and bond yields climbed while stocks on Wall St rose modestly on Friday, following a stronger-than-expected U.S. jobs report, which also showed a pick up in wage growth for the world''s largest economy. The U.S. Labor Department said nonfarm payrolls rose by 209,000 jobs last month. June''s employment gain was revised up to 231,000 from a previously reported 222,000. The unemployment rate fell to 4.3 percent while average hourly earnings rose 0.3 percent, the largest increase in five months. The report may pave the way for the U.S. Federal Reserve to start shrinking its $4.2 trillion balance sheet. U.S. stocks retreated from early highs to keep a gauge of world stocks near the unchanged mark, although the index remained on track for its fourth straight week of gains. The report also bolstered the dollar from 15-month lows against a basket of major currencies. "It really reinforces a lot of the themes we’ve seen - which is you will continue to see solid, steady growth that is not knocking the cover off the ball, led mainly by the labor market, which is healthy, and consumption, which should continue," said Sameer Samana, global quantitative analyst at Wells Fargo Investment Institute in St. Louis. "For financial markets, for right now, it’s a good combination – good growth that is not leading to inflation." The Dow Jones Industrial Average .DJI rose 66.71 points, or 0.3 percent, to 22,092.81, the S&P 500 .SPX gained 4.67 points, or 0.19 percent, to 2,476.83 and the Nasdaq Composite .IXIC added 11.22 points, or 0.18 percent, to 6,351.56. Financials .SPSY, up 0.72 percent, were the best performing S&P sector, but gains on the broader S&P 500 were curbed by a decline in healthcare names .SPXHC, and a 13.83 percent drop in Viacom ( VIAB.O ). FILE PHOTO: U.S. one hundred dollar bills are seen in this picture illustration, August 2, 2013. Kim Hong-Ji/Illustration/File Photo The pan-European FTSEurofirst 300 index .FTEU3 rose 0.99 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.04 percent. The FTSEurofirst notched its best day since July 12 while the Dow scored its ninth straight day of gains, and eighth straight closing record. The greenback was on pace for its biggest daily percentage gain since Jan. 6 and its first weekly gain in four, buoyed by the jobs report and comments from National Economic Council director Gary Cohn that the U.S. administration is working on a tax plan that would bring corporate profits back to the United States. The dollar had been weakening on political uncertainty in Washington, including news on Thursday that a grand jury had issued subpoenas relating to an investigation of suspected Russian meddling in the 2016 U.S. election. The dollar index .DXY rose 0.66 percent, with the euro EUR= down 0.72 percent to $1.1782. In bond markets, traders were betting the payrolls figures would cause the Fed to start to trim its balance sheet next month while a rate hike later this year could not be ruled out. Benchmark 10-year U.S. Treasury notes US10YT=RR fell 10/32 in price to yield 2.2637 percent, from 2.228 percent late on Thursday. Oil prices rose on Friday as the jobs report bolstered hopes for rising demand but declined on the week, weighed down by strong U.S. output and rising OPEC exports. U.S. crude CLcv1 settled up 1.1 percent at $49.58 per barrel and Brent LCOcv1 settled up 0.8 percent at $52.42. Editing by Bernadette Baum and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKBN1AK021'|'2017-08-04T09:45:00.000+03:00'
'9bb4756a4f1c5343c118c450f02df9bfa502f6ae'|'U.S. to review Qualcomm''s complaints about Apple iPhone patents'|'August 8, 2017 / 5:53 PM / 4 hours ago U.S. to review Qualcomm''s complaints about Apple iPhone patents Susan Heavey and Stephen Nellis  : An Apple iPhone 7 and the company logo are seen in this illustration picture taken in Bordeaux, France, February 1, 2017. Regis Duvignau/File Photo WASHINGTON/SAN FRANCISCO (Reuters) - U.S. trade officials have agreed to investigate Qualcomm Inc''s ( QCOM.O ) allegations that Apple Inc ( AAPL.O ) infringed on patents with its iPhone 7 and other devices, the U.S. International Trade Commission said on Tuesday. The ITC will make its decision "at the earliest practicable time" and will set a target date for completing its investigation within the next 45 days, the commission said in a statement. Qualcomm filed the complaint in early July, asking U.S. trade regulators to ban certain models of the iPhone that contain so-called broadband modem chips, which help phones connect to wireless data networks, that were not made by Qualcomm. Apple began using broadband modem chips made by Intel Corp ( INTC.O ) in the iPhone 7. Qualcomm has not alleged that Intel chips violate its patents but says the way Apple uses them in the iPhone does. "We look forward to the ITC’s expeditious investigation of Apple’s ongoing infringement of our intellectual property and the accelerated relief that the commission can provide,” Don Rosenberg, executive vice president and general counsel of Qualcomm, said in a statement. Intel declined to comment. Apple pointed to Chief Executive Tim Cook''s earlier comments that Qualcomm had not yet offered it "fair and reasonable" licensing terms for Qualcomm''s technology. "I don''t believe anyone is going to decide to enjoin the iPhone based on that," Cook told investors in May on the company''s earnings call, his most recent public comment on the topic. "I think that there''s plenty of case law around that subject, but we shall see.” As the ITC considered whether to take up the case, a group representing Alphabet Inc''s ( GOOGL.O ) Google, Amazon.com Inc ( AMZN.O ), Microsoft Corp ( MSFT.O ) and Facebook Inc ( FB.O ) sided last month with Apple, saying Qualcomm''s request to bar the import of some iPhones would hurt consumers. In turn, Qualcomm accused the group of "a coordinated effort aimed at misdirecting" the trade regulators. It said Apple was free to choose chips from a variety of vendors without necessarily infringing Qualcomm''s patents. The fight before trade regulators in Washington is one of several major legal battles involving Qualcomm and Apple. The two companies have cases pending before separate federal courts in California, and Qualcomm also faces a complaint from the U.S. Federal Trade Commission. Analysts are watching the ITC case closely because the trade regulator moves more quickly than many courts and could deliver a decision ahead of the pending lawsuits. Reporting by Susan Heavey in Washington and Stephen Nellis in San Francisco; editing by Grant McCool and Frances Kerry 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-apple-qualcomm-idUKKBN1AO23Z'|'2017-08-08T21:30:00.000+03:00'
'282837addc9b3f2e29c44921cb39c10deac56b92'|'Twenty-First Century Fox posts 1.5 percent rise in quarterly revenue'|'August 9, 2017 / 8:15 PM / 5 minutes ago Twenty-First Century Fox revenue misses, profit tops estimates Reuters Staff 2 Min Read FILE PHOTO: The flag of the Twenty-First Century Fox Inc is seen waving at the company headquarters in the Manhattan borough in New York June 11, 2015. Eduardo Munoz/File Photo (Reuters) - Rupert Murdoch-controlled Twenty-First Century Fox Inc''s ( FOXA.O ) quarterly profit edged past analysts'' estimates, but revenue fell just short of expectations, hurt by the lack of box office hits from its movie studio. The company, which is seeking regulatory approval to completely buy out Sky Plc ( SKYB.L ), said revenue at its filmed entertainment division fell 11.5 percent to $1.80 billion in the fourth quarter. Fox said the lower home entertainment revenue was due to the strong performance of "Deadpool" in the year-ago quarter. However, revenue from Fox''s cable division, which houses the Fox News, FX channels among others, rose 10.4 percent and accounted for more than half of total revenue. Net income attributable to Fox shareholders fell to $476 million, or 26 cents per share, from $567 million, or 30 cents per share. The year-ago results included a tax benefit of $60 million. Excluding items, the company earned 36 cents per share. Fox said total revenue increased 1.5 percent to $6.75 billion. Analysts on average were expecting a profit of 35 cents per share and revenue of $6.77 billion, according to Thomson Reuters I/B/E/S. A big question for investors is whether Fox will gain government approval of its $14.5 billion bid, first made in December, to buy the nearly 61 percent of UK-based pay-TV group Sky that it does not already own. That deal is still under review by British regulators and is likely to be referred to the competition watchdog for a full investigation, delaying its approval of the deal. The approval of the deal has met with a number of a roadblocks, including Britain''s media secretary, Karen Bradley''s reservations about the deal giving the Murdoch family too much influence over the media. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-fox-results-idUKKBN1AP2HB'|'2017-08-09T23:14:00.000+03:00'
'1733d3793a37e34b05e77f53e244525eaa241787'|'Why an eight-hour bus ride from Los Angeles to San Francisco might beat a flight'|'THERE is a new way to travel between Los Angeles and San Francisco. At $230 for a round trip, it may not be cheaper than flying, but at least it is slower.Cabin is an interesting experiment; an attempt to compete with airlines by promising a better night’s sleep. Flying between the two cities may take less than an hour and a half. But getting to the airport, shuffling through the security queue, waiting at the gate, picking up your bag upon arrival, and getting from the airport to your actual destination can nearly quadruple the total travel time. That means a trip can eat up most of the day. Or if you want to travel at night, you have about an hour to sleep, between several hours of hassle and tedium. Rather than go through that rigmarole, Cabin is betting that some passengers will instead choose an overnight bus, on which they crawl into sleeping pods, stacked like bunk beds but ensconced behind curtains and soundproof walls, and wake up eight hours later at their destination. On offer: water, coffee, melatonin and a communal area for people who are not sleepy. Not on offer: room to sit up within the sleeping pod. There is one objective on a Cabin (called SleepBus in an earlier iteration), and that is to reach the destination via the land of nod. The drivers intentionally go slowly and take back roads so that the trip, normally six hours, lasts eight.The service currently runs only between Los Angeles and San Francisco, leaving each city at 11pm and arriving at 7am. Although Cabin is looking to expand to other cities, the current route is a perfect example of that awkward travel distance to which there is no good solution. Others abound, such as Washington-Boston or London-Edinburgh: a short flight that sounds easy, until you realise it is part of a four- or five-hour total travel itinerary.There are, of course, other options. You can drive, but being behind the wheel tends to limit the chance of getting some shut-eye. You can take a train, but Amtrak routes between Los Angeles and San Francisco can be several times as expensive as Cabin or flying, plus you don’t have a bed and are likely to be woken up periodically by stops, announcements or fellow passengers bumping your elbows.The arrival of self-driving cars could provide a nice alternative for these types of trips. They do not come with beds or fully reclining seats—at least not yet—but passengers will probably be able to programme a route that allows for a full night’s sleep, and unlike Cabin, they can travel between any two cities or addresses, not just along a prescribed route. Cabin itself, meanwhile, is hoping that its buses will one day be autonomous.There is another option on the table that could, at least hypothetically, obviate the need to worry about balancing sleep and travel. Various companies have pitched a “hyperloop” concept that could ostensibly transport carriages between Los Angeles and San Francisco in as little as half an hour along near frictionless tubes. (Last month, Elon Musk of Tesla and SpaceX claimed on Twitter that he had received “verbal govt approval” to construct an underground hyperloop that would connect New York and Washington, DC in 29 minutes, although the lack of details provoked scepticism.) At those kinds of speeds, there is no need to budget time: you could leave Los Angeles after work and be in San Francisco for dinner, with a full eight hours of shut-eye ahead of you.But that project is a long way and a few potentially insurmountable hurdles from reality. In the meantime, for those of us not on the Cabin route, the same distasteful choice persists, between a plane, train and automobile that might offer the shortest travel time or the lowest cost but definitely no California dreaming.Next Two Chinese tourists are arrested for making a Hitler salute in Germany'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/life-slow-lane?fsrc=rss'|'2017-08-08T22:52:00.000+03:00'
'f5e6949d4ab611c4dd3ad13a66ef9f44eae0f429'|'Yelp shares soar with Grubhub sale'|'August 4, 2017 / 7:12 PM / in 9 minutes Yelp shares soar with Grubhub sale Marc Vartabedian 2 Min Read FILE PHOTO: The Yelp Inc. logo is seen in their offices in Chicago, Illinois, March 5, 2015. Jim Young/File Photo SAN FRANCISCO (Reuters) - Shares of Yelp Inc ( YELP.N ) jumped more than 27 percent on Friday, a day after the company announced the sale of its Eat24 business to Grubhub ( GRUB.N ). As part of the $287.5 million sale, Yelp and Grubhub will enter into a five-year partnership that will integrates Eat24 with Grubhub''s food ordering service. The deal allows Yelp, which specializes in restaurant reviews, to reap the benefits of Grubhub''s specialty in online food ordering. In addition to higher-than-expected second-quarter revenue and the announcement of a $200 million share repurchase program, the deal played a role in the share rise, said Wedbush Securities analyst Aaron Turner. "The partnership expands the ability to monetize its restaurant traffic. The market is reflecting the potential," Turner said of Yelp, noting the company will collect a commission on each food order placed on Eat24. Shares were trading at $39.66 in mid-afternoon. Yelp''s second-quarter revenue rose 20 percent to $209 million, above the $205 million expected by analysts, on average. The acquisition is one of a number of recent purchases Grubhub has made within the on-demand food ordering industry. Last week, it bought Groupon''s ( GRPN.O ) OrderUp delivery service, which focuses on college campuses, and in June it bought Foodler, a Boston delivery service. Grubhub shares were up 9.5 percent on Friday. Reporting By Marc Vartabedian; Editing by Bill Trott 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-yelp-shares-idUSKBN1AK28J'|'2017-08-04T22:12:00.000+03:00'
'848cb65188e063c53dcd24828180bceded9c6040'|'Socially responsible retailers aim to end the ‘rent-to-own’ rip-off - Money'|'How can the store chain BrightHouse get away with charging someone up to £1,560 for a washing machine when the exact same model can be bought elsewhere for £599?Perhaps it is examples like this that explain why the City watchdog this week tore a strip off “pay-weekly” retailers that target low-income families, saying it was concerned about the high costs and harmful consequences of this type of credit.Many of us are aware that this is an expensive way to buy household items, but if you are hard-up and urgently need a bed for your child, or a cooker or new washing machine, you may feel you have no choice but to turn to a company such as BrightHouse. But the good news is that things are changing. A new breed of socially responsible companies is emerging that aim to break the stranglehold of the major pay-weekly retailers by helping poorer families to buy the things they need without having to pay a “poverty premium”.This new wave is being spearheaded by Fair for You , which describes itself as the UK’s only national not-for-profit company that provides a hassle-free and fair alternative to the likes of BrightHouse. Fair for You offers thousands of items for sale via its website at prices “broadly in line” with those on the high street, which people pay for by taking out a flexible loan at an interest rate of 3% a month (equal to a 42.6% APR).The company, which is owned by a charity, has only been trading for 18 months but it emerged as the big winner at last month’s Consumer Credit Awards, has a glowing 9.8 out of 10 score on the Trustpilot website and is in the process of receiving £5m in social investment to fund the next phase of its expansion.With 283 stores across the country, BrightHouse is the dominant player in a sector known in financial circles as “rent-to-own”. The other two big names are PerfectHome, which has 18 stores, and the online retailer Buy As You View. Between them, these three account for about 90% of the market. Consumers typically pay for items on a weekly basis: you sign up to a payment plan, and at the end of the “rental” term you own the product. But there has long been criticism of the high cost of items and the steep interest rates charged: a March 2016 report from the Financial Inclusion Centre thinktank stated that rent-to-own customers “can easily find themselves paying three times as much for goods and services than they would from more conventional retail outlets”.A couple of months after that, the Financial Conduct Authority (FCA) said that following its intervention, the three firms had agreed to make major improvements to their product affordability, price transparency and arrears handling. On top of that, the largest firms can no longer compel consumers to fork out extra for often-unwanted insurance on the items they buy.Many Britons are hooked on costly credit. Here’s what the new minister should do - Rowena Young Read more On Monday the Financial Conduct Authority announced measures to rein in mounting consumer debt, and said rent-to-own customers were a “particularly vulnerable group”. About 200,000 people signed up to a rent-to-own payment plan last year, while 400,000 people had outstanding debt at the end of 2016. The FCA said it was “concerned that there are harmful consequences of this high-cost borrowing for a significant number of consumers”, and that it would be investigating further – but added it was not yet considering new rules for this sector.Guardian Money carried out a quick price test. We went on to the BrightHouse website and chose a Samsung 9kg AddWash washing machine priced at £730.01, plus £55 for delivery and installation. The site said we could pay for it with 156 weekly payments of £10, giving a total outlay of £1,560. This assumes a representative interest rate of 69.9% APR. If we opted for a shorter period and higher payments, the total payable comes down – eg, 52 weekly payments of £19.35 would add up to £1,006.20. Yet that same washing machine is available from the website of retailer RGB Direct at £599 and from John Lewis for £669.BrightHouse argues its customers typically don’t have the luxury of being able to walk into a shop and hand over £600-plus to pay for something. Other options are pricey, too: borrow £750 over 52 weeks from doorstep lender Provident Financial, say, and you would pay a total of £1,404 (a 299.3% APR).So what about more “ethical” alternatives to the established rent-to-own players? Fair for You, which was set up in 2015 as a not-for-profit “community interest” company, has seen a 200% growth rate in customers in the last nine months. It provides small loans to households to buy essential items such as white goods via its website, where it has linked up with major brands including Hotpoint and Indesit.“The premise is that prices should be broadly in line with high street prices, and customers browse and choose the item they need and set the price they want to pay back each week in line with their budget,” says chief executive Angela Clements, a former banker. “We are currently finalising adding a national carpet retailer and a national major furnishing chain to our high street.”Someone taking a £750 loan from Fair for You over 52 weeks would hand over a total of £895 (52 lots of £17.22), working out at a 42.6% APR.Other rent-to-own alternatives include the Smarterbuys Store , a not-for-profit charity based in County Durham which offers credit and provides household goods to housing association tenants. It describes itself as “the ethical weekly payment store” and works with more than a dozen housing associations and local authorities. Its typical loan interest rate is 24.19% APR, and in April it announced it had loaned its two millionth pound and helped almost 3,000 customers.There is also the The Square , based in Bolton, and Newcastle-based Own Your Own , though the latter is not running at the moment.In a statement, BrightHouse said it “plays a critical role helping people with low incomes and damaged credit histories to get everyday items they otherwise couldn’t have”. It added: “We have worked closely with the FCA to update and refine our practices and processes, a fact recognised by the regulator this summer when it said it is minded to authorise our business.”Topics Family finances Borrowing & debt Consumer affairs Consumer rights Financial Conduct Authority features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/aug/05/fair-for-you-rent-to-own-rip-off-retailers'|'2017-08-05T03:00:00.000+03:00'
'3f577cf367a92a3e28fdc2d52618d8c3bd891212'|'European shares fall on Paris incident, North Korea worries'|'* STOXX 600 down 0.7 pct, CAC 40 down 1.2 pct* Gold miners gain as investors rush to safety* Scout24 soars after winning back customers in Q2* Brenntag falls as analysts unimpressed by results* Overall euro zone Q2 earnings growth tracking 16 pct (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)By Helen ReidLONDON, Aug 9 (Reuters) - European shares fell back on Wednesday, with all major benchmarks in the red after a car hit a group of soldiers in a Parisian suburb in what was said to be a deliberate act.The falls followed U.S. and Asian market declines after North Korea said it was considering plans to attack Guam, which has a large U.S. military base.Strong results from Scout24 and Novo Nordisk lifted those shares, but the pan-European STOXX 600 extended early losses to fall 0.7 percent. Euro zone stocks and blue-chips dropped 1 percent.France''s CAC 40 extended losses to hit a session low, down 1.2 percent after the car incident in Paris..Germany''s DAX was also down 1.1 percent as bond yields fell.Gold miners Randgold Resources and Fresnillo were among the only gainers on the FTSE, up 1.9 to 2.3 percent as investors rushed to the safety of gold.Banks meanwhile suffered heavy losses, down 1.2 percent.Results also drove some sharp moves lower.Chemicals group Brenntag led fallers, down 5.5 percent after second quarter results undershot expectations. "M&A seems to be the main driver while organic growth remains unsatisfying," said Baader Helvea analysts.G4S shares fell 4.7 percent despite the security group reporting first-half profit up 7.6 percent and saying its turnaround was on track. Stifel analysts pointed to operating cashflow being weaker year-on-year.German flavours and fragrance maker Symrise fell 3.6 percent, with analysts pointing to margins missing estimates.Overall, results season has been strong, analysts and investors said. Earnings growth for the MSCI Euro zone companies reporting this quarter is tracking at 15.7 percent, with 76 percent of results in so far."I still think there''s more good news than bad news [in results] because you''re still seeing underlying economies growing at a decent clip," said Andrew King, head of European equities at BNP Paribas Investment Partners."On a longer term view you''re now starting to see a break with the history of constant earnings downgrades," he added.Scout24 was a stand-out performer, jumping 6.6 percent to a seven-month high after the German online classifieds company said it had won back customers in the second quarter. Its shares had fallen sharply after a broker downgrade last week.The healthcare sector outperformed thanks to strong gains from the world''s top maker of diabetes drugs, Novo Nordisk , up 3.9 percent after beating second-quarter profit forecasts.Dutch oil firm SBM Offshore gained 4.7 percent, on track for its best day in more than a year, after its first-half results beat expectations with higher investments in deep sea projects.Reporting by Helen Reid; Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/europe-stocks-idUSL5N1KV1OY'|'2017-08-09T16:33:00.000+03:00'
'0d658b6d69ac2aabc384802a8d70751358caa9bf'|'Wells Fargo non-executive chairman Sanger likely to step down-WSJ'|'Wells Fargo CEO Tim Sloan (L) listens as Chairman Stephen Sanger answers a question from reporters after the annual shareholder meeting in Jacksonville, Florida, U.S., April 25, 2017. Phelan Ebenhack (Reuters) - Betsy Duke, a former Federal Reserve official and community banker from Virginia, is likely to become chairwoman of the board of Wells Fargo & Co ( WFC.N ), the Wall Street Journal reported on Thursday. Investors have agitated for new leadership at the bank''s board, as the third largest U.S. lender confronts a sales scandal that has grown beyond millions of unauthorized accounts to harm additional depositors and borrowers. A spokesman for San Francisco-based Wells Fargo declined to comment. Duke became a director in 2015. She was named vice chair last year after the scandal broke and then-Chairman and Chief Executive Officer John Stumpf resigned. The Journal reported on Thursday that Stephen Sanger, who took over as chairman in October, will step down by early September, with Duke likely to take over as chairwoman. Sanger faced a tough shareholder vote this year over the board''s stewardship of the company, and has faced calls to step down from some investors. In recent weeks, investors had told Reuters they wanted Duke to become chairwoman, citing her regulatory and banking experience. Duke spent more than three decades as a community banker in Virginia and was a Federal Reserve governor during the 2007-2009 financial crisis. At the Fed, she was a fierce advocate for community banks affected by post-crisis regulations, according to a former colleague there. Because she comes from small-town lenders rather than large Wall Street institutions, Duke has the bona fides of the earnest Main Street banker Wells Fargo had fashioned its image around before the sales scandal erupted, investors, analysts, colleagues and associates told Reuters. Duke "has put a lot of leadership and effort into helping us manage a variety of regulatory reform implementations," Wells Fargo Chief Financial Officer John Shrewsberry told Reuters in an interview last month, adding that she has become "more heavily involved" in those reforms. Last Friday, Wells Fargo said it would pay the U.S. government $108 million to settle allegations that it charged military veterans hidden fees to refinance mortgages. The scandal erupted last September when it came to light that bank staff had opened accounts for up to 2.1 million customers without their knowledge. Recently, Wells Fargo admitted it may have charged as many as 570,000 auto borrowers for insurance they did not want, potentially leading to 20,000 wrongful repossessions. In its latest quarterly financial report last Friday, the bank said it was examining whether it had caused unnecessary financial harm to customers through mortgage fees, frozen deposit accounts and "add-on" products like identity theft protection. Reporting by Dan Freed in New York; Additional reporting by Aparajita Saxena in Bengaluru; Writing by Lauren Tara LaCapra; Editing by Sai Sachin Ravikumar and Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-wells-fargo-moves-idUSKBN1AQ1ZB'|'2017-08-10T18:56:00.000+03:00'
'171c42d9355986546ca852acb6a2f474807839f7'|'Savills reports 27 percent rise in first-half profit led by Asia'|'August 10, 2017 / 6:30 AM / 3 hours ago Savills reports 27 percent rise in first-half profit led by Asia Reuters Staff 2 Min Read A man looks in the window of a Savills office in Canary Wharf, London, Britain October 30, 2015. Reinhard Krause/File Photo (Reuters) - International estate agency Savills ( SVS.L ) reported a 27 percent rise in first-half profit on strength from Asia and its real estate investment management arm, despite a post-Brexit decline in demand for new homes and office space in London. The company, which gets nearly two-thirds of its revenue from outside the UK, said underlying profit rose to 32.4 million pounds ($42.05 million) for the six months to June 30, from 25.5 million pounds a year earlier. Revenue rose 15 percent to 714.4 million pounds, the company said. It raised its interim dividend by 6 percent to 4.65 pence. Its shares were up 3.6 percent in early trade. The company said it expected full-year performance would be in line with expectations, although highlighting that it continued to trade in an "environment of ongoing political and economic uncertainty". It said the measures taken by the Hong Kong government to cool its property market were likely to impact volumes in the second half, while the British residential market continued to face uncertainty in the aftermath of the Brexit vote. "In May 2017, the Hong Kong government implemented further cooling measures which are likely to have an impact on volumes in the second half of the year," the company said in a statement. Savills said income from residential transactions in Asia increased by 23 percent to 20.1 million pounds, driven by 84 percent sales growth in Hong Kong. Underlying profits from its British residential transaction business fell by 27 percent to 5.4 million pounds. Overall, however, Savills'' UK business reported a 7 percent rise in revenue as strength from its consultancy services offset the impact of reduced volumes in its residential business. The UK housing market, which has slowed since the EU referendum, has been further hit by a rise in stamp duty charges and an uncertain outcome in the June national election. Reporting by Justin George Varghese in Bengaluru; editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-savills-results-idUKKBN1AQ0M2'|'2017-08-10T09:29:00.000+03:00'
'ce35b31a160a080e8b779ce494dac68d1231bc1a'|'MIDEAST STOCKS - Factors to watch - August 6'|'August 6, 2017 / 4:05 AM / 13 hours ago MIDEAST STOCKS - Factors to watch - August 6 4 Min Read DUBAI, Aug 6 (Reuters) - Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-U.S. payrolls report boosts dollar, equities, bond yields * MIDEAST STOCKS-Strong Q2 results support Al Othaim, Aldar in otherwise flat trade * Oil prices rise on strong U.S. jobs data * PRECIOUS-Gold slips after strong U.S. jobs data boosts dollar * About 2,000 Islamic State fighters remain in Syria''s Raqqa -U.S. envoy * Rouhani, embarking on second term in Iran, asks Europe not to side with Trump * Yemenis, Iranians sue U.S. State Dept, ask for visas to be processed * BREAKINGVIEWS-Iraq bond market return no cakewalk for investors * Iraq secures $195 million Japanese loan for electricity sector * Israel launches preliminary investigation of Amman embassy shootings * U.S.-backed Yemeni troops push al Qaeda from southern province * OPEC supply-cut compliance runs up against ire over country targets * Middle East Crude-Dubai stays at multi-month high as strong Brent curbs arbitrage supplies EGYPT * Emaar Misr considers investment project in Egypt''s al-Alamein * Egypt FDI seen at $8.7 bln in FY 2016-17 * Two killed, three wounded in Egypt attack near Luxor -ministry * Egyptian court sentences 50 policemen to three years in prison for striking * Egyptian liver delicacy on the table at operating room themed restaurant * Yields drop sharply on Egypt T-bills after foreign currency reserves surge * As austerity pummels Egypt''s importers, dollar resources grow * INTERVIEW-Miner Centamin raises dividend, shuns Egypt exploration * Egypt H1 trade deficit narrows by 46 pct on sharply lower imports * Egypt''s non-oil business activity contracts, new orders stabilise -PMI SAUDI ARABIA * EXCLUSIVE-Goldman Sachs buys into Aramco $10 bln loan as it seeks IPO role -sources * BRIEF-Saudi Aramco in talks to buy Petrochina refinery stake- WSJ, citing sources * TABLE-Saudi imports sink 11.3 pct y/y in May, non-oil exports drop * MEDIA-Saudi oil minister met with top commodity hedge funds- Bloomberg * TABLE-Saudi imports sink 11.3 pct y/y in May, non-oil exports drop * Saudi man killed trying help citizens flee Awamiya -sources * BRIEF-Saudi''s Samba announces H1 dividend of 0.75 riyal per share * Saudi''s SWCC hires advisers to build two desalination plants * Saudi private sector growth accelerates moderately in July -PMI * TABLE-Saudi Arabia Q2 earnings estimates * TABLE-Saudi Arabia Q2 earnings estimates (1) UNITED ARAB EMIRATES * Abu Dhabi’s Mubadala sells second stake in U.S. chipmaker AMD * Blaze sweeps through Dubai skyscraper for second time * UAE''s ADNOC raises July crude prices more than expected * UAE''s ENOC secures $500 million revolving credit facility * UAE''s Aldar Properties Q2 net profit falls 5.6 pct on lower revenues * UAE non-oil growth marginally up in July -PMI * TABLE-Abu Dhabi Q2 earnings estimates * TABLE-Dubai Q2 earnings estimates * HNA, Qatar not acting in concert at Deutsche Bank - board member in Spiegel * Qatar''s Doha Bank seeking to reduce UAE loan book -sources * Qatar approves law allowing some foreigners permanent residency * Soccer-Neymar signs five-year deal to complete world record PSG move * BRIEF-Qatar''s Ooredoo ends talks to acquire Salam Technology * TABLE-Qatar Q2 earnings estimates * Kuwait''s Agility Q2 net profit up 12 pct * Kuwaiti fund to sell Areva shares in bid, stay away from nuclear - sources * TABLE-Kuwait Q2 earnings estimates * Islamic bank Ithmaar exploring sale of stake in Bahrain-based BBK -sources * TABLE-Bahrain Q2 earnings estimates * Saipem to win $800 mln contract for Oman refinery * Petrofac JV awarded $2 bln refinery contract in Oman * Oman signs $3.55 billion loan with Chinese banks * TABLE-Oman Q2 earnings estimates (Compiled by Dubai Newsroom) 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/mideast-factors-idUSL5N1KR0B8'|'2017-08-06T12:05:00.000+03:00'
'6a5a661285d8ef7687190a258f94a655c20d2484'|'MOVES-RBC hires Phillis for regulatory role'|'LONDON, Aug 7 (IFR) - Royal Bank of Canada has hired Wendy Phillis as managing director of governance and regulatory solutions in Europe and Asia-Pacific for its investor and treasury services unit.RBC said on Monday she had joined from ICAP, where she was group chief risk and compliance officer. Phillis previously spent 16 years with State Street where she held senior risk and compliance roles and was then chief operating officer for its global markets business in EMEA.RBC''s investor and treasury services unit provides asset services, custody, payments and treasury services for clients in 19 countries. It has over C$4trn (US$3.15trn) in client assets under administration. The governance and regulatory solutions group assists it and its clients in managing risk, and meeting regulatory obligations. (Reporting by Steve Slater)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/moves-rbc-hires-phillis-for-regulatory-r-idUSL5N1KT1L9'|'2017-08-07T17:18:00.000+03:00'
'8e86de10b0224f728d0aac9a554d2f8bce4a1017'|'Commonwealth Bank says ''coding error'' explains alleged money-laundering breaches'|'FILE PHOTO: A Commonwealth Bank of Australia logo adorns the wall of a branch in Sydney, Australia, May 8, 2017. David Gray/File Photo SYDNEY (Reuters) - The Commonwealth Bank of Australia (CBA) on Monday said a software error was behind most of the roughly 53,700 times it allegedly broke anti-money laundering law, in a case that could see the country''s biggest lender fined several billion dollars.Financial intelligence agency AUSTRAC filed a civil case on Thursday accusing the bank of several breaches of law including failing to identify, monitor and report money transfers over $10,000, in contravention of the anti-money laundering and counter-terrorism financing Act.It also said the bank did not act upon police instruction to suspend accounts linked to criminal activity.The following day, the bank''s share price saw its steepest one-day decline in 18 months.CBA said intelligent deposit machines introduced in 2012 did not create so-called threshold transaction reports (TTRs), which would have alerted it to any suspicious activity, due to a coding error that went unnoticed until it was fixed in September 2015."Within a month of discovering it, we notified AUSTRAC, delivered the missing TTRs and fixed the coding issue," CBA said in a statement on Monday. "The vast majority of the reporting failures alleged in the statement of claim (approximately 53,000) relate specifically to this coding error."As such, it said penalties should be just and appropriate.CBA Chief Executive Officer Ian Narev told The Australian Financial Review he would work through the "difficult matters" and that it was for the board to decide whether his job was on the line.Stephen Mayne, a director at the Australian Shareholders'' Association, which aggregates about A$500 million worth of CBA''s shareholders proxy votes, said the issue was a very serious challenge for the bank''s board."At this point, we don''t want to hear from management, but from the independent Chairman Catherine Livingstone, on what she and the board think about the allegations against management."The bank''s share price ended up 1 percent on Monday, in line with the benchmark index.CRIMINAL ACTIVITY AUSTRAC also said the bank failed on several occasions to follow instructions from law enforcement to suspend accounts flagged as suspicious and linked to criminal activity."We recognise that there are other serious allegations in the claim unrelated to the TTRs," the bank said.AUSTRAC said some accounts were used for "cuckoo smurfing", a form of money laundering involving multiple people such as a syndicate that make numerous small deposits to avoid detection. The syndicate then obtains details of a bank customer to make seemingly legitimate money transfers in that customer''s name."These are really serious accusations," said Daniel Smith, general manager at CGI Glass Lewis, which advises local funds with assets over A$1 trillion. "We are interested in how the board determines responsibility and how vigorously the bank disputes these accusations."The case comes less than half a year after AUSTRAC fined bookmaker Tabcorp Holdings Ltd almost A$420,000 ($333,000) for each of 108 breaches, resulting in the biggest civil penalty in Australian corporate history at A$45 million.The maximum penalty per breach is A$18 million. Based on the Tabcorp case, analysts at wealth manager Shaw and Partners put CBA''s potential fine at A$22 billion.Mayne said it would be appropriate for the bank to note a contingent liability for a potential fine in the financial accounts to be released on Wednesday.($1 = 1.2620 Australian dollars)Reporting by Paulina Duran and Tom Westbrook; Editing by Susan Fenton and Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/australia-cba-moneylaundering-idINKBN1AN09H'|'2017-08-07T06:18:00.000+03:00'
'8ac04863a0313070baf81fb7652a33e2f94e0a03'|'JGBs inch down, taking cue from Treasuries'|'TOKYO, Aug 7 (Reuters) - Japanese government bonds edged down on Monday, taking their lead from weaker U.S. Treasuries after last week''s strong employment data as investors awaited the next session''s 30-year JGB sale.U.S. yields rose on Friday after the July jobs reports showed that U.S. employers hired more workers than expected last month, and wage growth met economists'' expectations.The 10-year cash JGB yield rose half a basis point to 0.065 percent, while the September 10-year JGB futures contract finished 0.02 point lower at 150.24.In the superlong zone, the 20-year JGB yield inched up half a basis point to 0.575 percent, while the 30-year JGB yield added 1 basis point to 0.875 percent.The Ministry of Finance will auction 800 billion yen ($7.23 billion) of 30-year JGBs on Tuesday.The 5-year JGB yield added half a basis point to minus 0.060 percent. ($1 = 110.7000 yen) (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1KT2C3'|'2017-08-07T04:18:00.000+03:00'
'217bcb7b58aefc5835f1c75b4e9e76ee8845a733'|'Momentum in UK economy fades in three months to July - NIESR'|'August 10, 2017 / 12:22 PM / 3 hours ago Momentum in UK economy fades in three months to July - NIESR Reuters Staff 1 Min Read LONDON (Reuters) - British economic growth has softened again following a modest improvement in the second quarter, the National Institute of Economic and Social Research (NIESR) estimated on Thursday. Britain''s economy likely expanded 0.2 percent in the three months to July compared with quarterly growth of 0.3 percent in the second quarter. "The service sector, which was the main driver for economic growth in the second quarter, appears to have slowed," Amit Kara, head of UK macroeconomic forecasting at NIESR, said. "We see a modest recovery in the second half of this year in response to strengthening global growth and a weaker currency, but on the flip side, consumer spending is likely to be weighed down by weak wage growth and investment spending held back by Brexit-related uncertainty." Earlier on Thursday, official data showed a lacklustre performance for manufacturing and trade in June. Reporting by Andy Bruce; Editing by William Schomberg 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN1AQ1GM'|'2017-08-10T15:25:00.000+03:00'
'c91c17c42a5235991520ff29ff46e9d040d7c5c0'|'RPT-UPDATE 3-Australia sends navy ships, divers after aircraft crash, 3 Marines missing'|'(Repeats Sunday story with no changes to text)* Search and rescue suspended after U.S. Osprey crashes* Families of three missing U.S. Marines informed* Osprey crashed on Saturday off northeast Australia* U.S. Marines on manoeuvres with Australian forces* Ospreys have been involved in previous crashesBy Joseph HinchliffeMELBOURNE, Aug 6 (Reuters) - The Australian government said on Sunday it would deploy its armed forces to assist in recovery efforts after the U.S. Marine Corps suspended a search for three Marines missing since their aircraft crashed off Australia''s northeast coast a day earlier.The Marine Corps said earlier they had shifted from a search-and-rescue effort to a recovery operation, which could last several months, and had notified the next-of-kin of the three missing Marines."The transition comes after teams led continuous sustained search efforts supported by aircraft and ships," the III Marine Expeditionary Force, based in Okinawa, Japan, said."As the sea state permits, recovery efforts will be conducted to further search, assess and survey the area ...," they said in a statement.The U.S. Marines have described the incident involving the MV-22 Osprey tilt-rotor aircraft as a "mishap" and said it was under investigation.Ospreys have been involved in incidents resulting in deaths or injuries in recent years.Australian Defence Minister Marise Payne said the Australian government would assist the U.S.-led recovery effort after what she described as an "extensive search-and-rescue operation" was called off."Our thoughts are with all those affected by this tragic event and the Australian Government stands ready to support the U.S. further in any way we can," she said in a statement.Payne said a Royal Australian Navy survey ship was en route to the search area. A navy diving team would be sent soon and army aviation assets were "at short notice readiness to support any further requirements", she said.Apart from the three missing Marines, 23 other personnel aboard the aircraft had been rescued. Australian emergency officials said one person had been taken to hospital in Rockhampton in northeastern Queensland state but gave no other details."All other personnel are accounted for and safe," the III Marine Expeditionary Force said on Twitter."BENIGN" WEATHER The incident happened off the coast of Shoalwater Bay in Queensland at about 4 p.m. local time on Saturday (0600 GMT), the Marine Corps said. They called off the search at about 3 a.m. on Sunday (1700 GMT Saturday).Australia''s Bureau of Meteorology described wind, swell and atmospheric conditions at the time of the incident as "benign"."There was a light northeasterly wind with high cloud ... but that would have had no impact whatsoever on conditions at the surface," meteorologist Michael Paech said.The aircraft that crashed had taken off from the USS Bonhomme Richard (LHD 6) amphibious assault ship and was on regular operations when it hit the water, according to the Marines Corps.U.S. President Donald Trump, who was on his first full day of vacation at the Trump National Golf Club in Bedminster, New Jersey, was briefed on the crash by his chief of staff, retired Marine Corps General John Kelly, a White House official said.The Bonhomme Richard Expeditionary Strike Group was in Australia to participate in joint training manoeuvres involving more than 33,000 U.S. and Australian military personnel, which ended two weeks ago.The exercises in the Coral Sea included the participation of MV-22 Ospreys practising the deployment of U.S. Marine reconnaissance teams.The Osprey, built by Boeing Co and Textron Inc''s Bell Helicopter unit, is designed to take off like a helicopter and rotate its propellers to fly like a plane.Its development was nearly cancelled after the deaths of 23 Marines during flight testing in 2000, but its speed and range have made it very popular in recent years.In December, the U.S. military grounded its Osprey fleet in Japan after one of the aircraft ditched into the sea, injuring its crew of five, when a hose connected to the aircraft broke during a refuelling exercise. (Reporting by Joseph Hinchliffe; Additional reporting by Valerie Volcovici in WASHINGTON; Editing by Mary Milliken and Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-marines-australia-idINL4N1KS0HX'|'2017-08-06T20:27:00.000+03:00'
'be1542f218ed4d9f5c72357939908ccb8f23734f'|'UPDATE 1-Marriott set to woo Chinese tourists with Alibaba deal'|'(Adds details on shares, analyst comment)Aug 7 (Reuters) - Marriott International Inc said on Monday it would partner with China''s Alibaba Group Holding Ltd to tap into the growing number of Chinese citizens who travel abroad.Marriott''s shares were up 0.8 percent at $105.85 in afternoon on Nasdaq. Alibaba shares were up nearly 3 percent on the New York Stock Exchange at $157.90.The world''s biggest hotel chain said the joint venture with Alibaba would allow Chinese travelers to book rooms at Marriott hotels via Alibaba''s travel service platform, Fliggy. The partnership will connect Marriott and Alibaba''s loyalty programs.Tourists would be able to pay for their bookings using the Chinese e-commerce company''s online payments platform, Alipay, the companies said.The long-term market opportunity in China is huge for companies targeting both domestic and outbound Chinese travelers, according to Rich Hightower, an equity analyst with Evercore ISI.Over the next five years, Chinese travelers will take an estimated 700 million trips, the companies said in a statement.Marriott owns the JW Marriott, Ritz-Carlton, Renaissance and Autograph Collection hotel brands, among others. It has nearly 300 hotels in China and around 300 hotels in the pipeline, according to a Marriott spokeswoman.Marriott is due to release second-quarter earnings after the close of trading on Monday. (Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru and Sophia Kunthara in New York; Editing by Anna Driver and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/marriott-intnl-alibaba-idINL4N1KT4LJ'|'2017-08-07T15:09:00.000+03:00'
'8aa3cafcc7ab505efb73a63ccd38115796dd90b8'|'MIDEAST STOCKS - Factors to watch - August 7'|'DUBAI, Aug 7 (Reuters) - Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.International/Regional * GLOBAL MARKETS-Asia stocks buoyant, dollar steadies after solid US job gains* MIDEAST STOCKS-Saudi Arabia, Egypt outperform in weak region* Oil holds near 9-wk highs on jobs data, fall in U.S. drill rigs* PRECIOUS-Gold prices steady at near 2-wk low on firmer dollar* Libya''s Sharara oil field faces shutdown after control room closed -engineer* Syria investigator del Ponte quits, blaming UN Security Council* INTERVIEW-Elections in Kurdish-led areas will not divide Syria - minister* Iran''s Rouhani, embarking on second term, accuses Trump over nuclear dealEgypt * Egypt''s stock exchange gets new chairman* Yields drop sharply on Egypt''s T-bills after foreign currency reserves surge* Egypt''s Suez Canal revenues jump to $446.3 mln in July - Reuters calculationsSaudi Arabia * Saudi''s Samba Q2 profit down 3.3 percent, in line with forecasts* TABLE-Saudi Arabia Q2 earnings estimates* TABLE-Saudi Arabia Q2 earnings estimates (1)United Arab Emirates * Emirates crash investigators focusing on pilot actions -report* UAE firm JBF RAK seeks to renegotiate 2 bln dirhams of debt-sources* TABLE-Abu Dhabi Q2 earnings estimates* TABLE-Dubai Q2 earnings estimatesQatar * Qatar''s IHG to list on bourse despite diplomatic crisis* Qatar Islamic Bank offers certificates of deposit after Q2 outflow* TABLE-Qatar Q2 earnings estimatesKuwait * Kuwait''s Zain Group reports flat second quarter profit* TABLE-Kuwait Q2 earnings estimatesBahrain * TABLE-Bahrain Q2 earnings estimatesOman * TABLE-Oman Q2 earnings estimates (Compiled by Dubai Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-factors-idUSL5N1KT044'|'2017-08-07T06:29:00.000+03:00'
'9480f7c84f17416d96ea5d958268074d1a5eafdc'|'BMW reassured top staff about cartel allegations - sources'|'August 4, 2017 / 11:46 AM / an hour ago BMW reassured top staff about cartel allegations: sources 5 Min Read A BMW logo is seen at a car dealership in Vienna, Austria, May 30, 2017. Heinz-Peter Bader FRANKFURT (Reuters) - Germany''s BMW ( BMWG.DE ) has told its top managers that regulators probing reports of collusion among German carmakers will find the allegations hard to justify, two sources familiar with the matter said. German magazine Der Spiegel reported last month that BMW, Mercedes ( DAIGn.DE ), Porsche, Audi ( NSUG.DE ), and Volkswagen ( VOWG_p.DE ) may have used industry committee meetings to fix the size of tanks for AdBlue, a liquid used to treat nitrogen oxide in diesel emissions. The article was discussed at a closed-door "OFK" BMW leadership meeting in Munich last week, two sources familiar with the meeting told Reuters. OFK is an acronym to describe the company''s top leaders, referred to in German as "Obere Fuehrungskraefte." BMW''s top managers expressed surprise at the impact on share prices and the level of media attention received by the Spiegel article, the sources said. BMW''s top lawyer said regulators investigating the allegation that carmakers had colluded to standardize the size of Adblue tanks would quickly realize that the tank sizes were all different, they said. A survey of the biggest selling cars at Audi, BMW and Mercedes by Reuters shows that the vehicles do not have identically sized AdBlue tanks. The AdBlue tank in the current BMW 3 series has a capacity of 18.4 liters, while the Audi A4''s has 12 liters. Mercedes C-Class models can be fitted with tanks that are 25 liters or 8.5 liters in size. A variety of tank sizes is also evident in larger and smaller cars sold by BMW, Audi and Mercedes. "As a result, there was no doomsday mood," a person familiar with the discussions said. BMW''s lawyer however cautioned that an ongoing investigation may throw up further facts, this person said. BMW said it rejected accusations that current diesel vehicles do not provide adequate exhaust gas treatment due to AdBlue tanks which are "too small". By combining an AdBlue and an NOx-storage catalytic converter together with exhaust-gas recirculation systems, BMW cars are able to fulfil all legal emissions requirements, the company said. INDUSTRY COMMITTEES BMW has admitted that carmakers had sat down together to talk about AdBlue technology. "From a BMW Group perspective, the objective of discussions with other manufacturers concerning AdBlue tanks was the installation of the required tanking infrastructure in Europe," the carmaker said. German rival Daimler also defended the custom of manufacturers'' meeting in industry committees on Friday. "Daimler is convinced that an exchange of opinions on technical issues between various manufacturers in the automotive industry is useful and that it accelerates many innovations or actually makes them possible," the carmaker said in a statement to Reuters. "With due consideration of legal restrictions, this also applies to cooperation and joint initiatives, especially in the areas of safety, environmental compatibility and comfort." Daimler declined to comment on the allegations raised in the article, but voiced concern at public and media discussion of the issue, saying "generalized prejudgments and dubious legal assessments" were premature and damaging. Daimler said it had a certified antitrust compliance program, which fulfilled the highest requirements and was continually being further developed. "Insofar as violations of antitrust law might have occurred, as a matter of principle Daimler cooperates openly and transparently with the responsible authorities," Daimler added. Carmakers have said they have not received formal notice of an infringement procedure. The European Commission said it was looking into the matter. "The Commission and the Bundeskartellamt (German cartel office) have received information, which is currently being assessed under the leadership of the Commission as a matter of priority," it said. "It is premature to speculate on any potential competition concerns raised by the specific information received or on possible further steps." Reporting by Edward Taylor in Frankfurt and Francesco Guarascio in Brussels; Editing by Susan Thomas and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-emissions-cartel-idUKKBN1AK1AP'|'2017-08-04T19:15:00.000+03:00'
'8e6c6fa780ac05bad02de98bd2d74997d3292c16'|'US STOCKS-Futures lower as N.Korea tensions extend to third day'|'August 10, 2017 / 11:37 AM / in 5 minutes US STOCKS-Futures lower as N.Korea tensions extend to third day 3 Min Read * Futures down: Dow 54 pts, S&P 10.25 pts, Nasdaq 40.25 pts By Sruthi Shankar Aug 10 (Reuters) - U.S. stock index futures were lower on Thursday as investors remained cautious in the face of continuing tensions between the United States and North Korea. * North Korea on Thursday detailed plans for a missile strike near the U.S. Pacific territory of Guam. The nuclear-armed nation said it was finalizing plans to fire four intermediate-range missiles over Japan to land 18-25 miles from Guam. * The latest round of tensions began after U.S. President Donald Trump on Tuesday warned North Korea that it would face "fire and fury" if it threatened the United States. * However, U.S. stocks recovered temporarily late on Wednesday as investors appeared to brush off the geopolitical concerns following encouraging comments from Secretary of State Rex Tillerson. * Investors will also be keeping an eye out on retail results as second-quarter earning season winds down. * Shares of Kohl''s were up 3.96 percent in premarket trading after the department store operator reported a rise in quarterly profit. * Oil prices were lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers. * Among economic data, the U.S. Labor Department is likely to report that initial jobless claims remained unchanged at 240,000 for the week ended Aug. 5. The report is due at 8:30 a.m. ET (1230 GMT) * Federal Reserve Bank of New York President William Dudley will make an appearance later in the day and his comments will be parsed for clues regarding the future pace of interest rate hikes. * The Labor Department is also expected to issue its Producer Price Index (PPI), which is likely to have remained unchanged at 0.1 percent in July. * Perrigo was up 9.5 percent after the company raised its full-year adjusted earnings forecast. * Blue Apron shares rose 6.73 percent after the meal-kit delivery service provider reported a rise in revenue in its first quarterly report since debut. * Twenty-First Century Fox Inc was down 2.65 percent following quarterly revenue that fell short of expectations. Futures snapshot at 7:16 a.m. ET: * Dow e-minis were down 54 points, or 0.25 percent, with 25,272 contracts changing hands. * S&P 500 e-minis were down 10.25 points, or 0.41 percent, with 180,193 contracts traded. * Nasdaq 100 e-minis were down 40.25 points, or 0.68 percent, on volume of 29,918 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL4N1KW4FP'|'2017-08-10T14:37:00.000+03:00'
'053c9e3b8b7504c1a7e62983f8f3fd953f60d8d3'|'VW workers want new model for Germany to boost flagging output'|'FILE PHOTO: VW Golf cars are pictured in a production line at the German carmaker Volkswagen''s plant in Wolfsburg, March 9, 2017. Fabian Bimmer/File Photo BERLIN (Reuters) - Volkswagen''s ( VOWG_p.DE ) powerful labor unions have called on the company to create more work for its German plants by increasing investment there and creating a new model for local production.The unions are concerned that a 3.8 percent drop in VW''s vehicle production in Germany in the first half of the year, due to waning demand for the current Golf and Passat models, could lead to further cuts in Volkswagen''s (VW) high-cost production capacity at home.Europe''s largest carmaker last November agreed with its German unions to cut thousands of jobs at the core VW brand through natural attrition over the next eight years, in exchange for a commitment to avoid compulsory redundancies.The unions and management earlier this year resolved a dispute over how to implement a turnaround plan for the troubled VW brand but the company still has to come up with a multi-billion-euro investment plan by November."The works council views with great concern that the current budget round at VW is not making any headway," VW works council chief Bernd Osterloh told Reuters, criticizing a failure by management to yet say how it plans to use its German production capacity."That is completely incomprehensible because a high capacity utilization of German plants is crucial for the success of the company and the jointly agreed future pact."Osterloh, a member of VW''s supervisory board, called for production of a new model to be assigned to one of its three auto-making German plants, which are in Wolfsburg, Emden and Zwickau.Separately, management should overhaul assembly lines at Wolfsburg, VW''s core plant employing over 60,000 people and grappling with low demand for the ageing Golf, to be able to service demand for an extra 40,000 Tiguan sport-utility vehicles (SUVs), the carmaker''s most popular model at present, said Osterloh.Wolfsburg has already been chosen to build a new SUV model for VW''s Spanish arm Seat in 2018, using the German group''s cost-saving MQB modular platform on which the Tiguan and Golf are based."Only by means of a high capacity utilization can we achieve the productivity targets," Osterloh said."The issues raised here are relevant and currently under discussion," a spokesman for the carmaker said, declining to elaborate.VW plans to raise productivity at its German factories by 7.5 percent this year and next, and a further 5 percent in 2019 and 2020, counting on making cuts to fixed costs and fine-tuning its R&D, procurement and production operations.Investors have said a turnaround at the VW brand is key to reviving the group''s fortunes following the costly diesel emissions test-cheating scandal.Osterloh said the carmaker has earmarked another 500 million euros ($587 million) in cost savings on top of the 1.5 billion of efficiency gains already budgeted for this year, without providing details.The savings are sustainable and stem from rationalizing the range of engines and parts it offers, cutting costs on vehicle and component tests and streamlining work processes, a company source said.VW has a goal to cut annual costs at the core brand by 3.7 billion euros by 2020, 3 billion of which would affect German operations.Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-volkswagen-strategy-idUSKBN1AP07W'|'2017-08-09T06:05:00.000+03:00'
'4f1a062a5474ed405a169e8d1aff1a6aecc52e8e'|'UK export agency OKs $117 million in finance for Iraq power projects'|'August 9, 2017 / 12:54 PM / 32 minutes ago UK export agency OKs $117 million in finance for Iraq power projects Reuters Staff 1 Min Read BAGHDAD (Reuters) - Britain''s export credit arm has announced $117 million (90.03 million pounds) in financing for General Electric ( GE.N ) and training provider Enka UK to help build two gas power projects in Iraq. UK Export Finance will support the early stages of construction of two GE-powered, 750-megawatt, gas-fired power plants in southern Iraq, a British government statement said. Though Iraq is a major oil producer, the country faces chronic electricity shortages, with its fragile grid struggling to meet demand after years of war, sanctions and neglect. Britain agreed in March to arrange 10 billion pounds in loans to finance infrastructure projects in Iraq over 10 years, a programme that would benefit only British companies. Reporting by Ahmed Rasheed; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/iraq-britain-powerstation-idUKKBN1AP1HQ'|'2017-08-09T15:54:00.000+03:00'
'2cf774df0d7019cab189aed072cee87bb839630c'|'In Asia financial markets, the fear indicators still send a buy signal'|'August 6, 2017 / 11:38 PM / 2 hours ago In Asia financial markets, the fear indicators still send a buy signal Vidya Ranganathan 6 Min Read FILE PHOTO: An investor looks at an electronic screen at a brokerage house in Hangzhou, Zhejiang province, January 26, 2016. China Daily SINGAPORE (Reuters) - Asian investors, wary that the region’s stock markets and currencies have run up too far too fast and wondering whether it is time to take some money off the table, are finding that their concerns are not being reflected in major gauges of volatility and fear. These indicators are supposed to signal red, or at least orange, when stocks are overvalued and risks – whether economic, corporate or political - are building. Currently, they all suggest it is still safe to be invested in riskier assets. And that is despite the threat of some kind of conflict involving North Korea, or trade tensions between the U.S. and China boiling over, let alone the lingering threat of a China debt crisis. The Asian indicators are a reflection in Asian hours of the world’s best-known fear gauge, the VIX .VIX, a measure of U.S. stock market volatility, which recently hit an all-time low. They include the volatility gauge for Chinese stocks .SSEC .VXFXI, which has been at 18 percent for much of the year, the lowest since 2014. Meanwhile, one-year implied volatility on the Indonesian rupiah IDR1YO=, priced into currency options, is around 6 percent, its lowest since 2012. The rupiah has often been prone to sharp swings in the past. And expectations for volatility in the Indian rupee INRVOL are at their lowest levels since 2008. In the past, some of these indicators have warned of trouble ahead. For example, the VXFXI doubled to 38 percent in the weeks before the June 2015 China stock market crash that wiped out a third of the market’s value within three months, and then rose as far as 58 percent during that turmoil. Likewise, when the Federal Reserve caused the so-called taper tantrum when it looked like it was going to withdraw stimulus from the global economy in 2013, Asian currencies took a hit. The implied volatility for the rupiah spiked to 18 percent several weeks before the rupiah tumbled. It is all enough to make some investors wonder whether they are being overly nervous. "The market is not always rational," said Jian Shi Cortesi, an Asian equities portfolio manager at GAM Investment Management in Zurich. "When we have events happening, then sometimes the market will overshoot on the pessimistic side and everyone runs scared. But if they are not happening, people can get quite complacent," she said. Cortesi has tweaked the portfolio she manages to include more defensive stocks, which are less vulnerable to economic swings, such as telecommunications companies. But she also points to relatively cheap valuations in some Asian markets, currencies that she says she sees as far from overvalued, and an improving corporate earnings outlook, all as reasons to be cheerful. DOLLAR DROPS The U.S. dollar .DXY is down 9 percent this year, pressured by a host of factors including disappointing U.S. growth and mounting obstacles to Trump''s ambitious agenda to reform U.S. healthcare and tax policies. That is giving investors a fresh reason to pursue Asian stock and bond investments, in the hope of further currency gains. Dollar-based returns so far this year in Indian, Chinese and South Korean stocks are already around 30 percent. MSCI’s China index trades at a price-to-earnings ratio of 13, quite a climb from levels around 8 after the crash in 2015 but it is still some way from 15 in 2009 and 24 in 2007. The same ratio for Japan’s MSCI index is around 14, half the levels in 2009. The Nikkei index scaled 20,000 in June. The concern that a weak dollar might erode Asian export earnings or that higher dollar interest rates could hurt global growth seem far removed from investors'' radars. Some strategists say that it is reasonable for prices to stay higher than in the past and for the bull market to continue for another year or two because cheap money from the world’s central banks remains a big support. "You could say that the risk premium everywhere is very low," said Mirza Baig, head of Asian currency and rates research at BNP Paribas in Singapore. "But then, we have to discuss what is the risk for which there should be a premium." The threat from North Korea’s rocket and nuclear programs is also being played down by investors, who use history as a guide to assuming the situation will not worsen. Officials in Washington said North Korea’s latest missile test just over a week ago showed it may now be able to reach most of the U.S. In response to that and other recent missile tests, the United Nations Security Council imposed tough new sanctions on North Korean exports on Saturday. And yet credit default swaps on South Korean government debt KRGV5YUSAC=R, which are insurance-like contracts to protect investors in the event of a default, have been subdued at between 42 basis points and 57 basis points since late 2016, half their levels in September 2015 when Pyongyang was merely talking about improving its nuclear arsenal. "The assumption is that it is impossible to take it to the next higher level which would be military action and would have high costs for either side," said Claudio Piron, co-head of Asian currency strategy at BofA Merrill Lynch. "The market is working on mean reversion. That''s what has worked for the past 10 years," he said. Nonetheless, Piron believes that kind of assumption is dangerous, and recommends being short the Korean won KRW= versus Japan''s yen JPY= . Additional reporting by Divya Chowdhury in MUMBAI; Editing by Martin Howell 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-asia-markets-risk-analysis-idUKKBN1AM0X7'|'2017-08-07T02:57:00.000+03:00'
'560b2cc750b1cfb69e1f26abd15a33b7816b32fa'|'Asia stocks, dollar get boost from firm Wall St., U.S. jobs'|'August 7, 2017 / 12:47 AM / 2 hours ago Global stocks tick up to record high; oil cuts losses Rodrigo Campos 4 Min Read The New York Stock Exchange (NYSE) is pictured in New York City, New York, U.S., August 2, 2017. Carlo Allegri NEW YORK (Reuters) - A broad measure of equity markets across the world climbed to a record high on Monday, boosted by gains in Asia, while U.S. and European markets were little changed, with U.S. energy shares capping gains on the benchmark S&P 500 index. Oil prices fell, pressured over the past several days after last week climbing to their highest since May, as OPEC exports hit a record peak last month and output rose to a 2017 high. However, both U.S. crude and Brent settled far from their session lows. Strong economic data globally and healthy corporate earnings in the United States have supported equities, with the Dow industrials closing Friday at an eighth consecutive record high. "I have seen a lot of companies exceeding their revenue growth and we also have better-than-expected global growth, which are the main drivers for equities," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. The Dow Jones Industrial Average rose 15.41 points, or 0.07 percent, to 22,108.22, the S&P 500 gained 3.01 points, or 0.12 percent, to 2,479.84 and the Nasdaq Composite added 30.45 points, or 0.48 percent, to 6,382.02. MSCI''s gauge of stocks across the globe gained 0.25 percent and was on track to close at a record high. The pan-European FTSEurofirst 300 index lost 0.12 percent. Emerging market stocks gained 0.65 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.5 percent higher, while Japan''s Nikkei rose 0.52 percent. OIL EYES OPEC Oil prices fell, with energy markets focussed on comments from OPEC and non-OPEC officials meeting in Abu Dhabi to discuss ways to boost compliance with a deal to cut output. Production at Libya''s Sharara field was returning to normal after a brief disruption by armed protesters. U.S. crude fell 0.48 percent to $49.34 per barrel and Brent was last at $52.27, down 0.29 percent on the day. "The petroleum markets are tipping towards the lower end of their recent trading range as oil producers meeting in Abu Dhabi have been slow to assure the market that compliance with this year’s production cuts will be improved, although we continue to note that adherence to the limits has actually been quite strong by historical standards," Tim Evans, Citi Futures'' energy futures specialist, said in a note. In currency markets, the U.S. dollar edged lower but held onto most of Friday''s gains as investors await inflation data this week that may signal a turnaround in the greenback''s weakness this year. "We have a view that the U.S. dollar is due for some mild corrective strength in the near-term and we see some confirming price action from some of the key G10 currency pairs," said Erik Nelson, currency strategist at Wells Fargo Securities in New York. "Some of these dollar-bloc currencies are starting to show signs of maybe rolling over in the near-term." The dollar index fell 0.12 percent, with the euro up 0.22 percent to $1.1794. The Japanese yen weakened 0.03 percent versus the greenback at 110.74 per dollar, while sterling was last trading at $1.303, down 0.04 percent on the day. In the absence of major U.S. economic data, the Treasuries market was little changed and focussed on a heavy schedule of government and corporate bond issues this week, which could push yields higher. Benchmark 10-year notes last rose 3/32 in price to yield 2.2584 percent, from 2.269 percent late on Friday. The 30-year bond last rose 4/32 in price to yield 2.8374 percent, from 2.844 percent. Spot gold rose 0.04 percent to $1,258.33 an ounce. U.S. gold futures fell 0.06 percent to $1,263.90 an ounce. Copper rose 0.73 percent to $6,418.50 a tonne. Additional reporting by Tanya Agrawal in Bangalore and Gertrude Chavez-Dreyfuss, Devika Krishna Kumar and Saqib Iqbal Ahmed in New York; Editing by Bernadette Baum and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKBN1AN028'|'2017-08-07T03:46:00.000+03:00'
'c7674c76846d4db950a546730c72a1fb6566d9e0'|'Marriott looks to woo Chinese travelers with Alibaba deal'|'August 7, 2017 / 1:24 PM / 43 minutes ago Marriott set to woo Chinese tourists with Alibaba deal 3 Min Read (In the fourth paragraph, corrects to show that Alibaba will run Marriott''s Chinese-language websites and apps, not that it will run Marriott''s websites and apps) (Reuters) - Marriott International Inc ( MAR.O ) said on Monday it would partner with China''s Alibaba Group Holding Ltd ( BABA.N ) to tap into the growing number of Chinese citizens who travel abroad. The world''s biggest hotel chain said the joint venture with Alibaba would allow Chinese travelers to book rooms at Marriott hotels via Alibaba''s travel service platform, Fliggy. Travelers will be able to sign up for Marriott''s rewards program and receive special member-only rates through Fliggy, Marriott''s global chief commercial officer, Stephanie Linnartz, said in an interview. Alibaba will eventually run Marriott''s Chinese-language websites and apps, Linnartz said. Tourists will be able to pay for bookings using the Chinese e-commerce company''s online payments platform, Alipay, the companies said. A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. Andrew Kelly The long-term market opportunity in China is huge for companies targeting both domestic and outbound Chinese travelers, according to Rich Hightower, an equity analyst with Evercore ISI. Over the next five years, Chinese travelers will take an estimated 700 million trips, the companies said in a statement. Marriott''s focus with the joint venture is mostly outbound Chinese travelers, Linnartz said. FILE PHOTO: People ride a double bicycle past the Alibaba Group logo, at the company''s headquarters, on the outskirts of Hangzhou, China November 10, 2014. Aly Song/File Photo Marriott owns the JW Marriott, Ritz-Carlton, Renaissance and Autograph Collection hotel brands, among others. It has nearly 300 hotels in China and around 300 hotels in the pipeline. Twenty-two of its 30 brands have a presence in China. China''s importance to Marriott was heightened after the company''s acquisition of Starwood Hotels, which had a larger presence in the country than Marriott, Linnartz said. Shares of Marriott closed up 1.1 percent on Nasdaq on Monday but fell 1.8 percent after the close following the company''s release of second-quarter earnings. Shares of Alibaba ended up 3.6 percent at $158.84 on Nasdaq. Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru and Sophia Kunthara in New York; Editing by Anna Driver and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-marriott-intnl-alibaba-idUSKBN1AN1JN'|'2017-08-07T16:24:00.000+03:00'
'1a75b7768841c57c07526ec8f55486f3947d5727'|'Analysis: As short sellers target Chinese companies in Hong Kong, hostility mounts'|'FILE PHOTO: A Hong Kong Exchange logo is displayed outside one of the building''s entrances in Hong Kong, China June 26, 2015. Bobby Yip/File Photo HONG KONG (Reuters) - Short sellers are increasingly targeting Hong Kong-listed Chinese companies they allege have committed accounting tricks, market manipulation and fraud. And that’s despite mounting hostility faced by investors who bet against stocks.This year, there have been nine campaigns by short sellers against Hong Kong-listed companies as of mid-July, a record for the period, according to data from Activist Insight. This time last year there had been only two and in 2015 six.Short sellers said increasing capital flows between mainland China and Hong Kong, spurred by Beijing’s recent moves to open up its equity markets, were exacerbating corporate governance problems in Hong Kong.“We suspect the increased capital flows between the mainland and Hong Kong have encouraged more stock manipulations and frauds in Hong Kong,” Carson Block, founder of Muddy Waters and among the most prominent short activists, told Reuters in an email.But calling out these frauds is not for the faint-hearted. Those betting against companies encounter a bitter response from their targets, as well as from the shareholders in those companies and from the Chinese authorities. The short sellers say the backlash can come in the form of litigation, smear campaigns, arrests, hacking of their information, surveillance, physical assault and death threats - against them, their staff and even their families.Dan David, the 48-year old co-founder of U.S.-based short activist GeoInvesting, says he has received emails detailing how he might die, has been the target of multiple attempted hacks, sued three times unsuccessfully, and confronted in his driveway by an angry investor."People would rather make money on a fraud than lose money on the truth,” said David, who unveiled his most recent campaign against food manufacturer China''s Dali Foods Group in June.David claims the company has implausibly low expenses and salary costs, while its tax filings display troubling inconsistencies. The company has denied the allegations, which it says are misleading and based on selective information.SMALL PUBLIC FLOATS The short sellers borrow stock in a company and then sell it to take a short position – their hope being that they can buy the stock back at a lower price and close out the position at a profit.David and other short sellers focused on mainland Chinese stocks listed in Hong Kong say that poor regulation, weak enforcement and small public floats means there are more stocks overvalued in the territory than in other major markets.China’s strict investment rules make it all but impossible to take short positions in individual domestic-listed Chinese stocks from overseas.Some companies may have used accounting tricks to overstate their profitability, or have over-promised – perhaps they have a fad product whose popularity will fade quickly.Critics say short sellers are cynical opportunists who destroy shareholder value for their own gain. The shorts counter by saying they are a force for good, going to great lengths to expose fraud and persistent problems with listing and governance standards in the city.In June, Christopher Cheung, who represents financial services and business interests in Hong Kong’s legislative chamber, called on Hong Kong''s Securities and Futures Commission to more tightly scrutinise short sellers, saying they had caused “serious disturbance to market order” in Hong Kong and hurt investors.In a statement, an SFC spokesman said: “The SFC considers that responsible research can all contribute to the overall market quality and price discovery process and has no intention to suppress legitimate commentaries on listed companies, whether positive or negative.”Though less prominent than peers such as Block, David - who is also chief investment officer of hedge fund FG Alpha - has been seeking to expose dodgy dealings at Chinese companies listed outside the mainland since 2010.He typically sets to work screening for a range of tell-tale signs, including auditors, brokers and investment banks that have a track record of working for questionable companies.Some firms, such as Asia-based Blazing Research, also solicit tips and will pay "handsomely" for useful information, it told Reuters in an email.Many firms hire private investigators to review a company’s operations in China. They can spend months pulling business registrations, poring over tax filings, counting truck traffic or point of sale terminals (sometimes after installing cameras), appraising land claims, and quizzing nearby residents. They are often looking to see whether the reality on the ground matches executives’ statements.RESEARCHER DETAINED But such tactics can backfire. On one occasion, a member of David''s team was beaten-up by security guards who spotted him counting trucks driving in and out of the company''s factory. Sometimes it is worse than that. AlfredLittle.com''s researcher Kun Huang, a Chinese-born Canadian, was convicted of criminal behaviour and jailed in China for two years and then deported.David and Block have also received anonymous threatening emails. One received by Block in 2010 mentioned his wife Kathy, asking: "Are you, Kathy and your dad ready for a bullet?" Block moved to California the same year and now minimises his time in Hong Kong, which he said is becoming a riskier environment for short sellers because of Beijing''s increasing influence in the former British colony.As Chinese companies grow savvier to short tactics, betting against them has become riskier. They are faster to rebut allegations and they also more often openly attack the short sellers’ credibility, making for more drawn-out, expensive campaigns.They will call on large shareholders or friendly funds and brokers to help prop up the share price or to suck up the supply of borrowable stock, making it more expensive to cover short positions."Some Hong Kong stocks have a very limited public float, making it easy for the controlling shareholder to prop up the share price even though the company is indeed fraudulent," said Blazing Research in an email.It is unclear if Block made or lost money on his December campaign against China Huishan Dairy after the company quickly halted its stock and announced the chairman was increasing his stake. The share price subsequently rose and stabilised until plummeting 85 percent on March 24."Being right and making money are two different things. Most of the time they do intersect for us, but not all of the time,” said Block in June.Reporting by Michelle Price; additional reporting by Elzio Barreto and Twinnie Siu in Hong Kong; Editing by Martin Howell'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-shortsellers-idINKBN1AN099'|'2017-08-07T06:16:00.000+03:00'
'4e6326932ccd9de24a7c1af9e01318d0602f014f'|'Clariant, Huntsman investor backs merger, fears fight is a distraction'|'Alex Roepers, Founder and Chief Investment Officer at Atlantic Investment Management, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. Mike Blake ZURICH (Reuters) - A big investor in Clariant ( CLN.S ) and Huntsman ( HUN.N ) backs the chemical companies'' planned $20 billion merger, saying it would unlock synergies and lift profits more than any alternative from activists seeking to derail the deal.Alex Roepers, whose Atlantic Investment Management is the 13th-largest investor in U.S.-based Huntsman and 20th-biggest owner of Switzerland''s Clariant, fears the merger fight spearheaded by White Tale Holdings is "distracting management".White Tale, whose principals include U.S. hedge fund manager Keith Meister, has amassed a 10 percent Clariant stake worth nearly 750 million Swiss francs ($770.1 million).Roepers said he has spoken with Meister but remains behind the deal."The best way to create value is by these companies combining, executing an integration plan and then looking actively for opportunities to improve the portfolio," Roepers told Reuters in an interview.Clariant and Huntsman have promised $400 million in annual cost savings.Completing the merger, then examining the portfolio including Clariant''s pigments and masterbatches units that Chief Executive Harriolf Kottmann has said could be sold, is the best path forward, Roepers said."There are some pieces that could go for higher value in an auction, but that can be done post-merger," he said.Another suitor such as Germany''s Evonik ( EVKn.DE ) could still emerge with a more-lucrative offer for Clariant, he said, but years of waiting have produced nothing so far.Since the merger was announced in May, Roepers has bulked up on a Clariant stake he bought in late 2016 while adding 1.8 percent of Huntsman after meeting with its management.His combined stakes are worth around $200 million, according to Reuters calculations. They are the biggest holdings in his $1.4 billion fund.Clariant shares have risen 7 percent since the merger announcement in May, with Huntsman shares down 3 percent.White Tale, whose New York-based investors include David Winters and David Millstone, calls the merger "value destructive" and contrary to Clariant''s focus on specialty chemicals over commodities.Clariant confirmed on Friday it has spoken with White Tale but said the group had yet to offer an alternative to the merger, a spokesman said.Meister did not respond to a request for comment.Huntsman CEO Peter Huntsman said on Thursday on CNBC that White Tale''s activists had also opposed his 2013 move to buy $1.1 billion worth of assets from Rockwood Holdings spun off this week in an IPO.They "were telling us this would be a disaster to buy the Rockwood business," Huntsman said. "Here we are, celebrating the formation of a great company."Clariant, whose merger must secure two-thirds backing among shareholders, has said none of its other top-20 shareholders oppose the deal. It has hired Goldman Sachs to fight off White Tale."They''ll have to go up against two very motivated managements (who want) to do this deal, who I think have very good arguments to do it," Roepers said. "We''ll see who wants to go with these guys. We''re not one of them."Additional reporting by Michael Flaherty in New York; Editing by Michael Shields'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-clariant-huntsman-investor-idINKBN1AK1WQ'|'2017-08-04T14:02:00.000+03:00'
'6eedabaf42fba03dc5f1213eb283279c7bf73b12'|'Exclusive: Exxon mulls Beaumont refinery crude unit addition'|'The Exxon Mobil gas station in Denver, Colorado United States July 28, 2017. Rick Wilking HOUSTON (Reuters) - ExxonMobil Corp is considering expanding light crude processing capacity at its Beaumont, Texas, refinery with the addition of a third crude distillation unit, a company spokeswoman said on Thursday.If approved, construction could begin on Unit C in 2019 and be completed in 2022, said Exxon spokeswoman Charlotte Huffaker. She declined to disclose the contemplated capacity or possible cost of the Unit C expansion."These investments reflect the increased availability of abundant, affordable supplies of U.S. light crude," Huffaker said.The expansion would be part of the $20-billion ''Growing the Gulf'' project announced in March by Exxon Chairman and Chief Executive Darren Woods.While Exxon has mentioned potential expansion of light oil refining capacity at the Beaumont plant as part of that project, this is the first time the company has talked about Unit C and given a timeline for possible construction.Since at least 2014, Exxon has been considering the addition of a large distillation unit that would boost Beaumont''s crude oil refining capacity from 362,300 barrels per day (bpd) to between 700,000 and 850,000 bpd, sources told Reuters in 2014 and 2015.The contemplated crude capacity expansion was put on hold in early 2016 due to cuts in capital spending, sources said at the time.On Thursday night, sources familiar with Exxon''s plans said the company was now looking at adding a large crude distillation unit at the refinery.The two crude units currently at the Beaumont refinery are Units A and B.The last major expansion of a U.S. refinery was the 5-year, $10-billion addition of a crude distillation unit and other units at Motiva Enterprises Port Arthur, Texas, refinery which more than doubled its size to 603,000 bpd. The expansion was completed in 2012.The Motiva expansion was originally budgeted at $5 billion, but went through a year-long review in 2009.Last year, Exxon added 20,000 bpd in light crude refining capacity to Unit A at the Beaumont refinery, Huffaker said.Reporting by Erwin Seba; Editing by Subhranshu Sahu and Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/refinery-operations-exxon-beaumont-idINKBN1AK0ME'|'2017-08-04T10:13:00.000+03:00'
'19ac4b0e5bb9a8560e73e8b1d9a804c6533eff48'|'Union Bank of India first-quarter profit dives, bad loans rise'|'August 10, 2017 / 1:44 PM / 5 hours ago Union Bank of India first-quarter profit dives, bad loans rise 1 Min Read The logo of Union Bank of India is pictured on the wall of its branch in Kolkata, April 11, 2017. Rupak De Chowdhuri/Files (Reuters) - State-run Union Bank of India reported nearly 30 percent fall in first-quarter net profit as provisions for bad loans remained high. Net profit fell to 1.17 billion rupees ($18.27 million), for the three months ended June 30, from 1.66 billion rupees a year ago, the Mumbai-based bank said on Thursday. bit.ly/2urC6Wr Analysts on an average had expected the bank to report a net profit of 1.95 billion rupees, according to Thomson Reuters data. As of end-June, gross bad loans as a percentage of total loans rose to 12.63 percent from 11.17 percent at the end of March, and 10.16 percent at end-June 2016. ($1 = 64.0400 Indian rupees) Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry Jacob-Phillips 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/union-bank-results-idINKBN1AQ1N8'|'2017-08-10T16:43:00.000+03:00'
'b46fb99ced265f5ff431afff593220ae52a163ea'|'Benchmark Capital sues former Uber CEO Kalanick: Axios'|' 43 PM / 6 minutes ago Benchmark Capital sues former Uber CEO Kalanick: Axios 1   89th Academy Awards - Oscars Vanity Fair Party - Beverly Hills, California, U.S. - 26/02/17 – Uber co-founder Travis Kalanick. Danny Moloshok (Reuters) - Venture capital firm Benchmark Capital is suing former Uber Chief Executive Travis Kalanick for fraud, breach of contract and breach of fiduciary duty, news website Axios reported on Thursday. Benchmark''s suit involves a decision in 2016 to expand Uber''s board of voting directors from eight to 11, with Kalanick having the sole right to designate those seats, according to the report, citing a complaint filed in the Delaware Chancery Court. ( bit.ly/2vrf8M0 ) Benchmark, an early investor in Uber, said that it never would have given Kalanick the three extra seats if it had known about his "gross mismanagement and other misconduct at Uber", the report said. Uber and Benchmark Capital did not immediately respond to requests for comment. Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-uber-lawsuit-idUSKBN1AQ2DF'|'2017-08-10T22:49:00.000+03:00'
'75e8a3d9bec18cad06d91ee54d0375a647caa4d7'|'EMERGING MARKETS-LatAm currencies flat as U.S. data offsets N.Korea tensions'|'By Bruno Federowski SAO PAULO, Aug 10 (Reuters) - Latin American currencies treaded water on Thursday as bets that U.S. interest rates will take longer to rise offset mounting geopolitical tensions surrounding North Korea. An unexpected drop in U.S. producer prices in July was the latest economic report to raise doubts over the Federal Reserve''s plans to hike rates once again this year. Although economic growth has shown signs of accelerating, subdued price pressures have kept the U.S. central bank on a cautious stance. Signs that President Donald Trump may fall short on promises to raise spending and cut taxes have also cast a shadow on hopes of a sharp pickup in economic activity. A slower path of interest rate hikes in the world''s No. 1 economy could support demand for high-yielding assets. On Thursday, those expectations counteracted lingering risk aversion that drove a selloff in emerging markets the day before. The currencies of Chile, Mexico, Brazil and Colombia were nearly flat. They had weakened on Wednesday after North Korea said it was "carefully examining" plans for a missile strike on the U.S. Pacific territory of Guam just hours after Trump said any threat to the United States would be met with "fire and fury." The investor mood remained sour in stock markets, however, with nearly all bourses in the region trading lower. Brazil''s benchmark Bovespa stock index dropped 1.2 percent as expectations grew that the government would have to aim for a wider budget deficit in 2017 and 2018, dealing a blow to investors'' hopes of increased austerity. "It is clear now that markets had been overly optimistic and that fixing Brazil''s fiscal issues will take a lot longer than expected," a portfolio manager at a major investment bank said. Ultrapar Participações SA shares tumbled to a five-month low after the gas distribution company reported a 33 percent drop in second-quarter net profit and Credit Suisse Securities analysts lowered their recommendation on the stock. Weaker-than-expected earnings reports also weighed on shares of logistics operator Rumo SA and wireless carrier Oi SA. Shares of Banco do Brasil SA, however, were a rare bright spot, rising 0.5 percent in a sign of investor trust in Chief Executive Officer Paulo Caffarelli''s strategy for turning around the state-controlled lender. Key Latin American stock indexes and currencies at 1730 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,055.34 -1.27 23.97 MSCI LatAm 2,746.61 -1.31 18.9 Brazil Bovespa 66,850.81 -1.21 11.00 Mexico S&P/BVM IPC 50,703.46 -1.04 11.09 Chile IPSA 5,060.44 -0.51 21.90 Chile IGPA 25,246.31 -0.46 21.76 Argentina MerVal 21,178.99 1.21 25.19 Colombia IGBC 10,755.48 -0.9 6.19 Venezuela IBC 183,275.56 -0.5 478.06 Currencies Latest Daily YTD pct pct change change Brazil real 3.1572 -0.18 2.91 Mexico peso 17.9350 0.03 15.66 Chile peso 647.8 0.03 3.54 Colombia peso 2,996.8 0.14 0.16 Peru sol 3.249 -0.03 5.08 Argentina peso (interbank) 17.7350 -0.20 -10.49 Argentina peso (parallel) 18.38 0.16 -8.49 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL1N1KW1EP'|'2017-08-10T15:55:00.000+03:00'
'1fe2eb05d8eaeb61c88874daea00f9d4d8875b27'|'Exclusive: Husky hires Goldman Sachs for $4 billion sale - sources'|'August 10, 2017 / 7:23 PM / 21 minutes ago Exclusive: Husky hires Goldman Sachs for $4 billion sale - sources Greg Roumeliotis 2 Min Read A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. Brendan McDermid (Reuters) - Husky Injection Molding Systems Ltd, a Canadian supplier of injection molding equipment to the global plastics industry, has hired investment bank Goldman Sachs Group Inc ( GS.N ) to explore a sale that it hopes could value it at close to $4 billion, including debt, according to people familiar with the matter. The move comes two years after a private equity peer of Husky, Milacron Holdings Corp ( MCRN.N ), went public in a $286 million initial public offering, following a string of acquisition in an industry that is increasingly consolidating. Buyout firm Berkshire Partners LLC and the private equity arm of Ontario Municipal Employees Retirement System (OMERS) have asked Goldman Sachs to run an auction for Husky, the four sources said this week. Husky is expected to have earnings before interest, tax, depreciation and amortization this year of more than $350 million, the sources added, asking not to be identified because the deliberations are confidential. Berkshire Partners and Goldman Sachs declined to comment, while Husky and OMERS did not respond to requests for comment. Based in Bolton, Ontario, Husky manufacturers equipment that is used to produce a wide range of products for the beverage packaging, closures, thinwall packaging, medical, and consumer electronics markets. It sells its products in more than 100 countries. Berkshire Partners and OMERS acquired Husky for $2.1 billion in 2011 from buyout firm Onex Corp ( ONEX.TO ). Reporting by Greg Roumeliotis in New York; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-husky-injection-m-a-idUSKBN1AQ2C7'|'2017-08-10T22:23:00.000+03:00'
'c56ac68519b3c864816cf06f59612418ef0abd32'|'Wall Street set to open lower on simmering North Korea tensions'|'August 10, 2017 / 11:44 AM / 12 minutes ago Wall Street falls as investors flee risk on North Korea concerns Kimberly Chin 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 17, 2017. Brendan McDermid (Reuters) - The S&P 500 index was on track for its first daily drop of more than 1 percent in almost three months on Thursday as investors grew cautious over escalating tensions between the United States and North Korea. The loss of appetite for risk followed North Korea''s claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam in an unusually detailed threat. U.S. President Donald Trump said on Thursday afternoon that his earlier warnings to North Korea may not have been tough enough. The three major U.S. indices have sold off this week amid investors'' jitters after Trump said on Tuesday that threats from Pyongyang would be "met with fire and fury like the world has never seen." Investors bought safe-haven assets such as gold, helping the precious metal touch a two-month high, and the Japanese Yen JPY= rose. “We’re due for a little correction here. When you’re due, there’s always going to be something that happens in the world that’s going to make people nervous. It gives them almost a mental excuse to sell. What’s happened in North Korea is enough to do that,” said Matthew Peterson, Chief Wealth Strategist for LPL Financial in Charlotte, North Carolina. “Although we certainly can get a five to seven percent correction, we don’t think it’s the start of a significant bear market.” The CBOE Volatility Index .VIX, a barometer of expected near-term stock market volatility, rose to a near three-month high of 15.49. After paring gains it was still on track for its biggest one-day percentage gain since May 17. The Dow Jones Industrial Average .DJI fell 162.59 points, or 0.74 percent, to 21,886.11, the S&P 500 .SPX lost 30.54 points, or 1.23 percent, to 2,443.48 and the Nasdaq Composite .IXIC dropped 116.67 points, or 1.84 percent, to 6,235.66. The last time the S&P closed down more than 1 percent was May 17. The technology sector .SPLRCT was the biggest weight on the S&P 500 index with a 1.9-percent drop. But some investors welcomed the dip in the sector, which has been S&P''s leading gainer so far this year. "That''s a chance and an opportunity to build your position or to get into it," said Chris Bertelsen, chief investment officer of Aviance Capital Management in Sarasota, Florida. Shares of Macy''s ( M.N ) tumbled 10.2 percent and Kohl''s ( KSS.N ) was down 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. Data showed U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week. However, Federal Reserve Bank of New York President William Dudley suggested on Thursday that the central bank was on track to raise interest rates once more as he expects sluggish inflation to rise over the next several months. Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners. Reporting by Kimberly Chin; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-stocks-idUSKBN1AQ1CA'|'2017-08-10T16:05:00.000+03:00'
'2014e5a483f8a29066bf56c59e75bb0d575a1583'|'Akzo Nobel wins again in court battle with hedge fund Elliott'|'August 10, 2017 / 4:20 PM / in 35 minutes Akzo Nobel wins again in court battle with hedge fund Elliott 3 Min Read FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with U.S. activist investor Elliott Advisors. Elliott, Akzo''s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo''s rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) earlier this year and wants him dismissed. Together with York Capital Management, which holds a 0.6 percent stake in the maker of Dulux paints, Elliott had petitioned the court to force Akzo to convene an extraordinary shareholders'' meeting on Burgmans'' dismissal, which Akzo had refused to do. The Amsterdam district court on Thursday said the request was premature, given that Akzo has already scheduled an extraordinary shareholders'' meeting for Sept. 8. It called the meeting to better explain its reasons for rejecting the PPG bid and to repair relations with disgruntled shareholders. "After that meeting it is up to shareholders to draw conclusions and possibly take further action," the court said. Elliott said the court had recognized the right of shareholders to dismiss a member of the supervisory board and that the pressure was now on Akzo to "convincingly explain its actions" at the September meeting. AkzoNobel said it had taken note of the verdict and that it was looking forward to the shareholders'' meeting. A first bid by Elliott to force Akzo to hold a vote on Burgmans'' position was rejected by Amsterdam''s Enterprise Chamber in May, as it said it was an inappropriate attempt to wrest control of the company''s strategic direction from the board. Last month, the 70-year old Burgmans said he will resign at the end of his term in April 2018. Akzo CEO Ton Buechner abruptly stepped down last month, citing health reasons, and has been replaced by Thierry Vanlancker, the former head of the company''s chemicals division. Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling-off period which expires in December. Reporting by Bart Meijer; Editing by Greg Mahlich and Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-akzonobel-shareholders-activism-idUSKBN1AQ211'|'2017-08-10T19:14:00.000+03:00'
'd6073598844a7ee4a5d191d4b09dc60bff16e1e1'|'Barclays names ex-Citi banker Barry Rodrigues as head of Barclaycard'|'August 10, 2017 / 1:24 PM / 2 hours ago Barclays names ex-Citi banker Barry Rodrigues as head of Barclaycard 1 Min Read FILE PHOTO: The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. Sergio Perez/File Photo LONDON (Reuters) - Barclays ( BARC.L ) has named former Citigroup ( C.N ) banker Barry Rodrigues as the head of its Barclaycard International credit card division, the British bank said on Thursday. Rodrigues, formerly the head of Citi''s digital payments business, will be based in New York in his new role and will start in early November, the bank said. He replaces Amer Sajed, who left the bank in July to focus on campaigning for civil liberties in the United States. Reporting By Lawrence White, editing by Anjuli Davies 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-moves-barclays-rodrigues-idUSKBN1AQ1LU'|'2017-08-10T16:23:00.000+03:00'
'b22ce3c029eefe69949a653faf99620222007d51'|'CANADA FX DEBT-C$ weakens as U.S.-North Korea tension weighs on risk appetite'|'August 9, 2017 / 1:24 PM / 10 minutes ago CANADA FX DEBT-C$ weakens as U.S.-North Korea tension weighs on risk appetite 3 Min Read * Canadian dollar at C$1.2693, or 78.78 U.S. cents * Bond prices higher across a flatter yield curve TORONTO, Aug 9 (Reuters) - The Canadian dollar weakened against on Wednesday its U.S. counterpart as worries about increased U.S.-North Korea tension weighed, offsetting higher oil prices and stronger-than-expected domestic housing data. President Donald Trump''s warning that North Korea faced "fire and fury," and Pyongyang''s threat of possible retaliation, drove investors out of stocks and into the yen, Swiss franc, gold and government debt. Commodity-linked currencies, such as the Canadian dollar, which are sensitive to global trade, also lost ground. At 9:08 a.m. ET (1308 GMT), the Canadian dollar was trading at C$1.2693 to the greenback, or 78.78 U.S. cents, down 0.2 percent. The currency traded in a range of C$1.2666 to C$1.2708. It touched on Monday its weakest in three weeks at C$1.2715. Canadian housing starts rose in July to a seasonally-adjusted annual rate of 222,324 from June''s upwardly revised 212,948, data from the Canada Mortgage and Housing Corporation showed. Economists had expected a 205,000 annual rate. The value of Canadian building permits unexpectedly rose in June, up 2.5 percent, on increased plans for commercial buildings, separate data from Statistics Canada showed. U.S. crude prices were up 0.92 percent at $49.62 a barrel ahead of a U.S. inventory report, which is expected to show crude stocks dropped for a sixth week. Oil is one of Canada''s major exports. A U.S. proposal for Mexico and Canada to vastly raise the value of online purchases that can be imported duty-free from stores like Amazon.com and eBay is emerging as a flashpoint in an upcoming renegotiation of the NAFTA trade deal. Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries as investors bought safe-haven assets. The two-year rose 5 Canadian cents to yield 1.231 percent and the 10-year climbed 46 Canadian cents to yield 1.881 percent. The gap between the 2-year yield and the 10-year yield narrowed by 2.8 basis points to a spread of 65 basis points, its narrowest since July 24, as longer-dated bonds outperformed. (Reporting by Fergal Smith; Editing by Nick Zieminski) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-forex-idUSL1N1KV0MO'|'2017-08-09T16:23:00.000+03:00'
'ce4d614c60ba49da14d319e76af88382f005cb80'|'LPC-Investors pay to join Avast''s acquisition add-on loan'|'LONDON, Aug 7 (Reuters) - A €117m-equivalent acquisition add-on loan for Prague-based security software company Avast Software has allocated over face value or par, which means that investors are paying to lend in another sign of an overheated market, sources said on Thursday.Investors are paying 50bp to join the deal, which allocated on July 28 at 100.5 when the deal broke for trading in Europe''s secondary loan market, the sources said.Conditions in Europe’s primary leveraged loan market are as aggressive as they have been since the financial crisis, which continues to put pressure on pricing, fees and terms.Although many loans are trading over par after allocating as demand for deals continues to outstrip supply, Avast is the first European deal, and one of a handful of credits globally, to allocate over face value, sources said.“This is very top of the market stuff. This type of thing was discussed in 2007 and I’ve heard a number of arrangers say since then how ridiculous it was that it was ever considered. But now it has actually happened," an investor said.Avast, which is owned by private equity firm CVC, launched the add-on loan with a US$50m tranche and a €50m tranche to finance its acquisition of UK-based Piriform.The terms of the add-on loan were in line with Avast’s existing US$1.21bn term loan and €445m term loan. That deal was repriced in March to 325bp over Libor with a 1% floor and 350bp over Euribor with a 0% floor, respectively and have 101 soft call in place until September 30.The euro tranche of the add-on loan was increased to €75m, but the loan was still oversubscribed, the sources said.The company was unable to increase the loans further for fear of risking its BB credit rating and could not reduce the margins as it was within its soft call period. The add-on was also too small and illiquid to create a new standalone loan.Sole arranger Credit Suisse came up with the idea of issuing the loan above par which caused some investors to drop out, but enough stayed to issue the loan at 100.5, sources said.Avast kept the extra 50bp which it added to its balance sheet, the sources said. The company''s loans subsequently traded up to 100.8 on the dollars and 100.9 on the euros, according to Thomson Reuters LPC data.SPECIFIC CIRCUMSTANCES Avast''s circumstances were specific as the company was within its call period, its loans were trading over par and it was financing an acquisition.Par plus allocations could been seen more regularly, however, as private equity firms following buy-and-build strategies try to grow portfolio companies through acquisitions.“It is likely these things will all happen again and paper for other borrowers will issue with a premium,” a leveraged finance head said.Original Issue Discounts (OIDs) are common in the loan market, which effectively offer investors a fee to buy the loans.Par plus allocations are the opposite concept and have yet to be officially named although lenders are coming up with ideas, including an Original Issue Premium (OIP) and A Negative Original Issue Discount (ANOID).“ANOID seems most appropriate as it is nuts that investors have agreed to this, however it is likely we will see more on oversubscribed deals. If sponsors can get away with it, good for them…” a second investor said. (Editing by Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/avast-loans-idINL5N1KP4OU'|'2017-08-07T14:54:00.000+03:00'
'47fe3afc54d7057570d4d196638112dafcbc253f'|'Insurance veteran Cowdery raising money for Bermuda fund - sources'|'August 10, 2017 / 5:05 PM / 4 minutes ago Insurance veteran Cowdery raising money for Bermuda fund: sources David French and Carolyn Cohn 4 Min Read NEW YORK/LONDON (Reuters) - British insurance entrepreneur Clive Cowdery is raising money for a fourth investment vehicle, at the same time as his third, U.S.-focused fund is being wound down and its sole asset put up for sale, sources aware of the matter told Reuters. Cowdery, founder of The Resolution Group, is one of UK insurance''s biggest names, having spent more than a decade acquiring life insurance companies that were usually closed to new clients and then implementing cost savings to help bolster returns. The new Bermuda-based fund will maintain the same focus by reinsuring closed-book businesses in the United States and Europe, according to two sources aware of the matter, who spoke on condition of anonymity as the information isn''t public. Jonathan Moss, chief financial officer of Aviva''s ( AV.L ) French business, has been lined up to run the fund, one source added. Moss was chief executive of what is now Phoenix Group ( PHNX.L ) when it bought Cowdery''s first Resolution fund in 2008. The fund is looking for commitments from investors of a couple of billion dollars, a second source said. A spokesman for Resolution declined to comment. Moss did not respond to request for comment. Life insurance and annuity businesses have been difficult areas for traditional insurance firms as they have struggled to make enough money to cover long-term payouts in the low interest rate environment. Many have chosen to sell these units to private equity and specialist firms such as Resolution. Atlas Merchant Capital, led by former Barclays Chief Executive Bob Diamond, is close to buying Hartford Financial Services'' ( HIG.N ) annuity run-off business for as much as $3.5 billion, sources said last month, and Dutch insurer Aegon NV ( AEGN.AS ) completed the sale of the majority of its U.S. run-off business, worth $14 billion, to Wilton Re in June. UP FOR SALE In Europe, Italian insurer Generali ( GASI.MI ) has put its 44 billion euro ($51.7 billion) German closed life insurance portfolio up for sale, sources told Reuters last month. British insurer Prudential ( PRU.L ) said on Thursday it may sell part of its 45 billion pound ($58.4 billion) closed annuity book. Reinsurance is an alternative for sellers to offloading the businesses altogether. Meanwhile, Cowdery''s third fund, Resolution Life, is marketing Nebraska-based Lincoln Benefit Life to potential buyers as the fund is wound down, five sources aware of the matter said. Initial bids were due in at the end of July, according to two sources, with the closed provider of life insurance and annuities expected to fetch in the region of $500 million. Morgan Stanley is advising Resolution Life. There are questions over whether the company will ultimately be sold, with two of the sources noting Cowdery could choose to transfer ownership of Lincoln to his new fund if Resolution Life was unhappy with the tabled offers. The aborted sale would then become a way for Cowdery to calculate an updated market value for the business, since it was bought from Allstate Corp ( ALL.N ) in 2014 for $600 million. While a depreciation in the asset''s value is to be expected, given no new policies are being written and existing ones are being managed to maturity, the fact most of the $2 billion of capital which Resolution Life had to deploy remains uninvested is likely to be a bone of contention with investors, two of the sources said. Blackstone ( BX.N ) and Prudential Financial ( PRU.N ) are among the investors in Resolution Life, sources said. Blackstone declined to comment and Prudential Financial did not immediately respond to a request for comment. ($1 = 0.8507 euros) Additional reporting by Dasha Afanasieva and Pamela Barbaglia in London; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-resolution-lincoln-fundraising-idUKKBN1AQ24H'|'2017-08-10T20:02:00.000+03:00'
'c1427584adef5f1f6d9885b05e6a2d898cecf191'|'Nissan its electric battery business to GSR Capital'|'August 8, 2017 / 6:30 AM / 6 hours ago Nissan to sell its electric battery business to GSR Capital 1 Min Read FILE PHOTO - The Nissan logo is seen at the 2017 New York International Auto Show in New York City, U.S. on April 12, 2017. Brendan Mcdermid/File Photo TOKYO (Reuters) - Nissan Motor Co said on Tuesday it has agreed to sell its electric battery business to Chinese investment firm GSR Capital for an undisclosed sum. The business to be sold to GSR includes battery plants in Tennessee, England and Japan, the Japanese automaker said in a statement. Nissan will first take full control of the business - Automotive Energy Supply Corp - by buying the combined 49 percent minority stake held by NEC Corp and its subsidiary NEC Energy Devices. NEC Corp said it has approved the sale of its stake. Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Christian Schmollinger 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nissan-battery-idINKBN1AO0K1'|'2017-08-08T04:30:00.000+03:00'
'0c47fc0b6d639dec4383fb93a349467ec9f6d4a3'|'BRIEF-Rapha says RZC investments now majority shareholder in business'|'Aug 8 (Reuters) -* Rapha strengthens leadership position and growth ambitions with investment from RZC* US-based RZC investments is now majority shareholder in business* Simon Mottram will remain as Chief Executive and has retained a significant part of his stake in business* William Blair, Pinsent Masons and Withers advised company on transaction Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-rapha-says-rzc-investments-now-maj-idINFWN1KU039'|'2017-08-08T03:14:00.000+03:00'
'63141ec8272b67ef4bd16c5aa9bacc49ec404f02'|'Deals of the day-Mergers and acquisitions'|'Aug 10 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** Wanda Hotel Development Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, plans to buy assets worth over $1 billion from firms controlled by its billionaire founder Wang Jianlin, in a move that sent its shares surging over 30 percent.** Toshiba Corp is still trying to sell its chip business by the end of the current fiscal year to next March, but has not decided what to do if those efforts fail, CEO Satoshi Tsunakawa said.** Altice, the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, has raised its stake in telecoms company SFR to more than 95 percent and is planning a full buyout offer for the remaining shares.** Britain''s Co-operative Bank said its $900 million rescue by investors was on track to conclude by September and would allow it to grow again, as its first-half losses narrowed to 135 million pounds ($175 million).** Oman Telecommunications Co. (Omantel) is to buy almost 10 percent of Zain Group for $846.1 million, the Omani firm said in a statement.** Hedge fund manager Crispin Odey is considering withdrawing his support for Twenty-First Century Fox''s attempt to take over Sky, saying the 11.7 billion-pound ($15.20 billion) offer undervalues the British pay TV broadcaster.** Australian non-bank lender Pepper Group agreed to a A$657 million ($518 million) takeover from U.S. private equity giant KKR, the latest in a rush of players hungry for a slice of the country''s property boom.** A tech fund backed by Japan''s SoftBank Group has picked up one of the biggest stakes in India''s leading homegrown online retailer Flipkart, the Bengaluru-based firm said in a statement.** Prudential will merge its UK asset management unit M&G with its UK and European insurance divisions, it said as it posted a 5 percent rise in first-half operating profit.** Thyssenkrupp will carefully evaluate any potential pension deal by Tata Steel TISC.NS before advancing with a hoped-for merger of both groups'' European steel businesses, the German company''s finance chief said.** The U.S. Securities and Exchange Commission on Wednesday put on hold a decision by its staff approving the sale of the Chicago Stock Exchange to a group led by China-based investors, giving the regulator more time to mull the politically sensitive deal. (Compiled by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KW3OW'|'2017-08-10T08:14:00.000+03:00'
'94ab2c2c2c420508f1ce60bf84a05689660f64bb'|'Drinks bottler Coke HBC''s shares soar after sales surprise'|'August 10, 2017 / 6:20 AM / 14 minutes ago Drinks bottler Coke HBC''s shares soar after sales surprise Martinne Geller 2 Min Read LONDON (Reuters) - Soft drink bottler Coca-Cola HBC reported higher-than-expected first-half sales on Thursday, helped by price increases, sending its shares up more than 8 percent to all-time highs. The company, which was the top gainer on London''s FTSE 100 index, said operating profit jumped by nearly 21 percent to 266.4 million euros ($312.5 million) in the first half of the year on sales revenue up 5.6 percent to 3.21 billion euros. Excluding currency fluctuations, sales rose 5.7 percent, beating expectations for growth of 5 percent, according to several analysts. The company, which bottles and sells Coca-Cola drinks in over two dozen countries, sold 1.4 percent more drinks, but the bulk of the sales growth came from price increases and selling a greater proportion of more expensive drinks. The company has raised prices in recent months in countries such as Russia and Nigeria. UBS analysts said the implied growth for the second quarter was 6.1 percent, which was 1.2 percentage points above consensus. They also said the company''s updated guidance implied mid-single-digit upgrades to consensus estimates for the year. "We are on track for broad-based revenue and margin growth for the full year with the organisation energised by the progress we are making towards our 2020 financial targets," Chief Executive Dimitris Lois said in a statement. The company added that "good volume trends will continue in the second half" with an acceleration in developing markets. At the same time, its price/mix growth should slow in emerging markets and developing markets. The company''s shares were up 8.4 percent to 2572 pence at 0934 GMT on Thursday. They had earlier risen to 2606 pence, their highest level of the company''s four-year tenure on the London Stock Exchange. Reporting by Martinne Geller; editing by Jane Merriman and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-coca-cola-results-idUKKBN1AQ0KS'|'2017-08-10T12:51:00.000+03:00'
'5df570436097d870de51eddf41012cf93a8bc622'|'MOVES-Duff & Phelps hires analyst to cover global utilities'|'August 10, 2017 / 3:56 PM / 19 minutes ago MOVES-Duff & Phelps hires analyst to cover global utilities 1 Min Read Aug 10 (Reuters) - Duff & Phelps Investment Management Co, an affiliated manager of Virtus Investment Partners Inc appointed Benjamin Bielawski as senior research analyst to cover global utilities. Bielawski, the fourth analyst to join Duff & Phelps'' infrastructure group in the past year, comes from Institutional Capital LLC (ICAP), where he worked for 18 years. (Reporting by Vibhuti Sharma in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/duff-phelps-moves-benjamin-bielawski-idUSL4N1KW5O4'|'2017-08-10T18:53:00.000+03:00'
'd53ef79390fc5b881bd8801116f2c0adeb295f92'|'RPT-BRIEF-Genmab CEO confident to close some tech deals this year'|'(Repeats Wednesday''s story without changes to text)Aug 9 (Reuters) - GENMAB''S CEO JAN VAN DE WINKEL SAYS IN TELEPHONE INTERVIEW WITH REUTERS:* IS IN PROGRESSING TALKS WITH SEVERAL COMPANIES ON NEW TECHNOLOGY COLLABORATIONS, CONFIDENT TO CLOSE SOME DEALS IN 2017, AND SOME IN 2018* DEALS ARE MORE COMPLICATED TO MAKE NOW THAN EARLIER AS GENMAB WANTS CO-OWNERSHIP OR THE OPTION OF CO-OWNERSHIP AND THAT IS NOT WHAT THE LARGE BIOTECH AND PHARMA COMPANIES LIKE TO HEAR* NEW DEALS ARE GOING TO BE MORE FAVOURABLE TOWARDS GENMAB IN THE FUTURE AS ITS DRUGS ARE WORKING WELL AND POTENTIAL PARTNERS ARE VERY EAGER TO GET ACCESS TO ITS TECHNOLOGIES* IS MOVING AGGRESSIVELY FORWARD TOGETHER WITH JANSSEN ON SUBCUTANEOUS FORMULATION OF DARATUMUMAB* IT IS INCREDIBLY IMPORTANT THAT GENMAB HAS REACHED AGREEMENT WITH REGULATORS ON HOW TO GET SUBCUTANEOUS FORMULATION OF DARATUMUMAB TO MARKET* STILL SEE LOT OF UNCERTAINTIES IN 2017, STILL NEED TO SEE PICK-UP IN DARZALEX SALES IN H2 FURTHER COMPANY COVERAGE:Copenhagen newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/idINL5N1KW0ON'|'2017-08-10T03:04:00.000+03:00'
'69aecbf4a61e62007b3a66f53f2b4563737c2c91'|'U.S. sells 30-year bond to solid demand'|'NEW YORK, Aug 10 (Reuters) - The U.S. Treasury Department on Thursday sold $15 billion of 30-year bonds to solid investor demand, resulting in a yield of 2.818 percent that was the lowest at an auction since October, Treasury data showed.The Treasury awarded indirect bidders which include fund managers and foreign central banks 66.79 percent of the latest 30-year supply, which was their biggest share at a 30-year sale since the record high amount of 68.49 percent in July 2016. (Reporting by Richard Leong; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-treasury-auction-idINL1N1KW1C0'|'2017-08-10T15:15:00.000+03:00'
'9d00fdf79c7711750ff649d165a62257d989c4b6'|'Federal Reserve gives one-year ''living will'' extension for some banks'|'WASHINGTON, Aug 8 (Reuters) - The Federal Reserve on Tuesday gave a one-year extension for 19 foreign banks and 2 domestic lenders to write their ''living wills'' in case of bankruptcy, giving the banks until the end of 2018 to comply.The ''living will'' plans explain how each lender would unwind without damaging the wider financial system. Before Tuesday''s announcement, the plans would have been due at the end of this year.The foreign banks are: Banco Bilbao Vizcaya Argentaria ; Banco Santander, Bank of China Limited, Bank of Montreal, BNP Paribas, BPCE, Coöperatieve Rabobank, Crédit Agricole S.A., HSBC Holdings plc, Industrial and Commercial Bank of China Ltd., Mitsubishi UFJ Financial Group, Inc., Mizuho Financial Group Inc., Royal Bank of Canada, Société Générale, Standard Chartered PLC, Sumitomo Mitsui Financial Group Inc., The Bank of Nova Scotia, The Norinchukin Bank, and The Toronto-Dominion Bank. The two U.S. firms are: CIT Group Inc and Citizens Financial Group Inc. (Reporting By Patrick Rucker; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/fed-banks-livingwill-idINL1N1KU1F7'|'2017-08-08T18:00:00.000+03:00'
'31a9eae21747a8ccf8ae55f47028708be5522877'|'PRESS DIGEST- New York Times business news - Aug 9'|'Aug 9 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Lawyer Douglas Wingdor asked for more than $60 million at a confidential mediation proceeding in late July, to settle several disputes with Fox News and Twenty-First Century Fox Inc . The company would not accept Wigdor''s offer and no resolution was reached. nyti.ms/2vkIKuw- The Walt Disney Company said on Tuesday it would launch two Netflix-style streaming services that will be powered by BamTech, a technology company that handles direct-to-consumer video for baseball teams and HBO, among others. nyti.ms/2vkgQiA- The Sinclair Broadcast Group''s proposed acquisition of Tribune Media Co has ignited expected opposition from left-leaning advocacy groups that deplore news media consolidation and conservative media outlets that say the merger will limit competition and wipe out independent voices. nyti.ms/2vDft0RCompiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1KV26A'|'2017-08-09T07:59:00.000+03:00'
'31a1fbd1ecfda2a3510110d47f2a0a7335e51d4d'|'Google memo writer faces tough legal road challenging firing'|'Aug 8 (Reuters) - The Google software engineer fired for writing an internal memo critical of diversity hiring policies at the company faces an uphill battle legally challenging his termination, but he could succeed in prolonging the controversy, potentially driving the tech firm to settle, legal experts said on Tuesday.James Damore told Reuters in an email on Monday that he had been fired by Google, a unit of Alphabet Inc, for "perpetuating gender stereotypes" in his 10-page memo, which asserted Google had "a left bias" hostile to conservative viewpoints and argued that the lack of representation of women in leadership roles in the tech industry was due to biological differences rather than discrimination.Damore said in the email he was exploring his legal options. Neither Damore nor Mountain View, California-based Google responded to a request for comment for this article.Damore''s memo and his firing have quickly become flashpoints in the culture wars with right-leaning writers and websites embracing Damore''s stand against "political correctness" and those on the left decrying his "sexist" arguments.Employment lawyers mostly said Damore''s potential legal case over his firing was weak though, with some noting Google would have faced potential lawsuits if it had not acted against him.“If an employer is met with someone making statements that unabashedly stereotype based on gender and the employer doesn’t respond, the employer may be sued by others who say that discriminatory conduct creates a harassing atmosphere,” said Philadelphia-based labor lawyer Jonathan Segal of Duane Morris.Discrimination lawsuits might not directly target a Google decision not to fire Damore but could cite it as evidence of a "hostile work environment," said Segal.William Gould, a Stanford law professor and former National Labor Relations Board chairman, said Google had a strong argument its firing of Damore was justified on the grounds that his memo raised questions about whether he could fairly assess the work of female colleagues.Gould said Damore would have a tough time arguing his firing violated his right to free speech. Private employers can largely fire workers for any reason. Some states including California have laws protecting political speech by employees but that protection would probably not apply to an internal memo focused on Google’s own policies, Gould said.In his email to Reuters on Monday, Damore suggested Google may have retaliated against him for filing a complaint with the National Labor Relations Board shortly before he was fired. The complaint claimed Google management was trying to silence his views.But several employment lawyers said this claim would likely fail because his memo would not be considered a “concerted activity” among Google employees protected by the National Labor Relations Act, just griping by Damore alone.Michael Willemin, a plaintiff''s lawyer with employment firm Wigdor, also said Damore would have a hard time bringing a retaliation claim based on the idea that his memo constituted a complaint about discrimination against men. Willemin noted the memo contained no specific accusation of unlawful conduct.Damore may not need to prevail in a legal proceeding to win, however. Though his memo received widespread criticism for its perceived sexism, it also drew a great deal of support, especially from the political right.Such voices would likely increase during a legal case, and Jeffrey Hirsch, a professor at the University of North Carolina School of Law, said the controversy could lead Google to settle any legal action brought by Damore.“My guess is Google would rather not have people talking about this,” he said.But Hirsch also said it was possible a quick settlement was less Damore''s goal than publicity for his point of view."It takes a certain personality to stick your neck out like that - to write a memo and send it to the workforce,” said Hirsch. “That same type of person might also embrace the martyr role.”Reporting by Dan Weissner in Albany, New York and Jan Wolfe in New York; Editing by Anthony Lin and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/google-diversity-legal-idUSL1N1KU14S'|'2017-08-09T01:22:00.000+03:00'
'043ec4d810b6d2fdabae522433a9e34f1a165460'|'Labor group files complaint against Anbang Insurance'|'FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. Jason Lee/File Photo (Reuters) - A U.S. labor union group has filed a complaint against Anbang Insurance Group [ANBANG.UL] and three of its hotel operators, saying the China-based insurer failed to provide information about its ownership and sources of financing. Unite Here had in May sought information on ownership and documents related to a plan to convert hotel rooms into condominiums from the owner of the Waldorf Astoria hotel in New York. reut.rs/2fvvHmn Anbang did not provide information responsive to the request, the labor union that represents 270,000 working people across Canada and the United States said in a statement on Thursday. bit.ly/2fvzY9m The complaint, filed with the National Labor Relations Board, comes at a time when Anbang is facing pressure from the Chinese government to sell its overseas assets, Bloomberg reported late July. reut.rs/2hNIeSL China has been urging local firms to be cautious about offshore deals. In June, Chinese banking regulators ordered banks to scrutinize loans to Anbang and other Chinese conglomerates such as HNA Group [HNAIRC.UL], Dalian Wanda Group and Fosun International Ltd ( 0656.HK ), all of which have made major investments abroad. Unite Here also called on Anbang to guarantee workers would not be fired in case the company sells it assets. Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-anbang-group-union-idUSKBN1AQ24V'|'2017-08-10T20:10:00.000+03:00'
'115bd65779a45d077b8f03d839fb860d761ff5c9'|'Agrium''s quarterly profit falls 1.2 percent'|'(Reuters) - Canadian fertilizer maker Agrium Inc ( AGU.TO ) ( AGU.N ) on Wednesday reported quarterly profit and revenue that edged past analysts'' estimates, helped by higher selling prices for potash.Agrium sold 714,000 tons of wholesale potash in the second quarter ended June 30 at an average price of $210 per ton, compared with 697,000 tons at $194 per ton a year earlier.Potash demand has been robust so far this year, helped by low prices and brisk offshore sales by Canpotex Ltd, the export company owned by Agrium, Potash and Mosaic Co ( MOS.N ). Canpotex signed supply contracts this month with buyers in China for shipments of 1.4 million tonnes through 2017.However, the company''s retail sales fell 1.5 percent to $5.71 billion.Sales of nitrogen, potash and phosphate, in the wholesale business segment, were also down 3.9 percent at $848 million.Net earnings attributable to shareholders in the second quarter ended June 30 fell to $558 million, or $4.03 per share, from $565 million, or $4.08 per share, in the same quarter a year earlier.On an adjusted basis, the company had earned $4.09 cents per share. Analysts on average had expected earnings per share of $4.01, according to Thomson Reuters I/B/E/S.Sales fell 1.5 percent to $6.32 billion, slightly above analysts'' estimates of $6.31 billion.Agrium, which is merging with Potash Corp of Saskatchewan ( POT.TO ), also lowered the upper end of its full-year earnings per share forecast range to $5.25 from $5.75, citing weak nitrogen pricing environment and challenging weather conditions.The company also maintained the lower end of its earnings forecast at $4.75 per share.Reporting by Divya Grover and Anirban Paul in Bengaluru; editing by David Gregorio, G Crosse'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-agrium-results-idUSKBN1AP2RH'|'2017-08-10T07:02:00.000+03:00'
'd313c86467f89582dd19c3403da57743ec6ccb19'|'EMERGING MARKETS-Mexico peso slips to nearly 1-month low on NAFTA jitters'|'By Miguel Gutierrez MEXICO CITY, Aug 7(Reuters) - Mexico''s peso slipped to a nearly one-month low against the dollar on Monday as the impending start of talks to renegotiate the North American Free Trade Agreement gave the market a renewed bout of jitters. The peso sank to a record low in January on fears that U.S. President Donald Trump would rip up NAFTA, but it has rallied as his administration has taken a more conciliatory tone and moved to renegotiate the 23-year-old accord. However, market participants are again taking a more cautious tone as Canada, Mexico and the United States are due to start talks in Washington on Aug. 16 to revamp NAFTA, which underpins some $1 trillion in annual trilateral trade. The peso fell as much as 0.47 percent on Monday to 17.9910 to the dollar, its weakest intraday level since July 11. "Over the next two weeks, the main risk for the peso will be the comments related to the NAFTA renegotiation," said Banco BASE analyst Gabriela Siller. "If the initial talks between Mexico and the United States seem cooperative, the peso could gain ground towards the end of the month." In Brazil, the benchmark Bovespa stock index rose 1.03 percent, breaking above 67,500 points, as mining and steel shares gained. Still, market observers remained vigilant about ongoing investigations targeting Brazilian President Michel Temer, who is trying to push through overhauls of the nation''s pension and tax laws to close a gaping budget deficit and get an economic recovery back on track. Key Latin American stock indexes and currencies at 1636 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1074.36 0.67 23.77 MSCI LatAm 2792.59 0.51 18.71 Brazil Bovespa 67647.72 1.12 12.32 Mexico S&P/BVM IPC 51411.20 0.16 12.64 Chile IPSA 5107.97 0.03 23.04 Chile IGPA 25480.89 0 22.89 Argentina MerVal 21722.67 0.09 28.40 Venezuela IBC 195693.89 10.9 517.23 Currencies daily % YTD % change change Latest Brazil real 3.1257 -0.03 3.95 Mexico peso 17.9510 -0.25 15.56 Chile peso 650.4 0.03 3.12 Peru sol 3.243 0.06 5.27 Argentina peso (interbank) 17.7250 -0.28 -10.44 Argentina peso (parallel) 18.18 -0.17 -7.48 (Reporting by Miguel Gutierrez; Writing by Anthony Esposito; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL1N1950O1'|'2017-08-07T15:19:00.000+03:00'
'd7e3912681012deeec704b5775cbaff42e1b954f'|'Nikkei falls after exporters drop but steel shares hit 5-month high'|'* GS Yuasa soars on report on future electric-car battery* Seasonal slowdown in August pressures market - analyst* Steel sector rises on upbeat outlookBy Ayai TomisawaTOKYO, Aug 8 (Reuters) - Japan''s Nikkei share average slid on Tuesday, as a stronger yen hurt exporters, offsetting gains in the steel sector based on a solid earnings outlook.The Nikkei dropped 0.3 percent to 19,996.01. The broader Topix shed 0.2 percent to 1,635.32.Japan Steel Works jumped 20 percent after the company raised its operating profit outlook to 14 billion yen from 12.5 billion yen for the year ending March 2018.The iron & steel sector rose 0.7 percent to five-month highs.The sector has been enjoying strong gains thanks to upbeat full-year outlooks from Japanese steelmakers. The companies are passing higher raw materials costs on to customers by raising product prices, betting on solid demand at home and abroad."Investors have preferred certain sectors with strong results such as construction and steel to cyclical stocks like automakers," said Nobuhiko Kuramochi, a strategist at Mizuho Securities.But he added: "The Japanese market is sluggish as the dollar-yen is not giving a direction, while there is a seasonal slowdown in activity in August."The dollar edged down 0.1 percent to 110.64 yen.Exporters were lower overall, with Panasonic Corp falling 1.2 percent, Mazda Motor Corp shedding 1.3 percent and Olympus Corp sliding 2.0 percent.Bucking the weakness, GS Yuasa Corp jumped 8.7 percent after the Nikkei business daily said the company will begin mass-producing as early as in 2020 a lithium-ion battery that would double the range of electric vehicles while keeping prices steady."Anything related to electric vehicles is of strong interest to investors now," said Yoshihiro Okumura, general manager at Chibagin Asset Management."As companies prepare for the shift (towards EVs in Europe), investors are also looking to spot the right stocks. They don''t want to fall behind." (Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1KU2MZ'|'2017-08-08T14:50:00.000+03:00'
'f6052c5c006ebbe01ca532f64ffe4b6a374790af'|'UPDATE 1-Paysafe reports 17.3 percent jump in H1 adjusted core earnings'|'Aug 8 (Reuters) - Payments processing company Paysafe Group said first-half adjusted core earnings rose 17.3 percent, as more people used the company''s prepaid digital wallets to make payments.The company, which offers pre-paid cashcards and online wallets that are popular among online gambling customers, said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $169.2 million for the period ended June 30.Revenue rose to $538.7 million for the period, compared with $486.7 million last year.The company also said its Asia Gateway business reported a 20 percent hike in revenue to $76 million, while adjusted profit after tax was $29 million.Paysafe has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector.U.S. group Vantiv is in talks to buy Britain''s Worldpay for 7.7 billion pounds and France''s Worldline said it will buy the Baltic subsidiary of First Data Corp. Also in July, private equity firm Permira bought a stake in Sweden''s Klarna.$1 = 0.7672 pounds Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/paysafe-results-idUSL4N1KU2KK'|'2017-08-08T14:50:00.000+03:00'
'3d9ca3bcbaf458f3b46d90b4ff629d33e5848d98'|'Dow on track for ninth straight record close'|'The New York Stock Exchange (NYSE) is pictured in New York City, New York, U.S., August 2, 2017. Carlo Allegri (Reuters) - U.S. stocks were slightly higher in afternoon trading on Monday, with the Dow on track to close at a record high for the ninth straight session.While the energy sector was the biggest drag on the S&P 500 due to falling oil prices, this was partly offset by support from consumer stocks such as Wal-Mart Stores ( WMT.N ).Investors looked into underperforming sectors, including retail, anticipating a lift from in-store back-to-school shopping, according to Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey."What you''re really seeing is very minor sector rotation," said Meckler. There''s a lot of shopping at this time of year that involves stores and the fickle nature of teenagers. It tends to be more direct shopping than buying over the internet."Robust second-quarter earnings have boosted the broader market in recent weeks and a strong July employment report on Friday added to positive sentiment."We have strong earnings. That is helping the market," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group."I have seen a lot of companies exceeding their revenue growth and we also have better-than-expected global growth, which are the main drivers for equities."Analysts, on average, expect S&P 500 earnings to have expanded 12 percent in the second quarter and project earnings up 9.3 percent for the September quarter, I/B/E/S.However, the recent run-up has also sparked concerns about stretched valuations.The S&P, which is up about 11 percent this year, is trading at 18 times expected earnings, compared to its 10-year average of 14, Datastream.The Dow Jones Industrial Average .DJI was up 17.52 points, or 0.08 percent, to 22,110.33, the S&P 500 .SPX gained 2.98 points, or 0.12 percent, to 2,479.81 and the Nasdaq Composite .IXIC added 29.60 points, or 0.47 percent, to 6,381.17.The consumer staples .SPLRCS and technology .SPLRCT sectors were the S&P''s leading gainers on Monday, followed by the consumer discretionary sector .SPLRCD.In coming days, investors will scrutinize quarterly results from retailers in light of competition from online giant Amazon.com ( AMZN.O ).Wal-Mart ( WMT.N ) shares were up 1 percent, while Dollar Tree ( DLTR.O ) and Best Buy ( BBY.N ) saw gains of more than 2 percent.Tech has been the best performing S&P sector this year as investors look for growth in an otherwise low-growth environment.The energy index .SPNY, down 0.9 percent, led the laggards as oil prices edged lower on a rebound in production from Libya''s largest oil field, along with worries about higher output from OPEC and the United States.Tyson Foods ( TSN.N ) rose 5.4 percent after the No. 1 U.S. meat processor reported better-than-expected quarterly profit and sales.Shares of United Technologies ( UTX.N ) were down 2.9 percent following a report it had submitted an offer to buy aircraft component manufacturer Rockwell Collins ( COL.N ). Rockwell was up 5.6 percent.Warren Buffett''s Berkshire Hathaway ( BRKb.N ) fell 1.4 percent after it reported a second-quarter profit decline.MyoKardia ( MYOK.O ) shares were up 83 percent after hitting a record high on data from a mid-stage study of its heart drug.Declining issues outnumbered advancing ones on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favoured advancers.Reporting By Sinead Carew; Editing by Nick Zieminski'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-stocks-idINKBN1AN2A8'|'2017-08-07T17:25:00.000+03:00'
'2ea49c0347d03b4d189d8d9f6de5e244c35707ea'|'Morning News Call - India, August 7'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: IRDAI, PFRDA, LIC chiefs at CII Insurance Summit in Mumbai. 11:00 am: Monsoon session of parliament continues in New Delhi. 11:00 am: Britannia annual general meeting in Kolkata. 11:00 am: Eveready annual general meeting in Kolkata. LIVECHAT - G10 OUTLOOK With only one more U.S. non-farm payroll data release before the next FOMC meeting in September, the market is searching for clues of how a potential balance sheet cut may look like. Greg McKenna, Chief Market Strategist, AxiTrader will discuss the outlook of the major currency pairs and trading strategies at 9:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • Indian Oil plans $2.4 billion expansion of Gujarat refinery Indian Oil Corp will spend $2.4 billion to increase capacity at its refinery in western India by about a third over the next few years to meet rising local demand for fuel. • Venkaiah Naidu elected vice president in another boost for Modi India''s ruling party candidate M. Venkaiah Naidu was elected vice president in a parliamentary vote on Saturday, enabling the party to boost its political standing in his southern home region where it lacks a broad support base. • Mahindra & Mahindra Q1 profit falls about 20 percent Mahindra & Mahindra Ltd posted an about 20 percent fall in quarterly profit, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax. • HPCL aims to buy U.S. oil in next few months Hindustan Petroleum Corp plans to buy low-sulphur oil from the United States in the next few months for its 166,000 barrel per day (bpd) Vizag refinery in southern India, company executives said. • India launches exchange-traded fund for asset sales India has set up a new exchange-traded fund to sell government stakes in 22 state-run and private firms under its $11.4 billion asset sale programme, Finance Minister Arun Jaitley told reporters. • Mahindra Logistics Ltd files for IPO Mahindra Logistics Ltd, a unit of automobile major Mahindra and Mahindra Ltd, has filed for an initial public offering of shares. GLOBAL TOP NEWS • S.Korea, U.S. agree on pressure for N.Korea, China media warns on sanctions South Korean President Moon Jae-in and his U.S. counterpart, Donald Trump, agreed to cooperate and apply maximum pressure on North Korea in a telephone call on Monday, as Chinese media warned of the limits of new U.N. sanctions. • Pence denies eyeing presidential bid amid distance with Trump over Russia U.S. Vice President Mike Pence on Sunday denied that he is preparing for a presidential election run in 2020, saying the suggestion is "disgraceful and offensive." • Venezuela quells attack on military base, two killed Venezuelan authorities quelled an attack on a military base near the city of Valencia by soldiers and armed civilians on Sunday, killing two of them in a dramatic escalation of unrest in the protest-convulsed South American nation. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 10,109.00, up 0.10 percent from its previous close. • Indian sovereign bonds are likely to slip in early trade tracking a rise in U.S. Treasury yields after better-than-expected U.S. jobs data for July. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.42 percent-6.47 percent band. • The Indian rupee will likely open lower against the dollar, in line with most other Asian peers, tracking a rebound in the greenback after data showed U.S. nonfarm payrolls in July rose more than expected. GLOBAL MARKETS • The Dow Jones Industrial Average ended at its eighth straight record high on Friday, with gains in JPMorgan Chase and other banks after data showed U.S. employers hired more workers than expected in July. • Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a U.S. tax plan that will repatriate corporate profits. • U.S. Treasury yields rose on Friday after data showed that U.S. employers hired more workers than expected in July, while wage growth also met economists’ expectations. • Oil prices held near nine-week highs, buoyed by robust U.S. jobs data last week and a slight fall in U.S. drilling, although rising output from OPEC capped gains. • Gold prices held steady around near two-week lows early, under pressure from a rebound in the U.S. dollar after stronger-than-expected U.S. jobs data last week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.70/63.73 August 4 -$134.21 mln $233.25 mln 10-yr bond yield 6.73 pct Month-to-date -$46.20 mln $612.28 mln Year-to-date $8.93 bln $21.76 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.6300 Indian rupees) (Compiled by Erum Khaled in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-morningcall-idUSL4N1KT1HA'|'2017-08-07T06:24:00.000+03:00'
'b8ed7c492c1227a9c6ad4b1e581d6f728da2b1de'|'MOVES-Barclays hires Paolo Minerva to head sourcing for EU business'|'Aug 8 (Reuters) - Barclays said on Tuesday it had appointed Paolo Minerva as managing director of its European distressed team and head of sourcing for the EU business, with a focus on Italy.Minerva has nearly 20 years of experience in the fixed income and credit markets, with the last 15 at Bank of America Merrill Lynch.He will be based in London and report to Michael Khouri, head of European distressed and par loan. (Reporting by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/barclays-moves-paolo-minerva-idUSL4N1KU51W'|'2017-08-08T17:39:00.000+03:00'
'4b44df6adbfd1f882ccccfccbada5d895ef77d09'|'BRIEF-Thermo Fisher Scientific announces $1.5 billion offering of common stock'|'August 7, 2017 / 8:54 PM / 7 minutes ago BRIEF-Thermo Fisher Scientific announces $1.5 billion offering of common stock 1   Thermo Fisher Scientific Inc * Thermo Fisher Scientific - intends to use all of net proceeds of offering to fund a portion of consideration payable for its acquisition of Patheon N.V. Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-thermo-fisher-scientific-announces-idUSASB0BDV1'|'2017-08-07T23:54:00.000+03:00'
'fa2bb34fa020b51ba63376f14f05e8ac5ec18ad9'|'UK retail sales growth slows in July, non-food sales fall - BRC'|'August 7, 2017 / 11:14 PM / 3 hours ago UK retail sales growth slows in July, non-food sales fall - BRC Reuters Staff 3 Min Read LONDON (Reuters) - British retail sales grew more slowly in July, data published on Tuesday showed, as shoppers cut back on non-essential spending and budgeted for the higher price of food following the Brexit vote. UK retail sales increased by an annual 0.9 percent on a like-for-like basis, which strips out changes in store size, the British Retail Consortium said. That was down from growth of 1.2 percent in June - the highest non-Easter reading of the year thanks to good weather. Total sales in July slowed to show a 1.4 percent rise, in line with the 12-month average. While better than the falling sales seen in much of this year, July''s reading was a latest sign that the engine of the British economy - consumer spending - is losing steam. The BRC said the 2.3 percent growth in food sales on a like-for-like basis between May and July was mainly driven by rising prices, while non-food sales shrank by 0.7 percent. FILE PHOTO - A shopper pushes a trolley in a supermarket in London, Britain April 11, 2017. Neil Hall This was the weakest performance for both since the January-March period. A sharp depreciation in sterling since the Brexit vote in June 2016, combined with stagnant wages, has put pressure on households as essentials like food have become more costly. The trend has pushed consumer borrowing up while confidence levels have fallen along with spending on items like cars and the number of people seeking mortgages to buy homes. "We can expect food to continue making the running for sales growth for the time being, although driven more by price than volume, with non-food continuing to struggle," said Helen Dickinson, Chief Executive of the BRC. Competition was heating up for the diminishing pool of discretionary consumer spending power, Dickinson said. As well as food, homeware and footwear were among the sectors to have won last month. Paul Martin, UK head of retail at accountancy firm KPMG, which sponsors the index, said the figures seemed to defy weak readings of consumer confidence recently, retailers should not count on a sustained pickup. "This divide suggests that UK shopping patterns remain mixed, although with demand continuing to be weak, retailers would be wise to remain cautious," he said. Reporting by Emma Rumney; Editing by William Schomberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN1AN2JQ'|'2017-08-08T02:13:00.000+03:00'
'acd9f93a7608573ffbeddfa32e7c0a9f11f051e3'|'Colombia stock market seeks to boost trading by listing new funds - Reuters'|'Colombian Securities Exchange President Juan Pablo Cordoba speaks during an interview with Reuters in Bogota, Colombia August 3, 2017. Picture taken August 3, 2017. Jaime Saldarriaga BOGOTA (Reuters) - Colombia hopes to attract billions of dollars to its stock market by listing new assets like real estate investment funds to propel trading now limited to a few dozen companies, the head of the bourse said.Colombian Securities Exchange President Juan Pablo Cordoba, interviewed for the Reuters Latin American Investment Summit, said there should be at least double the 69 companies trading on the exchange and called for modifying tax regulations to make the bourse more competitive.The local stock market trades an average of $50 million a day in shares, a figure that pales against the $1.2 billion daily volume in domestic public fixed income instruments and $1 billion in the foreign exchange marketCordoba said the new real estate investment funds would be aimed at raising money in the market for the construction or acquisition of shopping centers, office buildings and other structures."We''re working toward being able to list those assets in the market, so there will be a new class of equity assets, not company shares but a fund that''s registered in the equity market and traded as a stock," said Cordoba at the exchange in Bogota."In terms of market issuance we could be talking about up to 5 trillion pesos, about $2 billion, in the next two or three years," he said in the interview last week.The funds, which already operate in the United States and Mexico, could be available throughout the Pacific Alliance nations of Mexico, Colombia, Chile and Peru, Cordoba said.The stock exchanges of the four countries also have integrated securities'' trading through the Latin American Integrated Market (MILA).Colombian Securities Exchange President Juan Pablo Cordoba speaks during an interview with Reuters in Bogota, Colombia August 3, 2017. Picture taken August 3, 2017. Jaime Saldarriaga Such investment vehicles could help attract foreign capital as an alternative to the more traditional stock market, which has struggled to attract interest from companies, even with a 10 percent increase in share prices so far this year.More Stock Market Trading Eyed Cordoba, 52, said that of the 69 companies listed, investor interest is focused on about 20 firms.Slideshow (2 Images) Progress needs to be made on regulatory issues to make the market more competitive on taxation to increase investor interest, he said.The government also needs to urgently clarify rules governing the mining and oil sectors, which have been hit by popular consultations by local communities on projected investments, discouraging a range of new exploration and production projects."The world has a lot of liquidity and nowhere to invest it, so if Colombia does it well or better than its neighbors, we will have a good opportunity," said Cordoba, who holds a doctorate in economics from the Wharton School of the University of Pennsylvania.The exchange chief said that a recent peace accord with Marxist Revolutionary Armed Forces of Colombia (FARC) rebels will also open investment opportunities in sectors like agriculture, which could lead to the creation of additional investment funds for local capital markets.Before the peace agreement was signed late last year, the FARC held sway over large expanses of farmland.(Follow Reuters Summits on Twitter @Reuters_Summits)Additional reporting by Luis Jaime Acosta; Editing by W Simon'|'reuters.com'|'http://www.reuters.com/finance/summits'|'https://www.reuters.com/article/us-latam-summit-cordoba-idUSKBN1AN1N8'|'2017-08-07T22:07:00.000+03:00'
'770d9a28071383759294edac8e033dbbb52e4e94'|'JGBs mostly steady, 30-year auction draws demand'|'TOKYO, Aug 8 (Reuters) - Japanese government bond prices were mostly steady on Tuesday after an auction of 30-year debt proceeded smoothly and drew ample investor demand.The two-year yield was flat at minus 0.110 percent and the 10-year yield inched down half a basis point to 0.070 percent. The 30-year yield was flat at 0.875 percent.The bid-to-cover ratio, a gauge of demand, at Tuesday''s 800 billion yen ($7.23 billion) 30-year auction rose to 3.90 from 3.62 at the previous auction last month.The new 30-year auctions were supported on prospects of the Bank of Japan conducting a number of regular JGB-purchasing operations aimed towards longer-dated bonds through the rest of the month.A light auction calendar was also seen to have favoured the new 30-years, with the JGB market not facing another major sale until the 5-year offering on Aug. 17.$1 = 110.5800 yen Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1KU27N'|'2017-08-08T03:13:00.000+03:00'
'b8149823821fd7a2efb7216ee09808ba4e398e41'|'CORRECTED-Canada''s Sun Life''s 2nd-qtr earnings beats analysts'' expectations'|'The logo of Sun Life Financial is seen in Toronto May 6, 2015. Fred Thornhill/File Photo TORONTO (Reuters) - Canadian insurer Sun Life Financial ( SLF.TO ) posted second-quarter earnings which were ahead of market expectations, benefiting from strong growth in each of its businesses.Sun Life reported net income of C$574 million ($452 million), or 93 Canadian cents per share, in the second quarter to June 30, compared with C$480 million, or 78 cents per share in the same period the year before.Analysts had on average had forecast earnings of 89 Canadian cents per share, according to Thomson Reuters I/B/E/S data.(Corrects to show Sun Life beat, rather than missed, market forecasts)Reporting by Matt Scuffham, editing by G Crosse'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-sun-life-results-idUSKBN1AP2L3'|'2017-08-10T00:24:00.000+03:00'
'de1ea4b990b535bdfca58d7b05ceb2453e87a90a'|'Altice raises stake in SFR and plans full buyout offer'|'August 10, 2017 / 6:48 AM / 6 hours ago Altice raises stake in SFR and plans full buyout offer 1 Min Read People walk under the logo of French telecoms operator SFR in Paris, France, August 8, 2016. Philippe Wojazer PARIS (Reuters) - Altice, the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, has raised its stake in telecoms company SFR to more than 95 percent and is planning a full buyout offer for the remaining shares. Altice said in a statement on Thursday that it planned to offer 34.50 euros per share to squeeze out the remaining minority shareholders. The stock closed at 31.45 euros on Aug 9. Sources told Reuters on Wednesday that Altice and its U.S. cable unit were in the early stages of working on an offer to buy Charter Communications Inc. A deal for Charter would allow Drahi to advance his business model in the United States. He made his fortune through debt-fueled acquisitions swiftly followed by cost cutting to boost profits. Reporting by Sudip Kar-Gupta; editing by Jason Neely 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sfr-group-m-a-altice-idINKBN1AQ0NE'|'2017-08-10T04:48:00.000+03:00'
'08de64b1b690135ada8066b7a0f0728ea9d0e2e2'|'CANADA STOCKS-TSX futures fall as North Korea tensions brew'|'August 10, 2017 / 11:27 AM / 15 minutes ago CANADA STOCKS-TSX futures fall as North Korea tensions brew 4 Min Read Aug 10 (Reuters) - Canada''s benchmark stock index was set to follow global markets lower on Thursday as investors sought refuge in safe-haven assets following exchange of more threats between the United States and North Korea. North Korea dismissed warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States and outlined detailed plans for a missile strike near the U.S. Pacific territory of Guam. September futures on the S&P TSX index were down 0.37 percent at 7:15 a.m. ET. Canada new housing price index data is due at 8:30 a.m. ET . On Wednesday, Canada''s main stock index fell as heightened tensions between North Korea and the United States drove investors away from higher-risk assets to safe havens such as gold. Dow Jones Industrial Average e-mini futures were down 0.28 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.45 percent and Nasdaq 100 e-mini futures were down 0.7 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) Top Stories Two of Canada''s biggest insurance companies, Manulife Financial Corp and Sun Life, reported second-quarter earnings on Wednesday that beat market estimates, benefiting in part from strong growth in Asia. Canadian fertilizer maker Agrium Inc, reported quarterly profit and revenue on Wednesday that edged past analysts'' estimates, helped by higher selling prices for potash. First Quantum Minerals Ltd said on Wednesday it plans to suspend operations at its Ravensthorpe nickel mine in Western Australia at the beginning of next month due to persistently weak nickel prices, sending its shares lower. Analyst Research Highlights Pan American Silver Corp: Credit Suisse raises target price to C$25 from C$23 Stella-Jones Inc: National Bank of Canada raises target price to C$48 from C$42 Tahoe Resources Inc: National Bank of Canada cuts target to C$8.50 from C$9.75 COMMODITIES AT 7:15 a.m. ET Gold futures: $1280.50; +0.59 percent US crude: $49.90; +0.69 percent Brent crude: $53.22; +0.91 percent LME 3-month copper: $6457.50; +0.04 percent u.s. Economic Data Due on Thursday 0830 Initial jobless claims: Expected 240,000; Prior 240,000 0830 Jobless claims 4-week average: Prior 241,750 0830 Continued jobless claims: Expected 1.960 mln; Prior 1.968 mln 0830 PPI final demand yy for Jul: Expected 2.2 pct; Prior 2.0 pct 0830 PPI final demand mm for Jul: Expected 0.1 pct; Prior 0.1 pct 0830 PPI ex food/energy yy for Jul: Expected 2.1 pct; Prior 1.9 pct 0830 PPI ex food/energy mm for Jul: Expected 0.2 pct; Prior 0.1 pct 0830 PPI ex food/energy/transport yy for Jul: Prior 2.0 pct 0830 PPI ex food/energy/transport mm for Jul: Prior 0.2 pct 1400 Federal budget for Jul: Expected -$73.00 bln; Prior -$90.0 bln For Canadian Markets News, Click on Codes: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.27) (Reporting by Nishit Kunal in Bengaluru; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL4N1KW48X'|'2017-08-10T14:26:00.000+03:00'
'cbef495f289bc2f099abd1533e11958d0cdd88a8'|'Acorda Therapeutics investor calls for company to explore sale'|'(Reuters) - A New York-based hedge fund that owns 17 percent of Acorda Therapeutics Inc ( ACOR.O ) on Monday called on the U.S. developer of drugs targeting neurological disorders to explore a sale, according to a regulatory filing with the U.S. Securities and Exchange Commission.Pressure on Acorda to pursue a sale comes after a judge in March struck down key patents of its multiple sclerosis drug Ampyra, which accounts for almost all of its revenue.This means Ampyra could face generic competition as early as next year.Scopia Capital Management LP published a letter it had sent to Acorda''s board of directors on Monday informing the company that it had accumulated a 17 percent stake and requesting the appointment of a special committee of independent directors to oversee "a review of all strategic alternatives to maximize value," including a sale."We are highly confident that multiple qualified, potential buyers would be interested in engaging with Acorda at a significant premium to its present value," Ashu Tyagi, a partner as Scopia, wrote in the letter.Acorda said in a statement that a sale would not adequately compensate shareholders for the potential benefits of its late-stage drug development programs."Initiating a sale process or a public review of strategic alternatives at this point would destabilize operations, hinder our ability to execute on the company’s business plan and risk significantly devaluing the company," Acorda said.Shares of the Ardsley, New York-based company were up 4 percent at $22.31 early on Monday afternoon, giving the company a market capitalization of $1.05 billion.Acorda has said it is appealing the ruling on Ampyra''s patents, and that it expects to maintain exclusivity on the drug at least through July 2018. It has forecast net revenue from Ampyra to come in this year at between $535 million and $545 million.Last June, Acorda submitted with the U.S. Food and Drug Administration an application for its drug Inbrija for advanced Parkinson''s disease, which has completed Phase 3 clinical trials. The company expects to start selling it as early as next year.Acorda also has highs hopes for Tozadenant, another Parkinson''s disease drug it acquired last year when it took over Biotie Therapies Corp. That drug is currently in Phase 3 clinical trial development.In its letter to Acorda, Scopia called its strategy of transitioning from Ampyra to Inbrija and Tozadenant risky, because Inbrija could take time to replace Ampyra''s lost revenue, and Tozadenant could still fail in clinical trials.Scopia also said in its letter that recent merger and acquisition (M&A) activity in the sector showed that drugs for advanced Parkinson''s disease are highly valued.It said Acorda would be a more valuable acquisition candidate than Cynapsus Therapeutics Inc, which was sold to Sunovion Pharmaceuticals Inc for $624 million last year, and NeuroDerm Ltd ( NDRM.O ), which agreed last month to be sold to Mitsubishi Tanabe Pharma Corp ( 4508.T ) for $1.1 billion.The fund was NeuroDerm''s largest shareholder when it agreed to be sold.Scopia has been stepping up its M&A and activist investments since former Coppersmith Capital Management LLC managing partner Jerome Lande joined it last year as head of special situations.Reporting by Greg Roumeliotis in New York; Editing by Diane Craft and Matthew Lewis'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-acordatherapeutics-scopiacpital-idINKBN1AN1FV'|'2017-08-07T10:39:00.000+03:00'
'4fab1ef721dfb34bf29f04791ed3aa4e0b9ac290'|'Japan Display may seek outside backer for turnaround: Nikkei - Reuters'|'TOKYO (Reuters) - Japan Display Inc ( 6740.T ) is considering inviting an outside partner to invest in it and help run its operations as part of the troubled display maker''s sweeping restructuring efforts, the Nikkei business daily reported on Tuesday.The liquid crystal display maker would slash more than 3,500 jobs, mainly in China and the Philippines, in a move that would contribute to a one-time loss of more than 150 billion yen ($1.35 billion) in the year ending next March, the paper said.Japan Display said in a statement it was not the source of the media report, but added that it was scheduled to discuss specific restructuring steps at a board meeting on Wednesday.The restructuring expenses would result in a special loss, it added, without elaborating.Reporting by Junko Fujita; Editing by Chang-Ran Kim'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-japan-display-restructuring-idINKBN1AO023'|'2017-08-07T22:43:00.000+03:00'
'9e189e6fcaddbda91655b4ff5a427261083af3e2'|'Citi stock to double in four to five years, says Mike Mayo'|'August 10, 2017 / 3:15 PM / 32 minutes ago Citi stock to double in four to five years, says Mike Mayo Reuters Staff 2 Min Read FILE PHOTO - A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar/File Photo (Reuters) - Citigroup Inc''s ( C.N ) stock price is likely to double in the next four to five years, banking analyst Mike Mayo wrote in his first note after joining Wells Fargo Securities. The Wall Street bank is expected to see the best improvement in return on equity (ROE) and cost of capital among its peers, according to Mayo, who joined Wells Fargo from CLSA Americas in June. Citigroup''s shares had risen 4.1 percent this year through Wednesday''s close. The lender''s ROE will improve to about 9 percent in 2019 and 11 percent in 2021 from 7 percent in 2016, with the biggest potential driver being buybacks, the analyst said in a client note dated Aug. 9. Buybacks should reduce the bank''s shares by one-third over five years, far more than its peers, Mayo wrote, adding Citi to Wells Fargo''s "priority stock list". The Federal Reserve on June 28 permitted Citigroup to go ahead with a plan to buy back $15.6 billion of stock and pay $3.3 billion in dividends over the next 12 months. However, despite the rosy expectations for earnings and stock price, Citi will likely miss its new targets, Mayo warned. By 2019, Citigroup should be able to produce a 10 percent return on common tangible equity, rising to 11 percent in 2020 and 14 percent over the longer term, executives said at the bank''s investor day last month. Mayo, who has a tendency to ask pointed questions during investor events, has garnered a reputation as a blunt critic of bad behaviour in the industry who spots trouble early. Mayo became unemployed in February when CLSA shut down. He turned up at JPMorgan''s most recent investor day less than 24 hours after losing his job at CLSA, identifying himself as a "free agent" where he asked Chief Executive Jamie Dimon about the bank''s brand. Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-citigroup-research-idUKKBN1AQ1UN'|'2017-08-10T18:15:00.000+03:00'
'9505419b9b25b4bf1afe239c15d9a9ad591b385f'|'Chicago touts new debt structure aimed at saving money'|'CHICAGO, Aug 9 (Reuters) - Under a plan announced on Wednesday by the mayor''s office, Chicago would create a new entity to issue bonds backed by city''s share of Illinois sales tax collections in an effort to reduce its borrowing costs.Mayor Rahm Emanuel unveiled the plan at the city''s annual investors conference, saying it will be "much more financially viable" for Chicago.A chronic structural budget deficit and a huge unfunded pension liability that totaled $35.76 billion at the end of 2016 have pushed the city''s general obligation (GO) credit ratings from the low end of investment grade to junk levels.As a result, investors have demanded higher interest rates for the city''s debt.Illinois'' fiscal 2018 Illinois budget, which was enacted last month, included a provision allowing home-rule local governments like Chicago to assign their state revenue to an entity for the purpose of issuing debt.Carole Brown, Chicago''s chief financial officer, said the state sales tax dollars would flow first through the new entity to meet debt service and other requirements before any of the revenue is released to the city''s general fund.The state law also creates a statutory lien that would shield the bonds from a bankruptcy filing, which Illinois local governments are currently not allowed to pursue."It''s one of the reasons that we expect the market will view (the new debt) favorably, why it will get higher ratings and why we think the cost differential with our (GO bonds) will be so great," Brown said.An ordinance creating the program will be introduced in the city council this fall, according to Brown. If passed, Chicago would initially refund some of its "more expensive" GO debt and outstanding sales tax revenue bonds, she said, noting that New York, Philadelphia and Washington have similarly structured debt programs."From a credit standpoint, it''s a positive," said Richard Ciccarone, who heads Merritt Research Services, which provides research and data related to municipal bonds. He added that from a public policy standpoint, the move could tie up revenue the city may need for operations.In a report last month, Fitch Ratings said debt issued under this new structure could attain a rating higher than the city''s current GO rating.Chicago''s $9.8 billion of outstanding GO bonds are rated BBB-plus by Standard & Poor''s, BBB-minus by Fitch and Ba1 by Moody''s Investors Service. (Reporting by Karen Pierog, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/chicago-bonds-idINL1N1KV26P'|'2017-08-09T19:58:00.000+03:00'
'f25fb2c5c3853a976dc8d61ad7e69c0eeba6de89'|'Thyssenkrupp won''t rush into Tata Steel merger - CFO'|'August 10, 2017 / 7:43 AM / 3 hours ago Thyssenkrupp won''t be rushed on European steel tie-up with Tata Christoph Steitz 3 Min Read The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. Wolfgang Rattay FRANKFURT (Reuters) - Thyssenkrupp ( TKAG.DE ) will not be rushed into any deal with Tata Steel TISC.N to merge their European steel businesses, its chief financial officer said, pouring cold water on investor hopes for a quick agreement. The German steel-to-elevators group is facing pressure from investors to deliver on the tie-up, after talks have been going on for over a year. They have been held up mainly by the question of who will assume responsibility for Tata Steel''s legacy 15 billion pound ($19 billion) pension scheme in Britain. Britain''s Sky News reported on Wednesday that Tata Steel was on the brink of detaching its British Steel pension fund from its UK operations, a precondition for any merger deal with Thyssenkrupp. "Just because you might read at some point that Tata has a deal it doesn''t mean we can stand up a week later and say: ''Now we have a joint venture.'' It cannot work that way," Thyssenkrupp CFO Guido Kerkhoff told journalists on Thursday. "We also prefer a fast solution but quality comes before time," he said, declining to say whether the group aimed for a deal before its fiscal year ends next month. Shares in the group were up 0.2 percent, one of only five gainers in Germany''s blue-chip index <0#.GDAXI>, after it posted better-than-expected third-quarter results, boosted by a recent recovery of steel prices. Third-quarter order intake rose 14 percent to 10.7 billion euros ($12.6 billion) and adjusted earnings before interest and tax (EBIT) jumped 41 percent to 620 million. Analysts had, on average, expected order intake of 10.3 billion euros and adjusted EBIT of 493 million. Quarterly operating profit at Steel Europe - the business that would merge with Tata - more than doubled to 232 million euros, well above the poll average of 187 million. At Industrial Solutions, it fell sharply to 6 million euros, below the 18 million average poll. Kerkhoff said earnings at Industrial Solutions, which engineers industrial plants and builds ships, would remain under pressure due to low-margin legacy orders and underutilized chemical plants. "Industrial Solutions remains the problem child," Jefferies analyst Seth Rosenfeld said in a note. Thyssenkrupp kept its full-year outlook for sales and profits but toned down its forecast for free cash flow before M&A, citing the sale of its Brazilian steel mill CSA, which will close earlier than expected. The group now expects free cash flow before M&A to be negative in the mid to higher triple-digit million euro range, against a previous forecast for negative in mid triple-digit million euros. Additional reporting by Georgina Prodhan; Editing by David Holmes and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-thyssenkrupp-results-tata-steel-idUKKBN1AQ0SJ'|'2017-08-10T10:39:00.000+03:00'
'774b859d302c57b3c1e3cf77290b086593d45136'|'Sky investor Odey says Fox bid is losing appeal'|'August 9, 2017 / 2:21 PM / 2 hours ago Sky investor Odey says Fox bid is losing appeal Ben Martin 3 Min Read FILE PHOTO: The Sky News logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. Toby Melville /File Photo LONDON (Reuters) - Hedge fund manager Crispin Odey has said he is considering withdrawing his support for Twenty-First Century Fox''s ( FOXA.O ) attempt to take over Sky ( SKYB.L ), saying he believes the 11.7 billion pound ($15.20 billion) deal undervalues the British broadcaster. Odey, who is the 15th biggest Sky shareholder with a 1 percent stake according to Thomson Reuters data, had said he backed the bid when it was announced in December. However, he told Reuters that regulatory delays have prompted him to reconsider his support for Fox''s 10.75 pound a share offer for the 61 percent of Sky it does not already own. His change of stance comes after Rupert Murdoch''s attempt to take full control of Sky faced another obstacle when the British government''s Department for Digital, Culture, Media and Sport said on Tuesday it had asked communications regulator Ofcom to re-examine the deal. "The truth is, the longer this goes on the more that I would be quite happy if it failed," Odey said, adding that Fox is "getting it at what now looks like quite a cheap price" and that the offer is "now starting to look rather mean." Odey said in a telephone interview his view of the deal was changing because he thought Sky''s prospects were improving. The investor clashed with the broadcaster three years ago when he initially rejected its offer to acquire his fund''s shares in Sky Deutschland as part of its takeover of the German business. A spokesman at Sky declined to comment. Sky shares fell on Tuesday following the announcement that Ofcom had been asked to do more analysis on the deal, adding another delay that unnerved investors. The stock was trading on Wednesday at 955.5 pence, the lowest level since December when news of the deal broke. A source close to Sky cautioned that at the current share price, Fox''s offer remains competitive. However, he acknowledged that the longer the deal takes the higher the risk is that investors may change their views on valuation. Murdoch has long sought to take full control of Sky but has faced political opposition. An earlier attempt to take over the broadcaster was abandoned in 2011 amid a furor over a phone-hacking scandal at the now-defunct News of the World, a paper the billionaire had owned. Additional reporting by Paul Sandle and Sophie Sassard; Editing by Adrian Croft 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sky-m-a-fox-idINKBN1AP1O5'|'2017-08-09T12:21:00.000+03:00'
'd689cf021f9f09f90c5371bfc7faff9ca22e2d1f'|'UPDATE 1-Nigeria to seek out-of-court settlement over state funds'|'(Adds details, Quote: , comment from lenders'' lawyer)By Oludare MayowaLAGOS, Aug 8 (Reuters) - Nigeria said on Tuesday it planned to withdraw its case against seven local banks over what it says is $793 million due to the state, and that it was seeking an out-of-court settlement instead.The banks concerned have said either that they do not owe the government money or have paid what is due.Commercial banks in Nigeria collect grants, taxes, fees and tariffs on behalf of the government which they send to a single treasury account with the central bank in line with a policy introduced in 2015 aimed at curbing corruption.Last month a court ordered the banks to transfer a combined $793 million due to the government immediately and accused the lenders of withholding funds collected on behalf of the state.Lawyer Yemi Akinseye-George, however, told the court on Tuesday the government would seek an out-of-court settlement in the matter. The court is due to rule on the case on Wednesday."The government has decided to withdraw the case," he told the court without elaborating.Several of the lenders have said they have remitted all funds due to government.Three of the lenders -- United Bank for Africa, Fidelity Bank and Sterling Bank, told Reuters last month that they were not owing government.Babatunde Ogungbamila, a lawyer for another lender, Keystone Bank, told the court that the government ought not to have gone to court over the matter and asked that a cost of 20 million naira be imposed on government. Other lenders also followed.State-owned Nigerian National Petroleum Company has said the central bank was supervising the payment of funds to the government totalling $231.8 million from Diamond Bank , Skye Bank and Keystone Bank, remittances due to the oil company from the lenders.Severe dollar shortages have been a hallmark of Nigeria''s recession, now in its second year. The downturn was brought on by lower prices for oil, the government''s main source of income, mostly paid for in hard cash.President Muhammadu Buhari has ordered the merger of state accounts into a single treasury account at the central bank to reduce graft and a practice whereby the government would borrow back its own funds from lenders, paying interest to them.Most of the funds lenders collect on behalf of the government are in hard currency which on past occasions have sometimes been held back for their own operations. (Writing by Chijeioke Ohuocha; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/nigeria-banks-court-idINL5N1KU4IV'|'2017-08-08T12:00:00.000+03:00'
'dd90b4f22dd2f5b0500e74c35a52c87604156568'|'Wall Street opens lower as tensions with North Korea escalate'|'August 9, 2017 / 1:03 PM / an hour ago Wall Street falls on ramp-up of U.S. tension with North Korea Kimberly Chin 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 17, 2017. Brendan McDermid (Reuters) - U.S. stocks were on track for their biggest one-day dip in a month on Wednesday after U.S. President Donald Trump''s "fire and fury" warning to North Korea escalated global uncertainty. But while investors appeared to favour safe-haven assets, some bargain seekers helped Wall Street''s three major indexes pare losses and some U.S. officials sought to dial back tensions. Late Tuesday, North Korea had said it was considering plans to fire missiles at Guam, a U.S. territory, after Trump''s warning earlier in the day. Trump tweeted on Wednesday about the strength of the American nuclear arsenal, but expressed hope it would not need to be used, while U.S. Secretary of State Rex Tillerson said he did not believe there was an imminent threat. After a dip of as much as 0.52 percent earlier in the day, investors appeared to take some comfort in Tillerson''s comments, said Richard Steinberg, managing director at HighTower Advisors in New York. "You''d need to see something more tangible than just rhetoric for a broader pullback," he said. "I would continue to sit back and wait. I don''t think this is something where you need to run for the hills and sell." There were also signs of a "buy-the-dip mentality" as the day wore on, according to Katrina Lamb, head of investment strategy and research at MV Financial in Bethesda, Maryland. Safe-haven assets gained following the rising geopolitical tensions. Gold XAU= was last up 1.4 percent, its highest point since mid-June, while the Swiss franc CHF= and the Japanese yen JPY= rose. Politics also lifted U.S. defence stocks. Lockheed Martin ( LMT.N ), Raytheon ( RTN.N ), General Dynamics ( GD.N ) and Northrop Grumman ( NOC.N ) and the Dow Jones U.S. defence index .DJUSDN was up 1.48 percent after hitting a record high. The CBOE Volatility Index .VIX, the most widely followed barometer of expected near-term stock market volatility, was at its highest in more than a month. The Dow Jones Industrial Average .DJI was down 82.37 points, or 0.37 percent, to 22,002.97, the S&P 500 .SPX had lost 8.34 points, or 0.34 percent, to 2,466.58 and the Nasdaq Composite .IXIC had dropped 38.99 points, or 0.61 percent, to 6,331.47. All 11 major S&P sectors were lower and the consumer discretionary index .SPLRCD was the biggest loser with a 1 percent drop. The consumer sector''s biggest drags were Walt Disney ( DIS.N ) and Priceline ( PCLN.O ). Disney shares were down 4.8 percent as investors were skeptical of its plan to launch streaming services rather than rely on Netflix ( NFLX.O ). Netflix fell 2.4 percent. Travel website operator Priceline Group Inc ( PCLN.O ) fell 8.2 percent after a disappointing financial forecast. Declining issues outnumbered advancing ones on the NYSE by a 2.79-to-1 ratio; on Nasdaq, a 2.58-to-1 ratio favoured decliners. Additional reporting by Sinead Carew, Tanya Agrawal and Sruthi Shanker; Editing by Sriraj Kalluvila and Nick Zieminski 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-stocks-idINKBN1AP1I7'|'2017-08-09T11:03:00.000+03:00'
'c633935079ada3c77fcc125d495753296931e29d'|'RingCentral working with adviser after takeover interest: BBG'|'(Reuters) - RingCentral Inc, a cloud-based business communications services provider, is working with an adviser after receiving takeover interest, Bloomberg reported on Wednesday, citing sources familiar with the matter.The company''s shares jumped as much as 19.9 percent to hit a record high of $43.05 in morning trading.RingCentral is likely to attract interest from technology-focused private equity firms and other cloud-based software providers, according to Bloomberg. ( bloom.bg/2vm9eMd )The San Mateo, California-based company, which went public in 2013 and counts AT&T Inc among its customers, had a market capitalization of $2.7 billion as of Tuesday''s close.RingCentral declined to comment.Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-ringcentral-m-a-idUSKBN1AP1T4'|'2017-08-09T23:17:00.000+03:00'
'cb5d3f2f9839d87ef76bd9f49c6dfc2e9bbd55ca'|'CANADA STOCKS-TSX up on Valeant, Ritchie results; BlackBerry falls on sell rating'|'* TSX up 15.61 points, or 0.1 percent, to 15,273.58* Eight of the TSX''s 10 main groups roseTORONTO, Aug 8 (Reuters) - Canada''s main stock index was modestly higher on Tuesday as positive earnings results and a deal in the gaming sector helped offset declines in BlackBerry Ltd and other tech shares.Valeant Pharmaceuticals International Inc was among the most influential issues on the index, jumping 9.9 percent to C$21.04 after the company reported better-than-expected quarterly results and said it would hit its debt repayment target ahead of schedule. The overall healthcare group climbed 3.4 percent.Ritchie Bros Auctioneers rallied 11.3 percent to C$38.69 after it reported quarterly revenue that was better than forecast.Great Canadian Gaming surged 14.9 percent to C$29.22 after it was announced that the casino operator and Brookfield Business Partners would acquire key Toronto area gaming assets and have exclusive rights to operate the assets for at least 22 years. The overall consumer discretionary group climbed 0.8 percent.Brookfield Business shares rose 4.6 percent to C$36.95.At 10:31 a.m. EDT (1431 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 15.61 points, or 0.1 percent, to 15,273.58.Of the index''s 10 main groups, eight were in positive territory.The industrials group, home to companies including Ritchie, and Brookfield Business, rose 0.6 percent.Offsetting the gains was a 1.1 percent retreat in information technology stocks.BlackBerry declined 3.3 percent to C$11.56 after Goldman Sachs resumed coverage of the company with a sell rating on Monday, when Canadian markets were closed for a holiday. Goldman Sachs said rising competition in enterprise mobility outweighed BlackBerry''s automotive opportunities.Software maker Open Text Corp fell 3.3 percent to C$11.56.While the overall materials group was mostly flat, certain companies in the sector were among the index''s weightiest decliners.Fertilizer makers Potash Corp and Agrium Inc were both down, with Potash falling 1.3 percent to C$22.53 a share and Agrium declining 1.4 percent to C$125.92 a share.Pretium Resources Inc fell 8.0 percent to C$10.4 a share.Advancing issues outnumbered declining ones on the TSX by 126 to 115, for a 1.10-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL1N1KU0O2'|'2017-08-08T18:00:00.000+03:00'
'a1c2b0630deda21f9473504fe06f4cc0dd0a6582'|'LPC: CLO market makes room for Libor alternative'|'August 10, 2017 / 5:20 PM / in 36 minutes LPC: CLO market makes room for Libor alternative Kristen Haunss 5 Min Read NEW YORK, Aug 10 (Reuters) - US Collateralized Loan Obligation (CLO) funds are reworking their documentation to accommodate new benchmark rates following news that the London Interbank Offered Rate (Libor), which is used to set rates on loans from corporate borrowings to mortgage payments, will be replaced. Some CLO documents have already been updated to allow for the change, after the head of Britain’s financial markets regulator said on July 27 that a substitute must be in place by the end of 2021. Libor is being retired after bankers were found guilty of manipulating the key benchmark interbank borrowing rate in one of the banking industry’s biggest scandals. Switching to an alternative rate will bring changes to trillions of dollars of investments. The US$928bn US loan market and the US$459bn US CLO market both rely on Libor to set interest payments. “It’s a big change because all of the loans we cover, from US$50m to multibillion dollar loans have Libor as an interest rate,” said Ian Walker, an analyst at credit research firm Covenant Review. “It’s definitely a big deal.” Three-month Libor, one of the most common leveraged loan benchmarks, has risen 114% to 131bp on August 10 from the start of 2016, increasing the cost borrowers must pay lenders. It had been stuck below 25bp from the end of 2013 until the start of 2015. Last month Andrew Bailey, chief executive officer of the UK’s Financial Conduct Authority, said that Libor must be replaced by 2021 due to insufficient transactions underpinning the rates. He said the work to shift to an alternative must “begin in earnest.” After his comments, several CLOs that were being marketed were reviewed and their documents were changed to allow an alternative rate to be used when Libor is retired, sources said. The provisions are varied, but many require a majority of one or more classes of investors to approve the change. “Whatever a manager can do to minimize the holdup [for a benchmark change] is preferred,” said Seth Katzenstein, a portfolio manager at Intermediate Capital Group (ICG). “Investors also want to make sure the transaction operates smoothly and if Libor goes away and loans are using some other market-based mechanism, [the CLO market] would want to move the liabilities in the structure to that same mechanism.” ICG priced a US$503.4m CLO with Citigroup on July 31, only four days after Bailey’s speech. A provision was added to the deal that allows for an alternative rate as long as holders of the controlling class confirm the change and rating agencies confirm that it will not affect existing ratings, the sources said. Katzenstein declined to comment on the CLO. Investment firm CBAM Partners included language in its US$1.6bn CBAM 2017-2 CLO, which also priced on July 31, that lays out steps to be taken to use a different benchmark in the future, sources said. A CBAM representative declined to comment. Loan Impact Investors have also been looking at the impact that a Libor alternative would have on leveraged loans. The Loan Syndications and Trading Association (LSTA) does not need to change its existing model credit agreement as it does not define Libor, according to Bridget Marsh, deputy general counsel for the LSTA who leads the organization’s document development and standardization efforts. The trade group is working on a draft of a new model revolving credit agreement, which it is planning to release for comments from members in September, and may consider including a provision in that document that would allow for a Libor replacement. In 2014 the Loan Market Association (LMA), a European loan trade group, released an optional credit agreement provision that allows for an alternative benchmark if Libor is no longer available as long as the borrower and a majority of lenders agree to the replacement, according to Nicholas Voisey, a managing director at the LMA in London. The Asia Pacific Loan Market Association (APLMA) also includes an option for a replacement benchmark in its current documentation that requires approval from the borrower and a majority of lenders, according to the trade group’s August 8 weekly update. Without a current alternative, market participants are being careful about document changes to avoid ambiguous language in credit agreements. “Borrowers don’t want to say that lenders can determine the rate and lenders aren’t going to say that borrowers should be able to select it, so we’re waiting to see what the market lands on,” said Judah Frogel, a partner at law firm Allen & Overy. (Reporting by Kristen Haunss; Editing by Tessa Walsh and Michelle Sierra) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/libor-clochange-idUSL1N1KW1B0'|'2017-08-10T20:18:00.000+03:00'
'456236c244953b3cf8cef8f3cd1128dc23f41983'|'VW Group, Tata Motors end talks on emerging markets cooperation'|'August 10, 2017 / 9:32 AM / 14 minutes ago VW Group, Tata Motors end talks on emerging markets cooperation Andreas Cremer 4 Min Read FILE PHOTO - A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. Michaela Rehle/File Photo BERLIN/NEW DELHI (Reuters) - Cooperation talks between Germany''s Volkswagen Group ( VOWG_p.DE ) and India''s Tata Motors ( TAMO.NS ) about joint development of a car for emerging markets have ended amicably, the two companies said on Thursday. The collapse of the talks is a further blow to Volkswagen''s (VW) efforts to develop a cheap vehicle platform for Asian markets, after an earlier alliance with Japan''s Suzuki Motor Corp ( 7269.T ) also fell apart. In March Tata Motors and VW announced a Memorandum of Understanding (MoU) for a long-term partnership to explore joint development of products for customers in India and other markets. The German group''s Czech arm Skoda, commissioned by VW to lead the talks with Tata, was exploring a possible entry-level car platform together with the Indian manufacturer, using Tata''s AMP vehicle platform as a basis, a VW group source said. Skoda dropped the idea of developing the AMP platform on fears that it would need significant further investment to meet future crash-test and engine emissions requirements and would instead explore parent VW''s MQB platform for possible further savings, said the source, who declined to be named. "The two companies have come to the conclusion that at the present point of time the technical and economic synergies cannot be realized in the desired way," Skoda said on Thursday, confirming a Reuters story. "We have evaluated the technical feasibility and degree of synergies for the envisioned partnership. We have concluded that the strategic benefits for both parties are below the threshold levels," said Tata Motors Chief Executive Guenter Butschek, the German automotive and aerospace industry veteran who joined the Indian company last year. But the two automakers, which also studied joint development of components, did not rule out the possibility of collaboration in the future after holding what Skoda called "constructive talks" over the past five months. Foreign carmakers like VW, General Motors ( GM.N ) and Fiat Chrysler ( FCHA.MI ) have struggled in India where more nimble rivals such as Maruti Suzuki ( MRTI.NS ) and Hyundai Motor ( 005380.KS ) have cornered two thirds of the market. Tata, which is also struggling to boost sales, has been trying to turn round its loss-making domestic business by modernising its products, improving efficiency and streamlining its organisation. In May General Motors said it would stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world''s most competitive markets where small cars make up the bulk of sales. India is expected to become the world''s third-largest car market by 2020 but passenger vehicle sales have slowed in recent months due to policy changes and a new nationwide sales tax. The collapse of talks with Tata also deals a blow to VW''s efforts to decentralise power within the group in the wake of the diesel emissions scandal and assign greater responsibilities to the individual brands and business regions for vehicles and technology, another source at VW group said. Reporting by Andreas Cremer in Berlin and Aditi Shah in New Delhi; Editing by Georgina Prodhan, Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-tata-motors-cooperation-idUKKBN1AQ128'|'2017-08-10T18:53:00.000+03:00'
'89baa4e6a791c04efbdf1b40c5b2ff6c0dc8b976'|'Preview: Japan July exports seen rising for 8th straight month'|'A worker is pictured next to heavy machinery at a construction site in Tokyo''s business district, Japan, January 16, 2017. Toru Hanai/Files TOKYO (Reuters) - Japan''s exports were expected to record an eighth straight month of growth in July, a Reuters poll found, suggesting robust offshore demand could underpin moderate economic recovery.Exports are expected to have risen 13.6 percent in July from a year ago, accelerating from a 9.7 percent increase in June, the poll of 15 economists found.Imports were seen likely to have grown 17.0 percent from a year earlier, up for a seventh straight month."The global economy is gradually gaining momentum, so exports could pick up the pace of growth," said Takeshi Minami, chief economist at Norinchukin Research Institute."Imports likely remained solid supported by domestic demand."Shipments of auto parts and electronic components appear to be contributing to export growth, while liquefied natural gas, coal and oil have likely boosted imports, analysts say.The poll showed a trade surplus of 392.0 billion yen ($3.56 billion) was expected in July, after 439.9 billion yen in June, the poll showed.The finance ministry will announce the trade data at 8:50 a.m. Tokyo time on Thursday (2350 GMT Wednesday.)A separate Reuters'' poll showed Japan''s gross domestic product (GDP), due on Monday, is expected to have grown for a sixth straight quarter in April-June, buoyed by private consumption and capital investment.($1 = 110.0500 yen)Reporting by Kaori Kaneko; Editingby Eric Meijer'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/japan-economy-trade-idINKBN1AQ0GN'|'2017-08-10T08:32:00.000+03:00'
'574f808eab88403ac0888957c16b509688eda29c'|'BRIEF-EDF Energies Nouvelles, Canadian Solar in Brazil power project deal'|'August 10, 2017 / 7:21 AM / in 10 minutes BRIEF-EDF Energies Nouvelles, Canadian Solar in Brazil power project deal 1 Min Read Aug 10 (Reuters) - EDF Energies Nouvelles/Canadian Solar: * EDF Energies Nouvelles and Canadian Solar Inc announce partnership on 92.5 MWp Pirapora III photovoltaic project in Brazil * Sale of 80% interest in the project by Canadian Solar to EDF EN do Brasil, EDF Energies Nouvelles’ local subsidiary * Pirapora III project has started construction and is expected to reach commercial operation in Q4 2017 * Canadian Solar is supplying modules for the project from its 380 MWp modules factory established in Brazil to support the local market * EDF EN do Brasil will manage both the construction and operations phases of the project * Project will generate 188 GWh per year and contribute towards the country’s goal of obtaining 23% of its energy from non-hydro renewable sources by 2030 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-edf-energies-nouvelles-canadian-so-idUSFWN1KW097'|'2017-08-10T10:18:00.000+03:00'
'2d5753adcc82997689fb63859a03dd2f7e264094'|'Asia stocks steady, Treasury prices off highs as risk aversion settles'|'August 10, 2017 / 12:38 AM / 2 hours ago Asia stocks steady, Treasury prices off highs as risk aversion settles Shinichi Saoshiro 4 Min Read People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Asian stocks steadied and U.S. Treasury bond prices fell slightly on Thursday as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS stood little changed after dropping 0.6 percent the previous day. Japan''s Nikkei .N225 rose 0.2 percent and Australian shares gained 0.1 percent. South Korea''s KOSPI .KS11 was little changed. Asian stocks were supported after seeing Wall Street shares closed barely lower overnight, trimming losses, as investors appeared to brush off geopolitical concerns. [.N] The flight-to-safety into U.S. Treasuries also abated overnight. The 10-year Treasury note yield US10YT=RR initially fell to a six-week low of 2.212 percent as bond prices rose, but pulled back to 2.251 percent. "U.S. equities managed to cut its losses towards yesterday''s close and while the VIX (volatility index) did pop higher, it still remains at an overall low level. Furthermore, the benchmark Treasury yield also climbed away from lows," said Junichi Ishikawa, senior forex strategist at IG Securities in Tokyo. "These developments suggest that risk aversion caused by geopolitical tensions in North Asia are temporary in nature, as long as it does not involve military conflict." Bids into the Japanese yen and Swiss franc, currencies that find demand in times of geopolitical anxiety, also tapered. The dollar was steady at 110.030 yen JPY= after going as low as 109.560 overnight, its weakest in eight weeks. The Swiss currency was little changed against the dollar at 0.9637 franc CHF= after surging more than 1 percent the previous day. The euro was flat at $1.1759 EUR= while the dollar index against a basket of major currencies stood steady at 93.534 .DXY after dipping 0.1 percent the previous day. Currency markets focused on the U.S. producer price index data due later in the session. Investors will study the numbers to get a feel for the U.S. inflation trend and any impact they data could have on the Federal Reserve''s monetary policy.The New Zealand dollar was 0.2 percent higher at $0.7354 NZD=D4 . The kiwi bounced from near one-month low of $0.7309 struck overnight as the Reserve Bank of New Zealand took a less dovish tone than some had feared. The RBNZ held rates at a record low of 1.75 percent on Thursday and reiterated that policy would stay loose for a considerable time to come. In commodities, crude oil stretched gains after rising overnight on data pointing to declining U.S. inventories. [O/R] Brent crude LCOc1 added 0.15 percent to $52.78 a barrel, inching towards a two-month peak of $52.93 set at the start of the month. Gold prices were nudged away from recent highs as broader risk aversion receded somewhat. Spot gold was 0.1 percent lower at $1,275.56 an ounce XAU= after having spiked the previous day to a near two-month peak of $1,278.66. Reporting by Shinichi Saoshiro; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKBN1AQ021'|'2017-08-10T03:36:00.000+03:00'
'9f577d7076d50999e262a61aeaa29242801b7143'|'Vivendi denies it controls Telecom Italia under Italian law'|'August 7, 2017 / 6:06 PM / an hour ago Vivendi denies it controls Telecom Italia under Italian law Mathieu Rosemain 2 Min Read FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. Charles Platiau/File Photo PARIS (Reuters) - Vivendi ( VIV.PA ) has no "de facto control" over Telecom Italia TLI.MI under Italian law, the French media group said on Monday in response to a demand from Italy''s markets regulator. Acknowledging "sole control" over Telecom Italia would compel Vivendi to consolidate its accounts, including an adjusted net financial debt of 25 billion euros (22.7 billion pounds). Led by French billionaire Vincent Bollore, Vivendi has shaken up Telecom Italia''s governance since becoming its biggest shareholder, with a 24 percent stake, and placing two of its top executives at the helm. However, Bollore''s growing influence has come under increased scrutiny from Italian authorities because the telecoms operator is considered a strategic asset by Rome. "(Vivendi''s) participation in Telecom Italia is not sufficient enough to allow it to exercise, on a stable basis, a dominant influence at Telecom Italia shareholders’ meetings," Vivendi said in a statement. Vivendi, which has a market capitalisation of 25.8 billion euros, issued the statement in response to a formal request from Italy''s markets watchdog Consob. Reporting by Mathieu Rosemain; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-vivendi-telecom-italia-idUKKBN1AN26P'|'2017-08-07T21:06:00.000+03:00'
'953eea3e6c41de4c07ace68422edf454c6d51315'|'Facebook and Google Algorithms Are the New ''Useful Idiots'''|'On May 14, a little-known Donald Trump donor wrote an encouraging text message to a former Washington, D.C., cop. “Not to add any more pressure,” the donor, Ed Butowsky, texted Rod Wheeler, now a private investigator. “But the president just read the article. He wants the article out immediately.”The article in question , which Fox News published two days later, claimed that Wheeler had uncovered evidence that a former Democratic National Committee staffer was the source of the WikiLeaked emails that helped win Trump the presidency. This was a bombshell, discrediting evidence that hackers close to the Russian government took those emails. (WikiLeaks has denied Russia was the source.) It also gave new life to a discredited viral conspiracy theory that someone connected to the Hillary Clinton campaign had killed DNC staffer Seth Rich. “This could become one of the biggest scandals in American history,” Sean Hannity declared on his show .Except that Wheeler found no evidence of communication between WikiLeaks and Rich. In a lawsuit filed last week , he said Fox News fabricated Quote: s to that effect, after he refused pressure from Butowsky and the Trump administration to say Rich had been a WikiLeaks source. The Trump administration denies that the president was involved, but Butowsky did put Wheeler in a room with former press secretary Sean Spicer, all three men have since acknowledged.Fox—which, like Butowsky, disputes Wheeler’s allegations— retracted the story a week later, saying it didn’t meet the network’s editorial standards. By then, of course, t he Rich conspiracy theory had been given new life. It led the Drudge Report and was picked up by dozens of the outlets that have proliferated on social media over the past few years, including Circa, Breitbart, WND, Infowars, and many others. Three days after the retraction, according to a report published earlier this week by Yahoo News, the White House correspondent for Russian website Sputnik News was fired for refusing to present it as fact during questions at a White House press briefing. Sputnik didn’t respond to a request for comment.No one in this ridiculous episode comes out looking great. Not Fox, of course, and not Spicer, who told NPR’s David Folkenflik the meeting “had nothing to do with advancing the president’s domestic agenda.” Neither does Wheeler, who seemed happy to flog the Fox scoop he now says was fabricated, nor Butowsky, who in an interview on CNN after the lawsuit was filed dismissed the text to Wheeler as “tongue-in-cheek talking.” And if Sputnik is, as many have suggested, a Russian propaganda front , it doesn’t seem to have been particularly effective in that role.We live in conspiracy-minded times, and Wheeler’s lawsuit has been portrayed by some as another chapter in the story of how the Russian government’s sophisticated disinformation campaign “hacked” our election, possibly with the help of Donald Trump and his advisors. What it really shows is how our current media landscape, in which algorithms controlled by Silicon Valley tech giants play an increasingly important role, has made it possible for utter nonsense to take root.When I read Wheeler’s lawsuit, I don’t see masterful propaganda. I see fools, and not necessarily useful ones . The Rich theory isn’t a con job engineered by the Kremlin; it’s standard-issue schlock. “Stories like this pop up every 10 years or so,” says Mark Fenster, a University of Florida law professor and the author of Conspiracy Theories: Secrecy and Power in American Culture . “It’s a randomly occurring death on which people can project their anxieties, fears, and desires.”Fenster notes that these conspiracy theories were once largely ignored by the press; today, they can lead the news. Opinion-driven news outlets, like Fox, are an obvious culprit, but tech companies have been unwitting players too. Facebook, Google, and most other new media companies were premised on small-d democratizing media by placing material from all over the internet on largely equal footing—putting a news article about politics next to a self-published personal essay, or a recipe for watermelon gazpacho, or a video of your infant niece.This has been awesome for media consumers, who have access to a mind-boggling diversity of information. It has also been incredibly lucrative for Silicon Valley. Readers’ reliance on Google and Facebook algorithms to decide what to read has meant that tech companies have claimed pretty much all the growth in digital advertising .Unfortunately, the system has also been great at empowering cynical people who don’t deserve our attention. “ On a Facebook timeline or Google search feed, every story comes prepackaged in the same skin, whether it’s a months-long investigation from the Washington Post or completely fabricated clickbait,” Kyle Chayka wrote in a thoughtful essay published last December by the Verge . It’s not just the design of these sites that subverts our sense of truth, but the tech companies’ own rhetoric about their supposed mastery of the information sciences. Google routinely suggests that its artificial intelligence algorithms are superior to human judgment , which makes it even more confusing when you get a YouTube push notification urging you to watch a video that, on inspection, is obviously fake .Both companies have at least taken steps to try to address the problem. Facebook said last week that it would begin routing suspicious stories to fact-checkers and would try to show fact-checking posts alongside conspiracy theories. And Google has made an effort to demote obvious lies in its search results. But the companies have been uncharacteristically flatfooted in their responses, and both have a long way to go. After Wheeler’s lawsuit was filed, the Rich family issued a statement: “We are hopeful that this brings an end to what has been the most emotionally difficult time in our lives and an end to conspiracy theories surrounding our beloved Seth.” That’s worth hoping for. But f or now, what should be a private tragedy for Rich’s parents and brother continues to get plenty of play on social media. On Facebook, Roger Stone and Alex Jones are still publishing Seth Rich stories, and there are dozens of videos peddling versions of the same BS on YouTube, each with tens of thousands of views.Conspiracy theorists will always find allies in useful idiots. It’d be nice if the big tech and media companies would stop playing that role, too.Max Chafkin @chafkin'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-07/facebook-and-google-algorithms-are-the-new-useful-idiots'|'2017-08-07T18:11:00.000+03:00'
'124e244c607325468525e8c2d1e356333cb04968'|'PRESS DIGEST- Financial Times - Aug 8 - Reuters'|'Aug 8 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesHigher food costs drive up UK retail sales as confidence falls on.ft.com/2hDR85f''Essential'' services face fines for poor cyber security on.ft.com/2hDWfT3MEPs seek tougher rules on London euro clearing after UK quits EU on.ft.com/2fnucq1Ackman''s Pershing Square unveils its 3 nominees to ADP board on.ft.com/2fnJUS8OverviewRising food costs helped British retail sales in July, with consumers cutting back on non-food spending as confidence in the economic outlook waned, according to the British Retail Consortium.The UK government is considering proposals that would fine operators of essential UK services that succumb to cyber attacks 17 million pounds ($22.16 million) if they have poor security.Members of the European Parliament are preparing to bolster EU plans to police London''s euro clearing business after Brexit, raising the risk that Britain might lose the lucrative activity.Hedge fund Pershing Square proposed three nominees, including its Chief Executive William Ackman, to serve on the board of Automatic Data Processing Inc.$1 = 0.7673 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL4N1KT60D'|'2017-08-07T21:20:00.000+03:00'
'e86ecbe3b04a0fb83ceb233427c8539cad0aedb7'|'Oil prices fall further as Libyan field resumes production'|'August 8, 2017 / 12:53 AM / 39 minutes ago Oil prices slip despite news of lower Saudi supply Christopher Johnson 3 Min Read FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. Todd Korol/File Photo LONDON (Reuters) - Oil prices fell on Tuesday on increasing exports from key OPEC producers despite news of lower crude shipments from Saudi Arabia. Production from Libya''s 270,000 bpd Sharara field is returning to normal after a disruption when protesters broke into a control room, the National Oil Corp said. Libya is exempt from limits on production agreed by most other members of the Organization of the Petroleum Exporting Countries designed to bolster oil prices that have been depressed for more than three years by a global glut. Oil production remains high in many parts of the world and fuel prices are around half the level seen in 2011-2014. Benchmark Brent crude LCOc1 was down 40 cents a barrel at $51.97 a barrel by 1330 GMT. U.S. light crude CLc1 was 40 cents lower at $48.99. Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday. "Support is coming from a stabilising U.S. rig count, falling U.S. inventories and the Saudi cut in exports," Ole Hansen, head of commodity strategy at Denmark''s Saxo Bank, told the Reuters Global Oil Forum. "But against this we still have robust production growth from the United States, Libya and Nigeria." A recent recovery in Libya''s oil output, and higher production in Nigeria, have complicated OPEC''s efforts to curb supply, fuelling doubts over the effectiveness of agreed cuts. Libya pumped 1.03 million bpd in July, according to the latest Reuters survey. OPEC output hit a 2017-high in July and its exports were at record levels. Officials from a joint OPEC and non-OPEC technical committee met in Abu Dhabi on Tuesday to discuss ways to increase compliance with the deal to cut 1.8 million bpd in production. The U.S. Energy Information Administration, part of the Energy Department, will release its weekly petroleum status report at 1430 GMT on Wednesday, giving details on stockpiles and refinery runs. U.S. crude inventories were expected to have posted their sixth straight weekly decline last week, while refined product stockpiles probably fell too, a preliminary Reuters poll showed on Monday. [EIA/S] Oil output in the United States has risen this year, although Baker Hughes data on Friday showed a cut of one drilling rig in the week to Aug. 4. RIG-OL-USA-BHI Additional reporting by Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; editing by David Clarke/Jason Neely/Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKBN1AO02H'|'2017-08-08T03:52:00.000+03:00'
'1458e5b92356e286bdf5e0f4d0a0a7bd7971ed66'|'BOJ should dial back stimulus before inflation hits 2 percent: ex-BOJ deputy governor Iwata'|'August 8, 2017 / 3:28 AM / 2 hours ago BOJ should dial back stimulus before inflation hits 2 percent: ex-BOJ deputy governor Iwata Leika Kihara 3 Min Read FILE PHOTO: Kazumasa Iwata, former deputy governor of the Bank of Japan, poses for a photo after an interview with Reuters in Tokyo September 3, 2012. Toru Hanai TOKYO (Reuters) - The Bank of Japan should dial back its massive stimulus before inflation hits its 2 percent target, a leading candidate to become the next governor said, raising questions about the efficacy of the BOJ''s radical approach to snuff out deflation in the world''s third-largest economy. Former BOJ Deputy Governor Kazumasa Iwata criticized the central bank''s price forecasts as too optimistic and warned that even hitting 1 percent inflation could be challenging given a recent batch of weak price data. The comments underscored growing concern over the strains the BOJ''s prolonged ultra-easy policy is putting on the country''s banks and financial market. With its huge bond buying nearing a limit and the demerits of extraordinary stimulus becoming clearer, the BOJ should slow its purchases of government bonds and exchange-traded funds (ETF) - trust funds investing in stocks - even though inflation is nowhere near its target, he said. "The BOJ should slow its annual bond buying to around 40 trillion yen ($362 billion) from the current 80 trillion yen. That would make its policy more sustainable," Iwata told Reuters on Monday, calling on the bank to proceed with a slowdown in its bond buying that is already underway. He also said the bank should consider reducing ETF buying at some point, given the distortions it is creating in the market. "Once it becomes clear inflation will stay around 1 percent, the BOJ should modify its long-term interest rate target. But even the road to hitting 1 percent inflation appears pretty tough, judging from recent data," said Iwata, now president of private think tank Japan Center for Economic Research. Iwata''s views on monetary policy are closely watched as he is considered by markets as among the few strong contenders to replace Governor Haruhiko Kuroda when his five-year term ends in April. One idea would be to allow for a natural rise in long-term interest rates by targeting five-year bond yields rather than the current 10-year yields, he said. The BOJ revamped its policy framework last year to one controlling the yield curve from that targeting the pace of money printing. It now guides short-term rates at minus 0.1 percent and 10-year bond yields around zero percent. It also maintains a pledge to increase its bond holdings at an annual pace of 80 trillion yen. Some analysts believe the BOJ will soon modify or abandon the pledge as the pace of bond buying has recently slowed to around 60 trillion yen. Inflation is currently running at an annual pace of 0.4 percent, well off the BOJ''s 2 percent goal which it hopes to hit during the fiscal year ending in March 2020. Additional reporting by Sumio Ito; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN1AO0AB'|'2017-08-08T06:27:00.000+03:00'
'af0b7cb4183a3f39be94edceb4d928d6db20a6d5'|'Game Makers’ Profit Quest Smashes S&P 500 Gains Five-Fold'|'More stories by Matt Turner Video-game stocks have crushed the S&P 500 Index over the past five years, with the biggest names rising more than five times the benchmark. Strong group earnings fueled optimism in the latest quarter. “The shift to higher-margin digital distribution and the rise of mobile gaming continue to boost revenue, profitability and the predictability of results of game makers while reducing their reliance on large hits,” Bloomberg Intelligence analyst Matthew Kanterman noted. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-07/game-makers-profit-quest-smashes-s-p-500-gains-five-fold'|'2017-08-07T20:45:00.000+03:00'
'852aec8c597548bd502cd913ca4fcc51877859a9'|'Qatar Airways says will receive first Airbus A350-1000 this year'|'August 9, 2017 / 10:17 AM / 8 hours ago Qatar Airways says will receive first Airbus A350-1000 this year Tom Finn 2 Min Read An Airbus A350-1000 is taking part in a flying display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 22, 2017. Pascal Rossignol DOHA (Reuters) - Qatar Airways has been told by Airbus ( AIR.PA ) it will receive its first A350-1000 aircraft before the end of the year, the airline''s chief executive said on Wednesday. Qatar Airways is the launch customer of Europe''s largest twin-engined passenger jet and is scheduled to receive its first of 37 on order this year. The airline, one of the Middle East''s largest, has axed orders for four of the smaller A350-900s and in the past rejected aircraft over what it said were quality issues. "Airbus has assured us we would receive our airplanes, though late, but we will receive it before the end of the year," Qatar Airways Chief Executive Akbar al-Baker told reporters in Doha. An Airbus spokesman confirmed that the company planned to deliver the first A350-1000 to Qatar Airways this year. Qatar Airways, which has a reputation for being demanding when reviewing aircraft for quality before delivery, ordered 80 A350s, including those now cancelled, and currently has 19 A350-900s in its fleet. Al-Baker has in the past described the relationship with Airbus as strained over aircraft and delivery issues. Qatar Airways is also renegotiating its 50 jet single aisle A320neo order, which also includes A319 and A321 versions, after first rejecting delivery of the aircraft in December 2015 over what it said were performance issues. Al-Baker said he was hopeful that Airbus would start delivering a converted order for only the larger A321neos in the second half of 2018. The Airbus spokesman declined to comment on the negotiations. writing by Alexander Cornwell; editing by Susan Thomas and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-qatar-airways-airbus-a-idUKKBN1AP12M'|'2017-08-09T15:32:00.000+03:00'
'1ab441132530737851ab1a7bcb0ceed6b4014456'|'Global stocks fall on Trump''s North Korea warning; dollar up after data'|'FILE PHOTO: An investor holds onto prayer beads as he watches a board showing stock prices at a brokerage office in Beijing, China, July 6, 2015. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Asian shares and U.S. stock futures slipped on Wednesday and investors piled into havens such as U.S. Treasuries, gold and the yen as tensions on the Korean peninsula escalated, with Pyongyang saying it is considering plans to attack Guam.A spokesman for the Korean People''s Army said in a statement that it was "carefully examining" plans for a missile attack on the U.S. Pacific territory, which has a large U.S. military base.The comments came just hours after U.S. President Donald Trump told North Korea that any threat to the United States would be met with "fire and fury", rattling global financial markets.Financial markets have tended to quickly shake off North Korea''s periodic sabre-rattling in the past, dismissing it as bluster, but tensions have lingered this year amid signs that it is making progress in its ballistic missile programme and on Trump''s growing frustration with Pyongyang.North Korea "has no intentions of backing down. Tensions will continue to mount and could eventually develop into a ''black swan'' event that the markets are not prudently considering," Steve Hanke, professor of Applied Economics at the Johns Hopkins University, told the Reuters Global Markets Forum on Wednesday.Though Hanke said he did expect a sustained sell-off in riskier Asian assets, he added "safe assets, as a class, are probably underpriced at present."MSCI''s broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, while Japan''s Nikkei was 1.3 percent lower as the stronger yen sapped investors'' appetite.South Korean shares, which have been among the strongest performers in the world so far this year, fell 1 percent, while the won sank around 0.6 percent to 1,134.5 to the dollar. Both slid to more than one-month lows.S&P 500 e-mini futures were down 0.3 percent, pointing to weakness on Wall Street later in the day, while the dollar skidded 0.4 percent against its perceived safe-haven Japanese counterpart to 109.88 yen, plumbing its lowest levels since mid-June.The euro slid 0.6 percent to 128.92 yen, and fell 0.2 percent against the dollar to $1.1732."It''s a clear case of ''risk-off'' sentiment lifting the yen, as investors focus on the latest developments with North Korea," said Kumiko Ishikawa, FX market analyst at Sony Financial Holdings in Tokyo.Thin liquidity could also amplify market moves, she added, with markets in Singapore closed for a public holiday and many market participants in Japan taking time off this week ahead of a public holiday on Friday.The dollar index, which tracks the greenback against a basket of six major rivals, was nearly flat on the day at 93.683, remaining above last week''s 15-month low of 92.548.The yield on the benchmark 10-year U.S. Treasury note fell to 2.253 percent from its U.S. close of 2.282 percent on Tuesday.Spot gold added 0.4 percent to $1,265.22 an ounce, pulling away from the previous session''s two-week lows.U.S. stocks closed lower on Tuesday after Trump''s vow to respond aggressively to any North Korean threats triggered a late afternoon selling spree.Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programmes as Pyongyang''s continues missile and nuclear tests in defiance of U.N. sanctions.Crude oil prices extended their slide as exports from key OPEC producers rose, despite news of lower crude shipments from Saudi Arabia.U.S. crude shed 18 cents to $48.99 a barrel, while Brent crude fell 25 cents a barrel at $51.89 a barrel.Additional reporting by Divya Chowdhury in MUMBAI; Editing by Eric Meijer and Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets-idINKBN1AO2GB'|'2017-08-09T00:13:00.000+03:00'
'710e937d29f3aaefde3b0b8a9026bc6bc5b6ed66'|'PRESS DIGEST - Wall Street Journal - August 8'|'Aug 8 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Tesla Inc said it plans to raise $1.5 billion in its first-ever sale of traditional bonds. The company said the funds would help push broader sales of its lower-price Model 3 sedan. on.wsj.com/2vgv3gd- Alphabet Inc''s Google fired the employee who wrote an internal memo suggesting men are better suited for tech jobs than women, following an email from Google''s chief executive, Sundar Pichai to the company''s employees, saying that the memo writer violated company policy. on.wsj.com/2vgWpmu- Uber Technologies Inc won''t be bringing co-founder Travis Kalanick back as chief executive, the company''s chairman Garrett Camp told employees, in an attempt to quell reports the co-founder was attempting a comeback. on.wsj.com/2vgCKmI- United Technologies Corp made an initial offer of less than $140 a share to acquire Rockwell Collins Inc, but the two aerospace suppliers are still wrangling over the price of a takeover that would exceed $20 billion. on.wsj.com/2vgkytp- Pershing Square Capital Management LP ( IPO-PERS.L ) said it was nominating its founder William Ackman and two others to the board of Automatic Data Processing Inc, backing off from its previous demand of five seats on the 10-person board. on.wsj.com/2vgr7vRCompiled by Bengaluru newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1KU23J'|'2017-08-08T02:45:00.000+03:00'
'803719f57379cf418e3b88dac676d8e4010fa6e3'|'Dollar steadies as investors await U.S inflation data'|'FILE PHOTO: U.S. one hundred dollar bills are seen in this picture illustration, August 2, 2013. Kim Hong-Ji/Illustration/File Photo LONDON (Reuters) - The dollar inched down for a second day on Tuesday, still holding on to most of the gains made on Friday after strong U.S. jobs data even though investors remain unconvinced that the Federal Reserve will hike rates again this year.The greenback had slumped to 15-month lows against its broad index last week after weak data bolstered the view that, having already increased interest rates twice this year, the Fed would now stay put until next year.But Friday''s bumper labour market data challenged that view, handing the dollar its best day so far this year and bringing forward expectations for when the Fed will tighten policy again.Markets are pricing in less than a 50 percent chance that another Fed hike will come in 2017, and comments from rate-setters at the central bank did little to change investors'' minds on that on Monday.St. Louis Fed President James Bullard said the Fed can leave interest rates where they are for now because inflation is not likely to rise much even if the U.S. job market continues to improve, while Minneapolis Fed President Neel Kashkari talked about inflation being below target."(They) seemed to oppose further rate hikes. That means they exactly reflect the current market expectations, which are limiting the dollar’s appreciation," wrote analysts at Commerzbank in Frankfurt in a morning note to clients."It is still inflation that poses the problem," they added, while noting that Bullard''s and Kashkari''s dovish reputations meant market players were likely to discount their comments.U.S. producer prices for July, due on Thursday, and consumer price index figures on Friday are likely to draw closer attention and will give investors a clue about the extent to which a stronger labour market is spilling over into inflation.Investors are also awaiting clues as to when the Fed will begin shrinking its $4.2 trillion bond portfolio."The September meeting is where we are anticipating the identification of the start date and we would not be surprised to see it start in almost an immediate fashion," said Bill Northey, chief investment officer at U.S. Bank Private Client Group in Helena, Montana.The dollar index edged down 0.1 percent to 93.353, holding well above last week''s 15-month low of 92.548, though it remained shy of Friday''s high of 93.774 as investors pondered the timing of the U.S. central bank''s next tightening steps.The euro was up 0.1 percent at $1.1806, around a cent away from last week''s 2-1/2-year highs, having largely shrugged off figures on Monday showing an unexpected fall in German industrial production in June.With the European Central Bank now widely expected to scale-back its quantitative easing programme as doubts rise about whether the Fed will be able to raise rates again this year, the euro is expected to hold on to its strength against the dollar.Reporting by Jemima Kelly; Additional reporting by Lisa Twaronite in Tokyo; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-forex-idUKKBN1AO01S'|'2017-08-08T03:38:00.000+03:00'
'825cf4dae2b745f9f36c8eb01479a5ed5248ff94'|'Toshiba wins auditor sign-off, likely avoiding delisting for now'|'August 10, 2017 / 3:03 AM / an hour ago Toshiba wins auditor sign-off, likely avoiding delisting for now 4 Min Read Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan, August 10, 2017. Toru Hanai TOKYO (Reuters) - Toshiba Corp has likely avoided immediate delisting after its auditor signed off on its financial results albeit with criticism of its governance, yet its future remains uncertain with no progress in talks to sell its chips unit for much-needed cash. PriceWaterhouseCoopers Aarata LLC (PwC) gave a "qualified opinion" on Toshiba''s results for the year ended March as well as for April-June, according to a filing. That means the auditor broadly vouched for Toshiba''s book-keeping. However, PwC also issued a rare "adverse opinion" on the firm''s internal controls, saying losses at its now bankrupt U.S. nuclear arm Westinghouse were not booked in a timely manner. Toshiba has struggled to win back shareholder trust since 2015 when it said it had inflated profits over several years, and analysts have said it was unclear whether it could stay listed in the long term regardless of the auditor''s endorsement. Last month, the Asahi newspaper reported the auditor was considering issuing an adverse opinion only, a move which could have led to the delisting of the 140-year-old firm. That would have reduced its ability to raise money for its cash-hungry memory chip business, risking its competitiveness. Related Coverage Toshiba CEO: wants to close chip business sale by end-March PwC said some Westinghouse-related losses booked in the business year through March 2017 should have been recorded in the previous year. Toshiba said it disagreed. If the losses were booked as per PwC''s opinion, Toshiba would have recorded negative net worth - liabilities exceeding assets - for two consecutive years. That would normally trigger a delisting from the Tokyo Stock Exchange. The bourse is currently reviewing Toshiba''s governance to decide whether the firm can stay listed. Analysts have said delisting is unlikely as long as PwC signed off on the results. FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo BLEAK FUTURE Even with the reprieve, analysts have said Toshiba''s long-term prospects are bleak, with the firm trying to raise cash by selling its flash memory business - its only division showing significant growth after the sale of its medical devices unit last year. The chips unit accounted for 94 percent of Toshiba''s total April-June operating profit of 96.7 billion yen. The result represented a leap from the 16.3 billion yen of a year earlier, allowing Toshiba to raise its full-year earnings outlook. The conglomerate hopes auctioning its chip unit will help it pay debt and cover the impact of $6.3 billion in liabilities linked to Westinghouse, but talks on the sale have stalled. Toshiba''s joint venture partner Western Digital Corp, which has said any sale would require its consent, has opposed the auction and has taken Toshiba to court in addition to lodging its own offer for the chip business. That has unnerved Toshiba''s preferred bidder group, a consortium including Japanese government-backed funds, private equity firm Bain Capital LP and South Korean chip maker SK Hynix Inc. Given regulatory approval for any sale is likely to take at least several months, analysts said Toshiba needs to reach a deal within weeks if it wants to close the deal by the end of March and avoid a second consecutive year of negative worth. Toshiba on Tuesday said its negative shareholder equity at the end of June was 504.3 billion yen. Reporting by Makiko Yamazaki and Ritsuko Ando; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-toshiba-accounting-idINKBN1AQ08E'|'2017-08-10T08:22:00.000+03:00'
'74d6ab5cbd1246a0e5793cd87c27b45e751c4c4e'|'CEE MARKETS-Dinar retests 22-month highs, Serbian central bank meets'|'August 10, 2017 / 9:32 AM / 5 minutes ago CEE MARKETS-Dinar retests 22-month highs, Serbian central bank meets 7 Min Read * Dinar near 22-month high, helped by euro remittances from abroad * Serbia seen keeping region''s highest interest rates on hold * Stocks fall less than Western peers By Sandor Peto BUDAPEST, Aug 10 (Reuters) - Serbia''s dinar tested 22-month highs against the euro on Thursday, outperforming other Central European currencies ahead of a central bank meeting that is expected to see it key rate left on hold at 4 percent, the highest in the region. The Serbian central bank is not expected to follow the example of its Czech counterpart, which last week became the first in the region to lift interest rates for several years. While Czech inflation is above the central bank''s 2 percent goal, the Serbian central bank''s target range is higher, at 1.5 percentage points on either side of 3 percent. The bank does not need a rate hike to keep inflation within that target, while higher borrowing costs would weigh on economic growth, which at 1.3 percent in annual terms in the second quarter was well behind the regional pace. A rate cut could weaken the dinar and help growth, but the bank has been unwilling to risk going against a trend towards rising global interest rates. The dinar firmed 0.4 percent against the euro to 119.76 by 0853 GMT. It was testing 22-month highs reached a week ago at 129.40. The central bank has repeatedly intervened in the market to keep the dinar in tight ranges, fighting dinar strength in the past several weeks. It has purchased at least 725 million euros and sold 345 million euros in the market so far this year. The dinar has been lifted in relatively illiquid summer trading, with state payments for some infrastructure projects and wholesale payments for agricultural products lifting demand for the currency. Euro remittances from the more than one million Serbs living abroad also pick up in the summer. A Reuters poll of analysts last week predicted the dinar will ease to 123.9 against the euro by the end of July 2018. The poll projected stronger levels for the region''s currencies than earlier forecasts as economic growth powers ahead in the region and its main foreign market, the euro zone. Central European equities mostly softened on Thursday as global sentiment remained sour over political tension between North Korea and the United States. The region''s main stock indices still outperformed most Western European peers. Czech Moneta Money Bank fell slightly, even though the company reported higher than expected second-quarter earnings and said last week''s central bank interest rate hike would improve its profitability. Gains of Polish Alior Bank, which reported a rise in profits, mitigated the loss in Warsaw''s bluechip equities index. CEE MARKETS SNAPSH AT 1053 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.150 26.171 +0.08 3.28% 0 5 % Hungary 305.40 305.42 +0.01 1.12% forint 00 50 % Polish zloty 4.2725 4.2690 -0.08% 3.08% Romanian leu 4.5699 4.5690 -0.02% -0.76% Croatian 7.4000 7.4015 +0.02 2.10% kuna % Serbian 119.76 120.23 +0.39 3.00% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1029.2 1029.8 -0.06% +11.6 7 7 8% Budapest 36792. 36578. +0.58 +14.9 19 47 % 6% Warsaw 2403.5 2408.1 -0.19% +23.3 8 1 9% Bucharest 8396.9 8395.1 +0.02 +18.5 0 3 % 2% Ljubljana 804.39 801.90 +0.31 +12.1 % 0% Zagreb 1895.9 1892.3 +0.19 -4.96% 9 4 % Belgrade 719.88 719.94 -0.01% +0.35 % Sofia 729.56 727.06 +0.34 +24.4 % 1% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.052 0.026 +073b +1bps ps 5-year 0.113 0 +036b -1bps ps 10-year 0.887 0 +045b -1bps ps Poland 2-year 1.839 0.011 +251b -1bps ps 5-year 2.734 0.025 +299b +2bps ps 10-year 3.406 0.079 +297b +7bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.55 0.64 0.73 0 IBOR=>Hungary <BU 0.21 0.25 0.35 0.15 BOR=> Poland <WI 1.78 1.799 1.847 1.73 BOR=> Note: FRA are for ask quotes prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/easteurope-markets-idUSL5N1KW2UO'|'2017-08-10T12:31:00.000+03:00'
'84efa86340bb5a85218046fc73c81d19ae500a87'|'Oil prices edge higher after U.S. stockpile fall'|'A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson/File Photo NEW YORK (Reuters) - Oil prices fell on Thursday, on concerns of lingering global oversupply as Russia considered a future output resumption and OPEC boosted its July production numbers.Russian oil producer Gazprom Neft ( SIBN.MM ) considers it "economically feasible" to resume production in mature fields after a global agreement among OPEC and non-OPEC expires, a representative of the company said.U.S. West Texas Intermediate crude CLc1 was down 35 cents or 0.7 percent to $49.21 a barrel. Brent crude futures LCOc1 were down 16 cents or 0.3 percent to $52.54 a barrel by 12:12 p.m. ET (1612 GMT).The Organization of the Petroleum Exporting Countries raised its outlook for oil demand in 2018 and cut its forecasts for output from rivals next year, yet another increase in the group''s production suggested the market will remain in surplus despite efforts to limit supply.OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia, citing figures it collects from secondary sources.Crude prices are down nearly 7 percent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut.Saudi Arabia said on Tuesday it would cut supplies by up to 10 percent in September to most buyers in Asia, the world''s biggest oil-consuming region.In a sign that investors are turning more optimistic about the pace at which oil supply and demand are rebalancing, prices for crude for prompt delivery are trading above those for delivery further in the future. LCOc1 LCOc2"This is the march toward the flattening of the curve," said SEB chief commodity strategist Bjarne Schieldrop.Global stocks remain above their longer-term averages and with the U.S. summer driving season nearly at an end, investors are well aware that the attempts by OPEC, Russia and other producers to boost prices may bring unwanted side-effects.Inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks.While prices rose on Wednesday after the lower U.S. inventory numbers, Gene McGillian, manager of market research at Tradition Energy, said that information was not enough to sustain a rally."It seems like the market wants to go higher," he said, "The market is searching for it, the question is will it get it."Additional reporting by Amanda Cooper in London, Aaron Sheldrick; Editing by David Evans and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-oil-idINKBN1AQ01H'|'2017-08-10T03:30:00.000+03:00'
'ceac51f29a40394e2dcdad69818eb6b85f0919ed'|'China''s Sunac to raise $1 billion to refinance debt amid deal spree'|'Sunac China Holdings Ltd logo is seen during a exhibition in Hangzhou, Zhejiang province, China, May 25, 2015. Picture taken May 25, 2015. China Daily/via File Photo HONG KONG/SHANGHAI (Reuters) - Acquisitive Chinese property developer Sunac China Holdings Ltd ( 1918.HK ) will raise $1 billion from banks to refinance its current debts, the firm said in a filing on Thursday.Sunac has been making a spate of high-profile deals, including a deal last month to buy theme parks and tourism developments from Dalian Wanda Group for 43.8 billion yuan ($6.52 billion).Other deals include $2.1 billion for the real-estate assets of Legend Holdings, parent of PC-maker Lenovo, and $2.2 billion for a stake in Leshi Internet 300104.SZ, a unit of LeEco - a Chinese Netflix-to-Tesla-like conglomerate.Sunac said the fund raising would see it issue $400 million of senior notes due in 2020 and $600 million due in 2022, which would help "optimise" its debt structure."The proceeds from the Notes Issue are intended to be used for re-financing the group''s existing indebtedness," it said.The recent deal with Wanda, which saw both firms come under regulatory scrutiny over potential credit risks, had to be amended from an earlier planned deal, with Sunac scrapping plans to buy close to 80 hotels from Wanda as well.Sunac''s Sun said at the time the adjusted deal would help the company''s liquidity and lower its debt level. He added the firm had "ample" cash flow with 90 billion yuan of cash on hand.Chinese conglomerates are coming under scrutiny over showy deals amid fears about firms taking on too much debt, creating a potential risk for China''s financial system.Sunac said the current rights issue involved banks HSBC ( HSBA.L ), Morgan Stanley ( MS.N ), China CITIC Bank International, Citigroup ( C.N ), CMB International, Haitong International ( 0665.HK ), IBC, ICBC International and SPDB International.The new fundraising comes a week after Sunac said it had agreed a private share sale worth $516.4 million.Reporting by Donny Kwok in HONG KONG and Adam Jourdan in SHANGHAI; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sunac-china-notes-idINKBN1AJ02V'|'2017-08-02T23:21:00.000+03:00'
'3309260cccabedecdf4b8391fc1464356af39239'|'Pimco Income Fund, overseen by Ivascyn, attracts $2.65 bln inflows in July'|' 18 PM / in 4 minutes Pimco Income Fund, overseen by Ivascyn, attracts $2.65 bln inflows in July 1 Min Read NEW YORK, Aug 10 (Reuters) - The Pimco Income Fund, overseen by group chief investment officer Dan Ivascyn, attracted inflows of $2.65 billion in July, bringing the fund''s total net assets to $92 billion, Morningstar data showed on Thursday. The Pimco Total Return Bond Fund, once the world''s largest bond fund, posted outflows of $409 million in July, leaving the fund''s assets under management at $73 billion, Morningstar said. (Reporting by Jennifer Ablan; Editing by Sandra Maler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/funds-pimco-idUSL1N1KW1X9'|'2017-08-10T23:17:00.000+03:00'
'988659005827783b9c9c1f723133ae3c51c00964'|'U.S. producer prices record biggest drop in 11 months'|'August 10, 2017 / 12:39 PM / 3 hours ago U.S. producer prices record biggest drop in 11 months Lucia Mutikani 5 Min Read FILE PHOTO: A woman shops for produce inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri/File Photo WASHINGTON (Reuters) - U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate hike. Other data on Thursday showed an increase in the number of Americans filing for unemployment benefits last week. The trend in weekly jobless claims, however, remained consistent with a tightening labor market. "Another twist of the screw tighter for this labor market but inflation is not able to gain a foothold in this economy," said Chris Rupkey, chief economist at MUFG in New York. "The pot is on the stove boiling but no inflation steam is coming out." The Labor Department said its producer price index for final demand slipped 0.1 percent last month, weighed by decreasing costs for services. That was the largest decline since August 2016 and reversed June''s 0.1 percent gain. In the 12 months through July, the PPI increased 1.9 percent after rising 2.0 percent in the year through June. Economists had forecast the PPI to tick up 0.1 percent last month and 2.2 percent from a year ago. A key gauge of underlying producer price pressures that excludes food, energy and trade services was unchanged last month. The so-called core PPI gained 0.2 percent in June. The core PPI increased 1.9 percent in the 12 months through July after advancing 2.0 percent in June. Though the correlation between the PPI and the consumer price index has weakened, last month''s drop in producer prices could worry Fed officials who have long argued that the moderation in inflation was temporary. Fed Chair Janet Yellen told lawmakers last month that "some special factors" were partly responsible for the low inflation readings. Inflation, which has remained below the U.S. central bank''s 2 percent target for five years, is being watched for clues on the timing of the next interest rate increase. The Fed is expected to announce a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at a policymaking meeting next month. But low inflation, characterized by sluggish wage growth, suggests the central bank could delay raising rates again until December. It has increased borrowing costs twice this year. The government will release July''s CPI report on Friday. FILE PHOTO: Corporate recruiters (R) gesture and shake hands as they talk with job seekers in Washington, June 11, 2013. Jonathan Ernst/File Photo Prices of U.S. Treasuries rose after the data and also benefited from safe-haven trades amid escalating tensions between the United States and North Korea. The dollar was little changed against a basket of currencies, while U.S. stocks fell. JOBLESS CLAIMS RISE In another report on Thursday, the Labor Department said initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 244,000 for the week ended Aug. 5. With the labor market near full employment, there is probably limited room for claims to continue declining. Claims have now been below 300,000, a threshold associated with a healthy labor market, for 127 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The unemployment rate is 4.3 percent. A tightening labor market and tepid inflation have put the Fed in a difficult position. Last month, prices for services fell 0.2 percent, the first decline since February. That accounted for more than 80 percent of the decrease in the PPI. Services were undercut by a 0.5 percent drop in the index for final demand trade services. Services, which had increased for four straight months, are volatile month-on-month. "They have a large weight in the final-demand measure, but have little relationship to CPI services prices," said John Ryding, chief economist at RDQ Economics in New York. The cost of healthcare services rose 0.3 percent after being unchanged in June. Those costs feed into the Fed''s preferred inflation measure, the core personal consumption expenditures price index. Energy prices fell for a third straight month in July while the cost of food was unchanged after a 0.6 percent jump in June. Core goods prices fell 0.1 percent in July after eight straight months of gains. Editing by Paul Simao and Bernadette Baum 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-economy-inflation-idUKKBN1AQ1HE'|'2017-08-10T16:09:00.000+03:00'
'16dee90bf7ab5f0ed0513cdc126108e30a36907f'|'Oil prices edge higher after U.S. stockpile fall'|'August 10, 2017 / 12:30 AM / 4 minutes ago Oil slides on worries about global crude glut, Wall Street slump 3 Min Read A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson/File Photo NEW YORK (Reuters) - Oil prices fell more than 1.5 percent on Thursday, as a bruising day on Wall Street bolstered fears of slowing demand amid lingering concerns over a global oversupply of crude. U.S. West Texas Intermediate crude CLc1 settled down 97 cents or 1.96 percent to $48.59 a barrel. Brent crude futures LCOc1 were down 80 cents or 1.52 percent to $51.90 a barrel. U.S. stock indexes fell sharply on Thursday, with the Dow and the Nasdaq posting triple-digit point declines, as investors fretted over escalating tensions between the U.S. and North Korea. The falling U.S. stock market translated to weakness in the oil market, said Phil Flynn, analyst at Price Futures Group in Chicago. "That raised concerns about demand," he said, "The demand picture gets murky as stocks go down. Gold has stayed up so that confirms my suspicions it’s a fear trade." On the supply side, Russian oil producer Gazprom Neft ( SIBN.MM ) considers it "economically feasible" to resume production in mature fields after a global agreement among OPEC and non-OPEC countries expires, a representative of the company said. And while the Organization of the Petroleum Exporting Countries raised its outlook for oil demand in 2018 and cut its forecasts for output from rivals next year, yet another increase in the group''s production suggested the market will remain in surplus despite efforts to limit supply. [nL5N1KW3S0] OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia, citing figures it collects from secondary sources. Crude prices are down nearly 7 percent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut. "$50 seems to be a formidable foe for the crude bulls," said Flynn. Global crude stocks remain above their longer-term averages and with the U.S. summer driving season nearly at an end, Wednesday EIA data showed gasoline inventories rose for the first time in eight weeks. EIA data also showed inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks. While prices rose on Wednesday after the lower U.S. inventory numbers, Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut said that information was not enough to sustain a rally. "It seems like the market wants to go higher," he said, "The market is searching for it, the question is will it get it." Additional reporting by Amanda Cooper in London, Aaron Sheldrick; Editing by David Gregorio and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-oil-idUSKBN1AQ01H'|'2017-08-10T03:29:00.000+03:00'
'3e4fedb1d080e4f0eae33ec947e3f63f9f057cbe'|'High Times for Low-Dollar Stocks Could Be Ending'|'Stock investors may be betting too strongly on a weak dollar.This year, shares of U.S. companies that derive most of their sales overseas have significantly outperformed their more domestic-focused brethren. On average, the stocks of the largest U.S. exporters in the S&P 500 -- the top 10 percent of those that report geographic sales breakdowns -- are up 21 percent this year. That compares with a 6.4 percent increase for the bottom 10 percent of exporters, which are companies that generate either all of most of their sales in the U.S.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up The reason for the run appears to be the dollar&apos;s decline. The value of the U.S. currency peaked in late December and has mostly fallen since. ICE&apos;s U.S. Dollar index hit 92.8 on Aug. 3 after reaching 103.3 in late December. Exporters benefit from a weaker dollar because it can make U.S. goods cheaper overseas, but more important it makes those sales more profitable when they convert those foreign receipts back into dollars. Overall, Goldman Sachs Group Inc. estimates that the falling dollar boosted S&P 500 earnings 14 percent in the first quarter.Investors appear to be betting the dollar boost will continue. Shares of companies in the S&P 500 that derive the greatest percentage of their sales overseas are trading at 31 times their 2017 estimated earnings. That compares with a price-to-earnings ratio of just 24 for the companies among the lowest 10 percent of exporters in the S&P 500. 1 Some of the difference could be about the composition of the groups. The top exporters list has a good number of tech companies, particularly chipmakers Nvidia Corp., Micron Technologies Inc. and Intel Corp. What&apos;s more, a number of foreign markets are growing faster than the U.S. So the companies that export more will also most likely grow faster than companies just selling in the U.S.But even after adjusting for growth, investors appear to be paying up for companies that stand to continue to benefit from a weaker dollar. The biggest exporters in the S&P 500 have a PEG ratio, which compares earnings growth with P/E ratios, of 4. The PEG ratio of the low exporters was just below 3.All this seems to suggest that investors may be betting on further drops when a number of analysts predict a rebound in the dollar, which has not been this low consistently since 2014.Top currency strategist Jens Nordvig, who runs Exante Data, says the European Central Bank may want to cut its quantitative easing and start to raise interest rates, which would be bad for the dollar, but a lack of inflation in Europe may make that difficult. At the same time, the Federal Reserve appears to be set on removing QE in the U.S. when the number of available jobs in the U.S. is surging . What&apos;s more, Nordvig says anyone betting that central banks are driving currencies has been wrong so far this year. U.S. interest rate increases have helped the dollar little. And the rebound may have already started. The value of the dollar rose on Monday and Tuesday.The move appears to be part of the bigger unwinding of the Trump trade, which given the administration&apos;s limited ability to deliver on its promises makes sense so far. But the dollar is now 3 percent below where it was before Trump was elected. What comes next is most likely the unwinding of the unwinding of the Trump trade. When that happens, dollar downer stocks will suffer.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nearly 330 companies in the S&P 500 have recently broken down their revenue by region, according to Bloomberg data. I broke that list down by deciles by percentage of sales outside the U.S., and then compared the group with the most amount of sales outside of the U.S. with the group that has the least.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-09/high-times-for-low-dollar-stocks-could-be-ending'|'2017-08-09T21:00:00.000+03:00'
'acac66d46eebde5e693e1409a59759417ee7ae50'|'France''s Altice weighing takeover offer for Charter: CNBC'|'Patrick Drahi, founder and controlling shareholder of the the telecommunications group Altice (C), rings a ceremonial bell marking the IPO of the company on the New York Stock Exchange shortly after the opening bell in New York, U.S., June 22, 2017. Lucas Jackson (Reuters) - French telecom giant Altice NV ( ATCA.AS ) and its U.S. cable unit are working on an offer to buy Charter Communications Inc ( CHTR.O ) but are yet to submit a proposal, CNBC reported, citing people close to the situation.Shares of Charter Communications were up 1 percent at $393.50, while those of Altice USA Inc ( ATUS.N ) were marginally lower at $30.93.With $60 billion in debt and an expected purchase price of about $500 per share or more, Charter''s enterprise value may be about $200 billion, CNBC reported.Altice USA has a market capitalization of about $23 billion as of Tuesday''s close, much smaller than Charter''s $116 billion, according to Reuters data.The French telecom company faces significant hurdles in crafting a deal that will meet shareholders'' expectations on price, CNBC added.Altice USA''s IPO in June was viewed as a means for its founder, Franco-Israeli billionaire Patrick Drahi, to expand his U.S. cable empire by giving the company public stock it can use as currency for new acquisitions.Reuters reported last month that Japan''s SoftBank Group Corp ( 9984.T ) was also considering making a bid for Charter as soon as August end.Altice and Charter declined to comment, while Altice USA was not immediately available for comment.Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-charter-commns-m-a-altice-idINKBN1AP1QN'|'2017-08-09T12:48:00.000+03:00'
'8b51520b740d1905b48cb2bf3fd67adf7a8639ea'|'Michael Kors profit falls 15 percent'|'August 8, 2017 / 11:26 AM / in 10 hours Michael Kors lifts full-year revenue forecast, shares soar 3 Min Read (Reuters) - Michael Kors Holdings Ltd ( KORS.N ) reported better-than-expected profit for the first quarter as it cut down on promotions and sold more premium handbags, and lifted its full-year revenue forecast, sending the company''s shares up as much as 22 percent. Once the hottest name in affordable luxury, Kors has been grappling with declining same-store sales as more people shop online. Over-distribution of its products and a reliance on promotions to boost sales also eroded some of Kors'' brand value and its appeal. To reverse an eight-quarter slump in same-store sales, Kors is pursuing a multi-brand strategy for growth and diversifying into new products. Last month, the maker of the popular Mercer and Hamilton handbags announced a deal to buy high-end shoemaker Jimmy Choo. Kors is also adding more menswear and dresses to its shelves, shrinking the number of stores it owns and yanking a chunk of its products from department stores such as Macy''s Inc ( M.N ), where steep discounts have been the norm to attract customers amid a broader retail slowdown. Kors said on Tuesday the efforts yielded a higher average selling price per unit, implying the company sold more goods at full price. A $1,000 satchel, called The Bancroft, and customizable leather goods were a hit in North America, Chief Executive John Idol said on a conference call. A Michael Kors Holdings Limited retail store is shown in La Jolla, California, U.S., May 17, 2017. Mike Blake That helped operating margins at Kors stores increase for the first time in more than eight quarters, according to brokerage Jefferies. While profit dropped 15 percent to $125.5 million, or 80 cents per share, in the quarter ended July 1, it handily beat Wall Street''s expectations of 62 cents, according to Thomson Reuters I/B/E/S. Kors also for the first time quantified Jimmy Choo''s impact on revenue. The company said it expects the deal to add about $275 million to sales in the second half of the year ending March 2018, assuming the deal closes by the third quarter. Excluding sales from Jimmy Choo, Kors expects fiscal 2018 revenue of about $4.28 billion, slightly higher than its earlier forecast of $4.25 billion. The company''s same-store sales fell 5.9 percent in the quarter, less than the 8.9 percent decline analysts polled by Consensus Metrix had expected. Total revenue dropped 3.6 percent to $952.4 million, but beat the average estimate of $918.6 million. Kors shares were up 21.7 percent at $45.30 at midday, close to their session high of $45.39, their highest since December 2016. Reporting by Siddharth Cavale and Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar and Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-michaelkors-results-idUSKBN1AO185'|'2017-08-08T14:26:00.000+03:00'
'6edfefb5d397a9d7c2d2607bb38e9260c02ebee5'|'Exclusive - British banks'' turnaround plans frustrated by U.S. justice delays'|'August 8, 2017 / 11:56 AM / 3 minutes ago Exclusive - British banks'' turnaround plans frustrated by U.S. justice delays Lawrence White 5 Min Read FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. Dado Ruvic/Illustration/File Photo LONDON (Reuters) - Legal and investigative delays at the U.S. Department of Justice are thwarting efforts by three of Britain''s biggest banks to rehabilitate themselves after the global financial crash and other problems, the banks'' chief executives have said. Like their global competitors, Britain''s top banks have spent billions of dollars in fines, settlements and restructuring costs to deal with legal and financial fallout from the 2008 crisis. For Barclays ( BARC.L ), RBS ( RBS.L ) and Standard Chartered ( STAN.L ), hopes that their unresolved cases in the United States can be settled this year have been clouded by delays in appointing key staff at the DoJ since Donald Trump became president. A spokesman for the Department of Justice declined to comment. The spectre of the U.S. investigations is causing the banks problems including depressed share prices, the need to hold billions of dollars in provisions against expected fines, and issues in Bank of England stress tests, analysts said. Barclays ( BARC.L ) is being sued by the DoJ for alleged mis-selling of mortgage-backed securities in the run-up to the financial crisis, while Royal Bank of Scotland ( RBS.L ) is under investigation over similar allegations. Standard Chartered is being investigated over whether it continued to violate Iran-related sanctions after 2007, in violation of a deferred prosecution agreement between the bank and the DoJ that covered such activity prior to 2007. "We know there is an investigation open, and it feels to us like they are exploring all the avenues, so we don''t have any certainty as to when this gets resolved," Standard Chartered Chief Executive Bill Winters told Reuters in an interview in London. Progress on the banks'' cases in the United States slowed following Trump''s election victory last November, with key roles at the Justice Department unfilled, executives at the lenders said. The Trump administration has struggled to fill hundreds of open positions at senior levels at Justice and other departments. In recent weeks, further doubt has been thrown on staffing at the top of the Justice Department following Trump''s repeated criticisms of its head, Attorney General Jeff Sessions, whom the president branded "very weak" in tweets last month. TIME OF CRISIS At StanChart, a programme of restructuring, including more than 15,000 job cuts and a $5.1 billion capital raise, has allowed Winters to restore the balance sheet in the two years since he took over at a time of crisis for the bank. FILE PHOTO: Morning commuters walk past a branch of the Royal Bank of Scotland (RBS) in London, Britain, November 4, 2011. Andrew Winning/File Photo However, efforts to restore the reputation of the bank, which once used the slogan "Here for Good", remain clouded by the open DoJ investigation into one of the darkest chapters in StanChart''s more than 160-year history. In 2012, StanChart settled a U.S. probe into violations of Iran-related sanctions between 2000 and 2007, only for the investigation to be reopened in 2014 as prosecutors sought to show the bank had continued those violations after 2007. So far this year, StanChart has not been able to offer any update on progress in the probe. Some European banks were able to settle outstanding U.S. legal cases in the weeks between Trump''s election victory last November and his inauguration in January. Deutsche Bank in December agreed to a $7.2 billion settlement with the Department of Justice over the bank''s sale and pooling of toxic mortgage securities in the run-up to the financial crisis. RBS Chief Executive Ross McEwan said on Friday it was possible his bank would not be able to settle a similar case with the DoJ this year. The case is the state-backed bank''s largest outstanding problem and a major barrier to its being able to resume paying dividends and exit government ownership, McEwan said. "There is a chance we may not get it done this year, but that depends on when those conversations (with the DoJ) start," he said. Barclays has chosen to contest a similar DoJ lawsuit, unlike other European banking rivals which have agreed settlements rather than fight their cases. Barclays Chief Executive Jes Staley last month told reporters he did not know when his bank would be able to resolve its lawsuit with the DoJ. Trump has faced criticism for the slow pace of nominations of key officials in his administration, as well as the pressure he has placed on Sessions. One of the bank chief executives, who did not wish to be named criticising the DoJ, said delays in filling key roles at the department had played their part in the slow progress towards resolving issues with British banks. "There''s nobody home," the CEO said. Reporting by Lawrence White; additional reporting by Karen Freifeld in New York; editing by Giles Elgood 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-banks-usa-idUKKBN1AO1AT'|'2017-08-08T14:55:00.000+03:00'
'a6d913a3b9a3184df98c368e2fb7d344eec0a1b7'|'Toshiba auditor to split opinion on finances, governance - sources'|' 08 AM / 32 minutes ago Toshiba auditor to split opinion on finances, governance - sources Reuters Staff 1   logo of Toshiba Corp is seen at an electronics store in Yokohama, south of Tokyo, June 25, 2013. Toru Hanai/File Photo TOKYO (Reuters) - The auditor for Toshiba Corp ( 6502.T ) is likely to sign off on the conglomerate''s annual results while giving a thumbs down on the corporate governance behind a series of crises for the group, people with direct knowledge of the discussions said on Tuesday. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, the two sources told Reuters. That will end a limbo in which the auditor withheld its opinion as it checked problems during the year, which bankrupted Toshiba''s U.S. nuclear unit in December. However, PwC will give an "adverse statement" on the company''s internal controls, they said. The auditor could not be reached for comment outside business hours. Reporting by Taro Fuse; Writing by William Mallard; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AO16D'|'2017-08-08T14:08:00.000+03:00'
'32703db2eb9340b16f350eee9f088fa20e4d6bb8'|'Trump EPA lags behind in environmental enforcement: report'|'Environmental Protection Agency Administrator Scott Pruitt waves after an interview for Reuters at his office in Washington, U.S., July 10, 2017. Yuri Gripas WASHINGTON (Reuters) - During the first six months of the Trump presidency, the Environmental Protection Agency has lagged behind three previous administrations in environmental enforcement, collecting 60 percent less in civil penalties from polluters, a report released on Thursday said.During President Donald Trump''s first six months in office, the Justice Department collected $12 million in civil penalties as part of 26 civil lawsuits. That compares to $36 million in 34 cases during the Obama administration; $30 million in 31 cases under the George W. Bush administration; and $25 million in 45 cases during the Clinton administration''s first six months, the report by the Environmental Integrity Project (EIP) found."If this drop-off in environmental enforcement continues, it will leave more people breathing more air pollution or swimming in waterways with more waste,” said EIP Executive Director Eric Schaeffer, who served as the EPA''s head of civil enforcement from 1997 to 2002.The report analyzed consent decrees lodged by the Justice Department from Trump''s first day in office, Jan. 21, through July 31, evaluating penalties paid by companies, the amount those companies will spend on pollution controls and how much pollution these enforcement actions can reduce.Patrick Traylor, deputy assistant administrator at EPA''s Office of Enforcement and Compliance Assurance, reviewed a copy of the report and said the findings were unfair because it can take months for a consent decree to be lodged."This ''snapshot'' ... says much more about enforcement actions commenced in the later years of the Obama administration than it does about actions taken in the beginning of the Trump administration," he said in a statement.The report also found that value of injunctive relief, or the amount of money violators spend to install pollution controls and clean up, was also lowest in the Trump administration under EPA Administrator Scott Pruitt.Under Trump, injunctive relief required in 10 cases totaled $197 million, compared to $710 million in 16 cases under Bush and $1.2 billion in 22 under Obama, the report said. EPA did not collect this data until the later years of the Clinton administration, so results could not be compared.Environmental groups have raised concerns about Pruitt''s close ties to the energy industry, documented in public records of his meetings.When asked about his approach to enforcement and close industry ties in an interview with Reuters last month, Pruitt said the EPA is committed to enforcement and working with states to carry it out.Reporting By Valerie Volcovici; Editing by Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-epa-enforcement-idINKBN1AQ24N'|'2017-08-10T20:15:00.000+03:00'
'dc289e55b62a32172f845775eb2298b6b143edb4'|'BRIEF-Softbank vision fund invests in India''s Flipkart'|'Aug 10 (Reuters) - Flipkart says:* Softbank vision fund invests in Flipkart* To become one of the largest shareholders of the company* After this financing round Flipkart will have in excess of $4 billion of cash on balance sheet* This is biggest ever private investment in Indian technology company Source text for Eikon: [Flipkart Group, India''s leading e-commerce marketplace, has announced an investment - a mix of primary and secondary capital - from SoftBank Vision Fund, the world''s largest technology-focused investment fund. This is the biggest ever private investment in an Indian technology company, and will make the Vision Fund one of the largest shareholders in Flipkart. The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world''s premier technology companies - Tencent, eBay and Microsoft. After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet] (Mumbai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-softbank-vision-fund-invests-in-in-idINL4N1KW3B3'|'2017-08-10T06:28:00.000+03:00'
'0c80d277c0296152d60a7da8981d5f3f2ae06b31'|'UPDATE 1-Manulife CFO plays down talk of John Hancock spinoff'|'August 10, 2017 / 12:07 PM / 25 minutes ago UPDATE 1-Manulife CFO plays down talk of John Hancock spinoff 1 Min Read (Adds comments from CFO) TORONTO, Aug 10 (Reuters) - Manulife Financial Corp Chief Financial Officer Steve Roder on Thursday played down reports that the insurer is exploring an initial public offering of U.S. unit John Hancock. "It''s all market rumor and speculation as far as I''m concerned," he said in an interview. The Wall Street Journal reported last month that Canada''s biggest life insurer was under pressure from some of its shareholders to make the move after years of disappointing results at the unit. The company has previously said it would consider selling off some businesses that are hindering its growth. "For the last 18 months or so, we''ve highlighted to our investors that we are always considering how we can optimize our balance sheet and accelerate the growth in (return on equity)," Roder said on Thursday. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama and Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/manulife-results-johnhancock-idUSL1N1KW0F2'|'2017-08-10T15:07:00.000+03:00'
'a08db3d0da591668b9ecd413969287a0919af689'|'UK industrial output beats expectations, but outlook murky'|'Workers cross London Bridge, with Tower Bridge seen behind, during the morning rush hour in London September 30, 2011. Paul Hackett/Files LONDON (Reuters) - British industrial output unexpectedly picked up in June after oil producers delayed normal seasonal maintenance, but falling car production and a slide in construction bode poorly for future months.Britain''s economy eked out only sluggish growth in the first half of 2017 as consumers battled with higher inflation triggered by last year''s vote to leave the European Union.The Bank of England is expecting stronger net exports and business investment to lift growth in the second half of this year, but Thursday''s official data offered mixed signals.Britain''s trade deficit in goods with the rest of the world widened unexpectedly in June, as export volumes suffered their sharpest monthly fall in a year, though looking at the quarter as a whole, export volumes are up by 5.0 percent on the year.Industrial output contracted by 0.4 percent in the three months to June, unchanged from an initial estimate by the Office for National Statistics that contributed to weak overall gross domestic product growth of 0.3 percent in the second quarter.The ONS said Thursday''s data did not point to any significant revision of its earlier GDP estimate.A Reuters poll released on Thursday showed economists expect Britain to maintain a quarterly pace of growth of 0.3 percent for the coming year, compared with 0.4 percent in the euro zone.In June alone, industrial output jumped by 0.5 percent on the month compared with forecasts in a Reuters poll for a 0.1 percent rise. But the ONS said this reflected a lack of oilfield maintenance that month, which normally depresses output and instead is likely to come later in the year.Car production dropped by 3.6 percent on the month in June after a 2.3 percent fall the month before, the sharpest decline since December 2013.Overall manufacturing, which includes car production but not oil, was flat on the month and in line with expectations.Construction, which accounts for 6 percent of the economy, fell by 0.1 percent in June and dropped by 1.3 percent in the second quarter as a whole - a bigger fall than earlier thought and the sharpest drop in almost five years.Britain''s deficit in goods trade with the rest of the world widened to 12.7 billion pounds from 11.3 billion the month before, bucking economists'' expectations for a fall to 11 billion pounds.Taking services exports into account, the Britain''s overall trade deficit was 4.6 billion pounds, its widest since September of last year.Reporting by David Milliken and Andy Bruce'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/britain-economy-idINKBN1AQ0W7'|'2017-08-10T06:34:00.000+03:00'
'0abad929f55ea11be3c0982118c7140c1360fd53'|'MIDEAST STOCKS - Factors to watch - August 9'|'DUBAI, Aug 9 (Reuters) - Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian shares, U.S. stock futures, dollar slip on rising Korean tensions* MIDEAST STOCKS-Savola helps Saudi rise, Dubai''s Air Arabia jumps on earnings* Oil falls for third day as doubts over OPEC cuts linger* PRECIOUS-Gold up on rising U.S.-North Korea tensions* Middle East Crude-Strengthens on Saudi cuts, Shell''s purchases* U.S. denies bombing Iraqi Shi''ite militia near Syrian border* OPEC expects laggards to comply more fully with oil cut pact* Turkey''s Erdogan takes aim at bank profits, calls for cheaper credit* Syrian rebels near Damascus brace for expected army assault on last enclave* Iran''s Rouhani presents new ministers to parliament* Turkish bank lending to rise 16-18 pct this year, industry group saysEGYPT * Egypt expects GDP growth at 4.6 pct-4.8 pct in 2017-18: finance minister* Egypt''s 2016/17 budget deficit at 10.9 pct, GDP growth at 4.1 pct* Egypt''s Naeem Holding to merge Reacap business with Wadi Degla- CEO* Egypt aims to reverse bans on agricultural exports* Egypt tightens eligibility for food subsidy cards* Egypt''s fuel subsidy spending rises 135 pct in FY 2016-17SAUDI ARABIA * HSBC plans Saudi growth thanks to kingdom''s "unprecedented" transformation* Saudi Aramco awards first contract for planned shipyard complex* Saudi Arabia cuts crude oil allocations in Sept by more than its OPEC pledge* Saudi Arabia to allow full foreign ownership of engineering firms* Saudi Kayan secures $1.2 bln loan to repay maturing debt* Saudi Aramco plans repair work at Abqaiq oilfield in Sept -sourceUNITED ARAB EMIRATES * Abu Dhabi gives Malaysia 1MDB new extension for missed $600 mln payment* China ride-hailing firm DiDi backs Uber rival Careem* Air Arabia reports 19.2 pct rise in Q2 profitQATAR * Industries Qatar Q2 profit shrinks 47 pct, misses estimates* SolarWorld founder Asbeck, Qatar to buy some of its factories -sources* Qatar raises July Land, Marine crude prices -documentBAHRAIN * Bahrain mandates five banks for international bond issue - sources (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-factors-idINL5N1KV071'|'2017-08-09T01:28:00.000+03:00'
'928a037f1137f9a3a9a35c0b821003d75bfc366e'|'Blackstone, GIC lead buy out of Goldman Sachs stake in Rothesay Life'|'FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo LONDON (Reuters) - Goldman Sachs has sold its remaining stake in British pensions insurance business Rothesay Life to a trio of existing investors a decade after setting up the company.Blackstone Group, Massachusetts Mutual Life Insurance Company and Singapore sovereign wealth fund GIC have agreed to buy out Goldman''s 32.7 percent stake for an undisclosed sum."We look forward with confidence to taking advantage of the considerable growth opportunities we see in the sector," Rothesay Chief Executive Addy Loudiadis said.Demand from companies to offload the risks associated with their pension scheme liabilities has grown in recent years, with insurers Legal & General and Aviva looking to cash in.L&G on Wednesday said it had written 1.6 billion pounds ($2.08 billion) in so-called ''bulk annuities'' in the first half of 2017, up from 685 million a year earlier.GIC and Blackstone will become Rothesay''s biggest shareholders and MassMutual will "substantially" increase its stake, Rothesay said. It did not say how big their investments would be.GIC and Blackstone previously had each owned 26.5 percent of the company while MassMutual held 6.5 percent.Specialist pensions liabilities insurer Rothesay''s clients include the pensions schemes of British Airways, Holiday Inn-owner InterContinental Hotels Group and bingo hall operator Rank.It was founded in 2007 by Goldman and had assets under management of 23.7 billion pounds as of the end of 2016.Last year, new business volumes grew by 89 percent to 6.6 billion pounds while its pretax profit fell to 328 million pounds from 347 million.A spokesman for the company said its 2016 results gave it an embedded value, the present value of the company''s future profits plus the adjusted current value of its assets, of about 2.2 billion pounds.Reporting by Ben Martin; editing by Simon Jessop and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-rothesaylife-sale-idUSKBN1AP0SB'|'2017-08-09T16:17:00.000+03:00'
'5060deb3bf71acabf93284f882349762cfbdc1ee'|'Monsanto Was Its Own Ghostwriter for Some Safety Reviews'|'Monsanto Co. started an agricultural revolution with its “Roundup Ready” seeds, genetically modified to resist the effects of its blockbuster herbicide called Roundup. That ability to kill weeds while leaving desirable crops intact helped the company turn Roundup’s active ingredient, the chemical glyphosate, into one of the world’s most-used crop chemicals. When that heavy use raised health concerns , Monsanto noted that the herbicide’s safety had repeatedly been vetted by outsiders. But now there’s new evidence that Monsanto’s claims of rigorous scientific review are suspect.Dozens of internal Monsanto emails , released on Aug. 1 by plaintiffs’ lawyers who are suing the company, reveal how Monsanto worked with an outside consulting firm to induce the scientific journal Critical Reviews in Toxicology to publish a purported “independent” review of Roundup’s health effects that appears to be anything but. The review, published along with four subpapers in a September 2016 special supplement, was aimed at rebutting the 2015 assessment by the International Agency for Research on Cancer (IARC) that glyphosate is a probable human carcinogen . That finding by the cancer-research arm of the World Health Organization led California last month to list glyphosate as a known human carcinogen. It has also spurred more than 1,000 lawsuits in state and federal courts by plaintiffs who claim they contracted non-Hodgkin lymphoma from Roundup exposure.Monsanto disclosed that it paid Intertek Group Plc ’s consulting unit to develop the review supplement, entitled “An Independent Review of the Carcinogenic Potential of Glyphosate.” But that was the extent of Monsanto’s involvement, the main article said. “The Expert Panelists were engaged by, and acted as consultants to, Intertek, and were not directly contacted by the Monsanto Company,” according to the review’s Declaration of Interest statement. “Neither any Monsanto company employees nor any attorneys reviewed any of the Expert Panel’s manuscripts prior to submission to the journal.”Monsanto’s internal emails tell a different story. The correspondence shows the company’s chief of regulatory science, William Heydens, and other Monsanto scientists were heavily involved in organizing, reviewing, and editing drafts submitted by the outside experts. At one point, Heydens even vetoed explicit requests by some of the panelists to tone down what one of them wrote was the review’s “inflammatory” criticisms of IARC.“An extensive revision of the summary article is necessary,” wrote that panelist, John Acquavella, an epidemiologist at Aarhus University in Denmark, in a February 2016 email attached to his suggested edits of the draft. Alarmed, Ashley Roberts, the coordinator of the glyphosate papers for Intertek, forwarded Acquavella’s note and edits to Heydens at Monsanto, with the warning: “Please take a look at the latest from the epi(demiology) group!!!!”Heydens reedited Acquavella’s edits, arguing in six different notes in the draft’s margin that statements Acquavella had found inflammatory were not and should not be changed, despite the author’s requests. In the published article, Heydens’s edits prevailed. In an interview, Acquavella says that he was satisfied with the review’s final tone. According to an invoice he sent Monsanto, he billed the company $20,700 for a single month’s work on the review, which took nearly a year to complete.Monsanto defends the review’s independence. Monsanto did only “cosmetic editing” of the Intertek papers and nothing “substantive” to alter panelists’ conclusions, says Scott Partridge, Monsanto’s vice president for global strategy. While the “choice of words” in the Declaration of Interest “was not ideal,” he says, “it didn’t change the science.”In July 2016, the journal’s editor, Roger McClellan, emailed his final instructions to Roberts at Intertek on what the paper’s Acknowledgment and Declaration of Interest statements should include. “I want them to be as clear and transparent as possible,” he wrote. “At the end of the day I want the most aggressive critics of Monsanto, your organization and each of the authors to read them and say—Damn, they covered all the points we intended to raise.”Specifically, McClellan told Roberts to make clear how the panelists were hired—“ie by Intertek,” McClellan wrote. “If you can say without consultation with Monsanto, that would be great. If there was any review of the reports by Monsanto or their legal representatives, that needs to be disclosed.”Roberts forwarded McClellan’s emails, along with a more technical question, to Heydens, who responded, “Good grief.” The Declaration of Interest statement was rewritten per McClellan’s instructions, despite being untrue. There was no mention of the company’s participation in the editing.Monsanto’s editorial involvement appears “in direct opposition to their disclosure,” says Genna Reed , a science and policy analyst at the Union of Concerned Scientists’ Center for Science and Democracy. “It does seem pretty suspicious.”In response to questions, McClellan wrote in an email on Aug. 7 that he’d been unaware of the Monsanto documents and has forwarded the matter to the journal’s publisher, Taylor & Francis, in Abingdon, England. “These are serious accusations relative to scientific publishing canons and deserve very careful investigation,” he wrote. “I can assure you that Taylor and Francis, as the publisher, and I, as the Scientific Editor of Critical Reviews in Toxicology , will carefully investigate the matter and take appropriate action.” A Taylor & Francis spokeswoman says it has begun an investigation.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up The Monsanto documents, more than 70 in all, were obtained through pretrial discovery and posted online by some of the plaintiffs’ lawyers, who claim Monsanto missed a 30-day window to object to their release. Monsanto says it was blindsided by the disclosures and has asked U.S. District Judge Vince Chhabria in San Francisco to order the documents pulled from the web and to punish the attorneys for violating confidentiality orders. Says Monsanto’s Partridge: “It’s unfortunate these lawyers are grandstanding at the expense of their clients’ interests.”Other emails show that Monsanto’s lead toxicologist, Donna Farmer, was removed as a co-author of a 2011 study on glyphosate’s reproductive effects, but not before she made substantial changes and additions to the paper behind the scenes. The study, published in Taylor & Francis’s Journal of Toxicology and Environmental Health , served to counter findings that glyphosate hampers human reproduction and development. Partridge says Farmer’s contributions didn’t warrant authorship credit. While almost all of her revisions made it into the published paper , her name doesn’t even show up in the acknowledgments.BOTTOM LINE - Monsanto has long noted that independent scientists have vouched for the safety of its Roundup herbicide. Court data show its employees edited some of those reviews.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-09/monsanto-was-its-own-ghostwriter-for-some-safety-reviews'|'2017-08-09T11:00:00.000+03:00'
'6c89471e7db5da85360697e111ca5e96aeb8f5f1'|'U.S. finds China aluminum foil subsidized, imposes duties'|'WASHINGTON (Reuters) - The U.S. Commerce Department said on Tuesday it made a preliminary finding that imports of aluminum foil from China are subsidized, and it imposed countervailing duties ranging from 16.56 percent to 80.97 percent.U.S. aluminum foil producers had filed petitions with the U.S. government accusing Chinese producers of receiving subsidies and of "dumping" the product in the United States market, the first such case since President Donald Trump took office.In 2016, imports of aluminum foil from China were valued at an estimated $389 million, Commerce Department figures show.U.S. Commerce Secretary Wilbur Ross said in a statement announcing the decision that the Trump administration "will not stand idly by as harmful trade practices from foreign nations attempt to take advantage of our essential industries, workers and businesses."The Aluminum Association, a U.S. industry lobby group, applauded the move."This is an important step to begin restoring a level playing field for U.S. aluminum foil production, an industry that supports more than 20,000 direct, indirect and induced American jobs and accounts for $6.8 billion in economic activity,” Association President Heidi Brock said in a statement."U.S. aluminum foil producers are among the most competitive producers in the world, but they cannot compete against products that are subsidized by the Chinese government and sold at unfairly low prices," it said.The Commerce Department said it calculated preliminary subsidy rates of 28.33 percent for Dingsheng Aluminum Industries (Hong Kong) Trading Co Ltd and 16.56 percent for Jiangsu Zhongji Lamination Materials Co Ltd, the only two companies that participated in the probe.Three other China-based companies that failed to provide requested information or were found to give incorrect information about their status as exporters faced higher duties, it said. Loften Aluminum (Hong Kong) Ltd, Manakin Industries LLC and Suzhou Manakin Aluminum Processing Technology Co Ltd were all slapped with 80.97 percent anti-subsidy duties.The next step in the trade action is a preliminary anti-dumping determination by the Commerce Department expected on Oct. 5.The case is separate from the department''s Aluminum 232 investigation launched in April into whether China''s aluminum overcapacity, dumping, illegal subsidies and other factors threaten U.S. economic security and military preparedness.Reporting by Eric Walsh; editing by Eric Beech, G Crosse'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-china-aluminum-idUSKBN1AO2N5'|'2017-08-09T07:15:00.000+03:00'
'389fdb771c692352e97b1945d143ac67e54e4028'|'UPDATE 2-Soccer-Classy Real see off United to win European Super Cup'|'August 8, 2017 / 9:25 PM / in 3 minutes UPDATE 2-Soccer-Classy Real see off United to win European Super Cup 4 Min Read * Real defeat United 2-1 to lift UEFA Super Cup * Casemiro and Isco put the Spaniards in control * United reply through Lukaku but fail to draw level (Adds quotes) By Richard Martin Aug 8 (Reuters) - Real Madrid beat Manchester United 2-1 on Tuesday to lift the European Super Cup for the fourth time as they became the first team to retain the trophy since AC Milan in 1990. Brazilian midfielder Casemiro struck the opener with a left-foot strike midway through the first half while Spain midfielder Isco consolidated Real''s advantage with a slick finish in the 52nd minute at the National Arena in Skopje, Macedonia. United''s new striker Romelu Lukaku got his first competitive goal for the club to reduce the deficit just past the hour with a simple finish on the rebound in the annual showdown between the European champions and Europa League holders. That sparked a brief period of pressure from Jose Mourinho''s United side and they could have drawn level when Marcus Rashford burst through but he was denied by Keylor Navas'' save, ensuring Real won their fifth international trophy under Zinedine Zidane. "We were superior for almost all of the game and it''s important that we''ve started the season by winning a trophy against a team that did everything they could to win," said Real captain Sergio Ramos. "Towards the end they had more chances and tried direct play with physical players but we stayed calm in the tense moments and kept the ball. Aside from the final minutes, we had a great game." Mourinho added: "We were playing a team full of fantastic players but we discussed (contested) the result until almost the end. We gave them a fight but have reasons to leave optimistic and proud." More Quality The United coach''s admission before the game that Real had much more quality than his side was confirmed as the Champions League winners monopolised possession and nearly took an early lead when Gareth Bale sent an instinctive shot narrowly over the bar. Defensive midfielder Casemiro then crashed a diving header against the bar before meeting Dani Carvajal''s perfectly weighted cross on the half-volley to add to his goal in the Champions League final win over Juventus. Europa League holders United barely mustered an effort at Navas in the first period, the club''s record signing Paul Pogba wasting their only chance with a shot that was easily blocked when Henrik Mkhitaryan was unmarked screaming for the ball. Real continued to dominate after the break as United struggled to press their opponents in the heat and humidity that was so intense the teams took a water break in each half. A fine save by United keeper David de Gea prevented Toni Kroos from scoring moments after the restart while their defender Chris Smalling did well to block a goal-bound effort from Marcelo and send it into the side netting. Madrid did not relent, however, and standout performer Isco deservedly doubled their advantage with an arrowed finish beyond his Spain team mate De Gea after bursting into the area and exchanging a pass with Welshman Bale, who later rattled the bar. Real''s dominance waned towards the end as United forced their way back into the game but there was little question the all-conquering Spanish giants were worthy winners when Ramos hoisted the trophy into the Skopje air. $1 = 0.7700 pounds Reporting by Richard Martin; Editing by Ken Ferris 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/soccer-super-idUSL5N1KU7I9'|'2017-08-09T01:17:00.000+03:00'
'fa6f0e914c700270f4962bdbd14da75281e84d1a'|'UPDATE 1-U.S. finds China aluminum foil subsidized, imposes duties'|'(Adds China comment in paras 5,6 and 12)WASHINGTON, Aug 8 (Reuters) - The U.S. Commerce Department said on Tuesday it made a preliminary finding that imports of aluminum foil from China are subsidized, and it imposed countervailing duties ranging from 16.56 percent to 80.97 percent.U.S. aluminum foil producers had filed petitions with the U.S. government accusing Chinese producers of receiving subsidies and of "dumping" the product in the United States market, the first such case since President Donald Trump took office.In 2016, imports of aluminum foil from China were valued at an estimated $389 million, Commerce Department figures show.U.S. Commerce Secretary Wilbur Ross said in a statement announcing the decision that the Trump administration "will not stand idly by as harmful trade practices from foreign nations attempt to take advantage of our essential industries, workers and businesses."Wen Xianjun, the vice president of the China NonFerrous Metals Industry Association leading the antidumping negotiations for China, said the move would not only harm Chinese companies, but also U.S. downstream firms, especially in the soft packaging industry, where unemployment would rise as they became less competitive."We do not wish to fight a trade war, but the Chinese aluminum industry is also not afraid of a trade war," he said on Wechat, a instant messaging service.The Aluminum Association, a U.S. industry lobby group, applauded the move."This is an important step to begin restoring a level playing field for U.S. aluminum foil production, an industry that supports more than 20,000 direct, indirect and induced American jobs and accounts for $6.8 billion in economic activity," Association President Heidi Brock said in a statement."U.S. aluminum foil producers are among the most competitive producers in the world, but they cannot compete against products that are subsidized by the Chinese government and sold at unfairly low prices," it said.The Commerce Department said it calculated preliminary subsidy rates of 28.33 percent for Dingsheng Aluminum Industries (Hong Kong) Trading Co Ltd and 16.56 percent for Jiangsu Zhongji Lamination Materials Co Ltd, the only two companies that participated in the probe.Three other China-based companies that failed to provide requested information or were found to give incorrect information about their status as exporters faced higher duties, it said. Loften Aluminum (Hong Kong) Ltd, Manakin Industries LLC and Suzhou Manakin Aluminum Processing Technology Co Ltd were all slapped with 80.97 percent anti-subsidy duties.Most of China''s aluminum is used in the domestic market, which still has a lot of potential to grow, China''s Wen said, adding that the preliminary tariffs were "within expectations".The next step in the U.S. trade action is a preliminary anti-dumping determination by the Commerce Department expected on Oct. 5.The case is separate from the department''s Aluminum 232 investigation launched in April into whether China''s aluminum overcapacity, dumping, illegal subsidies and other factors threaten U.S. economic security and military preparedness. (Reporting by Eric Walsh in WASHINGTON DC; additional reporting Tom Daly in BEIJING; editing by Eric Beech and Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-china-aluminum-idINL1N1KU22J'|'2017-08-08T21:57:00.000+03:00'
'404036fab8832c22197c18e2ba92c53e540b837c'|'OPEC upbeat on 2018 oil demand, but raises output again'|'August 10, 2017 / 10:49 AM / 7 minutes ago OPEC sees higher 2018 oil demand, but raises output again Alex Lawler 2 Min Read FILE PHOTO: The OPEC logo is seen outside the group''s headquarters in Vienna, Austria May 24, 2017. Leonhard Foeger/File Photo LONDON (Reuters) - OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group''s output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its crude next year, up 220,000 bpd from the previous forecast. The Organization of the Petroleum Exporting Countries was also upbeat about 2018 economic growth and said oil stocks in developed economies declined in June and would fall further in the United States, a sign the OPEC-led supply cut is working. "With the ongoing growth momentum and an expected continued dynamic in second-half 2017, there is still some room to the upside," OPEC said in the report. "Further declines in U.S. crude stocks are likely, given the record rates at which U.S. refineries are running." But the 14-country producer group also said its oil output in July came in above the demand forecast, led by gains in Libya and Nigeria, two members exempt from the cuts aimed at eliminating excess supply. In the report, OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia. The figures mean OPEC has complied 86 percent with its output-cutting pledge, according to a Reuters calculation, down from 96 percent initially reported for June but still high by OPEC standards. Reporting by Alex Lawler; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-opec-report-idUKKBN1AQ18L'|'2017-08-10T13:47:00.000+03:00'
'5b31e64e0d97513cd2c75a5be051fa5aac6177b2'|'Barclays names ex-Citi banker Barry Rodrigues as head of Barclaycard'|'Edition United States August 10, 2017 / 1:25 PM / 23 minutes ago Barclays names ex-Citi banker Barry Rodrigues as head of Barclaycard Reuters Staff 1 Min Read FILE PHOTO: The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. Sergio Perez/File Photo LONDON (Reuters) - Barclays ( BARC.L ) has named former Citigroup ( C.N ) banker Barry Rodrigues as the head of its Barclaycard International credit card division, the British bank said on Thursday. Rodrigues, formerly the head of Citi''s digital payments business, will be based in New York in his new role and will start in early November, the bank said. He replaces Amer Sajed, who left the bank in July to focus on campaigning for civil liberties in the United States. Reporting By Lawrence White, editing by Anjuli Davies 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-moves-barclays-rodrigues-idUKKBN1AQ1LU'|'2017-08-10T16:18:00.000+03:00'
'84ccbec5e30f1a5ca44f166cfc87d2f6df681122'|'European shares dip as ex-divs, cyclicals weigh; results boost Aegon, Coca Cola HBC'|'August 10, 2017 / 7:34 AM / 2 hours ago Cyclicals and ex-divs sap European shares amid earnings flurry Kit Rees 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 9, 2017. Staff/Remote LONDON (Reuters) - European shares slipped on Thursday as cyclicals fell and some big stocks went ex-dividend, while earnings from firms including Aegon and Coca Cola HBC sparked significant moves. The pan-European STOXX 600 index was down 0.3 percent by 0835 GMT as basic resources and banks fell, while euro zone blue chips dipped 0.3 percent. Britain''s FTSE 100 dropped 0.8 percent as large caps Anglo American, BT Group, Rio Tinto and Lloyds fell after going ex-dividend, while Germany''s DAX retreated 0.3 percent. While rising political tensions between the U.S. and North Korea hit risky assets globally in the previous session, with financials leading losses amongst European equities, company results were the dominant focus on Thursday. Shares in insurer Aegon and soft drinks bottler Coca Cola HBC rose 8.5 percent and 9.4 percent respectively after their updates. Aegon beat expectations for its second quarter underlying pretax profit, while Coca Cola HBC shares hit a record level after first half sales were higher than expected. "Aegon released a very strong set of Q2 results marked by a significant increase in the group SII ratio, strong underlying earnings and an improved outlook for capital generation," analysts at KBC Securities said in a note. Second-quarter results, however, put pressure on shares in staffing firm Adecco, chemicals company Lanxess and consumer group Henkel, which were among the biggest fallers. Around 70 percent of MSCI Europe firms have reported second quarter earnings so far, of which more than 60 percent have either met or beaten analysts'' expectations, according to Thomson Reuters data. Financials and the energy and materials sectors have seen the biggest beats, while industrials have had the biggest misses "Broadly in Europe, I had thought that (earnings) wouldn''t be as good, partly because the strength of the euro would make (firms'') export market less attractive and earnings would be more impinged by that, but it doesn''t so far seem to be the case," James Butterfill, head of research and investment strategy at ETF Securities, said, adding that a pick-up in domestic demand is likely to have helped. Shares in Belgian biotech firm Galapagos were the top risers on the STOXX index, surging around 17 percent after a successful mid-stage study for its lung fibrosis drug. Telecoms company SFR was up 9.6 percent after Altice raised its stake in the firm to more than 95 percent and said that it was planning a full buyout offer for remaining shares. Reporting by Kit Rees; editing by John Stonestreet and Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKBN1AQ0RE'|'2017-08-10T10:31:00.000+03:00'
'da7396d2bf8c9815abd654606a34922d50931483'|'HNA eyes airport deals amid China''s outbound crackdown'|'August 9, 2017 / 12:20 PM / 5 hours ago HNA eyes airport deals amid China''s outbound crackdown Kane Wu 5 Min Read FILE PHOTO: A customer (L) stands in front of a counter of Hainan Airlines at an airport in Haikou, Hainan province, China, July 29, 2014. Stringer/File Photo HONG KONG (Reuters) - HNA Group is preparing its bid for a concession to operate Belgrade''s airport, a company executive said, undeterred by Beijing''s sharpened scrutiny of overseas acquisitions, which has clouded some of the Chinese conglomerate''s other pending deals. HNA is leading a consortium that includes AVIC International Holding Corp and China-Central and Eastern Europe Investment Cooperation Fund for the 25-year concession to operate Nikola Tesla airport, the biggest in the Balkan region. The next round of bids for the deal in Serbia are due in October, Wang Hexin, vice president of HNA Airport Group, said in an interview, as the group also announced the closure of an acquisition of an airport in Germany. Serbia, which has an 83.1 percent stake in the Nikola Tesla airport, expects the concession deal to be worth around 400 million euros ($446 million), Reuters reported in June, when five preferred bidders were announced. HNA on Wednesday closed its acquisition of an 82.5 percent stake in Germany''s Hahn airport, which it bought for 15.1 million euros (17.8 million) from the federal state of Rhineland-Palatinate, the airport''s local government owner. In mid-July, HNA announced a $19 million deal to acquire a stake in Rio de Janeiro international airport from Odebrecht SA, the Brazilian conglomerate which has been hit by a corruption scandal. Wang said HNA could be investing another $300-$500 million for an expansion project of the airport. "HNA is actively carrying out the country''s Belt and Road initiative with overseas airports construction and investments," Wang said. HNA Airport is a unit of HNA Modern Logistics, the Chinese conglomerate''s logistics and industrial arm whose assets includes Swissport International, a Zurich-based air cargo handler that HNA acquired for $2.8 billion in 2015. The airport deals come as China plans to further tighten the screws on overseas acquisitions by Chinese companies and borrowing to fund those transactions. However, the State Administration of Foreign Exchange said last week that domestic companies would still be encouraged to participate in Belt and Road activities. The regulators stepped up pressure in June, which followed capital controls imposed by Beijing late last year. Chinese lenders were ordered to assess exposure to some of the more aggressive dealmakers, including HNA, the property-to-film conglomerate Dalian Wanda and Anbang Insurance Group. Under pressure from regulators, Wanda last month announced a $9 billion property sale in China. On Tuesday, the group, however, denied media reports about it fielding offers to sell two real-estate projects in Australia. “Wanda has never had any negotiations with any party," said John Wei, managing director of Wanda One Sydney, the group’s Australian unit. "The construction of the two projects is moving forward smoothly, and apartment sales remain strong.” At least two of HNA''s overseas deals have hit a hurdle as a result of the crackdown on transferring money outside China. These deals are its announced acquisition of the London-based International Currency Exchange for about 200 million pounds ($264.36 million) and a mandatory tender offer to buy a larger stake in a Swedish hotel group. HNA will prioritize investments that are in industries and regions mapped out under China’s Belt and Road scheme, according to a person familiar with the company’s thinking. The group is going through regulatory approval process for the announced deals and pushing them forward, the person said. The airport deals are small compared to HNA''s multi-billion dollar deals binge last year. The privately-owned HNA entered into $50 billion of deals over the last two years, buying stakes in logistics firms, hotels and even Deutsche Bank ( DBKGn.DE ). The group''s recent deals also included a $10 billion purchase of CIT Group''s aircraft leasing arm, and a $6.5 billion deal for a 25 percent stake in Hilton Worldwide Holdings Inc. HNA is in talks with offshore financial institutions for the investment in Rio airport and the Belgrade airport bid, Wang said. HNA received over 70 million euros in subsidies for the Hahn airport deal, in which up to 25.3 million euros comes from the European Commission, Wang said. The federal state of Rhineland-Palatinate provided the rest of the subsidies, he said. Reporting by Kane Wu; Editing by Philip McClellan 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-conglomerates-hna-idINKBN1AP1DZ'|'2017-08-09T10:20:00.000+03:00'
'238702a577c76fbd9d549b807bf5beb28130e19e'|'U.S. asks judge to dismiss Toyota acceleration case as monitoring ends'|'FILE PHOTO: The Toyota logo is seen at a dealership in Ruemlang, outside Zurich October 10, 2012. Michael Buholzer/File Photo WASHINGTON (Reuters) - The U.S. Department of Justice on Tuesday asked a federal judge to dismiss a criminal charge against Toyota Motor Corp after the Japanese automaker completed three years of monitoring as part of a $1.2 billion settlement over claims of sudden unintended acceleration in its vehicles.The request, filed in federal court in Manhattan, should bring to an end Toyota''s legal woes stemming from its admission that it misled U.S. consumers by concealing and making deceptive statements about the extent of sudden acceleration problems in 2009 and 2010.In 2014, the world''s second-largest automaker paid what was then a record fine for a car company to settle the case and reached a deferred prosecution agreement with the Justice Department. That agreement included three years of oversight by an independent monitor, which ended on Monday.Former U.S. attorney David Kelley, who acted as the monitor, declined to comment, citing confidentiality rules.Toyota spokesman Scott Vazin said the automaker was pleased the government confirmed Toyota''s compliance with the terms of the deferred prosecution agreement and was moving to dismiss the case."Over the past three years, we have worked hard in the spirit of continuous improvement to make Toyota a stronger company that serves its customers better," he said.In bringing charges, the Justice Department said that Toyota minimized problems, misled regulators and provided inaccurate information to Congress in the scandal linked to at least five deaths.In 2014, U.S. District Judge William Pauley said the case presented a "reprehensible picture of corporate misconduct" and expressed hope the government would ultimately hold responsible decision-makers at Toyota accountable. "This, unfortunately, is a case that demonstrates that corporate fraud can kill," he said.Ultimately, the Justice Department did not bring criminal charges against current or former Toyota executives.The $1.2 billion settlement was the largest penalty levied by the United States on an auto company until Volkswagen AG ( VOWG_p.DE ) admitted to diesel emissions fraud earlier this year and paid $4.3 billion in fines.Toyota made significant changes to its safety practices after the recall crisis that briefly forced it to halt sales of nearly half of its vehicles in 2010 and led to company president Akio Toyoda appearing before Congress to apologize.Toyota settled other related suits, including an agreement covering as many as 22 million current and former Toyota owners over sudden acceleration claims valued at as much as $1.63 billion. There are still some individual civil claims pending in California.Reporting by David Shepardson in Washington and Jonathan Stempel in New York; Editing by Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toyota-settlement-idUSKBN1AO1RK'|'2017-08-08T18:01:00.000+03:00'
'89c803ac8d4c502ec12226c22a49b928f9ca9025'|'Colombia stock market seeks to boost trading by listing new funds - Reuters'|'Colombian Securities Exchange President Juan Pablo Cordoba speaks during an interview with Reuters in Bogota, Colombia August 3, 2017. Picture taken August 3, 2017. Jaime Saldarriaga BOGOTA (Reuters) - Colombia hopes to attract billions of dollars to its stock market by listing new assets like real estate investment funds to propel trading now limited to a few dozen companies, the head of the bourse said.Colombian Securities Exchange President Juan Pablo Cordoba, interviewed for the Reuters Latin American Investment Summit, said there should be at least double the 69 companies trading on the exchange and called for modifying tax regulations to make the bourse more competitive.The local stock market trades an average of $50 million a day in shares, a figure that pales against the $1.2 billion daily volume in domestic public fixed income instruments and $1 billion in the foreign exchange marketCordoba said the new real estate investment funds would be aimed at raising money in the market for the construction or acquisition of shopping centers, office buildings and other structures."We''re working toward being able to list those assets in the market, so there will be a new class of equity assets, not company shares but a fund that''s registered in the equity market and traded as a stock," said Cordoba at the exchange in Bogota."In terms of market issuance we could be talking about up to 5 trillion pesos, about $2 billion, in the next two or three years," he said in the interview last week.The funds, which already operate in the United States and Mexico, could be available throughout the Pacific Alliance nations of Mexico, Colombia, Chile and Peru, Cordoba said.The stock exchanges of the four countries also have integrated securities'' trading through the Latin American Integrated Market (MILA).Such investment vehicles could help attract foreign capital as an alternative to the more traditional stock market, which has struggled to attract interest from companies, even with a 10 percent increase in share prices so far this year.MORE STOCK MARKET TRADING EYED Cordoba, 52, said that of the 69 companies listed, investor interest is focused on about 20 firms.Progress needs to be made on regulatory issues to make the market more competitive on taxation to increase investor interest, he said.The government also needs to urgently clarify rules governing the mining and oil sectors, which have been hit by popular consultations by local communities on projected investments, discouraging a range of new exploration and production projects."The world has a lot of liquidity and nowhere to invest it, so if Colombia does it well or better than its neighbors, we will have a good opportunity," said Cordoba, who holds a doctorate in economics from the Wharton School of the University of Pennsylvania.The exchange chief said that a recent peace accord with Marxist Revolutionary Armed Forces of Colombia (FARC) rebels will also open investment opportunities in sectors like agriculture, which could lead to the creation of additional investment funds for local capital markets.Before the peace agreement was signed late last year, the FARC held sway over large expanses of farmland.(Follow Reuters Summits on Twitter @Reuters_Summits)Additional reporting by Luis Jaime Acosta; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-cordoba-idINKBN1AN1N8'|'2017-08-07T12:07:00.000+03:00'
'71158550c5beeaba543dc291ff77283f349ff1c8'|'McDonald''s to open 2,000 more China stores by end-2022'|'August 8, 2017 / 4:30 AM / an hour ago McDonald''s bumps up estimate for stores in China by 2022 2 Min Read FILE PHOTO - Customers eat dinner at a McDonald''s store in Beijing, China January 9, 2017. Jason Lee/File Photo SHANGHAI (Reuters) - McDonald''s Corp said it would almost double the number of stores in mainland China by 2022, slightly more than was expected, as part of its strategic partnership with state-backed conglomerate CITIC Ltd and Carlyle Group. Earlier in the year, the U.S fast food chain agreed to sell most of its China and Hong Kong business to CITIC and Carlyle for up to $2.1 billion. The new partnership had planned to add 1,500 restaurants in the two areas over the next five years. But McDonald''s, which is betting the partnership will help it expand in the world''s No. 2 economy without using much of its own capital, said it expects to increase the number of stores in mainland China to 4,500 by the end of 2022, from 2,500 now. The company said it was targeting a double-digit annual sales growth in mainland China over the period, and was aiming to add 500 stores annually by 2022 versus 250 stores this year. "China will soon become our largest market outside of the United States. We are excited to join forces with CITIC and Carlyle for better localized decision-making to meet changing customer demands in this dynamic market," Steve Easterbrook, McDonald''s chief executive, said on Tuesday. Under the deal, which got regulatory approval last week, CITIC has 52 percent and Carlyle 28 percent of McDonald''s China and Hong Kong business. The fast-food chain said it would aim to open more restaurants in lower-tier Chinese cities, boost delivery capacity and introduce a "digitalised and personalized" dining experience to more Chinese customers. Menu innovation will be a key focus for the partnership. Fast-food firms including McDonald''s and Yum Brands Inc are recovering from a series of food-supply scandals in China that have undermined their performance. Reporting by David Stanway; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-mcdonalds-china-idUSKBN1AO0DD'|'2017-08-08T07:29:00.000+03:00'
'0851001b8378c87ca34a77883e41e842f7e2968c'|'Beijing''s Mighty Grip May Pull Plug on Property Binge'|'That whoosh you just heard? It’s Chinese money pulling back on property from London to New York. Capital centers globally should brace for tumbling real-estate prices, writes Bloomberg Gadfly’s Nisha Gopalan, as Beijing manages to do what Brexit and higher interest rates haven’t by imposing tighter capital controls. China is now the second-largest foreign investor in the U.S. commercial property market after Canada but Morgan Stanley estimates mainland money for overseas investment could tumble by 84 percent to $1.7 billion this year.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-08/beijing-s-mighty-grip-may-pull-plug-on-property-binge'|'2017-08-08T05:41:00.000+03:00'
'991b15a05cef5434119b0cc5f77c5ad6601bc88c'|'Prudential to merge UK asset management, insurance arms'|'August 10, 2017 / 9:13 AM / 4 hours ago Prudential merges UK fund management with insurance in cost drive Carolyn Cohn 4 Min Read FILE PHOTO: Shadows are cast onto the logo of British life insurer Prudential on their building, in London October 21, 2008. Stephen Hird/File Photo LONDON (Reuters) - Britain''s Prudential ( PRU.L ) moved to fend off competition from passive funds on Thursday, merging its M&G asset management and UK and European insurance businesses to save costs and improve its products. The lure of lower-cost index funds has driven a round of consolidation in the active funds sector, with deals such as the formation earlier this year of Janus Henderson JHG. through the merger of a U.S. and a UK fund firm. And British firms Standard Life ( SL.L ) and Aberdeen Asset Management ( ADN.L ) are merging next week to form a 670 billion pound active manager. Prudential said the combined M&G Prudential business manages 332 billion pounds ($430 billion) in assets for over 6 million customers and employs more than 9,000 people. "We have teams with highly complementary skill sets ... We will be able to use the benefits of that scale," Prudential''s chief executive Mike Wells said on a media call, adding that the management team of the combined M&G Prudential business would begin working together immediately. Prudential will spend around 250 million pounds on the reorganisation and aims to achieve cost savings of around 145 million pounds per year by 2022. Eamonn Flanagan, an analyst at Shore Capital which has a buy rating on the stock, said the merger made "enormous sense", allowing Prudential to cut costs and deliver a unified service. Although Wells said the merger did not signal a spin-off of Prudential''s UK division, Laith Khalaf, senior analyst at Hargreaves Lansdown, said it would make such a move far simpler. John Foley, the chief executive of Prudential UK and Europe, will become chief executive of M&G Prudential. Anne Richards will remain CEO of M&G and will be a deputy chief executive of M&G Prudential, alongside Clare Bousfield, CEO Insurance for Prudential UK and Europe. BACK BOOK SALE? Prudential may also sell part of its UK annuities book which is closed to new customers and was considering "external and internal options" for the 45 billion pound book, Wells said, although it was not planning to get rid of the whole book. Annuity providers Legal & General ( LGEN.L ), Pension Insurance Corporation and Rothesay Life have all said they were interested in acquiring back books. A sale would boost Prudential''s capital "significantly", KBW analysts said, reiterating their outperform rating on the stock. Other options included reinsurance or longevity swaps, Wells said. Prudential said its operating profit rose to 2.36 billion pounds in the first half of the year, boosted by growth in Asia and above a forecast 2.2 billion pounds. It said it would pay an interim dividend of 14.5 pence per share, up 12 percent and in line with forecasts. Prudential''s shares, which have been trading at record highs, were down 0.65 percent at 1,830 pence per share at 1114 GMT, against a 1.2 percent fall in the FTSE 100 index .FTSE . ($1 = 0.7713 pounds) Additional reporting by Rahul B; Editing by Susan Fenton and Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-prudential-results-idUKKBN1AQ105'|'2017-08-10T11:55:00.000+03:00'
'92c2b63bb60f1eb0a914cc6d0efa63548a190ed3'|'Swiss franc eases slightly after spiking on North Korea tensions'|'August 10, 2017 / 1:23 AM / 4 hours ago Swiss franc eases slightly after spiking on North Korea tensions Masayuki Kitano 4 Min Read FILE PHOTO: Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. Kai Pfaffenbach/Illustration /File Photo SINGAPORE (Reuters) - The Swiss franc eased versus the dollar on Thursday, but still held on to the bulk of hefty gains made the previous day as heightened tensions between the United States and North Korea sent investors looking for havens. Against the greenback, the Swiss franc eased about 0.1 percent to 0.9645 per dollar CHF= , having surged about 1.1 percent on Wednesday. The Swiss franc had also risen more than 1 percent against the euro on Wednesday, recording one of its largest single-day jumps against the euro since the Swiss National Bank removed its cap on the Swiss franc in January 2015. The Swiss franc last stood at 1.1332 per euro EURCHF=R, down slightly on the day. The yen also eased slightly against the dollar, losing some steam after having risen on Wednesday to its highest level in nearly eight weeks. The dollar edged up about 0.1 percent to 110.16 yen JPY= , up from Wednesday''s low of 109.56 yen, which was the dollar''s lowest level since June 15. The Swiss and the yen are often sought in times of geopolitical tension partly because both countries have big current account surpluses. Japan is the world''s biggest creditor nation and there is an assumption Japanese investors may repatriate their foreign holdings in times of heightened global uncertainty. Concerns over geopolitical risks probably led investors to pare back bearish bets against the yen and the Swiss franc, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore. "It looks like it was used as a good excuse to adjust positions," he said, referring to the heightened tensions between the United States and North Korea. Such tensions remained high, with North Korea''s state media saying on Thursday that North Korea will develop a plan by mid-August to launch intermediate-range missiles at the U.S. territory of Guam. The unusually detailed report of an attack plan by North Korea''s official KCNA news agency marked a further escalation in tensions between Pyongyang and Washington after U.S. President Donald Trump warned North Korea earlier this week it would face "fire and fury" if it threatened the United States. Elsewhere, the New Zealand dollar jumped briefly after the Reserve Bank of New Zealand said on Thursday it still expected inflation to rise gradually as capacity pressures increase, thwarting some expectations it would strike a more dovish tone given recent soft economic data. The RBNZ, which kept interest rates unchanged at record lows of 1.75 percent, also said a lower New Zealand dollar is needed to increase tradables inflation and help deliver more balanced growth. The New Zealand dollar jumped to above $0.7370 after the release of the monetary policy statement. The kiwi later retraced some gains and last stood at $0.7350 NZD=D4 , staying above Wednesday''s three-week low of $0.7309. Reporting by Masayuki Kitano; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-forex-idUKKBN1AQ03Z'|'2017-08-10T04:21:00.000+03:00'
'f44e9f0189473368be34060c37e919e8b0694d4c'|'BRIEF-Uni-Pixel enters into an equity purchase agreement with l2 Capital'|' 36 PM / in 15 minutes BRIEF-Uni-Pixel enters into an equity purchase agreement with l2 Capital   Uni-Pixel Inc- * Uni-Pixel Inc - on August 10, 2017co entered into an equity purchase agreement with l2 Capital, Llc - sec filing * Uni-Pixel-Equity purchase agreement relating to offering of aggregate of up to 14.1 million shares of company s common stock, par value $0.001 per share Source text: ( bit.ly/2vJ9VBW )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-uni-pixel-enters-into-an-equity-pu-idUSFWN1KW1AR'|'2017-08-10T23:35:00.000+03:00'
'b9154e828414d0ed86264007c4cf32aeda5abead'|'German regulator probes VW, Daimler for disclosure violations'|'August 7, 2017 / 12:23 PM / an hour ago German regulator probes VW, Daimler for disclosure violations Reuters Staff 2 Min Read German Environment Minister Barbara Hendricks answers journalists'' questions as she tours Volkswagen''s manufacturing plant in Wolfsburg, Germany, as part of her summer election campaign July 27, 2017. Natasha Zekry FRANKFURT (Reuters) - German markets regulator BaFin said it was probing whether Volkswagen ( VOWG_p.DE ) and Daimler ( DAIGn.DE ) had violated disclosure rules, following media reports that both carmakers made use of whistleblower provisions to regulators. Media reports have said that both Daimler and Volkswagen made use of whistleblower provisions as a way to limit the potential fines from authorities examining possible cartel violations. German magazine Der Spiegel reported last month that BMW, Mercedes ( DAIGn.DE ), Porsche, Audi ( NSUG.DE ), and Volkswagen ( VOWG_p.DE ) may have used industry committee meetings to fix the size of tanks for AdBlue, a liquid used to treat nitrogen oxide in diesel emissions. Bafin said on Monday it was examining whether carmakers had made use of a whistleblower provision, and whether this needed to be disclosed to investors. "We have reached a stage where we are starting an investigation," a spokeswoman for BaFin said. German newspaper Handelsblatt was first to report that Bafin had initiated a probe. Reporting by Edward Taylor; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-emissions-cartel-idUKKBN1AN1EM'|'2017-08-07T15:23:00.000+03:00'
'748de7a2b27d95dd75f59db48e3362568ffdaf32'|'Wisconsin won''t break even on Foxconn plant incentives for 25 years: analysis'|'August 8, 2017 / 10:09 PM / in a day Wisconsin won''t break even on Foxconn plant incentives for 25 years: analysis Julia Jacobs 3 Min Read The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan June 12, 2017. Eason Lam (Reuters) - Wisconsin is not projected to break even on a $3 billion incentive package for a proposed LCD screen plant by Taiwan''s Foxconn for at least 25 years, a legislative analysis showed on Tuesday. Foxconn hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern Wisconsin and state leaders, including Republican Governor Scott Walker, have touted the incentives as a boon because of the jobs that will be created. Critics have attacked the plan as too expensive and potentially harmful to the environment. Officials have said Foxconn, formally known as Hon Hai Precision Industry Co Ltd, will employ about 1,000 people in the second half of 2017 and employment will grow to 13,000 by 2021. Based on estimates from the non-partisan Legislative Fiscal Bureau, Wisconsin will not receive a return on its investment in the project until about 2042. The bureau provides fiscal analysis for the state legislature. Walker''s spokesman Tom Evenson said in a statement that the Foxconn factory is a "once-in-a-lifetime opportunity" that includes the large company investment and $10.5 billion in new payroll. Wisconsin Representative Peter Barca, the state Democratic minority leader from Kenosha, said the report proves legislators need more time to examine the deal. Foxconn Chairman Terry Gou (C) looks on as U.S. President Donald Trump (R) shakes hands with Vice President Mike Pence (from L), Wisconsin Governor Scott Walker and House Speaker Paul Ryan (R-WI) (L-R) at the end of a White House event where the Taiwanese electronics manufacturer announced plans to build a $10 billion dollar LCD display panel screen plant in Wisconsin, in Washington, U.S. July 26, 2017. Jonathan Ernst "The fiscal analysis released today creates new questions on the state’s cash flow and on the state’s ability to ensure a good return on the investment for taxpayers," Barca said in a statement. The projections in the report depend on Foxconn following through on several commitments, including an average annual salary of about $54,000, said Rob Reinhardt, a bureau program supervisor. "Any cash-flow analysis that covers a period of nearly 30 years must be considered highly speculative," the report said. The bureau based its analysis on Foxconn reaching its threshold of 13,000 employees, Reinhardt said. If the actual employment number was 3,000, the break-even point would be so far in the future that it is "silly to talk about," he said. The report said if 10 percent of projected new jobs from the project were filled by Illinois residents, a concern of several lawmakers, the state would not break even until about 2044. The state would see a positive cash flow in the first three years of the project because of an initial delay in state payments as well as tax revenue from construction workers, Reinhardt said. The analysis factors in thousands of indirect jobs associated with the project, which state officials have said will solidify the Foxconn project as a net win. Reporting by Julia Jacobs'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-foxconn-wisconsin-idUSKBN1AO2JQ'|'2017-08-09T01:15:00.000+03:00'
'589d8a8c74e5e0d76b96040e0c33273d78971a1b'|'Maersk family foundation launches Africa infrastructure fund'|'August 9, 2017 / 12:46 PM / 18 minutes ago Maersk family foundation launches Africa infrastructure fund Reuters Staff 2 Min Read COPENHAGEN (Reuters) - A.P. Moller Holding, which controls Danish shipping giant A.P. Moller-Maersk ( MAERSKb.CO ), said Wednesday it has launched a new fund that will invest in infrastructure in Africa. The fund, which was launched with pension funds PKA, PensionDanmark and Medical Doctors'' Pension Fund, has received commitments of $550 million (423.41 million pounds) and aims to raise $1 billion. The fund will be managed by former Maersk management members Kim Fejfer, Lars Reno Jakobsen and Joe Nicklaus Nielsen, as well as Jens Thomassen, who is joining from Denham Capital. "We are delighted to have established a new promising company in our portfolio with a strong team, who hold the right capabilities and experience to manage infrastructure investments in emerging markets," said A.P. Moller Holding Chief Executive Robert Maersk Uggla. A.P. Moller Holding is a wholly-owned fund established in 1953 by the founder of A.P. Moller Maersk with approximately $20 billion under management. The holding company owns 41.5 percent of shares and 51 percent of voting rights in the listed Maersk company. Fejfer used to run the company''s APM Terminals division which manages ports around the world and has invested in ports in sub-Saharan countries such as Nigeria and Ghana. Reporting by Jacob Gronholt-Pedersen; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-maersk-africa-idUKKBN1AP1GT'|'2017-08-09T15:45:00.000+03:00'
'c229ae818665a6688096f1fcc4d0353b6b40781a'|'RPT-GRAPHIC-Ten-years from global financial crisis: a decade in charts'|'(Repeats with no change to text)By Ritvik CarvalhoLONDON, Aug 9 (Reuters) - Ten years ago on Wednesday marked the start for many observers of the global financial crisis - a series of rolling credit shocks and bank crashes that led to the deepest world recession for a generation and a decade of slow growth and painful repair.On Aug. 9, 2007, the European Central Bank flooded its money markets with billions of euros of emergency cash to prevent a seizure in the European banking system after France''s BNP Paribas became the latest to shut down investment funds hobbled by a collapse of U.S. mortgage and asset-backed bond markets.Serial bank collapses in Britain, the United States, Germany and elsewhere were to follow over the following 18 months. These culminated in U.S. investment bank Lehman Brothers being allowed to go bankrupt in September 2008, triggering a world financial panic, deep recession and eventual rescue package by the U.S. government, Federal Reserve and the rest of the G20 economic powers.Here are eight charts that illustrate how the global economy has fared since that credit crunch:Global Trade and Gdp Growth: After falling sharply in the wake of the financial crisis, global trade as a percentage of output and overall growth has recovered, but remains below its pre-crisis peak.Global Equities Rise, Yields Plummet MSCI''s main world equity index has recovered to hit new record highs this month - on course for its longest monthly winning streak since 2003, but only 22 percent above levels 10 years ago. Yields on 10-year government debt benchmarks have more than halved as central banks actively stockpiled bonds.Laggard Financials After a near-death experience for the financial industry in 2008, bank stocks have significantly lagged the subsequent global equity rebound ever since.Low Inflation, Low Yields Despite a return of world growth back close to historical norms, global inflation failed to pick up sustainably as developed country wage growth remains subdued.Heavy Central Bank Balance Sheets Led by the U.S. Federal Reserve, the world''s four main central banks embarked on trillions of dollar of asset purchases to prevent a severe contraction in money supply, ease credit conditions and stimulate lending and growth. The Fed is now gearing up to reduce its $4.5 trillion balance sheet.Graphic here: tmsnrt.rs/2uI8QahBank Borrowing Costs and Volatility Sink The collapse of trust between banks amid soaring inter-bank lending rates was the epicentre of the crisis a decade ago and financial market volatility soared to record highs amid fears for the stability of the banking system at large. Thanks to prolonged central bank intervention and tighter regulation, interbank lending channels have reopened and equity market volatility has evaporated this year to its lowest in a generation.Global Debt Continues to Balloon Even though a credit bubble and excessive borrowing were the causes of the crash, and attempts at de-leveraging a feature of the painful recovery, figures from the Institute for International Finance show total global debt has continued to rise over the intervening 10 years.LABOUR SHARE OF GDP FALLS VS CAPITAL, POLITICAL ANGST RISESAs real wage growth has flatlined since the crisis, corporate profits as a share of the overall economy has rebounded sharply. The combination has contributed to voter disaffection and surprising electoral results that have added to economic and political policy uncertainty.Reporting by Ritvik Carvalho; Editing by Louise Ireland'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets-creditcrunch-idUSL5N1KV1WD'|'2017-08-09T16:07:00.000+03:00'
'1ac2e55b4672bae377420620848039699291b2cb'|'Toshiba secures auditor sign-off, likely avoiding immediate delisting'|'August 10, 2017 / 3:00 AM / 19 minutes ago Toshiba secures auditor sign-off, likely avoiding immediate delisting Reuters Staff 1 Min Read FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp ( 6502.T ) secured its auditor''s sign-off on its financial results, likely avoiding an immediate delisting, although its future hung in the balance with no progress in talks to sell its chips business. Toshiba said on Thursday that PriceWaterhouseCoopers Aarata LLC (PwC) had given a "qualified opinion" on its results for the year through March. That means it broadly vouched for Toshiba''s book-keeping despite finding minor problems. Sources, however, have said that PwC will give an "adverse opinion" on Toshiba''s internal controls in an annual report due to be filed later on Thursday. Toshiba has struggled to win back the trust of shareholders since a 2015 accounting scandal, in which it admitted to inflating profits over several years. Reporting by Makiko Yamazaki and Ritsuko Ando; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AQ082'|'2017-08-10T05:59:00.000+03:00'
'4016bf5d1f50a33c731bc40891a3bf552c7d81fc'|'Altice raises stake in SFR and plans full buyout offer'|'August 10, 2017 / 6:47 AM / in 3 hours Altice raises stake in SFR and plans full buyout offer 1 Min Read People walk under the logo of French telecoms operator SFR in Paris, France, August 8, 2016. Philippe Wojazer PARIS (Reuters) - Altice, the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, has raised its stake in telecoms company SFR to more than 95 percent and is planning a full buyout offer for the remaining shares. Altice said in a statement on Thursday that it planned to offer 34.50 euros per share to squeeze out the remaining minority shareholders. The stock closed at 31.45 euros on Aug 9. Sources told Reuters on Wednesday that Altice and its U.S. cable unit were in the early stages of working on an offer to buy Charter Communications Inc. A deal for Charter would allow Drahi to advance his business model in the United States. He made his fortune through debt-fueled acquisitions swiftly followed by cost cutting to boost profits. Reporting by Sudip Kar-Gupta; editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-sfr-group-m-a-altice-idUSKBN1AQ0NE'|'2017-08-10T09:39:00.000+03:00'
'2c1b798119bfd107bed980bb0fb928d81e9002e6'|'Austrian firms, lawyers complain to EU about ''wage dumping'' law'|'August 9, 2017 / 7:32 AM / 27 minutes ago Austrian firms, lawyers complain to EU about ''wage dumping'' law Reuters Staff 3 Min Read VIENNA (Reuters) - An Austrian law to deter companies from contracting out work to lower-cost eastern European firms breaches EU regulations, an industry body has argued in a filing to the European Commission, which has supported this view in a related court case. Austria''s Association of Metaltechnology Industries said late on Tuesday it had filed the complaint over the law against companies that use cut-price labour, saying it makes it hard for Austrian groups to work with foreign contractors. The association listed as a recent example Austrian engineering group Andritz ( ANDR.VI ) being fined around 22 million euros (19.86 million pounds) for using a Croatia-based contractor for a 7 million euro project in Austria. Andritz has appealed against the fine. Wages in Austria are typically higher than in its eastern neighbours, many of which are EU members. The government in Vienna is pushing for ever-tougher laws to discourage Austrian companies from hiring foreigners, a contentious goal given that within the EU the flow of services and workers should be free. "The Association of Metaltechnology Industries has already filed a complaint in March ... with the EU Commission against the aspects of the (wage and social dumping law) that are contrary to (European) Union law," the association said. "The Andritz case shows ... that the assignment of (jobs to) external service providers is being rendered practically impossible," it added. Association chief Christian Knill said the way Austrian authorities interpret the law is a "permanent threat" to companies and he expected companies to exit the Austrian market gradually should such practices continue. In a related case brought on behalf of Slovenian contractors, law firm Grilc Vouk Skof, which operates in Austria and Slovenia and also represents the Croatian firm in the Andritz case, said it had asked the Commission for an opinion on Austria''s law. Grilc Vouk Skof sent Reuters a letter in German dated May 11 from the Commission to the European Court of Justice, where the law firm has lodged a Slovenian challenge against the Austrian law. It expects a decision later this year or in 2018. The Commission said in the letter that the way Austria implements its law "breaches article 56 of the (treaty on the functioning of the European Union)". The Commission was not immediately available to comment on Wednesday on the Austrian law. The article says "restrictions on freedom to provide services within the Union shall be prohibited in respect of nationals of Member States who are established in a Member State other than that of the person for whom the services are intended". Reporting by Shadia Nasralla; Editing by Dale Hudson and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-austria-eu-andritz-regulations-idUKKBN1AP0OD'|'2017-08-09T16:52:00.000+03:00'
'f2185125ffce13196744d0067b251fce49d0535c'|'Shell begins restart of Europe''s largest oil refinery'|'August 8, 2017 / 2:04 PM / 8 minutes ago Shell begins restart of Europe''s largest oil refinery Reuters Staff 1 Min Read FILE PHOTO: A Shell logo is seen at a garage in Glasgow, Scotland, February 3, 2005. Jeff J Mitchell/File Photo. LONDON (Reuters) - Royal Dutch Shell ( RDSa.L ) said on Tuesday it was restarting a number of units at the 404,000 barrels per day Pernis oil refinery in the Netherlands after shutting down most of the site on July 30. "Complete restart will take place in a structured and controlled way," the oil major said in an emailed statement, without identifying which units were resuming operations. Shell shut the units at Europe''s largest refinery following a power outage due to a fire in the power supply system on July 29. Last week, Shell said it did not expect to restart operations at Pernis until at least the second half of this month. Profit margins for petroleum products rose sharply in Europe following the shutdown. Reporting by Ahmad Ghaddar; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-shell-refinery-outages-idUKKBN1AO1ME'|'2017-08-08T17:04:00.000+03:00'
'feb1d62a1f8a0cf635a032ee1adac501e17d9330'|'U.S. card firm Vantiv clinches $10 billion deal to buy Worldpay'|'August 9, 2017 / 6:43 AM / 2 hours ago U.S. card firm Vantiv clinches $10 billion deal to buy Worldpay Pamela Barbaglia 5 Min Read Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid LONDON (Reuters) - U.S. credit card processing company Vantiv moved closer to creating a $29 billion global payments powerhouse on Wednesday with a formal offer to buy Britain''s Worldpay for 8 billion pounds. Vantiv''s move is part of a wave of payments company mergers around the world as consumers are moving away from cash transactions to smartphone or mobile payments and the industry, once a backwater of banking, faces growing competition from newcomers trying to disrupt the way merchants are paid. Recent deals have included British payment firm Paysafe Group backing a 3 billion pound takeover offer from a consortium of Blackstone and CVC Capital Partners and French payments specialist Ingenico making a 1.5 billion euro swoop on Swedish rival Bambora. Although Vantiv''s deal was first announced on July 5, it has taken several weeks to conclude, with the deadline for a formal offer extended twice as Vantiv and Worldpay haggled over governance and safeguarding British jobs. The combined Worldpay and Vantiv, which were both spun out of banks and have thrived in their home markets, will be called "Worldpay" and headquartered in Cincinnati, with a primary listing in New York and a secondary one in London. Worldpay said that Vantiv has offered 55 pence in cash, 0.0672 of a new Vantiv share, an interim dividend of 0.8 pence per Worldpay share and a special 4.2 pence dividend, valuing the former RBS business at 397 pence per share. "Our combined company will have unparalleled scale, a comprehensive suite of solutions, and the worldwide reach to make us the payments industry global partner of choice," Vantiv''s president and CEO Charles Drucker said, adding that the deal will bring benefits in terms of size and technology. Worldpay shareholders will own around 43 percent, while Vantiv investors will have 57 percent of the combined group whose pro forma enterprise value is more than 22 billion pounds. Vantiv is paying a premium of 22.7 percent to the closing Worldpay share price of 320 pence on July 3, the last business day before the offer period started, and has proposed a "mix and match" facility which allows Worldpay shareholders to vary the proportion of shares and cash they receive. The company''s international operations will be run from London, but there will be no formal guarantees for jobs in Britain where Worldpay''s UK division employs about 1,200 of its roughly 5,000 total. Worldpay is Britain''s biggest payment provider, processing about 31 million mobile, online and in-store transactions each day. GLOBAL PLATFORM The combined company will process some $1.5 trillion in payments and 40 billion transactions through more than 300 payment methods in 146 countries and 126 currencies, with a combined net revenue of over $3.2 billion. "We''re creating a truly global platform for expansion," said Worldpay CEO Philip Jansen, adding the business will rank as the top payment firm in the U.S. and in Europe and sees scope for additional growth in Latin America and the Asia Pacific region. The new Worldpay will be led by Vantiv boss Charles Drucker as executive chairman and co-CEO while Worldpay''s Jansen will report to Drucker and act as co-CEO. Vantiv chief financial officer Stephanie Ferris will become the group''s CFO and report to Drucker. The combined group will see five Worldpay directors sitting on the board with Sir Mike Rake, who is Worldpay''s non-executive chairman, becoming lead director of the new board. The deal, which has been unanimously recommended by Worldpay directors, is expected to close early next year at the latest with no major regulatory concerns, Worldpay and Vantiv executives told analysts. FRAGMENTED MARKET Goldman Sachs and Barclays acted for Worldpay, while Morgan Stanley and Credit Suisse worked with Vantiv on the deal, which gives Worldpay an enterprise value of about 9.3 billion pounds and will result in annual recurring pre-tax cost synergies of about $200 million. These synergies are expected to be fully realised by the end of the third year following completion of the merger. But the combined group is also expected to incur one-off restructuring and integration costs of around $330 million. Craig Bonthron, a fund manager at Kames Capital, said that the deal was a sensible transaction which allowed UK investors to participate in the upside and would help consolidate "what is a fragmented market and diversify Vantiv''s revenues away from struggling ''big box'' retailers in the U.S." But a top 20 Worldpay investor told Reuters he wanted to speak to Worldpay''s directors because he felt Vantiv''s bid undervalued the business, although he welcomed a secondary listing in London. "The tweaks (to the initial bid) have been beneficial but the fundamental questions around valuation persist," he said. Worldpay said on Wednesday its first-half underlying earnings rose 13.6 percent, driven by strong growth across all its businesses and tightened costs at its UK unit. ($1 = 0.7699 pounds) Additional reporting by Arathy Nair, Simon Jessop and Ben Martin; Editing by Rachel Armstrong and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-worldpay-m-a-vantiv-idUKKBN1AP0KU'|'2017-08-09T14:08:00.000+03:00'
'1270bf4be22b9b0547f9de944bdc5bfde2d67016'|'Exclusive - Tesla developing self-driving tech for semi-truck, wants to test in Nevada'|'August 9, 2017 / 8:02 PM / 12 minutes ago Exclusive: Tesla developing self-driving tech for semi-truck, wants to test in Nevada Marc Vartabedian 5 Min Read The Tesla corporate logo is pictured at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. Jason Reed SAN FRANCISCO (Reuters) - Tesla Inc is developing a long-haul, electric semi-truck that can drive itself and move in "platoons" that automatically follow a lead vehicle, and is getting closer to testing a prototype, according to an email discussion of potential road tests between the car company and the Nevada Department of Motor Vehicles (DMV), seen by Reuters. Meanwhile, California officials are meeting with Tesla on Wednesday "to talk about Tesla''s efforts with autonomous trucks," state DMV spokeswoman Jessica Gonzalez told Reuters. The correspondence and meeting show that Tesla is putting self-driving technology into the electric truck it has said it plans to unveil in September, and is advancing toward real-life tests, potentially moving it forward in a highly competitive area of commercial transport also being pursued by Uber Technologies Inc [UBER.UL] and Alphabet Inc''s Waymo. After announcing intentions a year ago to produce a heavy-duty electric truck a year ago, Musk tweeted in April that the semi-truck would be revealed in September, and repeated that commitment at the company''s annual shareholder meeting in June, but has never mentioned any autonomous-driving capabilities. Tesla has been a leader in developing autonomous driving capability for its luxury cars, including the lower-priced Model 3, which it is beginning to manufacture. Several Silicon Valley companies developing autonomous driving technology are working on long-haul trucks. They see the industry as a prime early market for the technology, citing the relatively consistent speeds and little cross traffic trucks face on interstate highways and the benefits of allowing drivers to rest while trucks travel. Some companies also are working on technology for "platooning", a driving formation where trucks follow one another closely. If trucks at the back of the formation were able to automatically follow a lead vehicle, that could cut the need for drivers. PROTOTYPE TESTS An email exchange in May and June between Tesla and Nevada DMV representatives included an agenda for a June 16 meeting, along with the Nevada Department of Transportation, to discuss testing of two prototype trucks in Nevada, according to the exchange seen by Reuters. "To insure we are on the same page, our primary goal is the ability to operate our prototype test trucks in a continuous manner across the state line and within the States of Nevada and California in a platooning and/or Autonomous mode without having a person in the vehicle," Tesla regulatory official Nasser Zamani wrote to Nevada DMV official April Sanborn. No companies yet have tested self-driving trucks in Nevada without a person in the cab. On July 10, Zamani inquired further to the Nevada DMV about terms for a testing license, an email seen by Reuters shows. California DMV spokeswoman Gonzalez said that Tesla had requested a meeting on Wednesday to introduce new staff and talk about Tesla’s efforts with autonomous trucks. She said that the DMV was not aware of the level of autonomy in the trucks. Tesla declined to comment on the matter, referring Reuters to the previous statements by Musk, who has discussed the truck in tweets and at the annual shareholder meeting. Nevada officials confirmed the meeting with Tesla had occurred and said that Tesla had not applied for a license so far. They declined to comment further. SKEPTICS Musk has said that potential customers are eager to get a Tesla electric long-haul truck, but he faces doubt that the company can deliver. While established trucking companies and truck manufacturing startups have poured resources into electrifying local package delivery fleets, battery range limitations have largely kept the industry from making electric trucks that travel across swaths of the country. Lithium ion battery researcher Venkat Viswanathan of Carnegie Mellon University said electric long-haul trucking is not economically feasible yet. “Your cargo essentially becomes the battery,” Viswanathan said of the massive batteries that would be needed to make range competitive with diesel. Diesel trucks used for cross-country hauls by United Parcel Service Inc can travel up to 500 miles (800 km) on a single tank, according to UPS''s director of maintenance and engineering, international operations, Scott Phillippi. By comparison, the company''s electric local package delivery trucks travel up to 80 miles on a full charge. Reporting By Marc Vartabedian; Editing by Peter Henderson and Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-tesla-truck-autonomous-idUKKBN1AP2GD'|'2017-08-09T23:03:00.000+03:00'
'd926311828c664a8c6a1067daf4921f0c2fd7210'|'Brazil''s gov''t says will not propose income tax hike to Congress'|'BRASILIA, Aug 8 (Reuters) - President Michel Temer''s government has no plans to propose an increase in income tax to Congress, it said in a statement on Tuesday.Speaking in Sao Paulo on Tuesday morning, Temer said his government was assessing changes to income tax, but no decision has been reached yet, as his government scrambles to find revenue to plug a wide budget deficit. Finance Minister Henrique Meirelles said earlier that any studies on an income tax hike were just preliminary. (Reporting by Anthony Boadle; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-economy-tax-idUSS0N1IB00R'|'2017-08-09T01:30:00.000+03:00'
'10b541752e723b8c0075cd1afd9f4bba5cb5e13f'|'Akzo Nobel wins again in court battle with hedge fund Elliott'|'FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with activist investor Elliott Advisors.Elliott, Akzo''s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo''s rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) earlier this year and wants him dismissed.Together with York Capital Management, which holds a 0.6 percent stake in the maker of Dulux paints, Elliott had petitioned the court to force Akzo to convene an extraordinary shareholders'' meeting on Burgmans'' dismissal, which Akzo had refused to do.The Amsterdam district court on Thursday said the request was premature, given that Akzo has already scheduled an extraordinary shareholders'' meeting for Sept. 8. It called the meeting to better explain its reasons for rejecting the PPG bid and to repair relations with disgruntled shareholders."After that meeting it is up to shareholders to draw conclusions and possibly take further action," the court said.AkzoNobel said it had taken note of the verdict and that it was looking forward to the shareholders'' meeting. Elliott said it expected to respond shortly.A first bid by Elliott to force Akzo to a vote on Burgmans'' position was rejected by Amsterdam''s Enterprise Chamber in May, as it said it was an inappropriate attempt to wrest control of the company''s strategic direction from the board.Last month, 70-year old Burgmans said he will resign at the end of his term in April 2018. Akzo CEO Ton Buechner abruptly stepped down last month, citing health reasons, and has been replaced by Thierry Vanlancker, the former head of the company''s chemicals division.Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling-off period which expires in December.Reporting by Bart Meijer; Editing by Greg Mahlich and Adrian Croft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-akzonobel-shareholders-activism-idINKBN1AQ211'|'2017-08-10T14:19:00.000+03:00'
'6ab1108f68b8c9e9e9781e8ba87a5828a2d01e5e'|'UPDATE 2-Retailer Canadian Tire''s quarterly profit beats estimates'|'August 10, 2017 / 11:11 AM / 15 minutes ago UPDATE 2-Retailer Canadian Tire''s quarterly profit beats estimates 2 Min Read (Adds details) Aug 10 (Reuters) - Retailer Canadian Tire Corp Ltd reported a quarterly profit that comfortably beat analysts'' expectations on strong demand for apparel and sports gear. Shares of the company, which sells everything from automotive parts to apparel, were up as much as 3.3 percent at C$146.39 on the Toronto Stock Exchange on Thursday. The company, which operates around 1,700 retail and gasoline outlets, reported total same-store sales rose 1.8 percent in the second quarter. Same-store sales at Canadian Tire stores, which accounted for more than half of the company''s total revenue in the quarter, rose 1.4 percent. The segment was helped by demand for its Noma brand of electrical products and kitchen appliances under the Master Chef label. The company said it experienced strong sales growth in June despite a slow start to the spring and summer. Net income attributable to the company increased 8.8 percent to C$195.2 million ($153.6 million) in the quarter ended July 1. Profit rose to C$2.81 per share, beating the average analyst estimate of C$2.52 per share, according to Thomson Reuters I/B/E/S. The Toronto-based company''s retail sales rose 3 percent to C$4.10 billion. $1 = C$1.27 Reporting by Muvija M in Bengaluru; Editing by Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canadiantire-results-idUSL4N1KW48J'|'2017-08-10T16:45:00.000+03:00'
'f1e6c5d9ba3104af905bd734a74730e0bbcddb4e'|'UK house price growth weakest in over four years - RICS'|'August 9, 2017 / 11:05 PM / 2 hours ago UK house price growth weakest in over four years - RICS Fanny Potkin 3 Min Read FILE PHOTO - Construction work is seen amongst residential and commercial buildings in east London, Britain, February 7, 2017. Toby Melville LONDON (Reuters) - British house prices rose at their slowest rate in over four years last month, while the number of sales slowed due to a limited supply of property and continued political uncertainty, a property industry body said on Thursday. The Royal Institution of Chartered Surveyors (RICS) said its monthly house price balance dropped to +1 in July from +7 in June, its lowest since March 2013 and below all forecasts in a Reuters poll of economists. The outlook for prices over the next 12 months was also the weakest since just after last year''s vote to leave the European Union, RICS added, though outright price falls seemed unlikely at a national level. "There is no real indication that the housing market will become materially more affordable anytime soon," RICS chief economist Simon Rubinsohn said. More expensive property was struggling to sell for close to its asking price. Over two thirds of homes valued at more than 1 million pounds failed to reach their asking price - with over a quarter selling for more than 5 percent less than what the owner wanted. Most property advertised at more than 500,000 pounds failed to reach its asking price too. The number of houses being put up for sale fell for a 17th consecutive month in July, with estate agents having record-low amounts of property to sell. "Sales activity in the housing market has been slipping in the recent months and the most worrying aspect of the latest survey is the suggestion that this could continue for some time to come," RICS chief economist Simon Rubinsohn said. "The lack of new build in the wake of the financial crisis is a fundamental factor weighing on (transactions)." Britain''s housing sector has slowed sharply since the vote in June 2016 to leave the European Union, when prices were growing by almost 10 percent a year, compared with growth rates of closer to 2 percent now according to mortgage lender Halifax, its weakest in more than four years. Economists polled by Reuters in May on average predicted that house prices would rise by around 2 percent a year through to the end of 2019, slower than in the previous Reuters poll published in February. Reporting by Fanny Potkin, editing by David Milliken 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-houseprices-rics-idUKKBN1AP2RL'|'2017-08-10T02:04:00.000+03:00'
'283f8c5bfec5ab52d56295549639ccacbb2faf0f'|'UPDATE 1-Canada Goose posts smaller-than-expected quarterly loss'|'August 10, 2017 / 11:29 AM / in 12 minutes UPDATE 2-Luxury apparel maker Canada Goose tops Street, shares rise 3 Min Read * Q1 direct-to-consumer sales surge more than sixfold * To open stores in Boston, Calgary, Tokyo * Toronto-listed shares rise 5.3 pct; U.S. stock jumps 9 pct (Adds CEO comment; updates share move) By Ahmed Farhatha Aug 10 (Reuters) - Canada Goose Holdings Inc, reported a smaller-than-expected quarterly loss as the luxury apparel retailer sold more products across its sales platforms, sending its shares up 5.3 percent on the Toronto Stock Exchange. After a red hot debut in March, Canada Goose has been opening stores internationally and increasing its presence on e-commerce sites to meet a growing demand for its jackets and parkas. "Many retailers are specifically asking us to accelerate shipments so they can get our product on the floor earlier," Chief Executive Dani Reiss said on a post-earnings call on Thursday. The company''s direct-to-consumer sales, which includes sales from its flagship stores and online platforms, surged more than sixfold to C$8.3 million ($6.5 million), while revenue from its wholesale unit increased 38.2 percent to C$19.9 million in the first quarter ended June 30. Separately, Canada Goose said it would open flagship stores in Boston, Calgary and Tokyo, and is on track to open stores in London and Chicago as planned, later this year. Sticking to its "Made in Canada" pledge, the company opened its fifth factory in Ontario in June and also said it expanded its Quebec manufacturing facility in the reported quarter. The luxury retailer specializes in making winter apparels such as scarves, mitts, hats, gloves, snow pants, which are sold in more than 30 countries. Canada Goose''s comprehensive loss narrowed to C$12 million, or 11 Canadian cents per share, from C$14 million, or 14 Canadian cents per share, a year earlier. Excluding one-off items, the Toronto-based company posted a loss of 13 Canadian cents per share, while analysts on average were expecting a loss of 19 Canadian cents, as per Thomson Reuters I/B/E/S. Revenue surged 79.7 percent to C$28.2 million, well ahead of analysts'' average estimate of C$17 million. Canada Goose''s shares rose as much as 7.3 percent to $25.78 on the Toronto Stock Exchange, and U.S.-listed shares increased as much as 9 percent to $20 in early trading on Thursday. $1 = 1.2721 Canadian dollars Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-goose-results-idUSL4N1KW4CJ'|'2017-08-10T14:29:00.000+03:00'
'825d1a40b3d4fb03b9c8c598a560bc5ba8178f62'|'Morning News Call - India, August 10'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Road Minister Nitin Gadkari, Power Minister Piyush Goyal and Oil Minister Dharmendra Pradhan at World Biofuel Day event in New Delhi. 11:00 am: Monsoon session of parliament continues in New Delhi 11:00 am: NHPC earnings conference call in Mumbai. 3:00 pm: Britannia Industries and Engineers India earnings conference call in Mumbai. 5:30 pm: GAIL India earnings conference call in Mumbai. LIVECHAT - OIL FOCUS U.S. crude remains below $50 per barrel restrained by rising output from the United States as well as producer club OPEC, but expectations of strong demand prevented bigger drops. Goldman Sachs and BMI Research said last week that oil companies were adapting to low oil prices, while Barclays said it expected a downward price correction during this quarter, but saw Brent at an average of $54/ bbl in Q4. Ekpen Omonbude, petroleum and mining economist, The Commonwealth joins us at 11:30 am IST to share his outlook. To join the conversation, click on the link: here INDIA TOP NEWS • One-off gain embellishes Tata Motors'' first quarter profits Tata Motors Ltd reported a 42 percent rise in quarterly profit thanks to a one-off gain related to changes to Jaguar Land Rover''s pension plans, masking a fall in the carmaker''s income. • POLL-India retail inflation seen picking up for first time in 4 months in July India''s retail inflation is expected to have picked up slightly in July after cooling in the previous three months, a Reuters poll showed, but likely remained well below the central bank''s 4 percent medium-term target. • Get ready for first filing deadline, GST chief says Millions of companies in India are still not ready to file their first returns under the new Goods and Services Tax ahead of an Aug. 20 deadline, a top official told Reuters, urging them not to leave things to the eleventh hour. • Aurobindo Pharma Q1 profit drops 11 percent, misses estimates Aurobindo Pharma Ltd reported a 11 percent fall in quarterly profit, hurt by lower sales from its formulations business in the U.S. and pre-launch disruptions of a pan-India tax reform. • Bank of India swings to Q1 profit, bad loans fall Bank of India reported a first-quarter profit as its bad loan ratio narrowed and loan-loss provisions fell. • Thousands of protesters disrupt traffic in India''s financial capital More than 200,000 protesters poured into India''s financial capital on Wednesday, disrupting traffic and straining the railway network, to press their demands for reserved quotas in government jobs and college places for students. GLOBAL TOP NEWS • N.Korea details Guam strike plan, calls Trump''s warning a ''load of nonsense'' North Korea dismissed on Thursday warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States as a "load of nonsense", and outlined detailed plans for a missile strike near the Pacific territory of Guam. • Japan''s June core machinery orders unexpectedly fall Japan''s core machinery orders unexpectedly fell for a third consecutive month in June, underscoring companies'' reluctance to boost spending and conflicting with recent signs that the economic recovery is gathering momentum. • Toshiba wins auditor sign-off, likely avoiding delisting for now Toshiba Corp has secured its auditor''s sign-off on its financial results, likely avoiding an immediate delisting, although its future hung in the balance with no progress in talks to sell its chips business. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,906.50, trading down 0.1 percent from its previous close. • Indian government bonds are likely to ease in early session as investors await fresh supply of notes today and tomorrow. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.45 percent-6.49 percent band. • The Indian rupee will likely open lower against the dollar, as mounting tensions between North Korea and the United States continue to boost demand for safe-haven assets. GLOBAL MARKETS • U.S. stocks clawed back losses late on Wednesday as investors appeared to brush off geopolitical concerns after falling in the wake of U.S. President Donald Trump''s "fire and fury" warning to North Korea. • Asian stocks steadied and U.S. Treasury bond prices fell slightly as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle. • Asian stocks steadied and U.S. Treasury bond prices fell slightly as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle. • Oil futures inched down despite official figures showing U.S. crude inventories fell more than expected, with an analyst saying the market had settled into a range. • Gold prices edged lower, moving away from near two-month highs hit in the previous session as safe haven demand triggered by rising tensions in the Korean peninsula eased. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.81/63.84 August 9 -$131.70 mln $247.53 mln 10-yr bond yield 6.76 pct Month-to-date $89.13 mln $1.23 bln Year-to-date $9.07 bln $22.38 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.8550 Indian rupees) (Compiled by Erum Khaled in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1KW1L4'|'2017-08-10T01:23:00.000+03:00'
'98f9152b5cf615d8190d75854d4c9c849cc1d9f3'|'Germany to inspect Ford Mondeo cars over emissions testing - WirtschaftsWoche'|'August 10, 2017 / 2:15 PM / 31 minutes ago Germany to inspect Ford Mondeo cars over emissions testing: WirtschaftsWoche Reuters Staff 2 Min Read A visitor walks past new Ford Mondeo cars on display on media day at the Paris Mondial de l''Automobile, September 28, 2012. Christian Hartmann BERLIN (Reuters) - Germany has ordered its road transport watchdog to look at whether Ford''s ( F.N ) mid-sized Mondeo model contains an illegal emissions cheating device, business weekly WirtschaftsWoche reported on Thursday, citing the transport ministry. The transport ministry was not immediately available for comment. WirtschaftsWoche said the inspections were prompted by emission test data that could indicate the use of such devices. An unnamed institute has been commissioned to carry out the tests which are already underway, Wirtschaftswoche said. Ford Europe had no immediate comment. Spokespeople at Ford''s operations in Germany did not immediately return Reuters'' calls seeking comment. WirtschaftsWoche cited Ford Germany chief Gunnar Herrmann as denying any wrongdoing. "No illegal shut-off devices were used in our diesel exhaust after-treatment systems," he told the magazine. He said that Ford had "neither cheated, nor used tricks". The auto industry came under scrutiny almost two years ago after U.S. regulators exposed emissions test cheating by VW. This led to wider revelations that diesel vehicles from most manufacturers release far more toxic nitrogen oxides (NOx) on the road than in tests. Ford and Germany''s three main carmakers - Volkswagen ( VOWG_p.DE ), Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ) - this week announced incentives to drivers who trade in older diesel models for new, cleaner models. Reporting by Markus Wacket and Andreas Cremer; Writing by Joseph Nasr. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-germany-emissions-ford-idUKKBN1AQ1Q5'|'2017-08-10T17:40:00.000+03:00'
'61d0b9129194c3f561ba6f39f249d7eeebfd575b'|'Luxury apparel maker Canada Goose posts smaller quarterly loss'|' 56 AM / 9 minutes ago Luxury apparel maker Canada Goose posts smaller quarterly loss 1   Luxury apparel retailer Canada Goose Holdings Inc, reported a smaller quarterly loss as the company sold more merchandise across its sales platforms. Total comprehensive loss for the company narrowed to C$12 million ($9.4 million), or 11 Canadian cents per share, in the first quarter ended June 30, from C$14 million, or 14 Canadian cents per share, a year earlier. The Toronto-based company''s revenue rose to C$28.2 million from C$15.7 million. $1 = 1.2726 Canadian dollars Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-goose-results-idUSL4N1KV59Z'|'2017-08-10T13:55:00.000+03:00'
'380d97e090b402d3706e980d310a8a69c09d24b0'|'Buoyant bitcoin stirs crypto-bubble fears'|'August 10, 2017 / 6:10 AM / 7 hours ago Buoyant bitcoin stirs crypto-bubble fears Jemima Kelly 7 Min Read FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. Illustration/Benoit Tessier/File Photo LONDON (Reuters) - Bitcoin and other "cryptocurrencies" are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of hundreds of newer, smaller digital rivals in its wake. Now some investors fear a giant crypto-bubble may be about to burst. It has been a year of unprecedented growth for the largely unregulated market, with dozens of new currencies appearing every month in "Initial Coin Offerings" or ICOs. They have achieved value almost instantly, drawing in those who are eager to get in and make a quick buck. At the start of 2017, the total value - or market cap - of all cryptocurrencies in existence was about $17.5 billion, with bitcoin making up almost 90 percent of that, according to industry data firm CoinMarketCap. It is now around $120 billion - around the same value as Goldman and RBS together - and bitcoin makes up only 46 percent. Bitcoin Cash, a clone of bitcoin that was split off from the original last week by a rival group of developers, was valued at more than $12 billion less than 24 hours after it had started trading. "It''s just created new value out of nowhere," said Rob Moffat, a partner at Balderton Capital, a London-based venture capital firm who focuses on fintech. "There''s no fundamentals behind any of this - it''s all based on public perception, so you can start to see some really strange phenomena." For an interactive Reuters graphic of the top cryptocurrencies, click on: here Cryptocurrencies - so-called because cryptography is used to keep transactions secure - allow anonymous peer-to-peer transactions between individual users, without the need for banks or central banks. They use blockchain technology, a shared record-keeping and processing system that means digital money cannot be copied and spent more than once. Billionaire U.S. investor Howard Marks likens the market to the dotcom bubble of the turn of the century - whose demise he predicted. He said in a recent investor letter that digital currencies were an "unfounded fad ... based on a willingness to ascribe value to something that has little or none beyond what people will pay for it". But advocates of cryptocurrencies say 2017 is just the beginning of bull run. They argue the finite nature of these currency units - there will never be more than 21 million bitcoin, for example - as well as the technological innovation that underpins them will ensure their enduring value. "The idea of this thing being a bubble is silly. We''re in the bottom of the first innings," said Miguel Vias of Ripple, the third-biggest cryptocurrency, who was previously global head of precious metals and metal options at CME Group. DASH TO ETHER Whichever way cryptocurrencies move, they are likely to move together because their values are highly correlated, feeding off each other and magnifying the market effect. That''s partly down to investor sentiment, but also because the start-ups issuing new coins in ICOs generally collect money in a more liquid cryptocurrency, such as bitcoin or, more commonly, Ethereum''s ether - the second-biggest cryptocurrency in total value. That has driven demand for ether, which has climbed over 3,000 percent so far this year and now has a market cap of around $28 billion. Bitcoin, which was launched in 2009, was the first successful cryptocurrency and is still easily the biggest, with a market cap of over $54 billion. Its price has shot up around 225 percent so this year, and performed better than any conventional, central-bank issued currency in every year since 2010 bar 2014. The blockchain-based currencies that have been built since bitcoin - 842, at last count - vary hugely in terms of their credibility. Sceptics say bitcoin and its rivals are not particularly useful as currencies, as they are still volatile and not accepted by most merchants. They are mostly just used for speculative trading purposes. There are some signs of acceptance of the biggest players by the establishment, however; Ethereum has been piloted by the United Nations as a way to distribute funds to Syrian refugees. Ripple has been successfully used as a payment method between settlement systems in a Bank of England trial. Some other, smaller cryptocurrencies such as Dash, Monero and Z-cash are seen as having real value by some users because they offer an even higher level of anonymity than the likes of bitcoin. Whistle-blowing website Wikileaks this week said it would accept Z-cash for online donations. ''DARWINISM IN REAL-TIME'' It is mainly the new "token" cryptocurrencies that are issued in ICOs with no regulatory oversight, which have exploded since the start of the year, that are causing the most anxiety. One, the "Useless Ethereum Token", which appears to have been set up as a way of showing how worthless many of the ICOs really are, is nonetheless changing hands for 3 cents a unit. "No value, no security, and no product. Just me, spending your money," its website states. "It''s just so easy to raise money on an ICO right now, it just feels like there''s a gold rush going on there," said Moffat. "Some of the new currencies - beyond bitcoin and Ethereum - could crash to zero." By mid-July, about $1.1 billion had been raised in ICOs this year, roughly 10 times more than that in the whole of 2016, according to cryptocurrency research firm Smith + Crown. (Graphic: tmsnrt.rs/2ueAWvr ) The rapid ascent of ICOs prompted the U.S. Securities and Exchange Commission (SEC) to warn last month that some ICOs should be regulated like other securities. This is new digital territory and how the rapidly proliferating cryptocurrency market will play out is anyone''s guess. While critics say the highly correlated nature of the currencies means the weakness of newer entrants could bring the whole house down; others argue market forces will ensure the best players prevail. "Will some of these (currencies) go away? Of course," said Vias of Ripple. "We’re going to see Darwinism in real-time here. Only the strong will survive." For graphic on cryptocurrencies click: here Reporting by Jemima Kelly; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-markets-currencies-crypto-idUSKBN1AQ0J9'|'2017-08-10T09:09:00.000+03:00'
'2381ca710816b4c57774166a7e09279693810183'|'Indonesia mulls changes to crude price basket; Banyu Urip ICP eyed'|' 42 AM / 9 minutes ago Indonesia mulls changes to crude price basket; Banyu Urip ICP eyed 3 Min Read JAKARTA/SINGAPORE, Aug 10 (Reuters) - Indonesia is evaluating its existing crude oil benchmarks, and has identified the Banyu Urip grade as possibly one that could replace Arjuna ICP, a senior government official said. "Relating to Banyu Urip crude to be the benchmark crude to replace Arjuna, at this time it''s still being evaluated by the technical team," Ego Syahrial, Director General of Oil and Gas at the energy ministry, said. The earliest decision could come in December, but not later than next June, Syahrial added. In the meantime, Indonesia will keep its existing Indonesia Crude Price (ICP) formula unchanged. Monthly ICPs for the key benchmark grades: Minas, Duri, Widuri, Cinta, Arjuna, Attaka, Belida and Senipah condensate are currently calculated by applying a differential to dated Brent quotes published by oil price agency S&P Global Platts. Indonesia changed to its current pricing formula in July 2016, the first change to the formula since 2007. While Indonesia has not explicitly stated how it calculates its monthly price differential to dated Brent, market participants say the differentials track the average of price quotes published by Platts and Japanese energy information provider RIM Intelligence. RIM Intelligence is the only oil pricing agency to publish a price for Banyu Urip crude. Platts did not immediately reply to a query on whether it would start a Banyu Urip price assessment. The Banyu Urip field, operated by ExxonMobil and located in the Cepu block in East Java, first began exporting cargoes in early 2015. Output from the project stands around 200,000 barrels per day (bpd) and is crucial to Indonesia, which faces declining production from aging wells. "A switch from Arjuna makes sense because Banyu Urip has a bigger production," an analyst from a Western firm said. The grade is also offered on the spot market more regularly than other benchmark Indonesian grades and has a broad customer base as refiners in Thailand, China, Singapore and Malaysia have purchased the grade, Thomson Reuters trade flows data shows. (Reporting by Mark Tay and Wilda Asmarini, editing by David Evans) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/indonesia-oil-prices-idUSL4N1KW4N4'|'2017-08-10T14:41:00.000+03:00'
'ddb11ce2612c8779fb2a3013c66ebad56fbe06b7'|'Australia antitrust regulator raises flags on BP Woolworths petrol buyout'|'August 10, 2017 / 12:00 AM / 5 hours ago Australia antitrust regulator raises flags on BP Woolworths petrol buyout Reuters Staff 2 Min Read FILE PHOTO: A British Petroleum petrol station logo is seen at Heathrow in London, Britain February 2, 2010. Toby Melville/File Photo (Reuters) - Australia''s antitrust regulator said on Thursday it was concerned BP Plc''s ( BP.L ) plan to buy the petrol stations of grocery giant Woolworths Ltd ( WOW.AX ) would hurt competition, a sign it may block the A$1.8 billion (1.07 billion pounds) deal. The Australian Competition and Consumer Commission (ACCC) said the buyout would cut the number of major rivals selling petrol, reducing the incentive to keep retail prices low. "As a result, motorists may end up paying more at the pump," ACCC Chairman Rod Sims said in a statement. Woolworths and London-based BP announced the deal in December 2016, a major component of the Australian retailer''s effort to cut non-core businesses and concentrate on a supermarket price war with rival Coles, owned by Wesfarmers ( WES.AX ). Woolworths issued a statement noting the regulator''s concerns and said it would "continue to work with BP and the ACCC to progress the merger clearance process". The ACCC said Woolworths appears to influence fuel prices in large Australian cities, either by leading price cuts or quickly following competitors'' price cuts, and "we are concerned that BP would not follow Woolworths''s pricing strategy". The regulator said it will publish a draft decision later this month, with a final decision scheduled for Oct. 26. Reporting by Ambar Warrick in Bengaluru; Edited by Byron Kaye and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-woolworths-bp-sale-idUKKBN1AP2TG'|'2017-08-10T03:00:00.000+03:00'
'c6c45271978c1b7baec5b134cb33c78b51c85ed2'|'Patrick Evans to be new CEO of Canada''s Dominion Diamond'|'Aug 9 (Reuters) - Patrick Evans, the former chief executive of Mountain Province Diamonds, will become the new CEO of Dominion Diamond Corp once a deal to purchase the Canadian diamond company closes later this year, he said on Wednesday.Dominion, the world''s third largest diamond producer by market value, has been looking for a CEO since January when its former head, Brendan Bell, quit.Last month Dominion agreed to a $1.2 billion takeover offer from U.S. billionaire Dennis Washington that will take private the Canadian-based diamond miner. Washington Companies said at the time that it would appoint a new CEO."I''ve joined Washington Companies and I''ll be taking over as CEO of DDC (Dominion Diamond Corp) at closing," Evans said in an email in response to a question from Reuters.The deal, which requires approval from more than two-thirds of Dominion shareholders, is expected to close in the fourth quarter. A competing bid for Dominion is unlikely, analysts have said.Neither Dominion nor Washington could immediately be reached for comment.Dominion, which owns a majority stake in the Ekati diamond mine in Canada''s Northwest Territories and a minority share of the nearby Diavik mine, launched a sales process for the company in March following an initial unsolicited approach from Washington.Evans left Mountain Province, which owns the Gahcho Kue mine in Canada''s Northwest Territories in a joint venture with Anglo American''s diamond unit De Beers, in June. (Reporting by Nicole Mordant in Vancouver; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/dominion-diamond-ceo-idINL1N1KV2EB'|'2017-08-09T23:54:00.000+03:00'
'365960e6f5a92a542a796b29b22d3f81aa4b731d'|'Bajaj Auto in pact with Triumph Motorcycles UK'|'August 8, 2017 / 10:24 AM / 31 minutes ago Bajaj Auto in pact with Triumph Motorcycles UK Reuters Staff 1 Min Read National Motorcycle & Scooter Show - National Exhibition Centre, Birmingham - 27/10/05. The Triumph Daytona 675 Launch. Action Images / Paul Harding Livepic (Reuters) - Bajaj Auto Ltd ( BAJA.NS ) on Tuesday said it has tied up with Triumph Motorcycles UK to offer a range of mid-capacity motorcycles. The ''non-equity'' partnership will give Bajaj access to the Triumph brand and its motorcycles in domestic and international markets while the British company will gain from an expanded market, India''s fourth largest automaker by market capitalisation said. bit.ly/2hFe5VH Shares of Bajaj jumped after the news, gaining 3.2 percent to their highest since May 22 in a Mumbai market .NSEI that ended 0.78 percent down. Reporting by Vishal Sridhar in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-bajaj-auto-triumph-idUKKBN1AO12I'|'2017-08-08T13:23:00.000+03:00'
'1f7ff50cad71d2cbb2ba5ecae3442967c9b0a52f'|'Mexico economy minister sees 60 percent chance of concluding NAFTA talks this year - Reuters'|'Mexican Economy Minister Ildefonso Guajardo speaks during an interview at Reuters Latin American Investment Summit in Mexico City, Mexico August 8, 2017. Henry Romero MEXICO CITY (Reuters) - Mexico''s Economy Minister Ildefonso Guajardo sees a 60 percent probability that talks starting next week to re-negotiate the North American Free Trade Agreement (NAFTA) will be wrapped up by the end of the year, he said in an interview on Tuesday.Slideshow (4 Images) The minister, who will take part in the first round of NAFTA talks in Washington starting on Aug. 16, said it was important to meet the ambitious timeline to sign a new deal before Mexico''s next president takes office at the end of 2018.Guajardo was interviewed at the Reuters Latin America Investment Summit.Follow Reuters Summits on Twitter @Reuters_SummitsEditing by Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-idINKBN1AO2LI'|'2017-08-08T20:36:00.000+03:00'
'5b20fcb5918f763a798f84f63385845c92b540e9'|'Dish Network, trade groups and others oppose Sinclair Tribune deal'|'August 8, 2017 / 7:06 PM / in 9 hours Dish Network, trade groups and others oppose Sinclair Tribune deal David Shepardson 4 Min Read FILE PHOTO: A Dish Network receiver hangs on a house in Somerville, Massachusetts, U.S., February 21, 2017. Brian Snyder/File Photo WASHINGTON (Reuters) - Dish Network Corp has joined forces with conservative media, trade and liberal advocacy groups in urging U.S. authorities to reject Sinclair Broadcast Group''s proposed $3.9 billion acquisition of Tribune Media. Opponents of the deal, according to petitions filed with the Federal Communications Commission (FCC) made public on Tuesday, say it will raise prices while narrowing content and news viewing choices for millions of Americans. Some petitions say the proposed acquisition or merger will also give Sinclair too much influence over local news content. Sinclair, which already owns 173 U.S. television stations, announced plans in May to acquire Tribune''s 42 TV stations in 33 markets as well as cable network WGN America and digital multicast network Antenna TV, extending its reach to 72 percent of American households. Sinclair would control far more stations than any of its competitors if the Tribune deal goes forward. In April, the company also announced plans to acquire 18 stations in five states owned and operated by Bonten Media Group. "A free and diverse press, a bedrock principle of American democracy, will be crippled by this proposed merger," conservative media company Newsmax Group said in one filing with the FCC that echoed the sentiments of opponents across the political spectrum. One group, Free Press, said Sinclair forces its stations to "air pro-Trump propaganda and then seeks favors from the Trump administration." The Hunt Valley, Maryland-based company has drawn criticism for favoring conservative political candidates. Sinclair in April hired a former Trump campaign adviser, Boris Epshteyn, as a commentator after he briefly served in the Trump White House. The Tribune merger "would turn Sinclair into the nation’s largest broadcast conglomerate and lead to higher prices, more station blackouts, less choice, and less local news for millions of consumers," Dish said in its filing with the FCC. Sinclair would have to divest stations in Seattle, St. Louis, Salt Lake City and Oklahoma City as part of the Tribune acquisition under current rules. But it could reverse course if regulators change media ownership regulations. The American Cable Association, Competitive Carriers Association and advocacy group Common Cause are among the groups and companies that have filed petitions to oppose the deal.One America News Network, a conservative leaning channel, and a number of independent programmers filed a joint petition with the FCC, including conservative commentator Glenn Beck''s The Blaze network, opposing the deal. Sinclair defended the Tribune acquisition in its application with the FCC made public in July, saying it would increase "operational efficiencies" and "expand the stations'' local coverage" including local news. A spokeswoman for Sinclair declined to comment on the batch of petitions made public Tuesday. Sinclair Chief Executive Christopher Ripley said last week "the industry needs to consolidate to two or three large broadcasters, and really just one to two strong local players in each market ... There''s significant savings to be had putting local content players together on a local level. The Computer and Communications Industry Association, a group representing tech companies including Alphabet Inc and Amazon.com Inc, also opposes the deal, saying it would alter diversity and competition across the U.S. media landscape. Cellular operator T-Mobile USA Inc complained that the deal could delay the transfer of broadcast airwaves spectrum for wireless use. In April, the FCC reversed a 2016 decision limiting the number of television stations some broadcasters can buy, paving the way for the Sinclair Tribune tie-up. Reporting by David Shepardson; Editing by Chris Sanders and Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-tribune-media-m-a-sinclair-ma-idUSKBN1AO27K'|'2017-08-08T22:03:00.000+03:00'
'b9a3c01503055c243f5f189599a97e98cdddbff9'|'Eli Global insurance unit is confidential Beechwood buyer -source'|'NEW YORK (Reuters) - Global Bankers Insurance Group is the previously undisclosed buyer of assets from the Beechwood family of reinsurance and asset management companies, a person familiar with the matter told Reuters.The recent purchase by Global Bankers – a $3.5-billion, Durham, North Carolina-based subsidiary of conglomerate Eli Global LLC – was bound by a confidentiality agreement so its name would not be revealed, said the same person, who requested anonymity because the information is private.Beechwood, which once managed $2.4 billion, lost clients and suffered a bruised reputation when hedge fund manager Platinum Partners collapsed under federal investigations and fraud charges. Beechwood and Platinum were bound by social and family links to staff and start-up money.The purchase of select assets included Beechwood Bermuda Investment Holdings Ltd, which issues wealth management products, and Beechwood OMNIA Ltd, which offers international investment plans, according to a second person familiar with the transaction who also requested anonymity. Beechwood''s portfolio of companies were based in Bermuda, the Cayman Islands and New York.The deal does not include the assumption of legal liabilities, according to the first source. Beechwood and some of its executives face Platinum-related lawsuits from subsidiaries of CNO Financial Group ( CNO.N ) and a trustee for defunct oil and gas producer Black Elk Energy Offshore Operations LLC.(See graphic on the links between Platinum, Beechwood and insurance companies: tmsnrt.rs/2hjRlW6 )Beechwood''s Chief Executive Officer Mark Feuer and Oresident Scott are not joining Global Bankers, according to both sources. Feuer and Taylor did not respond to an email seeking comment.Scott Boug, Global Bankers'' chief actuary, is leading a new endeavor with Beechwood''s assets, according to one of the sources. Boug did not immediately respond to an email request for comment.The Beechwood deal is part of Global Bankers'' acquisition-led expansion under Paul Brown, who was hired as head of capital and mergers & acquisitions in September 2016. Other recent purchases include Dutch life insurance company Nederlandse Algemeene Maatschappij van Levensverzekeringen Conservatrix NV, NN Life Luxembourg SA, Cincinnati Equitable Companies Inc, Pavonia Holdings (US) Inc, Inc and Bankers Life Insurance Co.Reporting by Lawrence Delevingne; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-insurance-beechwood-sale-idUSKBN1AO1RV'|'2017-08-08T17:59:00.000+03:00'
'379ba40a4e901bb6a2602763f92ab7cc2c8ba021'|'Uber''s Graves stepping down from full-time job, stays on board'|' 22 PM / 20 minutes ago Uber''s Graves stepping down from full-time job, stays on board 1 Min Read SAN FRANCISCO, Aug 10 (Reuters) - Ride services company Uber Technologies Inc''s head of operations, Ryan Graves, a long-time ally of former chief executive Travis Kalanick, is stepping down from his full-time operations job, according to a copy of a letter from Graves to Uber employees obtained by CNBC. Graves will, however, continue to serve on Uber''s board, it said. (Reporting by Peter Henderson, editing by G Crosse) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uber-graves-idUSL1N1KW1DG'|'2017-08-10T20:22:00.000+03:00'
'4a464c3a2019f975b0f392d05a78f28772317d85'|'Exclusive - Foundations for post-Libor system sliding into place'|'August 10, 2017 / 3:35 PM / 19 minutes ago Exclusive: Foundations for post-Libor system sliding into place Huw Jones and Marc Jones 8 Min Read FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. Neil Hall/File Photo LONDON (Reuters) - Critical steps for replacing Libor could be taken by next year, British industry officials told Reuters, increasing the chances of a smooth transition from the interest rate benchmark used to price financial contracts worth tens of trillions of pounds. When regulators announced last month that scandal-plagued Libor would be replaced by the end of 2021, there was scepticism among some industry players over whether such a huge transition could take place on time - or even at all. But preparations are already underway to put in place two essential elements for the planned replacement, SONIA, to assume its role in the market. The clearing arm of the London Stock Exchange ( LSE.L ), which already clears short-dated SONIA swaps - products used to hedge against adverse moves in rates or currencies - told Reuters it was planning to clear the kind of longer-dated swaps covered by Libor. An industry group, whose members include the 16 top dealers of swaps and other derivatives, meanwhile said it aimed to create SONIA futures contracts. Francois Jourdain, who chairs the group set up by the Bank of England to promote adoption of SONIA, said he had no doubt that the transition would take place. "It will happen," he said. "It may be difficult, it may happen on a different time frame depending on different levels of difficulty, but it will happen." Such moves would be crucial, but even should they come to pass, hurdles would remain to the adoption of SONIA across the British financial industry. Concerns about the costs associated with changing over - such as in altering IT systems - could deter some companies, particularly those enacting expensive Brexit contingency plans. Sectors like insurance could also face formidable technical, and potentially legal, hurdles if they were to switch from Libor to assess future liabilities. LIBOR SCANDAL Libor - the London Interbank Offered Rate - is a daily rate in a range of currencies which is used to price contracts ranging from home loans and credit cards to derivatives. It is based on submissions from banks of interest rates they believe they would be charged by others for borrowing money. Banks have been fined billions of dollars for trying to manipulate the benchmark, prompting regulators to come up with alternatives. Last month the UK''s Financial Conduct Authority set the end-2021 deadline for switching to the Bank of England''s Sterling Overnight Index Average - SONIA - based on transactions done in the market, rather than Libor-style estimates. Currently derivatives contracts worth 7.7 trillion pounds are priced against SONIA, but mainly short-term contracts going out 18 months in duration. This compares with Libor-based contracts worth about 30 trillion pounds going out to 50 years. While the industry group, whose members include the likes of Barclays, BNP Paribas, Citi, Deutsche Bank and HSBC, have backed SONIA as the alternative for Libor, making the change won''t be easy or quick. Industry officials say two crucial milestones must be passed to encourage the switch: a range of exchange-traded futures contracts referencing SONIA; and a clearing house for SONIA swaps traded "over-the-counter" or privately between banks. LCH, the clearing arm of the London Stock Exchange, said it was about to seek permission from the Bank of England - which regulates clearing houses - to clear longer-dated swaps. Clearing provides a big financial incentive for banks to switch because they must hold more cash against uncleared swaps than against those that pass through a clearing house like LCH. "We are planning to extend the eligibility of SONIA interest rate swaps out to 51 years before the end of 2017, as well as developing other SONIA-based over-the-counter and exchange-traded products," LCH told Reuters. ''ATOMIC ELEMENTS'' Jourdain said the working group he chairs would flesh out later this quarter the "atomic elements" needed to promote adoption, including a futures contract referencing SONIA, though it would be up to exchanges whether they listed the products. Exchange traded futures are seen as cheaper and more transparent by many market participants and can build up liquidity rapidly, thereby boosting confidence to switch. "It can go quite quickly, because the requirements for creating a new future are simpler than for cleared swaps," said Jourdain, who is also head of compliance at Barclays International. "Early next year would be my hope." The bulk of volume in Libor-based futures contracts is listed on the InterContinental Exchange ( ICE.N ), whose IBA unit also administers Libor. ICE faces a dilemma as listing futures contracts could hasten the demise of Libor, but industry officials said it faced little choice as it would otherwise lose business to a rival. "It''s a commercial dilemma of self-cannibalisation," said one senior official at a dealing bank. ICE has said Libor had a long-term future, and would not comment on whether it would list SONIA futures products. Eurex, the futures trading arm of Germany''s Deutsche Boerse ( DB1Gn.DE ) would also not comment on offering SONIA futures. U.S. exchange CME ( CME.O ), the third big derivatives exchange, also declined to comment - though it will offer futures in the Libor alternative rate being published daily by the New York Federal Reserve next year. EU HURDLE Jourdain said the key hurdle to SONIA adoption was inertia. Market participants could balk at the prospect of change and costs at a time when many are facing major projects, like complying with new European securities rules (MiFID) from next January, or preparing for Britain''s EU exit. "This has been a major focus for our members, especially since the new risk-free rates were selected in Japan, the UK and United States, because of the sheer volume of outstanding derivatives trades referenced to Libor," said Rick Sandilands, senior counsel in Europe for the International Swaps and Derivatives Association (ISDA), a global industry body. ISDA is working on ways to smooth the transition, such as by identifying fallbacks that can be written into derivatives documentation, creating certainty on which reference rate would be used if Libor was suddenly discontinued. The trade body has also determined that a "spread" should be added to SONIA to lessen the impact on moving from a rate that stretches out many years to one based on overnight markets. As Libor extends many years, the holder of a swap contract can work out the interest payment well ahead of the due date. SONIA, however, is an overnight rate, meaning payment due several months away would be based on a rate compounded over the intervening period. But other, more technical changes would also be needed to encourage a sizable switch to SONIA from the insurance sector. Under EU law, insurers must use a "risk free" interest rate curve published by the bloc''s watchdog European Insurance and Occupational Pensions Authority or EIOPA to value future liabilities, and Libor is an element of these rates. "There are no plans to amend this legislation nor change materially the methodology EIOPA uses to derive the curves," EIOPA told Reuters. "The shift from Libor to SONIA is therefore not foreseen." Reporting by Huw Jones and Marc Jones; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-banks-libor-markets-exclusive-idUKKBN1AQ1X3'|'2017-08-10T18:40:00.000+03:00'
'cb4b221ad7404e7e079f6d2cc4c4f7b421a94554'|'ECB slightly more likely to announce QE change in Sept vs Oct'|'August 10, 2017 / 5:32 AM / 32 minutes ago ECB slightly more likely to announce QE change in Sept vs Oct Shrutee Sarkar 4 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, June 10, 2017. Ralph Orlowski/File Photo BENGALURU (Reuters) - The European Central Bank is slightly more likely to announce a change to its asset purchases programme in September than October, a Reuters poll found. The central bank left its ultra-easy monetary policy unchanged in July and said it had not discussed anything on its 60 billion euros of monthly asset purchases, but signalled the discussions would come "this autumn". Twenty-eight of 50 economists surveyed Aug 7-9 said they expect the central bank to make an announcement in September, while 15 said it would wait until October. Most of the remaining said some time in early 2018. "The ECB has flagged ''autumn'' as the period in which they will decide on the asset purchase programme," said Elwin De Groot, senior market economist at Rabobank. "We believe this means that the Governing Council will outline the intentions it has beyond this year in September or possibly October, whilst leaving the December meeting for any details, such as the exact amount of the initial adjustment." ECB policymakers see October as the most likely month to decide on its quantitative easing programme and flagged December as too late, based on four sources with direct knowledge of a discussion, published shortly after the July meeting. Expectations for the ECB to start moving away from its aggressive quantitative easing policy have been driven by robust growth in the euro zone, with the economy outperforming both Britain and United States in the first half of 2017. The latest Reuters consensus for 2.0 percent growth this year is the highest since polling began for the period over two years ago. The euro zone economy is forecast to grow 0.4 percent each quarter from now until the end of next year. But inflation, which the ECB targets at close to but just under 2 percent and was last reported at 1.3 percent, is not about to accelerate. Expectations have dimmed slightly in the latest poll compared with July. Inflation is forecast to average 1.5 percent this year and 1.4 percent next, compared with 1.5 for both years in the July poll. The range of forecasts was largely unchanged. While inflation is not expected to reach the ECB target at least until 2020, most economists do not expect that to deter the central bank from moving away from its ultra-easy policy, which has already bloated the central bank''s balance sheet to more than 2 trillion euros. When asked whether the ECB should scale back its monthly bond-buying programme before inflation approaches its target, more than three-quarters of the 50 economists said "yes". "If the ECB does indeed proceed with a form of tapering in early 2018, this will not be driven by a substantially more hawkish feeling in the Governing Council. We believe the decision to taper is most likely driven by the constraints built into the current programme," said Rabobank''s Elwin De Groot. De Groot and many other economists have repeatedly warned that the ECB will eventually run out of bonds to buy. The central bank is already stretching its rules to carry out its bond-buying scheme, according to the ECB''s own data published on Monday. What could also complicate the policy picture further is the euro''s strength. The single currency has already risen over 12 percent so far this year and is forecast in a separate Reuters poll to close the year higher than where it started. [EUR/POLL] But 30 of 43 respondents who answered an extra question said they did not think a rising euro will threaten the bloc''s economic recovery. Thirteen said it was a risk. "The current amount of appreciation will not be enough to derail the economic recovery but a continuation well beyond $1.20 - not expected by us - would clearly change the balance of risks," said Elmar Voelker, rates strategist at LBBW. Polling by Vartika Sahu; Editing by Ross Finley/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-economy-poll-idUKKBN1AQ0GV'|'2017-08-10T08:32:00.000+03:00'
'22821af14bf59348216e2f7ef55624de17d56226'|'Jacobs Technology wins $4.6 bln U.S. defense contract -Pentagon'|'WASHINGTON (Reuters) - Jacobs Technology Inc, a unit of Jacobs Engineering Group Inc, is being awarded a U.S. defense contract with an estimated maximum value of $4.6 billion, the Pentagon said in a statement on Wednesday.The contract calls for Jacobs Technology to provide products and services for the Missile Defense Agency and its Missile Defense Integration and Operations Center, the statement said.Reporting by Eric Beech'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-jacobs-engr-grp-pentagon-idUSKBN1AP2LQ'|'2017-08-10T00:14:00.000+03:00'
'2088c4a06d5946c9ba6b89edff59f8809b32813c'|'Toshiba shares jump; sources say auditor seen signing off on results'|'August 9, 2017 / 12:35 AM / in 11 hours Toshiba shares jump; sources say auditor seen signing off on results 3 Min Read FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp''s shares jumped more than 9 percent early on Wednesday after sources told Reuters the Japanese conglomerate''s auditor was likely to sign off on its annual results. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, people with direct knowledge of the discussions told Reuters on Tuesday. That would end a period of limbo when the auditor withheld its opinion as it checked problems that bankrupted Toshiba''s U.S. nuclear power engineering unit in December. However, PwC will give an "adverse" statement on the company''s internal controls with Toshiba''s results, due on Thursday, they said. The stock rose as much as 9.2 percent and was trading up 4.6 percent at 0120 GMT. Investors have feared an adverse statement could lead to a delisting of the 140-year-old company, complicating its ability to raise money for its cash-hungry memory-chip business and jeopardizing its competitiveness. But with the highly unusual split decision, one source said they were of the opinion that "Toshiba can avoid delisting if it shows a path towards improving its internal controls." The sign-off from the auditor is a "step forward for Toshiba for now, but it''s not something that will guarantee that Toshiba will stay listed in the future," said Makoto Kikuchi, chief executive of Myojo Asset Management. "The real focus is whether Toshiba can sell its chip business and raise cash before the current fiscal year ends because if the company''s liabilities exceed assets for two years in a row, it will get delisted then." The conglomerate is trying to sell its chip unit to pay down debt and cover the impact of a $6.33 billion writedown and liabilities linked to U.S. nuclear arm Westinghouse. The sale to a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as a preferred bidder has stalled, with joint venture partner and rival bidder Western Digital taking Toshiba to court arguing its consent is needed before a sale can be made. Reporting by Sam Nussey, additional reporting by Ayai Tomisawa; Editing by Chang-Ran Kim and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toshiba-accounting-idUSKBN1AP01M'|'2017-08-09T03:34:00.000+03:00'
'812c498348a802148337cfcfedb1a8113fb4523e'|'I Squared Capital targets raising up to $6.5 bln in new fund-sources'|'HONG KONG, Aug 8 (Reuters) - Infrastructure investor I Squared Capital aims to raise as much as $6.5 billion in a new global fund to tap rising demand for infrastructure assets and has already won commitments for a large chunk of the sum, people familiar with the matter said.I Squared already had around $5 billion in committed investments for the fund last month, when it announced the acquisition of Hutchison Telecommunications Hong Kong Holdings'' fixed-line assets for $1.9 billion, said two of the people.The firm has agreed to acquire the business in a cash deal, and one of the people said around half of the deal value would be paid from the new fund and the remaining through bank debt.I Squared, which is said to be among potential bidders for Equis Energy, Asia''s largest independent renewable energy producer valued at up to $5 billion, declined to comment for the story.The people declined to be named as they were not allowed to discuss the matter in public.New York-based I Squared''s second fund targeting global investors follows a series of large-sized fundraisings by private equity firms in recent months, many of which are looking to bet on investment opportunities in Asia and tap capital in the region.Blackstone Group LP is seeking to raise up to $3 billion in its first pan-Asia buyout fund for investments in sectors including high-end manufacturing and healthcare, people familiar with the plan told Reuters last month.KKR & Co in June closed a new Asia-focused buyout fund after raising $9.3 billion, a record for the region.GROWING IN SIZE I Squared''s new fund is set to be the biggest infrastructure fund raised since Global Infrastructure Partners'' record $15.8 billion fund that closed in January this year, according to data provider Preqin.The average size of global infrastructure funds has risen sharply over the last five years, Preqin data shows, as demand for infrastructure investments rises. The average fund size in 2012 was $427 million while in 2017 so far the average fund size has reached $1.3 billion.Nearly a fifth of the $94 trillion in global infrastructure investment needed by 2040 risks being unfunded if current spending trends continue, the G20-backed Global Infrastructure Hub said last month.I Squared, founded by a few former bankers at Morgan Stanley Infrastructure Fund, invests in energy, utilities and transport businesses in the Americas, Europe, and select high growth economies.It closed a $3 billion fund in April 2015, with investments from pension funds, sovereign wealth funds, insurance companies, asset managers and family offices from the United States, Canada, Europe, the Middle East, Asia and Australia, the firm said at the time.The limited partners in the second fund will be a similar group, one of the people said.The firm separately received a $200 million commitment last October from The Overseas Private Investment Corporation (OPIC), the U.S. Government''s development finance institution, for a fund that invests in South and Southeast Asia. (Reporting by Kane Wu; Editing by Sumeet Chatterjee and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/isquared-fund-idINL4N1KT1UM'|'2017-08-08T08:49:00.000+03:00'
'59ba56c047d2c1a318d4b0a7f42eee97a750dd8b'|'Puerto Rico debt helps sink MBIA''s Q2 loss to $1.2 bln'|'CHICAGO (Reuters) - Exposure to defaulted Puerto Rico debt helped balloon bond insurer MBIA Inc''s net loss for the second quarter of 2017 to $1.2 billion compared with a loss of $27 million in the same period last year, the company reported on Tuesday.MBIA attributed the dismal results in part to bigger losses at its National Public Finance Guarantee Corporation unit, which guarantees payment on some of the U.S. commonwealth''s debt.“National’s losses and loss adjustment expenses in the quarter resulted from its insurance of several Puerto Rico credits, nearly all of which have entered bankruptcy-like proceedings under PROMESA," Bill Fallon, MBIA president and CEO said in a statement.The U.S. commonwealth filed the largest bankruptcy in U.S. municipal history in May under PROMESA, a federal law aimed at rescuing Puerto Rico''s sinking finances.Fallon also said "the ill-advised and unlawful actions" of an oversight board, also created by PROMESA, and Governor Ricardo Rossello''s Administration hurt a restructuring support agreement for the Puerto Rico Electric Power Authority (PREPA). This sparked several lawsuits, including five that include MBIA as a plaintiff."We intend to vigorously exercise the rights and remedies associated with our insurance on the Puerto Rico bonds,” Fallon said.MBIA''s loss in the quarter ended June 30 equated to $9.78 per share, up from a 20 cent per share loss a year ago and a 55 cent per share loss in the first quarter.Reporting By Karen Pierog; Editing by Daniel Bases and Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-mbia-results-idUSKBN1AO2K0'|'2017-08-09T01:05:00.000+03:00'
'b09752daf1f34d2aa9ec6f31a67a4d863a4fd333'|'Saudi Arabia cuts crude oil allocations in Sept by more than its OPEC pledge'|'August 8, 2017 / 10:16 AM / 2 hours ago Saudi Arabia cuts crude oil allocations in Sept by more than its OPEC pledge Rania El Gamal and Florence Tan 5 Min Read FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Ramzi Boudina/File Photo DUBAI/SINGAPORE (Reuters) - Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source said on Tuesday, as the top oil exporter makes good on its pledge to help rein in a global supply glut. State oil giant Saudi Aramco will cut supplies to most buyers in Asia - the world''s biggest oil consuming region - by up to 10 percent in September to comply with a producers'' deal to cut output, multiple sources with knowledge of the matter told Reuters. The wider Saudi cuts come as some doubts have emerged about the effectiveness of the OPEC-led agreement. OPEC output hit a 2017 high in July, according to a Reuters OPEC survey, led by a rise in supplies from Nigeria and Libya, which are both exempted from the cuts. The deal to curb output propelled crude prices above $58 a barrel in January but they have since slipped back to a $45 to $52 range as the effort to drain global inventories has taken longer than expected. Rising output from U.S. shale producers has offset the impact of the output curbs, as has climbing production from Libya and Nigeria. Saudi Arabia''s crude allocations to oil majors and some customers in Europe will be cut by 220,000 barrels per day in September, the first source said, while supplies to the United States will be reduced by around 1.1 million barrels in total for next month. In August, a Saudi industry source told Reuters that Saudi exports to the United States will be below 800,000 bpd in August, as the kingdom is capping its exports worldwide this month at 6.6 million bpd. Under the OPEC-led supply reduction pact Saudi Arabia is required to cut output by 486,000 bpd. Of the nine Asian refineries surveyed by Reuters, supplies to six have been cut for the first time since the Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to cut production by about 1.8 million bpd from Jan. 1 until March 2018. Saudi Arabia and other producers last month recommended examining whether monitoring compliance with the pact should focus on exports as well as production. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC''s adherence with its supply curbs at historically high figures of more than 90 percent. ASIA CUTS Saudi oil allocations to China in total will be reduced by 2 million barrels for the month of September, one of the sources said. Another source said supplies will be mostly cut by between 5 percent to 10 percent. At least one major buyer in China said it is receiving full allocation and another said its cut was smaller than 5 percent. Two southeast Asian refiners received cuts of 10 to 13 percent while a South Korean refiner had a 10 percent cut, several sources said. The first source said South Korea cuts in allocations amounted to more than 2 million barrels for the whole month, while India''s reduction was over 1 million barrels. Japan''s cuts in supplies were close to 2 million barrels as a total in September, the source added. While Aramco has cut supplies to the United States and Europe, it has cut less in Asia over the past months in order to protect market share in the world''s fastest growing demand region. "It is still keen to keep its Asia market share," said a senior crude trader who declined to be named due to company policy. "Saudi is expected to maintain cuts to the United States as its strategy to draw down U.S. inventories has been successful." Saudi Arabia''s supply cuts to Asia could lift sentiment in the Middle East crude market as refiners may turn to spot supplies to make up for the Saudi shortfall just when arbitrage flows from the Atlantic Basin are expected to tighten. "This may support Middle East spot crude," an Asian refinery source said. Most of the Saudi cuts were in light grades such as Arab Light and Arab Extra Light, the sources said, as Aramco plans minor oilfield maintenance which would reduce its supplies of light crude in September. Reporting by Rania El Gamal in DUBAI, Florence Tan and Mark Tay in SINGAPROE, Osamu Tsukimori in TOKYO, Meng Meng in BEIJING, Nidhi Verma in NEW DELHI and Jane Chung in SEOUL; Editing by Richard Pullin and Christian Schmollinger 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/saudi-asia-oil-idINKBN1AO11I'|'2017-08-08T13:12:00.000+03:00'
'50f76997e29ecba88fdd9aaa5bed5adefd58a334'|'Wanda Hotel to buy $1 billion of assets from Wang-controlled businesses'|'August 10, 2017 / 1:33 AM / an hour ago Wanda Hotel to buy $1 billion of assets from Wang-controlled units Donny Kwok 3 Min Read FILE PHOTO - A sign of Dalian Wanda Group in China glows during an event in Beijing, China March 21, 2016. Damir Sagolj/File Photo HONG KONG (Reuters) - Wanda Hotel Development Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, plans to buy assets worth over $1 billion from firms controlled by its billionaire founder Wang Jianlin, in a move that sent its shares surging over 30 percent. The restructuring is the latest in a flurry of deals for the group, which has grabbed the spotlight amid a government crackdown on showy overseas ventures and high-profile empire builders that has drawn in several Chinese corporations. The Hong Kong-listed company said it would buy the entire equity interest in theme park operator Wanda Culture Travel Innovation Group Co Ltd from Wang''s Beijing Wanda Culture Industry Group Co Ltd for 6.3 billion yuan ($945 million). The deal would be settled either in cash or through the issue of shares or convertible bonds, it added. It will also buy hotel operator Wanda Hotel Management (Hong Kong) Co Ltd from Wang''s Dalian Wanda Commercial Properties Co Ltd for 750 million yuan ($112.6 million) in cash, it said in a filing to the Hong Kong bourse late on Wednesday. Related Coverage Wanda Hotel shares set to open up 21 percent on asset restructuring Wanda Hotel said it would then sell its interest in Wanda Properties Investment Ltd, Wanda International Real Estate Investment Co Ltd, Wanda Americas Real Estate Investment Co Ltd and Wanda Australia Real Estate Co Ltd to Wang''s Dalian Wanda Commercial for an amount that is yet to be fixed. It gave no further details. Wang Jianlin of Dalian Wanda Group gives a speech at a university in Beijing, China May 12, 2017. Stringer "Wanda Hotel Development will become a strategic platform as Wanda Group''s Hong Kong-listed company focusing on theme park and hotel operation and management," Dalian Wanda Group said in a statement. STOCK SURGES 40 PERCENT Shares of Wanda Hotel, which has a market value of HK$5.4 billion, surged as much as 40.5 percent to their highest in more than two years on Thursday in resumed trade. That compared with a 0.7 percent fall for Hong Kong''s benchmark Hang Seng Index. The stock, which was suspended on Wednesday pending the restructuring announcement, has jumped about 140 percent since July when Wanda announced plans to sell theme parks and hotels worth more than $9 billion to developer Sunac China Holdings Ltd. Chinese banks have been told to stop providing funding for several of Wanda''s overseas acquisitions as Beijing tries to curb the conglomerate''s offshore buying spree, according to sources familiar with the matter. China is also cracking down on risky lending before this year''s key Communist Party congress. Run by one of China''s richest men, Wang Jianlin, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas well beyond their original business - in this case, property. Last month, Dalian Wanda Group altered a deal with Sunac China after banks scrutinized their credit risk, by bringing in another developer, Guangzhou R&F Properties Co Ltd. Reporting by Donny Kwok; Editing by Anne Marie Roantree 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-wanda-hotel-asset-restructure-idINKBN1AQ047'|'2017-08-10T04:26:00.000+03:00'
'c1c8e8f1981fa2745a2533dd87925e55f8b10585'|'Mitsubishi to export new model from Indonesia next year, supply Nissan'|'The logo of Mitsubishi Corp is pictured at its head office in Tokyo, Japan August 2, 2017. Kim Kyung-Hoon JAKARTA (Reuters) - Mitsubishi Motors Corp ( 7211.T ) will start exporting its new multipurpose vehicle from its Indonesian plant next year, and plans to eventually supply the model to the group''s new parent Nissan Motor ( 7201.T ), Mitsubishi''s chief executive said.Mitsubishi on Thursday launched the "Xpander", a new 1.5 litre MPV model, at an car show in Tangerang, on the outskirts of Jakarta."We will export this car across ASEAN (Association of Southeast Asian Nations) countries starting next February," Mitsubishi Chief Executive Osamu Masuko said at the launch. The company will start exporting to the Philippines, followed by Malaysia, Thailand and Vietnam.Indonesia overtook Thailand as Southeast Asia''s largest car market in recent years and is also growing as a regional production base.Mitsubishi aims to produce around 80,000 units of the new model per year, and export 20,000 cars out of the annual production.The Xpander "will be the first alliance model with Renault-Nissan", Masuko said.Last year, Nissan bought a controlling stake in Mitsubishi for $2.3 billion after the smaller automaker admitted to cheating on mileage tests. [nL4N1CQ24I]"It will eventually be supplied to Nissan Motors for the Indonesian market," Masuko said, adding that Nissan had yet to decide the timing and the volumes it wanted. Nissan may also have a different design for the car.Nissan chairman Carlos Ghosn in April said it was likely for Mitsubishi and Nissan would do cross-manufacturing in certain areas. [nL4N1HX2JA]Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Ed Davies and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/indonesia-mitsubishimotors-idINKBN1AQ1EV'|'2017-08-10T15:04:00.000+03:00'
'623768b64a1eefedae3f736b47ce2118db6615b6'|'Swiss watchdog may probe watchmakers over spare parts supply'|'August 10, 2017 / 2:54 PM / 12 minutes ago Swiss watchdog may probe watchmakers over spare parts supply Silke Koltrowitz 3 Min Read ZURICH (Reuters) - Swiss competition authority WEKO may investigate Swiss watchmakers after getting complaints from independent repair centres and customers about the restrictive supply of spare parts, an official told Reuters. A WEKO investigation could lead to a fine and would increase pressure on industry majors Swatch Group ( UHR.S ), Richemont ( CFR.S ) and unlisted Rolex to make spare parts available beyond their network of accredited repairers. While watch brands say only their accredited repair centres offer the best quality service to customers, independent repairers say they are cheaper and often faster and that clients should be free to do what they want with their watches. "We received complaints from independent watch repairers who no longer had access to parts, but also from customers who were unhappy they could not get their watch repaired wherever they wanted," WEKO Deputy Director Patrik Ducrey told Reuters on Thursday. "We are doing preliminary checks at the moment to see if there are indications that watchmakers unlawfully limit the access to parts for independent watch repairers. By this autumn, we should be able to decide whether to open an investigation," Ducrey said. A potential WEKO investigation is not the only headwind watchmakers are facing over the restrictive supply of spare parts. Swatch Group is engaged in a legal battle with British material house Cousins UK that sells watch spare parts to independent repairers. It said it stopped receiving supplies from Swatch Group and its ETA movement unit at the end of 2015. Christian Dannemann, an independent watch repairer and a director of The British Watch & Clockmakers'' Guild that supports Cousins''s action against Swatch, said he could not do his job without spare parts. "Just imagine what would happen if car makers started restricting supplies in that way. The Swiss brands really need to understand that once they''ve sold the watch, it no longer belongs to them," Dannemann told Reuters. Swatch Group were not immediately available to comment. Editing by Toby Davis'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-watches-competition-idUKKBN1AQ1TG'|'2017-08-10T17:54:00.000+03:00'
'66db45d4cc2a0b50fdb0230c7294058275168cc1'|'PRESS DIGEST - Wall Street Journal - August 10'|'Aug 10 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Under a deal to bring Avaya Inc out of Chapter 11 to exit bankruptcy, benefit payments to nearly 8,000 participants in a legacy pension plan for salaried workers will be taken over by the Pension Benefit Guarantee Corp, the federal government''s retirement guarantor. on.wsj.com/2vHl06u- West Virginia Governor Jim Justice asked President Donald Trump to extend his support for the coal industry by providing about $4.5 billion a year in federal funding for Eastern coal, a proposal miners in Western states say goes against free-market principles. on.wsj.com/2vHaVXo- Federal agents raided the Virginia home of Paul Manafort, President Donald Trump''s former campaign chairman, to obtain documents and other material tied to foreign bank accounts and tax matters for possible violations of lobbying and money-laundering laws. on.wsj.com/2vGDowv- Facebook Inc is redesigning its video tab to bring an original programming front-and-center. The revamped video tab called ''Watch'' includes sections that showcase videos a user''s friends are watching or those that spark a lot of debate on the platform. on.wsj.com/2vHb9hf- Smartphone company Essential Products Inc, founded by the creator of Google''s android mobile software, confirmed it has a new $300 million investment as it prepares to take on Apple Inc and Samsung Electronics with the launch of a new phone. on.wsj.com/2vH1bwm (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1KW251'|'2017-08-10T02:48:00.000+03:00'
'6427259e8b6860cfb9adecc19b717adce18ac83a'|'UPDATE 1-Rosneft says lent Venezuela''s state oil firm a total of $6 bln'|'FILE PHOTO: A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. Maxim Shemetov/File Photo MOSCOW (Reuters) - Russia''s largest oil producer Rosneft said on Tuesday it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any further advance payments soon.OPEC member Venezuela is struggling to pay back creditors as its economy endures triple-digit inflation and chronic shortages of food and medicine.Last Friday, Venezuela inaugurated a new legislative superbody that is expected to rewrite the constitution and give vast powers to President Nicolas Maduro''s ruling Socialist Party, defying protests and worldwide condemnation that it undermines democratic freedoms.Russia is a close political ally of Venezuela''s leaders. Rosneft Chief Executive Igor Sechin said earlier this year his company, the world''s top listed oil firm by output, would continue to work in Venezuela and would never leave the country.As of Tuesday, Rosneft''s pre-payments to PDVSA have totaled around $6 billion, Rosneft said on a conference call with investors. This includes principal of $5.7 billion and interest of $245 million, it said."The repayment is proceeding according to schedule," the company said. "To date, a total of $743 million on the principal has been repaid and another $489 million in interest.""We expect the final repayment to be made in oil and oil product deliveries, which are ongoing strictly according to a schedule which we cannot provide to you. We expect full repayment before the end of 2019. No new pre-payments are planned."Rosneft also plans to close the deal to buy a stake in India''s refiner Essar Oil in the coming days, Pavel Fyodorov, Rosneft first vice-president, told the same conference call on Tuesday.Reporting by Oksana Kobzeva and Olesya Astakhova; writing by Katya Golubkova and Dmitry Solovyov; editing by Maria Kiselyova and Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-russia-rosneft-essar-idUSKBN1AO1RD'|'2017-08-08T17:56:00.000+03:00'
'34f3ce3d9bfec105ea22cb054a3c0440174efacc'|'Akzo Nobel wins again in court battle with hedge fund Elliott'|'August 10, 2017 / 4:49 PM / 23 minutes ago Akzo Nobel wins again in court battle with hedge fund Elliott 3 Min Read FILE PHOTO - Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with activist investor Elliott Advisors. Elliott, Akzo''s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo''s rejection of a 26 billion-euro (23.55 billion pounds) takeover proposal from U.S. rival PPG Industries ( PPG.N ) earlier this year and wants him dismissed. Together with York Capital Management, which holds a 0.6 percent stake in the maker of Dulux paints, Elliott had petitioned the court to force Akzo to convene an extraordinary shareholders'' meeting on Burgmans'' dismissal, which Akzo had refused to do. The Amsterdam district court on Thursday said the request was premature, given that Akzo has already scheduled an extraordinary shareholders'' meeting for September 8. It called the meeting to better explain its reasons for rejecting the PPG bid and to repair relations with disgruntled shareholders. "After that meeting it is up to shareholders to draw conclusions and possibly take further action," the court said. AkzoNobel said it had taken note of the verdict and that it was looking forward to the shareholders'' meeting. Elliott said it expected to respond shortly. A first bid by Elliott to force Akzo to a vote on Burgmans'' position was rejected by Amsterdam''s Enterprise Chamber in May, as it said it was an inappropriate attempt to wrest control of the company''s strategic direction from the board. Last month, 70-year old Burgmans said he will resign at the end of his term in April 2018. Akzo CEO Ton Buechner abruptly stepped down last month, citing health reasons, and has been replaced by Thierry Vanlancker, the former head of the company''s chemicals division. Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling-off period which expires in December. Reporting by Bart Meijer; Editing by Greg Mahlich and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-akzonobel-shareholders-activism-idUKKBN1AQ23S'|'2017-08-10T19:56:00.000+03:00'
'd1b4d9bdcf52cb409d4b5823c10bbdb5702c1082'|'The rise of electric cars could leave us with a big battery waste problem - Guardian Sustainable Business'|'T he drive to replace polluting petrol and diesel cars with a new breed of electric vehicles has gathered momentum in recent weeks. But there is an unanswered environmental question at the heart of the electric car movement: what on earth to do with their half-tonne lithium-ion batteries when they wear out?British and French governments last month committed to outlaw the sale of petrol- and diesel-powered cars by 2040, and carmaker Volvo pledged to only sell electric or hybrid vehicles from 2019.The number of electric cars in the world passed the 2m mark last year and the International Energy Agency estimates there will be 140m electric cars globally by 2030 if countries meet Paris climate agreement targets. This electric vehicle boom could leave 11m tonnes of spent lithium-ion batteries in need of recycling between now and 2030, according to Ajay Kochhar, CEO of Canadian battery recycling startup Li-Cycle.Recycling gap However, in the EU as few as 5% (pdf) of lithium-ion batteries are recycled. This has an environmental cost. Not only do the batteries carry a risk of giving off toxic gases if damaged, but core ingredients such as lithium and cobalt are finite and extraction can lead to water pollution and depletion among other environmental consequences.Electric car boom fuels interest in Bolivia’s fragile salt flats Read moreThere are, however, grounds for optimism. Thus far, the poor rates of lithium-ion battery recycling can be explained by the fact that most are contained within consumer electronics, which commonly end up neglected in a drawer or chucked into landfill.This won’t happen with electric vehicles, predicts Marc Grynberg, chief executive of Belgian battery and recycling giant Umicore. “Car producers will be accountable for the collection and recycling of spent lithium-ion batteries,” he says. “Given their sheer size, batteries cannot be stored at home and landfilling is not an option.”EU Regulations , which require the makers of batteries to finance the costs of collecting, treating and recycling all collected batteries, are already encouraging tie-ups between carmakers and recyclers.Umicore, which has invested €25m (£22.6m) into an industrial pilot plant in Antwerp to recycle lithium-ion batteries, has deals in Europe with both Tesla and Toyota to use smelting to recover precious metals such as cobalt and nickel. Grynberg says: “We have proven capabilities to recycle spent batteries from electric vehicles and are prepared to scale them up when needed.”Problem solved? Not exactly. While commercial smelting processes such as Umicore’s can easily recover many metals, they can’t directly recover the vital lithium, which ends up in a mixed byproduct. Umicore says it can reclaim lithium from the byproduct, but each extra process adds cost.This means that while electric vehicle batteries might be taken to recycling facilities, there’s no guarantee the lithium itself will be recovered if it doesn’t pay to do so.Investment bank Morgan Stanley in June said it forecast no recycling of lithium at all over the decade ahead, and that there risked being insufficient recycling infrastructure in place when the current wave of batteries die. “There still needs to be more development to get to closed loop recycling where all materials are reclaimed,” says Jessica Alsford, head of the bank’s global sustainable research team. “There’s a difference between being able to do something and it making economic sense.”Second life for batteries Francisco Carranza, energy services MD at Nissan , says the fundamental problem is that while the cost of fully recycling a battery is falling toward €1 per kilo, the value of the raw materials that can be reclaimed is only a third of that.Nissan has partnered with power management firm Eaton for its car batteries to be re-used for home energy storage, rather than be recycled, and this economic problem is a big reason why. “Cost of recycling is the barrier,” says Carranza. “It has to be lower than the value of the recovered materials for this to work.”Nissan launches British-made home battery to rival Tesla''s Powerwall Read moreThe lack of recycling capacity is “a tragedy”, says Amrit Chandan, a chemical engineer leading business development at Aceleron, a hi-tech British startup looking to transform end of life batteries. “It takes so much energy to extract these materials from the ground. If we don’t re-use them we could be making our environmental problems worse,” he says.Aceleron, like Nissan, thinks the answer lies in re-using rather than recycling car batteries – for which the company has patented a process. Chandan says car batteries can still have up to 70% of their capacity when they stop being good enough to power electric vehicles, making them perfect – when broken down, tested and re-packaged – for functions such as home energy storage.Fresh from recognition by Forbes as one of the 30 most exciting hi-tech startups in Europe , Aceleron is looking for investors to help it roll out pilot projects. “There’s going to be a storm of electric vehicle batteries that will reach the end of their life in a few years, and we’re positioning ourselves to be ready for it,” says Chandan.This is not the only alternative. Li-Cycle is pioneering a new recycling technology using a chemical process to retrieve all of the important metals from batteries. Kochhar says he is looking to build a pilot plant to put 5,000 tonnes of batteries a year through this this “wet chemistry” process. However, it is early days for the commercial exploitation of this technology.Linda Gaines, transportation system analyst and electric vehicle battery expert at the Argonne National Laboratory in the US says: “The bottom line is there’s time to build plants”. “But”, she adds, “we don’t know what kinds of batteries they’ll be yet. It would help if the batteries were standardised and designed for recycling, but they’re not.”Topics Guardian sustainable business rethinking business Energy Recycling Waste Electric, hybrid and low-emission cars Energy industry features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/aug/10/electric-cars-big-battery-waste-problem-lithium-recycling'|'2017-08-10T16:15:00.000+03:00'
'8aaa11c86d57490843d1f6fa379f89add06bb39f'|'Blackstone''s Invitation Homes to buy Starwood Waypoint'|'(Reuters) - Invitation Homes Inc ( INVH.N ) said it would buy smaller rival Starwood Waypoint Homes ( SFR.N ) in an all-stock deal that would create the biggest single-family rental company in the United States.Under the deal, each Starwood Waypoint Homes share will be converted into 1.614 Invitation Homes shares based on a fixed exchange ratio, Blackstone Group LP-owned ( BX.N ) Invitation Homes said on Thursday.After the deal closes, Invitation Homes stockholders will own about 59 percent of the combined company''s stock, with Starwood Waypoint stockholders owning the rest.The deal would also reduce Blackstone''s stake in the combined company to 41 percent, compared with a 70 percent stake in Invitation Homes.The combined company, whose shares will continue to trade on the New York Stock Exchange, would own and manage a portfolio of about 82,000 single-family homes in the United states.Both the companies have overlapping markets and majority of the combined company''s revenue would come from high-growth markets such as the western United States and Florida, the companies said in a statement.After the deal, Starwood Waypoint''s Chief executive Fred Tuomi will head the combined company.Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar and Arun Koyyur'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-starwood-waypoin-m-a-invitation-homes-idINKBN1AQ1B1'|'2017-08-10T09:29:00.000+03:00'
'b42e07e35f9ad84c74d2e5438b30e4985aefde20'|'Brazil, Oi in talks over watchdog fine, CEO says'|'SAO PAULO, Aug 9 (Reuters) - Brazilian phone carrier Oi SA and government officials are discussing how to better treat an 11 billion-real ($3.5 billion) fine it owes to a telecommunications watchdog to accelerate the company''s emergence from bankruptcy protection, Chief Executive Officer Marco Schroeder said on Wednesday.Schroeder, who spoke to Reuters to discuss second-quarter results, said a creditor assembly to vote on Oi''s restructuring plan will probably be held around October, instead of an initial target for September. Oi filed for Brazil''s largest bankruptcy protection in June last year. ($1 = 3.1554 reais) (Reporting by Guillermo Parra-Bernal; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oi-sa-fine-idINS0N1IB00T'|'2017-08-09T19:58:00.000+03:00'
'a313f4937443f6e40d5ca27078321ae07fffc29c'|'Toshiba CEO: wants to close chip business sale by end-March'|'August 10, 2017 / 7:12 AM / 27 minutes ago Toshiba CEO: wants to close chip business sale by end-March 1 Min Read TOKYO, Aug 10 (Reuters) - Toshiba Corp is still trying to sell its chip business by the end of the current fiscal year to next March, but has not decided what to do if those efforts fail, CEO Satoshi Tsunakawa said on Thursday. The conglomerate hopes auctioning its chip unit will help it pay debt and cover the impact of $6.3 billion in liabilities linked to Westinghouse, but talks on the sale have stalled. (Reporting by Makiko Yamazaki) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/toshiba-accounting-auction-idUST9N1KA01D'|'2017-08-10T10:12:00.000+03:00'
'9c97c31c1ca59154a3a067bbb0baafc15818632e'|'Income investors run for cover as dependable UK dividends in jeopardy'|'August 9, 2017 / 11:35 AM / 18 minutes ago Income investors run for cover as dependable UK dividends in jeopardy 7 Min Read LONDON (Reuters) - Attractively high dividend payouts by companies listed on Britain''s stock market could be in danger. The sectors currently delivering the biggest dividends -- those that have kept yield-hungry investors in the UK market -- are showing signs of strain. Oil and gas, pharmaceutical and consumer stocks account for nearly half of the UK market''s total dividend payouts, Societe Generale data shows. But factors from industry regulation to currency exchange are feeding concerns these dividends may erode, and causing investors to seek diversification into sectors where payouts may grow. One headwind is currency. Many of Britain’s major international exporting companies pay dividends in other currencies, so a weaker sterling has flattered income for UK investors and meant payouts increased even when companies kept dividends flat in dollar terms. This helped the total dividend payout balloon to 33.3 billion pounds this quarter, up 14.5 percent from the same period last year, according to Capita Asset Services data. But base effects from a weaker sterling will begin to disappear next quarter, with the pound strengthening and the dollar now on the back foot, down 9 percent year-to-date, raising doubts as to how long the currency windfall can be relied upon. Other headwinds materialised when regulatory pressures and corporate events dented stocks in some of the sectors income investors rely on most. Shares in British American Tobacco ( BATS.L ) and Imperial Brands ( IMB.L ), two of the most dependable dividend payers, plummeted after U.S. regulators proposed tighter rules on the amount of nicotine in cigarettes, causing investors to fret over their ability to maintain steady payouts. "Investors are desperate for yield so they pay close attention to anything which could threaten their income stream," said Alex Dryden, global market strategist at JP Morgan Asset Management. "We have been getting a few questions about the ability of these companies to continue to meet lofty dividend expectations," Dryden said. RED FLAGS Growing dividends show companies feel confident enough about earnings to hand more cash over to shareholders, but cracks are starting to appear. High dividend yields, the ratio of dividend payouts to share price, are a tell-tale sign of concerns over some of the biggest contributors to income in the FTSE 100. "If something yields more than 6 percent it''s a red flag more than an opportunity," said Eric Moore, manager of the UK Equity Income fund at Miton Group. "The market is pricing in the fact that these dividends will ultimately prove to be unsustainable." Oil majors Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) are both on dividend yields of 7 percent -- well above the FTSE 100 average of 3.89 -- indicating concerns are being priced in. Investors raised doubts about the viability of high dividend payouts from GSK ( GSK.L ) and AstraZeneca ( AZN.L ) after disappointing results and a drug trial failure threw the respective companies’ dividend strategies into question. Both firms have dividend yields above their sector average, and payouts are already eroding. The healthcare sector paid out 35 percent less in the second quarter this year than Q2 2016, data from Capita Asset Services showed. Deutsche Bank analysts on Monday estimated GSK’s dividend outlook would be flat until 2022. MINERS AND BANKS TURN ON THE TAPS AGAIN So frustrated investors are turning to areas where dividends are likely to grow, like the mining and banking sectors. But these are vulnerable to the removal of the currency support. “Dividends in the FTSE are a currency story, a Brexit story and a U.S. story,” said Kokou Agbo-Bloua, flows strategist at Societe Generale. “People liked buying the FTSE 100 and dividends because the pound went down (after the vote to leave the European Union –- but now that the dollar is falling that trade is becoming less profitable.” Miners are only just coming back into the dividend-paying fold, and yields for the likes of Rio Tinto and Glencore are at or below the index average, indicating investors are far less concerned than in 2015 when management was on the brink of slashing dividends as the sector entered a painful commodity downturn Basic resource companies accounted for 1.1 billion of the total 2.6 billion pound year-on-year increase in FTSE 100 dividends in the second quarter, Capita Asset Services said. This quarter every FTSE 100 mining company increased dividend payout, with sterling’s weakness a big boost to all of them. Glencore ( GLEN.L ) returned to its dividend this year for the first time since 2015, and its current dividend yield of just under 2 percent signals investors predict it will increase. Banks reviving from a multi-year downturn are also beginning to give money back to shareholders, with Lloyds ( LLOY.L ) increasing its payout last week, while HSBC ( HSBA.L ) kept its dividend flat. But investors keen to benefit from banks'' recovery would be better placed looking in euro zone blue chips, where financials are the biggest contributor to dividends, with 30 percent of the total Euro Stoxx 50 .STOXX50E payouts.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-dividends-analysis-idUKKBN1AP19L'|'2017-08-09T18:43:00.000+03:00'
'df465c21d64a4afcb1ebd7ee130ebd1c30f92664'|'Cyclicals and ex-divs send European shares to four-month low'|'August 10, 2017 / 7:32 AM / 37 minutes ago Cyclicals and ex-divs send European shares to four-month low Kit Rees and Helen Reid 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 9, 2017. Staff/Remote LONDON (Reuters) - European shares dropped to their lowest level since late March on Thursday as cyclicals fell and some big stocks went ex-dividend, overshadowing a number of upbeat earnings reports. The pan-European STOXX 600 index ended down 1 percent at 376.05, after touching 375.42, its lowest level since March 28 as basic resources .SXPP and banks .SX7P fell. Euro zone blue chips .STOXX50E slipped 1.1 percent. In London, the FTSE 100 .FTSE lost 1.4 percent as large caps Anglo American ( AAL.L ), BT Group ( BT.L ), Rio Tinto ( RIO.L ) and Lloyds ( LLOY.L ) fell after going ex-dividend, while Germany''s DAX .GDAXI retreated 1.2 percent. Company results were back in focus after rising political tensions between the United States and North Korea hit risky assets globally on Wednesday. Shares gaining ground included insurer Aegon ( AEGN.AS ) and soft drinks bottler Coca Cola HBC ( CCH.L ), which rose 5.3 percent and 9.2 percent respectively after their updates. Aegon beat expectations for its second quarter underlying pretax profit, while Coca Cola HBC shares hit a record level after first half sales were higher than expected. "Aegon released a very strong set of Q2 results marked by a significant increase in the group SII ratio, strong underlying earnings and an improved outlook for capital generation," analysts at KBC Securities said in a note. Telecoms company SFR ( SFRGR.PA ) jumped 9.2 percent after Altice ( ATCA.AS ) raised its stake in the firm to more than 95 percent and said it was planning a full buyout offer for the remaining shares. Second-quarter results, however, put pressure on shares in staffing firm Adecco ( ADEN.S ), chemicals company Lanxess ( LXSG.DE ) and consumer group Henkel ( HNKG_p.DE ), which were among the biggest fallers. Around 80 percent of MSCI Europe firms have reported second quarter earnings so far, of which more than 60 percent have either met or beaten analysts'' expectations, according to Thomson Reuters data. Financials and the energy and materials sectors have seen the most beats, while industrials have had the most misses. "Broadly in Europe, I had thought that (earnings) wouldn''t be as good, partly because the strength of the euro would make (firms'') export markets less attractive and earnings would be more impinged by that, but it doesn''t so far seem to be the case," said James Butterfill, head of research and investment strategy at ETF Securities. Societe Generale analysts said the relationship between the euro and euro zone stocks had flipped (see chart below). "In the first part of the year, both the euro and euro zone equity markets were up, as the two assets were driven by a stronger economic outlook for the euro area," they said in a note. "Since mid-May, the correlation has changed: the euro strengthening has become a headwind for the Eurostoxx index." Shares in Belgian biotech firm Galapagos ( GLPG.AS ) were among top risers on the STOXX index, surging 8 percent after a successful mid-stage study for the firm''s lung fibrosis drug. Reporting by Kit Rees and Helen Reid; editing by Alexander Smith and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AQ0RC'|'2017-08-10T19:22:00.000+03:00'
'2a6da077a0aa3cd74e9e1b622c01c9c2cb2ff8a3'|'Canada''s Manulife plays down John Hancock spinoff talk'|'August 10, 2017 / 2:10 PM / in 4 hours Canada''s Manulife plays down John Hancock spinoff talk Matt Scuffham 3 Min Read Chief Financial Officer of Manulife Financial Corporation Steve Roder speaks to shareholders at the company''s Annual General Meeting, in Toronto May 1, 2014. Fred Thornhill TORONTO (Reuters) - Manulife Financial Corp ( MFC.TO ), Canada''s biggest life insurer, on Thursday played down reports that it is exploring an initial public offering of U.S. unit John Hancock. "It''s all market rumor and speculation as far as I''m concerned," Chief Financial Officer Steve Roder said in an interview. The Wall Street Journal reported in July that Manulife was under pressure from some shareholders to make the move after years of disappointing results at the unit. Manulife acquired John Hancock for C$15 billion in 2004 in a deal that doubled the size of the insurer. There has been speculation in recent years that the business could be sold as the company has made Asia its priority for growth. The company has said it would consider selling some businesses that are hindering growth. "For the last 18 months or so, we''ve highlighted to our investors that we are always considering how we can optimize our balance sheet and accelerate the growth in (return on equity)," Roder said. On a conference call with investors on Thursday, outgoing Chief Executive Don Guloien said Manulife had "some challenging blocks of legacy business" and "regularly investigates all opportunities of improving shareholder value". When asked if he thought an IPO of John Hancock was a non-starter he replied: "No, I don''t think there are any non-starters. When you run a public company you''ve got to look at every perspective in a dispassionate way. That''s not to suggest that we would do that or that''s it''s easy to do. The ultimate determination would be is it good for building shareholder value? That would be the criteria our company would use." Manulife and rival Sun Life both reported second-quarter earnings that beat analyst expectations after the market closed on Wednesday, benefiting from strong performances in Asia. Sun Life was up 0.6 percent in early trading on Thursday with Manulife down 1.8 percent. Guloien is due to retire as CEO on Oct. 1 and will be replaced by Roy Gori, who currently heads the group''s Asia operations. Reporting by Matt Scuffham; Editing by Lisa Von Ahn and Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-manulife-results-johnhancock-idUSKBN1AQ1DS'|'2017-08-10T22:10:00.000+03:00'
'809bb2b6ff6a2cb390c5a7b08362cfe0c1032a25'|'Buoyant bitcoin stirs crypto-bubble fears'|'August 10, 2017 / 6:12 AM / 20 minutes ago Buoyant bitcoin stirs crypto-bubble fears Jemima Kelly 7 Min Read FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. Illustration/Benoit Tessier/File Photo LONDON (Reuters) - Bitcoin and other "cryptocurrencies" are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of hundreds of newer, smaller digital rivals in its wake. Now some investors fear a giant crypto-bubble may be about to burst. It has been a year of unprecedented growth for the largely unregulated market, with dozens of new currencies appearing every month in "Initial Coin Offerings" or ICOs. They have achieved value almost instantly, drawing in those who are eager to get in and make a quick buck. At the start of 2017, the total value - or market cap - of all cryptocurrencies in existence was about $17.5 billion, with bitcoin making up almost 90 percent of that, according to industry data firm CoinMarketCap. It is now around $120 billion - around the same value as Goldman and RBS together - and bitcoin makes up only 46 percent. Bitcoin Cash, a clone of bitcoin that was split off from the original last week by a rival group of developers, was valued at more than $12 billion less than 24 hours after it had started trading. "It''s just created new value out of nowhere," said Rob Moffat, a partner at Balderton Capital, a London-based venture capital firm who focuses on fintech. "There''s no fundamentals behind any of this - it''s all based on public perception, so you can start to see some really strange phenomena." For an interactive Reuters graphic of the top cryptocurrencies, click on: here Cryptocurrencies - so-called because cryptography is used to keep transactions secure - allow anonymous peer-to-peer transactions between individual users, without the need for banks or central banks. They use blockchain technology, a shared record-keeping and processing system that means digital money cannot be copied and spent more than once. Billionaire U.S. investor Howard Marks likens the market to the dotcom bubble of the turn of the century - whose demise he predicted. He said in a recent investor letter that digital currencies were an "unfounded fad ... based on a willingness to ascribe value to something that has little or none beyond what people will pay for it". But advocates of cryptocurrencies say 2017 is just the beginning of bull run. They argue the finite nature of these currency units - there will never be more than 21 million bitcoin, for example - as well as the technological innovation that underpins them will ensure their enduring value. "The idea of this thing being a bubble is silly. We''re in the bottom of the first innings," said Miguel Vias of Ripple, the third-biggest cryptocurrency, who was previously global head of precious metals and metal options at CME Group. DASH TO ETHER Whichever way cryptocurrencies move, they are likely to move together because their values are highly correlated, feeding off each other and magnifying the market effect. That''s partly down to investor sentiment, but also because the start-ups issuing new coins in ICOs generally collect money in a more liquid cryptocurrency, such as bitcoin or, more commonly, Ethereum''s ether - the second-biggest cryptocurrency in total value. That has driven demand for ether, which has climbed over 3,000 percent so far this year and now has a market cap of around $28 billion. Bitcoin, which was launched in 2009, was the first successful cryptocurrency and is still easily the biggest, with a market cap of over $54 billion. Its price has shot up around 225 percent so this year, and performed better than any conventional, central-bank issued currency in every year since 2010 bar 2014. The blockchain-based currencies that have been built since bitcoin - 842, at last count - vary hugely in terms of their credibility. Sceptics say bitcoin and its rivals are not particularly useful as currencies, as they are still volatile and not accepted by most merchants. They are mostly just used for speculative trading purposes. There are some signs of acceptance of the biggest players by the establishment, however; Ethereum has been piloted by the United Nations as a way to distribute funds to Syrian refugees. Ripple has been successfully used as a payment method between settlement systems in a Bank of England trial. Some other, smaller cryptocurrencies such as Dash, Monero and Z-cash are seen as having real value by some users because they offer an even higher level of anonymity than the likes of bitcoin. Whistle-blowing website Wikileaks this week said it would accept Z-cash for online donations. ''DARWINISM IN REAL-TIME'' It is mainly the new "token" cryptocurrencies that are issued in ICOs with no regulatory oversight, which have exploded since the start of the year, that are causing the most anxiety. One, the "Useless Ethereum Token", which appears to have been set up as a way of showing how worthless many of the ICOs really are, is nonetheless changing hands for 3 cents a unit. "No value, no security, and no product. Just me, spending your money," its website states. "It''s just so easy to raise money on an ICO right now, it just feels like there''s a gold rush going on there," said Moffat. "Some of the new currencies - beyond bitcoin and Ethereum - could crash to zero." By mid-July, about $1.1 billion had been raised in ICOs this year, roughly 10 times more than that in the whole of 2016, according to cryptocurrency research firm Smith + Crown. (Graphic: tmsnrt.rs/2ueAWvr ) The rapid ascent of ICOs prompted the U.S. Securities and Exchange Commission (SEC) to warn last month that some ICOs should be regulated like other securities. This is new digital territory and how the rapidly proliferating cryptocurrency market will play out is anyone''s guess. While critics say the highly correlated nature of the currencies means the weakness of newer entrants could bring the whole house down; others argue market forces will ensure the best players prevail. "Will some of these (currencies) go away? Of course," said Vias of Ripple. "We’re going to see Darwinism in real-time here. Only the strong will survive." For graphic on cryptocurrencies click: here Reporting by Jemima Kelly; Editing by Pravin Char 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-markets-currencies-crypto-idUKKBN1AQ0J9'|'2017-08-10T09:02:00.000+03:00'
'6b0d4267a03d910700268c9fb8e58884b1923108'|'Britain to dodge recession but pay to keep getting squeezed'|'August 10, 2017 / 5:53 AM / 17 minutes ago Britain to dodge recession but pay to keep getting squeezed: Reuters poll 3 Min Read FILE PHOTO: The City of London is seen from Canary Wharf, Britain May 17, 2017. Stefan Wermuth/File Photo LONDON (Reuters) - Britain will avoid recession in the coming year but economic growth is expected to lag the euro zone, a Reuters poll showed on Thursday. Consumers will feel the pinch from wage increases failing to keep up with rising prices. It is just over a year since Britons voted to leave the European Union, a decision that has knocked around 13 percent from sterling''s value, in turn driving inflation well above the Bank of England''s 2 percent target as imports became more expensive. Inflation will peak at 2.9 percent in the last quarter of 2017, according to the poll of almost 70 economists taken this week, but that won''t push the central bank to tighten its ultra-loose monetary policy anytime soon. Bank Rate was cut to a record low 0.25 percent in the months after the Brexit referendum and won''t be lifted until 2019, the poll found. "UK monetary policy is likely to be (as it should be) ''data dependent''," said Simon Wells at HSBC. "The data are likely to stay fairly weak as consumers continue to face an income squeeze and firms wait for more clarity on the Brexit deal before growing investment rapidly." Consumers played a key role in driving economic growth last year but pay increases have been lagging inflation, something that is expected to continue. Wages will rise 2.2 percent this year and 2.5 percent next whereas inflation will average 2.7 percent in 2017 and 2.6 percent in 2018, according to medians. The BoE forecasts wages will rise 3.0 percent next year. BREXIT WOUND Reuters polls over the past few months have repeatedly said a disorderly Brexit, where no deal is reached when the two years of talks are due to conclude, would be the worst outcome for sterling and Britain''s economy. Negotiations over leaving the EU have not begun well due to disagreements among Prime Minister Theresa May''s team of ministers about the kind of deal they should be seeking, a former top British diplomat said this week. In the first full round of Brexit talks last month there was little compromise between the two sides on key disputes and the lack of clarity around how the divorce ends has stopped firms from investing. BoE Governor Mark Carney has said uncertainty about Brexit -- in particular, lower investment by companies -- meant the economy could not grow as fast as before without pushing up inflation. But the economy is still expected to grow, albeit slowly, and there is a median likelihood of a recession in the coming year of just 20 percent. Only two economists polled -- at Fathom Consulting and BayernLB -- gave a forecast above 50 percent. Britain''s economy -- one of the fastest growing among the Group of Seven rich nations last year but now one of the slowest -- will expand just 0.3 percent per quarter through to the middle of next year, the poll found. That compares with predicted 0.4 percent per quarter forecasts for the euro zone. Reporting by Jonathan Cable Polling by Sarmista Sen and Anisha Sheth; Editing by Ross Finley/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-economy-poll-idUKKBN1AQ0HL'|'2017-08-10T08:48:00.000+03:00'
'a3dbdd8c133f1ff4499cbfd2d836e68096f9fa06'|'Australia''s Pepper Group accepts $518 million KKR takeover offer'|'SYDNEY (Reuters) - Australian non-bank lender Pepper Group ( PEP.AX ) agreed on Thursday to a A$657 million ($518 million) takeover from U.S. private equity giant KKR ( KKR.N ), the latest in a rush of players hungry for a slice of the country''s property boom.Pepper said it entered a scheme implementation deed with KKR-controlled bidders, which allows shareholders to choose either A$3.60 a share cash payment, or shares in the bidding vehicle."We believe it represents a compelling opportunity for shareholders, allowing them to choose to either obtain liquidity for their shares at an attractive valuation or remain invested in the Pepper business," Pepper Group Chairman and top shareholder Seumas Dawes said.The deal buys KKR exposure to Australia''s A$1.7 trillion ($1.30 trillion) mortgage market, which is highly profitable with very low delinquencies and lucrative commissions.The offer is a 3.7 percent premium to Wednesday''s closing share price of A$3.47. The scheme is expected to be implemented in November, Pepper said."Pepper is positioned to thrive in the current market environment," said Dan Pietrzak, managing director of bidder KKR Credit Advisors LLC, in an emailed statement.Its loan book jumped 36 percent in 2016, compared with the banking sector''s 6.5 percent credit growth, as big banks backed off risky lending in response to regulators'' concerns about ballooning household debt.In June, publisher Fairfax Media Ltd ( FXJ.AX ) followed rival News Corp ( NWSA.O ) with plans to enter the mortgage broking business, which generates A$2 billion a year in commission.Reporting by Tom Westbrook; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-pepper-group-m-a-kkr-idINKBN1AQ00X'|'2017-08-09T22:18:00.000+03:00'
'b9afca31d3d8b1e02f31ea3f80d8464949b167e8'|'Steel price recovery boosts Thyssenkrupp third-quarter results'|'The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. Wolfgang Rattay/Files FRANKFURT (Reuters) - Thyssenkrupp posted higher-than-expected third-quarter group orders and profits at its steel business in Europe, which CEO Heinrich Hiesinger is hoping to merge with its counterpart at Tata Steel.Helped by a recovery in steel prices, the company posted a 14 percent rise in third-quarter order intake to 10.7 billion euros ($12.6 billion) and adjusted earnings before interest and tax (EBIT) of 620 million.Analysts had, on average, expected order intake of 10.3 billion euros and adjusted EBIT of 493 million."We are pleased by the recovery in earnings at the materials businesses. We have achieved the minimum level necessary to cover the cost of capital," Hiesinger said in a statement.Quarterly operating profit at Steel Europe more than doubled to 232 million euros, well above the poll average of 187 million.Shares in Thyssenkrupp, which makes everything from steel and elevators to submarines and car parts, were indicated to open 0.3 percent higher in pre-market trade.Investors are, however, growing impatient about the efforts of Hiesinger to merge Steel Europe with the European steel business of Tata Steel, which sources say he hopes to agree before the end of next month."Keep in mind the market awaits a solution for the European steel business and Thyssen has to deliver on this matter now," a Frankfurt-based trader said. "Gearing remains very high."Thyssenkrupp did not comment on the matter in its nine-month report but said large swings in steel and raw material prices were a key argument for its focus on more stable and better performing business lines, most notably its elevators business.Thyssenkrupp kept its outlook for sales and profits but toned down its forecast for free cash flow before M&A, citing the sale of its Brazilian steel mill CSA, which closes earlier than expected.It now expects free cash flow before M&A to be negative in the mid to higher triple-digit million euro range. It was previously forecast to be a negative mid triple-digit million euro amount.($1 = 0.8510 euros)Editing by Georgina Prodhan and David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/thyssenkrupp-results-idINKBN1AQ0FW'|'2017-08-10T08:19:00.000+03:00'
'a0df4435bd7936c8611753ccb4060d982ea63787'|'Snap shares up ahead of results; options traders eye steep stock swing'|'August 9, 2017 / 8:49 PM / 18 minutes ago Snap shares up ahead of results; options traders eye steep stock swing Noel Randewich and Saqib Iqbal Ahmed 3 Min Read FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo SAN FRANCISCO/NEW YORK (Reuters) - Shares of Snap Inc rallied on Wednesday as options traders buckled in for the social media company''s quarterly results and after an analyst said the beaten-down stock was "getting interesting." Shares of Snap, owner of the popular messaging app Snapchat, have been punished by investor concerns about user growth and waning confidence in the company''s ability to ever turn a profit. The shares are down 50 percent from the record high reached shortly after Snap''s market debut in early March. Shares of Snap closed up 4.15 percent at $13.56 on Wednesday, still well below the $17 price in the initial public offering, the third-largest IPO for a U.S. technology company. The company is set to report quarterly results after the market close on Thursday. Recent options transactions imply traders expect a 15 percent one-day swing for the stock in either direction following the quarterly results. Opening the door to more volatility, Snap employees on Monday will be permitted to sell shares for the first time since the IPO, in the second expiration of restrictions on sales by certain shareholders. Restrictions on stock sales by early investors in Snap expired on July 29. Snap has been a favourite of short sellers - who bet that a stock will fall - and the expiration of the lockup last month increased the number of shares available for trade. Traders are now paying an annualised interest rate of 3.5 percent to borrow Snap shares in order to short them far less than rates over 70 percent ahead of that lockup expiry, according to S3 Partners, a financial analytics firm. Short bets have increased to 70 million shares from 67 million at the end of July. Snap''s chief executive, Evan Spiegel, and co-founder Robert Murphy each own 211 million shares and are the company''s two largest shareholders. Some investors believe that on an analyst conference call following the quarterly report, Spiegel may reassure investors that he has no immediate plans to sell. "People would be encouraged by that, inside and outside the company," CFRA analyst Scott Kessler said in a recent interview. On May 11, shares plunged 21 percent after Snap, in its first quarterly report as a public company, released results that missed some Wall Street estimates. FBN Securities analyst Shebly Seyrafi on Wednesday cut his price target for Snap''s stock to $17 from $21, and wrote that at current levels Snap is "getting interesting" and could become an acquisition target for Facebook Inc. For the quarter ending in June, analysts on average expect $187 million (143.77 million pounds) in revenue and an adjusted loss of 14 cents per share, according to Thomson Reuters data. On a GAAP basis, Snap is expected to post a loss of $359 million. Reporting by Noel Randewich in San Francisco and Saqib Ahmed in New York; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-snap-stocks-idUKKBN1AP2JL'|'2017-08-09T23:49:00.000+03:00'
'd0358b4371715a55e93234a1f65ff6336c694282'|'U.S. card firm Vantiv clinches $10 billion deal to buy Worldpay'|'LONDON (Reuters) - U.S. credit card processing company Vantiv secured a deal to buy Worldpay for 8 billion pounds ($10.4 billion) on Wednesday in a bid to create a $29 billion global payments powerhouse.Vantiv''s move, one of the biggest takeovers of a British firm since last year''s Brexit vote, is part of a wave of payments company mergers as consumers move away from cash transactions to digital payments.Companies such as Vantiv with a strong presence in the United States are scrambling to establish a global footprint in the fast-evolving payments industry.Once a backwater of banking, the sector is now both lucrative and fast-growing, but also faces competition from newcomers trying to disrupt the way merchants are paid.Shares in Worldpay, Britain''s biggest payment provider, closed 1.28 percent higher at 388.5 pence after Wednesday''s announcement of the deal, which marks the second biggest takeover of a British company this year after China Investment Corporation''s $13.8 billion purchase in June of London-based warehouse firm Logicor.Other recent deals in the payment sector include Britain''s Paysafe Group backing a 3 billion pound takeover offer from a consortium of Blackstone and CVC Capital Partners and French payments specialist Ingenico making a 1.5 billion euro swoop on Swedish rival Bambora.Although Vantiv''s deal was first announced on July 5, it has taken several weeks to conclude, with the deadline for a formal offer extended twice as Vantiv and Worldpay haggled over governance and safeguarding British jobs.The combined Worldpay and Vantiv, which were both spun out of banks and have thrived in their home markets, will be called "Worldpay" and headquartered in Cincinnati, with a primary listing in New York and a secondary one in London.Worldpay said that Vantiv has offered 55 pence in cash, 0.0672 of a new Vantiv share, an interim dividend of 0.8 pence per Worldpay share and a special 4.2 pence dividend, valuing the former RBS business at 397 pence per share."Our combined company will have unparalleled scale, a comprehensive suite of solutions, and the worldwide reach to make us the payments industry global partner of choice," Vantiv''s president and CEO Charles Drucker said, adding that the deal will bring benefits in terms of size and technology.Worldpay shareholders will own around 43 percent, while Vantiv investors will have 57 percent of the combined group whose pro forma enterprise value is more than 22 billion pounds.Vantiv is paying a premium of 22.7 percent to the closing Worldpay share price of 320 pence on July 3, the last business day before the offer period started, and has proposed a "mix and match" facility which allows Worldpay shareholders to vary the proportion of shares and cash they receive.The company''s international operations will be run from London, but there will be no formal guarantees for jobs in Britain where Worldpay''s UK division employs about 1,200 of its roughly 5,000 total.GLOBAL PLATFORM The combined company will process some $1.5 trillion in payments and 40 billion transactions through more than 300 payment methods in 146 countries and 126 currencies, with a combined net revenue of over $3.2 billion."We''re creating a truly global platform for expansion," said Worldpay CEO Philip Jansen, adding the business will rank as the top payment firm in the U.S. and in Europe and sees scope for additional growth in Latin America and the Asia Pacific region.The new Worldpay will be led by Vantiv boss Charles Drucker as executive chairman and co-CEO while Worldpay''s Jansen will report to Drucker and act as co-CEO.Vantiv chief financial officer Stephanie Ferris will become the group''s CFO and report to Drucker.The combined group will see five Worldpay directors sitting on the board with Sir Mike Rake, who is Worldpay''s non-executive chairman, becoming lead director of the new board.The deal, which has been unanimously recommended by Worldpay directors, is expected to close early next year at the latest with no major regulatory concerns, Worldpay and Vantiv executives told analysts.FRAGMENTED MARKET Goldman Sachs and Barclays acted for Worldpay, while Morgan Stanley and Credit Suisse worked with Vantiv on the deal, which gives Worldpay an enterprise value of about 9.3 billion pounds and will result in annual recurring pre-tax cost synergies of about $200 million.These synergies are expected to be fully realised by the end of the third year following completion of the merger.But the combined group is also expected to incur one-off restructuring and integration costs of around $330 million.Craig Bonthron, a fund manager at Kames Capital, said that the deal was a sensible transaction which allowed UK investors to participate in the upside and would help consolidate "what is a fragmented market and diversify Vantiv''s revenues away from struggling ''big box'' retailers in the U.S."But a top 20 Worldpay investor told Reuters he wanted to speak to Worldpay''s directors because he felt Vantiv''s bid undervalued the business, although he welcomed a secondary listing in London."The tweaks (to the initial bid) have been beneficial but the fundamental questions around valuation persist," he said.($1 = 0.7699 pounds)Additional reporting by Arathy Nair, Simon Jessop and Ben Martin; Editing by Rachel Armstrong and Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/worldpay-m-a-vantiv-idINKBN1AP0WX'|'2017-08-09T07:10:00.000+03:00'
'ab1993fb12046d374e99d14aeebc854221814c85'|'UPDATE 1-Nigeria to refinance $3 bln worth of T-bills with dollar debt -minister'|'(Adds details, Quote: s, GDP projection)By Felix OnuahABUJA, Aug 9 (Reuters) - Nigeria plans to refinance $3 billion worth of maturing naira-denominated short-term treasury bills with dollar borrowing of up to three years'' maturity, to lower costs and improve its debt position as the economy recovers from a recession.Finance Minister Kemi Adeosun said on Wednesday she was aiming to borrow less in naira and more in foreign currency. She said the government could borrow at a cost of 7 percent overseas, roughly half the interest rate it currently pays locally."As the economy recovers and grows we will be in a much better position to repay instead of just rolling over the debt," she told reporters after a cabinet meeting where the government approved a spending plan for 2018-2020.Dollars have been in short supply in Nigeria since the price of crude oil, the main source of hard currency, plunged in mid-2014, triggering a currency crisis, an exodus of foreign investors and its first recession in 25-years.The government expects the economy to recover this year and grow by 2.2 percent. The International Monetary Fund sees just 0.8 percent growth.Adeosun said the government was aiming to restructure its debt portfolio into longer term maturities by borrowing more offshore and less at home to lower cost and also support private sector access to credit to boost the economy.Adeosun said the government would issue dollar debt as $3 billion worth of naira treasury bills mature. She did not provide a timeframe for this.Nigeria expects a shortfall of $7.5 billion for its 2017 budget. It expects to raise around half of that in foreign loans including from the World Bank and from international debt markets."We are not increasing our borrowings. We are simply restructuring. Instead of owing naira, we will be owing dollars," Adeosun said.At the briefing, Udoma Udo Udoma, minister for budget and national planing said the government had approved "a slightly different" growth trajectory of 3.5 percent for next year, down from 4.8 percent it announced last week in its strategy paper.Udoma forecast growth would top 4.5 percent by 2019 and 7 percent by 2020, adding that the government was projecting 2.3 million barrels per day crude production for next year at a price of $45 a barrel.He said the government was committed to exploring ways of raising additional revenues to lower the debt service burden. (Writing by Chijioke Ohuocha; Editing by Catherine Evans and Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/nigeria-borrowings-idINL5N1KV69W'|'2017-08-09T15:21:00.000+03:00'
'e690a463d79a2ddc1d5dab33c59a3c583eb4f569'|'Deals of the day-Mergers and acquisitions'|'Aug 8 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Tuesday:** Nissan Motor Co said it has agreed to sell its electric battery business to Chinese investment firm GSR Capital for an undisclosed sum.** British payments firm Worldpay said the deadline for its long-awaited deal with U.S. suitor Vantiv has been pushed back four days because the two companies need more time to reach a final agreement.** China''s Dalian Wanda Group said that media reports about it fielding offers to sell two real-estate projects in Australia were "completely false".** Worries about outflows from Standard Life''s flagship multi-asset strategy hit its shares, ahead of an 11 billion pound ($14.4 billion) merger with Aberdeen Asset Management to form Britain''s largest active manager.** French media giant Vivendi said on Monday it has no "de facto control" over Telecom Italia under Italian law.** Eden Creamery LLC, the privately owned U.S. manufacturer of low-calorie ice cream brand Halo Top, is exploring a sale that it hopes will value the ice cream brand at as much as $2 billion, people familiar with the matter said on Monday.** Creditors of Dongbei Special Steel Group Co Ltd have approved a draft plan to restructure the stricken northeastern Chinese steelmaker, the company said.** A minority investor in TPI Triunfo Participações & Investimentos SA asked Brazilian regulators on Monday to investigate whether state development bank BNDES'' investment arm BNDESPar used privileged information to sell the infrastructure company''s shares before an out-of-court debt restructuring.** Private equity firm Centerbridge Partners will use roughly $800 million of term loans to partially fund its purchase of U.S. restaurant equipment and supplies distributor TriMark USA, according to three sources familiar with the matter.** Power plant and energy trading group Uniper has raised its dividend and profit outlook for 2017, possibly increasing the appeal of a 47 percent stake in the company which parent E.ON plans to sell.** DiDi Chuxing, China''s largest ride-hailing firm, has invested in Middle East online taxi service Careem in a new partnership deal that marks Didi''s latest international expansion against rival Uber.** Pan-European bourse Euronext said it would extend its contract with Britain''s LCH in a surprise move that could defuse tension over where clearing of euro-denominated transactions should take place after Brexit. (Compiled by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KU3JS'|'2017-08-08T08:04:00.000+03:00'
'd07a2e433a22b005a589b61e6a8d8c6fdb2b5527'|'Uniper CEO sees no benefit in large-scale M&A'|'FILE PHOTO: The flag of Uniper SE flutters in front of the utility''s firm headquarters previously used by German utility giant E.ON in Duesseldorf, Germany, June 8, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Uniper Chief Executive Klaus Schaefer does not see the benefits from large-scale consolidation in Europe''s power sector, he told journalists on Tuesday, following months of M&A speculation that has gripped the industry."It doesn''t really make sense," Schaefer told journalists following the presentation of first-half results that included a raised outlook for profit and the group''s planned dividend.Bankers and executives are currently looking at a number of different M&A scenarios, several sources told Reuters earlier this year, including RWE''s 77-percent stake in Innogy and E.ON''s 47-percent stake in Uniper.Reporting by Christoph Steitz; Editing by Maria Sheahan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-uniper-results-m-a-idINKBN1AO0X0'|'2017-08-08T07:25:00.000+03:00'
'2bf532496652aba96f2547fe05a3ec0f8349106e'|'CANADA STOCKS-TSX opens higher; Valeant jumps'|'TORONTO, Aug 8 (Reuters) - Canada''s main stock index opened modestly higher on Tuesday, as better-than-expected quarterly results from Valeant Pharmaceuticals International Inc helped offset declines in tech stocks.The Toronto Stock Exchange''s S&P/TSX composite index rose 17.17 points, or 0.11 percent, to 15,275.14. Seven of the index''s 10 main groups advanced. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL1N1KU0J3'|'2017-08-08T16:45:00.000+03:00'
'3962f71a77495eae50fc8da913677f074ed99f39'|'Exclusive: Toshiba auditor to split opinion on finances, governance - sources'|'FILE PHOTO: Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Picture taken on January 16, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - The auditor for Toshiba Corp ( 6502.T ) is likely to sign off on the conglomerate''s annual results while giving a thumbs down on the group''s corporate governance during a series of crises, people with direct knowledge of the discussions said on Tuesday.PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, the two sources told Reuters.That would end a period of limbo when the auditor withheld its opinion as it checked problems that bankrupted Toshiba''s U.S. nuclear power engineering unit in December.However, PwC will give an "adverse" statement on the company''s internal controls in Thursday''s results, they said.Investors have feared an adverse statement could lead to a delisting of the 140-year-old company, complicating its ability to raise money for its cash-hungry memory-chip business and jeopardizing its competitiveness.But with the highly unusual split decision, one source said they were of the opinion that "Toshiba can avoid delisting if it shows a path towards improving its internal controls."Toshiba is already barred from issuing equity as a result of its 2015 accounting scandal.The auditor could not be reached for comment outside business hours.A Toshiba spokesman said, "We have not received the opinion from our auditor yet. We are in talks with the auditor to submit the financial statement by the deadline."Since taking over as Toshiba''s auditor in June last year, PwC has yet to endorse the firm''s financial results. Sources have said it was querying whether Toshiba should have recognized multi-billion dollar losses at U.S. nuclear power engineering arm Westinghouse Electric Co before December.A writedown at Westinghouse and other liabilities linked to the nuclear unit have pushed Toshiba into negative shareholders'' equity of $5.2 billion, forcing it to put its prized memory chip unit up for sale.A mixed review by PwC, by allowing it to avoid a delisting, may remove one less headache for Toshiba. But it still faces uncertainty as talks to sell the chip business have stalled, raising concerns over whether it can plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear power business.A qualified opinion on a company''s finances means the auditor has found minor problems with the books but is still broadly vouching for them. It is below the highest grade, an "unqualified opinion."It is unusual to issue a qualified statement in Japan, said a source at the stock exchange. A split decision giving a qualified opinion on finances and adverse opinion on governance is almost unheard of, said this source and another at the Financial Services Agency regulator.Additional reporting by Takahiko Wada and Makiko Yamazaki; Writing by William Mallard and Ritsuko Ando; Editing by Susan Fenton, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-toshiba-accounting-exclusive-idUSKBN1AO165'|'2017-08-08T16:03:00.000+03:00'
'94a2622004f5c500c9923a97274ca32753393ee6'|'Lower Saxony should sell VW stake: Free Democrats'|'August 9, 2017 / 10:21 AM / 3 hours ago Germany''s FDP says Lower Saxony should sell $9 billion VW stake Joseph Nasr and Thomas Escritt 3 Min Read VW Golf cars are pictured in a production line at the plant of German carmaker Volkswagen in Wolfsburg, March 9, 2017. Fabian Bimmer BERLIN (Reuters) - Germany''s Free Democrats (FDP) party has called for the state of Lower Saxony to sell its $9 billion stake in Volkswagen ( VOWG_p.DE ), seizing on the emissions scandal at the carmaker as an opportunity to burnish its pro-business credentials ahead of an election. The state''s ownership of a fifth of VW came into the spotlight this week when Bild am Sonntag reported premier Stephan Weil had once let the company vet a speech to the region''s parliament, raising questions over his ability to act as an effective independent public shareholder. "The state should completely privatize VW," FDP leader Christian Lindner was quoted saying by Handelsblatt newspaper. "The VW law is an anachronism," he added, referring to legislation governing Lower Saxony''s stake in the firm. But with an election for a new state parliament due on Oct. 15, the FDP''s potential coalition partners distanced themselves from a proposal that appeals to the FDP''s core business vote but which is anathema to the wider voting public. Germany''s leading carmakers are embroiled in scandal over attempts to disguise their vehicles'' emissions, fueling a perception that they enjoy an unduly close relationship with the German government and giving privatization calls more traction. Chancellor Angela Merkel''s conservatives are forecast to displace Weil''s governing Social Democrats (SPD) in Lower Saxony, though either would likely need a coalition partner to govern. Anybody wanting to repeal the VW law "is concerned not for the good of Lower Saxony but for the interests of private investors," said SPD General Secretary Hubertus Heil, warning that privatization would lead to shuttered factories and lost jobs in Germany. And even the CDU, traditionally the more pro-business of the two major parties, was cautious. "Anybody who wants to get rid of Lower Saxony''s stake in VW has to get past me," said the CDU''s state-level head Bernd Althusmann. Lower Saxony owns about 59 million shares in VW, worth more than 7.6 billion euros ($8.9 billion) as of Tuesday''s closing price, according to Thomson Reuters data. Lindner also urged the federal government to sell its 31.9 percent stake in Deutsche Telekom ( DTEGn.DE ) and 21 percent share in Deutsche Post ( DPWGn.DE ). Editing by Jason Neely and David Holmes 0 : 0'|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-volkswagen-emissions-lindner-idUSKBN1AP138'|'2017-08-09T18:21:00.000+03:00'
'ed8060dbf5ff7cfea9c4e6ff9e05ff441f304e34'|'Colombia finance minister sees no ''shadow'' of ratings cut - Reuters'|'Colombia''s Finance Minister Mauricio Cardenas speaks during an interview with Reuters in Bogota, Colombia August 8, 2017. Jaime Saldarriaga BOGOTA (Reuters) - There is little chance Colombia will have its sovereign credit rating downgraded any time soon, the country''s finance minister said late on Tuesday, as the government remains committed to bolstering economic growth and meeting its fiscal targets."There''s not even a shadow on the horizon" that Colombia could get its ratings cut, said Mauricio Cardenas, interviewed for the Reuters Latin American Investment Summit.Cardenas said he expected Standard & Poor''s Global Ratings to soon change Colombia''s credit outlook to stable from negative. Both Moody''s Investors Service and Fitch Ratings maintain a stable outlook.Even so, many economists have concluded that Colombia, which narrowly avoided a rating cut last year, may not meet its budget deficit target as weak oil prices and sluggish economic growth continues to bring in less revenue, putting it at risk of a downgrade.Moody''s has raised concerns about Colombia meeting fiscal targets with the weak economy, and Fitch warned that its rating could suffer if the fiscal situation undermines efforts to stabilize or reduce the debt burden in the short term.Painting a promising future, Cardenas flagged that investment in infrastructure, energy and mining would stimulate economic expansion."The central theme is to accelerate economic growth," he said."Of course there must be a favorable environment for private investment, which we have done with lower company taxes, more commercial integration globally, and naturally, something that gives investors peace of mind, keeping investment grade," Cardenas said in the interview at his Bogota office.Standard and Poor''s and Fitch hold Colombia''s credit rating at "BBB," and Moody''s Investors Service has it at "Baa2." All are investment grade, nestled two notches above junk bond territory.Colombia last year avoided a rating cut with the help of a tax reform, but many investors think another is required.In June Cardenas instituted a financing plan based on a fiscal deficit of 3.6 percent of gross domestic product this year and 3.1 percent for 2018. The scenario assumed global crude prices of $51 a barrel in 2017 and $60 a barrel in 2018.Colombia''s Finance Minister Mauricio Cardenas speaks during an interview with Reuters in Bogota, Colombia August 8, 2017. Picture taken August 8, 2017. Jaime Saldarriaga Cardenas, 55, said he is determined to stick to the so-called fiscal rule that obliges him to reduce the deficit, including additional spending cuts if necessary."We have not moved a millimeter from the fiscal rule, so any deviation has been corrected by reducing costs," said Cardenas, who has a doctorate in economics from the University of California, Berkeley. "It''s what we''ve done in the past and it''s what we''ll continue to do."He has already trimmed 5.5 trillion pesos ($1.8 billion) from next year''s budget and says efforts to raise tax revenue and reduce evasion will be enough to meet near-term fiscal goals.Last month Cardenas reduced his forecast for 2017 GDP expansion to 2 percent, down from 2.3 percent. Next year he sees growth of 3 percent, lower than an earlier prediction of 3.5 percent.Slideshow (2 Images) His bet remains above the market''s estimate of 1.8 percent this year and 2.5 percent for 2018.Cardenas, who represents the government on the central bank board, says there is not much room for additional interest rate cuts.The bank has reduced its benchmark interest rate to 5.5 percent from 7.5 percent, its level at the beginning of the year."Space is running out ... much depends on inflation but we''re nearing the neutral rate, there''s some way to go, but not much," said Cardenas.An overhaul of the pension system is also needed to put the public sector on sounder financial footing, but Cardenas said that is unlikely under his watch.He will leave a proposal on reform with the next government, which takes over from President Juan Manuel Santos in 2018."Pensions are where we spend the most," he said.Follow Reuters Summits on Twitter @Reuters_Summits.Reporting by Helen Murphy and Luis Jaime Acosta; Editing by W Simon'|'reuters.com'|'http://www.reuters.com/finance/summits'|'https://www.reuters.com/article/us-latam-summit-cardenas-idUSKBN1AP1MB'|'2017-08-09T21:46:00.000+03:00'
'0638c7932fa26cad143cae4406aa85a7df8dbdc4'|'Britain''s Go-Ahead Group loses West Midlands franchise after a decade'|' 30 AM / 9 minutes ago Britain''s Go-Ahead Group loses West Midlands franchise after a decade Reuters Staff 1 Min Read LONDON (Reuters) - British transport group Go-Ahead ( GOG.L ) on Thursday failed in its bid to retain its West Midlands rail franchise after running the network in central England for 10 years. Govia, Go-Ahead''s venture with Keolis, lost out on the contract to a Dutch-Japanese joint venture, the Department for Transport said, adding that nearly 1 billion pounds would be invested in the network around Birmingham, Britain''s second biggest city. Go-Ahead, with also runs the Southern Railway network where services have been severely disrupted by industrial action, said that it was "disappointed" to lose the contract. The franchise was awarded to West Midlands Trains, a joint venture between Abellio, East Japan Railway Company and Mitsui & Co Ltd. Govia will continue to operate trains on the network until 2017. Reporting by Alistair Smout, Editing by Paul Sandle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-go-ahead-group-franchise-west-midland-idUKKBN1AQ173'|'2017-08-10T13:30:00.000+03:00'
'e927c5dc793ebace4b8ab5f38d9074e484dad780'|'Ford Germany says all models, engines comply with emissions rules'|'August 10, 2017 / 3:08 PM / in an hour Ford Germany says all models, engines comply with emissions rules 1 Min Read FILE PHOTO: The logo of Ford Motor Company is on display at a dealership of Genser company in Moscow, Russia, February 14, 2017. Maxim Shemetov/File Photo BERLIN (Reuters) - Ford''s ( F.N ) division in Germany said on Thursday that all its vehicles and engines, including its latest diesel motors, comply with current emissions guidelines. Ford is not using illegal devices to cheat on emissions tests, the carmaker''s German division said by email. Germany''s WirtschaftsWoche magazine reported earlier on Thursday that the U.S. carmaker''s mid-sized Mondeo model was being inspected by the German vehicle authority KBA for the possible use of cheating devices. Ford said it has been contacted by the KBA about its Mondeo 2.0 TCDi model and has pledged to cooperate with the German authority. Reporting by Andreas Cremer; Editing by Tom Sims 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-ford-emissions-idUSKBN1AQ1UH'|'2017-08-10T18:06:00.000+03:00'
'8f307cc9f3c28b666edfe133d14916179e4b7296'|'Teva Pharm says looking to sell off Medis business'|'FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. Ronen Zvulun/File Photo JERUSALEM (Reuters) - Teva Pharmaceutical Industries ( TEVA.TA ), the world''s largest generic drugmaker, said on Wednesday that it would seek to divest its Medis business that it acquired with its purchase of Actavis.Israel-based Teva ( TEVA.N ), which last week reported a drop in second-quarter results and cut its outlook and dividend, said the sale was subject to definitive agreement with any prospective buyer and receipt of any necessary regulatory approvals. It did not elaborate.Reporting by Steven Scheer. Editing by Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-teva-pharm-ind-divestiture-medis-idINKBN1AP1DL'|'2017-08-09T10:16:00.000+03:00'
'223987997571785edb34d32f397c1564c3a114ce'|'BRIEF-Noodles & Company Q2 adjusted earnings per share $0.01'|' 37 PM / 14 minutes ago BRIEF-Noodles & Company Q2 adjusted earnings per share $0.01   Noodles & Co * Noodles & Company announces second quarter 2017 financial results * Q2 adjusted earnings per share $0.01 * Q2 revenue $112.8 million versus I/B/E/S view $114 million * Q2 loss per share $0.22 * Sees FY 2017 revenue $458 million to $468 million * Q2 earnings per share view $0.02 -- Thomson Reuters I/B/E/S * Sees FY company-owned comparable restaurant sales decline of low-single-digits * Noodles & Co qtrly comparable restaurant sales decreased 3.4% system-wide, decreased 3.9% for company-owned restaurants * Noodles & Co qtrly comparable restaurant sales decreased 0.4% for franchise restaurants * Noodles & Co sees flat adjusted net income for full year 2017 * Noodles & Co sees 2017 capital expenditures of $19.0 million to $23.0 million * Noodles & Co sees 2017 restaurant level contribution margin of 13.5% to 14.5% * FY2017 earnings per share view $-0.00, revenue view $460.3 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-noodles-company-q2-adjusted-earnin-idUSASB0BF60'|'2017-08-10T23:37:00.000+03:00'
'9aecf8a39f0d1c01e1783049eec7cea77c1b090a'|'Rouble steady as higher oil offset U.S. and North Korea crisis'|'MOSCOW, Aug 10 (Reuters) - The Russian rouble was stable on early trade on Thursday, under the pressure from geopolitical tensions between the United States and North Korea but supported by rising oil prices.Most emerging market currencies outside Asia were down after U.S. President Donald Trump''s warning North Korea faced "fire and fury" if it threatened the United States and Pyongyang''s response that it was considering a missile strike near Guam.The rouble on Wednesday was under pressure too, but the growth in the oil price saved the currency from a deeper fall, which showed some emergency currencies.At 0743 GMT, the rouble was 0.07 percent stronger against the dollar at 59.94 and had gained 0.42 percent to trade at 70.27 versus the euro.Brent crude oil, a global benchmark for Russia''s main export, was up 0.42 percent at $52.93 a barrel, the highest value since May 25."We continue to see foreign accounts taking spikes in the (dollar/rouble) as an opportunity to sell rouble rates, so potentially limiting the room for a correction in rouble, given the stable oil," VTB Capital said in a note.But geopolitical tensions will continue to be a risk for global markets.If the escalation of the conflict between the United States and North Korea does not go further, the rouble will remain in the range of 59.5-60.5 versus the dollar, Binbank said in a note.The rouble is also under pressure from monetary policy. Russia''s economy ministry saw inflation slowing to 3.3-3.6 percent year-on-year in August that increases the possibility that the central bank will cut the key rate.Russian share indexes were up.The dollar-denominated RTS index was up 0.53 percent to 1,041 points, while the rouble-based MICEX was 0.16 percent higher at 1,979 points.For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=For Russian equities guide seeFor Russian treasury bonds seeRussia in graphics: link.reuters.com/dun63s (Reporting by Polina Nikolskaya; additional reporting by Vladimir Abramov Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-markets-idUSL5N1KW29T'|'2017-08-10T11:06:00.000+03:00'
'6c98a8032f128569a4b0bfb0604703ed677880c2'|'MOVES-Lloyds names McDougall head of commercial real estate team'|'Aug 8 (Reuters) - Lloyds Banking Group Plc''s commercial banking division on Tuesday named Madeleine McDougall as head of its real estate team.McDougall, who most recently headed Lloyds'' institutional clients team, replaces John Feeney.Feeney was appointed to lead Lloyds'' global corporates division earlier this year. (Reporting by Vibhuti Sharma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/lloyds-bank-commercial-banking-moves-mad-idINL4N1KU580'|'2017-08-08T14:47:00.000+03:00'
'c331142fbc164ebbc186ef8cdf9003f83882e758'|'BRIEF-Dicerna Q2 net loss per share $1.15'|' 37 PM / in 14 minutes BRIEF-Dicerna Q2 net loss per share $1.15   Dicerna Pharmaceuticals Inc: * Dicerna reports second quarter 2017 financial and operating results and provides corporate update * Qtrly net loss per share $1.15 * Q2 earnings per share view $-0.60 -- Thomson Reuters I/B/E/S * Dicerna Pharmaceuticals Inc - Dicerna believes that it has sufficient cash to fund execution of its current clinical and operating plan into 2019 * Dicerna Pharmaceuticals Inc - Dicerna is on track to file a Clinical Trial Application (CTA) in Europe for DCR-PHXC in late 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-dicerna-q2-net-loss-per-share-idUSASB0BF5J'|'2017-08-10T23:37:00.000+03:00'
'281684eaefdd72baf22863d7d8b4bf0c6409914a'|'New York approves plan to upgrade aging Midtown office district'|'NEW YORK, Aug 9 (Reuters) - New York officials approved on Wednesday the rezoning of a 78-block swath of central Manhattan that will allow for new construction and higher office towers in exchange for funding improved access to the city''s aging subway system.The Greater East Midtown plan is expected to generate 6.8 million square feet of new office space over the next two decades, the mayor''s office said in a statement.The plan will also lead to the renovation of another 6.6 million square feet into Class A space of buildings around Grand Central Terminal whose average age is 75 years old, it said.Developers will be allowed to build higher density projects provided they fund or undertake improved access to the subway or full station rehabilitations. New buildings will not be granted occupancy certificates until the improvements are completed.The plan covers an area from East 39th Street to East 57th Street, with Third Avenue on one side and Madison Avenue on the other.The plan also permits property owners to purchase unused development rights from landmarks throughout the area.The city council''s 42 members unanimously approved the plan, which was years in the making. (Reporting by Herbert Lash; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/new-york-property-plan-idINL1N1KV26G'|'2017-08-09T19:53:00.000+03:00'
'839a1e1aa847726e11bbc6c7cb979c041899154b'|'BRIEF-Natera enters into credit agreement by and between Natera and Orbimed Royalty Opportunities'|' 37 PM / 14 minutes ago BRIEF-Natera enters into credit agreement by and between Natera and Orbimed Royalty Opportunities   Natera Inc- * Natera - on August 8 entered into credit agreement by and between Natera as the borrower and Orbimed Royalty Opportunities II, Lp as lender - sec filing * Natera Inc says credit agreement provides for a $100 million senior secured term loan facility * Natera - additional $25 million to be provided to Natera upon request no later than December 31, 2018 Source text: ( bit.ly/2vJvaDU )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-natera-enters-into-credit-agreemen-idUSFWN1KW1BD'|'2017-08-10T23:37:00.000+03:00'
'3c7044a352f07023e0331cf98102c9f1dd8dc707'|'Bank of England says will not change animal-fat banknotes'|'August 10, 2017 / 9:32 AM / 5 hours ago Veggie bank notes? Bank of England sticks with animal-fat cash Reuters Staff 2 Min Read FILE PHOTO: Britain''s Bank of England Governor, Mark Carney, holds the new £10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool/File Photo LONDON (Reuters) - Britain''s new plastic bank notes will continue to be made with traces of animal fat despite thousands of complaints from vegetarians and religious groups. The Bank of England said on Thursday there were environmental risks to using the alternative, derived from palm oil, and that the government had ruled it too expensive. The BoE last year launched its first polymer banknotes which it said were more durable and harder to fake. But more than 130,000 people signed an online petition calling on the BoE to stop using animal products in the notes after it emerged that they contained small amounts of tallow -- which comes from cows and sheep -- prompting the central bank to launch a consultation. Some Hindu temples and vegetarian cafes refused to accept the new five pound note which features World War Two leader Winston Churchill. FILE PHOTO: Bank of England governor Mark Carney poses with a new polymer five pound note at Whitecross Street Market in London, Britain September 13, 2016. Stefan Wermuth/File Photo "The Bank fully recognises the concerns raised by members of the public ... and has not taken this decision lightly," it said on Thursday. The only alternative for its polymer banknotes was to use more expensive chemicals derived from palm oil, and that its suppliers were unable to commit to that in an environmentally friendly way, the BoE said. Britain''s planned new polymer 20-pound and its 10-pound notes, which will be launched in September, are also affected by Thursday''s announcement. The BoE said that as well as the environmental concerns about palm oil, cost was a consideration: the switch would add about 16.5 million pounds to the cost of making bank notes over the next 10 years. "Her Majesty''s Treasury advised the Bank that it does not believe switching to palm oil derivatives would achieve value for money for taxpayer," it said. Britain''s polymer bank notes typically contain less than 0.05 percent of animal products, the BoE said. Reporting by William Schomberg, editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-banknote-idUKKBN1AQ12I'|'2017-08-10T12:32:00.000+03:00'
'e5240bede57d00968ab6f7f3f10fc53d10e9f36a'|'Toyota, Intel, others to form auto big data consortium'|' 29 PM / 9 minutes ago Toyota, Intel, others to form auto big data consortium 2   A Toyota logo is seen on media day at the Mondial de l''Automobile, the Paris auto show, in Paris, France, September 29, 2016. Jacky Naegelen/File Photo (Reuters) - Toyota Motor Corp ( 7203.T ), chipmaker Intel Corp ( INTC.O ) and other technology and auto companies are forming a consortium to create an ecosystem for big data used in connected cars, the Japanese automaker said on Thursday. Swiss telecom equipment maker Ericsson ( ERICb.ST ), Japanese auto parts maker Denso Corp ( 6902.T ) and telecoms firm NTT DoCoMo Inc ( 9437.T ) are also part of the group, called the Automotive Edge Computing Consortium. The consortium aims to use data to support emerging services such as intelligent driving, creating maps with real-time data and driving assistance based on cloud computing, Toyota said in a statement. ( bit.ly/2wykKnQ ). As cars are equipped with new capabilities, from staying in lanes to driving themselves, they are using and producing vast amounts of information, including where they drive. Data volume between vehicles and the cloud is expected to reach 10 exabytes per month around 2025, about 10,000 times larger than at present, Toyota said. Last week, Toyota and smaller rival Mazda Motor Corp ( 7261.T ) said that they would work jointly on producing electric and connected cars. Reporting by Vibhuti Sharma   Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toyota-consortium-idUSKBN1AQ2GF'|'2017-08-10T23:27:00.000+03:00'
'fca7d8b2d4ab285638a55d6797ea09a7fd0e51bc'|'UPDATE 1-Hedge costs drive wide Oi loss, EBITDA lags behind'|'(Adds interview with Oi CEO, creditor assembly delay)By Guillermo Parra-BernalSAO PAULO, Aug 9 (Reuters) - Oi SA posted a wider-than-expected second-quarter loss as the Brazilian phone carrier was forced to close currency-hedging positions because of its protracted bankruptcy protection case.Oi lost a net 3.303 billion reais ($1 billion) last quarter, about 16 times the size of the first quarter''s 200 million-real shortfall, according to a securities filing on Wednesday. The loss was much more than an average consensus estimate of 332.8 million reais compiled by Thomson Reuters.Revenue fell slightly on a quarterly basis, reflecting declining proceeds from sales in Oi''s residential, mobility and business segments. Slowing sales drove a sharp decline in costs and expenses, which in turn helped prop up operational earnings and cash flow generation last quarter, the filing said.The numbers suggest Chief Executive Officer Marco Schroeder''s turnaround plan is feeling the pinch of Brazil''s slow economic recovery and the creditor protection case, which analysts said may be affecting customer views about the company. Financial expenses soared eight-fold to 5.753 billion reais from the prior quarter."We''re working hard to reverse revenue losses, and that''s why we have targeted investment as a way to do it," Schroeder told Reuters in an interview to comment the quarterly results.Earnings before interest, tax, depreciation and amortization, a gauge of operational profit known as EBITDA, came in at 1.617 billion reais, slightly below consensus estimates of 1.649 billion reais for the quarter.The bankruptcy process has also allowed Schroeder to undertake a much-needed revamping of Oi''s infrastructure to improve service, and the launch of mobility solutions to retain subscribers. Capital spending rose to 1.2 billion reais last quarter, the filing said.Even with investments rising, Oi generated 7.431 billion reais worth of operational cash, 62 percent more than a year earlier but slightly below the first quarter.Oi and government officials are discussing how to better treat an 11 billion-real fine it owes to telecommunications watchdog Anatel to accelerate the bankruptcy protection case, Schroeder said.Schroeder added that a creditor assembly to vote on Oi''s restructuring plan will probably be held around October, instead of an initial target for September. ($1 = 3.1554 reais) (Reporting by Guillermo Parra-Bernal; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oi-sa-results-idINL1N1KV28E'|'2017-08-09T20:13:00.000+03:00'
'9fcc08f3a20d75431ba1965db260bed65a52d8b9'|'Australia''s Pepper Group accepts KKR takeover offer'|'SYDNEY, Aug 10 (Reuters) - Australian non-bank lender Pepper Group agreed on Thursday to a A$657 million ($518 million) takeover from U.S. private equity giant KKR.Pepper said it entered a scheme implementation deed with KKR-controlled bidders, and the board unanimously recommended shareholders accept the deal.The scheme allows shareholders to choose either A$3.60 a share cash payment, a 3.7 percent premium to Wednesday''s closing price of A$3.47, or shares in the bidding vehicle.KKR could not be immediately reached for comment. ($1 = 1.2681 Australian dollars) (Reporting by Tom Westbrook; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/pepper-group-ma-kkr-idINL4N1KV6Q5'|'2017-08-09T21:28:00.000+03:00'
'a4c6494f7f5d2b1eac74309e9c88f96202960d7e'|'VW labor leaders warn politicians not to put jobs in jeopardy'|'August 10, 2017 / 9:57 AM / 4 hours ago VW labor leaders warn politicians not to put jobs in jeopardy 2 Min Read A worker assembles a car at the Volkswagen car assembly unit in Relizane, Algeria July 27, 2017. Zohra Bensemra FRANKFURT (Reuters) - Volkswagen''s ( VOWG_p.DE ) powerful labor representatives on Thursday urged lawmakers not to use the carmaker as a political football ahead of national elections next month and risk threatening jobs in Germany. The appeal came after the pro-business Free Democrats (FDP) party called for Lower Saxony to sell its $9 billion Volkswagen stake to remove any German state influence and let the carmaker focus on improving its lackluster profitability. "Volkswagen is being criticized, in parts justifiably so, but we need to be rational, because it is about the future of thousands of jobs. Workers are worried and politicians should take this seriously," the carmaker''s powerful labor leader Bernd Osterloh said in a statement on Thursday. Labor leaders said 120,000 VW workers were being given a petition to sign, urging Berlin politicians not to "abuse" the carmaker during the parliamentary election campaign. Germany''s leading carmakers and its transport authority face allegations about hiding the true levels of vehicle pollution, fueling a perception that the auto industry and government enjoy an unduly close relationship. Volkswagen has been struggling to bounce back from its emissions cheating admissions that have cost the company as much as $25 billion. Reporting by Edward Taylor; editing by David 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-volkswagen-election-workers-idUSKBN1AQ14L'|'2017-08-10T12:57:00.000+03:00'
'3e4ee6256a71cbdf17f5aa7740f692225207d8aa'|'Australia antitrust regulator raises flags on BP Woolworths petrol buyout'|'FILE PHOTO - Customers leave a Woolworths supermarket in central Sydney February 25, 2011. Daniel Munoz/File Photo (Reuters) - Australia''s antitrust regulator said on Thursday it was concerned BP Plc''s ( BP.L ) plan to buy the petrol stations of grocery giant Woolworths Ltd ( WOW.AX ) would hurt competition, a sign it may block the A$1.8 billion ($1.4 billion) deal.The Australian Competition and Consumer Commission (ACCC) said the buyout would cut the number of major rivals selling petrol, reducing the incentive to keep retail prices low."As a result, motorists may end up paying more at the pump," ACCC Chairman Rod Sims said in a statement.Woolworths and London-based BP announced the deal in December 2016, a major component of the Australian retailer''s effort to cut non-core businesses and concentrate on a supermarket price war with rival Coles, owned by Wesfarmers ( WES.AX ).Woolworths issued a statement noting the regulator''s concerns and said it would "continue to work with BP and the ACCC to progress the merger clearance process".The ACCC said Woolworths appears to influence fuel prices in large Australian cities, either by leading price cuts or quickly following competitors'' price cuts, and "we are concerned that BP would not follow Woolworths''s pricing strategy".The regulator said it will publish a draft decision later this month, with a final decision scheduled for Oct. 26.Reporting by Ambar Warrick in Bengaluru; Edited by Byron Kaye and Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-woolworths-bp-sale-idINKBN1AQ00B'|'2017-08-09T22:13:00.000+03:00'
'ddf7edf0cc47beb94b3673ae07292a3b196103e3'|'Colombia finance minister sees no ''shadow'' of ratings cut - Reuters'|'Colombia''s Finance Minister Mauricio Cardenas speaks during an interview with Reuters in Bogota, Colombia August 8, 2017. Jaime Saldarriaga BOGOTA (Reuters) - There is little chance Colombia will have its sovereign credit rating downgraded any time soon, the country''s finance minister said late on Tuesday, as the government remains committed to bolstering economic growth and meeting its fiscal targets."There''s not even a shadow on the horizon" that Colombia could get its ratings cut, said Mauricio Cardenas, interviewed for the Reuters Latin American Investment Summit.Cardenas said he expected Standard & Poor''s Global Ratings to soon change Colombia''s credit outlook to stable from negative. Both Moody''s Investors Service and Fitch Ratings maintain a stable outlook.Even so, many economists have concluded that Colombia, which narrowly avoided a rating cut last year, may not meet its budget deficit target as weak oil prices and sluggish economic growth continues to bring in less revenue, putting it at risk of a downgrade.Moody''s has raised concerns about Colombia meeting fiscal targets with the weak economy, and Fitch warned that its rating could suffer if the fiscal situation undermines efforts to stabilize or reduce the debt burden in the short term.Painting a promising future, Cardenas flagged that investment in infrastructure, energy and mining would stimulate economic expansion."The central theme is to accelerate economic growth," he said."Of course there must be a favorable environment for private investment, which we have done with lower company taxes, more commercial integration globally, and naturally, something that gives investors peace of mind, keeping investment grade," Cardenas said in the interview at his Bogota office.Standard and Poor''s and Fitch hold Colombia''s credit rating at "BBB," and Moody''s Investors Service has it at "Baa2." All are investment grade, nestled two notches above junk bond territory.Colombia last year avoided a rating cut with the help of a tax reform, but many investors think another is required.In June Cardenas instituted a financing plan based on a fiscal deficit of 3.6 percent of gross domestic product this year and 3.1 percent for 2018. The scenario assumed global crude prices of $51 a barrel in 2017 and $60 a barrel in 2018.Colombia''s Finance Minister Mauricio Cardenas speaks during an interview with Reuters in Bogota, Colombia August 8, 2017. Picture taken August 8, 2017. Jaime Saldarriaga Cardenas, 55, said he is determined to stick to the so-called fiscal rule that obliges him to reduce the deficit, including additional spending cuts if necessary."We have not moved a millimeter from the fiscal rule, so any deviation has been corrected by reducing costs," said Cardenas, who has a doctorate in economics from the University of California, Berkeley. "It''s what we''ve done in the past and it''s what we''ll continue to do."He has already trimmed 5.5 trillion pesos ($1.8 billion) from next year''s budget and says efforts to raise tax revenue and reduce evasion will be enough to meet near-term fiscal goals.Last month Cardenas reduced his forecast for 2017 GDP expansion to 2 percent, down from 2.3 percent. Next year he sees growth of 3 percent, lower than an earlier prediction of 3.5 percent.Slideshow (2 Images) His bet remains above the market''s estimate of 1.8 percent this year and 2.5 percent for 2018.Cardenas, who represents the government on the central bank board, says there is not much room for additional interest rate cuts.The bank has reduced its benchmark interest rate to 5.5 percent from 7.5 percent, its level at the beginning of the year."Space is running out ... much depends on inflation but we''re nearing the neutral rate, there''s some way to go, but not much," said Cardenas.An overhaul of the pension system is also needed to put the public sector on sounder financial footing, but Cardenas said that is unlikely under his watch.He will leave a proposal on reform with the next government, which takes over from President Juan Manuel Santos in 2018."Pensions are where we spend the most," he said.Follow Reuters Summits on Twitter @Reuters_Summits.Reporting by Helen Murphy and Luis Jaime Acosta; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-cardenas-idINKBN1AP1MB'|'2017-08-09T11:46:00.000+03:00'
'aaace6f980e1e082233d562fae4468459086bd78'|'Bank of England creates post to identify conflicts of interest'|'August 9, 2017 / 9:27 AM / 7 hours ago Bank of England bolsters safeguards against conflicts of interest Reuters Staff 2 Min Read FILE PHOTO: A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay/File Photo LONDON (Reuters) - The Bank of England moved on Wednesday to bolster safeguards against possible conflicts of interest among staff, having been rocked in March by the resignation of a top official who failed to declare her brother worked for a major bank. The BoE will create a new post to identify and manage conflicts of interest, as recommended in a review by the BoE''s non-executive directors. It will also update its requirements for notification of personal relationships and potential conflicts. "I welcome this review and its recommendations, which will be implemented in full," BoE Governor Mark Carney said. In March, Charlotte Hogg resigned as deputy governor after a parliamentary committee rebuked her over her failure to declare a potential conflict of interest about her brother''s role at Barclays, which is regulated by the BoE. The review published on Wednesday showed the BoE did not follow its own official processes to flag conflicts of interest when it hired Hogg as its chief operating officer in 2013 - something that was "not atypical" for senior appointments. Instead, there was an informal exchange of emails with the BoE''s chairman of court, the BoE''s oversight body. Hogg only revealed her brother''s job, guiding the response of Barclays to bank regulation, when she prepared information for members of parliament who were reviewing her promotion as a BoE deputy governor earlier this year. The review concluded that a "more structured approach" might have resulted in Hogg registering her brother''s job as a potential conflict of interest from the beginning. Nicky Morgan, the chair of parliament''s Treasury Committee, said her colleagues will want to hear from the BoE''s management what lessons have been learnt, and how it will implement the review''s recommendations. Writing by Andy Bruce; Editing by William Schomberg and Alister Doyle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-boe-conflicts-idUKKBN1AP0Y7'|'2017-08-09T12:27:00.000+03:00'
'a891f5405fe0725331d22f8c22f226f4599d3a38'|'Deals of the day-Mergers and acquisitions'|'(Adds Intel Corp, Naeem Holding and updates Vantiv)Aug 8 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:** Nissan Motor Co said it has agreed to sell its electric battery business to Chinese investment firm GSR Capital for an undisclosed sum.** U.S. credit card payments processor Vantiv has finalized a deal to buy Britain''s Worldpay and the transaction is expected to be announced on Wednesday, sources with knowledge of the matter told Reuters.** China''s Dalian Wanda Group said that media reports about it fielding offers to sell two real-estate projects in Australia were "completely false".** Worries about outflows from Standard Life''s flagship multi-asset strategy hit its shares, ahead of an 11 billion pound ($14.4 billion) merger with Aberdeen Asset Management to form Britain''s largest active manager.** French media giant Vivendi said on Monday it has no "de facto control" over Telecom Italia under Italian law.** Eden Creamery LLC, the privately owned U.S. manufacturer of low-calorie ice cream brand Halo Top, is exploring a sale that it hopes will value the ice cream brand at as much as $2 billion, people familiar with the matter said on Monday.** Creditors of Dongbei Special Steel Group Co Ltd have approved a draft plan to restructure the stricken northeastern Chinese steelmaker, the company said.** A minority investor in TPI Triunfo Participações & Investimentos SA asked Brazilian regulators on Monday to investigate whether state development bank BNDES'' investment arm BNDESPar used privileged information to sell the infrastructure company''s shares before an out-of-court debt restructuring.** Private equity firm Centerbridge Partners will use roughly $800 million of term loans to partially fund its purchase of U.S. restaurant equipment and supplies distributor TriMark USA, according to three sources familiar with the matter.** Power plant and energy trading group Uniper has raised its dividend and profit outlook for 2017, possibly increasing the appeal of a 47 percent stake in the company which parent E.ON plans to sell.** DiDi Chuxing, China''s largest ride-hailing firm, has invested in Middle East online taxi service Careem in a new partnership deal that marks Didi''s latest international expansion against rival Uber.** Envision Healthcare Corp said it would sell its ambulance business to buyout firm KKR & Co in an all-cash deal valued at $2.4 billion as it sharpens its focus on its core businesses.** U.S. buyout firm Fortress Investment Group has agreed to buy about 1,300 public apartment buildings in Japan for 24 billion yen ($217 million) in a government auction, people with direct knowledge of the sale said.** Following a formula pioneered by their corporate raider father-in-law, two men are stirring up the chemicals sector with a push to halt Clariant''s $20 billion merger with Huntsman.** Spanish lender Banco Santander gained EU antitrust approval to acquire Banco Popular after regulators said the one-euro takeover would not hurt competition.** Computer chip maker Intel Corp has further extended its offer to buy out remaining shareholders of Mobileye NV after securing 84 percent of the acquisition target''s shares, the two companies said on Tuesday.** Naeem Holding for Investments SAE will merge its Reacap Financial Investments SAE with real estate group Wadi Degla Developments, creating a company with a book value of 3.5 billion Egyptian pounds ($197.18 million), Naeem Holding CEO Youssef Al Far said on Tuesday. (Compiled by Arjun Panchadar and Vibhuti Sharma in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day-idUSL4N1KU3JS'|'2017-08-08T16:36:00.000+03:00'
'6920269904dd6760a11e6aa06caf034d89077e07'|'Uniper CEO sees no benefit in large-scale M&A'|'FILE PHOTO: The flag of Uniper SE flutters in front of the utility''s firm headquarters previously used by German utility giant E.ON in Duesseldorf, Germany, June 8, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Uniper Chief Executive Klaus Schaefer does not see the benefits from large-scale consolidation in Europe''s power sector, he told journalists on Tuesday, following months of M&A speculation that has gripped the industry."It doesn''t really make sense," Schaefer told journalists following the presentation of first-half results that included a raised outlook for profit and the group''s planned dividend.Bankers and executives are currently looking at a number of different M&A scenarios, several sources told Reuters earlier this year, including RWE''s 77-percent stake in Innogy and E.ON''s 47-percent stake in Uniper.Reporting by Christoph Steitz; Editing by Maria Sheahan'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-uniper-results-m-a-idUSKBN1AO0X0'|'2017-08-08T17:25:00.000+03:00'
'edd17bb605c32d1bc80f1452827a15aa92a20234'|'Demand for U.S. three-year note supply highest since 2015'|'NEW YORK, Aug 8 (Reuters) - Demand for $24 billion of U.S. three-year Treasury note supply on Tuesday, the first leg of this week''s $62 billion in quarterly refunding, was the strongest since late 2015, led by keen bidding from investors, Treasury data showed.The ratio of bids to the amount of three-year government debt offered was 3.13, which was the highest since the 3.14 set in December 2015. This measure of overall auction demand was 2.87 at the prior three-year note sale in July. (Reporting by Richard Leong; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-treasury-auction-idINL1N1KU11M'|'2017-08-08T15:16:00.000+03:00'
'353e712c01debf947f985051340662ab88d12716'|'Agrium''s quarterly profit falls 1.2 pct'|'Aug 9 (Reuters) - Canadian fertilizer maker Agrium Inc reported a 1.2 percent fall in quarterly profit on Wednesday, hurt by weak demand for phosphate and nitrogen.Net earnings attributable to shareholders fell to $558 million, or $4.03 per share, in the second quarter ended June 30, from $565 million, or $4.08 per share, a year earlier.Agrium, which is merging with Potash Corp of Saskatchewan , said revenue fell marginally to $6.32 billion from $6.42 billion. (Reporting by Anirban Paul and Divya Grover in Bengaluru; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/agrium-results-idINL4N1KV6ML'|'2017-08-09T20:58:00.000+03:00'
'a4038fe41a9483a06f40a11b898fa95c50cc7874'|'BRIEF-China Automotive Systems reports Q2 earnings per share $0.28'|' 21 AM / 12 minutes ago BRIEF-China Automotive Systems reports Q2 earnings per share $0.28   China Automotive Systems Inc * China Automotive Systems reports 2017 second quarter unaudited financial results * Q2 earnings per share $0.28 * Q2 sales rose 16.5 percent to $117.7 million * Sees FY 2017 revenue $490 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-china-automotive-systems-reports-q-idUSASB0BEXZ'|'2017-08-10T13:21:00.000+03:00'
'9427b111239dc9e4721baa1fae8bc3c6d4d1739d'|'German state conservatives seek tougher VW oversight'|'August 8, 2017 / 3:06 AM / 9 hours ago German state conservatives seek tougher VW oversight Reuters Staff 3 Min Read FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo BERLIN (Reuters) - Conservatives in Germany''s Lower Saxony state called on Tuesday for tougher oversight of carmaker Volkswagen, in which the state owns a fifth of the shares. The Christian Democrats, hoping to gain control of the government in a state election on Oct. 15, want a shake up in the relationship between the two. "Lower Saxony''s share in Volkswagen is not managed professionally enough," Bernd Althusmann, head of the Christian Democrats in the state, told German newspaper Die Welt in an interview published on Tuesday. "The state must be able to deal with Volkswagen as an equal partner, not as a supplicant," he said. The comments follow a report over the weekend in the Bild am Sonntag newspaper that cited a VW employee saying state premier Stephan Weil, a Social Democrat (SPD), softened an October 2015 speech about VW''s actions at the company''s request. Weil, who sits on the company''s supervisory board, denied the report and said the controversy was clearly politically motivated. He defended his decision to allow VW to review the speech, citing the sensitivity of VW''s discussions at the time with U.S. authorities about emissions rigging. Lower Saxony will hold new elections on Oct. 15, after a Greens party member defected to the conservatives on Friday, costing the Social Democrat-Greens coalition government its one-seat majority. The Christian Democrats'' Althusmann called for creation of a new state office to oversee VW, and said one of two spots on the supervisory board now reserved for the state should be held by a business expert, not a member of the state government. The state premier should still sit on the supervisory board, he said, but with the support of an expert whose sole job it was to oversee the carmaker and the state''s share in it. Just over half of the 1,007 people polled by the mass circulation daily Bild on Monday said Weil should not be the Social Democrat''s candidate for premier in the October election. More than 51 percent said Weil should resign now instead of waiting for the parliament to dissolve itself and ruling without a majority. Reporting by Andrea Shalal Editing by Jeremy Gaunt. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-election-lowersaxony-vw-idUKKBN1AO094'|'2017-08-08T06:06:00.000+03:00'
'ae0954e4632b3356eaec6ed272a6a2b36990c0a2'|'Greece sells three-month T-bills, yield drops to 1.95 pct'|'ATHENS, Aug 9 (Reuters) - Greece sold 1.138 billion euros ($1.34 billion) of three-month T-bills on Wednesday to refinance maturing issues, the country''s debt agency PDMA said.The three-month paper was sold at a yield of 1.95 percent, down from 2.33 in a previous sale last month. The amount raised included 262.5 million euros in non-competitive bids.The sale''s bid-to-cover ratio was 2.17, up from 1.85 in the previous sale.In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is August 11. ($1 = 0.8522 euros) (Reporting by George Georgiopoulos)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/greece-treasuries-idINZYN283100'|'2017-08-09T07:33:00.000+03:00'
'2a064a35ebcad50f2e7b14b5c3fe11537999cbe7'|'Disney to pull new movies from Netflix, plans own streaming service'|'August 8, 2017 / 8:16 PM / 32 minutes ago Disney to pull new movies from Netflix, plans own streaming service Lisa Richwine and Aishwarya Venugopal 2 Min Read FILE PHOTO - The characters of Judy Hopps and Nick Wilde pose at the premiere of "Zootopia" at El Capitan theatre in Hollywood, California, U.S. on February 17, 2016. Mario Anzuoni/File Photo (Reuters) - Walt Disney Co ( DIS.N ) will stop providing new movies to Netflix Inc ( NFLX.O ) starting in 2019 and launch its own streaming service, the company said on Tuesday, as it tries to capture digital audiences who are ditching traditional television. The new Disney-branded streaming service will follow a similar ESPN service that will be available starting in 2018, the company said. Shares of Netflix fell 3.7 percent in after hours trade, and Disney stock fell 3.1 percent. The streaming services will give Disney "much greater control over our own destiny in a rapidly changing market," Chief Executive Bob Iger told analysts in a conference call, describing the moves as an "entirely new growth strategy" for the company. Disney has some experience with the direct-to-consumer model in Britain and could make more money in the long run from its own service, but the move could be "financially less advantageous" in the near term, said Pivotal Research Group analyst Brian Wieser. Disney said its new services would be based on technology provided by video-streaming firm BAMTech, and announced it would pay $1.58 billion to buy an additional 42 percent stake in that company, which it took a minority stake in last year. The announcement came as Disney reported a near 9 percent fall in quarterly profit, pulled down by higher programming costs and declining subscribers at its flagship sports channel ESPN. The company''s revenue fell marginally to $14.24 billion in the third quarter ended July 1 from $14.28 billion a year earlier. Net income attributable to the company fell to $2.37 billion, or $1.51 per share, from $2.6 billion, or $1.59 per share. Reporting by Aishwarya Venugopal in Bengaluru; additional reporting by Peter Henderson in San Francisco; Editing by Savio D''Souza and Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-walt-disney-results-idUKKBN1AO2C4'|'2017-08-09T00:01:00.000+03:00'
'387287321e966e19ea5eadc5d079241673d3bd4c'|'U.S. job openings at record high; labour market tightening'|'August 8, 2017 / 5:14 PM / 2 hours ago U.S. job openings at record high; labour market tightening Lucia Mutikani 4 Min Read Job seekers line up to apply during "Amazon Jobs Day," a job fair being held at 10 fulfillment centers across the United States aimed at filling more than 50,000 jobs, at the Amazon.com Fulfillment Center in Fall River, Massachusetts, U.S., August 2, 2017. Brian Snyder WASHINGTON (Reuters) - U.S. job openings jumped to a record high in June, outpacing hiring, the latest indication that companies are having trouble finding qualified workers. The monthly Job Openings and Labor Turnover Survey, or JOLTS, released by the Labor Department on Tuesday also underscored labour market strength that will likely encourage the Federal Reserve to continue tightening monetary policy despite benign inflation and concerns about consumer spending. "Companies are running out of workers to hire to do the job or even train to do the work, and this is a ticking time bomb for economic growth," said Chris Rupkey, chief economist at MUFG in New York. "Today''s JOLTS data bring a September meeting balance sheet unwind announcement a little closer to reality." JOLTS, is one of the job market metrics on Fed Chair Janet Yellen''s so-called dashboard. Economists expect the U.S. central bank will announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at its next policy meeting in September. Tame inflation and worries about consumer spending amid tepid wage growth and faltering motor vehicle sales, however, suggest the Fed will delay raising interest rates again until December. It has increased borrowing costs twice this year. Job openings, a measure of labour demand, increased by 461,000 to a seasonally adjusted 6.2 million. That was the highest level since the data series started in December 2000 and pushed the job openings rate up two-tenths of a percentage point to a near one-year high of 4.0 percent. The monthly increase in job openings was the largest since July 2015. The surge in job openings was almost broad-based. There were 179,000 additional vacancies in the professional and business services industries. The health care and social assistance sector had 125,000 more job openings and construction companies had an additional 62,000 unfilled positions. In June, job openings were concentrated in the Midwest and West regions. SKILLS MISMATCH The ratio of job openings to unemployment hit a 16-year high. Hiring was little changed at 5.4 million in June, leaving the hiring rate steady at 3.7 percent. The gap between job openings and hiring points to a skills mismatch, which was also corroborated by a separate report on Tuesday from the National Federation of Independent Business. The NFIB survey showed job openings at a 16-year high in July. Small businesses cited a lack of skills as the main reason for the vacancies. Others also blamed "unreasonable" wage expectations, attitude, appearance as well as drug addiction for disqualification of job seekers. Economists are optimistic that tightening labour market conditions will spur faster wage growth. Annual wage growth has struggled to break above 2.5 percent, contributing to inflation persistently running below the Fed''s 2 percent target. "The JOLTS report continues what has been a reasonably strong run for the labour market data, and we expect continued improvement in the job market to keep upward pressure on wages," said Daniel Silver, an economist at JPMorgan in New York. Other details of the JOLTS report were mixed. About 3.1 million Americans voluntarily quit their jobs in June, down from 3.2 million in May. As a result, the quits rate, which the Fed looks at as a measure of job market confidence, dipped to 2.1 percent from 2.2 percent in May. Layoffs rose 28,000 to 1.7 million in June, lifting the layoffs rate one-tenth of a percentage point to 1.2 percent. "Layoff rates are historically low. But the recent increase may be worth watching," said Jed Kolko, chief economist for job site Indeed in San Francisco. Reporting By Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-economy-idUKKBN1AO20W'|'2017-08-08T20:13:00.000+03:00'
'1dcc8c296dc308021c851d1b6a969f645fdbb7e1'|'Rosneft CEO Sechin to appear as witness in trial of ex-minister -court'|'MOSCOW (Reuters) - Igor Sechin, the chief executive of Russia''s largest oil company Rosneft, will appear as a witness in the trial of former Russian Economy Minister Alexei Ulyukayev, a court official said on Tuesday.Ulyukayev was dismissed and put under house arrest in November over allegations he extorted a $2 million bribe from Rosneft. He denies the charges."Igor Ivanovich Sechin will act as a witness for the prosecution," said Emilia Khil, spokeswoman for the Zamoskvoretsky district court.Reporting by Svetlana Reiter; Writing by Dmitry Solovyov; Editing by Jack Stubbs'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-russia-ulyukayev-rosneft-sechin-idUSKBN1AO1K7'|'2017-08-08T16:32:00.000+03:00'
'732921f9b20c71e339efdec002f73a2627cbfa0b'|'Nigeria govt to seek out-of-court settlement over bank funds - lawyer'|'LAGOS, Aug 8 (Reuters) - Nigeria''s government has asked a court to withdraw its case against seven local banks over the non-remittance of $793 million due to the state, the government lawyer told the court on Tuesday.Yemi Akinseye-George told the court the government would seek an out-of-court settlement in the matter, on which the court was due to rule on Wednesday.A court last month ordered the banks to transfer a combined $793 million due to the government immediately and accused the lenders of withholding funds collected on behalf of the state.Several of the lenders have said they have remitted all funds due to government. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/nigeria-banks-court-idUSL5N1KU4CH'|'2017-08-08T15:57:00.000+03:00'
'57c8597291ea35fa835a3553345c4998f82decf1'|'Tiny biotech firm offers Big Tobacco model to curb its nicotine habit'|'August 7, 2017 / 3:43 PM / 17 hours ago Tiny biotech firm offers Big Tobacco model to curb its nicotine habit Martinne Geller 7 Min Read FILE PHOTO: A cigarette burns as an office worker takes a break in Sydney, Australia, May 11, 2017. Jason Reed/File Photo LONDON (Reuters) - Investors are betting on a little-known biotech company to supply Big Tobacco with low-nicotine cigarettes, but so far its technology is unproven. Shares in New York-based 22nd Century Group ( XXII.A ) have soared 80 percent to a three-year high since late last month, when the U.S. Food and Drug Administration proposed cutting the nicotine levels in cigarettes so they aren''t so addictive. Investors'' hopes are pinned on 22nd Century''s technology becoming widespread, although none of the big tobacco makers has bought it yet. The plant biotechnology company says it has more than 200 patents that give it the ability to increase or decrease the level of nicotine in tobacco plants, as well as the level of cannabinoids in cannabis plants. "We genetically modify the tobacco. We''ve been working on this for 20 years," Henry Sicignano, chief executive of 22nd Century, told Reuters. Sicignano, who helped to develop Natural American Spirit cigarettes before the brand was bought by RJ Reynolds in 2002, said the aim was to reduce the harm caused by smoking. By making cigarettes less addictive, people would smoke when they want to rather than when they need to, and would probably smoke less. That is the logic behind the FDA announcement suggesting regulating nicotine and encouraging smokers to switch to alternatives seen as less harmful, such as e-cigarettes. Sicignano said 22nd Century can make cigarettes with 95 to 97 percent less nicotine than conventional cigarettes, which have about 10 mg of nicotine each. It is the only company with tobacco that can be below the threshold of what health regulators say they believe to be non-addictive, he added. A top-10 shareholder of 22nd Century said major cigarette firms would have to turn to it if the FDA''s proposal becomes reality. "If Big Tobacco doesn''t want their market to go to zero overnight, they''re going to have to work with someone who has a low-nicotine tobacco leaf," he said. While the long-term market for low-nicotine cigarettes is highly uncertain, given that they are designed to be easier to quit, he said it would take years for all smokers to quit. "For a tiny company there''s a huge opportunity." 22nd Century has roughly 80 employees and annual revenue of about $16 million (12.28 million pounds), a portion of which is from regulators such as the FDA using its tobacco to run clinical trials. So far it has got orders for over 24 million cigarettes for this purpose, with at least 25 such trials underway. It sells some low-nicotine cigarettes in Spain and does contract manufacturing of regular cigarettes "to keep the lights on". British American Tobacco ( BATS.L ), the world''s biggest international tobacco company, has been assessing the opportunity for tobacco with altered levels of nicotine. It has a four-year research agreement with 22nd Century worth up to $14 million that gives it the right to enter into an exclusive worldwide licensing agreement with the company. Sicignano said he expected BAT to enter into a commercial agreement, and noted that any such deal would not prevent 22nd Century from selling its own products - finished cigarettes or tobacco leaves - to rivals such as Altria ( MO.N ), Japan Tobacco International ( 2914.T ) or Imperial Brands ( IMB.L ). A BAT spokeswoman said the agreement was part of its research and development programme on nicotine levels. She declined to comment on whether BAT planned to exercise its licensing right. Like many start-ups, until the deals are signed, 22nd Century is struggling to make money. "We''re not a profitable company. It''s certainly important for us to be able to achieve regulatory acceptance either here or in the EU or perhaps in Asia," Sicignano said. "We''re working on all these fronts, so that we can bring these important products to market and be a profitable company." LIKELY TO FACE RESISTANCE With retail sales of tobacco nearing $119 billion, the United States is the fourth-biggest market behind China, Indonesia and Russia. Because of relatively light federal taxes, it is the most profitable. As such, tobacco companies are expected to fight any requirement to limit nicotine in all cigarettes vigorously. Clive Bates, a former head of UK charity Action on Smoking and Health (ASH) who is now an advocate of e-cigarettes, is sceptical the FDA''s proposal will come to pass as it would make conventional cigarettes commercially unviable. "There will be a massive amount of resistance," he said, from tobacco farmers to manufacturers to retailers. "It''s very difficult to put in a rule through a technocratic rule-making process that does something as big as that. Nobody has ever done anything remotely the size of that." In the 1980s, Philip Morris and other companies tested ultra low-tar cigarettes, but they were not commercially successful. 22nd Century says its cigarettes are as satisfactory as traditional smokes, but there is still scepticism about how the low nicotine cigarettes would fare outside academic studies. "My suspicion is that people would very quickly stop using any product that is denicotinised in that way," said Euromonitor analyst Shane MacGuill, adding that smokers may instead seek out smuggled cigarettes or those sold illicitly on the internet, or switch to vaping. "Fundamentally smokers are nicotine-seekers and I think they''ll disperse their consumption into other categories very quickly if they''re not getting nicotine from cigarettes." Indeed, Bates said forcing reduced nicotine levels would be like forcing distillers and brewers to make all their products without alcohol. "There might be a residual market for it but you don''t see a lot of people sitting around in bars swilling alcohol-free whisky," Bates said. "It would become a niche, probably for people who weren''t that dependent in the first place." As a comparison, beer with no or very low alcohol is only a tiny fraction of the market. However, it is growing faster than the category as a whole as brewers try to capitalise on consumers'' greater health consciousness. Sicignano agreed that his product may have long-term appeal to a niche, and that over time, the market will shrink if the FDA''s proposal gains traction. "I don''t think there will be as many two-pack-a-day smokers out there. People will smoke less, and quit attempts will increase," he said. Reporting by Martinne Geller; editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-22nd-century-nicotine-idUKKBN1AN1W1'|'2017-08-07T18:43:00.000+03:00'
'e1a0c96bb7f531e1ee67a01c9db52bdeae445aa4'|'CANADA STOCKS-TSX slides as investors flee riskier assets; gold gains'|'August 10, 2017 / 2:52 PM / 37 minutes ago CANADA STOCKS-TSX slides as investors flee riskier assets; gold gains 3 Min Read * TSX down 70.95 points, or 0.47 percent, to 15,146.38 * Nine of the TSX''s 10 main groups down; materials up 0.6 pct * Quarterly company results shine TORONTO, Aug 10 (Reuters) - Canada''s main stock index fell on Thursday despite a slew of better-than-expected quarterly results, as investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea. The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.0 percent to C$93.36, and Manulife Financial Corp falling 2.8 percent to C$24.93. Shares of Manulife, which reported better-than-expected results, fell after the company played down talk of a John Hancock spin-off. The overall financials group, which accounts for roughly a third of the index slipped 0.9 percent. At 10:34 a.m. ET (1434 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 70.95 points, or 0.47 percent, to 15,146.38. Materials, home to gold producers and other resource-based companies, was the only gainer among the index''s 10 main sectors and was up 0.6 percent. Barrick Gold Corp rose 2.1 percent to C$21.7, while Goldcorp Inc rose 0.9 percent to C$16.29. Pan American Silver Corp, which reported second quarter results, rallied 11.8 percent to C$22.69. The price of gold, a safe-haven asset, hit its highest levels in two months as North Korea and the United States exchanged more threats, with North Korea outlining detailed plans for a missile strike near the Pacific territory of Guam. Nevsun Resources Ltd offset some of the material group''s gains, plunging 18.4 percent to C$2.685 after the company reported disappointing quarterly results. In other corporate results, a number of companies reported forecast-beating numbers. TMX Group Ltd was up 3.5 percent to C$68.23, while Quebecor Inc added 2.9 percent to C$44.60. Canadian Tire Corp Ltd rose 3.4 percent to C$146.65. Canada Goose Holdings Inc fell 3.6 percent to C$23.16, but the luxury down-coat maker initially jumped more than 7 percent after reporting smaller-than-expected quarterly loss. Declining issues outnumbered advancing ones on the TSX by 164 to 80, for a 2.05-to-1 ratio on the downside. (Reporting by Solarina Ho; Editing by Nick Zieminski) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL1N1KW0Y2'|'2017-08-10T17:51:00.000+03:00'
'317d75d53296e2092ade64abedc9ccae1de15006'|'Where might the next crisis come from?'|'TEN years ago, BNP Paribas, a French bank, temporarily suspended dealings in three funds , citing “the complete evaporation of liquidity in certain market segments of the US securitisation market”. Many people treat this as the start of the credit crunch but one can trace it back to the need for Bear Stearns to rescue hedge funds that invested in mortgage-backed securities in June, or the signs of home loan defaults and failing mortgage lenders that emerged in late 2006 . The subsequent tightening of credit and loss of confidence in the banking system eventually led to the collapse of Lehman Brothers, when the crisis reached its height in the autumn of 2008 (see picture).The inevitable question on the occasion of such anniversaries is: could it happen again? Total debt has risen, rather than fallen, over the last decade, reaching $217trn or 327% of GDP, according to the Institute for International Finance . But the debt is differently distributed from 2007; more of it is owed by governments and more of it is owned by central banks. Since these banks have no incentive to hassle countries for repayment, the air of crisis has dissipated. Banks have more capital, making them more secure. And low interest rates have made servicing debt more affordable for both consumers and companies. 2 hours Nevertheless, we are nowhere near “normal” conditions; although America’s economy has been recovering for a long while and unemployment is low, the Federal Reserve is proceeding very cautiously with tighter rates. And the ECB, Bank of England and Bank of Japan have not even started on the process.Given all this, where might the next crisis come from? Clearly, the two obvious possibilities are a sharp rise in defaults (causing lenders to lose confidence) or a signficant increase in interest rates (which would trigger the same process). Defaults can occur without a rate rise if the economy goes into recession. That could result from war with North Korea (apparently God has authorised President Trump to do this) or a less frightening but still significant trade dispute with China. It could result from internal Chinese debt problems since that is where recent debt growth has been concentrated. Or perhaps it will happen in the corporate bond markets, which are less liquid than they used to be, and could suffer a panic sell-off by investors in bond funds . Other possibilities include student debt or car-loan debt, where consumers may have become overstretched again .The more likely possibility is a monetary policy mistake. When the Fed started to use quantitative easing, many people cited the “ketchup principle” for the inflation risk (“shake and shake the ketchup bottle, first a little, then a lot’ll”). The inflation never occurred but there is the risk that in the unwinding of policy, all will seem calm until the market suddenly breaks. Something similar happened in 1994 when the bond market was badly affected by an earlier round of Fed tightening. And the Fed is the most likely culprit, not just because it is first to tighten but because America’s monetary policy has ripple effects through the world, via the dollar and the American economy’s huge weight in global GDP. The next crisis may come from Washington.Next Capitalism and the absence of creative disruption'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/buttonwood/2017/08/ten-years?fsrc=rss'|'2017-08-09T19:18:00.000+03:00'
'99f085d82b17e8f4f38a17f45143ce45eddbd7c0'|'Euronext bourse to renew clearing contract with LSE unit'|'LONDON, Aug 8 (Reuters) - Pan-European bourse Euronext said on Tuesday it would extend its contract with Britain''s LCH in a surprise move that could defuse tension over where clearing of euro-denominated transactions should take place after Brexit.Euronext''s contract with LCH, a unit of the London Stock Exchange Group, was due to expire in 2018. Euronext had previously announced that it planned to use Intercontinental Exchange in the Netherlands for clearing, but those plans have now been scrapped.Euronext and LCH said on Tuesday they have signed binding terms for a 10-year clearing deal they expect to complete in the fourth quarter of this year.Euronext said the deal avoids customers facing added costs of switching from one clearing house to another at a time when they already face major challenges like new European Union securities rules, and adapting to Britain being outside the EU from 2019.Under the deal, Euronext will swap its 2.3 percent stake in LCH Group in London for an 11.1 percent share in LCH''s Paris unit, giving Euronext a financial incentive to increase clearing volumes in France.Euronext and LCH will "work together" to cut clearing fees by 5 percent to 15 percent from January 2019, Euronext said.Clearing ensures that a stock, bond or derivatives transaction is completed safely and smoothly, even if one side of the deal goes bust.An arcane part of financial plumbing, it has become highly politicised, with EU policymakers saying that clearing of euro denominated derivatives, which LCH''s London unit dominates, should move to the euro zone after Brexit.Euronext said the deal would allow clearing in a wider range of products, but did not say what those products would be. It could mean LCH effectively shifting enough of its euro clearing to Paris to satisfy euro zone demands.The deal could also make it harder for Deutsche Boerse owned rival Eurex in Frankfurt to pick up euro clearing business that shifts to the single currency area.Euronext will have to pay ICE an undisclosed break-up fee. (Reporting by Huw Jones; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/lse-euronext-clearing-idINL5N1KU1N9'|'2017-08-08T06:55:00.000+03:00'
'4656f90cfc5a545f6514fe8ceb701def6e1b4e1b'|'British mineral explorer in Africa lists in London'|'August 10, 2017 / 6:13 AM / 2 hours ago British mineral explorer in Africa lists in London Barbara Lewis 3 Min Read LONDON (Reuters) - A British explorer for mineral resources in Africa will on Thursday become the first venture of its kind to be listed on London''s AIM market for growing companies, its CEO said. Following the recovery of the mining sector from a commodity price crash in 2015-16, a handful of new companies have listed. But smaller exploration companies known as project generators, which find assets but sell them on or agree joint ventures to develop them, have generally preferred the Canadian or Australian exchanges. "We will be the only listed project-generator business that has a focus on Africa," Steven Poulton, chief executive of Altus Strategies, told Reuters. Poulton had told Reuters in May he planned to list the company''s shares. The aim is to raise 1 million pounds ($1.3 million) for project exploration in Cameroon, Ethiopia, Ivory Coast, Morocco and Liberia. He describes Altus as "a counter-cyclical mining project generator", saying its simultaneous targeting of multiple assets offered "a portfolio approach to exploration risk". While major miners focused on cost-cutting and recovering from the downturn, Altus used the time for low-cost exploration, seeking gold, bauxite, copper, iron ore, zinc and silver. Supporters of Altus include Japan Oil, Gas and Metals National Corp, with which it has a joint venture agreement on copper development in Ethiopia, and Sprott Global Resource Investments of Canada, which will hold around 16 percent following the IPO. Sprott Global Resource Investments is a unit of Toronto-based Sprott Inc Altus Strategies has also partnered with Australia-listed Canyon Resources to develop its discovery of bauxite in Cameroon and has sold a gold discovery in Liberia to Avesoro Resources. The Altus listing follows three other mining listings so far this year in London, the London Stock Exchange said. They are Russian gold miner Polyus, listed in July, Jangada Mines, which is exploring for gold and platinum in Brazil and listed in June, and Rainbow Rare Earths, listed in January, which is developing a rare earth project in Burundi. ($1 = 0.7687 pounds) Reporting by Barbara Lewis; Editing by David Holmes 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-altus-ipo-idINKBN1AQ0K0'|'2017-08-10T04:13:00.000+03:00'
'79ae0aefbb488787ff092c43b20c688cff3f8748'|'Glencore raises trading guidance, sees electric vehicles boosting demand'|' 34 AM / 5 minutes ago Glencore raises trading guidance, sees electric vehicles boosting demand Barbara Lewis 4 Min Read FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. Arnd Wiegmann/File Photo LONDON (Reuters) - Mining group Glencore ( GLEN.L ) raised earnings guidance for its trading business, citing higher commodity prices, and said on Thursday increased take-up of electric vehicles and demand for energy storage would boost demand for its products. Following the commodities downturn of 2015-16, big miners have repaired their balance sheets to help position themselves for growth. Glencore has cut debt and also has a mix of assets that could help it benefit from an upsurge in electric cars. The company raised full-year guidance for adjusted earnings before interest and tax (EBIT) in its trading or marketing business by 76.94 million pounds to a range of between 1.85 billion pounds and 2.08 billion pounds. "With higher commodity prices, our marketing business does perform better, more arbitrage opportunities exist," CEO Ivan Glasenberg said on a conference call, noting demand for commodities looked strong and new supplies limited. First-half adjusted core earnings or EBITDA rose 68 percent, while EBIT rose 334 percent from a year before and net debt fell 1.23 billion pounds from the end of 2016 to 10.69 billion pounds. Its net debt to EBITDA ratio shrank to 1.07 at the end of June, down from 1.51 at the end of 2016. A ratio of around 1 is considered healthy in the capital-intensive mining industry. Glencore''s shares, up around 20 percent this year to hit their highest in nearly three years earlier this week, fell 1.8 percent by 1017 GMT. Analysts said the results, though strong, were broadly in line with expectations. As a leader in cobalt and with strong nickel, zinc and copper output, Glencore relishes the prospect of higher take-up of electric cars. NEW SOURCES OF DEMAND FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. Arnd Wiegmann/File Photo "The potential large-scale roll-out of electric vehicles and energy storage systems looks set to unlock material new sources of demand for enabling underlying commodities, including copper, cobalt, zinc and nickel," Glasenberg said. Reuters reported in July Glencore had signed a deal to sell up to 20,000 tonnes of cobalt products to a Chinese firm, which in turn helps Volkswagen ( VOWG_p.DE ) secure car batteries. It is difficult for other producers to challenge Glencore''s cobalt dominance as cobalt is concentrated in the politically unstable Democratic Republic of Congo and is a by-product of copper. Over time, Glasenberg said battery makers would seek alternatives to cobalt because of the prospect of high prices and uncertain supplies. For other major players, the fluidity of the market as auto makers develop technology is a challenge, and materials such as lithium, also used in batteries, have been dominated by smaller players so far. As the majors seek greater exposure, BHP ( BLT.L ) ( BHP.AX ) on Wednesday said it was investing in its nickel business. Paul Gait at Bernstein, which rates Glencore "outperform", said the company was almost uniquely positioned in terms of exposure to the electric vehicle market. "Today''s results strengthen our view on the stock," he said. Although debt has fallen, Glencore says it will remain disciplined and avoid expensive projects, opting for modest bolt-on acquisitions and developing what it already owns. Glencore said in December it would begin reinstating dividends this year, paying out 769.41 million pounds in 2017 and more in 2018. It said it could "materially increase" the payout if debt falls below 7.69 billion pounds. Reporting by Barbara Lewis in London, with Sanjeeban Sarkar and Arathy S Nair in Bengaluru; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-glencore-results-idUKKBN1AQ177'|'2017-08-10T13:40:00.000+03:00'
'9171b199a546add34dd3ff396224df17a2285840'|'Nikkei edges down ahead of holiday as investors warily eye North Korea'|' 46 AM / in 26 minutes Nikkei edges down ahead of holiday as investors warily eye North Korea 3 Min Read * Tokyo markets closed Friday for Japan public holiday * Insurers, banks underperform on lower U.S. yields * Shiseido soars after raising forecast By Lisa Twaronite and Ayai Tomisawa TOKYO, Aug 10 (Reuters) - Japanese stocks finished slightly lower after a choppy session on Thursday, as investors kept a wary watch on tension over North Korea ahead of Japan''s long weekend. The Nikkei finished down 8.97 points, or 0.1 percent, at 19,729.74, erasing early morning gains. The benchmark index tumbled 1.3 percent on Wednesday to hit the weakest closing since May 31 in the wake of U.S. President Donald Trump''s "fire and fury" threat to North Korea, and Pyongyang''s warning that it was considering an attack on Guam. Excessive fears surrounding North Korea seemed to have receded, traders say, but activity was subdued with Japanese markets closed on Friday. Investors remained wary of events that could lead to a spike in volatility in the foreign exchange market. The dollar inched lower to 109.99 yen on Thursday, holding above Wednesday''s low of 109.56 yen, which was the greenback''s lowest level since June 15. Against the backdrop of geopolitical tension, market participants also focused on individual earnings. "We are at the end of an intense first-quarter earnings season, and that changes the dynamics or focus for brokers and the buyside going into next week, from one which is more reactionary to the constant flow of results, to one which is more about the bigger picture," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. "There''s been mixed results, but the general feeling is that the results are quite strong across a broad range of sectors," he said. "If the rest of the world remains supportive, then there''s reason in these earnings to be encouraged about the direction of the Japanese market, which has sort of been in a holding pattern for the past two months." Financial stocks underperformed after U.S. Treasury yields fell as bond prices rose in Wednesday''s flight to safety. Insurers and banks, which invest in higher-yielding products such as foreign bonds, underperformed after U.S. Treasury yields fell on Wednesday, with the yields on the benchmark 10-year note hitting a six-week low. Dai-ichi Life Holdings dropped 1 percent, T&D Holdings fell 2.2 percent while Mitsubishi UFJ Financial Group declined 0.9 percent. Cosmetics maker Shiseido Co soared 13.8 percent after raising its operating profit outlook to 56 billion yen from 45.5 billion yen for the year through December, thanks to strong sales in high-end cosmetics. It also raised its annual dividend forecast to 25 yen from 20 yen per share. The broader Topix shed 0.65 point to 1,617.25, while the JPX-Nikkei Index 400 shed 8.16 points, or 0.1 percent, to end at 14,367.56. (Reporting by Lisa Twaronite and Ayai Tomisawa; Editing by Richard Borsuk) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1KW2O6'|'2017-08-10T09:46:00.000+03:00'
'ad618e608f9565b97537585f50406c845ea02002'|'Mitsui, Cobra in talks with BHP over desalination plant - sources'|'August 10, 2017 / 4:47 PM / 31 minutes ago Mitsui, Cobra in talks with BHP over desalination plant - sources Gram Slattery 3 Min Read FILE PHOTO - Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. SANTIAGO (Reuters) - A consortium made up of Mitsui & Co ( 8031.T ) and Grupo Cobra is in exclusive talks with BHP Billiton Plc ( BLT.L ) to build an $800 million desalination plant at its Spence copper mine in Chile, two sources with knowledge of the process told Reuters this week. This means BHP ( BHP.AX )( BLT.L ), the world''s biggest mining house, is advancing the contracting process for a planned $2.5 billion expansion at Spence, a project that has been on ice for years. A number of other companies bid on constructing the plant, including a consortium of Canada''s Brookfield Asset Management ( BAMa.TO ) and Spain''s Acciona ( ANA.MC ), but BHP has selected the Mitsui group to go ahead with bilateral negotiations, said the sources, who requested anonymity because the matter is private. Japanese trading company Mitsui and BHP declined to comment, while Acciona, Brookfield, and Cobra, a subsidiary of Spain''s ACS ( ACS.MC ), did not respond to requests for comment. Mining companies in copper powerhouse Chile have begun to look into reactivating investments in recent months on supply shortages and solid Chinese demand. The bilateral talks at Spence also come during a burgeoning desalination boom in Chile. Northern Chile''s Atacama Desert is the most important copper belt in the world, but it is also one of the world''s driest regions, with some areas never having recorded rainfall. To supply the water-intensive process of copper mining without coming into conflict with local communities, miners have increasingly looked to the Pacific Ocean for their needs. In 2013, BHP began building a $3.4 billion desalination plant at its Escondida copper mine, the largest in the world. Chilean state copper company Codelco [COBRE.UL] opened a tender process for a $1.2 billion plant in January and has since indicated it has received several expressions of interest. Reporting by Gram Slattery; Editing by Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bhp-mitsui-corp-desalination-idUKKBN1AQ23I'|'2017-08-10T19:47:00.000+03:00'
'5020cf5044125ea69c48c04ce2858b7af02005e8'|'Centerbridge Partners to acquire Highmark Health''s Davis Vision'|'(Reuters) - Private equity firm Centerbridge Partners LP said on Wednesday it had agreed to buy a majority stake in U.S. health insurer Highmark Health''s managed vision care benefits unit Davis Vision unit for an undisclosed amount.The deal provides a cash boost to the Pittsburgh-based nonprofit as it tries to cope with losses as a result of covering patients in Pennsylvania, Delaware and West Virginia under U.S. President Barack Obama''s Affordable Care Act.Centerbridge will also take a minority stake in Highmark''s retail subsidiary, Visionworks, with Highmark maintaining majority control. Peter Bridgman, whose experience includes at Luxottica Group Spa''s Pearle Vision and LensCrafters, will join Visionworks as CEO."We believe the combination of Davis Vision with Superior Vision presents the opportunity to create the leading national managed vision benefit offering," said Dan Osnoss, managing director of Centerbridge in a statement.Centerbridge also owns a majority stake in Superior Vision, a Linthicum, Maryland-based provider of vision plans, including comprehensive eye exams, eyeglasses and contact lenses, to companies. It plans to combine Superior Vision with Davis Vision, with Highmark having a minority stake in the combined company.San Antonio, Texas-based Highmark is the fourth-largest operator of Blue Cross and Blue Shield healthcare plans in the United States. It had consolidated revenue in 2015 of $17.7 billion.Its two business units, Davis Vision and Visionworks, together make more than 3.5 million pairs of glasses a year. Visionworks has more than 700 retail stores across the U.S.Highmark has requested large premium increases to help offset losses incurred as result of being on the ACA exchange. Many insurers have complained that the costs of treating patients on the exchanges was higher than anticipated.CapM Advisors acted as financial advisor to Highmark and Harris Williams & Co. provided advisory services. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel.Barclays and Macquarie Capital acted as financial advisors to Centerbridge. Willkie Farr & Gallagher LLP served as legal counsel.Reporting by Lauren Hirsch in New York; Editing by David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-davis-vision-m-a-centerbridge-idINKBN1AP1ZT'|'2017-08-09T14:34:00.000+03:00'
'343c839b0bff98df854841072d8ad7f74e86fe7e'|'METALS-London metals take a breather on N.Korea tensions'|'(Updates prices) By Melanie Burton MELBOURNE, Aug 10 (Reuters) - London copper and aluminium paused near their highest in more than two years on Thursday, amid profit-taking in wider markets as investors fretted about the simmering tensions between the United States and North Korea. China aluminium extended gains earlier on Thursday to strike its highest since 2012, with investors flooding into the market on prospects that capacity closures in the world''s top producer would tighten supply. Industry reform across China''s steel and aluminium sectors that has seen capacity closures has helped drive the rally in metals, but there were broader reasons for the move, said analyst Daniel Morgan of UBS in Sydney. Synchronous global growth for most of this year, China''s resilient property cycle and the weaker dollar have also given investors a reason to get involved, he said. "I don''t think the rally in metals is due to any one factor." FUNDAMENTALS * SHFE ALUMINIUM: Shanghai Futures Exchange aluminium pared gains to end up 0.28 percent at 16,085 yuan ($2,415) a tonne by 0640 GMT, having earlier hit its highest since May 2012 at 16,460 yuan. Open interest flew to a record-high around 900,000 lots and was up by 50 percent since Aug. 1. * LME ALUMINIUM: LME aluminium hovered near its highest in more than two years above $2,000 a tonne. * Chinese steel futures rose to trade near a 4-1/2-year high on Thursday, supporting prices of key input materials zinc and nickel, as investors remained bullish ahead of production cuts in the world''s top steel producer. * LME COPPER: LME copper was trading flat at $6,457, down 0.1 percent. That followed a slightly softer close the day before, when investors booked profits after prices marked their highest since December 2014 at $6,515 a tonne. * SHFE COPPER: Shfe copper eased 0.6 percent. * LME LEAD: London lead played catch up, rising 1.1 percent. China research firm Antaike said the start of environmental inspections in Sichuan province had prompted 60 percent of local lead-zinc mines to shut down for month-long maintenance. That could mean lower supplies of zinc and lead in August and September. * CHINA ALUMINIUM: China''s top aluminium foil producers are preparing a legal defence challenging a preliminary U.S. ruling on Wednesday that would impose hefty penalties on imports from the world''s top producers, two sources familiar with the matter said. * Premiums for aluminium and zinc in Shanghai bonded zones rose after the Shanghai prices rallied harder than LME prices, suggesting the gap for imports had become profitable. Aluminium premiums rose $7.50, having dropped $12.50 earlier this week. LME zinc prices rose $10. <0#BASEBW-SHMET> * NICKEL CUTS: First Quantum Minerals Ltd said on Wednesday it planned to suspend operations at its Ravensthorpe nickel mine in Western Australia at the beginning of next month due to persistently weak nickel prices, affecting around 450 employees and contractors. PRICES BASE METALS PRICES 0731 GMT Three month LME copper 6453.5 Most active ShFE copper 50770 Three month LME aluminium 2028.5 Most active ShFE aluminium 16080 Three month LME zinc 2936.5 Most active ShFE zinc 24270 Three month LME lead 2373 Most active ShFE lead 19420 Three month LME nickel 10815 Most active ShFE nickel 87940 Three month LME tin 20350 Most active ShFE tin 147380 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 685.08 LME/SHFE ALUMINIUM LMESHFALc3 375.46 LME/SHFE ZINC LMESHFZNc3 1014.31 LME/SHFE LEAD LMESHFPBc3 241.42 LME/SHFE NICKEL LMESHFNIc3 1934.74 ($1 = 6.6614 Chinese yuan) (Reporting by Melanie Burton; Editing by Joseph Radford and Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1KW32E'|'2017-08-10T05:49:00.000+03:00'
'40e4a8edea0434919d16a67529876a17926d3811'|'Centerbridge Partners to acquire Highmark Health''s Davis Vision'|'(Reuters) - Private equity firm Centerbridge Partners LP said on Wednesday it had agreed to buy a majority stake in U.S. health insurer Highmark Health''s managed vision care benefits unit Davis Vision unit for an undisclosed amount.The deal provides a cash boost to the Pittsburgh-based nonprofit as it tries to cope with losses as a result of covering patients in Pennsylvania, Delaware and West Virginia under U.S. President Barack Obama''s Affordable Care Act.Centerbridge will also take a minority stake in Highmark''s retail subsidiary, Visionworks, with Highmark maintaining majority control. Peter Bridgman, whose experience includes at Luxottica Group Spa''s Pearle Vision and LensCrafters, will join Visionworks as CEO."We believe the combination of Davis Vision with Superior Vision presents the opportunity to create the leading national managed vision benefit offering," said Dan Osnoss, managing director of Centerbridge in a statement.Centerbridge also owns a majority stake in Superior Vision, a Linthicum, Maryland-based provider of vision plans, including comprehensive eye exams, eyeglasses and contact lenses, to companies. It plans to combine Superior Vision with Davis Vision, with Highmark having a minority stake in the combined company.San Antonio, Texas-based Highmark is the fourth-largest operator of Blue Cross and Blue Shield healthcare plans in the United States. It had consolidated revenue in 2015 of $17.7 billion.Its two business units, Davis Vision and Visionworks, together make more than 3.5 million pairs of glasses a year. Visionworks has more than 700 retail stores across the U.S.Highmark has requested large premium increases to help offset losses incurred as result of being on the ACA exchange. Many insurers have complained that the costs of treating patients on the exchanges was higher than anticipated.CapM Advisors acted as financial advisor to Highmark and Harris Williams & Co. provided advisory services. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel.Barclays and Macquarie Capital acted as financial advisors to Centerbridge. Willkie Farr & Gallagher LLP served as legal counsel.Reporting by Lauren Hirsch in New York; Editing by David Gregorio'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-davis-vision-m-a-centerbridge-idUSKBN1AP1ZT'|'2017-08-10T00:33:00.000+03:00'
'dd76ce40cbbf626ec95f5876fb6acfc92099f941'|'Randgold reports 53 percent rise in first-half profit, cash pile mounts'|'August 3, 2017 / 6:24 AM / in 2 hours Randgold reports 53 percent rise in first-half profit, cash pile mounts Barbara Lewis 3 Min Read LONDON (Reuters) - African gold miner Randgold ( RRS.L ) on Thursday reported a 53 percent rise in half-year profit and a mounting cash pile, and said it was well on the way to developing projects that will position it for an eventual increase in demand. The company, with operations in Cote d''Ivoire, Democratic Republic of Congo, Mali and Senegal, has stood out for its lack of debt and continued strength even when other miners struggled during the commodities downturn of 2015-16. It says it is still ahead of the pack because its share price has consistently risen and it has carried on investing. The share prices of many peers are higher than at the start of last year, but have yet to match their peaks before the crash. "The industry is facing lower grades because it isn''t replacing. We''ve discovered our own mines and built them," CEO Mark Bristow told Reuters in an interview. He cited forecasts for a 30 percent reduction in new gold supply by around 2025, a shortfall he predicts will eventually push prices higher, although in the medium term gold prices would be range-bound as populist politics, led by the United States, capped gains. "We see a narrow gold price band for quite a while," he said. "Ultimately the shrinkage in supply will drive the gold price." Randgold''s investment criteria are that a project should yield a 20 percent return at a $1,000 gold price, compared with just above $1,200 now. XAU= Bristow said exploration work had made progress in prioritising targets that could meet its investment criteria and the company should deliver on an aim of defining three new projects in the next five years. For the first half of 2017, based on existing operations, net cash of $572.8 million was up 11 percent during the first six months of the year and total cash costs per ounce fell by 13 percent from a year earlier. "At this stage the outlook is positive, and Randgold is trending towards the top end of its 2017 production guidance range at a total cash cost below $600 per ounce," Bristow said. Challenges include a tax dispute in Mali, where Bristow said negotiations were making progress. Analysts praised the results, which drove the share price 3.4 percent higher on Thursday. The results highlighted the company''s ability "to deliver incremental production and cost improvements, supporting further dividend growth", BMO Capital Markets said in a note. It holds an "outperform" rating on Randgold. Additional reporting by Sanjeeban Sarkar in Bengaluru; editing by Jason Neely and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-randgold-results-idUKKBN1AJ0MS'|'2017-08-03T21:08:00.000+03:00'
'120749e7fbc6354d26fa501053c4b0bc8663bc32'|'Yen firms after North Korea says considering plan to strike Guam'|'August 8, 2017 / 11:39 PM / 9 minutes ago Yen gains broadly on latest bout of Korean tensions 3 Min Read Japan Yen and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Thomas White/Illustration TOKYO (Reuters) - The yen gained against the dollar and other peers on Wednesday on the latest bout of geopolitical tensions stemming from the Korean Peninsula. North Korea said on Wednesday it is "carefully examining" plans for a missile strike on the U.S. Pacific territory of Guam, just hours after U.S. President Donald Trump told the North that any threat to the United States would be met with "fire and fury". The dollar weakened against the yen, which is often sought in times of geopolitical tension. The U.S. currency was down 0.4 percent at 109.865 yen, following a retreat to 109.835, its weakest since mid-June. The South Korean won sank around 0.8 percent to 1,133.8 to the dollar, its lowest since July 14. The euro was 0.45 percent weaker at 129.125 yen and the Australian dollar slipped 0.7 percent to 86.66 yen. "The market had been complacent for a while regarding headlines from North Korea. So it reacted when the North threatened Guam," said Mitsuo Imaizumi, chief FX strategist at Daiwa Securities. "Few participants, however, think that North Korea would actually strike Guam at this juncture. So the impact is likely to fade eventually." Risk sentiment soured in the financial markets to drive U.S. Treasury yields down and in turn weigh on the dollar. With Asian bourses and U.S. stock futures weakening early on Wednesday, the safe-haven 10-year Treasury yield was last down 3 basis points. The euro edged down 0.1 percent to $1.1735. The common currency had lost about 0.4 percent overnight after news U.S. job openings surged to a record in June reinforced Friday''s robust payrolls data and supported the greenback. The dollar index against a basket of six major currencies was effectively unchanged at 93.633 after touching an 11-day peak of 93.876 overnight. Elsewhere, the retreat by the New Zealand dollar continued, with the kiwi hovering near a three-week low of $0.7319. The kiwi has been on the back foot all week ahead of the Reserve Bank of New Zealand''s (RBNZ) policy decision due on Thursday, when it is widely expected to keep interest rates unchanged at a record low 1.75 percent. Despite its recent weakening, the New Zealand dollar is still up more than 5 percent this year, setting a 26-month high of $0.7557 in July. Concerns are that the RBNZ will attempt to jawbone the currency and turn more dovish, reinforcing the need for low rates. The Australian dollar, sensitive to shifts in risk sentiment, was down 0.5 percent at $0.7876. (This version of the story corrects erroneous dollar/yen level in third paragraph) Reporting by Shinichi Saoshiro; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-forex-idUKKBN1AO2OF'|'2017-08-09T02:46:00.000+03:00'
'56b8de681374e5fe42da4438b224179048ae2833'|'Blackstone, GIC lead buy out of Goldman Sachs stake in Rothesay Life'|'August 9, 2017 / 8:17 AM / 2 hours ago Blackstone, GIC lead buyout of Goldman''s Rothesay Life stake Ben Martin 2 Min Read FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo LONDON (Reuters) - Goldman Sachs has sold its remaining stake in British pensions insurance business Rothesay Life to a trio of existing investors a decade after setting up the company. Blackstone Group, Massachusetts Mutual Life Insurance Company and Singapore sovereign wealth fund GIC have agreed to buy out Goldman''s 32.7 percent stake for an undisclosed sum. "We look forward with confidence to taking advantage of the considerable growth opportunities we see in the sector," Rothesay Chief Executive Addy Loudiadis said. Demand from companies to offload the risks associated with their pension scheme liabilities has grown in recent years, with insurers Legal & General and Aviva looking to cash in. L&G on Wednesday said it had written 1.6 billion pounds ($2.08 billion) in so-called ''bulk annuities'' in the first half of 2017, up from 685 million a year earlier. GIC and Blackstone will become Rothesay''s biggest shareholders and MassMutual will "substantially" increase its stake, Rothesay said. It did not say how big their investments would be. GIC and Blackstone previously had each owned 26.5 percent of the company while MassMutual held 6.5 percent. Specialist pensions liabilities insurer Rothesay''s clients include the pensions schemes of British Airways, Holiday Inn-owner InterContinental Hotels Group and bingo hall operator Rank. It was founded in 2007 by Goldman and had assets under management of 23.7 billion pounds as of the end of 2016. Last year, new business volumes grew by 89 percent to 6.6 billion pounds while its pretax profit fell to 328 million pounds from 347 million. A spokesman for the company said its 2016 results gave it an embedded value, the present value of the company''s future profits plus the adjusted current value of its assets, of about 2.2 billion pounds. Reporting by Ben Martin; editing by Simon Jessop and Jason Neely 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-rothesaylife-sale-idINKBN1AP0SB'|'2017-08-09T06:17:00.000+03:00'
'c73ab357f8fc5fafd2a2eb997497b386eb39b452'|'Marriott set to woo Chinese tourists with Alibaba deal'|'August 7, 2017 / 5:11 PM / 30 minutes ago Marriott set to woo Chinese tourists with Alibaba deal Reuters Staff 2 Min Read A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. Andrew Kelly (Reuters) - Marriott International Inc ( MAR.O ) said on Monday it would partner with China''s Alibaba Group Holding Ltd ( BABA.N ) to tap into the growing number of Chinese citizens who travel abroad. Marriott''s shares were up 0.8 percent at $105.85 in afternoon on Nasdaq. Alibaba shares were up nearly 3 percent on the New York Stock Exchange at $157.90. The world''s biggest hotel chain said the joint venture with Alibaba would allow Chinese travellers to book rooms at Marriott hotels via Alibaba''s travel service platform, Fliggy. The partnership will connect Marriott and Alibaba''s loyalty programs. Tourists would be able to pay for their bookings using the Chinese e-commerce company''s online payments platform, Alipay, the companies said. The long-term market opportunity in China is huge for companies targeting both domestic and outbound Chinese travellers, according to Rich Hightower, an equity analyst with Evercore ISI. Over the next five years, Chinese travellers will take an estimated 700 million trips, the companies   Marriott owns the JW Marriott, Ritz-Carlton, Renaissance and Autograph Collection hotel brands, among others. It has nearly 300 hotels in China and around 300 hotels in the pipeline, according to a Marriott spokeswoman. Marriott is due to release second-quarter earnings after the close of trading on Monday. Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru and Sophia Kunthara in New York; Editing by Anna Driver and Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-marriott-intnl-alibaba-idUKKBN1AN23A'|'2017-08-07T20:10:00.000+03:00'
'6443de1c679b43cfd46bb9e0661d450f75a51564'|'Avaya reaches deal with creditors to exit bankruptcy - Reuters'|'The sign at Avaya Inc. offices and lab in Westminster, Colorado is seen January 23, 2007. Rick Wilking WILMINGTON, Del (Reuters) - A path has been cleared for telecommunications company Avaya Inc to exit Chapter 11 bankruptcy in an agreement with its senior creditors and the government''s pension insurer, Avaya said in a statement on Monday.Avaya said that it had backing from holders of more than half of its $4.38 billion first-lien debt and a settlement with the Pension Benefit Guaranty Corp to terminate its underfunded salaried employee pension plan.The agreements could cut more than $3 billion from the $6.3 billion in debt Avaya had when it entered bankruptcy in January.Avaya had faced challenges in trying to transition to software and services from a business centered on hardware, and failed to sell its call center business.Avaya also struggled with pension obligations. The PBGC has said Avaya''s hourly workers plan was underfunded by $660 million and its salaried workers plan was underfunded by $1.24 billion.The Santa Clara, California-based company will pay the PBGC $300 million and give it 7.5 percent of the stock in the reorganized Avaya in return for transferring obligations for the salaried plan to the PBGC, according to court documents.The reorganized company will maintain its pension plan for hourly employees.Under the plan, which must be approved by Avaya''s creditors and U.S. Bankruptcy Judge Stuart Bernstein in Manhattan, debt holders will be repaid with a mix of cash, new debt and stock in the reorganized company.A new board will be named by holders of the company''s first-lien debt, who will own a majority of the stock in the reorganized company. Holders of the first-lien debt include funds affiliated with The Blackstone Group''s GSO Capital Partners, Davidson Kempner and JPMorgan Chase & Co, as well as dozens of other firms.Avaya estimated in court papers its enterprise value, which includes debt and equity, at $5.721 billion.First-lien debt holders will receive about 95 percent of what they are owed, while holders of $1.44 billion in second-lien notes will receive about 1.6 percent, according to court papers. Unsecured creditors will receive around 8.2 percent of the $305 million they are owed.The company''s debt stems in part from an $8.2 billion buyout in 2007 by private equity firms Silver Lake Partners LP and TPG Capital LP.Reporting by Tom Hals in Wilmington, Delaware; editing by Grant McCool'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-avaya-bankruptcy-idINKBN1AN1Y9'|'2017-08-07T14:04:00.000+03:00'
'a70f0cbcbcaefd2d6a3fb510f0edc22aecd5ea7d'|'China''s Dalian Wanda denies reports on sale of Australian projects'|'FILE PHOTO - A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. Damir Sagolj BEIJING (Reuters) - China''s Dalian Wanda Group on Tuesday said that media reports about it fielding offers to sell two real-estate projects in Australia were "completely false".Dalian Wanda, owned by billionaire Chairman Wang Jianlin, has never held any discussions with any parties about sales of its two Australian projects, the company said in an emailed statement. The construction of the two projects is progressing smoothly, it added.The Australian Financial Review earlier reported, citing two sources, that discussions were underway in Hong Kong for the sale of Dalian Wanda''s $1 billion Circular Quay apartment and hotel tower in Sydney and its $900 million Jewel resort on the Gold Coast.China has been urging local firms to be cautious about offshore deals. The government''s crackdown on showy overseas ventures and high-profile empire builders has drawn in several corporations such as Wanda, HNA Group, Anbang Insurance Group [ANBANG.UL] and Fosun International ( 0656.HK ).Reporting By Shu Zhang in BEIJING and Clare Jim in HONG KONG; Editing by Himani Sarkar'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-conglomerates-wanda-idINKBN1AO0CN'|'2017-08-08T02:25:00.000+03:00'
'd48889b8ed0189854d906c0d60788a484ab31924'|'Online lenders upbeat about turnaround progress, but worries linger'|'August 8, 2017 / 12:03 AM / in 18 hours Online lenders upbeat about turnaround progress, but worries linger Anna Irrera and David French 4 Min Read FILE PHOTO: A woman looks at her phone as she passes by a Lending Club banner on the facade of the the New York Stock Exchange December 11, 2014. Brendan McDermid/File Photo NEW YORK (Reuters) - LendingClub Corp and OnDeck Capital Inc surprised investors on Monday with strong growth forecasts that sent the online lenders'' stocks soaring, but analysts said the sector''s health was still a concern. Online lenders soared in popularity after the financial crisis when banks pulled back from traditional lending and borrowers sought other options. But rising delinquencies have made it harder to raise funds for fresh loans, prompting the sector to review its business model, which tends to attract borrowers with low credit quality. LendingClub, which serves individuals, and OnDeck, which caters to small businesses, are cutting costs and trying to attract borrowers with better credit. Executives of both companies were upbeat about the progress in their turnaround plans after they reported second-quarter results. "It''s great to be back to growth," LendingClub Chief Executive Scott Sanborn said in an interview. "We are excited about the momentum building in the business and the massive opportunity that lies ahead." Sanborn took on the CEO role last year after his predecessor, LendingClub founder Renaud Laplanche, was ousted in a scandal over disclosures and potential conflicts of interest. In a post-earnings interview, OnDeck CEO Noah Breslow called it "a positive quarter." "We have done a lot of work to restructure the business," he said. OnDeck shares closed 18.5 percent higher at $5, and LendingClub ended up 4.8 percent $5.46. The stocks rose in after-hours trading but remain far below their initial public offering prices of $20 and $15, respectively. On conference calls, analysts probed executives about their forecasts, questioning whether online lenders could deliver on promises for loan growth, credit quality and profitability. While OnDeck''s initiatives were bearing fruit, the company remains a "''show me'' story for investors," BTIG analyst Mark Palmer wrote in a research note. Prosper Marketplace Inc, another online lender, has been looking to raise a new round of funding in exchange for equity at a price that would slash its market value by more than 70 percent, people familiar with the matter told Reuters on Friday. The sources requested anonymity because they were not authorized to speak publicly about the matter. The Information first reported last week on Prosper''s fundraising effort. Earnest Corp is looking to sell itself for $200 million, Bloomberg News reported on Friday, far less than the $300 million it has raised from investors. The sector has been expected to consolidate for several months, and mergers could be on the horizon, venture capitalists, investment bankers and analysts said in recent weeks. In theory, companies can improve profits by merging because they would need to spend less money on marketing and technology, and be able reach more customers. "There have been too many princes wanting to be kings and they will not all be successful," Ryan Gilbert, partner of financial technology venture capital firm Propel Venture Partners, said in an interview. Reporting by Anna Irrera and David French; Writing by Lauren Tara LaCapra; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-online-lenders-results-idUSKBN1AN2LN'|'2017-08-08T03:04:00.000+03:00'
'b34a10e4a8c78c2c8d645d95d515ff6fa6576da0'|'Russia Braces for Permanent Sanctions From the U.S.'|'Andrey Kostin, a former Soviet diplomat in London who runs Russia’s second-largest bank, was jubilant when Donald Trump was elected last year. “We may soon see U.S. financial sanctions eased or even lifted,” he said at the time. Now, he’s changed his tune as his state-run VTB Group , like other targeted Russian entities, faces decades of limits on foreign borrowing. President Trump reluctantly codified those sanctions into law on Aug. 2 when he signed a bill that passed Congress with veto-proof majorities. “There’s a war in the area of finances,” Kostin complained at a banking conference in St. Petersburg on July 14.Desperate to snap out of an investment chill after its longest recession in two decades, Russia is likely to remain walled off from foreign capital and technology for the foreseeable future. U.S. and European Union sanctions imposed in 2014 over Russia’s annexation of Crimea cut off state banks from capital markets and restricted access to energy technology, which along with the crash in oil prices, hit the economy with a one-two punch that drove it into recession.The new law , passed in response to Russia’s meddling in the 2016 U.S. presidential election, tightens some of those limits a bit. For instance, U.S. companies now can’t participate in any energy project in which sanctioned Russian companies are involved. While it allows the president to widen the sweep of sanctions to other industries, which Trump isn’t likely to do, it specifies that any move by Trump (or any future president) to loosen penalties could be blocked by Congress. That means the new sanctions enjoy a similar status to ones that were entrenched under Jackson-Vanik, a 1974 Cold War-era amendment that imposed trade restrictions on the Soviet Union for blocking Jewish emigration. Those sanctions endured for four decades as a symbol of Moscow’s isolation even after the Soviet collapse when U.S. presidents waived its provisions on an annual basis. “Now that the law is signed, it’s completely clear that the situation with sanctions will last a long while,” says Natalia Orlova, chief economist at Alfa Bank in Moscow. “This flavor of sanctions will accompany all business activity with Russia.”Russian officials have previously put the annual cost of sanctions at €25 billion ($30 billion) in 2014 and 2015. The International Monetary Fund has estimated that prolonged curbs may result in a cumulative loss of as much as 9 percent of gross domestic product in the medium term.The sanctions bill sparked shock and anger in Moscow, ending any lingering hopes that Trump would be able to deliver on his campaign pledge to work with Russian President Vladimir Putin and repair ties that are at their lowest point since the Communist-era standoff. Russia ordered the U.S. to slash 755 staff —almost two-thirds—at its diplomatic missions, in a harsh response unprecedented even in Cold War times. The U.S. says it will announce its response by Sept. 1.While Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State Rex Tillerson committed to pursue dialogue at an Aug. 6 meeting in Manila on the sidelines of a regional security summit, the dispute is likely to hamper efforts to cooperate on Syria and try to resolve the conflict in Ukraine.Russia was rated 111th among 138 nations in foreign direct investment and technological transfer by the World Economic Forum’s Global Competitiveness Report . The economy will expand 1.3 percent this year after two years of recession, according to analysts surveyed by Bloomberg. With oil prices still hovering around $50 a barrel, the Russian central bank says potential growth won’t exceed 2 percent—a far cry from the 7 percent-a-year average GDP expansion from 2000-08 during Putin’s first two terms.Rosneft , the state oil producer headed by Igor Sechin, a close ally of Putin, has been hit particularly hard by the sanctions, which forced Exxon Mobil Corp. to suspend a joint project to develop offshore Arctic reserves. The Russian oil major delayed its plans to drill in the Arctic until at least 2019 and put on hold a project to build a liquefied natural gas plant on the east coast island of Sakhalin because of lack of expertise and financing. The sanctions also ended up biting Exxon, which was hit with a $2 million fine by the U.S. Department of the Treasury for allegedly violating sanctions when Tillerson was running the company. “I’m sorry that Exxon suffered, that they had to pay a $2 million fine for dealing with us,” Sechin told reporters on Aug. 3 while traveling with Putin to the Russian Far East. “The fact that sanctions are working against those that imposed them is positive.”Despite tapping domestic funds, including Russian state help, and securing prepayments for supplies of crude oil to China, Rosneft remains hamstrung by the ban on U.S. and European companies providing technology for offshore development. At the end of 2013, Rosneft had $14.4 billion in financing lined up from foreign partners for offshore projects.For Kostin, the sanctions have crimped his once expansive international ambitions. In 2013, the year before they were imposed, business outside of Russia represented more than 15 percent of his investment bank’s profits. But its London unit hasn’t turned a profit since, and its staffing has tumbled to 290 at the start of this year from 480 employees in 2014. VTB needed billions of dollars in emergency liquidity from the central bank after it lost access to U.S. and European capital markets. While it has steadily reduced state funding since the peak of the crunch, it needed to open a credit line from the central bank in the second quarter to maintain short-term liquidity, according to a report by rating company Expert RA .The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up For now, the market has taken the latest development in stride. After suffering a battering in the past two months, Russian bonds, stocks, and the ruble showed signs of recovery. Russia has become resilient to external shocks in the three years since sanctions were first imposed, allowing its currency to trade freely, keeping spending in check, and trying to promote “ import substitution .” That’s benefited domestic agricultural producers, including cheese makers who’ve sought to fill the gap after Russia banned dairy products and other foods imported from Europe and the U.S. in retaliation.Still, behind the bluster of some officials, there’s recognition that the deepening standoff represents a major risk. Russian Economy Minister Maxim Oreshkin urged companies to reduce their foreign borrowing. “How is it possible to speak of any long-term prospects when everything is unstable?” said his colleague Industry Minister Denis Manturov.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-08/russia-braces-for-permanent-sanctions-from-the-u-s'|'2017-08-08T07:01:00.000+03:00'
'49921e676d17a54ed2cd24d7d503c439e0f04e84'|'UPDATE 1-Triunfo stakeholder urges probe of Brazil''s BNDES'' sale of stake'|'(Updates with share performance)SAO PAULO, Aug 7 (Reuters) - A minority investor in TPI Triunfo Participações & Investimentos SA asked Brazilian regulators on Monday to investigate whether state development bank BNDES'' investment arm BNDESPar used privileged information to sell the infrastructure company''s shares before an out-of-court debt restructuring.In a letter seen by Reuters, investor Christian Bojlesen told securities industry watchdog CVM that BNDESPar, formerly Triunfo''s No. 2 shareholder, might have sold the company''s stock earlier this year to avoid being dragged into the out-of-court workout last month.The letter said BNDES, with a representative installed in Triunfo''s board, allegedly began proceedings to foreclose on collateral for two overdue Triunfo loans in January and February. It might have started to sell Triunfo shares once management and board members began to discuss the possibility of a workout, Bojlesen said.BNDESPar and BNDES did not immediately comment on the letter. Triunfo declined to comment.Between April and July, BNDESPar, whose complete name is BNDES Participações SA, cut its Triunfo stake to 5.1 percent from 14.8 percent, helping drive the stock down 41 percent.The option to seek the workout, known as recuperação extrajudicial in Brazil, "was only made known to the public on July 23," when Triunfo reached a restructuring deal with lenders other than BNDES, he said.The restructuring stems from Triunfo''s default on an 800 million-real ($256 million) loan late last year.Triunfo shares fell 3.5 percent on Monday to 3.61 reais, paring back gains this year to 13.9 percent. Benchmark Bovespa index was up 1.6 percent in mid-afternoon trading in Sao Paulo.On July 22, a dozen banks joined a workout to restructure 2.1 billion reais of Triunfo''s debt, giving the company a lifeline to complete projects and downsize gradually. BNDES, Brazil''s main source of long-term corporate credit, did not participate in the workout.Triunfo borrowed aggressively at the start of the decade to fund expansion in toll roads, electricity and airports. Brazil''s worst-ever recession has eroded the company''s profitability, and about 1 billion real of Triunfo''s debt will mature by the end of next year.Reuters reported on June 19, before the company disclosed a workout was under consideration, that it was close to a restructuring deal.Last week, BNDES and BNDESPar filed a lawsuit to suspend Triunfo''s workout and continue proceedings to foreclose on collateral for the defaulted loans. It accused Triunfo of misstating the size of BNDESPar''s stake when announcing the workout.Triunfo has five days to respond to BNDES'' claims in court.$1 = 3.1230 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/tpi-triunfo-part-restructuring-idINL1N1KT12H'|'2017-08-07T17:44:00.000+03:00'
'8229ae7ffec9f8f9109906fa24542ef2d74a65e0'|'Nissan agrees to $98 million settlement on Takata economic loss claims'|'The logo of Nissan Motor Co is pictured at a showroom at the carmaker''s headquarters in Yokohama, Japan May 11, 2017. Toru Hanai WASHINGTON (Reuters) - Nissan Motor Co ( 7201.T ) on Tuesday agreed to a $97.68 million settlement to resolve class-action consumer economic loss claims in the United States tied to the recall of 4.4 million vehicles with Takata air bag inflators, court records show.The settlement is similar to others reached with major automakers. In June, a federal judge in Miami granted preliminary approval to settlements with Toyota Motor Corp ( 7203.T ), Subaru Corp ( 7270.T ), BMW AG ( BMWG.DE ) and Mazda Motor Corp ( 7261.T ) totaling $553 million and affecting 15.8 million vehicles with Takata inflators.Reporting by David Shepardson; Editing by Leslie Adler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nissan-takata-idINKBN1AO2BZ'|'2017-08-08T18:14:00.000+03:00'
'7828b89a1b2f69679da6fc574767f21a7a82adac'|'British Airways to start non-stop flight from London to Nashville'|'FILE PHOTO: British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. Stefan Wermuth /File Photo LONDON (Reuters) - British Airways said on Tuesday it would start flying flights to Nashville from London in May 2018, the first direct route to the city from Europe.The service will fly five times a week from Heathrow''s Terminal 5, and will be operated with Boeing 787-8 Dreamliner aircraft.The new route means that British Airways will fly to 26 U.S. destinations from summer 2018. The airline said it would also increase its service to Philadelphia and Phoenix to 10 flights a week from a daily service.Reporting by Alistair Smout, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-iag-britishairways-nashville-idUSKBN1AO1QD'|'2017-08-08T17:48:00.000+03:00'
'8ed9c5e32ee4bf0d34bffbb8483d863570ad7246'|'COLUMN-A decade on, ECB''s bold credit crunch fix looks quaint: McGeever'|'(The opinions expressed here are those of the author, a columnist for Reuters.)* Global bank stocks: bit.ly/2hEIUKi* Central bank balance sheets: tmsnrt.rs/2uI8Qah* Trichet''s last ECB press conference: reut.rs/2uliiDQBy Jamie McGeeverLONDON, Aug 9 (Reuters) - Ten years ago to the day, the European Central Bank pumped 95 billion euros into the banking system to prevent it from seizing up, marking the start of the global credit crisis.At the time it was the biggest ever injection of funds into financial markets and probably the most stunning single central bank action to date. It was also the first step taken by any major authority to tackle the unfolding credit crunch.It was a bold and decisive step which pointed to a nimble, flexible and forward-looking central bank. Yet it was also a conventional move and one that wasn''t followed up quickly enough with other measures.Though the ECB was rightly seen as the vanguard of crisis prevention back then, it soon fell in the slipstream of other central banks -- notably the Federal Reserve and Bank of England -- who adopted much more aggressive and unconventional policies as the crisis unfolded.As Steven Englander at Rafiki Capital Management notes, then-president Jean-Claude Trichet''s ECB was fulfilling its role as the traditional lender of last resort to a banking system in distress. It used liquidity provisions to ease financial tensions.These tensions suddenly appeared on Aug. 9, 2007, when French bank BNP Paribas shut off access to three mortgage-related funds. It was the clearest sign to date that the financial system was malfunctioning and by common consensus was the start of the global crisis.At the time, 95 billion euros was an astronomical sum which many observers believed would unblock the global money markets through which trillions of dollars of interbank lending flows and upon which the world economy and financial system is built.Yet what seemed like a prescient, intuitive action exactly a decade ago merely became part of patchier, more hesitant response over the following years of turmoil.That more muddled navigation was encapsulated best by a premature interest rate rise just months before the Lehman Brothers collapse in 2008 and also an inability to contain the early wildfires of the euro debt crisis in 2010 and 2011 - at least not until ECB President Mario Draghi''s dramatic intervention in mid-2012.It didn''t prevent the biggest financial crisis since the 1930s, the first contraction in global output in decades, or stave off the euro zone crisis that followed and which came close to blowing up the entire single currency project.And it proved to be a drop in the ocean of trillions of euros, dollars, pounds, yen and yuan liquidity and guarantees that central banks and governments around the world were ultimately forced to provide and are still providing.JEAN-CLAUDE AND MARIO According to one former central banker, there was little understanding in August 2007 of how seriously the incipient money market and banking problems would affect the global economy. "There was a concern that policymakers should not over react to financial market developments."But 95 billion euros bought some time. It would be another seven months before U.S. investment bank Bear Stearns collapsed, and over a year before the implosion of Lehman brought the global financial system and economy to its knees.In some ways, it was the high point of Trichet''s ECB presidency. He would later be heavily criticized for raising interest rates in 2008 and 2011, and not implementing quantitative easing.Banks are the lifeblood of the euro zone economy to a larger extent than in the United States or Britain, where capital markets play a greater role in raising debt. So 95 billion euros of cheap cash to ease interbank lending strains was a natural step, no matter how unprecedented.Trichet''s ECB dabbled in a range of unconventional policies to stabilise markets after that, but unlike the Fed or it didn''t implement the large-scale purchase of sovereign debt as a policy tool that could be viewed as bailing out governments.To be fair to Trichet, he faced a much harder job getting his colleagues on board with the idea of QE. Respective Bundesbank chiefs Axel Weber and Jurgen Stark, both staunchly anti-QE, resigned in 2011 before their terms on the ECB Governing Council were up.Under Draghi''s presidency -- mostly after the euro crisis threatened to bring the entire single currency edifice crashing down -- negative interest rates have been imposed and the ECB has bought over 2 trillion euros of government and corporate bonds.Even his speech in July five years ago that the ECB would do "whatever it takes to save the euro" marked a departure from Trichet. These now famous remarks were "totally impromptu", according to former U.S. Treasury Secretary Tim Geithner.The tricky path of navigating back towards something resembling pre-crisis policy looks like being largely in the hands of Draghi''s successor. Unless, that is, another crisis presents itself between now and then.Reporting by Jamie McGeever Editing by Jeremy Gaunt'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-ecb-anniversary-idINL5N1KQ4HC'|'2017-08-08T21:01:00.000+03:00'
'f1c87071f877ab388190e39c1a09f3f1a17e46f9'|'MOVES- State Street Global Advisors, Sanlam UK, JMI Equity'|'(Adds Barclays, BTIG LLC,Lloyds,)Aug 8 (Reuters) - The following financial services industry appointments were announced on Tuesday until 1930 GMT. To inform us of other job changes, email moves@thomsonreuters.com.State Street Global Advisors (Ssga) The asset management arm of State Street Corp appointed Jacqueline Lommen as senior defined contribution pensions strategist for its Northern Europe division.Sanlam Uk The U.K.-based wealth management company said it appointed Penny Lovell to head its new Private Office.Jmi Equity The private equity firm said it promoted Larry Contrella to principal and Paul Chang to vice president.Barclays Barclays appointed Paolo Minerva as managing director of its European distressed team and head of sourcing for the EU business, with a focus on Italy.Btig Llc Financial services firm BTIG LLC named three new executives to its credit market division.Lloyds Banking Group Plc Lloyds'' commercial banking division named Madeleine McDougall as head of its real estate team. (Compiled by Arjun Panchadar and Vibhuti Sharma in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/financial-moves-idUSL4N1KU4OR'|'2017-08-08T16:15:00.000+03:00'
'7eccdbe670e65d7c768560013b0eaf312597c00d'|'Google memo writer faces tough legal road challenging firing'|'Aug 8 (Reuters) - The Google software engineer fired for writing an internal memo critical of diversity hiring policies at the company faces an uphill battle legally challenging his termination, but he could succeed in prolonging the controversy, potentially driving the tech firm to settle, legal experts said on Tuesday.James Damore told Reuters in an email on Monday that he had been fired by Google, a unit of Alphabet Inc, for "perpetuating gender stereotypes" in his 10-page memo, which asserted Google had "a left bias" hostile to conservative viewpoints and argued that the lack of representation of women in leadership roles in the tech industry was due to biological differences rather than discrimination.Damore said in the email he was exploring his legal options. Neither Damore nor Mountain View, California-based Google responded to a request for comment for this article.Damore''s memo and his firing have quickly become flashpoints in the culture wars with right-leaning writers and websites embracing Damore''s stand against "political correctness" and those on the left decrying his "sexist" arguments.Employment lawyers mostly said Damore''s potential legal case over his firing was weak though, with some noting Google would have faced potential lawsuits if it had not acted against him.“If an employer is met with someone making statements that unabashedly stereotype based on gender and the employer doesn’t respond, the employer may be sued by others who say that discriminatory conduct creates a harassing atmosphere,” said Philadelphia-based labor lawyer Jonathan Segal of Duane Morris.Discrimination lawsuits might not directly target a Google decision not to fire Damore but could cite it as evidence of a "hostile work environment," said Segal.William Gould, a Stanford law professor and former National Labor Relations Board chairman, said Google had a strong argument its firing of Damore was justified on the grounds that his memo raised questions about whether he could fairly assess the work of female colleagues.Gould said Damore would have a tough time arguing his firing violated his right to free speech. Private employers can largely fire workers for any reason. Some states including California have laws protecting political speech by employees but that protection would probably not apply to an internal memo focused on Google’s own policies, Gould said.In his email to Reuters on Monday, Damore suggested Google may have retaliated against him for filing a complaint with the National Labor Relations Board shortly before he was fired. The complaint claimed Google management was trying to silence his views.But several employment lawyers said this claim would likely fail because his memo would not be considered a “concerted activity” among Google employees protected by the National Labor Relations Act, just griping by Damore alone.Michael Willemin, a plaintiff''s lawyer with employment firm Wigdor, also said Damore would have a hard time bringing a retaliation claim based on the idea that his memo constituted a complaint about discrimination against men. Willemin noted the memo contained no specific accusation of unlawful conduct.Damore may not need to prevail in a legal proceeding to win, however. Though his memo received widespread criticism for its perceived sexism, it also drew a great deal of support, especially from the political right.Such voices would likely increase during a legal case, and Jeffrey Hirsch, a professor at the University of North Carolina School of Law, said the controversy could lead Google to settle any legal action brought by Damore.“My guess is Google would rather not have people talking about this,” he said.But Hirsch also said it was possible a quick settlement was less Damore''s goal than publicity for his point of view."It takes a certain personality to stick your neck out like that - to write a memo and send it to the workforce,” said Hirsch. “That same type of person might also embrace the martyr role.”Reporting by Dan Weissner in Albany, New York and Jan Wolfe in New York; Editing by Anthony Lin and Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/google-diversity-legal-idINL1N1KU14S'|'2017-08-08T20:23:00.000+03:00'
'740ae6153b118323d9b4ae74858a2623a0f17b4a'|'SolarWorld founder Asbeck, Qatar to buy some of its factories -sources'|'DUESSELDORF/FRANKFURT, Aug 8 (Reuters) - Frank Asbeck, founder and former CEO of SolarWorld, has teamed up with Qatar to buy two of the insolvent panel maker''s factories, sources familiar with the matter said.Qatar was a shareholder in SolarWorld with a stake of 29 percent before its collapse, while Asbeck held 21 percent.The plants, located in the German states of Saxony and Thuringia, will be taken over by a new investment vehicle called SolarWorld Industries GmbH, which counts Asbeck and the Qatar Foundation as its owners, the sources told Reuters on Tuesday.SolarWorld''s insolvency administrator Horst Piepenburg confirmed that Asbeck was one of the entity''s shareholders, but declined to give more details about other parties, saying that the planned purchase would save 475 of the group''s 1,800 jobs.Piepenburg is also still looking for buyers for SolarWorld''s solar parks as well as the group''s assets in the United States.Once Europe''s biggest solar power equipment group, SolarWorld was overwhelmed by Chinese rivals who had long been a thorn in the side of Asbeck, once known as "the Sun King". The company filed for insolvency in May.At 1306 GMT, shares in SolarWorld were down 8.6 percent at 1.13 euros per share. (Reporting by Anneli Palmen and Alexander Huebner; writing by Christoph Steitz; editing by Alexander Smith)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/solarworld-bankruptcy-idUSL5N1KU3OI'|'2017-08-08T21:09:00.000+03:00'
'365f8cb1e6f11da0576ed53215db175565a0366c'|'SoftBank''s Vision Fund acquires stake in India''s Flipkart'|'August 10, 2017 / 9:10 AM / in 3 hours SoftBank bolsters Flipkart''s firepower to challenge Amazon in India Sankalp Phartiyal 4 Min Read FILE PHOTO: The logo of India''s largest e-commerce firm Flipkart is seen on the facade of the company''s headquarters in Bengaluru, India July 7, 2017. Abhishek N. Chinnappa/File Photo MUMBAI (Reuters) - India''s Flipkart has secured nearly $2.5 billion in funding from Japan''s SoftBank Group ( 9984.T ), giving the online retailer more firepower to compete with Amazon ( AMZN.O ) in the country''s burgeoning e-commerce market. SoftBank''s Vision Fund, the world''s largest private equity fund, will invest close to $2.5 billion in Flipkart via primary and secondary share purchases, two sources familiar with the matter told Reuters. Flipkart, which raised $1.4 billion in April from China''s Tencent ( 0700.HK ), online marketplace eBay ( EBAY.O ) and software giant Microsoft ( MSFT.O ), will now have more than $4 billion of cash, the Bengaluru-based company said in a statement on Thursday. The deal comes just 10 days after SoftBank''s attempts to forge a deal between Flipkart and smaller rival Snapdeal - and thwart Amazon''s ambitions in India - fell apart following months of negotiations. The investment is part of the same funding round that had raised the $1.4 billion and will make SoftBank''s tech fund one of Flipkart''s top shareholders. It also underscores global investors'' growing confidence in the Indian e-commerce sector where dominant players Flipkart and Amazon are not burning cash on deep price discounts as much as a few months ago. "This battle is going to be fought and won on delivering better and more differentiated customer experience - by investments in areas such as logistics and technology," said Rohan Dhamija, a partner and head of India and South Asia at consultancy Analysys Mason. Flipkart did not disclose its new valuation after the SoftBank investment, or which shareholders had sold stock in the secondary sale. The retailer said in April it had a valuation of $11.6 billion after the funding from Tencent and others. Prior to the latest round, U.S. hedge fund Tiger Global, South Africa''s Naspers and Indian venture capital firm Accel Partners were some of Flipkart''s major backers. One of the sources said that once the current round of financing closes, SoftBank Vision Fund would own roughly one-fifth of the company and displace Tiger Global as Flipkart''s largest investor. SoftBank, the biggest investor in India''s leading cab hailing service Ola and top hotel aggregator Oyo, is keen to play a more active role in the country''s e-commerce sector which is expected to drive sales upwards of $35 billion by 2020. "We want to support innovative companies that are clear winners in India because they are best positioned to leverage technology and help people lead better lives," SoftBank Chief Executive Masayoshi Son said in the statement. The Japanese conglomerate has poured nearly $1 billion into Snapdeal since 2014 and until 10 days ago had been trying for months to engineer an all-stock transaction between Snapdeal and Flipkart, as a means to secure a sizeable stake in the latter. However, that plan soured after Snapdeal decided to remain independent. Goldman Sachs and Citi advised Flipkart and SoftBank Vision Fund, respectively on the investment deal. Gunderson Dettmer and Khaitan & Co acted as legal advisors to Flipkart, while AZB & Partners advised Vision Fund. Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman and Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-flipkart-online-m-a-softbank-group-idUSKBN1AQ103'|'2017-08-10T11:48:00.000+03:00'
'3b4e7502da774f4d5cb373bc75f19433dcdff4f7'|'S.Korea''s GS Caltex shuts heavy oil upgrading unit after fire'|'August 10, 2017 / 1:20 AM / 13 minutes ago S.Korea''s GS Caltex shuts heavy oil upgrading unit after fire 1 Min Read SEOUL, Aug 10 (Reuters) - South Korea''s second-largest oil refinery GS Caltex said that it had shut a heavy oil upgrading unit after it was hit by fire on Thursday morning. The blaze, which is under control, broke out in the heavy oil upgrading unit, or Vacuum Residue Hydrocracker (VRHCR), at GS Caltex''s No.2 plant in Yeosu, southwest of Seoul, a company spokesman said. The VRHCR converts heavy oil into more expensive and cleaner fuel such as gasoline. The spokesman said no injuries had been reported, adding that the cause of the fire and damage to the unit were still being assessed. He said it was too early to tell if there would be any impact on the refinery''s operations. GS Caltex, equally owned by GS Energy Corp, a unit of GS Holdings and U.S. oil major Chevron Corp, runs a 790,000 barrels-per-day refinery in Yeosu. (Reporting by Jane Chung; Editing by Joseph Radford) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/southkorea-gscaltex-fire-idUSS6N1KI005'|'2017-08-10T04:19:00.000+03:00'
'09364e14958f07255f245f2823c034a5bea28ee9'|'''Two Davids'' tread in father-in-law''s footsteps in bid to halt Clariant deal'|'The logo of Swiss specialty chemicals company Clariant is seen at the company''s headquarters in Pratteln, Switzerland August 9, 2017. Arnd Wiegmann ZURICH (Reuters) - Following a formula pioneered by their corporate raider father-in-law, two men are stirring up the chemicals sector with a push to halt Clariant''s $20 billion merger with Huntsman.Known as the "two Davids", David Winter and David Millstone are married to Samuel Heyman''s daughters and manage the privately held, multi-billion-dollar business empire he established before he died in 2009.With investor Keith Meister, their 40 North fund is likely to have already made money on what is now a 10 percent stake in Clariant, with the Swiss group''s shares up 5.6 percent since they came out publicly against the merger on July 3.Huntsman''s stock is flat since then.Winter and Millstone have in recent years grown increasingly active with their 40 North fund as well as their roofing materials business, Standard Industries, including several billion-dollar takeovers in Europe in 2016.Now they are seeking to stir a rebellion among Clariant''s shareholders over a deal they call "value destructive".The battle is reminiscent of those waged by Heyman 35 years ago when he fought for control of chemical maker GAF Corp and later Union Carbide and Borg-Warner.With two-thirds of Clariant shareholders required to approve the merger, Clariant Chief Executive Hariolf Kottmann has hired Goldman Sachs to help him fend off the insurgency.Kottmann, with the backing of a German investor group with a 14 percent stake, insists no other top investors oppose the Huntsman deal.Alex Roepers, the 13th-biggest Huntsman shareholder and 20th-biggest Clariant investor, with a stake worth around $200 million, is in favor of it going ahead."The idea to bring these two together, and then roll up your sleeves and see what other portfolio moves can be made, makes more sense," Roepers told Reuters.But Winter and Millstone aim to convince other shareholders that Clariant can do better.While they have not publicly offered alternatives, a person familiar with their talks said one option would be for Clariant to dispose of its plastics and coatings unit, with $2.6 billion in annual sales, to clear the way for selling the full company to a strategic investor.Those could include Germany''s Evonik, which two years ago held talks with buyout group CVC over a potential joint offer for Clariant, before that fell through.Kottmann has not ruled out asset disposals, but only after the merger is completed.FILE PHOTO: A woman cycles past the logo of U.S. chemical company Huntsman in front of a plant in Basel September 30, 2011. Arnd Wiegmann/File Photo Markus Mayer, a chemicals industry analyst at Baader Helvea who dubs Clariant the No. 1 takeover target in the global speciality chemicals industries, told Reuters this week he estimates the merger''s chances at just 50-50.Huntsman says those opposing the merger are pursuing short-term profit through a break-up of Clariant, in a move similar to when Meister, then a Huntsman shareholder, pushed the Texas-based company to shed its pigments business in 2013.However, CEO Peter Huntsman, who is slated to become head of the merged companies, instead combined the pigments business with assets he bought from Rockwood and spun them off last week through an initial public offering."The parties had a clear difference of opinion on what Huntsman''s pigments strategy should be and Peter’s view has been completely vindicated," a Huntsman spokesman said."The Huntsman/Clariant combination provides even greater potential."Slideshow (4 Images) CLOSE AS BROTHERS Combining a real-estate fortune inherited from his father and savvy business acumen, Heyman won a $5 billion takeover of chemical maker GAF in 1983 after a proxy fight.While subsequent hostile bids for Union Carbide and Borg-Warner failed, they made GAF hundreds of millions of dollars.And late in his career, Heyman amassed a 10 percent stake in the London Stock Exchange when Nasdaq was pursuing a merger.His sons-in-law have picked up where he left off.Millstone comes from a family of lawyers and spent time at U.S. investment bank Bear Stearns before taking a role in his father-in-law''s businesses.Winter, like Heyman, is from a wealthy real-estate family and in a 2015 New York Times interview estimated the clan''s property portfolio at "north of $5 billion".They both declined comment on Clariant, but Winter said in the New York Times interview that he and Millstone "are interchangeable" as they work to grow their families'' legacy."Having two Davids never hurts. We are as close as brothers," he added.(This story corrects spelling of name to Winter)Reporting by John Miller; editing by Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-clariant-huntsman-raiders-idINKBN1AO1DO'|'2017-08-08T10:54:00.000+03:00'
'698392fa6ae5ea02c934ff806ae5f8bd4e71aedb'|'SoftBank invests $1 billion in sports e-commerce firm Fanatics: sources'|'August 8, 2017 / 8:00 PM / in 17 hours SoftBank invests $1 billion in sports e-commerce firm Fanatics: sources Liana B. Baker 2 Min Read FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Issei Kato/File photo SAN FRANCISCO (Reuters) - SoftBank Group Corp is investing $1 billion in Fanatics Inc as a part of a funding round that values the sports e-commerce company at $4.5 billion, according to sources familiar with the matter. The new funding is expected to close later this month, one of the people said, asking not to be named because the news was not yet public. Fanatics declined to comment and SoftBank could not immediately be reached for comment. Jacksonville, Florida-based Fanatics is a leading sports merchandise licensor that handles e-commerce sales for teams and sports leagues around the world. It counts the National Football League and Major League Baseball as investors, along with several venture capital firms and technology companies. SoftBank, run by Japanese billionaire Masayoshi Son, is making the bulk of the $1 billion investment out of its $93 billion Vision Fund, the world''s biggest private equity fund, sources said. Its backers include Saudi Arabia''s sovereign wealth fund, Abu Dhabi''s Mubadala Investment Co and Apple Inc. SoftBank has been involved in a number of recent deals including acquisitions of two robotics businesses from Google''s parent company Alphabet Inc. Other investments in the Vision Fund include stakes in chip designer ARM Holdings and satellite startup OneWeb. The Wall Street Journal first reported the SoftBank investment in Fanatics on Tuesday. Reporting by Liana B. Baker; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-fanatics-softbank-investment-idUSKBN1AO2AI'|'2017-08-08T23:00:00.000+03:00'
'b31f811431e46824df1d27eede7d34c75e956618'|'Income investors run for cover as dependable UK dividends in jeopardy'|'August 9, 2017 / 11:35 AM / an hour ago Income investors run for cover as dependable UK dividends in jeopardy 7 Min Read LONDON (Reuters) - Attractively high dividend payouts by companies listed on Britain''s stock market could be in danger. The sectors currently delivering the biggest dividends -- those that have kept yield-hungry investors in the UK market -- are showing signs of strain. Oil and gas, pharmaceutical and consumer stocks account for nearly half of the UK market''s total dividend payouts, Societe Generale data shows. But factors from industry regulation to currency exchange are feeding concerns these dividends may erode, and causing investors to seek diversification into sectors where payouts may grow. One headwind is currency. Many of Britain’s major international exporting companies pay dividends in other currencies, so a weaker sterling has flattered income for UK investors and meant payouts increased even when companies kept dividends flat in dollar terms. This helped the total dividend payout balloon to 33.3 billion pounds this quarter, up 14.5 percent from the same period last year, according to Capita Asset Services data. But base effects from a weaker sterling will begin to disappear next quarter, with the pound strengthening and the dollar now on the back foot, down 9 percent year-to-date, raising doubts as to how long the currency windfall can be relied upon. Other headwinds materialised when regulatory pressures and corporate events dented stocks in some of the sectors income investors rely on most. Shares in British American Tobacco ( BATS.L ) and Imperial Brands ( IMB.L ), two of the most dependable dividend payers, plummeted after U.S. regulators proposed tighter rules on the amount of nicotine in cigarettes, causing investors to fret over their ability to maintain steady payouts. "Investors are desperate for yield so they pay close attention to anything which could threaten their income stream," said Alex Dryden, global market strategist at JP Morgan Asset Management. "We have been getting a few questions about the ability of these companies to continue to meet lofty dividend expectations," Dryden said. RED FLAGS Growing dividends show companies feel confident enough about earnings to hand more cash over to shareholders, but cracks are starting to appear. High dividend yields, the ratio of dividend payouts to share price, are a tell-tale sign of concerns over some of the biggest contributors to income in the FTSE 100. "If something yields more than 6 percent it''s a red flag more than an opportunity," said Eric Moore, manager of the UK Equity Income fund at Miton Group. "The market is pricing in the fact that these dividends will ultimately prove to be unsustainable." Oil majors Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) are both on dividend yields of 7 percent -- well above the FTSE 100 average of 3.89 -- indicating concerns are being priced in. Investors raised doubts about the viability of high dividend payouts from GSK ( GSK.L ) and AstraZeneca ( AZN.L ) after disappointing results and a drug trial failure threw the respective companies’ dividend strategies into question. Both firms have dividend yields above their sector average, and payouts are already eroding. The healthcare sector paid out 35 percent less in the second quarter this year than Q2 2016, data from Capita Asset Services showed. Deutsche Bank analysts on Monday estimated GSK’s dividend outlook would be flat until 2022. MINERS AND BANKS TURN ON THE TAPS AGAIN So frustrated investors are turning to areas where dividends are likely to grow, like the mining and banking sectors. But these are vulnerable to the removal of the currency support. “Dividends in the FTSE are a currency story, a Brexit story and a U.S. story,” said Kokou Agbo-Bloua, flows strategist at Societe Generale. “People liked buying the FTSE 100 and dividends because the pound went down (after the vote to leave the European Union –- but now that the dollar is falling that trade is becoming less profitable.” Miners are only just coming back into the dividend-paying fold, and yields for the likes of Rio Tinto and Glencore are at or below the index average, indicating investors are far less concerned than in 2015 when management was on the brink of slashing dividends as the sector entered a painful commodity downturn Basic resource companies accounted for 1.1 billion of the total 2.6 billion pound year-on-year increase in FTSE 100 dividends in the second quarter, Capita Asset Services said. This quarter every FTSE 100 mining company increased dividend payout, with sterling’s weakness a big boost to all of them. Glencore ( GLEN.L ) returned to its dividend this year for the first time since 2015, and its current dividend yield of just under 2 percent signals investors predict it will increase. Banks reviving from a multi-year downturn are also beginning to give money back to shareholders, with Lloyds ( LLOY.L ) increasing its payout last week, while HSBC ( HSBA.L ) kept its dividend flat. But investors keen to benefit from banks'' recovery would be better placed looking in euro zone blue chips, where financials are the biggest contributor to dividends, with 30 percent of the total Euro Stoxx 50 .STOXX50E payouts.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-dividends-idUKKBN1AP19L'|'2017-08-09T14:35:00.000+03:00'
'37d0bb268002844beed114b24fd9bea779ed7595'|'CORRECTED-BRIEF-Jagged Peak Energy announces appointment of COO'|'August 10, 2017 / 11:11 AM / 22 minutes ago CORRECTED-BRIEF-Jagged Peak Energy announces appointment of COO 1 Min Read (Corrects to COO from CEO in headline) Aug 10 (Reuters) - Jagged Peak Energy Inc * Jagged Peak Energy Inc. announces appointment of chief operating officer * Has appointed J. Jay Stratton, Jr. as its executive vice president, chief operating officer * Most recently Stratton was chief operating officer of Permian Resources LLC Source text for Eikon:   0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/idUSASB0BEZF'|'2017-08-10T19:30:00.000+03:00'
'92b583f02bdef53fbad21f5aa3794225d3f7e47e'|'Hedge fund Paulson & Co trims stake in Valeant'|'Aug 10 (Reuters) - Valeant Pharmaceuticals International Inc investor John Paulson trimmed his stake in the Canadian drugmaker but said he remains fully supportive of the company''s leadership.New York-based hedge fund Paulson & Co cut its stake to 6 percent from 6.3 percent, reported in June, due to rebalancing of its portfolios based on asset flows.The disclosure comes nearly 2 months after billionaire investor Paulson, whose hedge fund is the biggest shareholder of Valeant, joined the company''s board as Valeant tries to lower its debt load.Valeant on Tuesday said it expects to repay more than $5 billion in debt earlier than it had targeted. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/valeant-pharm-in-stake-paulson-idINL4N1KV6JK'|'2017-08-09T20:33:00.000+03:00'
'ec892a10ece79db87879f02edc4501629c17a162'|'Investor Ackman does not understand ADP, company CEO tells CNBC'|'William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. Brendan McDermid NEW YORK (Reuters) - The CEO of Automatic Data Processing Inc ADP.O slammed investor William Ackman on Thursday, likening the hedge fund manager to a "spoiled brat," and skewering the billionaire''s research efforts into the payroll processor. ADP CEO Carlos Rodriguez, in an interview with CNBC, called his interactions with Ackman "baffling and surreal." Rodriguez took several pot shots at the investor, saying Ackman was relying on disgruntled employees for research and that he prioritized a vacation over a meeting with ADP''s board. The interview was a rare display of a CEO bashing one his company''s largest investors and set the stage for a proxy fight as the two sides try to keep each other''s nominees off ADP''s board. Last week, Ackman''s Pershing Square Capital Management disclosed an 8 percent holding in the $50 billion U.S. human resources outsourcing company, and nominated three directors to the board. Ackman, one of the nominees, wanted ADP to extend its board director nomination deadline, which expires on Thursday. The board refused. Rodriguez told CNBC Ackman sought more time because the hedge fund manager was unprepared. "It kind of reminds me a little bit of a spoiled brat in school asking a teacher for an extension on their homework," the CEO said in the interview. Pershing Square declined to comment on Rodriguez''s comments to CNBC, saving its response for a conference call it previously planned on Aug. 17 to discuss its ADP investment. Rodriguez said Ackman originally told him he wanted the CEO to be replaced, a view Pershing has since changed. At one point, Rodriguez said Ackman "does not know what he''s talking about" and was relying on disgruntled ex-ADP employees for his information. Still, the CEO said he was willing to listen to Ackman if the investor had ideas to boost shareholder value. The two plan to meet in early September, he said. ADP, a global company with 630,000 customers and based in Paterson, New Jersey, usually holds its annual shareholder meeting in early November. Rodriguez noted on Thursday that for 42 years, the company has increased its dividend and "if Bill Ackman leaves us alone, we intend to get to 50."'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-adp-pershing-idUSKBN1AQ1TV'|'2017-08-10T18:01:00.000+03:00'
'7623a03d6bffda438ca919bbcef50e5cfb639f31'|'Volkswagen Group, Tata cooperation talks have ended: source'|'August 10, 2017 / 11:34 AM / 5 hours ago VW Group, Tata Motors end talks on emerging markets cooperation 4 Min Read Ballpoint pens are seen during Volkswagen Group annual news conference in Wolfsburg, Germany, April 28, 2016. Fabrizio Bensch BERLIN/NEW DELHI (Reuters) - Cooperation talks between Germany''s Volkswagen Group ( VOWG_p.DE ) and India''s Tata Motors ( TAMO.NS ) about joint development of a car for emerging markets have ended amicably, the two companies said on Thursday. The collapse of the talks is a further blow to Volkswagen''s (VW) efforts to develop a cheap vehicle platform for Asian markets, after an earlier alliance with Japan''s Suzuki Motor Corp ( 7269.T ) also fell apart. In March Tata Motors and VW announced a Memorandum of Understanding (MoU) for a long-term partnership to explore joint development of products for customers in India and other markets. The German group''s Czech arm Skoda, commissioned by VW to lead the talks with Tata, was exploring a possible entry-level car platform together with the Indian manufacturer, using Tata''s AMP vehicle platform as a basis, a VW group source said. Skoda dropped the idea of developing the AMP platform on fears that it would need significant further investment to meet future crash-test and engine emissions requirements and would instead explore parent VW''s MQB platform for possible further savings, said the source, who declined to be named. "The two companies have come to the conclusion that at the present point of time the technical and economic synergies cannot be realized in the desired way," Skoda said on Thursday, confirming a Reuters story. "We have evaluated the technical feasibility and degree of synergies for the envisioned partnership. We have concluded that the strategic benefits for both parties are below the threshold levels," said Tata Motors Chief Executive Guenter Butschek, the German automotive and aerospace industry veteran who joined the Indian company last year. But the two automakers, which also studied joint development of components, did not rule out the possibility of collaboration in the future after holding what Skoda called "constructive talks" over the past five months. Foreign carmakers like VW, General Motors ( GM.N ) and Fiat Chrysler ( FCHA.MI ) have struggled in India where more nimble rivals such as Maruti Suzuki ( MRTI.NS ) and Hyundai Motor ( 005380.KS ) have cornered two thirds of the market. Tata, which is also struggling to boost sales, has been trying to turn round its loss-making domestic business by modernizing its products, improving efficiency and streamlining its organization. In May General Motors said it would stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world''s most competitive markets where small cars make up the bulk of sales. India is expected to become the world''s third-largest car market by 2020 but passenger vehicle sales have slowed in recent months due to policy changes and a new nationwide sales tax. The collapse of talks with Tata also deals a blow to VW''s efforts to decentralize power within the group in the wake of the diesel emissions scandal and assign greater responsibilities to the individual brands and business regions for vehicles and technology, another source at VW group said. Reporting by Andreas Cremer in Berlin and Aditi Shah in New Delhi; Editing by Georgina Prodhan, Greg Mahlich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-volkswagen-tata-motors-cooperation-idINKBN1AQ129'|'2017-08-10T13:08:00.000+03:00'
'4c33bb22f54c0892babd62ba235544488510c1fe'|'The Joys of ECB Procrastination'|'The Joys of ECB Procrastination A sharp reversal versus the dollar could catch out a lot of investors. By From Photographer: Krisztian Bocsi/Bloomberg The dollar has been on its worst run against the euro since 2011. That is a headache for the European Central Bank''s efforts to stoke economic growth and get inflation back to its target -- and it''s leaving a lot of investors in a vulnerable position. President Donald Trump''s political difficulties, including delays in moving forward his economic agenda, are weakening the greenback across many currencies, but it''s particularly noticeable against the euro. This is partly down to the region''s better growth rate, but also because the ECB is going to have to take a decision on paring stimulus before its quantitative easing program expires at the end of the year. Certainly investors are betting the current trend will continue -- the market has a near-record long position in euro futures contracts. This could reverse sharply if the currency''s direction changes. Thermonuclear war notwithstanding. About the only realistic measure the ECB can take to temper euro gains is to delay the decision on tapering QE. This would involve not only disappointing investor expectations for an announcement at the governing council''s September meeting, but also letting Federal Reserve Chair Janet Yellen be the pacesetter for major central banks on winding down QE. It would also prevent the nightmare scenario that the Fed could delay its decision on reducing its balance sheet, which investors expect to hear at its Sept. 20 meeting. Draghi has a couple of major opportunities -- his appearance in Jackson Hole later this month and the ECB Sept 7. policy announcement -- to lay the groundwork for letting the Fed go first. He is going to have to talk around the subject -- a personal specialty -- if he wants to let the U.S. central bank do the hard yards for him on tapering QE, and supporting the dollar. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Non-action may accomplish what jawboning hasn''t. Draghi made clear at the July press conference that the governing council has yet to start discussions about tapering QE. Furthermore, he''s questioned whether officials will have sufficient technical detail by the next meeting to make a definite decision. Add to that a reduction in hawkish comments from within the central bank. And the euro keeps getting stronger. There''s good reason to delay, anyway. The return to growth isn''t firmly established. And despite an ECB balance sheet of over 4 trillion euros ($4.7 trillion) -- core inflation has only managed to accelerate from 0.9 percent to just 1.2 percent. That''s not exactly encouraging hope of a sustained pickup in consumer prices that will drive the key rate to the target of just below 2 percent and keep it there. Add to the mix the German elections on Sept. 24, which probably will be the region''s last major EU political event of the year. After all the drama around the Italian, French and Dutch votes, letting this one sort itself out first makes sense. Putting off a QE tapering announcement at least until the ECB meeting in October looks the smartest move for the wily President. It may just leave a lot of investors in the lurch. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-10/the-joys-of-ecb-procrastination'|'2017-08-10T10:08:00.000+03:00'
'cd08480583d5320e3ad0341c66bbfe332c8de4b7'|'CANADA STOCKS-TSX hits 1-month low on risk aversion, lower oil prices'|'TORONTO, Aug 10 (Reuters) - Canada''s main stock index fell to its lowest close in a month on Thursday as oil prices fell and investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 143.08 points, or 0.94 percent, at 15,074.25. Nine of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-close-idINL1N1KW1WS'|'2017-08-10T18:05:00.000+03:00'
'cabd4c3369178cc51c1fdbb4ce57d6e618e18281'|'Oil prices edge higher after U.S. stockpile fall'|'August 10, 2017 / 12:33 AM / an hour ago Oil prices edge higher after U.S. stockpile fall Reuters Staff 2 Min Read A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson/File Photo TOKYO (Reuters) - Oil futures rose in early Asian trading on Thursday, adding to gains from the previous session after official figures showed U.S. crude inventories fell more than expected. Brent crude, LCOc1 the global benchmark, was up 8 cents, or 0.15 percent, at $52.78 at 0015 GMT. It closed 1.1 percent higher on Wednesday, snapping two days of declines. U.S. West Texas Intermediate (WTI) crude CLc1 was up 8 cents, or 0.2 percent, at $49.64, after rising 0.8 percent in the previous session U.S. crude stockpiles fell last week as refineries boosted output to the highest percentage of capacity in 12 years, the Energy Information Administration said on Wednesday. U.S. crude inventories USOILC=ECI fell 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels. Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the U.S. Department of Energy started keeping data in 1982. [EIA/S] But a surprise increase in gasoline stocks is capping gains in oil prices and tempering attempts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers to boost prices that are about half of levels three years ago. They are cutting output by about 1.8 million barrels per day (bpd) under an agreement set to run until March 2018. The deal has supported prices but a recovery in output in Libya and Nigeria, OPEC members exempt from the cut, has also complicated the initiative. Reporting by Aaron Sheldrick; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AQ01H'|'2017-08-10T03:33:00.000+03:00'
'230281042e6ccaf1c83522d2904fe41c4eb3809b'|'Morning News Call - India, August 4'|'August 4, 2017 / 3:17 AM / in 15 minutes Morning News Call - India, August 4 7 Min Read To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 8:15 am: PNB Housing Finance earnings conference call in Mumbai. 10:00 am: Mines Secretary Arun Kumar at mining summit in New Delhi. 11:00 am: Monsoon session of parliament continues New Delhi. 11:00 am: Berger Paints annual general meeting in Kolkata. 11:00 am: Cummins India earnings conference call in Mumbai. 1:00 pm: Earth Sciences and Environment Minister Harsh Vardhan at signing of MoU between CSIR-NPL and ISRO in New Delhi. 1:45 pm: Railway Minister Suresh Prabhu at Exchange of Agreement with stakeholders as part of ‘Mission Electrification’ & ‘First EPC’ contract of Indian Railways in New Delhi. 2:00 pm: Indian Private Equity and Venture Capital Association conference in Mumbai. 3:00 pm: Mahindra & Mahindra annual general meeting in Mumbai. 3:30 pm: Ujjivan Financial Services annual general meeting in Bengaluru. 4:00 pm: CEAT earnings conference call in Mumbai. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. LIVECHAT - QUIZ EAST The first of our Friday quizzes focuses on Asia and the week''s top news. Tests your wits and googling speed at 11:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • RBI behind curve on rate cuts, say frustrated Indian officials Senior Indian government officials say the Reserve Bank of India should have cut interest rates more aggressively, signalling fresh tensions between New Delhi and the Mumbai-based central bank on how to revive economic growth and create jobs. • Cognizant shrugs off healthcare worry, tightens FY revenue view Cognizant Technology Solutions Corp raised the lower end of its 2017 revenue forecast, easing concerns of tighter spending from its healthcare clients amid uncertainty surrounding the U.S. healthcare policy. • Indian Oil, partners look for cheaper site for Pacific NorthWest LNG terminal Indian Oil Corp Ltd said it is in talks with its partners to scout for an alternative, cheaper site for the Pacific Northwest LNG terminal after the recent pullout of the lead developer cast doubt on the future of the Canadian project. • Cochin Shipyard''s $231 million IPO subscribed over 76 times Cochin Shipyard Ltd''s initial public offering, which aims to raise up to 14.68 billion rupees, was subscribed more than 76 times on the last day of the sale, indicating strong interest in the state-run shipbuilder. • Pratt & Whitney tells India will resolve engine issues by September - official Pratt & Whitney has told the Indian government that it will by September resolve technical glitches that have affected its engines and hurt operations of two Indian airlines, an official at the country''s aviation regulator said. • India raises $63 million from Hindustan Copper share sale India has raised about 4 billion rupees by selling a 6.8 percent stake in state-run miner Hindustan Copper Ltd, the Finance Ministry said. GLOBAL TOP NEWS • Grand jury issues subpoenas in connection with Trump Jr., Russian lawyer meeting A grand jury has issued subpoenas in connection with a June 2016 meeting that included U.S. President Donald Trump''s son, his son-in-law and a Russian lawyer, two sources told Reuters, signaling an investigation is gathering pace into suspected Russian meddling in the 2016 U.S. election. • In blustery call, Trump pressured Mexico on border wall payment U.S. President Donald Trump pressured the Mexican president to stop voicing opposition in public to his plan to have Mexico pay for a border wall, according to transcripts of phone calls published that gave an insight into Trump''s attempts to influence foreign leaders in his first days in office. • China says India building up troops amid border stand off China''s Foreign Ministry said India has been building up troops and repairing roads along its side of the border amid an increasingly tense stand-off in a remote frontier region beside the Himalayan kingdom of Bhutan. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 10,044.50, little changed from its previous close. • Indian government bonds are likely to gain in early trade today, tracking a fall in U.S. Treasury yields, and as the Bank of England yesterday kept interest rates at a record low and lowered its inflation forecasts.The yield on the benchmark 6.79 percentbond maturing in 2027 is likely to trade in a 6.40 percent-6.46 percent band. • The Indian rupee will likely open little changed against the dollar, as investors await key U.S. non-farm jobs report due later today, while weak service sector data and ongoing political turmoil in Washington weighed on the greenback. GLOBAL MARKETS • The S&P 500 and the Nasdaq fell on Thursday, weighed down by Amazon.com, Apple and other top-shelf technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high. • Asian stocks struggled after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar remained under pressure on signs that probes into possible Russian interference in the 2016 U.S. elections are gathering pace. • Oil markets opened weak with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. • Gold held steady near seven-week highs hit earlier this week, as the dollar eased to hover near multi-month lows ahead of key monthly U.S. non-farm payrolls data later in the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.63/63.66 August 3 $3.78 mln $62.18 mln 10-yr bond yield 6.7 pct Month-to-date -$54.93 mln $379.03 mln Year-to-date $8.92 bln $21.52 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.6900 Indian rupees) (Compiled by Erum Khaled in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1KQ1ID'|'2017-08-04T06:16:00.000+03:00'
'ff9830bc3cc992da95b2c6ab27626c093d7e0013'|'Fitch: Bankruptcies to Keep Rising As China Tackles Overcapacity'|'(The following statement was released by the rating agency) HONG KONG/SINGAPORE, August 09 (Fitch) Chinese bankruptcies are likely to continue to rise sharply as the authorities become more accepting of them and tighter financial regulations take effect, but market forces are still playing only a minor role in determining failures in the state-owned sector, says Fitch Ratings. There is little evidence yet that the government is willing to tolerate the job losses and the drag on economic growth that would accompany the bankruptcy of large "zombie" enterprises, which are responsible for the most significant corporate inefficiencies and account for the bulk of overcapacity. The number of Chinese insolvency cases rose to 5,665 in 2016 from 3,684 in 2015, and is on track for another large increase in 2017, with 4,700 case filed in January-July alone, according to data from the Supreme People''s Court. Cases resolved are also rising, reaching 3,602 in 2016 - up by 43% from 2015 - and 1,923 in January-July 2017. The increase in insolvencies is partly policy-driven. China''s authorities have become more accepting of bankruptcies in recent years, including in the state sector, and have made efforts to improve the insolvency framework. Allowing market forces to play a greater role in determining bankruptcies should, over the long run, reduce moral hazard. Meanwhile, resolution of zombie enterprises - those that incur recurring losses and rely on the support of the government and state banks to survive - would be a step towards improving corporate efficiency and addressing overcapacity. <iframe allowfullscreen src="//e.infogram.com/1c416592-9013-4190-a13b-3a37360ee13c?src=e mbed" title="Chinese bankruptcies Still Low" width="550" height="631" scrolling="no" frameborder="0"> However, bankruptcies remain infrequent compared with other large economies (see chart). This will not change quickly. Moreover, few companies in the sectors most in need of restructuring have gone the bankruptcy route. Only 12% of bankruptcies so far in 2017 involved companies in the highly indebted state sector; only 10% were from the real-estate sector, where the National Academy of Development and Strategy has classified 45% of companies as zombies; and only 2% were in the steel sector, where over half of companies are considered zombies and overcapacity is a significant problem. These figures contrast to some degree with official comments that have associated bankruptcies closely with supply-side reform. Premier Li Keqiang reiterated at the National People''s Congress in March 2017 that market-based measures to promote restructuring and insolvency settlement are a key component of the state''s strategy to deal with zombie enterprises. Meanwhile, the State-owned Assets Supervision and Administration Commission has drawn up a list of 2,041 zombie enterprises, mostly subsidiaries of central SOEs, and plans to resolve 345 of them in 2016-18. The authorities may continue to favour mergers of weak companies with stronger ones as a less disruptive alternative to outright bankruptcy for large enterprises, given that maintaining high and stable economic growth remains a primary policy target. Local governments are also likely to continue supporting troubled enterprises that are sizeable employers in their localities. SOEs employ over 60 million workers, but more than a quarter of them are unprofitable, based on official data. A concerted effort to wrap up non-viable companies would therefore almost certainly involve large-scale layoffs - the last major SOE reforms resulted in around 29 million job losses in 1997-2000. Layoffs of that scale are politically unpalatable, particularly because it may be difficult to absorb the affected workers into the industries of China''s new economy. Sizeable bankruptcies would also add to asset-quality issues at banks. Bankruptcies are likely to continue rising quickly over the next few years in light of rising policy attention and the tightening of credit conditions since late 2016. The recent deceleration in credit growth also suggests firms will face slower growth next year, as reflected in Fitch''s 2018 GDP growth forecast of 6.3% compared with the 2017 forecast of 6.7%. Contact: Andrew Fennell Director Sovereigns +852 2263 9925 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Buddhika Piyasena Managing Director Corporates +65 6796 7223 Dan Martin Senior Analyst Fitch Wire +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/fitch-bankruptcies-to-keep-rising-as-chi-idINFit2XCTxZ'|'2017-08-10T01:38:00.000+03:00'
'1574810018fabfec1520382015370c0d4d0dd183'|'SEC says bond liquidity fears overdone'|'August 10, 2017 / 3:51 PM / 23 minutes ago SEC says bond liquidity fears overdone Christopher Spink 5 Min Read LONDON, Aug 10 (IFR) - US regulators have downplayed the impact of stricter regulation in financial markets, suggesting fears of a subsequent lack of liquidity in credit trading is overblown. On Tuesday the Securities & Exchange Commission said in a report to the US Congress that “evidence for the impact of regulatory reforms on market liquidity is mixed, with different measures of market liquidity showing different trends”. The report said the changes could not be ascribed to the introduction of new rules and regulations alone but had to be considered alongside other factors such as the “electronification of markets, changes in macroeconomic conditions, and post-crisis changes in dealer risk preferences”. These trends pre-dated the Dodd-Frank Act, which outlawed US-regulated banks from proprietary trading among other measures, and Basel III, which requires banks to hold heightened levels of capital. More specifically, in the US Treasury markets the SEC found “no empirical evidence consistent with the hypothesis that liquidity has deteriorated after regulatory reforms”. It noted that the Volcker rule in Dodd-Frank, which bans prop trading, did not apply to this market in any case. The SEC said that for corporate bond markets, “trading activity and average transaction costs have generally improved or remained flat”. It said that “more corporate bond issues traded after regulatory changes than in any prior sample period”. The report said transaction costs had decreased by 31bp for trade sizes below US$20,000 and were 0.1bp lower for larger trade sizes than the 5.8bp before the crisis. The SEC did say trading was “more concentrated in less complex bonds, and bonds with larger issue sizes”. That would suggest that market participants feel smaller or more esoteric bonds now show less liquidity since banks can no longer hold such a wide range of inventory, as the report noted. However, it said the number of dealers involved in the market had not declined. Other pockets of seeming illiquidity were also observed. For instance, it said dealing costs had increased for sizeable trades of larger bonds of more than US$500m issue size, some investment-grade bonds, younger bonds issued under two years ago and bonds with maturities over 20 years. It also said that in times of severe market stress “dealers may not lean into the wind, but instead make larger cuts in inventory of bonds that are aggressively sold by their customers.” The SEC said this supported findings that “dealers decrease liquidity provision” during such episodes. Finally it said that increased electronic trading and use of single-name credit default swaps may have added to extra liquidity provision since the crisis. HIGH YIELD PICK UP In March, markets regulator IOSCO reached similar conclusions in its own report into the corporate bonds markets, finding “no substantial evidence” that market liquidity between 2004 and 2015 had “deteriorated markedly from historic norms for non-crisis periods”. In a separate report on Wednesday, Bank of America Merrill Lynch said that credit market liquidity remained “challenging” because “lower bond supply over the past year and strong central bank buying has resulted in fewer bonds being available for traditional credit investors to buy”. But it did find that while trading frequencies had “declined in the high-grade euro and sterling corporate bond market, we have seen an improvement in the high-yield space. In the latter case, the liquidity is now concentrated in fewer issues of higher notional”. The broker said that this could be because “a broader investor base is looking to trade HY bonds” as higher-yielding opportunities continued to be sought. “Over the past 12 months, a higher proportion of the available stock is trading,” it said. A survey of BAML clients found that three-quarters of investment-grade investors thought liquidity had deteriorated or remained unchanged but the same proportion of high-yield investors thought it had improved or remained the same. All said spreads had tightened over the past year. BAML agreed with the SEC report in finding that liquidity was concentrated in certain benchmark bonds with five and 10-year bonds highlighted as showing better liquidity in terms of tighter spreads and higher turnover. (Reporting by Christopher Spink) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/sec-says-bond-liquidity-fears-overdone-idUSL5N1KW60F'|'2017-08-10T18:50:00.000+03:00'
'84a5dba0ef90f72fcaf9f5091599c88aefd404bf'|'UPDATE 1-Manulife CFO plays down talk of John Hancock spinoff'|'(Adds comments from CFO)TORONTO, Aug 10 (Reuters) - Manulife Financial Corp Chief Financial Officer Steve Roder on Thursday played down reports that the insurer is exploring an initial public offering of U.S. unit John Hancock."It''s all market rumor and speculation as far as I''m concerned," he said in an interview.The Wall Street Journal reported last month that Canada''s biggest life insurer was under pressure from some of its shareholders to make the move after years of disappointing results at the unit.The company has previously said it would consider selling off some businesses that are hindering its growth."For the last 18 months or so, we''ve highlighted to our investors that we are always considering how we can optimize our balance sheet and accelerate the growth in (return on equity)," Roder said on Thursday. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/manulife-results-johnhancock-idINL1N1KW0F2'|'2017-08-10T10:09:00.000+03:00'
'faa009fe62c1701fed786bd5076095c171704f60'|'Spain is ''pretty full'', TUI says other destinations could benefit'|'August 10, 2017 / 8:29 AM / 5 hours ago Spain is ''pretty full'', TUI says other destinations could benefit Victoria Bryan 3 Min Read People enjoy the beach, as the number of tourists in the country reached new record levels, according to the goverment''s sources, in the southeastern city of Benidorm, Spain, July 31, 2017. Heino Kalis BERLIN (Reuters) - European holidaymakers could turn to destinations such as Bulgaria and Cape Verde if they want to avoid high prices in busy Spanish destinations, the chief executive of European tourism group TUI ( TUIT.L ) said on Thursday. Tourists have been piling into Spain over the last two years due to security concerns around other summer destinations such as Tunisia, Egypt and Turkey. Visitors to Spain jumped 12 percent in the first half of 2017 to 36.4 million. Reports have also circulated in the past week that chronic overcrowding in some of Europe''s most beloved tourism hotspots is fuelling a backlash by locals against visitors. "Spain is pretty full," Fritz Joussen told journalists after the group reported third-quarter results. "Last year we had an all-time high and this year we will be on similar levels." Joussen said most people in Spain were happy with tourists because they help provide jobs and support the economy. But with prices for Spain rising due to high demand, other more affordable destinations could come into play. "If demand is very high, prices are high and other destinations build because they are more affordable and that is what is happening right now," Joussen said. FILE PHOTO: The logo of Europe''s biggest tour operator TUI AG is seen outside one of its branch offices in Vienna, Austria, December 27, 2016. Leonhard Foeger/File Photo The higher prices could be a factor in particular for British customers, who have seen the cost of their holidays rise due to the weak pound following the country''s vote to leave the European Union. "Initially we saw some weakening demand, but it''s now resilient so people are getting used to higher prices," Joussen said of UK customers. He said TUI would probably not reduce capacity for Turkey next year, because demand was coming back. And he said TUI would look at adding Tunisia back into its programme but no decision had been taken. Rival Thomas Cook ( TCG.L ) is planning to restart holidays to Tunisia after Britain altered its travel advice but said it would take time to set up. Joussen was speaking after the group increased its sales target for the year to "significantly more" than 3 percent growth and reported a 38 percent rise in core profit to 221.6 million euros, partly thanks to the later timing of Easter. It confirmed a target for core earnings to rise by at least 10 percent this year. Additional reporting by Alistair Smout in London; Editing by Maria Sheahan and David Holmes 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tui-results-idUKKBN1AQ0VY'|'2017-08-10T11:29:00.000+03:00'
'fa047ded7e48d1dc7c50fe310b129d78a79c8671'|'Autonomous cars race narrows on doubts about clear path to profit'|'FILE PHOTO: The Mercedes-Benz F015 Luxury in Motion autonomous concept car is shown on stage during the 2015 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 5, 2015. Steve Marcus/File Photo FRANKFURT/DETROIT (Reuters) - BMW and Daimler, the world''s top luxury carmakers, have announced alliances with suppliers, talking up the virtues of having a bigger pool of engineers to develop a self-driving car.But another motive behind these deals, executives and industry experts told Reuters, is a concern that robocars may not live up to the profit expectations that drove an initial investment rush.Carmakers are increasingly looking to forego outright ownership of future autonomous driving systems in favor of spreading the investment burden and risk.The trend represents a clear shift in strategy from little more than a year ago when most automakers were pursuing standalone strategies focused on tackling the engineering challenge of developing a self-driving car, rather than on the business case."Although it is a substantial market, it may not be worth the scale of investments currently being sunk into it," said a board member at one of the German carmakers, who declined to be identified because the matter is confidential.Dozens of companies - including carmakers and tech firms like Google and Uber - are vying for a market which, according to consulting firm Frost & Sullivan, will only make up about 10 to 15 percent of vehicles in Europe by 2030. There are sure to be losers."It''s impossible for me to believe there will be 50 successful autonomous vehicle software producers," said John Hoffecker, global vice chairman of Michigan-based consulting firm AlixPartners.In July last year, BMW became the first major carmaker to abandon its solo development of self-driving cars in favor of teaming up with chipmaker Intel and camera and software manufacturer Mobileye to build a platform for autonomous cars technology by 2021.The decision followed a trip by senior executives to visit startups and suppliers to gauge BMW''s competitive position."Sitting at other companies, one rattles off the technological challenges and safety aspects, and you come to realize that many of us are swimming in the same sludge," Klaus Buettner, BMW''s vice president autonomous driving projects, told Reuters."Everybody is investing billions. Our view was that it makes sense to club together to develop some core systems as a platform."Daimler''s Mercedes-Benz has since combined efforts with supplier Bosch, three months ago, while Japanese carmaker Honda has said it is open to alliances in the area of autonomous cars.Even deep-pocketed tech companies are teaming up. San Francisco-based transport app operator Lyft and Alphabet Inc''s self-driving car unit Waymo pooled their resources in May.Infographic ID: ''2wDfsH4'' SHARE THE BURDEN Partial autonomy is already a reality in higher-end cars that keep in lane and adjust their speed in motorway driving. Each of the next stages - "eyes off", "mind off" and ultimately driverless autonomy - will likely take years to become reality.FILE PHOTO: A couple gets into the Mercedes-Benz F015 Luxury in Motion autonomous concept car during the 2015 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 5, 2015. Steve Marcus/File Photo Klaus Froehlich, BMW''s board member responsible for development, said the company was likely to lose money with its first fully autonomous vehicles, just like it did with its first-generation electric cars. But developing the technology remains a necessity in order to stay relevant as a carmaker."It is an enabling technology, not a business case," he said about BMW''s decision to develop autonomous vehicles. "But if the burden can be shared on a platform, I have nothing against that."One of the most financially promising markets that autonomous technology will open up is driverless on-demand taxis, which may one day come to replace regular cabs and parts of public transport in large cities."Robotaxis" are expected to drive the wider market for car sharing and ride-hailing, which was worth $53 billion last year and could be worth $2 trillion by 2030, according to a McKinsey study published earlier this year.Ford and General Motors are investing at least $2 billion each to develop self-driving vehicles for urban ride-sharing fleets beginning in 2021, competing with incumbents and start-ups.The emergence of alliances involving the likes of BMW and Mercedes-Benz comes at a time when regulators are pushing for a creation of standards for the new technology, which has the potential to improve vehicle reflexes and cut accidents by up to 90 percent, according to Boston Consulting Group.Slideshow (2 Images) Industry experts say such standardization could make it much harder to develop a product which stands out, calling into question the wisdom of high-stakes, go-it-alone strategies.ALLIANCES, MERGERS In September 2016, the U.S. Department of Transport and the National Highway Transportation Safety Administration released guidance for heavily automated vehicles.The regulator urged carmakers to disclose how vehicle reflexes are programed, particularly when cars are faced with a dilemma, such as choosing between hitting a cyclist or accelerating beyond legal speeds to avoid an accident."It is important to consider whether highly automated vehicles are required to apply particular decision rules in instances of conflicts between safety, mobility, and legality objectives," the guidance said."Algorithms for resolving these conflict situations should be developed transparently using input from federal and state regulators, drivers and passengers."European regulators too are debating whether to standardize speeds and distances which autonomous cars need to adhere to while weaving in and out of traffic or joining lanes.Pressure not to waste development costs is laying the groundwork for alliances and even mergers between the various companies supplying technology for autonomous cars, including makers of vehicles, software, computer chips, radar, camera and laser sensors and high-definition maps.BMW, Mercedes and Audi put aside their rivalry and teamed up to buy mapping firm HERE, for example, in order to cut their dependence on Google.What starts out as arms-length agreements designed to capture market share, much like code-sharing deals between airlines, may evolve further into takeovers once the next investment round is due, executives and advisers said."Will we see what is happening in aviation be adopted in automotive - where first we see alliances, collaborations and consortiums, and then we see full out market combinations?" asked Bill Curtin, head of mergers and acquisitions at global law firm Hogan Lovells.Additional reporting by Joe White in Detroit, Naomi Tajitsu in Tokyo, and Simon Jessop in London; Editing by Pravin Char'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-autos-autonomous-bmw-idUSKBN1AO0Y7'|'2017-08-08T12:35:00.000+03:00'
'd0c74dc7eb9421f1dd2d8ae2a86deed88534ab67'|'Wanda Hotel to buy $1 billion of assets from Wang-controlled businesses'|'August 10, 2017 / 1:32 AM / 3 hours ago Wanda Hotel to buy $1 billion of assets from Wang-controlled units Donny Kwok 3 Min Read FILE PHOTO - A sign of Dalian Wanda Group in China glows during an event in Beijing, China March 21, 2016. Damir Sagolj/File Photo HONG KONG (Reuters) - Wanda Hotel Development Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, plans to buy assets worth over $1 billion from firms controlled by its billionaire founder Wang Jianlin, in a move that sent its shares surging over 30 percent. The restructuring is the latest in a flurry of deals for the group, which has grabbed the spotlight amid a government crackdown on showy overseas ventures and high-profile empire builders that has drawn in several Chinese corporations. The Hong Kong-listed company said it would buy the entire equity interest in theme park operator Wanda Culture Travel Innovation Group Co Ltd from Wang''s Beijing Wanda Culture Industry Group Co Ltd for 6.3 billion yuan ($945 million). The deal would be settled either in cash or through the issue of shares or convertible bonds, it added. It will also buy hotel operator Wanda Hotel Management (Hong Kong) Co Ltd from Wang''s Dalian Wanda Commercial Properties Co Ltd for 750 million yuan ($112.6 million) in cash, it said in a filing to the Hong Kong bourse late on Wednesday. Related Coverage Wanda Hotel shares set to open up 21 percent on asset restructuring Wanda Hotel said it would then sell its interest in Wanda Properties Investment Ltd, Wanda International Real Estate Investment Co Ltd, Wanda Americas Real Estate Investment Co Ltd and Wanda Australia Real Estate Co Ltd to Wang''s Dalian Wanda Commercial for an amount that is yet to be fixed. It gave no further details. Wang Jianlin of Dalian Wanda Group gives a speech at a university in Beijing, China May 12, 2017. Stringer "Wanda Hotel Development will become a strategic platform as Wanda Group''s Hong Kong-listed company focusing on theme park and hotel operation and management," Dalian Wanda Group said in a statement. STOCK SURGES 40 PERCENT Shares of Wanda Hotel, which has a market value of HK$5.4 billion, surged as much as 40.5 percent to their highest in more than two years on Thursday in resumed trade. That compared with a 0.7 percent fall for Hong Kong''s benchmark Hang Seng Index. The stock, which was suspended on Wednesday pending the restructuring announcement, has jumped about 140 percent since July when Wanda announced plans to sell theme parks and hotels worth more than $9 billion to developer Sunac China Holdings Ltd. Chinese banks have been told to stop providing funding for several of Wanda''s overseas acquisitions as Beijing tries to curb the conglomerate''s offshore buying spree, according to sources familiar with the matter. China is also cracking down on risky lending before this year''s key Communist Party congress. Run by one of China''s richest men, Wang Jianlin, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas well beyond their original business - in this case, property. Last month, Dalian Wanda Group altered a deal with Sunac China after banks scrutinized their credit risk, by bringing in another developer, Guangzhou R&F Properties Co Ltd. Reporting by Donny Kwok; Editing by Anne Marie Roantree 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-wanda-hotel-asset-restructure-idUKKBN1AQ047'|'2017-08-10T04:31:00.000+03:00'
'74df8b939a4eb0f90d75d20473ca043fd09171fe'|'UK fraud office expects decision on GSK, Rolls-Royce cases next year'|'August 10, 2017 / 4:17 PM / in 6 minutes UK fraud office expects decision on GSK, Rolls-Royce cases next year Kirstin Ridley 2 Min Read LONDON, Aug 10 (Reuters) - The UK Serious Fraud Office (SFO) said on Thursday it expects to decide next year whether it will file criminal charges in bribery investigations related to drugs giant GlaxoSmithKline and aero engine company Rolls-Royce. The SFO launched an investigation into GSK and its subsidiaries in 2014. Britain''s biggest drugmaker has already been fined a record 3 billion yuan ($452 million) by Chinese authorities for paying bribes to doctors to use its drugs. The SFO''s continued investigation into Rolls-Royce is focusing on individuals after the aero engine maker paid 671 million pounds ($870 million) in January to settle British, U.S. and Brazilian bribery investigations. David Green, the head of the SFO, told Reuters in an interview that he hoped a decision about charges would be made before he steps down after six years in the job next April. "I would expect resolution in both these cases in 2018, and hopefully prior to my departure in April," he said. Separately, a spokeswoman for the Attorney General''s Office, which is responsible for SFO director appointments, said the recruitment process for Green''s successor had yet to begin. But she said there was "still plenty of time" and that there "will be an appointment in due course". Prime Minister Theresa May''s Conservative Party pledged in May to abolish the specialist investigator and prosecutor and roll it into the four-year-old National Crime Agency (NCA) to "strengthen Britain''s response to white collar crime". But the proposal drew sharp criticism from white collar crime lawyers, lawmakers and anti-corruption groups and was later dropped from the minority government''s official two-year policy programme. Lawyers said the omission could signal a reprieve for the agency, which in June charged Barclays, one of the country''s biggest banks, and four former senior executives with fraud over undisclosed payments to Qatari investors in 2008. ($1 = 6.6450 Chinese yuan renminbi) $1 = 0.7705 pounds Reporting by Kirstin Ridley; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-sfo-idUSL5N1KW5GK'|'2017-08-10T19:16:00.000+03:00'
'ebff6c35b2b79d1ba11cab95969c2cf68aa2054b'|'UK fraud office expects decision on GSK, Rolls-Royce cases next year'|'August 10, 2017 / 4:20 PM / 8 minutes ago UK fraud office expects decision on GSK, Rolls-Royce cases next year Kirstin Ridley 3 Min Read FILE PHOTO - A GlaxoSmithKline logo is seen outside one of its buildings in west London, February 6, 2008. Toby Melville/File Photo LONDON (Reuters) - The UK Serious Fraud Office (SFO) said on Thursday it expects to decide next year whether it will file criminal charges in bribery investigations related to drugs giant GlaxoSmithKline ( GSK.L ) and aero engine company Rolls-Royce ( RR.L ). The SFO launched an investigation into GSK and its subsidiaries in 2014. Britain''s biggest drugmaker has already been fined a record 3 billion yuan ($452 million) by Chinese authorities for paying bribes to doctors to use its drugs. The SFO''s continued investigation into Rolls-Royce is focussing on individuals after the aero engine maker paid 671 million pounds ($870 million) in January to settle British, U.S. and Brazilian bribery investigations. David Green, the head of the SFO, told Reuters in an interview that he hoped a decision about charges would be made before he steps down after six years in the job next April. The logo of Rolls-Royce is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. Arnd Wiegmann "I would expect resolution in both these cases in 2018, and hopefully prior to my departure in April," he said. Separately, a spokeswoman for the Attorney General''s Office, which is responsible for SFO director appointments, said the recruitment process for Green''s successor had yet to begin. But she said there was "still plenty of time" and that there "will be an appointment in due course". Prime Minister Theresa May''s Conservative Party pledged in May to abolish the specialist investigator and prosecutor and roll it into the four-year-old National Crime Agency (NCA) to "strengthen Britain''s response to white collar crime". But the proposal drew sharp criticism from white collar crime lawyers, lawmakers and anti-corruption groups and was later dropped from the minority government''s official two-year policy programme. Lawyers said the omission could signal a reprieve for the agency, which in June charged Barclays ( BARC.L ), one of the country''s biggest banks, and four former senior executives with fraud over undisclosed payments to Qatari investors in 2008. Reporting by Kirstin Ridley; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-sfo-idUKKBN1AQ21J'|'2017-08-10T19:20:00.000+03:00'
'68fccbef95c0561f6039cd8e73b237786eb1a2de'|'I Squared Capital targets raising up to $6.5 billion in new fund: sources'|'HONG KONG (Reuters) - Infrastructure investor I Squared Capital aims to raise as much as $6.5 billion in a new global fund to tap rising demand for infrastructure assets and has already won commitments for a large chunk of the sum, people familiar with the matter said.I Squared has already got enough demand to meet the initial $5 billion target for the fund, said two of the people. It last month announced the acquisition of Hutchison Telecommunications Hong Kong Holdings'' fixed-line assets for $1.9 billion.The firm has agreed to acquire the business in a cash deal, and one of the people said around half of the deal value would be paid from the new fund and the remaining through bank debt.I Squared, which is said to be among potential bidders for Equis Energy, Asia''s largest independent renewable energy producer valued at up to $5 billion, declined to comment for the story.The people declined to be named as they were not allowed to discuss the matter in public.New York-based I Squared''s second fund targeting global investors follows a series of large-sized fundraisings by private equity firms in recent months, many of which are looking to bet on investment opportunities in Asia and tap capital in the region.Blackstone Group LP ( BX.N ) is seeking to raise up to $3 billion in its first pan-Asia buyout fund for investments in sectors including high-end manufacturing and healthcare, people familiar with the plan told Reuters last month.KKR & Co ( KKR.N ) in June closed a new Asia-focused buyout fund after raising $9.3 billion, a record for the region.GROWING IN SIZE I Squared''s new fund is set to be the biggest infrastructure fund raised since Global Infrastructure Partners'' record $15.8 billion fund that closed in January this year, according to data provider Preqin.The average size of global infrastructure funds has risen sharply over the last five years, Preqin data shows, as demand for infrastructure investments rises. The average fund size in 2012 was $427 million while in 2017 so far the average fund size has reached $1.3 billion.Nearly a fifth of the $94 trillion in global infrastructure investment needed by 2040 risks being unfunded if current spending trends continue, the G20-backed Global Infrastructure Hub said last month.I Squared, founded by a few former bankers at Morgan Stanley Infrastructure Fund, invests in energy, utilities and transport businesses in the Americas, Europe, and select high growth economies.It closed a $3 billion fund in April 2015, with investments from pension funds, sovereign wealth funds, insurance companies, asset managers and family offices from the United States, Canada, Europe, the Middle East, Asia and Australia, the firm said at the time.The limited partners in the second fund will be a similar group, one of the people said.The firm separately received a $200 million commitment last October from The Overseas Private Investment Corporation (OPIC), the U.S. Government''s development finance institution, for a fund that invests in South and Southeast Asia.Reporting by Kane Wu; Editing by Sumeet Chatterjee, Muralikumar Anantharaman and David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-isquared-fund-idINKBN1AO1R1'|'2017-08-08T12:56:00.000+03:00'
'99dcb5bacbd7fb4b05a043465efcc36790a58e8c'|'Grupo Mexico sees growth in oil-by-rail, terminals: CFO - Reuters'|'Xavier Garcia de Quevedo, CFO of mining and infrastructure firm Grupo Mexico, looks on during an interview at Reuters Latin American Investment Summit in Mexico City, Mexico, August 8, 2017. Ginnette Riquelme MEXICO CITY (Reuters) - Mexico''s mining and infrastructure firm Grupo Mexico expects to expand its oil-by-rail business by building at least three terminals in Mexico, including one exclusively for U.S. refiner Valero Energy, its chief financial officer told Reuters on Tuesday.Grupo Mexico has been in talks with importers of refined products into Mexico, said Xavier Garcia de Quevedo. Fuel purchases from the United States are a growing business as the Latin American country''s demand for imported products keeps increasing.Earlier this month Valero announced that it had signed a long-term agreement with the company to transport fuels by rail from Veracruz to inland terminals in Mexico."Our interest is to build and operate the terminals, to offer rail services and (access to) the terminals," Garcia de Quevedo said.He mentioned Torreon, Chihuahua, Mazatlan, Manzanillo and Guadalajara as potential locations for the new terminals.Grupo Mexico, which operates rail lines in Texas and Florida and has a drilling company called Pemsa that has worked for state-run oil company Pemex, is also considering participating in coming oil auctions in Mexico, especially in shallow water areas.Garcia de Quevedo said the company expects to increase about 40 percent its metal melting capacity in Peru, after the government changed an environmental rule for these activities.Grupo Mexico plans to start production at Los Chancas mining project in Peru, with expected capacity of 90,000 tonnes of copper, in late 2021, he said.Garcia de Quevedo was interviewed at the Reuters Latin America Investment Summit. (For more summit stories, see ID:nL1N1KU1WS)Reporting by Noe Torres and Marianna Parraga; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-grupomexico-idINKBN1AP04X'|'2017-08-08T23:35:00.000+03:00'
'30808660979ea8107cf21a4f3de8e899080a34b3'|'U.S. drops charges in another high-profile Wall Street case'|'August 8, 2017 / 10:47 PM / 2 hours ago U.S. drops charges in another high-profile Wall Street case Jonathan Stempel 3 Min Read FILE PHOTO: Benjamin Wey, the head of New York Global Group, exits the Manhattan Federal Courthouse following his hearing in New York September 10, 2015. Stephanie Keith NEW YORK (Reuters) - U.S. prosecutors on Tuesday dropped their criminal case accusing Benjamin Wey of running a fraudulent stock manipulation scheme, after a federal judge threw out much of the evidence they hoped to use against the financier. The dismissal was the government''s second surrender in three weeks in a high-profile Wall Street case. It followed prosecutors'' July 21 decision to drop charges against two former JPMorgan Chase & Co ( JPM.N ) traders in the London Whale trading scandal. The government had accused Wey in September 2015 of making tens of millions of dollars by secretly controlling large blocks of shares through "reverse mergers" between Chinese companies and U.S. shell companies, and selling his shares at artificially high levels. But the case collapsed when U.S. District Judge Alison Nathan on June 13 ordered the "blanket suppression" of a huge cache of materials seized from Wey''s home and offices, saying the broad search warrants violated the New York Global Group founder''s constitutional rights. Nathan said the seizure of items such as children''s school records, family photos and X-rays at minimum reflected "grossly negligent or reckless disregard" of the Fourth Amendment. The judge agreed on Tuesday to let prosecutors drop the Wey case, after they said it had been "based in significant part" on the seized materials and that "the government can no longer rely on that evidence at trial." A spokesman for Acting U.S. Attorney Joon Kim in Manhattan, whose office handled the Wey and London Whale cases, declined to comment. Wey has long maintained his innocence, including on his website, where he says "[t]he American spirit is about fighting back against tyranny. Never give in!" He said in a statement provided by his law firm, Haynes and Boone, that "fabricated allegations and false statements" underlay the government''s case, and the ordeal "devastated" employees and families. "We are thankful that this judgment will help clear my name and hopeful that it protects other innocent citizens from the intrusion that we have endured," Wey said. Wey was also in the news in June 2015, when a federal jury ordered him to pay $18 million to a former employee in a sexual harassment case. A judge reduced it to $5.65 million. Wey has appealed, and denied wrongdoing. In the JPMorgan case, prosecutors dropped charges against Javier Martin-Artajo and Julien Grout because testimony from Bruno Iksil, a cooperating witness dubbed the London Whale, was no longer considered reliable. The charges had stemmed from JPMorgan''s $6.2 billion trading loss in 2012. The case is U.S. v. Wey, U.S. District Court, Southern District of New York, No. 15-cr-00611. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-crime-wey-idUKKBN1AO2MB'|'2017-08-09T01:47:00.000+03:00'
'de7af03f58916ad3335f4a1e10c2842b0f0a2309'|'Toshiba shares jump; sources say auditor seen signing off on results'|'August 9, 2017 / 1:47 AM / 2 hours ago Toshiba shares jump; sources say auditor seen signing off on results Reuters Staff 3 Min Read FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp''s shares jumped more than 9 percent early on Wednesday after sources told Reuters the Japanese conglomerate''s auditor was likely to sign off on its annual results. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, people with direct knowledge of the discussions told Reuters on Tuesday. That would end a period of limbo when the auditor withheld its opinion as it checked problems that bankrupted Toshiba''s U.S. nuclear power engineering unit in December. However, PwC will give an "adverse" statement on the company''s internal controls with Toshiba''s results, due on Thursday, they said. The stock rose as much as 9.2 percent and was trading up 4.6 percent at 0120 GMT. Investors have feared an adverse statement could lead to a delisting of the 140-year-old company, complicating its ability to raise money for its cash-hungry memory-chip business and jeopardizing its competitiveness. But with the highly unusual split decision, one source said they were of the opinion that "Toshiba can avoid delisting if it shows a path towards improving its internal controls." The sign-off from the auditor is a "step forward for Toshiba for now, but it''s not something that will guarantee that Toshiba will stay listed in the future," said Makoto Kikuchi, chief executive of Myojo Asset Management. "The real focus is whether Toshiba can sell its chip business and raise cash before the current fiscal year ends because if the company''s liabilities exceed assets for two years in a row, it will get delisted then." The conglomerate is trying to sell its chip unit to pay down debt and cover the impact of a $6.33 billion writedown and liabilities linked to U.S. nuclear arm Westinghouse. The sale to a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as a preferred bidder has stalled, with joint venture partner and rival bidder Western Digital taking Toshiba to court arguing its consent is needed before a sale can be made. Reporting by Sam Nussey, additional reporting by Ayai Tomisawa; Editing by Chang-Ran Kim and Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AP05O'|'2017-08-09T04:47:00.000+03:00'
'7c667c3a4d9ff2d446bbe8946144fa274895be08'|'BRIEF-China Yuchai International announces Q2 earnings per share RMB 3.23'|' 26 AM / 8 minutes ago BRIEF-China Yuchai International announces Q2 earnings per share RMB 3.23   China Yuchai International Ltd * China Yuchai International announces unaudited second quarter 2017 financial results * Q2 earnings per share RMB 3.23 * Q2 revenue rose 11.7 percent to RMB 4.1 billion * China Yuchai International Ltd qtrly total number of engines sold was 90,638 units compared with 87,791 units in Q2 of 2016 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-china-yuchai-international-announc-idUSASB0BEY2'|'2017-08-10T13:24:00.000+03:00'
'bc316ab56e8e7227d8ee451e93e07a6979d0a997'|'BRIEF-Manning & Napier reports July 31, 2017 assets under management'|' 37 PM / 15 minutes ago BRIEF-Manning & Napier reports July 31, 2017 assets under management   Manning & Napier Inc * Manning & Napier Inc reports July 31, 2017 assets under management * Manning & Napier Inc - assets under management ("AUM") as of July 31, 2017 of $27.3 billion compared with $27.1 billion at June 30, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-manning-napier-reports-july-idUSASB0BF65'|'2017-08-10T23:36:00.000+03:00'
'4e332ce96fe77f0280665e22fa35a542f81bdc59'|'Duterte''s ''Build, Build, Build'' plans hit Philippine peso'|'August 6, 2017 / 3:40 AM / 15 hours ago Duterte''s ''Build, Build, Build'' plans hit Philippine peso Karen Lema 6 Min Read Workers lay out steel bars in constructing the 8-kilometer 4-lane elevated highway along Buendia avenue in Makati City, metro Manila, Philippines August 3, 2017. Romeo Ranoco MANILA (Reuters) - Philippine construction firm Teravera Corp is planning to raise a fourth dollar loan in a year, after borrowing around $2.5 million (1.91 million pounds) to buy dozens of excavators, road rollers and dump trucks from China, South Korea and Japan. Teravera is one of hundreds of local builders contributing to a surge in capital goods imports that has turned the country''s current account surplus into a deficit and knocked the peso PHP= down to 11-year lows against the dollar last month. While the peso''s dip is raising eyebrows in a region where the Thai baht THB= and the Malaysian ringgit MYR= are flirting with multi-year highs, it''s come mainly because the Philippines, one of the world''s fastest growing economies, has been enjoying a construction boom. Besides private construction, companies like Teravera are confident of more contracts coming from the government''s drive to upgrade its dilapidated roads, railways, ports and airports, which have been a drag on the economy. (For a graphic on top infrastructure projects in the Philippines click tmsnrt.rs/2ucDbgy ) "We have seen the government''s list of projects and they are bidding them out early, that is why we have been procuring equipment," said Teravera vice-president Aldrin Cabrera. He said the company is confident of getting subcontracted to build a long-delayed four-lane toll road project on the southern part of Luzon island later this year, as it is one of bigger players in the area. Foreign and local businesses have been frustrated with former President Benigno Aquino''s Public Private Partnership (PPP) projects, which often took a long time to kick off because of red tape. The game changer is that President Rodrigo Duterte, who took office just over a year ago, has decided that all projects will be entirely funded by the government, which his economic managers say should simplify the process. The controversial leader says he plans a $180 billion "Build, Build, Build" infrastructure campaign in his six-year term. Duterte has already approved the auction of 21 projects worth $16 billion, including the overhaul of Manila''s shabby airport and a railway line on Mindanao island in the south. Other projects include upgrading ports, roads, rail links and irrigation. Despite security problems linked to the spread of Islamic State militancy on Mindanao and Duterte''s bloody war on drugs, investors have welcomed the commitments, but say they need to see progress on the ground. "We see a high degree of commitment and seriousness in the executive branch and probability of sufficient financing...not for every project to be completed on schedule but for very substantial and significant progress," said John Forbes, senior adviser at the American Chamber of Commerce in the Philippines. A construction worker stands over the newly dried concrete and secure linking steel bars of the 5.58 kilometre elevated highway in Caloocan City, metro Manila, Philippines on August 2, 2017. Romeo Ranoco "However, the capacity of the bureaucracy to process a huge volume of projects ...(is) untested," he added. "The Philippines is not China, where bulldozers rumble through neighbourhoods at the government''s command." WORST-PERFORMING CURRENCY To meet existing and anticipated pick-up in demand, imports of capital goods, mainly infrastructure-related, have risen more than 7 percent in the first five months of the year from the same period of 2016 to $12.1 billion. For the first time in 15 years, the Philippines is expecting its 2017 current account balance to be in a deficit of $600 million. The peso is Asia''s worst performing currency this year, hitting lows close to 51 per dollar last month. At the market close in Manila on Friday, the peso traded 50.16 to the dollar, down 0.9 percent in 2017.Policymakers are often reminded of the Asian financial crisis 20 years ago whenever external balances weaken, and most economies in the region have built solid surpluses to avoid a similar episode. Slideshow (2 Images) In the Philippines, Duterte''s administration dismisses such warnings. "We are importing equipment because we are a developing country trying to make up for past neglect on infrastructure," Budget Secretary Benjamin Diokno said last month. Central bank deputy governor Diwa Guinigundo says the weak peso boosts the purchasing power of Filipinos receiving $2 billion a month in remittances and, longer-term, will improve export demand. But foreign investors are more cautious. "Until investors feel the imports work through the economy and push it to a higher growth path, the market''s focus would be on a deterioration in the balance of trade," said Joey Cuyegkeng, senior economist at ING. "We expect gradual (peso) weakening." Near term, around $40 billion in yearly inflows from outsourcing contracts and from millions of citizens working overseas mean the trade gap is covered. But Cuyegkeng says in two years time those inflows would barely cover the gap. Duterte has promised to usher in a "golden age of infrastructure" by raising annual spending to 7 percent of GDP from less than 3 percent previously and above the 5 percent average of neighbouring countries. Encouraged by better budget planning and a crackdown on red tape, Nomura''s economists estimate 90 percent of the money lined up for infrastructure would be spent. On the ground, builders share the view. "Some of the projects may sound ambitious, but they are needed. They will happen and it is just a question of time," said Edgar Saavedra, president and chief operating officer of building company Megawide Construction Corp ( MWIDE.PS ). Additional reporting by Susan Mathew in BANGALORE, Nichola Saminather and Vidya Ranganathan in SINGAPORE and Marius Zaharia in HONG KONG; Editing by Marius Zaharia and Raju Gopalakrishnan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-philippines-economy-infrastructure-idUKKBN1AM02P'|'2017-08-06T06:40:00.000+03:00'
'a237e6fae90d4a0b05ca8c33343eb9666457ce36'|'United Technologies in bid to acquire Rockwell Collins: source'|'(Reuters) - United Technologies Corp ( UTX.N ), the U.S. maker of Otis Elevators and Carrier air conditioners, has submitted an offer to acquire aircraft component manufacturer Rockwell Collins Inc ( COL.N ), a person familiar with the matter said on Friday.By acquiring Rockwell Collins, which has a market capitalization of $19.3 billion, United Technologies would bulk up its aerospace group, giving it the option of separating it from the company''s other industrial units.Rockwell Collins has been working with an investment bank to review United Technologies'' offer, and there is no certainty that it will decide to engage in any further negotiations with United Technologies, the source said.The source asked not to be identified because the matter is confidential. Rockwell Collins and United Technologies declined to comment.Bloomberg News reported earlier on Friday that United Technologies was "weighing" a potential acquisition of Rockwell Collins, but said it was unclear whether the two companies were currently in talks.A combination of the two large aerospace suppliers would meld Rockwell''s commercial and military aircraft avionics business with United Technologies'' broad portfolio that includes aircraft engines, structures, cockpit and cabin controls, ventilation systems and other electronic and mechanical devices used in aviation.United Technologies'' Pratt & Whitney engine unit has had production problems with its new Geared Turbofan engine, prompting delays of new Airbus ( AIR.PA ) A320neo aircraft. United Technologies also has noted weakness in demand for Otis elevators, particularly in China, which has weighed on results.In April, Rockwell acquired B/E Aerospace, a maker of aircraft seats, lavatories and galleys, a deal that broadened its product lines but drew questions from analysts and investors who saw little logic in combining the two businesses.Rockwell expanded its avionics business with a deal to provide aircraft data networking services, known as FOMAX, for all new Airbus A320 aircraft starting in 2018.A deal with United Technologies would open the way for Rockwell to capitalize on "connected aircraft" that can transmit sophisticated data about onboard systems, routes and weather, allowing airlines to improve operations and maintenance.United Technologies has a market capitalization of $96.8 billion. The company beat expectations for quarterly revenue and profit in the latest quarter, and said it had solved a supply chain problem with the Geared Turbofan engines that had caused Airbus to delay deliveries of the new A320neo aircraft.Last year, United Technologies fended off a takeover approach from Honeywell International Inc ( HON.N ).Reporting by Mike Stone in Washington and Alwyn Scott in New York; editing by Tom Brown and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-rockwell-collins-m-a-utc-idINKBN1AK2G2'|'2017-08-04T19:32:00.000+03:00'
'1b599d8a2e96b0cfeb2906313117c727d023fcef'|'UK government asks Ofcom to look into Fox''s bid for Sky'|'August 8, 2017 / 8:32 PM / 4 hours ago UK government asks Ofcom to look into Fox''s bid for Sky Reuters Staff 1 Min Read FILE PHOTO - The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, U.S., April 29, 2016. Brendan McDermid/File Photo (Reuters) - Britain''s department of culture said on Tuesday it had written to media watchdog Ofcom for more information on its views on Twenty-First Century Fox''s ( FOXA.O ) bid for Sky Plc ( SKYB.L ). It said it wanted some clarification following a number of representations that has been made to it about Ofcom''s finding in favour of the deal. Culture Secretary Karen Bradley, who is responsible for media issues, said in July that she needed to look at the evidence received before taking a decision about the bid, which was likely to be in the next few weeks. The $15 billion deal should be scrutinised to see if it gave media magnate Rupert Murdoch too much influence over Britain''s media, Bradley had said. The department said it has asked Ofcom to provide the advice by Aug. 25. (This version of the story corrects date to Aug 25, last paragraph) Reporting by Subrat Patnaik in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-sky-m-a-fox-idUKKBN1AO2CZ'|'2017-08-08T23:39:00.000+03:00'
'102c15a492363359f8a216ca9317ae8b760540e1'|'Cyclicals, housebuilders dent FTSE, Coca Cola HBC rises'|'August 10, 2017 / 9:15 AM / 31 minutes ago Worst day in four months for FTSE as ex-divs, housebuilders weigh Helen Reid 4 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Britain''s leading share index suffered its worst day in four months on Thursday as weak housebuilders dragged along with companies going ex-dividend. Britain''s FTSE 100 .FTSE dropped 1.4 percent, underperforming major European benchmarks that bounced back from sharp losses in the previous session, when political concerns focussed on North Korea dented investor sentiment. Results came back into focus on Thursday, but some positive updates were outweighed by the impact of several large companies'' shares losing their dividend entitlement, helping the index to its worst daily losses since mid-April. There were some silver linings. Drinks bottler Coca Cola HBC ( CCH.L ) jumped 9.2 percent after a first-half update. "CCH delivered another solid operating performance, with better than expected volumes, revenues and margins driving a 14 percent beat versus consensus earnings," said analysts at Credit Suisse. Housebuilders Persimmon ( PSN.L ), Taylor Wimpey ( TW.L ) and Barratt Development ( BDEV.L ) fell 2.8 to 3 percent after data showed house prices grew at their weakest pace in over four years last month. "Given Brexit uncertainties, the housing market is clearly a key risk for the UK economy," said Davy Research analysts. "UK house prices are being protected by an illiquid market, but we have revised down our forecast for UK mortgage lending given weak transactional activity in 2017." Worldpay Group ( WPG.L ) jumped higher with the U.S. market opening, ending 4.9 percent higher as investors piled in after U.S. payments firm Vantiv clinched a $10 billion deal to buy the company on Wednesday. The stock''s gains sent it up to 407.5p, rising above Vantiv''s offer price which valued it at 397p per share. While heavyweight miners Rio Tinto ( RIO.L ) and Anglo American ( AAL.L ) fell as they went ex-dividend, Glencore dipped 2.5 percent after its results which analysts said lagged expectations. "Glencore''s first half P&L (profit and loss) numbers were a little disappointing, albeit significantly improved over the first half of 2016," analysts at Shore Capital said, forecasting improved financials in the second half of 2017. Stocks going ex-dividend, also including BT ( BT.L ), Royal Dutch Shell ( RDSa.L ), BP ( BP.L ), Lloyds ( LLOY.L ), and pharma companies GSK ( GSK.L ) and AstraZeneca ( AZN.L ), took around 41 points off the index. On the mid-cap front, food retailer Greggs ( GRG.L ) jumped 5.1 percent after an upgrade from Berenberg, whose analysts said the company has the potential to expand its store estate substantially and deal with a challenging UK consumer environment and cost pressures. "Greggs is a stock that''s often thought about by UK portfolio managers," said Ned Holland, mid-cap analyst at Berenberg. "This is one company that could do better if consumer incomes come under pressure; that''s certainly an argument that people on the buy-side put forward." Overall British mid-caps .FTMC and small-caps .FTSC have performed relatively better this year as the pound strengthened relative to the dollar. The FTSE 100 generally benefits from a weaker pound as many of its constituents earn in dollars. Reporting by Helen Reid; editing by John Stonestreet and Toby Davis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AQ10V'|'2017-08-10T12:15:00.000+03:00'
'8b432172648e6c1cc5e4a5436b9f1221ec4568c5'|'Nikkei edges down ahead of holiday as investors warily eye North Korea'|'* Tokyo markets closed Friday for Japan public holiday* Insurers, banks underperform on lower U.S. yields* Shiseido soars after raising forecastBy Lisa Twaronite and Ayai TomisawaTOKYO, Aug 10 (Reuters) - Japanese stocks finished slightly lower after a choppy session on Thursday, as investors kept a wary watch on tension over North Korea ahead of Japan''s long weekend.The Nikkei finished down 8.97 points, or 0.1 percent, at 19,729.74, erasing early morning gains.The benchmark index tumbled 1.3 percent on Wednesday to hit the weakest closing since May 31 in the wake of U.S. President Donald Trump''s "fire and fury" threat to North Korea, and Pyongyang''s warning that it was considering an attack on Guam.Excessive fears surrounding North Korea seemed to have receded, traders say, but activity was subdued with Japanese markets closed on Friday. Investors remained wary of events that could lead to a spike in volatility in the foreign exchange market.The dollar inched lower to 109.99 yen on Thursday, holding above Wednesday''s low of 109.56 yen, which was the greenback''s lowest level since June 15.Against the backdrop of geopolitical tension, market participants also focused on individual earnings."We are at the end of an intense first-quarter earnings season, and that changes the dynamics or focus for brokers and the buyside going into next week, from one which is more reactionary to the constant flow of results, to one which is more about the bigger picture," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo."There''s been mixed results, but the general feeling is that the results are quite strong across a broad range of sectors," he said. "If the rest of the world remains supportive, then there''s reason in these earnings to be encouraged about the direction of the Japanese market, which has sort of been in a holding pattern for the past two months."Financial stocks underperformed after U.S. Treasury yields fell as bond prices rose in Wednesday''s flight to safety.Insurers and banks, which invest in higher-yielding products such as foreign bonds, underperformed after U.S. Treasury yields fell on Wednesday, with the yields on the benchmark 10-year note hitting a six-week low.Dai-ichi Life Holdings dropped 1 percent, T&D Holdings fell 2.2 percent while Mitsubishi UFJ Financial Group declined 0.9 percent.Cosmetics maker Shiseido Co soared 13.8 percent after raising its operating profit outlook to 56 billion yen from 45.5 billion yen for the year through December, thanks to strong sales in high-end cosmetics. It also raised its annual dividend forecast to 25 yen from 20 yen per share.The broader Topix shed 0.65 point to 1,617.25, while the JPX-Nikkei Index 400 shed 8.16 points, or 0.1 percent, to end at 14,367.56. (Reporting by Lisa Twaronite and Ayai Tomisawa; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-stocks-close-idINL4N1KW2O6'|'2017-08-10T04:48:00.000+03:00'
'8991aaf28a1cf3e94027850b101bc639e5e00719'|'Italy extends deadline for Telecom Italia report on Vivendi - source'|' 06 PM / an hour ago Italy extends deadline for Telecom Italia report on Vivendi - source Reuters Staff 2   A Telecom Italia tower is pictured in Rome, Italy, March 22, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Italy''s government has extended the deadline for Telecom Italia ( TLIT.MI ) to hand over a report detailing the role its top shareholder Vivendi ( VIV.PA ) has in managing the company, a source   matter said on Thursday. The deadline has been extended to Aug. 23, the source said, adding that Rome had set up an investigation into the matter, giving Telecom Italia (TIM) 10 days to reply. Italy''s government is looking into whether Vivendi breached an obligation to notify it of its effective control of a company considered a strategic national asset. The source said TIM had asked for an extension of this deadline, and it had been granted. A government spokesman was not immediately available for comment. Vivendi owns 24 percent of TIM and has slowly tightened its grip on the former telecoms monopolist, where it controls two-thirds of the board. In July, Vivendi placed two of its top executives at the helm. On Monday, the French media giant said it had no "de facto control" over TIM under Italian law. If Vivendi were to acknowledge such control, it would be forced to consolidate TIM''s debt pile. Rome''s investigation is designed to establish whether Vivendi actually controls TIM and if there are the preconditions needed for the government to exercise special powers over the former monopoly. Under exceptional circumstances, Rome could exercise a so-called "golden power" to block a European buyer if there was serious risk to national security and communications networks. TIM is considered strategic partly because it owns a submarine network that transmits sensitive information between countries in Europe, the Mediterranean and the Americas. Vivendi, led by French billionaire Vincent Bollore, could also be fined if it is established that it did not inform the government in a timely manner. Reporting by Stephen Jewkes; editing by Steve Scherer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-telecomitalia-vivendi-idUKKBN1AQ2B1'|'2017-08-10T22:06:00.000+03:00'
'f681e32f91d95d36e0ff51282698eba1a213408d'|'EU mergers and takeovers (Aug 8)'|'BRUSSELS, Aug 8 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Private equity group Ardian, the Netherlands'' APG Asset Management and Dutch pension fund PGGM to jointly acquire control of LBC tank terminals (approved Aug. 8)NEW LISTINGS -- French banking group BNP Paribas Group to acquire sole control of PEH Milan Holdco S.r.l, thus establishing joint control of the latter''s two hotels in Italy with Starwood Hotels & Resorts Worldwide, a subsidiary of Marriott International, which manages the hotels (notified Aug. 4/deadline Sept. 11/simplified)-- Telecommunications infrastructure maintenance company CTDI GmbH, jointly controlled by Communication Test Design, Inc. and Deutsche Telekom AG to acquire EMEA electronics repair business of Regenersis Services Ltd. from CTDI Inc., changing current sole control to joint control via CTDI GmbH (notified Aug. 7/deadline Sept. 12/simplified)EXTENSIONS AND OTHER CHANGES NoneFIRST-STAGE REVIEWS BY DEADLINE AUG 9 -- French carmaker Peugeot and French bank BNP Paribas to acquire joint control of U.S. carmaker General Motors'' financing subsidiaries and branches (notified July 4/deadline Aug. 9)AUG 16 -- Norwegian retailer Norgesgruppen and Swedish peer Axfood to jointly acquire Swedish food retailer Eurocash Food AB (notified July 10/deadline Aug. 16)AUG 21 -- Canadian pension fund OTPP, Canadian investment management company AIMCo, Canadian infrastructure manager Borealis, which administers the Ontario Municipal Employees Retirement System Primary Pension Plan, and fund manager KIA to jointly acquire British airport LCY (notified July 13/deadline Aug. 21/simplified)AUG 22 -- Spanish bank Banco Santander to acquire peer Banco Popular Group (notified July 14/deadline Aug. 22)-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to Aug. 22 after Bayer offered concessions)AUG 23 -- Asset management company Carlyle and private equity firm GTCR to jointly acquire contract research company Albany Molecular Research (notified July 17/deadline Aug. 23/simplified)AUG 24 -- Luxembourg-based investment company Letterone to acquire British healthcare product retailer Holland & Barrett (notified July 18/deadline Aug. 24/simplified)AUG 25 -- Danish shipping company AP Moller Maersk and Denmark''s Danske Bank to set up a joint venture (notified July 19/deadline Aug. 25/simplified)-- U.S. scientific instruments maker Thermo Fisher Scientific to acquire Dutch drugmaker Patheon (notified July 19/deadline Aug. 25)-- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline extended to Aug. 25 after Selecta offered concessions)AUG 28 -- Aerospace and marine product maker Moog Inc and Singapore Airlines Ltd''s engineering unit to set up a joint venture (notified July 24/deadline Aug. 28/simplified)-- Dutch asset management company APG to acquire a portfolio of 48 project companies in Belgium, France, Germany, the Netherlands and the UK (notified July 20/deadline Aug. 28/simplified)-- Private equity firm HGCapital to acquire software provider Visma (notified July 20/deadline Aug. 28/simplified)-- French oil major Total, credit card payment services company Worldline S.A. and African fintech provider Intouch Corp to acquire joint control of digital payment services provider Intouch SAS (notified July 20/deadline Aug. 28/simplified)-- Canadian asset manager Brookfield and French energy company Engie to acquire joint control of British electricity wholesaler FHHGL (notified July 20/deadline Aug. 28/simplified)AUG 29 -- French private equity firm Ardian to acquire engineering services provider Assystem Technologies'' Global Product Solutions unit (notified July 24/deadline Aug. 29)-- Norwegian metals company Norsk Hydro to acquire sole control of aluminium company Sapa, which is a joint venture with Norwegian conglomerate Orkla ASA (notified July 24/deadline Aug. 29/simplified)AUG 31 -- French dairy company Groupe Lactalis to acquire German peer Omira (notified July 26/deadline Aug. 31)-- Private equity firm CVC Capital to acquire Italian leather processing company Pasubio (notified July 26/deadline Aug. 31/simplified)SEPT 1 -- Television holding groups ProSiebenSat.1 Media of Germany, France''s TV group TF1 and Mediaset with networks in Italy and Spain to establish a joint venture selling advertising space (notified July 27/deadline Sept. 1/simplified)SEPT 4 -- VIMNI, Viacom''s Italian branch, and publisher De Agostini Editore to jointly acquire DeA Broadcast, a new LLC programming creator (notified July 28/deadline Sept. 4/simplified)SEPT 6 -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified)-- Brammer France SAS, owned by U.S. private equity firm Advent International, to acquire machine parts supplier Industrial Parts Holding (notified Aug. 1/deadline Sept. 6/simplified)SEPT 8 -- General Electric Company and global investments provider Macquarie Corporate Holdings to acquire joint control of Markbygden ETT AB, an onshore wind farm project in Sweden (notified Aug. 3/deadline Sept. 8/simplified)SEPT 11 -- Cinven Capital Management and the Canada Pension Plan Investment Board to acquire joint control of GTA Travel Holding Ltd (notified Aug. 4/deadline Sept. 11)NOV 30 -- Private equity firm Bain Capital Investors to acquire German tyre wholesaler Reiff Tyre (notified July 25/deadline Aug. 30/simplified)-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to Nov. 30 from July 24 the European Commission opened an in-depth investigation)DEADLINE SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Elizabeth Miles)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma-idINL5N1KU2PN'|'2017-08-08T09:54:00.000+03:00'
'144a121c9e4bd354779eff7a964b72e39099b8cd'|'Unilever to buy back Dutch preference shares'|'August 9, 2017 / 6:37 AM / 5 hours ago Unilever to buy back Dutch preference shares 2 Min Read FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid /File Photo LONDON (Reuters) - Unilever ( ULVR.L )( UNc.AS ) has agreed to buy back the bulk of its Dutch preference shares and to launch a public offer for the rest, valuing them at 450 million euros, as the Anglo-Dutch consumer goods company seeks to simplify its capital structure. Fresh from defending itself against an unsolicited $143 billion takeover bid from Kraft Heinz ( KHC.O ), the Anglo-Dutch company said in April it would review its dual-headed structure, as it sought to make itself more agile, particularly with respect to big-ticket M&A deals. Unilever said on Wednesday it had agreed terms with NN Investment Partners and ASR Nederland for the acquisition of all of their 6 percent and 7 percent cumulative preference shares in Unilever NV, the company''s Dutch-listed entity. Analysts saw the move as a signal the company was leaning toward collapsing its structure. "We believe the announced preference share buyback is the first step in simplifying the shareholding structure at Unilever NV," said Morgan Stanley analysts in a note. "Unilever will continue the review of its dual-hedged legal structure and prefers a simplified corporate structure, which provides greater strategic mobility." Morgan Stanley estimated that of the 450 million euro price, 120 million euros related to accrued dividends, with 330 million attributed to the value of the shares'' voting rights. The shares held by those two parties represent 97 percent of all the group''s outstanding 6 percent and 7 percent cumulative preference shares. They will be acquired through a public offer that would let other holders get the same terms agreed with NN and ASR. Unilever said the offer is expected to be launched in the third quarter and settled in the fourth quarter. Shares of the company, which separately announced the acquisition of Australian ice cream brand Weis, were up 0.3 percent on Wednesday afternoon. Reporting by Martinne Geller; editing by Jason Neely and David Evans 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-unilever-nv-stocks-idUSKBN1AP0JZ'|'2017-08-09T14:37:00.000+03:00'
'5cdba268b861eef3fc2ae86f71c48e7a4ef3f0e6'|'Dependence on Diesel Spurs Germany’s Public Debate'|'Dependence on Diesel Spurs Germany’s Public Debate The average amount of the fuel consumed each day has jumped 30 percent since 1991 By @jrandow More stories by Jana Randow The diesel scandal has preoccupied Germany’s public debate like few other topics ever since news broke in September 2015 that Volkswagen AG cheated on emissions tests. One reason for the intense interest is the widespread usage of the technology, powering everything from business sedans to trucks and buses. Daily diesel consumption surged some 30 percent between 1991 and 2016, while demand for gasoline dropped 41 percent. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-10/dependence-on-diesel-spurs-germany-s-public-debate'|'2017-08-10T15:26:00.000+03:00'
'282ecb6d1005c8a384c6ad0d1626cf27bc2626b0'|'Chipotle closes Dallas restaurant seen in viral rodent video'|'August 10, 2017 / 3:35 PM / 2 hours ago Chipotle closes Dallas restaurant seen in viral rodent video 1 Min Read FILE PHOTO: A Chipotle Mexican Grill is seen in Los Angeles, California, U.S. on April 25, 2016. Lucy Nicholson/File Photo - RTSXJLG LOS ANGELES (Reuters) - Chipotle Mexican Grill Inc on Thursday said it has closed the Dallas restaurant where a diner shot video of rodents crawling on the restaurant floor that was widely shared on the internet three weeks ago. Shares in the formerly high-flying burrito chain, which has been battling to fully recover sales and trust lost after a string of food safety lapses in 2015, were down 1.8 percent to $328.50 in midday trading. Chipotle closed the restaurant in Dallas'' historic West End District on Tuesday to assess the construction of the century-old building where it is housed, spokeswoman Quinn Kelsey said. Kelsey said the company "will reopen only when we are certain the building meets all Chipotle standards for operation." Chipotle last month closed a restaurant in Sterling, Virginia, after more than 100 diners fell ill in a norovirus outbreak that the company said was likely caused by an employee working while ill. Reporting by Lisa Baertlein in Los Angeles; Editing by James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-chipotle-rodents-idUSKBN1AQ1XD'|'2017-08-10T18:28:00.000+03:00'
'0d5a67736ec8a7aae78a9287b33f907bf750b0d9'|'British mineral explorer in Africa lists in London'|'LONDON (Reuters) - A British explorer for mineral resources in Africa will on Thursday become the first venture of its kind to be listed on London''s AIM market for growing companies, its CEO said.Following the recovery of the mining sector from a commodity price crash in 2015-16, a handful of new companies have listed.But smaller exploration companies known as project generators, which find assets but sell them on or agree joint ventures to develop them, have generally preferred the Canadian or Australian exchanges."We will be the only listed project-generator business that has a focus on Africa," Steven Poulton, chief executive of Altus Strategies, told Reuters. Poulton had told Reuters in May he planned to list the company''s shares.The aim is to raise 1 million pounds ($1.3 million) for project exploration in Cameroon, Ethiopia, Ivory Coast, Morocco and Liberia.He describes Altus as "a counter-cyclical mining project generator", saying its simultaneous targeting of multiple assets offered "a portfolio approach to exploration risk".While major miners focused on cost-cutting and recovering from the downturn, Altus used the time for low-cost exploration, seeking gold, bauxite, copper, iron ore, zinc and silver.Supporters of Altus include Japan Oil, Gas and Metals National Corp, with which it has a joint venture agreement on copper development in Ethiopia, and Sprott Global Resource Investments of Canada, which will hold around 16 percent following the IPO.Sprott Global Resource Investments is a unit of Toronto-based Sprott IncAltus Strategies has also partnered with Australia-listed Canyon Resources to develop its discovery of bauxite in Cameroon and has sold a gold discovery in Liberia to Avesoro Resources.The Altus listing follows three other mining listings so far this year in London, the London Stock Exchange said.They are Russian gold miner Polyus, listed in July, Jangada Mines, which is exploring for gold and platinum in Brazil and listed in June, and Rainbow Rare Earths, listed in January, which is developing a rare earth project in Burundi.($1 = 0.7687 pounds)Reporting by Barbara Lewis; Editing by David Holmes'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-altus-ipo-idUSKBN1AQ0K0'|'2017-08-10T14:12:00.000+03:00'
'ab8244452b01d6324d6673dd9b1dba12b160f420'|'Britain''s Co-op Bank reports first half loss of £135 million'|'August 10, 2017 / 6:22 AM / 23 minutes ago Co-op Bank targets growth after rescue as losses fall Anjuli Davies and Lawrence White 3 Min Read FILE PHOTO: A sign hangs outside of a branch of The Co-operative Bank in London, Britain, February 13, 2017. Hannah McKay/File Photo LONDON (Reuters) - Britain''s Co-operative Bank said on Thursday its $900 million (693 million pounds) rescue by investors was on track to conclude by September and would allow it to grow again, as its first-half losses narrowed to 135 million pounds. The restructuring and recapitalisation plan agreed in June with U.S. hedge fund creditors would provide much greater capital strength, with its core capital ratio expected to rise to between 22 and 23 percent by the end of the year, from 9.8 percent at the end of June, the British bank said. "We believe the recapitalisation will enable the bank to move forward with confidence.. We will be investing in the brand and renewing marketing efforts," the bank''s Chief Executive Liam Coleman told reporters on a call following the results. Co-op Bank, which provides banking services to almost 4 million retail and small and medium-sized enterprises, put itself up for sale in February after its capital base dipped to levels unacceptable to Britain''s financial regulators as it grappled with restructuring costs and weak income. The rescue deal, which will see its main investors swap their bondholdings for shares, came after months of negotiations with creditors including BlueMountain Capital, Cyrus Capital Partners, GoldenTree Asset Management, and Silver Point Capital and put an end to the sale process. The bank said it had no plans to sell itself in the future. Overall losses before tax narrowed by 24 percent to 135 million pounds from 177 million in the first half of 2016, hit by a combination of the restructuring programme, low interest rates and competition in the British mortgage market. The bank also lost around 25,000 net current account holders in the first half of the year or 2 percent of its 1.4 million customers, but hoped the worst was behind it. "In the first 3 months of year, that flow was at a higher level and as we moved through May and June subsided and moderated significantly across that period," said Coleman. "In terms of a relative number, we will be looking in the second half and 2018 and 2019 with our new and revised current account and switching offer to be growing market share." The bank did not rule out further headcount reductions especially in areas such as temporary staff and contractors, having cut permanent staff by 897 to 3,313 in the past year. Reporting by Anjuli Davies and Lawrence White; editing by Rachel Armstrong and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cooperative-bank-results-idUKKBN1AQ0LE'|'2017-08-10T09:21:00.000+03:00'
'ea476b715a84b1310149bf2b44a949d5844e21f1'|'Citi stock to double in 4-5 years, says Mike Mayo'|'FILE PHOTO: FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar/File Photo/File Photo (Reuters) - Citigroup Inc''s ( C.N ) stock price is likely to double in the next four to five years, banking analyst Mike Mayo wrote in his first note after joining Wells Fargo Securities. The Wall Street bank is expected to see the best improvement in return on equity (ROE) and cost of capital among its peers, according to Mayo, who joined Wells Fargo from CLSA Americas in June. Citigroup''s shares had risen 4.1 percent this year through Wednesday''s close. The lender''s ROE will improve to about 9 percent in 2019 and 11 percent in 2021 from 7 percent in 2016, with the biggest potential driver being buybacks, the analyst said in a client note dated Aug. 9. Buybacks should reduce the bank''s shares by one-third over five years, far more than its peers, Mayo wrote, adding Citi to Wells Fargo''s "priority stock list". The Federal Reserve on June 28 permitted Citigroup to go ahead with a plan to buy back $15.6 billion of stock and pay $3.3 billion in dividends over the next 12 months. However, despite the rosy expectations for earnings and stock price, Citi will likely miss its new targets, Mayo warned. By 2019, Citigroup should be able to produce a 10 percent return on common tangible equity, rising to 11 percent in 2020 and 14 percent over the longer term, executives said at the bank''s investor day last month. The analyst said he preferred Goldman Sachs Group Inc ( GS.N ) over Morgan Stanley ( MS.N ). "Like Morgan Stanley five years ago, (Goldman) has trading shortfalls, a business mix change, and pressure to perform," Mayo said. Goldman in July reported a 40 percent slump in second-quarter bond trading revenue, worse than many analysts had expected, and posted the weakest commodities results in its history as a public company. Mayo has an "outperform'' rating on Goldman''s stock and a "market perform" on Morgan Stanley. "Morgan Stanley needs to better describe to us how it plans to transition from restructuring to growth," he said. Mayo, who has a tendency to ask pointed questions during investor events, has garnered a reputation as a blunt critic of bad behavior in the industry who spots trouble early. Mayo became unemployed in February when CLSA shut down. He turned up at JPMorgan''s most recent investor day less than 24 hours after losing his job at CLSA, identifying himself as a "free agent" where he asked Chief Executive Jamie Dimon about the bank''s brand. Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-citigroup-research-idUSKBN1AQ1U7'|'2017-08-10T18:04:00.000+03:00'
'e61d1b857e3540ca422857e53a0e9dd769526dc8'|'Worldpay granted second deadline extension for Vantiv deal'|'August 8, 2017 / 6:10 AM / 2 hours ago Worldpay granted second deadline extension for Vantiv deal 2 Min Read LONDON, Aug 8 (Reuters) - British payments firms Worldpay said on Tuesday that the deadline for its long-awaited deal with U.S. suitor Vantiv has been pushed back by yet another four days as the two companies need more time to reach a final agreement. Cincinnati-based Vantiv, which last month agreed to buy Worldpay, a former unit of Royal Bank of Scotland, for 7.7 billion pounds ($10 billion), now has until Aug. 11 to make a firm bid or walk away for six months. But this deadline could be pushed back further still if the UK Takeover Panel, which governs mergers and acquisition (M&A) deals in Britain, approves. This is already the second time that the deadline has been renegotiated as the two companies haggle over the terms of their deal, including protection of British jobs and employees, sources close to the matter told Reuters. The two payments firms have also pushed back the date of their respective earnings. Worldpay said its half year results for the period ended June 30, 2017, due on Tuesday, will now be released on Wednesday in conjunction with Vantiv''s second quarter 2017 results. ($1 = 0.7666 pounds) (Reporting By Pamela Barbaglia; Editing by Susan Fenton) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/idUSFWN1KT0X2'|'2017-08-08T09:39:00.000+03:00'
'85726d1ff44388e6d33d5e228825b39136fdee5c'|'UPDATE 1-Brighthouse Financial makes a dull debut'|'(Adds details)By Aparajita Saxena and Suzanne BarlynAug 7 (Reuters) - Shares of Brighthouse Financial Inc , the U.S. retail insurer spun off from MetLife Inc, fell as much as 6 percent in market debut on Monday as it goes solo in an industry struggling with low interest rates.Brighthouse''s shares touched a low of $60.58 in early trading, giving it a market capitalization of $7.26 billion.At least five brokerages started coverage of the stock, with the majority having a "market perform" or equivalent rating.Wells Fargo Securities analyst Sean Dargan said while a stand-alone Brighthouse offers potential upside if markets and interest rates move upward in tandem, he did not view the "risk-reward" favorably at this time."If interest rates fall from here or equity markets retrace, we would expect BHF to be a heavily shorted name," said Dargan, who began coverage of the stock with a "market perform" rating and a $71 price target.Low interest rates have made it difficult for insurers to earn more on their investments as much of their portfolio is made up of low-yielding bonds."If you like the theory that interest rates may rise over time – strong equity markets might be a tail wave for Brighthouse," Metlife Chief Executive Steven Kandarian said in a CNBC interview.The completion of the spinoff, a plan unveiled last year, ends MetLife''s reign as the largest U.S. life insurer by assets.That title will now be held by Newark, New Jersey-based Prudential Financial Inc, which had $797.4 billion in assets as of March 31, according to a filing and data from the American Council of Life Insurers.Following the spinoff, MetLife will be left with core businesses centered mainly around group life-insurance and other employee benefits, asset management and a clutch of international operations."Our goal for post-separation MetLife is to be a company that can perform well in a variety of macroeconomic environments," Kandarian said in April.A slimmed-down MetLife is likely to help the company in its legal battle against the U.S. Financial Stability Oversight Council naming it "systemically important" in 2014.The designation - which triggers stricter regulatory oversight as the insurer has the potential to devastate the financial system if it fails - was struck down by a U.S. judge last year.Brighthouse holds $223 billion of total assets and about 2.8 million insurance policies and annuity contracts as of March 31, according to a filing. (Reporting By Aparajita Saxena in Bengaluru and Suzanne Barlyn in New York; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/metlife-brighthouse-stocks-idINL4N1KT4HS'|'2017-08-07T12:22:00.000+03:00'
'dae7716b8cc94ed7e451f6ccf05a024d237d353b'|'Thyssenkrupp won''t be rushed on European steel tie-up with Tata'|'The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. Wolfgang Rattay FRANKFURT (Reuters) - Thyssenkrupp ( TKAG.DE ) will not be rushed into any deal with Tata Steel TISC.N to merge their European steel businesses, its chief financial officer said, pouring cold water on investor hopes for a quick agreement.The German steel-to-elevators group is facing pressure from investors to deliver on the tie-up, after talks have been going on for over a year.They have been held up mainly by the question of who will assume responsibility for Tata Steel''s legacy 15 billion pound ($19 billion) pension scheme in Britain.Britain''s Sky News reported on Wednesday that Tata Steel was on the brink of detaching its British Steel pension fund from its UK operations, a precondition for any merger deal with Thyssenkrupp."Just because you might read at some point that Tata has a deal it doesn''t mean we can stand up a week later and say: ''Now we have a joint venture.'' It cannot work that way," Thyssenkrupp CFO Guido Kerkhoff told journalists on Thursday."We also prefer a fast solution but quality comes before time," he said, declining to say whether the group aimed for a deal before its fiscal year ends next month.Shares in the group were up 0.2 percent, one of only five gainers in Germany''s blue-chip index <0#.GDAXI>, after it posted better-than-expected third-quarter results, boosted by a recent recovery of steel prices.Third-quarter order intake rose 14 percent to 10.7 billion euros ($12.6 billion) and adjusted earnings before interest and tax (EBIT) jumped 41 percent to 620 million. Analysts had, on average, expected order intake of 10.3 billion euros and adjusted EBIT of 493 million.Quarterly operating profit at Steel Europe - the business that would merge with Tata - more than doubled to 232 million euros, well above the poll average of 187 million. At Industrial Solutions, it fell sharply to 6 million euros, below the 18 million average poll.Kerkhoff said earnings at Industrial Solutions, which engineers industrial plants and builds ships, would remain under pressure due to low-margin legacy orders and underutilized chemical plants."Industrial Solutions remains the problem child," Jefferies analyst Seth Rosenfeld said in a note.Thyssenkrupp kept its full-year outlook for sales and profits but toned down its forecast for free cash flow before M&A, citing the sale of its Brazilian steel mill CSA, which will close earlier than expected.The group now expects free cash flow before M&A to be negative in the mid to higher triple-digit million euro range, against a previous forecast for negative in mid triple-digit million euros.Additional reporting by Georgina Prodhan; Editing by David Holmes and Susan Fenton'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-thyssenkrupp-results-tata-steel-idUSKBN1AQ0SJ'|'2017-08-10T15:45:00.000+03:00'
'cd3bc7c7d0e192bf333053928bcb4e7cf94ec434'|'EMERGING MARKETS-Emerging stocks reeling from Asian falls, FX mixed'|'LONDON, Aug 10 (Reuters) - Emerging market assets still felt on Thursday the reverberations of the standoff between Washington and Pyongyang, with stocks extending losses for a second day while currencies fared more mixed.In a war of words between Washington and Pyongyang that has unnerved regional powers and global investors, North Korea dismissed as a "load of nonsense" warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States.And it outlined detailed plans for a missile strike near the Pacific territory of Guam.MSCI''s emerging market index - dominated by Asian heavyweight bourses such as South Korea and Taiwan - slipped 0.6 percent, having lost 1.5 percent since Trump''s comments.Taiwan''s bourse tumbled 1.3 percent, Hong Kong''s Hang Seng lost 1.1 percent and South Korea''s KOSPI dropped as much as 1.2 percent to a two-month low before trading 0.4 percent lower.Gains elsewhere failed to offset the Asian losses. Turkey and Russia indexes gained 0.4 percent while South African stocks edged 0.1 percent higher.Investors faced a dilemma in how to price the latest political tensions, said Koon Chow, FX strategist at UBP."Most investors will be completely out of their depth in making any assessment on the situation, therefore one shouldn’t make a big call on this," he said.Still, emerging markets would likely face a softer patch as long as the political tensions fuelled investors'' risk aversion, he said."The moment that shows some kind of abeyance, you will see emerging markets strengthen again," he said, adding developing economies still faced a benign backdrop overall thanks to little sign of monetary tightening by major central banks.Emerging currencies fared mixed against a slightly stronger dollar.While the South Korean won weakened 0.3 percent and touched a four-week low, extending a selloff from the previous two sessions.However, South Africa''s rand firmed 0.4 percent, recovering from the four-week low it hit after President Jacob Zuma survived a no-confidence vote.Russia''s rouble strengthened 0.3 percent, lifted by oil prices snapping two days of decline on U.S. crude inventories falling more than expected.The Philippine central bank left its benchmark interest rate unchanged as expected, with inflation not a concern even as the economy expands at a solid pace this year.Central banks in Serbia, Mexico and Peru, also due to publish their decisions on Thursday, are also expected to keep rates unchanged.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1061.87 -7.05 -0.66 +23.15Czech Rep 1028.34 -1.53 -0.15 +11.58Poland 2403.51 -4.60 -0.19 +23.39Hungary 36786.09 +207.62 +0.57 +14.95Romania 8393.35 -1.78 -0.02 +18.47Greece 838.05 +4.44 +0.53 +30.20Russia 1037.68 +2.70 +0.26 -9.95South Africa 49629.46 +56.77 +0.11 +13.05Turkey 09013.25 +298.67 +0.27 +39.51China 3261.80 -13.77 -0.42 +5.10India 31637.60 -160.24 -0.50 +18.82Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.14 26.18 +0.13 +3.30Poland 4.27 4.27 -0.14 +3.10Hungary 305.38 305.37 -0.00 +1.13Romania 4.57 4.57 -0.02 -0.72Serbia 119.74 120.13 +0.33 +3.01Russia 59.88 60.09 +0.35 +2.31Kazakhstan 332.60 332.51 -0.03 +0.32Ukraine 25.70 25.71 +0.04 +5.08South Africa 13.37 13.42 +0.34 +2.68Kenya 103.90 103.80 -0.10 -1.47Israel 3.60 3.60 -0.05 +7.04Turkey 3.53 3.54 +0.05 -0.23China 6.66 6.67 +0.22 +4.29India 63.94 63.86 -0.13 +6.26Brazil 3.16 3.16 +0.00 +3.09Mexico 17.91 17.94 +0.20 +15.68Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 324 -1 .00 7 93.36 1All data taken from Reuters at 08:51 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Reporting by Karin Strohecker, additional reporting by Claire Milhench, editing by Alister Doyle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-idUSL5N1KW2OO'|'2017-08-10T12:18:00.000+03:00'
'9162e33bcb98fe2d27bd30ae732731b9a509d23f'|'Puerto Rico debt helps sink MBIA''s Q2 loss to $1.2 bln'|'CHICAGO, Aug 8 (Reuters) - Exposure to defaulted Puerto Rico debt helped balloon bond insurer MBIA Inc''s net loss for the second quarter of 2017 to $1.2 billion compared with a loss of $27 million in the same period last year, the company reported on Tuesday.MBIA attributed the dismal results in part to bigger losses at its National Public Finance Guarantee Corporation unit, which guarantees payment on some of the U.S. commonwealth''s debt.“National’s losses and loss adjustment expenses in the quarter resulted from its insurance of several Puerto Rico credits, nearly all of which have entered bankruptcy-like proceedings under PROMESA," Bill Fallon, MBIA president and CEO said in a statement.The U.S. commonwealth filed the largest bankruptcy in U.S. municipal history in May under PROMESA, a federal law aimed at rescuing Puerto Rico''s sinking finances.Fallon also said "the ill-advised and unlawful actions" of an oversight board, also created by PROMESA, and Governor Ricardo Rossello''s Administration hurt a restructuring support agreement for the Puerto Rico Electric Power Authority (PREPA). This sparked several lawsuits, including five that include MBIA as a plaintiff."We intend to vigorously exercise the rights and remedies associated with our insurance on the Puerto Rico bonds,” Fallon said. MBIA''s loss in the quarter ended June 30 equated to $9.78 per share, up from a 20 cent per share loss a year ago and a 55 cent per share loss in the first quarter.Reporting By Karen Pierog; Editing by Daniel Bases and Andrew Hay'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mbia-results-idINL1N1KU1U9'|'2017-08-08T20:07:00.000+03:00'
'000dcc1822166656b8a5e0996604430c0c71f874'|'UPDATE 1-Investcorp aims for 10 investments across private equity, real estate'|'(Adds detail, context)DUBAI, Aug 9 (Reuters) - Bahrain-based Investcorp is aiming to make 10 investments across its private equity and real estate businesses in the current financial year, Co-Chief Executive Rishi Kapoor said on a media call on Wednesday.The investments will help the company achieve its goal of raising its assets under management to $25 billion in the next three years or so, Kapoor said.Investcorp''s assets under management doubled to $21.3 billion after its acquisition in March of 3i''s debt management business, rebranded Investcorp Credit Management.Earlier, the company reported a 116 percent rise in its second-half net profit to $84.6 million, and a 34 percent increase in profits to $120.3 million for the full financial year ended June 30.A solid performance from core operations, including the newly acquired credit management business, helped to boost the company''s operating income, it said.Founded in 1982, Investcorp is one of the oldest Middle Eastern private equity investors. It has made more than 170 corporate investments in the United States, Europe and the Middle East and North Africa and Turkey.The company is now aiming to grow its presence in Asia as part of a strategy to diversify its investor base, business areas and asset classes.Its new office in Singapore, up and running since April, will help to build the company''s client coverage in Asia, aimed at institutional investors in Japan, South Korea, Singapore and Thailand, China and Hong Kong, said Kapoor.The company raised $4.1 billion from clients in the Gulf and institutional investors in the U.S., Europe and Asia during the last financial year.In the longer-term, Investcorp might consider direct investments in Asia, Kapoor said.Reporting By Tom Arnold. Editing by Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/investcorp-bank-results-idINL5N1KV1K4'|'2017-08-09T06:26:00.000+03:00'
'f2da10c41137466f64881bd032ed1890779b4c5d'|'ABN Amro second-quarter profit beats expectations'|'The head office of ABN AMRO bank is seen in Amsterdam, the Netherlands May 29, 2007. Koen van Weel/File Photo AMSTERDAM (Reuters) - Dutch bank ABN Amro reported on Wednesday a larger than expected 45 percent rise in second-quarter underlying net profit, helped by a growing loan book and lower costs.Underlying net of 960 million euros ($1.1 billion) compares with an average forecast of 750 million by analysts polled by the bank, and with 662 million a year before."The underlying trend in the second quarter was generally positive and supported by continued growth of the Dutch economy", Chief Executive Kees van Dijkhuizen said in a statement.Earnings were helped by a 200 million euro gain on the sale of private banking activities in Asia, concluded in April. With nearly 50 percent of its loan book linked to the real estate market, however, ABN also benefited from the strong growth of the Dutch housing market.Coupled with the improving health of its corporate clients, this helped the Netherlands'' largest domestic lender to release 96 million euros from earlier provisions for bad loans.Since its bailout by the Dutch state in 2008, ABN has refocused its operations and orientation on the Dutch market, cutting thousands of jobs in the process.In the first half of this year these measures helped to lower the ratio of costs to income to 57.4 percent, compared with 61.8 percent a year earlier.ABN continues to hold high levels of capital while it awaits new rules from the Basel Committee of banking regulators on asset risk weightings, with its core capital adequacy ratio standing at 17.6 percent of risk-adjusted assets at the end of June, up from 17 percent at the end of 2016.The bank said it will decide on its capital position in the first quarter of 2018 if regulators don''t reach an agreement on the new rules, known as Basel IV, this year.ABN Amro was re-privatized in 2015 but the Dutch state still owns 63 percent of the shares.($1 = 0.8519 euros)Reporting by Bart Meijer; Editing by Muralikumar Anantharaman and David Holmes'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/abn-amro-results-idINKBN1AP0HW'|'2017-08-09T04:17:00.000+03:00'
'44378256079a42a1f7f3feeb5318d5c1d4dbdd89'|'SoftBank invests $1 billion in sports e-commerce firm Fanatics - sources'|'August 8, 2017 / 8:07 PM / 2 hours ago SoftBank invests $1 billion in sports e-commerce firm Fanatics - sources Liana B. Baker 2 Min Read FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Issei Kato/File photo SAN FRANCISCO (Reuters) - SoftBank Group Corp ( 9984.T ) is investing $1 billion in Fanatics Inc as a part of a funding round that values the sports e-commerce company at $4.5 billion (3.4 billion pounds), according to sources familiar with the matter. The new funding is expected to close later this month, one of the people said, asking not to be named because the news was not yet public. Fanatics declined to comment and SoftBank could not immediately be reached for comment. Jacksonville, Florida-based Fanatics is a leading sports merchandise licensor that handles e-commerce sales for teams and sports leagues around the world. It counts the National Football League and Major League Baseball as investors, along with several venture capital firms and technology companies. SoftBank, run by Japanese billionaire Masayoshi Son, is making the bulk of the $1 billion investment out of its $93 billion Vision Fund, the world''s biggest private equity fund, sources said. Its backers include Saudi Arabia''s sovereign wealth fund, Abu Dhabi''s Mubadala Investment Co and Apple Inc ( AAPL.O ). SoftBank has been involved in a number of recent deals including acquisitions of two robotics businesses from Google''s parent company Alphabet Inc ( GOOGL.O ). Other investments in the Vision Fund include stakes in chip designer ARM Holdings and satellite startup OneWeb. The Wall Street Journal first reported the SoftBank investment in Fanatics on Tuesday. Reporting by Liana B. Baker; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-fanatics-softbank-investment-idUKKBN1AO2BC'|'2017-08-08T23:07:00.000+03:00'
'21c1f548bd48562d0070828b337b1bd5b2a8c623'|'Envision to sell ambulance business to KKR in $2.4 billion deal'|'A member of the American Medical Response (AMR) ambulance crew wheels a gurney into a residence during a medical call in Las Vegas, Nevada, March 24, 2011. Steve Marcus (Reuters) - Envision Healthcare Corp ( EVHC.N ) said on Tuesday it would sell its ambulance business to buyout firm KKR & Co ( KKR.N ) in an all-cash deal valued at $2.4 billion as it sharpens its focus on its core businesses.The merger with American Medical Response (AMR), the largest U.S. provider of ambulance services, would allow KKR''s Air Medical Group to easily substitute costly helicopter flights with ambulances for shorter trips.The combined company is expected to transport more than five million patients per year through a fleet of air and ground ambulances across 46 states and the District of Columbia.Reuters reported last month that KKR was in advanced talks to acquire the business.The buyout firm had acquired Air Medical two years ago.The deal would also help streamline Envision''s business after its $10 billion merger with AmSurg Corp late last year, helping the company focus on providing services to physician practice groups and operating outpatient surgery centers.The deal is being funded primarily by KKR''s North America XI Fund and Koch Equity Development LLC.Guggenheim Securities was financial adviser to Envision while Barclays advised Air Medical. Citi and Goldman Sachs were Koch Equity''s advisers.Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur and Anil D''silva'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-envision-hlthcr-m-a-kkr-idUSKBN1AO14E'|'2017-08-08T14:12:00.000+03:00'
'9a7e489e8a5da576faf24bc37ff2ad01348776f8'|'Mazda petrol engine breakthrough puts another nail in the coffin of diesel - Business'|'One of the world’s largest automotive firms has hailed a technological breakthrough for the petrol engine, in an engineering twist for an industry racing to embrace the electric car.Japanese car manufacturer Mazda claims to have designed a vehicle that will largely eliminate the need for spark plugs in petrol engines, increasing fuel efficiency by as much as 30%. The development also increases the existential threat facing diesel engines because its fuel economy could match diesel’s performance without high emissions of nitrogen oxides or sooty particulates.Mazda said it would sell cars from 2019 with a newly developed petrol compression ignition engine, a technology that automotive manufacturers, including deep-pocketed rivals such as Daimler AG and General Motors, have been chasing for decades. The engine ignites petrol through compression, removing the need for spark plugs and increasing fuel efficiency.The announcement places traditional engines at the centre of Mazda’s manufacturing strategy, days after the company – which sells 1.5m cars a year – said it will work with larger rival Toyota to develop electric vehicles.“We think it is an imperative and fundamental job for us to pursue the ideal internal combustion engine,” said Mazda’s head of research and development, Kiyoshi Fujiwara. “Electrification is necessary but ... the internal combustion engine should come first.”But Mazda said its Skyactiv-X engine would have spark plugs that would be used in certain situations such as at low temperatures.“It’s a major breakthrough,” said Ryoji Miyashita, chairman of automotive engineering company AEMSS.Buthe questioned whether the engine would be smooth and responsive. “Is it jerky? If so, that would pose a big question when it comes to commercialising this technology. Hopefully Mazda has an answer to that question.”Mazda previously said it would work with Toyota to develop electric vehicles and build a $1.6bn (£1.2bn) US assembly plant. It added it would introduce electric vehicles and electric technology in its cars from 2019, focusing on markets that restrict the sale of certain vehicles to limit air pollution or that provide clean sources of electricity.In addition, Mazda said it aimed to make autonomous-driving technology standard in all of its models by 2025, a move that many in the industry see linked hand-in-hand with fully battery-powered electric cars.The industry is still steering in the direction of electric vehicles. In the UK, the government has announced it would ban the sales of new petrol and diesel cars from 2040 amid fears that rising levels of nitrogen oxide pose a major risk to public health, putting an end date on the life expectancy of traditional combustion-engine powered vehicles.Volvo recently announced all its new cars would be built with electric or hybrid engines from 2019 , while Silicon Valley-based electric car company Tesla recently started delivering its more mass-market aimed car, the $35,000 Model 3, which can travel up to 310 miles between charges with an extended range battery.Topics Automotive industry Motoring Japan Asia Pacific news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/aug/08/mazda-petrol-engine-breakthrough-puts-another-nail-in-the-coffin-of-diesel'|'2017-08-08T03:00:00.000+03:00'
'8fb8f6cfd08376fc290d96e8fd323414df7ed644'|'Germany to inspect Ford Mondeo cars over emissions testing: WirtschaftsWoche'|'August 10, 2017 / 2:16 PM / 4 hours ago Ford says it is cooperating in German diesel investigation 2 Min Read A visitor walks past new Ford Mondeo cars on display on media day at the Paris Mondial de l''Automobile, September 28, 2012. Christian Hartmann BERLIN (Reuters) - Ford ( F.N ) said German motor authorities were investigating a diesel-engined model of its mid-sized Mondeo car, adding that none of its cars was equipped with illegal emissions cheating software. Ford Germany said in an emailed statement on Thursday that all its vehicles and engines, including those with its latest diesel engines, complied with current emissions guidelines and did not contain illegal software devices. The carmaker said it had been contacted by Germany''s KBA vehicle certification authority about its Mondeo 2.0 TCDi model and had pledged to cooperate with the German authority. Related Coverage Germany''s WirtschaftsWoche magazine was first to report that the U.S. carmaker''s Mondeo model was being inspected by the KBA at the behest of the transport ministry for the possible use of cheating devices. Germany''s transport ministry was not immediately available for comment. WirtschaftsWoche said the inspections were prompted by emissions test data that could indicate the use of such devices. An unnamed institute has been commissioned to carry out the tests which are already underway, the weekly publication said. WirtschaftsWoche cited Ford Germany chief Gunnar Herrmann as denying any wrongdoing. "No illegal shut-off devices were used in our diesel exhaust after-treatment systems," he told the magazine, adding that Ford had "neither cheated, nor used tricks". The car industry has been under scrutiny since U.S. regulators exposed emissions test cheating by Volkswagen ( VOWG_p.DE ) nearly two years ago. This led to wider revelations that diesel vehicles from most manufacturers release far more toxic nitrogen oxides (NOx) on the road than in tests. Ford and Germany''s three main carmakers - VW, Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ) - this week announced incentives to drivers who trade in older diesel models for new, cleaner models. Reporting by Andreas Cremer and Markus Wacket; Writing by Joseph Nasr; Editing by Jane Merriman and Susan Fenton 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-germany-emissions-ford-idUSKBN1AQ1Q5'|'2017-08-10T22:16:00.000+03:00'
'e178ad4e922b2906f11f6d9bc8c9db6e34a2c692'|'Petrobras fuel distribution IPO may come this year: chairman'|'The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria, Espirito Santo, Brazil, February 10, 2017. Paulo Whitaker SAO PAULO (Reuters) - The chairman of Petróleo Brasileiro SA ( PETR4.SA ) on Wednesday said an initial public offering (IPO) of the Brazilian state-controlled oil company''s fuel distribution unit could happen this year.Petrobras, as the company is known, plans to sell shares in the BR Distribuidora unit to cut debt and refocus on core activities. Chairman Nelson Carvalho told reporters at an event in São Paulo that the board has yet to decide on a timeframe for the IPO.Reporting by Aluisio Alves; Editing by James Dalgleish'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-petrobras-divestiture-br-distribuidor-idINKBN1AP2GK'|'2017-08-09T18:07:00.000+03:00'
'3f236266a1a03c0985aeae2cd77db2e80a66f369'|'Russia''s Rosneft plans to close Essar deal in coming days'|'MOSCOW, Aug 8 (Reuters) - Russia''s Rosneft plans to close the deal to buy a stake in India''s refiner Essar Oil in the coming days, Pavel Fyodorov, Rosneft first vice-president, told a conference call on Tuesday.He added that Rosneft had made around $6 billion in pre-payments to Venezuelan state company PDVSA and had no immediate plans to make any further advance payments soon. (Reporting by Oksana Kobzeva and Olesya Astakhova; writing by Katya Golubkova; editing by Maria Kiselyova)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-rosneft-essar-idUSR4N1KM01K'|'2017-08-08T16:26:00.000+03:00'
'e7d8e490c375a2f1f1c42054e2101d8ff1320324'|'Wisconsin won''t break even on Foxconn plant incentives for 25 years - Analysis'|'August 8, 2017 / 10:11 PM / 5 hours ago Wisconsin won''t break even on Foxconn plant incentives for 25 years: analysis Julia Jacobs 3 Min Read The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan June 12, 2017. Eason Lam (Reuters) - Wisconsin is not projected to break even on a $3 billion incentive package for a proposed LCD screen plant by Taiwan''s Foxconn for at least 25 years, a legislative analysis showed on Tuesday. Foxconn hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern Wisconsin and state leaders, including Republican Governor Scott Walker, have touted the incentives as a boon because of the jobs that will be created. Critics have attacked the plan as too expensive and potentially harmful to the environment. Officials have said Foxconn, formally known as Hon Hai Precision Industry Co Ltd, will employ about 1,000 people in the second half of 2017 and employment will grow to 13,000 by 2021. Based on estimates from the non-partisan Legislative Fiscal Bureau, Wisconsin will not receive a return on its investment in the project until about 2042. The bureau provides fiscal analysis for the state legislature. Walker''s spokesman Tom Evenson said in a statement that the Foxconn factory is a "once-in-a-lifetime opportunity" that includes the large company investment and $10.5 billion in new payroll. Wisconsin Representative Peter Barca, the state Democratic minority leader from Kenosha, said the report proves legislators need more time to examine the deal. Foxconn Chairman Terry Gou (C) looks on as U.S. President Donald Trump (R) shakes hands with Vice President Mike Pence (from L), Wisconsin Governor Scott Walker and House Speaker Paul Ryan (R-WI) (L-R) at the end of a White House event where the Taiwanese electronics manufacturer announced plans to build a $10 billion dollar LCD display panel screen plant in Wisconsin, in Washington, U.S. July 26, 2017. Jonathan Ernst "The fiscal analysis released today creates new questions on the state’s cash flow and on the state’s ability to ensure a good return on the investment for taxpayers," Barca said in a statement. The projections in the report depend on Foxconn following through on several commitments, including an average annual salary of about $54,000, said Rob Reinhardt, a bureau program supervisor. "Any cash-flow analysis that covers a period of nearly 30 years must be considered highly speculative," the report said. The bureau based its analysis on Foxconn reaching its threshold of 13,000 employees, Reinhardt said. If the actual employment number was 3,000, the break-even point would be so far in the future that it is "silly to talk about," he said. The report said if 10 percent of projected new jobs from the project were filled by Illinois residents, a concern of several lawmakers, the state would not break even until about 2044. The state would see a positive cash flow in the first three years of the project because of an initial delay in state payments as well as tax revenue from construction workers, Reinhardt said. The analysis factors in thousands of indirect jobs associated with the project, which state officials have said will solidify the Foxconn project as a net win. Reporting by Julia Jacobs '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-foxconn-wisconsin-idUKKBN1AO2JQ'|'2017-08-09T01:12:00.000+03:00'
'5af4f9cd25bfc2a4b1d4886a0ed4ad8e2880726a'|'Euronext bourse to renew clearing contract with LSE unit'|'August 8, 2017 / 9:05 AM / 17 minutes ago Euronext bourse to renew clearing contract with LSE unit Huw Jones 3 Min Read FILE PHOTO: Company stock price information is displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. Benoit Tessier/File Photo LONDON (Reuters) - Pan-European bourse Euronext said on Tuesday it would extend its contract with Britain''s LCH in a surprise move that could defuse tension over where clearing of euro-denominated transactions should take place after Brexit. Euronext''s contract with LCH, a unit of the London Stock Exchange Group, was due to expire in 2018. Euronext had previously announced that it planned to use Intercontinental Exchange in the Netherlands for clearing, but those plans have now been scrapped. Euronext and LCH said on Tuesday they have signed binding terms for a 10-year clearing deal they expect to complete in the fourth quarter of this year. Euronext said the deal avoids customers facing added costs of switching from one clearing house to another at a time when they already face major challenges like new European Union securities rules, and adapting to Britain being outside the EU from 2019. Under the deal, Euronext will swap its 2.3 percent stake in LCH Group in London for an 11.1 percent share in LCH''s Paris unit, giving Euronext a financial incentive to increase clearing volumes in France. Euronext and LCH will "work together" to cut clearing fees by 5 percent to 15 percent from January 2019, Euronext said. Clearing ensures that a stock, bond or derivatives transaction is completed safely and smoothly, even if one side of the deal goes bust. An arcane part of financial plumbing, it has become highly politicized, with EU policymakers saying that clearing of euro denominated derivatives, which LCH''s London unit dominates, should move to the euro zone after Brexit. Euronext said the deal would allow clearing in a wider range of products, but did not say what those products would be. It could mean LCH effectively shifting enough of its euro clearing to Paris to satisfy euro zone demands. The deal could also make it harder for Deutsche Boerse owned rival Eurex in Frankfurt to pick up euro clearing business that shifts to the single currency area. Euronext will have to pay ICE an undisclosed break-up fee. Reporting by Huw Jones; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-lse-euronext-clearing-idUKKBN1AO0VK'|'2017-08-08T12:00:00.000+03:00'
'da420449f77275b4810b8f54e86f5d840184dad8'|'UPDATE 1-Brighthouse Financial makes a dull debut'|'(Adds details)By Aparajita Saxena and Suzanne BarlynAug 7 (Reuters) - Shares of Brighthouse Financial Inc , the U.S. retail insurer spun off from MetLife Inc, fell as much as 6 percent in market debut on Monday as it goes solo in an industry struggling with low interest rates.Brighthouse''s shares touched a low of $60.58 in early trading, giving it a market capitalization of $7.26 billion.At least five brokerages started coverage of the stock, with the majority having a "market perform" or equivalent rating.Wells Fargo Securities analyst Sean Dargan said while a stand-alone Brighthouse offers potential upside if markets and interest rates move upward in tandem, he did not view the "risk-reward" favorably at this time."If interest rates fall from here or equity markets retrace, we would expect BHF to be a heavily shorted name," said Dargan, who began coverage of the stock with a "market perform" rating and a $71 price target.Low interest rates have made it difficult for insurers to earn more on their investments as much of their portfolio is made up of low-yielding bonds."If you like the theory that interest rates may rise over time – strong equity markets might be a tail wave for Brighthouse," Metlife Chief Executive Steven Kandarian said in a CNBC interview.The completion of the spinoff, a plan unveiled last year, ends MetLife''s reign as the largest U.S. life insurer by assets.That title will now be held by Newark, New Jersey-based Prudential Financial Inc, which had $797.4 billion in assets as of March 31, according to a filing and data from the American Council of Life Insurers.Following the spinoff, MetLife will be left with core businesses centered mainly around group life-insurance and other employee benefits, asset management and a clutch of international operations."Our goal for post-separation MetLife is to be a company that can perform well in a variety of macroeconomic environments," Kandarian said in April.A slimmed-down MetLife is likely to help the company in its legal battle against the U.S. Financial Stability Oversight Council naming it "systemically important" in 2014.The designation - which triggers stricter regulatory oversight as the insurer has the potential to devastate the financial system if it fails - was struck down by a U.S. judge last year.Brighthouse holds $223 billion of total assets and about 2.8 million insurance policies and annuity contracts as of March 31, according to a filing. (Reporting By Aparajita Saxena in Bengaluru and Suzanne Barlyn in New York; Editing by Anil D''Silva)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/metlife-brighthouse-stocks-idUSL4N1KT4HS'|'2017-08-07T22:24:00.000+03:00'
'fac4479d3a0d137b39cc0449c1401caf59754567'|'Higher-cost crude could squeeze margins at U.S. refiners'|'August 7, 2017 / 2:24 PM / 6 hours ago Higher-cost crude could squeeze margins at U.S. refiners 4 Min Read A Valero Energy Corp gas station is pictured in Pasadena, California October 27, 2015. Mario Anzuoni/File Photo HOUSTON (Reuters) - U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. The shift also could mean higher prices for consumers in the last weeks of the summer driving season and into the fall if refiners are able to pass along those higher costs to drivers, analysts said. PBF Energy Inc , Valero Energy Corp, Phillips 66 and Marathon Petroleum Corp said in earning calls over the past two weeks they are running more light crude as a result of narrower discounts for heavy crude. ExxonMobil Corp also is running a heavier slate of light crude at a Gulf Coast plant. Refiners'' "margins have already been heavily impacted," said John Auers, executive vice president at refining consultancy Turner, Mason & Co. "They will be impacted in the third quarter" as well, Auers said. The final period''s outlook could depend on whether the U.S. applies sanctions on Venezuelan imports, he added. In part, the companies are reacting to high costs and anticipating weaker supplies of Venezuelan crude coming to the United States. Heavy crude prices also have been impacted by tax changes in Russia that have raised prices of its heavy crudes and by reduced production from Canada last quarter. Through June, U.S. imports of Venezuelan crude declined 7.1 percent compared with the same six month period last year, to 654,078 barrels per day (bpd), according to Reuters data. Light, sweet crude costs more than heavier oils, narrowing the discount that U.S. refiners, especially those along the Gulf Coast, have gained by configuring their plants to run heavy, sour crude over the past 20 years. Marathon''s second-quarter income from its refining and marketing operations fell in part due to "unfavorable crude oil and feedstock acquisition costs, primarily due to lower sweet/sour crude oil price differentials," the company said on Thursday. PBF also said narrower heavy crude discounts contributed to its second quarter loss of $1.01 a share, compared to Wall Street expectations of a 2-cent a share gain. Exxon is studying adding a light crude-processing unit at its Beaumont, Texas, refinery early in the next decade, spokeswoman Charlotte Huffaker said this week. It would be the second light-crude processing unit at the plant. "These investments reflect the increased availability of abundant, affordable supplies of U.S. light crude," Huffaker said in an email. Valero and Phillips beat analysts'' estimates, Valero by 13 cents at $1.23 a share and Phillips by 5 cents at $1.06 a share. Other factors could balance the higher crude cost in the coming months, such as strong global demand for U.S. refined products, said Andrew Lipow, president of Lipow Oil Associates in Houston. "Prices are going up because we''re seeing the impact of the cuts by OPEC and non-OPEC countries," Lipow said. Neil Earnest, president of Dallas energy consultancy Muse, Stancil & Co, said changes in the price of crude could also affects refiners'' margins ahead. "They don''t move in lockstep," Earnest said. "It may, however, impact a refiner who has customized a process to run heavy crude. That refiner may see narrower margins." Reporting by Erwin Seba; Additional reporting by Jarrett Renshaw and Devika Krishna Kumar in New York; Editing by Gary McWilliams and Lisa Shumaker 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/refineries-crude-switch-idINKBN1AN1P4'|'2017-08-07T12:24:00.000+03:00'
'b1c36d27bdafa84fe70b0cd30eba33f343aea647'|'Germany should consider electric cars quotas, deputy economy minister says'|'August 7, 2017 / 10:27 AM / 2 hours ago Germany should consider electric cars quotas, deputy econmin says Reuters Staff 3 Min Read State Secretary at the German Ministry for Economic Affairs Matthias Machnig addresses a news conference during G20 digital ministers in Duesseldorf, Germany April 7, 2017. Wolfgang Rattay BERLIN (Reuters) - Germany should consider introducing binding quotas for electric cars for an automobile sector seeking to recover from a diesel emissions scandal and keep its place as a leading producer, deputy economy minister Matthias Machnig said on Monday. The comments set up a possible policy clash with German carmakers, whose lobby group says it opposes such quotas. Britain said last month it would ban the sale of new petrol and diesel cars from 2040 in an attempt to reduce air pollution. The global auto industry debate could one day herald the end of more than a century of reliance on the combustion engine. "We want Germany to remain the top car country in the future," Machnig told Reuters, adding that issues like digitalization and new technologies in motors would decide who stays at the top of the game. "That''s why we should talk about a binding target to really get electromobility going in Europe and also in Germany," said Machnig, a member of the Social Democrats, junior coalition partners of Chancellor Angela Merkel''s conservatives. He added that the whole automobile industry faced a major upheaval that it would cope with using innovation. Machnig was reacting to a report in German newspaper Handelsblatt that cited European Union sources as saying the European Commission wanted to accelerate the retreat from combustion engines by setting a quota for low emission cars such as electric cars from 2025. But the European Union said on Monday it had no plans to introduce quotas for electric cars for an automobile sector seeking to recover from the Volkswagen diesel scandal. "Generally speaking, the Commision is looking into ways to promote use of low carbon energy and transport but none of them includes quotas for electric cars," a spokeswoman for the EU executive said. "We do not discriminate between different technologies," she added. The Handelsblatt report said the sources believed a minimum sales level alongside stricter limits for C02 emissions were already part of measures to promote climate-friendly mobility that the Commission wants to present by the end of the year. VDA auto industry lobby was quoted as saying: "We think such sales quotas are, in principle, the wrong choice." A spokesman for the German transport ministry said on Monday he was not aware of any suggestions about introducing a quota for electric cars or other low emission cars in the medium term. Speaking at a government news conference, he said the transport ministry wanted Germany to remain a top car producer but wanted to be open regarding the technology to enable that. Reporting by Gernot Heller in Berlin and Gabriela Baczynska in Brussels; Writing by Michelle Martin; Editing by Matthew Mpoke Bigg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-autos-idUKKBN1AN13Y'|'2017-08-07T14:30:00.000+03:00'
'cef3b8c36c2d466f5e9a3398bacdc78784cb7797'|'Oil prices fall further as Libyan field resumes production'|'A petro-industrial factory is reflected in a traffic mirror in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files NEW YORK (Reuters) - Oil prices slipped on Tuesday, pulling back from recent gains as exports from key OPEC producers rose and despite news of lower crude shipments from Saudi Arabia.The oil market has been in consolidation mode after a sharp rally between mid-June and late July pushed U.S. crude futures above $50 a barrel for the first time in several weeks. The price slipped back below $50 and has traded around that number as world supply has been slow to draw down."It''s just unable to break above $50," said Kyle Cooper, consultant for ION Energy in Houston. "It''s boring, but there''s a fundamental justification for prices being stuck between $45 and $55 without a significant geopolitical event."Benchmark Brent crude LCOc1 settled down 23 cents a barrel at $52.14 a barrel. U.S. light crude CLc1 ended down 22 cents at $49.17 a barrel.Crude oil exports from the Organisation of the Petroleum Exporting Countries hit a record in July, largely because of gains in Nigeria and Libya, two member countries exempt from the agreement to limit production through March 2018.The recovery in Libya''s oil output and higher production in Nigeria have complicated OPEC''s efforts to curb supply.Officials from a joint OPEC and non-OPEC technical committee said on Tuesday that they on expect greater adherence to the pact to cut 1.8 million bpd in production.Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday.Oil production remains high in many parts of the world and fuel prices are around half what they were in 2011-2014. Many U.S. shale drillers, in reporting second quarter earnings, highlighted efforts to improve drilling efficiencies to boost profits, but largely expect to keep pumping oil."Everything on the (earnings) calls out of Q2 are highlighting efficiency gains, keeping capital restraint, but yet they still have production growth," said Cooper.Later on Tuesday afternoon, industry group the American Petroleum Institute will release its figures on U.S. oil inventories. The U.S. Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. ET (1430 GMT) on Wednesday.U.S. crude inventories last week were expected to have declined for a sixth straight week, while refined product stockpiles probably fell too, an extended Reuters poll showed. [EIA/S]Additional reporting by Christopher Johnson in London, Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; Edited by Steve Orlofsky, David Gregorio and Frances Kerry'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-oil-idINKBN1AO02R'|'2017-08-08T04:00:00.000+03:00'
'ce9c32417620fc704e561ef4251cc9bcf6b9e43b'|'Deutsche Bank tumbles down private bank rankings'|'Edition United States August 7, 2017 / 12:08 AM / 4 hours ago Deutsche Bank tumbles down private bank rankings Joshua Franklin 2 Min Read ZURICH (Reuters) - Deutsche Bank dropped out of the world''s top 15 private banks in 2016, a year marked by negative headlines for Germany''s biggest lender, rankings by wealth management researcher Scorpio Partnership showed on Monday. Private banking assets at Deutsche Bank fell 28 percent in dollar terms to $227 billion at the end of 2016, sending it tumbling five places to 16th in Scorpio''s rankings of the 25 biggest private banks in the world. Deutsche Bank sold a wealth management business in the United States last year and withdrew from a number of countries. A spokesman for the bank said the majority of its fall in assets stemmed from the sale. Deutsche Bank faced a rocky 2016 in which the U.S. Department of Justice wanted the bank to pay $14 billion for mis-selling toxic mortgage-backed securities before the 2007-2009 financial crisis. The demand rocked confidence in Deutsche Bank and triggered billions of dollars in withdrawals by clients. The bank eventually settled for $7.2 billion. FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach/File Photo Swiss bank UBS kept its place as the world''s biggest private bank with $2.06 trillion in assets under management, Scorpio found, followed by Bank of America, Morgan Stanley and Wells Fargo. Switzerland''s Credit Suisse, which has prioritized private banking under Chief Executive Tidjane Thiam, was overtaken by Royal Bank of Canada and fell to sixth. The biggest gainer on the list was China Merchants Bank, which rose five rungs to 15th. Bank of China also entered the list, in 24th place. Overall, Scorpio found the biggest 25 private banks managed $13.3 trillion for clients with at least $1 million in assets, representing 63.2 percent of the market. Operating income in the industry was virtually flat as private banks faced up to low and negative interest rates as well as an increasing preference by wealthy clients for passive investments. Reporting by Joshua Franklin and John O''Donnell; editing by Susan Fenton and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-banks-wealth-idUKKBN1AN005'|'2017-08-07T18:44:00.000+03:00'
'b8f35bb1572f416f24835aa3132ba2ca86e49cf1'|'Tesla rally pushes funds, ETFs into big bets on shares'|'August 7, 2017 / 8:08 PM / 2 hours ago Tesla rally pushes funds, ETFs into big bets on shares David Randall 3 Min Read FILE PHOTO - Signage is displayed outside of Tesla Motors before the Tesla Energy Powerwall Home Battery event in Hawthorne, California April 30, 2015. Patrick T. Fallon NEW YORK (Reuters) - Tesla Inc ( TSLA.O )''s more than 66 percent rally for the year is prompting some funds to make an outsized bet on the electric car maker. A total of 22 actively managed mutual funds and exchange-traded funds have more than 5 percent of their portfolios in the company, according to Morningstar data. Few of these funds are actively buying shares, fund filings show, but instead are letting their stakes balloon as the stock continues to rally. Typically, fund managers prevent any one position from growing beyond 5 percent of assets in order to manage their risk. "It''s concerning because there''s a significant risk in holding that much of any individual stock because you''re not getting the benefits of diversification, particularly with a company that is as volatile as Tesla is," said Todd Rosenbluth, director of ETF and mutual fund research at CFRA in New York. At 19.4 percent of assets, the $2.1-billion Baron Partners ( BPTIX.O ) fund has the largest individual stake in Tesla, with 19.5 percent of assets, while another Baron fund, the $185-million Baron Focused Growth ( BFGFX.O ) fund, has the second-largest position with 17.3 percent of assets in the company. Both funds began buying shares of Tesla in 2014 and are up more than 18 percent for the year, nearly double the 10 percent gain for the broad S&P 500. Baron declined to comment. Ron Baron, the fund''s manager, said in June that he thinks that Tesla could hit $1,000 per share by 2020, a 181-percent gain from its current price of approximately $356 per share. At 10 percent of assets, the $66-million ARK Industrial Innovation ETF ( ARKQ.P ) has the largest position in Tesla among all exchange-traded funds, according to Morningstar. The actively-managed fund, which aims to buy companies following a theme of disruptive innovation, is up 33.7 percent for the year. Sector ETFs are more likely than actively-managed funds to have outsized positions in individual companies, largely because they track market-weighted indexes that themselves are often top-heavy, Rosenbluth said. The $12.9-billion Consumer Discretionary Select SPDR ETF ( XLY.P ), for instance, has 15.1 percent of its assets in shares of Amazon.com Inc, while the $3.8 billion iShares MSCI South Korea Capped ETF ( IKO.AX ) holds 22.9 percent of its assets in shares of Samsung Electronics Co Ltd ( 005930.KS ). Investors in ETFs are more likely to accept greater individual company risk as long as the portfolio is representative of a sector, Rosenbluth said. Reporting by David Randall; editing by Jennifer Ablan and Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-funds-tesla-idUKKBN1AN2CS'|'2017-08-07T23:08:00.000+03:00'
'198013da934a938bbfe1c5178c9c6d01c313357d'|'European shares slip as basic resources drop, results weigh on Pandora'|'August 8, 2017 / 7:35 AM / an hour ago European shares slip as basic resources drop, results weigh on Pandora Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 7, 2017. Staff/Remote LONDON (Reuters) - European equities slipped early on Tuesday, extending losses from a subdued start to the week as miners came under pressure while results weighed on Pandora, IHG and Standard Life in otherwise thin summer trading. The pan-European STOXX 600 index was down 0.2 percent, while blue chips also fell 0.2 percent. Britain''s FTSE 100 was also down 0.2 percent, as was Germany''s DAX. Basic resources was a big sectoral fallers, down 0.3 percent as weaker-than-expected trade data from the world''s biggest consumer of metals, China, weighed on the underlying price of copper. While moves in the index were muted, earnings were behind some sizeable price action among single stocks, with jewelry maker Pandora slumping nearly 8 percent after second quarter results lagged estimates. British insurer Standard Life declined 1.2 percent after reporting first half figures, while InterContinental Hotels Group fell 3 percent after disappointing numbers for growth in revenue per room. Finnish tire maker Nokian soared 9.5 percent and was set for its best day since February 2016 after reporting better-than-expected quarterly profit on improved Russian demand, and raising its forecast. German power plant and energy trading group Uniper was also a top riser, gaining more than 3 percent after it lifted its outlook for operating profit and dividend. So far around 70 percent of MSCI Europe companies have reported second quarter earnings, of which more than 60 percent have either met or beaten analysts’ expectations, according to Thomson Reuters data. The figure is around the same for euro zone firms. Reporting by Kit Rees; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKBN1AO0OW'|'2017-08-08T10:28:00.000+03:00'
'284505c2b78eb8a2fe0a385db4a59a092adeffeb'|'Worldpay granted second deadline extension for Vantiv deal'|'Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid LONDON (Reuters) - U.S. credit card payments processor Vantiv ( VNTV.N ) has finalised a deal to buy Britain''s Worldpay ( WPG.L ) and the transaction is expected to be announced on Wednesday, sources with knowledge of the matter told Reuters.Worldpay, Britain''s biggest payments processor, said earlier on Tuesday that the deadline for the deal first announced on July 5 had been pushed back to Aug. 11 because the two companies needed more time to reach a final agreement.In July, Vantiv offered 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend for each Worldpay share, equivalent to 385 pence per share and valuing the British company at 7.7 billion pounds ($10 billion).One of the sources said Vantiv has made some adjustments to the new governance structure but very little had changed in the composition of its cash and share offer for Worldpay, a former division of British lender Royal Bank of Scotland ( RBS.L ).Payments firms have become targets for credit card companies and banks looking to capitalize on a switch from cash to payments by smartphones or other mobile devices and a Worldpay deal would be the latest in a string of acquisitions.The new time limit announced on Tuesday was the second time the so-called put up or shut up deadline had been renegotiated.The sources said that under the finalised terms Cincinnati-based Vantiv would not offer any binding commitment to protect existing jobs in Britain but London would play a dominant role as the international base of the combined entity.The global headquarters of the new company will be in Cincinnati and it will have a primary listing in New York and a secondary one in London, the sources said.A top 20 Worldpay shareholder told Reuters that Vantiv''s initial plan to delist Worldpay from the London stock exchange had changed after objections from some Worldpay shareholders based in Britain who did not want U.S. stock.The Worldpay investor also expressed some concern about the premium the deal would offer in the event of a merger deal.MERGER FRENZY Ahead of an announcement, the two companies have expanded their advisory teams. Barclays ( BARC.L ) has come on board to help Worldpay alongside Goldman Sachs ( GS.N ) while Credit Suisse ( CSGN.S ) is now working for Vantiv with Morgan Stanley ( MS.N ), the Wall Street bank that used to control the business.Worldpay said its half-year results for the period ending June 30 would now be published on Wednesday and Vantiv''s second-quarter results were also pushed back a day to coincide with the new release date.Worldpay employs 4,500 people and says it processes about 31 million mobile, online and in-store transactions each day. It is facing a leadership change in Britain where the head of its UK division, Peter Jackson, will join gambling firm Paddy Power Betfair ( PPB.I ) as CEO.While banks have been trying to develop and buy more sophisticated payments technology, companies such as PayPal ( PYPL.O ) and Worldpay have gained a large market share as consumers adopt online shopping and cashless transactions.Worldpay and Vantiv were both spun out of their banks after the financial crisis and thrived on their home turf but are now part of a wave of payments company mergers around the world.British firm Paysafe Group ( PAYS.L ) has backed a 3 billion pound takeover offer from a consortium managed by Blackstone ( BX.N ) and CVC Capital Partners while London-based buyout fund Permira has taken a stake in payments company Klarna, one of Europe''s most highly valued tech startups.Danish payment services firm Nets A/S ( NETS.CO ) has been approached by potential buyers in what could be another sizeable deal and French payments specialist Ingenico joined the rush with a 1.5 billion euro swoop on Swedish rival Bambora.Reporting by Pamela Barbaglia and Ben Martin; editing by David Clarke'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-worldpay-vantiv-idINKBN1AO0L5'|'2017-08-08T04:48:00.000+03:00'
'f63902ae48d45b59fca02a3980657f2379733098'|'Mazda touts new gasoline engine to drive longer-term strategy'|'August 8, 2017 / 4:45 AM / 2 hours ago Mazda announces breakthrough in long-coveted engine technology Sam Nussey and Maki Shiraki 3 Min Read TOKYO (Reuters) - Mazda Motor Corp said it would become the world''s first automaker to commercialize a much more efficient petrol engine using technology that deep-pocketed rivals have been trying to engineer for decades, a twist in an industry increasingly going electric. The new compression ignition engine is 20 percent to 30 percent more fuel efficient than the Japanese automaker''s current engines and uses a technology that has eluded the likes of Daimler AG and General Motors Co. Mazda, with a research and development (R&D) budget a fraction of those of major peers, said it plans to sell cars with the new engine from 2019. "It''s a major breakthrough," said Ryoji Miyashita, chairman of automotive engineering company AEMSS Inc. The announcement places traditional engines at the center of Mazda''s strategy and comes just days after Mazda said it will work with Toyota Motor Corp to develop electric vehicles and build a $1.6 billion U.S. assembly plant. "We think it is an imperative and fundamental job for us to pursue the ideal internal combustion engine," Mazda R&D head Kiyoshi Fujiwara told reporters. "Electrification is necessary but... the internal combustion engine should come first." A homogeneous charge compression ignition (HCCI) engine ignites petrol through compression, eliminating spark plugs. Its fuel economy potentially matches that of a diesel engine without high emissions of nitrogen oxides or sooty particulates. Mazda''s engine employs spark plugs under certain conditions, such as at low temperatures, to overcome technical hurdles that have hampered commercialization of the technology. Mazda Motor President Masamichi Kogai sits next to a screen showing a slide about its new engine, to be called SKYACTIV-X, at a news conference in Tokyo, Japan August 8, 2017. Kim Kyung-Hoon Executive Vice President Akira Marumoto called Mazda''s engine technology the automaker''s "heart". The engine is called SKYACTIV-X and Mazda had no plans to supply the engine to other carmakers, Marumoto said. Slideshow (5 Images) AEMSS'' Miyashita said a key issue would be how smooth and responsive the engine is. "Is it jerky? If so, that would pose a big question when it comes to commercializing this technology." he said. "Hopefully Mazda has an answer to that question." Mazda also said it would introduce electric vehicles and electric technology in its cars from 2019, focusing on markets that restrict the sale of certain vehicles to limit air pollution or that provide clean sources of electricity. In addition, it said it aimed to make autonomous-driving technology standard in all of its models by 2025. Mazda''s announced its petrol-engine technology breakthrough on the same day that shares in Japan''s GS Yuasa Corp surged after a newspaper reported that it would start producing a lithium battery that would double the range of electric cars as early as 2020. Mazda''s share price closed down 1.3 percent. That compared with a 0.3 percent fall in the benchmark Nikkei 225 index. Reporting by Sam Nussey and Maki Shiraki; Additional reporting by Norihiko Shirouzu; Editing by Chang-Ran Kim, Christopher Cushing and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-mazda-strategy-idUSKBN1AO0E7'|'2017-08-08T07:44:00.000+03:00'
'422179e9842d694595af44b778fdfdb5a16bad3a'|'MOVES-Wells Fargo, Waverton, Twin Brook Capital'|'Aug 9 (Reuters) - The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email moves@thomsonreuters.com. WAVERTON UK-based Waverton Investment Management said on Wednesday it appointed David Rosier as non-executive chairman.TWIN BROOK CAPITAL Twin Brook Capital Partners, the middle-market direct lending unit of asset manager Angelo Gordon & Co, said on Wednesday Timothy Schifer has joined the firm as managing director and Vishal Sheth has been appointed chief financial officer.D.A. DAVIDSON Financial services firm D.A. Davidson & Co said on Wednesday Peter Raphael has joined its public finance team in Chicago as senior vice president and managing director. DUFF & PHELPS Valuation and corporate finance adviser Duff & Phelps named Brian Little managing director in the consumer, food, restaurant and retail M&A advisory practice.WELLS FARGO Wells Fargo said Stratford Shields will join as its new head of public finance in November. (Compiled by Vibhuti Sharma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/financial-moves-idINL4N1KV5FU'|'2017-08-09T17:52:00.000+03:00'
'e6cdd6ed9fe4ca820253ad5eac1f69af5d756392'|'Russian rouble falls as oil prices drop'|'MOSCOW, Aug 9 (Reuters) - The Russian rouble weakened on Wednesday, pulled down by lower oil prices and the bigger-than-expected drop in U.S. oil inventories.At 0756 GMT, the rouble was 0.2 percent weaker against the dollar at 59.94 and had lost 0.1 percent to trade at 70.37 versus the euro.Brent crude oil was down 0.12 percent at $52.10 a barrel."The rouble''s performance is now going to be shaped by international capital flows, while tactically higher export selling during the tax period would provide some support later this month," VTB Capital said in a note.Market is focused on U.S. Energy Information Administration statistics later on Wednesday.Russian share indexes were also down.The dollar-denominated RTS index was down 0.46 percent to 1,044 points, while the rouble-based MICEX was 0.16 percent lower at 1,986 points.For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=For Russian equities guide seeFor Russian treasury bonds seeRussia in graphics: link.reuters.com/dun63s (Reporting by Polina Nikolskaya Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-markets-idUSL5N1KV1RV'|'2017-08-09T16:02:00.000+03:00'
'b061d80ba75db5d49e28600cd6f1f924be5becfe'|'China soybean crushers suspend operations amid high soymeal stocks -news portal'|' 22 AM / 9 minutes ago China soybean crushers suspend operations amid high soymeal stocks -news portal 3 Min Read BEIJING, Aug 10 (Reuters) - Soybean crushers in China''s Shandong province have suspended some operations due to port delays that are holding up import cargoes of the oilseed, and amid pressure from high soymeal stocks, industry portal Cofeed reported on Thursday. The cuts, though short term and with some plants already restarted, boosted soymeal prices and crushing margins, easing pressure on the market from a growing glut of meal. Soymeal prices in Rizhao SM-EXFRZH-STD - the main import hub for Shandong province, China''s top crushing region - are up nearly 5 percent from last week, hitting their highest since early May. Crushers in Shandong now make about 40 yuan ($6.01) for each tonne of soybean processed CNSOY-RZO-MRG, after losing money on each tonne for most of the last six months. But margins are still under pressure due to high meal stocks and ample supplies from overseas, analysts said. "Impact on the market (from the suspensions) would be limited as soymeal stocks are quite ample," said Yu Yang, an analyst with Shandong-based commodities consultancy Zhuochuang. Two major crushers in Rizhao will suspend operation for five days from Thursday, Cofeed (www.cofeed.com) reported. The two plants, Rizhao Xinbang Cereals Oils and Bunge Sanwei Oil & Fat, both run by U.S. agribusiness firm Bunge Ltd, account for around 6,000 tonnes of daily crushing capacity. Bunge did not respond to emails seeking comment, and Reuters was not able to confirm the suspension independently. "Discharging at (Rizhao) port is very slow, and (the companies'') soymeal storehouses are almost packed," said Li Lifeng, an analyst with Cofeed. Shandong Sanwei Oil & Fat Group, another major crusher in the region, had suspended operations at its three plants, but restarted one on Thursday afternoon, said Cofeed''s Li, who has talked with the group. Shandong Sanwei resumed operation at a plant with 1,500 tonnes of daily crushing capacity, Cofeed said. Two other plants with 6,100 tonnes of daily capacity remained shut. Shandong Sanwei resold at least three cargoes of soybeans at much below market rates in recent weeks. Chinatex''s crushing mill in Rizhao, with a daily capacity of 4,000 tonne, suspended operations for three days and reopened shop on Wednesday, according to an analyst and trader. Rizhao Henglong Agri, a crusher with 3,000 tonnes of daily capacity, was shut for ten days due to a shortage of beans, before returning to production on Thursday, Cofeed reported. Calls to Chinatex and Rizhao Henglong Agri went unanswered. Besides high soymeal stocks, new environmental checks mandated by Beijing across eight provinces including Shandong, are also raising worries about possible shutdowns. $1 = 6.6584 Chinese yuan Reporting by Hallie Gu and Josephine Mason; Editing by Tom Hogue 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/china-soybeans-idUSL4N1KW39G'|'2017-08-10T14:22:00.000+03:00'
'af67a51e6b42ed1fa89433577d57545aac40b9f1'|'Japan''s economy minister pledges to stick to primary budget fiscal discipline target'|'August 9, 2017 / 4:00 AM / an hour ago Japan''s economy minister pledges to stick to primary budget fiscal discipline target 3 Min Read Japan''s Economy Minister Toshimitsu Motegi speaks at a news conference in Tokyo, Japan August 3, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Japanese Economy Minister Toshimitsu Motegi said he would do his utmost to help the government achieve its fiscal discipline target of returning to a primary surplus in fiscal year 2020. Motegi, in a group interview with reporters on Wednesday, said he wanted to return to a primary surplus while simultaneously lowering the ratio of outstanding debt to gross domestic product. Motegi said he placed equal priority on fiscal discipline and economic growth. Earlier this year the government made a subtle policy change that many economists saw as a step towards abandoning the primary budget surplus, but Motegi''s strong support for the target could ease concerns about fiscal discipline. "I''m not trying to say that fiscal discipline is of less importance than economic growth," Motegi said. "I''m trying to say they are both important. You cannot have one without the other." Some advisers close to Prime Minister Shinzo Abe had earlier called for the government to give up on returning to a primary surplus, which excludes debt servicing costs and bond sales, because that would require big spending cuts. Instead, the government should focus more on lowering the debt-to-GDP ratio, which is easier to achieve as long as the economy keeps growing. Motegi''s comments are in contrast to this and suggest that the government may not give up on the target so easily. Fiscal discipline has proved a tricky task for Japan. Its debt burden is the worst among major economies at more than twice the size of its economy, but successive governments have felt compelled to spend more to get the economy out of deflation. Japan''s consumer prices in June rose 0.4 percent from a year ago, which is well below the Bank of Japan''s 2 percent inflation target and weak given that economic growth has been picking up. However, recent data points to gains in consumer spending, offering hope that consumer prices will start to pick up. Motegi said policymakers need to look at several economic indicators to judge whether Japan is out of deflation and cannot focus solely on the consumer price index. Abe brought Motegi into the cabinet last week as part of a reshuffle to steady his government. Abe''s support ratings have plummeted in recent months after being implicated in two cronyism scandals and the resignation of his defence minister over the cover-up of information related to Japan''s participation in a U.N. peacekeeping mission. Reporting by Stanley White; Editing by Chris Gallagher and Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-motegi-idUKKBN1AP09C'|'2017-08-09T07:00:00.000+03:00'
'0aad0d4de26cc10304b014c5d486875e8b8d335b'|'Volkswagen workers want new model for Germany to boost flagging output'|'Edition United States August 9, 2017 / 3:07 AM / an hour ago VW workers want new model for Germany to boost flagging output Reuters Staff 3 Min Read FILE PHOTO: VW Golfs are loaded in a delivery tower at the plant of German carmaker Volkswagen in Wolfsburg, Germany, March 14, 2017. Fabian Bimmer/File Photo BERLIN (Reuters) - Volkswagen''s top labor representative has urged the carmaker''s management board to assign a new vehicle model to Germany to boost flagging capacity utilization or risk missing hard-fought productivity goals. The carmaker''s powerful unions are concerned that a 3.8 percent drop in first-half group vehicle output in Germany, fueled by waning demand for the Golf and Passat models, could inspire further cuts in Volkswagen''s (VW) high-cost home market. Europe''s largest automaker last November agreed with unions to cut thousands of jobs through natural attrition, weed out red tape and cut R&D costs under a so-called future pact to revive the core namesake brand. To counter any weakening at Wolfsburg, VW''s core plant employing over 60,000 people and grappling with low demand for the aging Golf, management should overhaul assembly lines to be able to build an extra 40,000 Tiguan sport-utility vehicles (SUVs), VW''s most sought-after model at present, works council chief Bernd Osterloh said. "A high capacity utilization of German plants is crucial for the success of the company and the jointly agreed future pact," Osterloh said on Wednesday in emailed remarks to Reuters. "Only by means of a high capacity utilization we can achieve the productivity targets." VW couldn''t be reached for comment outside business hours. The carmaker plans to raise productivity at its German factories by 7.5 percent this year and next, and a further 5 percent in 2019 and 2020, counting on fixed-cost cuts and fine-tuning of R&D, procurement and production operations. Investors have said a turnaround at the long-struggling VW brand is key to reviving the group''s fortunes following a costly diesel emissions test-cheating scandal. Osterloh, a member of VW''s supervisory board, said the carmaker has earmarked another 500 million euros ($587.20 million) in cost savings on top of the 1.5 billion of efficiency gains already budgeted this year, without providing details. VW''s works council want the new model to be assigned to one of the three auto-making plants in Wolfsburg, Emden and Zwickau, Osterloh said. Wolfsburg has already been chosen to build an SUV model of VW''s Spanish division Seat in 2018, using the German group''s cost-saving MQB modular platform that underpins the Tiguan. VW''s powerful unions, whose members occupy half the 20 supervisory board seats, threatened to withhold support for mid-term group spending plans on models, plants and technology due to be discussed by the board in November without a production roadmap from management, Osterloh said. "It''s completely clear that the workers will only approve the budget round if the German plants are utilized as agreed under the future pact," he said. Reporting by Andreas Cremer; Editing by Andrew Hay 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-strategy-idUKKBN1AP07W'|'2017-08-09T06:03:00.000+03:00'
'14ecd698b8c3a7ac6ade01ee163723d5aef537d3'|'Microsoft unveils technology to speed up blockchain and its adoption'|'August 10, 2017 / 1:09 PM / 5 hours ago Microsoft unveils technology to speed up blockchain and its adoption Anna Irrera 3 Min Read FILE PHOTO - A Microsoft retail store is shown at a shopping mall in San Diego, California, U.S., April 28, 2017. Mike Blake/File Photo NEW YORK (Reuters) - Microsoft Corp is working on technology that it believes can make blockchain-based systems faster and more private, as it looks to speed up use of the distributed database software by enterprises. The company said on Thursday that it had developed a system called Coco Framework, which connects to different blockchain networks to solve some of the issues that have slowed down their adoption, including speed and privacy concerns. Coco, whose names stands for Confidential Consortium, will be ready and made open source by 2018, Microsoft said. It is currently compatible with Ethereum, one of the most popular types of blockchains and can make it roughly 100 times faster, Microsoft said. "We expect this to be the foundation for blockchain for enterprise," Mark Russinovich, chief technology officer of Azure, Microsoft''s cloud computing division, said at a press briefing. "We think blockchain is going to potentially transform every industry." Large businesses, including many of the world’s biggest banks, have been investing in blockchain in the hopes that it can help simplify and reduce the costs of some of their data-heavy processes. The technology, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared public record of data that is maintained by a network of computers on the internet. This means every user on a network could potentially have access to all information. While this makes the technology well-suited at ensuring the information''s integrity, it also makes it inadequate for use by big businesses with strict data privacy requirements. Microsoft''s technology would make it easier for firms to control who can see what on a network without making the system slower. The company plans to offer Coco for free, although it hopes that it will lead to more use of its cloud services. It is being built in part with Intel Corp hardware and will be compatible with all types of blockchains. Planned adopters include Corda, the blockchain of bank consortium R3, Intel''s blockchain Sawtooth and Quorum, the blockchain developed by JPMorgan Chase & Co. While the technology continues to draw interest from large firms, experts and sceptics caution that it is still in its early days and it may take years before its benefits are reaped. Microsoft''s system can process around 1,600 transactions per second. By comparison the network of payment card provider Visa can handle up to 24,000 transactions per second. Reporting by Anna Irrera; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-microsoft-blockchain-idUKKBN1AQ1K8'|'2017-08-10T16:09:00.000+03:00'
'55fa3a185373072e14707bdfcaab73169b22f784'|'BRIEF-Ichor Holdings Q2 earnings per share $0.40'|' 38 PM / 13 minutes ago BRIEF-Ichor Holdings Q2 earnings per share $0.40   Ichor Holdings Ltd: * Ichor Holdings Ltd announces second quarter 2017 financial results * Q2 adjusted non-GAAP earnings per share $0.60 * Q2 earnings per share $0.40 from continuing operations * Q2 revenue $159.7 million versus i/b/e/s view $159.8 million * Q2 earnings per share view $0.60 -- Thomson Reuters I/B/E/S * Q2 earnings per share $0.40 * Sees Q3 2017 revenue $160 million to $170 million * Ichor Holdings Ltd sees Q3 of 2017, non-GAAP adjusted diluted EPS to be in range of $0.59-$0.65 * Q3 earnings per share view $0.62, revenue view $165.1 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-ichor-holdings-q2-earnings-per-sha-idUSASB0BF5H'|'2017-08-10T23:36:00.000+03:00'
'2c54c4d86352fa9bcf2c336370590718789244db'|'British bank Aldermore''s first-half profit jumps 32 percent'|' 24 AM / 5 minutes ago British bank Aldermore''s first-half profit jumps 32 percent Reuters Staff 2 Min Read (Reuters) - British bank Aldermore Group Plc ( ALD.L ) reported a 32 percent rise in profit for the first half of the year, helped by strong demand from small- and medium-sized businesses, homeowners and landlords. Aldermore, founded in 2009 by a former Barclays executive with backing from private-equity firm AnaCap, said net loans to customers rose 8.4 percent to 8.11 billion pounds in the period. Loan originations -- the process by which a borrower applies for a new loan -- grew about 10 percent in the first half to 1.6 billion pounds. Aldermore, one of the banks aiming to challenge Britain''s "Big 5" lenders, said total customer deposits also grew more than 10 percent to 7.3 billion pounds in the period. The challenger bank maintained its full-year loan growth expectation of 10-15 percent, but said it expects 2017 cost of risk to be below its medium term range of 25-35 basis points. Aldermore, which lends to small and medium-sized businesses (SMEs), homeowners and landlords, said first-half net interest margin was 3.5 percent, lower than the 3.6 percent it recorded a year earlier. The bank said its underlying cost-to-income ratio declined by 1.4 percentage points to 44.1 percent. Aldermore''s profit before tax rose to 78 million pounds in the six months ended June 30, from 59 million pounds a year earlier. Larger rival Virgin Money ( VM.L ) last month reported a 26 percent rise in first-half profit on growth in its core mortgages, savings and credit card businesses, but warned of a weaker housing market and pressure on margins. Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-aldermore-group-results-idUKKBN1AQ0LM'|'2017-08-10T09:24:00.000+03:00'
'e13d273f0b2d8d248845d6bc0cb1537d4a70a6d9'|'Exclusive: France''s Lactalis seeks arbitration over BRF deal - source'|'August 9, 2017 / 5:12 AM / 2 hours ago Exclusive: France''s Lactalis seeks arbitration over BRF deal - source Tatiana Bautzer 2 Min Read Logo of the dairy group Lactalis are seen at the food exhibition Sial in Villepinte, near Paris, France, October 17, 2016. Charles Platiau SAO PAULO (Reuters) - Groupe Lactalis SA has moved forward with arbitration against BRF SA, claiming it refuses to recognize tax and labor liabilities at several plants it sold to the French dairy maker three years ago, a source familiar with the matter said. Lactalis, through subsidiary Parmalat SpA, acquired 11 dairy factories from BRF for 1.8 billion reais ($576 million) in 2014. At the time, the companies agreed to set up an escrow account to cover potential pre-deal labor and tax contingent liabilities incurred by the factories. According to the source, Lactalis and Parmalat deposited around 370 million reais in the escrow account. They said the liabilities are related to issues before the acquisition of the plants, a version BRF disputes, said the source, who asked for anonymity since the matter remains confidential. BRF has blocked attempts by Lactalis and Parmalat to tap the escrow account in the form of compensation for the cost of such liabilities, the source added. As a result, the French company tapped the Brazil-Canada Chamber of Commerce, the venue established for conflict resolution in the acquisition contract, to resolve the dispute through arbitration, one of the people said. BRF declined to comment. Parmalat and Lactalis did not have immediate comments. The case is an example of significant risks for foreign investors in South America''s largest economy. Brazil had three million labor-related lawsuits last year and has a notoriously complex tax system. Amid the dispute, Lactalis placed a lower bid for Vigor Alimentos SA, a Brazilian peer that had been put on sale, the source said. The owners of Vigor sold control of it to Mexico''s Grupo Lala SAB de CV last week. Lala''s bid valued Vigor at the equivalent of $1.8 billion, compared with Lactalis''s $1.5 billion offer, the person said. Reporting by Tatiana Bautzer; Editing by Guillermo Parra-Bernal; editing by Grant McCool 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lactalis-brf-arbitration-idINKBN1AP0DT'|'2017-08-09T03:12:00.000+03:00'
'2502425aed867084ee66f8cf5158c21afcf2532f'|'MIDEAST STOCKS - Factors to watch - August 6 - Reuters'|'DUBAI, Aug 6 (Reuters) - Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL * GLOBAL MARKETS-U.S. payrolls report boosts dollar, equities, bond yields* MIDEAST STOCKS-Strong Q2 results support Al Othaim, Aldar in otherwise flat trade* Oil prices rise on strong U.S. jobs data* PRECIOUS-Gold slips after strong U.S. jobs data boosts dollar* About 2,000 Islamic State fighters remain in Syria''s Raqqa -U.S. envoy* Rouhani, embarking on second term in Iran, asks Europe not to side with Trump* Yemenis, Iranians sue U.S. State Dept, ask for visas to be processed* BREAKINGVIEWS-Iraq bond market return no cakewalk for investors* Iraq secures $195 million Japanese loan for electricity sector* Israel launches preliminary investigation of Amman embassy shootings* U.S.-backed Yemeni troops push al Qaeda from southern province* OPEC supply-cut compliance runs up against ire over country targets* Middle East Crude-Dubai stays at multi-month high as strong Brent curbs arbitrage suppliesEGYPT * Emaar Misr considers investment project in Egypt''s al-Alamein* Egypt FDI seen at $8.7 bln in FY 2016-17* Two killed, three wounded in Egypt attack near Luxor -ministry* Egyptian court sentences 50 policemen to three years in prison for striking* Egyptian liver delicacy on the table at operating room themed restaurant* Yields drop sharply on Egypt T-bills after foreign currency reserves surge* As austerity pummels Egypt''s importers, dollar resources grow* INTERVIEW-Miner Centamin raises dividend, shuns Egypt exploration* Egypt H1 trade deficit narrows by 46 pct on sharply lower imports* Egypt''s non-oil business activity contracts, new orders stabilise -PMISAUDI ARABIA * EXCLUSIVE-Goldman Sachs buys into Aramco $10 bln loan as it seeks IPO role -sources* BRIEF-Saudi Aramco in talks to buy Petrochina refinery stake- WSJ, citing sources* TABLE-Saudi imports sink 11.3 pct y/y in May, non-oil exports drop* MEDIA-Saudi oil minister met with top commodity hedge funds- Bloomberg* TABLE-Saudi imports sink 11.3 pct y/y in May, non-oil exports drop* Saudi man killed trying help citizens flee Awamiya -sources* BRIEF-Saudi''s Samba announces H1 dividend of 0.75 riyal per share* Saudi''s SWCC hires advisers to build two desalination plants* Saudi private sector growth accelerates moderately in July -PMI* TABLE-Saudi Arabia Q2 earnings estimates* TABLE-Saudi Arabia Q2 earnings estimates (1)UNITED ARAB EMIRATES * Abu Dhabi’s Mubadala sells second stake in U.S. chipmaker AMD* Blaze sweeps through Dubai skyscraper for second time* UAE''s ADNOC raises July crude prices more than expected* UAE''s ENOC secures $500 million revolving credit facility* UAE''s Aldar Properties Q2 net profit falls 5.6 pct on lower revenues* UAE non-oil growth marginally up in July -PMI* TABLE-Abu Dhabi Q2 earnings estimates* TABLE-Dubai Q2 earnings estimatesQATAR * HNA, Qatar not acting in concert at Deutsche Bank - board member in Spiegel* Qatar''s Doha Bank seeking to reduce UAE loan book -sources* Qatar approves law allowing some foreigners permanent residency* Soccer-Neymar signs five-year deal to complete world record PSG move* BRIEF-Qatar''s Ooredoo ends talks to acquire Salam Technology* TABLE-Qatar Q2 earnings estimatesKUWAIT * Kuwait''s Agility Q2 net profit up 12 pct* Kuwaiti fund to sell Areva shares in bid, stay away from nuclear - sources* TABLE-Kuwait Q2 earnings estimatesBAHRAIN * Islamic bank Ithmaar exploring sale of stake in Bahrain-based BBK -sources* TABLE-Bahrain Q2 earnings estimatesOMAN * Saipem to win $800 mln contract for Oman refinery* Petrofac JV awarded $2 bln refinery contract in Oman* Oman signs $3.55 billion loan with Chinese banks* TABLE-Oman Q2 earnings estimates (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-factors-idINL5N1KR0B8'|'2017-08-06T02:05:00.000+03:00'
'0983abe6f4629165f665e4f2ae1c735cc76a6b6e'|'PRESS DIGEST- British Business - Aug 8'|'Aug 8 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesThe booming jobs market shows no signs of abating, according to figures from recruitment agencies that show the fastest rise in jobs placements for more than two years. bit.ly/2vgeWPNInvestors in Paddy Power Betfair Plc were nursing heavy losses yesterday after the FTSE 100 gambling operator surprised the market by announcing the resignation of its chief executive. bit.ly/2vJgfKfThe GuardianCompanies will no longer be able to pay employees their salaries in gold bullion in the first use of a new law designed to combat "morally repugnant" tax avoidance schemes. bit.ly/2fmsyVXHopes of a breakthrough for householders trapped in the leasehold scandal are rising after a major developer agreed to buy back some freeholds and axe ground rent clauses. bit.ly/2uiIRpqThe TelegraphGlobal Blue, the tax refund payment firm, is paving the way for a 4-billion-euro ($4.72 billion) flotation at the turn of the year, possibly in London. bit.ly/2uALNN9The government has given the green light to a major offshore wind farm which could prove to be the cheapest yet in UK waters. bit.ly/2hE16U7Sky NewsAn investment vehicle set up by two scions of the billionaire Wal-Mart Stores Inc dynasty will this week emerge as the victor of a 200-million-pound ($260.70 million)race to buy Rapha, the British maker of upmarket cycling gear. bit.ly/2vdRoghVideo-streaming business Netflix Inc has announced its first acquisition -- Millarworld, a Scottish comic book company. bit.ly/2fn35M4The IndependentAverage UK house prices are rising at their weakest annual pace since 2013 as the British public feels the squeeze on the wallets from a spike in inflation in the wake of the Brexit vote, according to the latest report from Halifax. ind.pn/2ug1tpXLarge gaps in income and living standards between different ethnic groups persist in UK, according to the think tank Resolution Foundation. ind.pn/2ui88nB$1 = 0.8475 euros $1 = 0.7672 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1KT65I'|'2017-08-07T22:01:00.000+03:00'
'3efa85080006a3811c60d7877408da7f42846481'|'Deutsche Boerse board discusses Plan B amid CEO investigation: WirtschaftsWoche'|'FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany February 24, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Boerse''s ( DB1Gn.DE ) supervisory board has discussed contingency plans in case CEO Carsten Kengeter has to step down amid an investigation over possible insider trading, German magazine WirtschaftsWoche reported on Wednesday.Deputy CEO Andreas Preuss and CFO Gregor Pottmeyer were the two names considered to possibly take the helm of the German exchange operator, the magazine reported, citing an unnamed source.A spokesman for Deutsche Boerse declined to comment on the meeting."As a rule, we don''t discuss the agenda of topics of the supervisory board," he said.An internal newsletter seen by Reuters said that the insider trading probe, which dates back to the failed attempt to merge with London Stock Exchange, was weighing on staff morale."We can''t recall that there has ever been such severe damage to reputation in the long history of our company," said the newsletter, which was written by the company''s works council."This is resulting in a dampened mood among the workforce," the newsletter said."Conversations with colleagues show that this is not just extremely embarrassing, but is also resulting in great uncertainty and worry."WirtschaftsWoche first reported the statements in the newsletter.Carsten Kengeter and Deutsche Boerse have denied any wrongdoing in the purchase of shares the CEO made just months before the official merger talks were announced.Reporting by Andreas Framke; Writing by Tom Sims; Editing by Andrew Bolton'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-deutsche-boerse-moves-idUSKBN1AP1MG'|'2017-08-09T16:49:00.000+03:00'
'a1f9c466ae355c70863f126e58a01e20fea4e089'|'Manulife CFO plays down talk of John Hancock spin-off'|'TORONTO, Aug 10 (Reuters) - Manulife Financial Corp''s Chief Financial Officer Steve Roder on Thursday played down reports the insurer is exploring an initial public offering of its U.S. unit John Hancock."It''s all market rumour and speculation as far as I''m concerned," he said in an interview. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/manulife-results-johnhancock-idINL1N1KW0ES'|'2017-08-10T09:55:00.000+03:00'
'784272b0c5cbda5dd51fc613a5eec80a7ce39edc'|'Approaching a cliff edge? British business begs for clarity after Brexit maelstrom'|'August 10, 2017 / 2:57 PM / 2 hours ago Approaching a cliff edge? British business begs for clarity after Brexit maelstrom Guy Faulconbridge , Kate Holton and Elisabeth O''Leary 6 Min Read FILE PHOTO - An exit sign printed in English and French is seen in front of the White cliffs of Dover, at the Dover ferry terminal, Britain February 20, 2016. Phil Noble - LONDON (Reuters) - After the maelstrom of Prime Minister Theresa May''s election crisis and a struggle in government over the shape of Brexit, business chiefs have a simple request for Britain: Give clarity on how the EU divorce might look. Since May nearly lost her job in a botched June 8 election gamble, ministers have sought to strike a more inclusive tone, even inviting in some chief executives to a 17th century manor house to discuss Brexit over a buffet lunch. But as the March 2019 exit date approaches, six major British business chiefs told Reuters they still do not have the answers about post-Brexit immigration, trade and regulation they need to plan and make coherent investment decisions. "I see through a glass darkly. It''s hard to discern exactly what is happening at the moment," Rupert Soames, CEO of British outsourcing group Serco ( SRP.L ), said. Serco was finding it harder to attract truck drivers in its waste collection business in Britain because of a lack of clarity about Brexit, he said. Many were opting instead to work in Spain, Italy or Portugal. "There has been a bit of a thaw in Number 10, but nothing dramatic," said a FTSE 100 company senior executive who asked not to be named due to the sensitivity of Brexit. "Before the election, they weren''t listening. Now, they''re trying to listen, but they have very little of substance to say on the topic that matters far more than any other," the executive said. Some business chiefs also said they were disorientated by a public battle at the heart of government over the shape of the divorce, including crucial details such as immigration controls and the length of any possible Brexit transition. While the stakes are high, time is short. Britain has less than two years to negotiate the terms of the divorce and the outlines of the future relationship before it is due to leave in late March 2019, though a transition could give businesses more time to adjust to the new relationship. Still, many business chiefs worry that there is ample room for a breakdown in talks and a disorderly Brexit that would imperil Britain''s $2.5 trillion economy by sowing chaos through the labour market and trade flows. The EU and Britain need to reach agreement on everything from expatriate rights to the complexities of customs to keep trade flowing between the world''s biggest trading bloc and the fifth largest global economy. BREXIT TRANSITION? FTSE-100 executives said they understood ministers could not give an exact outline while negotiations were under way. But businesses did need to understand the rights of EU workers and how trade would work the day after March 29, 2019. FILE PHOTO - CEO of Dixons Carphone Seb James poses for a portrait at his company headquarters in London, Britain August 1, 2017. Neil Hall May wants to negotiate the divorce and the future trading relationship with the EU before Britain leaves, followed by what she calls a phased implementation process to give business time to prepare for the impact of the divorce. Britain''s pharmaceutical industry needs at least two years'' transition to cope with the impact of Brexit, said Emma Walmsley, the chief executive of GlaxoSmithKline ( GSK.L ). "Our main focus is to make sure that we are given a sufficiently long transition period, that is really the thing that matters in our sector," she told reporters. "The absolute minimum for us - minimum - is two years." May has given little detail on the transition she wants but her finance minister, Philip Hammond, has said there should be no immediate change to immigration or trading rules when Britain leaves, and that a transition could last until mid-2022. But Hammond''s vision is opposed by other senior ministers within May''s government who want a cleaner break with the club Britain joined in 1973. CLIFF EDGE? Britain should turn up the pragmatism and tone down the ideology in its Brexit negotiations, Dixons Carphone ( DC.L ) Chief Executive Seb James told Reuters. James, whose company employs around 4,000 citizens from other EU countries out of a total UK workforce of about 26,000, said May''s government should give more clarity about the transition period. "It''s not fair on people to not give them some kind of clarity as quickly as possible," James said in an interview at Dixons Carphone''s Acton headquarters in west London. "We need to get that sorted, and we need to get it sorted now." Britain will in coming days set out its negotiating position on a range of Brexit issues. A government source said ministers were engaging with business to ensure that Brexit was a success. Companies seeking clarity are likely to be disappointed until a departure deal is done, G4S ( GFS.L ) Chief Executive Ashley Almanza said. "(Everyone) is waiting for clarity on how Brexit is going to affect the outlook and I think basically that we''re going to know when we get there," said the head of the world''s largest security group. In the absence of clarity from the government, some company bosses said they are planning for the worst - what they call a "cliff edge" Brexit. "A lot of our businesses are starting to take a more pessimistic view," said one senior executive who spoke on condition of anonymity. "We''re pressing all of the time to get clarity but we remain concerned that there''s no clarity." Writing by Guy Faulconbridge; Additional reporting by James Davey, William James and Ben Hirschler; editing by Alister Doyle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-business-idUKKBN1AQ1TR'|'2017-08-10T17:57:00.000+03:00'
'6db60dd3992c6c029211c2a8453da6671a6abf72'|'Lockheed fielding more missile defense queries amid North Korea tests'|'Mike Stone2 Min ReadWASHINGTON (Reuters) - Lockheed Martin Corp ( LMT.N ), the Pentagon''s No. 1 weapons supplier, said on Tuesday its customers want to defend themselves against possible incoming missile attacks and are increasingly asking about missile defense systems.The greater interest comes amid a surge of North Korean long-range missile tests, unsettling its neighbors South Korea and Japan, as well as the United States."The level of dialogue around missile defense is now at the prime minister and minister of defense level," Tim Cahill, the vice president of Lockheed''s Air and Missile Defense business, told Reuters in an interview.U.S. President Donald Trump on Tuesday said: "North Korea best not make any more threats to the United States. They will be met with fire and fury like the world has never seen."Some countries are putting missile defense at the top of their list of desired capabilities, Cahill said. Interest has increased over the last 12 to 18 months, as have threats, he said.Shares of Lockheed are up nearly 8 percent, to $300.10, since North Korea''s first long-range missile test on July 4. The stock is up 20 percent year-to-date.The increased demand could turn into sales over the coming years. The U.S. government sanctions weapons sales in a process that can take years and often requires the approval of U.S. legislators.Lockheed sells security and intelligence products including ships, planes, and missile systems to the U.S. intelligence community, the military and NASA. The U.S. government accounted for about 70 percent of Lockheed''s revenue in 2016. The company has been working to grow its international customer base, which accounted for 27 percent of revenue last year.Reporting by Mike Stone; Editing by Chris Sanders and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-lockheed-missiles-idUSKBN1AO2HZ'|'2017-08-09T00:32:00.000+03:00'
'9f6b0448605fc5323981a6f6792b580b9d8ffecb'|'Union Bank has sufficent cover for loans to telecoms group 9mobile'|'LAGOS, Aug 7 (Reuters) - Nigeria''s Union Bank has sufficient cover for its 3.9 billion naira ($10.69 million) loan to telecoms group 9mobile and will focus on lending to agricultural and real estate businesses, its chief executive Emeka Emuwa said on Monday.Lenders have agreed to extend a $1.2 billion loan which mobile operator 9mobile, formerly known as Etisalat Nigeria, took out four years ago but struggled to repay due to a currency crisis and a recession in Nigeria.Union plans to raise 50 billion naira in fresh capital from existing shareholders by the end of the year to boost lending. ($1 = 364.8 naira) (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/nigeria-unionbank-9mobile-idINL5N1KT4ME'|'2017-08-07T15:07:00.000+03:00'
'51cd7acdbd4a787ad220d2ea85eb4beb217d5374'|'German industrial output drops in June, up in second quarter'|'FILE PHOTO: A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany on March 17, 2015. Fabian Bimmer/File Photo BERLIN (Reuters) - German industrial production unexpectedly fell for the first time this year in June, data showed on Monday, though it increased in the second quarter overall.Output declined by 1.1 percent on the month after rising 1.2 percent in May, the Economy Ministry data showed. Expectations in a Reuters poll were for a 0.2 percent gain.But factories and construction firms in Europe''s largest economy produced 1.8 percent more in the April-June period than in the first quarter and the ministry said order levels, along with business climate indicators, pointed to the upward trend continuing."As unexpected as today''s drop in industrial production has been, the German economy is still on track to post another strong quarter," said ING Bank economist Carsten Brzeski.But a scandal over diesel emissions and cartel allegations engulfing Germany''s automobile industry could ultimately hurt the economy, he said, especially as cars make up around one fifth of German exports.The output data followed a run of upbeat economic indicators, painting a rosy picture of the economy that is likely to boost Chancellor Angela Merkel''s chances of winning a fourth term in a national election on Sept. 24.Merkel''s conservatives, holding a 15-point lead over their Social Democrat (SPD) rivals in the latest poll, are brandishing their economic credentials after 12 years in government during which Germany has prospered.The conservatives are campaigning on a platform of economic stability and more new jobs, pledging to ensure full employment by 2025 while the SPD - currently the conservatives'' junior coalition partner - is promising to invest more and ensure more social justice if it gets back into government.Data published on Friday showed strong domestic demand pushed up industrial orders twice as much as expected in June, boding well for the sector''s output in the coming months.Other recent data has shown business morale at a record high, unemployment falling, engineering orders increasing, the manufacturing sector growing and consumer morale rising.A breakdown of Monday''s data showed energy output was the only bright spot in June, climbing by 1.4 percent, while manufacturers of intermediate, capital and consumer goods all churned out less than in May.Reporting by Michelle Martin, editing by Thomas Escritt and John Stonestreet'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/germany-economy-output-idINKBN1AN10C'|'2017-08-07T07:44:00.000+03:00'
'fc1562ddab78e6bd192997c1daabd8963bf3ce80'|'Paddy Power Betfair CEO sees successor in place in six to 12 months'|'August 8, 2017 / 7:53 AM / 40 minutes ago Paddy Power Betfair CEO sees successor in place in six to 12 months Reuters Staff 2 Min Read DUBLIN (Reuters) - Paddy Power Betfair''s ( PPB.I ) new chief executive Peter Jackson will take up the role within the next six to 12 months, the gambling firm''s outgoing CEO said on Tuesday. Breon Corcoran announced his plans to step down on Monday, 18 months after completing the merger of Irish bookmaker Paddy Power with Britain''s Betfair. News of his planned departure sent the company''s share price sharply lower. Paddy Power Betfair said Jackson''s start date would be confirmed in due course. Jackson is CEO of the UK arm of global payments business WorldPay Group ( WPG.L ), which is currently negotiating its own possible sale to U.S. peer Vantiv ( VNTV.N ). "They recognise we both have 12 months notice periods and they''re in the middle of the deal. Peter''s coming here, we all hope it will be sooner but equally it will be within six to 12 months," Corcoran told Reuters in a telephone interview. Reporting by Padraic Halpin; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-paddy-power-ceo-idUKKBN1AO0Q6'|'2017-08-08T10:53:00.000+03:00'
'27028401490e7fa405b67c4184255b776b240ca5'|'Hotelier IHG reports slower rooms revenue growth'|'Edition United States August 8, 2017 / 6:30 AM / a few seconds ago Hotelier IHG reports slower rooms revenue growth Reuters Staff 1 Min Read An employee sets a table inside a restaurant at the Crown Plaza hotel, run by the InterContinental Hotels Group (IHG), in New Delhi, India January 31, 2014. Anindito Mukherjee/File Photo (Reuters) - InterContinental Hotels Group (IHG) on Tuesday reported slower global rooms revenue growth for the second quarter, hurt by a decline in U.S. growth due to a later Easter this year. Revenue per available room (RevPAR) grew 1.5 percent in the three months to June 30, down from 2.7 percent growth in the first quarter and 2.5 percent growth a year earlier. Easter was in the first quarter last year and the second quarter this year. "While we will always face macro-economic and geopolitical uncertainties, we remain confident in the outlook for 2017," Chief Executive Keith Barr said in a statement. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-intercontinental-results-idUKKBN1AO0JQ'|'2017-08-08T09:20:00.000+03:00'
'9e6f196d9ae786ed6181dd2466ca1b97105af704'|'Syrian feminists: ‘This is the chance the war gave us – to empower women’ - Global Development Professionals Network - The Guardian'|'I n the early, heady days of the Syrian revolution, opponents of Bashar al-Assad’s regime and advocates for human rights saw an opportunity. “Women were extremely active and present,” says writer and journalist Samar Yazbek. But as the war escalated, some of this hope was lost. “The war became extremely violent and women’s rights became a secondary issue. But despite the horrifying intensity of the war, there are still women activists working to create life and maintain a civil society, both within the heart of war and as refugees.”These activists are fighting to ensure that women have a place not just at the negotiating table, but in post-war Syria. As the chaos of war causes major social upheaval, these women are pushing for girls and women to be empowered, and to have equal access to education and representation – in keeping with the UN’s sustainable development goal 5 , which points out that such changes benefit humanity at large.In 2012, Yazbek won the Penn Pinter prize , a prestigious literary award. She used the money to start Women Now for Development , one of a number of organisations trying to challenge traditional patriarchal norms. Initially, the work revolved around helping women to support themselves financially. As violence intensified and the revolution became militarised, it adapted to protect women’s status and to support them through displacement. “I wanted to help build a democratic society,” says Yazbek. “It seems very far away now, but the ambition is to create pockets of civil society that can link up together to rebuild Syria after the war.” Syria''s peace talks need more women at the table Read more Even in the relative normality of life before the war, it was clear that women were suffering from discrimination. In November 2011 a UNFPA report (pdf) found that one in three women in Syria experienced domestic violence. Several Syrian laws clearly disadvantage women; the penalty for “honour” killing is softer than for other murders, and there is no legislation that specifically prohibits gender discrimination. The Syrian family code limits a woman’s financial rights within marriage if she works outside the home without her husband’s consent. The Syrian regime has at times been cynical about its engagement with women’s rights, presenting itself as a safe option compared to the rank misogyny of extremist groups. This has often been hollow, for instance, using women as spokespeople while keeping them out of roles of real influence, and failing to take any action on discriminatory laws. And Yazbek points out that in areas of Syria held by Isis and other religious factions, the situation for women has drastically worsened. “We were already fighting against patriarchy and dictatorship before the war. Now we have to fight not only that, but also religious extremism.”This is the chance the war gave us – to empower women. If we didn’t use it well, it would be another disaster of warWomen Now runs seven centres – two in Lebanon and five within Syria. Starting as a small support group for a few families in rebel-held territory in Syria , it has expanded to become a major women’s network. In addition to providing psychosocial support, skills training (in English and IT among others), and economic empowerment, it has a clear political goal: getting women’s voices heard – from the family setting to international peace talks. “We try to educate women about their rights, and spread awareness,” says Ola El-Jindi, a programme manager at the NGO. “This is the chance the war gave us – to empower women. If we didn’t use it well, it would be another disaster of war. We must use this opportunity to do better things.”At the Women Now centre in Chtoura, a town in Lebanon’s Bekaa Valley, women and their children pass in and out all day; the centre acts as a safe space for women to express their ideas, engage with politics, and fight the loneliness that can be a central part of the refugee experience. In a room adjacent to the main office, two Syrian women, Noor and Hala, told me about their dreams. “I’d like to set up a business,” says Hala, who wears a full niqab. “My ideal would be designing evening gowns.”In Syria and Bosnia, women are quietly changing the world Read more “I want to get a job to send my kids to a good school,” says Noor, who is learning English at the centre. “Now I feel I have a purpose, I am not only serving my family and my kids, but also doing something for myself.”There is clearly a large gulf between women living as refugees, in challenging economic situations, and the more privileged women already engaged in Syrian politics. “We aim to empower women in their daily lives and make them capable of representing themselves,” says El-Jindi. “It is hard to get women’s voices heard – there is a big gap between the women in Geneva and the women here at this centre. But our first goal is not only participating in international peace talks. It is to make women empowered enough to participate in general.”In many places around the world – including Britain after World War Two – war can be a turning point for female empowerment. As men are absent, fighting or killed, women move out of their traditional roles. This is true inside Syria, where women are keeping society going in the midst of war – working as doctors, teachers, nurses and advocates. In places like Lebanon – where many refugees don’t have the legal right to stay – men are more likely to be stopped at checkpoints than women, meaning their movement is restricted.“In Arab culture, the man is often the breadwinner, has the decision-making power in the family, and spends more time outside,” says Chiara Butti, Lebanon country director for the peace-building charity International Alert . “When they have to leave their country they become very frustrated sitting in the camp. For women, it’s often easier to move around. So they can work in the community, meet other women. After a few years, they are identified as influential people in the community – they’re able to bring people together and represent their community.”Of course, refugee women face a whole host of gender-specific challenges – not least heightened risk sexual assault or exploitation, and caring responsibilities for their children. Engaging in international peace talks can seem a whole world away; some face resistance from male members of their families when they start to participate in politics.But recent history shows that women’s presence at international talks is vital. In 2014, when Syrian women were still excluded from the process, the Women’s International League for Peace and Freedom (WILPF) held a conference in Sarajevo bringing together Syrian and Bosnian women. The Bosnian party shared their experiences of being left out from the 1995 Dayton peace negotiations, where no women were present at all. According to WILPF , the exclusion of women from Bosnia’s peace process “has had concrete consequences both for the society as a whole and also for women … and their ability to be recognised as agents of change in later processes.” This is not unique to Bosnia; in 2012, UN Women published a review (pdf) of 31 peace processes, showing that only 4% of peace agreements had women as signatories. The top negotiating teams for both Syrian opposition and regime are entirely male – but in March 2016, a Syrian women’s advisory board attended Geneva talks for the first time. “All of us are women who regularly face a room full of men attempting to resolve a conflict fought mostly by men,” Marah Bukai, one of the committee members, wrote recently . “In our own ways, we persist in taking on a political role that many people in our society do not accept.”Women Now wants to ensure that grassroots concerns are reflected too, and runs consulting sessions with women, supporting them to write recommendations and demands, which they then feedback to the opposition commission and the team of Staffan de Mistura, the UN envoy to Syria.“There is nothing good about the war,” says El-Jindi. “Women are forced to relocate, and work as well as looking after their families. We have been forced to change. We didn’t choose it. But now, we are not going to go back to our previous position.”Topics Global development professionals network Development 2030 Syria Feminism Peace and reconciliation Gender features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/aug/07/syrian-feminists-chance-the-war-gave-us-to-empower-women'|'2017-08-07T19:08:00.000+03:00'
'ce87be16e35dbb1a70ec0a5163b4843a954d65ba'|'Fresh off wind farm deal, Ireland''s Mainstream bullish on Chilean renewables'|'August 10, 2017 / 2:42 AM / 35 minutes ago Fresh off wind farm deal, Ireland''s Mainstream bullish on Chilean renewables Fabian Cambero 3 Min Read SANTIAGO (Reuters) - Ireland''s Mainstream Renewable Power is confident it will be able to maintain a steady pipeline of power projects in Chile, an executive told Reuters on Wednesday, even as some firms have soured on the country''s renewable sector in recent years. Aela Energia, a joint venture between Mainstream and British private equity firm Actis, on Wednesday announced it had sealed $410 million in bank financing to construct two wind farms with total capacity of 299 megawatts in the South American nation. The financial close on the farms, known as Sarco and Aurora, marks one of the biggest wind power deals in Chile, which has seen a wind and solar energy boom in recent years due to a steady regulatory framework and near-perfect conditions for such sources of power. But it also comes as falling energy prices, transmission grid issues and sluggish demand from the nation''s key mining sector begin to sow doubts among some investors. Still, Mainstream remains optimistic, the company''s commercial manager for Chile, Daniel Canales, said on Wednesday. He said the firm was looking to some of the banks that financed Sarco and Aurora to help its plans to build wind farms needed to fulfil 986 megawatts in contracts Mainstream was awarded by the Chilean government last year. "We''ve started conversations with the current banks, looking towards the next platform," Canales said. He added that Mainstream had received "significant" interest from outside firms looking to partner on new wind projects. In April, Reuters reported that one of those firms was U.S. industrial conglomerate General Electric Co ( GE.N ). In neighbouring Argentina, Mainstream is also very interested in participating in upcoming public power auctions, Canales said. However, he said the Argentine market required structural changes to realise its full potential, such as improved regulations, investments in transmission and less macroeconomic uncertainty. "Because of that we''re thinking about entering on a small scale, with a well-located project," he said. Reporting by Fabian Cambero; Additional reporting by Nicolas Misculin in Buenos Aires; Writing by Gram Slattery; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mainstream-chile-idUKKBN1AQ07Q'|'2017-08-10T05:42:00.000+03:00'
'1e1d50dbf4636f6584c35dad1e0c8f59495f7a16'|'Deals of the day-Mergers and acquisitions'|'(Adds Acorda Therapeutics, Shoprite, Ferrarelle, Bharti Airtel)Aug 7 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Monday:** U.S. financial technology provider Fiserv made an improved offer for Monitise worth about 75 million pounds ($98 million), hoping to secure backing from the British financial services technology group''s investors.** German dialysis services provider Fresenius Medical Care FMEG.DE said it has agreed to buy for around $2 billion in cash NxStage, a U.S. maker of devices for use in home dialysis.** SoftBank Group CEO Masayoshi Son said he was interested in investing in ride-hailing firms Uber Technologies and Lyft but had not made a decision.** Mexican industrial group Mexichem has agreed to buy an 80 percent stake in Israeli irrigation firm Netafim in a deal valuing the company at about $1.9 billion, Netafim said.** U.S. hedge fund King Street Capital Management owned a stake of 5.81 percent in Toshiba Corp as of July 31, according to a Japanese securities filing by the fund.** Indian movie production house Eros Group is in preliminary talks with Apple and other major content distributors to sell its entire content library of films and music, a source familiar with the matter told Reuters.** Italy''s Open Fiber would be in good position to buy the copper network of phone incumbent Telecom Italia if it were put up for sale, the chairman of the fibre-optic company was Quote: d as saying.** Warburg Pincus-backed e-Shang Redwood (ESR) is in advanced talks to buy struggling Sabana Shariah Compliant Industrial, sources familiar with the process said, in a likely first consolidation step in Singapore''s $3.5 billion mid-cap industrial trusts sector.** Singapore state investor Temasek, one of the world''s biggest investors, wants to make acquisitions in Germany, a top executive of the group told a German weekly newspaper.** New York-based startup WeWork said it will invest $500 million in Southeast Asia and South Korea in its latest effort to tap growing demand for shared office space in Asia.** A New York-based hedge fund which owns 17 percent of Acorda Therapeutics Inc called on the U.S. developer of drugs targeting neurological disorders to explore a sale of the company, according to a regulatory filing with the U.S. Securities and Exchange Commission.** Shares in South Africa''s Shoprite fell more than 5 percent as investors digested news that Steinhoff through its African spinoff could acquire a controlling stake in the supermarket operator in a share deal worth 35.5 billion rand ($2.6 billion).** Italian mineral water company Ferrarelle has bought gourmet chocolate company Amedei from Singapore''s Octopus Europe Limited fund and Amedei''s founders, Ferrarelle said.** Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent stake in tower arm Bharti Infratel Ltd for up to 25.52 billion rupees ($400 million), according to a deal term sheet. (Compiled by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KT4IN'|'2017-08-07T12:52:00.000+03:00'
'035ec2a38ec8ab4cc973eee102f8dc82902b67fc'|'EU regulators clear Santander''s Banco Popular acquisition'|'August 8, 2017 / 1:04 PM / 5 hours ago EU regulators clear Santander''s Banco Popular acquisition Reuters Staff 1 Min Read A woman walks past a Banco Popular and Santander banks offices in Barcelona, Spain June 7, 2017. Albert Gea BRUSSELS (Reuters) - Spanish lender Banco Santander ( SAN.MC ) gained EU antitrust approval on Tuesday to acquire Banco Popular after regulators said the one-euro takeover would not hurt competition. The European Central Bank and the Single Resolution Board organised the sale in June following a run on Banco Popular. The European Commission, in charge of ensuring a level playing field in the 28-country European Union, said it did not have any competition concerns. "The parties'' combined market shares are generally limited (below 25 percent) and strong competitors will remain in all affected markets," the EU enforcer said in a statement. In June, it said Banco Popular''s resolution scheme was in line with the bloc''s state aid rules. Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-popular-m-a-santander-eu-idUKKBN1AO1GK'|'2017-08-08T16:04:00.000+03:00'
'8c2c9f4aa374c74bec73b039c2d4049ba7ef0c23'|'Eli Global insurance unit is confidential Beechwood buyer: source'|'NEW YORK (Reuters) - Global Bankers Insurance Group is the previously undisclosed buyer of assets from the Beechwood family of reinsurance and asset management companies, a person familiar with the matter told Reuters.The recent purchase by Global Bankers – a $3.5-billion, Durham, North Carolina-based subsidiary of conglomerate Eli Global LLC – was bound by a confidentiality agreement so its name would not be revealed, said the same person, who requested anonymity because the information is private.Beechwood, which once managed $2.4 billion, lost clients and suffered a bruised reputation when hedge fund manager Platinum Partners collapsed under federal investigations and fraud charges. Beechwood and Platinum were bound by social and family links to staff and start-up money.The purchase of select assets included Beechwood Bermuda Investment Holdings Ltd, which issues wealth management products, and Beechwood OMNIA Ltd, which offers international investment plans, according to a second person familiar with the transaction who also requested anonymity. Beechwood''s portfolio of companies were based in Bermuda, the Cayman Islands and New York.The deal does not include the assumption of legal liabilities, according to the first source. Beechwood and some of its executives face Platinum-related lawsuits from subsidiaries of CNO Financial Group ( CNO.N ) and a trustee for defunct oil and gas producer Black Elk Energy Offshore Operations LLC.(See graphic on the links between Platinum, Beechwood and insurance companies: tmsnrt.rs/2hjRlW6 )Beechwood''s Chief Executive Officer Mark Feuer and Oresident Scott are not joining Global Bankers, according to both sources. Feuer and Taylor did not respond to an email seeking comment.Scott Boug, Global Bankers'' chief actuary, is leading a new endeavor with Beechwood''s assets, according to one of the sources. Boug did not immediately respond to an email request for comment.The Beechwood deal is part of Global Bankers'' acquisition-led expansion under Paul Brown, who was hired as head of capital and mergers & acquisitions in September 2016. Other recent purchases include Dutch life insurance company Nederlandse Algemeene Maatschappij van Levensverzekeringen Conservatrix NV, NN Life Luxembourg SA, Cincinnati Equitable Companies Inc, Pavonia Holdings (US) Inc, Inc and Bankers Life Insurance Co.Reporting by Lawrence Delevingne; Editing by Nick Zieminski'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-insurance-beechwood-sale-idINKBN1AO1RV'|'2017-08-08T13:06:00.000+03:00'
'23a7f894f1be72ad084d714a387d8c41982d9ec4'|'UPDATE 1-Kohl''s quarterly profit, comp sales beat estimates'|'August 10, 2017 / 11:12 AM / an hour ago Macy''s, Kohl''s sales declines raise turnaround concerns Sruthi Ramakrishnan 3 Min Read (Reuters) - Shares of department store chains Macy''s Inc ( M.N ) and Kohl''s Corp ( KSS.N ) tumbled on Thursday as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. While the declines in same-store sales were not as bad as feared, gross margins at both the companies slipped as they continued to rely on heavy discounting and promotions, while spending more on shipping online orders. Macy''s second-quarter gross margins fell to 40.3 percent from 40.9 percent a year earlier, while those of Kohl''s fell to 39.4 percent from 39.5 percent. Macy''s also took a grim view of its same-store sales in the current quarter, estimating a drop of 2.5 percent or more as it expects to remain "very promotional" in the fall season. "We are operating in an environment of intense and destructive competition, and our customer ... has more shopping options than ever," Chief Executive Jeffrey Gennette said. Department store chains have been struggling with declining mall traffic and tough competition from off-price retailers and ecommerce behemoth Amazon.com Inc ( AMZN.O ), leading to a tenth straight quarter of falling same-store sales at Macy''s and sixth straight drop at Kohl''s. To boost traffic, Macy''s plans to launch a new marketing strategy in September, followed by a new loyalty program, while taking Backstage, its off-price discount concept, to more stores. FILE PHOTO: A sign marks the Macy''s store in Boston, Massachusetts, U.S., February 21, 2017. Brian Snyder/File Photo However, Macy''s did not announce any new deals to monetize its real estate, a key source of capital to help turn its business around. Sales at stores open more than 12 months fell 2.5 percent at Macy''s and 0.4 percent at Kohl''s. Analysts polled by research firm Consensus Metrix had estimated a 3 percent drop at Macy''s and 1.5 percent at Kohl''s. FILE PHOTO: A sign marks a Kohl''s store in Medford, Massachusetts, U.S., February 21, 2017. Brian Snyder/File Photo A beat was widely expected, but the longer-term concerns of department stores in secular decline remain unresolved, Susquehanna analyst Bill Dreher said. "Negative comps still reflect market share losses, most likely to off-price retailers TJX Cos Inc ( TJX.N ) and Ross Stores ( ROST.O )," Dreher said. Macy''s reported an adjusted profit of 48 cents per share and revenue of $5.55 billion. Analysts were expecting earnings of 46 cents and revenue of $5.52 billion, according to Thomson Reuters I/B/E/S. Kohl''s reported a profit of $1.24 per share and revenue of $4.14 billion, both of which topped estimates. Macy''s shares were down 8.3 percent at $21.12 on Thursday, while Kohl''s fell 7 percent to $38.97. Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D''Silva 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-department-stores-results-kohls-idUSKBN1AQ1A5'|'2017-08-10T14:30:00.000+03:00'
'507d8af704e32f191d138a24adcecc6d95e91950'|'Shale Exploration & Production Company Earnings: Confidence Game'|'The One Commodity Frackers Can''t Do Without Investor faith in the sector''s ability to weather oil''s slump has been shaken. By @liamdenning More stories by Liam Denning From An oil well owned an operated by Apache Corporation in the Permian Basin are viewed on February 5, 2015 in Garden City, Texas. Photographer: Spencer Platt The plucky shale sector has been hit with a reality check over the past week. Oil prices aren''t much different from where they started August, but shares in exploration and production companies, especially the darlings of the Permian basin, have moved south for the summer: The sector''s seeming ability to shrug off low oil prices via impressive productivity gains, especially in the Permian shale basin, has become the received wisdom of bulls on these stocks over a couple of very rocky years in energy markets. So investors didn''t take kindly to having their beliefs called into question when several firms tweaked their growth targets while announcing second-quarter results last week. Pioneer Natural Resources Co.''s revisions were especially unwelcome , in part because the stock had been especially highly valued. To compound this, the company fessed up to drilling a number of "train-wreck" wells (the CEO''s technical term) that had thrown its schedule (and costs) out of whack. Given that Permian stocks'' lofty multiples owe a great deal to a narrative of them upending the oil market through access to the choicest resources and sheer technical brilliance, this did not sit well with shareholders. Pioneer''s shares have fallen 21 percent since it announced results and now sit at their lowest level since March 2016, when oil prices were sub-$40 a barrel. Even if this partly represents an emotional see-saw of investors'' infatuation turning to anger -- as well as general ennui about oil -- it represents a risk that could weigh heavily on E&P stocks at least through the rest of the year. That''s because infatuation has been critical to their resilience in the face of oil prices at $50 or less. Here is the free cash flow after capital expenditure for a sample of 33 E&P companies, grouped by their main shale basin (all figures compiled by Bloomberg): It doesn''t require the closest examination of that chart to see fracking is very capital intensive, with E&P firms spending way beyond their means even in the relatively halcyon days of 2012 and 2013. The 14 Permian-exposed companies in that sample saw their cash burn accelerate over the past 12 months to a collective $11.5 billion. This has made access to capital markets a vital element of the shale boom. Share issuance has slowed to a crawl in 2017; annualized, the total to date implies less than $10 billion for the year as a whole, which would be the lowest since 2010. In part, that''s because the OPEC-inspired rally in oil prices at the end of 2016 helped E&P firms hedge a lot of their production for this year, letting them fund drilling budgets without resorting to the equity market. Faith in OPEC has slumped since, and now confidence in the frackers has also been dented. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The valuation case for E&P stocks centers on net asset value; essentially, discounted cash flow analysis of existing wells and what the company is expected to drill over the coming years. This approach places a premium on growth because the more cash flow that is quickly reinvested in new wells, the higher the valuation -- provided your assumptions work out, of course. As with start-ups ( or, oddly enough, Tesla Inc. ), free cash flow is supposed to come somewhere down the line after the high upfront spending and growth. In a recent report on the state of the industry, Wood Mackenzie calculated a net present value for EOG Resources Inc. based on its current growth plans and stopping drilling altogether. The first valuation was double that of the latter scenario. This isn''t an acute problem yet. Earlier hedging has helped the sector avoid a wholesale retreat from growth plans for 2017. And while bond yields have ticked up, we''re nowhere near the distress of a year ago: By the time third-quarter results roll around in the fall, investors will want reassurance on growth targets and, especially, signs that production problems like Pioneer''s were a one-off. The frackers have reserves of oil and gas in abundance, but their most vital commodity is confidence. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-08/shale-exploration-production-company-earnings-confidence-game'|'2017-08-08T21:00:00.000+03:00'
'0b09745a021221cd72b01924a664f522fbe68964'|'UPDATE 1-Paysafe reports 17.3 percent jump in H1 adjusted core earnings'|'Aug 8 (Reuters) - Payments processing company Paysafe Group said first-half adjusted core earnings rose 17.3 percent, as more people used the company''s prepaid digital wallets to make payments.The company, which offers pre-paid cashcards and online wallets that are popular among online gambling customers, said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $169.2 million for the period ended June 30.Revenue rose to $538.7 million for the period, compared with $486.7 million last year.The company also said its Asia Gateway business reported a 20 percent hike in revenue to $76 million, while adjusted profit after tax was $29 million.Paysafe has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector.U.S. group Vantiv is in talks to buy Britain''s Worldpay for 7.7 billion pounds and France''s Worldline said it will buy the Baltic subsidiary of First Data Corp. Also in July, private equity firm Permira bought a stake in Sweden''s Klarna.$1 = 0.7672 pounds Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/paysafe-results-idINL4N1KU2KK'|'2017-08-08T04:50:00.000+03:00'
'771d18fc5eedaa90768c8786e40b5011241912b6'|'Sky investor Odey says Fox bid is losing appeal'|'FILE PHOTO: The Sky News logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. Toby Melville /File Photo LONDON (Reuters) - Hedge fund manager Crispin Odey is considering withdrawing his support for Twenty-First Century Fox''s ( FOXA.O ) attempt to take over Sky ( SKYB.L ), saying the 11.7 billion-pound ($15.20 billion) offer undervalues the British pay TV broadcaster.Odey, who is the 15th biggest Sky shareholder with a 1 percent stake, told Reuters in a telephone interview that regulatory delays have caused him to reconsider his support for Fox''s 10.75 pound-a-share offer for the 61 percent of Sky it does not already own.His comments mark a reversal of his position since the deal was announced in December when he said he would back the offer.His change of stance comes after Rupert Murdoch''s attempt to take full control of Sky faced a further delay after the British government''s Department for Digital, Culture, Media and Sport said on Tuesday it had asked communications regulator Ofcom to re-examine the deal."The truth is, the longer this goes on the more that I would be quite happy if it failed," Odey said, adding that Fox is "getting it at what now looks like quite a cheap price" and that the offer is "now starting to look rather mean."Odey said his view of the deal was changing because he thought Sky''s prospects were improving.The investor clashed with Sky three years ago when he initially rejected its offer to acquire his fund''s shares in Sky Deutschland in the course of taking over the German business.Sky shares fell on Tuesday following the announcement that Ofcom had been asked to do more analysis on the deal.FILE PHOTO: The Sky News logo is seen on television screens in an electrical store in Edinburgh, March 3, 2011. David Moir/File Photo The stock closed down 0.8 percent on Wednesday at 953.5 pence, the lowest level since December when news of the deal broke.A spokesman at Sky declined to comment.A source close to Sky said that at the current share price, Fox''s offer remained competitive. However, he acknowledged that the longer the deal takes the higher the risk is that investors may change their views on the valuation.The government''s request to Ofcom came amid criticism from politicians worried about the U.S. company''s broadcasting standards, in the wake of recent allegations about a controversial Fox News story.The culture department said it had "asked Ofcom to advise on a number of points" and that the regulator had until August 25 to respond.That pushes back a final decision by the government on whether the Sky takeover should be referred to the Competition and Markets Authority for a further review.Murdoch has long sought to take full control of Sky but has faced political opposition.His previous attempt to take over the broadcaster was abandoned in 2011 when his British newspaper business was embroiled in a phone-hacking scandal.($1 = 0.7696 pounds)Additional reporting by Paul Sandle and Sophie Sassard; Editing by Adrian Croft, Greg Mahlich'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sky-m-a-fox-idINKBN1AP2AY'|'2017-08-09T16:50:00.000+03:00'
'7b5d096a535207876384f27fcd144220d9fae7d1'|'Brazil antitrust agency still eyeing two-third of Car Wash cartels - Reuters'|'BRASILIA (Reuters) - Brazilian antitrust watchdog Cade is still running preliminary investigations into about 20 of the roughly 30 instances of potential cartel formations identified in the sweeping corruption probe known as Operation Car Wash, a senior official told Reuters as part of the Latin American Investment Summit.Cade''s Acting Superintendent Diogo Thomson de Andrade said the agency had reached settlements in 10 of the cases, most of which involve public works, and the regulator had reinforced its an internal task force with about 10 staff members with cartel-busting expertise.(Follow Reuters Summits on Twitter @Reuters_Summits)Reporting by Leonardo Goy; Editing by Chizu Nomiyama'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-brazil-antitrust-idINKBN1AO1OZ'|'2017-08-08T12:39:00.000+03:00'
'1d801417035f1215fff7556fa5dabf8f000afb47'|'Saudi Arabia to allow full foreign ownership of engineering firms'|'RIYADH (Reuters) - Saudi Arabia will allow foreign companies to own engineering services companies in full, without requiring them to partner with a Saudi-owned firm, the cabinet announced on Monday night.The foreign company would need to have existed for at least 10 years to qualify, the cabinet statement said. It would also need to be multinational, with operations in at least four countries.The kingdom''s investment authority, SAGIA, announced last year that it would accept applications for wholly owned engineering consultancies but did not set out procedures for implementation.Previously, foreign engineering companies were regulated by the commerce ministry and required to partner with a Saudi engineering firm.Saudi Arabia is liberalizing its business regulations to attract more investors and diversify its economy away from oil.SAGIA announced eased ownership restrictions in the wholesale and retail sectors in 2015, and awarded its first full foreign ownership investment license to Dow Chemical Co last year.Reporting by Katie Paul; editing by Jason Neely'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-saudi-companies-idINKBN1AO0XQ'|'2017-08-08T07:34:00.000+03:00'
'5b0fc9935af8f72b677079f3eb3923987fb27f15'|'Hutchison Telecom shares jump on $1.9 billion deal to sell fixed-line unit'|'FILE PHOTO: The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong, China March 17, 2016. Bobby Yip/File Photo HONG KONG (Reuters) - Hutchison Telecommunications Hong Kong Holdings Ltd shares jumped almost 15 percent when it started trading on Monday, a day after it announced the sale of its fixed-line business for about $1.9 billion.Hutchison Telecom, a unit of Hong Kong''s richest man Li Ka-Shing''s CK Hutchison Holdings, said in a filing on Sunday that it had agreed to sell its fixed-line telecoms business to I Squared Capital for HK$14.5 billion in cash.Proceeds from the sale of Hutchison Global Communications (HGC), which provides fixed-line phone services as well as Wifi all around Hong Kong, will be used for investment into mobile phone services and for working capital.The price represents about 12 times HGC''s earnings before interest, taxes, depreciation and amortization, a source close to the deal told Reuters.Hutchison Telecom said it expected to make a profit of HK$5.8 billion ($742.71 million) on the sale of HGC.Hutchison Telecom shares have risen nearly 23 percent since May 16, when it acknowledged media reports about a potential sale of the fixed-line business.The HGC unit drew interest from several companies, including HKBN Ltd, SmarTone Telecommunications Holdings Ltd and a consortium of private equity firms TPG Capital Management LP and MBK Partners.I Squared Capital won the deal partly because it will not face the same anti-trust scrutiny as some of the other bidders would, the source said.TPG and MBK teamed up to buy Wharf T&T - Hong Kong''s No.2 fixed-line operator for businesses last October from tycoon Peter Woo''s Wharf Holdings Ltd in a $1.22 billion deal.The HGC deal is subject to shareholders'' approval and is expected to close in October, Hutchison Telecom said in the filing. The value of the deal may be adjusted at the time based on debt, cash levels and other financial data.CK Hutchison, which owns 66.1 percent of Hutchison Telecom, will vote all its shares in favor of the sale during an as-yet unscheduled extraordinary shareholders meeting.I Squared has secured a HK$7.02 billion ($900 million) loan from Credit Agricole, Credit Suisse and Deutsche Bank to fund the HGC purchase, according to Basis Point, a Thomson Reuters publication. The three banks could not be immediately reached for comment.The firm, which invests in global infrastructure in energy, utilities and transport, is among potential buyers for Equis Energy, Asia''s largest independent renewable energy producer valued at up to $5 billion, sources have said.Hutchison Telecom said it appointed Deutsche Bank and Goldman Sachs as financial advisers on the HGC transaction. Credit Suisse advised I Squared Capital on the transaction, according to another source familiar with the deal.The sale comes as Hutchison''s unit Hutchison Drei Austria announced on Friday an acquisition of landline-focused Tele2 from its Swedish owner for 95 million euros ($111 million).Hutchison Telecom shares jumped almost 15 percent to a 21-month high earlier on Monday, and were trading up 10.32 percent at HK$3.10 apiece by 0526 GMT, versus the broader index that was up 1 percent.(This version of the July 31 story corrects headline of to show deal value was $1.9 billion, not $1.2 billion)Reporting by Kane Wu and Elzio Barreto, additional reporting by Basis Point; Editing by Jane Merriman and Himani Sarkar'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-hutchison-tele-sale-idINKBN1AF0C9'|'2017-07-30T08:35:00.000+03:00'
'31090b133695979f2897c7023d2c983c533dc8e9'|'Singapore''s Keppel Group says academic resigns after residency cancelled - Reuters'|'SINGAPORE, Aug 7 (Reuters) - Singapore''s Keppel Land, part of conglomerate Keppel Group Ltd, said its independent director has resigned after his permanent residency was cancelled when he was accused of being an agent of influence for a foreign country.The Ministry of Home Affairs said on Friday that Huang Jing, a professor of U.S.-China relations at the Lee Kuan Yew School of Public Policy, "knowingly interacted with intelligence organisations and agents of the foreign country" with the aim of bringing about a change in the direction of Singapore''s foreign policy.Keppel Group said that further to the ministry''s statement cancelling Huang''s Singapore permanent residence status, Keppel Land had received and accepted Huang''s resignation as a director with immediate effect.Huang told Reuters on Monday that he had resigned from Keppel Land but declined to comment on the ministry''s ruling.The ruling, which also applied to Huang''s wife, Shirley Yang Xiuping, means that if they leave Singapore, they will not be readmitted. The ministry identified the couple as U.S. citizens but did not identify the country for whom Huang was said to have been working.Hong Kong''s South China Morning Post newspaper had Quote: d Huang as denying the allegations.The LKYSPP, named after modern Singapore''s founding father, is a postgraduate school of the National University of Singapore. The university said it had suspended Huang without pay while it worked with the ministry on the matter. (Reporting by Anshuman Daga; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/singapore-politics-idINL4N1KT13O'|'2017-08-06T23:33:00.000+03:00'
'3732e527857a90dcbe691e432ef9859744f1c5f3'|'German June exports post sharpest fall in two years'|'August 8, 2017 / 6:18 AM / 19 minutes ago German June exports post sharpest fall in two years Reuters Staff 2 Min Read FILE PHOTO: Cargo wagons are parked at a train station in Munich, Germany, May 6, 2015. Michaela Rehle/File Photo BERLIN (Reuters) - German exports fell more than expected in June and imports sank even more sharply, widening the trade surplus in Europe''s biggest economy, data showed on Tuesday. Seasonally adjusted exports dropped by 2.8 percent, the sharpest fall since August 2015 that ended five consecutive months of growth. Imports were down 4.5 percent, the biggest drop since January 2009, data from the Federal Statistics Office showed. Both figures confounded expectations in a Reuters poll that had pointed to exports edging down 0.3 percent and imports rising by 0.2 percent. The seasonally adjusted trade surplus widened to 21.2 billion euros from 20.3 billion euros in May, reaching its highest level since August 2016. The June reading was higher than the Reuters consensus forecast of 21.0 billion euros. Germany''s wider current account surplus, which measures the flow of goods, services and investments, rose to 23.6 billion euros after a downwardly revised reading of 16.0 billion euros in May, unadjusted data showed. The figures are likely to prompt more criticism of Germany''s export strength after the International Monetary Fund last month repeated its call for the government to increase investment as a way to reduce its current account surplus, increase imports and support the economic recovery in other countries. Reporting by Joseph Nasr; Editing by Madeline Chambers 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN1AO0J0'|'2017-08-08T09:18:00.000+03:00'
'5d3a81756e35a754e87d1ae6fa6cd85b9592f535'|'Hotelier IHG revenue per room growth hit by timing of Easter holiday'|'August 8, 2017 / 6:21 AM / an hour ago Hotelier IHG revenue per room growth hit by timing of Easter holiday Reuters Staff 2 Min Read An employee sets a table inside a restaurant at the Crown Plaza hotel, run by the InterContinental Hotels Group (IHG), in New Delhi, India January 31, 2014. Anindito Mukherjee/File Photo (Reuters) - InterContinental Hotels Group (IHG) ( IHG.L ) on Tuesday reported slower global growth in revenue per room in the second quarter, hurt by a decline in U.S. growth due to a later Easter this year. The company, which runs hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, said revenue per available room (RevPAR) grew 1.5 percent in the three months to June 30, down from 2.7 percent in the first quarter and 2.5 percent a year earlier. The Easter holiday, when there are fewer business travellers, was in the second quarter this year, having been in the first quarter last year. The company, which runs more than 5,000 hotels in about 100 countries, had in May reported a strong first quarter, resulting in the group on Tuesday reporting an 8 percent rise in operating profit for the first six months of the year to $370 million. Hoteliers face rising competition from online holiday rental operators such as Airbnb, prompting a wave of consolidation including Marriott''s ( MAR.O ) purchase of Starwood Hotels & Resorts Worldwide. IHG, however, has indicated it plans to go it alone and has instead reduced its ownership of hotels to expand via a cheaper fee model, under which it franchises and manages hotels. It has also focused on business customers to head off the challenge from the likes of Airbnb. In May, the company said Chief Commercial Officer Keith Barr would succeed Richard Solomons as chief executive, indicating a greater focus on the Chinese market as well as on marketing to help retain customers. Barr said IHG would focus on increasing efficiency to generate funds to help with his focus on driving an acceleration in IHG''s growth, by strengthening its brand portfolio and spending more resources in the highest-opportunity markets. "While we will always face macro-economic and geopolitical uncertainties, we remain confident in the outlook for 2017," Barr said in a statement. Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-intercontinental-results-idUKKBN1AO0JA'|'2017-08-08T09:57:00.000+03:00'
'6d9bc34c664161772b7305852f5d10e9ea7dd14f'|'German industrial output drops in June, up in second quarter'|'August 7, 2017 / 1:00 PM / 6 hours ago German industrial output drops in June, up in second quarter Michelle Martin 3 Min Read A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. Ina Fassbender/File Photo BERLIN (Reuters) - German industrial production unexpectedly fell for the first time this year in June, data showed on Monday, though it increased in the second quarter overall. Output declined by 1.1 percent on the month after rising 1.2 percent in May, the Economy Ministry data showed. Expectations in a Reuters poll were for a 0.2 percent gain. But factories and construction firms in Europe''s largest economy produced 1.8 percent more in the April-June period than in the first quarter and the ministry said order levels, along with business climate indicators, pointed to the upward trend continuing. "As unexpected as today''s drop in industrial production has been, the German economy is still on track to post another strong quarter," said ING Bank economist Carsten Brzeski. But a scandal over diesel emissions and cartel allegations engulfing Germany''s automobile industry could ultimately hurt the economy, he said, especially as cars make up around one fifth of German exports. The output data followed a run of upbeat economic indicators, painting a rosy picture of the economy that is likely to boost Chancellor Angela Merkel''s chances of winning a fourth term in a national election on Sept. 24. FILE PHOTO: Workers assemble an e-Golf electric car at the new production line of the Transparent Factory of German carmaker Volkswagen in Dresden, Germany March 30, 2017. Fabrizio Bensch/File Photo Merkel''s conservatives, holding a 15-point lead over their Social Democrat (SPD) rivals in the latest poll, are brandishing their economic credentials after 12 years in government during which Germany has prospered. The conservatives are campaigning on a platform of economic stability and more new jobs, pledging to ensure full employment by 2025 while the SPD - currently the conservatives'' junior coalition partner - is promising to invest more and ensure more social justice if it gets back into government. Data published on Friday showed strong domestic demand pushed up industrial orders twice as much as expected in June, boding well for the sector''s output in the coming months. Other recent data has shown business morale at a record high, unemployment falling, engineering orders increasing, the manufacturing sector growing and consumer morale rising. A breakdown of Monday''s data showed energy output was the only bright spot in June, climbing by 1.4 percent, while manufacturers of intermediate, capital and consumer goods all churned out less than in May. Separate data from the VDMA engineering association on Monday showed engineering firms had increased their output by 2.4 percent in price-adjusted terms in the first half of 2017 thanks to strong foreign demand. The VDMA is expecting engineering output to climb by 3 percent this year, which would be the strongest increase since 2011. Additional reporting by Matthias Inverardi in Duesseldorf; Writing by Michelle Martin; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-economy-output-idUKKBN1AN1HW'|'2017-08-07T15:59:00.000+03:00'
'6d3c321784ef5dca344d3e177b715702cc98b311'|'Open Fiber head says well-placed to buy Telecom Italia''s network'|'August 7, 2017 / 11:53 AM / 37 minutes ago Open Fiber head says well-placed to buy Telecom Italia''s network Valentina Za and Stefano Rebaudo 5 Min Read FILE PHOTO: Reels of optical fiber cables are seen in a storage area in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. Alessandro Bianchi/File Photo MILAN (Reuters) - Italy''s new telecoms network company Open Fiber would be in a good position to buy Telecom Italia''s (TIM) ( TLIT.MI ) network, it said on Monday, adding to a growing debate on whether the former phone monopoly should sell its most prized asset. Italian politicians have been calling on and off since 2006 for the network to be transferred to a state-controlled entity as Rome considers it a strategic asset that should be a neutral platform open to all phone companies. Telecom Italia has also been criticised for putting off costly upgrades to its ageing copper network to provide faster internet connections and is now facing competition from Open Fiber, which is owned by state-controlled utility Enel and state-owned lender Cassa Depositi e Prestiti (CDP). Telecom Italia and Open Fiber, which was founded at the end of 2015, are building competing fast internet networks across Italy, though many industry experts say such costly duplication makes little economic sense. "Open Fiber, or its shareholders, would be well placed to buy Telecom''s network, as it could make the most of the synergies between the two networks and speed up a migration from copper to fibre," Open Fiber Chairman Franco Bassanini told La Stampa daily in an interview. The plan to transfer Telecom Italia''s network, which according to some estimates could be worth up to 15 billion euros ($17.7 billion), has foundered in the past over its valuation and because TIM insisted on hanging onto the business. However, the idea is gaining traction once again with a view to fostering cooperation to allow a speedy roll-out of an ultra-fast broadband network across Italy. NETWORK FRICTION The future of the network could also become a bargaining chip to soothe relations between the government and France''s Vivendi ( VIV.PA ), which is TIM''s top shareholder and is under scrutiny for its growing influence over Italian business. "A spin-off ... would make it easier to reach some sort of agreement or tie-up that avoids a duplication of infrastructure and speeds up the roll-out of the next generation''s network," Bassanini said. FILE PHOTO: Optical fiber cables for internet providers are seen running into a Enel Group server room in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. Alessandro Bianchi/File Photo Speculation about a possible spin-off has also been rekindled by Telecom Italia Chairman and Vivendi CEO Arnaud de Puyfontaine, who said on July 28 it was an "interesting" option and "something that will be discussed in the future". A sale of the network could help Vivendi mend its fraught relations with Italian regulators. Italy''s communications regulator has told the French media company to cut its stake in either TIM or broadcaster Mediaset ( MS.MI ), arguing it was in breach of rules aimed at avoiding a concentration of power in the telecoms and media sectors. FILE PHOTO: Fiber optics of a cable are seen without sheath in a storage area in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. Alessandro Bianchi/File Photo The government is also looking at whether Vivendi duly informed it that it exercised de facto control over TIM. Vivendi appointed two-thirds of the phone company''s board and recently played a key role in the departure of CEO Flavio Cattaneo. According to Italian newspaper Il Sole 24 Ore, Vivendi will have to declare whether it controls Telecom Italia on Monday following a request from Italy''s market watchdog Consob. Telecom Italia could spin off its fixed-line network and list it on the stock market, allowing the company to extract more value from the asset and offload some of its debt, according to Italian media reports. Britain''s BT ( BT.L ) has faced similar criticism from rivals who say it has not invested enough in upgrading its own copper network to speed up internet connections around the country. After months of negotiations, the British regulator in March allowed BT to keep the network, but said it must be legally separated, with an independent board responsible for setting its strategy and operations. The Czech Republic is one of the few in Europe to separate its network infrastructure from consumer telecoms businesses to allow each to focus on its specialisation and unlock value. In 2015, O2 Czech Republic, which included former fixed-line monopoly Czech Telecom and mobile operator Eurotel, was split. The fixed-line networks business was spun off to become part of the PFF private equity group controlled by the Czech republic''s wealthiest man, billionaire Petr Kellner, leaving the phone operations with O2 Czech Republic. Reporting by Valentina Za and Stefano Rebaudo; additional reporting by Paul Sandle in London and Eric Auchard in Frankfurt; writing by Silvia Aloisi; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-telecom-italia-open-fiber-network-idUKKBN1AN1CU'|'2017-08-07T15:20:00.000+03:00'
'73d200acbafd94ae4e7878df84ddd2adc19d7d35'|'Standard Life first-half operating profit up 6 percent ahead of Aberdeen merger'|'August 8, 2017 / 6:23 AM / 6 hours ago Fund outflows pressure Standard Life shares ahead of Aberdeen merger Carolyn Cohn 3 Min Read FILE PHOTO: A worker leaves the Standard Life House in Edinburgh, Scotland, Britain, February 27, 2014. Russell Cheyne/File Photo LONDON (Reuters) - Worries about outflows from Standard Life''s flagship multi-asset strategy hit its shares on Tuesday, ahead of an 11 billion pound ($14.4 billion) merger with Aberdeen Asset Management to form Britain''s largest active manager. The merger will create a combined group, Standard Life Aberdeen, with assets of around 670 billion pounds and which aims to save at least 200 million pounds in annual costs. The companies are looking to shore up their defences in the face of competition from lower-cost index funds and the increased cost of tougher regulations - pressures that are expected to prompt more industry consolidation. "The rationale for the merger is strategic," Chief Executive Keith Skeoch told a media call, adding that following the completion of the merger on Aug. 14, "we can hit the ground running". The new group will be classed as an asset manager, rather than an insurer, and its headquarters will be in Edinburgh. The merger follows other large deals among active managers to fend off the growing threat from passive investment, such as the Janus Henderson tie-up which completed earlier this year. Standard Life''s first-half operating profit before tax was 362 million pounds, up 6 percent and above a company-supplied consensus forecast of 353 million, helped by a 1 percent rise in assets under administration to 362 billion pounds, in line with forecasts. Standard Life''s 44 billion pound GARS (Global Absolute Return Strategies) multi-asset investment strategy saw 5.6 billion pounds in net outflows, also in line with forecasts. "The evidence I have seen to date says that GARS flows are starting to stabilise as performance has improved," Skeoch said. Standard Life shares dropped 1.4 percent to 437 pence by 0735 GMT, retreating from recent two-year highs and among the biggest decliners in the FTSE 100 index. Analyst Eamonn Flanagan at Shore Capital said GARS outflows were likely to worry the market and reiterated his "hold" rating on the stock. Skeoch and Aberdeen Chief Executive Martin Gilbert will be co-chief executives of the combined group, a structure which has also been met some scepticism. "The machinations of the joint CEO roles will be scrutinised closely in the months to come - we still doubt the wisdom of this move," Flanagan said. Standard Life said it would pay an interim dividend of 7 pence per share, up 8.2 percent and against a forecast 6.99 pence. Reporting by Carolyn Cohn; Editing by Simon Jessop and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-standard-life-results-idUKKBN1AO0JE'|'2017-08-08T09:31:00.000+03:00'
'bfc283ace44ee32772c4945315c1e9183c918f64'|'Worldpay gets second deadline extension for Vantiv deal'|'August 8, 2017 / 6:47 AM / 2 hours ago U.S. card firm Vantiv to announce Worldpay deal Wednesday: sources Pamela Barbaglia and Ben Martin 5 Min Read Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid LONDON (Reuters) - U.S. credit card payments processor Vantiv ( VNTV.N ) has finalised a deal to buy Britain''s Worldpay ( WPG.L ) and the transaction is expected to be announced on Wednesday, sources with knowledge of the matter told Reuters. Worldpay, Britain''s biggest payments processor, said earlier on Tuesday that the deadline for the deal first announced on July 5 had been pushed back to Aug. 11 because the two companies needed more time to reach a final agreement. In July, Vantiv offered 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend for each Worldpay share, equivalent to 385 pence per share and valuing the British company at 7.7 billion pounds ($10 billion). One of the sources said Vantiv has made some adjustments to the new governance structure but very little had changed in the composition of its cash and share offer for Worldpay, a former division of British lender Royal Bank of Scotland ( RBS.L ). Payments firms have become targets for credit card companies and banks looking to capitalize on a switch from cash to payments by smartphones or other mobile devices and a Worldpay deal would be the latest in a string of acquisitions. The new time limit announced on Tuesday was the second time the so-called put up or shut up deadline had been renegotiated. The sources said that under the finalised terms Cincinnati-based Vantiv would not offer any binding commitment to protect existing jobs in Britain but London would play a dominant role as the international base of the combined entity. The global headquarters of the new company will be in Cincinnati and it will have a primary listing in New York and a secondary one in London, the sources said. A top 20 Worldpay shareholder told Reuters that Vantiv''s initial plan to delist Worldpay from the London stock exchange had changed after objections from some Worldpay shareholders based in Britain who did not want U.S. stock. The Worldpay investor also expressed some concern about the premium the deal would offer in the event of a merger deal. MERGER FRENZY Ahead of an announcement, the two companies have expanded their advisory teams. Barclays ( BARC.L ) has come on board to help Worldpay alongside Goldman Sachs ( GS.N ) while Credit Suisse ( CSGN.S ) is now working for Vantiv with Morgan Stanley ( MS.N ), the Wall Street bank that used to control the business. Worldpay said its half-year results for the period ending June 30 would now be published on Wednesday and Vantiv''s second-quarter results were also pushed back a day to coincide with the new release date. Worldpay employs 4,500 people and says it processes about 31 million mobile, online and in-store transactions each day. It is facing a leadership change in Britain where the head of its UK division, Peter Jackson, will join gambling firm Paddy Power Betfair ( PPB.I ) as CEO. While banks have been trying to develop and buy more sophisticated payments technology, companies such as PayPal ( PYPL.O ) and Worldpay have gained a large market share as consumers adopt online shopping and cashless transactions. Worldpay and Vantiv were both spun out of their banks after the financial crisis and thrived on their home turf but are now part of a wave of payments company mergers around the world. British firm Paysafe Group ( PAYS.L ) has backed a 3 billion pound takeover offer from a consortium managed by Blackstone ( BX.N ) and CVC Capital Partners while London-based buyout fund Permira has taken a stake in payments company Klarna, one of Europe''s most highly valued tech startups. Danish payment services firm Nets A/S ( NETS.CO ) has been approached by potential buyers in what could be another sizeable deal and French payments specialist Ingenico joined the rush with a 1.5 billion euro swoop on Swedish rival Bambora. Reporting by Pamela Barbaglia and Ben Martin; editing by David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-worldpay-vantiv-idUKKBN1AO0L5'|'2017-08-08T11:08:00.000+03:00'
'4c1e99a1c8596dbf94c45ed72b1da5bd69ae4dee'|'Paysafe reports 17.3 percent jump in first-half adjusted core earnings'|'August 8, 2017 / 6:22 AM / 16 minutes ago Paysafe reports 17.3 percent jump in first-half adjusted core earnings Reuters Staff 1 Min Read (Reuters) - Payments processing company Paysafe Group ( PAYS.L ) said adjusted core earnings rose 17.3 percent, as more people used the company''s prepaid digital wallets to make payments. The company, which offers pre-paid cashcards and online wallets that are popular among online gambling customers, said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 169.2 million pounds ($220.55 million) for the period ended June 30. Revenue also rose to 538.7 million pounds for the period, compared with 486.7 million pounds last year. Paysafe has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone ( BX.N ) and CVC Capital Partners CVC.UL, the latest in a string of deals in the sector. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-paysafe-results-idUKKBN1AO0JC'|'2017-08-08T09:22:00.000+03:00'
'a4fed3951714aad6e5392036c240b63c1ea5e0ca'|'UK''s Cineworld half-year revenue rises 17.8 percent'|'August 10, 2017 / 6:37 AM / an hour ago UK''s Cineworld half-year revenue rises 17.8 percent Reuters Staff 2 Min Read (Reuters) - British cinema operator Cineworld Group Plc ( CINE.L ) said half-year revenue rose 17.8 percent, boosted by strong box office performance of movie titles such as "Beauty and the Beast", "Guardians of the Galaxy Vol. 2" and "The Fate of the Furious". Cineworld, which operates 2,136 movie screens, said group box office revenue grew 17.7 percent to 267.2 million pounds ($346.7 million) for the half year ended June 30, while admissions rose 10 percent to 50.7 million. Group revenue rose to 420.2 million pounds for the period, from 356.7 million pounds a year ago. The company''s retail revenue from selling items such as popcorn and soft drinks rose 22 percent to 103.3 million pounds. A 2.4 percent increase in average ticket prices to 5.27 pounds also helped grow revenue, the company said. Cineworld, founded in 1995, has grown through a string of acquisitions, coupled with an uptick in the number of movie-goers over the years. Shares in the company have risen more than four fold since their London market debut in 2007. The operator said it was confident of delivering full-year performance in line with current market expectations, with significant releases in the second half such as "Justice League", "Thor: Ragnarok", "Kingsman: The Golden Circle" and "Star Wars: Episode VIII". Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-cineworld-group-results-idUKKBN1AQ0MK'|'2017-08-10T09:51:00.000+03:00'
'b0365fa922e082a9b07b84acb8b3b9d1af211c6b'|'Exclusive - Tesla developing self-driving tech for semi-truck, wants to test in Nevada'|'August 9, 2017 / 8:04 PM / 36 minutes ago Exclusive - Tesla developing self-driving tech for semi-truck, wants to test in Nevada Marc Vartabedian 5 Min Read FILE PHOTO - Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S. on July 19, 2017. Aaron P. Bernstein/File Photo SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) is developing a long-haul, electric semi-truck that can drive itself and move in "platoons" that automatically follow a lead vehicle, and is getting closer to testing a prototype, according to an email discussion of potential road tests between the car company and the Nevada Department of Motor Vehicles (DMV), seen by Reuters. Meanwhile, California officials are meeting with Tesla on Wednesday "to talk about Tesla''s efforts with autonomous trucks," state DMV spokeswoman Jessica Gonzalez told Reuters. The correspondence and meeting show that Tesla is putting self-driving technology into the electric truck it has said it plans to unveil in September, and is advancing towards real-life tests, potentially moving it forward in a highly competitive area of commercial transport also being pursued by Uber Technologies Inc [UBER.UL] and Alphabet Inc''s ( GOOGL.O ) Waymo. After announcing intentions a year ago to produce a heavy-duty electric truck a year ago, Musk tweeted in April that the semi-truck would be revealed in September, and repeated that commitment at the company''s annual shareholder meeting in June, but has never mentioned any autonomous-driving capabilities. Tesla has been a leader in developing autonomous driving capability for its luxury cars, including the lower-priced Model 3, which it is beginning to manufacture. Several Silicon Valley companies developing autonomous driving technology are working on long-haul trucks. They see the industry as a prime early market for the technology, citing the relatively consistent speeds and little cross traffic trucks face on interstate highways and the benefits of allowing drivers to rest while trucks travel. Some companies also are working on technology for "platooning", a driving formation where trucks follow one another closely. If trucks at the back of the formation were able to automatically follow a lead vehicle, that could cut the need for drivers. PROTOTYPE TESTS An email exchange in May and June between Tesla and Nevada DMV representatives included an agenda for a June 16 meeting, along with the Nevada Department of Transportation, to discuss testing of two prototype trucks in Nevada, according to the exchange seen by Reuters. "To insure we are on the same page, our primary goal is the ability to operate our prototype test trucks in a continuous manner across the state line and within the States of Nevada and California in a platooning and/or Autonomous mode without having a person in the vehicle," Tesla regulatory official Nasser Zamani wrote to Nevada DMV official April Sanborn. FILE PHOTO - A Tesla store is shown at a shopping mall in San Diego, California, U.S. on April 28, 2017. Mike Blake/File Photo No companies yet have tested self-driving trucks in Nevada without a person in the cab. On July 10, Zamani inquired further to the Nevada DMV about terms for a testing license, an email seen by Reuters shows. California DMV spokeswoman Gonzalez said that Tesla had requested a meeting on Wednesday to introduce new staff and talk about Tesla’s efforts with autonomous trucks. She said that the DMV was not aware of the level of autonomy in the trucks. Tesla declined to comment on the matter, referring Reuters to the previous statements by Musk, who has discussed the truck in tweets and at the annual shareholder meeting. Nevada officials confirmed the meeting with Tesla had occurred and said that Tesla had not applied for a license so far. They declined to comment further. SCEPTICS Musk has said that potential customers are eager to get a Tesla electric long-haul truck, but he faces doubt that the company can deliver. While established trucking companies and truck manufacturing startups have poured resources into electrifying local package delivery fleets, battery range limitations have largely kept the industry from making electric trucks that travel across swaths of the country. Lithium ion battery researcher Venkat Viswanathan of Carnegie Mellon University said electric long-haul trucking is not economically feasible yet. “Your cargo essentially becomes the battery,” Viswanathan said of the massive batteries that would be needed to make range competitive with diesel. Diesel trucks used for cross-country hauls by United Parcel Service Inc ( UPS.N ) can travel up to 500 miles (800 km) on a single tank, according to UPS''s director of maintenance and engineering, international operations, Scott Phillippi. By comparison, the company''s electric local package delivery trucks travel up to 80 miles on a full charge. Reporting By Marc Vartabedian; Editing by Peter Henderson and Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tesla-truck-autonomous-exclusive-idUKKBN1AP2G9'|'2017-08-09T23:03:00.000+03:00'
'1ddce94f6f960033e31073b893f83701f909e403'|'Saudi Aramco awards first contract for planned shipyard complex'|'FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo DUBAI (Reuters) - Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion shipyard complex designed to reduce Saudi Arabia''s dependence on oil exports.The national oil company said on Tuesday it awarded the contract for dredging, reclamation and marine structures to a consortium comprising Saudi Archirodon Co and Huta Hegerfeld AG Saudia Co.Aramco, which is leading construction of the shipyard, did not reveal the value of the contract but said it would be completed by 2020. Among other things, it includes building 4,500 meters of concrete quay walls and wharves, as well as breakwaters, at Ras Al Khair on the east coast.Reporting by Andrew Torchia; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-saudi-aramco-shipyard-idUSKBN1AO1KF'|'2017-08-08T16:41:00.000+03:00'
'53b781217760512b0f30e235d17a05e03359626f'|'UK''s Pets at Home first-quarter revenue up on vet services demand'|'August 8, 2017 / 6:35 AM / 34 minutes ago UK''s Pets at Home first-quarter revenue up on vet services demand Reuters Staff 2 Min Read (Reuters) - Pets at Home Group Plc ( PETSP.L ) said first-quarter revenue grew 5 percent on strong demand for its veterinary and pet grooming services. The company, which operates from 439 stores located across the UK, said like-for-like revenue in the services division, made up of brands such as Vets4Pets and The Groom Room, rose 10 percent for the 16 weeks to July 20. Revenue for the company rose 5 percent to 256.5 million pounds ($334.4 million) Shares in Pets at Home rose as much as 8 percent on Tuesday after the company said financial outlook for the year was in line with its expectations. The country''s largest pet shop chain said it was on track to open 10 superstores, 40-50 vet practices and 40-50 grooming salons this year. The firm, which listed on the London Stock Exchange in 2014, has banked on continued demand for animal nutrition products, veterinary treatments and a growing market for grooming services. Shares in the company were up 5.8 percent at 182 pence at 0718 GMT. Reporting by Rahul B in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-pets-at-home-grp-results-idUKKBN1AO0KK'|'2017-08-08T09:35:00.000+03:00'
'5f082cba5b3e3a5daaee806447d26d1fa774107b'|'UPDATE 1-UK Stocks-Factors to watch on Aug 8'|'(Adds company news, futures)Aug 8 (Reuters) - Britain''s FTSE 100 index is seen opening 16 points lower at 7516.3 on Tuesday, according to financial spreadbetters, with futures down 0.13 percent ahead of the cash market open.* TP ICAP: TP ICAP Plc, the world''s largest voice broker, reported a 23.1 percent rise in underlying operating profit to 144 million pounds ($188 million) on Tuesday.* WORLDPAY: British payments firms Worldpay said on Tuesday that the deadline for its long-awaited deal with U.S. suitor Vantiv has been pushed back by yet another four days as the two companies need more time to reach a final agreement.* PETS AT HOME: Pets at Home Group Plc said first-quarter revenue grew 5 percent on strong demand for its veterinary and pet grooming services.* SIG: Construction materials supplier SIG Plc said revenue rose 8.6 percent in the first half of the year, helped by growth in mainland Europe, slightly above its trading update issued last month.* STANDARD LIFE: Insurer and asset manager Standard Life posted a 6 percent rise in first-half operating profit on Tuesday, as it nears completion of an 11 billion pound ($14.35 billion) merger with Aberdeen Asset Management .* INTERCONTINENTAL HOTELS: InterContinental Hotels Group (IHG) on Tuesday reported slower global rooms revenue growth for the second quarter, hurt by a decline in U.S. growth due to a later Easter this year.* WHITBREAD: Samhi hotels is looking to buy the Indian portfolio of Whitbread Plc''s Premier Inn business for 6 billion rupees according to media reports in the Times of India.* BREXIT: A shortage of staff for British employers worsened in July, hurt by the departure of European Union workers after last year''s Brexit vote, a group representing recruitment agencies said on Tuesday.* UK SALES: British retail sales grew more slowly in July, data published on Tuesday showed, as shoppers cut back on non-essential spending and budgeted for the higher price of food following the Brexit vote.* GOLD: Spot gold had risen 0.2 percent to $1,259.43 per ounce, by 0415 GMT.* OIL: Global benchmark Brent crude futures were down 23 cents, or 0.4 percent, at $52.14 a barrel at 0244 GMT after dipping 0.1 percent in the previous session.* Britain''s top share index powered ahead on Monday, helped by gains among commodity-related firms though shares in Paddy Power Betfair slumped after its CEO announced plans to step down. Britain''s blue chip FTSE 100 index ended the session with a gain of 0.3 percent at 7,531.94 points, outperforming a broader decline in the pan-European STOXX 600 index.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsToday''s Uk Papers > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KU2P8'|'2017-08-08T14:54:00.000+03:00'
'a83d79e2a1954e7abf586d8cc5a1c3d892a92689'|'Fed won''t need to raise interest rates in near term - Bullard'|'FILE PHOTO - The seal for the Board of Governors of the Federal Reserve System is on display in Washington, DC, U.S. on June 14, 2017. Joshua Roberts/File Photo REUTERS - The Federal Reserve can leave interest rates where they are for now because inflation is not likely to rise much even if the U.S. job market continues to improve, St. Louis Fed President James Bullard said on Monday."The current level of the policy rate is likely to remain appropriate over the near term," Bullard said in slides prepared ahead of a speech to the America''s Cotton Marketing Cooperatives 2017 Conference in Nashville, Tennessee.The personal consumption expenditures (PCE) price index excluding food and energy, which is the Fed''s preferred gauge of inflation, has been running at 1.5 percent and has trended away from the central bank''s 2 percent target in recent months.Bullard said that measure of inflation is forecast to rise only to 1.8 percent even if the U.S. unemployment rate falls to 3 percent from the current 4.3 percent. With so little upward pressure on inflation, the Fed does not need to raise rates to slow growth, he said.Bullard''s comments are largely in line with those he has been making for over a year, arguing that the Fed does not need to raise rates until the U.S. economy breaks out of its pattern of about 2 percent annual growth.That''s unlikely to happen in the near term, Bullard said on Monday. The economy grew just 1.9 percent on an annualized rate in the first six months of the year despite a rebound in the second quarter after a sluggish first quarter."The 2 percent growth regime appears to remain intact," Bullard said.Bullard does not vote on monetary policy this year at the Fed, though he participates in the central bank''s regular policy discussions in Washington.Reporting by Ann Saphir; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-bullard-idINKBN1AN1WP'|'2017-08-07T19:42:00.000+03:00'
'6d20f1d8cbaca7aee6dc3d91fe9006b3415b8364'|'UK''s TP ICAP reports first-half underlying profit up 23 percent'|'August 8, 2017 / 6:41 AM / 31 minutes ago UK voice broker TP ICAP''s first-half underlying profit rises 23 percent Reuters Staff 2 Min Read (Reuters) - TP ICAP Plc ( TCAPI.L ), the world''s largest voice broker, reported a 23.1 percent rise in underlying operating profit, helped by a strong performance in its rates business. Underlying operating profit was 144 million pounds in the first half, up from 117 million pounds a year earlier. The company, formed last year after Tullett Prebon bought ICAP''s hybrid voice broking unit, said its half-year revenue rose 11.7 percent to 925 million pounds ($1.21 billion). "Revenues during the first two months of 2017 were subdued until the interest rate rises in the U.S. in March. This pattern was repeated in the second quarter with April and May seeing mixed trading, but with better performance in June, again linked to interest rate moves," the company said in a statement. Revenue from its Global Broking business, the company''s largest, grew 11 percent to 670 million pounds in the six months ended June 30. TP ICAP said it achieved cost savings of 8 million pounds in the first half, after forecasting 10 million pounds for the year. The company said it expects to meet full-year expectations, boosted by synergies arising from integration programmes and extra cost saving initiatives. The company, which had about 2,729 employees as of Dec 31, said it cut 175 positions in the period. Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely and Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-tp-icap-results-idUKKBN1AO0KX'|'2017-08-08T09:41:00.000+03:00'
'dba6807fa7d50211255952c6133dbadab2b4c5af'|'Spain''s Balearic Islands to fine illegal tourist rentals'|'August 8, 2017 / 3:57 PM / in a day Spain''s Balearic Islands to fine illegal tourist rentals Sam Edwards 3 Min Read BARCELONA, Spain (Reuters) - Spain''s Balearic Islands will from Tuesday penalize landlords for illegally renting apartments to tourists with fines of up to 40,000 euros ($47,228) amid a backlash against the effects of mass tourism across the country. The move is an escalation in efforts to crack down on home-sharing sites such as Airbnb by city councils or local authorities in Spain, as concern mounts over the side-effects of their increasing popularity. Airbnb, much like ride-hailing firm Uber, is facing a crackdown from legislators worldwide triggered in part by lobbying from the hotel industry which sees the rental service as unfair competition. In the Balearic Islands, which drew more foreign visitors than any other region in Spain this June, rental costs have jumped and there are fears of a housing shortage for residents. Rental prices in Palma de Mallorca, the Mediterranean archipelago''s biggest city, have risen 40 percent in the last five years, according to property platform Mitula. The island of Ibiza has the biggest density of Airbnb rentals, with a tourist apartment for every 30 residents, data from analytics firm Airdna showed. Renting apartments without a licence was banned in the region in 2012 under a previous administration but enforcement was largely nonexistent, according to the Balearic government. Tourists crowd Palma de Mallorca''s Arenal beach on the Spanish Balearic island of Mallorca July 25, 2014. Enrique Calvo/File Photo "We want balanced and sustainable tourism so that it can keep being our lead economic activity for many years to come," the region''s tourism chief Biel Barcelo told Reuters. The new legislation establishes fines of between 20,000 and 40,000 euros for those offering short rentals without a license to tourists. Sunspot 1302 is seen on the sun as it rises in Palma de Mallorca, Spain''s Balearic islands September 29, 2011. Local residents will be able to report suspected illegal flats though a website, and online platforms such as Airbnb and Homeaway could also face fines of up to 400,000 euros if they are found to advertise rentals without a license number. The Balearics'' four islands will each have a year to decide if and where they will allow licensed tourist rentals to continue. Airbnb said the new rules were complex and confusing as they did not distinguish between local families sharing their homes and professional operators running a business. It said it was ready to collaborate with the local authorities on establishing clearer regulation. "By working together, we can help build sustainable tourism models that spread benefits to many - not keep them in the hands of a few," the firm said in an emailed statement. Barcelona, in the northeastern Spanish region of Catalonia and another tourism magnet, has also introduced controls on tourist apartments and sought to fine Airbnb and Homeaway for advertising ones that are unlicensed. Additional reporting by Madrid TV and Emily Lupton; Editing by Sarah White and Matthew Mpoke Bigg 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-spain-tourism-idUSKBN1AO1VB'|'2017-08-08T18:44:00.000+03:00'
'deecfbfa90cb7c5055b6a03f2b4161015653a163'|'Oil falls for third day as doubts over OPEC cuts linger'|'August 9, 2017 / 12:46 AM / 8 minutes ago Oil edges higher above $52 before U.S. inventory report Alex Lawler 3 Min Read FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Ramzi Boudina/File Photo LONDON (Reuters) - Oil rose further above $52 (39.96 pounds) a barrel on Wednesday ahead of a U.S. inventory report expected to show crude stocks dropped for a sixth week, although gains were capped by doubts about compliance with OPEC-led supply cuts. Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday before the release of Wednesday''s official numbers. Brent crude, the global benchmark, was up 21 cents at $52.35 at 0915 GMT, after two days of decline. U.S. West Texas Intermediate (WTI) crude added 20 cents at $49.37. Wednesday''s focus will be on the U.S. government report at 1430 GMT to see whether it confirms the figures from the API, an industry group. Analysts expect crude stocks to have fallen by 2.7 million barrels and gasoline by 1.5 million barrels. [EIA/S] "They are also likely to show a significant inventory reduction due to lower imports," Commerzbank''s Carsten Fritsch said of the Energy Information Administration report. "It seems to be toppish and prices are struggling to rise on bullish news," he added. A further drop in U.S. crude stocks would raise hopes that an OPEC-led effort to wipe out a three-year, price-sapping supply glut is working. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) from Jan. 1 until March 2018. The deal has supported prices but an output recovery in Libya and Nigeria, OPEC members exempt from the cut, has complicated the effort. U.S. shale oil drillers have also ramped up production. OPEC officials met on Monday and Tuesday in Abu Dhabi in an effort to boost producers'' adherence to the supply cuts, which has been high on average despite relatively low compliance by Iraq and the United Arab Emirates. In a statement after the meeting, OPEC said the conclusions reached would help boost compliance. Still, it gave little detail and some analysts remained sceptical. "The statement on the OPEC website following the Abu Dhabi meeting was short on substance," Vienna-based JBC Energy said. Top OPEC exporter Saudi Arabia, keen to get rid of the glut, has shown one of OPEC''s highest rates of compliance and in September will cut crude allocations to customers by at least 520,000 bpd, an industry source said on Tuesday. Additional reporting by Aaron Sheldrick; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil-idUKKBN1AP02A'|'2017-08-09T03:45:00.000+03:00'
'631b924fbbcae06ff6dbdb83c65e235ca55d769a'|'Trump adds trademarks in casino hub Macau'|'August 7, 2017 / 3:31 AM / in 13 hours Trump adds trademarks in casino hub Macau 3 Min Read FILE PHOTO: Casinos of Wynn and SJM Holdings are seen in a general view of Macau, China October 8, 2015. Bobby Yip/File Photo HONG KONG (Reuters) - A company linked to U.S. President Donald Trump has been granted approval from the Chinese territory of Macau for additional trademarks, including casino services, to develop the "Trump" brand in the world''s biggest gambling center. DTTM Operations LLC, which listed the address of Trump Tower on Fifth Avenue in New York, received four trademark approvals on June 7, online documents from the Macau government show. They include real estate services, construction and development, hotel property, food and beverage and conference facilities. Trump, a wealthy real estate developer with a sprawling business empire, has said that he has handed over his business interests to a trust overseen by one of his sons and a Trump Organization executive. However, he remains linked to the trust financially. Trump''s trademarks in Macau date back to 2005, when he has registered under the names Donald J Trump, DTTM and Trump Companhia Limitada. There is currently no Trump-branded property or casino facilities in the southern Chinese enclave where U.S. billionaires Sheldon Adelson and Steve Wynn have their multibillion dollar lavish gambling forts. Macau''s casino operators, which also include Galaxy Entertainment Group, Melco Resorts, SJM Holdings and MGM China, have reaped billions of dollars from Macau''s casino boom. Gambling revenues in the special administrative region belonging to China surged by more that seven times that of Las Vegas'' prior to 2014. Now on a more tempered growth route, Macau''s casino industry is still the most sought after destination for operators, despite rival Asian hubs like the Philippines and Singapore posting solid growth, due to its proximity to mainland China. Macau''s casino licenses will start to expire in 2020 and the government has yet to comment on what the new process will be, apart from stating there will likely be a new bidding process. The government''s tough stance in a dispute with land developers is rattling the nerves of casino executives, who say the row points to a likely tougher stance in their own, imminent, talks to renew operating licenses. Reporting by Farah Master and Donny Kwok; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-trump-macau-idUSKBN1AN0AD'|'2017-08-07T06:31:00.000+03:00'
'91bee0c794b19e2fa2bc7293fe058c8db609b4f2'|'Open Fiber head says well-placed to buy Telecom Italia''s network'|'FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy, March 22, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Italy''s new telecoms network company Open Fiber would be in a good position to buy Telecom Italia''s (TIM) network, it said on Monday, adding to a growing debate on whether the former phone monopoly should sell its most prized asset.Italian politicians have been calling on and off since 2006 for the network to be transferred to a state-controlled entity as Rome considers it a strategic asset that should be a neutral platform open to all phone companies.Telecom Italia has also been criticized for putting off costly upgrades to its ageing copper network to provide faster internet connections and is now facing competition from Open Fiber, which is owned by state-controlled utility Enel and state-owned lender Cassa Depositi e Prestiti (CDP).Telecom Italia and Open Fiber, which was founded at the end of 2015, are building competing fast internet networks across Italy, though many industry experts say such costly duplication makes little economic sense."Open Fiber, or its shareholders, would be well placed to buy Telecom''s network, as it could make the most of the synergies between the two networks and speed up a migration from copper to fibre," Open Fiber Chairman Franco Bassanini told La Stampa daily in an interview.The plan to transfer Telecom Italia''s network, which according to some estimates could be worth up to 15 billion euros ($17.7 billion), has foundered in the past over its valuation and because TIM insisted on hanging onto the business.However, the idea is gaining traction once again with a view to fostering cooperation to allow a speedy roll-out of an ultra-fast broadband network across Italy.NETWORK FRICTION The future of the network could also become a bargaining chip to soothe relations between the government and France''s Vivendi, which is TIM''s top shareholder and is under scrutiny for its growing influence over Italian business."A spin-off ... would make it easier to reach some sort of agreement or tie-up that avoids a duplication of infrastructure and speeds up the roll-out of the next generation''s network," Bassanini said.Speculation about a possible spin-off has also been rekindled by Telecom Italia Chairman and Vivendi CEO Arnaud de Puyfontaine, who said on July 28 it was an "interesting" option and "something that will be discussed in the future".A sale of the network could help Vivendi mend its fraught relations with Italian regulators.Italy''s communications regulator has told the French media company to cut its stake in either TIM or broadcaster Mediaset, arguing it was in breach of rules aimed at avoiding a concentration of power in the telecoms and media sectors.The government is also looking at whether Vivendi duly informed it that it exercised de facto control over TIM. Vivendi appointed two-thirds of the phone company''s board and recently played a key role in the departure of CEO Flavio Cattaneo.According to Italian newspaper Il Sole 24 Ore, Vivendi will have to declare whether it controls Telecom Italia on Monday following a request from Italy''s market watchdog Consob.Telecom Italia could spin off its fixed-line network and list it on the stock market, allowing the company to extract more value from the asset and offload some of its debt, according to Italian media reports.Britain''s BT has faced similar criticism from rivals who say it has not invested enough in upgrading its own copper network to speed up internet connections around the country.After months of negotiations, the British regulator in March allowed BT to keep the network, but said it must be legally separated, with an independent board responsible for setting its strategy and operations. The Czech Republic is one of the few in Europe to separate its network infrastructure from consumer telecoms businesses to allow each to focus on its specialization and unlock value.In 2015, O2 Czech Republic, which included former fixed-line monopoly Czech Telecom and mobile operator Eurotel, was split.The fixed-line networks business was spun off to become part of the PFF private equity group controlled by the Czech republic''s wealthiest man, billionaire Petr Kellner, leaving the phone operations with O2 Czech Republic.Reporting by Valentina Za and Stefano Rebaudo; additional reporting by Paul Sandle in London and Eric Auchard in Frankfurt; writing by Silvia Aloisi; editing by David Clarke'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-telecom-italia-open-fiber-network-idINKBN1AN1DP'|'2017-08-07T10:09:00.000+03:00'
'832b9ddf2fd6c8454cdfa515f11c3153479e15bc'|'Siemens to update medical scanner software to deal with security bugs'|'August 7, 2017 / 4:04 PM / 38 minutes ago Siemens to update medical scanner software to deal with security bugs Georgina Prodhan 4 Min Read FILE PHOTO: A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. Edgard Garrido/File Photo FRANKFURT (Reuters) - German industrial group Siemens ( SIEGn.DE ) expects to update software in some of its medical scanners by the end of the month to deal with vulnerabilities that could, in theory, allow some of this equipment to be hacked, a company spokesman said on Monday. Last week, the U.S. Department of Homeland Security issued a security notice warning that "an attacker with a low skill would be able to exploit these vulnerabilities" using known weaknesses that exist in older Windows software. ( goo.gl/9NG1ya ) The Siemens spokesman said no evidence of any attack had been found. Siemens'' action provides more evidence of a growing focus on preventing cyber attacks on medical equipment, which for years ranked low on the list of potential hacking targets. The vulnerabilities identified by Siemens were in its PET (positron emission tomography) scanners that run on Microsoft Windows 7 ( MSFT.O ), which could be exploited remotely. PET scanners help to reveal how tissues and organs are functioning by using a radioactive drug to trace activity. They can reveal or assess cancer, heart disease and brain disorders. Initially, the Munich-based company advised hospital and other medical customers to disconnect the scanners until a update was released. But the company spokesman said on Monday that after further review, it no longer believed disconnecting the scanners was necessary. Siemens has assigned a security severity rating of 9.8 out of 10, using the open industry standard CVSS (Common Vulnerability Scoring System) risk assessment system, according to the U.S. security notice. "Based on the existing controls of the devices and use conditions, we believe the vulnerabilities do not result in any elevated patient risk," Siemens said. "To date, there have been no reports of exploitation of the identified vulnerabilities on any system installation worldwide." Large imaging machines such as PET scanners are typically not directly connected to the Internet but are connected to clinical IT systems, which can be infected, for example, by an email attachment sent to a different part of the system. "It''s pretty serious," UK-based independent computer security analyst Graham Cluley said. "It does seem that these vulnerabilities can be exploited remotely and rather trivially." He said hospitals in general were badly protected against hacking, partly because of underfunding and partly because some older medical machines are not compatible with the latest versions of software operating systems. The global WannaCry cyber attack in May highlighted the vulnerability of medical systems when it caused major disruption to X-ray machines and other computer equipment in Britain''s National Health Service, forcing hospitals to turn away patients. Earlier this year, Abbott Laboratories ( ABT.N ) moved to protect patients with its St. Jude heart implants against possible cyber attacks, releasing a software patch that the firm said would reduce the "extremely low" chance of them being hacked. Siemens plans a public listing for its healthcare unit, Healthineers, next year. The IPO is expected to value the business at up to 40 billion euros (36.09 billion pounds). Additional reporting by Eric Auchard. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-siemens-healthcare-cyber-idUKKBN1AN1YH'|'2017-08-07T19:06:00.000+03:00'
'dc24843b02f024ca1dc12fd09e23bb636cd2f6f6'|'BRIEF-Mimecast announces first quarter 2018 financial results'|'August 7, 2017 / 8:54 PM / 7 minutes ago BRIEF-Mimecast announces first quarter 2018 financial results 1   Mimecast Ltd * Q1 non-GAAP earnings per share $0.01 * Q1 GAAP loss per share $0.03 * Sees Q2 2018 revenue $59.7 million to $60.3 million * Q1 revenue $58.2 million versus I/B/E/S view $54.9 million * Q1 earnings per share view $0.01 -- Thomson Reuters I/B/E/S * Mimecast Ltd - for full year 2018, revenue is expected to be range of $246.8 million to $252.1 million or 30 percent to 33 percent revenue growth in constant currency * Mimecast Ltd - for full year 2018 adjusted EBITDA is expected to be in range of $20.1 million to $22.1 million * Mimecast Ltd - for Q2 of 2018 adjusted EBITDA for Q2 is expected to be in range of $5.0 million to $6.0 million * Q2 revenue view $58.4 million -- Thomson Reuters I/B/E/S * FY2018 revenue view $243.8 million -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-mimecast-announces-first-quarter-idUSASB0BDU7'|'2017-08-07T23:53:00.000+03:00'
'b7953fdbd54c9dd210015e2c35ef75d07382d0c5'|'Warburg Pincus-backed ESR in talks to buy Singapore''s Sabana REIT: sources'|'SINGAPORE (Reuters) - Asian logistics developer e-Shang Redwood is in advanced talks to buy struggling Sabana REIT, sources familiar with the process said, as a first step in the consolidation of Singapore''s $3.5 billion mid-cap industrial trusts.The developer (ESR) has been conducting due diligence on Sabana Shariah Compliant Industrial Real Estate Investment Trust (REIT) and is set to complete talks in a few months, the sources said, adding that no deal had been agreed yet.As one of Asia''s biggest owners of logistics properties with assets in China, Japan and South Korea, ESR wants to spearhead a consolidation among Singapore real estate trusts by taking advantage of its scale and deep funding, the sources said.In response to the Reuters story, both Sabana and ESR issued regulatory statements and confirmed they were holding discussions and exploring options in connection with Sabana''s strategic review. However, they said there is no assurance that any transaction will materialize from the talks."Pursuant to the ongoing strategic review exercise, the manager is currently in discussions with ESR Funds Management (S) Ltd in its capacity as manager of ESR-REIT to explore options in connection with our strategic review," Sabana told the Singapore exchange late on Monday.On Tuesday, ESR Funds told the exchange that it had been approached by Sabana.Sabana REIT''s units on the Singapore stock exchange jumped 10 percent to their highest in nearly four months on Monday before the company asked for a trading halt. More than 6.5 million units traded, seven times the 30-day average volume.The units were flat on Tuesday morning after the resumption of trade.ESR, which is backed by private equity firm Warburg Pincus, said in March it had taken a 5 percent stake in Sabana REIT, which has assets of about S$1 billion ($735 million) comprising warehouses, logistics and high-tech industrial properties.ESR has bought into other industrial real estate investment trusts recently. Late last year it agreed to buy 10.65 of Cambridge Industrial Trust, which was later renamed ESR-REIT. In January, ESR also bought an 80 percent indirect stake in the manager of that trust.ESR''s purchases come as smaller industrial trusts bear the brunt of falling rents and higher vacancies as troubled offshore marine services firms and manufacturing companies cut operations in a lackluster economy."These are strategic investments by ESR. The next step is a consolidation of sub-scale REITs," said one of the sources.Warburg Pincus, ESR and ESR-REIT declined to comment. The sources requested anonymity as the talks are private.STRATEGIC REVIEW Singapore''s industrial REITs sector is crowded with smaller companies such as Sabana REIT, ESR-REIT and Soilbuild Business Space REIT which have found it challenging to grow in the last few years, analysts said."They should either come together or sooner or later they could be bought out by someone who has deeper pockets and then consolidate across pan-Asia," said Alan Cheong, senior director at consultancy Savills Research, referring to smaller REITs.REITs get their earnings from rentals and pay out most of their taxable income as dividends to investors.One of the sources said ESR was expected to hold discussions with large shareholders in other Singapore REITs with a view to consolidating ownership in the companies.Sabana REIT and ESR-REIT are trading at discounts to their book values while Soilbuild is trading at book value.Larger firms such as Temasek-owned Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust are coping much better in the downturn."Most of the smaller guys operate warehouses, logistics properties and factories where the occupancy has been declining and the challenges will continue easily over six to nine months before we see any recovery," said Moody''s analyst Rachel Chua, adding that business parks were expected to fare better.Sabana came under criticism from some investors after its already-underperforming units fell further in December following a fund raising announced by the company to finance acquisitions.Sabana''s manager then terminated the acquisitions and set up a strategic review to explore options to boost its performance. Last week, Sabana said it was still evaluating non-binding proposals from several parties.Reporting by Anshuman Daga; additional reporting by Aradhana Aravindan in Singapore and Gaurav Dogra in Bengaluru; Editing by Muralikumar Anantharaman and David Clarke'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sabana-shariah-m-a-esr-idINKBN1AM0W1'|'2017-08-06T21:03:00.000+03:00'
'1ab8ef70ba77ca9ca6820df285ca40d28b6a3dd9'|'RPT-Takata seeks to suspend air bag victims'' lawsuits against carmakers'|'WILMINGTON, Del./WASHINGTON, Aug 8 (Reuters) - Takata Corp''s bankrupt U.S. business will ask a federal judge on Wednesday to suspend lawsuits against automakers that have been brought by people injured by its faulty air bag inflators, something that opponents say is an abuse of the law.Takata and TK Holdings Inc, the company''s U.S. unit, filed for bankruptcy in June and said they faced tens of billions of dollars in liabilities from its inflators, which are subject to the biggest recall in automotive history.Bankruptcy automatically stayed hundreds of lawsuits against TK Holdings for wrongful death, injuries, economic loss and breach of consumer protection laws. But in July the company sought a preliminary injunction to suspend lawsuits against automakers that use its inflators.Without the injunction, Takata said the litigation would distract management from completing the sale of the company''s viable operations to Key Safety Systems for $1.6 billion and could threaten the supply of air bag inflators to replace recalled ones.Plaintiffs'' lawyers called the requested injunction "an abuse of the bankruptcy laws for the benefit of all of the world''s largest automobile manufacturers." They said Takata''s request would delay consideration of plaintiff''s lawsuits for six months or more, which would be a very long time for the plaintiffs.The official bankruptcy committee that represents injured drivers said in court papers the injunction would have "human consequences" and prevent people from pursuing compensation.The committee cited the example of a 23-year-old New Jersey woman whose quadriplegia resulted from brain injuries that a government investigator said were caused by a faulty Takata air bag.The woman''s lawyers estimated her economic loss would be $18 million, which does not include potential damages for pain and suffering.At least 18 deaths and 180 injuries worldwide have been linked to Takata air bags. Takata has said it expected 125 million vehicles worldwide to be recalled by 2019.Takata set aside $125 million to compensate those injured by its air bags as part of a guilty plea, but plaintiffs'' lawyers argue it will not be enough.Major automakers including BMW AG, Ford Motor Co , Honda Motor Co Ltd and Toyota Motor Corp sided with Takata in backing a six-month delay in lawsuits, arguing in a court filing that doing so would "advance the interests of their customers and the safety of the motoring public by increasing the likelihood" the Takata restructuring will succeed and "protect the supply of replacement inflators and diminish the risk of future deaths and injuries." (Reporting by Tom Hals in Wilmington, Delaware, and David Shepardson in Washington; Additional reporting by Tracy Rucinski in Chicago; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/takata-bankruptcy-usa-lawsuit-idINL1N1KU1UZ'|'2017-08-09T03:00:00.000+03:00'
'ae49a8223adcf7effb73b0631f74d47586dc1e16'|'Time Inc posts loss in second quarter, announces cost-cutting plan'|'August 8, 2017 / 10:19 AM / in 4 hours Time Inc misses revenue estimates, unveils new cost cuts Laharee Chatterjee 3 Min Read U.S. President-elect Donald Trump poses for photographer Nadav Kander for the cover of Time Magazine after being named its person of the year, in a picture provided by the publication in New York December 7, 2016. Time Magazine/Handout via REUTERS (Reuters) - Magazine publisher Time Inc ( TIME.N ) reported a lower-than-expected quarterly revenue on Tuesday and announced a fresh cost-cutting program. Shares of the company, down about 23 percent this year, fell another 6 percent in morning trading. The New York-based publisher of Sports Illustrated, People and namesake Time said it was targeting $400 million in spending cuts. The effort follows other recent measures by Time to slash spending including its move to eliminate 4 percent of its workforce and to cut its dividend payout. Time has struggled to boost magazine sales and advertising revenue as more people go online for news and entertainment and as advertisers shun the print medium for digital platforms such as Google and Facebook. To lower its dependence on print, Time has tapped areas such as television programming, streaming video and events. "We announced six new television projects and estimate to produce 40 hours of TV programming this year," Time CEO Rich Battista said on a call with analysts. Time last year launched an ad-supported streaming video website with celebrity, pop culture, and lifestyle content from its People and Entertainment Weekly brands. The company''s magazine circulation revenue fell 12 percent in the second quarter ended June 30. Advertising revenue also dipped about 12 percent, driven by declines in both print and digital advertising. "We believe our advertising revenues were negatively impacted by the public speculation about the ownership of the company and the trailing effect of the disruption from the reorganization of our advertising sales force," the company said in a statement. Time had come under pressure to explore a sale after activist hedge fund Jana Partners LLC unveiled a 5 percent stake in the company last August. Battista told Reuters in April that Time was "definitely" not up for sale after reports that the company had been in talks with Meredith Corp ( MDP.N ) about a potential deal. Any disruption to sales from speculation about a deal was largely over, Battista said on Tuesday. The company''s total revenue fell 9.7 percent to $694 million, missing analysts'' average expectation of $703.5 million, according to Thomson Reuters I/B/E/S. Time reported a loss of $44 million, or 44 cents per share in the second quarter, compared with a profit of $18 million, or 79 cents per share, a year earlier. Excluding items, the company earned 13 cents per share. Analysts had expected 11 cents. Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-time-inc-results-idUSKBN1AO124'|'2017-08-08T13:19:00.000+03:00'
'1fcaa795c4f1e1e289748f19beb4b7218f890c0e'|'HSBC plans Saudi growth thanks to kingdom''s ''unprecedented'' transformation'|'August 8, 2017 / 2:51 PM / 6 hours ago HSBC plans Saudi growth thanks to kingdom''s ''unprecedented'' transformation Tom Arnold , Hadeel Al Sayegh and Saeed Azhar 6 Min Read Georges Elhedery, HSBCÕs chief executive for the Middle East and North Africa, gestures during an interview with Reuters in Dubai, United Arab Emirates August 7, 2017. Tom Arnold DUBAI (Reuters) - HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks on one of the biggest economic transformations attempted by any country, the bank''s regional chief Georges Elhedery told Reuters. Opportunities for investment banks have increased tremendously due to Vision 2030, the reform programme launched by Crown Prince Mohammed bin Salman to diversify the economy and end its reliance on oil exports, Elhedery said in an interview. Riyadh has ambitious privatisation plans, including to raise $100 billion through the listing of five percent of state oil firm Saudi Aramco at home and on one or more overseas markets. On top of that it is opening up the Saudi stock market - something HSBC estimates could attract up to $20 billion in foreign capital - and encouraging local people to save more. "The transformation is probably unprecedented in the region and has few historic precedents outside the region for that scale," said Elhedery, who is HSBC''s Middle East and North Africa chief executive. He cited China''s economic reforms of recent decades and major changes in Britain under prime minister Margaret Thatcher in the 1980s. "Saudi Vision 2030 fits there among these mega transformation plans," he said. Competition among the big investment banks to grab deals in the Saudi market is fierce. Citigroup obtained a Saudi investment banking licence in April and Goldman Sachs has applied to the capital markets regulator for a licence to trade equities, sources told Reuters in June. Credit Suisse intends to apply for a full banking licence and JPMorgan is adding bankers. HSBC, which already has over 12,000 staff across the Middle East and North Africa, had no plans to go on a mass recruiting exercise. However, the London-listed bank would hire some new staff and relocate some existing employees to the kingdom from outside, Elhedery said. New additions would be incremental, he added, but declined to give a number. HSBC, the largest international bank in the region, is the number one adviser for mergers and acquisitions and debt deals in Saudi Arabia, and the number five for equity capital markets so far this year, according to the latest Thomson Reuters data. In April it acted as one of the joint global coordinators for Saudi Arabia''s $9 billion dollar-denominated sukuk, while it is also one of three banks advising Saudi Aramco on what could be the largest ever share sale, sources have told Reuters. Other notable deals include advising the Saudi Stock Exchange on its planned public share sale and sovereign wealth fund Public Investment Fund on a possible purchase of a stake in ACWA Power, a developer and operator of power and water plants. "FANTASTIC" OPPORTUNITIES A 3D printed HSBC logo is seen in front of a displayed Saudi Arabia Riyal banknote in this illustration taken August 8, 2017. Dado Ruvic/Illustration The bank was also expecting to expand its business as a result of the opening of the stock market to foreign investors, a move that would create openings for its research, sales, execution, front office and custody services, said Elhedery. Qualified foreign institutions were allowed to begin investing directly in Saudi stocks in 2015 and qualification requirements were eased last year. The Capital Market Authority has also been revising rules to help the Saudi market enter international composite equity indexes, which would bring more foreign money. "Our economic estimate is that if you have FTSE inclusion, as well as MSCI emerging market inclusion for Saudi Arabia, the cumulative number can be in the range of $15 to $20 billion in inflows," he said. Slideshow (3 Images) Another cornerstone of Vision 2030 is encouraging Saudis to increase their savings from 6 percent of total household income now to 10 percent. Elhedery said the target created "fantastic" opportunities for its Saudi operations, which include a 40 percent stake in Saudi British Bank (SABB), and a 49 percent shareholding in HSBC Saudi Arabia, its investment bank. "When you increase the savings rate you need to give people products either through equity markets or asset management products or bonds or sukuk products," he said. The bank''s Saudi presence will be further strengthened with a merger between SABB and fellow local lender Alawwal Bank. This will create the kingdom''s third biggest bank and could, say analysts, involve HSBC acquiring the 40 percent owned by Royal Bank of Scotland in Alawwal. HSBC has already made staffing changes to help its Saudi business, including the secondment in April of Samer Deghaili, co-head of equity capital markets in the region, to its Saudi subsidiary. Some banking sources told Reuters that one reason HSBC was able to secure some deals in Saudi Arabia was by offering to accept lower fees for investment banking business. Elhedery dismissed this idea. "The client gives business to those who deserve it," he said. "The fees in this region in general terms have been lower than fees in the U.S. in the industry. But that ... is just the nature of this market." (This refiled version of the story adds dropped sourcing in 10th paragraph). editing by David Stamp'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-hsbc-idUKKBN1AO1QJ'|'2017-08-08T17:59:00.000+03:00'
'3133745e000134c62a0842262bcaa8c0e71f7711'|'OPEC holds second day of compliance talks, to issue statement - sources'|'August 8, 2017 / 11:16 AM / 2 hours ago OPEC holds second day of compliance talks, to issue statement: sources Rania El Gamal and Alex Lawler 2 Min Read FILE PHOTO: The OPEC logo is seen outside the group''s headquarters in Vienna, Austria May 24, 2017. Leonhard Foeger/File Photo DUBAI/LONDON (Reuters) - OPEC and non-OPEC officials were holding a second day of meetings in Abu Dhabi to discuss ways to boost compliance with their oil output-cutting pact, sources familiar with the talks said. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting production by about 1.8 million barrels per day (bpd) until March 2018 to get rid of a glut and support prices. In Abu Dhabi, a panel comprising Russia, Kuwait and Saudi Arabia, plus officials from OPEC''s Vienna headquarters, has met individually with officials from Iraq, the United Arab Emirates, Kazakhstan and Malaysia, one of the sources said. A statement on the compliance-boosting effort is being drafted and will probably be issued after the meeting concludes on Tuesday, two sources said. Major OPEC producers Iraq and the UAE have shown relatively low compliance with the deal based on figures OPEC uses to monitor its supply. Non-OPEC Kazakhstan and Malaysia have been boosting output in the last few months, according to the International Energy Agency. At a meeting held in Russia last month, both OPEC countries confirmed their commitment to the pact but offered no concrete plan on how to meet their production targets, sources said. Iraq and the UAE say the assessment of their production by secondary sources - figures from government agencies, consultants and industry media that OPEC uses to monitor its output - before the pact took effect in January was too low. They argue that as a result, the two countries have the unpalatable task of making an even bigger cut to comply fully. Editing by David Evans '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-opec-oil-compliance-idUKKBN1AO171'|'2017-08-08T14:13:00.000+03:00'
'ca0301143dd0780027fd8e6cbcb364f69c5307b8'|'Patrick Evans to be new CEO of Canada''s Dominion Diamond'|'Aug 9 (Reuters) - Patrick Evans, the former chief executive of Mountain Province Diamonds, will become the new CEO of Dominion Diamond Corp once a deal to purchase the Canadian diamond company closes later this year, he said on Wednesday.Dominion, the world''s third largest diamond producer by market value, has been looking for a CEO since January when its former head, Brendan Bell, quit.Last month Dominion agreed to a $1.2 billion takeover offer from U.S. billionaire Dennis Washington that will take private the Canadian-based diamond miner. Washington Companies said at the time that it would appoint a new CEO."I''ve joined Washington Companies and I''ll be taking over as CEO of DDC (Dominion Diamond Corp) at closing," Evans said in an email in response to a question from Reuters.The deal, which requires approval from more than two-thirds of Dominion shareholders, is expected to close in the fourth quarter. A competing bid for Dominion is unlikely, analysts have said.Neither Dominion nor Washington could immediately be reached for comment.Dominion, which owns a majority stake in the Ekati diamond mine in Canada''s Northwest Territories and a minority share of the nearby Diavik mine, launched a sales process for the company in March following an initial unsolicited approach from Washington.Evans left Mountain Province, which owns the Gahcho Kue mine in Canada''s Northwest Territories in a joint venture with Anglo American''s diamond unit De Beers, in June. (Reporting by Nicole Mordant in Vancouver; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/dominion-diamond-ceo-idUSL1N1KV2EB'|'2017-08-10T04:50:00.000+03:00'
'880abe8235a5ee88106d729f15d772dbae083f13'|'BRIEF-1347 Property Insurance Q2 earnings per share $0.15'|' 35 PM / 16 minutes ago BRIEF-1347 Property Insurance Q2 earnings per share $0.15   1347 Property Insurance Holdings Inc : * 1347 Property Insurance Holdings Inc announces 2017 second quarter financial results * Q2 earnings per share $0.15 * 1347 Property Insurance Holdings Inc says net premiums earned increased 9.5% to $8.2 million for quarter ended June 30, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-1347-property-insurance-q2-earning-idUSASB0BF5I'|'2017-08-10T23:35:00.000+03:00'
'c82bd8e247cb6cd345e97cd620b605222836059d'|'UPDATE 2-Brexit hiring hold hits Adecco revenue, shares drop'|'* CEO more optimistic about European economic development* Brexit weighs on hiring in UK professional staffing* Shares down 5 pct at 0936 GMT after results lag peers (Adds CEO comments, share price reaction, analyst)By John RevillZURICH, Aug 10 (Reuters) - Adecco shares fell 5 percent on Thursday after its results lagged rivals Randstad and Manpower as a Brexit hiring slowdown hit revenues from IT and finance workers in Britain.The Swiss recruitment firm reported a 1 percent rise in net profit to 192 million euros ($225.3 million) in the three months ended June 30, just missing the average analyst estimate of 194 million euros in a Reuters poll.But Adecco said its underlying sales grew 6 percent during the second quarter, the same rate as the first three months, while growth in July had continued at a similar rate."I am definitely more optimistic than I was three or six months ago...With today''s knowledge, we see this growth continuing," Chief Executive Alain Dehaze told Reuters.Sales rose to 5.97 billion euros from 5.7 billion euros a year earlier, just below expectations of 6.03 billion euros."Organic growth and margin development was slightly below expectations, and in the current negative market environment if companies disappoint then the shares suffer a bit more than usual," Bank Vontobel analyst Michael Foeth in Zurich said.Dehaze, who heads the world''s largest staffing company said he was more optimistic about the European economy after strong growth in France, Iberia, and Italy during the second quarter.But recruitment of professional staff in Britain fell as companies held off hiring new employees while the country negotiates its exit from the European Union.Adecco reported accelerated growth in France, its biggest market, buoyed by extra hiring by automotive companies as well as the construction and logistics sectors.But in Britain and Ireland revenues from the permanent placement of office and factory staff were down 11 percent, and income from finding permanent jobs for more skilled workers fell 23 percent, the company said.Revenue from placing temporary staff in IT, financial and legal jobs in Britain fell 6 percent, Adecco said, although there was an improvement in revenue from general staffing.Adecco blamed Brexit for the downturn, with Chief Financial Officer Hans Ploos van Amstel saying he saw a divergence between Europe and Britain, where financial companies were holding off recruiting new staff.CEO Dehaze said he thought the British hiring market would continue to be uncertain until more details of Brexit were worked out."I would expect stabilisation or a slight decline, but not a more significant deterioration," he said. ($1 = 0.8521 euros) (Reporting by John Revill; editing by Michael Shields and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/adecco-results-idINL5N1KW0UN'|'2017-08-10T03:43:00.000+03:00'
'd7fc474b3bc4cc12e2600547ebb8b895333ac062'|'LPC - Holland & Barrett latest retailer to limp through loan market'|'August 10, 2017 / 3:36 PM / 11 minutes ago LPC - Holland & Barrett latest retailer to limp through loan market Claire Ruckin 6 Min Read LONDON (Reuters) - UK-headquartered health food and supplements chain Holland & Barrett was forced to make significant changes to a £900m-equivalent buyout loan to attract enough support prior to closing, as retail credits struggle to win investor favour. Russian billionaire Mikhail Fridman’s L1 Retail announced at the end of June it would buy Holland & Barrett from The Nature’s Bounty Co and Carlyle Group for £1.77bn, prompting a new leveraged loan that was expected to appeal to deal-starved investors. However, the arranging banks had to reduce a sterling portion of the loan, increase a euro portion and offer higher pricing and more investor–friendly provisions to documents in a bid to wrap up the deal, under pressure to get it off their books before the summer slowdown. “The flex was higher than where people expected it to come,” an investor said. It comes after French jewellery retailer Thom Europe was forced to scrap plans to pay its private equity owners a €140m dividend at the end of July, after a wider loan refinancing ran into opposition from investors. Like Holland & Barrett, Thom Europe was also a debut loan issuer as it refinanced out of the bond market, but that was not enough to tempt certain funds, which either rejected the deal outright or needed the company to make a number of concessions before going into it, including a pricing increase. SHOPPING FATIGUE A number of investors are wary of lending to the retail sector, which is at the mercy of public confidence and associated discretionary spending. It also continues to face stiff competition from internet retailers. Despite much of the market trading over par this year in Europe’s secondary loan market amid a supply and demand imbalance, average bids on Western European leveraged first lien retail loans was 92.9% of face value on August 10, according to Thomson Reuters LPC data. Bids rose from 81.9% of face value at the end of the fourth quarter of 2016, to 85.1% at the end of 1Q17 and 87.4% at the end of 2Q17, mainly prompted by technicals driving the market rather than any improvements to the quality of the underlying credit fundamentals. Many loan investors are still scarred after losing money on struggling French clothing retailer Vivarte, which has been through several debt restructurings since 2013. In addition, German outdoor brand Jack Wolfskin recently completed a financial restructuring in July, which saw lenders take control of the business from private equity firm Blackstone in a debt for equity swap. Under the terms of that restructuring, Jack Wolfskin wiped €255m from its €365m term loan debt to a €110m reinstated tranche that has equity stapled to it and its maturity was extended to 2022 in return for handing the keys to the lenders. Other retails have struggled too. New Look’s bonds continued to fall into deeper distressed territory after taking a dive on the back of poor results released on August 8. The UK retailer’s £177m 8% 2023 senior unsecured note traded down to a bid price of 39, while its £700m 6.50% 2022 senior secured note was down to 63 this week, according to Tradeweb data. A large number of investors are agnostic between the loan and bond asset classes and many were spooked by New Look, lenders said. “Holland & Barrett has some retail and some wholesale. It is a niche retailer with a tremendous track record and is in a segment that has been growing, health and nutrition, so it is different to New Look and other retailers. Despite this, investors are cautious around retail in general,” a senior banker said. PAID UP Some investors didn’t buy into Holland & Barrett’s business case, thinking much of what it retails could be situated within a couple of shelves in a supermarket. Other investors didn’t mind the business, but wanted to be paid up for sterling and the fact it was an aggressive structure for a new sponsor, sources said. Holland & Barrett’s leveraged loan financing finalised with a £450m seven-year first-lien term loan and a £375m-equivalent seven-year euro-denominated first-lien term loan. The sterling launched at £550m, while the euro portion launched at £275m-equivalent. The sterling pays 525bp over Libor, increased from initial guidance of 450bp-475bp and the euro portion pays 425bp over Euribor, up from initial guidance of 350bp-375bp. Both have a 0% floor. The dual-currency loans allocated at 98 OID, from initial OID guidance of 99.5. Citigroup, HSBC and UBS led the debt financing, alongside Barclays and Societe Generale. Soft-call of 101 was increased to 12 months from six months and other tweaks to documentation occurred around improvements to margin ratchet holiday, dividends and additional indebtness. A £75m six-year dual-currency revolving credit facility remains unchanged at 400bp over Euribor/Libor, with a 0% floor. “Holland & Barrett just about got over the line,” a second investor said. Despite general cautiousness around the sector, new retail loans are expected to continue to be completed, albeit with concessions. “Investors are not out of the retail business and banks aren’t either, we’re just picking and choosing what we do and how we do it,” the senior banker said. Editing by Christopher Mangham'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-retailers-loans-idUKKBN1AQ1XH'|'2017-08-10T18:35:00.000+03:00'
'b4d3c62fed14e2e42a01f65baa05184cfbb92cd4'|'Citigroup to pay $130 million to end Libor rigging lawsuit in U.S.'|'August 7, 2017 / 11:16 PM / 7 hours ago Citigroup to pay $130 million to end Libor rigging lawsuit in U.S. Jonathan Stempel   - A woman enters a Citibank branch in Buenos Aires, Argentina, February 19, 2016. Citigroup Inc said it plans to exit its retail banking and credit card operations in Brazil, Argentina and Colombia as part of its efforts to cut costs and boost profitability. Marcos Brindicci NEW YORK (Reuters) - Citigroup Inc ( C.N ) has agreed to pay $130 million to settle private U.S. antitrust litigation accusing it of conspiring with rivals to manipulate the Libor benchmark interest rate. The bank is the second to resolve claims by so-called "over-the-counter" investors that transacted directly with banks on a panel to determine Libor, according to filings late Monday with the U.S. District Court in Manhattan. Barclays Plc ( BARC.L ), the British bank, reached a similar settlement in November 2015 for $120 million. Citigroup spokeswoman Danielle Romero-Apsilos said the New York-based bank was pleased to resolve the matter. Court approval is required. Citigroup did not admit wrongdoing. Banks use Libor, or the London Interbank Offered Rate, to set rates on hundreds of trillions of dollars of credit card, mortgage, student loan and other transactions, and to determine the cost of borrowing from one another. Investors including the city of Baltimore and Yale University in New Haven, Connecticut had accused 16 banks of conspiring to manipulate Libor in the private litigation, which began in 2011. The lawsuit is among many in the Manhattan court accusing banks of colluding to rig rates or prices in various financial and commodities markets. Others suing over Libor have included so-called bondholder plaintiffs and exchange-based plaintiffs. A hearing to consider final approval of Barclays'' settlement is scheduled for October 23, court records show. The case is In re: Libor-Based Financial Instruments Antitrust Litigation, U.S. District Court, Southern District of New York, No. 11-md-02262. Reporting by Jonathan Stempel in New York; editing by Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-citigroup-libor-settlement-idUKKBN1AN2K4'|'2017-08-08T02:15:00.000+03:00'
'7fa1cac884b41db27868c13d39ad251f8ea2e452'|'Security giant G4S turnaround on track as H1 profit up 7.6 pct'|'EDINBURGH, Aug 9 (Reuters) - The world''s largest security firm G4S said its ongoing turnaround was on track on Wednesday as it posted a 7.6 percent rise in first-half profit and forecast better contract potential ahead.The group said it was confident of its expectation that full-year revenue growth would be in line with a medium-term aim of 4 to 6 percent and saw further expansion in 2018.Revenues for the six months to end-June rose 6 percent to 3.7 billion pounds ($4.8 billion) and profit stood at 128 million pounds."During the second half of 2017, our growth programme will focus on consolidating contract wins made over the past year and on converting attractive opportunities in our pipeline," CEO Ashley Almanza said.$1 = 0.7680 pounds Reporting by Elisabeth O''Leary, Editing by Paul Sandle'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/results-g4s-idINL5N1KV16T'|'2017-08-09T04:27:00.000+03:00'
'e1eac3a24afe3af142a9dfde3a272acbd7bf7865'|'Nissan to sell its electric battery business to GSR Capital'|'August 8, 2017 / 6:32 AM / 19 minutes ago Nissan to sell its electric battery business to GSR Capital Reuters Staff 1 Min Read FILE PHOTO - The Nissan logo is seen at the 2017 New York International Auto Show in New York City, U.S. on April 12, 2017. Brendan Mcdermid/File Photo TOKYO (Reuters) - Nissan Motor Co said on Tuesday it has agreed to sell its electric battery business to Chinese investment firm GSR Capital for an undisclosed sum. The business to be sold to GSR includes battery plants in Tennessee, England and Japan, the Japanese automaker said in a statement. Nissan will first take full control of the business - Automotive Energy Supply Corp - by buying the combined 49 percent minority stake held by NEC Corp and its subsidiary NEC Energy Devices. NEC Corp said it has approved the sale of its stake. Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Christian Schmollinger 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-nissan-battery-idUKKBN1AO0K1'|'2017-08-08T09:29:00.000+03:00'
'68c41f097b517c37c35ccd7a9607418bed5dada0'|'Property firm Derwent London raises full-year rents forecast'|' 31 AM / 33 minutes ago Property firm Derwent London raises full-year rents forecast Reuters Staff 1 Min Read (Reuters) - Derwent London ( DLN.L ), a central London office developer, raised its full-year rents guidance after achieving a record level of new lettings in the first half despite concerns about Brexit. The company said it expected full-year rental values to vary between a 3 percent fall and 2 percent growth, up from a previous estimate of a 5 percent drop to flat growth. Derwent London said EPRA net asset value rose 0.9 percent to 3,582 pence ($46.48) in the six months ended June 30. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-derwent-london-results-idUKKBN1AQ0M6'|'2017-08-10T09:31:00.000+03:00'
'cd9873a438ea221191519cf69fe0a2917a6f911d'|'METALS-London metals take a breather on N.Korea tensions'|' 26 AM / in 16 minutes METALS-London metals take a breather on N.Korea tensions 5 Min Read (Adds comment, detail; updates prices) By Melanie Burton MELBOURNE, Aug 10 (Reuters) - London copper and aluminium paused near their highest in more than two years on Thursday, amid profit-taking in wider markets as investors fretted about the simmering tensions between the United States and North Korea. China aluminium extended gains earlier on Thursday to strike its highest since 2012, with investors flooding into the market on prospects that capacity closures in the world''s top producer would tighten supply. Industry reform across China''s steel and aluminium sectors that has seen capacity closures has helped drive the rally in metals, but there were broader reasons for the move, said analyst Daniel Morgan of UBS in Sydney. Synchronous global growth for most of this year, China''s resilient property cycle and the weaker dollar have also given investors a reason to get involved, he said. "I don''t think the rally in metals is due to any one factor." FUNDAMENTALS * SHFE ALUMINIUM: Shanghai Futures Exchange aluminium pared gains to hold nearly steady at 16,060 ($2,414) a tonne by 0640 GMT, having earlier hit its highest since May 2012 at 16,460 yuan. Open interest flew to a record-high around 900,000 lots and was up by 50 percent since Aug. 1. * LME ALUMINIUM: LME aluminium hovered near its highest in more than two years above $2,000 a tonne. * Chinese steel futures rose to trade near a 4-1/2-year high on Thursday, supporting prices of key input materials zinc and nickel, as investors remained bullish ahead of production cuts in the world''s top steel producer. * LME COPPER: LME copper was trading at $6,450 a tonne, down 0.1 percent. That followed a slightly softer close the day before, when investors booked profits after prices marked their highest since December 2014 at $6,515 a tonne. * SHFE COPPER: Shfe copper eased by 0.7 percent. * LME LEAD: London lead played catch up, rising nearly 1.2 percent. China research firm Antaike said the start of environmental inspections in Sichuan province had prompted 60 percent of local lead-zinc mines to shut down for month-long maintenance. That could mean lower supplies of zinc and lead in August and September. [nL5N1KV2YU * CHINA ALUMINIUM: China''s top aluminium foil producers are preparing a legal defence challenging a preliminary U.S. ruling on Wednesday that would impose hefty penalties on imports from the world''s top producers, two sources familiar with the matter said. * Premiums for aluminium and zinc in Shanghai bonded zones rose after the Shanghai prices rallied harder than LME prices, suggesting the gap for imports had become profitable. Aluminium premiums rose $7.50 having dropped $12.50 earlier this week. LME zinc prices rose $10. <0#BASEBW-SHMET> * NICKEL CUTS: First Quantum Minerals Ltd said on Wednesday it planned to suspend operations at its Ravensthorpe nickel mine in Western Australia at the beginning of next month due to persistently weak nickel prices, affecting around 450 employees and contractors. PRICES 0544 GMT Three month LME copper 6456 Most active ShFE copper 50780 Three month LME aluminium 2026.5 Most active ShFE aluminium 16110 Three month LME zinc 2947.5 Most active ShFE zinc 24385 Three month LME lead 2377 Most active ShFE lead 19430 Three month LME nickel 10810 Most active ShFE nickel 87940 Three month LME tin 20400 Most active ShFE tin 147150 LME/SHFE COPPER LMESHFCUc3 603.51 LME/SHFE ALUMINIUM LMESHFALc3 407.44 LME/SHFE ZINC LMESHFZNc3 992.48 LME/SHFE LEAD LMESHFPBc3 212.23 LME/SHFE NICKEL LMESHFNIc3 1925.12 ($1 = 6.6650 Chinese yuan) (Reporting by Melanie Burton; Editing by Joseph Radford and Amrutha Gayathri) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1KW2BO'|'2017-08-10T09:25:00.000+03:00'
'caf50ca988d83db4d293d3f9d4dbb9db77217266'|'EU Commissioner calls for summit over major egg contamination scare'|'August 11, 2017 / 2:57 PM / an hour ago EU Commissioner calls for summit over major egg contamination scare Robert-Jan Bartunek 3 Min Read Eggs are packed to be sold at a poultry farm in Wortel near Antwerp, Belgium August 8, 2017. Francois Lenoir BRUSSELS (Reuters) - The European Commissioner in charge of food safety has called for a meeting of ministers and national regulatory agencies to discuss a widespread European contamination scare, which has seen shops remove millions of eggs from sale. Tensions have risen between agricultural ministers in Belgium, the Netherlands and Germany after traces of the moderately toxic insecticide fipronil were found in batches of eggs, linked by authorities to a Dutch supplier of cleaning products. While initially the Belgian food safety regulator drew criticism from abroad for not acting fast enough after being made aware of fipronil contamination, Belgium''s agriculture minister on Wednesday said it was the Dutch who were too slow to respond to inquiries [nL5N1KV687]. "Blaming and shaming will bring us nowhere and I want to stop this," EU Commissioner Vytenis Andriukaitis told Reuters in a statement. Andriukaitis said he hoped to convene a meeting before the end of September of the ministers concerned, along with various national food safety agency representatives. "We need to work together to draw lessons learned and move forward instead of losing energy on finger pointing," he said. The German agriculture ministry said Andriukaitis would also meet ministers of the affected countries on the sidelines of an already scheduled agricultural summit in Estonia in early September. FIFTEEN EU COUNTRIES FILE PHOTO: Eggs are packed to be sold at a poultry farm in Wortel near Antwerp, Belgium August 8, 2017. Francois Lenoir/File Photo Millions of eggs have been pulled from European supermarket shelves, though some national regulators have voiced concern that many contaminated eggs have already entered the food chain, mainly through processed products such as biscuits, cakes and salads. A European Commission spokesman said contaminated eggs had been found in 15 EU countries, as well as non-EU members Switzerland and Hong Kong. He added that farms were blocked in four EU countries - Belgium, France, Germany and the Netherlands - because they had used cleaning products containing fipronil. Poland''s food safety regulator said on Friday that it had seized 40,000 peeled hard-boiled eggs from a batch produced in the Netherlands that was possibly contaminated with fipronil. The eggs were delivered to Polish food processing firms by a German supplier, but have not reached Polish consumers, spokesman for the Polish regulator GIS, Jan Bondar, said. While a large number of contaminated eggs would need to be eaten to affect health, fipronil is considered moderately toxic and can cause organ damage in humans. It is widely used to treat pets for ticks and fleas but its use in the food chain - for example, to clean out barns - is forbidden. Dutch authorities on Thursday arrested two directors of the company at the centre of the safety scare, with prosecutors saying they suspected them of threatening public health and possession of a prohibited pesticides. [nL5N1KW50A] Reporting by Robert-Jan Bartunek,; Additional reporting by Alissa de Carbonnel and Marcin Goettig,; gEditing by Andrew Bolton 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/europe-eggs-idINKBN1AR1NC'|'2017-08-11T12:57:00.000+03:00'
'0444e6e17df5187be366001dd420f6118a440561'|'Old Mutual to list two units next year, first half profit up 37 percent'|'August 11, 2017 / 6:30 AM / 2 hours ago Old Mutual to list not sell businesses next year in break-up Carolyn Cohn 4 Min Read FILE PHOTO: Workers clean windows outside the headquarters of Anglo-South African financial services company Old Mutual in Cape Town, South Africa March 7, 2016. Mike Hutchings/File Photo LONDON (Reuters) - Anglo-South African financial services group Old Mutual ( OML.L ) aims to list two divisions rather than sell them as it pursues a plan to split into four parts by the end of next year. Old Mutual, which said last year it is breaking up because regulatory change made its disparate businesses too complex to run, posted a 37 percent rise in first-half operating profit on Friday to 969 million pounds ($1.26 billion), helped by sterling weakness and strong performance in Old Mutual Wealth. After starting life as an insurance company in Cape Town in 1845, Old Mutual has branched out into other parts of Africa, Britain and the United States, and into banking and funds. But within a few months of joining as chief executive last year, Bruce Hemphill announced the break-up which will leave him without a job but may entitle him to a maximum bonus of 1,000 percent if he can deliver it successfully. Hemphill''s plans led to speculation of a sale of Old Mutual Wealth, its fund management arm, but the CEO said there were no offers for the firm''s businesses on the table at present. "We have had all sorts of interest, our preferred route is to list these businesses," he told Reuters by telephone. Old Mutual is not alone in shaking up its businesses, other insurers and asset managers have also been reassessing their make-up due to increased competition. Prudential ( PRU.L ) said this week it would merge its UK insurance and asset management arms, while Standard Life ( SL.L ) will merge next week with Aberdeen Asset Management ( ADN.L ). Old Mutual will list Old Mutual Wealth in London and Johannesburg, along with Old Mutual Limited (OML), a new holding company covering its emerging markets division, its majority stake in South Africa''s Nedbank ( NEDJ.J ) and Old Mutual plc. The listings will involve a demerger for the benefit of existing shareholders, with the possibility of an initial public offering for Old Mutual Wealth. They will take place as soon as possible after the release of full-year results in March. Analysts say Old Mutual Wealth has a valuation of at least 3.0 billion pounds. A demerger of Nedbank will follow the listing of OML, although Old Mutual will keep a "strategic minority stake". It is also reducing its holding in U.S. firm OM Asset Management ( OMAM.N ) to 5.5 percent and plans to pay an interim dividend of 3.53 pence, up 32 percent from a year ago. Analysts said the results were slightly ahead of forecasts, which Barclays called "a credible performance in a tough and uncertain macro environment in South Africa", reiterating its "equal weight" rating on the stock. Old Mutual''s shares fell 1.44 percent to 199 pence per share at 0821 GMT, compared with a 1.0 percent fall in the FTSE 100 index .FTSE . ($1 = 0.7700 pounds) Reporting by Carolyn Cohn; Editing by Rachel Armstrong and Alexander Smith 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-old-mutual-results-idINKBN1AR0GD'|'2017-08-11T04:30:00.000+03:00'
'9c18d11851103b5089b18799199a19bb2fd537b1'|'African Markets - Factors to watch on Aug 9'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - EVENTS: *Tanzania releases consumer inflation data for July GLOBAL MARKETS Asian shares and U.S. stock futures slipped on Wednesday and investors piled into havens such as U.S. Treasuries, gold and the yen as tensions on the Korean peninsula escalated, with Pyongyang saying it is considering plans to attack Guam. WORLD OIL PRICES Crude futures fell for a third day on Wednesday despite a bigger than expected fall in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC''s ability to restrain supply as promised. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand weakened nearly 1.5 percent on Tuesday evening after President Jacob Zuma survived a no-confidence vote in parliament by secret ballot with markets reacting almost immediately and sending the unit near a one-month low. NIGERIA MARKETS Nigerian stocks hit a 33-month high on Tuesday as foreign investors bought shares following improved liquidity on the currency market and a strong half-year performance by listed companies. NIGERIA SECURITY Boko Haram militants killed at least 30 fishermen in raids on communities around Lake Chad in northeastern Nigeria, the governor of Borno state, residents and military sources said on Tuesday. NIGERIA BANKS Nigeria said on Tuesday it planned to withdraw its case against seven local banks over what it says is $793 million due to the state, and that it was seeking an out-of-court settlement instead. KENYA ELECTIONS Kenyan opposition leader Raila Odinga rejected early results of a presidential election on Wednesday that showed he was losing to incumbent and long-time rival Uhuru Kenyatta, stoking fears that his disgruntled supporters could take to the streets. UGANDA MARKETS The Ugandan shilling was unchanged on Tuesday as election-related uncertainty in neighbouring Kenya led some importers to assume a wait-and-see stance, limiting demand for the dollar. TANZANIA TELECOMS Vodacom Tanzania, a unit of South Africa''s Vodacom Group , has sold all the 560 million shares on offer in its stock market flotation, with 40 percent bought by international investors, the company said on Tuesday. IVORY COAST COCOA Cocoa arrivals at ports in top grower Ivory Coast had reached around 1.914 million tonnes by August 6 since the start of the season on Oct. 1, exporters estimated on Tuesday, up from 1.44 million tonnes in the same period last season. NAMIBIA RESERVES Namibia''s stock of foreign reserves increased to an all-time high of 28.5 billion Namibian dollars ($2.17 billion) at the end of June from N$25.4 billion the previous month, official data showed on Tuesday. SOUTH SUDAN WAR About 120 Rwandan peacekeepers have arrived in South Sudan, United Nations said on Tuesday, the first detachment of 4,000 extra troops approved by the U.N. last year to help protect the capital of Africa''s newest country. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/africa-factors-idUSL5N1KV0CA'|'2017-08-09T07:43:00.000+03:00'
'31f57550688e9061167c29f3d62152551e4c0a11'|'European Banks Still Ache 10 Years After BNP Roiled World'|'charted European Banks Still Ache 10 Years After BNP Roiled World A decade after the start of the credit crisis, European bank shares lag behind global peers By @SofiaHC1 More stories by Sofia Horta E Costa Wednesday marks a full decade since BNP Paribas SA froze funds that were exposed to U.S. subprime mortgages, an event that in hindsight, signaled the start of the credit crunch that snowballed into the global financial crisis. Though banks around the world are yet to recover, the pain has been particularly severe for lenders on the Euro Stoxx 50 Index, faring about three times worse than U.S. peers. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-09/european-banks-still-ache-10-years-after-bnp-roiled-world'|'2017-08-09T17:24:00.000+03:00'
'a5193458c1b5c3a713738495d25ad9373de45224'|'Online lenders upbeat about turnaround progress, but worries linger'|'August 8, 2017 / 12:04 AM / 4 hours ago Online lenders upbeat about turnaround progress, but worries linger Anna Irrera and David French 4 Min Read FILE PHOTO: A woman looks at her phone as she passes by a Lending Club banner on the facade of the the New York Stock Exchange December 11, 2014. Brendan McDermid/File Photo NEW YORK (Reuters) - LendingClub Corp and OnDeck Capital Inc surprised investors on Monday with strong growth forecasts that sent the online lenders'' stocks soaring, but analysts said the sector''s health was still a concern. Online lenders soared in popularity after the financial crisis when banks pulled back from traditional lending and borrowers sought other options. But rising delinquencies have made it harder to raise funds for fresh loans, prompting the sector to review its business model, which tends to attract borrowers with low credit quality. LendingClub, which serves individuals, and OnDeck, which caters to small businesses, are cutting costs and trying to attract borrowers with better credit. Executives of both companies were upbeat about the progress in their turnaround plans after they reported second-quarter results. "It''s great to be back to growth," LendingClub Chief Executive Scott Sanborn said in an interview. "We are excited about the momentum building in the business and the massive opportunity that lies ahead." Sanborn took on the CEO role last year after his predecessor, LendingClub founder Renaud Laplanche, was ousted in a scandal over disclosures and potential conflicts of interest. In a post-earnings interview, OnDeck CEO Noah Breslow called it "a positive quarter." "We have done a lot of work to restructure the business," he said. OnDeck shares closed 18.5 percent higher at $5, and LendingClub ended up 4.8 percent $5.46. The stocks rose in after-hours trading but remain far below their initial public offering prices of $20 and $15, respectively. On conference calls, analysts probed executives about their forecasts, questioning whether online lenders could deliver on promises for loan growth, credit quality and profitability. While OnDeck''s initiatives were bearing fruit, the company remains a "''show me'' story for investors," BTIG analyst Mark Palmer wrote in a research note. Prosper Marketplace Inc, another online lender, has been looking to raise a new round of funding in exchange for equity at a price that would slash its market value by more than 70 percent, people familiar with the matter told Reuters on Friday. The sources requested anonymity because they were not authorized to speak publicly about the matter. The Information first reported last week on Prosper''s fundraising effort. Earnest Corp is looking to sell itself for $200 million, Bloomberg News reported on Friday, far less than the $300 million it has raised from investors. The sector has been expected to consolidate for several months, and mergers could be on the horizon, venture capitalists, investment bankers and analysts said in recent weeks. In theory, companies can improve profits by merging because they would need to spend less money on marketing and technology, and be able reach more customers. "There have been too many princes wanting to be kings and they will not all be successful," Ryan Gilbert, partner of financial technology venture capital firm Propel Venture Partners, said in an interview. Reporting by Anna Irrera and David French; Writing by Lauren Tara LaCapra; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-online-lenders-results-idUKKBN1AN2LN'|'2017-08-08T03:02:00.000+03:00'
'55a1cc708db8fad4510d7ff9cffcb9d7078250f5'|'Yancoal shareholder lodges complaint over raising for $2.69 billion Rio coal deal'|'SYDNEY (Reuters) - Hedge fund Senrigan Capital Management has asked Australian regulators to intervene in Yancoal Australia''s efforts to fund its $2.69 billion purchase of the Coal & Allied division of Rio Tinto, saying it is unfair to minority shareholders.Senrigan is seeking an order from Australia''s Takeovers Panel that a proposed renounceable entitlement offer to raise up $2.35 billion be prevented from proceeding in its current form without shareholder approval.A second minority shareholder, commodities trader Noble Group is also considering taking the deal to the Takeovers Panel, a source close to Noble said last week.The Takeovers Panel said in a statement it had made no decision whether to conduct proceedings. The entitlement offer is due to run from Aug. 10 to Aug. 25.The purchase of the Rio assets would give Yancoal, which is 78 percent owned by Chinese coal giant Yanzhou Coal Mining Ltd, majority interests in three of the 10 largest low-cost thermal coal mining operations in Australia.The panel said Senrigan had submitted that the 23.6 for 1 renounceable entitlement offer priced at $0.10 a share, a deep discount to Yancoal''s share price before the announcement, was "unnecessarily highly dilutive and value shifting."The offer was also underwritten by two groups that were associates of Yanzhou, which could take its voting power in Yancoal from 78 percent to 89.15 percent, Senrigan said.The offer does not allow existing minority shareholders a "reasonable and equal opportunity to participate and is prejudicial to the ongoing ownership interests of existing minority shareholders," the fund said.Senrigan and Noble argued successfully before the Takeovers Panel in 2014 that a rights offer by Yancoal was part of a strategy to enable Yanzhou to convert notes into shares to allow for the compulsory acquisition of minority shareholdings without a shareholder vote.Senrigan founder Nick Taylor declined to comment on the application. Yancoal also declined comment.Separately, Glencore has agreed to buy a 49 percent interestin a key part of Coal & Allied, comprising a 16.6 percent stake directly from Yancoal and 32.4 percent from Mitsubishi Development Corp contingent on the deal going through.Reporting by James Regan; Editing by Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-yancoal-australia-m-a-idINKBN1AP0O1'|'2017-08-09T05:30:00.000+03:00'
'2eb27f9a200f83bc4d64d401039885e5d550dcb8'|'British Airways to start non-stop flight from London to Nashville'|'Edition United States August 8, 2017 / 2:51 PM / 2 hours ago British Airways to start non-stop flight from London to Nashville Reuters Staff 1 Min Read FILE PHOTO: British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. Stefan Wermuth /File Photo LONDON (Reuters) - British Airways said on Tuesday it would start flying flights to Nashville from London in May 2018, the first direct route to the city from Europe. The service will fly five times a week from Heathrow''s Terminal 5, and will be operated with Boeing 787-8 Dreamliner aircraft. The new route means that British Airways will fly to 26 U.S. destinations from summer 2018. The airline said it would also increase its service to Philadelphia and Phoenix to 10 flights a week from a daily service. Reporting by Alistair Smout, editing by David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-iag-britishairways-nashville-idUKKBN1AO1QD'|'2017-08-08T17:46:00.000+03:00'
'7bd9853fa80711f9fba988283578a86b179fa373'|'StanChart CEO says Gulf rift puts Dubai finance hub at risk'|'August 7, 2017 / 3:06 PM / 26 minutes ago StanChart CEO says Gulf rift puts Dubai finance hub at risk Rachel Armstrong , Lawrence White and Anjuli Davies 4 Min Read FILE PHOTO - Burj Khalifa, the world''s tallest tower, is seen in a general view of Dubai, UAE December 9, 2015. Karim Sahib/Pool/File Photo LONDON (Reuters) - The boss of Standard Chartered ( STAN.L ) has warned that Dubai risks damaging its status as a financial centre as a result of the trade boycott of Qatar by a Saudi-led bloc, which includes the United Arab Emirates. Standard Chartered is a major lender across the Middle East and CEO Bill Winters said it could become increasingly difficult for Dubai to act as a comprehensive regional hub for international companies'' Gulf operations if the tension in the region continued. "There is a lot of benefit we get from having a Dubai hub, we are looking to see what the effect of this will be," he told Reuters. "There is a risk of turning away from the UAE." Dubai, the largest city in the UAE, emerged as the region''s main banking hub after the establishment in 2004 of a low-tax, independent zone known as Dubai International Financial Centre. The zone now is home to over 400 financial services firms including 17 of the world''s top 20 banks, according to its website, with incentives including a 50-year guarantee of zero tax on corporate income and profits. But the diplomatic rift with Qatar could make it harder for global banks to base the vast majority of their coverage of the Gulf out of Dubai. Winters said Standard Chartered itself had no plans to change its Gulf operations, though it is watching the situation closely. Standard Chartered earns close to 20 percent of total revenue from its Africa and Middle East operations, with much of those being managed out of Dubai. The UAE, Saudi Arabia, Egypt, and Bahrain on June 5 cut ties with the tiny state of Qatar over Saudi allegations that Qatar has been supporting Islamist groups. Doha has denied the allegations. The rift has prompted some banks from Saudi Arabia, the UAE and Bahrain to reduce their exposure to Qatar in various ways, including by delaying letters of credit and investment deals. The UAE central bank has ordered local banks to stop dealing with a number of individuals and entities with alleged links to Qatar and to freeze their assets, while advising banks to apply enhanced due diligence for any accounts they hold with six Qatari banks. CROSS-BORDER BUSINESS Standard Chartered employs around 128 staff in Qatar, offering personal and corporate banking in the country. The bank appointed Abdulla Bukhowa, a Bahraini national, to head its Qatar operations in March this year. He left the country when the tensions began. Winters said his bank does not handle a huge amount of cross-border business directly between Qatar and the United Arab Emirates, but that his staff are mindful of the situation. "Everybody is aware of the situation – what we don''t do is start pitching to UAE companies about deals in Qatar or doing business there, but we are not fundamentally changing the way we do business," he said. Since the trade boycott began, Dubai officials have shied away from any suggestion that the rift is having a negative impact on business in the emirate. But companies doing business with Qatar have faced disruptions such as longer travel times and having to find new suppliers. Investment banking fees in the Middle East from merger and corporate fundraising activity totalled $492 million in the first half of this year, Thomson Reuters data showed. This was 13.3 percent lower than in the same period in the previous year. Reporting by Rachel Armstrong, Lawrence White and Anjuli Davies; Additional reporting by Tom Arnold. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-gulf-qatar-stanchart-idUKKBN1AN1TL'|'2017-08-07T18:07:00.000+03:00'
'80404943503b58454874669fa9c11b76d23c5156'|'Brighthouse Financial falls 4 pct in debut'|'Aug 7 (Reuters) - Shares of Brighthouse Financial Inc , the U.S. retail insurer spun off from MetLife Inc, fell 4 percent in market debut on Monday as it goes solo in an industry struggling with low interest rates.Brighthouse''s shares touched a low of $62 in early trading, giving it a market capitalization of $7.43 billion.The completion of the spinoff, a plan unveiled last year, ends MetLife''s reign as the largest U.S. life insurer by assets.That title will now be held by Newark, New Jersey-based Prudential Financial Inc, which had $797.4 billion in assets as of March 31, according to a filing and data from the American Council of Life Insurers.Following the spinoff, MetLife will be left with core businesses centered mainly around group life-insurance and other employee benefits, asset management and a clutch of international operations."Our goal for post-separation MetLife is to be a company that can perform well in a variety of macroeconomic environments," wrote Steven Kandarian, MetLife''s chairman and chief executive officer, in an April letter to investors.A slimmed-down MetLife is likely to help the company in its legal battle against the U.S. Financial Stability Oversight Council naming it "systemically important" in 2014.The designation - which triggers stricter regulatory oversight as the insurer has the potential to devastate the financial system if it fails - was struck down by a U.S. judge last year.Last week, a U.S. appeals court said that a U.S. government appeal of a ruling last year that the label was wrongly applied to MetLife would remain in abeyance until further court order.Any legal decision on whether MetLife should be labeled "too big to fail" will probably come after the Trump administration defines its stance on the designation. ( reut.rs/2fakPtM )Brighthouse, which is led by Chief Executive Eric Steigerwalt, holds $223 billion of total assets and about 2.8 million insurance policies and annuity contracts as of March 31, according to a filing.Brighthouse has been doing business under the name since March. In May, the company unveiled its first new product, a deferred annuity whose performance is tied to one of three investment indexes. (Reporting By Aparajita Saxena in Bengaluru and Suzanne Barlyn in New York; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/metlife-brighthouse-stocks-idINL4N1KO3IT'|'2017-08-07T11:38:00.000+03:00'
'cc98d6c7b022ed78001776f8cf07ef809297c2ae'|'Paysafe reports 17.3 percent jump in H1 adjusted core earnings'|'Aug 8 (Reuters) - Payments processing company Paysafe Group said adjusted core earnings rose 17.3 percent, as more people used the company''s prepaid digital wallets to make payments.The company, which offers pre-paid cashcards and online wallets that are popular among online gambling customers, said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 169.2 million pounds ($220.55 million) for the period ended June 30.Revenue also rose to 538.7 million pounds for the period, compared with 486.7 million pounds last year.Paysafe has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector. ($1 = 0.7672 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/paysafe-results-idINL4N1KU2IF'|'2017-08-08T04:19:00.000+03:00'
'644a6c11f45c92adaa17c848fa5f7bbd2993fb8a'|'Wanda Hotel to buy $1 billion of assets from Wang-controlled businesses - Reuters'|'A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. Damir Sagolj HONG KONG (Reuters) - Wanda Hotel Development Co Ltd ( 0169.HK ), a unit of Chinese conglomerate Dalian Wanda Group led by Wang Jianlin, said it would buy assets worth over 7 billion yuan ($1.05 billion) from Wang-controlled companies as part of a restructuring.The Hong Kong-listed company said it would buy the entire equity interest in theme park operator Wanda Culture Travel Innovation Group Co Ltd from Wang''s Beijing Wanda Culture Industry Group Co Ltd for 6.3 billion yuan.The deal would be settled either in cash or through the issue of shares or convertible bonds, it added.It will also buy hotel operator Wanda Hotel Management (Hong Kong) Co Ltd from Wang''s Dalian Wanda Commercial Properties Co Ltd for 750 million yuan in cash, it said in a filing to the Hong Kong bourse late on Wednesday.Wanda Hotel said it would then sell its interest in Wanda Properties Investment Ltd, Wanda International Real Estate Investment Co Ltd, Wanda Americas Real Estate Investment Co Ltd and Wanda Australia Real Estate Co Ltd to Wang''s Dalian Wanda Commercial for an amount that is yet to be fixed.It gave no further details.Trading in Wanda Hotel shares, which were suspended on Wednesday, will resume on Thursday.Chinese banks have been told to stop providing funding for several of Wanda''s overseas acquisitions as Beijing tries to curb the conglomerate''s offshore buying spree, according to sources familiar with the matter.Run by China''s richest man, Wang Jianlin, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas well beyond their original business - in this case, property.Last month, Dalian Wanda Group altered a deal with developer Sunac China ( 1918.HK ) after banks scrutinised their credit risk, by bringing in another developer, Guangzhou R&F Properties ( 2777.HK ).Reporting by Donny Kwok; Editing by Himani Sarkar'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/wanda-hotel-asset-restructure-idINKBN1AQ04J'|'2017-08-09T23:28:00.000+03:00'
'5966de3b48064e6bad7ddc0ecb48c5b3a3d78dee'|'Toymaker Lego returns to Danish roots with sudden CEO switch'|'August 10, 2017 / 11:26 AM / an hour ago Toymaker Lego returns to Danish roots with sudden CEO switch Jacob Gronholt-Pedersen and Teis Jensen 4 Min Read Danfoss Chief Executive Officer Niels B. Christiansen attends a press meeting at the headquarters of Danfoss in Copenhagen, Denmark January 11, 2017. Scanpix Denmark/Asger Ladefoged/via REUTERS COPENHAGEN (Reuters) - Lego abruptly removed its chief executive Bali Padda after just eight months on Thursday, replacing the 61-year-old Briton with a younger Danish industrialist in a battle to become the world''s biggest toymaker. The Danish company said it had appointed Niels B. Christiansen, 51, who joins Lego after nine years as CEO of Danfoss where by focussing on digitalisation he increased sales and turned the firm into a global leader in energy efficiency. Lego is hoping Christiansen can revive its flagging growth by increasing sales in Asia and fully embracing the digital era. After flirting with bankruptcy after 2000, Lego saw a decade of impressive growth under the leadership of Jorgen Vig Knudstorp, who is now chairman of the family-owned maker of the distinctive plastic building bricks which have been enjoyed by generations of children. When the toy market shrank after the financial crisis, Lego bucked the trend by tying up with movie franchises like Star Wars, Harry Potter and Indiana Jones in deals spanning Lego sets, video games, movie franchises and smartphone applications. But while Lego now vies with Barbie doll maker Mattel to be the world''s largest maker of toys, revenue growth slowed from 25 percent in 2015 to just six percent last year with sales of 37.9 billion Danish crowns (4.60 billion pounds). Enter Padda, a Lego veteran and the first non-Dane to lead the firm, who took over from Knudstorp, a Danish national who had overseen average annual sales increases of more than 15 percent and made Lego the world''s most profitable toymaker. Founded in 1932 by Ole Kirk Kristiansen, his grandson Kjeld Kirk Kristiansen is now the main family representative at Lego. Before Danfoss, Padda''s replacement Christiansen was head of hearing aid firm GN Store Nord. He has also been on the board of A.P. Moller-Maersk, Danske Bank and Bang & Olufsen. "Niels managed to transform a traditional industrial company into a technology leader," Knudstorp told Reuters, adding that his experience in digitalisation and localisation will help improve products and efficiency at Lego. Padda will now take on a special advisory role within the Lego Brand Group, which is headed by Knudstorp. DANISH VALUES Knudstorp says he started looking for a younger successor to Padda, who is the oldest person on the Lego management team, immediately after his appointment, but admitted that the transition had come faster than expected. "It can take a long time to find the right one, but when Niels stepped down at Danfoss, I faced one of the country''s absolute best persons to lead a big global company. I suddenly saw a chance to shorten the process," Knudstorp said. "It could easily have taken two to three years," he said, adding that while it was not essential to have a Dane leading Lego, it was important to understand its roots. "(Christiansen) has a solid rooting in Danish values, where you have authority because you''re a competent, credible and authentic leader, not because you''re the boss who sits at the end of the table and smokes big cigars," Knudstorp said. And as far as the chairman is concerned, Lego''s new boss already has the building blocks he needs to revive growth. "We still have a very strong brand even though growth rates declined last year," Knudstorp said. "At Lego, we make significantly more money than our closest competitors combined." Reporting by Teis Jensen; editing by Jane Merriman and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lego-moves-idUKKBN1AQ1AR'|'2017-08-10T14:25:00.000+03:00'
'e19a85aa41e86a2aea3f45754535b3899606f646'|'Exclusive - Toshiba auditor to split opinion on finances, governance: sources'|'August 8, 2017 / 11:09 AM / 6 hours ago Exclusive: Toshiba auditor to split opinion on finances, governance - sources Taro Fuse 3   Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Picture taken on January 16, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - The auditor for Toshiba Corp ( 6502.T ) is likely to sign off on the conglomerate''s annual results while giving a thumbs down on the group''s corporate governance during a series of crises, people with direct knowledge of the discussions said on Tuesday. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, the two sources told Reuters. That would end a period of limbo when the auditor withheld its opinion as it checked problems that bankrupted Toshiba''s U.S. nuclear power engineering unit in December. However, PwC will give an "adverse" statement on the company''s internal controls in Thursday''s results, they said. Investors have feared an adverse statement could lead to a delisting of the 140-year-old company, complicating its ability to raise money for its cash-hungry memory-chip business and jeopardizing its competitiveness. But with the highly unusual split decision, one source said they were of the opinion that "Toshiba can avoid delisting if it shows a path towards improving its internal controls." Toshiba is already barred from issuing equity as a result of its 2015 accounting scandal. The auditor could not be reached for comment outside business hours. A Toshiba spokesman said, "We have not received the opinion from our auditor yet. We are in talks with the auditor to submit the financial statement by the deadline." Since taking over as Toshiba''s auditor in June last year, PwC has yet to endorse the firm''s financial results. Sources have said it was querying whether Toshiba should have recognized multi-billion dollar losses at U.S. nuclear power engineering arm Westinghouse Electric Co before December. A writedown at Westinghouse and other liabilities linked to the nuclear unit have pushed Toshiba into negative shareholders'' equity of $5.2 billion, forcing it to put its prized memory chip unit up for sale. A mixed review by PwC, by allowing it to avoid a delisting, may remove one less headache for Toshiba. But it still faces uncertainty as talks to sell the chip business have stalled, raising concerns over whether it can plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear power business. A qualified opinion on a company''s finances means the auditor has found minor problems with the books but is still broadly vouching for them. It is below the highest grade, an "unqualified opinion." It is unusual to issue a qualified statement in Japan, said a source at the stock exchange. A split decision giving a qualified opinion on finances and adverse opinion on governance is almost unheard of, said this source and another at the Financial Services Agency regulator. Additional reporting by Takahiko Wada and Makiko Yamazaki; Writing by William Mallard and Ritsuko Ando; Editing by Susan Fenton, Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-toshiba-accounting-exclusive-idUKKBN1AO165'|'2017-08-08T16:00:00.000+03:00'
'bda9795b21641a295cc4c2b4afa739810914ed63'|'Leisure stocks, miners pull Britain''s FTSE back from six-week high'|'August 8, 2017 / 8:47 AM / 16 minutes ago Energy, banks help FTSE edge up to six-week high Helen Reid 4 Min Read FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Britain''s major share index climbed to a new six-week high on Tuesday as strong gains from oil majors and banks after a drop in sterling helped offset disappointing results from hotelier IHG and gambling company Paddy Power Betfair. The FTSE 100 .FTSE gained 0.1 percent, helped to its highest in six weeks after sterling hit a 10-month low against the euro. The weaker sterling helped dissipate a drag from miners as metal prices dropped after trade data from China, the world''s top copper consumer, fell short of expectations. Oil majors BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ), which earn mostly in foreign currencies, were the biggest contributors to index gains. Payments services provider Worldpay ( WPG.L ) also lifted the index, up 1.7 percent as investors anticipated the details of its deal with Vantiv to be announced on Wednesday. Worldpay shares are up 20 percent since news of the deal, the latest in a series of mergers and acquisitions in the payments sector. Earnings from the FTSE''s international exporting companies have been flattered by the weaker pound, investors said, warning this support would dissipate in the second half. "We are still benefiting from the annualisation of the Brexit effect on the currency, but it will be interesting to see how the second half will go when results are more based on actual top-line growth," said Laura Foll, UK fund manager at Janus Henderson. Intercontinental Hotel and Paddy Power Betfair were the worst-performing after disappointing results, helping the pan-European travel and leisure sector .SXTP fall 0.6 percent. Paddy Power Betfair ( PPB.I ) shares fell 4.1 percent, hitting their lowest in nearly two years and taking two-day losses to 9 percent of market value. First-half results added to investor concerns after Monday''s news CEO Breon Corcoran would step down. The company said successor Peter Jackson would be in place in six to 12 months. "Paddy Power Betfair delivered an earnings miss due to net revenue margins coming in below our expectations once again," said analysts at Davy Research. IHG ( IHG.L ) fell 4 percent after reporting growth in revenue per room slowed in the second quarter, hurt by a later Easter, though Liberum analysts also pointed to the company launching a new U.S. midscale brand. "Further evidence of an accelerating pipeline is encouraging, offsetting some of our concerns about Rev/PAR (revenue per available room) slowdown, although not all," they said. Sharp results-driven losses weighed on the mid-cap index .FTMC which fell 0.2 percent. Shares in serviced office provider IWG ( IWG.L ) fell 12 percent, their worst day since the Brexit aftermath, as second-quarter results disappointed. Profitability was hurt by investment into an accelerating expansion, analysts said. A cut to sell from Credit Suisse sent motor insurer AA ( AAAA.L ) down 7.4 percent. "We downgrade to Underperform and reduce the target price to 175p from 235p to reflect operational challenges which, we believe, will continue to face the Roadside Assistance division in the near-to-medium term," wrote analysts. Meanwhile veterinary and pet grooming firm Pets at Home ( PETSP.L ) jumped 5.7 percent as strong demand boosted its first-quarter revenue. Reporting by Helen Reid; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AO0UC'|'2017-08-08T11:53:00.000+03:00'
'99e5806a26c74f100c51600615e165d603ba7545'|'Deals of the day-Mergers and acquisitions'|'(Adds HNA Group, Teva Pharma and Volkswagen)Aug 9 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:** U.S. credit card processing company Vantiv moved closer to creating a $29 billion global payments powerhouse with a formal offer to buy Britain''s Worldpay for 8 billion pounds ($10 billion).** Goldman Sachs has sold its remaining stake in British pensions insurance business Rothesay Life to a trio of existing investors including Singapore''s sovereign wealth fund a decade after setting up the company.** Hedge fund Senrigan Capital Management has asked Australian regulators to intervene in Yancoal Australia''s efforts to fund its $2.69 billion purchase of the Coal & Allied division of Rio Tinto, saying it is unfair to minority shareholders.** Bahrain-based Investcorp is aiming to make 10 investments across its private equity and real estate businesses in the current financial year, Co-Chief Executive Rishi Kapoor said on a media call.** Brewers Anheuser-Busch InBev and Anadolu Efes have agreed to merge their businesses in Russia and Ukraine, following years of decline in the Russian beer market due to tighter regulation.** Unilever has agreed to buy certain of its Dutch preference shares and to launch a public offer for the rest that would value them at 450 million euros, as the Anglo-Dutch consumer goods company seeks to simplify its capital structure.** Spanish bank Santander has sold control of property worth 10 billion euros ($12 billion) to U.S. investor Blackstone Group, following its rescue of Banco Popular.** Dish Network Corp has joined forces with conservative media, trade and liberal advocacy groups in urging U.S. authorities to reject Sinclair Broadcast Group''s proposed $3.9 billion acquisition of Tribune Media.** SoftBank Group Corp is investing $1 billion in Fanatics Inc as a part of a funding round that values the sports e-commerce company at $4.5 billion, according to sources familiar with the matter.** French power company Engie SA is in talks to buy a wind power project in Brazil from local firm Renova Energia SA, according to a document from Brazil''s power sector watchdog Aneel seen by Reuters on Tuesday.** Hitachi Ltd said U.S. buyout firm KKR has put on hold a planned tender offer for its chip-making equipment and video solution unit, Hitachi Kokusai Electric , that had been scheduled for early August.** HNA Group is preparing its bid for a concession to operate Belgrade''s airport, a company executive said, undeterred by Beijing''s sharpened scrutiny of overseas acquisitions, which has clouded some of the Chinese conglomerate''s other pending deals.** Teva Pharmaceutical Industries, the world''s largest generic drugmaker, said it would seek to divest its Medis business that it acquired with its purchase of Actavis.** Germany''s liberal Free Democrats (FDP) urged the state of Lower Saxony to sell its stake in Volkswagen, citing the risk of conflicts of interest weakening the region''s oversight of the scandal-hit carmaker. (Compiled by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KV3FQ'|'2017-08-09T08:03:00.000+03:00'
'b49f304ea5056d18fef42b34eab073978af2a280'|'UPDATE 2-First Quantum to shutter Australia nickel mine in September'|'* First Quantum suspending Ravensthorpe nickel operation* Blames weak nickel prices* Other producers eye electric battery market (Adds analyst, Glencore comment, details)By Nicole MordantVANCOUVER, Aug 9 (Reuters) - First Quantum Minerals Ltd said on Wednesday it plans to suspend operations at its Ravensthorpe nickel mine in Western Australia next month due to persistently weak nickel prices, affecting around 450 employees and contractors.The mine will be placed on care and maintenance, which is expected to take effect in early October, it said."This decision is disappointing to us," First Quantum Chairman and Chief Executive Philip Pascall said in a statement, blaming "continuing depressed nickel market conditions, over some years."The suspension comes despite moves by some miners to combat weak traditional markets for nickel in steelmaking by moving to capture demand from the burgeoning electric vehicle battery market.BHP on Wednesday unveiled plans to target the battery market for its once-ailing Nickel West division, based 500 kms (310 miles) from the Ravensthorpe mine.Glencore Plc''s nearby Murrin Murrin nickel operation "remains business as usual", as it too sees opportunities in electric batteries, a company spokesman said.Vancouver-based First Quantum said the latest shutdown at the mine, located 500 kms southeast of Perth, would cost an estimated $10 million. Subsequent annual maintenance is expected to cost around $5 million.Ravensthorpe produced 23,624 tonnes of nickel in 2016 against a global market of around 1.8 million tonnes."Ravensthorpe makes one of the perfect nickel products to go into the battery space," said UBS commodities analyst Daniel Morgan. "The battery companies run the risk that all these nickel mines they are going to need are going to start shutting because they are not paying up enough for the nickel."Shares in First Quantum, which primarily produces copper, fell on the news, ending 4.6 percent lower at C$13.41 on the Toronto Stock Exchange.Nickel prices are off by nearly two-thirds since early 2011, weighed down by a supply glut. Ravensthorpe resumed operations that year after it had been shut down by its previous owner BHP Billiton Ltd in 2009, when nickel prices also dropped.First Quantum bought Ravensthorpe from BHP in 2010 for $340 million.Of the 450 people working at the Ravensthorpe site, roughly half are direct employees and the rest contractors, company spokeswoman Sharon Loung said in an email.The permitting process for the Shoemaker Levy orebody at Ravensthorpe would carry on along with regular reviews of market conditions for a potential restart of the mine. (Reporting by Nicole Mordant in Vancouver; Additioan reporting by Melanie Burton in MELBOURNE and James Regan in SYDNEY; Editing by G Crosse and Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/fst-quantum-min-mine-closure-idINL1N1KV28I'|'2017-08-09T21:13:00.000+03:00'
'6c0efdec00881edc90801bcffba5008538a60bfc'|'How AI robots hunt new drugs for crippling nerve disease'|'August 10, 2017 / 12:04 PM / 6 hours ago How AI robots hunt new drugs for crippling nerve disease Ben Hirschler 6 Min Read LONDON (Reuters) - Artificial intelligence robots are turbo-charging the race to find new drugs for the crippling nerve disorder ALS, or motor neurone disease. The condition, also known as Lou Gehrig''s disease, attacks and kills nerve cells controlling muscles, leading to weakness, paralysis and, ultimately, respiratory failure. There are only two drugs approved by the U.S. Food and Drug Administration to slow the progression of ALS (amyotrophic lateral sclerosis), one available since 1995 and the other approved just this year. About 140,000 new cases are diagnosed a year globally and there is no cure for the disease, famously suffered by cosmologist Stephen Hawking. "Many doctors call it the worst disease in medicine and the unmet need is huge," said Richard Mead of the Sheffield Institute of Translational Neuroscience, who has found artificial intelligence (AI) is already speeding up his work. Such robots - complex software run through powerful computers - work as tireless and unbiased super-researchers. They analyze huge chemical, biological and medical databases, alongside reams of scientific papers, far quicker than humanly possible, throwing up new biological targets and potential drugs. One candidate proposed by AI machines recently produced promising results in preventing the death of motor neurone cells and delaying disease onset in preclinical tests in Sheffield. Mead, who aims to present the work at a medical meeting in December, is now assessing plans for clinical trials. He and his team in northern England are not the only ones waking up to the ability of AI to elucidate the complexities of ALS. In Arizona, the Barrow Neurological Institute last December found five new genes linked to ALS by using IBM''s Watson supercomputer. Without the machine, researchers estimate the discovery would have taken years rather than only a few months. Mead believes ALS is ripe for AI and machine-learning because of the rapid expansion in genetic information about the condition and the fact there are good test-tube and animal models to evaluate drug candidates. That is good news for ALS patients seeking better treatment options. Famous sufferers include Lou Gehrig, the 1923-39 New York Yankees baseball player; actor and playwright Sam Shepard, who died last month; and Hawking, a rare example of someone living for decades with the condition. If the research goes on to deliver new medicines, it would mark a notable victory for AI in drug discovery, bolstering the prospects of a growing batch of start-up companies focused on the technology. Those firms are based on the premise that while AI robots won''t replace scientists and clinicians, they should save time and money by finding drug leads several times faster than conventional processes. BRITISH ''UNICORN'' FILE PHOTO: Physicist Stephen Hawking sits on stage during an announcement of the Breakthrough Starshot initiative with investor Yuri Milner in New York April 12, 2016. Lucas Jackson/File Photo Mead from Sheffield is working with BenevolentAI, one of a handful of British "unicorns" - private companies with a market value above $1 billion, in this case $1.7 billion - which is rapidly expanding operations at its offices in central London. Others in the field include Scotland''s Exscientia and U.S.-based firms Berg, Numerate, twoXAR, Atomwise and InSilico Medicine - the last of which recently launched a drug discovery platform geared specifically to ALS. "What we are trying to do is find relationships that will give us new targets in disease," said Jackie Hunter, a former drug hunter at GlaxoSmithKline (GSK) who now heads Benevolent''s pharma business. "We can do things so much more dynamically and be really responsive to what essentially the information is telling us." Slideshow (3 Images) Unlike humans, who may have pet theories, AI scans through data and generates hypotheses in an unbiased way. Conventional drug discovery remains a hit-and-miss affair and Hunter believes the 50 percent failure rates seen for experimental compounds in mid- and late-stage clinical trials due to lack of efficacy is unsustainable, forcing a shift to AI. A key test will come with a Phase IIb study by Benevolent to assess a previously unsuccessful compound from Johnson & Johnson in a new disease area - this time for treating Parkinson''s disease patients with excessive daytime sleepiness. Big pharmaceutical companies like GSK, Sanofi and Merck are now exploring the potential of AI through deals with start-ups. They are treading cautiously, given the failure of "high throughput screening" in the early 2000s to improve efficiency by using robots to test millions of compounds. Yet AI''s ability to learn on the job means things may be different this time. CPR Asset Management fund manager Vafa Ahmadi, for one, believes it is a potential game-changer. "Using artificial intelligence is going to really accelerate the way we produce much better targeted molecules. It could have a dramatic impact on productivity, which in turn could have a major impact on the valuation of pharmaceutical stocks," he said. Drugmakers and start-ups are not the only ones chasing that value. Technology giants including Microsoft, IBM and Google''s parent Alphabet are also setting up life sciences units to explore drug R&D. For Benevolent''s Hunter, today''s attempts to find new drugs for ALS and other difficult diseases marks an important test-bed for the future of AI, which is already being deployed in other high-tech areas such as autonomous cars. "The aim is to show that we can deliver in a very difficult and complex area. I believe if you can do it in drug discovery and development, you can show the power of AI anywhere." Reporting by Ben Hirschler; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-health-ai-robots-idUKKBN1AQ1EL'|'2017-08-10T15:04:00.000+03:00'
'ce902d7fd97655382472a6617a492115e1be62f1'|'UPDATE 1-ADP CEO slams Ackman''s research and spoiled brat antics'|'(Adds Quote: s from the interview, background)By Michael FlahertyNEW YORK, Aug 10 (Reuters) - The CEO of Automatic Data Processing Inc slammed investor William Ackman on Thursday, likening the hedge fund manager to a "spoiled brat" and skewering the billionaire''s research efforts into the payroll processor.ADP CEO Carlos Rodriguez pulled no punches in an interview with CNBC, calling his interactions with Ackman "baffling and surreal."Ackman''s Pershing Square Capital Management disclosed an 8 percent stake in the $50 billion U.S. human resources outsourcing company last week, and nominated three directors to serve on the board. Ackman is one of the nominees.Ackman built his 8 percent stake in the company largely through derivatives, rather than common stock, according to ADP.Rodriguez said tensions between the company and the investor escalated when Ackman asked ADP to extend its director nomination deadline, which the board refused. On several different occasions, Rodriguez said, Ackman asked for extensions ranging from one week to 45 days."It kind of reminds me a little bit of a spoiled brat in school asking a teacher for an extension on their homework," the CEO said in the interview.Rodriguez''s candor in the interview was a rare case of a CEO bashing a major investor and offered a clear sign that the two sides are headed for a full blown proxy fight.But Rodriguez also said he was "willing to listen" to the investor and was in the process of scheduling a meeting with him in early September. Still, Rodriguez said, Ackman has not offered any ideas on how to boost shareholder value yet, and has relied on research that is shoddy.A Pershing Square spokesman declined to comment on the interview. (Reporting by Sam Forgione and Michael Flaherty; Editing by Bernadette Baum and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/adp-pershing-idINL1N1KW0ZQ'|'2017-08-10T13:39:00.000+03:00'
'8c05ea2fbcc1861c29e827a309eeaffc99cf949a'|'Thyssenkrupp won''t be rushed on European steel tie-up with Tata'|'August 10, 2017 / 7:40 AM / an hour ago Thyssenkrupp won''t be rushed on European steel tie-up with Tata Christoph Steitz 3 Min Read FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Thyssenkrupp will not be rushed into any deal with Tata Steel to merge their European steel businesses, its chief financial officer said, pouring cold water on investor hopes for a quick agreement. The German steel-to-elevators group is facing pressure from investors to deliver on the tie-up, after talks have been going on for over a year. They have been held up mainly by the question of who will assume responsibility for Tata Steel''s legacy 15 billion pound pension scheme in Britain. Britain''s Sky News reported on Wednesday that Tata Steel was on the brink of detaching its British Steel pension fund from its UK operations, a precondition for any merger deal with Thyssenkrupp. Related Coverage Thyssenkrupp would not oppose IPO of possible steel JV - CFO "Just because you might read at some point that Tata has a deal it doesn''t mean we can stand up a week later and say: ''Now we have a joint venture.'' It cannot work that way," Thyssenkrupp CFO Guido Kerkhoff told journalists on Thursday. "We also prefer a fast solution but quality comes before time," he said, declining to say whether the group aimed for a deal before its fiscal year ends next month. Shares in the group were up 0.2 percent, one of only five gainers in Germany''s blue-chip index <0#.GDAXI>, after it posted better-than-expected third-quarter results, boosted by a recent recovery of steel prices. Third-quarter order intake rose 14 percent to 10.7 billion euros (9.64 billion pounds) and adjusted earnings before interest and tax (EBIT) jumped 41 percent to 620 million. Analysts had, on average, expected order intake of 10.3 billion euros and adjusted EBIT of 493 million. Quarterly operating profit at Steel Europe - the business that would merge with Tata - more than doubled to 232 million euros, well above the poll average of 187 million. At Industrial Solutions, it fell sharply to 6 million euros, below the 18 million average poll. Kerkhoff said earnings at Industrial Solutions, which engineers industrial plants and builds ships, would remain under pressure due to low-margin legacy orders and underutilised chemical plants. "Industrial Solutions remains the problem child," Jefferies analyst Seth Rosenfeld said in a note. Thyssenkrupp kept its full-year outlook for sales and profits but toned down its forecast for free cash flow before M&A, citing the sale of its Brazilian steel mill CSA, which will close earlier than expected. The group now expects free cash flow before M&A to be negative in the mid to higher triple-digit million euro range, against a previous forecast for negative in mid triple-digit million euros. Additional reporting by Georgina Prodhan; Editing by David Holmes and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-thyssenkrupp-results-tata-steel-idUKKBN1AQ0S7'|'2017-08-10T17:38:00.000+03:00'
'f02771d064fb5a1dcd25cce0def6e18e02e14f7e'|'China frees top Crown executive jailed for gambling offences - official'|'August 12, 2017 / 7:45 AM / 8 hours ago China frees top Crown executive jailed for gambling offences - official Reuters Staff 2 Min Read Shanghai Detention Centre is seen in Shanghai, China August 12, 2017. Aly Song SHANGHAI/BEIJING (Reuters) - China on Saturday freed one of the last remaining Crown Resorts Ltd ( CWN.AX ) executives jailed for illegally promoting gambling, as a protracted saga that forced the Australian casino operator to cancel global expansion plans and hurt profits nears an end. Jason O''Connor, head of international VIP gambling with the casino giant, was released before 7 a.m., an official told media outside the detention centre in Shanghai. Slideshow (2 Images) The Australian was the most senior of 16 staff detained in October and jailed by a Shanghai court in June. His 10-month sentence ran from the time of his first detention on Oct. 14 last year. He was flying home following his release on Saturday, Australia''s Foreign Minister Julie Bishop said in an emailed statement. She did not give a time for his arrival. Crown executive chairman John Alexander said in an emailed statement he was "very pleased" staff were being reunited with their families and expressed gratitude for the help provided by the Australian government and the company''s legal team over the past few months. The authorities released 10 employees, including Australian nationals Jerry Xuan and Jane Pan Dan, in July. Crown, half-owned by billionaire James Packer, had been trying to attract wealthy Chinese to its casinos located outside China, where gambling is illegal, except for Macao. But the case prompted Crown, the world''s biggest listed casino company outside China, to retreat from global expansion plans and sell off its Macao assets, and instead shift its focus back home. Reporting by Xihao Jiang in SHANGHAI, Shu Zhang and Josephine Mason in BEIJING; additional reporting by Ben Cooper in SYDNEY and Brenda Goh in SHANGHAI; writing by Josephine Mason; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-crown-resorts-china-idUKKBN1AS081'|'2017-08-12T10:45:00.000+03:00'
'10c97f6a3a3ff2f6157a662dc659805a60959d3a'|'European shares dip as ex-divs, cyclicals weigh; results boost Aegon, Coca Cola HBC'|'August 10, 2017 / 7:34 AM / 8 hours ago Cyclicals and ex-divs sap European shares amid earnings flurry Kit Rees 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 9, 2017. Staff/Remote LONDON (Reuters) - European shares slipped on Thursday as cyclicals fell and some big stocks went ex-dividend, while earnings from firms including Aegon and Coca Cola HBC sparked significant moves. The pan-European STOXX 600 index was down 0.3 percent by 0835 GMT as basic resources and banks fell, while euro zone blue chips dipped 0.3 percent. Britain''s FTSE 100 dropped 0.8 percent as large caps Anglo American, BT Group, Rio Tinto and Lloyds fell after going ex-dividend, while Germany''s DAX retreated 0.3 percent. While rising political tensions between the U.S. and North Korea hit risky assets globally in the previous session, with financials leading losses amongst European equities, company results were the dominant focus on Thursday. Shares in insurer Aegon and soft drinks bottler Coca Cola HBC rose 8.5 percent and 9.4 percent respectively after their updates. Aegon beat expectations for its second quarter underlying pretax profit, while Coca Cola HBC shares hit a record level after first half sales were higher than expected. "Aegon released a very strong set of Q2 results marked by a significant increase in the group SII ratio, strong underlying earnings and an improved outlook for capital generation," analysts at KBC Securities said in a note. Second-quarter results, however, put pressure on shares in staffing firm Adecco, chemicals company Lanxess and consumer group Henkel, which were among the biggest fallers. Around 70 percent of MSCI Europe firms have reported second quarter earnings so far, of which more than 60 percent have either met or beaten analysts'' expectations, according to Thomson Reuters data. Financials and the energy and materials sectors have seen the biggest beats, while industrials have had the biggest misses "Broadly in Europe, I had thought that (earnings) wouldn''t be as good, partly because the strength of the euro would make (firms'') export market less attractive and earnings would be more impinged by that, but it doesn''t so far seem to be the case," James Butterfill, head of research and investment strategy at ETF Securities, said, adding that a pick-up in domestic demand is likely to have helped. Shares in Belgian biotech firm Galapagos were the top risers on the STOXX index, surging around 17 percent after a successful mid-stage study for its lung fibrosis drug. Telecoms company SFR was up 9.6 percent after Altice raised its stake in the firm to more than 95 percent and said that it was planning a full buyout offer for remaining shares. Reporting by Kit Rees; editing by John Stonestreet and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks-idUSKBN1AQ0RE'|'2017-08-10T10:30:00.000+03:00'
'442eeba6092a68679361b6cff14ab8e2651e6d9a'|'PRESS DIGEST- Canada- Aug 10'|' 31 AM / 11 minutes ago PRESS DIGEST- Canada- Aug 10 2 Min Read Aug 10 (Reuters) - The following are the top stories from select Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Alternative lender Callidus Capital Corp on Wednesday denied media reports that said the company is the subject of whistleblower complaints with Canadian market regulators. tgam.ca/2vHEdVA ** Former ambassador to the United States Derek Burney is warning Canadians against undue optimism over looming North American free-trade agreement talks, cautioning the reopening of the trade deal at Donald Trump''s request will usher in a period of uncertainty for businesses and that the American President could use his bully pulpit to stir trouble at the negotiating table. tgam.ca/2vHG8K9 ** A Toronto pastor serving a life sentence in a North Korean labor camp has been freed on "sick bail," the country''s state media reported on Wednesday, at a time when Pyongyang is at the center of high-pitched international tension over its nuclear-missile program that has dominated attention from Washington to Beijing. tgam.ca/2vGHCnW NATIONAL POST ** E-commerce giant Alibaba and its billionaire founder Jack Ma will host a ''Gateway Canada'' business summit in Toronto on Sept. 25, aiming to encourage small-to-medium sized businesses in areas such as consumer products, seafood, agriculture and tourism to offer their wares to Alibaba''s more than half a billion Chinese customers. bit.ly/2vHrEcY (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-canada-idUSL4N1KW43O'|'2017-08-10T13:28:00.000+03:00'
'9119d3acdaed9e4b78a9a8e1453cfbadb51e99a1'|'VW offers trade-ins up to 10,000 euros in diesel clean-up'|'August 8, 2017 / 10:24 AM / 9 hours ago VW offers trade-ins up to 10,000 euros in diesel clean-up Reuters Staff 2 Min Read A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. Aly Song BERLIN (Reuters) - Volkswagen is offering buyers trading in an older diesel car up to 10,000 euros ($11,810) off the price of a cleaner model, joining other automakers on Tuesday in a push to cut pollution. Carmakers pledged such incentives last week in a deal with German officials to overhaul software in more than 5 million diesel cars to try to avert a ban on diesel fueled vehicles after the emissions cheating scandal. Rebates announced on Tuesday across the VW ( VOWG_p.DE ) group range from 2,000 to 10,000 euros at the core VW brand, 3,000 euros to 10,000 euros at its luxury division Audi and 5,000 euros at sportscar maker Porsche. BMW, Daimler and Ford have also offered incentives to switch to newer, cleaner cars. The VW incentives are valid to the end of the year and its customers can gain additional discounts of 1,000 to 2,380 euros for buying alternative energy cars including electric, hybrid and natural gas-powered vehicles, VW said. VW''s emissions test cheating - exposed by U.S. regulators almost two years ago - led to wider revelations that diesel vehicles from most manufacturers release far more toxic nitrogen oxides (NOx) on the road than in laboratory tests. With possible driving bans looming in several major German cities and federal elections due next month, carmakers will be hard pressed to clean up diesel models, of which VW says there are 6.4 million on Germany''s roads, to meet new Euro-4 and older European Union emissions standards. "We cannot count on the state to help us in this phase," VW sales chief Juergen Stackmann said on a call. Reporting by Andreas Cremer; Editing by Edward Taylor and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-diesel-idUKKBN1AO12G'|'2017-08-08T19:14:00.000+03:00'
'b12f1776bd0222b9c2976ff5c16f5a3629148814'|'UK bulk annuities may top 10 billion pounds in 2017 - report'|'August 9, 2017 / 9:36 AM / 2 hours ago UK bulk annuities may top 10 billion pounds in 2017 - report Carolyn Cohn 2 Min Read LONDON (Reuters) - The bulk annuity market in Britain was worth nearly 5 billion pounds in the first half and may top 10 billion this year for the third year in a row, consultant Hymans Robertson said on Wednesday. The growth in the bulk annuity market comes as companies look to insulate themselves from exposure to pension schemes by getting insurers to take on the risk of part, or all, of their defined benefit or final salary schemes. "The growth potential is massive," said James Mullins, partner and head of risk transfer solutions at Hymans Robertson. Many pension schemes face shortfalls as the yield on their investments has fallen due to prolonged low interest rates. Companies such as Tata Steel UK have also found their huge pension liabilities have hampered merger plans. Legal & General''s ( LGEN.L ) new business in bulk annuities more than doubled in the first half, it said on Wednesday. Scottish Widows, part of Lloyds Banking Group ( LLOY.L ), and Canada Life have increased their bulk annuity business, and UK specialist insurer Phoenix ( PHNX.L ) is entering the market, Hymans Robertson said in its annual risk transfer report. Insurer U.S. Massachusetts Mutual was also one of three investors to take a larger stake in Rothesay Life, a British insurance company specialising in pensions risk, in a deal announced on Wednesday. More entrants are expected, consultants said. "We''re certainly aware of two or three insurers who are seriously putting together propositions to enter the bulk annuity market," said Martin Bird, senior partner and head of risk settlement at Aon Hewitt. Additional reporting by Noor Zainab Hussain in Bengaluru, editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-insurance-bulk-annuities-report-idUKKBN1AP0YU'|'2017-08-09T14:53:00.000+03:00'
'6b70dcaef2f19ec4b0f465e4fa7ad1ad1eebfa07'|'BRIEF-Highpower International reports Q2 earnings per share $0.28'|' 26 AM / 7 minutes ago BRIEF-Highpower International reports Q2 earnings per share $0.28   Highpower International Inc * Highpower International reports unaudited second quarter first half 2017 financial results * Q2 earnings per share $0.28 * Q2 sales rose 40.7 percent to $51.7 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-highpower-international-reports-q-idUSASB0BEY1'|'2017-08-10T13:23:00.000+03:00'
'8a7095f68318bd45ebcdb4cebe83a4220347166f'|'Amec Foster Wheeler reports eight percent dip in first-half trading profit'|' 28 AM / 4 minutes ago UK''s Amec Foster Wheeler first-half trading profit falls 8 percent Reuters Staff 2 Min Read (Reuters) - British oil and gas services company Amec Foster Wheeler Plc ( AMFW.L ), which is being bought by John Wood Group Plc ( WG.L ), reported an 8 percent fall in its half-year trading profit, hurt by weak upstream oil and gas markets. Britain''s Competition and Markets Authority (CMA) said earlier this month that the Wood Group deal could lead to competition concerns in the supply of engineering and construction services and operation and maintenance services on the UK continental shelf. Amec said it was preparing its UK North Sea operations for sale, adding that a competitive process was already underway, in response to the CMA''s concerns. Total order book value for the company stood at 5.6 billion pounds ($7.27 billion) in the first half, compared with 6.2 billion pounds a year earlier, it said. The company''s oil, gas and chemicals unit''s order book fell 3 percent to 2.9 billion pounds. Amec reported a trading profit of 162 million pounds ($210.2 million) for the first half ended June 30, compared with 177 million pounds a year ago. Revenue fell 18 percent to 2.33 billion pounds in the period. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-amec-foster-results-idUKKBN1AQ0LY'|'2017-08-10T09:27:00.000+03:00'
'11b0b6581f1daf697fd28a150838f6bd00c156cb'|'Gold inches down from near-two month high'|'A salesman arranges a gold necklace in a display case inside a jewellery showroom in Kolkata on May 9, 2016. Rupak De Chowdhuri LONDON (Reuters) - The price of gold climbed to the highest levels in two months on Thursday as the United States and North Korea exchanged more threats, prompting investors to buy bullion as a safe haven asset."For now, the uptrend is very much intact in gold, reacting to external geopolitical events," said Jonathan Butler, commodities analyst at Mitsubishi in London.The spot gold price was up 0.7 percent at $1,286.07 per ounce by 1400 GMT, after hitting an earlier high of $1,286.40, its highest level since June 8. The price rose 1.3 percent in the previous session, the biggest gain since mid-May.U.S. gold futures for December delivery climbed 1 percent to $1,291.80 per ounce.Gold extended gains after data showed U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase.The market was waiting for U.S. consumer inflation data on Friday that would offer more clues about future Fed decisions.The $1,279 area is a key technical level, representing a downtrend that has been in force since mid-2016 when gold surged to a two-year peak of $1,374.91."If we break above this downtrend, then we potentially open up the region up to $1,300, the recent highs we saw in April and June," Butler said.Speculative positions in U.S. gold futures remain subdued, said UBS strategist Joni Teves."Subdued participation this year and lean positioning suggests that market participants would have to play catch-up on a break higher," she said in a note.Physical gold demand, however, was sluggish in India while the rally in global prices dampened buying elsewhere in Asia and holdings of the largest gold-backed exchange-traded-fund (ETF), was unchanged on Wednesday."At least in this segment, investors apparently remain reluctant to seek gold''s safe haven. The gold market shows various signs of ambivalence and we believe that this pattern will continue into the foreseeable future," Norbert Rücker, head of macro & commodity research at Julius Baer, said in a note.In other precious metals, silver surged 1.7 percent to $17.20 an ounce after hitting $17.24, its highest since June 14.Platinum gained 1.1 percent to $982.40 per ounce after touching $983.60, the highest since April 18.Palladium climbed 1.1 percent to $900.85 per ounce.Additional reporting by Nithin Prasad in Bengaluru; Editing by David Evans, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-precious-idINKBN1AQ045'|'2017-08-10T04:23:00.000+03:00'
'3ac7729d3a10a0ed101199df9b36e72925a34b5b'|'CANADA STOCKS-TSX opens lower as U.S.-North Korea tensions weigh'|'August 10, 2017 / 1:46 PM / 11 minutes ago CANADA STOCKS-TSX opens lower as U.S.-North Korea tensions weigh 1 Min Read TORONTO, Aug 10 (Reuters) - Canada''s main stock index opened sharply lower on Thursday despite a slew of better-than-expected quarterly results, as investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea. The Toronto Stock Exchange''s S&P/TSX composite index fell 57.36 points, or 0.38 percent, to 15,159.97 shortly after the open. Materials was the only gainer among the index''s 10 main sectors. (Reporting by Solarina Ho; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL1N1KW0QN'|'2017-08-10T16:42:00.000+03:00'
'6921ec13f778eec2bb6d61336908c97a9f7cc785'|'Omantel to buy nearly 10 percent of Kuwait''s Zain Group for $846.1 million'|'DUBAI (Reuters) - Oman Telecommunications Co. (Omantel) is to buy almost 10 percent of Zain Group for $846.1 million, the Omani firm said in a statement on Thursday.The share purchase, subject to regulatory approval, was announced days before Oman is to shortlist qualified applicants for a third mobile license which Zain has bid for.Omantel has agreed to buy 425.7 million Zain treasury shares - or 9.84 percent - in cash at a price of 0.60 dinars ($1.99) per share, the statement said.The investment is part of Omantel''s strategy to diversify its exposure, the Omani telecommunications firm said.Zain operates in eight countries in the Middle East and Africa, including Saudi Arabia, Iraq and Jordan.The two firms will look to collaborate on the wholesale telecom business, operations and networks, and commercial activities, according to the statement.Omantel is making a "deliberate investment" in Zain as part of its strategy to "position ourselves as a leading digital service provider," said Omantel''s Chief Financial Officer Martial Caratti.Credit Suisse is acting as the exclusive financial adviser and Freshfields Bruckhaus Deringer LLP as legal adviser to Omantel on the deal.Omantel, which has about 41 percent marketshare and has operated in the country since 1970, reported declining profits in the first and second quarters. Zain posted consecutive quarterly flat profits.Oman will shortlist applications for the third mobile license on Aug. 14, with the winning bid to be announced on Sept. 4.Bidders include Saudi Telecom Co (STC) and the United Arab Emirates'' Etisalat.Reporting by Alexander Cornwell; Editing by Sunil Nair'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-zain-omantel-acquisition-idUSKBN1AQ0KE'|'2017-08-10T14:15:00.000+03:00'
'90e1a2d074063732f943f95888bf329419b8bd7d'|'Deals of the day-Mergers and acquisitions'|'Aug 7 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:** U.S. financial technology provider Fiserv made an improved offer for Monitise worth about 75 million pounds ($98 million), hoping to secure backing from the British financial services technology group''s investors.** Uganda said it had agreed preliminary terms with a consortium of investors including General Electric to build and operate the country''s first oil refinery, reviving a much-delayed project.** German dialysis services provider Fresenius Medical Care said it has agreed to buy for around $2 billion in cash NxStage, a U.S. maker of devices for use in home dialysis.** SoftBank Group CEO Masayoshi Son said he was interested in investing in ride-hailing firms Uber Technologies and Lyft but had not made a decision.** Mexican industrial group Mexichem has agreed to buy an 80 percent stake in Israeli irrigation firm Netafim in a deal valuing the company at about $1.9 billion, Netafim said.** U.S. hedge fund King Street Capital Management owned a stake of 5.81 percent in Toshiba Corp as of July 31, according to a Japanese securities filing by the fund.** Indian movie production house Eros Group is in preliminary talks with Apple and other major content distributors to sell its entire content library of films and music, a source familiar with the matter told Reuters.** Italy''s Open Fiber would be in good position to buy the copper network of phone incumbent Telecom Italia if it were put up for sale, the chairman of the fibre-optic company was Quote: d as saying.** Warburg Pincus-backed e-Shang Redwood (ESR) is in advanced talks to buy struggling Sabana Shariah Compliant Industrial REIT, sources familiar with the process said, in a likely first consolidation step in Singapore''s $3.5 billion mid-cap industrial trusts sector.** Singapore state investor Temasek, one of the world''s biggest investors, wants to make acquisitions in Germany, a top executive of the group told a German weekly newspaper.** New York-based startup WeWork said it will invest $500 million in Southeast Asia and South Korea in its latest effort to tap growing demand for shared office space in Asia. (Compiled by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KT3G0'|'2017-08-07T08:02:00.000+03:00'
'4ca13296189cac4577bdc72210c6c1c710f50123'|'Germany says China must make good on promise to open markets'|'August 7, 2017 / 6:04 PM / 7 hours ago Germany says China must make good on promise to open markets Reuters Staff 2 Min Read Economy Minister Brigitte Zypries attends the weekly cabinet meeting at the Chancellery in Berlin, Germany July 19, 2017. Axel Schmidt BERLIN (Reuters) - German Economics Minister Brigitte Zypries on Monday forecast big opportunities for German firms to expand trade with China, but urged Beijing to make good on a promise to open its markets and stop insisting that foreign firms create joint ventures. Zypries told leaders of the German Asia-Pacific Business Association that the Asia-Pacific region was important for German companies, and accounted for 16 percent of German trade. German investments in the region accounted for 15 percent of the total, up from around 6 percent in 2005, the minister said. She said Germany backed free trade deals in negotiations between the European Union and countries in the region, but warned that China - the largest player - had to change course. "Opening markets is not a one-way street," Zypries said. "China should put its words about free trade into action and open its markets, treat foreign companies equitably and give up its insistence that our companies must form joint ventures in China." Her comments reflected Germany''s increasing frustration about what it views as Chinese foot-dragging on trade and investment. Germany last month became the first EU country to tighten its rules on foreign corporate takeovers, with provisions that will allow the German government to block takeovers if there is a risk of critical technology being lost abroad. German companies, particularly those in the automotive and pharmaceutical sectors, often complain they are forced into joint ventures in order to gain a foothold in China''s lucrative market, while Chinese companies are able to operate abroad. The two countries agreed in June to expand their partnership amid concern in Germany over U.S. President Donald Trump''s policies on protectionism and climate change. Reporting by Andrea Shalal; Editing by Andrew Bolton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-germany-china-trade-idUKKBN1AN26J'|'2017-08-07T21:00:00.000+03:00'
'a72beb32eba0d7a7a7aea537740a759091cde4a2'|'MIDEAST STOCKS-Most Saudi, Egyptian banks bask in global glow but Samba sold on weak Q2'|'* Saudi''s Samba wipes out Sunday''s gain* Egypt comfortably outperforms region for second straight day* But GB Auto down on weak car sales* Five Omani insurers to list by end of August* Dubai''s Air Arabia falls before earningsBy Celine AswadDUBAI, Aug 7 (Reuters) - The banking sector helped support stock indexes in Saudi Arabia and Egypt on Monday as investors were influenced by the positive mood in global bourses, while other markets in the region moved little."With quarterly earnings now largely behind us, investors are looking for fresh triggers, and the optimism buzzing around global markets is just that," said a Riyadh-based broker.Sixty banks in the six-nation Gulf Cooperation Council have now reported second-quarter earnings and according to analysts at Oman''s U-Capital, the sector''s total net profit for the period was $7.85 billion, up 4.7 percent from a year ago.Banks in the United Arab Emirates recorded the biggest rise of 18.4 percent, while Saudi Arabian banks saw their aggregate net profit slip 2.2 percent to $2.68 billion.The last of the 12 Saudi lenders to report earnings, Samba Financial Group, announced late on Sunday a net profit of 1.27 billion riyals ($339 million), broadly in line with analysts'' forecasts and down 3.3 percent year-on-year.Its shares fell 3.8 percent on Monday after they had jumped 3.4 percent on Sunday on news that the bank''s board recommended a cash dividend of 0.75 riyal for the first half of the year, two-thirds more than the 2016 interim payout.Most other Saudi banks rose on Monday with Alawwal Bank adding 1.9 percent, and the overall stock market index gaining 0.3 percent.Electronics and bookstore retailer Jarir edged up 0.5 percent after its board recommended a dividend of 1.45 riyals for the second quarter, up slightly from last year.Egypt''s index gained 0.8 percent, outpacing the rest of the region by a substantial margin for a second straight session. The largest listed lender, Commercial International Bank, added 1.1 percent.But GB Auto lost 1.0 percent after a report by the industry''s regulatory body showed auto sales in the second quarter plunged 44.5 percent year-on-year.Analysts at Cairo''s Naeem Brokerage expect GB Auto to suffer slight weakness in sales volume this quarter but anticipate a pick-up in demand starting in the fourth quarter as consumers adjust to new price levels, and because interest rates are expected to be cut.Qatar''s index closed flat as nine of the 20 most valuable shares declined and seven rose, including Qatar Insurance, which added 0.3 percent.The company announced plans to float 25 million shares of its subsidiary Oman Qatar Insurance through an initial public offer on the Omani stock exchange.The decision to list is due to an Omani government directive in 2014 which requires local insurance companies to offer at least 25 percent of their shares to the public before the end of August 2017 by listing on the Muscat Stock Exchange.National Life & General Insurance, Al Ahlia Company, Vision and Arabia Falcon Insurance are among other insurers that have filed for IPOs.In the United Arab Emirates, Dubai-listed Air Arabia fell 1.8 percent ahead of the release of its quarterly earnings.Emaar Malls Group added 0.4 percent after its second-quarter net profit rose 5 percent. Shares of its largest shareholder, Emaar Properties, declined 0.8 percent, helping drag the Dubai index 0.2 percent lower.Abu Dhabi''s index added 0.1 percent as Dana Gas rose 1.6 percent.HIGHLIGHTS SAUDI ARABIA * The index added 0.3 percent to 7,113 points.DUBAI * The index fell 0.2 percent to 3,658 points.ABU DHABI * The index inched up 0.1 percent to 4,592 points.QATAR * The index edged down 0.03 percent to 9,343 points.EGYPT * The index gained 0.8 percent to 13,661 points.KUWAIT * The index added 0.4 percent to 6,837 points.BAHRAIN * The index rose 0.3 percent to 1,324 points.OMAN * The index increased 0.4 percent 5,042 points. (Editing by Andrew Torchia and Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL5N1KT3L3'|'2017-08-07T13:03:00.000+03:00'
'990d5b304abee6d38f66563ab6e0c26eb391e0c0'|'Oil prices steady as Saudi cuts September supplies'|'August 8, 2017 / 12:50 AM / 17 minutes ago U.S. oil prices slip, as market struggles to get through $50 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo NEW YORK (Reuters) - Oil prices fell on Tuesday, pulling back from recent gains as exports from key OPEC producers rose and despite news of lower crude shipments from Saudi Arabia. The crude market has been in consolidation mode after a sharp rally between mid-June and late July that pushed U.S. crude futures above $50 a barrel for the first time in several weeks. Since then, crude has traded around that number as world supply has been slow to draw down. "It''s just unable to break above $50," said Kyle Cooper, consultant for ION Energy in Houston. "It''s boring, but there''s a fundamental justification for prices being stuck between $45 and $55 without a significant geopolitical event." Benchmark Brent crude LCOc1 was down 21 cents a barrel at $52.16 a barrel at 10:59 a.m. EDT (1459 GMT). U.S. light crude CLc1 was 20 cents lower at $49.19 a barrel. Crude oil exports from the Organization of the Petroleum Exporting Countries hit a record in July, largely because of gains in Nigeria and Libya, two countries that are exempt from the agreement to limit production that is slated to continue through March 2018. The recovery in Libya''s oil output and higher production in Nigeria have complicated OPEC''s efforts to curb supply, fueling doubts over the effectiveness of agreed cuts. Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday. Libya pumped 1.03 million bpd in July, according to the latest Reuters survey. Production from Libya''s 270,000 bpd Sharara field is returning to normal after a disruption when protesters broke into a control room, the National Oil Corp said. Oil production remains high in many parts of the world and fuel prices are around half what they were in 2011-2014. A number of U.S. shale drillers, in reporting second quarter earnings, highlighted efforts to improve drilling efficiencies to boost profits, but largely expect to keep pumping oil. Officials from a joint OPEC and non-OPEC technical committee met in Abu Dhabi on Tuesday to discuss ways to increase compliance with the deal to cut 1.8 million bpd in production. The U.S. Energy Information Administration, part of the Energy Department, will release its weekly petroleum status report at 1430 GMT on Wednesday, giving details on stockpiles and refinery runs. U.S. crude inventories last week were expected to have declined for a sixth straight week, while refined product stockpiles probably fell too, a preliminary Reuters poll showed on Monday. [EIA/S] Additional reporting by Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; Edited by Alexander Smith and Steve Orlofsky 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AO029'|'2017-08-08T11:01:00.000+03:00'
'6fcff427465f6b9fa9eaa7ed82134c18c7c8be11'|'RPT-CORRECTED-UPDATE 2-Hutchison Telecom shares jump on $1.9 bln deal fixed-line unit'|'(Repeats story, with no changes to text)* Li Ka-Shing''s Hutchison sells unit to I Squared Capital* Hutchison Telecom sees profit of HK$5.8 bln on the sale* Shares jump almost 15 percent to 21-month highBy Kane Wu and Elzio BarretoHONG KONG, July 31 (Reuters) - Hutchison Telecommunications Hong Kong Holdings Ltd shares jumped almost 15 percent when it started trading on Monday, a day after it announced the sale of its fixed-line business for about $1.9 billion.Hutchison Telecom, a unit of Hong Kong''s richest man Li Ka-Shing''s CK Hutchison Holdings, said in a filing on Sunday that it had agreed to sell its fixed-line telecoms business to I Squared Capital for HK$14.5 billion in cash.Proceeds from the sale of Hutchison Global Communications (HGC), which provides fixed-line phone services as well as Wifi all around Hong Kong, will be used for investment into mobile phone services and for working capital.The price represents about 12 times HGC''s earnings before interest, taxes, depreciation and amortization, a source close to the deal told Reuters.Hutchison Telecom said it expected to make a profit of HK$5.8 billion ($742.71 million) on the sale of HGC.Hutchison Telecom shares have risen nearly 23 percent since May 16, when it acknowledged media reports about a potential sale of the fixed-line business.The HGC unit drew interest from several companies, including HKBN Ltd, SmarTone Telecommunications Holdings Ltd and a consortium of private equity firms TPG Capital Management LP and MBK Partners.I Squared Capital won the deal partly because it will not face the same anti-trust scrutiny as some of the other bidders would, the source said.TPG and MBK teamed up to buy Wharf T&T - Hong Kong''s No.2 fixed-line operator for businesses last October from tycoon Peter Woo''s Wharf Holdings Ltd in a $1.22 billion deal.The HGC deal is subject to shareholders'' approval and is expected to close in October, Hutchison Telecom said in the filing. The value of the deal may be adjusted at the time based on debt, cash levels and other financial data.CK Hutchison, which owns 66.1 percent of Hutchison Telecom, will vote all its shares in favour of the sale during an as-yet unscheduled extraordinary shareholders meeting.I Squared has secured a HK$7.02 billion ($900 million) loan from Credit Agricole, Credit Suisse and Deutsche Bank to fund the HGC purchase, according to Basis Point, a Thomson Reuters publication. The three banks could not be immediately reached for comment.The firm, which invests in global infrastructure in energy, utilities and transport, is among potential buyers for Equis Energy, Asia''s largest independent renewable energy producer valued at up to $5 billion, sources have said.Hutchison Telecom said it appointed Deutsche Bank and Goldman Sachs as financial advisers on the HGC transaction. Credit Suisse advised I Squared Capital on the transaction, according to another source familiar with the deal.The sale comes as Hutchison''s unit Hutchison Drei Austria announced on Friday an acquisition of landline-focused Tele2 from its Swedish owner for 95 million euros ($111 million).Hutchison Telecom shares jumped almost 15 percent to a 21-month high earlier on Monday, and were trading up 10.32 percent at HK$3.10 apiece by 0526 GMT, versus the broader index that was up 1 percent. ($1 = 7.8092 Hong Kong dollars) (Reporting by Kane Wu and Elzio Barreto, additional reporting by Basis Point; Editing by Jane Merriman and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hutchison-tele-sale-idINL4N1KU2NK'|'2017-08-08T04:39:00.000+03:00'
'3b196862538e2100b1d6eb5ecdda3526e158a4d4'|'UK Stocks-Factors to watch on Aug 8'|'August 8, 2017 / 5:19 AM / 2 minutes ago UK Stocks-Factors to watch on Aug 8 4 Min Read Aug 8 (Reuters) - Britain''s FTSE 100 index is seen opening 16 points lower at 7516.3 on Tuesday, according to financial spreadbetters. * WHITBREAD: Samhi hotels is looking to buy the Indian portfolio of Whitbread Plc''s Premier Inn business for 6 billion rupees according to media reports in the Times of India. * BREXIT: A shortage of staff for British employers worsened in July, hurt by the departure of European Union workers after last year''s Brexit vote, a group representing recruitment agencies said on Tuesday. * UK SALES: British retail sales grew more slowly in July, data published on Tuesday showed, as shoppers cut back on non-essential spending and budgeted for the higher price of food following the Brexit vote. * GOLD: Spot gold had risen 0.2 percent to $1,259.43 per ounce, by 0415 GMT. * OIL: Global benchmark Brent crude futures were down 23 cents, or 0.4 percent, at $52.14 a barrel at 0244 GMT after dipping 0.1 percent in the previous session. * Britain''s top share index powered ahead on Monday, helped by gains among commodity-related firms though shares in Paddy Power Betfair slumped after its CEO announced plans to step down. Britain''s blue chip FTSE 100 index ended the session with a gain of 0.3 percent at 7,531.94 points, outperforming a broader decline in the pan-European STOXX 600 index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Verona Pharma PLC Half Year 2017 Verona Pharma PLC Earnings Release TP ICAP PLC Half Year 2017 TP ICAP PLC Earnings Call Pets at Home Group PLC Q1 2018 Pets at Home Group PLC Earnings Presentation Synthomer PLC Half Year 2017 Synthomer PLC Earnings Release Bellway PLC Bellway PLC Trading Update SIG PLC Half Year 2017 SIG PLC Earnings Release Quarto Group Inc Half Year 2017 Quarto Group Inc Earnings Release Rotork PLC Half Year 2017 Rotork PLC Earnings Release Morgan Sindall Group PLC Half Year 2017 Morgan Sindall Group PLC Earnings Release T Clarke PLC Half Year 2017 T Clarke PLC Earnings Release TP ICAP PLC Half Year 2017 TP ICAP PLC Earnings Release Pets at Home Group PLC Q1 2018 Pets at Home Group PLC Earnings Release InterContinental Hotels Group Interim 2017 InterContinental PLC Hotels Group PLC Earnings Release Standard Life PLC Half Year 2017 Standard Life PLC Earnings Release Worldpay Group PLC Half Year 2017 Worldpay Group PLC Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KU28V'|'2017-08-08T08:17:00.000+03:00'
'81df19a12af38a125c33c345b46bdd01e388d84c'|'Brazil central bank chief sees job market stronger than expected - Reuters'|'Brazil''s Central Bank President Ilan Goldfajn gestures during a news conference in Brasilia, Brazil June 29, 2017. Ueslei Marcelino BRASILIA (Reuters) - Brazil''s job market has recovered slightly faster than expected after a deep recession, but that should not prevent the central bank from cutting interest rates in coming months, bank president Ilan Goldfajn told Reuters.Higher-than-expected inflation in July will also not impact monetary policy, Goldfajn said on Wednesday in an interview for the Reuters Latin American Investment Summit.Economists expect the bank to slash its benchmark rate BRCBMP=ECI to 7.5 percent by the end of the year from 9.25 percent currently, according to a central bank poll.(Follow Reuters Summits on Twitter @Reuters_Summits)Reporting by Silvio Cascione, Marcela Ayres and Patrícia Duarte; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-goldfajn-idINKBN1AP249'|'2017-08-09T15:21:00.000+03:00'
'a42de8e7e71f85d6a056a08e01a8a6211303e4d2'|'BUZZ- DJI: From hot to not'|' 38 PM / 14 minutes ago BUZZ- DJI: From hot to not 2 Min Read ** Fortunes quickly changing for DJ Industrials, index down 0.8 pct WTD, on track for its worst weekly performance since mid Apr ** Reckoning occurring after DJI just ended streak of 9 straight record high closes on Tues ** Indeed, volatility rears its head, VIX hits 12-week high amid escalating tensions between the U.S. and North Korea ** That said, on Thurs, Boeing, DJI biggest positive influence this year (nearly 25 pct of rise), on losing side ** Apple and Goldman Sachs largest index drags ** While more defensive McDonald''s, Johnson & Johnson, and Coca-Cola show resilience ** Meanwhile, on an Elliott Wave basis, if DJI has completed wave 3 from Brexit-panic trough, index now at risk for its largest corrective downturn since advance began in early 2016 ** Retreat to 23.6 pct Fibo retracement of wave 3 rise (20971.73) would call for 5.4 pct sell off. Chart: reut.rs/2hOshvt ** 38.2 pct Fibo retracement (20224.79) 8.8 pct decline from high ** Additionally, rising 200-DMA (now 20465), and Apr trough (20379.55) within zone defined by these Fibo levels ** Push above 22179.11 high would instead suggest wave 3 not yet complete, further advance 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/buzz-dji-from-hot-to-not-idUSL1N1KW18T'|'2017-08-10T20:38:00.000+03:00'
'2bb4be2b19432827d6fb748c278b86d00c62a974'|'Prudential to merge UK asset management, insurance arms'|'FILE PHOTO: Shadows are cast onto the logo of British life insurer Prudential on their building, in London October 21, 2008. Stephen Hird/File Photo LONDON (Reuters) - Britain''s Prudential ( PRU.L ) moved to fend off competition from passive funds on Thursday, merging its M&G asset management and UK and European insurance businesses to save costs and improve its products.The lure of lower-cost index funds has driven a round of consolidation in the active funds sector, with deals such as the formation earlier this year of Janus Henderson JHG. through the merger of a U.S. and a UK fund firm.And British firms Standard Life ( SL.L ) and Aberdeen Asset Management ( ADN.L ) are merging next week to form a 670 billion pound active manager.Prudential said the combined M&G Prudential business manages 332 billion pounds ($430 billion) in assets for over 6 million customers and employs more than 9,000 people."We have teams with highly complementary skill sets ... We will be able to use the benefits of that scale," Prudential''s chief executive Mike Wells said on a media call, adding that the management team of the combined M&G Prudential business would begin working together immediately.Prudential will spend around 250 million pounds on the reorganisation and aims to achieve cost savings of around 145 million pounds per year by 2022.Eamonn Flanagan, an analyst at Shore Capital which has a buy rating on the stock, said the merger made "enormous sense", allowing Prudential to cut costs and deliver a unified service.Although Wells said the merger did not signal a spin-off of Prudential''s UK division, Laith Khalaf, senior analyst at Hargreaves Lansdown, said it would make such a move far simpler.John Foley, the chief executive of Prudential UK and Europe, will become chief executive of M&G Prudential.Anne Richards will remain CEO of M&G and will be a deputy chief executive of M&G Prudential, alongside Clare Bousfield, CEO Insurance for Prudential UK and Europe.BACK BOOK SALE? Prudential may also sell part of its UK annuities book which is closed to new customers and was considering "external and internal options" for the 45 billion pound book, Wells said, although it was not planning to get rid of the whole book.Annuity providers Legal & General ( LGEN.L ), Pension Insurance Corporation and Rothesay Life have all said they were interested in acquiring back books.A sale would boost Prudential''s capital "significantly", KBW analysts said, reiterating their outperform rating on the stock.Other options included reinsurance or longevity swaps, Wells said.Prudential said its operating profit rose to 2.36 billion pounds in the first half of the year, boosted by growth in Asia and above a forecast 2.2 billion pounds.It said it would pay an interim dividend of 14.5 pence per share, up 12 percent and in line with forecasts.Prudential''s shares, which have been trading at record highs, were down 0.65 percent at 1,830 pence per share at 1114 GMT, against a 1.2 percent fall in the FTSE 100 index .FTSE .($1 = 0.7713 pounds)Additional reporting by Rahul B; Editing by Susan Fenton and Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-prudential-results-idINKBN1AQ105'|'2017-08-10T07:13:00.000+03:00'
'21de41d4c1cba5c84e3343c2a6a97768b231a2f7'|'Toymaker Lego appoints new chief executive'|'August 10, 2017 / 6:44 AM / 2 hours ago Toymaker Lego returns to Danish roots with sudden CEO switch Jacob Gronholt-Pedersen and Teis Jensen 4 Min Read COPENHAGEN (Reuters) - Lego abruptly removed its chief executive Bali Padda after just eight months on Thursday, replacing the 61-year-old Briton with a younger Danish industrialist in a battle to become the world''s biggest toymaker. The Danish company said it had appointed Niels B. Christiansen, 51, who joins Lego after nine years as CEO of Danfoss where by focusing on digitalization he increased sales and turned the firm into a global leader in energy efficiency. Lego is hoping Christiansen can revive its flagging growth by increasing sales in Asia and fully embracing the digital era. After flirting with bankruptcy after 2000, Lego saw a decade of impressive growth under the leadership of Jorgen Vig Knudstorp, who is now chairman of the family-owned maker of the distinctive plastic building bricks which have been enjoyed by generations of children. When the toy market shrank after the financial crisis, Lego bucked the trend by tying up with movie franchises like Star Wars, Harry Potter and Indiana Jones in deals spanning Lego sets, video games, movie franchises and smartphone applications. But while Lego now vies with Barbie doll maker Mattel ( MAT.O ) to be the world''s largest maker of toys, revenue growth slowed from 25 percent in 2015 to just six percent last year with sales of 37.9 billion Danish crowns ($6 billion). Enter Padda, a Lego veteran and the first non-Dane to lead the firm, who took over from Knudstorp, a Danish national who had overseen average annual sales increases of more than 15 percent and made Lego the world''s most profitable toymaker. Founded in 1932 by Ole Kirk Kristiansen, his grandson Kjeld Kirk Kristiansen is now the main family representative at Lego. Before Danfoss, Padda''s replacement Christiansen was head of hearing aid firm GN Store Nord ( GN.CO ). He has also been on the board of A.P. Moller-Maersk ( MAERSKb.CO ), Danske Bank ( DANSKE.CO ) and Bang & Olufsen ( BO.CO ). Energy Commission Chairman Niels B. Christiansen attends a news conference at the State of Green in Copenhagen April 24, 2017. Scanpix Denmark/Ida Guldbaek Arentsen/via REUTERS "Niels managed to transform a traditional industrial company into a technology leader," Knudstorp told Reuters, adding that his experience in digitalization and localization will help improve products and efficiency at Lego. Padda will now take on a special advisory role within the Lego Brand Group, which is headed by Knudstorp. DANISH VALUES Slideshow (2 Images) Knudstorp says he started looking for a younger successor to Padda, who is the oldest person on the Lego management team, immediately after his appointment, but admitted that the transition had come faster than expected. "It can take a long time to find the right one, but when Niels stepped down at Danfoss, I faced one of the country''s absolute best persons to lead a big global company. I suddenly saw a chance to shorten the process," Knudstorp said. "It could easily have taken two to three years," he said, adding that while it was not essential to have a Dane leading Lego, it was important to understand its roots. "(Christiansen) has a solid rooting in Danish values, where you have authority because you''re a competent, credible and authentic leader, not because you''re the boss who sits at the end of the table and smokes big cigars," Knudstorp said. And as far as the chairman is concerned, Lego''s new boss already has the building blocks he needs to revive growth. "We still have a very strong brand even though growth rates declined last year," Knudstorp said. "At Lego, we make significantly more money than our closest competitors combined." Reporting by Teis Jensen; editing by Jane Merriman and Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-lego-moves-idUSKBN1AQ0N2'|'2017-08-10T09:43:00.000+03:00'
'22e618e1412ffa1083a5159d1c50ab2837e6fc3d'|'A Google employee inflames a debate about sexism and free speech'|'“DON’T be evil” is Google’s corporate motto. If only it were so simple. The online-search giant is in a tricky spot after an employee published a long, anonymous memo online about why women are under-represented in the technology industry. The main reason may not be sexism, asserted James Damore, the young Harvard-educated software engineer later revealed to be the memo’s author, but biological factors. Women are more interested in people and emotions, he wrote, and tend towards “neuroticism”, meaning they are more anxious than men and worse at handling high-stress jobs.The ten-page memo also lamented liberal Silicon Valley’s new willingness to “discriminate to create equal representation” and its reluctance to hear opinions that clash with the mainstream view on diversity. On August 7th Mr Damore told Bloomberg, a news service, that he had been fired by Google. Sundar Pichai, the company’s boss, said that portions of the memo violated its code of conduct and made its work environment hostile for female employees.Mr Damore may have believed he was voicing what many people in the tech industry privately think. Silicon Valley has been plagued by allegations of sexism at startups, notably Uber, a ride-hailing company, as well as at venture-capital firms, which help set the male-dominated cultures of the young companies they finance. In July a handful of prominent venture capitalists, including Dave McClure, the general partner of 500 Startups, admitted to treating women inappropriately and resigned from their positions. But Google has much more to lose. It is under investigation by the Department of Labour for discriminating against women by paying them less than men. Men occupy four-fifths of its directly technology-related roles, according to the firm (see chart). It needs to show its female employees and workers from ethnic and sexual minority groups that it does take diversity seriously. At the same time, Google’s search engine and its online-video site, YouTube, must remain platforms for free expression. But as Mr Dunmore’s sacking shows, there are limits to what its employees may say in public.In the end, Google decided it was better to be labelled intolerant than complicit. “This isn’t a question of legality or policy. This is a question of virtue-signalling,” says the boss of a prominent tech startup, reflecting the view of many in the Valley.Mr Damore has indicated that he may sue Google for infringing on his right to free speech. The company may become more of a target for those who accuse Silicon Valley’s firms and bosses of being intolerant of politically conservative opinions. American universities, which are supposed to encourage diversity of thought, are also criticised for catering to identity politics by, for example, excluding conservative thinkers. Google may be trying hard not to be evil. But unfortunately for the firm’s executives, evil, like beauty, is in the eye of the beholder.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21725972-james-damore-said-personality-may-explain-gender-gap-tech-google-employee-inflames?fsrc=rss'|'2017-08-08T00:00:00.000+03:00'
'bd3141f67fe65d9f6c484a1ab2ab702ea9c40ea9'|'UPDATE 1-Continental becomes latest U.S. shale producer to cut budget'|'(Reuters) - Continental Resources Inc ( CLR.N ) cut its 2017 capital budget on Tuesday, the latest U.S. shale oil producer to cut back on drilling and fracking equipment amid tepid crude prices.The company, which is majority controlled by Chief Executive Harold Hamm, said it would spend $1.75 billion to $1.95 billion this year, down from a prior $1.95 billion target. Continental said it can be cash flow neutral - that is, spend as much as it makes - with oil prices CLc1 between $45 and $51 per barrel.By cutting its budget, Continental is following the direction of many of its U.S. shale peers, who have already cut more than $1.2 billion from their spending plans for the year.Shares of Continental rose 1.1 percent to $32.80 in after-hours trading.Yet even as it cut spending and said it would use fewer drilling rigs and fracking crews in North Dakota and Oklahoma - its two main areas of operations - Continental said its production this year would rise at the midpoint by about 4 percent to 230,000 to 240,000 barrels of oil equivalent per day (boe/d)."The continuous improvements we are achieving position Continental for even better results in 2018," Hamm said in a statement.The company posted a net loss of $63.6 million, or 17 cents per share, compared with a net loss of $119.4 million, or 32 cents per share, in the year-ago quarter.Excluding one-time items, Continental broke even during the quarter. By that measure, analysts expected a loss of a penny per share, according to Thomson Reuters I/B/E/S.Production in the period rose about 6 percent to 226,213 boe/d.The Oklahoma City-based company is slated to discuss its quarterly results on Wednesday with investors.Reporting by Ernest Scheyder in Houston; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-contl-resources-results-idUSKBN1AO2F5'|'2017-08-09T00:48:00.000+03:00'
'14cddbd1a0ab44a13811bfe63c82374560322416'|'Soccer-Real Madrid see off United to win European Super Cup'|'Aug 8 (Reuters) - Real Madrid beat Manchester United 2-1 to lift the European Super Cup for the fourth time on Tuesday as they became the first team to retain the trophy since AC Milan in 1990.Brazilian midfielder Casemiro struck the opening goal with a left-foot strike midway through the first half while Spain international Isco consolidated Real''s advantage with a slick piece of skill and finish in the 52nd minute.United''s 75 million pounds ($97.40 million) striker Romelu Lukaku got his first competitive goal for his new club to reduce the deficit in the 62nd with a simple finish on the rebound after earlier wasting a similar opportunity.That sparked a brief period of pressure from Jose Mourinho''s side and they could have drawn level when Marcus Rashford burst through but he was denied by a save from Keylor Navas, ensuring Real won their fifth international trophy under Zinedine Zidane.$1 = 0.7700 pounds Reporting by Richard Martin; Editing by Ken Ferris'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/soccer-super-idUSL5N1KU7C8'|'2017-08-08T23:49:00.000+03:00'
'a78ac3806c4322fdc05f4b278d704cebd848cd08'|'Volkswagen workers want new model for Germany to boost flagging output'|'August 9, 2017 / 3:03 AM / 7 hours ago Volkswagen workers want new model for Germany to boost flagging output Reuters Staff 3 Min Read FILE PHOTO: VW Golf cars are pictured in a production line at the German carmaker Volkswagen''s plant in Wolfsburg, March 9, 2017. Fabian Bimmer/File Photo BERLIN (Reuters) - Volkswagen''s ( VOWG_p.DE ) top labour representative has urged the carmaker''s management board to assign a new vehicle model to Germany to boost flagging capacity utilization or risk missing hard-fought productivity goals. The carmaker''s powerful unions are concerned that a 3.8 percent drop in first-half group vehicle output in Germany, fuelled by waning demand for the Golf and Passat models, could inspire further cuts in Volkswagen''s (VW) high-cost home market. Europe''s largest automaker last November agreed with unions to cut thousands of jobs through natural attrition, weed out red tape and cut R&D costs under a so-called future pact to revive the core namesake brand. To counter any weakening at Wolfsburg, VW''s core plant employing over 60,000 people and grappling with low demand for the ageing Golf, management should overhaul assembly lines to be able to build an extra 40,000 Tiguan sport-utility vehicles (SUVs), VW''s most sought-after model at present, works council chief Bernd Osterloh said. "A high capacity utilization of German plants is crucial for the success of the company and the jointly agreed future pact," Osterloh said on Wednesday in emailed remarks to Reuters. "Only by means of a high capacity utilization we can achieve the productivity targets." VW couldn''t be reached for comment outside business hours. FILE PHOTO: A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo The carmaker plans to raise productivity at its German factories by 7.5 percent this year and next, and a further 5 percent in 2019 and 2020, counting on fixed-cost cuts and fine-tuning of R&D, procurement and production operations. Investors have said a turnaround at the long-struggling VW brand is key to reviving the group''s fortunes following a costly diesel emissions test-cheating scandal. Osterloh, a member of VW''s supervisory board, said the carmaker has earmarked another 500 million euros ($587.20 million) in cost savings on top of the 1.5 billion of efficiency gains already budgeted this year, without providing details. VW''s works council want the new model to be assigned to one of the three auto-making plants in Wolfsburg, Emden and Zwickau, Osterloh said. Wolfsburg has already been chosen to build an SUV model of VW''s Spanish division Seat in 2018, using the German group''s cost-saving MQB modular platform that underpins the Tiguan. VW''s powerful unions, whose members occupy half the 20 supervisory board seats, threatened to withhold support for mid-term group spending plans on models, plants and technology due to be discussed by the board in November without a production roadmap from management, Osterloh said. "It''s completely clear that the workers will only approve the budget round if the German plants are utilized as agreed under the future pact," he said. Reporting by Andreas Cremer; Editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-strategy-idUKKBN1AP07Y'|'2017-08-09T15:40:00.000+03:00'
'23b4a73e8d198b3dd69bdd3a154efdbf05efe1a2'|'Wall Street set to open lower on simmering North Korea tensions'|'August 10, 2017 / 1:09 PM / 44 minutes ago Wall Street falls as investors flee risk on North Korea concerns Kimberly Chin 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid (Reuters) - The S&P 500 index was on track for its first daily drop of more than 1 percent in almost three months on Thursday as investors grew cautious over escalating tensions between the United States and North Korea. The loss of appetite for risk followed North Korea''s claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam in an unusually detailed threat. U.S. President Donald Trump said on Thursday afternoon that his earlier warnings to North Korea may not have been tough enough. The three major U.S. indices have sold off this week amid investors'' jitters after Trump said on Tuesday that threats from Pyongyang would be "met with fire and fury like the world has never seen." Investors bought safe-haven assets such as gold, helping the precious metal touch a two-month high, and the Japanese Yen JPY= rose. “We’re due for a little correction here. When you’re due, there’s always going to be something that happens in the world that’s going to make people nervous. It gives them almost a mental excuse to sell. What’s happened in North Korea is enough to do that,” said Matthew Peterson, Chief Wealth Strategist for LPL Financial in Charlotte, North Carolina. Related Coverage Expert Views: U.S. stocks extend fall on North Korea tensions, S&P down 1 percent “Although we certainly can get a five to seven percent correction, we don’t think it’s the start of a significant bear market.” The CBOE Volatility Index .VIX, a barometer of expected near-term stock market volatility, rose to a near three-month high of 15.49. After paring gains it was still on track for its biggest one-day percentage gain since May 17. The Dow Jones Industrial Average .DJI fell 162.59 points, or 0.74 percent, to 21,886.11, the S&P 500 .SPX lost 30.54 points, or 1.23 percent, to 2,443.48 and the Nasdaq Composite .IXIC dropped 116.67 points, or 1.84 percent, to 6,235.66. The last time the S&P closed down more than 1 percent was May 17. The technology sector .SPLRCT was the biggest weight on the S&P 500 index with a 1.9-percent drop. But some investors welcomed the dip in the sector, which has been S&P''s leading gainer so far this year. "That''s a chance and an opportunity to build your position or to get into it," said Chris Bertelsen, chief investment officer of Aviance Capital Management in Sarasota, Florida. Shares of Macy''s ( M.N ) tumbled 10.2 percent and Kohl''s ( KSS.N ) was down 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. Data showed U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week. However, Federal Reserve Bank of New York President William Dudley suggested on Thursday that the central bank was on track to raise interest rates once more as he expects sluggish inflation to rise over the next several months. Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favoured decliners. Reporting by Kimberly Chin; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKBN1AQ1K4'|'2017-08-10T16:06:00.000+03:00'
'eb4c9cd84bb568fff22ad69c59aec8bb778e221e'|'Fidelity allows clients to see digital currencies on its website'|'August 9, 2017 / 4:06 AM / 6 hours ago Fidelity allows clients to see digital currencies on its website Anna Irrera 3 Min Read FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. Benoit Tessier/File Photo NEW YORK (Reuters) - Fidelity Investments has started allowing clients to use its website to view their holdings of bitcoin and other cryptocurrencies held through digital wallet provider Coinbase, the company said on Wednesday. The initiative, previously tested with the Boston-based money manager''s employees, is a rare example of an established financial services company warming up to cryptocurrencies. Starting Wednesday, most Fidelity clients will be able to authorize Coinbase, one of the largest crypto-currency exchanges in the United States, to provide the fund manager with data on their holdings. Through the experiment, the company said it aims to learn more about digital currencies, which have been proliferating since the creation of Bitcoin, the oldest and most valuable of these assets. Coinbase enables users to buy and trade Bitcoin as well as competitor virtual currencies Ethereum and Litecoin. "This is an experiment in the spirit of learning what these crypto assets are like and how our customers may want to interact with them," Hadley Stern, senior vice president and managing director at Fidelity Labs, the company''s innovation unit, said in an interview. Bitcoin hit a record high on Tuesday, with one unit of bitcoin trading at above $3,400 on Coinbase. The currency''s rise in value is not a driving force behind the initiative, Stern said, noting that the integration is part of Fidelity''s wider efforts around cryptocurrencies and their underlying technology blockchain. Many large financial institutions around the world have been investing in blockchain over the past two years, in the hopes that it can help them slash costs and simplify some processes. Blockchain is a shared ledger of transactions maintained by a network of computers on the internet rather than a central authority. However, most established financial firms have shied away from associating themselves with bitcoin and cryptocurrencies, because the sector remains largely unregulated. Fidelity''s Chief Executive Officer Abigail Johnson announced the company''s intention to launch the Coinbase integration at an industry conference in May. At the time Johnson also revealed that Fidelity had been accepting bitcoin payments in its cafeteria, but said the experiment had highlighted the technology''s flaws as a means of payments. "But I am still a believer – and it''s no accident that I''m one of the few standing before you today from a large financial services firm that hasn''t given up on digital currencies," Johnson said at the time. (This version of the story has been refiled to remove "Inc" from Fidelity Inc''s name) Reporting by Anna Irrera; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-fidelity-investments-bitcoin-idUSKBN1AP0AO'|'2017-08-09T07:06:00.000+03:00'
'add7c73c7f7f44540eb3f95beeac22132efcd77b'|'RPT-Takata seeks to suspend air bag victims'' lawsuits against carmakers'|'WILMINGTON, Del./WASHINGTON, Aug 8 (Reuters) - Takata Corp''s bankrupt U.S. business will ask a federal judge on Wednesday to suspend lawsuits against automakers that have been brought by people injured by its faulty air bag inflators, something that opponents say is an abuse of the law.Takata and TK Holdings Inc, the company''s U.S. unit, filed for bankruptcy in June and said they faced tens of billions of dollars in liabilities from its inflators, which are subject to the biggest recall in automotive history.Bankruptcy automatically stayed hundreds of lawsuits against TK Holdings for wrongful death, injuries, economic loss and breach of consumer protection laws. But in July the company sought a preliminary injunction to suspend lawsuits against automakers that use its inflators.Without the injunction, Takata said the litigation would distract management from completing the sale of the company''s viable operations to Key Safety Systems for $1.6 billion and could threaten the supply of air bag inflators to replace recalled ones.Plaintiffs'' lawyers called the requested injunction "an abuse of the bankruptcy laws for the benefit of all of the world''s largest automobile manufacturers." They said Takata''s request would delay consideration of plaintiff''s lawsuits for six months or more, which would be a very long time for the plaintiffs.The official bankruptcy committee that represents injured drivers said in court papers the injunction would have "human consequences" and prevent people from pursuing compensation.The committee cited the example of a 23-year-old New Jersey woman whose quadriplegia resulted from brain injuries that a government investigator said were caused by a faulty Takata air bag.The woman''s lawyers estimated her economic loss would be $18 million, which does not include potential damages for pain and suffering.At least 18 deaths and 180 injuries worldwide have been linked to Takata air bags. Takata has said it expected 125 million vehicles worldwide to be recalled by 2019.Takata set aside $125 million to compensate those injured by its air bags as part of a guilty plea, but plaintiffs'' lawyers argue it will not be enough.Major automakers including BMW AG, Ford Motor Co , Honda Motor Co Ltd and Toyota Motor Corp sided with Takata in backing a six-month delay in lawsuits, arguing in a court filing that doing so would "advance the interests of their customers and the safety of the motoring public by increasing the likelihood" the Takata restructuring will succeed and "protect the supply of replacement inflators and diminish the risk of future deaths and injuries." (Reporting by Tom Hals in Wilmington, Delaware, and David Shepardson in Washington; Additional reporting by Tracy Rucinski in Chicago; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/takata-bankruptcy-usa-lawsuit-idUSL1N1KU1UZ'|'2017-08-09T08:00:00.000+03:00'
'77008758756605a9c1b1e5c1fcc124bc47975d3e'|'UK government asks watchdog to look into Fox''s bid for Sky'|'FILE PHOTO: The Sky News logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. Toby Melville /File Photo (Reuters) - Britain''s department of culture said on Tuesday it had written to media watchdog Ofcom for more information on its views on Twenty-First Century Fox''s ( FOXA.O ) bid for Sky Plc ( SKYB.L ).It said it wanted some clarification following a number of representations that has been made to it about Ofcom''s finding in favor of the deal.Culture Secretary Karen Bradley, who is responsible for media issues, said in July that she needed to look at the evidence received before taking a decision about the bid, which was likely to be in the next few weeks.The $15 billion deal should be scrutinized to see if it gave media magnate Rupert Murdoch too much influence over Britain''s media, Bradley had said.The department said it has asked Ofcom to provide the advice by Aug. 25.(This version of the story corrects date to Aug 25, last paragraph)Reporting by Subrat Patnaik in Bengaluru'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sky-m-a-fox-idINKBN1AO2CV'|'2017-08-08T18:30:00.000+03:00'
'89ec2a2eba431703c052e9f8d9528b9e02f2f148'|'I Squared Capital targets raising up to $6.5 billion in new fund: sources'|'HONG KONG (Reuters) - Infrastructure investor I Squared Capital aims to raise as much as $6.5 billion in a new global fund to tap rising demand for infrastructure assets and has already won commitments for a large chunk of the sum, people familiar with the matter said.I Squared has already got enough demand to meet the initial $5 billion target for the fund, said two of the people. It last month announced the acquisition of Hutchison Telecommunications Hong Kong Holdings'' fixed-line assets for $1.9 billion.The firm has agreed to acquire the business in a cash deal, and one of the people said around half of the deal value would be paid from the new fund and the remaining through bank debt.I Squared, which is said to be among potential bidders for Equis Energy, Asia''s largest independent renewable energy producer valued at up to $5 billion, declined to comment for the story.The people declined to be named as they were not allowed to discuss the matter in public.New York-based I Squared''s second fund targeting global investors follows a series of large-sized fundraisings by private equity firms in recent months, many of which are looking to bet on investment opportunities in Asia and tap capital in the region.Blackstone Group LP ( BX.N ) is seeking to raise up to $3 billion in its first pan-Asia buyout fund for investments in sectors including high-end manufacturing and healthcare, people familiar with the plan told Reuters last month.KKR & Co ( KKR.N ) in June closed a new Asia-focused buyout fund after raising $9.3 billion, a record for the region.GROWING IN SIZE I Squared''s new fund is set to be the biggest infrastructure fund raised since Global Infrastructure Partners'' record $15.8 billion fund that closed in January this year, according to data provider Preqin.The average size of global infrastructure funds has risen sharply over the last five years, Preqin data shows, as demand for infrastructure investments rises. The average fund size in 2012 was $427 million while in 2017 so far the average fund size has reached $1.3 billion.Nearly a fifth of the $94 trillion in global infrastructure investment needed by 2040 risks being unfunded if current spending trends continue, the G20-backed Global Infrastructure Hub said last month.I Squared, founded by a few former bankers at Morgan Stanley Infrastructure Fund, invests in energy, utilities and transport businesses in the Americas, Europe, and select high growth economies.It closed a $3 billion fund in April 2015, with investments from pension funds, sovereign wealth funds, insurance companies, asset managers and family offices from the United States, Canada, Europe, the Middle East, Asia and Australia, the firm said at the time.The limited partners in the second fund will be a similar group, one of the people said.The firm separately received a $200 million commitment last October from The Overseas Private Investment Corporation (OPIC), the U.S. Government''s development finance institution, for a fund that invests in South and Southeast Asia.Reporting by Kane Wu; Editing by Sumeet Chatterjee, Muralikumar Anantharaman and David Evans'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-isquared-fund-idUSKBN1AO1R1'|'2017-08-08T22:56:00.000+03:00'
'1b238dd433f3d6ad728bc96dbe2f772eb2bab4c5'|'Uber investor sues to force former CEO Kalanick off board'|'August 10, 2017 / 8:05 PM / 23 minutes ago Uber investor sues to force former CEO Kalanick off board Reuters Staff 2 Min Read 89th Academy Awards - Oscars Vanity Fair Party - Beverly Hills, California, U.S. - 26/02/17 – Uber co-founder Travis Kalanick. Danny Moloshok (Reuters) - Venture capital firm Benchmark Capital is suing former Uber Chief Executive Officer Travis Kalanick to force him to leave the board of the ride services company and rescind his ability to fill three board seats, according to a copy of the lawsuit obtained by news website Axios. Kalanick, who was forced out as chief executive following a series of embarrassments for the company, had tried to "pack Uber''s board with loyal allies in an effort to insulate his prior conduct from scrutiny and clear the path for his eventual return as CEO," Benchmark said in the lawsuit filed in Delaware court on Thursday. Uber''s board in 2016 agreed to expand the number of voting directors from eight to 11, with Kalanick having the sole right to designate those seats, according to Benchmark. ( bit.ly/2vrf8M0 ) After he left as CEO, Kalanick appointed himself to one of those seats, Benchmark said. Benchmark asked the court to force him to step down and stop him from appointing other directors. Benchmark, an early investor in Uber, said that it never would have given Kalanick the three extra seats if it had known about his "gross mismanagement and other misconduct at Uber," the report said. Uber declined to comment. Benchmark Capital and a spokesman for Kalanick did not immediately respond to requests for comment. Reporting by Anya George Tharakan in Bengaluru; Additional reporting by Peter Henderson in San Francisco; Editing by Shounak Dasgupta and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-uber-lawsuit-idUKKBN1AQ2EW'|'2017-08-10T23:04:00.000+03:00'
'334e5f44576cef16e278029c2733e4ba71547088'|'UPDATE 1-UK Stocks-Factors to watch on Aug 7'|'(Adding company news, futures)Aug 7 (Reuters) - Britain''s FTSE 100 index is expected to open 19 points higher at 7531.2 on Monday, according to financial spreadbetters, with futures up 0.17 percent ahead of the cash market open.* PADDY POWER: Gambling firm Paddy Power Betfair said on Monday it has appointed Peter Jackson as its new chief executive to replace Breon Corcoran, who is stepping down from the role he took up in February last year when Paddy Power merged with online betting exchange Betfair.* MONITISE: Monitise has offered its backing for a takeover of the British financial services technology company by Fiserv after the U.S. financial technology provider made an improved offer that values the firm at about 75 million pounds.* PAYSAFE: Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector.* UK BOOKMAKERS: British finance minister Philip Hammond has blocked government attempts to curb high-stakes gambling machines commonly found in betting shops in order to preserve tax revenues, the Daily Mail newspaper reported on Saturday.* TULLOW: The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. Total is one of the owners of Ugandan oilfields, alongside China''s Cnooc and Britain''s Tullow Oil.* SAINSBURY: Britain''s second-biggest supermarket chain, Sainsbury''s, is considering cutting 1,000 head office jobs as part of a drive to save 500 million pounds ($652 million) in costs, the Sunday Telegraph newspaper reported.* UK REAL ESTATE: The directors of small British construction businesses are lending them more money to plug a funding gap as banks set tighter lending criteria and major contractors delay payments, a survey showed on Monday.* GOLD: Gold held steady near two-week lows on Monday, with the dollar remaining supported by expectations of monetary tightening in the United States following stronger-than-expected jobs data last week.* LME COPPER: London Metal Exchange copper on Monday fell half a percent $6,343 a tonne by 0137 GMT, having earlier jumped to $6,430.50, less than $10 below its most recent-two year high. Volumes were roughly treble the average for early Asia, around 5500 lots.* The UK''s top share index enjoyed its best week so far in 2017 as gains among big defensive overseas earners on Friday outweighed falls for homebuilding stocks. Britain''s blue chip FTSE 100 index ended the session up 0.5 percent at 7,511.71 points.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KT2F4'|'2017-08-07T14:42:00.000+03:00'
'17a71081eabdee244998f26d74a77e0ed895950f'|'As short sellers target Chinese companies in Hong Kong, hostility mounts'|'August 7, 2017 / 12:03 AM / 4 hours ago As short sellers target Chinese companies in Hong Kong, hostility mounts Michelle Price 7 Min Read FILE PHOTO: (L-R) The Hong Kong Exchanges flag, Chinese national flag and Hong Kong flag are hoisted outside the Hong Kong Stocks Exchange in Hong Kong June 7, 2016. Bobby Yip/File Photo HONG KONG (Reuters) - Short sellers are increasingly targeting Hong Kong-listed Chinese companies they allege have committed accounting tricks, market manipulation and fraud. And that’s despite mounting hostility faced by investors who bet against stocks. This year, there have been nine campaigns by short sellers against Hong Kong-listed companies as of mid-July, a record for the period, according to data from Activist Insight. This time last year there had been only two and in 2015 six. Short sellers said increasing capital flows between mainland China and Hong Kong, spurred by Beijing’s recent moves to open up its equity markets, were exacerbating corporate governance problems in Hong Kong. “We suspect the increased capital flows between the mainland and Hong Kong have encouraged more stock manipulations and frauds in Hong Kong,” Carson Block, founder of Muddy Waters and among the most prominent short activists, told Reuters in an email. But calling out these frauds is not for the faint-hearted. Those betting against companies encounter a bitter response from their targets, as well as from the shareholders in those companies and from the Chinese authorities. The short sellers say the backlash can come in the form of litigation, smear campaigns, arrests, hacking of their information, surveillance, physical assault and death threats - against them, their staff and even their families. Dan David, the 48-year old co-founder of U.S.-based short activist GeoInvesting, says he has received emails detailing how he might die, has been the target of multiple attempted hacks, sued three times unsuccessfully, and confronted in his driveway by an angry investor. "People would rather make money on a fraud than lose money on the truth,” said David, who unveiled his most recent campaign against food manufacturer China''s Dali Foods Group ( 3799.HK ) in June. David claims the company has implausibly low expenses and salary costs, while its tax filings display troubling inconsistencies. The company has denied the allegations, which it says are misleading and based on selective information. SMALL PUBLIC FLOATS The short sellers borrow stock in a company and then sell it to take a short position – their hope being that they can buy the stock back at a lower price and close out the position at a profit. (For FACTBOX showing companies targeted:) Related Coverage Factbox: Chinese companies targeted by short sellers in Hong Kong in first half David and other short sellers focused on mainland Chinese stocks listed in Hong Kong say that poor regulation, weak enforcement and small public floats means there are more stocks overvalued in the territory than in other major markets. China’s strict investment rules make it all but impossible to take short positions in individual domestic-listed Chinese stocks from overseas. Some companies may have used accounting tricks to overstate their profitability, or have over-promised – perhaps they have a fad product whose popularity will fade quickly. Critics say short sellers are cynical opportunists who destroy shareholder value for their own gain. The shorts counter by saying they are a force for good, going to great lengths to expose fraud and persistent problems with listing and governance standards in the city. In June, Christopher Cheung, who represents financial services and business interests in Hong Kong’s legislative chamber, called on Hong Kong''s Securities and Futures Commission to more tightly scrutinize short sellers, saying they had caused “serious disturbance to market order” in Hong Kong and hurt investors. FILE PHOTO: Carson Block, Chief Investment Officer, Muddy Waters Capital LLC., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. Brendan McDermid/File Photo In a statement, an SFC spokesman said: “The SFC considers that responsible research can all contribute to the overall market quality and price discovery process and has no intention to suppress legitimate commentaries on listed companies, whether positive or negative.” Though less prominent than peers such as Block, David - who is also chief investment officer of hedge fund FG Alpha - has been seeking to expose dodgy dealings at Chinese companies listed outside the mainland since 2010. He typically sets to work screening for a range of tell-tale signs, including auditors, brokers and investment banks that have a track record of working for questionable companies. Some firms, such as Asia-based Blazing Research, also solicit tips and will pay "handsomely" for useful information, it told Reuters in an email. Many firms hire private investigators to review a company’s operations in China. They can spend months pulling business registrations, poring over tax filings, counting truck traffic or point of sale terminals (sometimes after installing cameras), appraising land claims, and quizzing nearby residents. They are often looking to see whether the reality on the ground matches executives’ statements. RESEARCHER DETAINED But such tactics can backfire. On one occasion, a member of David''s team was beaten-up by security guards who spotted him counting trucks driving in and out of the company''s factory. Sometimes it is worse than that. AlfredLittle.com''s researcher Kun Huang, a Chinese-born Canadian, was convicted of criminal behavior and jailed in China for two years and then deported. David and Block have also received anonymous threatening emails. One received by Block in 2010 mentioned his wife Kathy, asking: "Are you, Kathy and your dad ready for a bullet?" Block moved to California the same year and now minimizes his time in Hong Kong, which he said is becoming a riskier environment for short sellers because of Beijing''s increasing influence in the former British colony. As Chinese companies grow savvier to short tactics, betting against them has become riskier. They are faster to rebut allegations and they also more often openly attack the short sellers’ credibility, making for more drawn-out, expensive campaigns. They will call on large shareholders or friendly funds and brokers to help prop up the share price or to suck up the supply of borrowable stock, making it more expensive to cover short positions. "Some Hong Kong stocks have a very limited public float, making it easy for the controlling shareholder to prop up the share price even though the company is indeed fraudulent," said Blazing Research in an email. It is unclear if Block made or lost money on his December campaign against China Huishan Dairy ( 6863.HK ) after the company quickly halted its stock and announced the chairman was increasing his stake. The share price subsequently rose and stabilized until plummeting 85 percent on March 24. "Being right and making money are two different things. Most of the time they do intersect for us, but not all of the time,” said Block in June. Reporting by Michelle Price; additional reporting by Elzio Barreto and Twinnie Siu in Hong Kong; Editing by Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-shortsellers-idUKKBN1AN001'|'2017-08-07T03:08:00.000+03:00'
'a96d29a9cd3b8564ae840240efbadcef085b1157'|'RPT-GRAPHIC-Take Five: World markets themes for the week ahead'|'(Repeats Friday item without changes)LONDON, Aug 4 (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.1/ August Angst With the Dow Jones Industrial Average touching 22,000 in the past week, some investors and traders are bracing for a rocky second half of 2017. The August through October time frame is the only three-month period to have a negative average return going back to 1928, according to Bank of America/Merrill Lynch. Some U.S. stock market internal measures are showing signs of rally fatigue, as the number of new stocks striking 52-week lows on the New York Stock Exchange and Nasdaq has risen for seven straight days while the number marking fresh highs has declined in five of the past seven sessions. While new highs still outnumber new lows, they do so by the slimmest margin in about a month and stand at roughly a quarter of the 200-day moving average difference between the two. A similar dynamic is evident in the recent shift in the number of stocks advancing versus those declining on a daily basis. After a long period when gainers broadly outnumbered decliners, the table has turned in the last two weeks. On average over the past 10 days, the number of stocks falling has outnumbered those rising by the widest margin in four months.* Dow pole vaults 22,000 but beware the landing* BREAKINGVIEWS-Earnings power gives U.S. market rally new impulse2/ Weak Dollar, Strong Stocks Not so long ago, some investors were worried that a strengthening dollar, as the U.S. Federal Reserve raised interest rates, would drive the long rally in global stocks into the sand. In fact an 8-percent fall since May in the greenback against a basket of other currencies has coincided with ever more record highs in MSCI''s All-Country World stocks index. While the fall in the dollar index also happened alongside a reduction in expectations of more Fed rate hikes, many analysts say the dollar weakness does not reflect concerns over the U.S. economy or over the uncertainty emanating from President Donald Trump''s White House. Instead, it reflects the relatively loose monetary conditions and confidence to invest in higher-yielding assets that could see the "risk-on" stocks rally maintained for a while yet.* INVESTMENT FOCUS-Weak dollar a green light for the global stocks rally* COLUMN-Raise rates? Inflation shows central banks should be keeping it easy3/ Asian Small-Caps Struggle Even as Asian main stock markets bask in the glow of improving earnings estimates and scale new peaks, the region’s small-cap markets have been sold off in quick succession. This week, it was Japan’s Mothers start-up market sinking to fresh lows and marking a loss of almost 10 percent from a one-year peak hit in June. Hong Kong’s small-cap Growth Enterprise Market has been under pressure for weeks and China’s tech-heavy start-up board index ChiNext has likewise been sliding on worries about growth prospects and valuations of technology firms. The broader stock markets have so far not seen a spillover, and MSCI’s Asia index has been on a sustained uptrend. These markets have been fairly correlated with Nasdaq in the past. If global stock markets succumb, earnings growth and rising currencies may not insulate Asian stock markets. Researchers at MSCI point out that the first signs of stress in U.S. mortgage markets in 2007 triggered liquidity needs in multi-strategy funds which then were forced to unwind equity positions. The first to feel the hit were small-caps.* Japan''s start-up stock market plunge could pressure small-caps --* Small cap plunge drags China stocks lower despite strong GDP growth --4/ Tech That Inflows this year into tech stocks globally are running second only to the rush into EM debt, according to data from EPFR and Bank of America Merrill Lynch. Surprisingly strong quarterly results from Apple and hopes of a blockbuster launch of the 10th anniversary iteration of the game-changing iPhone lifted its shares to a record high. The tech behemoth is now worth more than $800 billion and potentially on its way to becoming the world''s first $1 trillion company. In Asia, the tech sector, led by Samsung Electronics, is at the forefront of earnings upgrades. That, along with the sweet spot that tech is in as a beneficiary of low rates, global growth and disruption underway across industries from retail to banking, has ensured that tech stocks are the best performers by some distance across each of the world''s major market regions and the gap with sectors such as energy is particularly wide. Slowing inflows into the sector over the past week, as BofA-ML points out, could be the first signs that investors are keen on banking some profits.* Apple shares sail to record high on healthy iPhone sales* Investors dump healthcare stocks, appetite for tech fades5/Resilient Rand With South African President Jacob Zuma facing the ninth no-confidence motion of his career on Aug. 8, the rand and other markets are remarkably resilient, with the currency near three-week highs against the dollar and local rand-denominated stocks at record highs. Five-year CDS near 2-1/2-year lows, according to IHS Markit. If passed, the motion would require the cabinet to step down along with Zuma. While Zuma is unpopular with investors and citizens alike, it would add political turmoil to the mix for South Africa, which is in recession and has suffered a ratings downgrade to junk and seen joblessness soar to 14-year highs. One reason for market calm is that the dollar is at 16-month lows - a plus for the deficit-ridden South African economy - and second, the scandal-prone leader is likely to survive the vote as usual. There is potential for a surprise with the parliament speaker allowed to decide if the motion can be held under a secret ballot. The motion needs a simple majority to pass but this would still be unlikely, given it would need a fifth of the ruling ANC Party''s MPs to vote against Zuma, said John Ashbourne of Capital Economics.* ANC MPs would have to be "bewitched" to vote out Zuma - chief whip* GRAPHIC-Fragile no more: emerging market funding gaps shrink from 2013Reporting by Jennifer Ablan in New York, Vidya Ranganathan in Singapore, Saikat Chatterjee, Vikram Subhedar and Sujata Rao in Lonson; Editing by Andrew Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets-themes-idUSL5N1KQ55X'|'2017-08-07T15:20:00.000+03:00'
'bb96bf7953962d138c972e994bb0800614aa0875'|'Bank of England says Brexit transition desirable for UK, EU banks'|'August 8, 2017 / 11:03 PM / 2 hours ago Bank of England says Brexit transition desirable for UK, EU banks Huw Jones 3 Min Read FILE PHOTO: A sign is displayed outside the Bank of England in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - The Bank of England said a transition period after the Britain leaves the European Union would give banks more time to make orderly changes as Brexit poses risks to financial stability. With UK due to leave the bloc in March 2019, the BoE''s Prudential Regulation Authority (PRA) said it faces heavy demands from Brexit fallout on banks and insurers. BoE Deputy Governor and PRA Chief Executive Sam Woods said "some form of implementation period is desirable" between Britain leaving the bloc and start of new trading terms to "give UK and EU firms" more time to make necessary changes. But he stopped short of saying what sort of transition he wanted in a reply to Nicky Morgan, new chair of parliament''s Treasury Select Committee, who asked him this month for his views on the design of such a period. The UK government has not presented the EU with any firm request for a transition period as it still seeks internal consensus. UK-based firms are not waiting for clarity and are announcing new hubs in the EU27 to be sure of serving customers there after March 2019 - and avoid the destabilising ruptures in financial links the BoE fears. Woods had asked banks to spell out how they would cope in particular with a "hard" Brexit where Britain crashes out of the EU with no transition or trading deal. In a letter to Morgan made public on Wednesday, he said 401 responses were received, which revealed "significant issues for many firms" and the BoE will reach a view on the plans in the autumn. The submissions provided "further evidence" of risks the BoE had already identified, specifically relating to the continued servicing and performance of existing contracts and restriction on data transfers. There could be a sharp rise in the number of insurance policies shifted from one country to another, a switch that involves the courts, he said. "Re-structuring by firms to mitigate risks to their business will in general increase complexity." Dislocation and fragmentation of markets could bump up costs and cut activity. The BoE will need to ensure that supervising firms with links between the EU and a Britain outside the bloc, is still doable, he added. The PRA faces having to authorise and supervise a significant number of additional firms, which could place a material extra burden on resources, Woods said. London is home to branches of banks from continental Europe and they face having to become subsidiaries, meaning they would be directly supervised by the PRA. Woods said the issues set out in his response to Morgan "pose a material risk" to the PRA''s objectives as a supervisor, and that this work is a top priority. "It is incumbent on us to manage this burden but we may have to make some difficult prioritisation decisions in order to accommodate it," Woods said. Reporting by Huw Jones, editing by Pritha Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-boe-idUKKBN1AO2MR'|'2017-08-09T02:03:00.000+03:00'
'2b99e6634c236649b7a574e191498c3ecd06e1df'|'EMERGING MARKETS-Brazil stocks hit 3-month high as JBS jumps'|'By Bruno Federowski SAO PAULO, Aug 8 (Reuters) - Brazilian stocks on Tuesday rose to a new three-month high, helped by shares of JBS SA after the head of development bank BNDES hinted that he would support a change in management of the world''s largest meatpacker. In an event in São Paulo, BNDES head Paulo Rabello de Castro called JBS Chief Executive Officer Wesley Batista was a "player who scored goals" but that did not meant that "he would be picked by the coach for the next match." The Batista family, who controls JBS through holding company J&F Investimentos SA, has admitted to paying bribes to hundreds of politicians. The participation arms of BNDES, which holds a 21-percent stake in JBS, is among shareholders asking for his ouster from management. Common shares in JBS rose 6.5 percent on Tuesday, hitting the highest since June 1. It was the biggest gainer on Brazil''s benchmark Bovespa stock index, which advanced 0.7 percent. Shares of for-profit college operator Estácio Participações SA rose 2.3 percent after Morgan Stanley Securities increase their price target on the stock to 26.90 reais from 24.50 reais. Moves in the Brazilian real, however, were muted, as traders awaited further moves on President Michel Temer''s plans to streamline the social security system. Planning Minister Dyogo Oliveira on Monday said the government will seek to approve its proposed pension overhaul without further changes in Congress as it rushes to reduce a budget deficit. "Markets are more optimistic but there are lingering doubts over whether Temer has enough political capital to see it approved," Rico brokerage chief analyst Roberto Indech said. The Mexican peso strengthened 0.2 percent, rebounding from a one-month low in thin trading volumes. Investors avoided risky bets ahead of the beginning of negotiations of the North American Free Trade Agreement (NAFTA). Optimism has grown that the United States, Mexico and Canada will soon reach an agreement, dispelling fears of a trade war stoked by U.S. President Donald Trump''s protectionist rhetoric. The Mexican peso has been among the world''s best-performing currencies this year as those concerns waned. Key Latin American stock indexes and currencies at 1720 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,079.21 0.36 24.71 MSCI LatAm 2,817.69 0.7 19.54 Brazil Bovespa 68,387.22 0.66 13.55 Mexico S&P/BVM IPC 51,662.69 0.53 13.19 Chile IPSA 5,121.46 -0.38 23.37 Chile IGPA 25,531.16 -0.38 23.14 Argentina MerVal 21,449.21 -0.14 26.78 Colombia IGBC 10,887.13 -0.36 7.49 Venezuela IBC 196,759.16 0.69 520.59 Currencies Latest Daily YTD pct pct change change Brazil real 3.1262 -0.05 3.93 Mexico peso 17.8850 0.21 15.99 Chile peso 648 0.43 3.50 Colombia peso 2,993.93 -0.50 0.25 Peru sol 3.242 0.00 5.31 Argentina peso (interbank) 17.7225 -0.13 -10.42 Argentina peso (parallel) 18.27 -0.44 -7.94 (Reporting by Bruno Federowski; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL1N1KU13A'|'2017-08-08T15:36:00.000+03:00'
'f0f44778b6820b8f8813b99af53b044762982870'|'UPDATE 1-BAT begins marketing M&A bond'|'August 9, 2017 / 8:22 AM / in 11 hours UPDATE 1-BAT begins marketing M&A bond 4 Min Read (Updates throughout) By Laura Benitez LONDON, Aug 9 (IFR) - British American Tobacco opened books on a four-part euro and sterling-denominated bond on Wednesday in a bid to complete its financing for the US$49bn purchase of Reynolds American. The maker of cigarette brands, such as Dunhill and Lucky Strike, started marketing three benchmark sized euro-denominated tranches and a sterling benchmark piece after raising US$17.25bn in the US market on Tuesday. The transaction will gauge European investors'' risk appetite for the firm, which faces corruption probes, and the tobacco sector more generally amid increased regulatory scrutiny. Some investors said the premium BAT will need to offer is at least 15bp to account for a string of negative headlines over the last week. Marketing during the summer period could also add some pressure on the deal''s execution. "It''s been tough because it''s August with some European investors not being here, there are a lot of balls in the air with this one," a lead banker said during the marketing process earlier in the week. BAT undertook two-day of investor meetings on Monday and Tuesday. The market is also poised for any hints from the European Central Bank it will taper its Corporate Sector Purchase Programme soon. "We just don''t know what the outcome will be and we expect to see so many companies frontrunning that meeting so a splurge of supply could hinder well-flagged trades like this," another banker said. "We''re starting to see some wider market volatility too that is impacting equity, and by September, we could see it hitting credit." BAT started marketing a euro four-year floating rate note, a euro 6.25-year fixed rate, a sterling eight-year and a euro 12.5-year. The four-year tranche is marketed at three-month Euribor plus 65bp area, the 6.25-year is marketed at 90bp area over mid-swaps, the sterling eight-year is marketed at 150bp-155bp over Gilts and the long euro tranche at 130bp area over mid-swaps. Tough Times The company was slated to issue the bonds at the end of July, sources told IFR, following its results announcement and shareholder meeting. But its ambitions were thwarted after news that the company and its subsidiaries are being investigated for corruption by Britain''s Serious Fraud Office. BAT''s bonds had previously been hard hit when the US Food and Drug Administration announced plans last month to reduce nicotine levels in cigarettes and explore measures to move smokers toward e-cigarettes. Its 3.125% March 2029s widened 10bp on the day the FDA news broke on July 28 to 95bp over mid-swaps, and a further 4bp last Tuesday when the SFO probe was disclosed to 99bp. That paper has since widened by almost 2bp in the last few days. Last month''s major regulatory shift by the FDA sent the FTSE index of traditional cigarette companies'' shares falling to 65.23 from highs of 71.5 in late July. BAT said in a statement it intended to cooperate with the SFO investigation, but did not provide any more details. Sweeps Up in Dollars BAT brought the second-largest bond of the year to US market on Tuesday, attracting US$35bn of demand for the US$17.25bn trade. However, the transaction was thought to have over allocated investors who were a bit tougher on pricing than they had been in recent weeks. BAT''s mammoth deal followed US$125bn of investment corporate supply in the US market in July. Unlike many recent deals that routinely allowed borrowers to ratchet in pricing around 25bp from start to finish, BAT only managed to tighten levels 10bp-15bp across the tranches. BAT, rated Baa2/BBB+ by Moody''s and S&P, mandated Bank of America Merrill Lynch, Barclays, Citigroup, Deutsche Bank, and HSBC for the dollar piece and Deutsche Bank, ING, NatWest Markets, Santander, and Societe Generale for the euros and sterling notes. (Reporting by Laura Benitez,; Editing by Alex Chambers and Helen Bartholomew.) 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/bat-bonds-idUSL5N1KV1TI'|'2017-08-09T16:22:00.000+03:00'
'e0cd559d5d6564b117fd754179cd5f10e69132ff'|'Sun Pharma posts surprise loss in June-quarter'|'A man carrying a gas cylinder walks out of the research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai May 29, 2014. Danish Siddiqui/Files REUTERS - India''s largest drugmaker Sun Pharmaceutical Industries Ltd posted a surprise quarterly loss on Friday due to one-off legal costs and pressure over prices in its largest market, the United States, casting a shadow over its growth prospects.Sun is the latest maker of generic drugs to report poor sales as uncertainty grows in the global market for copycat drugs due to rising competition and pricing scrutiny in the United States.India''s drugs industry, the world''s fourth largest, has been hit particularly hard due also to challenges at home, where the government is tightening control over prices, and a nationwide tax reform has hit supplies.For Sun, recent pricing challenges have compounded problems: it had already been struggling to get clearance for its key factories that are under U.S. supply bans due to quality control failures."Everyone in the company is acutely aware that this is not something investors expect from us," Sun''s founder and Managing Director Dilip Shanghvi said during a post-earnings conference call with analysts on Friday."The reason why we are suffering is because of our inability to execute," he added.The company, the world''s fifth-largest maker of generic drugs, said it expects profit margins to improve gradually to reach about 20 to 22 percent in the second half of this year from 17.1 percent in the June quarter."We will find ways in which we can work towards improving," Shanghvi said.Those ways include trying to curb costs while trying to find niche drugs that have limited competition.One such drug it is developing is the psoriasis drug tildrakizumab that is expected to be filed for U.S. approval in the third quarter, Shanghvi said.He added that the company has fixed issues outlined by the U.S. Food and Drug Administration at its key Halol factory in western India, and a re-inspection by the agency is awaited.Mumbai-based Sun posted a net loss of 4.25 billion rupees ($66 million) for the April-June quarter compared with a profit of 20.34 billion rupees a year earlier. (bit.ly/2uMEuCp)It said it incurred costs of 9.51 billion rupees related to settlements with some plaintiffs in an U.S. antitrust case over the sleep disorder drug Modafinil.Excluding one-off charges, adjusted net profit fell 74 percent to 5.26 billion rupees, while analysts on average expected 11.80 billion rupees, according to Thomson Reuters data.U.S. sales slumped 42 percent from the same quarter a year earlier, when sales had benefited from a temporary market exclusivity on cancer drug imatinib. India sales dipped five percent.Sun''s peers Dr Reddy''s Laboratories Ltd and Lupin Ltd also reported weak quarterly U.S. sales last week. Aurobindo Pharma Limited said this week that U.S. sales had eroded due to pressure on prices.Cipla Ltd, which has a relatively smaller exposure to the United States, reported a 20 percent rise in quarterly profit earlier in the day. ( reut.rs/2vtjGBE )($1 = 64.2050 rupees)Reporting by Zeba Siddiqui and Tanvi Mehta; Editing by David Clarke and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/sun-pharm-results-idINKBN1AR0XD'|'2017-08-11T13:26:00.000+03:00'
'02c59e17848cb153fc23a6559e808456196c73e5'|'Banco do Brasil sees recurring profit at mid-point of forecast'|' 02 PM / 19 minutes ago Banco do Brasil sees recurring profit at mid-point of forecast 1 Min Read SAO PAULO, Aug 11 (Reuters) - Banco do Brasil SA expects to meet the mid-point of a target for recurring net income this year, as cost and expense control might help the state-controlled lender to offset declining interest income and shrinking loan book disbursements, executives said on Friday. The Brasilia-based lender is targeting recurring profit between 9.5 billion reais and 12.5 billion reais ($3 billion and $3.9 billion) this year. A focus on small corporate loans could help Banco do Brasil increase lending spreads throughout the year, mitigating the burden of lower domestic interest rates, Chief Financial Officer Alberto Queiroz said. Banco do Brasil officials spoke during a conference call to discuss second-quarter results. $1 = 3.1766 reais Reporting by Guillermo Parra-Bernal; Editing by Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/banco-do-brasil-results-outlook-idUSE6N1I3015'|'2017-08-11T17:01:00.000+03:00'
'e9c6a059095bfd05f2306db910c3df348c91d448'|'BUZZ- DJI''s record run can lead to reckoning'|'August 8, 2017 / 1:30 PM / in 12 minutes BUZZ- DJI''s record run can lead to reckoning 2 Min Read ** DJ Industrials has now seen 10 straight higher daily closes, and 9 straight record high closes. Chart: reut.rs/2fpVWKV ** Longest streak since Feb of this year when the index put together 12 straight higher daily closes, which also happened to be record high closes ** That Feb run matched a 12-day period of record high closes in Jan 1987, and that 12-day run was the longest such streak in the history of the DJI going back to 1914 (Thomson Reuters data) ** As the DJI''s streak was ending this past Feb, daily RSI ultimately stalled shy of its Dec top, for a case of negative divergence ** Indeed, once the Dow''s streak terminated on Feb 28, the index topped 1 trading day (td) later, sold off 3.7 pct over next 34 tds ** With this current run, RSI severely overbought, and now pressing study resistance line across its Dec/Mar peaks ** Thus, momentum ripe for topping, DJI vulnerable to reversal; initial support 21681 ** So far in 2017, DJI has seen 35 record high closes, the most since 38 in 2014 ** Index narrowly driven with Boeing, Apple, and UnitedHealth responsible for nearly half the Dow''s YTD rise; BA alone, 25 pct ** Meanwhile, other major avgs, both domestic and overseas lagging DJI on its record run 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/buzz-djis-record-run-can-lead-to-reckoni-idUSL1N1KU0CL'|'2017-08-08T16:27:00.000+03:00'
'c9290d2f5ea4691c52f29405025f6f35ceb3b210'|'Cash-rich Newmont Mining mulls boosting dividend as peers pursue debt reduction'|'Mining equipment is seen inside the vast open pit of the Batu Hijau copper and gold mine, run by Newmont Mining Corp, on Indonesia''s Sumbawa island, in this September 21, 2012 file photo. Neil Chatterjee/File Photo TORONTO (Reuters) - With a plump $3.1 billion pile of cash, Newmont Mining Corp is mulling a sweeter dividend to attract a broader shareholder base, a move that makes it an outlier in the still recovering gold sector.Although miners are no longer crippled by expansion-fueled debt loads, the priority for their cash is building and expanding mines to replace depleting gold reserves, and further reducing debt.Dividend increases are not on their immediate horizon, making Newmont, which has said it was considering doing so, stand out.Like other producers, Newmont is also investing in expansion projects, but with the fattest purse among gold producers and no debt due until 2019, the Colorado-based miner may have excess cash to return to shareholders.Newmont, the world''s second-biggest gold producer, has cut net debt by over 70 percent since 2013 to $1.5 billion, and will mull dividend payout options at its October board meeting."One of the things we''ll be looking at is what''s an appropriate level of dividend that might attract new investors," Chief Executive Gary Goldberg told Reuters.Newmont is nipping at the heels of Barrick Gold Corp for the title of world''s largest gold miner, with plans to produce 5 million-5.4 million ounces of gold this year, against Barrick''s forecast 5.3 million-5.6 million ounce output.The two miners are also wrestling for top valuation, with Newmont''s market capitalization of $19.3 billion just behind Barrick''s $19.4 billion.Among Newmont''s potential options to boost its dividend is issuing a one-time special payment, said Chris Mancini, an analyst at Gabelli Gold Fund.The company could also boost its gold price-linked dividend again, as it did last year, analysts said."The market does want them to reinvest in projects which have high rates of return and relatively low risk," said Mancini."To the degree that there is excess cash on their balance sheet, the market would like to see that returned to them, in the form of a dividend."At a $1,250 per ounce gold price, Newmont would pay 30 cents a share for its 2017 dividend, a yield of about 0.8 percent, TD Securities analyst Greg Barnes said in a note to clients.That is broadly in line with current industry yields, but an increased payout could potentially put Newmont ahead of its peers.For now, richer dividends are not compelling for producers including Barrick, Kinross Gold Corp, Goldcorp Inc and Agnico Eagle Mines Ltd, which are focused on reducing debt or investing in projects.But as gold miners gain firmer footing, there is potential to mirror global diversified miners, which are hiking dividends as commodity prices and profits surge, said Clarksons Platou global mining analyst Jeremy Sussman.Rio Tinto, the world''s second-largest miner, last week promised a record-setting $2 billion interim dividend, for example."If we were to see this on the gold side from one of the majors, especially in a meaningful way, I think the others would probably feel some pressure to follow suit, because at this stage, the vast majority of balance sheets are in very good shape," said Sussman.For graphic click: here %20MINING-CASH/0100508R0L6/index.htmlReporting by Susan Taylor, additional reporting by Nicole Mordant in Vancouver; Editing by Denny Thomas and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-newmont-mining-dividend-idINKBN1AP23P'|'2017-08-09T15:14:00.000+03:00'
'c1c8a49185671ad9ccb53fc463bceae0a6487f32'|'California insurance regulator to probe Wells Fargo over unwanted auto policies'|'August 8, 2017 / 3:56 PM / in 4 hours California insurance regulator to probe Wells Fargo over auto policies 3 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - California will investigate whether Wells Fargo & Co ( WFC.N ) and an insurance company harmed hundreds of thousands of residents by selling them insurance they did not need, the state''s insurance regulator said on Tuesday. California Insurance Commissioner Dave Jones said in a statement his department will look into so-called "force-placed" or "lender-placed" auto insurance underwritten by National General Insurance Co NGIN.DU for customers with auto loans from Wells Fargo. Wells Fargo declined to comment on the probe, while a National General representative could not be immediately reached for comment. Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers'' names without their permission. The probe by California follows subpoenas issued by New York state''s banking and insurance regulator to two Wells Fargo units on Aug. 2. The New York Department of Financial Services (NYDFS) is demanding Wells turn over loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, among other details, according to copies of the subpoenas seen by Reuters. Wells first became aware of potential problems a year ago, when the auto lending business began receiving an unusually high number of complaints, Franklin Codel, head of consumer lending, said in a recent interview. The bank said it would refund about $80 million to an estimated 570,000 customers who were wrongly charged for auto insurance from 2012 to 2017, including roughly 20,000 whose vehicles were repossessed. "Wells Fargo discontinued its Collateral Protection Insurance (CPI) program in September 2016 after finding inadequacies in vendor processes and our internal controls that negatively impacted some customers," the company said in a statement. National General was identified as an underwriter of the insurance in a report into the matter prepared for Wells by consultancy Oliver Wyman. The New York Times obtained a copy of the report. Reporting by Suzanne Barlyn; Editing by Bill Rigby and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wells-fargo-autos-idUSKBN1AO1VT'|'2017-08-08T18:56:00.000+03:00'
'1014a70a71f6ce567fa3ff5948e22e65b6e5841d'|'Two Chinese tourists are arrested for making a Hitler salute in Germany'|'IGNORANCE of the law is no excuse for breaking it. Over the weekend two Chinese tourists were arrested in Germany for photographing themselves making Hitler salutes outside the Reichstag building in Berlin. The country has strict anti-hate laws, which prohibit pro-Nazi symbols and speech. The Chinese pair were released on €500 ($590) bail; police said they could face as much as three years in prison. However, the men were told they were free to leave the country, and that if a fine was handed down at trial, the bail money could be used to cover it.Gulliver does not intend to get into the rights and wrongs of Germany’s anti-hate laws. (For what it’s worth, he would think the Hitler salute crass, insensitive and insulting while not considering that a high enough bar to curb freedom of expression.) But the incident provides an opportunity to think about the extent to which foreigners should make themselves aware of local laws and sensitivities. We do not know for certain the Chinese travellers’ motivation for their homage to Hitler. For all we know they are fascists, fully aware of German regulations and were hoping to make a political point. But, more plausibly, they were goofing around taking a selfie, having considered neither the legality nor the bad taste of what they were doing.Germany’s prohibition on such things is not the norm in Europe. It seems unreasonable to expect the tourists, who by all accounts were on a country-hopping tour of the continent, to understand such legal nuances in every country they visit. In that sense they are a little like globetrotting business travellers: it is not unknown for British road warriors, for example, to get nabbed for jaywalking in America and profess to being nonplussed that pedestrians cannot just cross a road wherever they please.More seriously, consider Thailand’s lèse-majesté laws, under which even mocking the king’s dog can land you a lengthy stay at the Bangkok Hilton. Even if the business traveller were unaware of the severity of the crime, he might think it plain insensitive to sound off about the Thai monarch. That might not be enough, however: an Australian author unwittingly fell foul of lèse-majesté for writing a novel about a flawed, fictional prince that reportedly sold only seven copies. He was sentenced to three years in a Thai jail in 2009, although he was eventually pardoned.The truth is that sometimes we are thoughtless. Entering Argentina several years ago, Gulliver''s eye was caught by a sign reading “Las Malvinas son Argentinas” (the Falkland Islands are Argentine), with an accompanying sign forbidding tourists from photographing the slogan. No prizes for guessing the first thing your correspondent whipped out. At the time it felt as if it might make for an amusing picture. In retrospect it occurred to him that the subject is not one Argentinians treat with levity.Previous Why an eight-hour bus ride from Los Angeles to San Francisco might beat a flight Next Investors prefer airlines with good customer service'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/don-t-mention-war?fsrc=rss'|'2017-08-08T03:16:00.000+03:00'
'13db8264a6f9d0c9e47dda241bb9aaa1be94ef4e'|'GE delays plan to open part of new Boston HQ'|'August 9, 2017 / 6:00 PM / an hour ago GE saves money by delaying Boston HQ tower construction 2 Min Read The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. Daniel Becerril (Reuters) - General Electric Co ( GE.N ) said it is delaying construction of the largest part of its new $200 million headquarters in Boston to save money as new Chief Executive John Flannery looks to curtail costs. The company will cut millions of dollars from the project cost by postponing construction of a 12-story tower until 2019 as part of a second phase, rather than starting immediately, spokesman Jeff Caywood said. GE is moving ahead with renovations of two smaller buildings and public amenities in the area as planned. The company would have paid a premium in construction costs by building the tower at the same time, Caywood said. GE would not disclose the exact savings but Caywood said "it''s in the millions of dollars." The scope of the development, at 15 Necco Street near Boston''s waterfront, is not being changed and GE still expects to employ 800 people there when the project is finished in mid-2021. The company is using nearby offices in the interim. Renovation of the two brick buildings, totaling 95,000 square feet, is scheduled to be finished by mid-2019.The 295,000-square-foot tower is now scheduled to be completed in mid-2021, rather than in 2019. "We are committed to Boston and look forward to moving to GE Innovation Point, which will be a hub for innovation and the industrial internet,” Ann Klee, the GE vice president in charge of the Boston development, said in a statement. The delay comes as Flannery is reviewing GE''s operations with an eye toward cutting costs. The company has said it expects to deliver as much as $2 a share in earnings next year but that it may miss the target if markets worsen. It also is focused on cutting $1 billion in costs next year. The Boston Globe newspaper first reported GE''s decision to delay the tower construction. ( bit.ly/2vOBObi ) GE told employees about the decision late Tuesday. Reporting by Alwyn Scott in New York and Arunima Banerjee in Bengaluru; Editing by Anil D''Silva and Bill Trott 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-ge-headquarters-delay-idUSKBN1AP27K'|'2017-08-09T20:59:00.000+03:00'
'7ec9e31ef527f7643e692874c141a7bd09bdc369'|'Private equity deals in UK property drop sharply since Brexit - Preqin'|'August 11, 2017 / 6:35 PM / 38 minutes ago Private equity deals in UK property drop sharply since Brexit - Preqin Herbert Lash 3 Min Read FILE PHOTO - An apartment block is constructed behind a row of traditional properties in central London December 11, 2014. Luke MacGregor/Files NEW YORK (Reuters) - The number and value of real estate deals involving private equity funds in the United Kingdom has dropped sharply since the "Brexit" vote to leave the European Union, while transactions in the rest of Europe jumped, data released on Friday showed. In the aftermath after last year''s referendum, deal activity declined sharply due to uncertainty about how the vote would affect the UK real estate market, London-based research firm Preqin said in a statement. Private equity deal activity has rebounded a bit since as the referendum''s effects have become clearer, although they still present concerns for investors, the firm said in its Real Estate Spotlight report. "The UK''s plans to exit the EU have the potential to create disruption to investment activity in real estate both in the UK and elsewhere in Europe," Preqin said. The amount of capital raised for UK-focused private equity real estate funds in the first half of 2017 fell to $2.9 billion from $3.4 billion raised in the previous six months and $3.7 billion a year earlier. Fundraising for the rest of Europe was higher at $17.6 billion raised in the first six months of this year, $9.9 billion in the second half of 2016 and $11.7 billion a year earlier. Deal flow in the UK rose to 201 completed transactions from 186 in the second half of 2016 but was down from 315 a year earlier. The aggregate value of completed private equity deals in real estate rose to $17.5 billion from $10.4 billion in the previous six months, Preqin said. The year-earlier figure was higher at about $18 billion. In the rest of Europe, the total value of private equity deals more than doubled to $40.6 billion in the first six months of this year from $18.8 billion from the latter half of 2016. The UK is central to the European private real estate industry. In the 10 years ended July 2017, UK-based fund managers have raised $108 billion, compared with $102 billion in the rest of Europe, Preqin said. Until final details of how the UK leaves the EU emerge, dealmaking will remain uncertain and high on a list of investor concerns, the firm said. Reporting by Herbert Lash; Editing by Daniel Bases and Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-property-brexit-idUKKBN1AR224'|'2017-08-11T21:34:00.000+03:00'
'214ba2f4cb11d187170b55234f2c9655d14a1392'|'Helen Alexander, former CEO of The Economist Group, died on August 5th'|'ROLE models for women in business are still too rare, not least in Britain. Last November an independent review backed by the government urged FTSE 100 companies to raise the share of women on their boards from 27% to 33% by 2020. Sadly, that push this week lost one of its leading champions, Helen Alexander, the deputy chair of the review.Business had no better ambassador. She was self-effacing but a world-class networker—a winning combination that helps explain, along with her intelligence and charm, why all sorts of firms wanted her on their board (from Northern Foods to Centrica, Rolls-Royce and the British arm of Huawei), to advise them (Bain Capital) or to chair them (the Port of London Authority and, more recently, UBM, an events business). In 2009 she became the first woman to be president of the Confederation of British Industry, the country’s main employers’ group. 2 hours 2 hours ago Germany’s election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates But Helen had built her reputation in the media industry. From 1997 to 2008 she was chief executive of The Economist Group (the publisher of this newspaper), the company she joined as a marketing executive in 1985. During her tenure, profits soared and The Economist ’s circulation more than doubled, to 1.3m.Her success owed much to a leadership style that lacked fireworks and did not seek fame, but deserved more recognition, for both its humanity and effectiveness. Helen relied on a quiet wisdom: listening, not lecturing. No name was ever forgotten, no thoughtful personal gesture was too small. For all the fashionable fascination with big strategy, she was unerringly sensible and, where need be, decisive: nothing foolish would happen on her watch. She treated her colleagues with respect, set an example of discipline and solid values (the diary always cleared time for family), and in return inspired confidence. “You can trust Helen completely,” was the word from one Economist editor to his successor.Although she could seem quintessentially British (St Paul’s Girls’ School, Oxford University), she was also thoroughly global. She loved travelling to the Olympic games, where the world came together in good-spirited competition. Her mother was Russian (with roots in Estonia), her grandmother had been Maxim Gorky’s lover; Helen’s MBA was from INSEAD in France and she was a stalwart of an annual Franco-British gathering called the Colloque. France awarded her the Légion d’Honneur in November 2015.At her acceptance speech at the French embassy in London, delivered in flawless French, her one pause to collect herself came when thanking her husband and three children for their support in her battle against cancer, which had been diagnosed about a year earlier. Helen approached that struggle as she did all else: head on, admirably, a class act. "The best of bosses"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business-and-finance/21725895-helens-humanity-intelligence-and-charm-will-be-missed-she-was-60-dame-helen-alexander?fsrc=rss%7Cbus'|'2017-08-12T08:00:00.000+03:00'
'8f3d65b2100dde46cd562382cc2d1e51302db0b4'|'BRIEF-Facebook approved May debut of photo-sharing app "Colorful Balloons" in China - NYT'|' 14 PM / in 10 minutes BRIEF-Facebook approved May debut of photo-sharing app "Colorful Balloons" in China - NYT 1 Min Read Aug 11 (Reuters) - Facebook Inc * Facebook approved May debut of photo-sharing app "Colorful Balloons" in China; shares look, function, feel of Facebook''s moments app - NY Times, citing source * "Colorful Balloons" app released through separate local company and without any hint that the social network is affiliated with it- NY Times, citing source Source text: nyti.ms/2hROKry 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-facebook-approved-may-debut-of-pho-idUSFWN1KX19Q'|'2017-08-11T22:13:00.000+03:00'
'1d662434e03368dff9dc1c8a6f8999fbc3f7a868'|'Snap shares slide as user growth miss unnerves investors'|' 23 PM / 23 minutes ago Snap shares slide as user growth miss unnerves investors Reuters Staff 3   The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. Lucy Nicholson/File Photo (Reuters) - Snap Inc''s shares fell more than 11 percent on Friday in premarket trading after messaging app Snapchat''s daily active user growth missed expectations for the second quarter in a row. Snapchat''s second-quarter daily active users rose 21 percent to 173 million from an year earlier, falling short of the 175.2 million expected by analysts, according to financial data analytics firm FactSet. In comparison, Snapchat''s main rival Instagram Stories, where users and businesses can post a string of photos and videos that disappear after 24 hours, had more than 250 million users as of Aug. 2. Some analysts attributed the miss to Snap''s decision to not issue a forecast, which resulted in aggressive Street estimates. "We feel that Snap''s unwillingness to provide Street guidance will continue to be a disservice to shareholders as estimates continue to fluctuate wildly and it introduces unneeded uncertainty into results," Jefferies analysts wrote in a client note. Snapchat launched in 2012 as a mobile app is popular among people under 30 who enjoy applying bunny faces and or other filters on to their pictures. One of its colourful filters, the animated rendering of a dancing hot dog, was viewed over 1.5 billion times in snaps created by Snap''s users. While engagement of the messaging app was good, the slowing user growth has been a cause for concern. Snap''s user growth was also hurt by problems faced by users of Android-based phones, mainly outside the United States. The company said it was working to improve the performance of its app on Android phones to bring it at par with the iOS app. "We''re still in the early stages of making these improvements, and I would estimate that we won''t begin to see the meaningful results of these efforts until the second quarter of next year," Chief Executive Evan Spiegel said on a conference call on Thursday. At least seven brokerages cut their price targets on Snap. Jefferies cut its price target the most - from $30 (£23) to $16. Of the 36 analysts covering Snap''s stock, only 11 have a "buy" rating or higher. Eighteen have a "hold" rating and seven a "sell" or lower. Their median price target is $19. Shares of the social media company were down at $12 in premarket trading on Friday, about 19 percent below its March IPO price of $17. Reporting by Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-snap-results-research-idUKKBN1AR1EZ'|'2017-08-11T16:23:00.000+03:00'
'eace5a0b5bf0bc290e2f41391fa8f01da151775d'|'Sky investor Odey says Fox bid is losing appeal'|'August 9, 2017 / 2:29 PM / 27 minutes ago Sky investor Odey says Fox bid is losing appeal Ben Martin 3 Min Read FILE PHOTO: The Sky News logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. Toby Melville /File Photo LONDON (Reuters) - Hedge fund manager Crispin Odey is considering withdrawing his support for Twenty-First Century Fox''s ( FOXA.O ) attempt to take over Sky ( SKYB.L ), saying the 11.7 billion-pound offer undervalues the British pay TV broadcaster. Odey, who is the 15th biggest Sky shareholder with a 1 percent stake, told Reuters in a telephone interview that regulatory delays have caused him to reconsider his support for Fox''s 10.75 pound-a-share offer for the 61 percent of Sky it does not already own. His comments mark a reversal of his position since the deal was announced in December when he said he would back the offer. His change of stance comes after Rupert Murdoch''s attempt to take full control of Sky faced a further delay after the British government''s Department for Digital, Culture, Media and Sport said on Tuesday it had asked communications regulator Ofcom to re-examine the deal. "The truth is, the longer this goes on the more that I would be quite happy if it failed," Odey said, adding that Fox is "getting it at what now looks like quite a cheap price" and that the offer is "now starting to look rather mean." Odey said his view of the deal was changing because he thought Sky''s prospects were improving. The investor clashed with Sky three years ago when he initially rejected its offer to acquire his fund''s shares in Sky Deutschland in the course of taking over the German business. Sky shares fell on Tuesday following the announcement that Ofcom had been asked to do more analysis on the deal. FILE PHOTO: The Sky News logo is seen on television screens in an electrical store in Edinburgh, March 3, 2011. David Moir/File Photo The stock closed down 0.8 percent on Wednesday at 953.5 pence, the lowest level since December when news of the deal broke. A spokesman at Sky declined to comment. A source close to Sky said that at the current share price, Fox''s offer remained competitive. However, he acknowledged that the longer the deal takes the higher the risk is that investors may change their views on the valuation. The government''s request to Ofcom came amid criticism from politicians worried about the U.S. company''s broadcasting standards, in the wake of recent allegations about a controversial Fox News story. The culture department said it had "asked Ofcom to advise on a number of points" and that the regulator had until August 25 to respond. That pushes back a final decision by the government on whether the Sky takeover should be referred to the Competition and Markets Authority for a further review. Murdoch has long sought to take full control of Sky but has faced political opposition. His previous attempt to take over the broadcaster was abandoned in 2011 when his British newspaper business was embroiled in a phone-hacking scandal. Additional reporting by Paul Sandle and Sophie Sassard; Editing by Adrian Croft, Greg Mahlich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sky-m-a-fox-idUKKBN1AP1OZ'|'2017-08-09T17:29:00.000+03:00'
'3ed446ec2c80e79234831547817cf4efd4da846e'|'Banks picked for IPO of French fashion company behind Sandro, Maje - sources'|'LONDON, Aug 11 (Reuters) - Bank of America Merrill Lynch , JP Morgan and KKR Capital Markets have been chosen as joint global coordinators for an intial public offering for fashion company SMCP in Paris, two sources said on Friday.The French company behind fashion brands Sandro, Maje and Claudie Pierlot is expected to list its shares in Paris this autumn.Two different sources said BNP Paribas was picked to be among the syndicate. (Reporting by Dasha Afanasieva; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/smcp-ipo-banks-idINL5N1KX3Y5'|'2017-08-11T11:16:00.000+03:00'
'91cbc439138a5b29ce72af75ff2a872ac3b73d93'|'Germany believes European Commission will propose electric cars quotas'|'August 11, 2017 / 10:32 AM / an hour ago Germany believes European Commission will propose electric cars quotas Reuters Staff 1 Min Read FILE PHOTO - A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. Denis Balibouse BERLIN (Reuters) - Germany believes the European Commission will propose quotas for electric cars in it next review of measures to cut emissions, a spokesman for the German environment ministry said on Friday. The Commission said on Monday it had no plans to introduce quotas for electric cars for an automobile sector seeking to recover from the Volkswagen ( VOWG_p.DE ) diesel scandal. The German environment ministry spokesman said without quotas for electric cars the European Union could miss its carbon dioxide emissions targets. Reporting by Tom Koerkemeier; Writing by Joseph Nasr; Editing by Paul Carrel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-emissions-quotas-idUKKBN1AR0Y2'|'2017-08-11T13:34:00.000+03:00'
'16b5f4589e1e8b65c6d8b9cb0c8ff35ccd82a4da'|'Exclusive - Saudi Arabia favours New York for Aramco listing despite risks: sources'|'August 11, 2017 / 10:21 AM / 23 minutes ago Exclusive: Saudi Arabia favours New York for Aramco listing despite risks - sources 6 Min Read A view shows Saudi Aramco''s Wasit Gas Plant, Saudi Arabia December 8, 2014. Saudi Aramco/Handout via REUTERS DUBAI/RIYADH/LONDON (Reuters) - Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world''s largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom''s economic and energy policies, the sources said. Their comments point to internal disagreements between what some advisers are recommending and what the crown prince wants. Prince Mohammad may choose to list Aramco on the New York Stock Exchange (NYSE) for "political considerations", given the longstanding relationship between Riyadh and Washington, the sources said. However, they added that financial and commercial factors would also play a role in the choice. Aramco said in a statement that no decision has been taken yet on the listing venue, beyond the Saudi exchange Tadawul. "All options continue to be held under consideration. There is no timetable requirement for an immediate definitive decision," Aramco said in response to a Reuters request for comment. Selling around five percent of Aramco by next year is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is championed by Prince Mohammad. Several advisers have recommended London for the main listing outside Saudi Arabia, sources familiar with the matter told Reuters last month, partly due to concerns that a U.S. flotation would require greater disclosure of sensitive information on Aramco. One senior industry source, however, said New York is likely to be the favoured option for the Saudi government and Prince Mohammad. "That is broadly correct," the source said, adding: "All awaits on the final shareholder decision." Apart from New York and London, Hong Kong is also a contender, sources say. The flotation is expected to raise tens of billions of dollars which would be invested to help develop other Saudi industries. The New York and London stock exchanges declined to comment. Exchanges are vying to win part of the flotation as it will bring a major boost to their trading volumes, and will be likely to help them win listings from other Gulf states which are looking to part-privatise their commodity assets. But the Aramco plan has created some public misgivings that Riyadh is relinquishing its crown jewels to foreigners cheaply at a time of low oil prices. Some Aramco employees secretly wish the whole idea would be shelved, sources say. Apart from choosing an exchange, no decision has been made either on exactly which assets will be floated, or what Aramco''s internal organisational structure would look like after listing, the sources say. One of the main issues being discussed internally is the valuation. Prince Mohammed has said the IPO will value Aramco at a minimum of $2 trillion, although some analysts'' estimates are between $1 trillion and $1.5 trillion. Though listing on the New York market would mean access to more liquidity, this would bring greater scrutiny to Aramco''s estimates of proven energy reserves and future oil prices, as well as its demand forecasts, all of which play a major role in the company''s valuation, another industry source said. For the valuation, much depends on the outlook for oil prices, which are currently only half what they were three years ago. "That''s why Saudi Arabia needs a higher oil price for the IPO now, to get a better value for Aramco," the source said. The back-and-forth internal talks between the crown prince, Energy Minister Khalid al-Falih, Aramco management and the many financial and legal advisers on some of these main decisions have raised speculation that the listing, which is expected to be in the second half of 2018, could be pushed further out. "They are still studying. When all is settled, they will present all options to MbS," said one industry source. JASTA RISK Aramco''s lawyers caution about litigation risks associated with the U.S. Justice Against Sponsors of Terrorism Act (JASTA), two sources said. That law, passed last September, allowed lawsuits to proceed against the Saudi government claiming it had helped to plan the Sept. 11, 2001 attacks on the United States and should pay damages to victims. Riyadh denies the allegations. Finance Minister Mohammed al-Jadaan, a lawyer by training, is most attuned to the legal risk of the four senior government officials advising the crown prince on the listing decision, the source said. Falih, who is also Aramco''s chairman, Economy and Planning Minister Adel Fakieh and Public Investment Fund Managing Director Yasir al-Rumayyan are the other members of the crown prince''s advisory committee, the source said, without elaborating on their views. The Finance Ministry did not respond to a request for comment on the views of Jadaan. Saudi industry sources dismissed JASTA as a reason for not listing in New York, noting that Saudi Arabia is believed to have hundreds of billions of dollars of investments in the United States already, including Aramco assets. They say the difficulty is related more to the disclosure process and complex regulations in New York. These may legally interfere with the sovereignty of the Saudi government, which would remain the major shareholder of Aramco after the flotation. While the London Stock Exchange has made winning the Aramco listing a priority, the NYSE has not offered any regulatory changes, a source familiar with talks between NYSE and Aramco told Reuters last month. Britain''s Financial Conduct Authority has proposed creating a new "premium" listing category for companies controlled by sovereign states which would exempt them from certain regulatory requirements. The new rules are due to be published towards the end of this year. Additional reporting by Tom Arnold in Dubai; Dasha Afanasieva in London, John McCrank in New York, Editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-saudi-aramco-ipo-idUKKBN1AR0WI'|'2017-08-11T13:58:00.000+03:00'
'cf11a11a7a9b280cbe50d1d622e0ce16fb2b3074'|'Airport profits: ready to depart'|'WHEN Heathrow airport opened, in 1946, the only retail facilities were a bar with chintz armchairs and a small newsagent’s. The first terminal was a tent, a far cry from the four halls, resembling vast shopping malls, at the London airport today. Retail spending per passenger is the highest of any airport. This summer’s consumer crazes include Harry Potter wands and cactus-shaped lilos.Heathrow’s journey from waiting room to retail paradise is the story of many airports. Before the 1980s, most income came from airlines’ landing and passenger-handling charges. Then “non-aeronautical” revenue—from shops, airport parking, car rental and so on—rose to around two-fifths of their revenues, of $152bn worldwide in 2015. But amid signs that non-aeronautical income is peaking, especially in mature aviation markets such as North America and Europe, the industry fears for its business model. When airports were state-owned, and run not for profit but for the benefit of the local flag-carrier, such ancillary income was less important. Airports in Asia, Africa and the Middle East still operate like this. Globally, two-thirds lose money; the share is 75% in China and 90% in India. But most airports in Europe and the Americas have to pay their own way.Britain led the way with privatisation in the 1980s. Canada leased its major airports to private-sector entities in 1994, and is now considering whether to sell them completely. Squeezed state budgets in America mean that most publicly owned airports are managed by arms-length organisations that must break even. And a wave of privatisation is sweeping Europe, where nearly half of terminal capacity is now owned by the private sector. France’s main airports in Paris are still partly in state hands, but Emmanuel Macron, the president, aims to sell the rest. Latin American countries are following closely behind.Their timing may be off. Although passenger numbers are still booming—growing worldwide by 6.3% last year, according to IATA, an airline-industry group—non-aeronautical revenues per person are falling across North America and Europe, a trend that is offsetting some of the rise in aeronautical revenues from higher passenger numbers.On the retail side, some temporary factors are at work, such as a crackdown on corruption by Xi Jinping, China’s president, which has crimped sales of luxury items to high-spending Chinese. Extra security checks introduced after a run of terror attacks have cut passengers’ shopping time, and that may change in future.Yet there are structural causes too. Tyler Brûlé, an airport-design guru and editor-in-chief of Monocle , a British magazine, notes that the duplication of nearly identical duty-free and luxury-goods outlets at airports across the world has left many passengers unexcited by the range of items on offer. The demographics of regular flyers, which have shifted towards people with less money to spare, have not helped. At the start of the year, Aéroports de Paris, Frankfurt airport and Schiphol airport, in Amsterdam, announced drops in spending per passenger in 2016 of around 4-8%.Under even greater threat, especially in North America, is income from car parks, which makes up two-fifths of non-aeronautical revenues across the continent, and car-rental concessions, which brings in a further one-fifth. At European airports the shares are 20% and 3% respectively (see chart). These businesses are being disrupted by ride-hailing apps, mainly Uber and Lyft, which make travel by taxi more affordable compared with renting or parking a car at the airport. In the past year, revenues from parking have fallen short of forecast budgets by up to a tenth, airport managers say, and next year they expect worse results. Many airports at first tried to ban Uber’s and Lyft’s cars from their taxi ranks, but drivers found a way round it, in some cases picking up rides from nearby houses. Now more are allowing Uber and Lyft to use their facilities.The likely direction of new technology and environmental regulation will continue to sap revenue from parking and car hire, reckons Francois-Xavier Delenclos of BCG, a consultancy. Because airports must meet local air-pollution targets, they will discourage passengers from using cars with internal combustion engines. Heathrow, for instance, wants the share of passengers using public transport to reach the airport to increase from 41% to 55% by 2040; many American airports have similar targets. Even the adoption of electric self-driving cars will offer little respite. After dropping off passengers, they will be able to take themselves home.Revenues are stagnating just when airports in America and Europe need more cash to expand, to cope with demand for flights. Without expansion beyond current plans, by 2035, 19 of Europe’s biggest airports will be as congested as Heathrow today, which operates at full capacity, according to Olivier Jankovec, director-general of ACI Europe, a trade group in Brussels. In America the Federal Aviation Administration, a regulator, estimates that congestion and delays at the country’s airports cost the economy $22bn in 2012. This will rise to $34bn in 2020 and $63bn by 2040 if capacity is not increased. Meanwhile, the cost of airport construction is rising more than twice as fast as general inflation, mainly due to rising costs of specialised labour.For those tramping through airports, this is bad news. Without space for extra airlines, established carriers can raise their fares without fear of new competitors moving in. Neither are incumbent airlines keen to foot the bill for expansion. IAG, an Anglo-Spanish group, is fighting plans to levy higher landing fees on its airlines, including British Airways, to pay for new runways at Heathrow and in Dublin. Expect to see more battles like this, for lilos and duty-free Smirnoff vodka cannot pay for all the terminals and runways that America and Europe need. "Losing altitude"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726099-boring-shops-extra-security-and-ride-hailing-hurt-airports-airport-profits-ready-depart?fsrc=rss'|'2017-08-12T08:00:00.000+03:00'
'5737de4d839a20283fd137571fca6488e9eee71c'|'Rupert Murdoch’s bid for Sky hits more obstacles'|'RUPERT MURDOCH’S penchant for mass-market media has made him billions of dollars. It also gets in the way of empire-building. In 2011 News Corp’s bid to take full ownership of Sky, a European pay-TV giant, fell apart amid public rancour over phone hacking by journalists at the News of the World , one of his tabloids (since closed). Now a renewed Murdoch family takeover attempt for Sky, a bid of £11.7bn ($15.2bn) by 21st Century Fox, faces yet more scrutiny over concerns about alleged scurrilous reporting at Fox News, Mr Murdoch’s American cable-news channel.On August 8th Karen Bradley, Britain’s culture secretary, asked Ofcom, the media regulator which had already reviewed the bid, to take another look to determine whether 21st Century Fox meets Britain’s broadcasting standards. Ms Bradley’s request followed fresh complaints about Fox News from members of parliament, including Ed Miliband, the former leader of the opposition Labour Party, and from activists who have lobbied against the deal. Sky’s shares fell slightly on fears that the acquisition might not happen, even though other European regulators have signed off. The latest objections concerned a lawsuit filed in America on August 1st alleging that Fox News had aired a false story about the 2016 murder of a Democratic Party staffer, Seth Rich, with the knowledge of the White House. The alleged aim was to divert attention from the investigation of Donald Trump’s possible links to Russia’s government. Fox denies the allegations.British critics of the takeover fear Sky’s news channel could come to resemble Fox News. Britain’s tight regulation of broadcasting should prevent that, but it is unclear what the Murdochs are willing to do to assuage such worries. Mr Murdoch returned to oversee Fox News after the departure of its long-time boss, Roger Ailes in July 2016, following multiple allegations of sexual harassment (Mr Ailes died this year). Since then it has continued to carry notably favourable coverage of Mr Trump.Losing the Sky deal would be a huge blow. Fox, a leading supplier of TV content internationally, already owns 39% of Sky, a leading distributor of TV in Europe. By buying the other 61%, the Murdochs would take full control of a pay-TV firm with a growing customer base of 22.5m in Europe (in contrast to the shrinking numbers watching pay-TV in America). By marrying content and distribution, the combined company could better compete with firms such as Netflix and Amazon, two online giants, with a direct-to-consumer streaming-video service in future. As if to rub it in, Disney, a competitor unencumbered by tabloids or politicised news channels, this week said it would launch two such streaming services by 2019. "What the Fox said"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726082-britain-will-further-scrutinise-foxs-standing-broadcaster-rupert-murdochs-bid-sky-hits?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'c2a0af213a62a0bf03ebaa8daf0dd83db936e6aa'|'Iran in talks to buy 48 Airbus helicopters - report'|'August 12, 2017 / 2:25 PM / 2 hours ago Iran in talks to buy 48 Airbus helicopters - report Reuters Staff 2 Min Read A logo of Airbus is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. Denis Balibouse DUBAI (Reuters) - Iran is holding talks with European planemaker Airbus ( AIR.PA ) to buy 48 helicopters for civilian use, an Iranian official was on Saturday quoted as saying, as Iran continues its shopping spree of Western aircraft after the lifting of sanctions. "The Health Ministry is planning to order 45 HEMS (Helicopter Emergency Medical Service) helicopters and the purchase is being negotiated by the Ministry of Roads and Urban Development," Iran''s Financial Tribune daily quoted Deputy Minister Asghar Fakhrieh-Kashan as saying. "Ports and Maritime Organization is also planning to hold a tender to purchase three search-and-rescue helicopters," he added. An Airbus Helicopters spokesman said: "We don''t comment on discussions we may or may not be having with potential customers". Iran has ordered more than 200 planes since international sanctions against the country were lifted last year in return for curbs on the country''s nuclear activities. Flag-carrier IranAir has ordered 100 planes from Airbus, 80 from U.S. rival Boeing (BA.N) and 20 ATR turboprops, but implementing the deals has been hampered by uncertainty over financing. On Thursday, U.S. President Donald Trump said he did not believe that Iran was living up to the spirit of the 2015 deal to curtail its nuclear weapons programme. But it was not immediately clear whether Washington may take measures that could affect Tehran''s plane purchases. In June, Airbus said two other Iranian airlines had committed to buying 73 planes in a last-minute flurry of deals for the aircraft manufacturer at the Paris Airshow. Fakhrieh-Kashan said Iran was holding negotiations to merge the helicopter order into the IranAir-Airbus contract signed in December, Financial Tribune reported. Reporting by Dubai newsroom, additional reporting by Tim Hepher in Paris; Editing by Stephen Powell 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-iran-airbus-helicopters-idUKKBN1AS0KT'|'2017-08-12T17:24:00.000+03:00'
'910c3df76dde1b2eb8319bca296589576449be3c'|'Rupert Murdoch’s bid for Sky hits more obstacles'|'RUPERT MURDOCH’S penchant for mass-market media has made him billions of dollars. It also gets in the way of empire-building. In 2011 News Corp’s bid to take full ownership of Sky, a European pay-TV giant, fell apart amid public rancour over phone hacking by journalists at the News of the World , one of his tabloids (since closed). Now a renewed Murdoch family takeover attempt for Sky, a bid of £11.7bn ($15.2bn) by 21st Century Fox, faces yet more scrutiny over concerns about alleged scurrilous reporting at Fox News, Mr Murdoch’s American cable-news channel.On August 8th Karen Bradley, Britain’s culture secretary, asked Ofcom, the media regulator which had already reviewed the bid, to take another look to determine whether 21st Century Fox meets Britain’s broadcasting standards. Ms Bradley’s request followed fresh complaints about Fox News from members of parliament, including Ed Miliband, the former leader of the opposition Labour Party, and from activists who have lobbied against the deal. Sky’s shares fell slightly on fears that the acquisition might not happen, even though other European regulators have signed off.Latest updates The ACLU stands up for an alt-right author’s freedom of speech Democracy in America 13 hours ago Ryanair drops plans to serve Ukraine Gulliver 13 hours ago British university rankings Graphic detail 14 hours ago British university rankings methodology Graphic detail 14 hours ago “A Ghost Story” is an enigmatic look at loss Prospero 16 hours ago How Donald Trump may be making life easier for one violent street gang The Economist explains 17 hours ago See all updates The latest objections concerned a lawsuit filed in America on August 1st alleging that Fox News had aired a false story about the 2016 murder of a Democratic Party staffer, Seth Rich, with the knowledge of the White House. The alleged aim was to divert attention from the investigation of Donald Trump’s possible links to Russia’s government. Fox denies the allegations.British critics of the takeover fear Sky’s news channel could come to resemble Fox News. Britain’s tight regulation of broadcasting should prevent that, but it is unclear what the Murdochs are willing to do to assuage such worries. Mr Murdoch returned to oversee Fox News after the departure of its long-time boss, Roger Ailes in July 2016, following multiple allegations of sexual harassment (Mr Ailes died this year). Since then it has continued to carry notably favourable coverage of Mr Trump.Losing the Sky deal would be a huge blow. Fox, a leading supplier of TV content internationally, already owns 39% of Sky, a leading distributor of TV in Europe. By buying the other 61%, the Murdochs would take full control of a pay-TV firm with a growing customer base of 22.5m in Europe (in contrast to the shrinking numbers watching pay-TV in America). By marrying content and distribution, the combined company could better compete with firms such as Netflix and Amazon, two online giants, with a direct-to-consumer streaming-video service in future. As if to rub it in, Disney, a competitor unencumbered by tabloids or politicised news channels, this week said it would launch two such streaming services by 2019.  Business   "What the Fox said"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21726082-britain-will-further-scrutinise-foxs-standing-broadcaster-rupert-murdochs-bid-sky-hits?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'c531220642bf44e17b30cda8339a20520d779b8d'|'Vale reaches mininum threshold for voluntary share conversion'|'SAO PAULO, Aug 10 (Reuters) - Brazilian miner Vale SA has reached a mininum threshold set for a proposed voluntary share conversion, after about 72 percent of current shareholders agreed to swap their preferred stock into common shares.In a Thursday securities filing, Vale said a total 1.421 billion preferred shares -- which comprise company stock traded in Brazil and the United States -- joined the plan. The company had set a minimum 54.09 percent threshold to approve the share conversion. The results are preliminary, and a definitive outcome of the share conversion will only be known late on Friday, the filing said.Management plans to discuss the matter at several conference calls on Aug. 14.Reporting by Ana Mano and Guillermo Parra-Bernal; Editing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/vale-shareconversion-idUSE6N1HB02D'|'2017-08-11T08:06:00.000+03:00'
'bcab8b7c367ccc335ae99d1005df68c5ecb92010'|'MIDEAST STOCKS - Factors to watch - August 13 - Reuters'|'DUBAI, Aug 13 (Reuters) - Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Global stocks selloff stops at Wall Street; gold, yen tick up* MIDEAST STOCKS-Kuwait''s Zain surges on Omantel move, Egypt falls on high inflation* Oil prices up amidst higher global demand, Nigeria instability* PRECIOUS-Gold buoyed by global tensions, U.S. inflation data* Trump will send envoys to Middle East to discuss peace -official* Trump administration defends travel ban in U.S. Supreme Court brief* Iraq''s Kurds stick to independence vote despite U.S. request to postpone it* Islamic State still a threat as Mosul residents return to city in ruins* Iraq issues tender to buy 50,000 tonnes of wheat* Iran in talks to buy 48 Airbus helicopters - report* Russia says "a pity" U.S. casts doubt on Iran nuclear deal* Iran dismisses Tajik civil war claims as attempt to damage ties* Soccer-Iran asked to explain dropping players who faced Israeli team* More Syrians returning home, still outnumbered by fresh displacements - U.N.* Seven Syrian rescue volunteers killed in shooting* "Logistics" hold up Lebanese deal for rebels, refugees to return to Syria* Syrian army secures Islamic State-held town in Homs province-state media* Syrian army gains ground on Jordan border in southwest* ANALYSIS-Hezbollah steers Lebanon closer to Syria, straining efforts to stay neutral* Libyan military commander Haftar visiting Russia - RIA* More than half a million children in Libya need help -UNICEF* MSF suspends Mediterranean rescues as migrant dispute mounts* Yemen''s Houthis target coalition warship, agency reports* U.N. signals not responsible for controlling Yemen''s main airport* Nineteen migrants feared drowned after being forced from boat off Yemen - U.N. agency* Israel warns Hamas not to try to foil its anti-tunnel Gaza wall* U.N. urges end to Gaza crisis in punishing summer heat* Sudan invited to U.S.-Egyptian military exercises - ministryEGYPT * Egypt inflation surges to 35 pct in July after subsidy cuts* Average yields drop on Egypt''s six-month, one-year T-bills* Italian tourist held over killing of hotel supervisor at Egyptian resort* Egypt train crash kills dozens, injures more than 100 people* Islamic state claimes responsibility for attack on Egyptian police car -AMAQSAUDI ARABIA * EXCLUSIVE-Saudi Arabia favours New York for Aramco listing despite risks -sources* Saudi''s Falih doesn''t rule out more oil cuts but kingdom won''t take unilateral action - Al Sharq* Saudi Falih says talks with Iraq focused on oil pact, investment discussed* Saudi Arabia tenders to purchase 660,000 T feed barleyUNITED ARAB EMIRATES * Malaysia''s 1MDB says $350 mln paid to Abu Dhabi for debt deal* Four UAE soldiers die after helicopter crash in Yemen - agency* UAE jails man for spying for Iran, nuclear work - Gulf press* UAE''s TAQA to refinance $500 mln bond due in October - official* Abu Dhabi’s Union National Bank updating bond programme - sources* JBF promoters pledge more equity with lenders as shares slump* UAE''s JBF RAK PET output stalls amid debt restructuring - COOKUWAIT * Kuwait says responding to oil spill in Ras al-Zour area* Kuwait says taking measures against North Korea - KUNA* Kuwait says arrests 12 convicted in 2015 Iran spy case* Omantel to buy nearly 10 pct of Kuwait''s Zain Group for $846.1 mln (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-factors-idINL5N1KZ019'|'2017-08-13T01:55:00.000+03:00'
'c169a608f9eafbda51f5ba6c7c63d784c3b7bddf'|'PRESS DIGEST - Wall Street Journal - August 11'|'August 11, 2017 / 4:47 AM / 13 minutes ago PRESS DIGEST - Wall Street Journal - August 11 2 Min Read Aug 11 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Benchmark Capital sued Uber Technologies Inc''s former chief Travis Kalanick alleging that he defrauded directors into giving him more control over the board by hiding a range of "inappropriate and unethical directives". on.wsj.com/2vJweHW - Alphabet Inc''s Google canceled a companywide meeting about diversity just before it was set to begin Thursday, citing safety concerns after right-wing commentators published the names of certain employees. on.wsj.com/2vK7XRQ -US investigators uncovered a global financial network run by a senior Islamic State official that funneled money to an alleged ISIS operative in the US through fake eBay transactions, according to a recently unsealed FBI affidavit. on.wsj.com/2vKKU9E -US President Donald Trump declared the opioid epidemic a national emergency Thursday, establishing a formal designation for the crisis that could shape the way his administration responds. on.wsj.com/2vKrguv -Wisconsin Governor Scott Walker defended a $3 billion tax-incentive package to lure Taiwan''s Foxconn Technology Co Ltd to the state, amid a growing chorus of concerns about the hefty bill to taxpayers. on.wsj.com/2vKEXt5 Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-wsj-idUSL4N1KX1XQ'|'2017-08-11T07:45:00.000+03:00'
'b96490b4b1345c690ae2588114fdfaa8f785fbc8'|'An Israeli pharma champion sickens'|'THE headlong plunge of shares in Teva, a pharmaceutical giant—down by over 40% since August 2nd—is causing consternation beyond the firm’s shareholders and employees. The company was founded in Jerusalem in 1901, is the largest in Israel and is the country’s only multinational with its headquarters still at home. Since beginning its rapid expansion abroad in the early 1980s it has been called “the nation’s share” by Israelis, whose pension funds have invested heavily in its success.That prosperity came chiefly thanks to the firm’s most popular proprietary drug, a bestselling medication for multiple sclerosis called Copaxone. Over the past two decades its sales paid for a global spree of buying generic-drugs competitors. Last year Teva completed its most ambitious purchase, of Actavis Generics, an American generics manufacturer, for $40.5bn; financing the deal took its debt to $35bn. But Teva’s transformation into the world’s largest supplier of generic medicines turned out to be ill-fated. The mood has turned in recent months as American pharmacies and wholesalers have squeezed the prices of generic drugs. 2 hours 2 hours ago Germany’s election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates Last week Teva said its second-quarter earnings had fallen by a tenth and announced plans to cut 7,000 jobs and pull out of 45 countries by the end of 2017. Seemingly overnight, it has gone from being the darling of the Israeli economy into a byword for mismanagement. Having been run for 26 years by one CEO, Eli Hurvitz, who had married into the founder’s family and who led its international expansion, in the past decade the firm has gone through a further five. Israeli politicians who in the past approved big tax write-offs to boost the national success story are speaking of a need to look into the firm’s business and perhaps even intervene. Eli Cohen, the economics minister, this week called for Teva to take care of employees and to relocate its foreign activities in Israel.Such heavy-handedness is hardly justified. Unemployment in Israel is near an all-time low, at 4.5%, and Teva’s highly qualified employees would find new jobs if the firm sinks further. Most of the pension funds have diversified in recent years and can absorb the losses from its tumbling shares. Although Israelis are sentimental about Teva because of its past success, says Guy Rolnik, editor of the Marker , a business newspaper, they need to “wake up” to the fact that it is a multinational.Yet Teva’s plight has revived a debate about whether Israel is benefiting enough from its high level of investment in research and development. Hundreds of technology startups have been snapped up by global firms in recent decades, and many of them have moved abroad. Israel now has two economies, notes Eugene Kandel, the former chairman of the government’s National Economic Council and the chief executive of Start-Up Nation Central, a non-profit organisation. There is the lucrative, high-tech economy for a small share of the workforce and a second economy where most Israelis work and earn much less, he says.To sustain the first, Israel needs to keep companies such as Teva. But it may now be taken over and lose its Israeli identity. Israel will try to persuade firms such as Mobileye, a developer of driverless car systems that was bought earlier this year by Intel, an American chip giant, for $15.3bn, to base not only their research centres in Israel, but their manufacturing. Yet the economy as a whole is still suffering from low labour productivity and over-regulation. A new wave of state intervention in cases such as Teva’s is unlikely to be the right way to build and attract big firms in future. "Startup and leave nation"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726083-country-frets-about-what-tevas-decline-means-israeli-pharma-champion-sickens?fsrc=rss%7Cbus'|'2017-08-10T22:41:00.000+03:00'
'6ff3d0b681a0655948fd151c4aa214fb070590f5'|'Italy-Germany bond yield spread widens to three-week high as geopolitics bites'|'LONDON, Aug 11 (Reuters) - The gap between Italian and German borrowing costs reached its widest level in over three weeks on Friday as geopolitical concerns drove investors towards better-rated bonds.The Italy-Germany 10-year government bond yield spread widened to 162 basis points, as much as 10 basis points wider than a month ago.Also on Friday, German 10-year government bond yields dipped below 0.40 percent for the first time since June 29.German Bunds are considered among the safest securities in the world, and they have been in demand this week as North Korea outlined plans for a missile strike near the U.S. territory of Guam. (Reporting by Abhinav Ramnarayan, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eurozone-bonds-idINL5N1KX109'|'2017-08-11T04:25:00.000+03:00'
'efc8d0bd57df4ec47e901148f49b869ce871921f'|'JP Morgan Asset Management says will absorb research costs due to MiFID-II'|'August 11, 2017 / 3:21 PM / 3 hours ago JP Morgan Asset Management says will absorb research costs due to MiFID-II 2 Min Read FILE PHOTO: People walk inside JP Morgan headquarters in New York, October 25, 2013. Eduardo Munoz/File Photo LONDON (Reuters) - JP Morgan Asset Management said on Friday that it will absorb the cost of paying brokers for investment research rather than pass it on to its clients when new European regulation comes in next year. The European Union''s MiFID-II directive comes into force in less than six months, and will require brokers to set a separate price for investment research they provide to fund managers, rather than bundle in the cost with trading services. That leaves asset managers with a choice of having to pass the new charges on to clients or not. "Research costs will be paid by the business and not by MiFID-II client accounts," JP Morgan Asset Management, which had$1.9 trillion in assets at the end of June, said in statement. A number of other asset managers, including Vanguard, Jupiter ( JUP.L ), M&G ( PRU.L ) and Aberdeen ( ADN.L ) have also said they will pay research costs themselves. Others, including hedge fund Man Group''s ( EMG.L ) stockpicking unit GLG, Janus Henderson ( JHG.N ) and Schroders ( SDR.L ), said they plan to pass research costs on to clients. A JP Morgan Asset Management spokeswoman declined to give an estimate of how much its research costs will be. Editing by Rachel Armstrong '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-jpmorgan-asset-management-research-idUSKBN1AR1PB'|'2017-08-11T18:21:00.000+03:00'
'7b88e6900ba7c2cc90d98cf8f57d4ce2ed610a77'|'Kroton sees no relief in Brazil distance-learning defaults'|'SAO PAULO, Aug 11 (Reuters) - The number of Brazilian distance-learning students in arrears on their tuition fees or loans is not showing signs of abating yet, reflecting record unemployment and declining household income, executives at Kroton Educacional SA said on Friday.However, defaults in the campus-learning segment are showing signs of improvement, executives led by Chief Executive Officer Rodrigo Galindo said during a conference call to discuss second-quarter results.Profit at Kroton, Brazil''s largest for-profit education firm, came in at 644.9 million reais ($203.1 million), beating forecasts. (Reporting by Alberto Alerigi Jr; Writing by Guillermo Parra-Bernal; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/kroton-results-outlook-idINE6N1I3016'|'2017-08-11T12:52:00.000+03:00'
'6775a7181d0c948928e326f451bafad7d5698d0d'|'African Markets - Factors to watch on Aug 11'|' 54 AM / 6 minutes ago African Markets - Factors to watch on Aug 11 3 Min Read The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: *Uganda''s central bank announces key policy rate GLOBAL MARKETS Asian equity markets extended a global slide on Friday as tensions ramped up between the United States and North Korea, sending investors fleeing to less risky assets such the yen, the Swiss franc and U.S. Treasuries. WORLD OIL PRICES Oil prices fell on Friday, dragged lower by persistent worries about oversupply despite a bigger-than-expected drawdown in U.S. crude inventories. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South African stocks pulled away from record highs on Thursday as rising tensions on the Korean peninsula drove investors to limit risks and shift to safe havens. AFRICA CURRENCIES Kenya''s local currency is expected to be stable or firm up as election-related uncertainty lingers, while Nigeria''s naira could post gains as offshore inflows boost dollar liquidity. KENYA ELECTION Celebrations broke out in pockets of Kenya on Thursday after the opposition said its candidate Raila Odinga should be declared winner of the presidential vote, a claim an election commission official said was "ridiculous". UGANDA MARKETS The Ugandan shilling firmed on Thursday, helped by sagging demand for dollars from both commercial banks and importers. TANZANIA ECONOMY Tanzanian growth slowed to 5.7 percent in the first quarter of this year, hurt by slower-than-expected performance of construction, transport, agriculture and the financial services sectors, the statistics office said on Thursday. RWANDA INFLATION Rwanda''s inflation fell to 3.5 percent year-on-year in July from 4.8 percent a month earlier, the National Bureau of Statistics said on Thursday. CONGO VIOLENCE At least 27 people, including three police officers, were killed in clashes between protesters and police in Democratic Republic of Congo earlier this week, Human Rights Watch said on Thursday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/africa-factors-idUSL5N1KX0DD'|'2017-08-11T07:52:00.000+03:00'
'616c4b7b915a2c9f3a86f6f62ed9b117bf0e6a45'|'Bond investors seen giving Tesla a $1.8 billion endorsement'|' 22 PM / 32 minutes ago Bond investors seen giving Tesla a $1.8 billion endorsement Richard Leong 3 Min Read FILE PHOTO - Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S. on July 19, 2017. Aaron P. Bernstein/File Photo NEW YORK (Reuters) - Bond investors on Friday were poised to give a $1.8 billion boost to Tesla Inc''s balance sheet by snapping up the electric car maker''s first foray into the U.S. junk bond market, where yield-hungry investors have raced to lock in relatively higher returns. Those robust returns, however, have shrunk as a strong reservoir of cash ready to deploy in the riskiest areas of the high-yield fixed income market has pushed them to near their lowest levels in three years. That''s given junk-rated issuers such as Elon Musk''s U.S. car company the opportunity to raise cash cheaply. For Tesla, cash raised from the bond issue will help finance production of its Model 3, on which it is banking to hit the mass market bullseye. "It''s a milestone for a company from a relative unknown to what it is today," said David Knutson, head of credit research at Schroders Investment Management. Palo Alto, California-based Tesla was set to sell $1.8 billion of eight-year unsecured bonds at a yield of 5.25 percent, more than the $1.5 billion originally intended because of overwhelming demand, according to IFR, a Thomson Reuters unit. The company, founded by Musk in 2003, has yet to book a profit. Musk has plowed revenues back into his businesses, where he has expanded into energy storage. The ability of the high-yield sector, which some analysts and investors consider pricy, to absorb debt supply from a first-time issuer such as Tesla suggests its resilience, at least for now. "I won''t call it a bubble," said Andrew Feltus, co-head of high yield and bank loans at Amundi Pioneer Asset Management in Boston. "The (market) fundamentals are pretty good." Standard & Poor''s assigned a B-minus on Tesla''s junk bond issue, while Moody''s Investors Service rated it B3. FILE PHOTO - The logo of Tesla is seen in Taipei, Taiwan on August 11, 2017. Tyrone Siu/File Photo ALONG FOR THE RIDE Despite lingering skepticism, there has been no shortage of funds to fuel Tesla''s ambition to popularize electric cars. Investors who jumped on the bandwagon have been rewarded. Tesla has raised $3.3 billion in convertible bonds, which have performed well, in step with its stock. The stock ended up 0.7 percent at $357.72 on Friday, a near 1,400 percent increase since its debut in June 2010 at $17 a share. Tesla might have picked just the right time to become a junk bond issuer. Investors have jumped on new supply as defaults are expected to remain low, with the economy growing at a modest pace with little inflation. "There is a lot of liquidity in the market. There''s, on average, adequate compensation for investors," said Robert Tipp, chief investment strategist at PGIM Fixed Income. Investor appetite has driven the average yield on U.S. B-rated corporate bonds to 5.7 percent late this week, down 0.36 percentage point since the end of 2016 and below its recent peak of 10.18 percent in February 2016, according to Bank of America Merrill Lynch. The benchmark 10-year Treasury yield, in contrast, was 2.19 percent after hitting a six-week low earlier Friday.   Nick Carey in Detroit; John Balassi, Paul Kilby and Will Caiger-Smith at IFR; Editing by Daniel Bases and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-bonds-tesla-idUSKBN1AR28M'|'2017-08-11T23:22:00.000+03:00'
'8372f58c422f6db8029e1ddc7164dacb8a2a11ac'|'UPDATE 3-Canada''s Magna posts higher profit, raises forecast'|'Edition United States August 11, 2017 / 2:39 PM / in 16 minutes Canada''s Magna posts higher profit, raises forecast 3 Min Read (Reuters) - Magna International Inc ( MG.TO ) ( MGA.N ) reported a higher quarterly profit on increased demand in Europe and Asia, and the Canadian auto parts maker raised its full-year sales forecast for the second time in three months. Chief Executive Officer Don Walker told analysts on Friday that Magna would still focus on electrified and self-driving vehicles but was not planning to shed any key units because of this, as fellow auto supplier Delphi Automotive Plc ( DLPH.N ) had done. In May, Delphi said it would spin off operations tied to internal combustion engines and concentrate on technology for electrically powered and self-driving vehicles. "At this time we think we have the right product capabilities," Walker said. The Aurora, Ontario-based company still "has room to buy back more stock" after spending $484 million during the quarter in share repurchases and dividends, he added. Magna''s second-quarter sales rose nearly 10 percent to $681 million in Asia and climbed about 3 percent to $3.63 billion in Europe. Sales in North America, the company''s biggest market, increased marginally to $5.37 billion because Magna introduced new programs, even as vehicle production declined. Walker said he still expected a fairly strong second half of the year for North America, although auto sales have been slowing there. Still, Magna shares were down more than 2 percent in Toronto trading, while the benchmark Canadian stock index .GSPTSE fell 0.3 percent. Magna, which counts General Motors Co ( GM.N ), Volkswagen AG ( VOWG_p.DE ), BMW AG ( BMWG.DE ) and Ford Motor Co ( F.N ) among its biggest customers, now expects 2017 sales at between $37.7 billion and $39.4 billion. The company raised its sales forecast in May to a range of $36.6 billion to $38.3 billion. Net income attributable to Magna rose marginally to $561 million, or $1.48 per share, in the quarter. Excluding special items, earnings of $1.49 per share were 2 cents higher than the analysts'' average estimate, according to Thomson Reuters I/B/E/S. Sales rose 2.5 percent to $9.68 billion, ahead of analysts'' expectations of $9.47 billion. Magna raised its full-year free cash flow estimate to a range of $1.2 billion to $1.4 billion. It had previously forecast $1.1 billion to $1.3 billion. Reporting by John Benny in Bengaluru and Allison Lampert in Montreal; Editing by Maju Samuel and Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-magna-intl-results-idUSKBN1AR0U6'|'2017-08-11T17:34:00.000+03:00'
'281747c4eabf98a2c75da77675d53bcdf8ac2f16'|'UPDATE 3-Canada''s Magna posts higher profit, raises forecast'|'* Demand increases in Europe and Asia* Fiscal-year sales forecast raised for 2nd time in 3 months (Adds comments from call)Aug 11 (Reuters) - Magna International Inc reported a higher quarterly profit on increased demand in Europe and Asia, and the Canadian auto parts maker raised its full-year sales forecast for the second time in three months.Chief Executive Officer Don Walker told analysts on Friday that Magna would still focus on electrified and self-driving vehicles but was not planning to shed any key units because of this, as fellow auto supplier Delphi Automotive Plc had done.In May, Delphi said it would spin off operations tied to internal combustion engines and concentrate on technology for electrically powered and self-driving vehicles."At this time we think we have the right product capabilities," Walker said.The Aurora, Ontario-based company still "has room to buy back more stock" after spending $484 million during the quarter in share repurchases and dividends, he added.Magna''s second-quarter sales rose nearly 10 percent to $681 million in Asia and climbed about 3 percent to $3.63 billion in Europe.Sales in North America, the company''s biggest market, increased marginally to $5.37 billion because Magna introduced new programs, even as vehicle production declined.Walker said he still expected a fairly strong second half of the year for North America, although auto sales have been slowing there.Still, Magna shares were down more than 2 percent in Toronto trading, while the benchmark Canadian stock index fell 0.3 percent.Magna, which counts General Motors Co, Volkswagen AG , BMW AG and Ford Motor Co among its biggest customers, now expects 2017 sales at between $37.7 billion and $39.4 billion.The company raised its sales forecast in May to a range of $36.6 billion to $38.3 billion.Net income attributable to Magna rose marginally to $561 million, or $1.48 per share, in the quarter.Excluding special items, earnings of $1.49 per share were 2 cents higher than the analysts'' average estimate, according to Thomson Reuters I/B/E/S.Sales rose 2.5 percent to $9.68 billion, ahead of analysts'' expectations of $9.47 billion.Magna raised its full-year free cash flow estimate to a range of $1.2 billion to $1.4 billion. It had previously forecast $1.1 billion to $1.3 billion. (Reporting by John Benny in Bengaluru and Allison Lampert in Montreal; Editing by Maju Samuel and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/magna-intl-results-idINL4N1KX3AD'|'2017-08-11T08:36:00.000+03:00'
'f8975038d06c77b5ba55f52b83082b4832fef7f5'|'U.S. conducting criminal probe focused on Malaysia 1MDB''s stolen funds'|'August 11, 2017 / 4:37 AM / 6 hours ago U.S. conducting criminal probe focused on Malaysia 1MDB''s stolen funds 3 Min Read FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo. Olivia Harris/File Photo KUALA LUMPUR (Reuters) - The U.S. Justice Department is conducting a criminal probe into 1Malaysia Development Berhad (1MDB) and has asked for a stay on its civil lawsuits in connection with $1.7 billion in assets allegedly bought with money stolen from the scandal-hit state fund. A total of $4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates, according to dozens of civil lawsuits filed by the U.S Justice Department in the past two years. 1MDB did not immediately respond to an emailed request for comment. The department wants to delay the civil proceedings, saying that any disclosures would have an "adverse effect" on the government''s ability to conduct its criminal probe, according to the latest court filing lodged at the Central District Court in California on Thursday. The criminal investigation was started before the civil lawsuits, the department said. It said the investigation was "global in scope", with crimes committed over several years in numerous countries. In a declaration included in the filing, a Federal Bureau of Investigation agent said that disclosures were "likely to reveal potential targets and subjects of the investigation". "Such disclosures could result in the destruction of evidence, flight of potential subjects and targets, or the identification and intimidation of potential witnesses," the agent said. The Malaysian fund, founded by Prime Minister Najib Razak, is facing money laundering probes in at least six countries including the United States, Switzerland and Singapore. In its civil lawsuits filed previously, the Justice Department sought to seize a total of about $1.7 billion in assets that it said were bought with misappropriated 1MDB funds. They include a private jet, a hotel and real estate in New York, and a $107 million interest in EMI Music Publishing purchased by Malaysian financier Low Taek Jho, or Jho Low, the department said. Low is also accused in the lawsuits of gifting Hollywood actor Leonardo DiCaprio a $3.2 million Picasso painting, and buying about $9 million in jewelry for Australian model Miranda Kerr. The lawsuits also said $681 million from 1MDB was transferred to the account of "Malaysian Official 1", which U.S. and Malaysian sources have previously identified as Najib. Najib has denied any wrongdoing and a Malaysian government investigation has cleared him of any charges. A representative for Low, whose whereabouts are unknown, did not immediately respond to an emailed request for comment. Low has previously denied wrongdoing, saying that the Justice Department''s actions were "a further example of global overreach in pursuit of a deeply flawed case." Reporting by Rozanna Latiff; Editing by Praveen Menon and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-malaysia-scandal-probe-idUSKBN1AR0BS'|'2017-08-11T07:35:00.000+03:00'
'5e8633e82f0cc585d1a3c6f1e815b438249792fa'|'Swiss stocks - Factors to watch on Aug 11'|'ZURICH, Aug 11 (Reuters) - The following are some of the main factors expected to affect Swiss stocks on Friday:UBS The Swiss bank on Friday announced the return of its former banker David Chin as the new head of its Asia Pacific corporate client solutions business, which covers investment banking, according to an internal memo seen by Reuters.For more clickCredit SuisseThe Swiss bank has barred transactions involving certain Venezuelan bonds and is requiring that business with Venezuela''s government and related agencies undergo a reputation risk review, according to an internal memo seen by Reuters.For more clickCOMPANY STATEMENTS * Daetwyler said first half net profit fell to 53.3 million Swiss francs from 56.6 million francs, dented by restructuring costs. For the second half, it said the adjusted EBIT margin should end up within the upper half of the 11 percent-to–14 percent target range.ECONOMY Reporting by Zurich newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-swiss-stocks-idINL5N1KW5VW'|'2017-08-11T02:51:00.000+03:00'
'05cbcf28b17a67f100bc5ef42eb068bafbb90ce6'|'Distillates to boost U.S. refiners'' bottom line through year-end'|'August 11, 2017 / 4:19 PM / 5 minutes ago Distillates to boost U.S. refiners'' bottom line through year-end 4 Min Read A Valero Energy Corp gas station is pictured in Pasadena, California October 27, 2015. Mario Anzuoni NEW YORK (Reuters) - U.S. refiners such as PBF Energy and Valero Energy are heading into the winter season on their best footing in years, as months of surprisingly robust distillate demand has eaten away at stubbornly high inventories and boosted margins. Inventories of diesel, heating oil and jet fuel are approaching their lowest seasonal levels in three years, fueling expectations among refining executives, traders and analysts that strong margins will help the bottom line for refiners through year-end. "With the distillate inventory correction at a somewhat speedier pace than gasoline, we expect distillate to come close to or even fully correct the imbalance by the end of the year," Barclays said in a research note on Wednesday. Distillate days of supply, which takes into account the pull of exports, last week hit a two-year low at 34 days, according to the U.S. Energy Information Administration (EIA), and sits below the historical average. Diesel refining margins surged to their highest in nearly two years on Thursday at $20.34 a barrel. Overall refining margins are now nearly 40 percent higher than last year at about $19.50 a barrel U.S. diesel futures on Thursday jumped to a more than five-month high, touching their seasonally strongest level since 2014. Diesel prices even flipped to a premium versus gasoline this week - the first time since 2014 that has happened at this time of the year - owing to the strong demand. Distillate demand has averaged 4.3 million barrels per day (bpd) over the last four weeks, about 13 percent higher than a year ago. Exports of distillates have consistently remained above 1 million bpd, EIA data shows, fueled by strong demand and unplanned outages in Europe and Latin America. A fire at Europe''s largest refinery in the Netherlands could keep U.S. distillate exports elevated and support margins, traders and analysts said. Shell said this week it aimed to restart the refinery by the end of the month. Marathon Petroleum continues to see robust export demand for gasoline and diesel, both to Mexico and Europe. The company exported about 313,000 bpd of fuel during the second quarter, the equivalent of a large refinery''s output. "U.S. distillate export loadings continue to go from strength to strength," said Matt Smith, director of commodity research at New York-based Clipperdata, noting their data showed exports hitting a record in July. Refining stocks have this year outperformed the exploration and production sector and the S&P 500 Oil & Gas Refining and Marketing sub index last week hit its highest since December 2015. As prices have recovered, U.S. energy firms have boosted drilling - deploying fracking rigs, tank trucks, generators and other diesel-guzzling equipment. Steady U.S. economic growth has also helped support industrial growth and boosted diesel demand. Global demand for air travel grew 7.8 percent in June putting it on track for its quickest pace of growth in over a decade. Looking ahead, Barclays said it expects distillate inventories will exit the year close to parity with the five-year average, calling it a "drastic improvement" compared with the last few years. "As such, we think the distillate crack will continue to trend higher than last year through (the second half of 2017,)" the bank said. Reporting by Devika Krishna Kumar and Jarrett Renshaw in New York; editing by G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-refinery-results-idUSKBN1AR1T2'|'2017-08-11T19:15:00.000+03:00'
'0a2562d40adf91f5cb4882c8b6b4329559e4aa56'|'India''s July WPI inflation quickens to 1.88 percent'|'A vendor works at his stall as he waits for customers at a wholesale fruit and vegetable market in Mumbai, India, August 14, 2017. Danish Siddiqui NEW DELHI (Reuters) - India''s wholesale price inflation rate picked up in July after easing for four straight months, with food prices back on the rise.The wholesale price index rose 1.88 compared with an increase of 0.63 percent in July 2016, government data showed on Monday.The rise compares with a 1.3 percent increase forecast by economists in a Reuters poll and a provisional 0.9 percent rise in June - the slowest pace since July 2016.Wholesale food prices in July rose 2.12 percent on year, compared with a 1.25 percent fall a month earlier.A vendor speaks to a customer at his stall at a wholesale fruit and vegetable market in Mumbai, India, August 14, 2017. Danish Siddiqui Easing price pressures gave the Reserve Bank of India (RBI) room to cut its main policy rate by 25 basis points to 6 percent earlier this month, the lowest since November 2010.It was the first rate cut by an Asian central bank this year. But the RBI retained its "neutral stance" and warned inflation could pick up again.Slideshow (3 Images) Data later on Monday (1200 GMT) is expected to show consumer inflation also quickened in July, after easing for three straight months.Economists expect the consumer price index, the main policy target of the Reserve Bank of India (RBI), rose 1.87 percent on-year, compared with an increase of 1.54 percent in June.The RBI expects retail inflation could accelerate to 3.5 percent to 4.5 percent in October-December.Reporting by Manoj Kumar; Editing by Kim Coghill'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/india-inflation-wpi-idINKCN1AU0IV'|'2017-08-14T04:42:00.000+03:00'
'4b0fc812f80a08983fd1f9b928f16ce8df7f32b1'|'Special Report - Vladimir''s Venezuela: Leveraging loans to Caracas, Moscow snaps up oil assets'|'August 11, 2017 / 11:50 AM / 3 hours ago Special Report: Vladimir''s Venezuela - Leveraging loans to Caracas, Moscow snaps up oil assets Marianna Parraga and Alexandra Ulmer 16 Min Read CARACAS/HOUSTON (Reuters) - Venezuela’s unraveling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive – and offering prized state-owned oil assets in return, sources familiar with the negotiations told Reuters. As Caracas struggles to contain an economic meltdown and violent street protests, Moscow is using its position as Venezuela’s lender of last resort to gain more control over the OPEC nation’s crude reserves, the largest in the world. Venezuela''s state-owned oil firm, Petroleos de Venezuela (PDVSA), has been secretly negotiating since at least early this year with Russia''s biggest state-owned oil company, Rosneft ( ROSN.MM ) - offering ownership interests in up to nine of Venezuela''s most productive petroleum projects, according to a top Venezuelan government official and two industry sources familiar with the talks. Moscow has substantial leverage in the negotiations: Cash from Russia and Rosneft has been crucial in helping the financially strapped government of Venezuelan President Nicolas Maduro avoid a sovereign debt default or a political coup. Rosneft delivered Venezuela’s state-owned firm more than $1 billion in April alone in exchange for a promise of oil shipments later. On at least two occasions, the Venezuelan government has used Russian cash to avoid imminent defaults on payments to bondholders, a high-level PDVSA official told Reuters. Rosneft has also positioned itself as a middleman in sales of Venezuelan oil to customers worldwide. Much of it ends up at refineries in the United States – despite U.S. sanctions against Russia – because it is sold through intermediaries such as oil trading firms, according to internal PDVSA trade reports seen by Reuters and a source at the firm. PDVSA and the government of Venezuela did not respond to requests for comment. The Russian government declined to comment and referred questions to the foreign ministry and the ministries of finance and defense, which did not respond to questions from Reuters. Rosneft declined to comment. Russia’s growing control over Venezuelan crude gives it a stronger foothold in energy markets across the Americas. Rosneft now resells about 225,000 barrels per day (bpd) of Venezuelan oil - about 13 percent of the nation’s total exports, according to the PDVSA trade reports. That’s about enough to satisfy the daily demand of a country the size of Peru. Venezuela gives Rosneft most of that oil as payment for billions of dollars in cash loans that Maduro’s government has already spent. His administration needs Russia’s money to finance everything from bond payments to imports of food and medicine amid severe national shortages. For a graphic detailing the decline of Venezuela''s oil industry, see: tmsnrt.rs/2fwsuCV Venezuela''s opposition lawmakers say Russia is behaving more like a predator than an ally. "Rosneft is definitely taking advantage of the situation,” said Elias Matta, vice president of the energy commission at Venezuela''s elected National Assembly. “They know this is a weak government; that it''s desperate for cash - and they''re sharks.” Matta echoed many others in the opposition-majority congress who have blasted corporate deals they say are underpinning Maduro’s efforts to establish a dictatorship. The Venezuelan government has said previously that Russia’s investment in its oil industry shows confidence in PDVSA’s financial stability and the nation’s business opportunities. Maduro’s administration has grown increasingly dependent on Moscow in the past two years as China has curtailed credit to Venezuela because of payment delays and the corruption and crime faced by Chinese firms operating there, according to Venezuelan debt analysts and two oil industry sources. Many multinational firms worldwide, meanwhile, have all but written off their Venezuelan operations amid the nation’s tanking economy and chronic shortages of raw materials. Rosneft is making the opposite play - using Venezuela’s hard times as a buying opportunity for oil assets with potentially high long-term value. "The Russians are catching Venezuela at rock bottom,” said one Western diplomat who has worked on issues involving Venezuela’s oil industry in recent years. As other companies shutter operations here, Rosneft has expanded to an additional floor of its office tower and added staff. The Russian firm has poached PDVSA professionals and brought in more Russian executives, two sources close to Rosneft told Reuters. The corporate expansion provides a striking contrast to the scene on the streets below these days, in the once-thriving business district of Caracas. As Rosneft staffers work in swanky offices alongside posters of Russian President Vladimir Putin and a bust of Hugo Chavez - the late Venezuelan leader and socialist icon - crowds of young men outside often throw rocks and Molotov cocktails in escalating protests of Chavez’ successor. Rosneft currently owns substantial portions of five major Venezuelan oil projects. The additional projects PDVSA is now offering the Russian firm include five in the Orinoco - Venezuela''s largest oil producing region – along with three in Maracaibo Lake, its second-largest and oldest producing area, and a shallow-water oil project in the Paria Gulf, the two industry sources told Reuters. In a separate proposal first reported by Reuters last month, Rosneft would swap its collateral on 49.9 percent of Citgo [PDVSAC.UL] – the Venezuelan owned, U.S.-based refiner – for stakes in three additional PDVSA oil fields, two natural gas fields and a lucrative fuel supply contract, according to two sources with knowledge of the negotiations. Under the proposal, Rosneft would also take increased management control over all the joint oil projects between the two firms. Rosneft secured the collateral late last year on a loan of $1.5 billion to PDVSA. The negotiations over a collateral swap are driven in part by a recent threat from U.S. President Donald Trump to sanction Venezuela’s oil sector as punishment for Maduro’s efforts to undermine the nation’s elected congress. Rosneft has already been sanctioned by the United States over Russia’s annexation of Crimea from Ukraine in 2014. Such actions require U.S. firms to end business relations with sanctioned entities. RUSSIAN OIL DEALS UNDERMINE DEMOCRACY Maduro’s need for Russian cash played a key role in a move by his political allies earlier this year that destabilized Venezuela’s already teetering democracy, the top Venezuelan government official told Reuters. In March, the nation’s Supreme Court - whose members are loyal to Maduro - took over the powers of the opposition-controlled National Assembly. A majority of elected Assembly members opposed any new oil deals with Russia and insisted on retaining power to veto them. Days later - after fierce national protests against the action - the court returned most powers to the national legislature at Maduro’s public urging. But the court allowed the president to keep the legal authority to cut fresh oil deals with Russia without legislative approval. The episode was pivotal in escalating daily street protests and clashes with authorities that have since caused more than 120 deaths. Maduro needed sole authority to cut new oil deals to clear the way for Rosneft''s expansion, the top Venezuelan government official told Reuters. "Pressure from Russia has played an important role in Nicolas Maduro''s decisions," the official said, speaking on condition of anonymity because he was not authorized to make public comments. Rosneft said this month that it has lent a total of $6 billion to PDVSA. In total, Russia and Rosneft have delivered Venezuela at least $17 billion in loans and credit lines since 2006, according to Reuters calculations based on loans and credit lines announced by the government. Venezuela does not publish the full details of the debts it owes Russia. Maduro has sought to limit the power of congress since the opposition won a majority in 2015. FILE PHOTO: A PDVSA gas station is seen next to building apartments in Caracas, Venezuela, July 25, 2017. Picture taken July 25, 2017. Andres Martinez Casares/File Photo In late July, he created a legislative superbody called the Constituent Assembly in an election that was widely criticized as a sham. Allies of the Socialist Party won all 545 seats in the new assembly, which has the power to rewrite the nation’s constitution, dissolve state institutions - such as the opposition-run Congress - and fire dissident state officials. SPIRAL OF DEBT, DEPENDENCE Venezuela''s oil-based economy has collapsed since international prices crashed to a low of $24 per barrel in early 2016 from more than $100 in 2014. Prices now hover at about $50, which hasn’t proven high enough to pull Venezuela out of its tailspin. Nearly all of the nation’s export revenue comes from oil, so income has fallen sharply and a shortage of petrodollars has left Maduro''s government unable to finance the generous subsidies of food, medicines, fuels, power and other public services instituted by his predecessor, Chavez. The erosion of subsidies has contributed to rapid inflation, which is forecasted to top 700 percent this year by the International Monetary Fund. Venezuela’s currency, the bolivar, has become nearly worthless. Government spending cuts have also slashed budgets for maintaining the nation’s oilfields, refineries, ports and tankers, causing Venezuela''s oil output in the first half of 2017 to fall to nearly its lowest level in 27 years. PDVSA is repaying a growing portion of its mounting debts to Russia with oil, according to internal PDVSA trade data reviewed by Reuters. The oil payments are choking off the cash flow from its petroleum business - thereby creating the need for more loans. CIRCLING OIL ASSETS The nation’s downward spiral has put Rosneft in a position to acquire Venezuelan oil assets on the cheap. Of the package of stakes PDVSA has offered to Rosneft, the most valuable is a 10 percent stake in Petropiar, a multi-billion dollar project to produce and upgrade extra heavy crude in the Orinoco Belt. The value of the stake is likely between $600 million and $800 million, based on the valuations of similar deals. The rising volumes of Venezuelan crude that Rosneft receives have made the Russian firm a middleman in sales to refiners that once bought directly from PDVSA. The oil payments have also helped Rosneft grow a major oil trading business to complement its massive production apparatus. In the process, the Russian firm has appropriated some of PDVSA''s hard-won international supply deals and valuable trading relationships with refiners as far afield as China, the PDVSA documents show. Slideshow (5 Images) At today’s prices, the Venezuelan oil exports that flow to Rosneft would be worth about $3.6 billion annually. And the flow of PDVSA crude to Rosneft is expected to keep increasing, according to the internal PDVSA documents. Most of it is sold into the United States, according to the documents. Rosneft also will soon start selling Venezuelan crude to India’s refiner Essar, taking PDVSA’s second largest customer in the Asian country. "Russia is taking everything they have," said an oil trader who regularly deals with PDVSA. A DICEY INVESTMENT The Russian strategy has its risks. Many of the world''s top energy firms took a hit when Chavez nationalized their assets, and an opposition-led government could later reverse or revise any deals Maduro cuts without their blessing. Venezuela''s bond yields are among the highest in the world because of the nation''s high default risk. The bonds pay nearly 30 percentage points more than benchmark U.S. treasuries. PDVSA’s many connections to the United States oil industry also raise the specter that the deals now under negotiation could run afoul of U.S. economic sanctions already in place against Russia and threatened against Venezuela. The Petropiar project, for instance, is 30 percent owned by U.S. oil major Chevron Corp ( CVX.N ). Should Rosneft take a stake in the project, it could be complicated for Chevron to ensure it is not violating U.S. sanctions. In the meantime, Chevron has sent guidelines to executives to ensure they comply with sanctions, an employee at Chevron told Reuters. The guidelines advise staff, for instance, to avoid one-on-one meetings with sanctioned entities or officials, the employee said. In a statement, Chevron said it abides by "a stringent code of business ethics" and complies with applicable laws. For now, Russia’s status as chief lender to PDVSA has put Rosneft in a position to supercharge its holdings and profits in the region. If Venezuela''s government defaults on its debt payments - an increasingly likely scenario - Rosneft likely will be one of the entities at the front of the queue as a creditor because of its large collateral stake in U.S.-based Citgo, according to a confidential independent analysis of its debt commissioned by an investment fund and seen by Reuters. Representatives of Citgo, PDVSA''S largest foreign asset, did not respond to requests for comment. GUNS FOR OIL Rosneft''s involvement in Venezuela can be traced back to a $4 billion arms-for-oil deal in 2006 that cemented the bond between the governments of Chavez and Putin. Chavez, a former military officer, signed the deal himself in Moscow. Shunned by the United States - which since 2006 has refused to supply spare parts for Venezuela''s fleet of U.S.-built F-16 fighter jets - Chavez bought Russian Sukhoi fighter jets, helicopters, tanks and guns from Putin. Top executives from Rosneft and PDVSA were later involved in negotiations related to the military purchases because Rosneft was the Russian entity receiving the Venezuelan oil cargoes used to pay for a portion of the weapons, the top Venezuelan government official told Reuters. They included Rosneft President Igor Sechin, a powerful long-time advisor and deputy to Putin. Sechin is a trained linguist who began his career as a military interpreter and has a passion for the history of Latin America''s revolutionaries, according to two people who worked with him. He had a direct line into Chavez until the former president''s death in 2013, the Venezuelan official told Reuters. Sechin has maintained close ties with Maduro and the two meet regularly, the official said. Speaking to reporters in at a hydroelectric plant in Russia last week, Sechin called Rosneft’s growing investments in Venezuela an obvious and essential play. “This is a country with the world’s hydrocarbon reserves,” he said, referring to a central component of oil and natural gas. “Any energy company should aim to work in this country ... No one could force us from there.” Russia was swift to defend Maduro''s government from international criticism after the Supreme Court moved to nullify congress, with Moscow issuing a statement saying foreign governments should not meddle in Venezuelan domestic politics. Sechin was Maduro''s guest of honor at a ceremony last October to unveil a Russian-made granite statue of Chavez erected in the late president''s hometown of Sabaneta. In the sweltering heat, a Russian choir dressed in black sang the Venezuelan anthem in heavily accented Spanish before Sechin addressed the crowds of mostly red-shirted Socialist Party supporters. "Thank you for trusting us,” Sechin told the crowd in Spanish during the speech, broadcast on Venezuelan state television. “Russia and Venezuela, together forever!” Reporting by Marianna Parraga in Houston and Alexandra Ulmer in Caracas; Additional reporting by Polina Nikolskaya and Ekaterina Golubkova in Moscow; Editing by Simon Webb and Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-venezuela-russia-oil-specialreport-idUKKBN1AR14U'|'2017-08-11T19:01:00.000+03:00'
'7f993ed7eacbbf1d20bdf00a752f5c344834b86b'|'Tullow launches oil, gas exploration in Zambia'|'August 11, 2017 / 1:57 PM / 35 minutes ago Tullow launches oil, gas exploration in Zambia Reuters Staff 2 Min Read LUSAKA (Reuters) - British company Tullow Oil ( TLW.L ) on Friday started exploring for oil and gas in Zambia, Africa''s No.2 copper producer, as the country pushes to diversify its economy and reduce its reliance on the industrial metal. Copper mining earns Zambia more than 70 percent of its foreign exchange but the southern African state has been trying to move into other commodities to insulate itself from price shocks. Zambia does not produce oil, but the government says soil samples sent to European laboratories have shown good traces of crude. Tullow Executive Vice President Ian Cloke said in a speech during the launch in northern Zambia that exploration would take between two and 10 years, development three to 10 years and production 20-50 years. "We are exploring over a large area that includes Northern and Luapula provinces," Cloke said, referring to regions in the north of Zambia. "With Tullow''s exploration credentials, I can confidently say that if there is any oil to be found in this area of Zambia, Tullow will find it." Zambian President Edgar Lungu said at the ceremony that he was eager to receive the findings of the survey and would closely monitor the exploration work. "Our economy has been dependent on copper and vulnerable to shocks in global copper prices, which lie beyond our control," Lungu said. Reporting by Chris Mfula; Editing by James Macharia and Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-zambia-oil-gas-idUKKBN1AR1IV'|'2017-08-11T16:56:00.000+03:00'
'00311e25e68522ff4d07c9e088a86eef178a822e'|'Google cancels staff meeting over fears of online harassment'|'August 11, 2017 / 1:16 AM / 5 hours ago Google cancels staff meeting over fears of online harassment 2 Min Read The Google logo is pictured atop an office building in Irvine, California, U.S., August 7, 2017. Mike Blake (Reuters) - Alphabet''s Google canceled on Thursday a company-wide meeting scheduled to discuss the controversy over a memo opposing diversity policies, the company said, citing concerns about personal attacks on employees from far-right commentators. The company meeting was called to discuss the fallout of Google''s decision on Monday to fire an engineer, James Damore, after he posted a memo on Google''s internal network arguing that the company''s dearth of female engineers was because women were genetically less well-suited to software engineering than men. Google said Damore violated its code of conduct and his actions advanced harmful gender stereotypes. In an email seen by Reuters on Thursday, Google Chief Executive Sundar Pichai said some company employees were being named personally on websites in relation to the incident. "Googlers are writing in, concerned about their safety and worried they may be ''outed'' publicly for asking a question in the Town Hall," Pichai wrote. "In recognition of Googlers’ concerns, we need to step back and create a better set of conditions for us to have the discussion." He said the company was exploring other forums for the discussion in the coming days. Damore, who criticized in his memo "Google''s left bias" and "ideological echo chamber," has since become a hero to some on the far right, who have attacked what they characterize as politically correct groupthink in Silicon Valley. Damore claimed in a complaint filed on Monday to the National Labor Relations Board that he had been subject to "coercive statements" at Google. Milo Yiannopoulos, an alt-right commentator, posted images on Facebook on Wednesday taken from social media profiles of several people who identified as working for Google. Some of the Google employees also identified as gay or supportive of diversity efforts. "Looking at who works for Google," Yiannopoulos wrote on Facebook. "It all makes sense now." Reporting by Jonathan Weber; Editing by Leslie Adler and Paul Tait 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-alphabet-google-harassment-idUKKBN1AR03D'|'2017-08-11T04:15:00.000+03:00'
'30dad426f0e72b9be2aa403356215f9bfa6b7099'|'Oil prices drop as oversupply concerns linger'|'August 11, 2017 / 12:51 AM / an hour ago Oil prices drop as oversupply concerns linger 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo SEOUL (Reuters) - Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 percent from its last close. That was the lowest since Aug. 1. U.S. West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 percent, at $48.27 per barrel, reaching the lowest since July 26. Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year." Meanwhile, U.S. President Donald Trump stepped up his rhetoric against North Korea again on Thursday, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough. "I think the issue that is affecting the market is the general risk sentiment of saber-rattling between Washington and Pyongyang," said Michael McCarthy, chief market strategist at CMC Markets. Official data showed crude inventories in the United States, the world''s top oil consumer, fell sharply by 6.5 million barrels in the week ending to Aug. 4, as refiners ramped up run rates to the highest in 12 years due to strong demand. But doubts remain over whether enough crude would be consumed to end a global glut after the Organization of the Petroleum Exporting Countries (OPEC) reported on Thursday another increase in the oil cartel''s production, even though it raised outlook for oil demand in 2018. OPEC said its oil output rose by 173,000 barrels-per-day (bpd) in July to 32.87 million bpd. Faced with lingering global glut woes, OPEC and some non-OPEC members including Russia in May extended oil production cuts to reduce 1.8 million bpd. Saudi Arabia''s Energy Minister Khalid al-Falih said the kingdom does not rule out additional oil production cut, the Saudi-owned Al Sharq Al Awsat newspaper reported on Friday. Meanwhile, Russian oil producer Gazprom Neft is considering resuming production in mature fields after the OPEC-led production cut agreement, a representative of the company said on Thursday. Rising output from Nigeria and Libya is further undermining the oil producers'' attempt to limit oil production. Nigeria and Libya are exempted from curbing output as they seek to restore supplies hurt by internal conflicts. Reporting by Jane Chung; Editing by Richard Pullin and Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AR01N'|'2017-08-11T10:01:00.000+03:00'
'179a4fe5443c670e952bbce250dbd464dd0042b6'|'A Google employee inflames a debate about sexism and free speech'|'SILICON VALLEY’S leading firms celebrate disruption, but not disruptive employees. Google has found itself at the centre of controversy after an anonymous software engineer, later revealed to be a young Harvard graduate called James Damore, published a ten-page memo on two internal company networks explaining why there are so few women in the upper echelons of the technology industry.Instead of sexism, he pointed to “biological” factors, such as women’s supposedly greater interest in people and their predisposition to anxiety and stress at work. In promoting gender diversity, he charged, Google silences those people whose political views differ from California’s liberal mainstream. Mr Damore’s insinuation that the small portion of Google’s workforce that is both female and works in technology-related roles (see chart) may be unsuited for the work sparked an uproar inside and outside the company. Google was in a bind. It champions free expression and access to information, so many wondered how it would handle an employee who had complained that Silicon Valley was intolerant of different political viewpoints.The answer came on August 7th, when Google sacked him. Sundar Pichai, its boss, said that parts of Mr Damore’s memo violated its code of conduct and made its work environment hostile for women. Acting swiftly was important for the firm, which has been under investigation by the Department of Labour since April for discriminating against women by allegedly underpaying them by comparison with men.Men still occupy four-fifths of Google’s technology-related roles, and 91% of its employees are either white or Asian. The firm probably felt a need to reassure its female employees and workers from ethnic and sexual-minority groups that it takes diversity seriously. In recent months Silicon Valley has been beset with proven cases of sexism against women at work and sexual harassment of female employees. So far it has been Uber, a ride-hailing firm with a particularly toxic culture of sexual harassment, that has come off worst: in recent months it has lost most of its executive ranks, including its boss, Travis Kalanick.Even had Google preferred to dress down rather than dismiss Mr Damore, in practice it would have been difficult to keep him. Women and others could have complained of discomfort working alongside him or reporting to him, and could have made claims against Google for employing someone disrespectful of colleagues and of the firm’s values.Yet to dismiss Mr Damore’s memo entirely is to overlook Silicon Valley’s character and, perhaps, ways in which it might be changed. Most techies there consider him a black sheep, but he expressed ideas that some male computer-programmers think even if they never utter them aloud. “I would be hard-pressed to name a person at Google who would disagree with 100% of what he wrote,” says one female Googler. For the boss of a prominent tech startup, Google’s sacking of him was chiefly for public consumption. “This isn’t a question of legality or policy. This is a question of virtue-signalling,” he says, reflecting the view of many in the Valley.And although many of the memo’s assertions were risible, such as the idea that women are not coders because they are less intrigued by “things” than men are, others made more sense. One is that diversity initiatives could be more transparent. Today firms publish annual numbers about the composition of their workforce, but reveal little else. Companies across all industries could try harder to quantify how their initiatives are faring.Mr Damore’s broad argument, that the Valley is fairly tolerant of racial and gender diversity but intolerant of diversity of opinion, was his most powerful. In the liberal tech industry, vocal conservatives are as scarce and unpopular as feature phones. When Peter Thiel, a prominent venture capitalist, backed Donald Trump during the 2016 presidential campaign, he was condemned by many of his peers. Some say Mr Thiel’s politics will affect his firm, because some entrepreneurs do not want to be associated with his views and are unwilling to accept investment from his fund. A similar wind of intolerance is sweeping America’s liberal universities, where conservative speakers are facing protests and seeing their speeches cancelled.Mr Damore has said he may sue Google for infringing his right to free speech, although this may not go far. Americans’ right to free speech is protected by the constitution but does not exist legally at work, though many do not understand the distinction. In California, like most states in America, people are employees “at will”, so they can be rapidly dismissed if their conduct breaches company policies.He will certainly be lionised by supporters. The Alt-Right movement in America is celebrating his frankness. Some members have started a crowdfunded campaign to support him, should he sue Google and fail. Some wonder if the memo’s timing—published in the dog-days of summer when it was likely to get most attention—was carefully chosen. Before Mr Damore was fired he filed a complaint with America’s National Labour Relations Board, which few employees would think to do without early legal advice, says Pamela Sayad, an employment lawyer.The sacking of Mr Damore may fade from the news, but the debate about gender in technology is likely only to intensify. Those under fire for their treatment of women include not only Uber but several venture-capital firms, accused of inculcating the male-dominated cultures of the young companies they finance. The other effect will be to deepen debate about freedom of expression at work. Google may have acted wisely for its female employees and for its public image. But it has not satisfactorily answered the question of how those who express controversial opinions at work should be handled. Many people will note that a company that is known for its bold, out-of-the-box thinking chose to live and die by its employee manual. "You’re fired"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726078-sacked-james-damore-has-become-hero-alt-right-google-employee-inflames-debate-about?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'74f96ff31299c065641348f105433310c784e29a'|'Barclays hires Stephen Dainton as global head of equities'|'August 11, 2017 / 1:17 PM / 6 hours ago Barclays hires Stephen Dainton as global head of equities Reuters Staff 1 Min Read A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. Stefan Wermuth - RTSZZTM LONDON (Reuters) - Barclays ( BARC.L ) has hired Stephen Dainton as its global head of equities, the bank said on Friday. Dainton, who previously worked at Credit Suisse ( CSGN.S ) as its co-head of global markets for Europe, the Middle East and Africa, will join Barclays in early September. Dainton will report to Barclays investment banking chief Tim Throsby, who earlier this year reorganised the division and set out to hire 50-100 more staff in a bid to boost revenues. Reporting by Lawrence White; Editing by Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-moves-barclays-dainton-idUKKBN1AR1DQ'|'2017-08-11T16:17:00.000+03:00'
'b47da19b55b7988bf52920de51b4a942aaf59158'|'Google cancels staff meeting over fears of online harassment'|'August 11, 2017 / 1:16 AM / 18 hours ago Google cancels staff meeting over fears of online harassment 2 Min Read The Google logo is pictured atop an office building in Irvine, California, U.S., August 7, 2017. Mike Blake (Reuters) - Alphabet''s Google canceled on Thursday a company-wide meeting scheduled to discuss the controversy over a memo opposing diversity policies, the company said, citing concerns about personal attacks on employees from far-right commentators. The company meeting was called to discuss the fallout of Google''s decision on Monday to fire an engineer, James Damore, after he posted a memo on Google''s internal network arguing that the company''s dearth of female engineers was because women were genetically less well-suited to software engineering than men. Google said Damore violated its code of conduct and his actions advanced harmful gender stereotypes. In an email seen by Reuters on Thursday, Google Chief Executive Sundar Pichai said some company employees were being named personally on websites in relation to the incident. "Googlers are writing in, concerned about their safety and worried they may be ''outed'' publicly for asking a question in the Town Hall," Pichai wrote. "In recognition of Googlers’ concerns, we need to step back and create a better set of conditions for us to have the discussion." He said the company was exploring other forums for the discussion in the coming days. Damore, who criticized in his memo "Google''s left bias" and "ideological echo chamber," has since become a hero to some on the far right, who have attacked what they characterize as politically correct groupthink in Silicon Valley. Damore claimed in a complaint filed on Monday to the National Labor Relations Board that he had been subject to "coercive statements" at Google. Milo Yiannopoulos, an alt-right commentator, posted images on Facebook on Wednesday taken from social media profiles of several people who identified as working for Google. Some of the Google employees also identified as gay or supportive of diversity efforts. "Looking at who works for Google," Yiannopoulos wrote on Facebook. "It all makes sense now." Reporting by Jonathan Weber; Editing by Leslie Adler and Paul Tait 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-alphabet-google-harassment-idUSKBN1AR03D'|'2017-08-11T04:18:00.000+03:00'
'e36c87f5b2fa25af2c9bc1eb7e6b6aec21031a55'|'Rupert Murdoch’s bid for Sky hits more obstacles'|'RUPERT MURDOCH’S penchant for mass-market media has made him billions of dollars. It also gets in the way of empire-building. In 2011 News Corp’s bid to take full ownership of Sky, a European pay-TV giant, fell apart amid public rancour over phone hacking by journalists at the News of the World , one of his tabloids (since closed). Now a renewed Murdoch family takeover attempt for Sky, a bid of £11.7bn ($15.2bn) by 21st Century Fox, faces yet more scrutiny over concerns about alleged scurrilous reporting at Fox News, Mr Murdoch’s American cable-news channel.On August 8th Karen Bradley, Britain’s culture secretary, asked Ofcom, the media regulator which had already reviewed the bid, to take another look to determine whether 21st Century Fox meets Britain’s broadcasting standards. Ms Bradley’s request followed fresh complaints about Fox News from members of parliament, including Ed Miliband, the former leader of the opposition Labour Party, and from activists who have lobbied against the deal. Sky’s shares fell slightly on fears that the acquisition might not happen, even though other European regulators have signed off. 2 hours 2 hours ago Germany’s election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates The latest objections concerned a lawsuit filed in America on August 1st alleging that Fox News had aired a false story about the 2016 murder of a Democratic Party staffer, Seth Rich, with the knowledge of the White House. The alleged aim was to divert attention from the investigation of Donald Trump’s possible links to Russia’s government. Fox denies the allegations.British critics of the takeover fear Sky’s news channel could come to resemble Fox News. Britain’s tight regulation of broadcasting should prevent that, but it is unclear what the Murdochs are willing to do to assuage such worries. Mr Murdoch returned to oversee Fox News after the departure of its long-time boss, Roger Ailes in July 2016, following multiple allegations of sexual harassment (Mr Ailes died this year). Since then it has continued to carry notably favourable coverage of Mr Trump.Losing the Sky deal would be a huge blow. Fox, a leading supplier of TV content internationally, already owns 39% of Sky, a leading distributor of TV in Europe. By buying the other 61%, the Murdochs would take full control of a pay-TV firm with a growing customer base of 22.5m in Europe (in contrast to the shrinking numbers watching pay-TV in America). By marrying content and distribution, the combined company could better compete with firms such as Netflix and Amazon, two online giants, with a direct-to-consumer streaming-video service in future. As if to rub it in, Disney, a competitor unencumbered by tabloids or politicised news channels, this week said it would launch two such streaming services by 2019. "What the Fox said"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726082-britain-will-further-scrutinise-foxs-standing-broadcaster-rupert-murdochs-bid-sky-hits?fsrc=rss%7Cbus'|'2017-08-10T22:41:00.000+03:00'
'23c3673fa09e850ee535bc2f0b9b3b59c6b51022'|'UPDATE 1-Vale investors overwhelmingly join share conversion plan'|'(Adds details in paragraphs 4-9)SAO PAULO, Aug 10 (Reuters) - Investors in Brazil''s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world''s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.In a Thursday securities filing, Vale said a total 1.421 billion preferred shares, or the equivalent of over 72 percent of that class of stock in circulation, joined the plan, topping the minimum 54.09 percent threshold set to approve a share conversion plan.According to the filing, the results are preliminary and a definitive outcome of the share conversion will only be known late on Friday, the filing said. Management at the Rio de Janeiro-based behemoth will discuss the matter at several conference calls on Aug. 14.The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported the plan on Jan. 19, citing people familiar with it.The plan puts a limit to the meddling of politicians in Vale - an aspect that weighed on the company''s stock during former President Dilma Rousseff''s five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.By merging Vale''s different classes of stock into a single, common one, the miner could lure more Asian investors and specialized mining and metals funds as shareholders, Chief Financial Officer Luciano Siani told the Reuters Latin American Investment Summit on Monday.A first phase of the plan had been approved by shareholders in June. Thursday''s vote is key to raise awareness among global investors of the benefits of a company with dispersed share ownership, no controlling bloc and with increased transparency over decision-making.Common shares and Vale''s American depositary receipts - which will replace the company''s preferred stock - are up about 30 percent and 34 percent, respectively, this year.Currently, seven of Vale''s top-10 stockholders are U.S.-based funds, with the other three based in Europe, according to Thomson Reuters data. None of them are mining-only industry funds.Increased transparency also could help increase Vale''s existing shareholder base from about 200,000, Siani said, noting that it was about 500,000 a decade ago. (Reporting by Guillermo Parra-Bernal; Additional reporting by Ana Mano; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/vale-sa-equity-idINL1N1KX00C'|'2017-08-10T22:35:00.000+03:00'
'bb42908102e5cf1d12355572ed63a78a1f94253d'|'Tata Steel gets regulatory approval for UK pension deal'|'August 11, 2017 / 12:13 PM / 5 hours ago Tata Steel gets regulatory approval for UK pension deal Reuters Staff 3 Min Read FILE PHOTO: The Tata Steel plant is seen at sunset in Port Talbot, South Wales, May 31, 2013. Rebecca Naden/File Photo/File Photo (Reuters) - India''s Tata Steel Ltd ( TISC.NS ) has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday, paving the way for a possible merger between its British and European steel businesses and those of Germany''s Thyssenkrupp ( TKAG.DE ). The pensions deal "represents the best possible structural outcome for the members of the British Steel Pension Scheme and for the Tata Steel UK business," Koushik Chatterjee, Tata Steel''s group executive director, said. The net financial impact of the deal would be reflected in Tata Steel''s second-quarter financial results, he said. The fate of Tata''s British businesses, including the UK''s largest steelworks, at Port Talbot in Wales, has been uncertain since Tata Steel said more than a year ago it planned to sell the British assets following heavy losses. Without a deal on the pension scheme, Tata Steel UK had warned it could face insolvency due to the size of the pension fund''s deficit. The pension scheme''s 15 billion pounds of liabilities also appeared to be the main obstacle in the merger talks with Thyssenkrupp, which has been opposed to taking them on. Thyssenkrupp said on Friday it would still not rush into any merger decisions. The prospect of a merger has also met with opposition from Thyssenkrupp''s German labour unions. "Thyssenkrupp had already in the past pointed out that any (pensions) agreement would need to be closely examined," a spokesman for the German steel-to-elevators group said. FILE PHOTO - A Tata Steel sign is seen outside the Tata steelworks near Rotherham, Britain, March 30, 2016. Phil Noble/File Photo "We will now take the time necessary for that examination.” Under the terms of the deal with The Pensions Regulator, Tata Steel will pay 550 million pounds into the British Steel Pension Scheme and will also give one of Britain''s largest final salary pension schemes a 33 percent equity stake in Tata Steel UK Ltd. The terms are in line with those outlined by Tata Steel earlier this year. When the new agreement comes into effect, the UK pension scheme will be separated from Tata Steel UK and a number of affiliates, the company said. ( bit.ly/2vt3uAD ) The deal makes the 130,000 members of the scheme automatically eligible to join the Pension Protection Fund (PPF), an industry-funded lifeboat for ailing schemes, which offers lower guaranteed benefits than the existing terms. However, Tata Steel plans to sponsor a new pension scheme with lower benefits than the old scheme but better ones than the PPF. That scheme could take some months to set up but should not stand in the way of any tie-up between Tata and Thyssenkrupp, pension industry sources say. The British Steel Pension Scheme said it would write to its members in the next few weeks about the new scheme. "We’d encourage members to consider the details and their position carefully and decide whether the new scheme or the PPF is the better option for them," a PPF spokesman said. Reporting by Samantha Kareen Nair in Bengaluru, Carolyn Cohn in London, Christoph Steitz in Frankfurt and Tom Kaeckenhoff in Duesseldorf; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tata-steel-pensions-idUKKBN1AR17S'|'2017-08-11T15:13:00.000+03:00'
'1926babe5691de3b2eab0e7539f544cd841c25db'|'BRIEF-Boardwalk REIT reports Q2 FFO per share c$0.54'|'Aug 10 (Reuters) - Boardwalk Real Estate Investment Trust -* Boardwalk REIT announces second quarter financial results, provides an update on its suite renovation and rebranding program, and updates financial guidance* Q2 FFO per share c$0.54* Boardwalk Real Estate Investment Trust sees Q2 2017 FFO per unit $2.10 to $2.20* Boardwalk Real Estate Investment Trust sees Q2 2017 AFFO per unit $1.68 to $1.78* Boardwalk Real Estate Investment Trust sees 2017 FFO per unit $2.30 to $2.65* Boardwalk Real Estate Investment Trust sees 2017 AFFO per unit $1.96 to $2.31* Boardwalk Real Estate Investment Trust qtrly adjusted funds from operations per trust unit $0.42* Boardwalk Real Estate Investment Trust qtrly stabilized same-property revenue decreased 6.5%* Q2 FFO per share view c$0.62 -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-boardwalk-reit-reports-q2-ffo-per-idUSASB0BF8J'|'2017-08-11T00:14:00.000+03:00'
'9895b9aa3949f9d25aa2ce836f1142964dc48070'|'Chile''s Codelco preparing investment in Mongolian copper - Reuters'|'FILE PHOTO: A worker monitors a process inside the plant at the copper refinery of Codelco Ventanas in Ventanas city, northwest of Santiago January 7, 2015. Rodrigo Garrido/File Photo SANTIAGO (Reuters) - Chilean state miner Codelco [COBRE.UL], the world''s second largest producer of copper, is preparing to invest in far afield Mongolia as the copper market improves, the company''s chief executive told Reuters on Friday.In an interview as part of the Reuters Latin American Investment Summit in Codelco''s copper-coated offices in downtown Santiago, Nelson Pizarro said the company was aiming for medium-term investments in the isolated Asian nation, which appears to have significant untapped copper potential."We have a lot of interest. We''re learning to milk camels," he said. "We''re working to get the first documents that will allow us to advance in that area, and we hope to bring it about in the medium-term if the technicians confirm our initial perspective."In Chile itself, Pizarro said Codelco was preparing to launch a broad sustainability program called "green copper," which will include broad use of wind and solar power in its operations and the use of water from the ocean rather than Chile''s parched Atacama Desert.As part of that, the company has recently settled on a short-list of bidders interested in constructing a $1.2 billion desalination plant, and hopes to award the contract toward the end of 2017, he said. In northern Chile, miners have increasingly looked to the ocean in recent years to supply the water-intensive process of copper mining without coming into conflict with local communities.Codelco is also considering new port infrastructure, as its copper exports are being increasingly interrupted by waves hitting Chile''s desert coasts, forcing the ports to close, said Pizarro."There are months with 10 days in which we can''t send out ships ... That''s something we''ve never seen before," he said. "It would seem to be a consequence of climate change. It concretely impacted us last year, and it''s strongly impacting us this year."Still, Pizarro said, Codelco was in line to meet its 2017 copper production target of around 1.7 million tonnes. That number would likely decrease about 3 percent or 4 percent in 2018, he added.In terms of the global copper market, Pizarro said a number of factors, such as the needs of the burgeoning electric car industry, could mean average 2017 copper prices of above $2.60 per pound, significantly higher than recent years. That trend should consolidate in 2018, he added."The copper price, unless there''s a great global crisis should be - I don''t know if $2.90 - but yes in the $2.60 to $2.70 range next year."Reporting by Gram Slattery; Editing by Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-pizarro-idINKBN1AR20G'|'2017-08-11T15:51:00.000+03:00'
'f565122065f90978bc546f8bb6f7a1d9c4860426'|'China frees top Crown executive jailed for gambling offences -official'|'SHANGHAI/BEIJING, Aug 12 (Reuters) - China on Saturday freed one of the last remaining Crown Resorts Ltd executives jailed for illegally promoting gambling, as a protracted saga that forced the Australian casino operator to cancel global expansion plans and hurt profits nears an end.Jason O''Connor, head of international VIP gambling with the casino giant, was released before 7 a.m., an official told media outside the detention centre in Shanghai.The Australian was the most senior of 16 staff detained in October and jailed by a Shanghai court in June. His 10-month sentence ran from the time of his first detention on Oct. 14 last year.Reuters was not able to confirm his release with his family or the Australian government.O''Connor was taken immediately to the airport and left the country, the Australian Financial Review newspaper said, without citing sources.The authorities released ten employees, including Australian nationals Jerry Xuan and Jane Pan Dan, in July.Crown, half-owned by billionaire James Packer, had been trying to attract wealthy Chinese to its casinos located outside China, where gambling is illegal, except for Macao.But the case prompted Crown, the world''s biggest listed casino company outside China, to retreat from global expansion plans and sell off its Macao assets, and instead shift its focus back home. (Reporting by Xihao Jiang in SHANGHAI, Shu Zhang and Josephine Mason in BEIJING; additional reporting by Ben Cooper in SYDNEY; writing by Josephine Mason)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/crown-resorts-china-idINL1N1KY02S'|'2017-08-12T03:48:00.000+03:00'
'fa7e631dc400c569eaf1bdeef901a241a97591f6'|'MOVES-Barclays names Stephen Dainton global head of equities'|' 14 PM / 6 minutes ago MOVES-Barclays names Stephen Dainton global head of equities 1 Min Read Aug 11 (Reuters) - Barclays Plc on Friday named Stephen Dainton as global head of equities. Dainton was most recently co-head of global markets at Credit Suisse for the Europe, Middle East and Africa region. Dainton has over 25 years of experience in the global equities markets across trading, sales, risk, structuring, capital markets and research, Barclays said. (Reporting by Arjun Panchadar in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/barclays-moves-stephen-dainton-idUSL4N1KX4IX'|'2017-08-11T17:12:00.000+03:00'
'84969be60892efe53e731caf060ffbce67d75ab9'|'Bank of Baroda first-quarter profit slumps 52 percent'|'A man walks past the Bank of Baroda headquarters in Mumbai, May 3, 2016. Danish Siddiqui/Files REUTERS - Indian state-run Bank of Baroda Ltd reported a 52 percent plunge in first-quarter net profit on Friday.The fifth-largest bank in the country by assets reported a net profit of 2.03 billion rupees ($31.65 million), for the three-month period ended June 30, compared with 4.24 billion rupees a year ago. ( bit.ly/2vtmE9a )Gross bad loans as a percentage of total loans rose to 11.40 percent by end of June, from 10.46 percent at the end of March, and 11.15 percent at June-end last year.($1 = 64.1475 Krishna V Kurup Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/bank-of-baroda-results-idINKBN1AR11P'|'2017-08-11T09:02:00.000+03:00'
'f83b7605dba4bd9add8ef981eeceffc794e5e3b2'|'China''s July fiscal spending pace slows, but revenues rise'|'August 11, 2017 / 4:16 AM / 2 hours ago China''s July fiscal spending pace slows, but revenues rise Reuters Staff 2 Min Read Workers replace railway tracks at a station in Jinan, China July 12, 2017. Stringer BEIJING (Reuters) - China''s fiscal spending rose at a slower pace in July due mainly to larger expenditure earlier, but a government-led infrastructure push has kept spending brisk this year. Fiscal spending in July rose 5.4 percent from a year earlier while revenue increased 11.1 percent, the Ministry of Finance said in a statement on its website on Friday. July''s growth rate dropped sharply from 19.1 percent in June, although revenue growth rose from 8.9 percent in that month, the ministry said. The government attributed the slowdown in July spending mainly to significant expenditure earlier. Government spending in the first seven months of the year rose 14.5 percent on year, while revenues increased 10 percent. Government-led stimulus has been a major driver of economic growth over the past years in the world''s second-largest economy, but the pump-priming has also been accompanied by runaway credit growth and created a mountain of debt. But the government has kept its budget deficit at 3 percent of gross domestic product (GDP) for 2017, the same as last year, and pledged to clamp down on risks associated with local government debt. The Chinese economy has defied expectations for a slowdown and expanded at a solid pace in the first half supported by construction projects, though the broad consensus is for growth to cool slightly in the coming quarters as the authorities continue to crack down on financial risks. Reporting by Beijing Monitoring Desk and Sue-Lin Wong; Editing by Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-economy-fiscal-spending-idUKKBN1AR0AZ'|'2017-08-11T07:16:00.000+03:00'
'60524dafde379696668405fd6ea4c0e7e627bcb6'|'Dutch bank ING thrives in Germany with zero-fee, online-only accounts'|'August 11, 2017 / 6:10 AM / 39 minutes ago Dutch bank ING thrives in Germany with zero-fee, online-only accounts Toby Sterling and Tom Sims 7 Min Read FILE PHOTO: A man walks past the logo of ING Group NV at a branch office in Amsterdam January 9, 2014. Toussaint Kluiters/United Photos/File Photo AMSTERDAM/FRANKFURT (Reuters) - To find a bank that is thriving in Germany''s troubled banking sector, look no further than ING ( INGA.AS ) of the Netherlands, which is upending German tradition with a radical online-only, no-frills and zero-fees offering. With its bright orange logo and catchy ads featuring one of Germany’s most famous athletes, NBA basketball player Dirk Nowitzki, ING''s ING-DiBa won more than 50,000 new customers in the second quarter, figures released on Aug. 2 show. The Frankfurt-based subsidiary now has more than 8 million customers and ranks as the No. 3 retail bank in Germany, behind behemoths Deutsche Bank ( DBKGn.DE ) and Commerzbank ( CBKG.DE ). Unlike rivals struggling with outdated technology, shrinking margins from negative interest rates and expensive branches that are even more expensive to close, it is also profitable. ING-DiBa''s costs are 40 cents for each euro of revenue it gains from charging interest on products like car loans and mortgages, or receives in fees for money management, compared to 70 cents and higher for traditional German banks. From his office in Amsterdam, Chief Executive Officer Ralph Hamers said the key to the bank''s success was its simplicity, from opening accounts to the lack of hidden fees. "We had the low barrier to entry, we had the simple products, we had transparency in terms of conditions," he said in a recent interview. "But we''re also cheap. We''re the no-fees bank, right?" In a country with as many bank branches as bakeries, it helps that Germans are starting to break old habits, such as always paying with cash. Customers no longer want to make trips to bank offices or deal with paperwork, they want to do their banking via mobile phones, including approving payments by fingerprint, ING says. "In comparison to the German banks, our offering is so much more simple, so much more accessible, so much easier," Hamers said. Established banks are taking note, adjusting branch-focused business models and enhancing digital offerings, analysts say. "It''s all about finding the right balance," said Bernd Ackermann, an analyst with S&P in Frankfurt. MARGINS By most standards, Germany''s banking sector has too many banks, too many branches and too many employees. The country was home to 1,888 financial institutions and 33,914 branches at the end of 2016, according to a Bundesbank report in May. That''s half what it was 20 years ago, but analysts reckon the consolidation hasn''t gone far enough. A study by Bain & Company noted France gets by with fewer than 500 banks, and Japan with around 140. The consultancy said the reduction of 10,000 branches and 115,000 jobs over the next decade is "possible and necessary". German banks have for years relied on a simple model of making money on the margin between the interest it pays on deposits and that which it charges for loans, using large branch networks to market their businesses. When the European Central Bank pushed rates into negative territory in 2014, the limitations of the model''s inefficiencies were laid bare. While returns on investments diminished, costs didn''t. A small number of banks have introduced negative interest rates for wealthy customers to claw back some margin. Volksbank Reutlingen in southwest Germany said earlier this year it would pass on negative rates to its retail customers but had to reverse course after consumer protection advocates cried foul over a lack of transparency in pricing. FILE PHOTO: The logo of ING Group NV is pictured at its company headquarters in Amsterdam January 9, 2014. Toussaint Kluiters/United Photos/File Photo The bank last week announced merger talks with the nearby Vereinigte Volksbank. Other competitors struggling with costs have imposed fees on previously free services like basic bank accounts, withdrawals, transfers and printed bank statements to keep business afloat. That worked to ING-DiBa''s advantage last August, when Deutsche Bank''s consumer banking unit Postbank announced that it would start charging for its basic accounts. The fees of just a few euros each month were too much for many Germans, who are highly price-sensitive after losing their savings twice to hyperinflation over the past 100 years. In a direct response to the policy, as many as 3,000 customers a day fled from Postbank to ING-DiBa over a brief period, an ING-DiBa spokesman said, without giving precise details. ING-DiBa executives said at a banking conference in late June they will keep services free for as long as they can. A BIT OF LUCK To some extent, ING was lucky - unlike competitors who face a hefty bill closing branches in Germany''s highly regulated jobs market, ING-DiBa never had any branches. The bank was founded in 1965 as the Bank fur Sparanlagen und Vermoegensbildung, initially serving industrial union members by mail and phone and later a broader customer base by fax, the internet and apps as it went through multiple name changes. ING Group acquired a 49 percent stake in 1998 and bought the rest in 2003. "DiBa" stands for direct bank. Commerzbank says it is sticking to the branch model, and has committed to keeping about 1,000 branches, revamping them with a sleek design, a lounge-y feel and coffee machines. Michael Mandel, board member for Commerzbank''s retail operations, said at the June banking conference that the bank had tested its strategy "to death" and found that customers prefer to meet with bankers in person for certain services, even if they have to leave the comfort of their home or office. A visit to a branch is important for marketing and clinches two-thirds of its new customers, Commerzbank says. ING''s Hamers argues that German banks'' reluctance to drop their branches is hurting their ability to compete. "You can actually now develop a relationship with a customer which is as broad as with any normal branch bank, but digitally only," he said. "Because everything is digital, the data analysis enables you to understand the customer that much better." Commerzbank, which is restructuring and is still 15.6 percent owned by the government following a bailout, posted a loss in the second quarter, figures released on Aug. 2 showed. Dirk Mueller-Tronnier, an accountant and bank analyst with Ernst & Young in Frankfurt, has been an enthusiastic ING-DiBa customer since the 1990s. He enjoys the simplicity of the bank''s offerings. But above all, he likes that it is free. "Germans don''t like to pay for a service that has been traditionally free," he said. "If ING-DiBa were to start charging, I would certainly look elsewhere." (For a graphic on bank branches in Europe, click tmsnrt.rs/2vo8rfl ) Reporting by Toby Sterling in Amsterdam and Tom Sims in Frankfurt; Editing by Sonya Hepinstall 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-banks-ing-idUKKBN1AR0F1'|'2017-08-11T09:09:00.000+03:00'
'9affda08607ceaed24138055572ef7612c261c9f'|'Cochin Shipyard shares jump on trading debut after $225 million IPO'|'MUMBAI (Reuters) - Shares in Cochin Shipyard Ltd rose more than 20 percent on their trading debut on Friday after the state-run company''s 14.42 billion rupees ($224.7 million) initial public offering.The stock was trading at 528.15 rupees by 0432 GMT, 22.25 percent higher than its IPO issue price of 432 rupees. Retail investors were issued shares at a discounted price of 411 rupees.The shipbuilder, which also repairs ships, had seen strong investor interest in the IPO with the sale last week being subscribed more than 76 times.($1 = 64.1875 Indian rupees)Reporting by Swati Bhat and Devidutta Tripathy; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/cochin-shipyard-listing-idINKBN1AR0CZ'|'2017-08-11T08:23:00.000+03:00'
'f65b22c6cb1bbc050e3d2b6e54121a98fef62ce0'|'Elusive Brexit clarity meets sober economic reality'|' 28 PM / 14 minutes ago Elusive Brexit clarity meets sober economic reality Padraic Halpin 5   Flags are arranged at the EU Commission headquarters ahead of a first full round of talks on Brexit, Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/File Photo DUBLIN (Reuters) - Last time British Prime Minister Theresa May returned from a walking holiday, she called what turned out to be -- for her -- a disastrous election. Not this time, it is assumed. But financial markets and an eager public hoping she can provide some Brexit clarity will probably have to balance it with another week of sobering economic reality. Less than 20 months out from Britain''s March 2019 exit date from the European Union, May''s government has yet to agree on what kind of divorce it wants, let alone make any meaningful progress on the terms with EU counterparts. Some detail may come with London expected to publish a number of position papers setting out its negotiating stance on a range of issues ahead of the next round of talks between negotiators in the last week of August. Whether or not they paint a clearer picture of post-Brexit immigration, trade and regulation remain to be seen -- as does the reaction of the EU itself. But the latest economic snap shots next week of wages, retail sales and inflation will probably underline the economic challenge gradually building up. Economists polled by Reuters expect to see inflation tick up to 2.7 percent when figures for July are released on Tuesday before peaking at 2.9 percent in the last quarter of 2017. By contrast, labour market data on Wednesday will show how far pay increases lagged rising prices. The data is projected to show 1.8 percent year-on-year growth for total wages in the three months to June. Thursday''s retail sales report, meanwhile is equally as unlikely to brighten economists'' view that the world''s fifth largest economy will expand by 0.3 percent a quarter on average over the coming year. That compares with 0.4 percent in the EU countries that use the euro, a trend likely to be confirmed by next week''s second quarter gross domestic product releases for Germany, Italy and the euro zone as a whole. FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo "We expect the next round of key UK data releases to be the final nail in the coffin for a 2017 Bank of England rate hike," Viraj Patel, currency strategist at ING, wrote in a note. "While higher inflation figures may keep lingering hopes (for a rate hike) alive, the slowing trend in consumer activity, as well as uncertainty over the degree of slack in the labour market, should keep the hawks at bay." The Bank of England cut interest rates to a record low 0.25 percent in the months following last year''s Brexit vote and they won''t be lifted until 2019, a Reuters poll forecast on Thursday, a week after a Brexit-wary BoE cut forecasts for growth and wages. NAFTA NEGOTIATIONS Amid a similarly packed U.S. economic calendar, talks also get under way on the North American Free Trade Agreement between the United States, Mexico and Canada with markets keeping an eye out -- mainly on U.S. President Donald Trump''s Twitter feed -- for fresh rumblings on trade protectionism. Renegotiation, or the ditching, of NAFTA was a key campaign promise of Trump''s, who frequently called the 23-year-old trade pact a "disaster" that has drained U.S. factories and well-paid manufacturing jobs to Mexico. Mexico''s economy minister told Reuters on Tuesday that he saw a 60 percent probability that talks will be wrapped up by a soft end-of-year deadline, but that nothing was certain. The talks begin on Wednesday, the same day minutes for the Federal Reserve''s last policy meeting are published, giving an insight into whether policymakers were increasingly split on the outlook for inflation last month. Fed chiefs will have plenty to chew on in real time with retail sales numbers for July due out on Tuesday and consumer sentiment and manufacturing surveys to follow later in the week. "One question for the consumer backdrop is whether we are seeing any squeeze in confidence from the latest political chaos in Washington," said Investec economist Victoria Clarke. Elsewhere, Japan also reports GDP for Q2 while there is a flurry of releases from China on Monday with retail sales and industrial output set to be keenly watched after last week''s disappointing trade data raised concerns over global demand. Reporting by Padraic Halpin Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AR1FM'|'2017-08-11T16:32:00.000+03:00'
'931688cee7103db9b52b244a44019835b8a2ce72'|'Trump chides Merck CEO after resignation from presidential council over'|'August 14, 2017 / 1:08 PM / 14 minutes ago Trump chides Merck CEO after resignation from presidential council over 1 Min Read WASHINGTON, Aug 14 (Reuters) - U.S. President Donald Trump chided Merck & Co Inc''s Kenneth Frazier after the drugmaker''s chief executive resigned from a presidential advisory board earlier on Monday and cited a need for U.S. leaders to denounce bigotry following a violent weekend in Charlottesville, Virginia. "Now that Ken Frazier of Merck Pharma has resigned from President''s Manufacturing Council, he will have more time to LOWER RIPOFF DRUG PRICES!," Trump wrote in a post on Twitter. (Reporting by Susan Heavey; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/virginia-protests-merck-trump-idUSW1N1J200I'|'2017-08-14T16:07:00.000+03:00'
'991ed1461f97ef282ce885ded79481a484fa9f2e'|'An Israeli pharma champion sickens'|'THE headlong plunge of shares in Teva, a pharmaceutical giant—down by over 40% since August 2nd—is causing consternation beyond the firm’s shareholders and employees. The company was founded in Jerusalem in 1901, is the largest in Israel and is the country’s only multinational with its headquarters still at home. Since beginning its rapid expansion abroad in the early 1980s it has been called “the nation’s share” by Israelis, whose pension funds have invested heavily in its success.That prosperity came chiefly thanks to the firm’s most popular proprietary drug, a bestselling medication for multiple sclerosis called Copaxone. Over the past two decades its sales paid for a global spree of buying generic-drugs competitors. Last year Teva completed its most ambitious purchase, of Actavis Generics, an American generics manufacturer, for $40.5bn; financing the deal took its debt to $35bn. But Teva’s transformation into the world’s largest supplier of generic medicines turned out to be ill-fated. The mood has turned in recent months as American pharmacies and wholesalers have squeezed the prices of generic drugs. Last week Teva said its second-quarter earnings had fallen by a tenth and announced plans to cut 7,000 jobs and pull out of 45 countries by the end of 2017. Seemingly overnight, it has gone from being the darling of the Israeli economy into a byword for mismanagement. Having been run for 26 years by one CEO, Eli Hurvitz, who had married into the founder’s family and who led its international expansion, in the past decade the firm has gone through a further five. Israeli politicians who in the past approved big tax write-offs to boost the national success story are speaking of a need to look into the firm’s business and perhaps even intervene. Eli Cohen, the economics minister, this week called for Teva to take care of employees and to relocate its foreign activities in Israel.Such heavy-handedness is hardly justified. Unemployment in Israel is near an all-time low, at 4.5%, and Teva’s highly qualified employees would find new jobs if the firm sinks further. Most of the pension funds have diversified in recent years and can absorb the losses from its tumbling shares. Although Israelis are sentimental about Teva because of its past success, says Guy Rolnik, editor of the Marker , a business newspaper, they need to “wake up” to the fact that it is a multinational.Yet Teva’s plight has revived a debate about whether Israel is benefiting enough from its high level of investment in research and development. Hundreds of technology startups have been snapped up by global firms in recent decades, and many of them have moved abroad. Israel now has two economies, notes Eugene Kandel, the former chairman of the government’s National Economic Council and the chief executive of Start-Up Nation Central, a non-profit organisation. There is the lucrative, high-tech economy for a small share of the workforce and a second economy where most Israelis work and earn much less, he says.To sustain the first, Israel needs to keep companies such as Teva. But it may now be taken over and lose its Israeli identity. Israel will try to persuade firms such as Mobileye, a developer of driverless car systems that was bought earlier this year by Intel, an American chip giant, for $15.3bn, to base not only their research centres in Israel, but their manufacturing. Yet the economy as a whole is still suffering from low labour productivity and over-regulation. A new wave of state intervention in cases such as Teva’s is unlikely to be the right way to build and attract big firms in future. "Startup and leave nation"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726083-country-frets-about-what-tevas-decline-means-israeli-pharma-champion-sickens?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'e1da078d73d553e35386035ae70d476f77443731'|'Amazon in talks to offer event ticketing in U.S.: sources - Reuters'|'August 10, 2017 / 7:50 PM / 9 minutes ago Exclusive: Amazon in talks to offer event ticketing in U.S. - sources Jessica Toonkel and Jeffrey Dastin 4 Min Read NEW YORK/SAN FRANCISCO (Reuters) - Amazon.com Inc ( AMZN.O ) is seeking to partner with U.S. venue owners to sell event tickets, four sources have told Reuters, a move that could loosen Ticketmaster''s powerful grip on the lucrative ticketing business. If Amazon moves ahead, it would represent the latest attempt by the world''s largest online retailer to use its massive customer base, tech savvy and bargaining power to shake up a big market. The Seattle-based company sees the U.S. ticketing market as ripe for attack. Consumers dislike ticket fees, and venue owners, sports leagues and teams want more distributors for their tickets as they seek to boost sales. Access to tickets could be another means to lure members to the Amazon Prime shopping club. For music acts and sports teams, selling tickets through Amazon could help sell their merchandise. Currently Ticketmaster, owned by Live Nation Entertainment Inc ( LYV.N ), is the exclusive seller of primary tickets for many top venues in the United States. Would-be challengers have struggled to compete in the face of Ticketmaster''s strong relationships with the operators of major U.S. sports stadiums, arenas, concert halls and other venues. Amazon has had success with ticketing in Britain, where it has been selling seats to West End shows since 2015, even outselling Ticketmaster for some events, according to one of the sources, who owns venues in that country. It is less common for venues in Britain to have an exclusive ticket provider. Amazon did not return a request for comment. Live Nation declined to comment. Live Nation''s shares, which had been up more than 12 percent earlier on Thursday after the company''s quarterly results, pared gains following the Reuters report and briefly turned negative. The shares recovered to close up 5.6 percent in the stock''s busiest trading day by volume since June 2014. Amazon shares closed down 2.6 percent. The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. Carlos Jasso/Illustration PROFIT GENERATOR Amazon has had conversations to partner with Ticketmaster as a potential way to get into ticketing in the United States, but those conversations have stalled over who would control customer data, according to sources with knowledge of the conversations. Ticketing would likely make money for Amazon, which has a patchy record of profitability. Ticketmaster generated $1.6 billion in revenue from initial sales of tickets to events in 2016, according to estimates by research firm BTIG. That figure does not include revenue from the reselling of tickets, which BTIG estimates at $250 million. Amazon has approached at least one league about selling tickets on the secondary market as well, one of the sources said, a business like eBay Inc''s ( EBAY.O ) StubHub. Getting a foothold in the ticketing business would likely be an expensive proposition. Ticketmaster in many cases pays the venues for the right to sell tickets and manage the box office, and venue owners are loath to give up that revenue even when it means high ticketing fees for consumers. Amazon has offered to write sponsorship checks worth millions of dollars to the venues, one of the sources said. But it has yet to budge on customer data. Owners want to know who is buying their tickets so they can tailor social media campaigns and book the right acts in the right places. Amazon has made a number of moves to get more customers to its website and subscribe to Prime. Earlier this year, it agreed to pay about $50 million to the U.S. National Football League to livestream this season''s 10 Thursday night games, sources have told Reuters. "It''s all about Prime," said Brandon Ross, an analyst at BTIG. "The reason they are spending multiple billions of dollars a year on programming is to get more Prime subscribers and engage more consumers." Reporting By Jessica Toonkel and Jeffrey Dastin; Additional reporting by Liana B. Baker and Rodrigo Campos; Editing by Jonathan Weber and Bill Rigby 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/amazon-com-ticketing-idINKBN1AQ2DV'|'2017-08-10T17:50:00.000+03:00'
'8d793d025fbdb6307c2020242f540e8d1031181c'|'Dollar hits eight-week low vs yen as intensifying North Korea tensions rattle investors'|'NEW YORK (Reuters) - The U.S. dollar weakened against a basket of currencies on Friday, after data showed U.S. consumer prices rose less than expected in July, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year.The dollar index, which tracks the greenback against six major currencies, was down 0.13 percent to 93.28, after earlier falling to a one-week low of 92.992.The U.S. consumer price index edged up 0.1 percent last month after being unchanged in June. Economists polled by Reuters had expected the CPI to rise 0.2 percent in July."If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year," said Sireen Harajli, FX strategist at Mizuho in New York.Federal funds futures suggested traders saw a 40 percent chance that the Fed would increase short-term rates at its Dec. 12-13 policy meeting, compared with 42 percent shortly before the release of the July consumer price data.Harajli, who still expects the Fed to raise rates one more time this year, said Friday''s numbers were unlikely to sway the central bank from announcing the beginning of the reduction in size of its balance sheet later this year.The dollar fell to a sixteen-week low against the Japanese yen, but pared losses after Russian Foreign Minster Sergei Lavrov said there was a Russian-Chinese plan to defuse tensions between the United States and North Korea."The last thing the markets want here is the tension between U.S. and North Korea. It''s a situation with no good resolution even though most people are sceptical that Russia and China have a plan to defuse the situation," said Stan Shipley, strategist at Evercore ISI in New York.The dollar was little changed against the Swiss Franc after erasing losses from earlier in the session.The franc and the yen are often sought in times of geopolitical tension and have logged big gains against the dollar this week amid escalating tensions between North Korea and the United States."I think investors are likely to remain cautious heading into the weekend," Harajli said.The euro was up 0.15 percent to $1.1788 after Morgan Stanley raised its currency forecasts for the currency, predicting it would hit $1.25 early next year.Sterling was little changed against the dollar and held near a three-week low as investors remained wary about the outlook for the British economy after a mixed bag of data this week.Reporting by Saqib Iqbal Ahmed; additional reporting by Richard Leong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-forex-idUKKBN1AQ2RG'|'2017-08-11T08:25:00.000+03:00'
'f3fe5b36d7993c5e38a533841b4e68c5435468da'|'Surgery must be a core part of health care – even in the poorest countries - Global Development Professionals Network'|'Global development professionals network Surgery must be a core part of health care – even in the poorest countries Surgery-treatable conditions kill more people than TB, Malaria and AIDS combined - how can access to surgery be improved in developing countries? There are 54 surgical professionals per 100,000 people in the US, but less than one per 100,000 in Tanzania. Photograph: Alamy Global development professionals network Surgery must be a core part of health care – even in the poorest countries Surgery-treatable conditions kill more people than TB, Malaria and AIDS combined - how can access to surgery be improved in developing countries? Supported by executive director of the Global Health Portfolio and chief medical officer for the GE Foundation Friday 11 August 2017 14.19 BST T he world has made tremendous progress in dealing with many of the health challenges that have global impact – for example, maternal and infant mortality rates have been massively reduced and there’s been promising advances in the treatment of HIV/AIDS, tuberculosis and malaria. But there is one area that the global health community has overlooked – surgery. ''It’s like millions of ants are biting my bones'' – fighting sickle cell disease in Nigeria Read more Whether you live in a city full of highly specialised doctors like Boston, or a rural community in East Africa where there is one surgeon for every 100,000 people, surgery can be one of the more scary aspects of medical care. Everyone experiences some anxiety when confronted with the thought of spending hours on an operating room table, anesthetised and connected to tubes, even though in reality most surgical procedures are simple, safe, and routine. However, what if I told you that most people in this world can’t even access basic surgical care? Surgically-treatable conditions kill 17 million people each year . That’s more than tuberculosis, malaria, and HIV/AIDS combined. Ensuring everyone has access to life transforming surgery means we need the capacity to perform more than 143m additional surgical procedures each year . The bulk of this work will need to happen in low and middle-income countries like Ethiopia or Tanzania, where millions of people must travel over two hours to find a facility able to provide essential and safe surgical care. Surgery must be seen as an essential element of primary care and a necessary component of sustainable health systems. There are many factors that hinder access to surgical care in low and middle-income countries today, but the most critical are a shortage of skilled surgical professionals and limited infrastructure for the provision of surgical care. For example, Tanzania suffers from a lack of a trained surgical workforce – it has only 0.46 surgical professionals (surgeons, anaesthesiologists and obstetricians) per 100,000 relative to 54.71 surgical professionals per 100,000 people in the United States. Furthermore, many hospitals lack basic elements necessary to perform surgery, like clean water, oxygen to provide anaesthesia and power to use necessary equipment. Less than 50% of hospitals in Tanzania have access to consistent electricity, oxygen supply and, running water. And, it’s a similar story in Ethiopia, where less than 50% of hospitals have access to consistent running water and electricity. Performing surgery effectively and safely under such conditions is a near impossible task. Six jobs the new World Health Organisation leader should prioritise Read more While these challenges may seem daunting, they are not insurmountable. Some countries are starting to take steps to improve access to surgical care. Ethiopia for example is training non-physicians to provide emergency surgical procedures like caesarean sections and open abdominal surgeries to rapidly increase the per capita number of surgical professionals in the population, and initial programmes show success when carefully implemented. Efforts toward improving physical infrastructure are time and capital intensive, but are equally as essential for expanding the number and quality of facilities that can provide adequate surgical care. By some estimates it will take an investment of over US $420 billion over the next 15 years to improve the standard of surgical care in lower income countries. Governments should start investing now to avoid much larger losses in productivity and morbidity and mortality down the line. While some may argue that we should continue the focus exclusively on reducing the burden of communicable diseases worldwide, this is actually a myopic perspective. A more cross-cutting approach to improving health delivery in low and middle income countries will include surgery. This is necessary as surgery is essential to drive improvements in a number of critical health outcomes. For example an investment in improving access to surgery across a country can lead to improved emergency Caesarean sections and, thus, generate dramatic reductions in maternal and infant mortality. Ensuring access to surgery within 2 hours enables an individual to get emergency surgery more quickly after a road traffic accident, thus reducing casualties from road traffic accidents. ‘Oh god please let me die’: treating women who have set themselves on fire in Afghanistan Read more The good news is that movement towards improving surgical care around the globe is not theoretical. Some hospitals, governments and private sector organisations are already making exciting progress. In Ethiopia, Dangila hospital has more than doubled the number of essential surgeries they perform after leaders at the facility received training on how to better coordinate together and mobilize existing resources. And 40 hospitals in the Amhara region will soon have access to a medical oxygen plant that will allow consistent access to surgery to reach an additional eight million individuals. My experience as a physician over the last 30 years has taught me that it is better to act sooner rather than later to address a patient’s health issues. The same is true of national level health systems. David Barash is an emergency room physician, executive director of the Global Health Portfolio and chief medical officer for the GE Foundation , which is a founding partner in Safe Surgery 2020 . Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/aug/11/surgery-must-be-a-core-part-of-health-care-even-in-the-poorest-countries'|'2017-08-11T21:19:00.000+03:00'
'88e8e3dded03d2b4b9a08665650e3d5698a7c56b'|'Innogy adds customers in Britain in second-quarter'|'August 11, 2017 / 5:33 AM / 11 minutes ago Innogy adds customers in Britain in second-quarter Reuters Staff 1 Min Read FILE PHOTO: Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen/File Photo FRANKFURT (Reuters) - Innogy ( IGY.DE ), Germany''s largest energy group, said on Friday it added about 50,000 customers in Britain in the second quarter, a key step in the group''s effort to restructure its troubled local unit Npower. Innogy, 76.8-percent owned by RWE ( RWEG.DE ), still warned that competition in the British retail power market remained "very tough", after posting first-half operating earnings that were broadly in line with expectations. Reporting by Christoph Steitz; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-innogy-results-idUKKBN1AR0DM'|'2017-08-11T08:32:00.000+03:00'
'fb1ef8426e3bd0d10d81c770e93d939415850a4b'|'Asia stocks, dollar brace for further slide as U.S., North Korea tensions intensify'|' 04 AM / 4 minutes ago Selloff in stocks takes a breather; gold and yen tick up Rodrigo Campos 6 Min Read   Wall Street put a floor under global equities on Friday after a weak inflation reading brought investors back into U.S. stocks even as tensions between the United States and North Korea continued to escalate, though the geopolitical fears still drove safe-haven buying of gold and the yen. A slight rise in a measure of U.S. consumer prices pointed to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year, which would be favorable to equity investors. The hope that the Fed will have to slow its rate-hike path appeared to stop, at least for now, the near $1-trillion loss in world stocks valuations this week triggered by the war of words between Pyongyang and Washington. "The data confirms the Fed will have a wait-and-see attitude," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco. Reuters data show a 28 percent chance for a hike after the Fed''s December meeting. Japanese markets were closed for a holiday, but the tense mood dragged Asian shares lower and an MSCI index of stocks across the globe .MIWD PUS was on track to post its largest weekly drop since the week before Donald Trump won the U.S. presidential election in November. Trump issued a new warning to Pyongyang on Friday, saying in a tweet: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely." North Korea had responded to Trump''s previous promise to unleash "fire and fury" with a threat to land a missile near the U.S. Pacific territory of Guam. It is "a bullish sign that the equity markets are rebounding somewhat on a Friday, in spite of the fact that investors will need to wait for two days to react to any geopolitical news that comes out over the weekend," said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. "If earnings can stay strong and interest rates remain low investors can look beyond North Korea and continue to rally equities," Phipps said. The Dow Jones Industrial Average .DJI rose 38.9 points, or 0.18 percent, to 21,882.91, the S&P 500 .SPX gained 5.46 points, or 0.22 percent, to 2,443.67 and the Nasdaq Composite .IXIC added 41.86 points, or 0.67 percent, to 6,258.73. Related Coverage Investors ponder further shocks after North Korea jolt The pan-European FTSEurofirst 300 index .FTEU3 lost 1.01 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.12 percent. Emerging market stocks lost 1.20 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 1.37 percent lower. South Korea''s KOSPI .KS11 fell 1.7 percent on Friday to its lowest level since May 24, but its losses for the week are a relatively modest 3.2 percent. "Pretty remarkable, perhaps even extraordinary, considering," said Tim Ash, strategist at fund manager BlueBay. A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalization drop from a record high $61.36 trillion on Monday to $60.43 trillion at the close on Thursday. A screen displays trading information for German insurance firm Allianz on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid Many world stock markets have hit record or multi-year highs in recent weeks, leaving them vulnerable to a selloff, and the tensions over North Korea have proved to be the trigger. The yen on Friday added to a strong weekly rally against the dollar of close to 1.5 percent, hitting its highest level versus the greenback in almost four months, at 108.73 yen JPY= . The yen tends to benefit during times of geopolitical or financial stress as Japan is the world''s biggest creditor nation and there is an assumption that Japanese investors will repatriate funds should a crisis materialize. The Korean won KRW=KFTC continued to fall versus the dollar, down 0.13 percent to 1,143.5 on Friday for a 1.6 percent decline on the week. The dollar was further weighed on Friday by the soft U.S. inflation data. "If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year," said Sireen Harajli, FX strategist at Mizuho in New York. The dollar index .DXY fell 0.39 percent, with the euro EUR= up 0.48 percent to $1.1827. Sterling GBP= was last trading at $1.3013, up 0.30 percent on the day. The Japanese yen last strengthened 0.16 percent versus the greenback at 109.05 per dollar In bond markets, the yield on U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move. "There are four more (inflation) prints between now and the December FOMC meeting and we expect the Fed to remain data-dependent, if a touch more cautious," TD Securities said in a research note. Benchmark 10-year notes US10YT=RR last rose 7/32 in price to yield 2.1888 percent, from 2.211 percent late on Thursday. The 30-year bond US30YT=RR last rose 6/32 in price to yield 2.7847 percent, from 2.794 percent late on Thursday. After touching a more than two-month high, spot gold XAU= last added 0.3 percent to $1,290.00 an ounce. U.S. gold futures GCcv1 gained 0.50 percent to $1,296.60 an ounce. Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in U.S. crude inventories, leaving prices volatile. U.S. crude CLcv1 rose 0.43 percent to $48.80 per barrel and Brent LCOcv1 was last at $52.01, up 0.21 percent on the day. Additional reporting by Gertrude Chavez-Dreyfuss and Saqib Iqbal Ahmed in New York, Sruthi Shankar and Tanya Agrawal in Bangalore and Dmitry   Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-markets-idUSKBN1AR004'|'2017-08-11T03:04:00.000+03:00'
'0d88cbbf4a7b0a766c2bd52cd2e84a4ceab951a5'|'Barclays hires Stephen Dainton as global head of equities'|'August 11, 2017 / 1:16 PM / in 40 minutes Barclays hires Stephen Dainton as global head of equities 1 Min Read FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. Dado Ruvic/Illustration/File Photo LONDON (Reuters) - Barclays ( BARC.L ) has hired Stephen Dainton as its global head of equities, the bank said on Friday. Dainton, who previously worked at Credit Suisse ( CSGN.S ) as its co-head of global markets for Europe, the Middle East and Africa, will join Barclays in early September. Dainton will report to Barclays investment banking chief Tim Throsby, who earlier this year reorganized the division and set out to hire 50-100 more staff in a bid to boost revenues. Reporting by Lawrence White; Editing by Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-moves-barclays-dainton-idUSKBN1AR1EC'|'2017-08-11T16:16:00.000+03:00'
'd432eb66cbe361ef801c98e972c645aa9ae0fbd8'|'Mistrust in America could sink the economy'|'AMERICA is a grumpy and confused place. For an overarching explanation of what has gone wrong, a decline in trust is a good place to start. Trust can be defined as the expectation that other people, or organisations, will act in ways that are fair to you. In the White House and beyond there is precious little of it about. People increasingly view institutions as corrupt, strangers as suspicious, rivals as illegitimate and facts as negotiable.The share of Americans who say “most people can be trusted” fell from 44% in 1976 to 32% in 2016, according to a survey from the University of Chicago. In a new book, “The Retreat of Western Liberalism”, Edward Luce, a commentator for the Financial Times in Washington, argues that distrust will contribute to America’s decline and eventually, even, to autocracy. Lack of faith is chewed over in boardrooms, too. In his latest letter to shareholders, Jamie Dimon, JPMorgan Chase’s boss, describes trust as America’s “secret sauce” and worries that the bottle is running dry.Latest updates The ACLU stands up for an alt-right author’s freedom of speech Democracy in America 15 hours ago Ryanair drops plans to serve Ukraine Gulliver 15 hours ago British university rankings Graphic detail 16 hours ago British university rankings methodology Graphic detail 16 hours ago “A Ghost Story” is an enigmatic look at loss Prospero 17 hours ago How Donald Trump may be making life easier for one violent street gang The Economist explains 18 hours ago See all updates The tricky bit is reconciling this distrust with the rosy business outlook. The S&P 500 index is near an all-time high, even though many economists say that distrust is toxic for prosperity because transactions become dearer and riskier. An OECD study of 30 economies shows that those with low levels of trust, such as Turkey and Mexico, are far poorer. Three scholars, Luigi Guiso, Paola Sapienza and Luigi Zingales, have shown that pairs of countries (such as Britain and France) whose populations say they distrust each other, have less bilateral trade and investment.America’s mistrust outbreak can be split into two parts: what consumers think, and what firms think. The share of folk who have “little or no confidence” in big business has risen from 26% in 1976 to 39% in June, according to Gallup. For banks it has risen from 10% in 1979 to 28% today. Over decades big firms have broken implicit promises to their employees, such as providing a job for life and paying generous pensions. That has probably soured the public’s view. And the financial crisis of 2007-08 blew a giant hole in the reputation of big business and finance.Yet despite their customers’ distaste, big firms mint huge profits. One explanation is declining competition over the past 20 years. If markets are working, firms that are perceived to behave badly lose market share. In concentrated industries this discipline is lacking. Two recent scandals in oligopolistic bits of the economy illustrate the point. Wells Fargo, a bank, created millions of fake accounts, yet in the three months to June its year-on-year profits rose by 5%. In April a United Airlines passenger was assaulted, causing an outcry. Its underlying profits later rose by 5%, too. In such industries Americans are inured to mistreatment.Trust between firms, and between firms and investors, is more resilient, but there is evidence of greater wariness. Banks charge corporate borrowers a spread of 2.6 percentage points above the federal-funds rate, compared with 2.0 points in the 20 years before the crisis. The equity-risk premium, or the annual excess return that investors demand to hold shares rather than bonds, is 5.03 points, against a pre-crisis average of 3.45 points, notes Aswath Damodaran of the Stern School of Business at NYU.The median firm in the S&P 500 holds 62 cents of cash on its balance-sheet per dollar of gross operating profit, up from 45 cents in 2006 (this yardstick excludes America’s giant technology companies, which hoard money). In a sign that more corporate deals end in tears, litigation costs are rising. The revenues of legal firms rose by 103% in 1997-2012, according to the Census Bureau, more quickly than nominal GDP growth, of 85%. And spending on corporate lobbying, a signal that firms think politicians are corruptible, has risen faster than GDP, too.In the long term it is possible that firms could become as mistrustful as consumers. Though individual companies can gain from cronyism, overall confidence will fall if there is sustained political meddling in the courts and regulatory system. And companies as well as people can be trapped into doing business with monopolies that are inept or shifty. In 2016 Facebook said that for the past two years it had overstated how long its users watched videos for, but advertisers have little choice but to stick with the social-media firm. Its profits rose by 71% in the latest quarter.If the bleak predictions of observers such as Mr Luce come true, how might America Inc adjust? One guide is the work of Ronald Coase, an economist who theorised that the boundary of a firm is set according to whether an activity is best done in-house or can be outsourced to the market. If counterparties are less reliable, and contracts expensive to enforce, firms will become “vertically integrated”, bringing their supply chain in-house.If there is deeper decay of America’s legal system and greater political corruption, then firms would go further and spread “horizontally” too, expanding into new industries where their political contacts, and access to favours and capital can be used. This is how business works in much of the emerging world.Gotta have faithAmerica is nowhere near such an outcome, at least not yet. Still, a concerted effort to shore up trust between consumers and firms, and between firms, would be healthy. If you subscribe to Silicon Valley’s Utopianism, technology can fill the gap, manufacturing mutual faith where none existed before. Uber’s system of scoring drivers and passengers allows strangers to have confidence in each other. E-commerce sites such as eBay and Alibaba work by creating networks of trust between merchants and customers.In the end, however, government has a vital role. By enforcing competition rules, it can ensure that poor conduct is punished. And by observing the independence of courts and regulators, it can demonstrate that contracts are sacred and that firms operate on a level playing-field. Suspicion is not about to bring American capitalism to its knees. But the country’s vast stock of trust, built up over a century or more, is being depleted quickly. "Suspicious minds"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726079-part-problem-lack-competition-some-industries-mistrust-america-could-sink?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'f1c6c24952c9e5c0532899577e82b227acf68a5a'|'Old Mutual to list two units next year, first-half profit up 37 percent'|'August 11, 2017 / 6:26 AM / an hour ago Old Mutual to list two units next year, first half profit up 37 percent Reuters Staff 2 Min Read FILE PHOTO: Workers clean windows outside the headquarters of Anglo-South African financial services company Old Mutual in Cape Town, South Africa March 7, 2016. Mike Hutchings/File Photo LONDON (Reuters) - Anglo-South African financial services group Old Mutual plans to list two divisions in 2018, it said on Friday, as it reported a 37 percent rise in first-half operating profit. Old Mutual is in the middle of breaking up into four parts, a process due to finish by the end of next year, as it says regulatory change makes the company too complex to run in its current form. It aims to dual-list Old Mutual Wealth and its emerging markets division in London and Johannesburg "at the earliest opportunity in 2018 after our 2017 full year results", it said in a statement. The listing will be in the form of a demerger benefiting existing shareholders, with the possibility of an initial public offering for Old Mutual Wealth, it said. It is reducing its stake in U.S. firm OM Asset Management to 5.5 percent, it added. The emerging markets division will come under a new South African holding company, which also includes Old Mutual''s stake in South African bank Nedbank and Old Mutual plc. Old Mutual will keep a "strategic minority stake" in Nedbank, it said. First-half operating profit rose to 969 million pounds ($1.26 billion), helped by sterling weakness and strong performance in Old Mutual Wealth. "Old Mutual Emerging Markets and Nedbank are trading resiliently, given the continuing difficult macroeconomic conditions in South Africa," Chief Executive Bruce Hemphill said in the statement. Old Mutual said it would pay an interim dividend of 3.53 pence, up 32 percent from a year ago. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-old-mutual-results-idUKKBN1AR0GD'|'2017-08-11T09:42:00.000+03:00'
'8e67dc80ea152eecbfa3633a5e1679c365862ee6'|'Who will be the next chair of the Federal Reserve?'|'LOOK only at unemployment and inflation, says Peter Conti-Brown, a historian of the Federal Reserve, and Janet Yellen is the Fed’s most successful boss of all time. The second indicator may be below target, but that is a blip compared with the recessions most Fed chairmen have endured. So it is perhaps not surprising that President Donald Trump is openly considering retaining Ms Yellen, a Democrat installed by Barack Obama, after her term ends in February 2018. Nor by historical standards is it odd: the Fed’s past three leaders were all reappointed by presidents from the other party. Yet Ms Yellen, whom Mr Trump criticised on the campaign trail, is not the leading candidate. PredictIt, a betting site, gives her a 28% chance of staying put. In front of her, with a 36% chance of appointment, is someone else Mr Trump is publicly weighing up: Gary Cohn (on the left above).Mr Cohn was until January the chief operating officer and president of Goldman Sachs. He left that role to become the president’s senior economic adviser. A domineering personality, he has amassed influence in the administration, outshining Peter Navarro, Mr Trump’s trade economist. Mr Cohn is often said to lead a “globalist” faction within the White House, against protectionists like Mr Navarro and Steve Bannon, another adviser.  5   He would, however, make an unusual Fed chairman. He has no background in economics, even as a student. The previous chief to have been similarly unqualified was William Miller, who spent an unhappy year and a half in 1978 and 1979 presiding over low growth and soaring inflation. A happier comparison is to Marriner Eccles, chairman from 1934 to 1948. Like Mr Cohn—and unlike Miller—Eccles had been a successful financier. Also like Mr Cohn, he was close to the president who appointed him, Franklin Roosevelt. And his lack of economics training did not stop him from backing Keynesian stimulus after the Depression, even before Keynes himself had published “The General Theory”. Eccles made such a mark that the Fed’s headquarters are named after him.Mr Cohn might find the Eccles building staid. It lacks the day-to-day energy of the White House or Treasury, let alone the buzz of the trading floor. Inside, staff quietly digest vast quantities of economic research to prepare for less-than-monthly monetary-policy decisions. Some wonder if Mr Cohn has an appetite for the minute analysis which, unlike the practice in most organisations, is carried out even by the Fed’s leaders. The chairman can, of course, lean on his staff. But one of Miller’s problems, says Mr Conti-Brown, was that he lost the respect of his better-trained colleagues.The Fed’s chairman has to be confirmed by the Senate, and some doubt whether it would accept Mr Cohn. Despite the Republicans’ control of the chamber, Ms Yellen, given her record, may be a surer bet. Yet the praise for her record can be overdone. She has not been tested by many economic shocks. And the inflation shortfall—underlying inflation, currently 1.5%, has not hit the Fed’s 2% target during her tenure—was not entirely unforeseen. Larry Summers, the former treasury secretary whom she beat to the job, has been relentlessly advocating looser monetary policy to stoke more inflation. Ironically, Ms Yellen’s main charm for Mr Trump seems to be that she is “a low-interest-rate person”. In truth, she relies on the unemployment rate to guide her. While it was too high, she was doveish. Now it is just 4.3%, she seems comparatively hawkish.The Cohn unknownsThe interest-rate opinions of the favourite to succeed her are less clear. Mr Cohn thinks that monetary policy is a global endeavour, and that central banks may have been playing beggar-thy-neighbour. In March 2016 he told a conference that if every central bank suddenly raised interest rates by three percentage points, “the world would be a better place”. Yet he also said he was not sure Ms Yellen had been right to raise rates three months earlier. And he criticised the Fed’s recent forward guidance as confusing for the markets. He said it should worry more about what it does than what it says.The Fed is not only responsible for monetary policy. It is also the biggest regulator of banks. Here Mr Cohn is more in sync with Mr Trump’s deregulatory agenda. However, that may not matter much. The president recently nominated Randal Quarles, another critic of recent regulation, to be vice-chairman for supervision, a post left empty since it was created in 2010 (though in practice the job was done by Daniel Tarullo, who left the Fed in April). Whoever heads the Fed, Mr Quarles will probably take the lead on regulation.Other candidates are in the frame. Kevin Warsh (pictured on the right), a former banker who was a Fed policymaker from 2006 to 2011, appears to be manoeuvring for the job. Republicans in Congress may favour John Taylor (in glasses), a Stanford academic who devised a mathematical rule that describes central banks’ actions and, like many Republicans, wants the Fed to follow such an algorithm.The two outsiders have contrasting skills. Mr Warsh is a smooth-talking politician who may lack the intellectual firepower of past Fed chairs. Nobody can doubt Mr Taylor’s braininess. But he did not leave much of a mark on Washington during previous stints there, most recently at the Treasury during George W. Bush’s first presidential term. So he may lack the political nous the job demands. In any case, Mr Warsh and Mr Taylor may well both be too hawkish for Mr Trump. After the financial crisis, both opposed the Fed’s quantitative easing (QE)—ie, purchases of securities using newly created money—warning of a surge in inflation. In fact, inflation has mostly been too low since then.No names spring to mind, but Mr Trump still has time to find a trained economist who is a Republican and yet tends towards Ms Yellen’s views on interest rates. Even such a conservative dove might shake up the Fed. Republicans have long complained about its $1.8trn portfolio of mortgage-backed securities, a result of QE. The central bank hopes to start unwinding QE soon, but its current plans would leave some mortgage-backed securities on its balance-sheet for more than a decade. A Republican chairman might make his mark by offloading these securities faster. But given the stability of Ms Yellen’s tenure, markets could be forgiven for wanting as few changes as possible.This article appeared in the Finance and economics section of the print edition under the headline "Rate race"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21726081-gary-cohn-leading-candidate-replace-janet-yellen-who-will-be-next?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'e19652ae4e8f749af5c47baa1c4be846abbeedfa'|'Banks picked for IPO of French fashion company behind Sandro, Maje: sources'|'The logo of ready-to-wear Sandro brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. Charles Platiau LONDON (Reuters) - Bank of America Merrill Lynch ( BAC.N ), JP Morgan ( JPM.N ) and KKR Capital Markets ( KKR.N ) have been chosen as joint global coordinators for the float of fashion company SMCP ( IPO-SMCP.PA ) in Paris, sources familiar with the matter said on Friday.The French company behind fashion brands Sandro, Maje and Claudie Pierlot, which is controlled by China''s Shandong Ruyi 002193.SZ, is expected to list its shares this autumn.Two different sources said BNP Paribas ( BNPP.PA ) was also picked to be among the syndicate. Shandong Ruyi, Bank of America and KKR did not immediately respond to requests for comment. JP Morgan and BNP Paribas declined to comment.Sandro, Maje and Claudie Pierlot sell dresses priced at around 200 euros ($260) in France and operate in what is classified as the accessible luxury market. Buoyant demand among the fast-growing middle classes, particularly in countries such as China, has boosted this segment.The group''s earnings before interest, tax, depreciation and amortization (EBITDA) rose 22 percent to 130 million euros in 2016.The logo of ready-to-wear Maje brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. Charles Platiau Based on the enterprise value to EBITDA multiple of Italy''s Moncler ( MONC.MI ), another fast-growing fashion company, SMCP could be worth around 2 billion euros ($2.4 billion).The group had more than 1,200 points of sale as of the end of 2016 across Europe, north America, the Middle East and Asia.In June the company said it was considering a listing in Paris but that Shandong Ruyi would remain the majority shareholder in the long term.Textile group Shandong Ruyi said on Thursday it planned to sell a stake of up to 1.9 percent in the company before the end of the year.In 2016, after talks lasting at least six months, Shandong Ruyi bought a majority stake in SMCP from KKR for around 1.3 billion euros including debt, according to sources.At the time, the Chinese group said the deal would combine the French firm''s fashion know-how with its own business network in China, the world''s second largest economy.Reporting by Dasha Afanasieva; Editing by Adrian Croft and David Holmes'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-smcp-ipo-banks-idINKBN1AR1EM'|'2017-08-11T11:21:00.000+03:00'
'9a613c4c9fde354fd0f0468e696ffb31714e8874'|'BRIEF-Paylocity Q4 loss per share $0.07'|'Aug 10 (Reuters) - Paylocity Holding Corp* Paylocity announces fourth quarter and fiscal year 2017 financial results* Q4 non-GAAP pro forma earnings per share $0.09* Q4 loss per share $0.07* Q4 revenue $76.1 million versus I/B/E/S view $73.8 million* Sees FY 2018 non-GAAP earnings per share $0.78 to $0.80* Sees Q1 2018 non-GAAP earnings per share $0.10 to $0.12* Sees FY 2018 revenue $368 million to $370 million* Sees Q1 2018 revenue $80.3 million to $81.3 million* Q4 earnings per share view $0.01 -- Thomson Reuters I/B/E/S* Q1 earnings per share view $0.10, revenue view $80.7 million -- Thomson Reuters I/B/E/S* Paylocity Holding Corp sees Q1 2018 adjusted EBITDA is expected to be in range of $12.0 million to $13.0 million* Paylocity Holding Corp sees fiscal year 2018 adjusted EBITDA is expected to be in range of $71.0 million to $72.0 million Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-paylocity-q4-loss-per-share-idUSASB0BF5Z'|'2017-08-10T23:53:00.000+03:00'
'de9697d8418d4228f43471baeb1cb2a5221aa226'|'Analysis: China a sweet spot for U.S. companies’ earnings in second quarter'|'FILE PHOTO: A Caterpillar excavator is displayed at the China Coal and Mining Expo 2013 in Beijing, China October 22, 2013. Kim Kyung-Hoon/File Photo SHANGHAI (Reuters) - Trade tensions between Washington and Beijing may be running high but Corporate America is finding China to be a reliable source of profit growth this year.Whether they sell construction equipment, semiconductors or coffee, many major U.S. companies have reported stronger second-quarter earnings and revenue from their Chinese operations in recent weeks.They are benefiting from a Chinese economy that is growing at almost 7 percent, several times the rate of U.S. expansion, a Chinese housing boom, and a slide in the U.S. dollar, which makes American exports more competitive and increases dollar earnings once they are translated from foreign currencies.Chinese President Xi Jinping’s ambitious plan to build a new Silk Road that will improve links between China and dozens of countries in Asia and Europe, and includes many billions of dollars of new roads, bridges, railways and power plants – is also helping American firms to sell heavy equipment and other products.Caterpillar Inc, a bellwether for industrial demand in China and beyond, reported its sales in Asia-Pacific rose 25 percent in the second quarter - thanks to China. Shipments of large excavators to Chinese customers more than doubled in the first half of the year."We now expect demand in China to remain strong through the rest of the year," Brad Halverson, Caterpillar''s group president and chief financial officer, told investors.Caterpillar’s Japanese rivals Komatsu and Hitachi Construction Machinery Co reported similar strength in demand for heavy machinery. Komatsu''s China sales almost doubled in the firm''s April-June quarter.“China''s grown pretty well relative to the U.S. over this period and the currency''s relationship has changed in favor of the U.S. companies,” said Jim Paulsen, chief investment strategist at the Leuthold Group in Minneapolis.DISCRIMINATION CLAIMS Chinese companies are also benefiting from the robust domestic economy. For example, Chinese auto manufacturer Geely Automobile Holdings announcing last week that its July sales climbed 89 percent from the year-earlier-month. Geely and many other major Chinese companies report their results in the next few weeks.American companies in China have been collectively reporting better prospects even as they complain that the Chinese authorities are not allowing them enough access to parts of the Chinese market and discriminating against them as they seek to compete against Chinese rivals.U.S. President Donald Trump''s administration has been considering punitive tariffs against a range of Chinese goods but it has held off on taking action after Beijing backed tougher United Nations Security Council sanctions against North Korea earlier this month.However, senior U.S. officials said over the weekend that Trump on Monday will order his top trade adviser to determine whether to investigate Chinese trade practices that force U.S. firms operating in China to turn over intellectual property. The move could eventually lead to steep tariffs on Chinese goods.And despite some negatives in the Sino-U.S. relationship, a July report by the American Chamber of Commerce in Shanghai showed that 82 percent of U.S. companies in China expect revenues to increase this year, up from 76 percent a year ago.“In general China is still a growth market for lots of US goods and services... the Chinese consumer is driving more and more the growth in China itself - that''s a very positive shift in compositional growth for a lot of U.S. companies that do provide goods and services for consumers, as opposed to building skyscrapers,” said Joe Quinlan, head of thematic investing at Bank of America, U.S. Trust.In the chip industry, Skywork Solutions, which according to Goldman Sachs gets about 85 percent of its sales from China, reported its fiscal third-quarter revenue rose 20 percent, thanks in part to demand from Chinese phone maker Huawei. And Qualcomm, which gets around two thirds of its revenue from China, said last month that China remained a strong growth story for the company.And many other foreign companies are also doing well. The European liquor industry is benefiting from a resurgence in Chinese consumer demand.Remy Cointreau, which battled a steep slowdown in China after Xi launched an anti-corruption drive in 2012 – hitting a lot of lavish wing and dining by businesses - said it saw a "clear improvement in consumption trends" this year."We see the fast-growing upper middle class driving strong consumption growth for our upmarket cognac brands," the company’s Chief Financial Officer Luca Marotta said last month.Closer to home, Kweichow Moutai, the Chinese maker of the liquor baijiu and the world''s largest alcohol firm by value, saw first half profits gain 27.8 percent.Chinese stock market gains this year have in turn helped confidence among retail investors."I feel the wider economy is improving," said Ding Mingwei, 26, a manager at an education technology company in Shanghai. Ding, who says his own investments are up this year, now plans to spend more on hotels, dining out and funding hobbies such as playing the guitar.For some companies, China growth helped to offset problems elsewhere. Starbucks U.S. growth cooled in the third quarter but same-store sales for the coffee chain in China surged 7 percent.Among the Japanese companies to benefit, Sony''s sales in China were up just under 50 percent in the three months to June, making it the electronic group''s fastest-growing geographic segment.COMPETITION INTENSIFIES There are some sectors that are proving a tougher slog for foreign companies.Major international automakers, even those reporting increased revenues, have pointed to squeezed margins in one of the world''s most competitive markets. U.S. automaker General Motors, for example, saw a strong April-June quarter, but said it faced "pricing challenges".And some economists warn that it is unclear how long the Chinese economy and the markets can keep their buzz."The strong rebound is largely being driven by the property market and export growth, which both seem unsustainable," said Nomura Chief China Economist Yang Zhao in Hong Kong.He said he expects China’s economic growth to cool by the fourth quarter.Reporting by Adam Jourdan in Shanghai; Additional Reporting by Megan Davies; Editing by Clara Ferreira Marques and Martin Howell'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/china-economy-corporate-idINKCN1AU14V'|'2017-08-14T09:13:00.000+03:00'
'4e517cf51530f40b34badb5dded61f96cb8a607e'|'Oil prices flat as oversupply concerns linger'|' 49 AM / 4 hours ago Oil prices slip as IEA sees slow market rebalancing 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo   Oil prices fell slightly on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth. Brent crude LCOc1 was down 11 cents at $51.79 a barrel at 11:53 a.m. EDT (1553 GMT), having earlier fallen 50 cents, or around 1 percent, to its lowest since Aug. 1. U.S. West Texas Intermediate crude CLc1 was down 15 cents at $48.44 per barrel, having earlier dropped 1 percent to its lowest since July 26. U.S. crude was on track to close more than 2.4 percent lower on the week, with Brent on track to close 1.8 percent lower. Oil touched 2-1/2-month highs on Thursday but closed down amid oversupply concerns. The IEA said OPEC''s compliance with the cuts in July had fallen to 75 percent, the lowest since those curbs began in January. It cited weak compliance by Algeria, Iraq and the United Arab Emirates. In addition, OPEC member Libya, which is exempt from the cuts, steeply increased output. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices." The IEA also said it had revised historic demand data for 2015-2016, meaning a lower demand base in 2017-2018 combined with unchanged high supply numbers could lead to lower stock draws than initially anticipated. Saudi Arabian Energy Minister Khalid al-Falih said the kingdom did not rule out additional oil production cuts, but stressed that his country would not take any unilateral action, the Saudi-owned Al Sharq Al Awsat newspaper reported. In the United States, President Donald Trump again stepped up his rhetoric against North Korea again, saying what he called U.S. military solutions were "locked and loaded" as Pyongyang accused him of driving the Korean peninsula to the brink of nuclear war. "I think the issue that is affecting the market is the general risk sentiment of saber-rattling between Washington and Pyongyang," said Michael McCarthy, chief market strategist at CMC Markets. On Friday, energy services company Baker Hughes releases its monthly rig count number. Last week, data showed U.S. energy companies cut oil rigs for a second week in three, slowing the pace of a 15-month drilling recovery. Baker Hughes releases its data at 1 p.m. EDT (1800 GMT). "We’re watching to see if slowing of rig counts continues," said Mark Watkins, regional investment manager at U.S. Bank, "That would be a positive sign ... that production might be topping in the U.S." Reporting by Julia Simon in New York, Dmitry   Jason Neely and Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-global-oil-idUSKBN1AR01N'|'2017-08-11T03:49:00.000+03:00'
'850dbe17bd2ab9f2648797f498134e02f5dfe7c9'|'African Markets - Factors to watch on Aug 11'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: *Uganda''s central bank announces key policy rate GLOBAL MARKETS Asian equity markets extended a global slide on Friday as tensions ramped up between the United States and North Korea, sending investors fleeing to less risky assets such the yen, the Swiss franc and U.S. Treasuries. WORLD OIL PRICES Oil prices fell on Friday, dragged lower by persistent worries about oversupply despite a bigger-than-expected drawdown in U.S. crude inventories. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South African stocks pulled away from record highs on Thursday as rising tensions on the Korean peninsula drove investors to limit risks and shift to safe havens. AFRICA CURRENCIES Kenya''s local currency is expected to be stable or firm up as election-related uncertainty lingers, while Nigeria''s naira could post gains as offshore inflows boost dollar liquidity. KENYA ELECTION Celebrations broke out in pockets of Kenya on Thursday after the opposition said its candidate Raila Odinga should be declared winner of the presidential vote, a claim an election commission official said was "ridiculous". UGANDA MARKETS The Ugandan shilling firmed on Thursday, helped by sagging demand for dollars from both commercial banks and importers. TANZANIA ECONOMY Tanzanian growth slowed to 5.7 percent in the first quarter of this year, hurt by slower-than-expected performance of construction, transport, agriculture and the financial services sectors, the statistics office said on Thursday. RWANDA INFLATION Rwanda''s inflation fell to 3.5 percent year-on-year in July from 4.8 percent a month earlier, the National Bureau of Statistics said on Thursday. CONGO VIOLENCE At least 27 people, including three police officers, were killed in clashes between protesters and police in Democratic Republic of Congo earlier this week, Human Rights Watch said on Thursday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/africa-factors-idINL5N1KX0DD'|'2017-08-11T02:56:00.000+03:00'
'96deb32ad0d044b0c88b2be5ecfda850905ac2ad'|'U.S. conducting criminal probe focused on Malaysia 1MDB''s stolen funds'|'August 11, 2017 / 4:44 AM / an hour ago U.S. conducting criminal probe focused on Malaysia 1MDB''s stolen funds Reuters Staff 3 Min Read FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. Olivia Harris/File Photo KUALA LUMPUR (Reuters) - The U.S. Justice Department is conducting a criminal probe into 1Malaysia Development Berhad (1MDB) and has asked for a stay on its civil lawsuits in connection with $1.7 billion in assets allegedly bought with money stolen from the scandal-hit state fund. A total of $4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates, according to dozens of civil lawsuits filed by the U.S Justice Department in the past two years. 1MDB did not immediately respond to an emailed request for comment. The department wants to delay the civil proceedings, saying that any disclosures would have an "adverse effect" on the government''s ability to conduct its criminal probe, according to the latest court filing lodged at the Central District Court in California on Thursday. Related Coverage Malaysia''s 1MDB says $360 million paid to Abu Dhabi for debt deal The criminal investigation was started before the civil lawsuits, the department said. It said the investigation was "global in scope", with crimes committed over several years in numerous countries. In a declaration included in the filing, a Federal Bureau of Investigation agent said that disclosures were "likely to reveal potential targets and subjects of the investigation". "Such disclosures could result in the destruction of evidence, flight of potential subjects and targets, or the identification and intimidation of potential witnesses," the agent said. The Malaysian fund, founded by Prime Minister Najib Razak, is facing money laundering probes in at least six countries including the United States, Switzerland and Singapore. In its civil lawsuits filed previously, the Justice Department sought to seize a total of about $1.7 billion in assets that it said were bought with misappropriated 1MDB funds. They include a private jet, a hotel and real estate in New York, and a $107 million interest in EMI Music Publishing purchased by Malaysian financier Low Taek Jho, or Jho Low, the department said. Low is also accused in the lawsuits of gifting Hollywood actor Leonardo DiCaprio a $3.2 million Picasso painting, and buying about $9 million in jewellery for Australian model Miranda Kerr. The lawsuits also said $681 million from 1MDB was transferred to the account of "Malaysian Official 1", which U.S. and Malaysian sources have previously identified as Najib. Najib has denied any wrongdoing and a Malaysian government investigation has cleared him of any charges. A representative for Low, whose whereabouts are unknown, did not immediately respond to an emailed request for comment. Low has previously denied wrongdoing, saying that the Justice Department''s actions were "a further example of global overreach in pursuit of a deeply flawed case." Reporting by Rozanna Latiff; Editing by Praveen Menon and Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-malaysia-scandal-probe-idUKKBN1AR0BK'|'2017-08-11T07:43:00.000+03:00'
'388f81e9f40d938d5ce21ae6ec9544303a36f584'|'Slovenia approves Magna International project'|'SARAJEVO, Aug 11 (Reuters) - Canadian car parts maker Magna International has been given the green light by the Slovenian Environment Agency to start building a paint factory, the first phase of a potential 1.24 billion euro ($1.5 billion) investment.The environment agency approved the project on Thursday and issued a detailed technical guideline of steps the company must take to protect natural resources and air at the site.The paint factory would create 400 jobs and is the first of four phases which would create about 6,000 positions in total and include a car factory with the capacity to assemble 100,000 to 200,000 vehicles a year, making it one of the largest investment projects in Slovenia to date.The environment agency approval was the last major step in clinching the investment. Magna had said it would probably build the paint factory elsewhere in Europe if the Slovenian project had fallen through.The ex-Yugoslav republic, which joined the eurozone in 2007, exports about 70 percent of the goods it produces with cars and car parts accounting for a significant proportion.France''s Renault has a production plant in the country while a number of Slovenian companies produce metal and textile products for most global car producers.Magna International is the world''s third biggest car parts manufacturer, employing 161,000 people with 327 manufacturing operations in 29 countries. ($1 = 0.8457 euros) (Reporting by Daria Sito-Sucic; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/slovenia-magna-idINL5N1KX3ZD'|'2017-08-11T11:57:00.000+03:00'
'10446de39d45ccb668c75f0e7c33297845498ad8'|'Ghana''s gold, diamond output to drop as govt curbs small-scale mining - Reuters'|'August 12, 2017 / 6:19 PM / an hour ago Ghana''s gold, diamond output to drop as govt curbs small-scale mining Rajendra Jadhav 2 Min Read FILE PHOTO: A worker pours gold at the AngloGold Ashanti mine at Obuasi, Ghana, October 23, 2003 . Luc Gnago/File Photo PANAJI, India (Reuters) - Ghana''s gold output is likely to drop sharply in 2017 because of curbs on the small-scale mining that lifted production last year but was causing damage to the environment, a government official said on Saturday. Total gold output from Africa''s second largest producer was 4.1 million ounces in 2016, the highest level in nearly 40 years, up from 2.8 million ounces in 2015. The government of President Nana Akufo-Addo, who took office in January, has temporarily banned artisanal mining, or panning for gold, in a renewed effort to clamp down on those who do it illegally. "We anticipate at least a 50 percent drop in production from the small miners," Barbara Oteng-Gyasi, deputy minister of land and mines told Reuters. "We are trying to control illegal mining which is not good for the environment," Oteng-Gyasi said on the sidelines of the International Gold Convention in Panaji, capital of India''s western state of Goa. Artisanal mining is common in parts of Africa and accidents are frequent. The small miners account for nearly a third of the total gold production and restrictions on their activities could help bigger players to raise production, Oteng-Gyasi said. Canada''s Asanko Gold, US-based Newmont Gold and Anglogold Ashanti''s have mining operations in Ghana. Ghana''s total gold revenues for 2016 including exports from small-scale mining amounted to $5.15 billion up from $3.32 billion in 2015. The country''s diamond output is also likely to fall substantially in 2017 as diamonds are mainly extracted by small-scale mines, she said. Ghana''s diamond production slipped to 143,005 carats in 2016 from 185,376 carats a year before, according to the Ghana Chamber of Mines. Reporting by Rajendra Jadhav; Editing by Andrew Bolton 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/ghana-gold-output-idINKBN1AS0TK'|'2017-08-12T16:19:00.000+03:00'
'416f79737c164f883d5b4b3870b0e8af9894f132'|'PRESS DIGEST- British Business - Aug 11'|'Aug 11 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesPrudential Plc will combine its UK insurance operation with the fund manager M&G in a move that could lead to the break-up of the insurer. bit.ly/2uu04jFDong Energy hopes to secure subsidies within weeks to build what could be the world''s biggest offshore wind farm off the coast of Yorkshire. bit.ly/2fx5ovYThe GuardianThousands of Asda Stores Ltd workers are facing redundancy or a dramatic cut in their working hours as Britain''s third-largest supermarket chain looks to cut costs. bit.ly/2hPfn0iFour supermarkets have withdrawn products from their shelves as it emerged that 700,000 eggs from Dutch farms implicated in a contamination scare had been distributed in Britain. bit.ly/2hNxxjcThe TelegraphChallenger bank Aldermore Group Plc saw its profits shoot up in the first half as demand for fresh funding increased among Britain''s homeowners, landlords and small businesses. bit.ly/2vTYsQwManx Telecom Plc announced Danny Bakhshi had been suspended "on a precautionary basis pending investigations being carried out" and that the charge was unrelated to his professional role. bit.ly/2vJSIs3Sky NewsSabre, a car insurer whose brands include Go Girl and Insure2Drive has picked bankers to steer it onto the London stock market. bit.ly/2vrJxKmLego has announced it is replacing its chief executive just eight months after he took up the role. bit.ly/2uuUBFoThe IndependentWal-Mart Stores Inc has apologised for a sign in one of its stores that appeared to market guns as items for school children. ind.pn/2usllX2According to a survey, carried about by international recruiter Hired, the majority of respondents working in the U.S. tech industry said they were dissuaded from relocating to the UK since Brexit had made the country a less desirable place to live. ind.pn/2urDmc7 (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-business-idUSL4N1KW6ZZ'|'2017-08-11T08:32:00.000+03:00'
'5fd443b2a88c8d30e38775a0c6cb5dc3e94e5e57'|'Political tensions put European shares on track for worst week of 2017'|'August 11, 2017 / 7:41 AM / an hour ago European shares head towards their worst week this year Helen Reid 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 10, 2017. Staff/Remote LONDON (Reuters) - A sell-off in heavyweight basic resources stocks prompted a third day of losses for European shares on Friday, putting them on track for their worst week this year. Volatility jumped and the pan-European STOXX 600 fell 1.2 percent, taking weekly losses to 2.8 percent, its worst since early November 2016.. Euro zone stocks and blue-chips also dropped 0.7 percent, while the miner-heavy FTSE underperformed and was down 0.8 percent. The losses have been triggered by rising tensions between the United States and North Korea. "Investors have been anticipating that we are due a correction of some sort," said Paul Harper, European equity strategist at DNB. "To some extent they have been expecting something and have just been looking for the catalyst. But if investors are positioned for this already, you are going to need something more to give it significant legs as some might be tempted to buy the dip," he added. The VSTOXX , the main European gauge of equity investor anxiety, jumped 26 percent to 23.8, a near four-month high, though it remained near historically depressed levels. "It''s a big move in the context of what we''ve seen in the course of this year, but in a bigger picture perspective the levels are still relatively moderate," said Harper. Overnight, Asian and U.S. equity markets extended their sell-off as the war of words between the Washington and Pyongyang intensified. On Friday basic resource stocks dropped 2.6 percent to a month low as Chinese base metal prices fell. Rio Tinto, Glencore, Antofagasta, Anglo American, BHP Billitonand Arcelormittal all fell 2.3 to 4.1 percent. Falling crude prices made oil & gas stocks a weight too, dropping 1 percent with Tullow Oil the top faller. Banks also fell 2 percent, putting the index on track for its worst week in nine months. Drugmaker Galapagos was the sole bright spot, up 3.2 percent as brokers upgraded their view on the stock which outperformed on Thursday as well after a successful drug trial. Biotech firm Novozymes meanwhile fell 3.3 percent after its second-quarter results disappointed and the firm cut its full-year guidance, citing weaker currencies. UK mid-cap Dixons Carphone ( DC.L ) was the worst-performing, falling 7.6 percent after a top-rated Exane BNP Paribas analyst cut the retailer by two notches to "underperform", citing concerns about its mobile business. With most companies having reported second-quarter earnings, a divergence between the performance of euro zone corporates whose earnings are dented by a stronger euro, and the broader pan-European index, was increasingly visible. Overall, earnings growth for MSCI Europe companies was tracking 24 percent, Thomson Reuters data showed, while MSCI Euro zone companies were seeing 16 percent earnings growth for the second quarter. Around 80 percent of companies have reported. "Results have been fairly OK, but the reaction to the results has been on the soft side ... which perhaps suggests investors are increasingly nervous that valuations are getting to unsustainable levels," said DNB''s Harper. Reporting by Helen Reid; Editing by Jermey Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AR0KU'|'2017-08-11T10:55:00.000+03:00'
'014a6a04202afe90ea2a4918502b863f2a3296ca'|'Malaysia''s 1MDB says $360 million paid to Abu Dhabi for debt deal'|'August 11, 2017 / 3:50 AM / 15 minutes ago Malaysia''s 1MDB says $360 million paid to Abu Dhabi for debt deal Reuters Staff 1 Min Read FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. Olivia Harris/File Photo - RTS1AO9I KUALA LUMPUR (Reuters) - 1Malaysia Development Berhad (1MDB) said on Friday it has remitted the equivalent of $360 million (277 million pounds) to the Abu Dhabi government-owned International Petroleum Investment Co (IPIC). "All funds paid to IPIC are from proceeds of the on-going rationalisation programme," 1MDB said in a statement. Abu Dhabi this week extended a deadline for the troubled Malaysian state fund to make a $603 million debt payment, provided at least $310 million was paid by Aug. 12. 1MDb said in the statement that the balance of the payment obligation to IPIC is now due on August 31. Reporting by Praveen Menon; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-malaysia-scandal-ipic-gmtn-idUKKBN1AR09L'|'2017-08-11T06:52:00.000+03:00'
'3090c599d089db9b61190a3bc309ea2f75d533d8'|'MIDEAST STOCKS-Bourses most exposed to foreign funds lag as global mood cautious - Reuters'|'* Egypt''s blue chip index is worst performer* Dubai''s Shuaa Capital flat despite strong Q2 results* Foreign funds net sellers in Qatar* Saudi German Hospital slumps on Q2 earnings miss* Insurance stocks outperformBy Celine AswadDUBAI, Aug 13 (Reuters) - Stock markets in the Middle East that are most exposed to foreign funds were the chief losers on Sunday, taking their cue from international bourses, where the mood was soured last week by growing tensions between the United States and North Korea.The worst performer in the region was Egypt''s blue-chip index, which dropped 1.4 percent as all but two of the 30 most valuable shares declined. The broader EGX100 fell 0.7 percent.Shares often traded by foreign funds were particularly weak, with Investment firm EFG Hermes dropping 5.8 percent and Commercial International Bank shedding 1.4 percent.Dubai''s index fell 0.9 percent in very thin trade, its largest single-day decline since June 21, as a little under three-quarters of listed shares fell. Emaar Properties , which is expected to report quarterly earnings in the coming days, fell 1.4 percent.Shuaa Capital closed flat after rising as much as 4.8 percent earlier in the day after reporting a second-quarter net profit of 12.1 million dirhams ($3.3 million) compared with a loss of 50.8 million dirhams a year ago.Abu Dhabi''s index lost 1.1 percent as four of the top five most valuable companies fell; Aldar Properties declined 2.1 percent.In Qatar, the index fell 0.4 percent as 30 shares declined and only six rose. Foreign funds were net sellers, bourse data showed.Saudi Arabia''s index edged down 0.2 percent as Middle East Healthcare, operator of Saudi German Hospital, slumped its 10 percent daily limit to 69.0 riyals after reporting disappointing quarterly results.In the three months to June 30, the company made a net profit of 57.1 million riyals ($15.2 million), down 22.9 percent from last year and significantly below the 85.9 million riyals estimated by NCB Capital.Nevertheless, NCB Capital maintained an "overweight" rating on the stock with a price target of 95.3 riyals. "Expansion plan and attractive valuation are the stock''s key positives ... However, high account receivables are a key concern," it said.The Saudi insurance sector, often traded by local, short-term speculative traders, contained some of the top performers, with Amana Insurance jumping nearly 10 percent.HIGHLIGHTS SAUDI ARABIA * The index edged down 0.2 percent to 7,148 points.DUBAI * The index dropped 0.9 percent to 3,614 points.ABU DHABI * The index lost 1.1 percent to 4,501 points.QATAR * The index declined 0.4 percent to 9,205 points.EGYPT * The index fell 1.4 percent to 13,280 points.KUWAIT * The index edged up 0.02 percent to 6,846 points.BAHRAIN * The index decreased 0.1 percent to 1,323 points.OMAN * The index fell 0.4 percent 4,970 points. (Editing by Andrew Torchia and Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL5N1KZ0E2'|'2017-08-13T11:46:00.000+03:00'
'32af4e25e067ad4702e0d6c97ea1491b25006a56'|'Merkel''s predecessor critical of her handling of diesel scandal: Blick'|'August 13, 2017 / 10:56 AM / 3 hours ago Merkel''s predecessor critical of her handling of diesel scandal: Blick 3 Min Read Angela Merkel, German Chancellor and leader of the conservative Christian Democratic Union (CDU) party waves following the start of the CDU''s election rally for Germany''s general election in Dortmund, Germany August 12, 2017. Wolfgang Rattay VIENNA (Reuters) - Former German Chancellor Gerhard Schroeder has accused his successor Angela Merkel of neglecting her duties by going on holiday rather than chairing talks on diesel car emissions aimed at repairing the vital auto industry''s battered reputation. Merkel''s conservative Christian Democratic Union (CDU) has a commanding lead in opinion polls ahead of a parliamentary election on Sept. 24. But her government has come under mounting pressure for not doing enough to crack down on vehicle pollution after an emissions scandal and for being too close to carmakers. At a "diesel summit" in Berlin on Aug. 2, while Merkel was on a three-week holiday, politicians and carmakers agreed to overhaul engine software on 5.3 million diesel cars. But environmentalists immediately dismissed the plan - almost two years after Volkswagen admitted to cheating U.S. diesel emissions tests - as too little, too late. "I don''t want to spoil anyone''s holiday. But here I would have taken charge personally. It is all far too important," Schroeder, a Social Democrat who was replaced by Merkel after a narrow election defeat in 2005, said in an interview with Swiss tabloid newspaper Blick which was published on Sunday. Ministers have been wary of angering the owners of 15 million diesel vehicles and damaging an industry that is the country''s biggest exporter and provides about 800,000 jobs. At this month''s meeting, politicians stopped short of demanding costlier mechanical modifications to engine and exhaust systems. Environment Minister Barbara Hendricks, also a Social Democrat, accused the VDA car industry association of lacking humility for the way it trumpeted the deal. Schroeder, a former member of Volkswagen''s supervisory board, said that had he been in Merkel''s shoes he would taken a more muscular approach. "What I took away from the media was that one manager or another definitely behaved arrogantly (at the diesel summit). I would not have put up with that. I would have thrown them out of the meeting," he was quoted as saying. Although Merkel''s party is well clear of its nearest rival, Martin Schulz''s Social Democrats, an opinion poll published on Thursday suggested her popularity had dropped 10 percentage points to 59 percent. Days later, back from holiday and kicking off her campaign, Merkel launched a stinging attack on German auto executives, pressing them to innovate to secure jobs, and win back trust lost by the diesel emissions scandal. Reporting by Francois Murphy; Editing by Greg Mahlich 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/germany-election-merkel-schroeder-idINKCN1AT0DA'|'2017-08-13T08:56:00.000+03:00'
'5315de20f4c8df2d30633fa8f07ebc56ea261cc5'|'Saudi budget deficit shrinks from year ago due to higher oil prices'|'The Kingdom Tower stands in the night in Riyadh November 16, 2007. Ali Jarekji/File Photo RIYADH (Reuters) - Saudi Arabia''s state budget deficit shrank by a fifth in the second quarter from a year earlier as revenues rose moderately on the back of higher oil prices.The deficit dropped to 46.5 billion riyals ($12.4 billion) in the April-June period from about 58.4 billion riyals a year earlier, data from the finance ministry showed on Sunday. It expanded from 26.2 billion riyals in the first quarter of this year, however.Saudi officials said the figures showed the world''s largest oil exporter was making good progress in repairing state finances that have been severely damaged by slumping oil prices in the last three years."Today''s update presents clear evidence of progress towards achieving fiscal balance by 2020," finance minister Mohammed al-Jadaan said in a statement."Whilst economic challenges remain, we are confident in achieving our fiscal deficit projections for 2017," he added. The government has projected a deficit of 198 billion riyals or roughly 8 percent of gross domestic product this year, down from an actual 297 billion riyals in 2016.Revenues increased 6 percent from a year ago to 163.9 billion riyals in the second quarter. However, that was because of higher oil prices and Riyadh appeared to make little progress overall in developing non-oil revenues, which are key to its long-term drive to wean itself off dependence on energy exports.Oil revenues jumped 28 percent from a year ago to 101.0 billion riyals while non-oil revenues shrank 17 percent to 62.9 billion riyals.Spending dropped 1.3 percent to 210.4 billion riyals in the second quarter because of a nearly 40 percent fall in the government''s "use of goods and services" - a sign that to save money, Riyadh was continuing to hold back on expenditure on infrastructure projects and was cutting operating costs.Reporting by Katie Paul; Additional reporting by Ahmed Tolba in Cairo; Writing by Andrew Torchia; Editing by Susan Fenton'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/saudi-budget-deficit-idINKCN1AT0EU'|'2017-08-13T09:51:00.000+03:00'
'e9313d75b121d198356e322812ee4db96815a93f'|'GLOBAL MARKETS-Asian shares bounce after losses, dollar sags on weak US CPI'|'NEW YORK (Reuters) - Stocks around the world rose along with U.S. Treasury bond yields and the U.S. dollar on Monday as investors regained some appetite for riskier assets on easing nervousness about a nuclear stand-off between the United States and North Korea.After a week of market jitters from escalating rhetoric between the nuclear-armed nations, investors were emboldened after South Korea''s president said resolving North Korea''s nuclear ambitions must be done peacefully and U.S. officials played down the risk of an imminent war.Oil investors, however, had little to celebrate with daily declines of more than 2 percent.MSCI''s world equity index was up 0.75 percent .MIWD PUS after its biggest weekly drop since early November and the U.S. benchmark S&P 500 climbed 1.01 percent, on track for its third one percent daily gain in 2017.The Dow Jones Industrial Average .DJI rose 149.22 points, or 0.68 percent, to 22,007.54, the S&P 500 .SPX gained 24.42 points, or 1.00 percent, to 2,465.74 and the Nasdaq Composite .IXIC added 74.74 points, or 1.19 percent, to 6,331.30.Last week''s fear was prompted by U.S. President Donald Trump''s warning North Korea would face "fire and fury" if it threatened the United States and North Korea''s announcement it was considering plans to fire missiles at the U.S. island territory of Guam..While investors were relieved the weekend passed without further escalation, some were mindful that tensions could resurface the day ahead of North Korea''s Liberation Day celebration marking the end of Japanese rule."Risk is back on. That''s the trade of the day," said Justin Hoogendoorn, head of fixed income strategy and analytics at Piper Jaffray in Chicago. However, he added that "tensions might flare up again. This is not the last we are going to hear of this situation."A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo In currencies, the U.S. dollar was up 1 percent against the Swiss franc CHF= , erasing much of the greenback''s losses last week against the Swiss currency, which is viewed as a safe bet during times of geopolitical turmoil.The dollar was up 0.5 percent against the Japanese yen, reversing some of its 1.37 percent loss last week against the safe-haven currency. Against a basket of major currencies, the U.S. dollar .DXY rose 0.4 percent on the day but has fallen 8.6 percent so far this year."There''s a very low bar for positive surprises to feed back into the U.S. dollar," said Mark McCormick, North American head of FX strategy at TD Securities in Toronto.U.S. Treasury benchmark yields rebounded from six-week lows as the easing of tensions with North Korea led investors to pare back their holdings of low-risk government debt. U.S. Treasury yields returned to session highs after a report New York Federal Reserve President William Dudley said he supported another rate increase this year if the economy improves.Benchmark 10-year notes US10YT=RR last fell 10/32 in price to yield 2.222 percent, from 2.187 percent late on Friday.Oil prices fell more than 2 percent in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya.U.S. crude CLcv1 fell 2.56 percent to $47.57 per barrel after climbing to $49.16 earlier in the session. Brent LCOcv1 was last at $50.72, down 2.65 percent on the day after rising as high as $52.38 earlier. [O/R]Gold was out of favor on Monday after clocking a 2.46 percent jump last week. Spot gold XAU= dropped 0.6 percent to $1,280.71 an ounce.The pan-European STOXX 600 had risen 1.08 percent.Additional reporting by Richard Leong, Dion Rabouin, Surthi Shankar, Sujata Rao, Shinichi Saoshiro, Helen Reid and Abhinav Ramnarayan; Editing by Bernadette Baum and Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-global-markets-idUSKCN1AU028'|'2017-08-14T03:47:00.000+03:00'
'11c51578f12b189257df4944b21d8eab733d5b3c'|'Russia nominates German ex-chancellor Schroeder to Rosneft board'|'August 12, 2017 / 12:19 PM / 8 hours ago Russia nominates German ex-chancellor Schroeder to Rosneft board Reuters Staff 1 Min Read Former German Chancellor Gerhard Schroeder delivers his speech at the Social Democratic party (SPD) convention in Dortmund, Germany, June 25, 2017. Wolfgang Rattay MOSCOW (Reuters) - Russia has nominated former German chancellor Gerhard Schroeder to the board of its biggest oil producer Rosneft ( ROSN.MM ) as an independent director, according to a government decree published late on Friday. Chancellor from 1998 to 2005, Schroeder is currently the chairman of the shareholders'' committee of Nord Stream AG, a Gazprom ( GAZP.MM )-led consortium established for construction of pipeline carrying Russian natural gas across the Baltic. Rosneft, in which Russia has a 50 percent plus one share, is under Western sanctions over Moscow''s role in the Ukraine crisis. Schroeder, who calls Russian President Vladimir Putin his friend, has criticised moves to impose sanctions on Russia. His candidacy was put forward as Rosneft plans to increase the number of board directors to 11 from nine, the government said on its website. Reporting by Maria Kiselyova; Editing by Stephen Powell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-rosneft-board-idUKKBN1AS0G7'|'2017-08-12T15:19:00.000+03:00'
'10de5eb8425ddbd150d19d2955545ec89497ee3d'|'Discovery''s Not the Deadliest Catch If It''s Buying HGTV'|'Viacom Inc. had its turn . Now investors are beating up on Discovery Communications Inc., but it&apos;s gone too far.Discovery&apos;s stock, which was coming off of a tiny rebound in 2016, is back to being a loser this year with declines of 16 percent for its class A shares and 18 percent for its class C shares. (This is a John Malone company so one can never have too many tickers .) Almost a fifth of the analysts who cover the owner of TLC and other cable channels recommend cutting the stock and instead buying its larger rivals, such as 21st Century Fox Inc. and CBS Corp.Investors are following suit: Short interest in Discovery is more than five times the average for its peers, according to financial analytics firm S3 Partners. And even with the share price this week at its lowest since February 2012, short-sellers seem to be pretty confident that Discovery is headed lower still:The Viacom-level hatred is a bit puzzling in this case because Discovery just announced a very smart deal for Scripps Networks Interactive Inc., owner of the HGTV channel among others and a gem of the TV industry. A significant portion of Discovery&apos;s sell-off this year has occurred since the transaction was made public on July 31, so the increased pessimism is surprising and overstated.It&apos;s true that on the day the deal was announced both companies reported weak second-quarter results, which isn&apos;t a great way to kick off a $14.6 billion merger. But their pitch is that they&apos;ll be stronger together, which is also true. The acquisition will immediately and meaningfully increase earnings, and to understand the multiple strategic benefits, see my column from May . As far as the takeover price is concerned, having a rival suitor in Viacom may have made the deal cost more, but Discovery&apos;s prospects look a lot better with Scripps than without it.TV networks almost across the board are struggling to keep their ratings up, save for the top news channels. Even HGTV, which beat CNN last year, has seen viewership shrink. Discovery&apos;s ratings have largely been down for a while. Still, the entire industry is in a transition period as all the programmers try to figure out their way around -- while also elbowing their way into -- potentially less-profitable skinny streaming packages.There are already too many offerings being launched, which for now will do more to confuse consumers than to answer their calls for cheaper and simpler alternatives to traditional cable TV. The emerging chaos is unsustainable, and as it gets sorted out over the next couple of years, networks like HGTV will still be standing. As it is, 1.5 million people watched HGTV in the week ended Aug. 6, and that was an 11 percent improvement over the same period last year.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up It&apos;s been a very odd week as far as M&A goes in the cable and media industries. Billionaire Patrick Drahi reportedly wants to buy Charter Communications Inc., a $120 billion U.S. cable giant that&apos;s about triple the size of his Amsterdam-based Altice NV. Many seem perfectly willing to accept that Altice (or some other debt-laden company ) could actually acquire Charter. Why can&apos;t they get behind this entirely sensible merger of Discovery and Scripps?And if Charter -- or any of the other giants -- do turn to even more extreme mergers in their quest for world domination (remember Charter already swallowed Time Warner Cable), then all the more reason to like a Discovery-Scripps merger.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-11/discovery-s-not-the-deadliest-catch-if-it-s-buying-hgtv'|'2017-08-11T21:00:00.000+03:00'
'f11fe2b85bff347cfc9eceb223b7ee8a95ae95f6'|'GLOBAL LNG-Faltering supply prompts short-covering price rally'|'August 11, 2017 / 4:05 PM / 12 minutes ago GLOBAL LNG-Faltering supply prompts short-covering price rally Oleg Vukmanovic and Mark Tay 3 Min Read LONDON/SINGAPORE, Aug 11 (Reuters) - Asian spot LNG prices gained ground this week with traders and portfolio players engaged in short-covering as sputtering output and stockpiling ahead of winter added to bullish sentiment. Spot prices LNG-AS for September delivery rose to $6.20 per million British thermal units (mmBtu), 30 cents above last week. LNG for October traded at a five cent premium. The week''s big tender award came from Russia''s Sakhalin II plant, providing a shipment to Shell, Gazprom and Mitsui at some $6.30 per million British thermal units (mmBtu). Relatively high bid levels for the Sakhalin II cargoes - all loading in October - reflect efforts by suppliers to cover short positions, some traders said. Shell in particular has been stung by export disruptions from Peru and an unplanned outage hitting its Queensland Curtis plant in Australia, which now appears to be back in operation. The resulting supply shortfall forced it into spot markets. An unexpected pick-up in autumn demand across Asia, fuelled by hot weather and stockpiling ahead of the winter by some buyers, also helped to lift spot prices. Two more upcoming maintenance outages at Australian projects - Chevron''s Gorgon and Woodside Petroleum''s North West Shelf (NWS) - where Shell is an off-taker of LNG, might extend its reliance on spot markets, some traders said. The NWS outage in September could not be confirmed, however. South Korea''s LNG imports rose to seasonal highs between May and July as the country took advantage of depressed off-peak prices to stockpile the supercooled fuel, a move that may dent its upcoming winter demand. "Korea''s June LNG imports were higher than usual because it bought a lot of LNG strategically to take advantage of lower prices ... Korean LNG buyers made purchases in advance to store it up ahead of peak demand season," said an official at the energy ministry who declined to be named because he is not authorised to speak to the media. Trafigura purchased an Angolan cargo that loaded on Aug. 7-9, traders said. Trinidad''s Atlantic LNG facility expects to soon resume production from the plant''s third production line that was shut last week after a gas leak. Meanwhile, Argentina launched two tenders seeking up to 32 shipments for delivery over the next year under terms allowing it to cancel most deliveries if spot prices at the time prove more favourable. One trading source said the unusual terms curbed interest from suppliers unwilling to hand Enarsa a free option to cancel cargoes. Another said the cancellation risk would be baked into higher offers submitted by suppliers. Nigeria offered new supply and the latest production line at Cheniere Energy''s Sabine Pass facility, known as Train 4, was due to export its first commissioning cargo this week. Reporting by Oleg Vukmanovic and Mark Tay; Editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-lng-idUSL5N1KX50J'|'2017-08-11T19:04:00.000+03:00'
'7b39b161ba700fa8e794b7c21118f1f84711ebca'|'CEE MARKETS-Geopolitics hits stocks despite solid corporate earnings'|'* U.S.-North Korea tension curbs risk appetite * Hungary''s OTP retreats after surge on robust Q2 results * Currencies near multi-week lows * Czech central bank says crown strength key to policy course By Sandor Peto and Gergely Szakacs BUDAPEST, Aug 11 (Reuters) - Central European stocks fell and currencies traded near multi-week lows as strong corporate results were outweighed by risk aversion due to rising tension between the United States and North Korea. Hungarian bank OTP, the region''s biggest independent lender, reported a 12 percent annual rise in second-quarter earnings. Its shares pierced the 10,000-forint ($38.46) line, setting a 10-year high, before retreating to about 9,850 forints, down 0.8 percent, contributing to a half percent fall in Budapest''s main stock index. Prague stocks fell 0.7 percent. Bucharest''s main index was steady, helped by a jump in the earnings of gas producer Romgaz and gas pipeline operator Transgaz . Analysts said the robust results could lift OTP and the .BUX which is still near the record highs set earlier this week. "Despite the global ''cataclysm'', we expect a mild rise in the BUX index," Erste analysts said in a note. OTP''s Deputy CEO Laszlo Bencsik told a news conference that the rise of the shares above 10,000 forints "reflects the performance of the region, and that Hungary is on a robust growth track, on which we expect it to stay in the next years." Romanian data showed a retreat in annual industrial output growth to 11.1 percent in June from 15.3 percent in May, in line with earlier Hungarian and Czech figures. But the region''s growth remains robust, and that is expected to buoy its currencies according to a Reuters poll last week. The zloty traded off 5-month lows it set overnight. The leu briefly fell to a 5-week low, but quickly regained almost all the ground lost. Romanian inflation rose in July, also in line with other states in the region. "In all, this strengthens the case for the (Romanian) central bank to act (tighten policy) sooner rather than later, in our view," ING analysts said in a note. Last week the Czech central bank (CNB), which has overseen a rise in inflation and a boom in mortgage lending, became the first in the EU since 2012 to lift its ultra-low main interest rate. The crown was steady at 26.175 against the euro at 0742 GMT, still near Wednesday''s 26.195, its weakest level since end-June. The CNB said in the minutes of last week''s meeting that "the timing of further steps in raising interest rates would be conditional on the evolution of all key macroeconomic variables, including the exchange rate of the koruna". A firmer crown would help fight inflation, which has exceeded the bank''s 2 percent target, running at 2.5 percent in July, but would reduce the scope for more rate hikes. CEE MARKETS SNAPSH AT 0942 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.175 26.178 +0.01 3.18% 0 5 % Hungary 305.80 305.40 -0.13% 0.99% forint 00 50 Polish zloty 4.2790 4.2835 +0.11 2.92% % Romanian leu 4.5760 4.5741 -0.04% -0.90% Croatian 7.3970 7.3995 +0.03 2.14% kuna % Serbian 119.70 119.86 +0.13 3.05% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1018.7 1025.8 -0.70% +10.5 4 7 4% Budapest 36637. 36821. -0.50% +14.4 85 44 8% Warsaw 2372.1 2382.6 -0.44% +21.7 2 7 8% Bucharest 8333.5 8331.2 +0.03 +17.6 5 2 % 2% Ljubljana 807.25 808.68 -0.18% +12.4 9% Zagreb 1891.5 1886.3 +0.27 -5.18% 6 9 % Belgrade 0.00 723.12 +0.00 -100.0 % 0% Sofia 727.85 729.22 -0.19% +24.1 2% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.052 -0.052 +076b -3bps ps 5-year 0.104 0.02 +039b +4bps ps 10-year 0.888 0 +050b +2bps ps Poland 2-year 1.85 0.021 +256b +4bps ps 5-year 2.745 0.049 +303b +7bps ps 10-year 3.426 0 +304b +2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.5 0.64 0.67 0 IBOR=> Hungary <BU 0.21 0.25 0.31 0.15 BOR=> Poland <WI 1.765 1.8 1.849 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KX1RO'|'2017-08-11T06:45:00.000+03:00'
'3e9d374981fe13dd26ae42f24e60c2c85031b4f7'|'Google cancels staff meeting over fears of online harassment - Reuters'|'August 11, 2017 / 1:20 AM / 16 hours ago Google cancels staff meeting over fears of online harassment 2 Min Read The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. Mike Blake (Reuters) - Alphabet''s Google on Thursday cancelled a company-wide meeting scheduled to discuss the controversy over a memo opposing company diversity policies, citing concerns about attacks on employees from far-right internet commenters, according to an email from Google''s chief executive that was obtained by tech news site Recode. Google on Monday fired an engineer, James Damore, who posted a memo on Google''s internal network arguing that the company''s dearth of female engineers was because women are genetically less well-suited to software engineering than men. Google said Damore violated the company''s code of conduct. Damore has since become a hero to some on the far right, who have attacked what they characterize as politically correct groupthink in Silicon Valley. Damore claimed in a complaint filed on Monday to the National Labor Relations Board that he had been subject to "coercive statements" at Google. In the email on Thursday, Google CEO Sundar Pichai said some company employees were being named personally on websites in relation to the incident, according to Recode. “Googlers are writing in, concerned about their safety and worried they may be ‘outed’ publicly for asking a question in the Town Hall,” Pichai wrote. Google did not immediately respond to a request from Reuters for comment. Reporting by Jonathan Weber; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/alphabet-google-harassment-idINKBN1AR03H'|'2017-08-10T23:20:00.000+03:00'
'71941d5b37ddaf268e92684c173f20747c8f26cf'|'Saudi Arabia favours New York for Aramco listing despite risks - sources'|' 24 AM / 25 minutes ago Saudi Arabia favours New York for Aramco listing despite risks - sources Rania El Gamal , Katie Paul and Alex Lawler 7 Min Read DUBAI/RIYADH/LONDON (Reuters) - Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world''s largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom''s economic and energy policies, the sources said. Their comments point to internal disagreements between what some advisers are recommending and what the crown prince wants. Prince Mohammad may choose to list Aramco on the New York Stock Exchange (NYSE) for "political considerations", given the longstanding relationship between Riyadh and Washington, the sources said. However, they added that financial and commercial factors would also play a role in the choice. Aramco said in a statement that no decision has been taken yet on the listing venue, beyond the Saudi exchange Tadawul. "All options continue to be held under consideration. There is no timetable requirement for an immediate definitive decision," Aramco said in response to a Reuters request for comment. Selling around five percent of Aramco by next year is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is championed by Prince Mohammad. Several advisers have recommended London for the main listing outside Saudi Arabia, sources familiar with the matter told Reuters last month, partly due to concerns that a U.S. flotation would require greater disclosure of sensitive information on Aramco. One senior industry source, however, said New York is likely to be the favoured option for the Saudi government and Prince Mohammad. "That is broadly correct," the source said, adding: "All awaits on the final shareholder decision." Apart from New York and London, Hong Kong is also a contender, sources say. The flotation is expected to raise tens of billions of dollars which would be invested to help develop other Saudi industries. The New York and London stock exchanges declined to comment. Exchanges are vying to win part of the flotation as it will bring a major boost to their trading volumes, and will be likely to help them win listings from other Gulf states which are looking to part-privatise their commodity assets. But the Aramco plan has created some public misgivings that Riyadh is relinquishing its crown jewels to foreigners cheaply at a time of low oil prices. Some Aramco employees secretly wish the whole idea would be shelved, sources say. Apart from choosing an exchange, no decision has been made either on exactly which assets will be floated, or what Aramco''s internal organisational structure would look like after listing, the sources say. One of the main issues being discussed internally is the valuation. Prince Mohammed has said the IPO will value Aramco at a minimum of $2 trillion, although some analysts'' estimates are between $1 trillion (772.02 billion pounds) and $1.5 trillion (1.16 trillion pounds). Though listing on the New York market would mean access to more liquidity, this would bring greater scrutiny to Aramco''s estimates of proven energy reserves and future oil prices, as well as its demand forecasts, all of which play a major role in the company''s valuation, another industry source said. For the valuation, much depends on the outlook for oil prices, which are currently only half what they were three years ago. "That''s why Saudi Arabia needs a higher oil price for the IPO now, to get a better value for Aramco," the source said. The back-and-forth internal talks between the crown prince, Energy Minister Khalid al-Falih, Aramco management and the many financial and legal advisers on some of these main decisions have raised speculation that the listing, which is expected to be in the second half of 2018, could be pushed further out. "They are still studying. When all is settled, they will present all options to MbS," said one industry source. JASTA RISK Aramco''s lawyers caution about litigation risks associated with the U.S. Justice Against Sponsors of Terrorism Act (JASTA), two sources said. That law, passed last September, allowed lawsuits to proceed against the Saudi government claiming it had helped to plan the September 11, 2001 attacks on the United States and should pay damages to victims. Riyadh denies the allegations. Finance Minister Mohammed al-Jadaan, a lawyer by training, is most attuned to the legal risk of the four senior government officials advising the crown prince on the listing decision, the source said. Falih, who is also Aramco''s chairman, Economy and Planning Minister Adel Fakieh and Public Investment Fund Managing Director Yasir al-Rumayyan are the other members of the crown prince''s advisory committee, the source said, without elaborating on their views. The Finance Ministry did not respond to a request for comment on the views of Jadaan. Saudi industry sources dismissed JASTA as a reason for not listing in New York, noting that Saudi Arabia is believed to have hundreds of billions of dollars of investments in the United States already, including Aramco assets. They say the difficulty is related more to the disclosure process and complex regulations in New York. These may legally interfere with the sovereignty of the Saudi government, which would remain the major shareholder of Aramco after the flotation. While the London Stock Exchange has made winning the Aramco listing a priority, the NYSE has not offered any regulatory changes, a source familiar with talks between NYSE and Aramco told Reuters last month. Britain''s Financial Conduct Authority has proposed creating a new "premium" listing category for companies controlled by sovereign states which would exempt them from certain regulatory requirements. The new rules are due to be published towards the end of this year. Additional reporting by Tom Arnold in Dubai; Dasha Afanasieva in London, John McCrank in New York, Editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN1AR0WV'|'2017-08-11T13:47:00.000+03:00'
'4580a7b41a22e218b6f2d9693be852b74b24ea6e'|'Pimco''s Ivascyn says firm has built ''above average'' cash position'|'The offices of Pacific Investment Management Co (PIMCO) (L) are shown in Newport Beach, California August 4, 2015. Mike Blake/Files NEW YORK (Reuters) - Pacific Investment Management Co, which oversees more than $1.6 trillion of assets, has built up an above-average cash position firmwide and has held S&P put options as geopolitical and military risks mount, Dan Ivascyn, group chief investment officer at Pimco, said on Friday.President Donald Trump issued a new threat to North Korea on Friday, saying what he called U.S. military solutions were "locked and loaded" as Pyongyang accused him of driving the Korean peninsula to the brink of nuclear war.Ivascyn said Pimco has been taking profits in high-valued corporate credits and built cash balances for when better opportunities arise.Pimco has also been a holder of put options on the Standard & Poor’s 500 as the CBOE Volatility Index, better known as the VIX and the most widely followed barometer of expected near-term stock market volatility, remains historically low.“We’re getting liquidity higher,” Ivascyn said in a phone interview. “If we see actual military altercation, markets can go a lot lower. And at the same time, volatility has been so low for so long that it doesn’t take much for markets to get worked up."Though the market has yet to panic, “you will certainly see panic if all of this turns into a sustained military encounter,” he added.Ivascyn also oversees the Pimco Income Fund, which attracted inflows of $2.65 billion in July, bringing the fund''s total net assets to $92 billion, Morningstar data showed on Thursday.Pimco is owned by German insurer Allianz SE.Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-funds-pimco-idUSKBN1AR1QD'|'2017-08-11T18:31:00.000+03:00'
'69276e110d1a50d1f14954500e1ab808781a5599'|'CANADA STOCKS-TSX falls, Telus weighs after profit miss'|'August 11, 2017 / 1:49 PM / in 8 minutes CANADA STOCKS-TSX falls, Telus weighs after profit miss 1 Min Read TORONTO, Aug 11 (Reuters) - Canada''s main stock index fell in early trading on Friday, weighed by heavyweight mining and financial stocks as well as telecom company Telus Corp, which lost ground after reporting a smaller-than-expected profit. The Toronto Stock Exchange''s S&P/TSX composite index was down 43.94 points, or 0.29 percent, to 15,030.31 shortly after the open. It is on track for a 1.5 percent decline in the holiday-shortened week. (Reporting by Alastair Sharp; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL1N1KX0QV'|'2017-08-11T16:48:00.000+03:00'
'2184348f017c32440d4bb3c5a58377f5637e78f6'|'Third Point takes 1.6 million share stake in BlackRock, 4.5 million in Alibaba'|'August 11, 2017 / 9:05 PM / 20 hours ago Third Point takes 1.6 million share stake in BlackRock, 4.5 million in Alibaba Jennifer Ablan 3 Min Read A man walks next to a BlackRock sign pictured in the Manhattan borough of New York, October 11, 2015. Eduardo Munoz NEW YORK (Reuters) - Dan Loeb''s Third Point took a 1.6 million-share stake in BlackRock Inc ( BLK.N ) and reinitiated a stake in Alibaba Group Holding ( BABA.N ) of 4.5 million shares during the second quarter ended June 30, according to regulatory filings late on Friday. In its letter last month to investors, Third Point called BlackRock an "asset-gathering machine," with organic net inflows of over 70 percent annualized. "Yet we see BlackRock as far more than an asset manager dependent on market movements. It is increasingly becoming a network or index-like business, with earnings power driven by ETFs (via iShares) and data & analytic services (via Aladdin)," Third Point said. "These are oligopoly businesses with faster growth and much higher incremental margins than traditional asset management - and thus deserve much higher P/E multiples over time." Third Point, which earned 4.6 percent in its Offshore Fund during the second quarter, bringing total returns for the year to 10.7 percent, also reinitiated an investment in Alibaba. The firm has owned Alibaba shares directly and via its positions in Yahoo and Softbank over the past six years. In its second quarter letter, Third Point said Alibaba has consistently surpassed its growth estimates for gross merchandise value, revenue, and earnings and currently, the company has achieved scale. "Alibaba is currently at a positive inflection point after rolling out significant changes over the past year to its advertising platform, which currently generates the majority of the company’s revenue," Third Point said. "We view these changes as an important catalyst for meaningful revenue acceleration over the next few years. Combined with an attractive multiple, we believe now is the time to own Alibaba again." During the second quarter, Third Point also dissolved its share stake in Snap Inc ( SNAP.N ), Salesforce.com Inc ( CRM.N ) and Qualcomm Inc ( QCOM.O ). The quarterly disclosures of asset manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, offer clues on what big investors are selling and buying, but give no indication of their current stakes. Reporting by Jennifer Ablan; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-investment-funds-idUSKBN1AR2B1'|'2017-08-12T00:05:00.000+03:00'
'd9feaa95153ad87c064e70248e148372057f32ce'|'We helped save Europe: now Europe could save us from Brexit'|'‘A visitor from Mars would assume that the UK is under attack from a hostile power seeking to destroy our economy and many of our national institutions … But there is no hostile foreign power. The threatened damage is entirely self-inflicted.”This forceful reflection on the state of the nation comes from Sir Brian Unwin, former president of the European Investment Bank, one of the many EU institutions from whose work the British economy has benefited through our membership.Sir Brian was involved in the occasional negotiation with Brussels, not least on behalf of Mrs Thatcher during the EEC budget-rebate squabble during the early 1980s. The Treasury was never wholly in love with the rest of the EU, but it does know where this country’s bread is buttered, and it can recognise a suicide note when it sees one.Among the chaotic group of cabinet ministers who are concerned with negotiating Brexit there appears to be one grown-up minister who recognises the absurdity of it all, and that is the chancellor, Philip Hammond. His desperate attempts to seek “transitional” arrangements to ease the pain appear to be gaining support.However, the unfortunate truth is that, even if he manages to win over his hard-Brexiter colleagues – which is a big “if” – the damage is being done now. There is simply too much uncertainty for business and the City, with investment decisions being delayed, or investment plans being relocated to within the single market. And our treasured institutions, including the health service, higher education establishments and the arts, are already facing recruitment problems.The transitional strategy aims to retain the benefits of the customs union and the single market beyond the current two-year negotiation period, but there cannot be any serious guarantee of success.In a Radio 4 discussion with the modern historian Peter Hennessy last week, Tony Blair said he had found the British civil service to be good at managing, but not at changing things. Well, it is now tasked with the most monumental change imaginable in our relations with the rest of Europe, and, frankly, it is finding the management of this well-nigh impossible.As a heavy realisation about Brexit descends, I find that a popular question arises. Whom do you blame the most: David Cameron? Boris Johnson? Jeremy Corbyn?But the most convincing answer has been provided by the former Conservative MP Matthew Parris. The culprit is the Conservative party. Parris accuses the party of being criminally irresponsible in landing Britain with the triggering of article 50 without the vaguest plan, and with Brexit meaning different things to different party members.By contrast, when the question came up during the early years of the post-1997 Blair/Brown Labour government, a quite phenomenal degree of work went into the pros and cons of putting the pound into the single currency. No fewer than 20 volumes of study and analysis lay behind the famous “five tests” exercise, which preceded the decision not to join.In comparison with the implications of that decision, the intention – one can hardy call it a “plan” – to leave the EU is a thousand times more complex, yet analysis and study were conspicuous by their absence, with the chaotic results that now bedevil the British polity.Can the Brexit culprit be the very same Conservative party whose prime minister Harold Macmillan never recovered from having his application to join the community turned down by General de Gaulle, his wartime friend, in 1963? And of Sir Edward Heath, who had worked for Macmillan on that earlier attempt, and who finally succeeded in securing our entry in 1973?It is a popular view that Cameron’s handling of the referendum ranks him as the most disastrous British prime minister since Lord North, who lost the American colonies.However, there was no chance that those colonies could ever be regained. Whereas I firmly believe, despite all the propaganda to the contrary, that it is not too late to reverse the referendum decision made by 37% of the electorate, many of them basing their judgment on outright lies perpetrated by the likes of Nigel Farage and Boris Johnson.Which brings us to the latest outbreak of British jingoism, prompted by the release of the film Dunkirk . The fantasists who “want our country back” nurture a blinkered view of the second world war, in which the retreat from Dunkirk was somehow a victory, and we won the war without the aid of the Commonwealth, the US and – yes – Soviet Russia.Be that as it may, we certainly made a major contribution to the defeat of Hitler. And we played a huge role in rebuilding the war-ravaged continent of Europe, even if we were slow to sign up to what eventually became the EU.It is surely payback time. Chancellor Angela Merkel and President Emmanuel Macron know full well what folly Brexit would be for both Britain and the continent. Not to put too fine a point upon it, we made our wartime and postwar contribution to rescuing and rebuilding Europe and now we need to be rescued from our folly in return.Obviously, we have to wait for the result of the September German elections. But what is urgently needed is an act of consummate statesmanship in which our fellow EU members call urgent discussions with what is left of the British government and make an offer calculated to save us.This could then be put to parliament and the electorate, who are likely to be increasingly aware of the damage the mere thought of Brexit is causing.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/aug/13/brexit-we-helped-save-europe-could-save-us'|'2017-08-13T09:00:00.000+03:00'
'68824d9f86435af370682bd23078045e434bffef'|'Vale reaches mininum threshold for voluntary share conversion'|'The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. Ricardo Moraes SAO PAULO (Reuters) - Investors in Brazil''s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world''s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.In a Thursday securities filing, Vale said a total 1.421 billion preferred shares, or the equivalent of over 72 percent of that class of stock in circulation, joined the plan, topping the minimum 54.09 percent threshold set to approve a share conversion plan.According to the filing, the results are preliminary and a definitive outcome of the share conversion will only be known late on Friday, the filing said. Management at the Rio de Janeiro-based behemoth will discuss the matter at several conference calls on Aug. 14.The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported the plan on Jan. 19, citing people familiar with it.The plan puts a limit to the meddling of politicians in Vale - an aspect that weighed on the company''s stock during former President Dilma Rousseff''s five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.By merging Vale''s different classes of stock into a single, common one, the miner could lure more Asian investors and specialized mining and metals funds as shareholders, Chief Financial Officer Luciano Siani told the Reuters Latin American Investment Summit on Monday.A first phase of the plan had been approved by shareholders in June. Thursday''s vote is key to raise awareness among global investors of the benefits of a company with dispersed share ownership, no controlling bloc and with increased transparency over decision-making.Common shares and Vale''s American depositary receipts - which will replace the company''s preferred stock - are up about 30 percent and 34 percent, respectively, this year.Currently, seven of Vale''s top-10 stockholders are U.S.-based funds, with the other three based in Europe, according to Thomson Reuters data. None of them are mining-only industry funds.Increased transparency also could help increase Vale''s existing shareholder base from about 200,000, Siani said, noting that it was about 500,000 a decade ago.Reporting by Guillermo Parra-Bernal; Additional reporting by Ana Mano; Editing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-vale-shareconversion-idUSKBN1AR00L'|'2017-08-11T03:06:00.000+03:00'
'8dd1498146bd269ea78caca82f2dd392fa417bd9'|'Deals of the day-Mergers and acquisitions'|'(Updates Tata Steel )Aug 11 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:** Vietnam Prosperity Joint Stock Commercial Bank (VPBank) will list its shares on the Ho Chi Minh Stock Exchange on Aug. 17 with an expected market value of $2.3 billion, the bank said.** French media group Vivendi''s growing influence over Telecom Italia does not breach Italian rules aimed at protecting strategic companies, according to a legal opinion sent by Telecom Italia (TIM) to the Rome government.** Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.** Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least $2 billion at a valuation of over $20 billion in its latest funding round, people familiar with the matter told Reuters.** India''s JBF Industries said its promoters, the Arya family, have pledged almost all their equity in the company to its lenders, in a sign of growing unease around the embattled polyester maker''s financial situation.** Investors in Brazil''s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world''s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.** Anglo-South African financial services group Old Mutual aims to list two divisions rather than sell them as it pursues a plan to split into four parts by the end of next year.** Vietnamese telecoms firm FPT Corp said it has sold 30 percent of a subsidiary to funds of or associated with funds managers VinaCapital and Dragon Capital.** Russian aluminium giant Rusal said tycoon Mikhail Prokhorov has agreed to sell around a 7 percent stake to billionaire Viktor Vekselberg for $503.9 million, concluding lengthy negotiations over a sale.** The German state of North Rhine-Westphalia (NRW) is considering selling off some of its assets, which include hospitals, airports and the industrial city of Duisburg''s harbour, its new Finance Minister Lutz Lienenkaemper tells a newspaper.** Innogy, Germany''s largest energy group, has no need of a strategic partner to help expand its business, its chief executive said, adding there was no prospect of a large deal involving the company.** India''s Tata Steel Ltd has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday, paving the way for a possible merger between its British and European steel businesses and those of Germany''s Thyssenkrupp. (Compiled by Arjun Panchadar and Vibhuti Sharma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KX397'|'2017-08-11T08:01:00.000+03:00'
'adcb76d4fff12e957ac6c78d3decc1ae2439fd6f'|'Oil India first-quarter profit falls 9 percent; beats estimates'|'(Reuters) - State-run Oil India Ltd ( OILI.NS ) posted on Friday a 9 percent fall in its first-quarter profit, but exceeded analysts'' estimates.Profit was 4.50 billion rupees ($70.08 million) in the three months ended June 30, compared with 4.94 billion rupees a year ago, the company said. bit.ly/2vLFpHMAnalysts on average had expected the company to post a profit of 4.30 billion rupees, according to Thomson Reuters data.Revenue from Oil India''s crude business rose 13 percent to 18.16 billion rupees in the quarter.($1 = 64.2100 Samantha Kareen Nair Sherry Jacob-Phillips'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/oil-india-results-idINKBN1AR0XM'|'2017-08-11T13:29:00.000+03:00'
'16459177fd16884873f1add25d15bc0e8879a5bd'|'Netflix says in discussions with Disney over Marvel, ''Star Wars'' films'|'August 11, 2017 / 10:05 AM / 6 hours ago Netflix says in discussions with Disney over Marvel, ''Star Wars'' films Lisa Richwine 2 Min Read FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., on January 18, 2017. Mike Blake/File Photo LOS ANGELES (Reuters) - Netflix Inc ( NFLX.O ) is in "active discussions" with Walt Disney Co ( DIS.N ) about keeping Marvel and "Star Wars" films after 2019 when new Disney and Pixar movies will stop appearing on the streaming service, a senior Netflix executive said on Thursday. Disney announced on Tuesday that it was pulling new Disney and Pixar films from Netflix starting with its new releases in 2019 and will put the movies on a new Disney-branded online service. Disney Chief Executive Bob Iger told analysts the company had not yet decided where it would distribute superhero films from Marvel Studios and movies from "Star Wars" producer Lucasfilm, which Disney owns, at that time. Netflix Chief Content Officer Ted Sarandos told Reuters "we are still in active discussions" with Disney about the possibility of securing a deal to retain the rights to stream Marvel and Lucasfilm releases on Netflix after 2019. A Disney spokesman did not immediately respond to a request for comment. Iger said on Tuesday the Marvel and Lucasfilm movies could go to Netflix or another streaming service after 2019, or Disney might retain the rights for itself. Sarandos said he expected Disney''s service would be "complementary" to Netflix, which carries other family-friendly programming such as animated movies from "Despicable Me" creator Illumination Entertainment and "Shrek" producer Dreamworks Animation. Disney''s plan to stream its content directly to consumers is "a natural evolution" for traditional media companies that Netflix expected, Sarandos said in an interview at an event to celebrate Emmy nominations for Netflix drama "The Crown". "That''s why we got into the originals business five years ago, anticipating it may be not as easy a conversation with studios and networks" to license their content, he added. Reporting by Lisa Richwine; Editing by Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-disney-netflix-idUKKBN1AR0V0'|'2017-08-11T13:04:00.000+03:00'
'b0acd3bc7a38617ba9a1041b34bf5cd0685ba2ad'|'EMERGING MARKETS-Emerging stocks plunge on N.Korea fears, set for worst 2017 week'|'LONDON, Aug 11 (Reuters) - Emerging market stocks fell 1.4 percent to one-month lows on Friday and were set for their worst weekly performance since mid-December as tension between North Korea and the United States racheted up.Stock markets across the globe have been hammered after North Korea threatened to fire missiles over Japan to land near the U.S. Pacific territory of Guam and U.S. President Donald Trump said such a move would prompt "an event the likes of which nobody''s seen before".MSCI''s benchmark emerging markets index fell 1.4 percent and is set to end the week down around 2.4 percent.The average yield spread of emerging market sovereign bonds over U.S. Treasuries was 311 basis points (bps), a one-month high, up 11 bps this week for the biggest weekly blowout since Trump''s election win on Nov. 4 2016."There has been a sizeable reaction today. It looks like volatility is being stirred from very low levels," said Manik Narain, emerging FX strategist at UBS.But he added it was still early to call it a "regime change" for emerging markets."Some of the moves are being exacerbated by fairly low summer trading volumes, and after a very strong run some of this is also an excuse to take risk off the table and reassess."Unsurprisingly, South Korean assets were among the worst hit. Five-year credit default swaps were up 5 basis points (bps) from Thursday''s close to 69 bps, according to IHS Markit, the highest since February 2016.South Korean stocks are down 1.7 percent to 2 1/2-month lows and down over 3 percent for the week, their worst since June 2016. The tech sub-index lost the most ground, falling almost 3 percent.Cho Byung-hyun, a securities analyst at Yuanta Securities in Seoul, said the tech selling was caused by foreigners seeing the events as a "good chance to take profits". Korea''s tech-sub index had risen 40 percent this year by end-July.Chinese mainland stocks fell 1.8 percent, their biggest daily slide since December. Trump has pressed China, which is North Korea''s most important ally and trading partner, to do more to rein in Pyongyang.Hong Kong shares fell 2 percent and are set to end the week down 2.4 percent. The market was also dragged lower by a 4 percent fall in Tencent Holdings after reports it is being investigated by a Chinese cyber authority.On currencies, South Korea''s won slid to one-month low and China''s yuan fell 0.3 percent against the dollar, heading for its steepest one-day drop in six months.Elsewhere, South African stocks fell 1.2 percent to end a seven-week winning streak. The rand slid 0.3 percent but held off one-month lows hit this week after President Jacob Zuma survived a no-confidence vote.Investors are waiting to see if Moody''s will cut South Africa''s sovereign rating to sub-investment grade later in the day. Both Fitch and S&P Global cut the foreign debt rating to junk after Zuma fired Pravin Gordhan as finance minister .In emerging Europe, Russian stocks fell 1.2 percent, Turkish stocks lost 1.3 percent and Polish shares dropped 0.5 percent.The Polish zloty was trading near a five-month low against the euro with the Hungarian forint down at a two-week low.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1041.85 -14.36 -1.36 +20.83Czech Rep 1017.86 -8.01 -0.78 +10.44Poland 2367.30 -15.37 -0.65 +21.53Hungary 36659.04 -162.40 -0.44 +14.55Romania 8320.71 -10.51 -0.13 +17.44Greece 824.43 -9.35 -1.12 +28.09Russia 1013.68 -15.58 -1.51 -12.03South Africa 48767.43 -535.84 -1.09 +11.08Turkey 06958.63 -841.79 -0.78 +36.88China 3209.80 -51.94 -1.59 +3.42India 31233.08 -298.25 -0.95 +17.30Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.17 26.18 +0.02 +3.19Poland 4.28 4.28 -0.11 +2.86Hungary 305.72 305.29 -0.14 +1.01Romania 4.57 4.57 -0.04 -0.86Serbia 119.65 119.79 +0.12 +3.09Russia 60.20 60.11 -0.15 +1.77Kazakhstan 333.30 332.66 -0.19 +0.11Ukraine 25.68 25.67 -0.04 +5.14South Africa 13.47 13.45 -0.20 +1.90Kenya 103.86 103.90 +0.04 -1.43Israel 3.58 3.59 +0.02 +7.42Turkey 3.55 3.54 -0.13 -0.52China 6.67 6.65 -0.29 +4.16India 64.16 64.09 -0.11 +5.90Brazil 3.18 3.18 +0.01 +2.46Mexico 17.98 17.97 -0.07 +15.20Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 332 2 .04 7 91.55 1Additional reporting by Sujata Rao'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-idINL5N1KX1FG'|'2017-08-11T07:26:00.000+03:00'
'4ce35b11f817b20775018e86ed62f3aedb781a57'|'IEA says strong oil demand growth helps market''s rebalancing'|'August 11, 2017 / 8:06 AM / 27 minutes ago IEA says strong oil demand growth helps market''s rebalancing Reuters Staff 2 Min Read A drop of diesel is seen at the tip of a nozzle after a fuel station customer fills her car''s tank in Sint Pieters Leeuw December 5, 2014. Yves Herman LONDON (Reuters) - Global oil demand will grow more quickly than expected this year, helping to ease a glut despite rising crude production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday. The agency revised its 2017 demand growth forecast to 1.5 million barrels per day (bpd) versus 1.4 million bpd in its previous monthly report and said it expected demand to expand by a further 1.4 million bpd next year. "Producers should find encouragement from demand, which is growing year-on-year more strongly than first thought," the Paris-based IEA said. "There would be more confidence that rebalancing is here to stay if some producers party to the output agreements were not, just as they are gaining the upper hand, showing signs of weakening their resolve," the IEA added. The Organization of the Petroleum Exporting Countries is curbing output by about 1.2 million bpd, while Russia and other non-OPEC producers cut half as much, until March 2018. The IEA said OPEC''s compliance with the cuts had fallen to 75 percent in July, the lowest this year. Reporting by Dmitry Zhdannikov; Editing by Dale Hudson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-iea-oil-idUKKBN1AR0M3'|'2017-08-11T11:05:00.000+03:00'
'4c835b29786b5fcd9d5bb4838c27e3c36f0fc29a'|'Snap co-founders will not sell shares as stock slumps on earnings miss'|'FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo (Reuters) - Snap Inc ( SNAP.N ) Chief Executive Officer Evan Spiegel said on Thursday neither he nor co-founder Bobby Murphy would sell shares of the Snapchat parent this year, but that failed to soothe investors after quarterly results fell short of analyst expectations.Shares of the Los Angeles company slumped nearly 17 percent in extended trading. A lock-up period preventing insiders from selling the shares, which since their March market debut have been pressured by investor concerns about user growth, expired at the end of July."Given the amount of speculation around the lock-up expiration, I feel it is important to note that Bobby and I will not sell any of our shares this year," Spiegel said on a call with analysts. "We believe deeply in the long-term success of Snap."Snap reported daily active users and second-quarter revenue below analyst forecasts, sending shares down to $12. The stock debuted on March 2 at $24, compared with an initial public offering price of $17.Spiegel and Murphy’s commitment to hold on to their shares will provide a slight boost of confidence for worried investors, said James Gellert, CEO of RapidRatings, which assesses the financial health of companies.“That in and of itself doesn’t create support for Snap, but it should reduce the people who are inclined to flee based on the performance,” Gellert said.Investors worry about the company''s ability to vie for users and advertising dollars with rivals like Facebook Inc''s ( FB.O ) Instagram, which has features similar to the Snapchat disappearing messaging app.Snap said its daily active users (DAUs) rose to 173 million in the second quarter, short of the 175.2 million DAUs expected by analysts, according to financial data analytics firm FactSet.DAUs were 143 million in the year-earlier quarter and 166 million in the previous quarter.Average revenue per user was $1.05 in the quarter, Snap said, below the $1.07 expected by analysts according to FactSet but up from 50 cents a year earlier."There is a lot of heavy competition and the company has not figured out how to monetize its audience yet," said Salvatore Recco, executive vice president at 50 Park Investments, an investment advisory service. "Until they do, investors will likely continue to be disappointed."Instagram Stories allows users to post images and video that disappear after 24 hours, a feature that replicates Snapchat.Instagram Stories, which debuted a year ago, had 250 million users as of June, up from 200 million in April.Since it first appeared on the public markets, Snap has described itself as a "camera company," but has given little indication on plans to move into hardware or its broader strategy."If that''s how (Spiegel) wants to play his cards that''s fine, but there''s going to be a trade off," said Jason Moser, analyst for Motley Fool. "And that''s going to be reflected in the stock price.”Spiegel was more forward with the company’s strategies on Thursday, saying Snap''s focus will be on building creative tools that give users more ways to create snaps. Spiegel said this plan creates a cycle where users create and view more snaps.As an example, Spiegel cited the company''s World Lenses feature released this quarter. The executive pointed to Snapchat''s dancing hot dog, saying the animated character was viewed more than 1.5 billion times in the app."Our dancing hot dog is most likely the world’s first augmented reality superstar," Spiegel said.Additionally, Spiegel said the company is working to stabilise the backend infrastructure of Snapchat’s Android app. With better performance and stability, Snap expects Android users will use the app more often.Those efforts should begin to produce meaningful results by mid-2018, Spiegel said.“We’d really like to see Android users more engaged,” he said.Some analysts praised the company’s progress in user growth and revenue, even though it failed to meet market expectations.Johnny Won, founder of tech consulting firm Hyperstop, said the market is not recognising Snapchat’s potential as a mobile-first service.“There is no technology platform that is specializing on a vertically focused video content network at the scale that Snapchat has targeted,” Won said.Snap said its revenue more than doubled to $181.7 million in the quarter, below analyst expectations for $186.2 million. The company earns some revenue from branded or sponsored filters and lenses, but the bulk comes from advertisements.Net loss widened to $443.1 million, or 36 cents per share, from $115.9 million, or 14 cents per share. Excluding certain items, Snap lost 16 cents per share in the latest quarter.Reporting by Salvador Rodriguez; Additional reporting by Aishwarya Venugopal and Anya George Tharakan Meredith Mazzilli, Toni Reinhold and Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/snap-results-idINKBN1AR02R'|'2017-08-10T23:05:00.000+03:00'
'605a138f41b0a695e66093bffffcf761b8af5c75'|'Modest rise in U.S. consumer prices may delay Fed rate hike'|'August 11, 2017 / 1:55 PM / 4 minutes ago Modest rise in U.S. consumer prices may delay Fed rate hike Lucia Mutikani 3 Min Read People wait in line to enter a Best Buy store in Westbury, New York November 27, 2015. Shannon Stapleton WASHINGTON (Reuters) - U.S. consumer prices increased slightly in July as rising food costs were offset by falling prices for a range of other goods, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year. The Labor Department said on Friday its Consumer Price Index edged up 0.1 percent last month after being unchanged in June. That lifted the year-on-year increase in the CPI to 1.7 percent from 1.6 percent in June. Economists polled by Reuters had forecast the CPI rising 0.2 percent in July and climbing 1.8 percent year-on-year. Stripping out the volatile food and energy components, consumer prices gained 0.1 percent for the fourth straight month. The so-called core CPI rose 1.7 percent in the 12 months through July and has now increased by that margin for three straight months. The modest gain in consumer prices, coming on the heels of a drop in producer prices in July, could worry Fed officials who have largely viewed the retreat in inflation as temporary. Fed Chair Janet Yellen told lawmakers last month that "some special factors," including prices for mobile phone plans and prescription drugs, were partly responsible for the low inflation readings. Prices of U.S. government debt rose after Friday''s data while the dollar .DXY fell against a basket of currencies. U.S. stock index futures initially fell before reversing course to trade higher. FED''S CONUNDRUM The U.S. central bank has a 2 percent inflation target and tracks a measure that has been stuck at 1.5 percent since May. Inflation remains tame despite the labour market being near full employment, a conundrum for the Fed as it contemplates tightening monetary policy further. The central bank is expected to announce a plan to start reducing its $4.2 trillion (£3.23 trillion) portfolio of Treasury bonds and mortgage-backed securities at its policy meeting next month. It is expected to delay its next rate hike until December while it monitors inflation. The Fed has raised borrowing costs twice this year. Last month, food prices rose 0.2 percent, driven by a surge in the cost of meat, fish, eggs, fruits and vegetables. Food prices were unchanged in June. The cost of food consumed at home increased 0.2 percent after dipping 0.1 percent in June. While gasoline prices were unchanged after tumbling 2.8 percent in June, the cost of electricity increased 0.4 percent. Rental costs maintained their upward trend last month. Owners'' equivalent rent of primary residence rose 0.3 percent after advancing by the same margin in June. The cost of mobile phone services fell 0.3 percent last month after decreasing 0.8 percent in June. Prescription drug prices jumped 1.3 percent in July after increasing 1.0 percent in the prior month. Prices for apparel rose 0.3 percent after four straight months of declines. The cost of new motor vehicles fell 0.5 percent, the biggest drop since August 2009 and the sixth consecutive monthly decline. Reporting by Lucia Mutikani; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-economy-idUKKBN1AR1I9'|'2017-08-11T16:55:00.000+03:00'
'f4aab8465158eba54948991a8a46826c2711b4d6'|'Congo reinstates VAT on imports for mining companies'|'August 12, 2017 / 8:24 PM / 16 minutes ago Congo reinstates VAT on imports for mining companies Reuters Staff 2 Min Read The KCD open pit gold mine, operated by Randgold, at the Kibali mining site in the Democratic Republic of Congo, May 1, 2014. Pete Jones/File Photo KINSHASA (Reuters) - Congo has reinstated a value added tax on mining company imports, the chamber of mines said on Saturday, part of what miners say is a deteriorating business climate in the country. Democratic Republic of Congo''s government agreed to suspend the tax in July 2016 to help companies during a commodity price downturn, and to pay down hundreds of millions of dollars in VAT reimbursements owed to the companies. Major mining companies in Congo include Glencore ( GLEN.L ), Randgold Resources ( RRS.L ) and China Molybdenum ( 603993.SS ). Now the government is desperate to increase tax revenue in the face of severe economic problems and stubbornly low commodity prices. The franc has lost over 30 percent of its value in the past year and the central bank has about three weeks'' left of import cover. Economic problems have been exacerbated by deep unrest across the country caused by President Joseph Kabila''s failure to arrange elections in time for when his mandate expired in December. The decree suspending VAT was valid for one year, John Nkono, secretary general of the industry-led Chamber of Mines, told Reuters. The chamber had informed the government of the expiration date in July but has not heard back. He added that the government owes mining companies about $700 million on VAT reimbursement going back several years. In a draft letter to Finance Minister Henri Yav seen by Reuters, the president of Congo''s Chamber of Commerce, Albert Yuma, said reinstating the VAT tax would "make the functioning of mining companies more difficult". He added that companies "need the help of the Government of the Democratic Republic of Congo during this constraining period." Yav could not be immediately reached for comment. The finance ministry was not available. Reporting By Aaron Ross, additional reporting by Patient Ligodi; Editing by Edward McAllister and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-congo-mining-idUKKBN1AS0WG'|'2017-08-12T23:24:00.000+03:00'
'eb2ec7a9d5c87cc56e83e53390b8a771a53e8b3c'|'China frees top Crown executive jailed for gambling offences -official'|'SHANGHAI/BEIJING, Aug 12 (Reuters) - China on Saturday freed one of the last remaining Crown Resorts Ltd executives jailed for illegally promoting gambling, as a protracted saga that forced the Australian casino operator to cancel global expansion plans and hurt profits nears an end.Jason O''Connor, head of international VIP gambling with the casino giant, was released before 7 a.m., an official told media outside the detention centre in Shanghai.The Australian was the most senior of 16 staff detained in October and jailed by a Shanghai court in June. His 10-month sentence ran from the time of his first detention on Oct. 14 last year.Reuters was not able to confirm his release with his family or the Australian government.O''Connor was taken immediately to the airport and left the country, the Australian Financial Review newspaper said, without citing sources.The authorities released ten employees, including Australian nationals Jerry Xuan and Jane Pan Dan, in July.Crown, half-owned by billionaire James Packer, had been trying to attract wealthy Chinese to its casinos located outside China, where gambling is illegal, except for Macao.But the case prompted Crown, the world''s biggest listed casino company outside China, to retreat from global expansion plans and sell off its Macao assets, and instead shift its focus back home. (Reporting by Xihao Jiang in SHANGHAI, Shu Zhang and Josephine Mason in BEIJING; additional reporting by Ben Cooper in SYDNEY; writing by Josephine Mason)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/crown-resorts-china-idUSL1N1KY02S'|'2017-08-12T08:44:00.000+03:00'
'952d9ba4ab3a94d219a669f00bf70321c1fbb1d5'|'Bags of cash - how money launderers used Commonwealth Bank of Australia'|'August 13, 2017 / 4:10 AM / 4 hours ago Bags of cash: how money launderers used Commonwealth Bank of Australia Byron Kaye 5 Min Read Shoppers walk past the entrance to the Lemon Grove shopping mall in Sydney, Australia, August 11, 2017, site of a shopfront company at the heart of one of Australia''s biggest money laundering scandals. Jason Reed SYDNEY (Reuters) - In a run-down mall in one of Sydney''s biggest Chinese neighborhoods in 2015, 29-year-old Jizhang Lu showed up at the top-floor offices of a meat export company carrying a carrier bag stuffed with hundreds of thousands of dollars in cash. According to police documents filed in court and reviewed by Reuters, Lu said he made the trip to the shopfront of CC&B International Pty Ltd eight times over three weeks. Each time a CC&B employee would hand him a receipt showing a different company had bought tens of thousands of kilograms of meat. The cash - as much as A$530,200 ($416,840) at a time - was then deposited at a Commonwealth Bank of Australia (CBA) ( CBA.AX ) branch, according to the police statement of facts agreed by Lu. But the apparent purchases were fake, and last year Lu was jailed for two years after pleading guilty to helping launder A$3.2 million of what police allege were proceeds from an unidentified international drug syndicate. The court records reviewed by Reuters did not name Lu''s lawyer. Lu could not immediately be contacted directly because he was in custody. The police case against Lu is now one of several being cited by financial intelligence agency AUSTRAC in its statement of claim against CBA, the largest civil court action of its kind in Australian corporate history. AUSTRAC has accused CBA of "serious and systemic" breaches of money-laundering and counter-terrorism financing rules, alleging the country''s second biggest mortgage lender failed to detect suspicious transactions nearly 54,000 times. It faces fines potentially amounting to billions of dollars. CBA has said it will fight the AUSTRAC lawsuit, saying it would never deliberately undertake action that enables any form of crime. CBA said a coding error with new automated teller machines was behind most of the breaches but that it recognized there were "other serious allegations" in AUSTRAC''s claim were unrelated to that software problem. It declined to comment specifically about the police case against Lu. PROCEEDS OF CRIME AUSTRAC''s lawsuit against CBA asserts that, in total, A$17.7 million was deposited at the bank from February to August 2015 on behalf of a company identified in the earlier criminal case as CC&B. "These funds were the proceeds of a drug importation syndicate and were proceeds of crime, within the meaning of the Criminal Code Act," AUSTRAC''s statement of claim says, referring to CC&B only as Company 1. Lu was identified in AUSTRAC''s statement of claim against CBA, which also specified the time and length of Lu''s sentence. A subsequent Reuters search of the criminal case against Lu produced the police "facts sheet" which provided further detail of his operation, including the name of CC&B. The records of Lu''s criminal case, provided to Reuters by a communications officer for the court which convicted Lu, showed that he pleaded guilty. A call to the phone number listed on CC&B''s website went unanswered. A Reuters visit to the address where Lu said he dropped off bags of money, at Lemon Grove shopping center, showed no sign of CC&B - other than a mention in an old store guide for shoppers. Calls over two days to Lemon Grove also went unanswered. Australian company filings showed CC&B''s corporate address as "Sunnyside Accountants". A woman who answered the phone at that firm said CC&B was a former client but that she could give no further information because the organizations had parted ways. Sunnyside hasn''t been named in AUSTRAC''s suit. "CAN YOU HELP?" Lu, a Chinese national on a business visa, described himself as a "net engineer", according to the police document filed in court. He had no involvement in the meat export industry and earned 60,000 yuan ($9,000) a year in his home country, he told police. Lu said he met another Chinese man while grocery shopping in the Sydney suburb of Chatswood, where CC&B was based. "After some chatting, he say, ''can you help me do this please?''," Lu told police, according to the document. Lu agreed to help "because the man asked him", the police statement said, without elaborating. He told police he didn''t understand the receipts because they were written in English. Australia''s Joint Organised Crime Group charged two CC&B employees with dealing in criminal proceeds about the same time as Lu, in August 2015. The Australian Federal Police could not immediately provide an update on the two CC&B employees identified as being charged. The police statement said a third CC&B person, company director Ka Chun Leung, was a "potential co-accused" but has left the country. Efforts by Reuters to contact Ka were unsuccessful. For a graphic on accusations against CBA, tmsnrt.rs/2w03qvi Editing by Lincoln Feast '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-australia-cba-syndicate-idUKKBN1AT039'|'2017-08-13T07:07:00.000+03:00'
'd7d06cfe34037f5e199868b67b68334dedbc9d28'|'Mistrust in America could sink the economy'|'AMERICA is a grumpy and confused place. For an overarching explanation of what has gone wrong, a decline in trust is a good place to start. Trust can be defined as the expectation that other people, or organisations, will act in ways that are fair to you. In the White House and beyond there is precious little of it about. People increasingly view institutions as corrupt, strangers as suspicious, rivals as illegitimate and facts as negotiable.The share of Americans who say “most people can be trusted” fell from 44% in 1976 to 32% in 2016, according to a survey from the University of Chicago. In a new book, “The Retreat of Western Liberalism”, Edward Luce, a commentator for the Financial Times in Washington, argues that distrust will contribute to America’s decline and eventually, even, to autocracy. Lack of faith is chewed over in boardrooms, too. In his latest letter to shareholders, Jamie Dimon, JPMorgan Chase’s boss, describes trust as America’s “secret sauce” and worries that the bottle is running dry. 2 hours 2 hours ago Germany’s election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates The tricky bit is reconciling this distrust with the rosy business outlook. The S&P 500 index is near an all-time high, even though many economists say that distrust is toxic for prosperity because transactions become dearer and riskier. An OECD study of 30 economies shows that those with low levels of trust, such as Turkey and Mexico, are far poorer. Three scholars, Luigi Guiso, Paola Sapienza and Luigi Zingales, have shown that pairs of countries (such as Britain and France) whose populations say they distrust each other, have less bilateral trade and investment.America’s mistrust outbreak can be split into two parts: what consumers think, and what firms think. The share of folk who have “little or no confidence” in big business has risen from 26% in 1976 to 39% in June, according to Gallup. For banks it has risen from 10% in 1979 to 28% today. Over decades big firms have broken implicit promises to their employees, such as providing a job for life and paying generous pensions. That has probably soured the public’s view. And the financial crisis of 2007-08 blew a giant hole in the reputation of big business and finance.Yet despite their customers’ distaste, big firms mint huge profits. One explanation is declining competition over the past 20 years. If markets are working, firms that are perceived to behave badly lose market share. In concentrated industries this discipline is lacking. Two recent scandals in oligopolistic bits of the economy illustrate the point. Wells Fargo, a bank, created millions of fake accounts, yet in the three months to June its year-on-year profits rose by 5%. In April a United Airlines passenger was assaulted, causing an outcry. Its underlying profits later rose by 5%, too. In such industries Americans are inured to mistreatment.Trust between firms, and between firms and investors, is more resilient, but there is evidence of greater wariness. Banks charge corporate borrowers a spread of 2.6 percentage points above the federal-funds rate, compared with 2.0 points in the 20 years before the crisis. The equity-risk premium, or the annual excess return that investors demand to hold shares rather than bonds, is 5.03 points, against a pre-crisis average of 3.45 points, notes Aswath Damodaran of the Stern School of Business at NYU.The median firm in the S&P 500 holds 62 cents of cash on its balance-sheet per dollar of gross operating profit, up from 45 cents in 2006 (this yardstick excludes America’s giant technology companies, which hoard money). In a sign that more corporate deals end in tears, litigation costs are rising. The revenues of legal firms rose by 103% in 1997-2012, according to the Census Bureau, more quickly than nominal GDP growth, of 85%. And spending on corporate lobbying, a signal that firms think politicians are corruptible, has risen faster than GDP, too.In the long term it is possible that firms could become as mistrustful as consumers. Though individual companies can gain from cronyism, overall confidence will fall if there is sustained political meddling in the courts and regulatory system. And companies as well as people can be trapped into doing business with monopolies that are inept or shifty. In 2016 Facebook said that for the past two years it had overstated how long its users watched videos for, but advertisers have little choice but to stick with the social-media firm. Its profits rose by 71% in the latest quarter.If the bleak predictions of observers such as Mr Luce come true, how might America Inc adjust? One guide is the work of Ronald Coase, an economist who theorised that the boundary of a firm is set according to whether an activity is best done in-house or can be outsourced to the market. If counterparties are less reliable, and contracts expensive to enforce, firms will become “vertically integrated”, bringing their supply chain in-house.If there is deeper decay of America’s legal system and greater political corruption, then firms would go further and spread “horizontally” too, expanding into new industries where their political contacts, and access to favours and capital can be used. This is how business works in much of the emerging world.Gotta have faithAmerica is nowhere near such an outcome, at least not yet. Still, a concerted effort to shore up trust between consumers and firms, and between firms, would be healthy. If you subscribe to Silicon Valley’s Utopianism, technology can fill the gap, manufacturing mutual faith where none existed before. Uber’s system of scoring drivers and passengers allows strangers to have confidence in each other. E-commerce sites such as eBay and Alibaba work by creating networks of trust between merchants and customers.In the end, however, government has a vital role. By enforcing competition rules, it can ensure that poor conduct is punished. And by observing the independence of courts and regulators, it can demonstrate that contracts are sacred and that firms operate on a level playing-field. Suspicion is not about to bring American capitalism to its knees. But the country’s vast stock of trust, built up over a century or more, is being depleted quickly. "Suspicious minds"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726079-part-problem-lack-competition-some-industries-mistrust-america-could-sink?fsrc=rss%7Cbus'|'2017-08-10T22:41:00.000+03:00'
'7d883dea7f0dd3db478fddc89277fe54ef26d472'|'A Google employee inflames a debate about sexism and free speech'|'SILICON VALLEY’S leading firms celebrate disruption, but not disruptive employees. Google has found itself at the centre of controversy after an anonymous software engineer, later revealed to be a young Harvard graduate called James Damore, published a ten-page memo on two internal company networks explaining why there are so few women in the upper echelons of the technology industry.Instead of sexism, he pointed to “biological” factors, such as women’s supposedly greater interest in people and their predisposition to anxiety and stress at work. In promoting gender diversity, he charged, Google silences those people whose political views differ from California’s liberal mainstream. 2 hours 2 hours ago Germany’s election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates Mr Damore’s insinuation that the small portion of Google’s workforce that is both female and works in technology-related roles (see chart) may be unsuited for the work sparked an uproar inside and outside the company. Google was in a bind. It champions free expression and access to information, so many wondered how it would handle an employee who had complained that Silicon Valley was intolerant of different political viewpoints.The answer came on August 7th, when Google sacked him. Sundar Pichai, its boss, said that parts of Mr Damore’s memo violated its code of conduct and made its work environment hostile for women. Acting swiftly was important for the firm, which has been under investigation by the Department of Labour since April for discriminating against women by allegedly underpaying them by comparison with men.Men still occupy four-fifths of Google’s technology-related roles, and 91% of its employees are either white or Asian. The firm probably felt a need to reassure its female employees and workers from ethnic and sexual-minority groups that it takes diversity seriously. In recent months Silicon Valley has been beset with proven cases of sexism against women at work and sexual harassment of female employees. So far it has been Uber, a ride-hailing firm with a particularly toxic culture of sexual harassment, that has come off worst: in recent months it has lost most of its executive ranks, including its boss, Travis Kalanick.Even had Google preferred to dress down rather than dismiss Mr Damore, in practice it would have been difficult to keep him. Women and others could have complained of discomfort working alongside him or reporting to him, and could have made claims against Google for employing someone disrespectful of colleagues and of the firm’s values.Yet to dismiss Mr Damore’s memo entirely is to overlook Silicon Valley’s character and, perhaps, ways in which it might be changed. Most techies there consider him a black sheep, but he expressed ideas that some male computer-programmers think even if they never utter them aloud. “I would be hard-pressed to name a person at Google who would disagree with 100% of what he wrote,” says one female Googler. For the boss of a prominent tech startup, Google’s sacking of him was chiefly for public consumption. “This isn’t a question of legality or policy. This is a question of virtue-signalling,” he says, reflecting the view of many in the Valley.And although many of the memo’s assertions were risible, such as the idea that women are not coders because they are less intrigued by “things” than men are, others made more sense. One is that diversity initiatives could be more transparent. Today firms publish annual numbers about the composition of their workforce, but reveal little else. Companies across all industries could try harder to quantify how their initiatives are faring.Mr Damore’s broad argument, that the Valley is fairly tolerant of racial and gender diversity but intolerant of diversity of opinion, was his most powerful. In the liberal tech industry, vocal conservatives are as scarce and unpopular as feature phones. When Peter Thiel, a prominent venture capitalist, backed Donald Trump during the 2016 presidential campaign, he was condemned by many of his peers. Some say Mr Thiel’s politics will affect his firm, because some entrepreneurs do not want to be associated with his views and are unwilling to accept investment from his fund. A similar wind of intolerance is sweeping America’s liberal universities, where conservative speakers are facing protests and seeing their speeches cancelled.Mr Damore has said he may sue Google for infringing his right to free speech, although this may not go far. Americans’ right to free speech is protected by the constitution but does not exist legally at work, though many do not understand the distinction. In California, like most states in America, people are employees “at will”, so they can be rapidly dismissed if their conduct breaches company policies.He will certainly be lionised by supporters. The Alt-Right movement in America is celebrating his frankness. Some members have started a crowdfunded campaign to support him, should he sue Google and fail. Some wonder if the memo’s timing—published in the dog-days of summer when it was likely to get most attention—was carefully chosen. Before Mr Damore was fired he filed a complaint with America’s National Labour Relations Board, which few employees would think to do without early legal advice, says Pamela Sayad, an employment lawyer.The sacking of Mr Damore may fade from the news, but the debate about gender in technology is likely only to intensify. Those under fire for their treatment of women include not only Uber but several venture-capital firms, accused of inculcating the male-dominated cultures of the young companies they finance. The other effect will be to deepen debate about freedom of expression at work. Google may have acted wisely for its female employees and for its public image. But it has not satisfactorily answered the question of how those who express controversial opinions at work should be handled. Many people will note that a company that is known for its bold, out-of-the-box thinking chose to live and die by its employee manual. "You’re fired"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726078-sacked-james-damore-has-become-hero-alt-right-google-employee-inflames-debate-about?fsrc=rss%7Cbus'|'2017-08-10T22:41:00.000+03:00'
'fd2937d94fb4821c9b9208f719ce87ddbbea00ca'|'Special Report - Vladimir''s Venezuela: Leveraging loans to Caracas, Moscow snaps up oil assets'|'August 11, 2017 / 11:52 AM / 4 hours ago Special Report - Vladimir''s Venezuela: Leveraging loans to Caracas, Moscow snaps up oil assets Marianna Parraga and Alexandra Ulmer 16 Min Read FILE PHOTO - A PDVSA gas station is seen next to building apartments in Caracas, Venezuela, July 25, 2017. Andres Martinez Casares/File Photo Caracas/Houston (Reuters) - Venezuela’s unravelling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive – and offering prized state-owned oil assets in return, sources familiar with the negotiations told Reuters. As Caracas struggles to contain an economic meltdown and violent street protests, Moscow is using its position as Venezuela’s lender of last resort to gain more control over the OPEC nation’s crude reserves, the largest in the world. Venezuela''s state-owned oil firm, Petroleos de Venezuela (PDVSA), has been secretly negotiating since at least early this year with Russia''s biggest state-owned oil company, Rosneft - offering ownership interests in up to nine of Venezuela''s most productive petroleum projects, according to a top Venezuelan government official and two industry sources familiar with the talks. Moscow has substantial leverage in the negotiations: Cash from Russia and Rosneft has been crucial in helping the financially strapped government of Venezuelan President Nicolas Maduro avoid a sovereign debt default or a political coup. Rosneft delivered Venezuela’s state-owned firm more than $1 billion (772.02 million pounds) in April alone in exchange for a promise of oil shipments later. On at least two occasions, the Venezuelan government has used Russian cash to avoid imminent defaults on payments to bondholders, a high-level PDVSA official told Reuters. Rosneft has also positioned itself as a middleman in sales of Venezuelan oil to customers worldwide. Much of it ends up at refineries in the United States – despite U.S. sanctions against Russia – because it is sold through intermediaries such as oil trading firms, according to internal PDVSA trade reports seen by Reuters and a source at the firm. PDVSA and the government of Venezuela did not respond to requests for comment. The Russian government declined to comment and referred questions to the foreign ministry and the ministries of finance and defence, which did not respond to questions from Reuters. Rosneft declined to comment. Russia’s growing control over Venezuelan crude gives it a stronger foothold in energy markets across the Americas. Rosneft now resells about 225,000 barrels per day (bpd) of Venezuelan oil - about 13 percent of the nation’s total exports, according to the PDVSA trade reports. That’s about enough to satisfy the daily demand of a country the size of Peru. Venezuela gives Rosneft most of that oil as payment for billions of dollars in cash loans that Maduro’s government has already spent. His administration needs Russia’s money to finance everything from bond payments to imports of food and medicine amid severe national shortages. For a graphic detailing the decline of Venezuela''s oil industry, see: tmsnrt.rs/2fwsuCV Venezuela''s opposition lawmakers say Russia is behaving more like a predator than an ally. "Rosneft is definitely taking advantage of the situation,” said Elias Matta, vice president of the energy commission at Venezuela''s elected National Assembly. “They know this is a weak government; that it''s desperate for cash - and they''re sharks.” Matta echoed many others in the opposition-majority congress who have blasted corporate deals they say are underpinning Maduro’s efforts to establish a dictatorship. The Venezuelan government has said previously that Russia’s investment in its oil industry shows confidence in PDVSA’s financial stability and the nation’s business opportunities. Maduro’s administration has grown increasingly dependent on Moscow in the past two years as China has curtailed credit to Venezuela because of payment delays and the corruption and crime faced by Chinese firms operating there, according to Venezuelan debt analysts and two oil industry sources. Many multinational firms worldwide, meanwhile, have all but written off their Venezuelan operations amid the nation’s tanking economy and chronic shortages of raw materials. Rosneft is making the opposite play - using Venezuela’s hard times as a buying opportunity for oil assets with potentially high long-term value. "The Russians are catching Venezuela at rock bottom,” said one Western diplomat who has worked on issues involving Venezuela’s oil industry in recent years. As other companies shutter operations here, Rosneft has expanded to an additional floor of its office tower and added staff. The Russian firm has poached PDVSA professionals and brought in more Russian executives, two sources close to Rosneft told Reuters. The corporate expansion provides a striking contrast to the scene on the streets below these days, in the once-thriving business district of Caracas. As Rosneft staffers work in swanky offices alongside posters of Russian President Vladimir Putin and a bust of Hugo Chavez - the late Venezuelan leader and socialist icon - crowds of young men outside often throw rocks and Molotov cocktails in escalating protests of Chavez’ successor. Rosneft currently owns substantial portions of five major Venezuelan oil projects. The additional projects PDVSA is now offering the Russian firm include five in the Orinoco - Venezuela''s largest oil producing region – along with three in Maracaibo Lake, its second-largest and oldest producing area, and a shallow-water oil project in the Paria Gulf, the two industry sources told Reuters. In a separate proposal first reported by Reuters last month, Rosneft would swap its collateral on 49.9 percent of Citgo [PDVSAC.UL] – the Venezuelan owned, U.S.-based refiner – for stakes in three additional PDVSA oil fields, two natural gas fields and a lucrative fuel supply contract, according to two sources with knowledge of the negotiations. Under the proposal, Rosneft would also take increased management control over all the joint oil projects between the two firms. Rosneft secured the collateral late last year on a loan of $1.5 billion (1.16 billion pounds) to PDVSA. The negotiations over a collateral swap are driven in part by a recent threat from U.S. President Donald Trump to sanction Venezuela’s oil sector as punishment for Maduro’s efforts to undermine the nation’s elected congress. Rosneft has already been sanctioned by the United States over Russia’s annexation of Crimea from Ukraine in 2014. Such actions require U.S. firms to end business relations with sanctioned entities. RUSSIAN OIL DEALS UNDERMINE DEMOCRACY Maduro’s need for Russian cash played a key role in a move by his political allies earlier this year that destabilised Venezuela’s already teetering democracy, the top Venezuelan government official told Reuters. In March, the nation’s Supreme Court - whose members are loyal to Maduro - took over the powers of the opposition-controlled National Assembly. A majority of elected Assembly members opposed any new oil deals with Russia and insisted on retaining power to veto them. Days later - after fierce national protests against the action - the court returned most powers to the national legislature at Maduro’s public urging. But the court allowed the president to keep the legal authority to cut fresh oil deals with Russia without legislative approval. The episode was pivotal in escalating daily street protests and clashes with authorities that have since caused more than 120 deaths. Maduro needed sole authority to cut new oil deals to clear the way for Rosneft''s expansion, the top Venezuelan government official told Reuters. "Pressure from Russia has played an important role in Nicolas Maduro''s decisions," the official said, speaking on condition of anonymity because he was not authorized to make public comments. Rosneft said this month that it has lent a total of $6 billion (4.63 billion pounds) to PDVSA. In total, Russia and Rosneft have delivered Venezuela at least $17 billion (13.12 billion pounds) in loans and credit lines since 2006, according to Reuters calculations based on loans and credit lines announced by the government. Venezuela does not publish the full details of the debts it owes Russia. Maduro has sought to limit the power of congress since the opposition won a majority in 2015. In late July, he created a legislative superbody called the Constituent Assembly in an election that was widely criticized as a sham. Allies of the Socialist Party won all 545 seats in the new assembly, which has the power to rewrite the nation’s constitution, dissolve state institutions - such as the opposition-run Congress - and fire dissident state officials. FILE PHOTO - Demonstrators and riot security forces clash during riots at a rally against Venezuelan President Nicolas Maduro''s government in Caracas, Venezuela, June 7, 2017. Carlos Garcia Rawlins/File Photo SPIRAL OF DEBT, DEPENDENCE Venezuela''s oil-based economy has collapsed since international prices crashed to a low of $24 (18.53 pounds) per barrel in early 2016 from more than $100 in 2014. Prices now hover at about $50 (38.60 pounds), which hasn’t proven high enough to pull Venezuela out of its tailspin. Nearly all of the nation’s export revenue comes from oil, so income has fallen sharply and a shortage of petrodollars has left Maduro''s government unable to finance the generous subsidies of food, medicines, fuels, power and other public services instituted by his predecessor, Chavez. The erosion of subsidies has contributed to rapid inflation, which is forecasted to top 700 percent this year by the International Monetary Fund. Venezuela’s currency, the bolivar, has become nearly worthless. Government spending cuts have also slashed budgets for maintaining the nation’s oilfields, refineries, ports and tankers, causing Venezuela''s oil output in the first half of 2017 to fall to nearly its lowest level in 27 years. PDVSA is repaying a growing portion of its mounting debts to Russia with oil, according to internal PDVSA trade data reviewed by Reuters. The oil payments are choking off the cash flow from its petroleum business - thereby creating the need for more loans. CIRCLING OIL ASSETS The nation’s downward spiral has put Rosneft in a position to acquire Venezuelan oil assets on the cheap. Of the package of stakes PDVSA has offered to Rosneft, the most valuable is a 10 percent stake in Petropiar, a multi-billion dollar project to produce and upgrade extra heavy crude in the Orinoco Belt. The value of the stake is likely between $600 million (463.21 million pounds) and $800 million (617.62 million pounds), based on the valuations of similar deals. The rising volumes of Venezuelan crude that Rosneft receives have made the Russian firm a middleman in sales to refiners that once bought directly from PDVSA. The oil payments have also helped Rosneft grow a major oil trading business to complement its massive production apparatus. In the process, the Russian firm has appropriated some of PDVSA''s hard-won international supply deals and valuable trading relationships with refiners as far afield as China, the PDVSA documents show. At today’s prices, the Venezuelan oil exports that flow to Rosneft would be worth about $3.6 billion (2.78 billion pounds) annually. And the flow of PDVSA crude to Rosneft is expected to keep increasing, according to the internal PDVSA documents. Slideshow (2 Images) Most of it is sold into the United States, according to the documents. Rosneft also will soon start selling Venezuelan crude to India’s refiner Essar, taking PDVSA’s second largest customer in the Asian country. "Russia is taking everything they have," said an oil trader who regularly deals with PDVSA. A DICEY INVESTMENT The Russian strategy has its risks. Many of the world''s top energy firms took a hit when Chavez nationalized their assets, and an opposition-led government could later reverse or revise any deals Maduro cuts without their blessing. Venezuela''s bond yields are among the highest in the world because of the nation''s high default risk. The bonds pay nearly 30 percentage points more than benchmark U.S. treasuries. PDVSA’s many connections to the United States oil industry also raise the specter that the deals now under negotiation could run afoul of U.S. economic sanctions already in place against Russia and threatened against Venezuela. The Petropiar project, for instance, is 30 percent owned by U.S. oil major Chevron Corp. Should Rosneft take a stake in the project, it could be complicated for Chevron to ensure it is not violating U.S. sanctions. In the meantime, Chevron has sent guidelines to executives to ensure they comply with sanctions, an employee at Chevron told Reuters. The guidelines advise staff, for instance, to avoid one-on-one meetings with sanctioned entities or officials, the employee said. In a statement, Chevron said it abides by "a stringent code of business ethics" and complies with applicable laws. For now, Russia’s status as chief lender to PDVSA has put Rosneft in a position to supercharge its holdings and profits in the region. If Venezuela''s government defaults on its debt payments - an increasingly likely scenario - Rosneft likely will be one of the entities at the front of the queue as a creditor because of its large collateral stake in U.S.-based Citgo, according to a confidential independent analysis of its debt commissioned by an investment fund and seen by Reuters. Representatives of Citgo, PDVSA''S largest foreign asset, did not respond to requests for comment. GUNS FOR OIL Rosneft''s involvement in Venezuela can be traced back to a $4 billion (3.09 billion pounds) arms-for-oil deal in 2006 that cemented the bond between the governments of Chavez and Putin. Chavez, a former military officer, signed the deal himself in Moscow. Shunned by the United States - which since 2006 has refused to supply spare parts for Venezuela''s fleet of U.S.-built F-16 fighter jets - Chavez bought Russian Sukhoi fighter jets, helicopters, tanks and guns from Putin. Top executives from Rosneft and PDVSA were later involved in negotiations related to the military purchases because Rosneft was the Russian entity receiving the Venezuelan oil cargoes used to pay for a portion of the weapons, the top Venezuelan government official told Reuters. They included Rosneft President Igor Sechin, a powerful long-time advisor and deputy to Putin. Sechin is a trained linguist who began his career as a military interpreter and has a passion for the history of Latin America''s revolutionaries, according to two people who worked with him. He had a direct line into Chavez until the former president''s death in 2013, the Venezuelan official told Reuters. Sechin has maintained close ties with Maduro and the two meet regularly, the official said. Speaking to reporters in at a hydroelectric plant in Russia last week, Sechin called Rosneft’s growing investments in Venezuela an obvious and essential play. “This is a country with the world’s hydrocarbon reserves,” he said, referring to a central component of oil and natural gas. “Any energy company should aim to work in this country ... No one could force us from there.” Russia was swift to defend Maduro''s government from international criticism after the Supreme Court moved to nullify congress, with Moscow issuing a statement saying foreign governments should not meddle in Venezuelan domestic politics. Sechin was Maduro''s guest of honour at a ceremony last October to unveil a Russian-made granite statue of Chavez erected in the late president''s hometown of Sabaneta. In the sweltering heat, a Russian choir dressed in black sang the Venezuelan anthem in heavily accented Spanish before Sechin addressed the crowds of mostly red-shirted Socialist Party supporters. "Thank you for trusting us,” Sechin told the crowd in Spanish during the speech, broadcast on Venezuelan state television. “Russia and Venezuela, together forever!” (For a graphic on how Russia is poised to cash in on an OPEC nation''s crisis click - tmsnrt.rs/2wODL55 ) Reporting by Marianna Parraga in Houston and Alexandra Ulmer in Caracas; Additional reporting by Polina Nikolskaya and Ekaterina Golubkova in Moscow; Editing by Simon Webb and Brian Thevenot 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-venezuela-russia-oil-specialreport-idUKKBN1AR14X'|'2017-08-11T15:29:00.000+03:00'
'35928a9d683bd808e46a38ee480c654fab8f3a72'|'Chasing higher yields, investors pile into risky countries'|'WHERE can you find a 7% interest rate on a sovereign dollar-bond? You would have to take a time-machine to the mid-1990s to find such a yield on a ten-year American Treasury. Alternatively, you could slip back a few days to August 2nd and bid for the $1bn of five-year bonds sold by the government of Iraq. The yield was expected to be 7%, but it was trimmed to 6.75% once orders rose above $6bn.Such eagerness for hard-currency debt from a country still reeling from a civil war shows just how far bond investors will now go to get a decent yield. Oversubscribed issues for risky sovereign bonds have become almost normal. The Iraqi sale came just a week after Greece (whose privately held debt was partly written off in 2012) raised €3bn ($3.5bn) in its first bond sale for three years. In June Argentina was inundated with bids for its 100-year eurobond, as dollar-denominated bonds are known. Sceptics noted that Argentina had defaulted on its debts six times in the previous century, with the most recent such upset in 2014. Egypt, Ivory Coast, Nigeria and Senegal have also placed big eurobond issues this year. None enjoys a credit-rating that approaches investment grade, though the eurobond market is familiar with many of them. Ivory Coast, for instance, issued a bond in 2010 in lieu of unpaid debts. It proceeded to miss an interest payment the following year.  5   Bond investors are ready to forgive such slip-ups. They do not have much choice. The yield on ten-year Treasuries is 2.26%, not much more than inflation in America. A basket of high-yield corporate (or “junk”) bonds pays less than 6%. Yet despite a long period of low short-term interest rates in America, inflation is still quiescent. So the Federal Reserve seems unlikely to raise interest rates much further. “Investors have concluded that we’re not going to get meaningfully higher yields on safe assets,” says David Riley, of BlueBay Asset Management. In this context, lowly-rated sovereign eurobonds can look appealing. Indeed the weight of money has driven the average yield on such “frontier-market” bonds below 7%, according to Stuart Culverhouse, of Exotix, a broker (see chart).The appetite for ever-riskier bets recalls the recklessness that led up to the financial crisis, which began a decade ago this week. What is different, though, is the absence of euphoria. Few seem to want to cheer the rally in risky eurobonds. But nor do they want to bet against it.A common complaint is that rich-world central banks are to blame—for keeping rates too low and for studiously avoiding any action or statement that might unsettle the markets (and make investors more jumpy). Other culprits include low-cost “passive” fund managers and exchange-traded funds, which track a basket of government bonds, such as J.P. Morgan’s emerging-market bond index, known as the EMBI. Such indices are also a yardstick for the performance of many “active” funds, ie, those with discretion over what sort of bonds to buy and how much of them to hold. The growing influence of passive funds makes active investors less willing to eschew a eurobond issue that qualifies for the indices, however unsound, for fear of underperforming.It is easy to suspect that this episode, like so many before it, will end badly, but hard to know exactly when or how. Frontier-market specialists sense a greater interest in their bailiwick from crossover (non-specialist) investors, also known as “tourists”, who are likelier to misjudge the odds of a default. And the reach for yield could always be stretched even further to local-currency bond markets, which are less liquid and a lot more volatile.Take Ghana, once a darling of frontier investors, as an example. It is back in favour, as its newish government gets to grips with public finances. Yvette Babb, of J.P. Morgan, calculates that 37% of the stock of Ghana’s public debt is already held by foreigners. The effective interest rate it pays on domestic debt is around 16%. The weight of long-term investors is “substantial”, she says, so the risks of a knee-jerk sell-off are low. But how long before such high yields lure in the tourists?This article appeared in the Finance and economics section of the print edition under the headline "Still crazy after falling yields"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21726103-iraq-greece-argentina-and-others-tap-enthusiasm-high-yielding-sovereign?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'3642b9e8c90b51e402f5abbfe1eded7351f87ff5'|'Asia stocks, dollar brace for further slide as U.S., North Korea tensions intensify'|'August 11, 2017 / 12:01 AM / 3 hours ago Nuclear nerves wipe $1 trillion off world stocks Marc Jones 6 Min Read LONDON (Reuters) - The damage inflicted on world stocks this week by the escalating war of words over North Korea topped $1 trillion on Friday, as investors again took cover in the yen, the Swiss franc, gold and government bonds. With the tense mood pushing European shares down for a third day [EU] and Wall Street set to fall again ESc1[.N], global stocks .WORLD were on course for their worst week since Donald Trump won November''s U.S. presidential election. Now installed in the White House, Trump issued a new warning to Pyongyang on Friday, tweeting: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely." North Korea had responded to Trump''s previous promise to unleash "fire and fury", with a threat to land a missile near the U.S. Pacific territory of Guam. Japanese markets were closed for a holiday but the yen powered on, hitting an eight-week high of 108.91 yen to the dollar JPY= , adding to its biggest weekly gain since May. [FRX/] The yen tends to benefit during times of geopolitical or financial stress as Japan is the world''s biggest creditor nation and there is an assumption that Japanese investors there will repatriate funds should a crisis materialise. The Swiss franc CHF= , the other traditional safety-play among currencies, has benefited too. Two weeks ago it saw its biggest weakly fall against the euro EURCHF= since the start of 2015. This week has seen its biggest rise since June 2016. And in bond markets, 10-year U.S. Treasuries and Germany''s ultra-safe government bonds, known as Bunds, were trading at their highest prices since June. [GVD/EUR] "We do just not know what happens next with the North Korea situation," said BNY Mellon FX strategist Neil Mellor. "For quite some time the market hasn''t really reacted to things on the Korean Peninsula because we know from the past it is largely North Korean sabre-rattling, and it may yet be. But with the rhetoric having gone to a different level, the market just can''t afford to take that risk." Many world stock markets have hit record or multi-year highs in recent weeks, leaving them vulnerable to a sell-off, and the tensions over North Korea have proved the trigger. The CBOE Volatility Index .VIX, the most widely followed barometer of expected near-term U.S. stock market volatility, hit its highest mark since Nov. 8, when Trump was elected president. The Chinese volatility gauge .VXFXI jumped by the most since January 2016, to its highest level in more than seven months. The euro zone''s version .V2TX is at its highest since April, when France''s election was rattling the region. Overnight, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS had skidded 1.55 percent, its biggest one-day loss since mid-December, to leave it down 2.5 percent for the week. Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 9, 2017. Staff/Remote "What has changed this time is that the scary threats and war of words between the U.S. and North Korea have intensified to the point that markets can''t ignore it," said Shane Oliver, head of investment strategy at AMP Capital in Sydney. "Of course, it''s all come at a time when share markets are due for a correction, so North Korea has provided a perfect trigger." NEW CUBAN CRISIS? South Korea''s KOSPI .KS11 fell 1.8 percent to an 11-1/2-week low, but its losses for the week are a relatively modest 3.2 percent. "Pretty remarkable, perhaps even extraordinary, considering," said Tim Ash, strategist at fund manager BlueBay. The Korean won KRW=KFTC also continued to skid, down 0.45 percent to 1,147.2, falling below its 200-day moving average for the first time in a month. Australian shares were down 1.3 percent, set for a weekly loss of 0.6 percent and Chinese and Hong Kong bluechips lost 1.6 percent .CSI300 and 1.9 percent .HSI respectively. A Chinese state-run newspaper said on Friday that China should make clear that it will stay neutral if North Korea launches an attack that threatens the United States, but that if the U.S. attacks first and tries to overthrow North Korea''s government, China will prevent it doing so. "This situation is beginning to develop into this generation''s Cuban Missile crisis moment," ING''s chief Asia economist Robert Carnell wrote in a note. The market''s backstop safety asset, gold XAU=, edged up to its latest two-month high of $1,288 an ounce. It soared over 2 percent in the previous two sessions, and is set for a weekly gain of 2.25 percent. Crude futures meanwhile extended losses on fears of slowing demand and lingering concerns over global oversupply. [O/R] U.S. crude CLc1 was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent. Global benchmark Brent LCOc1 also fell 0.9 percent to $51.44, after Thursday''s 1.5 percent drop. It is poised to end the week down 1.9 percent. Copper, the bellwether industrial metal, was set for its first weekly drop in five weeks. [MET/L] Away from the geopolitical drama, U.S. inflation data is due at 1330 GMT. The Korea tensions though have seen both U.S. and European markets this week push back expectations of when the Fed and ECB might hike interest rates. [GVD/EUR]FEDWATCHECBWATCH For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (The story refiles with new headline.) Additional reporting by Nichola Saminather in Singapore, Abhinav Ramnarayan in London; Editing by Catherine Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets-idUKKBN1AQ2RO'|'2017-08-11T03:01:00.000+03:00'
'91bdf61c098f8bfadfbb9f2a6f1e6d12f0efdea0'|'State Bank of India first-quarter profit falls 20 percent, bad loans rise sharply'|'An electrician puts lights on the logo of State Bank of India at its main branch in Mumbai, March 9, 2016. Danish Siddiqui/Files REUTERS - State Bank of India''s first-quarter profit fell short of expectations as the nation''s top lender by assets saw a spike in bad loans after merging five subsidiary banks with itself, sending its shares more than 5 percent lower.Indian banks'' sour assets have surged in the past year or so after a regulatory crackdown to clean up the sector dominated by state-run lenders. This year, the government gave the central bank greater power to push defaulting borrowers into bankruptcy proceedings.State Bank, under Chairman Arundhati Bhattacharya who has been at the helm since October 2013, has fared better than its state-run peers in managing its bad loans. However, the five so-called associate banks that were merged with the parent effective April 1, had a relatively poor asset quality.SBI, which on Friday reported its first quarterly results after the merger, said net profit was 20.06 billion rupees ($312.84 million) in the three months through June, from 3.74 billion rupees a year earlier. Pre-merger, the bank''s year-earlier profit was 25.21 billion rupees.The result compared with the 30.29 billion rupee average analyst estimate, Thomson Reuters data showed.Bhattacharya, whose four-year term is due to end in October, told a news conference the bank expected a "pull back", guiding for lower additions to bad loans in the full year to March 2018 and improvement in net interest margins.A security personnel stands guard in front of the gate of the State Bank of India (SBI) regional office in Kolkata May 23, 2014. Rupak de Chowdhuri/Files The bank expects its slippage ratio to fall to below 3.3 percent in the year to March 2018, from 5.78 percent last financial year, it said in a presentation. Provisioning costs will likely be less than 2.25 percent in 2017/18 compared with 2.9 percent last year.However, loan growth will remain muted at 6 to 8 percent for the full year, Bhattacharya said, as the economy is still adjusting to factors including a ban on high-value banknotes late last year and a new goods and services tax that was implemented last month.SBI, which accounts for more than a fifth of India''s banking sector assets, said for the merged entity, gross bad loans as a percentage of total loans rose to 9.97 percent at the end of June from 9.11 percent three months earlier and 7.40 percent at the end of June last year.The bank will need to make additional provisions of 85.71 billion rupees this financial year for its exposure to 12 large borrowers which have been taken to bankruptcy court, SBI said. It has outstanding loans of 502.47 billion rupees on those accounts.Bank of Baroda, the fifth-biggest Indian lender by assets, also reported on Friday first-quarter profit more than halved and its bad-loan ratio widened.SBI shares closed 5.6 percent lower in a Mumbai market that fell 1.1 percent. Bank of Baroda shares closed 4.2 percent down.($1 = 64.1225 Devidutta Tripathy and Tanvi Mehta; editing by Christopher Cushing and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/state-bank-india-results-idINKBN1AR0LK'|'2017-08-11T10:47:00.000+03:00'
'2f043b3df8c5110186a662a651ac6ede768022fd'|'Innogy CEO talks down European utility M&A prospects'|'Peter Terium, chief executive of German ecological power supplier Innogy SE addresses the company''s annual general shareholders meeting in Essen, Germany, April 24, 2017. Wolfgang Rattay FRANKFURT (Reuters) - The chief executive of Innogy, Germany''s largest energy group, on Friday dismissed talk of new, large-scale consolidation in the European utility sector, saying recent media reports about the matter were fueled by fee-hungry banks."There is more being written about it than there is substance to it," Peter Terium said, responding to reports that parent RWE was in talks with France''s Engie about selling its 76.8 percent stake in Innogy."Of course, there are numerous banks out there that want to advise because it is in their interest and because they want to cash in on fees. There is no commercial basis for any of this."Reporting by Christoph Steitz; Editing by Victoria Bryan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-innogy-results-m-a-idINKBN1AR0R2'|'2017-08-11T07:15:00.000+03:00'
'd687d3efa54ff085d87959104e2dc44859cdfab5'|'A Google employee inflames a debate about sexism and free speech'|'SILICON VALLEY’S leading firms celebrate disruption, but not disruptive employees. Google has found itself at the centre of controversy after an anonymous software engineer, later revealed to be a young Harvard graduate called James Damore, published a ten-page memo on two internal company networks explaining why there are so few women in the upper echelons of the technology industry.Instead of sexism, he pointed to “biological” factors, such as women’s supposedly greater interest in people and their predisposition to anxiety and stress at work. In promoting gender diversity, he charged, Google silences those people whose political views differ from California’s liberal mainstream.Latest updates The ACLU stands up for an alt-right author’s freedom of speech Democracy in America 13 hours ago Ryanair drops plans to serve Ukraine Gulliver 13 hours ago British university rankings Graphic detail 14 hours ago British university rankings methodology Graphic detail 14 hours ago “A Ghost Story” is an enigmatic look at loss Prospero 16 hours ago How Donald Trump may be making life easier for one violent street gang The Economist explains 17 hours ago See all updates Mr Damore’s insinuation that the small portion of Google’s workforce that is both female and works in technology-related roles (see chart) may be unsuited for the work sparked an uproar inside and outside the company. Google was in a bind. It champions free expression and access to information, so many wondered how it would handle an employee who had complained that Silicon Valley was intolerant of different political viewpoints.The answer came on August 7th, when Google sacked him. Sundar Pichai, its boss, said that parts of Mr Damore’s memo violated its code of conduct and made its work environment hostile for women. Acting swiftly was important for the firm, which has been under investigation by the Department of Labour since April for discriminating against women by allegedly underpaying them by comparison with men.Men still occupy four-fifths of Google’s technology-related roles, and 91% of its employees are either white or Asian. The firm probably felt a need to reassure its female employees and workers from ethnic and sexual-minority groups that it takes diversity seriously. In recent months Silicon Valley has been beset with proven cases of sexism against women at work and sexual harassment of female employees. So far it has been Uber, a ride-hailing firm with a particularly toxic culture of sexual harassment, that has come off worst: in recent months it has lost most of its executive ranks, including its boss, Travis Kalanick.Even had Google preferred to dress down rather than dismiss Mr Damore, in practice it would have been difficult to keep him. Women and others could have complained of discomfort working alongside him or reporting to him, and could have made claims against Google for employing someone disrespectful of colleagues and of the firm’s values.Yet to dismiss Mr Damore’s memo entirely is to overlook Silicon Valley’s character and, perhaps, ways in which it might be changed. Most techies there consider him a black sheep, but he expressed ideas that some male computer-programmers think even if they never utter them aloud. “I would be hard-pressed to name a person at Google who would disagree with 100% of what he wrote,” says one female Googler. For the boss of a prominent tech startup, Google’s sacking of him was chiefly for public consumption. “This isn’t a question of legality or policy. This is a question of virtue-signalling,” he says, reflecting the view of many in the Valley.And although many of the memo’s assertions were risible, such as the idea that women are not coders because they are less intrigued by “things” than men are, others made more sense. One is that diversity initiatives could be more transparent. Today firms publish annual numbers about the composition of their workforce, but reveal little else. Companies across all industries could try harder to quantify how their initiatives are faring.Mr Damore’s broad argument, that the Valley is fairly tolerant of racial and gender diversity but intolerant of diversity of opinion, was his most powerful. In the liberal tech industry, vocal conservatives are as scarce and unpopular as feature phones. When Peter Thiel, a prominent venture capitalist, backed Donald Trump during the 2016 presidential campaign, he was condemned by many of his peers. Some say Mr Thiel’s politics will affect his firm, because some entrepreneurs do not want to be associated with his views and are unwilling to accept investment from his fund. A similar wind of intolerance is sweeping America’s liberal universities, where conservative speakers are facing protests and seeing their speeches cancelled.Mr Damore has said he may sue Google for infringing his right to free speech, although this may not go far. Americans’ right to free speech is protected by the constitution but does not exist legally at work, though many do not understand the distinction. In California, like most states in America, people are employees “at will”, so they can be rapidly dismissed if their conduct breaches company policies.He will certainly be lionised by supporters. The Alt-Right movement in America is celebrating his frankness. Some members have started a crowdfunded campaign to support him, should he sue Google and fail. Some wonder if the memo’s timing—published in the dog-days of summer when it was likely to get most attention—was carefully chosen. Before Mr Damore was fired he filed a complaint with America’s National Labour Relations Board, which few employees would think to do without early legal advice, says Pamela Sayad, an employment lawyer.The sacking of Mr Damore may fade from the news, but the debate about gender in technology is likely only to intensify. Those under fire for their treatment of women include not only Uber but several venture-capital firms, accused of inculcating the male-dominated cultures of the young companies they finance. The other effect will be to deepen debate about freedom of expression at work. Google may have acted wisely for its female employees and for its public image. But it has not satisfactorily answered the question of how those who express controversial opinions at work should be handled. Many people will note that a company that is known for its bold, out-of-the-box thinking chose to live and die by its employee manual.  Business   "You’re fired"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21726078-sacked-james-damore-has-become-hero-alt-right-google-employee-inflames-debate-about?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'31d76599fdbb4bd83aa228675d38919dc136a83b'|'RPT-Approaching a cliff edge? British business begs for clarity after Brexit maelstrom'|'(Repeats story first published on Thursday with no change to text)By Guy Faulconbridge, Kate Holton and Elisabeth O''LearyLONDON, Aug 10 (Reuters) - After the maelstrom of Prime Minister Theresa May''s election crisis and a struggle in government over the shape of Brexit, business chiefs have a simple request for Britain: Give clarity on how the EU divorce might look.Since May nearly lost her job in a botched June 8 election gamble, ministers have sought to strike a more inclusive tone, even inviting in some chief executives to a 17th century manor house to discuss Brexit over a buffet lunch.But as the March 2019 exit date approaches, six major British business chiefs told Reuters they still do not have the answers about post-Brexit immigration, trade and regulation they need to plan and make coherent investment decisions."I see through a glass darkly. It''s hard to discern exactly what is happening at the moment," Rupert Soames, CEO of British outsourcing group Serco, said.Serco was finding it harder to attract truck drivers in its waste collection business in Britain because of a lack of clarity about Brexit, he said. Many were opting instead to work in Spain, Italy or Portugal."There has been a bit of a thaw in Number 10, but nothing dramatic," said a FTSE 100 company senior executive who asked not to be named due to the sensitivity of Brexit."Before the election, they weren''t listening. Now, they''re trying to listen, but they have very little of substance to say on the topic that matters far more than any other," the executive said.Some business chiefs also said they were disorientated by a public battle at the heart of government over the shape of the divorce, including crucial details such as immigration controls and the length of any possible Brexit transition.While the stakes are high, time is short.Britain has less than two years to negotiate the terms of the divorce and the outlines of the future relationship before it is due to leave in late March 2019, though a transition could give businesses more time to adjust to the new relationship.Still, many business chiefs worry that there is ample room for a breakdown in talks and a disorderly Brexit that would imperil Britain''s $2.5 trillion economy by sowing chaos through the labour market and trade flows.The EU and Britain need to reach agreement on everything from expatriate rights to the complexities of customs to keep trade flowing between the world''s biggest trading bloc and the fifth largest global economy.BREXIT TRANSITION? FTSE-100 executives said they understood ministers could not give an exact outline while negotiations were under way. But businesses did need to understand the rights of EU workers and how trade would work the day after March 29, 2019.May wants to negotiate the divorce and the future trading relationship with the EU before Britain leaves, followed by what she calls a phased implementation process to give business time to prepare for the impact of the divorce.Britain''s pharmaceutical industry needs at least two years'' transition to cope with the impact of Brexit, said Emma Walmsley, the chief executive of GlaxoSmithKline."Our main focus is to make sure that we are given a sufficiently long transition period, that is really the thing that matters in our sector," she told reporters. "The absolute minimum for us - minimum - is two years."May has given little detail on the transition she wants but her finance minister, Philip Hammond, has said there should be no immediate change to immigration or trading rules when Britain leaves, and that a transition could last until mid-2022.But Hammond''s vision is opposed by other senior ministers within May''s government who want a cleaner break with the club Britain joined in 1973.CLIFF EDGE? Britain should turn up the pragmatism and tone down the ideology in its Brexit negotiations, Dixons Carphone Chief Executive Seb James told Reuters.James, whose company employs around 4,000 citizens from other EU countries out of a total UK workforce of about 26,000, said May''s government should give more clarity about the transition period."It''s not fair on people to not give them some kind of clarity as quickly as possible," James said in an interview at Dixons Carphone''s Acton headquarters in west London. "We need to get that sorted, and we need to get it sorted now."Britain will in coming days set out its negotiating position on a range of Brexit issues. A government source said ministers were engaging with business to ensure that Brexit was a success.Companies seeking clarity are likely to be disappointed until a departure deal is done, G4S Chief Executive Ashley Almanza said."(Everyone) is waiting for clarity on how Brexit is going to affect the outlook and I think basically that we''re going to know when we get there," said the head of the world''s largest security group.In the absence of clarity from the government, some company bosses said they are planning for the worst - what they call a "cliff edge" Brexit."A lot of our businesses are starting to take a more pessimistic view," said one senior executive who spoke on condition of anonymity. "We''re pressing all of the time to get clarity but we remain concerned that there''s no clarity."Writing by Guy Faulconbridge; Additional reporting by James Davey, William James and Ben Hirschler; editing by Alister Doyle'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-eu-business-idINL5N1KX0TQ'|'2017-08-11T04:00:00.000+03:00'
'a99600fc32ea29ad644d9bdb7012037bcc742cf8'|'UPDATE 1-J.C. Penney''s loss worse than expected; shares plunge'|'(Adds details, shares)Aug 11 (Reuters) - J.C. Penney Co Inc reported a bigger-than-expected quarterly loss as a challenging retail environment continued to take a toll on its comparable sales, sending its shares tumbling 17 percent.Shares fell to $3.92 in premarket trading, putting them on track to open at a record low.Sales at Penney''s stores open more than 12 months fell for the fifth straight quarter to 1.3 percent, slightly worse than the 1.2 percent decline expected by analysts polled by research firm Consensus Metrix.Penney''s weaker-than-expected same-store sales was in contrast to those from Macy''s Inc and Kohl''s Corp. The larger rivals had reported better-than-expected quarterly profit and comparable sales on Thursday.Penney''s net loss widened to $62 million, or 20 cents per share, in the second quarter ended July 29, from $56 million, or 18 cents per share, a year earlier.Excluding items, the company reported a loss of 9 cents per share, worse than the average analyst estimate of 5 cents loss, according to Thomson Reuters I/B/E/S.However, net sales rose 1.5 percent to $2.96 billion, coming in better than $2.84 billion estimated by analysts. (Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/jc-penney-results-idINL4N1KX3VV'|'2017-08-11T10:02:00.000+03:00'
'24348fcb58f442cc54525d240688277f83717f32'|'Facebook OKs local firm''s launch of Moments-like app in China - NYT'|'August 11, 2017 / 9:12 PM / 14 hours ago Facebook OKs local firm''s launch of Moments-like app in China: NYT 2 Min Read FILE PHOTO - Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France on January 17, 2017. Philippe Wojazer/File Photo (Reuters) - Facebook Inc ( FB.O ), whose social media platform is blocked in China, authorized a local company to launch a photo-sharing application in the country in May, the New York Times reported, citing a person with knowledge of the company''s plans. The app, called Colorful Balloons, is similar to Facebook''s Moments application in function and feel, but does not carry the Facebook name, the Times said on Friday. ( nyti.ms/2wBedsB ) The app was released in China by a company called Youge Internet Technology and without any hint that Facebook is affiliated with the company, the Times said, citing a post in Apple''s app store. "We have long said that we are interested in China, and are spending time understanding and learning more about the country in different ways," a Facebook spokesperson said by email. "Our focus right now is on helping Chinese businesses and developers expand to new markets outside China by using our ad platform." It was unclear if China''s various internet regulators were aware of the app''s existence, the Times said. Western social media websites like Facebook and Twitter ( TWTR.N ) are blocked by China''s censors, which has helped drive up the popularity of home-grown messaging app WeChat, owned by Tencent ( 0700.HK ) and microblogging service Weibo ( WB.O ). Zuckerberg in February all but ruled out an expansion in the world''s most populous country, saying there would be "no news at all in the near term." Reporting by Vibhuti Sharma in Bengaluru; Editing by Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/facebook-china-colorful-balloons-idINKBN1AR2BG'|'2017-08-12T00:08:00.000+03:00'
'661d919d0a8bea8a60712519b8a203e9c2f50539'|'Air travellers suffer big delays with easyJet, Gatwick - study'|'August 11, 2017 / 11:56 AM / 6 hours ago Air travellers suffer big delays with easyJet, Gatwick - study Reuters Staff 3 Min Read FILE PHOTO - An EasyJet passenger aircraft takes off in Colomiers near Toulouse, Southwestern France, November 24, 2016. Regis Duvignau/File Photo LONDON (Reuters) - EasyJet and Gatwick were named Britain''s tardiest airline and airport respectively last summer and the year before on Friday, with more data showing easyJet''s punctuality has dropped this season as well. EasyJet''s customers had been on average delayed 24 minutes, the longest average delay among airlines travelling to and from Britain during those two summers, according to a BBC analysis of figures from the Civil Aviation Authority. London Gatwick, where easyJet has a base, was the worst British airport for delays in summer 2015 and 2016, the BBC said in its study, but added that past performance would not necessarily be repeated during this and future summers. Last month, across its network easyJet had an on-time percentage of 63.6 percent in July, down from 70.8 percent in June and 76.2 percent in May, according to OAG flightview, which counts flights as on-time when they depart or arrive within 15 minutes of schedule. EasyJet said on Friday that just 0.8 percent of flights suffered the most serious delays of over three hours this year. FILE PHOTO - People queue to enter the terminal at Gatwick Airport in southern England, Britain, May 28, 2017. Hannah McKay - "In fact, despite a number of adverse external factors like increasingly congested airspace, particularly in the London area, and record numbers of air traffic control strikes, over the last year easyJet has actually reduced the proportion of flights delayed by more than 3 hours," it said in a statement. EasyJet has been investing in making its operations less prone to delays after the delays of previous summers, when it was also hit more than rivals by air traffic control strikes in France. A spokesman for Gatwick said it had implemented a wide range of measures to improve punctuality. The study said that passengers there had an average delay of 27 minutes. "We operate the world’s busiest and most efficient single runway airport but, over recent years, Gatwick has been disproportionately affected by issues beyond our control," the spokesman said. "These include repeated strike action by French, Greek, Spanish and Italian air traffic controllers and airport employees, prolonged bad weather, and heavily congested airspace above parts of Europe and London." Reporting by Victoria Bryan and Alistair Smout; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-airlines-idUKKBN1AR166'|'2017-08-11T14:55:00.000+03:00'
'c0e6d9c4827554565b89f83122d46e38ced8659c'|'Union federation accuses copper miner Freeport of treating ''fired'' workers ''with contempt'''|'August 11, 2017 / 4:19 AM / 4 minutes ago Union federation accuses copper miner Freeport of treating ''fired'' workers ''with contempt'' 2 Min Read JAKARTA, Aug 11 (Reuters) - IndustriALL Global Union, a federation of global workers unions, said on Friday that the Indonesian unit of copper miner Freeport McMoRan Inc and copper smelter PT Smelting treated "fired" workers "inhumanely and with contempt", urging both to reinstate the workers. Following export restrictions related to a permit dispute, Freeport furloughed some 3,000 workers in Indonesia earlier this year, which prompted a strike and high levels of absenteeism. Freeport later deemed that approximately 3,000 full-time and 1,000 contract employees who were absent had "voluntarily resigned." Arizona-based Freeport, the world''s biggest publicly-traded copper miner, has repeatedly said it has acted on labour issues in accordance with Indonesian law and its labour contract. "In this case, resignations were an unfortunate consequence for a number of workers who had prolonged absenteeism from work despite multiple efforts and requests by the company to return to work,” Freeport said in a statement on Friday. IndustriALL said in its statement that actions by both Freeport and PT Smelting were "clear violations" of workers'' rights to organise, bargain collectively, and strike, established in international labour law. PT Smelting is majority owned by Japan''s Mitsubishi Materials Corp and part owned by Freeport. (Reporting by Wilda Asmarini in JAKARTA; Writing by Fergus Jensen in SINGAPORE) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/indonesia-freeport-strike-idUSL4N1KX1OM'|'2017-08-11T07:18:00.000+03:00'
'e69cf458f78a6373cd231244dfd6d5f1986ccfe5'|'Exclusive - Amazon in talks to offer event ticketing in U.S.: sources'|' 50 PM / 4 minutes ago Exclusive: Amazon in talks to offer event ticketing in U.S.- sources Jessica Toonkel and Jeffrey Dastin 4   An overall of the stadium during the national anthem before the game between the New England Patriots and the Pittsburgh Steelers in the 2017 AFC Championship Game in Foxborough, Massachusetts, U.S., January 22, 2017. Mandatory Credit: Geoff Burke-USA TODAY Sports via File Photo NEW YORK/SAN FRANCISCO (Reuters) - Amazon.com Inc ( AMZN.O ) is seeking to partner with U.S. venue owners to sell event tickets, four sources have told Reuters, a move that could loosen Ticketmaster''s powerful grip on the lucrative ticketing business. If Amazon moves ahead, it would represent the latest attempt by the world''s largest online retailer to use its massive customer base, tech savvy and bargaining power to shake up a big market. The Seattle-based company sees the U.S. ticketing market as ripe for attack. Consumers dislike ticket fees, and venue owners, sports leagues and teams want more distributors for their tickets as they seek to boost sales. Access to tickets could be another means to lure members to the Amazon Prime shopping club. For music acts and sports teams, selling tickets through Amazon could help sell their merchandise. Currently Ticketmaster, owned by Live Nation Entertainment Inc ( LYV.N ), is the exclusive seller of primary tickets for many top venues in the United States. Would-be challengers have struggled to compete in the face of Ticketmaster''s strong relationships with the operators of major U.S. sports stadiums, arenas, concert halls and other venues. Amazon has had success with ticketing in Britain, where it has been selling seats to West End shows since 2015, even outselling Ticketmaster for some events, according to one of the sources, who owns venues in that country. It is less common for venues in Britain to have an exclusive ticket provider. Live Nation declined to comment. Amazon did not return a request for comment. FILE PHOTO: Fans wearing the number 42 of New York Yankees relief pitcher Mariano Rivera line up to enter the stadium before their MLB Interleague game with the San Francisco Giants at Yankee Stadium in New York, U.S., September 22, 2013. Ray Stubblebine/File Photo PROFIT GENERATOR Amazon has had conversations to partner with Ticketmaster as a potential way to get into ticketing in the United States, but those conversations have stalled over who would control customer data, according to sources   conversations. Ticketing would likely make money for Amazon, which has a patchy record of profitability. Ticketmaster generated $1.6 billion in revenue from initial sales of tickets to events in 2016, according to estimates by research firm BTIG. That figure does not include revenue from the reselling of tickets, which BTIG estimates at $250 million. Slideshow (3 Images) Amazon has approached at least one league about selling tickets on the secondary market as well, one of the sources said, a business like eBay Inc''s ( EBAY.O ) StubHub. Getting a foothold in the ticketing business would likely be an expensive proposition. Ticketmaster in many cases pays the venues for the right to sell tickets and manage the box office, and venue owners are loath to give up that revenue even when it means high ticketing fees for consumers. Amazon has offered to write sponsorship checks worth millions of dollars to the venues, one of the sources said. But it has yet to budge on customer data. Owners want to know who is buying their tickets so they can tailor social media campaigns and book the right acts in the right places. Amazon has made a number of moves to get more customers to its website and subscribe to Prime. Earlier this year, it agreed to pay about $50 million to the U.S. National Football League to livestream this season''s 10 Thursday night games, sources have told Reuters [IDnL2N1HD01B]. "It''s all about Prime," said Brandon Ross, an analyst at BTIG. "The reason they are spending multiple billions of dollars a year on programming is to get more Prime subscribers and engage more consumers." Reporting By Jessica Toonkel and Jeffrey Dastin; Additional reporting by Liana B. Baker; Editing by Jonathan Weber and Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-amazon-com-ticketing-idUKKBN1AQ2DB'|'2017-08-10T22:47:00.000+03:00'
'a960a39126d801e35317b8a35ac95aa6a2e6bca2'|'Nordstrom reports better-than-expected comparable sales'|'August 10, 2017 / 8:21 PM / 8 minutes ago Nordstrom reports better-than-expected comparable sales 1 Min Read FILE PHOTO: The Nordstrom store is pictured in Broomfield, Colorado, February 23, 2017. Rick Wilking/File Photo (Reuters) - Nordstrom Inc ( JWN.N ) reported better-than-expected quarterly same-store sales on Thursday as more people shopped at the apparel retailer''s online stores, sending shares up 2.5 percent after the bell. Nordstrom said net income fell to $110 million, or 65 cents per share, from $117 million, or 67 cents per share, a year earlier. The upscale Seattle-based clothing and accessories retailer reported a 1.7 percent increase in same-store sales for the second quarter ended July 29, handily beating the 0.5 percent decline expected by research firm Consensus Metrix. Nordstrom''s net sales rose 3.5 percent to $3.72 billion. Reporting by Richa Naidu in Chicago; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nordstrom-results-idUSKBN1AQ2G0'|'2017-08-10T23:20:00.000+03:00'
'5961e6892c6d1258e35a48b23c16d2fd78801179'|'Goldman to use ''personality test'' for hiring decisions'|'August 9, 2017 / 8:52 PM / 6 minutes ago Goldman to use ''personality test'' for hiring decisions Olivia Oran 2 Min Read A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. Brendan McDermid (Reuters) - Goldman Sachs Group Inc plans to begin using a "personality test" as part of the hiring process for positions in its banking, trading and finance and risk divisions, a senior Goldman executive said on Wednesday. The bank began will using the test on U.S. summer intern candidates in 2018, Matt Jahansouz, Goldman''s global head of recruiting, said in an interview. He said future job candidates would be given the test before their second round of interviews at the bank. Their answers will be compared with those of current Goldman employees, who have already been identified as exhibiting traits that mark high performance such as teamwork, analytical thinking and judgment, Jahansouz said. Candidates'' results on the test will be just one factor in the final hiring decision, which also includes in-person interviews, Jahansouz added. It was not immediately clear how the test would be administered or the types of questions that would be asked. Banks like Goldman are turning to non-traditional ways of evaluating new hires at a time when they are under pressure to lure and retain top talent. Wall Street has been struggling for years to compete for the best employees with Silicon Valley, hedge funds and private equity funds which often have better hours and workplace perks. "We''re shifting from a world where you just used to look at a GPA and resume and walk out with a feeling about an individual that you might want to hire," Jahansouz said. "We can now capture characteristics and data that might not be as obvious to make smarter hiring decisions." Goldman last year also made other moves to help it identify strong candidates who may not attend Ivy League schools by scrapping first round interviews on college campuses in favor of a video platform. The bank began reviewing its hiring process in the summer of 2015. Reporting by Olivia Oran in New York; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-goldman-sachs-hiring-idUKKBN1AP2J7'|'2017-08-09T23:47:00.000+03:00'
'e4117940e71ac2713cc1af9d13e356a4a39b4dc2'|'Vale should attract fresh investors with share conversion plan: CFO - Reuters'|'RIO DE JANEIRO (Reuters) - A share conversion plan at Brazilian miner Vale SA should help attract more Asian investors and specialized mining and metals funds, the company''s chief financial officer told Reuters as part of the Reuters Latin American Investment Summit.The plan, approved by shareholders in June, will be key to raising awareness among global investors of the benefits of a more transparent Vale, CFO Luciano Siani said in an interview."The process is directed toward our current shareholders, but the intention is that the improvement in governance will allow us to grow our investor base," Siani said, flagging Asian investors and dedicated mining and metals funds."We have a long way to go with those investors because their stake in our investor base is still smaller than we would like," he added.The plan, which would convert preferred shares into a single class of common stock, is aimed at boosting transparency and limiting government meddling in the company.(Follow Reuters Summits on Twitter @Reuters_Summits)Additional reporting by Guillermo Parra-Bernal; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-vale-idINKBN1AO218'|'2017-08-08T15:19:00.000+03:00'
'06abbe02872490dbd04560abd7ed5c294c2f7674'|'VW to offer diesel owners 5,000 euros to buy new Golf - Bild'|'August 8, 2017 / 9:43 AM / 12 minutes ago VW to offer diesel owners 5,000 euros to buy new Golf - Bild Reuters Staff 1 Min Read An e-Golf electric car is pictured outside the new production line of the Transparent Factory of German carmaker Volkswagen in Dresden, Germany March 30, 2017. Fabrizio Bensch FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) will knock 5,000 euros (4,529 pounds) off the price of new Golf model cars for buyers trading in an older diesel model, German daily Bild reported on its website, citing no sources. It said the offer applied to any brand, as long as the new car being purchased was a VW. Volkswagen had said last week it would offer incentives to drivers of older diesel models, but it had not yet said how much it would offer for trade-ins. Reporting by Maria Sheahan; Editing by Madeline Chambers 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-emissions-volkswagen-idUKKBN1AO0Z1'|'2017-08-08T12:45:00.000+03:00'
'f5223e4379efa04a8f53842606d330d2a3dca631'|'SIG first-half profit drops on UK weakness; shares slide'|'August 8, 2017 / 8:32 AM / 28 minutes ago SIG first-half profit drops on UK weakness; shares slide Reuters Staff 3 Min Read (Reuters) - Construction materials supplier SIG Plc ( SHI.L ) said its profit fell 16.1 percent in the first half of the year as growth in mainland Europe was dimmed by weakness in the UK. Shares in SIG fell more than 6 percent in London on Tuesday morning. SIG, which has been pursuing a number of actions to strengthen its balance sheet including selling assets and reviewing costs, said it was conducting a "comprehensive review of its strategy." The company plans to give updates to the review in the fourth quarter and said that it is targeting "shorter term quick wins" to benefit profitability in 2018. "Still early days, but SIG''s new management team appears to have steadied the ship," Davy Research analysts wrote in a note. The company in March hired Meinie Oldersma as CEO to help turn around the businesses across Europe after its former boss left following a profit warning on weak demand, tougher competition and delays to some projects. SIG, which supplies insulation and roofing products, said underlying operating profit from UK and Ireland fell 21.7 percent and margin fell 130 basis points to 4.2 percent for the six months ended June 30. In mainland Europe profit rose 2.1 percent. SIG''s UK and Ireland like-for-like sales rose 1.3 percent, lower than the 2.3 percent rise it recorded a year earlier. However, total like-for-like sales rose 2.8 percent, compared with a 0.7 percent rise in the year-ago period due to the recovery in construction markets in mainland Europe, particularly in France. SIG maintained its full-year expectations as it anticipated stronger trading in the second half of the year. SIG''s underlying operating profit to 45.7 million pounds ($59.6 million) in the six months ended June 30 from 54.5 million pounds. Operating costs, on a continuing basis, also rose 11.1 percent to 322.5 million pounds. Revenue rose 8.6 percent to 1.38 billion pounds from a year earlier. The country''s biggest supplier of building materials Travis Perkins ( TPK.L ) reported a 2.1 percent fall in first-half operating profit last week, hurt by a weak plumbing and heating market and recent investments. Reporting By Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sig-results-idUKKBN1AO0TC'|'2017-08-08T11:31:00.000+03:00'
'9d6ed4545ad2d370178abe908f7add389e6c7df9'|'Saudi Aramco awards first contract for planned shipyard complex'|'August 8, 2017 / 1:43 PM / 14 minutes ago Saudi Aramco awards first contract for planned shipyard complex Reuters Staff 1 Min Read FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo DUBAI (Reuters) - Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion (4 billion pounds) shipyard complex designed to reduce Saudi Arabia''s dependence on oil exports. The national oil company said on Tuesday it awarded the contract for dredging, reclamation and marine structures to a consortium comprising Saudi Archirodon Co and Huta Hegerfeld AG Saudia Co. Aramco, which is leading construction of the shipyard, did not reveal the value of the contract but said it would be completed by 2020. Among other things, it includes building 4,500 metres of concrete quay walls and wharves, as well as breakwaters, at Ras Al Khair on the east coast. Reporting by Andrew Torchia; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-aramco-shipyard-idUKKBN1AO1KH'|'2017-08-08T16:43:00.000+03:00'
'06728ccdbce1a5eefc5e122b471acec75106e7ec'|'Russia''s Rosneft plans to close Essar deal in coming days'|'August 8, 2017 / 1:29 PM / 9 hours ago Rosneft says lent Venezuela''s state oil firm a total of $6 billion 2 Min Read A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. Maxim Shemetov/File Photo MOSCOW (Reuters) - Russia''s largest oil producer Rosneft said on Tuesday it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any further advance payments soon. OPEC member Venezuela is struggling to pay back creditors as its economy endures triple-digit inflation and chronic shortages of food and medicine. Last Friday, Venezuela inaugurated a new legislative superbody that is expected to rewrite the constitution and give vast powers to President Nicolas Maduro''s ruling Socialist Party, defying protests and worldwide condemnation that it undermines democratic freedoms. Russia is a close political ally of Venezuela''s leaders. Rosneft Chief Executive Igor Sechin said earlier this year his company, the world''s top listed oil firm by output, would continue to work in Venezuela and would never leave the country. As of Tuesday, Rosneft''s pre-payments to PDVSA have totalled sround $6 billion, Rosneft said on a conference call with investors. This includes principal of $5.7 billion and interest of $245 million, it said. "The repayment is proceeding according to schedule," the company said. "To date, a total of $743 million on the principal has been repaid and another $489 million in interest." "We expect the final repayment to be made in oil and oil product deliveries, which are ongoing strictly according to a schedule which we cannot provide to you. We expect full repayment before the end of 2019. No new pre-payments are planned." Rosneft also plans to close the deal to buy a stake in India''s refiner Essar Oil in the coming days, Pavel Fyodorov, Rosneft first vice-president, told the same conference call on Tuesday. Reporting by Oksana Kobzeva and Olesya Astakhova; writing by Katya Golubkova and Dmitry Solovyov; editing by Maria Kiselyova and Adrian Croft 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/russia-rosneft-essar-idINKBN1AO1IP'|'2017-08-08T11:29:00.000+03:00'
'93f32d495b5d0b731a6c90e9ca047959a1ca93c3'|'Trump''s North Korea rhetoric spikes US ''fear index'' to top level since election - Business'|'Trump''s North Korea rhetoric spikes US ''fear index'' to top level since election Tensions between Washington and Pyongyang rattle stock market volatility measure and unnerve investors Dow had crossed it’s highest level recently, but now fears of a nuclear stand-off has dragged indexes down across the world. Photograph: Drew Angerer/Getty Images Trump''s North Korea rhetoric spikes US ''fear index'' to top level since election Tensions between Washington and Pyongyang rattle stock market volatility measure and unnerve investors View more sharing options Friday 11 August 2017 18.50 BST Last modified on Friday 11 August 2017 19.01 BST A US stock market gauge known as the “fear index” has spiked to its highest level since Donald Trump was elected president in a sign that his brinkmanship with North Korea is starting to unnerve investors. The Vix index has been at record lows in recent weeks but has been rattled by the remarks Trump has been making about North Korea . A breakthrough in Pyongyang’s weapons programme prompted Trump to warn on Tuesday that he would unleash “fire and fury like the world has never seen” on North Korea if the regime continued to threaten the US. On Friday the US president tweeted that US military options were “locked and loaded” for use if Pyongyang “acted unwisely”. The Vix index measures expectations of volatility on the S&P 500 index of the US’s largest publicly quoted companies. Its rise in the early hours of Friday prompted Neil Wilson, a senior market analyst at financial firm ETX Capital, to comment: “Volatility is back.” “The Vix just popped to its highest since the election of Donald Trump as jitters about North Korea roil risk sentiment. It’s about time the market woke up – nothing like the prospect of a nuclear standoff to sharpen mind of investors who had become a tad complacent,” said Wilson. On Thursday, the US markets closed lower in their worst day since May although on Friday they were slightly higher and the Vix index fell back. Even so, the S&P 500 index was on track to post its biggest weekly loss in nine months. In London, the FTSE 100 closed at its lowest level since May, having lost 232 points since its high point on Tuesday. The index ended the week at 7,309, down 1% or 79 points on the day, as the major mining companies in the index were dragged lower amid anxiety about the economic impact of tensions between the US and North Korea. Germany’s stock market was largely flat while while France’s main index, the CAC 40, fell more than 1%. Joshua Mahony, a market analyst at IG, said: “For a week that has been largely devoid of major economic releases, Donald Trump’s confrontational stance with North Korea has raised volatility across the board, pushing the Vix from a rock-bottom reading on Tuesday, to the highest level in almost a year. “This has been a week of two halves, with complaints over a lack of volatility giving way to complaints over unpredictable volatility,” he added. The Vix index got to a reading of over 17 – anything higher than 30 is considered high, and below 15 low . At the the height of the financial crisis it was over 80. Last month it was below nine and at record lows. “We’ve had such a period of low volatility in the markets. Couple that with high valuation, it only takes a bit of a wobble to cause a reaction like we’ve seen,” Jonathan Roy, an advisory investment manager at Charles Hanover Investments, told Reuters, adding that the reaction was still quite tepid by historical standards. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/aug/11/trumps-north-korea-rhetoric-spikes-us-fear-index-to-top-level-since-election'|'2017-08-11T03:00:00.000+03:00'
'9c17a7afe5cbaa9759cbdf2b27033236eb73d403'|'U.S. Marines pause flights for 24 hours after two deadly crashes'|'Aug 11 (Reuters) - The U.S. Marine Corps on Friday ordered its aircraft squadrons to suspend flight operations for 24 hours sometime during the next two weeks to review procedures after two of its planes crashed, killing dozens.General Robert Neller, commandant of the U.S. Marine Corps, directed aviation units to time the suspensions in a way that would not disrupt "operational commitments," the Marine Corps said in a statement on Friday. Commanders will determine the schedule for their units."Pauses in operations are not uncommon and are viewed as a responsible step to refresh and review best practices and procedures so our units remain capable, safe, and ready," the statement said.Last weekend, a Marine MV-22 Osprey tilt-rotor aircraft crashed off northeastern Australia, killing three Marines aged 19 to 26. Twenty-three others on the craft were rescued.In July, a KC-130 Hercules transport plane crashed in Mississippi, killing 16 service members, including reservists from New York state and active-duty Marines based in North Carolina.The Osprey is built by Boeing Co and Textron Inc''s Bell Helicopter. It is designed to lift off like a helicopter and then rotate its blades to fly like a plane.The KC-130 Hercules is produced by Lockheed Martin Corp . It carries cargo, conducts in-air refueling, and can carry 92 ground troops or 64 paratroopers, according to the U.S. Navy website.Last December, the U.S. grounded its MV-22 Osprey aircraft in Japan at the request of Tokyo following a crash southwest of Okinawa. The aircraft has been a lightning rod for opponents to the heavy U.S. military presence on Okinawa, which lies south of the main Japanese island group. (Reporting by Bernie Woodall in Fort Lauderdale, Fla.; Editing by Frank McGurty and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-marines-idINL1N1KX244'|'2017-08-11T21:08:00.000+03:00'
'72e83fa434e4bf2e982126eb2ab8a829b3a853d1'|'Canadians shift to smaller, more frequent, auto loans repayments'|'MONTREAL, Aug 11 (Reuters) - Canadians are making smaller payments more frequently on auto term loans as new financing offers lure buyers away from the typical monthly billing cycle, a trend public advocacy groups say could push consumers to purchase more expensive vehicles that they simply cannot afford."Because long-term car loans tend to involve lower monthly or bi-weekly payments, extended terms can encourage consumers to buy more car than they may be able to afford," said Kathryn Dunn, a spokeswoman for the Financial Consumer Agency of CanadaThis new financing trend has made it easier for consumers to pile on debt, further extending already over-leveraged households.According to Statistics Canada, households have amassed huge debt, with the ratio of debt to disposable income at a near record of 166.9 percent during the first quarter of 2017.The increase comes at a time when the Bank of Canada is likely to raise interest rates again this year, after the first interest rate hike in seven years in July.More than half of Canadians who borrow to buy new vehicles look to make payments every two weeks, with the arrival of their paychecks, said Robert Karwel, a senior manager for J.D. Power in Canada.Some borrowers are opting to pay even more frequently with four percent making payments each week during the first half of 2017, up from 3.4 percent in 2015, the J.D. Power data show. "These terms don''t allow you to pay off the car any faster, so it''s questionable why it is being taken-up by customers," Karwel said. "We feel it has to do with the amount of stress the family budget is under."Consumer appetite for weekly payments has been fueled by advertisements which tout smaller amounts that are paid in more frequent installments, said George Iny, director of the Automobile Protection Association, a Canadian consumer advocacy group. Iny said he believes the proportion of borrowers opting for weekly payments would be even higher than the data suggests, but some financial institutions accustomed to monthly and bi-weekly installments, have not yet produced the paperwork needed for such frequent payments. "Psychologically, the amount sounds lower. It allows you to buy without feeling guilty," he said.Still, delinquency rates on Canada''s C$120 billion ($94.7 billion) in auto loans remained low at 1.7 percent during the first quarter of 2017, relatively flat from the same period a year ago, according to June data from credit information company TransUnion. (Reporting By Allison Lampert; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-autos-payment-idINL1N1KM1AM'|'2017-08-11T21:22:00.000+03:00'
'5c060419d224531de3f243bea61f12a6f22fcdcc'|'Brazil''s BRF reports Q2 net loss of 167 mln reais on food scandal fallout'|'SAO PAULO (Reuters) - Brazil''s food processor BRF SA on Thursday reported a wider-than-expected net loss of 167 million reais ($52.60 million) in the second quarter, as it continued to reel from the effects of a food safety scandal, it said in a securities filing.The result marks a reversal of a 31 million reais profit from a year ago and is the third consecutive quarterly loss posted by the company.BRF''s production was disrupted by a federal investigation announced on March 17 that accused Brazilian sanitation inspectors and companies of conspiring to evade safety checks.Management had warned that the meat safety scandal would have lasting effects. In the second quarter, net operating revenues fell by 5.7 percent to 8 billion reais on an annual basis, BRF said.As part of the investigation, BRF''s Mineiros plant was closed and two of its executives were among 60 people charged with taking part in the scheme. The plant was eventually reopened on April 8, but the probe resulted in several key importers of Brazilian meat, ranging from China to Europe, suspending purchases temporarily."The beginning of the second quarter was marked by low volumes due to the ''Weak Flesh'' probe, especially in international markets," BRF said.The effects of the probe were partly mitigated later in the quarter, with volumes recovering in May and June, the company said.The quarterly loss was larger than the 88 million reais forecast in a Reuters consensus estimate. Earnings before interest, tax, depreciation and amortization, a gauge of operational profit known as EBITDA, came in 575 million reais, below a 664 million reais estimate.Beyond a fall in Brazilian chicken production and fallout from the investigation, BRF mentioned weak demand in certain regions of the country and bad weather in the port of Itajaí, during May, as contributing to a drop in Brazilian chicken exports in the second quarter.According to industry group ABPA, Brazil''s chicken export volumes fell by 4.6 percent to 2.5 million tonnes this year through July.Reporting by Ana Mano; Editing by Sandra Maler and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-brf-results-idUSKBN1AR00V'|'2017-08-11T03:11:00.000+03:00'
'afcec68d98fdbfba45617fa02b7a828534180e81'|'Asia stocks, dollar brace for further slide as U.S., North Korea tensions intensify'|'August 11, 2017 / 12:06 AM / an hour ago Stocks, dollar extend slide as U.S., North Korea tensions intensify Nichola Saminather 5 Min Read People walk past an electronic board showing Japan''s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. Kim Kyung-Hoon SINGAPORE (Reuters) - Asian equity markets extended a global slide on Friday as tensions ramped up between the United States and North Korea, sending investors fleeing to less risky assets such the yen and the Swiss franc. Wall Street closed sharply lower after U.S. President Donald Trump issued a new round of fiery rhetoric, warning Pyongyang against attacking Guam or U.S. allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory. The sell-off is likely to extend into the European session, with financial spreadbetter CMC Markets expecting Germany''s DAX and France''s CAC 40 to open down about 0.7 percent each and Britain''s FTSE 100 to start 0.55 percent lower. MSCI''s broadest index of Asia-Pacific shares outside Japan skidded 1.55 percent, its biggest one-day loss since mid-December. It is heading for a 2.5 percent drop for the week. Japanese markets were closed for a holiday. Many markets have recently climbed to record or multi-year highs, leaving them vulnerable to a sell-off. "What has changed this time is that the scary threats and war of words between the U.S. and North Korea have intensified to the point that markets can''t ignore it," said Shane Oliver, head of investment strategy at AMP Capital in Sydney. "Of course it''s all come at a time when share markets are due for a correction so North Korea has provided a perfect trigger." South Korea''s KOSPI fell 1.8 percent to an 11-1/2-week low, taking its losses this week to 3.2 percent. The Korean won also continued to skid, down 0.45 percent to 1,147.2, falling below its 200-day moving average for the first time in a month. Australian shares were down 1.3 percent, set for a weekly loss of 0.6 percent. Chinese bluechips lost 1.6 percent, while Hong Kong''s Hang Seng was 1.9 percent lower. If North Korea launches an attack that threatens the United States, China should stay neutral, but if the U.S. attacks first and tries to overthrow North Korea''s government, China will stop them, a Chinese state-run newspaper said on Friday. "This situation is beginning to develop into this generation''s Cuban Missile crisis moment," ING''s chief Asia economist Robert Carnell wrote in a note. "While the U.S. President insists on ramping up the war of words, there is a decreasing chance of any diplomatic solution," Carnell said. Trump''s threat earlier this week, to unleash "fire and fury" on Pyongyang if it attacked, was ultimately dismissed as bluster by many investors. Trump''s second warning, however, has shaken markets that have been largely resilient this year, swatting away a slew of risks. These have ranged from an investigation into Russia''s possible interference in the 2016 U.S. presidential election, to concerns about China''s risky debt levels, to stubbornly low inflation in the U.S. The CBOE Volatility Index, the most widely followed barometer of expected near-term U.S. stock market volatility, rose the most in about 12 weeks. The index closed at its highest level since Nov. 8, when Trump was elected president. The Chinese volatility gauge jumped by the most since January 2016 to its highest level in more than seven months. The MSCI World index slipped 0.15 percent, extending Thursday''s 1.1 percent drop, its biggest one-day slide since May 17. The dollar widened losses against the yen to hit a two-month low. It was down 0.2 percent at 108.98 yen, after retreating 0.7 percent on Thursday. The yen is perceived as a safe haven because Japan is the world''s biggest creditor country and investors there have tended to repatriate funds in times of crisis. But "the yen may be expected to lose its safe haven status if U.S.-North Korean tensions continue to escalate," leaving the Swiss Franc, and possibly the U.S. dollar, as the remaining beneficiaries of risk aversion, Emmanuel Ng, currency strategist at OCBC Bank in Singapore, wrote in a note. For now, the dollar remained on the back foot, pulling back 0.1 percent to 0.9635 Swiss francs on Friday, after dropping as much as 1.2 percent to a two-week low overnight. Disappointing U.S. inflation and jobs data have not helped the dollar. U.S. producer prices unexpectedly recorded their biggest drop in nearly a year, and the number of Americans filing for unemployment benefits unexpectedly rose last week. Markets are now awaiting U.S. consumer price data for July, due later in the session. Spot gold prices were little changed at $1,286.05 an ounce, after touching a two-month high earlier. They have soared over 2 percent in the previous two sessions, and are set for a weekly gain of 2.25 percent. Crude futures extended losses on fears of slowing demand and lingering concerns over a global oversupply. U.S. crude was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent. Global benchmark Brent also lost 0.9 percent to $51.44, after Thursday''s 1.5 percent drop. It is poised to end the week down 1.9 percent. Reporting by Nichola Saminather; Additional reporting by Rodrigo Campos; Editing by Lisa Twaronite & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKBN1AR004'|'2017-08-11T03:01:00.000+03:00'
'02fa284bbffa7539150cd4d9004341860ce876ed'|'Mistrust in America could sink the economy'|'AMERICA is a grumpy and confused place. For an overarching explanation of what has gone wrong, a decline in trust is a good place to start. Trust can be defined as the expectation that other people, or organisations, will act in ways that are fair to you. In the White House and beyond there is precious little of it about. People increasingly view institutions as corrupt, strangers as suspicious, rivals as illegitimate and facts as negotiable.The share of Americans who say “most people can be trusted” fell from 44% in 1976 to 32% in 2016, according to a survey from the University of Chicago. In a new book, “The Retreat of Western Liberalism”, Edward Luce, a commentator for the Financial Times in Washington, argues that distrust will contribute to America’s decline and eventually, even, to autocracy. Lack of faith is chewed over in boardrooms, too. In his latest letter to shareholders, Jamie Dimon, JPMorgan Chase’s boss, describes trust as America’s “secret sauce” and worries that the bottle is running dry.  4   The tricky bit is reconciling this distrust with the rosy business outlook. The S&P 500 index is near an all-time high, even though many economists say that distrust is toxic for prosperity because transactions become dearer and riskier. An OECD study of 30 economies shows that those with low levels of trust, such as Turkey and Mexico, are far poorer. Three scholars, Luigi Guiso, Paola Sapienza and Luigi Zingales, have shown that pairs of countries (such as Britain and France) whose populations say they distrust each other, have less bilateral trade and investment.America’s mistrust outbreak can be split into two parts: what consumers think, and what firms think. The share of folk who have “little or no confidence” in big business has risen from 26% in 1976 to 39% in June, according to Gallup. For banks it has risen from 10% in 1979 to 28% today. Over decades big firms have broken implicit promises to their employees, such as providing a job for life and paying generous pensions. That has probably soured the public’s view. And the financial crisis of 2007-08 blew a giant hole in the reputation of big business and finance.Yet despite their customers’ distaste, big firms mint huge profits. One explanation is declining competition over the past 20 years. If markets are working, firms that are perceived to behave badly lose market share. In concentrated industries this discipline is lacking. Two recent scandals in oligopolistic bits of the economy illustrate the point. Wells Fargo, a bank, created millions of fake accounts, yet in the three months to June its year-on-year profits rose by 5%. In April a United Airlines passenger was assaulted, causing an outcry. Its underlying profits later rose by 5%, too. In such industries Americans are inured to mistreatment.Trust between firms, and between firms and investors, is more resilient, but there is evidence of greater wariness. Banks charge corporate borrowers a spread of 2.6 percentage points above the federal-funds rate, compared with 2.0 points in the 20 years before the crisis. The equity-risk premium, or the annual excess return that investors demand to hold shares rather than bonds, is 5.03 points, against a pre-crisis average of 3.45 points, notes Aswath Damodaran of the Stern School of Business at NYU.The median firm in the S&P 500 holds 62 cents of cash on its balance-sheet per dollar of gross operating profit, up from 45 cents in 2006 (this yardstick excludes America’s giant technology companies, which hoard money). In a sign that more corporate deals end in tears, litigation costs are rising. The revenues of legal firms rose by 103% in 1997-2012, according to the Census Bureau, more quickly than nominal GDP growth, of 85%. And spending on corporate lobbying, a signal that firms think politicians are corruptible, has risen faster than GDP, too.In the long term it is possible that firms could become as mistrustful as consumers. Though individual companies can gain from cronyism, overall confidence will fall if there is sustained political meddling in the courts and regulatory system. And companies as well as people can be trapped into doing business with monopolies that are inept or shifty. In 2016 Facebook said that for the past two years it had overstated how long its users watched videos for, but advertisers have little choice but to stick with the social-media firm. Its profits rose by 71% in the latest quarter.If the bleak predictions of observers such as Mr Luce come true, how might America Inc adjust? One guide is the work of Ronald Coase, an economist who theorised that the boundary of a firm is set according to whether an activity is best done in-house or can be outsourced to the market. If counterparties are less reliable, and contracts expensive to enforce, firms will become “vertically integrated”, bringing their supply chain in-house.If there is deeper decay of America’s legal system and greater political corruption, then firms would go further and spread “horizontally” too, expanding into new industries where their political contacts, and access to favours and capital can be used. This is how business works in much of the emerging world.Gotta have faithAmerica is nowhere near such an outcome, at least not yet. Still, a concerted effort to shore up trust between consumers and firms, and between firms, would be healthy. If you subscribe to Silicon Valley’s Utopianism, technology can fill the gap, manufacturing mutual faith where none existed before. Uber’s system of scoring drivers and passengers allows strangers to have confidence in each other. E-commerce sites such as eBay and Alibaba work by creating networks of trust between merchants and customers.In the end, however, government has a vital role. By enforcing competition rules, it can ensure that poor conduct is punished. And by observing the independence of courts and regulators, it can demonstrate that contracts are sacred and that firms operate on a level playing-field. Suspicion is not about to bring American capitalism to its knees. But the country’s vast stock of trust, built up over a century or more, is being depleted quickly.This article appeared in the Business section of the print edition under the headline "Suspicious minds"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21726079-part-problem-lack-competition-some-industries-mistrust-america-could-sink?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'814d7de405be2035a3bd34e120761dc3e9ad5236'|'Dollar hits eight-week low vs yen, North Korea tensions spook investors'|'FILE PHOTO: The word "Yen" is pictured on a Japanese banknote on top of a U.S. dollar bill at Interbank Inc. Money exchange in Tokyo, Japan in this September 9, 2010 picture illustration. Yuriko Nakao/File Photo LONDON (Reuters) - The dollar was pinned close to an eight-week low against the yen on Friday as escalating tension over North Korea dominated currency markets thinned out by the summer holidays in Europe and the United States.The yen gained more than 0.2 percent in Asian time as investors took their money out of higher-yielding currency plays following another warning from President Donald Trump to Pyongyang.It stood 0.16 percent down on the day at 109.03 yen per dollar by 1047 GMT. The dollar index, which measures its strength against a basket of currencies, was roughly flat at 93.420. .DXY"More likely than anything else, the price action was afunction of an overextended U.S. equity market that has been in need for a healthy correction off record highs," LMAX Exchange analysts said in a morning note."The direction in global equities will likely play a major role in the yen’s direction today, while the market will also be interested to see what comes of US CPI data."The Korean story has seen the yen gain around 1.5 percent this week, its biggest rise since mid-May. The 1.3 percent gain for the market''s main other choice for borrowing to fund speculation, the Swiss franc EURCHF= against the euro, is its biggest rise in more than a year.That in part reflects recent price action and positioning on both. A rise in expectations for global inflation has left investors generally short of the two currencies and the turnaround in the franc this week by contrast follows its worst week since the Swiss National Bank removed a ceiling on the currency in January 2015.Raising their forecasts for the euro, Morgan Stanley analysts said Switzerland''s asset management industry, which has held or hedged huge inflows in francs since the euro zone''s debt crisis took hold in 2010, would finally begin to reduce its franc position in the months ahead.In a note sent to clients late on Thursday, the U.S. bank predicted the single currency would rise to $1.25 in the first quarter of next year and reach parity with sterling for the first time."With (the euro zone''s) political and economic outlook looking better, Swiss accounts could emerge as a main euro buyer, pushing the euro up across the board," they said.The euro, which hit its highest since the start of 2015 on Aug. 2, dipped 0.1 percent to $1.1761 in morning trade in Europe.It was 0.2 percent lower at 1.1310 francs EURCHF=, compared with highs of 1.1537 francs hit a week ago.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarketsReporting by Patrick Graham Editing by Jeremy Gaunt.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-forex-idUKKBN1AQ2RM'|'2017-08-11T02:58:00.000+03:00'
'44f6239b7697981684f8a29528ae8be37754a040'|'Restaurant Group, Greene King get new finance heads'|'August 11, 2017 / 6:46 AM / 17 minutes ago Restaurant Group, Greene King get new finance heads Reuters Staff 1 Min Read (Reuters) - Frankie & Benny''s chain owner Restaurant Group ( RTN.N ) named Kirk Davis as chief financial officer on Friday, scooping him from pub firm Greene King, where he oversaw the company''s Spirit Pub Company acquisition. Replacing Davis, Greene King, which brews ales such as Old Speckled Hen, named Richard Smothers who will be joining from baby goods retailer Mothercare Plc ( MTC.L ) Smothers and Davis will start in February at Greene King and Restaurant Group respectively. Mothercare said in May that Smothers would leave. Reporting by Rahul B in Bengaluru; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-restaurant-grp-cfo-idUKKBN1AR0HD'|'2017-08-11T09:46:00.000+03:00'
'680782f8163603c1048cc0b36fa69c1f8e9703ed'|'Special Report - Vladimir''s Venezuela: Leveraging loans to Caracas, Moscow snaps up oil assets'|'August 11, 2017 / 11:52 AM / 17 minutes ago Special Report - Vladimir''s Venezuela: Leveraging loans to Caracas, Moscow snaps up oil assets Marianna Parraga and Alexandra Ulmer 16 Min Read FILE PHOTO - A PDVSA gas station is seen next to building apartments in Caracas, Venezuela, July 25, 2017. Andres Martinez Casares/File Photo Caracas/Houston (Reuters) - Venezuela’s unraveling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive – and offering prized state-owned oil assets in return, sources familiar with the negotiations told Reuters. As Caracas struggles to contain an economic meltdown and violent street protests, Moscow is using its position as Venezuela’s lender of last resort to gain more control over the OPEC nation’s crude reserves, the largest in the world. Venezuela''s state-owned oil firm, Petroleos de Venezuela (PDVSA), has been secretly negotiating since at least early this year with Russia''s biggest state-owned oil company, Rosneft - offering ownership interests in up to nine of Venezuela''s most productive petroleum projects, according to a top Venezuelan government official and two industry sources familiar with the talks. Moscow has substantial leverage in the negotiations: Cash from Russia and Rosneft has been crucial in helping the financially strapped government of Venezuelan President Nicolas Maduro avoid a sovereign debt default or a political coup. Rosneft delivered Venezuela’s state-owned firm more than $1 billion (772.02 million pounds) in April alone in exchange for a promise of oil shipments later. On at least two occasions, the Venezuelan government has used Russian cash to avoid imminent defaults on payments to bondholders, a high-level PDVSA official told Reuters. Rosneft has also positioned itself as a middleman in sales of Venezuelan oil to customers worldwide. Much of it ends up at refineries in the United States – despite U.S. sanctions against Russia – because it is sold through intermediaries such as oil trading firms, according to internal PDVSA trade reports seen by Reuters and a source at the firm. PDVSA and the government of Venezuela did not respond to requests for comment. The Russian government declined to comment and referred questions to the foreign ministry and the ministries of finance and defense, which did not respond to questions from Reuters. Rosneft declined to comment. Russia’s growing control over Venezuelan crude gives it a stronger foothold in energy markets across the Americas. Rosneft now resells about 225,000 barrels per day (bpd) of Venezuelan oil - about 13 percent of the nation’s total exports, according to the PDVSA trade reports. That’s about enough to satisfy the daily demand of a country the size of Peru. Venezuela gives Rosneft most of that oil as payment for billions of dollars in cash loans that Maduro’s government has already spent. His administration needs Russia’s money to finance everything from bond payments to imports of food and medicine amid severe national shortages. For a graphic detailing the decline of Venezuela''s oil industry, see: tmsnrt.rs/2fwsuCV Venezuela''s opposition lawmakers say Russia is behaving more like a predator than an ally. "Rosneft is definitely taking advantage of the situation,” said Elias Matta, vice president of the energy commission at Venezuela''s elected National Assembly. “They know this is a weak government; that it''s desperate for cash - and they''re sharks.” Matta echoed many others in the opposition-majority congress who have blasted corporate deals they say are underpinning Maduro’s efforts to establish a dictatorship. The Venezuelan government has said previously that Russia’s investment in its oil industry shows confidence in PDVSA’s financial stability and the nation’s business opportunities. Maduro’s administration has grown increasingly dependent on Moscow in the past two years as China has curtailed credit to Venezuela because of payment delays and the corruption and crime faced by Chinese firms operating there, according to Venezuelan debt analysts and two oil industry sources. Many multinational firms worldwide, meanwhile, have all but written off their Venezuelan operations amid the nation’s tanking economy and chronic shortages of raw materials. Rosneft is making the opposite play - using Venezuela’s hard times as a buying opportunity for oil assets with potentially high long-term value. "The Russians are catching Venezuela at rock bottom,” said one Western diplomat who has worked on issues involving Venezuela’s oil industry in recent years. As other companies shutter operations here, Rosneft has expanded to an additional floor of its office tower and added staff. The Russian firm has poached PDVSA professionals and brought in more Russian executives, two sources close to Rosneft told Reuters. The corporate expansion provides a striking contrast to the scene on the streets below these days, in the once-thriving business district of Caracas. As Rosneft staffers work in swanky offices alongside posters of Russian President Vladimir Putin and a bust of Hugo Chavez - the late Venezuelan leader and socialist icon - crowds of young men outside often throw rocks and Molotov cocktails in escalating protests of Chavez’ successor. Rosneft currently owns substantial portions of five major Venezuelan oil projects. The additional projects PDVSA is now offering the Russian firm include five in the Orinoco - Venezuela''s largest oil producing region – along with three in Maracaibo Lake, its second-largest and oldest producing area, and a shallow-water oil project in the Paria Gulf, the two industry sources told Reuters. In a separate proposal first reported by Reuters last month, Rosneft would swap its collateral on 49.9 percent of Citgo [PDVSAC.UL] – the Venezuelan owned, U.S.-based refiner – for stakes in three additional PDVSA oil fields, two natural gas fields and a lucrative fuel supply contract, according to two sources with knowledge of the negotiations. Under the proposal, Rosneft would also take increased management control over all the joint oil projects between the two firms. Rosneft secured the collateral late last year on a loan of $1.5 billion (1.16 billion pounds) to PDVSA. The negotiations over a collateral swap are driven in part by a recent threat from U.S. President Donald Trump to sanction Venezuela’s oil sector as punishment for Maduro’s efforts to undermine the nation’s elected congress. Rosneft has already been sanctioned by the United States over Russia’s annexation of Crimea from Ukraine in 2014. Such actions require U.S. firms to end business relations with sanctioned entities. RUSSIAN OIL DEALS UNDERMINE DEMOCRACY Maduro’s need for Russian cash played a key role in a move by his political allies earlier this year that destabilized Venezuela’s already teetering democracy, the top Venezuelan government official told Reuters. In March, the nation’s Supreme Court - whose members are loyal to Maduro - took over the powers of the opposition-controlled National Assembly. A majority of elected Assembly members opposed any new oil deals with Russia and insisted on retaining power to veto them. Days later - after fierce national protests against the action - the court returned most powers to the national legislature at Maduro’s public urging. But the court allowed the president to keep the legal authority to cut fresh oil deals with Russia without legislative approval. The episode was pivotal in escalating daily street protests and clashes with authorities that have since caused more than 120 deaths. Maduro needed sole authority to cut new oil deals to clear the way for Rosneft''s expansion, the top Venezuelan government official told Reuters. "Pressure from Russia has played an important role in Nicolas Maduro''s decisions," the official said, speaking on condition of anonymity because he was not authorized to make public comments. Rosneft said this month that it has lent a total of $6 billion (4.63 billion pounds) to PDVSA. In total, Russia and Rosneft have delivered Venezuela at least $17 billion (13.12 billion pounds) in loans and credit lines since 2006, according to Reuters calculations based on loans and credit lines announced by the government. Venezuela does not publish the full details of the debts it owes Russia. Maduro has sought to limit the power of congress since the opposition won a majority in 2015. In late July, he created a legislative superbody called the Constituent Assembly in an election that was widely criticized as a sham. Allies of the Socialist Party won all 545 seats in the new assembly, which has the power to rewrite the nation’s constitution, dissolve state institutions - such as the opposition-run Congress - and fire dissident state officials. FILE PHOTO - Demonstrators and riot security forces clash during riots at a rally against Venezuelan President Nicolas Maduro''s government in Caracas, Venezuela, June 7, 2017. Carlos Garcia Rawlins/File Photo SPIRAL OF DEBT, DEPENDENCE Venezuela''s oil-based economy has collapsed since international prices crashed to a low of $24 (18.53 pounds) per barrel in early 2016 from more than $100 in 2014. Prices now hover at about $50 (38.60 pounds), which hasn’t proven high enough to pull Venezuela out of its tailspin. Nearly all of the nation’s export revenue comes from oil, so income has fallen sharply and a shortage of petrodollars has left Maduro''s government unable to finance the generous subsidies of food, medicines, fuels, power and other public services instituted by his predecessor, Chavez. The erosion of subsidies has contributed to rapid inflation, which is forecasted to top 700 percent this year by the International Monetary Fund. Venezuela’s currency, the bolivar, has become nearly worthless. Government spending cuts have also slashed budgets for maintaining the nation’s oilfields, refineries, ports and tankers, causing Venezuela''s oil output in the first half of 2017 to fall to nearly its lowest level in 27 years. PDVSA is repaying a growing portion of its mounting debts to Russia with oil, according to internal PDVSA trade data reviewed by Reuters. The oil payments are choking off the cash flow from its petroleum business - thereby creating the need for more loans. CIRCLING OIL ASSETS The nation’s downward spiral has put Rosneft in a position to acquire Venezuelan oil assets on the cheap. Of the package of stakes PDVSA has offered to Rosneft, the most valuable is a 10 percent stake in Petropiar, a multi-billion dollar project to produce and upgrade extra heavy crude in the Orinoco Belt. The value of the stake is likely between $600 million (463.21 million pounds) and $800 million (617.62 million pounds), based on the valuations of similar deals. The rising volumes of Venezuelan crude that Rosneft receives have made the Russian firm a middleman in sales to refiners that once bought directly from PDVSA. The oil payments have also helped Rosneft grow a major oil trading business to complement its massive production apparatus. In the process, the Russian firm has appropriated some of PDVSA''s hard-won international supply deals and valuable trading relationships with refiners as far afield as China, the PDVSA documents show. At today’s prices, the Venezuelan oil exports that flow to Rosneft would be worth about $3.6 billion (2.78 billion pounds) annually. And the flow of PDVSA crude to Rosneft is expected to keep increasing, according to the internal PDVSA documents. Slideshow (2 Images) Most of it is sold into the United States, according to the documents. Rosneft also will soon start selling Venezuelan crude to India’s refiner Essar, taking PDVSA’s second largest customer in the Asian country. "Russia is taking everything they have," said an oil trader who regularly deals with PDVSA. A DICEY INVESTMENT The Russian strategy has its risks. Many of the world''s top energy firms took a hit when Chavez nationalized their assets, and an opposition-led government could later reverse or revise any deals Maduro cuts without their blessing. Venezuela''s bond yields are among the highest in the world because of the nation''s high default risk. The bonds pay nearly 30 percentage points more than benchmark U.S. treasuries. PDVSA’s many connections to the United States oil industry also raise the specter that the deals now under negotiation could run afoul of U.S. economic sanctions already in place against Russia and threatened against Venezuela. The Petropiar project, for instance, is 30 percent owned by U.S. oil major Chevron Corp. Should Rosneft take a stake in the project, it could be complicated for Chevron to ensure it is not violating U.S. sanctions. In the meantime, Chevron has sent guidelines to executives to ensure they comply with sanctions, an employee at Chevron told Reuters. The guidelines advise staff, for instance, to avoid one-on-one meetings with sanctioned entities or officials, the employee said. In a statement, Chevron said it abides by "a stringent code of business ethics" and complies with applicable laws. For now, Russia’s status as chief lender to PDVSA has put Rosneft in a position to supercharge its holdings and profits in the region. If Venezuela''s government defaults on its debt payments - an increasingly likely scenario - Rosneft likely will be one of the entities at the front of the queue as a creditor because of its large collateral stake in U.S.-based Citgo, according to a confidential independent analysis of its debt commissioned by an investment fund and seen by Reuters. Representatives of Citgo, PDVSA''S largest foreign asset, did not respond to requests for comment. GUNS FOR OIL Rosneft''s involvement in Venezuela can be traced back to a $4 billion (3.09 billion pounds) arms-for-oil deal in 2006 that cemented the bond between the governments of Chavez and Putin. Chavez, a former military officer, signed the deal himself in Moscow. Shunned by the United States - which since 2006 has refused to supply spare parts for Venezuela''s fleet of U.S.-built F-16 fighter jets - Chavez bought Russian Sukhoi fighter jets, helicopters, tanks and guns from Putin. Top executives from Rosneft and PDVSA were later involved in negotiations related to the military purchases because Rosneft was the Russian entity receiving the Venezuelan oil cargoes used to pay for a portion of the weapons, the top Venezuelan government official told Reuters. They included Rosneft President Igor Sechin, a powerful long-time advisor and deputy to Putin. Sechin is a trained linguist who began his career as a military interpreter and has a passion for the history of Latin America''s revolutionaries, according to two people who worked with him. He had a direct line into Chavez until the former president''s death in 2013, the Venezuelan official told Reuters. Sechin has maintained close ties with Maduro and the two meet regularly, the official said. Speaking to reporters in at a hydroelectric plant in Russia last week, Sechin called Rosneft’s growing investments in Venezuela an obvious and essential play. “This is a country with the world’s hydrocarbon reserves,” he said, referring to a central component of oil and natural gas. “Any energy company should aim to work in this country ... No one could force us from there.” Russia was swift to defend Maduro''s government from international criticism after the Supreme Court moved to nullify congress, with Moscow issuing a statement saying foreign governments should not meddle in Venezuelan domestic politics. Sechin was Maduro''s guest of honor at a ceremony last October to unveil a Russian-made granite statue of Chavez erected in the late president''s hometown of Sabaneta. In the sweltering heat, a Russian choir dressed in black sang the Venezuelan anthem in heavily accented Spanish before Sechin addressed the crowds of mostly red-shirted Socialist Party supporters. "Thank you for trusting us,” Sechin told the crowd in Spanish during the speech, broadcast on Venezuelan state television. “Russia and Venezuela, together forever!” (For a graphic on how Russia is poised to cash in on an OPEC nation''s crisis click - tmsnrt.rs/2wODL55 ) Reporting by Marianna Parraga in Houston and Alexandra Ulmer in Caracas; Additional reporting by Polina Nikolskaya and Ekaterina Golubkova in Moscow; Editing by Simon Webb and Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/venezuela-russia-oil-specialreport-idUKKBN1AR14X'|'2017-08-11T14:52:00.000+03:00'
'91ff3e850bfaeccbb075c09cb61973bf1387d9a1'|'RingCentral working with adviser after takeover interest: BBG'|'August 9, 2017 / 3:13 PM / 11 minutes ago RingCentral working with adviser after takeover interest: BBG 1 Min Read (Reuters) - RingCentral Inc, a cloud-based business communications services provider, is working with an adviser after receiving takeover interest, Bloomberg reported on Wednesday, citing sources familiar with the matter. The company''s shares jumped as much as 19.9 percent to hit a record high of $43.05 in morning trading. RingCentral is likely to attract interest from technology-focused private equity firms and other cloud-based software providers, according to Bloomberg. ( bloom.bg/2vm9eMd ) The San Mateo, California-based company, which went public in 2013 and counts AT&T Inc among its customers, had a market capitalization of $2.7 billion as of Tuesday''s close. RingCentral declined to comment. Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ringcentral-m-a-idINKBN1AP1T4'|'2017-08-09T13:13:00.000+03:00'
'2b30edad01e4d2658dfe9008d85e959e797cdc85'|'Investcorp targets 10 investments across private equity, real estate'|'DUBAI, Aug 9 (Reuters) - Bahrain-based Investcorp is targeting 10 investments across its private equity and real estate segments in the current financial year, Co-Chief Executive Rishi Kapoor said on a media call on Wednesday.Earlier, the company reported a 116 percent rise in its second-half net profit to $84.6 million, and a 34 percent increase in profits to $120.3 million for the full financial year ended June 30. (Reporting By Tom Arnold. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/investcorp-bank-results-idIND5N1FF01Z'|'2017-08-09T05:01:00.000+03:00'
'774a25319a6d76c0a6e5b22ed087c7eb2071251b'|'J.C. Penney reports wider quarterly loss'|'Aug 11 (Reuters) - Department store operator J.C. Penney Co Inc reported a wider loss as it margins took a hit from the liquidation of inventory in stores it was closing.The company''s net loss widened to $62 million, or 20 cents per share, in the second quarter ended July 29, from $56 million, or 18 cents per share, a year earlier.Net sales rose 1.5 percent to $2.96 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/jc-penney-results-idINL4N1KW480'|'2017-08-11T09:37:00.000+03:00'
'bea9c3d099cad8673f678659d3928b576f1d2fca'|'Banks picked for float of French fashion company behind Sandro, Maje - sources'|'August 11, 2017 / 1:20 PM / 8 minutes ago Banks picked for float of French fashion company behind Sandro, Maje: sources Dasha Afanasieva 3 Min Read The logo of ready-to-wear Sandro brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. Charles Platiau LONDON (Reuters) - Bank of America Merrill Lynch ( BAC.N ), JP Morgan ( JPM.N ) and KKR Capital Markets ( KKR.N ) have been chosen as joint global coordinators for the float of fashion company SMCP ( IPO-SMCP.PA ) in Paris, sources familiar with the matter said on Friday. The French company behind fashion brands Sandro, Maje and Claudie Pierlot, which is controlled by China''s Shandong Ruyi ( 002193.SZ ), is expected to list its shares this autumn. Two different sources said BNP Paribas ( BNPP.PA ) was also picked to be among the syndicate. Shandong Ruyi, Bank of America and KKR did not immediately respond to requests for comment. JP Morgan and BNP Paribas declined to comment. Sandro, Maje and Claudie Pierlot sell dresses priced at around 200 euros ($260) in France and operate in what is classified as the accessible luxury market. Buoyant demand among the fast-growing middle classes, particularly in countries such as China, has boosted this segment. The group''s earnings before interest, tax, depreciation and amortization (EBITDA) rose 22 percent to 130 million euros in 2016. The logo of ready-to-wear Maje brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. Charles Platiau Based on the enterprise value to EBITDA multiple of Italy''s Moncler ( MONC.MI ), another fast-growing fashion company, SMCP could be worth around 2 billion euros ($2.4 billion). The group had more than 1,200 points of sale as of the end of 2016 across Europe, north America, the Middle East and Asia. In June the company said it was considering a listing in Paris but that Shandong Ruyi would remain the majority shareholder in the long term. Textile group Shandong Ruyi said on Thursday it planned to sell a stake of up to 1.9 percent in the company before the end of the year. In 2016, after talks lasting at least six months, Shandong Ruyi bought a majority stake in SMCP from KKR for around 1.3 billion euros including debt, according to sources. At the time, the Chinese group said the deal would combine the French firm''s fashion know-how with its own business network in China, the world''s second largest economy. Reporting by Dasha Afanasieva; Editing by Adrian Croft and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-smcp-ipo-banks-idUKKBN1AR1EM'|'2017-08-11T17:18:00.000+03:00'
'bc626b138616d32e1bfbc56450b31c5eb886e030'|'Colombia central banker says CPI surprise, weak GDP may allow more rate cuts - Reuters'|'Jose Antonio Ocampo, member of the board of the central bank of Colombia, speaks during an interview with Reuters in Bogota, Colombia August 10, 2017. Picture taken August 10, 2017. Jaime Saldarriaga BOGOTA (Reuters) - Colombia''s central bank may have scope for further cuts in the key interest rate after a surprise slowdown in inflation that will lead it to close the year within target amid expectations of weak economic growth, a central bank policymaker said.Last month annual inflation unexpectedly eased to 3.4 percent, its lowest level in more than 2-1/2 years, prompting central bank board member Jose Antonio Campo to bet it could settle by year-end within the bank''s elusive official target of 2 percent to 4 percent."It was better than the whole world expected," Ocampo said late on Thursday in an interview for the Reuters at the Latin American Investment Summit."I immediately sent a message to my colleagues on the board saying we are going to end up (this year) within the target range; we will be slightly below 4 percent," he added.Even though Ocampo expects consumer prices to pick up again this year, he is the first board member to publicly predict inflation to fall into target range by the end of 2017.The seven-member board has been grappling for more than two years with the twin pressures of a weak economy, caused by the global drop in oil prices, and inflation that in July 2016 reached almost 9 percent.In assessing the scope for rate cuts, Ocampo said he not only looked at the overall inflation figure, but also "basic inflation," a core measure.Basic inflation excludes food prices and some regulated prices like fuel, utilities and transport which are beyond the control of monetary policy."As basic inflation falls we also have a little more room to discuss further interest rate cuts," said Ocampo, a former finance minister who has a doctorate in economics from Yale University.Another important variable to consider for additional rate cuts is gross domestic product data, which will be released for the second quarter on Tuesday."I think next week''s data is going to be rather negative," Ocampo said at his Bogota office.A general view of Colombia''s central bank (Banco de la Republica) in Bogota, Colombia August 10, 2017. Picture taken August 10, 2017. Jaime Saldarriaga The central bank has cut 225 basis points from the benchmark rate since the trimming cycle began in December, leaving it at 5.50 percent last month.Recent surveys of economists by Reuters and the central bank found that policymakers would likely cut the rate by another 25 basis points in August and then hold it through the end of the year. Cuts would continue in 2018 to bring it to 4.50 percent.The bank expects GDP growth of 1.8 percent this year following a 2 percent expansion in 2016.Slideshow (2 Images) Ocampo however sees 2017 growth weakening to 1.5 percent."Curiously I have been the pessimist about this year, I was among the first to talk about growth being 1.5 percent, but I''m optimistic about next year," he said.He saw economic growth of about 3 percent in 2018 as lower inflation along with interest rate cuts reactivate internal demand and provide consumers with more spending power.There has also been a pickup in exports of non-traditional exports, he said.Although Ocampo said it was too early to make interest rate projections for 2018, he did not rule out further reductions."Obviously if productive activity continues to be weak, although I am more optimistic in that matter, one could eventually enter the expansive range ... but it is still very early."Follow Reuters Summits on Twitter @Reuters_Summits.For more summit stories, seeReporting by Helen Murphy and Nelson Bocanegra; Editinb by W Simon'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-ocampo-idINKBN1AR1L9'|'2017-08-11T12:22:00.000+03:00'
'84e632a78f9aba2bb49998d945242c7e85e0a13c'|'Monte dei Paschi reports 3.1 billion euro loss as state steps in'|'August 11, 2017 / 6:09 PM / in 3 hours Monte dei Paschi reports 3.1 billion euro loss as state steps in Silvia Aloisi 4 Min Read FILE PHOTO: The entrance of Monte dei Paschi di Siena bank''s headquarters is seen in downtown Siena July 1, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Monte dei Paschi di Siena ( BMPS.MI ) reported a 3.1 billion euro ($3.7 billion) second-quarter loss after additional writedowns on the bad loans Italy''s fourth biggest bank is selling as part of its bailout by the state. After months of talks with European regulators, the bank completed an 8 billion euro capital increase to strengthen its finances this week. This included a 3.85 billion euro cash injection from the state, giving the government an initial stake of about 52.2 percent in the world''s oldest bank. As a result of the recapitalization, the bank''s so-called CET 1 ratio, a key measure of financial strength, now stands at 15.4 percent, one of the strongest in Europe. It was a lowly 6.5 percent at the end of March and would have been just 1.5 percent without the cash injection. Besides the state''s cash, the rest of the new capital came from the mandatory conversion of subordinated bonds into shares, including those held by insurer Generali ( GASI.MI ), which is now the bank''s second biggest investor with a 4.3 percent stake. The state''s holding will probably rise to 70 percent later this year as the government will compensate retail holders of junior bonds by taking on their shares. Under the terms of the rescue, Monte dei Paschi is selling 26.1 billion euros of bad loans, which will be securitized through a transfer to a privately financed vehicle, with the operation partially funded by bank rescue fund Atlante II. The bank booked 4 billion euros of writedowns on those loans in the three months to the end of June, as expected. Challenges Ahead Burdened by impaired debts and a mismanagement scandal, Monte dei Paschi has for years been at the forefront of Italy''s festering banking crisis. It was forced to request state aid in December after failing to raise money on the market. EU officials speaking on condition of anonymity have said the state will have to sell its holding in the Tuscan bank by the end of a five-year restructuring plan that runs through 2021, at the latest. Italy has pledged more than 20 billion euros of taxpayer money to rescue Monte dei Paschi and two other lenders, but the country''s wider financial sector is still weighed down by about 300 billion euros of non-performing loans. At the end of June, Rome committed up to 17 billion euros to liquidate regional banks Popolare di Vicenza and Veneto Banca though it said the final bill would be much lower and the state might even turn a profit from the deal. Monte dei Paschi is cutting its workforce by 5,500 to just over 20,000 and shutting almost a third of its branches to ensure it is profitable in the longer term. Highlighting the challenge ahead, it said net interest income, a measure of how much money it makes from retail banking, fell 12.7 percent in the first half of the year from a year earlier and net commissions dropped by 8.8 percent. However, the bank, which lost 28 billion euros of commercial deposits last year as frightened customers pulled money out, said current accounts and client deposits had risen by 9.4 billion euros since the start of 2017. Chief Executive Marco Morelli has pledged to get the bank out of "the emergency room" and restore it to health, targeting a net profit of 570 million euros in 2019 and more than 1.2 billion euros two years later. Editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-eurozone-banks-italy-monte-dei-paschi-idUSKBN1AR214'|'2017-08-11T21:09:00.000+03:00'
'b94187ffe2d8ab9b7308fc87c9f737f470aa603e'|'BRIEF-Polaris Materials Q2 loss per share $0.01'|'Aug 10 (Reuters) - Polaris Materials Corp* Polaris announces Q2 2017 financial results* Q2 loss per share $0.01* Q2 revenue fell 8 percent to $12.2 million* Polaris Materials Corp - expectations for full year sales volumes has increased to 3.0 to 3.2 million tons* Polaris Materials Corp - margin improvements are expected to continue through balance of 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-polaris-materials-q2-loss-per-shar-idUSASB0BF8R'|'2017-08-11T00:20:00.000+03:00'
'eb8732ea48f8b084daa79ad81255b14fecd5423b'|'Vivendi''s role in TIM doesn''t breach Italy rules - legal document'|'August 11, 2017 / 12:19 PM / 4 hours ago Telecom Italia advised that Vivendi''s role doesn''t breach rules Reuters Staff 3 Min Read FILE PHOTO - A Telecom Italia tower is pictured in Rome, Italy, March 22, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Legal experts commissioned by Telecom Italia ( TLIT.MI ) to give an opinion on Vivendi''s ( VIV.PA ) growing influence over the company have said the French group does not breach Italian rules aimed at protecting strategic companies, a document reviewed by Reuters shows. Telecom Italia (TIM) has sent the opinion to the Italian government, which is looking into whether Vivendi failed to meet an obligation to notify it of its effective control of a firm considered a strategic national asset. Vivendi''s influence in Italy came under increased scrutiny late last year as it built up a stake of 29 percent in the country''s biggest private broadcaster, Mediaset ( MS.MI ). It had already tightened its grip on TIM, where it has held a stake of around 24 percent since March 2016. Rome''s investigation aims at establishing whether Vivendi - which on July 27 acknowledged "direction and coordination activity" at TIM - actually controls the telecoms group and if Rome can exercise special powers over it. Such powers could range from a fine to imposing conditions or vetoing decisions taken at TIM that Rome may consider a threat to national interests. In the opinion drawn up at TIM''s behest, two prominent Italian legal experts said Vivendi''s role at TIM only related to management of the company and did not imply any change of ownership or control over TIM or its assets. "The actions taken... do not constitute events requiring any need of notification and are not susceptible to triggering the use of any veto power," the document, dated Aug. 6, said. The Italian inquiry into the role of Vivendi in TIM comes at a time of increased tension with France after Paris temporarily nationalised STX France shipyards, cancelling a deal in which Italy''s state-owned Fincantieri ( FCT.MI ) and another Italian investor would have taken a majority stake in STX. But in an interview with la Repubblica newspaper on Friday Italian Industry Minister Carlo Calenda said the idea of resorting to special powers to protect TIM had nothing to do with the shipyard dispute. Calenda said he would be proposing new rules, but with no retroactive effect, to force companies buying over 5 or 10 percent of an Italian company to state their intentions. Vivendi, led by billionaire Vincent Bollore, said on Monday it had no "de facto control" over TIM under Italian law, responding to a request by Italy''s market regulator. It has appointed two-thirds of TIM''s board and played a role in the departure last month of Chief Executive Flavio Cattaneo, whose powers were taken over on an interim basis by TIM''s executive chairman Arnaud de Puyfontaine, who is also Vivendi''s CEO. Amos Genish, Vivendi''s chief convergence officer, was also recently appointed general manager for operations at TIM. Reporting by Giselda Vagnoni and Stephen Jewkes,; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-telecomitalia-vivendi-idUKKBN1AR187'|'2017-08-11T15:19:00.000+03:00'
'c38bd6179d51debaf7801ac276f12d3e912e86a4'|'Brazil''s Eletrobras second-quarter net income drops 98 pct'|'SAO PAULO, Aug 11 (Reuters) - Brazilian state-controlled power utility Centrais Elétricas Brasileiras SA posted net income of 306 million reais ($96 million) in the second quarter, a drop of 98 percent from the year before, according to a securities filing early on Friday.Excluding non-recurring items, Eletrobras, as the company is known, swung to a profit of 162 million reais from a loss of 157 million reais.Earnings before interest, tax, depreciation and amortization, a gauge of operating profit known as EBITDA, fell 87 percent to 3 billion reais.$1 = 3.1751 reais Reporting by Alberto Alerigi Jr; Writing by Bruno Federowski; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eletrobras-results-idINL1N1KX0C1'|'2017-08-11T08:46:00.000+03:00'
'2112da6b5a0b33bea770cdef9ab37b3b9548cc03'|'METALS-Shanghai metals fall on U.S.-N Korea tensions'|'(Updates prices)By James ReganSYDNEY, Aug 11 (Reuters) - Chinese base metals traded lower on Friday, pressured by uncertainty over U.S.-North Korea tensions that was shifting investment into gold and low-risk instruments."Rising geopolitical tension was once again the dominant theme in commodity markets," ANZ Bank said in a report.North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific island territory of Guam.* LONDON COPPER: Three-month copper on the London Metal Exchange slipped 1 percent to $6,356 a tonne by 0700 GMT, extending losses from the previous session.* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange dropped nearly 2 percent to 49,970 yuan ($7,493.44) a tonne.* LEAD DROPS: ShFE lead was also a big loser, falling 2.3 percent. LME lead was down 1 percent, distancing the contract further from six-month highs hit earlier in the week.* TRUMP: U.S. President Donald Trump ratcheted up his rhetoric against North Korea and its leader on Thursday, warning Pyongyang against attacking Guam or U.S. allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory. * GOLD UP: Gold prices held steady after touching their highest in over two months on Friday and were on track for a weekly gain, buoyed as rising tensions between the United States and North Korea triggered safe-haven buying.* LOW RISK: Stock funds in the United States posted $2.8 billion in withdrawals during the seven days through Aug. 9, marking the largest outflows in five weeks. Nearly $31 billion moved into relatively low-risk money market funds, the strongest figure since 2013. About $4 billion moved into taxable and municipal bonds, according to the research service.* ELECTRIC CARS: Mining group Glencore raised earnings guidance for its trading business, citing higher commodity prices, and said on Thursday increased take-up of electric vehicles and demand for energy storage would boost demand for its products.* ALUMINIUM SUPPLIES: Worries about supplies from top producer China have been reinforced by Shandong province, which this week ordered the closure of 3.21 million tonnes of aluminium capacity.* ENVIRONMENT: The shutdowns come as China''s Ministry of Environmental Protection (MEP) said it was embarking on its fourth round of environmental inspections across eight provinces and regions, including Shandong.ShFE aluminium ended 0.56 percent lower, while LME aluminium dropped 0.3 percent to $2,014 a tonne.ShFE zinc closed 2.08 percent lower.* For the top stories in metals and other news, click orPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6685 Chinese yuan)Reporting by James Regan; Editing by Richard Pullin and Sunil Nair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1KX2AH'|'2017-08-11T05:16:00.000+03:00'
'b055eefdb4699909f19a813ab3fbe10985c9e969'|'German politicians and carmakers to hold second diesel summit'|'Protests against Germany''s "Dieselgate" in front of Germany''s Federal Ministry of Transport and Digital Infrastructure where ministers and car executives hold a meeting to agree ways to cut inner-city pollution to try to stave off bans on diesel cars and restore the tarnished reputation of the country''s auto industry in Berlin, Germany, August 2, 2017. Hannibal Hanschke BERLIN (Reuters) - German politicians and car company bosses will hold a second diesel summit after they agreed at a first meeting to overhaul engine software on 5.3 million diesel cars, a government spokesman said on Friday, though he did not name a date.Environmentalists have said measures taken at the first diesel summit on Aug. 2 to cut pollution and repair the industry''s battered reputation did not go far enough.Government spokesman Steffen Seibert said while the first important steps had been agreed at that summit, Germany would not simply return to business as usual."Four groups of experts have been deployed to debate what possible further measures can be taken," he told reporters. "They are starting work immediately and therefore it is logical that there will be another meeting."Chancellor Angela Merkel''s government has come under mounting pressure ahead of a national election next month for not doing enough to crack down on vehicle pollution and for being too close to powerful carmakers.A spokeswoman for the Transport Ministry said: "From our point of view it''s not yet necessary to talk about the date of a diesel summit."The first summit took place almost two years after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. diesel emissions tests and environmentalists have vowed to press on with legal action aimed at banning polluting vehicles.Reporting by Michelle Martin; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-germany-emissions-summit-idUSKBN1AR1PZ'|'2017-08-11T18:32:00.000+03:00'
'2ea168e3eb1bb6ca9e453fddc0eadd05682d4fb1'|'BRIEF-KemPharm Q2 loss per share $0.44'|'Aug 10 (Reuters) - Kempharm Inc* KemPharm Inc reports second quarter 2017 results* Q2 loss per share $0.44* Q2 earnings per share view $-0.63 -- Thomson Reuters I/B/E/S* KemPharm Inc says now expect to file Investigational New Drug (IND) application for KP484 as early as Q3 of 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-kempharm-q2-loss-per-share-idUSASB0BF5Y'|'2017-08-10T23:59:00.000+03:00'
'834ab55b371d5a0f47dbf2d3727041b003628274'|'U.S. economic expansion to last another two years or more - Reuters poll'|'August 11, 2017 / 6:24 AM / 4 hours ago U.S. economic expansion to last another two years or more - Reuters poll Rahul Karunakar and Indradip Ghosh 5 Min Read A ferry crosses the Hudson River at sunrise in front of lower Manhattan in NewYork City, as seen from Hoboken, New Jersey, U.S., August 9, 2017. Mike Segar BENGALURU (Reuters) - The U.S. economic expansion will last at least another two years, according to a majority of economists polled by Reuters who also forecast growth will not accelerate the way the Trump administration has predicted. The recovery from the devastating 2007-2009 financial crisis has been unusually lengthy. The latest growth stretch has already lasted 96 months, and if the poll predictions come true it would mark the longest economic expansion in more than 150 years. Growth has still not picked up as quickly as thought recently, leading forecasters to lower expectations again slightly in the poll of more than 100 economists taken Aug. 7-10. Still, the U.S. expansion has more than two years to go, according to 34 of 57 economists who answered an additional question on the business cycle. Of those economists, 21 said it would last two to three years and 13 said more than three years. "Expansions don''t go on forever," said Sam Bullard, senior economist at Wells Fargo, who said there was another two to three years to go. "Steady, moderate growth looks like it could stay in place for a while." The remaining 23 respondents said the expansion would only last one to two years. None of the economists, based in the United States, Canada and Europe, expected it to end within a year. U.S. President Donald Trump''s administration aims to boost annual growth to 3 percent, mainly through sweeping tax cuts. But with the failure to repeal and replace the Affordable Care Act, significant fiscal stimulus appears less likely and the economy has shown no signs of accelerating to meet that target. Predictions pointed to continued sluggish average growth in the current economic cycle compared with previous cycles of this length, based on National Bureau of Economic Research data. ( www.nber.org/cycles.html ) GDP likely grew at a 2.6 percent annualised pace in the second quarter, down from 2.7 percent in the July poll. But the trend has yet to break away from roughly 2 percent. The latest poll suggests 2.1 percent to 2.5 percent growth each quarter to the end of next year, slightly down from the 2.2 percent to 2.5 percent predicted the previous month. But growth has not been that steady during this expansion and generally is not in any economy. The modest outlook was still broadly explained by slower spending due to sluggish wage growth even though the economy is close to full employment. Expectations for tax cuts from the Trump administration are also fading. While that has not deterred U.S. stock markets, which have been setting record highs all year, it has pushed the dollar down nearly 9 percent against a basket of currencies. Inflation forecasts have remained lukewarm, with the Federal Reserve''s preferred gauge, the core PCE price index, not expected to reach the central bank''s 2 percent target until the final quarter of 2018. Core PCE inflation was forecast to average 1.5 percent to 1.6 percent each quarter from here until the end of 2017. AUTUMN IT IS Despite that subdued inflation outlook, the Fed is still expected to announce steps to start shrinking its more than $4 trillion balance sheet in September, according to 94 of 100 economists in the Reuters poll. Five respondents said the announcement would be some time in the final three months of this year and one said early next year. The poll also predicted the Fed would raise interest rates by 25 basis points in October or December, taking the fed funds rate to a range of 1.25 percent to 1.50 percent. The Fed is expected to follow up with three more rate hikes of the same amount in 2018. "What the Fed is doing right now is saying the healthy economy combined with strong financial conditions more than make up for the disappointment in inflation," said Ethan Harris, head of global economics at Bank of America Merrill Lynch. "They are very likely to announce their balance sheet shrinkage in September and see better-than-even odds they will even hike in December." When asked if the Fed should start shrinking its balance sheet before inflation hits its target, 55 of 62 economists said "yes." "Yes, they need to lower the balance sheet given emergency conditions are absent," said Wells Fargo''s Bullard. But not everyone agrees. Some economists worry the envisioned pace of Fed tightening could hurt the economy, especially given the anemic nature of the recovery. "Clearly the idea here is to get ready for the end of the (economic) cycle," said Harris. "In my view, hiking now so you can cut later is not the right way to think about it. You hike late so you can hike more. Because (if) you get inflation higher, then the hikes aren''t that painful to the economy." Additional reporting by Anu Bararia; Polling and analysis by Vivek Mishra and Indradip Ghosh; Editing by Ross Finley and Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-economy-poll-idUKKBN1AR0FY'|'2017-08-11T09:24:00.000+03:00'
'806aacc92fe88d6636b4871c55955735de6916cd'|'Ireland''s ESB to launch UK energy supplier this year'|'August 11, 2017 / 10:15 AM / 13 minutes ago Ireland''s ESB to launch UK energy supplier this year Reuters Staff 2 Min Read (Reuters) - Irish utility ESB is preparing to launch an energy supplier in Britain later this year, entering a highly competitive market that is also under scrutiny from government after the competition regulator found users were overcharged billions of pounds. "We are currently in the process of fulfilling all regulatory requirements in advance of entering the GB energy market later in 2017," a spokesman said, declining to give further details. The state-owned company is Ireland''s incumbent electricity provider and supplies 2.3 million customers in its home market. Its foray into the British energy retail market follows a string of other foreign energy companies which have set up British retail units, such as France''s Engie ( ENGIE.PA ) and Sweden''s Vattenfall [VATN.UL]. Britain''s energy retail market is highly competitive, with more than 50 suppliers offering to bring electricity and gas through various tariffs to households and commercial end consumers. The sector''s ''Big Six'' suppliers have come under pressure in the past few years after anti-trust regulator the CMA found that many customers placed on the most expensive tariffs had been overcharged 1.4 billion pounds a year between 2012 and 2015. The ''Big Six'' energy companies are Centrica''s ( CNA.L ) British Gas, SSE ( SSE.L ), Iberdrola''s ( IBE.MC ) Scottish Power, EDF Energy ( EDF.PA ), E.ON ( EONGn.DE ) and Innogy''s ( IGY.DE ) npower. Britain''s regulator has since ordered suppliers to reduce the maximum tariffs for customers on prepayment meters and the government launched a review this month into how best to reduce long-term energy bills. Reporting by Karolin Schaps. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-esb-britain-supplier-idUKKBN1AR0VX'|'2017-08-11T13:15:00.000+03:00'
'882b32ea8902e38d188c71d63793eeb257ba9973'|'News Corp revenue misses on weak demand for print advertising'|'Edition United States  25 PM / 15 minutes ago News Corp revenue misses on weak demand for print advertising Reuters Staff 2 Min Read Rupert Murdoch leaves his home in London, Britain March 4, 2016. Stefan Wermuth (Reuters) - News Corp ( NWSA.O ) reported fourth-quarter revenue that missed estimates as the owner of the Wall Street Journal was hurt by decling demand for print advertising. Shares of the company, controlled by media mogul Rupert Murdoch, were down about 1.4 percent in extended trading on Thursday. Advertising revenue, the company''s biggest source of revenue, fell 8.2 percent to $737 million in the reported quarter. Sales of print-based advertising, which has been declining for the last ten years, is expected to fall 13 percent in the United States in 2017, according to media research firm Magna Intelligence. ( bit.ly/2uszRC6 ) The company reported a net loss available to shareholders of $430 million, or 74 cents per share, in the fourth quarter ended June 30, compared with a profit of $89 million, or 15 cents per share, a year earlier. News Corp — which owns book publisher HarperCollins and newspapers including the New York Post and the Times in London — said it earned 11 cents per share on an adjusted basis, missing estimates of 9 cents per share, according to Thomson Reuters I/B/E/S. Total revenue fell 6.6 percent to $2.08 billion, missing estimates of $2.10 billion. Reporting by Amy Caren Daniel in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-news-corp-results-idUKKBN1AQ2G6'|'2017-08-10T23:48:00.000+03:00'
'f1fad283cd202cec488e2451f0f983902ab0e433'|'Brazil''s BRF readies discount brand as antitrust restrictions end'|'SAO PAULO, Aug 11 (Reuters) - Brazilian food processor BRF SA will launch a discount brand aimed at the domestic market, executives said on a Friday conference call to discuss second-quarter results.The launch of the new brand comes as Brazil''s antitrust agency Cade lifts restrictions established in 2011, when it approved the merger of Sadia and Perdigão, creating BRF SA.The new brand will be aimed at a niche representing some 30 percent of the Brazilian processed food market, executives said. (Reporting by Ana Mano; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brf-outlook-idINE6N1HB02F'|'2017-08-11T11:36:00.000+03:00'
'167dcb58201cd4fc9a2245aded5ade436b55040a'|'UPDATE 1-BRF readies Brazil discount brand after antitrust ban lifted'|'August 11, 2017 / 4:14 PM / 8 minutes ago UPDATE 1-BRF readies Brazil discount brand after antitrust ban lifted 3 Min Read (Adds details from conference call, share performance) By Ana Mano SAO PAULO, Aug 11 (Reuters) - Brazilian food processor BRF SA will introduce a discount brand in its home market, executives said on Friday, as the end of antitrust restrictions allow it to target a niche that has grown during the country''s recession. The company is trying to regain market share that it lost earlier this year when it became embroiled in a food safety scandal that disrupted operations and temporarily shut export markets. Antitrust agency Cade is lifting brand limits established in 2011, when it approved the formation of BRF from the merger of Sadia and Perdigão. BRF is aiming the new brand at cost-conscious buyers representing some 30 percent of Brazil''s processed food market, executives said on a conference call with analysts. The company plans to start marketing the new brand in the first quarter of 2018 after getting all regulatory approvals, management said, without specifying the products involved. "The new brand will increase use of our installed capacity and will allow the use of leftover raw materials," Chairman Abilio Diniz said on the earnings call. Late on Thursday, BRF reported its third consecutive quarterly net loss as it reeled from a probe leading to accusations that more than 100 people, mostly inspectors, took bribes in exchange for allowing the sale of rancid food, falsified export documents or failed to inspect meatpacking plants. Still, BRF shares were up 4.5 percent at 40.75 reais in midday trading in Sao Paulo after analysts such as Antonio Barreto of Itaú BBA pointed to rising profitability in international markets due to a bumper corn crop. "There is reason to be more optimistic on BRF in the second half," Barreto wrote in a research note, adding that the weak second-quarter results were widely expected. BRF''s market share in Brazil rose by 0.8 percent to 54.4 percent in the second quarter from the first, management said, citing Nielsen data. "We ended the second quarter with positive growth, continuing the process of market share recovery," said Chief Executive Officer Pedro Faria. The gains would have been greater had it not been for the food safety scandal, he added. (Reporting by Ana Mano; Editing by Bernadette Baum and Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brf-outlook-idUSL1N1KX0QG'|'2017-08-11T19:12:00.000+03:00'
'c6ba32191cb253e1c8b7e674183484803131c409'|'Nationwide posts 18 percent fall in first-quarter profit'|'August 11, 2017 / 6:45 AM / an hour ago Nationwide posts 18 percent fall in first-quarter profit Reuters Staff 2 Min Read FILE PHOTO: Pedestrians pass a Nationwide building society in London, Britain, May 27, 2009. Toby Melville/File Photo LONDON (Reuters) - Britain''s Nationwide Building Society said its profit fell 18 percent in the first quarter and the volume of mortgage lending dropped, although it reported strong growth in the number of current account customers. Britain''s second-biggest provider of mortgages posted underlying profit before tax of 301 million pounds ($390.91 million) for the three months to end-June, down from 368 million pounds in the same period a year ago. Last year''s figure was boosted by a 100 million pound gain for the sale of its investment in Visa Europe. The lender also said 202,000 new current accounts were opened during the period, a 17 percent rise compared to last year. Nationwide has in recent months pared back its business model, cutting product lines such as car insurance and inheritance tax and planning to focus more on its core product of home loans. The group''s gross mortgage lending during the quarter fell to 8.1 billion pounds from 8.6 billion a year ago. The lender said on Friday that although the British public had become less optimistic about the economic outlook, research conducted for its Brexit Consumer Support Panel showed the majority of consumers expect Britain''s EU exit to leave their ability to access credit unchanged. "It will be important for lenders to balance carefully credit supply with affordability as we seek to support the long-term interests of consumers in a responsible way through any potential economic slowdown ahead," Chief Executive Joe Garner said. Reporting By Anjuli Davies; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nationwide-results-idUKKBN1AR0H7'|'2017-08-11T09:45:00.000+03:00'
'18497308244162797e00bb3f9b442583636bc0d5'|'Airport profits: ready to depart'|'WHEN Heathrow airport opened, in 1946, the only retail facilities were a bar with chintz armchairs and a small newsagent’s. The first terminal was a tent, a far cry from the four halls, resembling vast shopping malls, at the London airport today. Retail spending per passenger is the highest of any airport. This summer’s consumer crazes include Harry Potter wands and cactus-shaped lilos.Heathrow’s journey from waiting room to retail paradise is the story of many airports. Before the 1980s, most income came from airlines’ landing and passenger-handling charges. Then “non-aeronautical” revenue—from shops, airport parking, car rental and so on—rose to around two-fifths of their revenues, of $152bn worldwide in 2015. But amid signs that non-aeronautical income is peaking, especially in mature aviation markets such as North America and Europe, the industry fears for its business model. 2 hours 2 hours ago Germany’s election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates When airports were state-owned, and run not for profit but for the benefit of the local flag-carrier, such ancillary income was less important. Airports in Asia, Africa and the Middle East still operate like this. Globally, two-thirds lose money; the share is 75% in China and 90% in India. But most airports in Europe and the Americas have to pay their own way.Britain led the way with privatisation in the 1980s. Canada leased its major airports to private-sector entities in 1994, and is now considering whether to sell them completely. Squeezed state budgets in America mean that most publicly owned airports are managed by arms-length organisations that must break even. And a wave of privatisation is sweeping Europe, where nearly half of terminal capacity is now owned by the private sector. France’s main airports in Paris are still partly in state hands, but Emmanuel Macron, the president, aims to sell the rest. Latin American countries are following closely behind.Their timing may be off. Although passenger numbers are still booming—growing worldwide by 6.3% last year, according to IATA, an airline-industry group—non-aeronautical revenues per person are falling across North America and Europe, a trend that is offsetting some of the rise in aeronautical revenues from higher passenger numbers.On the retail side, some temporary factors are at work, such as a crackdown on corruption by Xi Jinping, China’s president, which has crimped sales of luxury items to high-spending Chinese. Extra security checks introduced after a run of terror attacks have cut passengers’ shopping time, and that may change in future.Yet there are structural causes too. Tyler Brûlé, an airport-design guru and editor-in-chief of Monocle , a British magazine, notes that the duplication of nearly identical duty-free and luxury-goods outlets at airports across the world has left many passengers unexcited by the range of items on offer. The demographics of regular flyers, which have shifted towards people with less money to spare, have not helped. At the start of the year, Aéroports de Paris, Frankfurt airport and Schiphol airport, in Amsterdam, announced drops in spending per passenger in 2016 of around 4-8%.Under even greater threat, especially in North America, is income from car parks, which makes up two-fifths of non-aeronautical revenues across the continent, and car-rental concessions, which brings in a further one-fifth. At European airports the shares are 20% and 3% respectively (see chart). These businesses are being disrupted by ride-hailing apps, mainly Uber and Lyft, which make travel by taxi more affordable compared with renting or parking a car at the airport. In the past year, revenues from parking have fallen short of forecast budgets by up to a tenth, airport managers say, and next year they expect worse results. Many airports at first tried to ban Uber’s and Lyft’s cars from their taxi ranks, but drivers found a way round it, in some cases picking up rides from nearby houses. Now more are allowing Uber and Lyft to use their facilities.The likely direction of new technology and environmental regulation will continue to sap revenue from parking and car hire, reckons Francois-Xavier Delenclos of BCG, a consultancy. Because airports must meet local air-pollution targets, they will discourage passengers from using cars with internal combustion engines. Heathrow, for instance, wants the share of passengers using public transport to reach the airport to increase from 41% to 55% by 2040; many American airports have similar targets. Even the adoption of electric self-driving cars will offer little respite. After dropping off passengers, they will be able to take themselves home.Revenues are stagnating just when airports in America and Europe need more cash to expand, to cope with demand for flights. Without expansion beyond current plans, by 2035, 19 of Europe’s biggest airports will be as congested as Heathrow today, which operates at full capacity, according to Olivier Jankovec, director-general of ACI Europe, a trade group in Brussels. In America the Federal Aviation Administration, a regulator, estimates that congestion and delays at the country’s airports cost the economy $22bn in 2012. This will rise to $34bn in 2020 and $63bn by 2040 if capacity is not increased. Meanwhile, the cost of airport construction is rising more than twice as fast as general inflation, mainly due to rising costs of specialised labour.For those tramping through airports, this is bad news. Without space for extra airlines, established carriers can raise their fares without fear of new competitors moving in. Neither are incumbent airlines keen to foot the bill for expansion. IAG, an Anglo-Spanish group, is fighting plans to levy higher landing fees on its airlines, including British Airways, to pay for new runways at Heathrow and in Dublin. Expect to see more battles like this, for lilos and duty-free Smirnoff vodka cannot pay for all the terminals and runways that America and Europe need. "Losing altitude"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726099-boring-shops-extra-security-and-ride-hailing-hurt-airports-airport-profits-ready-depart?fsrc=rss%7Cbus'|'2017-08-12T08:00:00.000+03:00'
'cbbbc75eb9f6858f8ca1ed0692f86b4ac18571ad'|'Britain’s tech gem Worldpay set to sparkle in the US'|'Britain’s tech gem Worldpay set to sparkle in the US Salvaged from RBS, payments group’s has been taken over by Cincinnati-based Vantiv Read next Play audio for this article Pause 00:00 00:00 Salvaged from the ruins of Royal Bank of Scotland after the financial crisis, Worldpay had an inauspicious early life. But the little-known payments processing company buried beneath the rubble of the bank in 2008 was a British diamond in the rough. Nearly 10 years on, Worldpay, founded by a former policeman before the now state-backed lender RBS acquired it in 2002, has been transformed from an unfashionable, yet steady, utility to a technology powerhouse. It is being snapped up as one of the UK’s most promising fintech stocks for £9.3bn by US rival Vantiv following an agreement struck this week. The sale caps a journey that has taken Worldpay from a tiny tech start-up, into RBS’s hands, through private equity ownership and back to the FTSE 100 in one of the UK’s biggest post-crisis floats. The result is a company positioned to capitalise on the explosion of digital payments — as more consumers and businesses shop online and on mobile. Combined with Vantiv, it will be the largest processor in the world by the number of transactions. Still, it is not quite the outcome Worldpay had planned. Before last year’s Brexit vote, the company was ready to go on the prowl for acquisitions. Investors say the sudden drop in sterling following the UK referendum last June turned predator into prey. Share this chart Worldpay’s independence is a “casualty of Brexit”, says Richard Buxton, chief executive of Old Mutual Global Investors, which has a stake in the UK company. “They were clearly looking to acquire Vantiv before the referendum and collapse of sterling, which scuppered it all.” Mr Buxton adds that the combination with the US group “makes sense but the terms are not great for Worldpay holders”. The two sides have agreed that Worldpay will have a secondary listing in London, so UK investors can benefit from any future increases in the share price. The new group will retain the Worldpay name and have an international hub in the UK. But still the deal means Britain loses one of its brightest gems in the fintech sector to Cincinnati-based Vantiv. It joins a slew of other fast-growing UK companies that have been snapped up by foreign buyers this year — chipmaker Arm Holdings was bought by SoftBank and pay-TV broadcaster Sky received a bid from 21st Century Fox. Worldpay provides the technology for companies such as retailers to accept payments in stores and online. It has experienced inexorable growth, with underlying earnings surging from £270m in 2011 — the year after it was sold by RBS — to £468m in 2016. Worldpay’s share price is up by about 70 per cent since it was listed in London in October 2015. Vantiv fought off early competition from JPMorgan Chase, which showed interest in Worldpay last month but ruled itself out within an hour of its rival’s initial offer. Share this chart JPMorgan’s approach nevertheless reflects the degree of interest and intense competition brewing in the payments space. Founded by entrepreneur and former policeman Nick Ogden in 1997, Worldpay was inspired by his creation of an online wineshop before the internet took off. Mr Ogden then worked with his bankers to create a broader online shopping site for established UK retailers. “What we created...was a global shopping audience looking at products only priced in pounds — but they didn’t know how much it was worth in their own currency,” Mr Ogden tells the FT. “I suddenly realised e-commerce wouldn’t work unless we presented goods to customers all over the world in a currency that they understand...that was the ‘eureka moment’ behind Worldpay.” Mr Ogden began working with UK bank NatWest to launch Worldpay as a service that enabled companies to accept online payments in local currencies. “The first customer was the Diana Memorial fund,” he says. “I was asked whether we could provide the payments processing for online memorial donations.” In 2000, RBS took over NatWest in a hostile bid spurred by Fred Goodwin, its then chief executive. RBS bought Worldpay in 2002. But Mr Goodwin’s focus at RBS was on the global expansion of the investment bank, not a payments processing unit seen at the time as an operational necessity rather than an engine of growth. Share this chart Under RBS’s ownership Worldpay continued to offer point-of-sale transactions and online payments for corporates, but people close to the company say it lacked focus, investment and skilled staff. The bank was ordered by the European Commission to sell numerous businesses as a condition of its taxpayer-backed £45.5bn bailout. Worldpay was one. RBS sold Worldpay — then an “unloved subsidiary”, according to one investor — to private equity companies Advent International and Bain Capital in 2010 for more than £2bn. There have since been questions over whether RBS let the business go for too little. “Worldpay is a very different business now to the one we sold in 2010 — it has undergone significant restructuring and seen major investment by its new owners and of course financial technology stock has seen huge upturn in valuation,” says one RBS banker. “So for people to say we didn’t get a good deal overlooks the situation at the time and what’s happened over the past seven years.” One person close to the bank says RBS did not have the investment firepower after the financial crisis to commit to Worldpay. “The business was suffering from a hiring freeze, it could not recruit sales people, especially in the US.” Robin Marshall, a managing director at Bain, says RBS’s core business “was not actually the creation of a payments company and that’s why when we bought Worldpay it hadn’t been invested in to the level it deserved”. Under Bain and Advent’s ownership, Worldpay’s growth was turbocharged. Share this chart The private equity companies invested more than £1bn, about half of which went on new technology and the rest on acquisitions and staff, doubling the number of employees, including engineers. They recruited turnround specialist Philip Jansen as chief executive. Mr Jansen, who will be co-CEO of the new group along with Vantiv’s Charles Drucker, previously worked at UK food supplier, Brakes, a company also owned at the time by Bain, before it was sold to US company Sysco last year. “We are able to give managers skin in the game; they are able to have equity in the business,” says James Brocklebank, a managing partner at Advent. Mr Jansen’s stake, which he will roll into the new company, is now worth more than £30m. Advent and Bain made nine acquisitions, a key one of which was Cardsave. Mr Brocklebank says this provided a salesforce that sold Worldpay’s payment services to companies including British Airways and Asos, significantly spurring the UK unit’s rapid growth. But it was not all plain-sailing. Worldpay’s technology was intertwined with that of RBS. The bank’s archaic systems were under strain, suffering from glitches that led to payments issues. “This was the biggest challenge in the deal and it was extremely risky. It was like meatballs and spaghetti within RBS’s technology,” says Mr Brocklebank. Bain and Advent made the tough decision to completely rebuild Worldpay’s IT system from scratch, a task that had not previously been undertaken at such a scale in Europe. Challenges remain for Vantiv. Worldpay has still not been completely removed from RBS’s systems. Mr Jansen says he expects the process to take another year. Competition is mounting, from new fintech firms such as the US Stripe and established behemoths such as JPMorgan. But investors say Vantiv’s early move is strategically shrewd. As the global digital payments sector expands, a company unearthed in London will be polished in the midwest. From behind the scenes to centre-stage Banks, fintech start-ups and card companies are eyeing the lucrative growth opportunities in the globally expanding digital payments area. Payment processors were once regarded as a boring utility that facilitated transactions. But as more people around the world move from cash transactions to online and mobile phone payments, processors will play an increasingly important commercial role. Jeremy Light, a payments expert at Accenture, says: “Competition is definitely heating up because e-commerce is growing so rapidly.” One investor says: “If your payment provider can help you as a company ensure more customers complete the payment process when they come to check out, that’s hugely valuable. Worldpay was good; it helped British Airways with their online payments, and Asos. This is more important to a merchant than a fraction of a cent on a transaction charge.” He adds that payment processors “are seen as highly strategic because they help companies sell more, hence the complete re-rating of the sector”. Research points to the opportunities ahead. Figures from Capgemini show the number of non-cash transactions jumped 11 per cent in 2015 to 433bn. Consultants at McKinsey forecast global payments revenues will grow from $1.8tn in 2014 to $2.2tn in 2020. But competition is fierce, and experts warn that payments providers need to join forces. Nick Ogden, founder of Worldpay, says companies must “scale up and reduce costs because revenues are being threatened by caps on fees and changes in technology.” He says: “It’s not the market it was in the late the 1990s. I think the shape of the whole marketplace is going to change significantly over the next three tofive years”. Banks with payment processing capabilities are now dusting off these back-office functions. One investor says: “JPMorgan has a strong e-commerce business – it made sense for them to look at this, against a background of consolidation.” Worldpay’s largest competitor in the UK is Barclaycard; together they account for about 90 per cent of the market. Globally, Worldpay has rivals in the form of Adyen, Stipe and PayPal. Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t copy articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/caf45f62-7e80-11e7-9108-edda0bcbc928'|'2017-08-11T19:38:00.000+03:00'
'f150cddea23ca75d40363df0118f128c56172652'|'An Israeli pharma champion sickens'|'THE headlong plunge of shares in Teva, a pharmaceutical giant—down by over 40% since August 2nd—is causing consternation beyond the firm’s shareholders and employees. The company was founded in Jerusalem in 1901, is the largest in Israel and is the country’s only multinational with its headquarters still at home. Since beginning its rapid expansion abroad in the early 1980s it has been called “the nation’s share” by Israelis, whose pension funds have invested heavily in its success.That prosperity came chiefly thanks to the firm’s most popular proprietary drug, a bestselling medication for multiple sclerosis called Copaxone. Over the past two decades its sales paid for a global spree of buying generic-drugs competitors. Last year Teva completed its most ambitious purchase, of Actavis Generics, an American generics manufacturer, for $40.5bn; financing the deal took its debt to $35bn. But Teva’s transformation into the world’s largest supplier of generic medicines turned out to be ill-fated. The mood has turned in recent months as American pharmacies and wholesalers have squeezed the prices of generic drugs.  5   Last week Teva said its second-quarter earnings had fallen by a tenth and announced plans to cut 7,000 jobs and pull out of 45 countries by the end of 2017. Seemingly overnight, it has gone from being the darling of the Israeli economy into a byword for mismanagement. Having been run for 26 years by one CEO, Eli Hurvitz, who had married into the founder’s family and who led its international expansion, in the past decade the firm has gone through a further five. Israeli politicians who in the past approved big tax write-offs to boost the national success story are speaking of a need to look into the firm’s business and perhaps even intervene. Eli Cohen, the economics minister, this week called for Teva to take care of employees and to relocate its foreign activities in Israel.Such heavy-handedness is hardly justified. Unemployment in Israel is near an all-time low, at 4.5%, and Teva’s highly qualified employees would find new jobs if the firm sinks further. Most of the pension funds have diversified in recent years and can absorb the losses from its tumbling shares. Although Israelis are sentimental about Teva because of its past success, says Guy Rolnik, editor of the Marker , a business newspaper, they need to “wake up” to the fact that it is a multinational.Yet Teva’s plight has revived a debate about whether Israel is benefiting enough from its high level of investment in research and development. Hundreds of technology startups have been snapped up by global firms in recent decades, and many of them have moved abroad. Israel now has two economies, notes Eugene Kandel, the former chairman of the government’s National Economic Council and the chief executive of Start-Up Nation Central, a non-profit organisation. There is the lucrative, high-tech economy for a small share of the workforce and a second economy where most Israelis work and earn much less, he says.To sustain the first, Israel needs to keep companies such as Teva. But it may now be taken over and lose its Israeli identity. Israel will try to persuade firms such as Mobileye, a developer of driverless car systems that was bought earlier this year by Intel, an American chip giant, for $15.3bn, to base not only their research centres in Israel, but their manufacturing. Yet the economy as a whole is still suffering from low labour productivity and over-regulation. A new wave of state intervention in cases such as Teva’s is unlikely to be the right way to build and attract big firms in future.This article appeared in the Business section of the print edition under the headline "Startup and leave nation"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21726083-country-frets-about-what-tevas-decline-means-israeli-pharma-champion-sickens?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'393aba0eda900c15c3daf066644ce496591ee1b7'|'Mexico''s Banorte president optimistic about NAFTA renegotiation - Reuters'|'Carlos Hank Gonzalez, Chairman of the Board of Grupo Financiero Banorte, speaks during an interview at the Reuters Latin American Investment Summit in Mexico City, Mexico, August 10, 2017. Ginnette Riquelme (Reuters) - Mexico''s Grupo Financiero Banorte ( GFNORTEO.MX ) hopes the terms of the North American Free Trade Agreement (NAFTA) will be rewritten to benefit the country and its banking sector, its president Carlos Hank Gonzalez said on Thursday.The group, which owns the largest financial institution owned by Mexican investors, reported a 23-percent increase in profits for the second quarter, helped by positive performance in its key sectors of consumer and corporate credit.Slideshow (3 Images) Canada, the United States and Mexico will start renegotiating the terms of the trade agreement that has shaped business between the three countries for more than two decades after President Donald Trump threatened to tear up the agreement if it did not benefit businesses and employment in the United States."I believe the trade agreement needs some changes to modernize it, to adapt it to new challenges of globalization," Gonzalez said, adding that there was less uncertainty than at the beginning of the year now that there are guidelines for the talks."I believe it would be an error to take a step back, close the country (to globalization) and its borders," he added.The banker said a favorably renegotiated trade agreement could indirectly help companies in Mexico''s financial sector to grow.Follow Reuters Summits on Twitter @Reuters_SummitsReporting by Stefanie Eschenbacher; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-banorte-idINKBN1AR00B'|'2017-08-10T22:10:00.000+03:00'
'bf62cdc3f706c85bfc68922fdde97ba991e61f30'|'Black banker sues Goldman Sachs for racial discrimination'|'August 16, 2017 / 5:07 PM / 7 minutes ago Black banker sues Goldman Sachs for racial discrimination Daniel Wiessner 3 Min Read FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo (Reuters) - A black banker in Goldman Sachs Group Inc''s ( GS.N ) personal wealth management unit filed a lawsuit on Wednesday accusing the firm of steering top clients to her white colleagues and denying her promotions because of her race. Rebecca Allen in the lawsuit filed in federal court in Manhattan said Goldman has a virtually all-white senior leadership team that favors white bankers for promotions and lucrative accounts, so they earn more than black coworkers. "Simply put, Goldman Sachs does virtually nothing to hire, promote or develop black talent, instead focusing its efforts on retaining and promoting white employees to positions of leadership," Allen said in the complaint. Goldman did not immediately respond to a request for comment. Allen, who was hired in 2012, said that last year she was removed from an account she had worked on for three years by a Goldman partner, Christina Minnis. Allen says her supervisor met with Minnis about the decision and said she made racist and anti-Semitic comments about Allen, who is also Jewish. Minnis is also named as a defendant in the lawsuit. Allen''s lawyers at New York City law firm Wigdor said in a statement that they believed other black Goldman employees would come forward with similar claims. "We can expose what is really happening behind the closed doors with regard to the denial of opportunity for entrance and advancement for qualified black individuals," the lawyers said. Wigdor is also representing a group of non-white current and former employees of Fox News Network LLC ( FOXA.O ) who say in a lawsuit in New York state court that they were belittled and marginalized because of their race. Fox has denied the claims. Allen''s lawsuit comes as Goldman Sachs is facing proposed class action claims in the same court in Manhattan accusing the firm of discriminating against women in pay and promotions. Goldman has denied the claims and in June appealed a judge''s decision rejecting its bid to dismiss part of the case. In Wednesday''s lawsuit, Allen says her male colleagues were assigned to more lucrative accounts. But her legal claims stem only from alleged discrimination based on her race and religion. The case is Allen v. Goldman Sachs Group Inc, U.S. District Court for the Southern District of New York, No. 1:17-cv-06195. Reporting by Daniel Wiessner in Albany, New York; Editing by Marguerita Choy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-goldman-sachs-lawsuit-discrimination-idUSKCN1AW257'|'2017-08-16T20:06:00.000+03:00'
'bb38e2c2fca4a96113cf89a8dea7aaf9e1350c80'|'Walnut whipped out as Nestle introduces nut-free fondants'|' 26 PM / 4 hours ago Walnut whipped out as Nestle introduces nut-free fondants Reuters Staff 2 Min Read LONDON (Reuters) - Nestle ( NESN.S ) risked an outbreak of consumer mockery on Wednesday by launching new versions of its popular Walnut Whip candies lacking the nutty ingredient after which they are named. The Swiss-based food maker said the new range would cater to consumers who don''t like nuts, yet the launch comes as sharply rising walnut prices join a list of increasing raw material costs forcing manufacturers into a range of economy measures. The traditional Walnut Whip is comprised of a whirl-shaped chocolate cone, filled with fondant and topped with a walnut. But this is lacking in the new vanilla, caramel and mint flavoured versions. A Nestle spokeswoman stressed that the original walnut-topped Whip - one of which is eaten every two seconds in Britain - would still be available to UK consumers. Boxes of Walnut Whip confectionery are displayed for sale at a store in London, Britain August 16, 2017. Neil Hall Yet the new range is likely to be met with some scepticism as British consumers have seen some of their most popular chocolate snacks scaled back in size in response to surging ingredient prices. In November 2016, chocolate lovers erupted into social media fury after manufacturer Mondelez ( MDLZ.O ) reduced the weight of a version of Toblerone bars to 150 grams from 170 grams by spacing out its triangular chocolate peaks more widely. Slideshow (2 Images) Other examples of so-called shrinkflation affecting the confectionary industry include Mars reducing the sizes of Maltesers, M&Ms and Minstrels packets by up to 15 percent. "They''ve taken the walnut off the top of the walnut whip so now it''s just a whip and I don''t know who we are any more," Twitter user Debora Robertson posted in reaction to Monday''s announcement. The falling value of the pound and a poor crop last year in Chile, one of the world’s major producers, pushed up UK walnut prices by around 20 percent this year, according to Helen Graham, an importer quoted by the Guardian newspaper. Writing by Mark Hanrahan in London; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nestle-walnut-whips-idUKKCN1AW1D8'|'2017-08-16T15:26:00.000+03:00'
'e7ff78fe6c7b684eafbf5ba444b7eef1fbe80f40'|'EMERGING MARKETS-LatAm currencies firm slightly on U.S. data; geopolitics weigh'|'By Bruno Federowski SAO PAULO, Aug 11 (Reuters) - Latin American currencies inched up on Friday after data showing tepid U.S. inflation cast further doubts over the prospect of another Federal Reserve interest rate hike by year-end. Expectations of a slower path of policy tightening in the United States fostered demand for higher-risk assets. But most stock markets in the region were dragged downward by tensions surrounding North Korea, which have driven sharp risk-aversion over the past few days. The Brazilian real and the Mexican peso firmed 0.3 percent and 0.8 percent, respectively, tracking a worldwide decline in the U.S. dollar after consumer prices edged up 0.1 percent in July, undershooting analyst expectations. The report could prompt Fed officials, who have largely seen the recent ease in price hikes as temporary, to hold off on policy tightening as they await further signs that inflation is heading toward their 2 percent target. Still, investors said the upswing may not last long as geopolitical uncertainty lingers. "We may as well see some profit-taking after the weekend," Mirae Asset head of operations Pablo Spyer said. The Chilean peso was flat after Fitch downgraded the country''s sovereign rating to ''A'' from ''A+''. Stock markets in Mexico, Chile and Colombia fell, extending recent losses on simmering tensions between the United States and North Korea. U.S. President Donald Trump issued a new threat to North Korea on Friday, saying what he called U.S. military solutions were "locked and loaded" as Pyongyang accused him of driving the Korean Peninsula to the brink of nuclear war. Still, Brazil''s benchmark Bovespa stock index eked out a gain of 0.35 percent, driven higher by corporate updates from power utility Cia Paranaense de Energia SA and for-profit college operator Kroton Educacional SA. Preferred shares in Copel, as the power utility is known, led the gains after it called off plans to issue new stock that would have diluted current shares. The announcement outshone an 85 percent drop in second-quarter net profit. Kroton common shares posted their biggest daily gain in two months after it posted forecast-beating net income and operating profit in the second quarter. Key Latin American stock indexes and currencies at 1720 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,041.90 -1.35 22.49 Brazil Bovespa 67,228.81 0.35 11.63 Mexico S&P/BVM IPC 50,748.89 -0.31 11.19 Chile IPSA 5,028.97 -0.56 21.14 Chile IGPA 25,101.33 -0.51 21.06 Argentina MerVal 21,393.08 1.23 26.45 Colombia IGBC 10,786.73 -0.1 6.50 Venezuela IBC 182,728.92 -0.3 476.34 Currencies Latest Daily YTD pct pct change change Brazil real 3.1644 0.33 2.68 Mexico peso 17.8370 0.76 16.30 Chile peso 648.15 0.04 3.48 Colombia peso 2,978.24 0.70 0.78 Peru sol 3.248 0.09 5.11 Argentina peso (interbank) 17.7250 -0.11 -10.44 Argentina peso (parallel) 18.47 0.05 -8.93 (Reporting by Bruno Federowski; additional reporting by Claudia Violante, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL1N1KX11L'|'2017-08-11T14:32:00.000+03:00'
'07e1ada693c769c4d8928a4b5a6a950b442c7273'|'Quebec pension fund manager CDPQ''s investment returns strengthen'|'August 11, 2017 / 3:35 PM / in an hour Quebec pension fund manager CDPQ''s investment returns strengthen 1 Min Read Aug 11 (Reuters) - Caisse de depot et Placement du Quebec (CDPQ), Canada''s second-biggest public pension fund, reported an average return on its investments of 5 percent in the first half of 2017, compared with a 2 percent rise in 2016. CDPQ, which manages pension plans in the mostly French-speaking province of Quebec, said its net assets grew to C$286.5 billion ($225.82 billion), compared with C$270.7 billion at the end of 2016. For all of 2016, CDPQ achieved an average return of 7.6 percent. ($1 = 1.2687 Canadian dollars) Reporting by Matt Scuffham in Toronto and Ahmed Farhatha in Bengaluru; Editing by Martina D''Couto 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/caisse-results-idUSL4N1KX4RG'|'2017-08-11T18:33:00.000+03:00'
'6ce24407e1d5df7795cb661e34ed70e6c13abc58'|'Uber investors seek to oust Benchmark after ''destructive'' lawsuit: report'|'August 11, 2017 / 9:10 PM / 16 hours ago Uber, beset by scandal, faces battle over ''destructive'' lawsuit Heather Somerville 4 Min Read File photo: Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China, June 26, 2016. Shu Zhang SAN FRANCISCO (Reuters) - Ride-services company Uber is facing a divided board of directors and angry shareholders after investor Benchmark Capital filed a lawsuit against the company''s ousted chief executive, Travis Kalanick, dealing another blow to the firm as it struggles to recover from a series of scandals and hire a new leader. On Friday morning, three Uber investors asked Benchmark to divest its shares and step down from Uber Technologies Inc''s [UBER.UL] board, according to an email published by news website Axios and confirmed by Reuters. Also on Friday, members of the board of directors sent an email to Uber staff expressing dismay over the Benchmark lawsuit, according to a copy of the note obtained by Reuters. "The Board of Directors is disappointed that a disagreement between shareholders has resulted in litigation," the directors wrote. "The Board has urged both parties to resolve the matter cooperatively and quickly, and the Board is taking steps to facilitate that process." Benchmark, in its lawsuit filed on Thursday, is seeking to force Kalanick off the board, and accuses him of concealing a range of misdeeds and scheming to retain power at the company even after he was forced to resign as chief executive in June. Benchmark was among the Uber investors in June who pressed Kalanick to step down after a string of setbacks. Investors Shervin Pishevar of Sherpa Capital, Ron Burkle of Yucaipa Companies and Adam Leber, an angel investor who works for music company Maverick, on Friday wrote an email to shareholders and board members calling for Benchmark to remove itself from the company board and divest enough of its shares so that it would no longer have the right to appoint other board seats. FILE PHOTO: The Uber logo is seen on a screen in Singapore August 4, 2017. Thomas White /File Photo "We have investors ready to acquire these shares as soon as we receive communication from Benchmark that they are willing to withdraw their lawsuit and sell a minimum of 75 percent of their holdings," the email said, according to Axios. Reuters confirmed the email with a source close to one of the investors. The three investors and Benchmark could not be reached for comment. The division and hostility emerging among Uber investors and directors opens a new front in a highly unusual public battle for Silicon Valley. It is rare for a venture firm to sue the central figure of a valuable portfolio company, and equally unexpected for investors to make a counter-move to push out a fellow investor backing the same company. Pishevar, Burkle and Leber -- who are not members of the board of directors -- said Benchmark''s lawsuit harms Uber''s valuation, interferes with fundraising efforts and impedes the company''s search for a new CEO to replace Kalanick. Benchmark''s tactics are "ethically dubious and, critically, value-destructive rather than value enhancing," the investors wrote in the email, according to Axios. The email from the board of directions was signed by Yasir Al-Rumayyan, Ryan Graves, Arianna Huffington, Wan Ling Martello and David Trujillo. Missing were the signatures of Kalanick and Benchmark board member Matt Cohler. It assured staff that there were "several outstanding candidates" for the CEO job. One Uber investor told Reuters that Kalanick''s continued role at the company has complicated the CEO search and scared off some good candidates. Reporting by Heather Somerville; Editing by Lisa Shumaker and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-uber-lawsuit-idUSKBN1AR2BD'|'2017-08-12T00:12:00.000+03:00'
'aee251c27a5a693c0bbc11d09c4daab6fb84ae96'|'U.S. judge in Takata bankruptcy halts lawsuits vs automakers'|'A billboard advertisement of Takata Corp is pictured in Tokyo September 17, 2014. Toru Hanai/Files (Reuters) - A U.S. judge overseeing the bankruptcy of Japanese auto supplier Takata Corp''s U.S. business has halted for 90 days the lawsuits brought by victims of its faulty air bag inflators against automakers, a ruling that temporarily smooths its efforts to exit bankruptcy.Takata argued for a six-month stay of the lawsuits so management could complete a $1.6 billion sale of its viable operations and replace air bag inflators that are subject to the biggest recall in automotive history.Major automakers including BMW AG, Ford Motor Co, Honda Motor Co Ltd and Toyota Motor Corp, argued in favor of the pause."The record developed so far supports the claim that debtors need a breathing spell for reorganization," U.S. Bankruptcy Judge Brendan Shannon said on Wednesday in the Wilmington, Delaware courtroom. The stay expires on Nov. 15.At least 18 deaths and 180 injuries worldwide have been tied to a defect that causes Takata inflators to explode with excessive force, unleashing metal shrapnel inside vehicles.Takata and TK Holdings Inc, its U.S. unit, said they faced tens of billions of dollars in liabilities when they filed for bankruptcy protection in June, including claims from automakers that used its airbags and individuals who filed class-action lawsuits.Bankruptcy automatically stayed hundreds of lawsuits against TK Holdings for wrongful death, injuries, economic loss and breach of consumer protection laws stemming from the faulty airbags.In July, the company asked the court to suspend lawsuits against automakers brought by airbag victims, and last week Takata separately filed for U.S. bankruptcy protection, or Chapter 15, in an effort to pause U.S. lawsuits against the parent.Takata and the automakers face hundreds of lawsuits including actions brought by Hawaii, New Mexico and the U.S. Virgin Islands.Lawyers for the plaintiffs called the request to halt lawsuits against the automakers "an abuse of the bankruptcy laws for the benefit of all of the world''s largest automobile manufacturers."The official bankruptcy committee that represents injured drivers said in court papers the injunction would have "human consequences" and prevent people from pursuing compensation.The committee cited a 23-year-old New Jersey woman who became quadriplegic from brain injuries that a government investigator said were caused by a faulty Takata air bag.The woman''s lawyers estimated her economic loss would be $18 million, not including potential damages for pain and suffering.In January, Takata entered a settlement with the U.S. Department of Justice, setting aside $125 million to compensate consumers and $850 million in restitution for automakers.Reporting by Tracy Rucinski in Chicago and Tina Bellon in New York; Editing by Noeleen Walder and Jeffrey Benkoe'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/takata-bankruptcy-usa-idINKCN1AW1X0'|'2017-08-16T13:24:00.000+03:00'
'90a5013c25112308440e4ff8c11631343b4c5a96'|'UK banks behind schedule in post-Brexit preparations - ECB'|'August 16, 2017 / 9:37 AM / 6 hours ago UK banks behind schedule in post-Brexit preparations: ECB Reuters Staff 2 Min Read Sabine Lautenschlaeger attends at a news conference at the ECB in Frankfurt October 26, 2014. Ralph Orlowski FRANKFURT (Reuters) - British-based banks seeking to relocate to the European Union before Britain leaves the bloc are behind schedule in their preparations for the move, a European Central Bank supervisor said on Wednesday. International banks based in London risk losing access to the EU''s single market once Britain leaves it in 2019, forcing many to consider moving parts of their businesses to the bloc and seek a license from the ECB, the sector''s watchdog. But Sabine Lautenschlaeger, who represents the ECB''s supervisory arm on the central bank''s board, said progress had been slower than hoped. "Frankly, the banks are not as far advanced as we would like them to be," Lautenschlaeger said in a newsletter article. "Of the banks that have indicated an interest in relocating operations to the euro area, a number of the larger banks have made progress in their planning. But we have not seen many final decisions yet." She added the ECB would not grant licenses to "empty shells" and would take a tough stance on "back-to-back transactions", where a bank would conduct trades out of its EU base but process and risk manage them at its London office. "While we do not rule out this practice per se, ultimately we expect banks to manage relevant parts of their risks locally and independently," Lautenschlaeger said. Lautenschlaeger also said she expected banks moving to the EU to update their recovery plans, which kick in if they fail, "shortly" after moving. Reporting By Francesco Canepa; Editing by Angus MacSwan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uk-banks-ecb-idUKKCN1AW0TK'|'2017-08-16T13:22:00.000+03:00'
'a37d96d4aab9a0ef9fae408ce4ce2232885d63d7'|'Strong basic resources boost European shares ahead of euro zone GDP'|'August 16, 2017 / 7:32 AM / 32 minutes ago Strong basic resources boost European shares ahead of euro zone GDP Reuters Staff 3 Min Read Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany February 28, 2017. Staff/Remote/File Photo LONDON (Reuters) - Miners and oil stocks helped Europe''s major share index make strong gains on Wednesday, as higher metals prices lent a hand and investors awaited euro zone GDP figures expected to confirm the bloc''s economic growth was on track. The pan-European STOXX 600 rose 0.5 percent, its third day of gains after a sharp sell-off last week. Euro zone stocks and blue chips .STOXX50E jumped 0.6 percent. Basic resources stocks .SXPP were the top boost, up 1.1 percent after London zinc hit a decade high, lifted by Chinese construction spending. Leading gainers was British builder Balfour Beatty ( BALF.L ), up 4.6 percent after strong first-half profits boosted by a rebound in British construction. Swedish healthcare firm Elekta ( EKTAb.ST ) jumped 2.8 percent after JP Morgan raised it to ''overweight''. British car insurer Admiral ( ADML.L ) was the worst-performing, down 6.5 percent after it reported profits up just 1 percent in the first half, dragged down by injury claims costs due to a government change to personal injury rates. And Swedish food retailer ICA ( ICAA.ST ) fell 5.2 percent after its second-quarter profits missed forecasts. Airlines Lufthansa ( LHAG.DE ) and Easyjet ( EZJ.L ) lifted 1.7 to 1.9 percent again, continuing Tuesday''s strong rally as they emerged as likely buyers of Air Berlin''s ( AB1.DE ) assets when the German airline filed for insolvency. Euro zone GDP figures were expected at 0900 GMT, with analysts forecasting 0.6 percent quarter-on-quarter GDP growth, or 2.4 percent annualised. Stronger economic growth is part of the reason global active funds remain overwhelmingly positive on European equities, the biggest consensus overweight position according to Barclays’ analysis of investor flows. Second-quarter results season was drawing to a close, with earnings expected to grow 15 percent from the second quarter last year, or 12.8 percent excluding the energy sector, Thomson Reuters data showed. Revenue growth was tracking 4 percent, or 2.7 percent excluding energy. Reporting by Helen Reid; Editing by Angus MacSwan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1AW0J0'|'2017-08-16T10:34:00.000+03:00'
'ee2ace6a2ae122fa5fb5e3f8ccc8b6f743197fcd'|'Third Point takes 1.6 million share stake in BlackRock, 4.5 million in Alibaba'|'August 11, 2017 / 9:16 PM / 9 hours ago Third Point takes 1.6 million share stake in BlackRock, 4.5 million in Alibaba Jennifer Ablan 3 Min Read A man walks next to a BlackRock sign pictured in the Manhattan borough of New York, October 11, 2015. Eduardo Munoz NEW YORK (Reuters) - Dan Loeb''s Third Point took a 1.6 million-share stake in BlackRock Inc ( BLK.N ) and reinitiated a stake in Alibaba Group Holding ( BABA.N ) of 4.5 million shares during the second quarter ended June 30, according to regulatory filings late on Friday. In its letter last month to investors, Third Point called BlackRock an "asset-gathering machine," with organic net inflows of over 70 percent annualized. "Yet we see BlackRock as far more than an asset manager dependent on market movements. It is increasingly becoming a network or index-like business, with earnings power driven by ETFs (via iShares) and data & analytic services (via Aladdin)," Third Point said. "These are oligopoly businesses with faster growth and much higher incremental margins than traditional asset management - and thus deserve much higher P/E multiples over time." Third Point, which earned 4.6 percent in its Offshore Fund during the second quarter, bringing total returns for the year to 10.7 percent, also reinitiated an investment in Alibaba. The firm has owned Alibaba shares directly and via its positions in Yahoo and Softbank over the past six years. In its second quarter letter, Third Point said Alibaba has consistently surpassed its growth estimates for gross merchandise value, revenue, and earnings and currently, the company has achieved scale. "Alibaba is currently at a positive inflection point after rolling out significant changes over the past year to its advertising platform, which currently generates the majority of the company’s revenue," Third Point said. "We view these changes as an important catalyst for meaningful revenue acceleration over the next few years. Combined with an attractive multiple, we believe now is the time to own Alibaba again." During the second quarter, Third Point also dissolved its share stake in Snap Inc ( SNAP.N ), Salesforce.com Inc ( CRM.N ) and Qualcomm Inc ( QCOM.O ). The quarterly disclosures of asset manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, offer clues on what big investors are selling and buying, but give no indication of their current stakes. Reporting by Jennifer Ablan; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-investment-funds-idUKKBN1AR2C3'|'2017-08-12T00:15:00.000+03:00'
'dfb01dd4cecac2d0b77a37062a06c9d223606df9'|'Chile''s Codelco preparing investment in Mongolian copper - Reuters'|'FILE PHOTO: A worker monitors a process inside the plant at the copper refinery of Codelco Ventanas in Ventanas city, northwest of Santiago January 7, 2015. Rodrigo Garrido/File Photo SANTIAGO (Reuters) - Chilean state miner Codelco [COBRE.UL], the world''s second largest producer of copper, is preparing to invest in far afield Mongolia as the copper market improves, the company''s chief executive told Reuters on Friday.In an interview as part of the Reuters Latin American Investment Summit in Codelco''s copper-coated offices in downtown Santiago, Nelson Pizarro said the company was aiming for medium-term investments in the isolated Asian nation, which appears to have significant untapped copper potential."We have a lot of interest. We''re learning to milk camels," he said. "We''re working to get the first documents that will allow us to advance in that area, and we hope to bring it about in the medium-term if the technicians confirm our initial perspective."In Chile itself, Pizarro said Codelco was preparing to launch a broad sustainability program called "green copper," which will include broad use of wind and solar power in its operations and the use of water from the ocean rather than Chile''s parched Atacama Desert.As part of that, the company has recently settled on a short-list of bidders interested in constructing a $1.2 billion desalination plant, and hopes to award the contract toward the end of 2017, he said. In northern Chile, miners have increasingly looked to the ocean in recent years to supply the water-intensive process of copper mining without coming into conflict with local communities.Codelco is also considering new port infrastructure, as its copper exports are being increasingly interrupted by waves hitting Chile''s desert coasts, forcing the ports to close, said Pizarro."There are months with 10 days in which we can''t send out ships ... That''s something we''ve never seen before," he said. "It would seem to be a consequence of climate change. It concretely impacted us last year, and it''s strongly impacting us this year."Still, Pizarro said, Codelco was in line to meet its 2017 copper production target of around 1.7 million tonnes. That number would likely decrease about 3 percent or 4 percent in 2018, he added.In terms of the global copper market, Pizarro said a number of factors, such as the needs of the burgeoning electric car industry, could mean average 2017 copper prices of above $2.60 per pound, significantly higher than recent years. That trend should consolidate in 2018, he added."The copper price, unless there''s a great global crisis should be - I don''t know if $2.90 - but yes in the $2.60 to $2.70 range next year."Reporting by Gram Slattery; Editing by Tom Brown'|'reuters.com'|'http://www.reuters.com/finance/summits'|'https://www.reuters.com/article/us-latam-summit-pizarro-idUSKBN1AR20G'|'2017-08-12T01:52:00.000+03:00'
'69e244e9d387d9c9e3d797f6357945a6ffab45b6'|'Oil prices flat as oversupply concerns linger'|'August 11, 2017 / 12:51 AM / an hour ago Oil prices drop as IEA sees slow market rebalancing 3 Min Read FILE PHOTO - A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson LONDON (Reuters) - Oil prices fell on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth. Brent crude LCOc1, the global benchmark, was at $51.83 a barrel at 1220 GMT, down 7 cents, having earlier fallen 50 cents or around 1 percent to its lowest since Aug. 1. U.S. West Texas Intermediate crude CLc1 was down 10 cents at $48.49 per barrel, having earlier dropped 1 percent to its lowest since July 26. Oil touched 2-1/2-month highs on Thursday but closed down around 1.5 percent, with U.S. prices slipping back below $50 amid oversupply concerns. "There would be more confidence that rebalancing is here to stay if some producers party to the output agreements were not, just as they are gaining the upper hand, showing signs of weakening their resolve," the IEA said in its monthly report. The IEA said OPEC''s compliance with the cuts in July had fallen to 75 percent, the lowest since those curbs began in January. It cited weak compliance by Algeria, Iraq and the United Arab Emirates. In addition, OPEC member Libya, which is exempt from the cuts, steeply increased output. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices." The IEA also said it had revised historic demand data for 2015-2016, meaning a lower demand base in 2017-2018 combined with unchanged high supply numbers could lead to lower stock draws than initially anticipated. Saudi Arabian Energy Minister Khalid al-Falih said the kingdom did not rule out additional oil production cuts, the Saudi-owned Al Sharq Al Awsat newspaper reported. Meanwhile, U.S. President Donald Trump stepped up his rhetoric against North Korea again, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough. "I think the issue that is affecting the market is the general risk sentiment of sabre-rattling between Washington and Pyongyang," said Michael McCarthy, chief market strategist at CMC Markets. Reporting by Dmitry Zhdannikov; Editing by Dale Hudson and Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil-idUKKBN1AR01R'|'2017-08-11T03:51:00.000+03:00'
'af0a6964bbbcade6d8b94facd0a723322b963081'|'Snap, Blue Apron fuel worries about overheated IPOs'|'August 10, 2017 / 10:58 PM / 12 hours ago Snap, Blue Apron fuel worries about overheated IPOs Lewis Krauskopf and Noel Randewich 3 Min Read FILE PHOTO: The Blue Apron logo is pictured ahead of the company''s IPO on the New York Stock Exchange in New York, U.S., June 29, 2017. Lucas Jackson/File Photo NEW YORK/SAN FRANCISCO (Reuters) - Snap Inc and Blue Apron Holdings Inc''s dismal quarterly reports on Thursday, which sent their shares slumping, join a growing list of technology startups failing to live up to sky-high expectations set ahead of their initial public offerings. There are growing concerns in Silicon Valley that the dominance of Alphabet Inc''s Google, Facebook Inc, Apple Inc and Amazon.com Inc are beginning to squeeze the life out of the startup economy, and even large would-be challengers, including Snap and Twitter Inc, are struggling to maintain growth. Snap, the owner of Snapchat, dropped 17 percent in extended trade after its second quarterly report as a publicly listed company missed Wall Street''s estimates and added to fears the social media company is succumbing to competition from Facebook. Earlier, Blue Apron lost nearly a fifth of its value after the meal-kit delivery company''s first quarterly results following its June IPO also missed estimates and compounded worries that Amazon.com will eat its lunch. Snap''s $3.4 billion IPO five months ago was the largest by a U.S. technology company in three years, despite concerns about slowing user growth and a warning by the company that it might never become profitable. Facebook''s Instagram has since launched features copying popular features from Snap. FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo Amazon.com Inc registered a trademark for a similar meal-kit service last month, heralding even more competition to come for Blue Apron, which already competes with dozens of startups. That move, along with Amazon''s industry-altering deal to buy upscale grocer Whole Foods Market Inc, has weighed on Blue Apron''s shares since their market debut. "You have large players like Amazon, Google, Facebook and others with big pockets that can say ''This is a space we want to own,''", said Philippe Collard, founder of Yabusame Partners, a management consulting firm specializing in the technology industry. "I would not be surprised to see further attempts to go public be much more cautious." Other young technology companies also failed to live up to Wall Street''s hype in recent years. Fitbit Inc surged to over $50 from the $20 price set in its 2015 IPO, but has since sunk to under $6. With some early stage investors worried about valuations, financing of new startups has been declining for the past two years. An analysis by Reuters in February showed that globally, shares of most of the 25 largest technology IPOs have languished in their first 12 months on the public market. Sixteen of them had a big decline from their debut day closing price, according to a Reuters analysis of market performance. Click here for a look at the performance of 10 top IPOs in their first year on the market: tmsnrt.rs/2kUZgPZ Reporting by Lewis Krauskopf and Noel Randewich; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-ipos-idUSKBN1AQ2OK'|'2017-08-11T01:58:00.000+03:00'
'2885584e7d9f44564aef601f71b1edd791b02472'|'Gloom for Asda as it posts worst results this century - Business'|'E ggs from a Dutch farm involved in a contamination scare have found their way on to some UK supermarket shelves, it would appear. If Asda workers find any of the offending items in the stockroom, they may just feel tempted to hurl them in the direction of their bosses.The struggling supermarket chain has begun a consultation with more than 3,000 staff over possible redundancies or a dramatic reduction in working hours. Asda is looking to cut costs after reporting its worst full-year results since it was taken over by US giant Walmart in 1999, with profits falling 19% to £791.7m. The big four supermarkets continue to face intense competition from discounters Aldi and Lidl, and are also facing pricing pressures following the recent fall in the value of the pound.Asda replaced chief executive Andy Clarke last year and brought in Walmart veteran Sean Clarke to try to turn things round. There was a slight improvement at the start of the new financial year, with like-for-like sales in the first three months of 2017 falling 2.8%, compared with a 2.9% drop in the final three months of 2016.On Thursday, Walmart will unveil its latest update, including news of Asda’s second-quarter performance, and analysts will be keen to see if the improving trend has continued.Are two heads better at a big fund manager? Keith Skeoch and Martin Gilbert know each other so well that they often go fishing together.Tomorrow they will find out whether that means they can also work together, when Standard Life (run by Skeoch) and Aberdeen (created by Gilbert) complete their £11bn merger. Aberdeen’s shares will be delisted from the stock market, leaving Standard Life as the quoted vehicle for the enlarged company, to be called – surely not – Standard Life Aberdeen.The two men will have to run the company – which will become the UK’s biggest fund manager, with £660bn under management – together. They are to be co-chief executives, an arrangement that is usually frowned upon by investors and has already sparked some anxiety among City analysts. Gilbert is the more gregarious of the two.Skeoch has tried to quell concerns, telling the FT : “It ain’t just the Martin and Keith show; there are 9,000 people across the combined group.”Some 800 jobs are expected to go over the next three years, however. A test of their success as joint bosses will be if they are both still there at the end of the integration period.Hairy times in social housing for Mears Social housing and care home builder Mears rarely makes the headlines, and probably regretted doing so a couple of months ago, when it emerged that it had banned some workers from having beards on health and safety grounds.Mears said workers needed to be clean-shaven so they could safely wear tight-fitting dust masks, but the Unite union called the decision penny-pinching and said the company was going for the cheapest option.Mears of course disagreed. It said: “Every employer in the UK has a legal responsibility to ensure that employees working in dusty or otherwise potentially hazardous environments are properly protected, and in recent years employers have been prosecuted for failing to fulfil this duty.”The company will hope the dust has settled on the issue when it reports first-half figures on Tuesday. Analysts at Peel Hunt expect Mears to report a flat profit of £18.1m, with a 14% rise in its housing business but a £1m loss from its care operations, where the market remains challenging.But the analysts are feeling positive about its prospects: “We remain confident in the longer-term market’s dynamics and management’s efforts to further improve the quality of earnings/cash flow should be reflected in a higher rating.”Topics Asda Observer business agenda Walmart Retail industry Supermarkets Investing Aberdeen Asset Management comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/13/asda-gloom-worst-results-this-century'|'2017-08-13T14:00:00.000+03:00'
'd321f42570bf33095fcad6dbecba84c8645a1e66'|'FTSE hits three-month low as miners wobble'|'August 11, 2017 / 9:26 AM / 19 minutes ago FTSE hits three month low as miners wobble Kit Rees 3 Min Read FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Britain''s top share index dropped to a three-month low on Friday amid rising geopolitical tensions, with financials, miners and energy firms the biggest weights among blue chips. The blue chip FTSE 100 .FTSE index ended the session 1.1 percent lower at 7,309.96, its worst week since March. Drops among cyclical sectors weighed on the index, with heavyweight miners Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ), Anglo American ( AAL.L ) and Glencore ( GLEN.L ) all dropping between 2.9 to 3.1 percent, among the biggest fallers on the index as tensions between the U.S. and North Korea hit riskier assets, including metals prices [MET/L] The broader UK mining sector .FTNMX1770 fell 2.7 percent. Friday was the FTSE''s third straight day of losses, after U.S. President Donald Trump said that his earlier remark to unleash "fire and fury" on Pyongyang if it fired missiles to land near Guam, a U.S.-held Pacific island, may not have been tough enough. "We''ve had such a period of low volatility in the markets, coupled that with high valuation, it only takes a bit of a wobble to cause a reaction like we''ve seen," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said, adding that the reaction was still quite tepid by historical standards. "The miners have been quite resilient over the first few days of the sell-off, they held up relatively well, but today especially you''re starting to see that fall-out in mining stocks, so I think that brings in the question of Chinese demand," Roy added. Among the early risers, soft drinks bottler Coca Cola HBC ( CCH.L ) jumped as much as 2.5 percent and touched a fresh record high after several brokers upped their price targets for the stock, following a strong set of results in the previous session which saw the firm''s shares soar more than 9 percent. Coca Cola HBC shares gave up those early gains to end the session flat, however. "The business is in a sweet-spot, delivering volume improvement, strong price/mix and operating leverage," analysts at Credit Suisse said in a note. "We take comfort that many of the smaller markets are growing strongly, offsetting declines in the key markets Italy, Russia (weather impact) and Nigeria (price increases)," they added. UK mid cap stocks .FTMC also came under pressure, falling 0.8 percent as shares in Dixons Carphone ( DC.L ) slumped more than 7 percent to its lowest level since the aftermath of the Brexit vote last June, driven down by a double downgrade from a star broker. Reporting by Kit Rees; editing by Alister Doyle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AR0RW'|'2017-08-11T12:30:00.000+03:00'
'e69c73e954f8c5ee03c34e95bd3f92334a5cf328'|'Exclusive: Saudi Arabia favours New York for Aramco listing despite risks - sources'|'A view shows Saudi Aramco''s Wasit Gas Plant, Saudi Arabia December 8, 2014. Saudi Aramco/Handout via Files DUBAI/RIYADH/LONDON (Reuters) - Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.A final decision on where to stage what could be the world''s largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom''s economic and energy policies, the sources said.Their comments point to internal disagreements between what some advisers are recommending and what the crown prince wants.Prince Mohammad may choose to list Aramco on the New York Stock Exchange (NYSE) for "political considerations", given the longstanding relationship between Riyadh and Washington, the sources said. However, they added that financial and commercial factors would also play a role in the choice.Aramco said in a statement that no decision has been taken yet on the listing venue, beyond the Saudi exchange Tadawul. "All options continue to be held under consideration. There is no timetable requirement for an immediate definitive decision," Aramco said in response to a Reuters request for comment.Selling around five percent of Aramco by next year is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is championed by Prince Mohammad.Several advisers have recommended London for the main listing outside Saudi Arabia, sources familiar with the matter told Reuters last month, partly due to concerns that a U.S. flotation would require greater disclosure of sensitive information on Aramco.One senior industry source, however, said New York is likely to be the favoured option for the Saudi government and Prince Mohammad. "That is broadly correct," the source said, adding: "All awaits on the final shareholder decision."Apart from New York and London, Hong Kong is also a contender, sources say. The flotation is expected to raise tens of billions of dollars which would be invested to help develop other Saudi industries.The New York and London stock exchanges declined to comment.Exchanges are vying to win part of the flotation as it will bring a major boost to their trading volumes, and will be likely to help them win listings from other Gulf states which are looking to part-privatise their commodity assets.But the Aramco plan has created some public misgivings that Riyadh is relinquishing its crown jewels to foreigners cheaply at a time of low oil prices. Some Aramco employees secretly wish the whole idea would be shelved, sources say.Apart from choosing an exchange, no decision has been made either on exactly which assets will be floated, or what Aramco''s internal organisational structure would look like after listing, the sources say.One of the main issues being discussed internally is the valuation. Prince Mohammed has said the IPO will value Aramco at a minimum of $2 trillion, although some analysts'' estimates are between $1 trillion and $1.5 trillion.Though listing on the New York market would mean access to more liquidity, this would bring greater scrutiny to Aramco''s estimates of proven energy reserves and future oil prices, as well as its demand forecasts, all of which play a major role in the company''s valuation, another industry source said.For the valuation, much depends on the outlook for oil prices, which are currently only half what they were three years ago."That''s why Saudi Arabia needs a higher oil price for the IPO now, to get a better value for Aramco," the source said.The back-and-forth internal talks between the crown prince, Energy Minister Khalid al-Falih, Aramco management and the many financial and legal advisers on some of these main decisions have raised speculation that the listing, which is expected to be in the second half of 2018, could be pushed further out."They are still studying. When all is settled, they will present all options to MbS," said one industry source.JASTA RISK Aramco''s lawyers caution about litigation risks associated with the U.S. Justice Against Sponsors of Terrorism Act (JASTA), two sources said.That law, passed last September, allowed lawsuits to proceed against the Saudi government claiming it had helped to plan the Sept. 11, 2001 attacks on the United States and should pay damages to victims. Riyadh denies the allegations.Finance Minister Mohammed al-Jadaan, a lawyer by training, is most attuned to the legal risk of the four senior government officials advising the crown prince on the listing decision, the source said.Falih, who is also Aramco''s chairman, Economy and Planning Minister Adel Fakieh and Public Investment Fund Managing Director Yasir al-Rumayyan are the other members of the crown prince''s advisory committee, the source said, without elaborating on their views.The Finance Ministry did not respond to a request for comment on the views of Jadaan.Saudi industry sources dismissed JASTA as a reason for not listing in New York, noting that Saudi Arabia is believed to have hundreds of billions of dollars of investments in the United States already, including Aramco assets.They say the difficulty is related more to the disclosure process and complex regulations in New York. These may legally interfere with the sovereignty of the Saudi government, which would remain the major shareholder of Aramco after the flotation.While the London Stock Exchange has made winning the Aramco listing a priority, the NYSE has not offered any regulatory changes, a source familiar with talks between NYSE and Aramco told Reuters last month.Britain''s Financial Conduct Authority has proposed creating a new "premium" listing category for companies controlled by sovereign states which would exempt them from certain regulatory requirements. The new rules are due to be published towards the end of this year.Additional reporting by Tom Arnold in Dubai; Dasha Afanasieva in London, John McCrank in New York, Editing by David Stamp'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/saudi-aramco-ipo-idINKBN1AR110'|'2017-08-11T09:02:00.000+03:00'
'ff449689c191157048c8c2a71ed50b76baaf0d9e'|'Vivendi''s role in TIM doesn''t breach Italy rules: legal document'|'August 11, 2017 / 12:16 PM / 30 minutes ago Telecom Italia advised that Vivendi''s role doesn''t breach rules 3 Min Read FILE PHOTO: Optical fibre cables of Telecom Italia are seen in a telephone exchange in Rome, Italy December 20, 2013. Alessandro Bianchi/File Photo MILAN (Reuters) - Legal experts commissioned by Telecom Italia ( TLIT.MI ) to give an opinion on Vivendi''s ( VIV.PA ) growing influence over the company have said the French group does not breach Italian rules aimed at protecting strategic companies, a document reviewed by Reuters shows. Telecom Italia (TIM) has sent the opinion to the Italian government, which is looking into whether Vivendi failed to meet an obligation to notify it of its effective control of a firm considered a strategic national asset. Vivendi''s influence in Italy came under increased scrutiny late last year as it built up a stake of 29 percent in the country''s biggest private broadcaster, Mediaset ( MS.MI ). It had already tightened its grip on TIM, where it has held a stake of around 24 percent since March 2016. Rome''s investigation aims at establishing whether Vivendi - which on July 27 acknowledged "direction and coordination activity" at TIM - actually controls the telecoms group and if Rome can exercise special powers over it. Such powers could range from a fine to imposing conditions or vetoing decisions taken at TIM that Rome may consider a threat to national interests. In the opinion drawn up at TIM''s behest, two prominent Italian legal experts said Vivendi''s role at TIM only related to management of the company and did not imply any change of ownership or control over TIM or its assets. "The actions taken... do not constitute events requiring any need of notification and are not susceptible to triggering the use of any veto power," the document, dated Aug. 6, said. The Italian inquiry into the role of Vivendi in TIM comes at a time of increased tension with France after Paris temporarily nationalized STX France shipyards, cancelling a deal in which Italy''s state-owned Fincantieri ( FCT.MI ) and another Italian investor would have taken a majority stake in STX. But in an interview with la Repubblica newspaper on Friday Italian Industry Minister Carlo Calenda said the idea of resorting to special powers to protect TIM had nothing to do with the shipyard dispute. Calenda said he would be proposing new rules, but with no retroactive effect, to force companies buying over 5 or 10 percent of an Italian company to state their intentions. Vivendi, led by billionaire Vincent Bollore, said on Monday it had no "de facto control" over TIM under Italian law, responding to a request by Italy''s market regulator. It has appointed two-thirds of TIM''s board and played a role in the departure last month of Chief Executive Flavio Cattaneo, whose powers were taken over on an interim basis by TIM''s executive chairman Arnaud de Puyfontaine, who is also Vivendi''s CEO. Amos Genish, Vivendi''s chief convergence officer, was also recently appointed general manager for operations at TIM. Reporting by Giselda Vagnoni and Stephen Jewkes,; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-telecomitalia-vivendi-idINKBN1AR17Y'|'2017-08-11T10:16:00.000+03:00'
'0ca85709a7b25e463c1328f47cf18b4d7cadeb54'|'Computer error? Top trend following hedge funds lose out in 2017'|'Cliff Asness, Co-Founder, Managing Principal and Chief Investment Officer of AQR Capital Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. Lucy Nicholson LONDON (Reuters) - Big computer-driven hedge funds such as AQR Capital Management, Aspect Capital and Two Sigma lost money in the first seven months of 2017, with human stock-pickers making better returns.The average hedge fund made 4.8 percent from the start of the year to July 31, Hedge Fund Research data shows, but a lack of market direction, June''s sharp reversal and low volatility has made trading more difficult for automated funds."Trend-followers are looking for long, drawn-out, directional moves and look to ride that trend as long as possible," Tom Wrobel, Director of Alternative Investments Consulting at Societe Generale, said."When there''s a sharp reversal – like in June – they lose money because it goes against the established position."Returns on hedge funds betting on macroeconomic trends were down by 1.4 percent on average to July 31 after losses of between 1.2 and 1.8 percent in three out of the first seven months of 2017, HFR data showed.Losses may have been exacerbated by lower market volatility as trend-following funds typically put on larger positions in such conditions, a strategy that would have backfired for them when trends reversed.Among the biggest losers was AQR Capital Management''s $16 billion managed futures strategy, which lost 6 percent in the first seven months, data compiled by BarclayHedge and reviewed by Reuters revealed.Two Sigma''s Compass Fund, which has $2.5 billion in assets under management, lost 4.4 percent over the same period, whileLondon-based Aspect Capital''s flagship $3.9 billion diversified fund lost 3.4 percent, the data showed.AQR, Two Sigma and Aspect Capital declined to comment.Winton Capital, the fund set up in 1997 by David Harding, was down 0.8 percent, a source close to the firm told Reuters. Harding helped fund the "remain" campaign in Britain''s European Union referendum last year.And Leda Braga''s Systematica Investments'' BlueTrend, which was founded in January 2015 after spinning out of former hedge fund BlueCrest Capital, was down 6.4 percent.However, some computer-driven trend-following funds bucked the trend, including Braga''s Systematica Alternative Markets programme, which made gains of 11.2 percent, a source with knowledge of the firm told Reuters.Also successful during the period were the five main trend-following AHL funds run by Man Group, which all delivered returns of between 0.5 percent and 10 percent over the same period, according to its website.Man Group is the world''s biggest listed hedge fund.Reporting by Maiya Keidan; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-hedgefunds-performance-idUSKCN1AV1KA'|'2017-08-15T17:01:00.000+03:00'
'2fb04dd85eb82b379d82d160e30c98752b8c04fb'|'North Korea factories humming with ''Made in China'' clothes, traders say'|'August 13, 2017 / 1:20 AM / 3 hours ago North Korea factories humming with ''Made in China'' clothes, traders say Sue-Lin Wong and Philip Wen 8 Min Read FILE PHOTO - North Korean workers make soccer shoes inside a temporary factory at a rural village on the edge of Dandong, Liaoning province, China, October 24, 2012. Aly Song/File Photo DANDONG, China (Reuters) - Chinese textile firms are increasingly using North Korean factories to take advantage of cheaper labor across the border, traders and businesses in the border city of Dandong told Reuters. The clothes made in North Korea are labeled "Made in China" and exported across the world, they said. Using North Korea to produce cheap clothes for sale around the globe shows that for every door that is closed by ever-tightening U.N. sanctions another one may open. The UN sanctions, introduced to punish North Korea for its missile and nuclear programs, do not include any bans on textile exports. "We take orders from all over the world," said one Korean-Chinese businessman in Dandong, the Chinese border city where the majority of North Korea trade passes through. Like many people Reuters interviewed for this story, he spoke on condition of anonymity because of the sensitivity of the issue. Dozens of clothing agents operate in Dandong, acting as go-betweens for Chinese clothing suppliers and buyers from the United States, Europe, Japan, South Korea, Canada and Russia, the businessman said. "We will ask the Chinese suppliers who work with us if they plan on being open with their client -- sometimes the final buyer won''t realize their clothes are being made in North Korea. It''s extremely sensitive," he said. Textiles were North Korea''s second-biggest export after coal and other minerals in 2016, totaling $752 million, according to data from the Korea Trade-Investment Promotion Agency (KOTRA). Total exports from North Korea in 2016 rose 4.6 percent to $2.82 billion. The latest U.N. sanctions, agreed earlier this month, have completely banned coal exports now. Its flourishing textiles industry shows how impoverished North Korea has adapted, with a limited embrace of market reforms, to sanctions since 2006 when it first tested a nuclear device. The industry also shows the extent to which North Korea relies on China as an economic lifeline, even as U.S. President Donald Trump piles pressure on Beijing to do more to rein in its neighbor''s weapons programmes. Chinese exports to North Korea rose almost 30 percent to $1.67 billion in the first half of the year, largely driven by textile materials and other traditional labour-intensive goods not included on the United Nations embargo list, Chinese customs spokesman Huang Songping told reporters. Chinese suppliers send fabrics and other raw materials required for manufacturing clothing to North Korean factories across the border where garments are assembled and exported. FACTORIES HUMMING Australian sportswear brand Rip Curl publicly apologized last year when it was discovered that some of its ski gear, labeled "Made in China", had been made in one of North Korea’s garment factories. Rip Curl blamed a rogue supplier for outsourcing to "an unauthorized subcontractor". But traders and agents in Dandong say it''s a widespread practice. Manufacturers can save up to 75 percent by making their clothes in North Korea, said a Chinese trader who has lived in Pyongyang. Some of the North Korean factories are located in Siniuju city just across the border from Dandong. Other factories are located outside Pyongyang. Finished clothing is often directly shipped from North Korea to Chinese ports before being sent onto the rest of the world, the Chinese traders and businesses said. North Korea has about 15 large garment exporting enterprises, each operating several factories spread around the country, and dozens of medium sized companies, according to GPI Consultancy of the Netherlands, which helps foreign companies do business in North Korea. File photo: North Korean workers make soccer shoes inside a temporary factory at a rural village on the edge of Dandong October 24, 2012. Aly Song All factories in North Korea are state-owned. And the textile ones appear to be humming, traders and agents say. "We''ve been trying to get some of our clothes made in North Korea but the factories are fully booked at the moment," said a Korean-Chinese businesswoman at a factory in Dalian, a Chinese port city two hours away from Dandong by train. "North Korean workers can produce 30 percent more clothes each day than a Chinese worker," said the Korean-Chinese businessman. "In North Korea, factory workers can''t just go to the toilet whenever they feel like, otherwise they think it slows down the whole assembly line." "They aren''t like Chinese factory workers who just work for the money. North Koreans have a different attitude -- they believe they are working for their country, for their leader." And they are paid wages significantly below many other Asian countries. North Korean workers at the now shuttered Kaesong industrial zone just across the border from South Korea received wages ranging from a minimum of around $75 a month to an average of around $160, compared to average factory wages of $450-$750 a month in China. Kaesong was run jointly with South Korea and the wage structure - much higher than in the rest of North Korea - was negotiated with Seoul. FILE PHOTO - A North Korean waitress cleans the floor of a North Korean restaurant in Dandong, Liaoning province, China, September 12, 2016. Thomas Peter/File Photo WORKERS IN CHINA Chinese clothing manufacturers have been increasingly using North Korean textile factories even as they relocate their own factories offshore, including to Bangladesh, Vietnam and Cambodia. "Wages are too high in China now. It''s no wonder so many orders are being sent to North Korea," said a Korean-Chinese businesswoman who works in the textiles industry in Dandong. Chinese textile companies are also employing thousands of cheaper North Korean workers in China. North Korea relies on overseas workers to earn hard currency, especially since U.N. sanctions have choked off some other sources of export earnings. Much of their wages are remitted back to the state and help fund Pyongyang''s ambitious nuclear and missile programmes, the U.N. says. The new U.N. sanctions imposed on North Korea this month ban countries from increasing the current numbers of North Korean laborers working abroad. China does not disclose official figures for the number of North Koreans working in factories and restaurants in China, although numbers are down from a peak period two to three years ago, according to Cheng Xiaohe, a North Korea specialist at Beijing''s Renmin University. "It''s a hassle to hire North Korean workers though," the Korean-Chinese businesswoman from Dalian said. "You need to have the right set-up. Their living space has to be completely closed off, you have to provide a classroom where they can take classes every day. They bring their own doctor, nurse, cook and teachers who teach them North Korean ideology every day." One clothing factory that Reuters visited in Dandong employs 40 North Korean workers. They fill smaller orders for clients who are more stringent about their supply chains and expressly request no production inside North Korea. North Korean factory workers in China earn about 2,000 yuan ($300.25), about half of the average for Chinese workers, the factory owner said. They are allowed to keep around a third of their wages, with the rest going to their North Korean government handlers, he said. A typical shift at the factory runs from 7:30 a.m. to around 10 p.m. The workers - all women dressed in pink and black uniforms - sat close together behind four rows of sewing machines, working on a consignment of dark-colored winter jackets. The Chinese characters for "clean" and "tidy" were emblazoned in bold blue lettering above their heads and the main factory floor was silent but for the tapping and whirring of sewing machines. Reporting by Sue-Lin Wong and Philip Wen; Additional reporting by Lusha Zhang and the Beijing newsroom; Editing by Bill Tarrant 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-northkorea-labour-china-insight-idUKKBN1AT00Q'|'2017-08-13T04:11:00.000+03:00'
'ac0a2089ec6833c9f8f8b6bbf90c264bc44fffb3'|'Brazil''s Petrobras produced 2.74 BOE per day in July'|'BRASILIA, Aug 15 (Reuters) - Brazil''s Petrobras produced the equivalent of 2.74 million barrels per day of oil and natural gas on average in July, the company said on Tuesday.The company, formally known as Petroleo Brasileiro SA, produced the equivalent of 2.63 million barrels per day in Brazil alone in July.Reporting by Silvio Cascione and Jake Spring; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brazil-petrobras-output-idINE4N1IY00T'|'2017-08-15T21:12:00.000+03:00'
'e067e8642eb1e036b04edf047b224304974c1426'|'GM creditor trust drops settlement with ignition switch plaintiffs'|'August 17, 2017 / 3:58 PM / 2 hours ago GM creditor trust drops settlement with ignition switch plaintiffs Brendan Pierson 3 Min Read FILE PHOTOS: General Motors world headquarters are seen during GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. Rebecca Cook NEW YORK (Reuters) - In a blow to people suing General Motors Co ( GM.N ) over faulty ignition switches and other alleged vehicle defects, a trust that holds many GM liabilities from before its 2009 bankruptcy has cancelled a settlement that sought to force the automaker to pay $1 billion in shares to resolve millions of claims. The claims stem from GM''s 2014 recall of 2.6 million vehicles with defective ignition switches, including one linked to 124 deaths. They have since expanded to include millions of financial loss claims and hundreds of personal injury and wrongful death claims over a variety of alleged defects in millions of cars. The settlement, first disclosed at a court hearing last week, would have called for the trust to accept $10 billion in claims, triggering a provision in GM''s bankruptcy plan that could have forced it to pay $1 billion in stock to the trust to pay off the plaintiffs. GM opposed the settlement. Lawyers for the plaintiffs said in a court filing late on Wednesday they had learned of the "astonishing and improper" decision to jettison the settlement the day before a scheduled court hearing on the matter. "Game isn''t over," Steve Berman, a lawyer for the plaintiffs, said in an email on Thursday. "We had a deal, GM has knowingly interfered with our deal and we intend to take action against GM on various fronts." He said the plaintiffs could bring a legal action against GM for interfering with the agreement and seek to seize the trust''s assets. According to a letter filed earlier on Wednesday by the trust and GM, the trust decided to drop the settlement after GM agreed to help pay for the trust to defend against the plaintiffs'' claims. "We are pleased with today’s developments," GM said in a statement. "Now the focus can return to where it belongs, which is the merits of the plaintiffs’ remaining claims. We will demonstrate that those claims lack merit." Berman said in an interview last week that the settlement with the trust would have resolved about 11.9 million economic loss claims and between 400 and 500 personal injury and wrongful death claims. About 2.4 million claims, involving vehicles sold after GM''s bankruptcy, would have remained in pending in district court, Berman said. Reporting By Brendan Pierson in New York; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-gm-ignition-idUKKCN1AX1ZF'|'2017-08-17T18:57:00.000+03:00'
'fde92cc95518ffaf162e0255888e75fdd771a704'|'Brazil''s new BNDES benchmark rate set for committee vote next week'|'BRASILIA, Aug 16 (Reuters) - A government proposal to set market-based interest rates for state lender BNDES cleared a congressional hurdle on Wednesday, coming closer to a potential committee vote next week.The bill''s sponsor, Congressman Betinho Gomes, finished reading his recommendations to vote on the legislation after a week-long delay caused by opposition efforts to obstruct it.The legislation could go to a committee vote as early as Tuesday and possible floor votes in both chambers of Congress by late August, Gomes said.The proposal is one of President Michel Temer''s top priorities to fix public finances in the long run and pave the way for lower interest rates, as it reduces the scope for discretionary subsidies through BNDES lending.BNDES, the main provider of long-term corporate loans in Brazil, has offered cheap loans for decades to boost economic growth and create jobs. Rising public debt and increased scrutiny of the bank''s lending policies after corruption scandals have led policymakers to propose changes, such as the new market-based benchmark, to boost transparency.The new rate, known as TLP, was proposed in April through a provisional decree and must be approved by Sept. 7, when the decree expires, to be turned into law.House Speaker Rodrigo Maia earlier this week said the government could send a separate bill to Congress if obstruction efforts succeed. Lawmakers who oppose the decree may present alternative versions for a committee vote on Tuesday, which could at least delay the work, legislators said. (Reporting by Silvio Cascione; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-economy-bndes-idUSL2N1L21R1'|'2017-08-16T23:42:00.000+03:00'
'e90e10696f2426d8cdc5e04a839ed65a1d8fca5b'|'Airline profits: ready to depart'|'WHEN Heathrow airport opened, in 1946, the only retail facilities were a bar with chintz armchairs and a small newsagent’s. The first terminal was a tent, a far cry from the four halls, resembling vast shopping malls, at the London airport today. Retail spending per passenger is the highest of any airport. This summer’s consumer crazes include Harry Potter wands and cactus-shaped lilos.Heathrow’s journey from waiting room to retail paradise is the story of many airports. Before the 1980s, most income came from airlines’ landing and passenger-handling charges. Then “non-aeronautical” revenue—from shops, airport parking, car rental and so on—rose to around two-fifths of their revenues, of $152bn worldwide in 2015. But amid signs that non-aeronautical income is peaking, especially in mature aviation markets such as North America and Europe, the industry fears for its business model.Latest updates The ACLU stands up for an alt-right author’s freedom of speech Democracy in America 13 hours ago Ryanair drops plans to serve Ukraine Gulliver 13 hours ago British university rankings Graphic detail 14 hours ago British university rankings methodology Graphic detail 14 hours ago “A Ghost Story” is an enigmatic look at loss Prospero 16 hours ago How Donald Trump may be making life easier for one violent street gang The Economist explains 17 hours ago See all updates When airports were state-owned, and run not for profit but for the benefit of the local flag-carrier, such ancillary income was less important. Airports in Asia, Africa and the Middle East still operate like this. Globally, two-thirds lose money; the share is 75% in China and 90% in India. But most airports in Europe and the Americas have to pay their own way.Britain led the way with privatisation in the 1980s. Canada leased its major airports to private-sector entities in 1994, and is now considering whether to sell them completely. Squeezed state budgets in America mean that most publicly owned airports are managed by arms-length organisations that must break even. And a wave of privatisation is sweeping Europe, where nearly half of terminal capacity is now owned by the private sector. France’s main airports in Paris are still partly in state hands, but Emmanuel Macron, the president, aims to sell the rest. Latin American countries are following closely behind.Their timing may be off. Although passenger numbers are still booming—growing worldwide by 6.3% last year, according to IATA, an airline-industry group—non-aeronautical revenues per person are falling across North America and Europe, a trend that is offsetting some of the rise in aeronautical revenues from higher passenger numbers.On the retail side, some temporary factors are at work, such as a crackdown on corruption by Xi Jinping, China’s president, which has crimped sales of luxury items to high-spending Chinese. Extra security checks introduced after a run of terror attacks have cut passengers’ shopping time, and that may change in future.Yet there are structural causes too. Tyler Brûlé, an airport-design guru and editor-in-chief of Monocle , a British magazine, notes that the duplication of nearly identical duty-free and luxury-goods outlets at airports across the world has left many passengers unexcited by the range of items on offer. The demographics of regular flyers, which have shifted towards people with less money to spare, have not helped. At the start of the year, Aéroports de Paris, Frankfurt airport and Schiphol airport, in Amsterdam, announced drops in spending per passenger in 2016 of around 4-8%.Under even greater threat, especially in North America, is income from car parks, which makes up two-fifths of non-aeronautical revenues across the continent, and car-rental concessions, which brings in a further one-fifth. At European airports the shares are 20% and 3% respectively (see chart). These businesses are being disrupted by ride-hailing apps, mainly Uber and Lyft, which make travel by taxi more affordable compared with renting or parking a car at the airport. In the past year, revenues from parking have fallen short of forecast budgets by up to a tenth, airport managers say, and next year they expect worse results. Many airports at first tried to ban Uber’s and Lyft’s cars from their taxi ranks, but drivers found a way round it, in some cases picking up rides from nearby houses. Now more are allowing Uber and Lyft to use their facilities.The likely direction of new technology and environmental regulation will continue to sap revenue from parking and car hire, reckons Francois-Xavier Delenclos of BCG, a consultancy. Because airports must meet local air-pollution targets, they will discourage passengers from using cars with internal combustion engines. Heathrow, for instance, wants the share of passengers using public transport to reach the airport to increase from 41% to 55% by 2040; many American airports have similar targets. Even the adoption of electric self-driving cars will offer little respite. After dropping off passengers, they will be able to take themselves home.Revenues are stagnating just when airports in America and Europe need more cash to expand, to cope with demand for flights. Without expansion beyond current plans, by 2035, 19 of Europe’s biggest airports will be as congested as Heathrow today, which operates at full capacity, according to Olivier Jankovec, director-general of ACI Europe, a trade group in Brussels. In America the Federal Aviation Administration, a regulator, estimates that congestion and delays at the country’s airports cost the economy $22bn in 2012. This will rise to $34bn in 2020 and $63bn by 2040 if capacity is not increased. Meanwhile, the cost of airport construction is rising more than twice as fast as general inflation, mainly due to rising costs of specialised labour.For those tramping through airports, this is bad news. Without space for extra airlines, established carriers can raise their fares without fear of new competitors moving in. Neither are incumbent airlines keen to foot the bill for expansion. IAG, an Anglo-Spanish group, is fighting plans to levy higher landing fees on its airlines, including British Airways, to pay for new runways at Heathrow and in Dublin. Expect to see more battles like this, for lilos and duty-free Smirnoff vodka cannot pay for all the terminals and runways that America and Europe need.  Business   "Losing altitude"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21726099-boring-shops-extra-security-and-ride-hailing-hurt-airports-airline-profits-ready-depart?fsrc=rss'|'2017-08-10T22:41:00.000+03:00'
'781ba1e6d57629dde0b55718a8a37aa987a6ae4f'|'LPC: Air Medical lands US$2.2bn of debt for AMR purchase'|'NEW YORK, Aug 11 (Reuters) - US medical helicopter operator Air Medical Group Holdings will take on US$2.185bn of additional debt to complete its US$2.4bn purchase of ambulance services provider American Medical Response (AMR) from Envision Healthcare Corp, according to three sources familiar with the matter.The financing will come in the form of a US$1.455bn incremental term loan B and a US$730m unsecured term loan that will be added to the roughly US$2.3bn of debt outstanding at Air Medical, a KKR portfolio company, the sources said.Though common in investment grade finance, an unsecured term loan is atypical in the US$928bn leveraged loan market, which draws investors seeking claims on companies'' assets.A lineup of banks including Morgan Stanley, Goldman Sachs, Jefferies, Bank of America Merrill Lynch, Credit Suisse, Citigroup and Nomura is providing the secured debt commitments, while Canadian pension manager PSP Investments and Ares Capital Management are providing the unsecured debt commitments, according to an August 10 8-K filing with the U.S. Securities and Exchange Commission.Sponsor KKR, joined by Koch Industries, will contribute US$300m-US$400m of preferred equity to support the transaction, one of the sources said.KKR, Credit Suisse, Jefferies and Koch declined to comment. Morgan Stanley, Goldman Sachs, BofA Merrill, Citi, Nomura, PSP and Ares did not respond to requests for comment.KKR acquired Air Medical in 2015 for around US$2bn, Reuters has reported. The deal was backed by a US$1.01bn term loan and a US$370 unsecured bond, according to Thomson Reuters LPC data. The new unsecured loan will have the same recovery priority as the bond.The merger with AMR will enable Air Medical to cut down its costs for shorter trips by replacing helicopter flights with ambulances, Reuters reported.“The deal makes a lot of strategic sense, combines Air Medical’s expertise with helicopter transportation with AMR’s leading ambulatory business,” a leveraged finance banker said. “Leverage and valuation are full but there should be meaningful synergies in cross-selling air and ground transport to municipalities and other customers.”The combined company’s debt-to-Ebitda will be roughly six and a half times, two of the sources said.Following its buyout, Air Medical acquired fellow air ambulance companies CALSTAR in 2016 and Air Medical Resource Group earlier this year. Both purchases were financed with add-on term loans.The medical transportation sector has experienced additional activity recently, with buyout firm American Securities’ US$2.5bn acquisition of Air Methods in April.Air Medical is currently rated B3 by Moody’s and B by Standard & Poor’s. (Reporting by Andrew Berlin; Editing By Michelle Sierra)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/air-medical-acquisition-idUSL1N1KX0T7'|'2017-08-11T18:33:00.000+03:00'
'1bd2728ab18290b251357565d82544d0dabf476d'|'Anthem to exit Obamacare market in Virginia next year'|'August 11, 2017 / 9:49 PM / in 19 hours Anthem to exit Obamacare market in Virginia next year 2 Min Read FILE PHOTO: The office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. Gus Ruelas/File Photo (Reuters) - U.S. health insurer Anthem Inc ( ANTM.N ) said on Friday it will exit Obamacare markets in Virginia and reduce its plan offerings in Washington and Scott counties and the city of Bristol next year. The move comes nearly two weeks after President Donald Trump took aim at insurers by threatening to cut the healthcare subsidy payments that make Obamacare plans affordable, after repeatedly failing in his efforts to dismantle former President Barack Obama''s healthcare law. Insurers are facing an upheaval in their health insurance businesses due to uncertainty over the healthcare legislation as Republican lawmakers seek to follow through on their promise to repeal and replace the Affordable Care Act. Health insurers, such as UnitedHealth Group Inc ( UNH.N ), Aetna Inc ( AET.N ) and Humana Inc ( HUM.N ), have also exited most of the states where they used to sell plans. The insurers have asked the government to commit to making the $8 billion in subsidy payments for 2018, saying they may raise rates or leave the individual insurance marketplace if there is too much uncertainty. On Monday, Anthem said it would no longer offer Obamacare plans in Nevada''s state exchange and half of Georgia''s counties in 2018. The company said on Friday it will only offer off-exchange plans in Washington and Scott counties and the city of Bristol. Hundreds of U.S. counties are at risk of losing access to private health coverage in 2018 as health insurers consider pulling out of those markets in the coming months. Last week, Molina Healthcare Inc ( MOH.N ) said it would stop selling Obamacare plans in Utah and Wisconsin. Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-anthem-virginia-idUSKBN1AR2E5'|'2017-08-12T00:48:00.000+03:00'
'30287bb3dac98860773cb21c08edc70ec0182d0a'|'Bristol-Myers kidney cancer drug fails late-stage trial'|' 55 PM / 16 minutes ago Bristol-Myers kidney cancer drug fails late-stage trial 1 Min Read (Reuters) - Bristol-Myers Squibb Co said on Tuesday its combination drug to treat previously untreated patients with advanced or metastatic renal cell carcinoma, a type of kidney cancer, failed to meet one of the main goals of a late-stage trial. The combination of Bristol-Myers'' two top drugs, Opdivo and Yervoy, was not statistically significant in improving progression-free survival in patients, when compared with standard-of-care drug sunitinib. The treatment, however, met another main goal of the study. Bristol-Myers shares were down about 2 percent at $56.49 in after-hours trading. Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bristol-myers-trials-idUSKCN1AV2DS'|'2017-08-15T23:51:00.000+03:00'
'215e4743b37f29374d6d7857d9aa9125a84b4a8e'|'IMF says China''s focus on short-term targets puts mid-term growth at risk'|'August 15, 2017 / 2:12 PM / 7 hours ago IMF says China''s focus on short-term targets puts mid-term growth at risk 5 Min Read FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. Thomas White/Illustration/File Photo BEIJING (Reuters) - China''s short-term growth outlook has strengthened but there is growing risk of a sharp medium-term adjustment due to reliance on stimulus to meet targets and a credit-expansion path that may be "dangerous", the International Monetary Fund said on Tuesday. The IMF raised its forecast for China''s average annual growth from 2018-2020 to 6.4 percent from 6.0 percent and said there is now a greater chance that authorities will meet their target of doubling 2010 real GDP by 2020. But it warned of the consequences to long-term economic health. The main cost of stronger growth "is further large increases in public and private debt", the IMF said in its annual review of China''s economy. "International experience suggests that China''s current credit trajectory is dangerous with increasing risks of a disruptive adjustment and/or a marked growth slowdown", the report said. The IMF estimates that China''s economy would have grown about 5.5 percent annually from 2012-2016 if credit was expanded at a "sustainable" pace, compared to the average 7.25 percent that it recorded. "The key policy imperative is to replace precise numerical growth targets with a commitment to reforms that achieve the fastest sustainable growth path." CLIMBING DEBT-LEVELS The IMF did not see China making much progress on reducing debt, with the report forecasting that its total non-financial sector debt will increase from about 235 percent of gross domestic product (GDP) in 2016 to more than 290 percent by 2022. The Fund projected that China''s non-financial debt through 2022 will rise "even more strongly" than it forecast a year earlier. For this year, the IMF expects China''s economy to grow 6.7 percent, unchanged from a forecast in July, above the government''s target of about 6.5 percent, though growth likely peaked in the first quarter. China''s economy expanded 6.9 percent in the first half of the year. The report also included views from Chinese government officials, who agreed that this year''s growth would likely "exceed marginally" the 6.5 percent target, though they disagreed with the IMF on China''s debt, saying that it was manageable and that its growth was likely to slow further. The IMF said some of the steps China should take to move to a sustainable growth model include reforming fiscal policy to support greater consumption, accelerate reform of state-owned enterprises (SOEs) and intensify deleveraging efforts. Over the past year, the IMF said, China has made little headway on SOE reform but "substantial progress" in supervising "shadow" financing. The IMF supported China''s recent policy tightening and increased oversight of financial risks, and said these should continue. CENTRAL BANK INDEPENDENCE The report said China''s monetary policy has become more market-based as controls on credit as well as lending and deposit rates have been mostly removed, but that the People''s Bank of China should be given "operational independence" in setting interest rates. But that independence would mean its role should be narrowed to focus only on monetary policy with much greater transparency of policy moves, while macroprudential policy should be separate, the IMF said. The IMF said China''s control over the yuan exchange rate and capital flows increased in the past year, and recommended that progress should resume on moving toward a market-oriented rate. China has tightened its grip on capital outflows this year as it looks to preserve foreign currency reserves after significant depreciation pressure on the yuan in 2016. Reserves have increased this year and the yuan has strengthened in the face of a weak U.S. dollar, though there has been no sign of any loosening of capital controls. The IMF said that while China should move towards capital account liberalization, only carefully targeted reforms should be considered in the near-term. The report also said that inequality in China - including disparities in income and opportunity - is forecast to increase, but that higher public spending on social services, a progressive personal income tax system and a recurring property tax would help to reduce it. Reporting by Elias Glenn; Editing by Richard Borsuk 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-imf-idINKCN1AV1HA'|'2017-08-15T17:12:00.000+03:00'
'6f1c2e70b836ecbf310ddc807697af371ef4a81b'|'U.S. retail sales post biggest increase in seven months'|'FILE PHOTO: The inside of a Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri/File U.S. retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles and raised discretionary spending, suggesting the economy continued to gain momentum early in the third quarter.Retail sales for June and May also were revised higher, which should help to assuage concerns about consumer spending after a slowdown at the start of the year. Tuesday''s upbeat report from the Commerce Department likely keeps the Federal Reserve on course to raise interest rates again in December."American shoppers flocked to the malls in July, suggesting consumers are well-positioned to propel the economy forward in the second half of the year," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. "It should tamp down chatter about the Fed delaying rate hikes until next year."Retail sales jumped 0.6 percent last month, the largest gain since December 2016. June''s retail sales were revised to show a 0.3 percent gain instead of the previously reported 0.2 percent drop.Economists had forecast retail sales increasing 0.4 percent in July. May''s retail sales were revised to show no change rather than the previously reported 0.1 percent dip. Retail sales increased 4.2 percent in July on a year-on-year basis.Excluding automobiles, gasoline, building materials and foodservices, retail sales surged 0.6 percent last month after an upwardly revised 0.1 percent gain in June. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have dipped 0.1 percent in June.The report helped to shift investors'' attention from recent weak inflation data as markets try to forecast the Fed''s next policy move. The U.S. central bank has raised rates twice this year and economists expect it will announce a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September.The dollar rose to near a three-week high against a basket of currencies on Tuesday, while prices for U.S. Treasuries fell. Stocks on Wall Street were mixed.Consumer spending, which accounts for more than two-thirdsof U.S. economic activity, increased at a 2.8 percent annualizedrate in the second quarter after a tepid 1.9 percent pace in the January-March period. That boosted GDP growth to a 2.6 percent rate in the second quarter.But persistently sluggish wage growth has pushed Americans to dip into their savings to fund spending. Economists say wage growth has to pick up to sustain consumer spending. Annual wage growth has struggled to break above 2.5 percent.LOW SAVINGS A CONCERN The saving rate has dropped to 3.8 percent in the second quarter of this year from a rate of 6.2 percent in the second quarter of 2015. Low savings and tepid wage growth suggest households would need to borrow to maintain spending."The decline in the saving rate, however, raises some longer-term concerns about consumer spending," said Michael Feroli, an economist at JPMorgan in New York. "Savings can''t drop indefinitely and future consumption growth will need to rely on stronger income growth."For now, the near-term outlook for the economy is brightening. The retail sales report prompted the Atlanta Fed to raise its third-quarter GDP estimate by two-tenths of a percentage point to a 3.7 percent rate.A second report on Tuesday from the New York Fed showed its Empire State general business conditions index climbed 15.4 points to 25.2 in August, the highest level in nearly three years. Manufacturers in the region reported a jump in new orders and said they were taking longer to deliver goods.While a third report from the Commerce Department showed the biggest gain in business inventories in seven months in June, the stock accumulation appeared planned amid rising sales.Retail sales in July were lifted by a 1.2 percent jump in motor vehicle sales, the biggest rise since December 2016. Sales were likely boosted by hefty discounts as auto dealerships try to reduce inventory.Prices for new motor vehicles recorded their biggest drop in nearly eight years in July and have decreased for six straight months. A fourth report from the Labor Department on Tuesday showed imported motor vehicle prices fell in July for the second consecutive month.Retail sales in July were also buoyed by a 1.2 percent increase in receipts at building material stores. Sales at online retailers vaulted 1.3 percent last month, the largest gain since December 2016, likely buoyed by Amazon.com''s Prime Day promotion.Sales at restaurants and bars rose 0.3 percent as did receipts at sporting goods and hobby stores.But sales at electronics and appliance stores slipped 0.5 percent last month. Sales at clothing stores fell 0.2 percent. Clothing retailers are struggling with falling traffic in shopping malls and increased competition from Amazon and other online retailers.Reporting by Lucia Mutikani; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-economy-idINKCN1AV1GX'|'2017-08-15T16:28:00.000+03:00'
'589485d591d5ee9645c8ab9bda9589bcf50b7a53'|'GM''s Maven may compete with Lyft and Uber in ride services'|'August 16, 2017 / 6:28 PM / 32 minutes ago GM''s Maven may compete with Lyft and Uber in ride services Paul Lienert 3 Min Read FILE PHOTO: A sign for General Motors Co. car-sharing operation, Maven hangs on the facade of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. Brendan McDermid/File Photo (Reuters) - General Motors Co''s ( GM.N ) Maven car sharing and rental unit could wind up competing with two of its biggest customers, Uber Technologies and Lyft Inc, with an ambitious expansion plan that could take it eventually into ride and delivery services. Maven already has begun to pull away from Lyft, in which GM holds a 9 percent stake, with its own Gig leasing business, officials said. Through Gig, Maven can provide GM vehicles directly to ride-sharing drivers who previously leased them through Lyft Express Drive and Uber Vehicle Solutions. The Gig leasing business eventually will eclipse Maven''s third-party leasing services to Lyft and Uber, according to Maven spokeswoman Annalisa Bluhm. While executives say its future role has yet to be fully defined, Maven also has been quietly assembling the knowledge and expertise to enable GM eventually to compete directly with Uber, Lyft and other startups in offering on-demand mobility services to a new generation of consumers who buy access to transportation by the hour or eventually through fractional ownership of GM vehicles. Maven focused initially on car sharing at its launch in early 2016, then quickly added third-party leasing services through Uber and Lyft. Now it has partnered with on-demand delivery services GrubHub (meals), Instacart (groceries) and Roadie (packages), as well as HopSkipDrive, an on-demand ride share service aimed at children of working parents. FILE PHOTO: A 2018 Chevrolet Bolt EV is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. Rebecca Cook/File Photo The alliances are providing valuable experience and data, according to Peter Kosak, GM’s executive director of urban mobility, helping Maven "to accelerate our deployment (and) learning” of new services. Asked if GM through Maven aims to create its own ride and delivery service, Maven boss Julia Steyn says, “You’re on the right track. We are building this out step-by-step.” Maven executives said they expect to bolster the Gig fleet next year with the addition of 2,000-3,000 Chevrolet Bolt EVs as more cities outside California add charging stations. While still relatively small compared with Uber — whose market value is more than that of GM — Maven has mushroomed in the past 18 months. Its fleet of nearly 10,000 vehicles has accumulated 170 million miles and provided 17.5 million rides to Lyft and Uber customers, officials said. Along the way, Maven has expanded its scope and reach, with operations in 17 cities in North America and a foothold in Australia. Reporting by Paul Lienert in Detroit; Editing by Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-gm-maven-idUSKCN1AW2CN'|'2017-08-16T21:26:00.000+03:00'
'53c5afd922bd096a6f3f1ab61082742d7d27197c'|'Cerecor Inc says Uli Hacksell retires as CEO, president'|'Aug 14 (Reuters) - Cerecor Inc* Cerecor Inc announces retirement of Dr. Uli Hacksell as president and chief executive officer* Cerecor Inc says John Kaiser, chief business officer of Cerecor, has been appointed interim chief executive officer* Cerecor Inc says board of directors has initiated a search for a permanent chief executive officer* Cerecor Inc says Hacksell will stay on as chairman of Cerecor''s board '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-cerecor-inc-says-uli-hacksell-reti-idUSASB0BFK9'|'2017-08-14T20:25:00.000+03:00'
'bbe21388496ea673b54e5f8a783ea630aed39e8d'|'DX Group, John Menzies end merger talks'|'August 14, 2017 / 6:19 AM / 22 minutes ago DX and John Menzies end deal talks after failing to agree terms Maiya Keidan 3 Min Read LONDON (Reuters) - A proposed merger deal between British mail delivery company DX Group ( DXDX.L ) and logistics group John Menzies ( MNZS.L ) collapsed on Monday after months of fraught negotiations, with the two sides unable to agree terms. Under the deal, DX would have bought the distribution arm of Menzies through a reverse acquisition, with DX paying 40 million pounds ($52 million) in cash and new ordinary shares representing 65 percent of its post-transaction share capital. The deal had already been revised in June following opposition to the original terms from DX''s biggest shareholder, but Menzies said on Monday it had undertaken further due diligence following a trading update from DX on July 14, which convinced it the terms needed to be revised again. DX for its part said it had been unable to agree terms with Menzies and had the backing of its major shareholder to walk away. It also said its chairman Bob Holt would retire to be replaced by Ron Series, previously chief restructuring adviser at Lonmin ( LMI.L ). The deal''s collapse is a blow to both companies which continued to endorse its business logic in a fiercely competitive market. DX is one of several big operators in the parcels market, where DHL-owner Deutsche Post ( DPWGn.DE ) has bulked up by buying UK Mail UKM.L and Amazon ( AMZN.O ) has started its own deliveries. Activist hedge fund Shareholder Value Managements (SVM), which holds 10.2 percent in Menzies according to Thomson Reuters data, had supported a merger under the right terms. "The willingness to withdraw from a deal that evidently was not in the best interest of shareholders demonstrates the strength of Menzies’ management," said Gianluca Ferrari, director at SVM. DX said its major shareholder Gatemore Capital Management, which owns 21.3 percent of the stock, supported its plans to operate independently and it was exploring financing options with its banks. "As we were unable to agree suitable terms with John Menzies, we believe a stand-alone strategy is the right course for our shareholders," Holt said in a statement. The acquisition had immediately attracted opposition from Gatemore when it was first set out in March, with chief investment officer Liad Meidar saying it "seems like an egregious case of the board ... force-feeding a deal which is not in the best interest of shareholders." DX shares have been suspended on London''s junior AIM market since March, having slumped to just 9.5 pence from a 2014 high of 152p. The company in February warned its annual profits would be well below market forecasts and it would not pay dividends for the foreseeable future. Reporting by Maiya Keidan in London; Additional reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dx-group-m-a-john-menzies-idUKKCN1AU0H9'|'2017-08-14T09:18:00.000+03:00'
'5d476a7fa026e1791bdd63e6840f6bebb75f48f9'|'China''s stable economic performance should continue in second half - stats bureau'|' 44 AM / 22 minutes ago China''s stable economic performance should continue in second half - stats bureau Reuters Staff 1 Min Read A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China July 27, 2017. Aly Song BEIJING (Reuters) - China''s stable economic performance should continue in the second half of this year and the overheated property market has cooled somewhat, a spokesman of National Bureau of Statistics said on Monday. China created 8.55 million new jobs in the January-July period, and the July survey-based unemployment rate in major cities was under 5 percent, Mao Shengyong told a news conference. Reporting by Elias Glenn; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-economy-idUKKCN1AU0A8'|'2017-08-14T06:43:00.000+03:00'
'16714e19f0ae4e0a88521bf5e0d2994bb23817c8'|'Gold rally is fuelled by Trump''s tweets, but that''s not enough: Russell'|'FILE PHOTO: A salesman arranges gold ornaments, on a display board, inside a jewellery showroom during Akshaya Tritiya, a major gold buying festival, in Kochi, India April 28, 2017. Sivaram V/File Photo LAUNCESTON, Australia (Reuters) - Gold''s rally in recent weeks may be its first boosted by Twitter, but for the gains to sustain it will likely take more than just the ramping up of global geopolitical tensions amid bellicose tweets from U.S. President Donald Trump.Spot gold has jumped 7 percent from its recent intra-day low on July 10 to close at $1,288.81 an ounce on Aug. 11, it''s highest in two months.The precious metal is up 12 percent since the end of last year, and while there have been other factors behind the gains, the froth in the rally is almost certainly down to its appeal as a safe haven in times of heightened political risk.Trump''s use of the social media site Twitter to threaten "fire and fury" against North Korea certainly raised the tensions around the isolated dictatorship''s pursuit of nuclear weapons capable of reaching the continental United States.The U.S. President later doubled down on his tweet, saying perhaps it didn''t go far enough, raising fears that Trump would go as far to consider a pre-emptive strike on North Korea, a move that could escalate into retaliatory attacks on neighbours and U.S. allies South Korea and Japan.The geopolitical tensions stoked by Trump are grist to the mill for gold, but it''s also likely the case that a sustainable rally for the yellow metal can''t be built on the threat of conflict alone.At some point the conflict either becomes real, or the tensions start to ease as calmer heads make their presence felt on all sides of the dispute.For gold to continue making headway, it''s generally the case that all, or at least most, of the drivers of the price are working in tandem.Gold slumped after Trump''s election last November as investors took the view that the insurgent Republican leader would be good for economic growth and thus inflation in the United States, thereby prompting interest rate increases by the Federal Reserve.With this optimism fading, but not quite gone yet, the outlook for monetary tightening by the Fed is being scaled back, which removes a headwind for gold.The state of physical demand, particularly in the top two consumers China and India, tends to take a backseat in coverage of the gold market, but it is a crucial component.On the positive side, India''s demand appears to be regaining strength, with World Gold Council data showing the South Asian nation''s demand at 167.4 tonnes in the second quarter, up strongly compared to both the 131 tonnes in the previous quarter and the 122.1 tonnes in the same period last year.It''s possible that India''s gold imports will continue to increase in the second half of this year, given demand created by a good monsoon season, which boosts rural incomes.CHINA UNCERTAINTY The picture is somewhat mixed for China, with overall second quarter demand at 200.3 tonnes, down from 281.5 tonnes in the first quarter, but up from the 185.8 tonnes in the same period in 2016.Jewellery demand growth in China has been on a declining trend in recent years, while investment demand for bars and coins has also slowed in the first half of this year from the second half of 2016 as fears over yuan depreciation and government restrictions on other types of investment eased.India''s consumer demand is up by 69.1 tonnes in the first half of 2017 compared to the same period last year, while China''s is 35.5 tonnes higher.Together, this additional demand of 104.6 tonnes has helped support prices, but by itself probably isn''t enough to drive a sustained rally.For that to happen, investor flows will have to make more of a contribution, something that becomes possible if investors continue to seek a safe haven, or see increasing chances of declines in global equity markets as the optimism surrounding Trump''s hoped-for economic stimulus and tax cuts fades.Exchange-traded funds (ETFs) for gold recorded net inflows of just 56 tonnes in the second quarter, down from 111.9 tonnes in the first quarter, according to the Council statistics.The net flows into ETFs in the first half of 2017 was 167.9 tonnes, down 71 percent from the 579.4 tonnes reported for the first half of 2016.So far inflows into gold ETFs have yet to show any meaningful response to rising tensions, total holdings across all funds monitored by Reuters ticked up to 53.15 million ounces in the week to Aug. 11, a gain of just 0.15 percent from the 53.07 million ounces on Aug. 9, which was the lowest since early February.Overall, there is little to suggest that gold''s current rally has solid foundations, rather it is hostage to the news cycle.Gold does have some positives in the form of stronger physical demand in the top two consumers, and prospects of a less steep monetary tightening curve in the United States.The question for investors is whether those factors are enough to justify the continuing the current rally, or are they already reflected in the gains seen so far this year.Editing by Christian Schmollinger'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/column-russell-gold-idINKCN1AU0EM'|'2017-08-14T03:41:00.000+03:00'
'95b592ff05b3fb9affabae27e996cd9b45b3b637'|'China July factory output rises 6.4 percent, investment up 8.3 percent, both miss forecasts'|'August 14, 2017 / 2:13 AM / 20 minutes ago Robust China economic growth shows signs of fading in July Elias Glenn and Ryan Woo 6 Min Read Employees work at a engine factory of CSSC Wartsila Engine (Shanghai) Co. Ltd in Shanghai, China June 13, 2017. Aly Song BEIJING (Reuters) - China''s strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled, though activity levels generally remained solid, propped up by a year-long construction spree. Industrial output, investment, retail sales and trade all grew less than expected last month, after the world''s second-largest economy put in a surprisingly strong showing in the first half, adding fuel to a global recovery. But economists do not expect any hard landing, with the government keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle in the autumn. "The upshot is that both foreign and domestic demand appear to have softened at the start of the third quarter," said Julian Evans-Pritchard, China economist at Capital Economics. "A few sectors, such as steel, seem to have defied this slowdown in economic activity. But the strength in these areas likely won''t last given that policy tightening is set to further weigh on infrastructure and property investment in coming months." Factory output rose 6.4 percent in July from a year earlier, the slowest pace since January, according to data from the National Bureau of Statistics on Monday. Analysts polled by Reuters had predicted output would grow 7.2 percent, down from a better-than-expected 7.6 percent in June. Despite the softer-than-expected reading, manufacturing activity still appears to be supported for now by an extended infrastructure boom. Beijing has been pouring money into road and rail projects that have fuelled demand for products from construction equipment to glass and steel. Indeed, China''s steel output rose to a monthly record in July, while power generation was the highest since at least May 2014. Any sharp drop in industrial activity, which appears to be unlikely at this stage, would be a concern for policymakers as it risks rippling across the broader economy. PROPERTY MEASURES BITING HARDER? In a sign that economic momentum could slow further, fixed-asset investment grew 8.3 percent in the first seven months of the year, cooling from 8.6 percent in the first half of the year. Analysts had expected the pace to remain steady. Property investment, in particular, showed signs of fatigue after local governments were forced into repeated rounds of cooling measures to curb soaring home prices. Growth in property investment, which mainly focuses on residential real estate but includes commercial and office space, eased to 4.8 percent in July from a year earlier, versus 7.9 percent in June, Reuters calculations based on official data showed. New construction starts measured by floor area, a telling indicator of developers'' confidence, contracted for the first time since last September, falling 7 percent in July on-year. The statistic bureau said the overheated property market has cooled "somewhat", but it still expected China''s economic performance to be steady in the second half. The performance in July was stable, the bureau said. Growth of private investment also ebbed to 6.9 percent in the first seven months of the year, suggesting small and medium-sized firms still face challenges in accessing financing. Private investment accounts for about 60 percent of overall investment in China. Retail sales pulled back, too, but growth remained in the double-digits for the fifth month in a row, suggesting consumption will continue to overtake factory output and investment as the biggest growth driver of the economy, a key policy goal for Beijing. Retail sales expanded 10.4 percent in July on-year, down from June''s 11 percent and forecasts for a 10.8 percent rise. But while car sales remained solid, automakers cut back production. Concerns about the outlook for domestic demand resurfaced last week after Beijing reported weaker-than-expected import and export data. Though some economists chalked up softer imports to seasonal or one-off factors such as bad weather, others said it may be a sign that China''s trade growth peaked in the second quarter and is now on a downward trend. Beijing is targeting growth of around 9 percent in fixed asset investment for 2017, and expects retail sales to increase about 10 percent. "Combined with the previously released data on trade, demand and production in July visibly slowed in July," said Li Qilin, an analyst with Minsheng Securities. "As for the property market, it will continue to face downward pressure as projects are completed, with September and November key months to watch." HAS CHINA''S GROWTH PEAKED? China has surprised most pundits this year, with the economy growing a faster-than-expected 6.9 percent in the first half, turbo-charged by heavy government spending, a hot housing market and record bank lending last year that has added to a rapid-build-up in debt. That momentum should ensure the government handily meets its full-year growth target of around 6.5 percent. Analysts have insisted that cracks will appear eventually, leading to a modest slowdown, but have repeatedly pushed back the timing in the face of resilient data. A government crackdown on riskier types of lending has driven a slowdown in credit growth and pushed up financing costs, which are expected to weigh on businesses. Average lending rates edged up to 5.67 percent in June from 5.53 percent in March, China''s central bank said on Friday in its second-quarter policy report, adding it will continue working to fend off risks to the financial system. (For highlights of the PBOC''s report, see A revival in exports from China and other Asian economies may also be under a cloud. U.S. President Donald Trump is expected later on Monday to turn up pressure on Beijing and order an investigation into some of its trade practices, though that does not necessarily signal any concrete action anytime soon. Reporting by Elias Glenn and Ryan Woo; Additional reporting by Yawen Chen, Stella Qiu and Kevin Yao; Editing by Kim Coghill 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-economy-activity-idUKKCN1AU052'|'2017-08-14T05:13:00.000+03:00'
'2f3cc594efd0566bb9b0a75ad52af116426e918d'|'Titan sees up to 30 percent rise in sales with stores expansion'|'August 14, 2017 / 8:31 AM / 10 hours ago Titan sees up to 30 percent rise in sales with stores expansion 2 Min Read An Indian shopkeeper displays the world''s slimmest watch inside his shop in New Delhi in this picture taken on September 30, 2004. B Mathur/Files PANAJI, India (Reuters) - Titan Co, India''s biggest listed jeweller, expects its jewellery sales to rise by 20-30 percent in 2017/18 fiscal year ending March, as it plans to add more than two dozen retail stores to boost its presence in small towns, a senior company official said. "We are planning to add 25 to 30 stores on franchise basis this year on top of existing around 250 stores," Sandeep Kulhalli, senior vice president, retail and marketing at Titan, told Reuters. Titan shares rose as much as 4.6 percent to a record high of 636.65 rupees on Monday. They have risen 86 percent this year up to Friday''s close. The company''s total income in June quarter surged 43 percent to 40.50 billion rupees ($632.6 million) from a year ago due to higher jewellery sales during annual Hindu and Jain holy festival of Akshaya Tritiya. The government''s efforts to bring transparency in bullion trading by making large cash transactions illegal and mandating tax code for such deals is also helping the company, he said. "Earlier people were buying from small jewellers as they were not asking for PAN card or accepting cash. With the government restrictions, they don''t see any benefit in buying from small jewellers," Kulhalli said. ($1 = 64.0250 Indian rupees) Reporting by Rajendra Jadhav; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/titan-company-outlook-idINKCN1AU0QO'|'2017-08-14T11:28:00.000+03:00'
'ca5cb0fa7292eba6436cbe546533186524c61520'|'Deals of the day-Mergers and acquisitions'|'Aug 16 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday:** Swiss chemicals maker Clariant AG and U.S.-based Huntsman Corp said U.S. regulators had asked for more information on their proposed merger, but they were confident of still closing the deal by the end of this year.** Private equity house EMR Capital has purchased an 80 percent stake in a Zambian copper mine from African Rainbow Minerals (ARM) and its partner for $97.10 million, ARM said.** Canadian miner Crystallex is seeking to seize shares in a subsidiary of Venezuelan state oil company PDVSA that owns U.S. refiner Citgo as part of a dispute over Venezuela''s 2008 takeover of the Las Cristinas gold mine, according to court filings.** Hedge fund Elliott Management has upped the stakes at BHP ,, gaining powers to push for change by raising its holding in the miner''s London-listed arm to 5 percent.** Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices.** Britain''s Prudential sold its broker-dealer network in the United States for $325 million to LPL Financial , the insurer said. (Compiled by Roopal Verma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L23H6'|'2017-08-16T08:07:00.000+03:00'
'778ca243f8c49743ba5ac70f48bb6cea40950adb'|'Unemployment is falling, but so are wages. It''s the latest of a very long slide - Greg Jericho'|'T he latest wages figures released by the Bureau of Statistics revealed that Australians’ real wages continue to fall, and that in the past year wages grew by a record low 1.9% – and it also marked the 20 th consecutive quarter of falling wages growth for private sector workers.Any hope that wages growth has turned a corner will need to wait another three months. While the Fair Work Commission increased the minimum wage by 3.3% in June, this only took effect from the start of July, meaning any flow-on impacts won’t be observed until the September quarter figures come out in three months time.Reserve Bank keeps interest rate at 1.5% for 11th consecutive month Read more And should those figures show some improvement, it will be a blessed relief, because the June quarter figures released on Wednesday showing wages for all workers grew by just 1.9% over the past year are just the latest of a very long slide:For private sector workers the news was slightly worse – their wages grew by just 1.8% – a new record low, compared to public sector workers having a relatively solid 2.4% growth:The growth of public sector wages came mostly from New South Wales and Victoria. Public service employees in the Australian Capital Territory (most for whom are commonwealth public servants) saw their wages grow by the least amount – just 1.6% – a rate lower than the national private sector growth.The lowest private sector wages growth occurred again in Western Australia – the annual growth of 1.0% equalled last month’s record low level:But to be honest, it is hardly news any more to say that a new record low in wage growth has been achieved. The last time private sector wages did not set a new record for low growth was December 2013. There have now been 19 consecutive quarters of falling wages growth for all workers and 20 consecutive quarters for private sector workers.The last time the annual growth of wages for private sector workers improved was June 2012:A new record was also set for quarterly growth of wages. In the June quarter, private sector wages grew by just 0.4%. That made it 10 quarters in a row of quarterly growth not being above 0.5%. To give some context, prior to this current run such a feat had occurred only once before – in the GFC quarter of September 2009:It is an utterly dreadful state of affairs because it means yet again, despite very low inflation growth, real wages are continuing to fall.In the 12 months to June, the RBA’s underlying inflation measure grew by 1.84% – faster than the private sector wage growth of 1.78% and only slightly less than the 1.86% growth for all workers:It means that private sector real wages remain at the level where they were four and half years ago:And while this is bad news for workers and anyone hoping for an improvement in their standard of living, it is also bad news for the government.As I noted at the time, the budget figures contained some rather heroic projections for wages growth over the next four years – predictions which if they don’t come to pass will make it very unlikely that the budget will return to surplus, because wages growth is a strong driver of income tax growth.The budget predicted that wages in June this year would grow annually by 2.0% and the unemployment rate would be 5.75%. The final result of 1.9% is slightly worse, but the unemployment rate of 5.6% is slightly better. And this is a problem, because generally there is a link between the unemployment rate and wages growth. When the unemployment rate falls, wages growth is expected to pick up. But in the past two years, while the unemployment rate has fallen, so too has wage growth:The problem for the government is its budget projections have wages growth improving very quickly, while the unemployment rate is expected to barely fall at all. The budget actually predicts by next June the unemployment rate will be 5.75% – worse than it is now, and yet wages are meant to be growing faster than they are now at 2.5%. By June 2019, with an expected unemployment rate of 5.5% – just .01 percentage point better than now – wages are expected to be growing by 3% – 1.1 percentage points better than now. This path of slightly improving unemployment rates but strongly improving wages growth continues until June 2021, when with an unemployment rate of 5.25% wages are supposed to be growing at 3.75%.Looking for the cause of low wage growth? It''s underemployment - Greg Jericho Read more It is a path that would be rather unexpected – especially since the budget would have us believe that in June 2021 inflation would be rising at just 2.5%, meaning real wages growth would be 1.25% – a rate not experienced since 2012:The record low wages growth is bad news all round. Bad for workers, bad for companies hoping consumers will begin to spend in the shops, and bad for the government hoping income tax revenue will grow as fast as its budget papers predict it will. Topics Australian economy Opinion Economics Business (Australia) comment'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/commentisfree/2017/aug/17/unemployment-is-falling-but-so-are-wages-its-the-latest-of-a-very-long-slide'|'2017-08-16T21:00:00.000+03:00'
'2f26f9c221c8c225145c848b94b563f33e6dd4e4'|'ThoughtSpot raises $60 mln, ends funding round for artificial intelligence technology'|'SAN FRANCISCO, Aug 17 (Reuters) - Silicon Valley technology company ThoughtSpot has completed a $120 million funding round to fuel the start-up''s new artificial intelligence endeavor.ThoughtSpot, based in Palo Alto, California, said on Thursday it had raised $60 million from investors in a financing round led by venture capital firm Lightspeed Venture Partners. The investment round, completed in January but previously undisclosed, was an extension of a $60 million financing round ThoughtSpot completed a year ago and doubles the total amount raised.Lightspeed was the first venture firm to back messaging company Snap.ThoughtSpot makes data analytics software for businesses with a Google-like search tool that allows users to search for data. Users type a question into a search bar and ThoughtSpot produces charts, graphs and maps visualizing data such as sales numbers and customer demographics.The company was co-founded in 2012 by Ajeet Singh, who started ThoughtSpot after helping to found Nutanix, a cloud computing company that held an initial public offering last year that raised more than $200 million.ThoughtSpot''s funding coincides with the company''s debut of a new artificial intelligence product, SpotIQ. With this technology, a computer asks thousands of questions on its own, making assumptions about what the user wants to know based on the user''s profile and certain search terms. The search produces dozens of analyzed data sets in seconds.Singh, who is ThoughtSpot''s chief executive officer, told Reuters the artificial intelligence enables businesses to get answers to questions they might not even know to ask. He added that the software is the equivalent of hiring a thousand analysts, asking them questions and then waiting a week for them to come back with reports - about 40,000 man hours of work.The company''s customers include retailers such as Bed Bath & Beyond and financial firms, including Capital One . The recent financing brings its total funding to more than $160 million. (Reporting by Heather Somerville; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/thoughtspot-funding-idINL2N1L30ZA'|'2017-08-17T14:46:00.000+03:00'
'6f765b50cb22e504b5c1d0147384b6e3bb212155'|'Ericsson could shed 25,000 jobs in cost-cutting drive: report'|'The exterior of an Ericsson building is seen in Stockholm April 30, 2009. Bob Strong/Files STOCKHOLM (Reuters) - Mobile telecom gear maker Ericsson may lay off around 25,000 employees outside Sweden as part of its savings programme, Swedish daily Svenska Dagbladet reported on Thursday, citing unidentified sources at the company.Ericsson said in July it would accelerate measures to meet a target of doubling its 2016 underlying operating margin of 6 percent and that it aimed to reach an annual cost reduction run rate of at least 10 billion crowns ($1.2 billion) by mid-2018.Ericsson has said actions will be taken primarily in service delivery and common costs while research and development would be largely unaffected.The company faces mounting competition from China''s Huawei and Finland''s Nokia as well as weak emerging markets and falling spending by telecoms operators with demand for next-generation 5G technology still years away.Svenska Dagbladet said it was not clear whether the planned layoffs included employees within its media operations, which are up for strategic review and seen by analysts as likely to be sold by the group."Ericsson has not communicated which specific units or countries could be affected. It is too early to talk about specific measures or exclude any country," Ericsson said in a statement on its website.Ericsson has around 109,000 employees.($1 = 8.0703 Swedish crowns)Reporting by Olof Swahnberg; Editing by Dale Hudson'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/ericsson-layoffs-idINKCN1AX0PG'|'2017-08-17T05:41:00.000+03:00'
'64f74bd605f68f652c16543cfbb7cf32038c6165'|'UPDATE 1-China frees top Crown executive jailed for gambling offences -official - Reuters'|'(Adding Australian gov''t statement in 4th para; Crown statement in 5th para)SHANGHAI/BEIJING, Aug 12 (Reuters) - China on Saturday freed one of the last remaining Crown Resorts Ltd executives jailed for illegally promoting gambling, as a protracted saga that forced the Australian casino operator to cancel global expansion plans and hurt profits nears an end.Jason O''Connor, head of international VIP gambling with the casino giant, was released before 7 a.m., an official told media outside the detention centre in Shanghai.The Australian was the most senior of 16 staff detained in October and jailed by a Shanghai court in June. His 10-month sentence ran from the time of his first detention on Oct. 14 last year.He was flying home following his release on Saturday, Australia''s Foreign Minister Julie Bishop said in an emailed statement. She did not give a time for his arrival.Crown executive chairman John Alexander said in an emailed statement he was "very pleased" staff were being reunited with their families and expressed gratitude for the help provided by the Australian government and the company''s legal team over the past few months.The authorities released 10 employees, including Australian nationals Jerry Xuan and Jane Pan Dan, in July.Crown, half-owned by billionaire James Packer, had been trying to attract wealthy Chinese to its casinos located outside China, where gambling is illegal, except for Macao.But the case prompted Crown, the world''s biggest listed casino company outside China, to retreat from global expansion plans and sell off its Macao assets, and instead shift its focus back home. (Reporting by Xihao Jiang in SHANGHAI, Shu Zhang and Josephine Mason in BEIJING; additional reporting by Ben Cooper in SYDNEY and Brenda Goh in SHANGHAI; writing by Josephine Mason; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/crown-resorts-china-idINL4N1KY06P'|'2017-08-12T08:28:00.000+03:00'
'c0ea0ae95dc3cf10ffd3e648c0aff31dd7dd4603'|'METALS-London zinc hits highest in a decade on China construction spend'|'(Adds zinc high, comments, details) By Melanie Burton MELBOURNE, Aug 16 (Reuters) - London zinc hit its highest in almost a decade on Wednesday, as Chinese infrastructure demand that has fed a rally in steel prices for months spills into markets for steelmaking raw materials. The rally in zinc, used for galvanising steel, comes as China steps up plans to develop infrastructure while capacity cuts in its steel industry reform boost prices, said analyst Daniel Hynes of ANZ in Sydney. "There (was) a fair level of scepticism at the start of the year when China''s infrastructure projects were announced but we''re seeing much better-than-expected growth in fixed asset investment," said Hynes. "That resetting of expectations is resulting in that much more positivity to the sector." FUNDAMENTALS * LME ZINC: London Metal Exchange zinc peaked at $2,990 a tonne, having cracked its Nov. 2016 high to take prices back to their most expensive since Oct. 2007. * CHINA GROWTH: China''s strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled, though activity levels generally remained solid, propped up by a year-long construction spree. * FIXED ASSET: Fixed-asset investment still grew 8.3 percent in the first seven months of the year, even as it slowed from 8.6 percent in the first half. * STEEL: Gains came even as Chinese steel and iron ore futures slipped for a fourth session as recent moves by the Shanghai exchange to increase trading charges kept the two commodities under pressure. * LME ALUMINIUM: LME aluminium hit its highest since November, 2014 at $2,065.50 a tonne, as Chinese capacity cuts extend to the sector in Beijing''s drive to clean up its skies ahead of the winter heating season. A break above $2,078.75 would open the way to prices last seen in September 2014. * HONGQIAO: The world''s top aluminium maker, China Hongqiao Group clarified in a notice to the Hong Kong Exchange that it has shut down 2.68 million tonnes of production capacity amid the country''s supply-side reforms, representing 29 percent of group''s total production capacity of aluminium products. * COPPER: LME copper was flat at $6,379 a tonne, having closed a tad softer and still below its most recent 2-1/2 year top of $6,515. * SHANGHAI: On the Shanghai Futures Exchange, copper was little changed, but zinc and aluminium were traded up around 2 percent. * M&A: Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China''s acquisitive conglomerates to restrict capital outflows. * COMING UP: U.S. Housing starts, building permits for July at 1230 GMT PRICES 0242 GMT Three month LME copper 6380.5 Most active ShFE copper 50150 Three month LME 2065 aluminium Most active ShFE 16090 aluminium Three month LME zinc 2984 Most active ShFE zinc 24660 Three month LME lead 2396.5 Most active ShFE lead 19390 Three month LME nickel 10390 Most active ShFE nickel 85060 Three month LME tin 19940 Most active ShFE tin 143020 LME/SHFE COPPER LMESHFCUc3 416.89 LME/SHFE ALUMINIUM LMESHFALc3 68.28 LME/SHFE ZINC LMESHFZNc3 795.06 LME/SHFE LEAD LMESHFPBc3 29.49 LME/SHFE NICKEL LMESHFNIc3 2319.1 (Reporting by Melanie Burton; Editing by Joseph Radford and Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1L21P7'|'2017-08-16T02:07:00.000+03:00'
'650d85ef8f15c93c613a34ff54d9c7b0d73b2706'|'Merck CEO resigns from Trump''s manufacturing council'|'August 14, 2017 / 12:54 PM / in a minute Merck CEO resigns from Trump council over Charlottesville Michael Erman 6 Min Read (Reuters) - Merck & Co Inc Chief Executive Kenneth Frazier resigned from U.S. President Donald Trump''s American Manufacturing Council on Monday, saying he was taking a stand against intolerance and extremism. Trump denounced neo-Nazis and the Ku Klux Klan as criminals and thugs on Monday, bowing to mounting political pressure after initially saying many sides were to blame after a white-nationalist rally turned deadly in Virginia. Frazier, who is African-American, is the only CEO so far to leave one of Trump''s advisory councils because of his reaction to the violence in Virginia, although the AFL-CIO said it was considering pulling its representative on the committee. Prominent Democrats and Republicans criticized Trump''s response to the violence over the weekend. The gathering of hundreds of white nationalists took a deadly turn on Saturday when a car plowed into a group of counter-protesters and killed at least one person. Trump had said "many sides" were involved, drawing fire from across the political spectrum for not specifically denouncing the far right. "America''s leaders must honor our fundamental views by clearly rejecting expressions of hatred, bigotry and group supremacy, which run counter to the American ideal that all people are created equal," Frazier said in a statement announcing his resignation. ( bit.ly/2fFnITM ) "As CEO of Merck and as a matter of personal conscience, I feel a responsibility to take a stand against intolerance and extremism," he said. Trump responded in a tweet, saying now that "Ken Frazier of Merck Pharma has resigned from President''s Manufacturing Council, he will have more time to LOWER RIPOFF DRUG PRICES!" The son of a janitor, Frazier joined Merck as general counsel of one of the drugmaker''s subsidiaries in 1992, working his way up to CEO of the company in 2011. Related Coverage Factbox: Trump on Twitter (Aug 14) - Ken Frazier, Luther Strange He made his name as the company''s top lawyer, steering it through daunting litigation over Vioxx, its widely used painkiller that was withdrawn in 2004 after being linked to heart attacks. Many observers thought Merck would eventually have to shell out $10 billion or more to thousands of plaintiffs over the drug''s withdrawal. But Frazier''s legal strategy led to a $4.85 billion settlement in 2007, allowing Merck to refocus on its pipeline of experimental medicines. Merck shares rose 0.5 percent in afternoon trading on the New York Stock Exchange, roughly in line with the wider market. Frazier frequently made political contributions during the 2016 election, donating to both Republican and Democratic members of Congress but making no donations to a presidential candidate during the year. The political PAC maintained by Merck and funded through donations from Merck employees made over $1.1 million in candidate contributions during the 2016 campaign - but did not contribute to Trump or his Democratic rival, Hillary Clinton, according to documents filed with the Federal Elections Commission. Merck & Co. CEO Ken Frazier (R) listens to President Donald Trump speak during a meeting with manufacturing CEOs at the White House in Washington, D.C., February 23, 2017. Kevin Lamarque The Pharmaceutical Research and Manufacturers of America, which represents the pharmaceutical industry and lobbies on its behalf in Congress, declined to offer a statement of support for Frazier or to comment on Trump’s reaction. The industry’s silence comes as Trump is finalizing an executive order on drug prices that would relax industry regulation and contains measures that, some say, would protect existing drug prices or even increase them. Individually, at least one CEO, John Maraganore of Alnylam Pharmaceuticals, tweeted his support, saying he was “proud to stand with leaders like Ken Frazier.” Other top business leaders also spoke out in response to the violence in Charlottesville. "I support Ken Frazier’s decision. I’m thankful we have business leaders such as Ken to remind America of its better angels," said Hewlett Packard Enterprises CEO Meg Whitman, who ran for governor of California as a Republican in 2010. FILE PHOTO: Penn State university chair of the school''s Investigation committee Kenneth C. Frazier attends a meeting at the school''s Worthington Scranton campus in Dunmore, Pennsylvania July 13, 2012. Eric Thayer Goldman Sachs CEO Lloyd Blankfein tweeted: "Lincoln: ''A house divided against itself cannot stand.'' Isolate those who try to separate us. No equivalence w/ those who bring us together." Richard Trumka, president of the largest federation of U.S. labor unions, the AFL-CIO, questioned the council''s effectiveness and said the group was mulling leaving. "The AFL-CIO has unequivocally denounced the actions of bigoted domestic terrorists in Charlottesville and called on the president to do the same," Trumka said in a statement. Several executives from top U.S. companies have previously stepped down from a number of presidential advisory councils in protest to Trump policies. Tesla Inc CEO Elon Musk and Walt Disney Co CEO Robert Iger left the President’s Strategic and Policy Forum, a business advisory group, in June, after Trump said he would withdraw from the Paris climate accord. Musk also left the manufacturing council. Former Uber Technologies Inc [UBER.UL] CEO Travis Kalanick quit the business advisory council in February amid pressure from activists and employees who opposed the administration''s immigration policies. The White House said Sunday that Trump''s remarks condemning violence at a white nationalist rally were meant to include the Ku Klux Klan and neo-Nazi groups. Democrats and Republicans criticized Trump for waiting too long to address the violence - his first major domestic crisis as president - and for failing when he did speak out to explicitly condemn white-supremacist marchers who ignited the melee. Trump on Saturday initially denounced what he called "this egregious display of hatred, bigotry and violence on many sides." On Sunday, however, the White House added: "The president said very strongly in his statement yesterday that he condemns all forms of violence, bigotry, and hatred, and of course that includes white supremacists, KKK, neo-Nazi, and all extremist groups. He called for national unity and bringing all Americans together." Reporting by Michael Erman; Additional reporting by Toni Clarke and Ginger Gibson in Washington, Sophia Kunthara in New York and Natalie Grover, Rachit Vats, Parikshit Mishra, Narottam Medhora, Yashaswini Swamynathan and Uday Sampath Kumar in Bangalore; editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-virginia-protests-merck-idUSKCN1AU1FM'|'2017-08-14T15:55:00.000+03:00'
'72c0b2f371211fac68d9a43f1566985956b42630'|'Telit Communications chief resigns after fraud allegations - Business - The Guardian'|'The chief executive of a London telecoms company has been fired after it alleged that he had been lying about his true identity for at least 17 years and was on the run from US police. Oozi Cats, 56, was dismissed on Monday by Aim-listed Telit Communications after the company’s private investigators found that he was in fact Uzi Katz, named by Boston’s district court as a “fugitive defendant” wanted in connection with an alleged 1990s property scam. Telit, which has lost more than half of its stock market value over the past week, said there was considerable anger that Cats had sought to hide his past from the company he had worked at since 2000.Cats, who has earned £18m from Telit since 2009 and is understood to live at the company’s expense in a villa on the grounds of a 12th-century castle on the outskirts of Rome, did not respond to requests for comment. Lawyers said to be representing Cats also failed to respond to requests for comment. “It is a source of considerable anger to the board that the historical indictment against Oozi Cats was never disclosed to them or previous members of the board and that they have only been made aware of its existence through third parties,” Telit said in a statement. The company, which supplies technologies for the Internet of Things, where items such as fridges and cars are connected to the internet, said investigators at the law firm CMS had found that the evidence showed “an indictment was issued against Oozi Cats in the US and this fact was knowingly withheld from advisers”.Questions about Cats’s real identity were raised last week by the financial blog Share Prophets and Italian newspaper Il Fatto Quotidiano, which had spotted that Cats and Katz (and their respective wives, both called Ruth Katz) appeared to share the same birthday. The company’s shares rose sharply on the news of Cats’s exit, before falling back, but they still closed up nearly 6% at 131p. The shares had been changing hands at more than 250p before a profit warning and the revelation of the identity allegations last week. Cats is alleged to have fled the US in 1991 or 1992 after he was accused of being involved in a scheme of buying and quickly reselling properties (flipping) to take out mortgages with escalated value. Cats, an Israeli citizen, describes himself as the founder and chief executive of Telit. The company, which has drafted in a crisis management firm, has deleted Cats’s profile from its website. He has been suspended since an emergency board meeting last Tuesday.Telit listed on the Aim market, which has been hit by several scandals, in 2005. A spokesman for Aim declined to comment. Earlier this year, the company boasted that it had secured an order from the electric carmaker Tesla.Telit, which described Cats’s departure as “a difficult situation”, said the finance director, Yosi Fait, would continue as interim chief executive and three independent non-executive directors would be appointed to the board. Fait will conduct a review of the company’s activities and cost base.The company rejected concerns about its financial health raised before the Cats allegations. “The board is also aware of additional speculation from third parties relating to Telit’s financial condition, trading performance and business relationships, and has considered that speculation in detail,” it said. “The board confirms that there is no substance to the speculative and accusatory articles that have been published and that it stands behind the group’s audited accounts to 31 December 2016, and the most recently published interim statement.”Cats sold £24m of stock in May soon after the shares hit a record high of 375p, and bought back shares last week at 171p, increasing his stake to more than 12%. Topics Technology sector Technology startups Internet of things Internet Israel Telecommunications industry news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/14/telit-communications-chief-oozi-cats-us'|'2017-08-14T19:30:00.000+03:00'
'07438d9ccd49905e62fac2a4aca63213ee201387'|'VF Corp to buy Dickies workwear maker for $820 million'|'August 14, 2017 / 11:16 AM / 2 hours ago VF Corp to buy Dickies workwear maker for $820 million 1 Min Read (Reuters) - Apparel and footwear maker VF Corp ( VFC.N ) said it would buy privately held Williamson-Dickie Mfg. Co, the owner of Dickies and Workrite workwear, for about $820 million in cash. VF said it now expects its 2017 revenue to rise 3.5 percent to $11.85 billion, which includes about $200 million from Williamson-Dickie. VF, the maker of Timberland and Wrangler clothing, said it also expects the acquisition to add 2 cents to its current-year earnings forecast of $2.94 per share. Williamson-Dickie is expected to add more than $1 billion of revenue to VF by 2021. The deal is expected to close early in the fourth quarter. Barclays was VF''s financial adviser on the deal and Davis Polk and Wardwell LLP its legal adviser. Reporting by Sruthi Ramakrishnan and Vibhuti Sharma in Bengaluru; Editing by Maju Samuel 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-williamsondickie-m-a-vf-idINKCN1AU16C'|'2017-08-14T09:16:00.000+03:00'
'9d5efd8e3eb88972b1859ed571406a2048999116'|'Oil markets steady as strong demand is met by ample supplies'|'FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. Todd Korol/File Photo NEW YORK (Reuters) - Oil prices tumbled more than 2.5 percent on Monday in volatile trade, as dollar strength and weak domestic demand data in China hammered prices that had received a short-lived boost on concerns about potential reductions in crude supply from Libya.Global benchmark Brent crude futures LCOc1 settled down $1.37 or 2.63 percent at $50.73.U.S. West Texas Intermediate crude futures CLc1 settled down $1.23, or 2.52 percent at $47.59 a barrel."It is a strong dollar, concern about China demand, and weak volumes," said Phil Flynn, an analyst with Price Futures Group in Chicago.The dollar rose broadly as traders unwound bearish bets against the U.S. currency that have come in the wake of increasing tensions with North Korea and underwhelming inflation data.The absence of further abrasive rhetoric by U.S. President Donald Trump and North Korean leader Kim Jong Un over the weekend helped bring investors back to the dollar, analysts said.Oil prices fell on news that refinery runs in China dropped in July.Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil.Efforts by the Organization of the Petroleum Exporting Countries and other oil producers to limit output have helped lift Brent past $50 a barrel. Still, analysts and traders worry that U.S. output could undermine efforts to cut production.U.S. shale output is expected to rise again in September, according to U.S. data issued late in the session. U.S. shale oil production for September which includes a new regional data input, is forecast to rise by 117,000 barrels per day to 6.15 million bpd, the U.S. Energy Information Administration said.Trade was volatile, with prices falling early on the Chinese demand data, then retracing losses after Libya''s national oil corporation said it was investigating security violations at the country''s largest oil field. A disruption from the 270,000 bpd Sharara field could cut supplies from producer group OPEC. The NOC did not specify whether the violations had affected output at the field.Rising production in Libya has added to the global crude glut. The OPEC member country is exempt from the global deal to cut output and has been trying to regain pre-war production levels.Additional reporting by Henning Gloystein in Singapore and Karolin Schaps in Amsterdam; Editing by David Gregorio and Diane Craft'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-global-oil-idUSKCN1AU03C'|'2017-08-14T03:59:00.000+03:00'
'f5c77b634048576a0f94158af2b708350bdf5f45'|'Israeli police detain billionaire Steinmetz in fraud probe - source'|'August 14, 2017 / 8:16 AM / 2 hours ago Israeli police detain billionaire Steinmetz in fraud probe - source Reuters Staff 3 Min Read FILE PHOTO - Israeli billionaire Beny Steinmetz is seen during a business event in Tel Aviv, Israel August 8, 2010. Picture taken August 8, 2010. Stringer/File photo JERUSALEM (Reuters) - Israeli police on Monday detained Israeli billionaire Beny Steinmetz and four other suspects for questioning in a fraud investigation, a source briefed on the case said. Israeli authorities put Steinmetz under house arrest last December, releasing him two weeks later without charge, in a probe of bribery allegations relating to the activities of his mining firm BSG Resources in Africa. BSGR denied any wrongdoing. At the time, police said he and other Israelis living abroad were alleged to have paid tens of millions of dollars to senior public officials in the West African state of Guinea to advance their business. In a statement on Monday, Israeli police said five suspects were detained for questioning under caution on suspicion of money laundering, fraudulent filing of corporate documents, fraud and corporate breach of trust, obstruction of justice and bribery. A source briefed on the investigation told Reuters that one of the suspects was Steinmetz. Israeli media reports identified him as being among those detained and questioned. An Israeli law office representing the businessman, contacted by Reuters, declined to comment. Police said the detainees, who were not identified in the statement, are suspected of having "acted together and methodically with the prime suspect in order to create and present fictitious contracts and deals ... on a foreign country in order to transfer funds and launder money". The statement, which did not name the foreign nation, said that "in line with the developments in the investigation, a decision will be made whether to bring any of those involved to court for a discussion of the case". Searches were carried out in the suspects'' homes and offices, police said. BSGR last December said the investigation had been initiated by the government of Guinea, which launched a review of mining contracts signed before 2011 as part of international efforts to improve transparency. In its review, the West African nation investigated how BSGR obtained the rights to the Simandou deposit, the world''s largest untapped iron ore reserves, in 2008. Reporting by Dan Williams; Writing by Jeffrey Heller; Editing by Richard Balmforth 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-israel-steinmetz-idUKKCN1AU0PQ'|'2017-08-14T11:16:00.000+03:00'
'054ffe61863bcb3e0fdb9e1229d3d51c2797dddc'|'Modest rise in U.S. consumer prices may delay Fed rate hike'|'August 11, 2017 / 12:37 PM / 16 hours ago Modest rise in U.S. consumer prices may delay Fed rate hike Lucia Mutikani 5 Min Read Vegetables for sale are pictured inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri WASHINGTON (Reuters) - U.S. consumer prices rose slightly in July as higher food costs were partly offset by falling prices for a range of other goods, suggesting benign inflation that could persuade a cautious Federal Reserve to delay raising interest rates until December. But with the labor market near full employment and economic growth accelerating, analysts expect the U.S. central bank will announce a plan to start unwinding its massive bond portfolio at its policy meeting next month. "We believe the Fed will focus on the balance sheet in September, foregoing another rate hike until December," said James Bohnaker, an economist at IHS Markit in Lexington, Massachusetts. "The inflation outlook will not change drastically anytime soon." The Labor Department said on Friday its Consumer Price Index edged up 0.1 percent last month after being unchanged in June. That lifted the year-on-year increase in the CPI to 1.7 percent from 1.6 percent in June. Economists had forecast the CPI rising 0.2 percent in July and climbing 1.8 percent year-on-year. Stripping out the volatile food and energy components, consumer prices gained 0.1 percent for the fourth straight month. The so-called core CPI rose 1.7 percent in the 12 months through July and has now increased by that margin for three consecutive months. Despite the modest gain in consumer prices, which came on the heels of a drop in producer prices in July, many economists continue to share the Fed''s conviction that transitory factors were holding back inflation. Fed Chair Janet Yellen told lawmakers last month that "some special factors," including prices for mobile phone plans and prescription drugs, were partly responsible for the low inflation readings. Mobile phone prices continued to decline in July, falling 0.3 percent. Prices of U.S. government debt initially rose on the inflation data, but pared gains after Russian Foreign Minster Sergei Lavrov said there was a Russian-Chinese plan to defuse tensions between the United States and North Korea. The dollar .DXY was trading lower against a basket of currencies, while U.S. stocks rose. FED''S CONUNDRUM The Fed has a 2 percent inflation target and tracks a measure that has been stuck at 1.5 percent since May. Inflation remains tame despite a tightening labor market, a conundrum for the central bank as it contemplates tightening monetary policy further. The Fed is expected to outline a program to start offloading its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at its Sept. 19-20 policy meeting. It is expected to raise interest rates in December, though such a move would depend on future inflation data. The Fed has raised borrowing costs twice this year. "One-time factors that have slowed inflation will gradually dissipate," said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh. "Stronger wage growth as businesses compete for scarce workers will also contribute to higher inflation in the second half of this year and in 2018." Food prices rose 0.2 percent last month, driven by a surge in the cost of meat, fish, eggs, fruits and vegetables. Food prices were unchanged in June. The cost of food consumed at home increased 0.2 percent. Consumers also paid more for prescription drugs, whose prices jumped 1.3 percent after increasing 1.0 percent in June. Prices for apparel rose 0.3 percent after four straight monthly declines. While gasoline prices were unchanged after tumbling 2.8 percent in June, electricity prices rose 0.4 percent. Rental costs maintained their upward trend last month. Owners'' equivalent rent of primary residence rose 0.3 percent after advancing by the same margin in June. The cost of new motor vehicles fell 0.5 percent, the biggest drop since August 2009 and the sixth consecutive monthly decline, amid slumping demand. Low inflation is a relief for many Americans who have seen their paychecks barely increase in recent years. In another report, the Labor Department said inflation-adjusted average hourly earnings increased 0.7 percent in the 12 months through July, slowing from June''s 0.9 percent gain. "The Fed may want inflation to pick up, but that would not be good news to households," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "The only way spending power has increased at all is that inflation has remained below the Fed''s target rate." Reporting by Lucia Mutikani; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-economy-inflation-idUKKBN1AR19S'|'2017-08-11T19:05:00.000+03:00'
'859eab8c58cb00a0c7a38b359e5f83561156a771'|'Car dealership Lookers sees UK market still strong in 2017'|' 24 AM / 17 minutes ago Car dealership Lookers sees UK market still strong in 2017   LONDON (Reuters) - One of Britain''s biggest car dealership chains Lookers ( LOOK.L ) said it still expected new car sales to be at a "historically high level" this year despite four consecutive months of drops. New car registrations have fallen since April, the longest run of declines since 2011, hit by uncertainty over Brexit and government plans for customers to switch away from diesel and petrol models. But Lookers, which posted on Wednesday a 14 percent rise in first-half pre-tax profit from continuing operations to 44.6 million pounds, said it expected demand to remain strong in September, when around 20 percent of all annual sales are made, and in the months ahead. "Our order book for new cars for the important month of September is continuing to build in line with our expectations and the new car market for this year is still forecast to be at a historically high level," said Chief Executive Andy Bruce. Reporting by Costas Pitas, editing by James Davey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lookers-results-idUKKCN1AW0D7'|'2017-08-16T09:24:00.000+03:00'
'39e5c848a04e362fa2e2bc1ed5caa0953c715b40'|'Dragos Inc receives $10 mln Series A round of venture capital'|'Aug 14 (Reuters) - Dragos Inc* Dragos, a global industrial control system cybersecurity startup, raises $10 million in series a venture capital* Dragos Inc - received a $10 million Series A round of venture capital from co-lead investors Energy Impact Partners (EIP) and Allegis Capital Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-dragos-inc-receives-10-mln-series-idINASB0BFJ6'|'2017-08-14T10:26:00.000+03:00'
'78a552261a8036eed793dd691fc06ef2cd1e23cf'|'Shares in French food group Danone rise on bid speculation report'|' 18 AM / 8 minutes ago Shares in French food group Danone rise on bid speculation report Sudip Kar-Gupta 2 Min Read Yoghurt by French foods group Danone is seen on shelves in a Casino supermarket in Nice, France, January 16, 2017. Eric Gaillard PARIS (Reuters) - Shares in French food group Danone ( DANO.PA ) rose on Monday after the New York Post newspaper said in a report over the weekend that Danone could be a takeover target. Danone''s shares were up 1.9 percent in early session trading, putting them among the top performer on France''s CAC-40 market index .FCHI . At that price, Danone has a stock market capitalisation of around 45 billion euros (40.91 billion pounds). The New York Post cited a stock market tipster as saying "someone is going to buy Danone", with the tipster adding that "Danone could be bought by a Kraft ( KHC.O ) or a Coke ( KO.N ), and the French government would allow it." A spokeswoman for Danone, the world''s largest yoghurt maker whose brands include Actimel and Activia, said the company had no comment to make on the report. Benoit de Broissia, fund manager at Paris-based firm Keren Finance, said Danone was often mentioned as a bid target given consolidation activity within its sector, but noted that the New York Post article was lacking in details. "There''s a lot of activity in the industry and Danone is one of the ''usual suspects'', but the New York Post article was very short in details," said Broissia, whose firm owns Danone shares. French governments have traditionally sought to prevent their leading companies from being taken over by foreign rivals. In 2005 France dashed to the support of Danone in the face of a rumoured bid from Pepsi ( PEP.N ), which never materialized. Danone has been on the takeover trail itself, buying U.S. organic food producer WhiteWave earlier this year. Danone said last month that it expected sales growth to accelerate in the second half of the year after challenging conditions in Europe and North America hit its dairy business in the second quarter. Additional reporting by Matthieu Protard; Editing by Greg Mahlich and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-danone-stocks-idUKKCN1AU0MK'|'2017-08-14T10:18:00.000+03:00'
'ebdcf6567f6271790259b2551b5551e9b2cf4a89'|'Akzo Nobel: Elliot Advisors will end legal action, support board nominations'|'File photo - The sign of AkzoNobel is pictured at its headquarters in Amsterdam February 6, 2014. Toussaint Kluiters/United Photos AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) said on Wednesday it has reached an agreement with its largest shareholder, Elliott Advisors, committing the hedge fund to put legal actions against the Dutch paints company on hold and to support its board nominations.Under the agreement, Elliott will also support Akzo''s decision to sell its Speciality Chemicals division, which represents about a third of sales and profits.Akzo has been at odds with Elliott since the Dulux paintmaker rejected advances for a 26 billion euro ($30.52 billion) takeover by U.S. rival PPG Industries ( PPG.N ). Elliott, which owns 9.5 percent of Akzo, sought unsuccessfully to have Chairman Antony Burgmans removed by legal action.Akzo said in a statement Elliott has now agreed to support the nomination of new CEO Thierry Vanlancker and two supervisory board members. Akzo promised to give Elliott and other major shareholders a say in naming a third supervisory board member.Gordon Singer, CEO of Elliott Advisors (UK) Ltd, welcomed the agreement in the statement, saying it marked "an important next step in ... enabling the company to deliver compelling value to all its stakeholders."PPG made three takeover proposals for Akzo in March and April, the last worth 95 euros per share, nearly a 50 percent premium to Akzo''s share price in February.But the U.S. firm chose to walk away in June for a six-month cooldown period, rather than launch a formal bid which would have been seen as hostile, given staunch opposition from Akzo''s boards and Dutch politicians.Akzo instead set new, more ambitious financial targets in April and said it would sell or float the chemicals division.Former CEO Ton Buechner resigned in July for health reasons and Vanlancker''s approval as his replacement is scheduled for a shareholders'' meeting on Sept. 8.The new supervisory board members nominated on Wednesday are Sue Clark and Patrick Thomas. Shareholders will vote on their appointment at next year''s general meeting, when Burgmans is set to retire.Akzo has not yet indicated a replacement for Burgmans.($1 = 0.8518 euros)Reporting by Toby Sterling; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-akzo-nobel-shareholders-idUSKCN1AW0D3'|'2017-08-16T09:16:00.000+03:00'
'67f67886cd0a578b247487270aa8aa0027f93c3f'|'FTC asks Clariant, Huntsman for more information on planned merger'|'August 15, 2017 / 10:00 PM / 8 hours ago FTC asks Clariant, Huntsman for more information on planned merger 2 Min Read The logo of Swiss specialty chemicals company Clariant is seen at the company''s headquarters in Pratteln, Switzerland August 9, 2017. Arnd Wiegmann (Reuters) - Swiss chemicals maker Clariant AG ( CLN.S ) and U.S.-based Huntsman Corp ( HUN.N ) said on Tuesday U.S. regulators had asked for more information on their proposed merger, but they were confident of still closing the deal by the end of this year. Hunstman said the U.S. Federal Trade Commission had on Monday made a second request for information relating to two products – sodium isethionate, used in personal care products such as soap, and a polyetheramine product used in certain construction and paint and ink applications. The two products accounted for less than $24 million in total U.S. revenue for either company in 2016, Clariant said. Both companies said in nearly identical statements they were confident they could satisfy any FTC concerns on a timeline consistent with the merger, which they continue to expect to close around the end of the year. The two companies said in May they would merge to create a chemical manufacturer with a market value of about $14 billion. Reporting by Bhanu Pratap in Bengaluru; Editing by Savio D''Souza 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-clariant-m-a-huntsman-c-idUSKCN1AV2HT'|'2017-08-16T01:00:00.000+03:00'
'6336631557d4dbfdcaae398d7549c46460190f32'|'Elliott urges oil and gas producer Energen to explore sale: WSJ'|'(Reuters) - Activist investor Elliott Management Corp is urging U.S. oil and gas producer Energen Corp, which is already under pressure from top shareholder Corvex Management, to explore a sale, the Wall Street Journal reported on Thursday.New York-based Elliott owns 4 percent to 5 percent of Energen, the Journal reported, citing people familiar with the matter.Reuters could not immediately reach Elliott for comment.Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-energen-elliott-idINKCN1AX1UY'|'2017-08-17T13:11:00.000+03:00'
'083aef857237764d3b259a101356af2b3e3d64ea'|'Benchmark JGBs edge down as BOJ operations awaited'|'TOKYO, Aug 17 (Reuters) - Benchmark Japanese government bonds edged down on Thursday, supported by decent demand at a five-year JGB sale though cautious ahead of Friday''s buying operations by the Bank of Japan.The 10-year cash JGB yield added one basis point to 0.045 percent, while the September 10-year JGB futures contract finished down 0.08 point at 150.60.The BOJ trimmed its buying of five- to 10-year JGBs to 440 billion yen ($4.01 billion) in its purchase operation on Wednesday, from 470 billion yen in the previous four operations."The BOJ took advantage of thin liquidity during the summer vacation season to reduce its buying with minimal market impact, and it''s possible they might do it again," said a fixed-income fund manager at a foreign asset management firm in Tokyo.On Friday, the BOJ will purchase 200 billion yen to 300 billion yen of 1-3 year JGBs, 250 billion yen to 350 billion yen of 3-5 year JGBs and 350 billion yen to 550 billion yen of 5-10 year JGBs.On Thursday, the Ministry of Finance auctioned 2.2 trillion yen of 5-year JGBs with a 0.1 percent coupon.Some 69.6951 percent of the bids were accepted at the lowest price of 100.88. The sale drew bids of a solid 4.46 times the amount offered, though below the previous sale''s bid-to-cover ratio of 4.85 times.The five-year cash JGB was untraded, while the two-year JGB yield was flat at minus 0.120 percent.$1 = 109.8600 yen Reporting by Tokyo markets team; Editing by Biju Dwarakanath'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L32KJ'|'2017-08-17T04:56:00.000+03:00'
'd5810a3801e4bc67e88cdcf90cd2ed26f0a74d6d'|'Aldi enters grocery delivery in partnership with Instacart'|'CHICAGO, Aug 14 (Reuters) - German grocery chain Aldi Inc said on Sunday it has partnered with Instacart Inc to deliver groceries in three U.S. cities, a move that comes amid intense competition and disruption in the industry.Aldi will launch a pilot starting the end of this month in Los Angeles, Atlanta and Dallas with the potential of expanding to more cities in the future.The German retailer does not offer customers an option to shop on its own website now and the partnership is a way to test online grocery demand, Aldi''s Vice President of Corporate Buying Scott Patton told Reuters."Grocery shopping online is a relatively small part of the business but it is continuing to grow," Patton said.A report from the Food Marketing Institute and market research firm Nielsen in January this year estimated online grocery spending during 2016-2025 to grow from 4.3 percent of the total U.S. food and beverage sales to as much as 20 percent, or more than $100 billion. Last year, online grocery sales were about $20.5 billion.Aldi''s move also comes at a time when grocery chains in the country are caught in a price war. German rival Lidl has started opening stores in the country and online retailer Amazon.com Inc said in June it will acquire grocery chain Whole Foods Market Inc.To better position itself, Aldi said in June it would invest $3.4 billion to expand its U.S. store base from more than 1,600 currently to 2,500 by 2022.In May, Aldi Chief Executive Jason Hart told Reuters the chain intended to have the lowest prices and would focus on adding in-house brands to win over price-sensitive customers.The partnership with Instacart will allow shoppers to order goods from Aldi stores using Instacart''s website and app. Instacart, which charges a delivery fee, does not hold inventory but picks up orders from the store and brings them to a customer''s home in as little as one hour.Other U.S. retailers who have tied up with Instacart include Target Corp, Whole Foods Market Inc and Costco Wholesale Corp. (Reporting by Nandita Bose)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/aldi-grocery-idINL4N1L0264'|'2017-08-14T03:22:00.000+03:00'
'8bfcedc783e5b068d70f539f9866359d3b41e41d'|'China a sweet spot for U.S. companies’ earnings in second quarter'|'August 14, 2017 / 3:11 AM / 2 hours ago China a sweet spot for U.S. companies’ earnings in second quarter Adam Jourdan 6 Min Read FILE PHOTO: A Caterpillar excavator is displayed at the China Coal and Mining Expo 2013 in Beijing, China October 22, 2013. Kim Kyung-Hoon/File Photo SHANGHAI (Reuters) - Trade tensions between Washington and Beijing may be running high but Corporate America is finding China to be a reliable source of profit growth this year. Whether they sell construction equipment, semiconductors or coffee, many major U.S. companies have reported stronger second-quarter earnings and revenue from their Chinese operations in recent weeks. They are benefiting from a Chinese economy that is growing at almost 7 percent, several times the rate of U.S. expansion, a Chinese housing boom, and a slide in the U.S. dollar, which makes American exports more competitive and increases dollar earnings once they are translated from foreign currencies. Chinese President Xi Jinping’s ambitious plan to build a new Silk Road that will improve links between China and dozens of countries in Asia and Europe, and includes many billions of dollars of new roads, bridges, railways and power plants – is also helping American firms to sell heavy equipment and other products. Caterpillar Inc, a bellwether for industrial demand in China and beyond, reported its sales in Asia-Pacific rose 25 percent in the second quarter - thanks to China. Shipments of large excavators to Chinese customers more than doubled in the first half of the year. "We now expect demand in China to remain strong through the rest of the year," Brad Halverson, Caterpillar''s group president and chief financial officer, told investors. Caterpillar’s Japanese rivals Komatsu and Hitachi Construction Machinery Co reported similar strength in demand for heavy machinery. Komatsu''s China sales almost doubled in the firm''s April-June quarter. “China''s grown pretty well relative to the U.S. over this period and the currency''s relationship has changed in favor of the U.S. companies,” said Jim Paulsen, chief investment strategist at the Leuthold Group in Minneapolis. DISCRIMINATION CLAIMS Chinese companies are also benefiting from the robust domestic economy. For example, Chinese auto manufacturer Geely Automobile Holdings announcing last week that its July sales climbed 89 percent from the year-earlier-month. Geely and many other major Chinese companies report their results in the next few weeks. American companies in China have been collectively reporting better prospects even as they complain that the Chinese authorities are not allowing them enough access to parts of the Chinese market and discriminating against them as they seek to compete against Chinese rivals. The Trump administration has been considering punitive tariffs against a range of Chinese goods but it has held off on taking action after Beijing backed tougher United Nations Security Council sanctions against North Korea earlier this month. And despite some negatives in the Sino-U.S. relationship, a July report by the American Chamber of Commerce in Shanghai showed that 82 percent of U.S. companies in China expect revenues to increase this year, up from 76 percent a year ago. “In general China is still a growth market for lots of US goods and services... the Chinese consumer is driving more and more the growth in China itself - that''s a very positive shift in compositional growth for a lot of U.S. companies that do provide goods and services for consumers, as opposed to building skyscrapers,” said Joe Quinlan, head of thematic investing at Bank of America, U.S. Trust. In the chip industry, Skywork Solutions, which according to Goldman Sachs gets about 85 percent of its sales from China, reported its fiscal third-quarter revenue rose 20 percent, thanks in part to demand from Chinese phone maker Huawei. And Qualcomm, which gets around two thirds of its revenue from China, said last month that China remained a strong growth story for the company. FILE PHOTO: The logo of the company of machinery Caterpillar (CAT) is seen at the site of a future urban project in Vina del Mar, Chile May 23, 2017. Rodrigo Garrido/File Photo And many other foreign companies are also doing well. The European liquor industry is benefiting from a resurgence in Chinese consumer demand. Remy Cointreau, which battled a steep slowdown in China after Xi launched an anti-corruption drive in 2012 – hitting a lot of lavish wing and dining by businesses - said it saw a "clear improvement in consumption trends" this year. "We see the fast-growing upper middle class driving strong consumption growth for our upmarket cognac brands," the company’s Chief Financial Officer Luca Marotta said last month. Closer to home, Kweichow Moutai, the Chinese maker of the liquor baijiu and the world''s largest alcohol firm by value, saw first half profits gain 27.8 percent. Chinese stock market gains this year have in turn helped confidence among retail investors. "I feel the wider economy is improving," said Ding Mingwei, 26, a manager at an education technology company in Shanghai. Ding, who says his own investments are up this year, now plans to spend more on hotels, dining out and funding hobbies such as playing the guitar. For some companies, China growth helped to offset problems elsewhere. Starbucks U.S. growth cooled in the third quarter but same-store sales for the coffee chain in China surged 7 percent. Among the Japanese companies to benefit, Sony''s sales in China were up just under 50 percent in the three months to June, making it the electronic group''s fastest-growing geographic segment. COMPETITION INTENSIFIES There are some sectors that are proving a tougher slog for foreign companies. Major international automakers, even those reporting increased revenues, have pointed to squeezed margins in one of the world''s most competitive markets. U.S. automaker General Motors, for example, saw a strong April-June quarter, but said it faced "pricing challenges". And some economists warn that it is unclear how long the Chinese economy and the markets can keep their buzz. "The strong rebound is largely being driven by the property market and export growth, which both seem unsustainable," said Nomura Chief China Economist Yang Zhao in Hong Kong. He said he expects China’s economic growth to cool by the fourth quarter. Reporting by Adam Jourdan in Shanghai; Additional Reporting by Megan Davies; Editing by Clara Ferreira Marques and Martin Howell 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/china-economy-corporate-idINKCN1AU084'|'2017-08-14T01:11:00.000+03:00'
'd70ce8a3f132d7bf9a8f846620412a137233528d'|'Standard Life Aberdeen shares up 1.2 percent after completing merger'|'August 14, 2017 / 7:30 AM / 9 hours ago Standard Life Aberdeen shares up 1.2 percent after completing merger Reuters Staff 1 Min Read LONDON (Reuters) - Standard Life Aberdeen ( SLA.L ) shares rose 1.2 percent at open on Monday, its first day of trading as a combined company after the competition of a merger between Standard Life and Aberdeen Asset Management. The tie-up created Britain''s largest active manager, with assets of around 670 billion pounds. Keith Skeoch and Martin Gilbert had been named co-chief executives of the combined entity. Skeoch, former chief executive at Standard Life, will manage the day-to-day running of the new company, while Aberdeen''s Gilbert will take charge of external affairs. Reporting by Maiya Keidan, editing by Dasha Afanasieva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-standard-life-aberdeen-merger-idUKKCN1AU0N1'|'2017-08-14T10:35:00.000+03:00'
'35caa586fc55f1f840ca930b8b4e3adfa644c4ee'|'Computer error? Top trend following hedge funds lose out in 2017'|'Edition United States August 15, 2017 / 2:06 PM / 7 hours ago Computer error? Top trend following hedge funds lose out in 2017 Maiya Keidan 3 Min Read Cliff Asness, Co-Founder, Managing Principal and Chief Investment Officer of AQR Capital Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. Lucy Nicholson LONDON (Reuters) - Big computer-driven hedge funds such as AQR Capital Management, Aspect Capital and Two Sigma lost money in the first seven months of 2017, with human stock-pickers making better returns. The average hedge fund made 4.8 percent from the start of the year to July 31, Hedge Fund Research data shows, but a lack of market direction, June''s sharp reversal and low volatility has made trading more difficult for automated funds. "Trend-followers are looking for long, drawn-out, directional moves and look to ride that trend as long as possible," Tom Wrobel, Director of Alternative Investments Consulting at Societe Generale, said. "When there''s a sharp reversal – like in June – they lose money because it goes against the established position." Returns on hedge funds betting on macroeconomic trends were down by 1.4 percent on average to July 31 after losses of between 1.2 and 1.8 percent in three out of the first seven months of 2017, HFR data showed. Losses may have been exacerbated by lower market volatility as trend-following funds typically put on larger positions in such conditions, a strategy that would have backfired for them when trends reversed. Among the biggest losers was AQR Capital Management''s $16 billion managed futures strategy, which lost 6 percent in the first seven months, data compiled by BarclayHedge and reviewed by Reuters revealed. Two Sigma''s Compass Fund, which has $2.5 billion in assets under management, lost 4.4 percent over the same period, while London-based Aspect Capital''s flagship $3.9 billion diversified fund lost 3.4 percent, the data showed. AQR, Two Sigma and Aspect Capital declined to comment. Winton Capital, the fund set up in 1997 by David Harding, was down 0.8 percent, a source close to the firm told Reuters. Harding helped fund the "remain" campaign in Britain''s European Union referendum last year. And Leda Braga''s Systematica Investments'' BlueTrend, which was founded in January 2015 after spinning out of former hedge fund BlueCrest Capital, was down 6.4 percent. However, some computer-driven trend-following funds bucked the trend, including Braga''s Systematica Alternative Markets programme, which made gains of 11.2 percent, a source with knowledge of the firm told Reuters. Also successful during the period were the five main trend-following AHL funds run by Man Group, which all delivered returns of between 0.5 percent and 10 percent over the same period, according to its website. Man Group is the world''s biggest listed hedge fund. Reporting by Maiya Keidan; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hedgefunds-performance-idUKKCN1AV1KA'|'2017-08-15T17:05:00.000+03:00'
'9a83ac60b547cc57c3854abb93e48ada20322192'|'Tech companies urge U.S. Supreme Court to boost cellphone privacy'|'August 15, 2017 / 12:37 PM / 12 hours ago Tech companies urge Supreme Court to boost cellphone privacy Andrew Chung 4 Min Read People use their mobile phones to take pictures of the setting sun while at the beach in Encinitas, California. U.S., July 5, 2017. Mike Blake WASHINGTON (Reuters) - More than a dozen high technology companies and the biggest wireless operator in the United States, Verizon Communications Inc ( VZ.N ), have called on the U.S. Supreme Court to make it harder for government officials to access individuals'' sensitive cellphone data. The companies filed a 44-page brief with the court on Monday night in a high-profile dispute over whether police should have to get a warrant before obtaining data that could reveal a cellphone user''s whereabouts. Signed by some of Silicon Valley''s biggest names, including Apple ( AAPL.O ), Facebook ( FB.O ), Twitter ( TWTR.N ), Snap ( SNAP.N ) and Alphabet''s ( GOOGL.O ) Google, the brief said that as individuals'' data is increasingly collected through digital devices, greater privacy protections are needed under the law. "That users rely on technology companies to process their data for limited purposes does not mean that they expect their intimate data to be monitored by the government without a warrant," the brief said. The justices agreed last June to hear an appeal by Timothy Carpenter, who was convicted in 2013 in a series of armed robberies of Radio Shack and T-Mobile stores in Ohio and Michigan. Federal prosecutors helped place him near several of the robberies using "cell site location information" obtained from his wireless carrier. Carpenter claims that without a warrant from a court, such data amounts to an unreasonable search and seizure under the U.S. Constitution''s Fourth Amendment. But last year a federal appeals court upheld his convictions, finding that no warrant was required. FILE PHOTO: A fan uses a cell phone to record a performance during the 2014 CMT Music Awards in Nashville, Tennessee June 4, 2014. Harrison McClary Carpenter''s case will be argued before the court some time after its new term begins in October. The case comes amid growing scrutiny of the surveillance practices of U.S. law enforcement and intelligence agencies and concern among lawmakers across the political spectrum about civil liberties and police evading warrant requirements. Nathan Freed Wessler, an attorney with the American Civil Liberties Union who is representing Carpenter, said the companies'' brief represented a "robust defense of their customers'' privacy rights in the digital age." Verizon''s participation in the brief was important, he added, given that it receives, like other wireless carriers, thousands of requests for cellphone location records every year from law enforcement. The requests are routinely granted. The U.S. Department of Justice, which is defending current law enforcement procedures in the case, declined to comment on Tuesday. Civil liberties lawyers have said police need "probable cause," and therefore a warrant, to avoid constitutionally unreasonable searches. In their brief, the companies said the Supreme Court should clarify that when it comes to digital data that can reveal personal information, people should not lose protections against government intrusion "simply by choosing to use those technologies." Reporting by Andrew Chung; Editing by Chizu Nomiyama and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-court-mobilephone-idUSKCN1AV1B3'|'2017-08-15T15:25:00.000+03:00'
'cdf67124db413f93cee8e4d1b909a82761fa31d6'|'Sainsbury''s puts Nisa takeover on hold over competition concerns'|'Shopping baskets are displayed at a Sainsbury''s store in London, Britain April 30, 2016. Photograph taken April 30, 2016. Neil Hall LONDON (Reuters) - Britain''s second largest supermarket group Sainsbury''s ( SBRY.L ) has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector.Sainsbury''s, which came under fire from shareholders in July over three years of falling profit and the prospect of a fourth in its current year, wants to wait until the Competition and Markets Authority (CMA) publishes provisional findings of its probe of Tesco''s ( TSCO.L ) proposed 3.7 billion pound ($4.8 billion) takeover of Booker ( BOK.L )."Sainsbury''s has decided to pause discussions with Nisa until it better understands how the CMA would review any deal," a source with knowledge of the situation told Reuters. The CMA''s report into the takeover of Britain''s biggest grocery wholesaler is due to be published at the end of October.Although Sainsbury''s has put its talks with Nisa on hold for now, the wholesaler''s chairman Peter Hartley told its shopkeeper members on Monday that although exclusive talks had ended, a deal with the supermarket chain was still possible."Sainsbury''s have made it clear they remain interested in continuing to work with Nisa and potentially making an offer for the company, but they have informed us that they do not feel sufficiently comfortable to do so until they have greater clarity over the evolving regulatory and competition considerations," he said.The CMA said last month it believed that in more than 350 areas where there was an overlap between Tesco shops and Booker-supplied independent grocery retailers, or so-called "symbol" stores, shoppers could get a worse deal.Tesco''s move on Booker piqued the interest of Britain''s other supermarket giants in the convenience store sector, which is forecast to grow 17.7 percent to 47.1 billion pounds in the five years to 2022, according to industry research group IGD.British media reports have said Sainsbury''s could pay 130 million pounds ($168 million) for Nisa, whose members operate almost 2,500 stores around the country.While Sainsbury''s has pursued Nisa, earlier this month Morrisons ( MRW.L ), the No. 4 supermarket, signed a wholesale supply agreement with convenience chain McColl''s ( MCLSM.L ) and British media have reported that the Co-operative Group ( 42TE.L ) is also interested in buying Nisa.Nisa''s Hartley did not confirm Co-op''s interest, but said "another party" that had previously submitted a bid had reaffirmed its interest in making an offer and talks were underway."The board of Nisa continues to review any serious incoming queries and offers in the best interest of its members, and against the shifting backdrop of the convenience sector," Hartley said, adding that should a suitable offer emerge it would be up to its 1,400 members to decide whether to accept it.Sainsbury''s and the Co-op both declined to comment.Editing by Alexander Smith'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-nisa-m-a-sainsbury-idUSKCN1AV13S'|'2017-08-15T19:24:00.000+03:00'
'829def5e15961f25d875f9d1ded10c94f6d6c25b'|'Sweden''s inflation leaves interest rates well behind'|'August 15, 2017 / 10:39 AM / 24 minutes ago Sweden''s inflation leaves interest rates well behind Reuters Staff 1 Min Read LONDON (Reuters) - Underlying inflation topped the Swedish central bank''s target in July for the first time since 2010, putting the central Riksbank under pressure to tighten its ultra-loose monetary policy.[nL8N1L11EM] The following is a graphic showing the changes since 2010.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sweden-cpi-graphic-idUKKCN1AV0ZP'|'2017-08-15T13:39:00.000+03:00'
'92f9d6235a86eea53237151bd96ca00346980bbd'|'Schaeuble - ECB to quit ultra-loose monetary policy in foreseeable future'|'August 14, 2017 / 7:04 PM / 6 hours ago Schaeuble - ECB to quit ultra-loose monetary policy in foreseeable future Reuters Staff 1 Min Read FILE PHOTO - German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. Fabrizio Bensch/File Photo SCHLEIZ, Germany (Reuters) - German Finance Minister Wolfgang Schaeuble said on Monday that the European Central Bank''s ultra-loose monetary policy would come to an end in the foreseeable future, but interest rates would remain low. Regarding the end of the period of low interest rates, Schaeuble said: "There are signs that it is gradually getting better." Speaking at an campaign rally ahead of a September 24 election, the veteran conservative said: "No one seriously disputes that interest rates are rather too low for the strength of the German economy and the exchange rate of the euro, which is rising now." Schaeuble said most people expected the ECB to take a further step at a September meeting towards gradually quitting its very expansive monetary policy. He said the ECB needed to exercise caution in ending its ultraloose monetary policy, adding: "I hope it goes well." Reporting by Gernot Heller; Writing by Michelle Martin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-election-schaeuble-idUKKCN1AU25R'|'2017-08-14T22:59:00.000+03:00'
'465eef7856b2c51406d0beca2ff5a2017244b4c4'|'Exclusive: Buyout firms readying sale of $1 billion Indonesia tower operator STP - sources'|'FILE PHOTO: A general view of the lobby outside of the Carlyle Group offices in Washington, U.S., May 3, 2012. Jonathan Ernst/File Photo SINGAPORE/JAKARTA (Reuters) - Buyout firms Carlyle and Southern Capital Group are in talks to sell their majority stake in Solusi Tunas Pratama ( SUPR.JK ) in a deal that could value the Indonesian telecoms tower operator at about $1 billion, three people familiar with the process said.The private equity firms have hired an adviser to find a buyer for their combined stake of nearly 69 percent in Solusi Tunas Pratama Tbk PT (STP) in which they have been invested for more than five years, said the people.STP is Indonesia''s third biggest independent telecoms tower operator and has a market value of 7.40 trillion rupiah ($553 million). Southern Capital-controlled local entities have a stake of 43.2 percent in STP and Carlye ( CG.O )-owned entities have 25.5 percent.A deal will mark the first sizeable consolidation in Indonesia''s highly fragmented tower sector. In Asia, independent firms have been expanding by buying tower infrastructure from carriers, who are aiming to cut debt and focus on their core business.A growing base of mobile phone users with an increase in affordability and demand for data in the region - from India to Indonesia - has lured global funds into the tower business, and some are now looking to cash in on their investments.First-round bids for STP are due by end-August, the people said. STP competes with bigger independent firms Tower Bersama Infrastructure ( TBIG.JK ) and Protelindo, a unit of Sarana Menara Nusantara ( TOWR.JK ), and with many smaller players.Depending on the interest from bidders, Carlyle and Southern Capital could still end up with a minority stake in STP, they said.The sources said the two shareholders were looking at a premium that could value the company at roughly $1 billion.Nobel Tanihaha, president director of STP, declined to comment and referred queries to Carlyle and Southern Capital. The three people Reuters spoke to did not want to be named as the deal talks are not public.Carlyle declined to comment and there was no response from Southern Capital to emails and phone calls.PROMISING SECTOR Two of the people said STP''s main investors were in early talks with Protelindo and Tower Bersama, other local firms, global pension and infrastructure funds and regional players.Sarana Menara declined to say if it was in talks with STP''s shareholders.Helmy Yusman Santoso, chief financial officer at Tower Bersama, also declined to comment but said, "within the growing telecommunications industry, tower sector is still promising. However, this business is a capital-intensive business."Sources told Reuters that state-run Pt Telekomunikasi Indonesia Tbk PT (Telkom) ( TLKM.JK ) is seen as one of the potential buyers as it could merge its expanding tower unit with STP and emerge as tower powerhouse.David Bangun, Telkom''s director, confirmed to Reuters that the company was in early talks with STP but said a range of options were being considered for its tower unit business.The huge potential for wireless services in Indonesia and plans by telecom firms to sell towers underpin strong prospects for independent tower companies, analysts said."Telcos want to get out of the tower business and monetise the towers. And on the other hand, small tower players might struggle due to lack of scale and that''s when they could be up for sale," said Sachin Mittal, analyst at DBS Vickers Securities.($1 = 13,375.0000 rupiah)($1 = 64.1650 Indian rupees)Reporting by Anshuman Daga in SINGAPORE and Cindy Silviana in JAKARTA; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/solusi-tunas-m-a-idINKCN1AX17I'|'2017-08-17T09:31:00.000+03:00'
'685aa66b456f5214047fc6a15606801903295224'|'European stock markets tumble after Spain terrorist attacks - Business - The Guardian'|'Stock markets in Europe fell on Friday after the Barcelona attack , with shares in airline, hotel and travel companies among the hardest hit.IAG, the parent company of British Airways and the Spanish carrier Iberia, fell 2%. Ryanair and easyJet posted more modest losses, while Air France-KLM ended the day 1.6% down. InterContinental Hotels Group lost 1.6%, and more broadly, the European travel and leisure index fell 1.5%.Neil Wilson, analyst at the stock market betting firm ETX Capital, said: “As we’ve seen over the last couple of years in Europe, these kinds of atrocities affect tourism and will hit airline earnings.”IAG and easyJet have ascribed recent dents in profits to uncertainty after terrorist attacks last year, with leisure bookings frequently dropping across many destinations in the immediate aftermath.There has been an increase in bookings to European holiday destinations after terrorist attacks in Tunisia, Turkey and Egypt, with Spain among the biggest beneficiaries . David Madden, analyst at the spreadbetting firm CMC Markets UK, said the attack had shaken tourist-related stocks: “When events like this happen, traders wonder will there be a negative impact on tourism, and companies in the travel and leisure sector feel the pressure,” he said.The London FTSE 100 was down 0.9% at 7,323.98 points at the close of trading on Friday. Madrid was down 0.5% and there were also falls in Frankfurt and Paris.Topics Stock markets Travel & leisure Airline industry Spain attacks Shares Investments news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/18/european-stock-markets-tumble-after-spain-terrorist-attacks'|'2017-08-19T01:04:00.000+03:00'
'f752869b05b9663dfb7b07bdd3018752374d362c'|'BRIEF-Vectura says global development agreement with Dynavax'|'August 16, 2017 / 6:29 AM / in 10 minutes BRIEF-Vectura says global development agreement with Dynavax 1 Min Read Aug 16 (Reuters) - VECTURA GROUP PLC: * Global Development Agreement With Dynavax * VECTURA''S AKITA SMART NEBULISER TO BE USED BY DYNAVAX TO DELIVER DV281 * VECTURA ELIGIBLE TO RECEIVE MODEST MILESTONES, DEVELOPMENT SERVICES REVENUES * DOES NOT EXPECT MATERIAL IMPACT ON R&D EXPENDITURE WHICH REMAINS WITHIN PREVIOUS ANNUAL GUIDANCE RANGE OF £65-75M FOR 2017 AND 2018 SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-vectura-says-global-development-ag-idUSFWN1L205T'|'2017-08-16T09:28:00.000+03:00'
'6b7d259dd1cec2da8d204312c094cc6fb000cf13'|'UPDATE 2-Australia''s Woodside cashed up for long-term growth as profit soars'|'August 15, 2017 / 11:10 PM / 7 hours ago Australia''s Woodside half-year profit jumps 49 percent, misses forecasts 2 Min Read FILE PHOTO - Logos of Woodside Petroleum are seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Toru Hanai/File Photo (Reuters) - Woodside Petroleum said on Wednesday its half-year profit rose 49 percent, buoyed by higher oil prices and lower costs, but missed analysts'' forecasts. Australia''s biggest independent oil and gas producer posted a net profit for the six months to June of $507 million, up from $340 million a year ago but below the average of four analysts'' forecasts at around $534 million. The company said lower sales volumes cut revenue by $136 million, as it had lower liquefied natural gas (LNG) production and lower Northwest Shelf pipeline gas volumes, as previously flagged. That was offset a $33 million fall in production costs, exploration expenses falling by $128 million and average realized oil prices rising to $43 a barrel, up 10 percent from a year earlier. Woodside reiterated that the final commissioning of its main source of short-term growth, the Wheatstone LNG Train 1, is "well advanced and nearing completion". Operator Chevron Corp has said it is due to start producing soon. Woodside bought a stake in the $34 billion Wheatstone project in 2015, and it is set to contribute more than 13 million boe to Woodside''s annual output at full tilt. The company announced an interim dividend of 49 cents per share, up from 34 cents a share a year ago. Reporting By Rushil Dutta in Bengaluru; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-woodside-results-idUSKCN1AV2L2'|'2017-08-16T10:01:00.000+03:00'
'181d1dffa738bd7b2561b9d591c4c8414fab6880'|'Hargreaves Lansdown FY profit up 21 percent'|'August 15, 2017 / 6:50 AM / an hour ago Hargreaves Lansdown FY profit up 21 percent   LONDON (Reuters) - Profits at fund supermarket Hargreaves Lansdown ( HRGV.L ) rose 21 percent during its financial year though its total dividend fell 15 percent from a year ago as it had to withhold cash to adjust to tougher capital requirements. The company said earlier this month that it was cancelling its special dividend after Britain''s financial regulator, the Financial Conduct Authority, ordered it to increase its capital buffers due to the increasing complexity of its business and strong growth. Hargreaves Lansdown made 265.8 million pounds ($344.56 million) in pre-tax profit for the year ended June 30, confirming the company''s earlier guidance. The company will pay a total dividend of 29 pence per share, compared to 34 pence per share in 2016. "The board remains committed to paying special dividends in future years when sufficient excess cash and capital exist," it said in its results statement. It also added 6.9 billion pounds in net new business in the financial year, with its assets under management rising to 79.2 billion pounds. Reporting by Maiya Keidan; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hargreaves-results-idUKKCN1AV0K8'|'2017-08-15T09:50:00.000+03:00'
'31c01af1258dc48d1a8514a415ed8d656a7a6657'|'Filming of next ''Mission: Impossible'' on hiatus after Cruise breaks ankle'|'August 16, 2017 / 6:28 PM / an hour ago Filming of next ''Mission: Impossible'' on hiatus after Cruise breaks ankle 1 Min Read LOS ANGELES, Aug 16 (Reuters) - Actor Tom Cruise broke his ankle while performing a stunt on the set of the upcoming "Mission: Impossible 6," causing production on the action film to go on hiatus while he recovers, Paramount Pictures said in a statement on Wednesday. Paramount, a unit of Viacom, said the action movie remains on schedule to open on July 27, 2018. Cruise, 55, who is known for doing his own stunts, was seen in a video on celebrity news website TMZ trying to jump between the roofs of two high-rise buildings and landing hard against a building wall, during filming in London at the weekend. He was later seen limping off the set. (Reporting by Jill Serjeant, editing by G Crosse) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/people-tomcruise-idUSL2N1L21G3'|'2017-08-16T21:26:00.000+03:00'
'f9302c1c016bd5b144f859041dca981eeb1072ed'|'China July factory output, retail sales, investment miss forecasts'|'August 14, 2017 / 2:06 AM / 40 minutes ago Robust China economic growth shows signs of fading in July 6 Min Read An employee works at a silk factory in Nantong, Jiangsu province, China July 17, 2017. Stringer BEIJING (Reuters) - China''s strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled, though activity levels generally remained solid, propped up by a year-long construction spree. Industrial output, investment, retail sales and trade all grew less than expected last month, after the world''s second-largest economy put in a surprisingly strong showing in the first half, adding fuel to a global recovery. But economists do not expect any hard landing, with the government keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle in the autumn. "The upshot is that both foreign and domestic demand appear to have softened at the start of the third quarter," said Julian Evans-Pritchard, China economist at Capital Economics. "A few sectors, such as steel, seem to have defied this slowdown in economic activity. But the strength in these areas likely won''t last given that policy tightening is set to further weigh on infrastructure and property investment in coming months." Factory output rose 6.4 percent in July from a year earlier, the slowest pace since January, according to data from the National Bureau of Statistics on Monday. Analysts polled by Reuters had predicted output would grow 7.2 percent, down from a better-than-expected 7.6 percent in June. Despite the softer-than-expected reading, manufacturing activity still appears to be supported for now by an extended infrastructure boom. Beijing has been pouring money into road and rail projects that have fueled demand for products from construction equipment to glass and steel. Indeed, China''s steel output rose to a monthly record in July, while power generation was the highest since at least May 2014. Any sharp drop in industrial activity, which appears to be unlikely at this stage, would be a concern for policymakers as it risks rippling across the broader economy. PROPERTY MEASURES BITING HARDER? China steel output hits record in July at 74 million tonnes: stats bureau In a sign that economic momentum could slow further, fixed-asset investment grew 8.3 percent in the first seven months of the year, cooling from 8.6 percent in the first half of the year. Analysts had expected the pace to remain steady. Property investment, in particular, showed signs of fatigue after local governments were forced into repeated rounds of cooling measures to curb soaring home prices. Growth in property investment, which mainly focuses on residential real estate but includes commercial and office space, eased to 4.8 percent in July from a year earlier, versus 7.9 percent in June, Reuters calculations based on official data showed. New construction starts measured by floor area, a telling indicator of developers'' confidence, contracted for the first time since last September, falling 7 percent in July on-year. The statistic bureau said the overheated property market has cooled "somewhat", but it still expected China''s economic performance to be steady in the second half. The performance in July was stable, the bureau said. Growth of private investment also ebbed to 6.9 percent in the first seven months of the year, suggesting small and medium-sized firms still face challenges in accessing financing. Private investment accounts for about 60 percent of overall investment in China. Retail sales pulled back, too, but growth remained in the double-digits for the fifth month in a row, suggesting consumption will continue to overtake factory output and investment as the biggest growth driver of the economy, a key policy goal for Beijing. Retail sales expanded 10.4 percent in July on-year, down from June''s 11 percent and forecasts for a 10.8 percent rise. But while car sales remained solid, automakers cut back production. Concerns about the outlook for domestic demand resurfaced last week after Beijing reported weaker-than-expected import and export data. Though some economists chalked up softer imports to seasonal or one-off factors such as bad weather, others said it may be a sign that China''s trade growth peaked in the second quarter and is now on a downward trend. Beijing is targeting growth of around 9 percent in fixed asset investment for 2017, and expects retail sales to increase about 10 percent. "Combined with the previously released data on trade, demand and production in July visibly slowed in July," said Li Qilin, an analyst with Minsheng Securities. "As for the property market, it will continue to face downward pressure as projects are completed, with September and November key months to watch." HAS CHINA''S GROWTH PEAKED? China has surprised most pundits this year, with the economy growing a faster-than-expected 6.9 percent in the first half, turbo-charged by heavy government spending, a hot housing market and record bank lending last year that has added to a rapid-build-up in debt. That momentum should ensure the government handily meets its full-year growth target of around 6.5 percent. Analysts have insisted that cracks will appear eventually, leading to a modest slowdown, but have repeatedly pushed back the timing in the face of resilient data. A government crackdown on riskier types of lending has driven a slowdown in credit growth and pushed up financing costs, which are expected to weigh on businesses. Average lending rates edged up to 5.67 percent in June from 5.53 percent in March, China''s central bank said on Friday in its second-quarter policy report, adding it will continue working to fend off risks to the financial system. (For highlights of the PBOC''s report, see A revival in exports from China and other Asian economies may also be under a cloud. U.S. President Donald Trump is expected later on Monday to turn up pressure on Beijing and order an investigation into some of its trade practices, though that does not necessarily signal any concrete action anytime soon. Reporting by Elias Glenn and Ryan Woo; Additional reporting by Yawen Chen, Stella Qiu and Kevin Yao; Editing by Kim Coghill 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-economy-activity-idUKKCN1AU04Q'|'2017-08-14T05:31:00.000+03:00'
'68cb21c07d8a5fc1d62df1ab846dccb264c75bcd'|'Transocean to buy Norwegian rig firm Songa Offshore for $1.1 billion'|'OSLO (Reuters) - Transocean, one of the world''s biggest drilling rig operators, has agreed to buy Norwegian competitor Songa Offshore for 9.1 billion crowns ($1.1 billion), the latest in a series of transactions reshaping the industry.The purchase, to be mostly paid for in shares and convertible bonds, follows Ensco Plc''s acquisition of smaller drilling rival Atwood Oceanics Inc in an all-stock deal valued at about $839 million in May.It also boosts Swiss-based Transocean''s position in drilling in harsh climates such as the Arctic, as Songa is Norwegian oil major Statoil''s top drilling service provider.The offer values Songa shares at 47.50 Norwegian crowns each, a 39.7 percent premium over Monday''s closing price, the two companies said in a joint statement on Tuesday."It (the Transocean deal) is a sign that we are near the bottom of the market, and people don''t expect asset prices to fall much further," Swedbank analyst Magnus Olsvik said."For Transocean, it''s a strategic acquisition," he added.The deal boosts Transocean''s position in harsh-environment drilling and increases its order book by $4.1 billion to $14.3 billion.Four out of seven Songa rigs are on long-term contracts with Statoil, making the deal especially attractive.Including debt, the transaction sets Songa''s enterprise value at 26.4 billion crowns, or close to $3.4 billion.SONGA SHARES SOAR Shares in Songa surged 35 percent on news of the deal, which needs the backing of at least 90 percent of Songa shareholders. About 77 percent of shareholders have so far agreed to the offer, the company said.By 1228 GMT, Songa shares were up 30.3 percent at 44.3 crowns, their highest since March 2016.Songa''s biggest shareholder, Perestroika, owned by Norwegian investor Frederik Wilhelm Mohn, would become the largest shareholder in Transocean as a result of the acquisition with a stake of about 12 percent, the firms said.Mohn, chairman of Songa, will be nominated for a seat on Transocean''s board.In March, Transocean sold its fleet of shallow water jack-up rigs to Norway''s Borr Drilling for $1.35 billion, saying it wanted to focus on its core deep- and ultra-deepwater rig market.The latest deal comes at a time of upheaval in the industry, with rival deepwater rig firm Seadrill undergoing a restructuring of debt and liabilities amounting to some $14 billion, while newcomers such as Borr scoop up cheap assets.Schlumberger, the world''s top oilfield services provider, has taken a 20 percent stake in Borr, which plans to list on the Oslo exchange by the end of the third quarter.Asked whether he saw more rig acquisition targets in Norway, Swedbank''s Olsvik said: "Odfjell Drilling is an obvious (acquisition) target, but there are no such good matches as in the case of Transocean and Songa Offshore."($1 = 7.9596 Norwegian crowns)Reporting by Terje Solsvik; Editing by Dale Hudson and Edmund Blair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/songa-off-m-a-transocea-idINKCN1AV1WU'|'2017-08-15T15:02:00.000+03:00'
'40778088ad217b6de765559ac67c1316c3683c3f'|'BRIEF-Appaloosa dissolves share stake in Teva Pharmaceutical, Goodyear Tire & Rubber'|'Aug 14 (Reuters) - Appaloosa LP:* Appaloosa LP dissolves class A share stake in Charter Communications Inc - sec filing* Appaloosa LP dissolves share stake in Teva Pharmaceutical Industries Ltd - sec filing* Appaloosa LP takes share stake of 1.1 million shares in Ally Financial Inc* Appaloosa LP dissolves share stake in Goodyear Tire & Rubber Co - sec filing* Appaloosa LP cuts share stake in Kinder Morgan Inc from 5.3 million shares to 3.9 million shares - sec filing* Appaloosa LP ups share stake in Unitedhealth Group Inc by 55.7 percent to 467,000 shares* Appaloosa LP - change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017 Source text for quarter ended June 30, 2017: ( bit.ly/2uWm5mq ) Source text for quarter ended March 31, 2017 ( bit.ly/2r9xUnP )'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-appaloosa-dissolves-share-stake-in-idUSFWN1L00YA'|'2017-08-15T00:13:00.000+03:00'
'f1c46faeac90c008c14c8c2d973b9e0d6b8b0df0'|'Computer error? Top trend following hedge funds lose out in 2017'|'August 15, 2017 / 2:12 PM / 29 minutes ago Computer error? Top trend following hedge funds lose out in 2017 Maiya Keidan 3 Min Read LONDON (Reuters) - Big computer-driven hedge funds such as AQR Capital Management, Aspect Capital and Two Sigma lost money in the first seven months of 2017, with human stock-pickers making better returns. The average hedge fund made 4.8 percent from the start of the year to July 31, Hedge Fund Research data shows, but a lack of market direction, June''s sharp reversal and low volatility has made trading more difficult for automated funds. "Trend-followers are looking for long, drawn-out, directional moves and look to ride that trend as long as possible," Tom Wrobel, Director of Alternative Investments Consulting at Societe Generale, said. "When there''s a sharp reversal – like in June – they lose money because it goes against the established position." Returns on hedge funds betting on macroeconomic trends were down by 1.4 percent on average to July 31 after losses of between 1.2 and 1.8 percent in three out of the first seven months of 2017, HFR data showed. Losses may have been exacerbated by lower market volatility as trend-following funds typically put on larger positions in such conditions, a strategy that would have backfired for them when trends reversed. Among the biggest losers was AQR Capital Management''s $16 billion managed futures strategy, which lost 6 percent in the first seven months, data compiled by BarclayHedge and reviewed by Reuters revealed. Two Sigma''s Compass Fund, which has $2.5 billion in assets under management, lost 4.4 percent over the same period, while London-based Aspect Capital''s flagship $3.9 billion diversified fund lost 3.4 percent, the data showed. AQR, Two Sigma and Aspect Capital declined to comment. Winton Capital, the fund set up in 1997 by David Harding, was down 0.8 percent, a source close to the firm told Reuters. Harding helped fund the "remain" campaign in Britain''s European Union referendum last year. And Leda Braga''s Systematica Investments'' BlueTrend, which was founded in January 2015 after spinning out of former hedge fund BlueCrest Capital, was down 6.4 percent. However, some computer-driven trend-following funds bucked the trend, including Braga''s Systematica Alternative Markets programme, which made gains of 11.2 percent, a source with knowledge of the firm told Reuters. Also successful during the period were the five main trend-following AHL funds run by Man Group, which all delivered returns of between 0.5 percent and 10 percent over the same period, according to its website. Man Group is the world''s biggest listed hedge fund. Reporting by Maiya Keidan; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/hedgefunds-performance-idINKCN1AV1L8'|'2017-08-15T17:11:00.000+03:00'
'fa2a2f7145a58bcfae8fb05b937bcc387992eadd'|'CEE MARKETS-Zloty, crown jump as GDP data confirm robust CEE growth'|'* GDP growth is robust and mostly above forecasts * Zloty, crown lead main currencies higher * Leu steady despite Romanian GDP growth surge to 5.9 pct (Adds Polish figures, details, analyst comments) By Sandor Peto BUDAPEST, Aug 16 (Reuters) - The zloty led Central Europe''s main currencies higher on Wednesday after figures for the second quarter showed the region''s economic growth remained strong. Poland''s annual economic growth slowed from 4 percent in the first quarter, but at 3.9 percent was a tick above analysts'' forecasts. The zloty gained half a percent, reaching 4.2732 against the euro at 0928 GMT. Central European economies are powering ahead, helped by demand for their exports and rising wages. Pay has risen fastest in Romania, and according to Wednesday''s data, its annual growth accelerated to 5.9 percent from 5.7 percent in the first quarter . However, the wage increases are fuelled by government policy, which has led to fears of a rise in the budget deficit and inflation. Romania also has a trade deficit, while its main regional peers have surpluses or smaller deficits. The leu, which is usually slow to react to economic data, was steady at 4.573 versus the euro. "It (the figures) should be slightly positive for the Romanian leu but negative for government bonds as the output gap looks set to widen further, increasing the chances for inflation to rise even faster than expected," said Ciprian Dascalu, chief economist at ING in Romania. A jump in Czech output may also heighten expectations the central bank will continue to tighten policy to fight inflation. Early this month, it became the first in the European Union to raise interest rates since 2012. "The positive surprise can cause a capital inflow ... an increase in the volume of foreign capital in the Czech economy would pose a risk that (the central bank''s) communication will become more hawkish in the coming months," Erste analyst Jiri Polansky said in a note. The crown touched its strongest levels since Aug. 4. It firmed 0.4 percent to 26.05. Hungary''s forint gained 0.2 percent to 303.70, approaching 27-month highs beyond 302.95, even tough Hungary''s annual economic growth slowed to 3.2 percent from 4.2 percent in the first quarter, below forecasts by analysts of 3.7 percent. "(But) the outlook has not been as good as now for decades," said Gergely Suppan, analyst of Takarekbank, who has been among the most accurate forecasters of Hungarian economic growth in the past years. CEE MARKETS SNAPSH AT 1128 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.050 26.153 +0.40 3.67% 0 5 % Hungary 303.70 304.19 +0.16 1.69% forint 00 50 % Polish zloty 4.2732 4.2955 +0.52 3.06% % Romanian leu 4.5730 4.5740 +0.02 -0.83% % Croatian 7.3940 7.3935 -0.01% 2.18% kuna Serbian 119.34 119.36 +0.02 3.36% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1033.5 1032.5 +0.10 +12.1 4 0 % 5% Budapest 36825. 36775. +0.14 +15.0 90 94 % 7% Warsaw 2393.4 2376.6 +0.71 +22.8 9 6 % 7% Bucharest 8268.3 8334.2 -0.79% +16.7 2 8 0% Ljubljana 804.21 805.67 -0.18% +12.0 7% Zagreb 1893.4 1897.5 -0.22% -5.08% 3 1 Belgrade 717.68 715.89 +0.25 +0.04 % % Sofia 732.84 729.28 +0.49 +24.9 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.026 0.089 +072b +8bps ps 5-year 0.065 0.006 +030b -2bps ps 10-year 0.877 -0.005 +042b -4bps ps Poland 2-year 1.862 0.012 +256b +0bps ps 5-year 2.747 0.01 +298b -1bps ps 10-year 3.414 0.017 +296b -2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.59 0.72 0.82 0 IBOR=> Hungary <BU 0.24 0.3 0.36 0.15 BOR=> Poland <WI 1.766 1.799 1.848 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L21XR'|'2017-08-16T08:42:00.000+03:00'
'50c3aff23bd76a088c6081d0f3638f0554c4cd9d'|'Oil prices steady after overnight tumble on dollar strength, China concerns'|'A worker rides past an oil factory at Keihin industrial area in Kawasaki, south of Tokyo October 23, 2009. Issei Kato/Files NEW YORK (Reuters) - Oil prices were little changed on Tuesday as the U.S. dollar climbed and signs of weaker petroleum demand in China weighed the market down for a second day.Benchmark Brent crude LCOc1 was up 8 cents a barrel at $50.81 by 2:13 p.m. EDT (1713 GMT), after retreating to $50.02 earlier. U.S. light crude Cc1 was down 5 cents at $47.54, having earlier hit a low of $47.02, the lowest in three weeks.The dollar rose to its highest in nearly three weeks against a basket of major currencies .DXY, pressuring crude prices. A stronger dollar makes oil more expensive for buyers using other currencies. Some investors turned to oil and gold as safe haven investments last week as tensions rose between the United States and North Korea.Chinese oil refineries operated in July at their slowest daily rates since September, official data showed. The drop was steeper than expected, raising concerns over the state of Chinese demand and the level of domestic stocks."People are taking a hard look at what the balance is," said John Kilduff, a partner at Again Capital LLC. "We had seen in the past few weeks that demand growth was robust, and this turned that on its head."Ample supply from big oil exporters, including members of the Organization of the Petroleum Exporting Countries and the United States, also encouraged investors to sell long positions bought in July during a period of rising prices, analysts said.Brent and U.S. crude reached two-month highs in early August but have slid over the last few days, dropping more than 2.5 percent on Monday.The American Petroleum Institute will issue its weekly U.S. oil inventory data at 4:30 p.m. EDT (2030 GMT), ahead of the U.S. government''s official report on Wednesday.Analysts polled by Reuters forecast that data would show U.S. crude stockpiles USOILC=ECI fell for a seventh consecutive week, along with a probable drop in distillate and gasoline inventories."The focus remains on OPEC, U.S. inventories and disappointing China demand," said Hans van Cleef, senior energy economist at Dutch bank ABN Amro in Amsterdam. "Those concerns have triggered profit-taking after a strong run-up in July."Efforts by OPEC and other producers to limit output have helped lift Brent past $50 a barrel, but production elsewhere, particularly in the United States, has pressured prices.If U.S. crude falls below $47.00 a barrel and Brent crude breaks below $50.00 a barrel, prices could test lows from June, Kilduff said."We''re on the precipice of a large sell-off," he said.Additional reporting by Fergus Jensen in Singapore and Christopher Johnson in London; Editing by David Gregorio and Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-oil-idINKCN1AV09A'|'2017-08-15T06:55:00.000+03:00'
'cc2b579b4838509f82a0950209b5f477dff0f5ed'|'Financials and Danone help European shares edge higher'|'LONDON, Aug 15 (Reuters) - European shares rose in early deals on Tuesday, recovering further ground as geopolitical tensions eased in holiday-thinned trading.The pan-European STOXX 600 index was up 0.3 percent, while blue chips gained 0.5 percent.Britain''s FTSE 100 rose 0.2 percent, and Germany''s DAX ticked 0.5 percent higher. Italian and Austrian markets were closed for a holiday.Financials extended their gains from the previous session and were the biggest contributors to gains, having been hit particularly hard in the latter part of last week as tensions rose between the U.S. and North Korea.Danone led the food and beverage index higher, up 2.6 percent after a media report that the activist fund Corvex Management owned a stake in the French yoghurt maker.Elsewhere, the German potash miner K+S dropped 3 percent close to a four-month low after saying that it was unlikely to reach its 2020 earnings EBITDA target, blaming a slow recovery of potash prices.Retailer Next''s shares fell 2.9 percent after Berenberg cut its rating on the stock to "sell" from "hold".Earnings also spurred some moves, with fund supermarket Hargreaves Lansdown falling 1.3 percent after reporting its full-year results.The European second-quarter earnings season is rolling to a close with 82 percent of MSCI Europe firms having already reported earnings, according to Thomson Reuters data.More than 60 percent have either met or beaten analysts’ expectations.Reporting by Kit Rees; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/europe-stocks-idUSL8N1L114X'|'2017-08-15T15:29:00.000+03:00'
'30d5513722654ac25d0deda3525e51c248d539ba'|'Airlines want tighter control of alcohol sales in British airports'|'TRYING to stop Britons from boozing can be a forlorn task. Drinking has been woven into the nation’s culture for centuries, from the “loose-tongued” pilgrims of Chaucer to the apprentices who ran amok on London’s streets in the 16th century. According to Susie Dent, a lexicographer, English has 3,000 words for being drunk . Some take that list as a challenge. Whether at football matches or funerals, children’s parties or cheese-rolling , Britons turn almost any occasion into an excuse to get ramsquaddled (thanks, Ms Dent).A visit to a British airport is a crash course in this culture. Regardless of the time of morning, the bars are full and the English breakfasts come accompanied with pints of Guinness. That is an increasing problem for airlines. According to a BBC investigation , 387 drunken passengers were arrested at British airports or on flights between February 2016 and February 2017, a 50% increase compared to the year before. A survey by Unite, a union, found that 20% of cabin crew members had suffered physical abuse at some point, often related to drunkenness. As one former flight attendant told the BBC: "People just see us as barmaids in the sky. They would touch your breasts, or they''d touch your bum or your legs. I''ve had hands going up my skirt before." One problem is duty-free booze, which is bought in the departure lounge and consumed on planes. There is a conflict between the interests of shops, which do not generally have to deal with the consequences of what they sell, and airlines, which do. Similarly, airport bars do not always call time on passengers who have had a skinful. A particular issue, according to Kenny Jacobs of Ryanair, is when flight delays prompt passengers to extend their session in the airport pub.A code of conduct, which many airlines and airports signed up to last year, is supposed to prevent this. Airlines are expected to deny boarding to drunk passengers, for example, and duty-free shops are supposed to explain that the alcohol they sell must not be consumed on the plane. But the agreement is voluntary and apparently not being rigorously enforced.As a result, some airlines have begun to take matters into their own hands. Jet2 has stopped selling drinks on some of its early-morning flights. Those who take Ryanair flights to Spain from Glasgow or Manchester are now told that they must put duty-free booze in the hold. Ryanair has also proposed that passengers be limited to two drinks per boarding pass in the airport, and that no alcohol should be available before 10am.Gulliver is conflicted by all of this. As this blog has posited before, airports are one of only five places in which it seems acceptable to have a snifter before midday. (Sometimes, with hours to kill before a flight, a couple of Bloody Marys, some John Coltrane on the headphones and a well-stocked Kindle feels like the only civilised way to pass the time.) And the rate of drunk-and-disorderly passengers remains low. Yet flight attendants should not have to put up with drunks who treat them disrespectfully. Nor should fellow flyers have to share the cabin with the disruptors. If drinkers cannot exercise moderation and self-control, stricter rules to rein them in might be the only way to go.Next The problem of contaminated air on planes'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/gulliver/2017/08/how-handle-half-cut?fsrc=rss'|'2017-08-16T05:09:00.000+03:00'
'bd7431cfec37cc3c56e1c9553d31adebbdd99f16'|'Yemen''s central bank floats riyal currency - circular'|'DUBAI, Aug 15 (Reuters) - Yemen''s central bank has floated the country''s currency, instructing banks to use the market rate for the riyal instead of a fixed rate, according to a circular issued on Monday.The circular said that the decision was taken at a meeting on Saturday, ditching the 250 riyal rate to the U.S. dollar currently in use.It told commercial and Islamic banks to "use the exchange rate prevalent in the market for the U.S. dollar and other foreign currencies in accordance with the exchange rate lists issued by the central bank", adding that a floating rate will be adopted as of Aug. 15.The currency is changing hands at around 350 riyals to the dollar in the black market, according to traders.The central bank in April last year devalued the exchange rate to 250 riyals to the dollar from 215 riyals.The currencies of most oil-exporting Arab countries are pegged or closely tied to the U.S. dollar, but Yemen has been torn by a two and-a-half year civil war between the internationally-recognized government of President Abd-Rabbu Mansour Hadi, backed by Saudi Arabia, and the Iran-aligned Houthis.The central bank has kept the country from financial collapse and the population from running out of food during the war.Hadi''s government last year moved the central bank from the capital Sanaa to the southern port city of Aden, where the government is currently based, in a move that economists feared could hasten the country''s collapse.Both the central bank in Aden and the one in Sanaa suffer from depleted reserves but play a key role in mitigating widespread famine and disease by paying some public sector salaries.Last week, the central bank in Aden complained to its allies in the Saudi-led military coalition about a lack of cash deliveries needed to pay salaries. (Writing by Sami Aboudi; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/yemen-riyal-idINL8N1L10IB'|'2017-08-15T03:41:00.000+03:00'
'481907e18fa79453be990977553985fbacce9fd9'|'ECB is not violating laws on monetary policy - Schaeuble'|'August 15, 2017 / 6:42 PM / 11 hours ago ECB is not violating laws on monetary policy: Schaeuble Reuters Staff 2 Min Read FILE PHOTO: German Finance Minister Wolfgang Schaeuble attends at an event of his CDU party''s economic council (Wirtschaftsrat) in Berlin, Germany, June 27, 2017. Hannibal Hanschke/File Photo BERLIN (Reuters) - Finance Minister Wolfgang Schaeuble said on Tuesday he did not share the view of Germany''s constitutional court that the European Central Bank may be violating laws on monetary financing with its 2.3 trillion euro asset purchase program. "I don''t share this opinion," Schaeuble said during a business dinner hosted by the Handelsblatt business newspaper. "I believe that the (ECB) mandate is being implemented," he added in a rare defense of the central bank. He said that the ECB was exhausting the tools at its disposal to "fulfill its hellishly difficult task of devising a monetary policy for many different countries." He said it was not helpful to the discussion about the independence of ECB monetary policy to mention Bundesbank President Jens Weidmann as a possible successor to ECB chief Mario Draghi. The Germany''s highest court on Tuesday said the European Central Bank may be violating a ban on financing governments in its 2.3 trillion euro ($2.7 trillion) asset purchase program and asked Europe''s highest court to rule on the matter. Reporting by Joseph Nasr and Gernot Heller; Editing by Andrea Shalal 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-election-schaeuble-idUKKCN1AV24R'|'2017-08-15T21:38:00.000+03:00'
'b55cb3b33c88ae7ac5f6ab076b54f6e715ec7f50'|'Euro zone inflation stable in July, core inflation rises year on year'|'August 17, 2017 / 9:07 AM / 17 minutes ago Euro zone inflation stable in July, core inflation rises year on year Reuters Staff 2 Min Read File photo of shoppers carrying bags outside department stores in Paris, France, December 23, 2016. Charles Platiau BRUSSELS (Reuters) - Inflation in the 19 countries sharing the euro currency remained stable in July, European statistics office Eurostat said on Thursday, but the much watched core inflation metric excluding volatile energy costs and unprocessed food rose. Eurostat confirmed its earlier flash estimate of annual inflation in the euro zone at 1.3 percent, with price rises excluding energy and unprocessed food, a metric closely followed by the European Central Bank in setting monetary policy, also confirmed at 1.3 percent. While price rises are still below the ECB''s target of close to but below 2 percent per year, core inflation has increased from 1.2 percent in June and came in above analyst estimates of 1.2 percent in a poll of 29 economists conducted by Reuters. Other economic data released on Thursday showed that the euro zone''s trade surplus came in ahead of analysts'' expectations at 26.6 billion euros (24.30 billion pounds) in June. Eurostat added that exports from the euro zone increased by 3.9 percent in June compared to last year, while imports were up 6.2 percent. In the first six months of the year, European Union trade rose with all its main partners, most notably with Russia, China and South Korea. Reporting by Robert-Jan Bartunek; editing by Julia Fioretti 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-economy-inflation-final-idUKKCN1AX0VK'|'2017-08-17T12:06:00.000+03:00'
'ed0fe947f203e3b1049131bd7f1040d8d3b404c9'|'UnitedHealth names Wichmann CEO, Hemsley executive chairman'|'August 16, 2017 / 11:07 AM / 32 minutes ago UnitedHealth names Wichmann CEO, Hemsley executive chairman Michael Erman 3 Min Read NEW YORK (Reuters) - UnitedHealth Group Inc ( UNH.N ) said on Wednesday president David Wichmann will become the company''s chief executive, succeeding Stephen Hemsley, who is moving to the newly created role of executive chairman after more than a decade at the helm of the largest U.S. health insurer. Wichmann, 54, was widely viewed inside and outside of the company as Hemsley''s likely successor, although the timing of the change was sooner than some had expected. UnitedHealth''s shares fell 0.7 percent to $193.79 in early trading on the New York Stock Exchange. Under 65-year-old Hemsley, UnitedHealth became one of the biggest sellers of insurance plans on the exchanges created as part of former President Barack Obama''s national healthcare law. However, mounting losses from the programme prompted the company to largely exit from Obamacare plans in 2017. Current Chairman Richard Burke will become UnitedHealth''s lead independent chairman, UnitedHealth said. The changes are all effective Sept. 1. Wichmann has spent nearly 20 years with the company and was previously its chief financial officer. He has long been in charge of the insurer''s mergers and acquisitions. "Management is the single most important factor in our view of UnitedHealth - and with Hemsley staying in a very important operating/strategic role, we are very comfortable with this change," Mizuho Securities analyst Sheryl Skolnick wrote in a research note. As founder, Burke also remains on the board. "The guardians of the UNH galaxy are firmly in place," Skolnick said. The insurer reported a higher-than-expected quarterly profit last month, helped by its decision to abandon the Obamacare individual insurance market, amid uncertainty over the fate of the law under President Donald Trump''s administration. Hemsley said in July he was optimistic about the business next year, but that national and state healthcare policies would be a possible drag on profit in 2018. Shares of the company have risen nearly four-fold since Hemsley took over the helm. Additional reporting by Akankshita Mukhopadhyay and Tamara Mathias in Bengaluru; Editing by Maju Samuel and Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-unitedhealth-ceo-idUKKCN1AW150'|'2017-08-16T18:22:00.000+03:00'
'52860044ef5127dbbfc86a99f33a399885854a25'|'Husky Energy to buy $435 million Wisconsin refinery'|'CALGARY, Alberta (Reuters) - Canadian integrated oil company Husky Energy Inc ( HSE.TO ) said on Monday it is buying a refinery in the United States from Calumet Specialty Products Partners LP ( CLMT.O ) for $435 million in cash.The refinery in Superior, Wisconsin, has capacity to process 50,000 barrels per day.The deal, which also includes the refinery''s associated logistics assets, will increase Husky''s refining capacity to 395,000 bpd, the company said.Husky produces primarily heavy oil from oil sands and conventional operations in western Canada and the deal will help it manage exposure to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut CLc1."Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production," said CEO Rob Peabody.Husky currently produces around 320,000 bpd and aims to grow output to 400,000 bpd by 2021.Shares of Calumet rose 9 percent to $5.93 in late morning trade on the Nasdaq, while Husky''s shares rose 0.5 percent to C$14.69 on the Toronto Stock Exchange.Husky said it would retain about 180 workers at the refinery, which can process Canadian heavy crude and light and medium barrels from Canada and the Bakken region, and also boosts the company''s asphalt production capacity.The company said it is deferring a decision on whether to expand asphalt capacity at its Lloydminster, Saskatchewan, refinery until after 2020 and will be considered again as heavy oil production grows.BMO Capital Markets was Husky''s financial adviser on the deal and Milbank LLP its legal adviser.Reporting by Nia Williams in Calgary and Ahmed Farhatha in Bengaluru; Editing by Maju Samuel and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-husky-energy-refinery-calumet-splty-idINKCN1AU1SK'|'2017-08-14T13:56:00.000+03:00'
'ceef87b0526949c8ffac0c2d7470c17ce9661129'|'Junk Bonds Are Big Winner a Decade After Financial Crisis'|'Junk Bonds Are Big Winner a Decade After Financial Crisis Commodities, oil, euro lost ground over past 10 years By @natashadoff More stories by Natasha Doff If you’d bought European high-yield bonds the day the global financial crisis erupted, closed your eyes and held onto them through the unprecedented events of the following decade, you would now be sitting on a 100 percentreturn. On the other hand, if you’d put your money in major commodities, other than gold, you would have lost 50 percent. Most bond markets, U.S. stocks and the dollar would have been a good bet. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-16/junk-bonds-are-big-winner-a-decade-after-financial-crisis'|'2017-08-16T03:22:00.000+03:00'
'44e4f0d4e9f50512dfbbf5f4f73b4346024fc711'|'Swiss stocks - Factors to watch on Aug 18'|'ZURICH, Aug 18 (Reuters) - Here are some of the main factors that may affect Swiss stocks on Friday:NOVARTIS, ROCHE U.S. House Democrats said on Thursday they were launching an investigation into why prices for multiple sclerosis (MS) treatments have nearly quintupled since 2004, and they sent letters requesting information from seven drugmakers including Novartis AG and RocheSTRAUMANN The dental implants maker on Thursday announced and then cancelled plans to place 400,000 treasury shares -- or roughly 2.6 percent of all its outstanding shares -- to institutional investors to finance acquisitions and investments announced that day. It said a discount of more than 2 percent was not warranted and it was pursuing other options.NESTLE A lawsuit accuses Nestle of violating the rights of Atari by using without permission the classic 1970s video game "Breakout" in a new marketing campaign for its Kit Kat chocolate-covered wafers.BANKS Deutsche Bank AG and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade. Other banks including Credit Suisse have also been sued and sought dismissals.COMPANY STATEMENTS * Schweiter Technologies AG said a temporary increase in raw material costs and one-off effects led to a lower operating profit in H1 in comparative terms; expects H2 business to develop favourably, with operating result at least on a par with first half* Kuehne und Nagel announced a new multi-year contract with Daimler''s Mercedes-Benz Vans, LLC providing production logistics.ECONOMY A gfs.bern poll showed 53 percent of people surveyed back a plan to raise the VAT rate to finance pension reform. Switzerland holds a referendum on the plan on Sept. 24. (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-swiss-stocks-idINL8N1L34KT'|'2017-08-18T02:55:00.000+03:00'
'fb6c8e156c1d6e061c1099848c9bbf01f0aac5e3'|'U.S. digital rights group slams tech firms for barring neo-Nazis'|'August 18, 2017 / 2:05 AM / 8 minutes ago U.S. digital rights group slams tech firms for barring neo-Nazis Dustin Volz 3 Min Read SAN FRANCISCO (Reuters) - A digital rights group based in San Francisco on Thursday criticized several internet companies for removing neo-Nazi groups from servers and services, saying the actions threatened free expression online. GoDaddy Inc ( GDDY.N ), Alphabet''s Google ( GOOGL.O ), security firm Cloudflare and other technology companies moved this week to block hate groups after weekend violence in Charlottesville, Virginia, where white nationalists had gathered to protest removal of a statue of Confederate General Robert E. Lee from a park. "We strongly believe that what GoDaddy, Google, and Cloudflare did here was dangerous," Cindy Cohn, executive director of Electronic Frontier Foundation, wrote in a blog post along with two other staffers. The blog post reflected years-long tension in Silicon Valley, where many company executives want to distance themselves from extremists but are concerned that picking and choosing what is acceptable on their platforms could invite more regulation from governments. "Protecting free speech is not something we do because we agree with all of the speech that gets protected," Electronic Frontier Foundation wrote. "We do it because the power to decide who gets to speak and who doesn''t is just too dangerous to hand to any company or any government." The group called on companies that manage internet domain names, including Google and GoDaddy, to "draw a hard line" and not suspend or impair domain names "based on expressive content of websites or services." Google, GoDaddy and Cloudflare did not immediately respond to a request for comment about the blog made outside normal business hours. On Wednesday, Cloudflare Chief Executive Matthew Prince said his decision to drop coverage of neo-Nazi website The Daily Stormer had been conflicted. The Daily Stormer helped organise the protest in Charlottesville, at which a 32-year-old woman was killed and 19 people were injured when a vehicle drove into counter-protesters. The website cheered the woman''s death. It was removed from GoDaddy and Google Domains after they said they would not serve the website. Reporting by Dustin Volz, Additional reporting by Joseph Menn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-virginaprotests-tech-idUKKCN1AY07R'|'2017-08-18T05:05:00.000+03:00'
'2b895ea4a22af24c49a9d13e05a5f50b1339032c'|'U.S. hedge funds circle high-flying tech stocks in second-quarter: SEC filings'|'August 14, 2017 / 6:17 PM / a day ago U.S. hedge funds bearish on FAANG stocks in second-quarter: SEC filings 4 Min Read FILE PHOTO: The Facebook application icon on a phone screen, August 3, 2017. Thomas White/File Photo NEW YORK (Reuters) - Closely-watched U.S. hedge fund managers were generally bearish on the FAANG group of high-flying tech stocks in the second quarter, with eight such investors in aggregate cutting or liquidating 18 stakes in the companies, regulatory filings showed. The group comprises Facebook ( FB.O ), Amazon ( AMZN.O ), Apple ( AAPL.O ), Netflix ( NFLX.O ) and Google parent Alphabet Inc ( GOOGL.O ), each of which have roughly followed broader U.S. indexes including the benchmark S&P 500 .SPX , Dow Jones industrial average .DJI , and the tech-heavy Nasdaq Composite .IXIC to record highs in recent months. A Reuters analysis of filings with the U.S. Securities and Exchange Commission showed that Coatue Management, Omega Advisors, Third Point, Tiger Global Management, Appaloosa Management, Paulson & Co, Soros Fund Management and Greenlight Capital in aggregate slashed 16 stakes, sold two stakes, increased six stakes, opened two new stakes, and maintained two positions in the so-called FAANG stocks in the three months ended June 30. Daniel Loeb''s Third Point increased its stake in Alphabet by 120,000 class A shares to 575,000 and increased its position in Facebook by 500,000 class A shares to 3.5 million in the second quarter, according to the filings. Leon Cooperman''s Omega Advisors took a generally bearish stance overall and cut its stake in Facebook by 26,700 class A shares to 236,200. It also cut its stake in Netflix by 12,700 shares to 65,000 shares and trimmed its stake in Amazon by 8,900 shares to 10,500 shares. Omega kept its stake in Alphabet of 158,835 class A shares unchanged. Cooperman told CNBC last week that Alphabet was his biggest position and that his investment in the company’s shares amounted to about 4-4.5 percent of his fund. Soros Fund Management sold its entire stake in Alphabet of 1,300 class A shares, cut its stake in Facebook Inc by 161,373 class A shares to 476,713, sold its entire stake in Netflix of 131,966 shares, but took a new stake in Amazon of 7,500 shares. Tiger Global Management, led by Chase Coleman, cut its stake in Amazon by 110,120 shares to 1.2 million shares and trimmed its stake in Netflix by 52,600 shares to 376,400. Philippe Laffont’s Coatue Management trimmed its stake in Netflix by 17,909 shares to 3 million shares. Coatue cut its stake in Apple by 46,060 shares to 2.9 million shares, while David Einhorn’s Greenlight Capital also cut its position by 42,400 shares to 3.9 mln shares. John Paulson''s Paulson & Co took a new stake, however, of 12,300 shares and David Tepper''s Appaloosa Management increased its stake by 325,000 shares to 625,000. All of the FAANG stocks rose in the second quarter, with Alphabet surging the most - by 9.7 percent - and Apple the least at a meager 0.3 percent. All of the stocks have built on gains so far in the third quarter, with Netflix gaining the most at 14.5 percent and Alphabet the least at 1 percent. Daniel Morgan, who helps manage about $12 billion at Synovus Trust Company in Atlanta, said the firm owned all of the FAANG stocks, with the smallest position being Netflix. He said the streaming video company was vulnerable to stiff competition. "I’m kind of worried that, five years from now, we’re not going to be talking about Netflix like we don’t go and drop our discs off at Blockbuster anymore," Morgan said. “There are enough issues out there to keep us from having it as a large position." Reporting by Sam Forgione; Editing by Jennifer Ablan and Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-investment-funds-faang-idUSKCN1AU235'|'2017-08-14T21:16:00.000+03:00'
'2a6f2cd9bb0da60759ce4c2be9e8d217a33065a7'|'Britain asks for interim customs deal with EU, new trade deals post-Brexit'|'August 14, 2017 / 11:01 PM / in 2 hours Real thing or just ''fantasy''? Britain proposes new EU customs deal Elizabeth Piper 5 Min Read LONDON (Reuters) - Britain outlined plans for a future customs agreement with the European Union on Tuesday and an interim deal to ease companies'' Brexit concerns, proposals one senior EU official described as "fantasy". After a slow start to negotiations to end more than 40 years of union, Prime Minister Theresa May''s government is keen for the discussion to move beyond the EU''s focus on a divorce agreement to consider how a new relationship could work. The EU said it would "carefully" study the proposals, including measures for an interim customs agreement and two suggestions for a new trade partnership, but the terms of divorce needed to be settled first. Britain''s Brexit minister, David Davis, said in a statement: "The UK is the EU''s biggest trading partner so it is in the interest of both sides that we reach an agreement on our future relationship. "The UK starts from a strong position and we are confident we can deliver a result that is good for business here in the UK and across the EU." Britain lost a battle earlier this year to discuss the immediate divorce and future ties alongside each other. The EU said the two sides must first make progress on the rights of expatriates, Britain''s border with EU member Ireland and a financial settlement, the lack of progress on which Davis said had made the EU''s chief negotiator "quite cross". While welcoming the proposals, the European Commission, the EU''s executive, again said it would not budge from its stance that progress on the divorce needed to be made first. Related Coverage UK should have post-Brexit customs system in place by early 2019 - minister Guy Verhofstadt, the European Parliament''s Brexit point-man, underlined the distance between the two sides. "To be in and out of the customs union and ''invisible borders'' is a fantasy," he said on Twitter. "First need to secure citizens rights and a financial settlement" PROPOSALS In what it described as the first of a series of "future partnership papers", Britain outlined two possible approaches to a new customs relationship with the EU after leaving the bloc and its customs union. It described a "highly streamlined customs arrangement" that would borrow from existing systems while expanding the use of technology, or a new customs partnership that could mirror the EU''s requirements for imports from the rest of the world. EU and British flags fly outside the European Commission building in London, Britain August 12, 2017. Neil Hall Britain also wants an interim customs agreement to allow the freest possible trade of goods by removing the threat of costly logjams at borders and to enable businesses to adapt to any future customs arrangement after leaving the bloc in March 2019. Davis said Britain should not have to pay to have a temporary customs union with the EU and that any transitional period would most probably last for two years. But May''s government, which hopes that the publication of its thinking will paper over the cracks between ministers over Brexit, will also demand that Britain should be able to negotiate deals with other countries during the interim period - a potential sticking point with the EU. Opposition politicians criticised the government for wanting to have "their cake and eat it", while pro-Brexit campaigners said Britain was taking a "defeatist attitude" by accepting it could not implement new trade deals during the interim period. Even British businesses, which welcomed the clarity, said they needed more detail, and the car industry urged the government to ensure that the country retained full participation in the EU''s single market during a transition. TURKISH ARRANGEMENT? Countries that are part of the EU''s customs union are not allowed to negotiate bilateral trade deals, and May''s government has said Brexit means Britain must leave the customs union. But Turkey, while not an EU member, is part of a separate customs union for industrial goods and can still negotiate bilateral trade deals. Britain said that "while the government has looked at precedents set by customs agreements between other countries, it is not seeking to replicate another country''s model". The government said that, by sorting out the customs arrangements, Britain and the bloc could avoid a "hard border" with EU member state Ireland, something that officials fear could reignite tensions between Irish nationalists and unionists in British-ruled Northern Ireland. The government will set out its proposed solutions for the border between Northern Ireland and Ireland in detail on Wednesday. "Our proposals are ambitious, and rightly so," finance minister Philip Hammond said in a statement. "They set out arrangements that would allow UK businesses to continue to trade with their European partners in the future, while expanding their markets beyond the EU." Additional reporting by Kylie MacLellan; Editing by Jeremy Gaunt and Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-customs-idUKKCN1AU2IE'|'2017-08-15T02:38:00.000+03:00'
'69ff4b3879a0659396d305bc10b73721335d1791'|'UK inflation holds steady in July as price pressures ease'|'August 15, 2017 / 8:55 AM / in 9 hours UK inflation steady in July, may be nearing peak David Milliken and Alistair Smout 4 Min Read LONDON (Reuters) - British consumer price inflation unexpectedly held steady last month, bucking market expectations for a renewed rise, after fuel prices fell and the effect of the pound''s tumble after last year''s Brexit vote started to fade. Inflation is still likely to edge higher, further squeezing living standards and consumer spending, and the Bank of England predicts it will hit a five-year high of about 3 percent around October. But after more than quadrupling since Britain voted to leave the European Union in June 2016, there are now signs that this surge in inflation is beginning to level off. Consumer price inflation held at 2.6 percent year-on-year in July, unchanged from June and below the near four-year high of 2.9 percent struck in May, the Office for National Statistics (ONS) said on Tuesday. Lower petrol prices in July were offset by higher costs for food, clothing and household goods, it said. Economists polled by Reuters had on average forecast a rise to 2.7 percent in July, and sterling fell to a five-week low against the U.S. dollar GBP= after the data, as traders saw little chance of the BoE raising interest rates soon. "Most of the currency-related inflation bump is behind us," Barclays economist Fabio Fois wrote in a note to clients. "Overall, goods inflation has been underwhelming and the sharp drop in producers'' input prices inflation continue to suggest that imported inflation is set to ease from here on." Sterling has fallen 14 percent against a basket of currencies of its main trading partners =GBP since last year''s Brexit vote, and the biggest impact so far has been on the cost of manufacturers'' raw materials. So-called input price inflation reached nearly 20 percent annually in January, its highest since 2008. But Tuesday''s data showed this eased to a one-year low of 6.5 percent in July, down from 10.0 percent in June. It was the biggest one-month drop in the rate in more than five years, as year-on-year price comparisons now include the post-referendum period. A shopper checks her shopping list in a supermarket in London, Britain April 11, 2017. Neil Hall The prices factories charge for goods rose at the slowest rate since December at 3.2 percent. INFLATION STILL TO PEAK? Nonetheless, further increases in consumer prices are likely as the effects of past price rises spread across the economy. Britain''s biggest energy supplier, British Gas ( CNA.L ), plans to increase electricity prices by 12.5 percent next month. And commuter rail fares will rise next year by 3.6 percent, July''s rate of retail price inflation - an older measure that the ONS says is no longer reliable, but which is still widely used in British commercial contracts. Data due on Wednesday is likely to show average pay rises of around 2 percent are failing to keep up with the cost of living. "The squeeze on cash-strapped families continues to grip," Trades Union Congress General Secretary Frances O''Grady said, asking the government to do more to lift pay. After the expected peak in CPI around October, the BoE expects it to stay above its 2 percent target for the next three years, based on its experience of a previous fall in sterling 10 years ago at the start of the financial crisis. But economists doubted Tuesday''s figures would encourage any more members of the central bank''s rate-setting Monetary Policy Committee to join their two colleagues who favor a rate rise. "The MPC should ''look through'' this and keep rates on hold," said HSBC economist Chris Hare. ONS figures on Tuesday also showed a modest slowdown in house price inflation, which edged down to 4.9 percent, its lowest since March''s three-year low of 3.9 percent. Prices in London alone grew by 2.9 percent, with similar rises in Scotland and northeastern England. Prices rose most in eastern England. editing by Alister Doyle'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-inflation-idUKKCN1AV0SI'|'2017-08-15T11:37:00.000+03:00'
'53b527bf335d0ba9449c9bd19ebaeb7c619df3b2'|'Asian shares, dollar rally as North Korea blinks'|'August 15, 2017 / 1:09 AM / an hour ago Asian shares, dollar rally as North Korea blinks Lisa Twaronite 4 Min Read FILE PHOTO: Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. Issei Kato/Files TOKYO (Reuters) - Asian shares rallied and the dollar firmed on Tuesday after North Korea''s leader signaled that he would delay plans to fire a missile near Guam, further easing tensions and prompting investors to move back into riskier assets. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.2 percent, with South Korea .KS11 up 0.6 percent and Australia 0.7 percent. Japan''s Nikkei stock index .N225 rose 1.2 percent, with a tailwind from a weaker yen. The yen tends to gain in times of crisis on assumptions that Japanese investors will repatriate assets. On Wall Street on Monday, U.S. stocks recovered from last week''s selloff, when fears of conflict between the United States and North Korea helped wipe out nearly $1 trillion from global equity markets. The S&P 500 .SPX posted its biggest one-day percentage gain since April. [.N] North Korea''s leader Kim Jong Un received a report from his army on its plans to fire missiles toward Guam and said he will watch the actions of the United States for a while longer before making a decision, the North''s official news agency said on Tuesday. U.S. President Donald Trump did not have any fresh words for Pyongyang, but Defense Secretary Jim Mattis warned on Monday that the U.S. military would be prepared to intercept a missile fired by North Korea if it was headed to Guam. "We have North Korea saying they will wait, and Trump not saying anything at all, compared to his past promise of ''fire and fury,''" said Mitsuo Imaizumi, chief FX strategist at Daiwa Securities. "That added up to good news for the dollar, bad news for the yen," he said. The dollar was up 0.4 percent at 110.06 yen JPY= , pulling further away from last week''s eight-week low, while the euro gained 0.4 percent to 129.69 yen JPYEUR=. The euro was flat on the day against the dollar at $1.1784 EUR= , while the dollar index, which tracks the greenback against a basket of six major rivals, added 0.1 percent to 93.476 .DXY. Against the Swiss franc CHF= the dollar edged higher, after jumping more than 1 percent on Monday. The dollar rose as traders unwound their bearish bets made last week after Friday''s disappointing U.S. inflation data dampened expectations that the Federal Reserve would raise interest rates again this year. New York Fed President William Dudley said that it was not unreasonable to think the central bank would begin trimming its $4.2 trillion balance sheet in September and hike rates again this year, provided economic data holds up. Crude oil futures steadied after tumbling more than 2.5 percent on Monday in volatile trade. [O/R] U.S. crude futures CLc1 rose 1 cent to $47.60 a barrel. Brent crude LCOc1 added 2 cents to $50.75. Spot gold XAU= prices skidded 0.3 percent to $1,277.66 an ounce, extending their fall from Monday when they shed half a percent. [GOL/] Reporting by Lisa Twaronite; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1AV02F'|'2017-08-15T04:09:00.000+03:00'
'931fee3b4f171ba2c692690b94ca586044116467'|'FTC asks Clariant, Huntsman for more information on planned merger'|'August 15, 2017 / 10:03 PM / 7 hours ago FTC asks Clariant, Huntsman for more information on planned merger 2 Min Read The logo of Swiss specialty chemicals company Clariant is seen at the company''s headquarters in Pratteln, Switzerland August 9, 2017. Arnd Wiegmann (Reuters) - Swiss chemicals maker Clariant AG ( CLN.S ) and U.S.-based Huntsman Corp ( HUN.N ) said on Tuesday U.S. regulators had asked for more information on their proposed merger, but they were confident of still closing the deal by the end of this year. Hunstman said the U.S. Federal Trade Commission had on Monday made a second request for information relating to two products – sodium isethionate, used in personal care products such as soap, and a polyetheramine product used in certain construction and paint and ink applications. The two products accounted for less than $24 million in total U.S. revenue for either company in 2016, Clariant said. Both companies said in nearly identical statements they were confident they could satisfy any FTC concerns on a timeline consistent with the merger, which they continue to expect to close around the end of the year. The two companies said in May they would merge to create a chemical manufacturer with a market value of about $14 billion. Reporting by Bhanu Pratap in Bengaluru; Editing by Savio D''Souza 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-clariant-m-a-huntsman-c-idINKCN1AV2HT'|'2017-08-15T20:03:00.000+03:00'
'6baf173948952b174e4c14edb5faa8021ce0f90e'|'Massachusetts regulator investigates trade order ''kickbacks'''|'BOSTON, Aug 15 (Reuters) - The top securities regulator in Massachusetts on Tuesday said he is investigating whether brokerages route trade orders to receive what he described as kickbacks.“My office is looking into the veracity of these assertions and whether the brokers are meeting their best execution obligation to their customers,” said William Galvin, the secretary of the commonwealth in Massachusetts.Inquiry letters have been sent to Charles Schwab & Co , TD Ameritrade, Fidelity Brokerage Services LLC, E*Trade Securities LLC, Edward D. Jones & Co L.P and Morgan Stanley & Co, Galvin''s office said in a press release.Reporting By Tim McLaughlin; Editing by Chizu Nomiyama'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brokerage-kickbacks-idINL2N1L10PQ'|'2017-08-15T12:07:00.000+03:00'
'7cad7604ffa5ebad5b82c4ecec53f7e61bb8353d'|'Fractured U.S. solar sector argues at tariff hearing'|'FILE PHOTO: Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, U.S. October 14, 2016. Picture taken October 14, 2016. Mike Blake/File Photo (Reuters) - A bitterly divided U.S. solar power industry descended on Washington on Tuesday to testify before a government panel that has been asked to impose steep tariffs on imported solar panels. The trade case, brought by panel maker Suniva, has created a rift between the sector''s struggling U.S. manufacturers and the much bigger domestic industry that installs and develops solar projects. Suniva filed a petition seeking the tariffs with the International Trade Commission in April, nine days after the company sought Chapter 11 bankruptcy protection. Suniva, which has been majority owned by Hong Kong-based Shunfeng International Clean Energy since 2015, makes panels in Georgia and Michigan. The company contends that a glut of panels manufactured abroad has depressed prices and made it difficult for American producers to compete. The petition has drawn support from an Oregon-based subsidiary of Germany''s SolarWorld AG Much of the industry, including the powerful Solar Energy Industries Association trade group, has said tariffs on overseas panels would drive up the price of solar power just as it has become competitive with electricity generated by fossil fuels such as natural gas and coal. SEIA organized 200 solar workers to attend the hearing, wearing bright yellow shirts and pins that read "Save America''s Solar Jobs No New Solar Tariffs." The hearing was part of the ITC''s process to determine whether imports have indeed harmed domestic producers. If it finds serious injury by a Sept. 22 deadline, the commission by Nov. 13 will recommend remedies to President Donald Trump. He does not have to take the commission''s recommendation. At the hearing, SolarWorld Americas Chief Executive Juergen Stein testified that an oversupply of cheap Chinese-made panels has prevented U.S. manufacturers from profiting from the boom in solar energy over the last five years, noting that his company laid off 360 workers last month. "These job losses should not be happening in an industry where demand is so strong," Stein said. A number of businesses and government officials testified in opposition to the trade case. SunPower Corp Chief Executive Tom Werner said that solar power, despite robust government support during its rapid growth, was now "on a glide path to being a fully self-sustaining industry." Reporting by Nichola Groom; Editing by David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-trade-solar-idUSKCN1AV2IR'|'2017-08-16T01:13:00.000+03:00'
'bb1d280c51402eb94674bbbe547128a850f35e62'|'Japanese shoppers open their wallets, raising hopes for sustained revival'|'August 14, 2017 / 12:32 PM / 3 hours ago Japanese shoppers open their wallets, raising hopes for sustained revival 6 Min Read Pedestrians are pictured at a shopping district in Tokyo, Japan August 14, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Japan''s cautious consumers are starting to loosen up, spending more on cars and home appliances and offering hope that domestic demand - and not just exports - will be strong enough to reflate an economy that has been sluggish for many years. The tightest labor market since the 1970s seems to be a playing a role. Temporary and part-time workers are getting paid more to help fill shifts, and that is helping lift sales. Consumption was the main driver behind Japan''s second-quarter economic growth, which expanded at an annualized 4 percent, gross domestic product data released on Monday showed, the strongest in more than two years and much higher than the growth achieved by the United States and the European Union. "I ended a big project today, and I wanted to give a present to my girlfriend who has always been supportive, so I bought her a Tiffany necklace," said Yusuke Kawashima, a 29-year-old freelance software programmer in Tokyo. "Quite a few of my friends have said they either had a pay raise or received a large bonus, so I think they''ll be spending as well." Wage hikes for part-time workers in Japan have accelerated, rising to 2.3 percent year-on-year in May from 0.7 percent in August 2016. Salaries for full-time workers, though, have been little changed. Susumu Ikeda, 70, says shoppers are buying more at his musical instrument shop in Tokyo''s tony Ginza shopping district, and senses the economy is taking a turn for the better. "Some may be cynical about our growth, but compared to our worst we are getting much better,” he said. Furniture maker Nitori Holdings Ltd ( 9843.T ), convenience store leader Seven & i Holdings Co ( 3382.T ) and coffee shop chain Doutor Nichires Holdings ( 3087.T ) all reported rising domestic sales in their recent earnings reports. Sales of new cars accelerated in April-June from the previous quarter, and GDP data showed higher purchases of appliances, such as air conditioners. Private consumption - which accounts for almost 60 percent of GDP - rose in the second quarter at the fastest pace in more than three years, offering the most definitive sign yet that consumers have shaken off the impact of a sales tax hike in 2014. For some, like 31-year-old Tokyo office worker Natsuki Abe, the economy just feels healthier. "I do think the economy is doing better than it was before, but it’s just a feeling," she said. "My company is doing well, and I think I do have the money to spend on things that I like and want. I mainly spend on clothes, as I want to look good.” COMPETING FOR WORKERS There have been previous such advances that have turned out to be temporary during Japan''s many years of economic weakness since the early 1990s, with consumer spending often a culprit as it loses momentum. This time may be different, though, some economists argue. That is because the unemployment rate is now low enough - 2.8 percent - to lift wages. A woman carries a shopping bag at a shopping district in Tokyo, Japan August 14, 2017. Kim Kyung-Hoon Many economists say Japan reaches full employment, the lowest level of joblessness before upward wage pressures arise, when the jobless rate falls to 3 percent. Japan''s aging population, and the resulting big drop in the size of its workforce, is a major reason for this. "Wage growth will accelerate going forward, because companies have to raise wages to compete for new workers and to retain workers," said Takuji Adia, chief economist at Societe Generale. "This happens when the unemployment rate falls below 3 percent." When Prime Minister Shinzo Abe took office in late 2012, the jobless rate was at 4.3 percent. Consumer spending boomed as a stock-market rally fueled optimism about the new government but then lost momentum because wages were not rising that much. Some of Abe’s structural reforms, such as narrowing the wage gap between contractors and full-time employees doing the same work, raising the minimum wage, and encouraging people to move to better-paying jobs, are also starting to pay off. DEFLATIONARY MINDSET One major concern is that Japan''s consumer spending revival has yet to translate into faster inflation; core consumer prices rose a meager 0.4 percent in the year to June and inflation expectations remain weak. The United States and Europe are also struggling to generate inflation despite improving growth, but Japan''s case is peculiar because of the decades of deflation and stagnation following the collapse of the bubble economy in the early 1990s. That''s produced a deflationary mindset among many people that cannot easily be changed. And as the country''s population shrinks and ages, saving for the future has become a top priority for many. "My husband''s parents and my parents are getting old, and their pensions will not be enough for them to sustain themselves," said Chisa Tsubuki, a 28-year-old childcare worker. "So in anticipation for the future where nursing and healthcare costs will rise for us, we need to save." Still, the economy looks like it is at long last starting to move in the direction the Bank of Japan predicted. The BOJ''s tankan survey shows more service-sector companies want to raise prices in the future. One example is family restaurant operator Skylark Co ( 3197.T ), whose president said earlier this month that it will hike prices from October. "Consumers'' perception of retail prices are changing, and people no longer buy something simply because it''s cheap," a spokesman at the Takashimaya department store chain said. "During our summer sale, the items that were not discounted actually sold better than the discounted items." For a graphic on Japna''s wages and consumption, click: reut.rs/2fE11PD Additional reporting by Ritsuko Shimizu; Editing by Martin Howell 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-japan-economy-consumption-insight-idUSKCN1AU1CY'|'2017-08-14T20:32:00.000+03:00'
'e42d2d93f07c9dc4070002652cea6a06b198bace'|'Brazil may raise up to $2.5 billion with sale of airport stakes'|'BRASILIA (Reuters) - Brazil could raise up to 8 billion reais ($2.5 billion) with the sale of minority stakes owned by state agency Infraero in four airports, Civil Aviation Secretary Dario Lopes said on Thursday.The government intends to auction off the minority stakes that Infraero holds in airports in Brasília, Guarulhos, Confins and Galeão as part of a privatization program meant to raise government revenue and bolster infrastructure investment.Reporting by Leonardo Goy; Writing by Bruno Federowski; Editing by Chizu Nomiyama'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-brazil-infrastructure-airports-idINKCN1AX25Y'|'2017-08-17T15:11:00.000+03:00'
'b9b58ff85b30bd873b27318e6da1889ed62bbdf5'|'Home Depot''s quarterly profit jumps 9.5 pct'|'August 15, 2017 / 10:08 AM / in 7 hours Looming housing slowdown clouds Home Depot''s strong results Sruthi Ramakrishnan 3 Min Read (Reuters) - Home Depot Inc ( HD.N ) raised its full-year forecasts but concerns over a looming slowdown in the U.S. housing market due to supply constraints weighed on the retailer''s stock. Shares of the No. 1 U.S. home improvement chain, which also reported higher-than-expected quarterly profit and comparable sales, fell nearly 4 percent in morning trading on Tuesday. The Dow component''s stock had risen 15 percent this year, as of Monday''s close. Smaller rival Lowe''s Cos Inc''s ( LOW.N ) stock was trading down about 3 percent. The U.S. housing market has been facing supply constraints, which has been pushing prices up. Higher lumber costs and shortages of labor and land have hampered home builders'' efforts to meet the rising demand, underpinned by a strong labor market. "As positive as the housing market has been, there is a risk that activity will wane," GlobalData Retail analyst Håkon Helgesen said in a client note. "The latest numbers suggest that transactions are down slightly - not because demand has dropped off, but because there is a shortage of housing." Home Depot, however, allayed fears of a slowdown seeping into demand for its products, citing higher spending on home improvement. "We expect to see continued growth in the repair and remodel market as the U.S. has experienced solid wage growth, faster home price appreciation, and the re-emergence of first-time homebuyers," CFO Carol Tomé said on a conference call. Even if housing transactions do soften, the impact on Home Depot will not be immediate, analyst Helgesen said. FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company Home Depot is seen in Encinitas, California, U.S. April 4, 2016. Mike Blake/File Photo The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas, which tracks residential real estate prices, rose 5.7 percent in May on a year-over-year basis. Home Depot on Tuesday said demand from its contractor customers also remained strong. "Based on what we''re seeing in the stores today, our Pros (professional customers) are not on vacation," Tomé added. FILE PHOTO - The logo of Home Depot is seen in Encinitas, California April 4, 2016. Mike Blake/File Photo The retailer said it now expects full-year sales to grow 5.3 percent, comparable sales to rise 5.5 percent and earnings of $7.29 per share for the year ending January. The number of customer transactions was up 2.7 percent in the second quarter ended July 30, while the average ticket value rose 3.6 percent to $63.05. Sales at stores open for more than a year rose a higher-than-expected 6.3 percent, and U.S. comparable sales increased 6.6 percent. Net income jumped 9.5 percent to $2.67 billion, or $2.25 per share. Net sales rose 6.2 percent to $28.11 billion, the highest quarterly sales in company history. Analysts on average expected earnings of $2.22 per share on revenue of $27.84 billion, according to Thomson Reuters I/B/E/S. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-home-depot-results-idUSKCN1AV0X4'|'2017-08-15T13:06:00.000+03:00'
'679cbd5877739cffae299f39c057628d0129590a'|'Linde says acceptance period for Praxair merger starts'|'August 15, 2017 / 8:01 AM / an hour ago Linde says acceptance period for Praxair merger starts 1 Min Read The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - German industrial gases group Linde said the 10-week acceptance period for its proposed $74 billion merger with U.S. peer Praxair started on Tuesday and would run through Oct. 24. The deal will create a global leader to overtake France''s Air Liquide with a combined market value of $75 billion, revenue of $30 billion and 88,000 staff. Linde will need 75 percent of its shareholders to tender their stock to the new company. Praxair needs a simple majority vote at a shareholder meeting, which Linde said on Tuesday had been set for Sept. 27. Reporting by Maria Sheahan; Editing by Victoria Bryan 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-linde-m-a-praxair-idINKCN1AV0P8'|'2017-08-15T06:01:00.000+03:00'
'2ba4bfcf1ae312ed701664a4e52e1aeda761847a'|'Prudential sells U.S. broker-dealer network for $325 million'|'August 16, 2017 / 6:34 AM / an hour ago Prudential sells U.S. broker-dealer network for $325 million Reuters Staff 2 Min Read FILE PHOTO: The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. Stephen Hird/File Photo LONDON (Reuters) - Prudential sold its broker-dealer network in the United States for $325 million to LPL Financial ( LPLA.O ), the insurer said on Wednesday. The purchase price may rise to $448 million (348.31 million pounds) subject to some transaction criteria, with the sale, through Prudential subsidiary National Planning Holdings, expected to close by the end of the first quarter 2018. The network consists of INVEST Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments. "While we still very much believe in the independent broker-dealer model, our primary strategy in North America is to focus on being the leading manufacturer of retirement products," Barry Stowe, Chairman and Chief Executive Officer of Prudential''s North American Business Unit said. Last week, Prudential merged its M&G asset management and UK and European insurance businesses to save costs and improve its products. Prudential said its operating profit rose to 2.36 billion pounds in the first half of the year, boosted by growth in Asia and above a forecast 2.2 billion pounds. Reporting by Dasha Afanasieva, editing by Maiya Keidan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-prudential-us-sale-idUKKCN1AW0DN'|'2017-08-16T09:33:00.000+03:00'
'80addfab96c0bb8e6c11d81a38bcc17da39a04ed'|'Brazil''s CSN delays second-quarter results'|'August 15, 2017 / 9:58 PM / 34 minutes ago Brazil''s CSN delays second-quarter results 1 Min Read BRASILIA, Aug 15 (Reuters) - Brazilian steelmaker Companhia Siderúrgica Nacional SA will delay the release of second-quarter results due to an ongoing accounting review, it said in a statement on Tuesday. The company did not give a timeline to release the audited results. (Reporting by Silvio Cascione; Editing by Matthew Lewis) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/siderurgica-naci-results-idUSE4N1IY00S'|'2017-08-16T00:57:00.000+03:00'
'8f04430fc84474fcf330352a7e47fdfa165774c2'|'U.S. trade envoy Lighthizer says NAFTA has "failed" Americans'|'Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/Files WASHINGTON (Reuters) - U.S. President Donald Trump''s top trade official laid down a hard negotiating line for revamping the North American Free Trade Agreement on Wednesday, saying that major changes were needed to slash U.S. trade deficits and boost U.S. content in autos.U.S. Trade Representative Robert Lighthizer said NAFTA had "failed many, many Americans" and Trump was not interested in merely tweaking the 23-year-old pact, and would seek major changes that would increase North American and U.S. content for autos and strong labor standards."We need to ensure that the huge trade deficits do not continue and we have balance and reciprocity. This should be periodically reviewed," Lighthizer said in opening remarks at NAFTA negotiations in Washington. "The rules of origin, particularly on autos and auto parts, must require higher NAFTA content and substantial U.S. content."Reporting by David Lawder; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/trade-nafta-usa-lighthizer-idINKCN1AW1S2'|'2017-08-16T17:30:00.000+03:00'
'd14161e52ee53e9f5547d3d960cc3be1b8dea2b2'|'Target posts higher quarterly comp sales after a year of declines'|' 47 AM / in 4 minutes Target posts higher quarterly comp sales after a year of declines 1 Min Read FILE PHOTO - Shopping carts from a Target store are lined up in Encinitas, California May 22, 2013. Mike Blake/File Photo (Reuters) - Target Corp ( TGT.N ) reported a 1.3 percent rise in quarterly comparable sales, after a year of declines, helped by higher customer visits to its stores and website.   were up nearly 5 percent at $57.01 in premarket trading on Wednesday. Net income fell to $672 million, or $1.22 per share, in the second quarter ended July 29, from $680 million, or $1.16 per share, a year earlier. Sales from stores open more than 12 months were expected to grow 0.7 percent, according to analysts polled by research firm Consensus Metrix. Sales rose 1.6 percent to $16.43 billion. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-target-corp-results-idUSKCN1AW137'|'2017-08-16T13:47:00.000+03:00'
'b1856a145c256d4fd422b67cc1ae920ce18cb78d'|'PRESS DIGEST- New York Times business news - Aug 18'|' 31 AM / 6 minutes ago PRESS DIGEST- New York Times business news -   2   The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Several of HBO''s Twitter accounts were hacked late Wednesday night, raising further security concerns at a moment when the premium cable channel has been dealing with the sustained leaking of proprietary information. nyti.ms/2ibeyz7 - Spain was hit by its worst terrorist attack in more than a decade on Thursday, when a van driver plowed into dozens of people enjoying a sunny afternoon on one of Barcelona''s most famous thoroughfares, killing at least 13 people and leaving 80 bloodied on the pavement. nyti.ms/2iaMSu8 - James Murdoch, the chief executive of Twenty-First Century Fox Inc and the son of a frequent ally of President Trump''s, condemned the president''s performance after the violence in Charlottesville, and pledged to donate $1 million to the Anti-Defamation League. nyti.ms/2iaHwPH (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1L4275'|'2017-08-18T08:29:00.000+03:00'
'57d3bda6be7afd6846bf09ece9acafb0869109ea'|'China''s Tencent set to open 5.3 percent up after strong second quarter'|' Shares of China''s Tencent Holdings ( 0700.HK ) are set to open 5.3 percent higher on Thursday after the world''s largest gaming company reported a forecast-beating quarterly profit.The stock is set to open at record high at HK$340.40. That compared with a 0.7 percent rise in the benchmark index .HSI .China''s biggest gaming and social media firm by revenue, trumped forecasts on Wednesday to post its best-ever quarterly results, driven by higher income from smartphone games, payments and online advertising.Reporting by Donny Kwok; Editing by xxx'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/tencent-results-stocks-idINKCN1AX04D'|'2017-08-16T23:35:00.000+03:00'
'7c11d73c7199ddd9c0f6e21aa64183a1a848b3fa'|'German gov''t calls for quick Air Berlin deal'|'BERLIN, Aug 17 (Reuters) - The German government wants insolvent Air Berlin''s management to strike a quick deal to sell its assets to other airlines, a senior government official said on Thursday."All parties are now called upon to negotiate swiftly but responsibly," Deputy Economy Minister Matthias Machnig told Reuters.Machnig said Berlin had informed the European Commission of its decision to grant the company a bridging loan of 150 million euros to allow the airline to keep its planes in the air for three months. He added that the government expected the EU to approve the move. (Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-lufthansa-talks-goverment-idINB4N1GM01X'|'2017-08-17T07:10:00.000+03:00'
'3c14a75c0e9f808c8324c70cc0de3f133756bc00'|'Oil prices fall amid broader market selloff, despite tightening supplies'|'August 18, 2017 / 12:50 AM / in 2 minutes Oil prices fall amid broader market selloff, despite tightening supplies Henning Gloystein 2 Min Read FILE PHOTO -- Crude oil storage tanks at the Kinder Morgan terminal in Sherwood Park, near Edmonton, Alberta, Canada November 14, 2016. File Photo SINGAPORE (Reuters) - Oil prices fell early on Friday as part of a broad-based selloff across markets and despite signs that crude markets are gradually tightening. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $50.93 per barrel at 0031 GMT, down 10 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.02 a barrel, down 7 cents, or 0.2 percent. Oil traders said the crude falls came amid a selloff across many other markets, including U.S. and Asian stocks, where investors voted with their feet amid growing skepticism U.S. President Donald Trump, embroiled in controversy, would achieve his economic agenda. The falls came despite signs, especially in the United States, that crude markets were gradually tightening. Despite a 13 percent jump in production C-OUT-T-EIA since mid-2016 to 9.5 million barrels per day (bpd), the country''s commercial crude inventories C-STK-T-EIA have fallen 13 percent from their March records to below 2016 levels. "EIA data showed that stockpiles fell by 8.95 million barrels to 466.5 million barrels last week. This was the biggest weekly fall since September," ANZ bank said on Friday. Going forward, much will depend on output levels from the Organization of the Petroleum Exporting Countries (OPEC) which, together with non-OPEC producers like Russia, has pledged to restrict output by 1.8 million barrels per day (bpd) between January this year and March 2018 to tighten the market and prop up prices. So far, OPEC and Russian output remains high as some members who have pledged to cut are not complying with their targets. Reporting by Henning Gloystein; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1AY02Z'|'2017-08-18T03:42:00.000+03:00'
'b5098b936c60dd3bb282630d401b8b31d3b5fb49'|'Elliott Management raises stake in BHP to 5 percent'|'August 15, 2017 / 11:30 PM / 11 minutes ago Hedge fund Elliott raises stake in BHP in push for change Reuters Staff 4 Min Read Australian mining company BHP''s corporate logo is seen at their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. MELBOURNE (Reuters) - Hedge fund Elliott Management has raised its stake in BHP Billiton ( BHP.AX ) ( BLT.L ) to 5 percent, bolstering its position to agitate for change at the top global miner, but signaled its support for the incoming chairman. New York-based Elliott launched its effort in April, at which point it held a 4.1 percent "economic interest" in BHP''s UK-listed shares, calling for the company to quit all or part of its petroleum business, boost returns and ditch its dual listing. BHP has rejected Elliott''s proposals as flawed or too costly, but Elliott said it was seeing signs of change. "BHP appears to have already taken steps toward a smarter, more value-generative way of conducting business, and we support and encourage continued progress," Elliott said in a statement on Wednesday. The activist investor said it now holds 5 percent of BHP''s UK-listed shares, and also holds a small economic interest in BHP''s Australian shares. In the UK, any shareholder holding more than 5 percent can call an extraordinary general meeting and require the circulation of a resolution. The fund has not decided whether to seek a board seat at the annual meeting in October, a person close to Elliott said. However Elliott''s comments on Wednesday suggested it may wait to see what changes MacKenzie brings to the company. "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders'' calls to take constructive steps to enhance value for BHP and its owners," it said. Those steps include exiting the U.S. shale business "and an in-depth, open and truly independent review of the petroleum business'' place in BHP''s portfolio." "We and other shareholders look forward to hearing more from management on this subject, following the growing analyst and shareholder consensus that BHP should exit U.S. shale," Elliott said. BHP declined to comment on Elliott''s statement. MacKenzie has been sounding out shareholders worldwide ahead of taking up his position as chairman on Sept. 1. Australian investors said Elliott''s increased stake reflected increased confidence in the company''s direction. "They are showing conviction in the prospects of the business," said investment manager Rohan Walsh of Melbourne-based Karara Capital, which owns shares in BHP. However, it was too early to point to any change of strategy yet by BHP, said others. "They''ve put a bit of a blowtorch to BHP - but I don''t think you can say anything that they''ve done has been successful as such," said Andy Forster, senior investment officer at Argo Investments, a top 20 shareholder in BHP''s Australian shares. BHP has acknowledged that it paid far too much when it entered the shale business and in the long run will look to get out of it when the time is right. "They''re not going to give it away," Forster said. Elliott said last month it also had deep concerns over a BHP proposal to enter the currently over-supplied fertilizer market, reiterating its call for change at the mining giant. BHP will report its full year financial results next week. Reporting by Sonali Paul and Melanie Burton; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-bhp-billiton-elliott-idUKKCN1AV2JV'|'2017-08-16T03:27:00.000+03:00'
'cf70da0ea4e3684c0d3a065d3a47070ebe782229'|'Cathay Pacific posts worst first-half loss in at least 20 years'|'Lined up banners are seen at a city check-in counter of Cathay Pacific Airways in downtown Hong Kong August 8, 2012. Bobby Yip/Files SHANGHAI/HONG KONG (Reuters) - Hong Kong''s Cathay Pacific Airways Ltd on Wednesday said it did not see operating conditions improving over the rest of 2017 after posting its worst first-half loss in at least two decades as it continued to lose customers to lower-cost rivals.The airline has in recent years seen its market share on international routes eroded by aggressively expanding mainland Chinese and Gulf airlines. This, with poor fuel hedges and its lack of a budget arm, have hurt its competitiveness.On Wednesday, it reported a loss of HK$2.05 billion ($262.07 million) for the six months ended June, versus a profit of HK$353 million a year ago, putting it on track for its first ever back-to-back annual loss since it was founded in 1946.Group revenue edged up 0.4 percent to HK$45.9 billion and its fuel costs grew by 33.4 percent in the first half to HK$2.87 billion."We do not expect the operating environment in the second half of 2017 to improve materially," Cathay Chairman John Slosar said in the statement.The airline posted an annual loss last year for the first time since the global financial crisis and is also in the midst of a three-year reorganisation plan, the benefits of which Slosar said would begin to surface in the second half of 2017.Its first-half results were impacted by a number of one-off events, including the European Commission''s decision in March to levy a fine of around HK$498 million against it and other cargo carriers for infringing European competition law.The reorganisation of its head office, which was almost completed, had also resulted in HK$244 million in redundancy costs, Cathay said. It also made gains of HK$830 million from share disposals."But even excluding the exceptional items, gains and losses, it''s about HK$2.1 billion in net losses, so it is worse than expected," said UOB Kay Hian analyst K Ajith, which had forecasted a net loss of HK$1.2 billion.He said Cathay''s passenger yields, which fell 5.2 percent, were lower than expected and the company did not reap as big a benefit as anticipated from a weaker Hong Kong dollar, indicating that there was poor demand for its product offering.In its passenger business, Cathay said its Australia and New Zealand routes performed below expectations while it was facing increased competition on routes to Canada which put increased pressure on yield.Yields on its cargo services, however, rose 4.4 percent on strong demand for mainland China exports.DIFFICULT SIX MONTHS There were already earlier signs that Cathay was experiencing a difficult first-half after its revenue passenger kilometres (RPK), a measure of traffic, grew by just 1.4 percent, its lowest growth rate since the turn of the decade.In comparison, the RPK of mainland rival China Southern Airlines'' rose 12.49 percent year-on-year over the same period, according to company data.Cathay''s performance has also paled in comparison to its regional rival Singapore Airlines which despite facing similar competition posted a 45.6 percent rise in first-quarter operating profit last month after filling a higher proportion of seats.Such competitive conditions have led some analysts to suggest the possibility of takeover by Air China, which has a cross-shareholding with Cathay.At a press conference on Wednesday, Cathay said it had "productive relations" with Air China. "We will work closely with Air China whereas it is sensible to do so," Chief Executive Rupert Hogg said.The airline had been initially expected to publish results around midday Hong Kong time (0400 GMT) but eventually published them at 4.30 p.m. local time. Slosar said the delay was due to a longer-than-expected board meeting."But there is no change in plan and no change on the board or anything," he said.Shares in Cathay closed up 0.86 percent before results were announced, in line with the Hang Seng index, which was up 0.9 percent.($1 = 7.8223 Hong Kong dollars)Reporting by Brenda Goh in SHANGHAI and Donny Kwok in HONG KONG; Additional Reporting by Jamie Freed in SINGAPORE; Editing by Himani Sarkar and David Evans'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/cathay-pacific-results-idINKCN1AW196'|'2017-08-16T09:52:00.000+03:00'
'26d1f174252bfd2626622b4364a7f78bf6502a9b'|'Congo reinstates miners'' VAT exemption on imports in U-turn'|'August 16, 2017 / 8:39 PM / in 18 minutes Congo reinstates miners'' VAT exemption on imports in U-turn Reuters Staff 3 Min Read KINSHASA (Reuters) - Congo''s finance ministry has provisionally reinstated mining companies'' exemption from a value added tax on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa''s top copper producer, agreed to suspend the tax in July 2016 to help companies during a commodity price downturn and to pay down hundreds of millions of dollars in VAT reimbursements owed to the companies. "The suspension of TVA for mining companies was decided by the minister (of finance) last Saturday," John Nkono, secretary general of the industry-led Chamber of Mines, told Reuters. "Although provisional, this needed to be taken. Otherwise, the situation would have been catastrophic," he said. A spokesman at the finance ministry did not immediately respond to a request for comment. The one-year exemption lapsed last month and the Chamber of Mines said at the weekend VAT had begun showing up in customs fees last week. Nkono said Finance Minister Henri Yav had since instructed customs officials to again suspend collection of VAT until contradictory language in this year''s budget law related to the tax could be clarified. Major mining companies in Congo include Glencore ( GLEN.L ), Randgold Resources ( RRS.L ) and China Molybdenum ( 603993.SS ) and the country''s Chamber of Commerce had said their operations would be adversely affected by the reinstatement of the VAT. The government owes mining companies about $700 million in VAT reimbursements from before last year''s suspension, according to the Chamber of Mines. But the government is short of cash and desperate to increase tax revenue in the face of an economic crisis. Inflation is set to hit nearly 50 percent this year. The central bank has only about three weeks left of import cover. Economic problems in Congo, which also produces significant amounts of gold, tin and cobalt, have been exacerbated by unrest across the country caused by President Joseph Kabila''s failure to step down when his mandate expired last December. Reporting By Patient Ligodi; Writing and additional reporting by Aaron Ross; Editing by Tim Cocks, Pritha Sarkar and Janet Lawrence 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-congo-mining-idUKKCN1AW2KX'|'2017-08-16T23:39:00.000+03:00'
'0d2b50f98632f15175a10f855845fa21181059f6'|'Mexican Supreme Court favors Slim''s America Movil in telecom reform battle'|'August 16, 2017 / 7:55 PM / 5 minutes ago Mexican Supreme Court favors Slim''s America Movil in telecom reform battle 1 Min Read A view of The Mexican Supreme Court in Mexico City, Mexico August 16, 2017. Carlos Jasso MEXICO CITY (Reuters) - The Mexican Supreme Court on Wednesday unanimously found billionaire Carlos Slim''s telecom firm America Movil should not be barred by law from charging its rivals interconnection fees, in a setback to a reform intended to curb the firm''s dominance. The 2014 industry reform, one of Mexican President Enrique Pena Nieto''s signature accomplishments, prohibited America Movil from charging other carriers for calls made to customers on its network, even though those firms are allowed to bill America Movil for using their networks. Additional reporting by Julia Love and Sheky Espejo 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-mexico-telecom-idUSKCN1AW2IA'|'2017-08-16T22:54:00.000+03:00'
'c82f20cf950df9c10763cf4372735d30c3fb1cd3'|'Air Berlin CEO blames delays to new airport for insolvency'|'FILE PHOTO:A worker puts finishing touches on the booth of German flight operator Air Berlin for the upcoming International Tourism fair (ITB) in Berlin March 4, 2014. Tobias Schwarz/File Photo FRANKFURT (Reuters) - Air Berlin''s ( AB1.DE ) chief executive blamed long delays in the opening of a new Berlin airport for the German airline''s insolvency in an interview published by Germany''s Die Zeit."Air Berlin is also a victim of the constant postponements of the new airport," the weekly newspaper on Wednesday Quote: d Thomas Winkelmann as saying.Winkelmann''s comments came a day after Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection after key shareholder Etihad Airways withdrew funding following years of losses.The German capital''s new airport was meant to open in 2011, replacing Air Berlin''s home airport Tegel and Schoenefeld."We have Berlin in our name, are the prime carrier here and have designed our whole concept based on transfer traffic at this new airport. That is not possible at Tegel, my predecessors made that painful experience," he added.Several opening dates for the planned new airport have been postponed as the project faced red tape and technical problems with smoke ventilation systems, cabling and doors.Winkelmann told Die Zeit that he believed he could save most of the Air Berlin jobs through a restructuring.The German government has granted a bridging loan of 150 million euros ($176 million) to allow Air Berlin to keep its planes in the air for three months and secure the jobs of its 7,200 workers in Germany while negotiations continue.Related Coverage Ryanair CEO hits out at Air Berlin/Lufthansa dealMerkel says unlikely German taxpayers will fund Air Berlin rescueEtihad, partners'' bonds drop again as Air Berlin bankruptcy sparks bailout concernsReporting by Maria Sheahan; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-air-berlin-lufthansa-idUSKCN1AW1CE'|'2017-08-16T15:15:00.000+03:00'
'9a7ceccfa832c2d0f7db8c9ab1db6c59930bde42'|'Tencent results blow past forecasts on strength in games, WeChat'|'August 16, 2017 / 11:30 AM / 6 hours ago Tencent to boost AI after profit jumps on mobile games, WeChat Sijia Jiang 4 Min Read FILE PHOTO: WeChat mascots are displayed inside Tencent office at the TIT Creativity Industry Zone in Guangzhou, China May 9, 2017. Bobby Yip/File Photo HONG KONG (Reuters) - Tencent Holdings Ltd ( 0700.HK ), China''s biggest gaming and social media firm by revenue, trumped forecasts to post its best-ever quarterly results, driven by higher income from smartphone games, payments and online advertising. Looking ahead, Tencent said it plans to increase investment in payment services, cloud services and artificial intelligence, an area in which it is making inroads despite being a latecomer. "We will be persistent but patient with our AI investment, because we believe it is a long-term initiative and we do not necessarily require our research to generate revenue directly in the short term," said Tencent President Martin Lau. All of Tencent''s existing businesses would benefit from its AI research, he added, in particular its performance advertisement business, information-based services and fintech. The most valuable firm listed in Asia - which is riding a wave of success stemming from the popularity of its social-network based mobile game Honour of Kings - beat analyst forecasts to post a profit of 18.23 billion yuan ($2.72 billion) in the second quarter, up 70 percent from a year ago, the biggest such rise in seven years. Tencent''s revenue, which has been scaling new highs every quarter since 2007, surged 59 percent to 56.6 billion yuan. Related Coverage Tencent says will take time for online video business to break even The popularity of the fantasy role-playing game Honour of Kings, based on Chinese historical characters, helped Tencent''s smartphone games revenue climb 54 percent to 14.8 billion yuan, surpassing that from PC games for the first time. Honour of Kings is the top-grossing mobile game in the world. It has become so popular that Tencent had to introduce curbs on play time last month amid reports of serious addiction among children. While the Chinese tech giant noted "exceptional strength" from PC games including League of Legends, it cautioned revenue growth rates from the sector were expected to slow down. Monthly active users of WeChat, a messaging-to-payment superapp that is at the core of Tencent''s mobile ecosystem and accounts for about a third of the time spent online by Chinese mobile users, rose to a new record of 963 million. That helped Tencent report big jumps in advertising and payment revenue related to the app. WeChat''s embedded payment function WeChat Pay dominates China''s digital payment space together with Alibaba''s ( BABA.N ) Alipay, and both have been fast turning the country into a cashless society. Tencent said its payment business grew in the quarter on offline merchant growth thanks to cooperation with partners including Meituan-Dianping. But Lau said intensifying market competition will prompt growing investment into its payment business, adding it is "not the target" to make a profit from it, which the company considers an "infrastructure" to its business. Revenue from social networks, driven by live broadcast, video and music, surged 51 percent to 12.94 billion yuan over the period. Tencent''s shares, which have soared 70 percent this year, closed at HK$323 Wednesday before the results, giving it a market value of $387 billion. "We think there is still a lot of growth potential from Tencent''s cloud and payment business," said Bocom International analyst Connie Gu, who raised the price target for the stock to HK$373 last week. Earlier on Wednesday, state-owned China Unicom said it was raising $11.7 billion from new investors including Alibaba Group ( BABA.N ) and Tencent, as part of Beijing''s push for state-owned enterprises to be revitalised with private capital. Reporting by Sijia Jiang; Editing by Himani Sarkar and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-tencent-results-idUSKCN1AW16J'|'2017-08-16T14:28:00.000+03:00'
'a32416becef53b92831cb6c7443c07b5c7484c0d'|'Akzo Nobel: Elliot Advisors will end legal action, support board nominations'|'FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. Phil Noble/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) said on Wednesday it has reached an agreement with its largest shareholder, Elliott Advisors, committing the hedge fund to put legal actions against the Dutch paints company on hold and to support its board nominations.Under the agreement, Elliott will also support Akzo''s decision to sell its Speciality Chemicals division, which represents about a third of sales and profits.Akzo has been at odds with Elliott since the Dulux paintmaker rejected advances for a 26 billion euro ($30.52 billion) takeover by U.S. rival PPG Industries ( PPG.N ). Elliott, which owns 9.5 percent of Akzo, sought unsuccessfully to have Chairman Antony Burgmans removed by legal action.Akzo said in a statement Elliott has now agreed to support the nomination of new CEO Thierry Vanlancker and two supervisory board members. Akzo promised to give Elliott and other major shareholders a say in naming a third supervisory board member.Gordon Singer, CEO of Elliott Advisors (UK) Ltd, welcomed the agreement in the statement, saying it marked "an important next step in ... enabling the company to deliver compelling value to all its stakeholders."PPG made three takeover proposals for Akzo in March and April, the last worth 95 euros per share, nearly a 50 percent premium to Akzo''s share price in February.But the U.S. firm chose to walk away in June for a six-month cooldown period, rather than launch a formal bid which would have been seen as hostile, given staunch opposition from Akzo''s boards and Dutch politicians.Akzo instead set new, more ambitious financial targets in April and said it would sell or float the chemicals division.Former CEO Ton Buechner resigned in July for health reasons and Vanlancker''s approval as his replacement is scheduled for a shareholders'' meeting on Sept. 8.The new supervisory board members nominated on Wednesday are Sue Clark and Patrick Thomas. Shareholders will vote on their appointment at next year''s general meeting, when Burgmans is set to retire.Akzo has not yet indicated a replacement for Burgmans.($1 = 0.8518 euros)Reporting by Toby Sterling; Editing by Adrian Croft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-akzo-nobel-shareholders-idINKCN1AW0D3'|'2017-08-16T04:22:00.000+03:00'
'675d6d46289caf89db027eff254d7071e7e3767f'|'Japan''s MS&AD buys stake in Australian annuity provider Challenger'|'August 15, 2017 / 2:01 AM / 2 hours ago Japan''s MS&AD buys stake in Australian annuity provider Challenger 2 Min Read TOKYO (Reuters) - Japanese insurer MS&AD said it has agreed to buy 6.3 percent of Australian annuity provider Challenger Ltd for A$500 million ($393 million), to tap the growing market for managing retirement savings. In a statement on Tuesday, MS&AD also said it plans to raise its stake to 10 percent within 12 months. MS&AD Insurance Group Holdings Inc and its domestic peers have been buying businesses overseas to temper risk exposure to natural disasters. In 2015, MS&AD agreed to pay $5.3 billion for Amlin PLC, an underwriter in the Lloyd''s of London specialist insurance market. In its latest deal, MS&AD will buy 6.3 percent worth of new Challenger shares. It will also buy outstanding shares on the open market to raise its holding to around 10 percent within 12 months, subject to regulatory and market conditions. Challenger was established in 1985 and currently manages A$66.6 billion worth of assets. MS&AD said it expects Australia''s annuity market to grow as the population ages. Australia''s A$2.1 trillion pool of tax-advantaged retirement savings, known locally as "superannuation" or "super" funds, is among the world''s largest after the U.S., Britain, Japan and Canada, showed data from consultancy Deloitte. It is set to reach nearly A$10 trillion by 2035. Reporting by Taiga Uranaka; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-challenger-ltd-m-a-ms-ad-insurance-idINKCN1AV04V'|'2017-08-15T00:01:00.000+03:00'
'd69171f0632122c35abbd19682f7388b1c6982d5'|'Wells Fargo announces board changes, names new chair'|'August 15, 2017 / 8:22 PM / 8 hours ago Wells Fargo changes board, names Duke chair in response to scandal 4 Min Read A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. Mike Blake (Reuters) - Wells Fargo & Co ( WFC.N ) Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. Sanger will retire at year-end, earlier than his previous plans to depart in April upon reaching a mandatory retirement age of 72. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will retire at the same time. Juan Pujadas, a former PricewaterhouseCoopers principal, will join as an independent director on Sept. 1. The board also detailed changes to four of its committees and said it would make more changes over time, trying to balance competing needs for directors with Wells Fargo experience and those with new perspectives on the company. Wells Fargo had long maintained a reputation as a well-run, highly profitable institution that managed to sell more products to customers than any of its big-bank rivals. That image was shattered nearly a year ago when it revealed that thousands of its employees created as many as 2.1 million phony accounts in customers'' names without their permission. Since then, the bank has ousted executives, clawed back pay, changed incentive structures for low-level employees and implemented a new risk-management structure. Nonetheless, it still facing numerous lawsuits and regulatory probes and in recent weeks detailed new problems in its mortgage, auto loan and retail banking operations. In a joint interview, Duke and Sanger said the board expedited changes to its structure and composition after discussions with investors, who offered most directors relatively little support in a vote earlier this year. "This company is going to end up being a better bank than it would have been without this incredible wakeup call," Duke said. "It had been so successful for so long it was difficult to recognize the need for change." "Community Banker" Changes Wells Fargo has made "enable us to have our arms around sales practices issues in a way that we obviously didn''t before," Sanger said. Issues found within business units are being elevated to the board and regulators, and are then being addressed, much more quickly than before, he added. Sanger, who has been on Wells'' board for 14 years, became chair in October after then-Chair and Chief Executive Officer John Stumpf abruptly departed and the board decided split the two roles. Investors told directors they had not made changes to the board''s structure and composition quickly enough, prompting the hiring of Mary Jo White, former Chair of the U.S. Securities and Exchange Commission, to conduct an internal review. White, who now works at the law firm Debevoise & Plimpton, interviewed directors about who the next chair should be and consulted with regulators before handing down an assessment, Sanger said. Duke said she saw herself as someone who can ensure Wells Fargo changes from a sales-driven institution to one focused on service. "I am a community banker to my very toes," she said, pointing to her experience at small banks in Virginia and at the Federal Reserve. The two Wells Fargo board members who received the lowest vote totals, Enrique Hernandez and Federico Peña, will remain on the board, but director Karen Peetz will replace Hernandez as chair of the risk committee. Sanger said investors told him they did not have a particular problem with any individual, but voted against directors who held leadership positions on the board or its committees. He characterized Hernandez as one of the "very strongest directors" whose departure would be bad for shareholders. Additional reporting by Arunima Banerjee in Bengaluru; Writing by Lauren Tara LaCapra; Editing by David Gregorio and Andrew Hay 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wells-fargo-moves-idUSKCN1AV2BC'|'2017-08-15T23:21:00.000+03:00'
'f5b07d57bf69489ac3caa5b176f892fbf3f159be'|'China a sweet spot for U.S. companies’ earnings in second quarter'|'FILE PHOTO: A Caterpillar excavator is displayed at the China Coal and Mining Expo 2013 in Beijing, China October 22, 2013. Kim Kyung-Hoon/File Photo SHANGHAI (Reuters) - Trade tensions between Washington and Beijing may be running high but Corporate America is finding China to be a reliable source of profit growth this year.Whether they sell construction equipment, semiconductors or coffee, many major U.S. companies have reported stronger second-quarter earnings and revenue from their Chinese operations in recent weeks.They are benefiting from a Chinese economy that is growing at almost 7 percent, several times the rate of U.S. expansion, a Chinese housing boom, and a slide in the U.S. dollar, which makes American exports more competitive and increases dollar earnings once they are translated from foreign currencies.Chinese President Xi Jinping’s ambitious plan to build a new Silk Road that will improve links between China and dozens of countries in Asia and Europe, and includes many billions of dollars of new roads, bridges, railways and power plants – is also helping American firms to sell heavy equipment and other products.Caterpillar Inc, a bellwether for industrial demand in China and beyond, reported its sales in Asia-Pacific rose 25 percent in the second quarter - thanks to China. Shipments of large excavators to Chinese customers more than doubled in the first half of the year."We now expect demand in China to remain strong through the rest of the year," Brad Halverson, Caterpillar''s group president and chief financial officer, told investors.Caterpillar’s Japanese rivals Komatsu and Hitachi Construction Machinery Co reported similar strength in demand for heavy machinery. Komatsu''s China sales almost doubled in the firm''s April-June quarter.“China''s grown pretty well relative to the U.S. over this period and the currency''s relationship has changed in favor of the U.S. companies,” said Jim Paulsen, chief investment strategist at the Leuthold Group in Minneapolis.DISCRIMINATION CLAIMS Chinese companies are also benefiting from the robust domestic economy. For example, Chinese auto manufacturer Geely Automobile Holdings announcing last week that its July sales climbed 89 percent from the year-earlier-month. Geely and many other major Chinese companies report their results in the next few weeks.American companies in China have been collectively reporting better prospects even as they complain that the Chinese authorities are not allowing them enough access to parts of the Chinese market and discriminating against them as they seek to compete against Chinese rivals. U.S. President Donald Trump''s administration has been considering punitive tariffs against a range of Chinese goods but it has held off on taking action after Beijing backed tougher United Nations Security Council sanctions against North Korea earlier this month.FILE PHOTO: A woman walks next to a McDonald''s restaurant and a Starbucks coffee store at a shopping mall in Shanghai, China July 28, 2014. Carlos Barria/File Photo However, senior U.S. officials said over the weekend that Trump on Monday will order his top trade adviser to determine whether to investigate Chinese trade practices that force U.S. firms operating in China to turn over intellectual property. The move could eventually lead to steep tariffs on Chinese goods.And despite some negatives in the Sino-U.S. relationship, a July report by the American Chamber of Commerce in Shanghai showed that 82 percent of U.S. companies in China expect revenues to increase this year, up from 76 percent a year ago. “In general China is still a growth market for lots of US goods and services... the Chinese consumer is driving more and more the growth in China itself - that''s a very positive shift in compositional growth for a lot of U.S. companies that do provide goods and services for consumers, as opposed to building skyscrapers,” said Joe Quinlan, head of thematic investing at Bank of America, U.S. Trust.In the chip industry, Skywork Solutions <SWKS.O), which according to Goldman Sachs gets about 85 percent of its sales from China, reported its fiscal third-quarter revenue rose 20 percent, thanks in part to demand from Chinese phone maker Huawei. And Qualcomm, which gets around two thirds of its revenue from China, said last month that China remained a strong growth story for the company.And many other foreign companies are also doing well. The European liquor industry is benefiting from a resurgence in Chinese consumer demand.Remy Cointreau, which battled a steep slowdown in China after Xi launched an anti-corruption drive in 2012 – hitting a lot of lavish wing and dining by businesses - said it saw a "clear improvement in consumption trends" this year. "We see the fast-growing upper middle class driving strong consumption growth for our upmarket cognac brands," the company’s Chief Financial Officer Luca Marotta said last month.Closer to home, Kweichow Moutai, the Chinese maker of the liquor baijiu and the world''s largest alcohol firm by value, saw first half profits gain 27.8 percent. Chinese stock market gains this year have in turn helped confidence among retail investors. "I feel the wider economy is improving," said Ding Mingwei, 26, a manager at an education technology company in Shanghai. Ding, who says his own investments are up this year, now plans to spend more on hotels, dining out and funding hobbies such as playing the guitar.For some companies, China growth helped to offset problems elsewhere. Starbucks U.S. growth cooled in the third quarter but same-store sales for the coffee chain in China surged 7 percent. Among the Japanese companies to benefit, Sony''s sales in China were up just under 50 percent in the three months to June, making it the electronic group''s fastest-growing geographic segment.COMPETITION INTENSIFIES There are some sectors that are proving a tougher slog for foreign companies.Major international automakers, even those reporting increased revenues, have pointed to squeezed margins in one of the world''s most competitive markets. U.S. automaker General Motors, for example, saw a strong April-June quarter, but said it faced "pricing challenges".And some economists warn that it is unclear how long the Chinese economy and the markets can keep their buzz."The strong rebound is largely being driven by the property market and export growth, which both seem unsustainable," said Nomura Chief China Economist Yang Zhao in Hong Kong. He said he expects China’s economic growth to cool by the fourth quarter.Reporting by Adam Jourdan in Shanghai; Additional Reporting by Megan Davies; Editing by Clara Ferreira Marques and Martin Howell'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-china-economy-corporate-analysis-idUSKCN1AT0VE'|'2017-08-14T02:08:00.000+03:00'
'2da8489bf11aa036bc56c07ad93f1645b43bff24'|'China''s JD.com books wider quarterly loss on higher marketing costs'|'August 14, 2017 / 11:36 AM / 4 hours ago China''s JD.com net loss widens on higher marketing costs Cate Cadell 3 Min Read FILE PHOTO - A sign of China''s e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. Aly Song/File Photo (Reuters) - JD.com Inc, China''s second-largest e-commerce firm, posted a wider net loss in the second quarter as marketing costs offset higher-than-forecast revenue growth, sending its shares sharply lower on Monday. China''s main rival to Alibaba Group Holding Ltd said its net loss attributable to shareholders grew to 496.4 million yuan ($74 million) from 252.3 million a year earlier. JD.com stock was down 5.1 percent in morning trading in New York, despite revenue expanding 43.6 percent to 93.2 billion yuan, well above its forecast range of between 88 billion and 90.5 billion. Marketing expenses rose 63 percent to 4.1 billion yuan, mostly due to the company''s June sale event, "618", which is China''s second-largest online shopping event after Singles'' Day. "It is becoming the new normal for sure ... marketing dollars mostly are spent on incentive to our customers", said CFO Sidney Huang on a call with investors, noting the group would have netted a profit in the past quarter if it had kept marketing budgets in line with last year. JD is looking to expand via investments in southeast Asia as competition intensifies at home while customer growth slows. It is also seeking to boost per-customer spend in China by bringing more overseas brands on to its local platforms. In June JD said it intends to begin direct sales in Thailand before year end and has plans to tap other markets in the region. It expanded a partnership with Wal-Mart Stores Inc during the second quarter and invested $397 million in fashion retailer Farfetch UK Ltd. Huang also said the firm has plans to launch a luxury platform later this year, following the launch of JD.com''s "white glove" delivery service earlier this year. The firm expects third-quarter revenue of between 81.8 billion yuan and 84.2 billion, up 36 to 40 percent from the same quarter in 2016. JD also said it had completed the spin-off of JD Finance, which analysts expect will have long-term benefits for its operating margin. JD Finance is now a fully Chinese-owned entity, giving it greater regulatory freedom. JD.com also completed the internal separation of its logistics unit, which will look to serve more third-party clients. The total value of merchandise transactions on JD''s platforms was 234.8 billion yuan during the quarter, up 46 percent. JD booked a net loss of 0.35 yuan per American depository share, compared with a loss of 0.18 yuan a year earlier. ($1 = 6.6695 Chinese yuan renminbi) Reporting by Cate Cadell in Beijing and Rama Venkat Raman in Bengaluru; Editing by Christopher Cushing and David Holmes 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/jd-com-results-idINKCN1AU18M'|'2017-08-14T09:36:00.000+03:00'
'f3c9c414242b71f0cd70bd6e9cbf5826210e193e'|'Snap shares wither more as filings show some investors bailing'|'August 14, 2017 / 1:42 PM / 4 hours ago Snap shares bounce off record low in busy day for stock Noel Randewich and Lewis Krauskopf 5 Min Read FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo NEW YORK (Reuters) - Snap Inc ( SNAP.N ) stock rebounded on Monday from a record low hit earlier in a choppy trading session as big investors report their latest stakes in the beleaguered social media company and as a wave of employees became eligible to sell their shares. The shares were up 5.2 percent at $12.44 in morning trading after falling as much as 4.7 percent to $11.28 shortly after the market opened, their lowest point since their March debut. Within just 45 minutes of regular trading, volume had already reached half of the stock''s daily average for the past 10 days. Starting on Monday, employees for the first time are allowed to sell their stock following the Snapchat parent''s blockbuster initial public offering, potentially increasing the supply of shares in the market and their volatility. Monday is also the deadline for hedge funds and other institutional investors to report their quarter-end holdings of U.S. equities. T. Rowe Price Group Inc ( TROW.O ), a mutual fund manager that is Snap''s fifth-largest shareholder, hiked its stake by about a third, according to filings on Monday. That comes after BlackRock Inc ( BLK.N ), the world''s largest asset manager, and Coatue Management LLC, a hedge fund that is Snap''s sixth-largest shareholder, also increased their stakes, recent filings said. Third Point LLC, Jana Partners and Temasek Holdings dissolved their stakes in Snap entirely, filings since Friday showed. Fidelity Investments, Snap''s seventh-largest shareholder, said in filings last week that it cut its holdings by more than half, from more than 33 million shares to about 15 million. Market Ambivalence Trading sentiment in Snap''s options leaned toward bullishness. Contracts betting on the shares'' rising above $14 by mid-September were the most actively traded for the company for the near term. Monday''s stock rise follows a disappointing quarterly report from Snap last week that sent its shares down 14 percent on Friday to a closing low of $11.83, far below its IPO price of $17. Snap has also been a target of short sellers, with 5.5 percent of its shares outstanding shorted as of Thursday, according to Thomson Reuters data. The stock holds a higher-than-average likelihood of a short squeeze, where the price rises as short sellers rush to cover their bets, according to Starmine data. However, Ihor Dusaniswky, head of research at financial analytics firm S3 Partners in New York, said short-covering was not driving Monday''s rally. "There just isn’t enough stock being covered in order to have an impact on today’s stock price," Dusaniswky said. Wall Street is increasingly worried that Snap is succumbing to competition from Facebook Inc''s ( FB.O ) Instagram. Instagram, which has adopted features from Snapchat, has 250 million daily active users, compared with Snapchat''s 173 million at the end of the second quarter, fewer than Wall Street had expected. "We remain on the sidelines until we see signs of re-acceleration in user growth, an inflection on Snap pricing... and/or get closer to the end of the lock-up expiration," Cantor Fitzgerald analyst Kip Paulson said in a research note on Monday, lowering his price target to $15 from $17. Snapchat is popular among people under 30 who like decorating their pictures with bunny faces and other filters. But following the IPO, investors have become more concerned that it might never become profitable. With Monday''s lockup expiry, employees are allowed to sell hundreds of millions of their shares for the first time since Snap''s $3.4 billion market debut in March, the largest U.S. IPO in years. That follows an expiry at the end of July on restrictions from early investors owning around 400 million shares. To try to reassure investors, Snap Chief Executive Officer Evan Spiegel and co-founder Robert Murphy on Thursday committed to not sell any of their combined 422 million shares in 2017. Close to 800 million shares become eligible for trading on Monday, including Spiegel and Murphy''s stakes, according to JPMorgan analyst Doug Anmuth. Reporting by Noel Randewich, Lewis Krauskopf, Rodrigo Campos, Trevor Hunnicutt and Saqib Iqbal Ahmed; Editing by Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-snap-stocks-idUSKCN1AU1JC'|'2017-08-14T16:43:00.000+03:00'
'52d7962e0b42e9a876ba1240acac66a0c6e4f94d'|'Euro zone June industry output drops by more than expected'|'August 14, 2017 / 9:07 AM / 4 hours ago Euro zone June industry output drops by more than expected Reuters Staff 2 Min Read The map of Europe is depicted on a twenty euro banknote in this photo illustration taken in Athens, Greece May 22, 2015. Alkis Konstantinidis BRUSSELS (Reuters) - Industrial output in the 19 countries sharing the euro currency fell by more than expected in June, as the production of capital and durable goods fell following sharp increases in the previous month, European statistics office Eurostat said on Monday. Factory output fell most in Ireland and Malta, while the euro zone''s two largest economies, Germany and France also showed a decline. Italy and the Netherlands showed an increase in monthly output, however. Overall, industrial production in the euro area fell by 0.6 percent in June but still increased by 2.6 percent on an annual basis, staying below the 0.5 percent drop forecast in a Reuters poll of 32 economists. After a 2.2 percent monthly rise in May, the production of capital goods, such as machinery, fell by 1.9 percent. The output of durable consumer goods declined 1.2 percent in June following a 1.4 percent rise in May. For May, Eurostat revised its overall estimates downwards by 10 basis points, to 1.2 percent for the monthly and 3.9 percent for the annual reading. For details of Eurostat data click on: Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-economy-production-idUKKCN1AU0TG'|'2017-08-14T12:02:00.000+03:00'
'3d8fa88da174ffee2071fdb3fef6539bfe3cafb6'|'Air Berlin in talks with three possible asset buyers - CEO in FAZ'|'August 17, 2017 / 5:39 AM / in an hour Germany''s Lufthansa looking to buy majority of Air Berlin planes 4 Min Read An Air Berlin sign is seen at their headquarters in Berlin, Germany August 15, 2017. Axel Schmidt BERLIN/FRANKFURT (Reuters) - Germany''s Lufthansa is considering buying a majority of insolvent Air Berlin''s aircraft, two people familiar with the matter said, as the government and rivals race to carve it up. Air Berlin ( AB1.DE ), Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after shareholder Etihad Airways withdrew funding following years of losses. The insolvency comes as many Germans enjoy summer holidays, and just ahead of a September general election, both factors which have put pressure on the German government to help minimise travel disruptions and job losses. Transport Minister Alexander Dobrindt backed Lufthansa to buy a major portion of Air Berlin''s assets, saying Germany needed a "national champion" in international aviation. "That is why it is urgently necessary that Lufthansa can take over significant parts of Air Berlin," he told daily newspaper Rheinische Post. Berlin has granted a bridging loan of 150 million euros ($176 million) that will keep Air Berlin''s planes in the air for up to three months, bringing holidaymakers home and securing 7,200 jobs in Germany while buyers for its assets are found. Air Berlin''s demise offers Lufthansa ( LHAG.DE ) and rivals a chance to acquire slots at airports such as Berlin Tegel and Duesseldorf, with Germany''s largest airline keen to defend its domestic position against low-cost rival Ryanair ( RYA.I ). One scenario Lufthansa''s Chief Executive Carsten Spohr has presented to the flagship carrier''s supervisory board is that it could take on as many as 90 of Air Berlin''s roughly 140 planes, all of which are leased, one of the people said on Thursday. That would include the 38 aircraft that Lufthansa is already leasing from Air Berlin and its Niki division. "These are ideas that Lufthansa is bringing into the talks," the source said, adding that no decisions had been made yet and that it was ultimately up to Air Berlin''s administrator. The other source said the number of aircraft that Lufthansa could take on was lower than 90. The Sueddeutsche Zeitung newspaper earlier cited company sources as saying that Lufthansa CEO Spohr was due to hold talks with Air Berlin''s administrator and its management on Friday. Lufthansa declined to comment on the matter. Air Berlin itself has said it is in talks with three aviation firms and aims to strike deals with at least two of them by the end of September. SAFE LANDINGS RedaktionsNetzwerk Deutschland (RND), a group which represents German newspapers, cited government sources as saying that Lufthansa, its budget carrier Eurowings and Thomas Cook''s ( TCG.L ) German airline Condor would likely snap up Air Berlin''s most valuable landing slots. A source has said easyJet ( EZJ.L ) was also part of the negotiations. RND said a few slots could also go to Ryanair, which has filed a complaint with German and European Union competition authorities over the insolvency process, which its chief executive describes as a "conspiracy". Germany faces allegations by the European Commission of maintaining a cosy relationship with its domestic industry and questions about whether authorities did enough to uncover an emissions scandal at carmaker Volkswagen ( VOWG_p.DE ), which is partially state-owned. ($1 = 0.8548 euros) Additional reporting by Sabine Wollrab; editing by Robert Birsel and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-air-berlin-lufthansa-talks-idUKKCN1AX0EZ'|'2017-08-17T08:37:00.000+03:00'
'808fcb2f81e20d8357e349131b6388410a21e9bd'|'Air Berlin in talks with three possible asset buyers: CEO in FAZ - Reuters'|'An Air Berlin sign is seen at their headquarters in Berlin, Germany August 15, 2017. Axel Schmidt BERLIN/FRANKFURT (Reuters) - Germany''s Lufthansa is considering buying a majority of insolvent Air Berlin''s aircraft, two people familiar with the matter said, as the government and rivals race to carve it up.Air Berlin ( AB1.DE ), Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after shareholder Etihad Airways withdrew funding following years of losses.The insolvency comes as many Germans enjoy summer holidays, and just ahead of a September general election, both factors which have put pressure on the German government to help minimise travel disruptions and job losses.Transport Minister Alexander Dobrindt backed Lufthansa to buy a major portion of Air Berlin''s assets, saying Germany needed a "national champion" in international aviation."That is why it is urgently necessary that Lufthansa can take over significant parts of Air Berlin," he told daily newspaper Rheinische Post.Berlin has granted a bridging loan of 150 million euros ($176 million) that will keep Air Berlin''s planes in the air for up to three months, bringing holidaymakers home and securing 7,200 jobs in Germany while buyers for its assets are found.Air Berlin''s demise offers Lufthansa ( LHAG.DE ) and rivals a chance to acquire slots at airports such as Berlin Tegel and Duesseldorf, with Germany''s largest airline keen to defend its domestic position against low-cost rival Ryanair ( RYA.I ).One scenario Lufthansa''s Chief Executive Carsten Spohr has presented to the flagship carrier''s supervisory board is that it could take on as many as 90 of Air Berlin''s roughly 140 planes, all of which are leased, one of the people said on Thursday.That would include the 38 aircraft that Lufthansa is already leasing from Air Berlin and its Niki division."These are ideas that Lufthansa is bringing into the talks," the source said, adding that no decisions had been made yet and that it was ultimately up to Air Berlin''s administrator.The other source said the number of aircraft that Lufthansa could take on was lower than 90.The Sueddeutsche Zeitung newspaper earlier cited company sources as saying that Lufthansa CEO Spohr was due to hold talks with Air Berlin''s administrator and its management on Friday. Lufthansa declined to comment on the matter.Air Berlin itself has said it is in talks with three aviation firms and aims to strike deals with at least two of them by the end of September.SAFE LANDINGS RedaktionsNetzwerk Deutschland (RND), a group which represents German newspapers, cited government sources as saying that Lufthansa, its budget carrier Eurowings and Thomas Cook''s ( TCG.L ) German airline Condor would likely snap up Air Berlin''s most valuable landing slots.A source has said easyJet ( EZJ.L ) was also part of the negotiations.RND said a few slots could also go to Ryanair, which has filed a complaint with German and European Union competition authorities over the insolvency process, which its chief executive describes as a "conspiracy".Germany faces allegations by the European Commission of maintaining a cosy relationship with its domestic industry and questions about whether authorities did enough to uncover an emissions scandal at carmaker Volkswagen ( VOWG_p.DE ), which is partially state-owned.($1 = 0.8548 euros)Additional reporting by Sabine Wollrab; editing by Robert Birsel and Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-talks-idINKCN1AX0EZ'|'2017-08-17T03:40:00.000+03:00'
'0989356acabbd85f46dc6df0d7ce8289055af60a'|'Metric meter and imperial bills leave Scottish Power confused - Money'|'Metric meter and imperial bills leave Scottish Power confused I have emailed and sent photos to explain what the problem is, but to no avail View more sharing options Anna Tims Thursday 17 August 2017 07.00 BST Scottish Power seems to think I live in a blast furnace and use £400 worth of gas every month. We moved into a three-bedroom house in 2015 and registered for an online dual-fuel account. From the start, the bills, based on meter readings, have been three times what they should be. The reason is clear – while the meter is metric, the bills use an imperial correction factor. I have emailed and sent photos to explain the problem. But Scottish Power seems unable to comprehend this and keeps increasing my direct debits, so I am overdrawn. I have now fallen off its discount rate and am stuck on the costly standard charge. GK, Manchester It’s a disgrace that it requires press intervention to sort out this simple problem. Scottish Power, having ignored a year of emails from you, discovers that the national gas database still has the old imperial meter for the property registered. The database and Scottish Power have updated their records and you will be rebilled for the past 12 months on the cheapest tariff. You are to receive a refund of £1,381 with 3% interest, plus £100 in goodwill. If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/aug/17/scottish-power-overcharging-metric-meter-imperial-bills'|'2017-08-17T03:00:00.000+03:00'
'e1d7d34e361b75a743ef5b5d3155d859516b766e'|'BRIEF-Liquor Stores to change frequency of dividend payments to quarterly, effective for Q4'|' 43 PM / 12 minutes ago BRIEF-Liquor Stores to change frequency of dividend payments to quarterly, effective for Q4   Liquor Stores NA Ltd * Liquor Stores NA Ltd - effective for Q4 of 2017, company will change frequency of dividend payments to quarterly * Liquor Stores NA Ltd - anticipates paying a dividend of $0.09 per quarter rather than previous monthly dividend Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-liquor-stores-to-change-frequency-idUSFWN1L10X0'|'2017-08-16T00:43:00.000+03:00'
'd47a9360c238bc09719713b9da3555ef8b873688'|'China Unicom to unveil investment from tech firms on Wednesday: sources'|'FILE PHOTO - China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - Telecoms group China Unicom is set to announce on Wednesday funding from Chinese technology firms and other investors, as part of Beijing''s push for state-owned enterprises to be revitalized with private capital, two people with knowledge of the matter said.Shares in group firm China Unicom Hong Kong Ltd ( 0762.HK ) were halted from trading on Wednesday pending an announcement.Baidu Inc ( BIDU.O ), JD.com ( JD.O ), Alibaba Group Holdings ( BABA.N ) and Tencent Holdings ( 0700.HK ) are among firms set to jointly invest about $12 billion in China Unicom''s Shanghai-listed unit, China United Network Communications Ltd ( 600050.SS ), people with direct knowledge of the matter told Reuters last month.The majority of the fresh capital would be raised through new share issues, while China Unicom would also sell part of its stake in the Shanghai unit, the people had said at that time.China Unicom, formally known as China United Network Communications Group Co Ltd, is one of the world''s largest mobile carriers by user numbers but has struggled in a fiercely competitive market.The move is part of the Chinese government''s drive to rejuvenate state behemoths with private capital, with China Unicom among a first batch of state-owned enterprises to see mixed-ownership reform.China Unicom Hong Kong asked the stock exchange for the share trading suspension "pending the release of an announcement", but did not elaborate. A company representative could not be immediately reached by Reuters for comment.Last month, the company said China Unicom group was in talks with investors but said it had yet to reach any deal.FILE PHOTO: A salesperson of China Unicom waits for customers at a shop in Hong Kong, China March 14, 2016. Bobby Yip/File Photo China Unicom will announce the investment details along with the first-half earnings of the Hong Kong unit on Wednesday, said the people, who declined to be named as they were not allowed to speak to the media about it before a public announcement.The company, which has a market value of HK$286 billion ($36.6 billion), last week flagged a 70 percent jump in first-half profit. It also forecast competition would intensify in the second half of the year.Its shares have risen 32 percent so far this year, outpacing a 24 percent surge in the benchmark index .HSI .China Mobile ( 0941.HK ), the world''s biggest mobile phone operator by subscribers, last week cheered investors with a special dividend and posted a 3.5 percent rise in first-half net profit.Share trading in China Unicom''s Shanghai-listed unit has been halted since it said in early April it would be part of the government''s mixed-ownership pilot. It gave no further details at that time.Prior to that suspension, the unit''s market value topped $23 billion. One of the people told Reuters on Wednesday that the Shanghai shares were expected to begin trading on Thursday.($1 = 7.8239 Hong Kong dollars)($1 = 6.6875 Chinese yuan renminbi)Reporting by Donny Kwok, Anne Marie Roantree and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Edwina Gibbs and Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-unicom-results-idINKCN1AW0JP'|'2017-08-16T05:42:00.000+03:00'
'c5c9e15e3a361b00ee952c45dfa810d3bc700dbf'|'Carlsberg improves profit margin as drinkers opt for pricier beers'|'August 16, 2017 / 5:26 AM / 17 minutes ago Carlsberg improves profit margin as drinkers opt for pricier beers Stine Jacobsen 3 Min Read FILE PHOTO: Bottles of Carlsberg beer are seen in a bar in St. Petersburg, Russia, June 17, 2014. Alexander Demianchuk/File Photo COPENHAGEN (Reuters) - Carlsberg beat first-half profit forecasts on Wednesday as drinkers opted for pricier beers, with the Danish brewer on track with cost cuts and balancing falling volumes and higher margins. Chief Executive Cees''t Hart said Carlsberg was confident of delivering on cost saving targets which would mean it could begin investing in premium brands two quarters earlier than forecast under its seven-year transformation program. The group''s price mix, which indicates that the company sold more of its expensive beers, improved by 4 percent, driven by Asia and Eastern Europe in the first six months, helping its profit margins improve by 2 percentage-points to 13 percent. "The real juice was in the EBIT margin, which... was 95 basis points ahead of expectations with each region meaningfully over-achieving," RBC analysts said in a research note. The Russian beer market fell by 5 percent in the period, hit by a sales ban on beer in so-called PET bottles, popular plastic bottles larger than 1.5 liters, as well as a challenging consumer environment and cold weather, Carlsberg said. Earlier this month, Carlsberg''s rivals Anheuser-Busch InBev and Anadolu Efes said it have agreed to merge their operations in Russia and Ukraine in an attempt to strengthen their position in the declining market. Carlsberg said it had lost market share in Russia due to intense price competition in the market for smaller PET bottles, where it has hiked prices on its 1.42 liter bottles which was introduced to comply with the 1.5 liters ban. "In that segment we see that we took a value approach and our competitors took a volume approach, by that the price premium is much higher than we thought and hence we lost some volume in the season," Hart said. He added that the firm had lost around 5 percent market share in the key segment for large bottles because Carlsberg''s products now sells at a premium of 30 to 40 percent. "It is of course not sustainable in the long run," he said. Half-year operating profit before special items rose almost 20 percent on the year to 4.13 billion Danish crowns ($652 million), above a forecast of a 3.92 billion crowns seen in a Reuters poll. The company maintained its 2017 outlook of mid-single-digit organic growth in operating profit, and said it now expects a positive impact from currency exchange of 50 million crowns versus a previous guidance for 300 million. Reporting by Stine Jacobsen; editing by Jacob Gronholt-Pedersen and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-carlsberg-results-idUKKCN1AW0AU'|'2017-08-16T11:05:00.000+03:00'
'747c65e3b18b71dde38f5159ba93bba8d13eb3a9'|'As NAFTA talks begin, Trump''s ''America First'' agenda looms large'|'Trucks wait in the queue for border customs control to cross into U.S. at the Bridge of Americas in Ciudad Juarez, Mexico, August 15, 2017. Jose Luis Gonzalez WASHINGTON (Reuters) - As the United States, Canada and Mexico kick off negotiations on Wednesday to modernize the North American Free Trade Agreement, the biggest uncertainty is whether a deal can pass President Donald Trump''s "America First" test.Trump has blamed NAFTA for shuttering U.S. factories and sending U.S. jobs to low-wage Mexico. The test will be whether negotiators can prove that a new NAFTA agreement can alter that course.The call from the U.S. business community in the run-up to the talks has been "do no harm" amid concerns that a new agreement will unravel a complex North American network of manufacturing suppliers built around NAFTA.Trump, who made trade a centerpiece of his presidential campaign as he promised to reinvigorate the manufacturing sector, pulled the United States out of the Trans Pacific Partnership trade pact shortly after taking office in January. But he has since backed off other trade threats, including declaring China a currency manipulator and tearing up NAFTA, which he regularly calls a disaster.U.S.-Canada-Mexico trade has quadrupled since NAFTA took effect in 1994, surpassing $1 trillion in 2015.Derek Burney, a former Canadian ambassador to Washington who was involved in the first NAFTA negotiations, said that in the previous NAFTA talks there was a political commitment from all sides to reach a deal. That is not the case now, he said.Related Coverage Opposed from the start, the rocky history of NAFTAFactbox: Key issues in the NAFTA renegotiations"The question ... is, What will Trump accept as a success in these negotiations?" said Burney. "To me that is the biggest wild card of all."Robert Holleyman, a former deputy U.S. trade representative during the Obama administration, said the "toughest nut to crack" in the talks will be whether changes meet Trump''s goals to reduce the $64 billion U.S. trade deficit with Mexico."We know where he wants to make changes to NAFTA. Whether those changes lead up to something that actually reduces the trade deficit with Mexico is wholly unclear," Holleyman said.NAFTA renegotiations will be a major test of Trump''s ability to meet his campaign promises to restore U.S. manufacturing jobs. Although he has inherited a strong economy that has added 1.29 million jobs this year, his promises of an ambitious legislative agenda have been derailed by the failure of a healthcare bill and the lack of a detailed plan for tax reform.FILE PHOTO - A car hauler heading for Detroit, Michigan, drives on the lane to Ambassador Bridge in Windsor, Ontario, Canada on April 28, 2017. Rebecca Cook/File Photo Weighing heavily over the talks is the upcoming 2018 Mexico presidential election. Mexico has urged all sides to complete the negotiations before the campaign ramps up in February to avoid it becoming a political punching bag.AN "AMBITIOUS" FIRST ROUND This week''s talks will be led by U.S. Trade Representative Robert Lighthizer, Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo. Each side is expected to make remarks at the start of the talks being held at a historic Washington hotel.The first round of meetings, which is expected to last until Sunday, will largely be administrative and focus on merging proposed texts from all three sides, according to a senior U.S. trade official, speaking to reporters on the eve of the talks.The official said the sides were aiming for an "ambitious" first round of talks.The United States has made lowering the $64 billion U.S. trade deficit with Mexico its top priority in the NAFTA talks, although trade experts argue that such a goal will not be achieved through trade deals but rather by boosting savings.It also wants to strengthen NAFTA''s rules of origin, which specify how much of a product''s components must originate from NAFTA countries.One of the most contentious issues in the talks is likely to be over the "Chapter 19" mechanism requiring the use of binational panels to settle anti-dumping and anti-subsidy disputes, which the Trump administration wants to eliminate because the rulings often go against the United States.Canada''s Freeland suggested on Monday that Canada would walk away from the talks if the United States insisted on scrapping the mechanism.Mexico has said its NAFTA goals are free access for goods and services, greater labor market integration and a strengthening of energy security.Reporting by Lesley Wroughton and David Lawder; Additional reporting by David Ljunggren; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-trade-nafta-idUSKCN1AW09I'|'2017-08-16T08:05:00.000+03:00'
'e7ab3b984021b787905c5d4bfe9795ec5c9ca79e'|'Israel''s Teva seeks partners to fund some drug development'|'FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. Ronen Zvulun/File Photo JERUSALEM (Reuters) - Teva Pharmaceutical Industries ( TEVA.TA ) ( TEVA.N ) said on Wednesday it was looking into a series of partnerships to fund some projects in its drug development pipeline, as the drugmaker seeks to pay down more than $5 billion of debt this year."We are looking for partners ... a series of partners," a Teva spokeswoman said in an email sent to Reuters. "It''s not to fund the whole pipeline, just some projects in it. A small part of it."Reporting by Steven Scheer; Editing by Edmund Blair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-teva-pharm-ind-pharmaceuticals-idINKCN1AW0OI'|'2017-08-16T06:37:00.000+03:00'
'431c4c52fd71b5e2427a4a2c0926cd1738f58f51'|'Mears Group issues profits warning in wake of Grenfell Tower fire - Business'|'Mears Group cuts profits forecast in wake of Grenfell Tower fire Social housing maintenance company says London tower block tragedy has made clients delay new contracts Workers remove cladding for testing from one of the tower blocks in Salford. Photograph: Christopher Furlong/Getty Images Mears Group cuts profits forecast in wake of Grenfell Tower fire Social housing maintenance company says London tower block tragedy has made clients delay new contracts View more sharing options Wednesday 16 August 2017 07.25 BST First published on Tuesday 15 August 2017 14.00 BST The UK social housing maintenance company Mears Group has downgraded its profit forecast and slashed its full-year revenue predictions as its clients delay new contracts following the Grenfell Tower fire . The company, which carries out repair and maintenance work for properties belonging to local authorities and other social housing landlords, said new orders were on hold as authorities focused on ensuring all their properties were safe and compliant in the wake of the June fire, in which 80 people died. Mears, which provides services across the UK – delivering more than 6,000 repairs every day to a portfolio of more than 1m homes – said it had had no involvement with Grenfell Tower, nor with any properties run by Kensington and Chelsea council. Business Today: sign up for a morning shot of financial news Read more But it warned that the “tragic events at Grenfell Tower will impact the housing division later this year as clients review the commissioning and safety practices at their properties”. This would cut the revenue it had expected to make this year from housing by £30m, to £800m. It said that would result in a lower than previously expected annual profit, although it has not disclosed its profit forecast. The group posted revenues of £471m and pre-tax profit of £13m for the six months to June. UK authorities are currently reviewing building and fire safety rules after police said they believe the cladding panels added during a refurbishment of Grenfell Tower may have contributed to the rapid spread of the fire. The Mears chief executive, David Miles, said: “While the likely revenue shortfall for the full year is frustrating, it is entirely understandable in the circumstances and the group will be working closely with its partners and clients at this time to address their immediate priorities.” He said delays in procurement decisions by housing clients were expected to be temporary and would not impact its long-term order book. Mears, which was set up in 1996, employs more than 13,000 people in the UK. It also has a smaller care division providing support and help for older and disabled people who live independently in their own homes. The group’s shares closed down 7.6% at 448p, having been down by 11% at one stage. Russ Mould, an investment director at AJ Bell, commented: “Delays to social housing contracts in the wake of the Grenfell Tower disaster mean that Mears will miss its budgets for the year and add to a litany of woe for the support services sector, where firms such as Aggreko, G4S, Interserve, Carillion, Serco and Mitie have already badly disappointed, albeit for a wide range of different reasons.” Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/15/mears-group-profits-warning-grenfell-tower-fire'|'2017-08-15T21:00:00.000+03:00'
'31949a85f15909f26b2fec18ad447fb5c9d83859'|'Linde says acceptance period for Praxair merger starts'|'August 15, 2017 / 8:00 AM / 7 hours ago Linde says acceptance period for Praxair merger starts Reuters Staff 1 Min Read The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - German industrial gases group Linde said the 10-week acceptance period for its proposed $74 billion merger with U.S. peer Praxair started on Tuesday and would run through Oct. 24. The deal will create a global leader to overtake France''s Air Liquide with a combined market value of $75 billion, revenue of $30 billion and 88,000 staff. Linde will need 75 percent of its shareholders to tender their stock to the new company. Praxair needs a simple majority vote at a shareholder meeting, which Linde said on Tuesday had been set for Sept. 27. Reporting by Maria Sheahan; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-linde-m-a-praxair-idUKKCN1AV0P8'|'2017-08-15T11:18:00.000+03:00'
'ad5da9162ea65d24193a477dbfefda2c7f785398'|'Asian shares, dollar rally as North Korea blinks'|'A trader monitors share prices at the Bank Mandiri Sekuritas trading floor in Jakarta August 25, 2015. Beawiharta/Files LONDON (Reuters) - Shares rose on Tuesday, while the Japanese yen and gold dropped after North Korea''s leader delayed a decision on firing missiles towards Guam, easing tensions and prompting investors to buy riskier assets.Wall Street looked set to open 0.2-0.3 percent higher, according to index futures, after shares rose in Europe and Asia.The pan-European STOXX 600 index rose 0.1 percent, with financials among the gainers and energy stocks losing ground as oil prices fell.North Korea''s leader Kim Jong Un received a report from his army on its plans to fire missiles towards the U.S. Pacific territory of Guam and said he would watch the actions of the United States for a while longer before making a decision, the North''s official news agency said on Tuesday."There is a more relaxed attitude being taken towards the Korean situation in markets. With the report that North Korea has put its plans on hold, there is a sense of stepping back from the brink," Rabobank analyst Lyn Graham-Taylor said.The STOXX 600 index had already risen 1.1 percent on Monday after U.S. officials played down prospects of the standoff between North Korea and the United States leading to conflict.The S&P 500 rose 1.0 percent on Monday in its biggest daily percentage rise since April.MSCI''s broadest index of Asia-Pacific shares outside Japan gave up most of the day''s gains but remained in positive territory. Australian stocks closed up 0.5 percent. South Korea''s markets were closed for a holiday.Japan''s Nikkei stock index ended 1.1 percent higher, boosted by the weaker yen, a day after skidding 1 percent to its lowest since early May.Assets that generally do well in time of market or geopolitical turbulence were among fallers on Tuesday.The yen, which tends to gain on expectations that Japanese investors will repatriate assets in a crisis, fell 0.7 percent to 110.38 per dollar.The Swiss franc, which gained 1.1 percent on Aug. 9 as the war of words over the Korean peninsula intensified, held steady at 0.9719 per dollar. This followed a 1.1 percent fall on Monday.The euro was down 0.3 percent at $1.1749, helping to push the dollar index, which measures the greenback against a basket of currencies, up 0.3 percent.Comments from New York Federal Reserve President William Dudley also supported the dollar. He told the Associated Press he would favour a third increase in Fed interest rates this year if the economy developed as he expected..Sterling hit a five-week low of $1.2867, falling below $1.29 for the first time since July 13, after UK inflation undershot expectations, making a rise in Bank of England interest rates less likely.In debt markets, yields on low-risk German and U.S. government bonds rose.German 10-year yields, the benchmark for euro zone borrowing costs, rose 3.5 basis points to 0.44 percent, having fallen to as low as 0.38 percent on Friday.U.S. 10-year Treasury yields rose 4 bps to 2.25 percent, up from a six-week low of 2.18 percent touched on Friday.Gold, viewed as a safe haven for investors in troubled times, fell 0.6 percent to $1,275 an ounce.Oil prices steadied somewhat after falling more than 2.5 percent on Monday to its lowest in about three weeks on the strength of the dollar and reduced refining in China.Brent crude, the international benchmark, was last down 30 cents at $50.43 a barrel.Additional reporting by Lisa Twaronite in Tokyo, John Geddie and Kit Rees in London, graphic by Nigel Stephenson; Editing by Gareth Jones'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/global-markets-idINKCN1AV02B'|'2017-08-14T23:09:00.000+03:00'
'45d66d9d00d870e876540c722342275d9e6c8bba'|'BRIEF-Appaloosa dissolves share stake in Snap Inc, Pfizer Inc'|'Aug 14 (Reuters) - Appaloosa Lp:* Appaloosa Lp dissolves class a share stake in Snap Inc - SEC Filing* Appaloosa Lp ups share stake in Apple Inc to 625,000 from 300,000* Appaloosa Lp dissolves share stake Pfizer Inc* Appaloosa Lp: change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017 Source text for quarter ended June 30, 2017: ( bit.ly/2uWm5mq ) Source text for quarter ended March 31, 2017 ( bit.ly/2r9xUnP )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-appaloosa-dissolves-share-stake-in-idINFWN1L00VP'|'2017-08-14T18:42:00.000+03:00'
'399fba6f33b524697a5418dafdec712a5a6fdb72'|'Germany''s Aldi takes on Amazon in food delivery fight 15,'|'Germany''s Aldi takes on Amazon in food delivery fight by Alanna Petroff @AlannaPetroff August 15, 2017: 10:57 AM ET Why Amazon is buying Whole Foods Watch out Amazon! Germany''s Aldi is stepping up the fight for a share of the U.S. grocery market with a new express delivery service. Aldi, which already operates nearly 1,700 stores in America, said it is partnering with San Francisco''s Instacart to deliver groceries in Los Angeles, Atlanta and Dallas. It''s promising to fulfill online orders in as little as an hour. In a statement Monday, Aldi said it could expand the service in the future. The pilot program is the latest move by Aldi to grow in the U.S. The company is the 11th largest supermarket chain in the U.S. based on sales, according to market research firm Euromonitor. The German company said in June it would invest billions of dollars to openabout 500new stores in the U.S. over the next five years. The goal is to become the third largest grocery chain in the country. Aldi, which markets a range of in-house brands in nearly 20 countries around the world, is the leading grocery discounter in the U.S., according to Euromonitor. Amazon ( AMZN , Tech30 ) has its own ambitious plans to grow in the $1 trillion grocery market. In June, it announced a blockbuster deal to buy Whole Foods ( WFM ) for $13.7 billion. Whole Foods is the eighth largest grocery chain in the U.S. by sales, according to Euromonitor. Amazon already has its own delivery service, AmazonFresh, and is experimenting with a "click and collect" model where customers buy groceries online, then pick them up in person. On Tuesday, Amazon also announced a new service called Instant Pickup , which lets customers order from a limited list of basic supplies from the app, then pick them up from a nearby pickup locker "within two minutes." It''s rolling out the services to nearly two dozen U.S. college campuses in the coming few days. Related: How to save on your grocery bill Grocery chains in the U.S. are increasingly experimenting with delivery services as customers become more comfortable with ordering their food online. "Grocery products have been the last categories to move online but the race is on to crack this market," said Michelle Grant, head of retailing at Euromonitor International. Grant said she expects online sales of food and drink will increase by about 60% in the U.S. over the next five years. CNNMoney (London) First published August 15, 2017: 8:34 AM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/08/15/technology/business/amazon-aldi-instacart-grocery-delivery/index.html'|'2017-08-15T16:34:00.000+03:00'
'e1690717d72b4d8b1c8c4097646b1f0c22b4a4ec'|'Scottish fund Kiltearn hit by Carillion''s troubles'|'August 14, 2017 / 3:50 PM / 39 minutes ago Scottish fund Kiltearn hit by Carillion''s troubles Ben Martin 3 Min Read LONDON (Reuters) - The value of Scottish investment firm Kiltearn Partners'' 10 percent stake in Carillion ( CLLN.L ) has fallen by around 70 million pounds ($91 million) after the construction firm''s shares lost almost three quarters of their value following a profit warning in July. Carillion disclosed on Aug. 11 that Kiltearn had hiked its stake to 10 percent at the start of February when shares were trading at around 225 pence each, becoming the company''s biggest shareholder. But Carillion''s shares have tumbled 75 percent since February and 71 percent from early July to trade at 55 pence on Monday. The plunge has knocked about 70 million pounds off the value of Kiltearn''s shareholding, which was trimmed to 9.85 percent last week. Shares in the building contractor dived after it said on July 10 that it was taking an 845 million pound ($1.10 billion) writedown and that Richard Howson, its chief executive, was stepping down with immediate effect. [nL1N1K209R] [nL8N1K10VF] While the share price drop has spurred speculation the FTSE 250 business could become a takeover target, analysts expect the company will be forced to turn to its shareholders to help shore up its balance sheet through a rights issue. It has drafted in accountancy firm EY to help it undertake a strategic review and is working with advisers HSBC, Morgan Stanley, Lazard and Stifel. [nL3N1K82E8] Investment firm Kiltearn was set up in 2011 with the backing of Silchester International Investors, a hedge fund that specialises in long-only investments and does not short shares. Kiltearn describes itself on its website as a "value" investor and that "we screen only for the cheapest stocks available to us in the world." A spokesman for Kiltearn declined to comment on why it had lifted its Carillion stake to 10 percent. The spokesman said the firm had "fulfilled its UK disclosure obligation in relation to it crossing the 10 percent threshold by notifying Carillion and the FCA (Financial Conduct Authority) that it had crossed the 10 percent threshold on 1 February 2017". Reporting by Ben Martin; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-carillion-kiltearn-idUKKCN1AU1S6'|'2017-08-14T18:49:00.000+03:00'
'aa00ab8480fc725aab6817f5065bc8f6d7155a26'|'Women beating sexism in work place – your stories - Global Development Professionals Network'|'Guardian women seminar: How women can change the world Women beating sexism in the work place – your stories The audience at the Guardian women seminar share their stories about winning personal victories over sexism, racism and ageism at work – and the panel sum up their views on making progress Photograph: Alicia Canter for the Guardian Presented by Zoe Williams and produced by Rowan Slaney   11.41 BST Subscribe and review: iTunes , Soundcloud , Audioboom , Mixcloud , Acast & Stitcher and join the discussion on Facebook and Twitter Just a reminder - this was a live event recording occasionally people were off mic in the podcast, so there’s a short period of less than good quality Audio. This does fix itself though, so do keep listening. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/audio/2017/aug/15/women-beating-sexism-in-the-work-place-your-stories'|'2017-08-15T03:00:00.000+03:00'
'5127e795b07ace00d6087181bc85ecd54bd13270'|'Dollar revived by upbeat U.S. data, North Korea respite'|'August 16, 2017 / 12:56 AM / 3 minutes ago Dollar revived by upbeat U.S. data, North Korea respite Wayne Cole 4 Min Read FILE PHOTO - A man cycles in front of electronic boards showing Japan''s Nikkei average (R) and the Dow Jones average (L top) outside a brokerage in Tokyo, Japan, November 10, 2016. Toru Hanai SYDNEY (Reuters) - The dollar hoarded hefty gains on Wednesday after strong U.S. retail data put a Federal Reserve rate hike back on the agenda, while Asia stocks inched ahead as tensions over North Korea simmered down little. North Korean leader Kim Jong Un has delayed a decision on firing missiles towards Guam while he waits to see what the United States does, as Washington said any dialogue was up to Kim. The break in threat and counter-threat was enough for South Korean stocks .KS11 to bounce 0.7 percent, though they remain well short of the record peak touched last month. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.2 percent while Japan''s Nikkei .N225 dithered either side of flat. There was no clear lead from Wall Street, where the Dow .DJI had ended Tuesday up a tiny 0.02 percent. The S&P 500 .SPX lost 0.05 percent and the Nasdaq .IXIC 0.11 percent. The economic news, however, was much more emphatic with U.S. retail sales rising the most in seven months in July as consumers spent more on 10 of 13 retail sectors. Importantly, upward revisions to sales for both May and June countered concerns that consumption had entered a downtrend and lifted the outlook for economic growth. Investors reacted by narrowing odds on the Fed tightening again this year and sent two-year Treasury yields US2YT=RR up to 1.36 percent, from 1.29 percent on Friday. "The early Q3 data has served as a reminder that the U.S. expansion is robust," said ANZ economist Daniel Gradwell. "The majority of the Fed are of the view that as long as that remains the case, underlying inflation pressures will gradually intensify and policy normalisation is appropriate." FILE PHOTO - The word "Yen" is pictured on a Japanese banknote on top of a U.S. dollar bill at Interbank Inc. Money exchange in Tokyo, Japan in this September 9, 2010 picture illustration. Yuriko Nakao/File Photo BITCOIN BONANZA The dollar duly rallied to its highest level against a basket of major currencies in nearly three weeks and was last holding at 93.819 .DXY. The euro EUR= eased off to $1.1740, though it had found solid support around $l.1686 overnight. The yen took an added blow from the easing in risk aversion and sagged to 110.54 per dollar JPY= . The dollar''s 1.4 percent jump on Tuesday was the biggest daily rise since April. Sterling also slumped after UK inflation numbers came in below forecast, breaching key support levels against both the euro and dollar. The pound was last at $1.2863 GBP= , having shed 1.1 percent the previous session. All that action paled in comparison to the digital currency Bitcoin, which has surged over $1,200 so far this month to reach $4,150 BTC=BTSP amid fevered speculative demand. "Interest in digital currencies has spiked recently as proponents tout benefits such as a lack of centralised control and limited supply," said William O''Loughlin, an investment analyst at Rivkin Securities. "However, anyone thinking of buying the currency should realise that it is incredibly volatile and could fall in value as quickly as it rose." In commodity markets, the revival in risk appetite dragged gold back to $1,272.68 an ounce XAU=, and away from Friday''s two-month top of $1,291.86. Oil prices nudged higher after data from the American Petroleum Institute showed a much larger fall in crude inventories than expected. [O/R] U.S. crude CLcv1 added 15 cents to $47.70 per barrel, while Brent LCOcv1 firmed 20 cents to $51.00. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1AW01V'|'2017-08-16T03:57:00.000+03:00'
'45f99284e834b06751147e8b871d4f24701cb4cd'|'Husky Energy to buy $435 million Wisconsin refinery'|'CALGARY, Alberta (Reuters) - Canadian integrated oil company Husky Energy Inc ( HSE.TO ) said on Monday it is buying a refinery in the United States from Calumet Specialty Products Partners LP ( CLMT.O ) for $435 million in cash.The refinery in Superior, Wisconsin, has capacity to process 50,000 barrels per day.The deal, which also includes the refinery''s associated logistics assets, will increase Husky''s refining capacity to 395,000 bpd, the company said.Husky produces primarily heavy oil from oil sands and conventional operations in western Canada and the deal will help it manage exposure to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut CLc1."Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production," said CEO Rob Peabody.Husky currently produces around 320,000 bpd and aims to grow output to 400,000 bpd by 2021.Shares of Calumet rose 9 percent to $5.93 in late morning trade on the Nasdaq, while Husky''s shares rose 0.5 percent to C$14.69 on the Toronto Stock Exchange.Husky said it would retain about 180 workers at the refinery, which can process Canadian heavy crude and light and medium barrels from Canada and the Bakken region, and also boosts the company''s asphalt production capacity.The company said it is deferring a decision on whether to expand asphalt capacity at its Lloydminster, Saskatchewan, refinery until after 2020 and will be considered again as heavy oil production grows.BMO Capital Markets was Husky''s financial adviser on the deal and Milbank LLP its legal adviser.Reporting by Nia Williams in Calgary and Ahmed Farhatha in Bengaluru; Editing by Maju Samuel and David Gregorio'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-husky-energy-refinery-calumet-splty-idUSKCN1AU1SK'|'2017-08-14T23:55:00.000+03:00'
'93370c4b0f976c4ea730d35b9b8b127f09d95cdf'|'Miner Hochschild''s first half pretax profit falls 33.8 percent on higher costs'|'August 16, 2017 / 6:36 AM / 15 minutes ago Miner Hochschild''s first half pretax profit falls 33.8 percent on higher costs Reuters Staff 2 Min Read (Reuters) - Precious metals miner Hochschild Mining Plc''s ( HOCM.L ) pretax profit fell 33.8 percent in the first half of the year, hurt by higher costs. Attributable silver production rose 8.9 percent to 8.9 million ounces in the six months ended June 30, and the company said it was on track to deliver attributable production of 37 million silver equivalent ounces for 2017. All-in-sustaining-costs (AISC) rose 10.1 percent to $12 per silver equivalent ounce, but was slightly ahead of its guidance of $12.20-12.7. However, the company said it expects 2017 AISC to be in line with the $12.2-12.7 per silver equivalent ounce guidance. The company, which has mining operations in Peru, Chile and Argentina, reported a pretax profit of $39.9 million for the six months ended June 30, compared with $60.3 million a year earlier. Higher investment in exploration-led growth and the cancellation of benefits from a Patagonian port late last year as well as refilling at one of its mines in Peru led to an increase in overall costs. Revenue rose marginally to $340.8 million in the six months. Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-admiral-results-idUKKCN1AW0EB'|'2017-08-16T09:58:00.000+03:00'
'0c73b7346e59fa264a26f93ee4b5c14b330ed8b0'|'UK Stocks-Factors to watch on Aug 16'|'August 16, 2017 / 5:14 AM / 6 minutes ago UK Stocks-Factors to watch on Aug 16 3 Min Read Aug 16 (Reuters) - Britain''s FTSE 100 index is seen opening up 6 points on Wednesday, according to financial bookmakers. * BHP: Hedge fund Elliott Management has raised its stake in BHP Billiton , to 5 percent, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. * BRITAIN-EU/IRELAND: There should be no border posts between Ireland and the British province of Northern Ireland after Brexit, Britain said in an early attempt to resolve one of the most complex aspects of its European Union exit. * GOLD: Gold prices inched up early on Wednesday after two days of losses, with investors awaiting minutes from the U.S. Federal Reserve''s last meeting in July for clues on the pace of potential interest rate hikes. * OIL: Oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply. * LONDON-ZINC: London zinc hit its highest in almost a decade on Wednesday, as Chinese infrastructure demand that has fed a rally in steel prices for months spills into markets for steelmaking raw materials. * The UK blue chip index closed 0.4 percent higher at 7,383.85 points on Tuesday, helped by a late boost from airlines, and after inflation data earlier eased investors'' fears over a squeeze on consumer spending. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: CLS Holdings Half Year 2017 Earnings Release Balfour Beatty Half Year 2017 Earnings Release Admiral Group Half Year 2017 Earnings Release Hochschild Mining Half Year 2017 Earnings Release BGEO Group Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L2248'|'2017-08-16T08:14:00.000+03:00'
'd9d9d65744278dd1c9d483f405bccb5e78cc8f81'|'Blackstone ends talks for NSO Group stake that prompted protest: sources'|'August 15, 2017 / 6:15 PM / 11 hours ago Blackstone ends talks for NSO Group stake that prompted protest: sources Jim Finkle 3 Min Read FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo (Reuters) - Blackstone Group ( BX.N ) has pulled out of discussions to buy part of Israeli mobile surveillance software maker NSO Group, according to people familiar with the talks that had been criticized by digital privacy activists. Two people familiar with the discussions told Reuters on Tuesday that the talks had ended without Blackstone and NSO reaching an agreement. Israel''s Calcalist business newspaper last month reported Blackstone was in advanced talks to buy 40 percent of the privately held Israeli firm for $400 million. News of those talks prompted complaints from Citizen Lab at the University of Toronto''s Munk School of Global Affairs and digital-rights group Access Now, which allege that the Mexican government has used NSO''s Pegasus mobile spyware to illegally target private citizens. Mexico''s government is investigating the claims, though Mexican President Enrique Pena Nieto has said the accusations are false. The people, who were not authorized to publicly discuss the talks, declined to say when the discussions ended or if the protests had caused the deal to unravel. NSO spokesperson Zamir Dahbash said the company was not currently in talks with any potential investors. Dahbash declined to discuss the talks with Blackstone or say why they had failed. Access Now last month launched a petition that urged Blackstone to drop plans to invest in NSO and its surveillance technology. Citizen Lab, which has released multiple reports on surveillance campaigns it says were conducted with NSO''s surveillance software, last month separately asked Blackstone''s board of directors to consider the human rights and ethical implications of investing in NSO. Citizen Lab researcher John Scott-Railton said he was pleased that the talks failed to result in a deal. "NSO''s spyware has a documented abuse potential, and the list of cases continues to grow," Scott-Railton said. "Serious investors who have done their due diligence may be thinking twice about just how problematic this category of investments could be to their image and their bottom line." Reporting by Jim Finkle in Toronto; Editing by Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nso-group-blackstone-group-protests-idUSKCN1AV234'|'2017-08-15T21:14:00.000+03:00'
'cf23af12e4c9b5308de000cb08f22c065116bfa2'|'Turkey''s Turkven to sell Medical Park stake, possibly via IPO-sources'|'ANKARA, Aug 15 (Reuters) - Turkven, one of Turkey''s leading venture capital firms, is planning an initial public offering (IPO) or block sale of its majority stake in the Medical Park hospital group, sources close to the matter said.Turkven acquired a majority when it bought Carlyle Group''s 40 percent holding and stakes from two other shareholders in Medical Park in December 2013.Turkven held a 1.17 billion lira ($334 million) IPO for its fashion brand Mavi in June, the biggest public offering in Turkey in recent years. One source said the Medical Park stake sale would be a public offering similar to Mavi."It''s normal that Turkven has accelerated the public offering process in Medical Park after the recent successful offering of Mavi," another source with information on the matter said, adding that a block sale was the other option.Turkven declined to comment.Medical Park has 21 hospitals and 14,000 personnel throughout Turkey.Turkven''s partners include the World Bank''s International Financial Corporation, the European Bank for Reconstruction and Development, the European Investment Bank and the Dutch development bank FMO. (Writing by Ece Toksabay; Editing by Edmund Blair)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/turkey-turkven-idUSL8N1L03QS'|'2017-08-15T15:44:00.000+03:00'
'800b54cf2962653db05d9fabe2558a0192dd1166'|'EMERGING MARKETS-Emerging assets rebound after weekly fall, shrug off China data'|'LONDON, Aug 14 (Reuters) - Emerging market stocks rebounded from one-month lows on Monday tracking gains in developed markets, with Asian markets shrugging off weaker-than-expected Chinese data and currencies assisted by the dollar staying just off one-week lows.MSCI''s benchmark emerging equity index rose 0.8 percent after plunging over 2 percent last week when tensions between North Korea and the United States escalated over the former''s threat to fire missiles near the U.S. Pacific territory of Guam.At the weekend China''s President Xi Jinping in a telephone call with U.S. President Donald Trump urged all sides to avoid words or action that raised tensions.Asian stocks and currencies rallied after selling off hard last week, with South Korea stocks up 0.6 percent, Chinese mainland shares up 1.3 percent and Hong Kong stocks up 1.4 percent.The South Korean won also rebounded 0.2 percent from a one-month low and China''s yuan firmed against the dollar after the central bank fixed the midpoint at its strongest in nearly 11 months.The moves came despite slower than expected growth in Chinese industrial output, investment, retail sales and trade in July. Some market participants expect the authorities to step in to head off any hard landing ahead of the autumn Communist Party leadership reshuffle."The key thing is that this is just a softening of the economy – it''s not a very sharp slowdown," said William Jackson, senior emerging markets economist at Capital Economics. "It''s just a weakening from what was a very marked turnaround at the end of last year and the start of this year."U.S. President Donald Trump is expected later on Monday to turn up pressure on Beijing and order an investigation into some of its trade practices, though that does not necessarily signal concrete action anytime soon.Emerging European markets also rose, with Turkish stocks up 1.2 percent, Czech stocks up 0.8 percent, Hungary shares up 0.5 percent and Moscow shares up 0.4 percent.Currencies were also firmer against the dollar, which fell to one-week lows on Friday after lukewarm U.S. consumer price inflation data. U.S. Treasury yields were also hit.The South African rand, one of the currencies most sensitive to U.S. inflation and interest rates, firmed 0.6 percent.The rand may also have been helped by Moody''s decision to delay ratings decision that was scheduled for last Friday."The South African economic cycle seems to be turning so they may be waiting for more evidence before making a judgement. It fell into a technical recession in the first quarter, but a lot of the data suggests Q2 was a lot better," Jackson said.The Turkish lira and the Mexican peso firmed 0.2 percent. On Friday Fitch said the risk of a disruptive outcome for Mexico from NAFTA renegotiations had fallen recently, with talks set to begin this week.Kenya''s sovereign dollar-denominated eurobonds were a touch firmer after incumbent President Uhuru Kenyatta was declared the winner in what international observers said was a largely fair election.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1050.94 +8.14 +0.78 +21.88Czech Rep 1030.36 +9.30 +0.91 +11.80Poland 2380.95 +9.23 +0.39 +22.23Hungary 37011.34 +199.10 +0.54 +15.65Romania 8324.16 +6.85 +0.08 +17.49Greece 827.56 +4.01 +0.49 +28.57Russia 1028.94 +6.53 +0.64 -10.71South Africa 49150.93 +384.22 +0.79 +11.96Turkey 08202.93 +1239.83 +1.16 +38.48China 3236.93 +28.39 +0.88 +4.29India 31466.09 +252.50 +0.81 +18.18Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.15 26.15 -0.02 +3.27Poland 4.28 4.28 +0.10 +2.89Hungary 304.06 304.10 +0.01 +1.57Romania 4.57 4.57 +0.06 -0.73Serbia 119.42 119.46 +0.03 +3.29Russia 59.83 59.82 -0.03 +2.40Kazakhstan 332.59 332.76 +0.05 +0.32Ukraine 25.62 25.66 +0.18 +5.41South Africa 13.35 13.43 +0.57 +2.83Kenya 103.70 103.75 +0.05 -1.28Israel 3.58 3.58 +0.16 +7.61Turkey 3.53 3.54 +0.15 -0.10China 6.67 6.66 -0.10 +4.12India 64.06 64.14 +0.12 +6.07Brazil 3.19 3.19 +0.03 +1.90Mexico 17.79 17.82 +0.16 +16.41Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 329 -3 .06 7 92.17 1Reporting by Claire Milhench; Editing by Angus MacSwan'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-idUSL8N1L00NO'|'2017-08-14T11:58:00.000+03:00'
'544f4241a0a71afe8faee83fee84625b9a7180c1'|'Chinese state newspaper says Trump trade probe will ''poison'' relations'|' 02 AM / an hour ago Chinese state newspaper says Trump trade probe will ''poison'' relations Reuters Staff 3 Min Read U.S. President Donald Trump speaks to reporters about North Korea before a workforce and apprenticeship discussion at his golf estate in Bedminster, New Jersey U.S. August 11, 2017. Jonathan Ernst BEIJING (Reuters) - U.S. President Donald Trump''s order to his top trade adviser to investigate supposedly unfair Chinese trade practices will "poison" relations between the two countries, a Chinese state-run newspaper said on Monday. Trump will later on Monday issue the order to determine whether to investigate Chinese trade practices that force U.S. firms operating in China to turn over intellectual property, senior administration officials said on Saturday. The move, which could eventually lead to steep tariffs on Chinese goods, comes at a time when Trump has asked China to do more to crack down on North Korea''s nuclear missile program as he threatens possible military action against Pyongyang. Trump has said he would be more amenable to going easy on Beijing if it were more aggressive in reining in North Korea. In an editorial, the official China Daily said it was critical the Trump administration doesn''t make a rash decision it will regret. "Given Trump''s transactional approach to foreign affairs, it is impossible to look at the matter without taking into account his increasing disappointment at what he deems as China''s failure to bring into line the Democratic People''s Republic of Korea," the English-language paper said. "But instead of advancing the United States'' interests, politicising trade will only acerbate the country''s economic woes, and poison the overall China-U.S. relationship." An administration official has insisted diplomacy over North Korea and the potential trade probe were "totally unrelated", saying the trade action was not a pressure tactic. The China Daily said it was unfair for Trump to put the burden on China for dissuading Pyongyang from its actions. "By trying to incriminate Beijing as an accomplice in the DPRK''s nuclear adventure and blame it for a failure that is essentially a failure of all stakeholders, Trump risks making the serious mistake of splitting up the international coalition that is the means to resolve the issue peacefully," it said. "Hopefully Trump will find another path. Things will become even more difficult if Beijing and Washington are pitted against each other." Reporting by Ben Blanchard; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-trump-trade-china-idUKKCN1AU07E'|'2017-08-14T05:58:00.000+03:00'
'5ee92c6bee23890d822ca1577d9a85e7d24db17c'|'China''s JD.com says Q2 revenue grew 43.6 pct, above expectations'|'August 14, 2017 / 9:37 AM / 32 minutes ago China''s JD.com says Q2 revenue grew 43.6 pct, above expectations 2 Min Read Aug 14 (Reuters) - JD.com Inc, China''s second-largest e-commerce firm, said on Monday its second-quarter revenue grew 43.6 percent from a year earlier, beating analyst expectations. JD.com said revenue for the three months ended June 30 was 93.2 billion yuan ($13.98 billion), compared with an average estimate of 89.3 billion yuan, according to a survey of 18 analysts by Thomson Reuters. JD.com in May forecast second-quarter revenue of 88 billion to 90.5 billion yuan. Net loss attributable to company''s shareholders for the quarter expanded to 496.4 million yuan from a net loss of 252.3 million yuan a year earlier. It projects third quarter revenue of 81.8 billion to 84.2 billion yuan, which represents a growth rate of 36 to 40 percent compared with the third quarter of 2016. JD.com made a net loss of 0.35 yuan per American Depository Share in the second quarter, compared with a loss of 0.18 yuan a year earlier ($1 = 6.6686 Chinese yuan renminbi) (Reporting by Cate Cadell in BEIJING and Rama Venkat Raman in BENGALURU) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/jdcom-results-idUSL4N1L03JO'|'2017-08-14T12:37:00.000+03:00'
'3ed3ec98ce1bed2814501d4ac13cddd144632fe3'|'PWC fined 5.1 million pounds over audit of RSM Tenon'|'August 16, 2017 / 6:39 AM / in 34 minutes PWC fined 5.1 million pounds over audit of RSM Tenon Reuters Staff 2 Min Read The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Sergei Karpukhin LONDON (Reuters) - Britain''s accounting watchdog has fined audit firm PricewaterhouseCoopers LLP 5.1 million pounds and given it a severe reprimand after it admitted misconduct over its audit of collapsed accounting firm RSM Tenon. The Financial Reporting Council (FRC) said PWC and one of its audit partners, Nicholas Boden, had admitted a series of failures when they signed off on RSM Tenon''s accounts for the financial year ended June 2011. "The admitted acts of misconduct include failures to obtain sufficient appropriate audit evidence and failures to exercise sufficient professional scepticism," the FRC said in a statement. RSM Tenon, which had been listed on the London stock market, collapsed into administration in 2013 and its assets were taken over by rival Baker Tilly. The FRC said PWC had to pay a fine of 6 million pounds, reduced to 5.1 million after a settlement discount as well as a contribution to the watchdog''s costs of 500,000 pounds. Boden, who was PWC''s senior audit partner for RSM Tenon, was fined 114,750 pounds and given a severe reprimand. The FRC said proceedings against Russell McBurnie, RSM Tenon Group plc’s former Finance Director, are still ongoing. Reporting by Rachel Armstrong, editing by Dasha Afanasieva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-pwc-rsm-tenon-grp-fine-idUKKCN1AW0EJ'|'2017-08-16T09:39:00.000+03:00'
'0f499dbd44d40fd0ce0498c6c70a537248f54dc6'|'Britain''s Prudential sells U.S. broker-dealer network for $325 mln'|'FILE PHOTO: Shadows are cast onto the logo of British life insurer Prudential on their building, in London October 21, 2008. Stephen Hird/File Photo LONDON (Reuters) - Britain''s Prudential ( PRU.L ) sold its broker-dealer network in the United States for $325 million to LPL Financial ( LPLA.O ), the insurer said on Wednesday.The purchase price may rise to $448 million subject to some transaction criteria, with the sale, through Prudential subsidiary National Planning Holdings, expected to close by the end of the first quarter 2018.The network consists of INVEST Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments."While we still very much believe in the independent broker-dealer model, our primary strategy in North America is to focus on being the leading manufacturer of retirement products," Barry Stowe, Chairman and Chief Executive Officer of Prudential''s North American Business Unit said.Last week, Prudential merged its M&G asset management and UK and European insurance businesses to save costs and improve its products.Prudential said its operating profit rose to 2.36 billion pounds ($3.03 billion) in the first half of the year, boosted by growth in Asia and above a forecast 2.2 billion pounds.($1 = 0.7778 pounds)Reporting by Dasha Afanasieva, editing by Maiya Keidan'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-prudential-us-sale-idUSKCN1AW0DX'|'2017-08-16T09:27:00.000+03:00'
'27eeff82863cf786f2d79ace38acf58f92050124'|'Barclays closures add to toll of vanishing British bank branches'|'August 14, 2017 / 1:20 PM / 7 hours ago Barclays closures add to toll of vanishing British bank branches Anjuli Davies 3 Min Read FILE PICTURE - A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. Stefan Wermuth LONDON (Reuters) - Barclays ( BARC.L ) plans to close around 54 branches by the end of the year in an effort to cut costs, further reducing access to banking services for customers in parts of Britain. The bank, along with other British lenders, is cutting back its network as customers turn to mobile banking. Barclays, which told customers about the planned closures in recent weeks still has around 1,300 branches across the country. The number of branches operated by the major British banking groups has halved in the last 20 years and following political pressure a new rule was set in 2015 that requires banks to assess the impact on local communities of a branch closure. Branch closures in Britain are disproportionately affecting lowest-income areas, taking bricks-and-mortar services away from communities where they are needed most, Reuters reported in June last year. "The number of physical Barclays branches will reduce overall but our branch network and the colleagues who work in them remain a vital part of our offering," a Barclays spokeswoman told Reuters in an email. The Barclays branch closures should not result in any net job losses, she said, with jobs set to be transferred elsewhere. FILE PHOTO: A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. Stefan Wermuth - File Photo The latest round of bank branch closures, which are targeted at reducing costs, have raised concerns among small businesses as well as individuals in Britain. "At a time of unprecedented uncertainty, the last thing small businesses need is (the) loss of in-person bank branch support," Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said. "When times are tough, there''s no replacement for help from a known and trusted bank branch contact." RBS ( RBS.L ) said in March it planned to close about 180 branches in Britain and Ireland and about 1,000 roles were at risk at the state-controlled lender. And in April, Lloyds Banking Group ( LLOY.L ) said it planned to close a further 100 branches of its more than 2,000 in the UK resulting in the loss of over 325 jobs. HSBC ( HSBA.L ) said in January it planned to close 117 branches this year and cut 380 roles in Britain. In March, Barclays also decided to close a mortgage centre in Cardiff, Wales, with the loss of more than 180 jobs. Reporting by Anjuli Davies; additional reporting by Lawrence White; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-barclays-branches-idUKKCN1AU1HL'|'2017-08-14T16:20:00.000+03:00'
'3aebaf36884d64e63fcb2ca3a0ad6f33e075b248'|'Telit says CEO resigns over hidden U.S. fraud allegation'|'August 14, 2017 / 12:12 PM / 6 hours ago Telit says CEO resigns over hidden U.S. fraud allegation Reuters Staff 3 Min Read LONDON (Reuters) - The chief executive and founder of Telit ( TELT.L ) has resigned after the London-listed technology company confirmed on Monday he had been indicted for an alleged mortgage fraud in the United States more than 25 years ago. Telit, whose products and services connect devices to apps and enterprise systems, said in a statement that Oozi Cats''s involvement in an alleged "land flip" scheme that bought and sold properties at inflated prices had been "knowingly withheld" from the board. An arrest warrant for Cats was issued under an alternative spelling of his name, Uzi Katz, but he was never detained, according to Boston federal court documents seen by Reuters. "It is a source of considerable anger to the board that the historical indictment against Oozi Cats was never disclosed to them or previous members of the board and that they have only been made aware of its existence through third parties," Telit said. Cats did not respond to requests for comment. Shares in the firm were up 17 percent following the announcement, but are still down 45 percent in the last week. Financial director Yosi Fait will continue as interim chief executive until a replacement for Cats is found. Telit also said it plans to appoint three new board members who will be based in Britain. It will also replace chairman Enrico Testa, an Italian businessman and former politician who has held the position since 2007. Telit listed in London in 2005 after a company called Dai Israel bought the assets of an Italian business in 2002. Its board, including venture capitalist Davidi Gilo and former Caribbean Petroleum Corporation managing director Gad Zeevi, is predominantly Israeli. Fait will conduct a preliminary review of Telit''s activities, but a source close to the company said it would not include a review of its subsidiary accounts audited by Ernst & Young, or its a network of more than seventy third-party distributors it uses to resell its products. Shares in the company fell by a third on Aug. 7 after it reported a shock loss and a sharp reversal in its cashflow. It breached a debt covenant set by one of its banks just eight weeks after raising 39 million pounds from investors. In its statement on Monday Telit said there was "no substance" to speculation over the company''s financial health. Telit also responded to "speculation" over its involvement in a bankruptcy being investigated by Italian authorities, adding any action against the company would be "without merit". Reuters reported in March that thirteen people, including Cats, are under investigation for a complex series of transactions before the failure of an Italian electronics manufacturer called BAMES. Cats told Reuters at the time that Telit had won all twelve court cases previously brought against it in Italy. Reporting by Alasdair Pal; Editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-telit-ceo-idUKKCN1AU1BD'|'2017-08-14T15:12:00.000+03:00'
'b6871d471fc64f2f195d3c9d101f633bd3d1eb19'|'Australia''s Vocus flags profit miss and impairments amid takeover battle'|'SYDNEY, Aug 17 (Reuters) - Australian internet company Vocus Group Ltd said on Thursday it had missed its target net profit for the 2017 financial year and would take a A$1.53 billion ($1.21 billion) impairment charge.The disclosure, which comes ahead of the company''s full-year results next week, was released to the market amid a takeover battle for the company.Net profit came at A$152.3 million, below its A$160-to-$165 million guidance, the company said.$1 = 1.2612 Australian dollars Reporting by Paulina Duran; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/vocus-group-results-idINL4N1L25TM'|'2017-08-16T22:35:00.000+03:00'
'e3fffb734cc7f8128a492464718abae03ebdae33'|'Wal-Mart''s comparable sales rise for 12th straight quarter'|'FILE PHOTO: A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. Daniel Becerril/File Photo CHICAGO (Reuters) - Wal-Mart Stores Inc warned on Thursday that this quarter''s earnings could miss Wall Street''s estimates as the world''s biggest retailer struggles with falling margins due to price-cutting and heavy spending on its e-commerce operations.The company''s shares fell more than 2 percent, with investors shrugging off a higher full-year profit outlook and sales that defied sluggish consumer demand that has hurt many rivals. Wal-Mart has reported three straight years of comparable sales growth as more people shop at its stores and on its websites.With a steady rise in the number of people who buy online, e-commerce sales growth has been outstripping brick-and-mortar.Like other retailers, Wal-Mart has been aggressively investing in its e-commerce business in the past year. It has begun offering programs like free-two-day shipping and discounts for picking up online purchases at stores, and it acquired several startups, including Jet.com for $3.3 billion last year.The company''s online sales growth outpaced the industry at 60 percent in the second quarter ended on July 31 but decelerated from the 63 percent increase of the previous quarter. Wal-Mart said most of the growth had come from its own online business and not the acquisitions it has made in the past year.Wal-Mart has also been cutting grocery prices to remain competitive against discounters like Germany''s Aldi Inc, which is rapidly expanding in the United States, and Lidl, another German rival that has recently started opening stores in the country.Given Wal-Mart''s moves, margins may contract for the rest of the year, UBS said in a note to clients.But despite the earnings warning and pressure on margins, most analysts remained bullish on Wal-Mart because of its sales performance."The second-quarter numbers show that Wal-Mart remains firmly on the front foot and is more than holding its own in a challenging and competitive retail market," said GlobalData Retail Managing Director Neil Saunders.Second-quarter sales at U.S. stores open at least a year rose 1.8 percent, excluding fuel price fluctuations and including e-commerce. That exceeded market expectations for a 1.7 percent increase, according to research firm Consensus Metrix.The company cited its grocery and food business, which reported its best performance in five years, and said its online operation added 70 basis points to comparable sales.U.S. store visits were up 1.3 percent from 1.2 percent a year earlier.Total revenue increased 2.1 percent to $123.4 billion from a year earlier. It would have been up 2.9 percent without the effects of currency fluctuations, which the company said had diminished from previous quarters.Net income attributable to Wal-Mart fell 23 percent to $2.9 billion due to a loss from repurchasing debt after a bond tender offer. Excluding special items, earnings per share of $1.08 exceeded the analysts'' average estimate of $1.07, according to Thomson Reuters I/B/E/S.Gross margins were down 11 basis points at 25 percent, including a five-basis-point decline in the United States, compared with analysts'' expectations of 25.22 percent.Operating margins fell to 4.9 percent from 5.1 percent, and U.S. operating expenses rose 3.9 percent.The company said it expected third-quarter earnings of 90 cents to 98 cents a share, excluding special items. Analysts on average had forecast 98 cents.Wal-Mart raised the low end of its earnings outlook for the full year to $4.30 per share from $4.20, excluding items, while keeping the high end at $4.40.Reporting by Nandita Bose in Chicago; Editing by Lisa Von Ahn'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/walmart-results-idINKCN1AX19Q'|'2017-08-17T09:31:00.000+03:00'
'b10d6b394b49e4dcfb57f50a97f7baa0d395610c'|'Trump''s Virginia remarks frustrate U.S. Republicans'' tax push'|'SANTA BARBARA, Calif. (Reuters) - Republican tax writers from the U.S. House of Representatives promoted their legislative goals at a special gathering in California on Wednesday, but offered few new details about provisions that may end up in their long-sought overhaul plan.As Wall Street analysts warned that President Donald Trump''s controversial statements about Virginia protests on Saturday that turned deadly were hurting Republicans'' prospects for progress on domestic policy, the lawmakers assembled in Santa Barbara to say their tax reform agenda is moving forward.Kevin Brady, chairman of the tax-writing U.S. House of Representatives Ways and Means Committee, spoke in broad brushstrokes about the effort at Rancho del Cielo, the country home of former President Ronald Reagan, a Republican who oversaw the last major tax code overhaul in 1986."If you look at today''s tax code you can''t even recognise the principles that made the Reagan reforms such a triumph for the American people," Brady said.Asked whether the plan would have specific provisions, Brady said: "We''re working through the details of the overall tax plan with the White House, President Trump, and Senate tax writers as well.""We have more work to do. I anticipate continuing to work through August with the White House and Senate, bring forward a tax reform plan at the Ways and Means Committee after we return," Brady said, adding he wanted to get legislation to Trump before the end of the year.Brady was joined by Representatives Peter Roskam, David Schweikert and Carlos Curbelo, all Republican committee members.Market expectations for tax reform have declined in recent weeks, analysts said, and dimmed further after Trump''s Tuesday press conference, where he said both sides were to blame for a deadly rally in Charlottesville, Virginia, between neo-Nazis, white supremacists and counter-protesters.Before the event, Curbelo, the son of Cuban exiles who emigrated to the United States, told reporters that Trump''s remarks marked "the lowest point yet" in his presidency."In a way we''ve become accustomed to working in a very distracting environment. That''s not new. Now this is on a whole different scale," he said. "While you have all of these other headlines, the public isn''t going to be paying very much attention to the legislative agenda."Still searching for his first major legislative achievement after 208 days in office, Trump has refocused on overhauling the tax code, but he has been constantly distracted by controversies involving North Korea, race relations and investigations of possible ties between his 2016 campaign and Moscow.Trump was forced to disband two high-profile business advisory councils on Wednesday after corporate CEOs quit the committees in protest over his remarks about the violence in Charlottesville.Brady has remained bullish on the chances for a tax overhaul even after a Republican push to dismantle Obamacare collapsed in July.At Wednesday''s event he told reporters the differences between a healthcare and tax overhaul are "just about everything."As they did with Obamacare, the party has launched a nationwide publicity campaign for tax reform without first hammering out the final details of their proposal.The 1986 tax overhaul under Reagan was the result of a multi-year, bipartisan negotiation. Republicans are seeking to do key portions of tax reform within months, without Democratic support.Republicans have not yet introduced tax legislation and party leaders have already discarded key pieces of their initial, ambitious plan. No revenue-raising provisions have been agreed upon to replace those that were discarded.Corporate lobbyists and independent experts have said Congress and Trump are far apart on critical issues, such as how to slash rates without ballooning the federal deficit. Brady downplayed those differences on Wednesday, saying they planned to unify behind "one bold plan."Additional reporting by Amanda Becker and David Morgan in Washington; Writing by Amanda Becker; Editing by Kevin Drawbaugh and Richard Chang'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-tax-idINKCN1AW2LN'|'2017-08-16T18:54:00.000+03:00'
'52e0adfff74a69855c40f4b1f2fa314e04ad8321'|'Britain''s Prudential sells U.S. broker-dealer network for $325 million'|'FILE PHOTO: Shadows are cast onto the logo of British life insurer Prudential on their building, in London October 21, 2008. Stephen Hird/File Photo LONDON (Reuters) - Britain''s Prudential ( PRU.L ) sold its broker-dealer network in the United States for $325 million to LPL Financial ( LPLA.O ), the insurer said on Wednesday.The purchase price may rise to $448 million subject to some transaction criteria, with the sale, through Prudential subsidiary National Planning Holdings, expected to close by the end of the first quarter 2018.The network consists of INVEST Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments."While we still very much believe in the independent broker-dealer model, our primary strategy in North America is to focus on being the leading manufacturer of retirement products," Barry Stowe, Chairman and Chief Executive Officer of Prudential''s North American Business Unit said.Last week, Prudential merged its M&G asset management and UK and European insurance businesses to save costs and improve its products.Prudential said its operating profit rose to 2.36 billion pounds ($3.03 billion) in the first half of the year, boosted by growth in Asia and above a forecast 2.2 billion pounds.($1 = 0.7778 pounds)Reporting by Dasha Afanasieva, editing by Maiya Keidan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-prudential-us-sale-idINKCN1AW0DX'|'2017-08-16T04:32:00.000+03:00'
'dd530d42fa3eec2412582507e2380a03f883d3ec'|'A firm that shares a name with its founder earns higher profits'|'A GOOD business name can be pricey. An entrepreneur looking for the perfect one can hire a naming agency to offer ideas, but that can cost tens of thousands of dollars. That may explain why many founders follow the example set by the American president and name their businesses after themselves. A recent article * by academics from the Fuqua School of Business at Duke University in North Carolina suggests that doing so does not just save money—it can also boost profits.The study looked at small businesses in western Europe. It relied on a sample of almost 2m firms, data for which are contained in a commercial database called Amadeus. The database includes information about owners, managers and financial performance from 2002 to 2012. Firms in the sample tended to be, on average, fairly young, with few shareholders and employees. Checking against the surnames of the largest shareholders, the authors found that 19% of firms were named after their founders. 16 After accounting for other factors, firms that had their largest shareholder’s name enjoyed a three percentage-point higher return on assets (ROA). (This was not true of firms using a surname other than that of the largest shareholder.)The authors explain this finding by noting that if you name a firm after yourself, you are sending a signal. You believe your product is good enough to stake your personal reputation on it, not just that of your company. If you fail, you will remain personally connected to that failure for the rest of your career. The authors suggest that customers receive this signal, and reward namesake companies accordingly.This hypothesis was tested by comparing different types of names. The authors note that eponymous entrepreneurs with a common name will be less closely identified with their firms. So the signal is weaker. The data show that the ROA premium is indeed lower for firms named after founders with common names. The ROA premium also diminished over time. The authors explained this by noting that, as consumers learn about the actual quality of firms, they rely less on signals such as names.Eyeing the advantages, might not substandard entrepreneurs cheat by naming their firms after themselves? They could, but the short-term benefits of cheating must be weighed against the long-term reputational damage of being found out. It is easier to choose a different name when starting a firm than to change your own name if it fails.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21726277-vanity-can-be-sound-business-strategy-firm-shares-name-its-founder?fsrc=rss'|'2017-08-14T08:00:00.000+03:00'
'e06eb7310fcabc6a84fa997042d701962c106326'|'Schaeuble says hopes ECB''s low interest rate policy ends soon'|'Edition United States August 14, 2017 / 7:18 PM / in a minute Schaeuble says hopes ECB''s low interest rate policy ends soon Reuters Staff 1 Min Read FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. Fabrizio Bensch/File Photo SCHLEIZ, Germany (Reuters) - German Finance Minister Wolfgang Schaeuble on Monday reiterated his criticism of the European Central Bank''s low interest rate policy and said he hoped it would be changed in the near future. "I''m not pleased about it," Schaeuble said, referring to the low interest rates set by the ECB. "And I hope it soon ends." He was speaking at a campaign rally in the eastern town of Schleiz, before a Sept. 24 national election that Chancellor Angela Merkel''s conservatives are expected to win but which may leave them needing a coalition partner. Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-election-schaeuble-idUKKCN1AU25T'|'2017-08-14T22:03:00.000+03:00'
'9d58313ab9e4985de47bec07b940ad4e42e3fe0f'|'Shares in Fiat Chrysler, Exor extend Monday''s gains on M&A speculation'|'A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. Brendan McDermid MILAN (Reuters) - Shares in carmaker Fiat Chrysler ( FCHA.MI ) were up more than 2 percent in early trade on Wednesday, extending gains posted on Monday after a media report cited a potential interest by a Chinese company in the Italian group.U.S.-based website Automotive News reported on Monday that "representatives of a well-known Chinese automaker made at least an offer this month to buy Fiat Chrysler." The website, citing sources, said that FCA rejected the offer for being too low.Fiat declined to comment on the M&A report on Monday.At 0720 GMT share in the carmaker rose 3 percent, while Exor, the investment fund of the Agnelli family, was up 2.4 percent.Reporting by Francesca Landini, editing by Steve Scherer'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fiat-chrysler-stock-idINKCN1AW0JG'|'2017-08-16T05:37:00.000+03:00'
'48566df3b0e7763853b8098ce96d716e7456fed2'|'Exclusive - China''s Belt and Road acquisitions surge despite outbound capital crackdown'|'August 16, 2017 / 12:33 AM / 12 minutes ago Exclusive - China''s Belt and Road acquisitions surge despite outbound capital crackdown Kane Wu and Sumeet Chatterjee 5 Min Read FILE PHOTO - China''s President Xi Jinping arrives for the opening ceremony of B20 Summit ahead of G20 Summit, in Hangzhou, Zhejiang Province, China, September 3, 2016. Aly Song/File Photo HONG KONG (Reuters) - Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China''s acquisitive conglomerates to restrict capital outflows. Chinese acquisitions in the 68 countries officially linked to President Xi Jinping''s signature foreign policy totalled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016, according to Thomson Reuters data. Unveiled in 2013, the Belt and Road project is aimed at building a modern-day "Silk Road", connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. At a summit in May, Xi pledged $124 billion for the plan, but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing''s professed desire to spread prosperity. The surge in Chinese companies'' acquisition-linked investments in the Belt and Road corridor comes as the volume of all outbound mergers and acquisitions from China has dropped 42 percent year-on-year as of Monday, the Thomson Reuters data showed. Beijing''s move to prop up the yuan by restricting the flow of capital outside the country and clamp down on debt-fuelled acquisitions to ensure financial stability has made it tougher for buyers to win approvals for deals abroad. Regulators have tightened the screws further since June, reviewing deal agreements in minute detail and ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on overseas buying sprees, including HNA Group, Dalian Wanda Group and Fosun Group. The heightened regulatory scrutiny of overseas acquisitions comes after companies spent a record $220 billion in 2016 on assets overseas, buying up everything from movie studios to European football clubs. The scrutiny, however, has not impacted Chinese companies'' pursuit of targets along the Belt and Road corridor, as those investments are considered strategic for the companies as well as the Chinese economy. "People are thinking in a long-term approach when making investments along Belt and Road countries," said Hilary Lau, a corporate and commercial lawyer and partner at the law firm Herbert Smith Freehills. "The acquisitions are also policy-driven. There are funds allocated by Chinese banks and state funds for Belt and Road deals," he said. FILE PHOTO - A security guard stands at the entrance to the opening ceremony of the Belt and Road Forum in Beijing, China, May 14, 2017. Thomas Peter/File Photo The number of Chinese deals targeting Belt and Road countries totalled 109 this year, compared to 175 in the whole of last year and 134 in 2015, the Thomson Reuters data showed. APPROVAL PROCESS Companies enjoy a relatively smooth approval process for deals along the Belt and Road project as regulators tend to put them in a different basket when reviewing outbound investments, according to lawyers and dealmakers. "If you are doing One Belt, One Road, that becomes the first sentence in the document" to the regulators, said a senior investment advisor at a Chinese company that has acquired several overseas businesses. "It is a wise thing to point out early on," said the advisor, who requested anonymity because he was not authorised to speak to the media. Outbound deals currently take as long as six months to be approved by Chinese regulators. However, Belt and Road investments tend to get regulatory clearance within three or four months, according to a Hong Kong-based senior M&A banker. The largest deal in a Belt and Road country so far this year was a Chinese consortium''s $11.6 billion buyout of the Singapore-based Global Logistics Properties ( GLPL.SI ). Other top deals include the $1.8 billion purchase of an 8 percent ownership interest in an Abu Dhabi oil company by the state-owned oil giant China National Petroleum Corp, and HNA Group''s $1 billion acquisition of a logistics company, CWT Ltd, which has not yet closed. The State Administration of Foreign Exchange, China''s foreign exchange regulator, said this month that domestic companies would still be encouraged to participate in Belt and Road activities. HNA, which has seen at least two overseas deals hit a hurdle as a result of the crackdown on transferring money, has said it plans to prioritize investments that are in industries and regions mapped out under the Belt and Road initiative. The belt and road acquisitions are predominantly in energy and infrastructure sectors, said Hilary Lau of Herbert Smith Freehills. "We''ve seen a lot of activities recently in Indonesia, Malaysia and Myanmar. The whole Sri Lanka, India and Bangladesh corridor is also hot as it''s connecting the East and West," he said. Reporting by Kane Wu and Sumeet Chatterjee; Editing by Philip McClellan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-m-a-exclusive-idUKKCN1AW00Q'|'2017-08-16T10:18:00.000+03:00'
'69a8de2b4bd012fe4dff689df6bec107cb1b6c79'|'German minister eyes quotas for female executives unless firms step up'|'August 15, 2017 / 6:25 PM / in 2 hours German minister eyes quotas for female executives unless firms step up Reuters Staff 2 Min Read BERLIN (Reuters) - A government minister on Tuesday blasted German companies for failing to add more women to their management boards, suggesting the government could impose quotas unless firms acted to boost the current rate of 6 percent. Family Minister Katarina Barley, a Social Democrat (SPD), told the RND newspaper chain it was unacceptable that companies had failed to increase the percentage of women in leadership roles after years of promises. "I give industry one more year to take care of the issue itself. If nothing has happened by then, we''ll have to take legislative action," Barley told the newspapers in an interview to be published Wednesday. "In many management boards, nothing has happened. Only 6 percent of directors are women. That can''t continue," she said. Barley is due to present a report to Chancellor Angela Merkel''s cabinet about representation of women in leadership positions on Wednesday. She said she had "no problem with an obligatory quota for women on management boards", noting that years of pledges had not changed the situation and many companies had a target of zero. Under German law, women must comprise 30 percent of the supervisory boards of large companies. But there is no law governing the make-up of management boards. Barley''s Social Democrats are now the junior partner to Chancellor Angela Merkel''s conservatives in a "grand coalition," but both parties hope to forge alliances with other small parties and lead the country after a parliamentary election on September 24. The latest Insa poll showed Merkel''s conservatives with 37 percent support, the SPD with 25 percent, and the anti-immigrant Alternative for Germany (AfD) party with 10 percent. Both the pro-business Free Democrats and the far-left Left party had 9 percent support, while the pro-environment Greens were at 3 percent. Reporting by Andrea Shalal; Editing by Mark Trevelyan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-industry-women-idUKKCN1AV23M'|'2017-08-15T21:25:00.000+03:00'
'b7e40d9fdf4dda546ae028338bc3ac56a0d4e383'|'METALS-Shanghai metals slip on industrial outlook, dollar'|'(Updates prices)By James ReganSYDNEY, Aug 15 (Reuters) - Most Shanghai base metals futures fell on Tuesday, echoing weaker London prices overnight on a weaker dollar and mixed Chinese industrial data.China''s industrial output, investment, retail sales and trade all grew less than expected last month.In particular, weak data from China''s housing sector played to concerns of weaker demand ahead for industrial metals, according to ANZ Bank.Fundamentals * NICKEL LEADS LOSERS: Steel-related Shanghai nickel ended 1.4 percent down, after dropping more than 2 percent at the open, while rebar lost 2 percent.* LME COPPER: Three-month copper on the London Metal Exchange traded slightly firmer at $6,418 a tonne by 0700 GMT. Prices hit their highest in more than 2-1/2 years on Aug. 9 at $6,515 and are up almost 8 percent this quarter.* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange gained 0.10 percent to 50,330 yuan ($7,536) a tonne, while ShFE Zinc closed nearly 1 percent up.* COOL CHINA DATA: China''s strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled. Factory output rose 6.4 percent in July from a year earlier, the slowest pace since January, according to official data.* DOLLAR UP: The dollar index, which tracks the greenback against six major currencies, was last up 0.28 percent.* COPPER SHUT DOWN: Glencore''s Zambian copper mining unit said on Monday it had suspended all operations at its two mines there due to restricted power supply.* DUMPING CHALLENGE: Chinese metals industry association confirmed on Monday that the nation''s aluminium sector would mount a legal challenge to the U.S. Department of Commerce''s preliminary decision to impose antidumping tariffs on imports of Chinese aluminium foil.* SUPPLY RISKS: Repricing aluminium''s supply risks is a chaotic work in progress.* ALUMINIUM: ShFE aluminium closed 1 percent lower, also succumbing to the dulling Chinese industrial outlook. SHFE aluminium stocks AL-STX-SGH, which have been climbing all year, hit their highest level since May 2013 at 473,000 tonnes. LME aluminium was up 0.7 percent to $2,037 a tonne.Prices Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6785 Chinese yuan)Reporting by James Regan; Editing by Richard Pullin and Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1L128S'|'2017-08-15T10:25:00.000+03:00'
'354d301863ad95182a34dcb6ebc2e9c328d141fe'|'Record number of investors say equities overvalued - BAML poll'|'August 15, 2017 / 3:23 PM / 33 minutes ago Record number of investors say equities overvalued - BAML poll Claire Milhench 3 Min Read LONDON (Reuters) - The number of investors saying equity markets are overvalued rose to a record high of 46 percent in August, Bank of America Merrill Lynch''s monthly fund manager poll showed on Tuesday. The survey, which polled 202 asset managers with $587 billion under management, was carried out between August 4-10 and showed cash levels at a stubbornly high 4.9 percent, whilst the allocation to equities fell to a net 36 percent overweight. European investors'' cash weighting rose to 5.3 percent, the highest reading since March 2003. BAML noted an "ominous inflection point" in the profit expectations indicator, with only a net 33 percent of investors saying corporate profits would improve over the next 12 months. This was down 25 percentage points from January to the lowest level since November 2015. The bank suggested this was a warning sign for equities over bonds, high yield over investment grade and cyclical sectors over defensive ones. "Further deterioration is likely to cause risk-off trades," said Michael Hartnett, chief investment strategist. Expectations for faster global growth also fell to 35 percent in August, down from 62 percent in January, and the outlook for corporate operating margins stalled. However, the percentage of investors expecting a ''Goldilocks'' scenario of above-trend growth and below-trend inflation rose 6 percentage points to 42 percent, a record high. This could be linked to the fact that U.S. inflation has remained subdued. The U.S. consumer price index edged up just 0.1 percent last month after it was unchanged in June. The modest gain in consumer prices could worry Federal Reserve officials who have largely viewed the retreat in inflation as temporary. In a new question, 43 percent of those surveyed thought low inflation was structural. U.S. stocks remained out of favour, with the allocation falling to a net 22 percent underweight, the largest underweight since January 2008. The relative U.S. equity positioning versus the rest of the world was also the lowest since April 2007. The tech-heavy Nasdaq Composite .IXIC was picked as the "most crowded" trade for a fourth straight month, nominated by 31 percent of poll respondents. In contrast, the allocation to euro zone equities rose to a net 56 percent overweight from a net 54 percent last months. Emerging markets also remained in favour. "Cash and overvaluation fears aside, fund manager survey positioning remains broadly pro-risk, pro-cyclical," BAML said. Some 22 percent of respondents said the biggest tail risk remained a policy mistake by the Fed or the European Central Bank. North Korea, which stepped up its threatening rhetoric this month, was cited by 19 percent. Reporting by Claire Milhench; Editing by Janet Lawrence 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-funds-baml-survey-idUKKCN1AV1RN'|'2017-08-15T18:22:00.000+03:00'
'39021b1b51983aa1968877f62206c70c6df8f52d'|'Buffett''s Berkshire sheds GE, adds Synchrony'|'August 14, 2017 / 8:42 PM / a day ago Buffett''s Berkshire adds Synchrony, sheds GE Jonathan Stempel 3 Min Read Warren Buffett, chief executive officer and chairman of Berkshire Hathaway Inc, arrives at a National Auto Dealers Association event in New York in this file photo dated March 31, 2015. Brendan McDermid NEW YORK (Reuters) - Warren Buffett''s Berkshire Hathaway Inc on Monday said it added a stake in Synchrony Financial, boosting its bet on the credit card industry, and shed its investment in the company''s former parent, General Electric Co. The changes were among those disclosed in Berkshire''s quarterly report of its U.S.-listed stock holdings. Berkshire said it owned 17.5 million shares of Synchrony, a private label credit card issuer split off from GE in 2014, worth about $521 million as of June 30. It was already the largest investor in American Express Co, owning about one-sixth of that card issuer. Synchrony shares rose 4.6 percent in after-hours trading, likely reflecting what investors consider Buffett''s imprimatur. Smaller equity investments for Berkshire are normally made by Buffett''s deputies, Todd Combs and Ted Weschler, while Buffett focuses on bigger bets such as American Express, Apple Inc and Wells Fargo & Co. It is unclear who sold the GE investment, which was worth roughly $315 million at the end of March. Berkshire''s assistant did not immediately respond to a request for comment. Synchrony''s share price has yet to recoup the 16 percent decline it suffered on April 28 after it wrote off more soured loans, causing profit for the Stamford, Connecticut-based company to fall short of forecasts. Berkshire may have viewed that as "an opportunity to load up," Colin Plunkett, a Morningstar Inc analyst who covers Synchrony, said in an email. He said Synchrony remains undervalued, with a low degree of leverage, and "really has a big opportunity to return cash to shareholders." Synchrony did not immediately respond to a request for comment. In the second quarter, Berkshire trimmed its stakes in American Airlines Group Inc, Delta Air Lines Inc and United Continental Holdings Inc, and boosted its stakes in Bank of New York Mellon Corp and General Motors Co. It also nearly eliminated a decade-old investment in Wabco Holdings Corp, which supplies commercial vehicle parts. Berkshire boosted its stake in Liberty Media Corp and reduced its holdings of Sirius XM Holdings Inc, both investments linked to billionaire John Malone. Buffett and Malone have explored a large investment in U.S. phone company Sprint Corp, people familiar with the matter said last month. Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-investment-funds-buffett-idUSKCN1AU2B1'|'2017-08-14T23:41:00.000+03:00'
'da8188943ad01b034ed8c9ee5bb1c7de5a1f1985'|'China''s Lenovo sinks to loss on higher costs, sluggish PC market; outlook challenging'|'August 18, 2017 / 1:16 AM / 11 hours ago China''s Lenovo warns of cost challenges as it sinks to first quarter loss Sijia Jiang 4 Min Read FILE PHOTO - A Lenovo logo is seen on a computer in Kiev, Ukraine April 21, 2016. Gleb Garanich/File Photo HONG KONG (Reuters) - Chinese personal computer maker Lenovo Group Ltd warned of higher costs and margin pressure due to shortages of components like memory chips, as it posted its first quarterly loss in almost two years on Friday. Lenovo, which gave up its title as the world''s largest PC maker to HP Inc in the quarter through June, lost $72 million (55.92 million pounds) compared with a profit of $173 million for the same period last year. It was the company''s first quarterly loss since September 2015 and lagged analysts'' average forecast of a $5.29 million profit, sending the stock down as much as 5 percent to a year-low of HK$4.52 during Friday morning trade. The outlook for the rest of the year was challenging as component shortages would dive costs higher, possibly forcing the company to raise its selling price to protect margins, executives said. "Most of the component cost is stabilising except memory ... and the price is still going up," Lenovo Chief Operating Officer Gianfranco Lanci said on an earnings call. Memory prices rises would continue "at least until the end of the year", albeit at a slower rate than the past two quarters, he said, a product of exploding global demand for semiconductors. Related Coverage Lenovo says more confident it can achieve mobile turnaround goal Auto industry demand was also pushing up the price of batteries, he said. While personal computer makers around the world are struggling as consumers switch to mobile devices, Lenovo''s core PC business is declining more rapidly than many of its competitors''. Lenovo posted a 6 percent decline in PC shipments in the quarter, compared with a 3 percent fall globally. Its PC revenue was flat at $7 billion. "Overall, it will be very challenging for them to improve their PC performance in the short-term with the component price rise that''s here to stay," said analyst Mo Jia, of industry consultancy Canalys. MARGINS AND MOBILE Despite the challenging outlook, Chairman and Chief Executive Yang Yuanqing was upbeat about the prospects for margins and the struggling mobile business. He pointed to a $110 million sequential improvement in operational pretax income, which he attributed to improvement in the mobile and data centre businesses. "Not only did this gave me more confidence we will turn around our mobile business in the second half of FY2018, I think the entire Lenovo is entering a new phase of growth," he said. Lenovo has struggled with mobile since acquiring Motorola in 2015, and as Chinese rivals such as Huawei and Xiaomi leapt to global prominence. Losses from its mobile business narrowed and revenue rose 2 percent to $1.75 billion in the quarter. It was the only unit to post a rise in revenue, although it still accounted for just 17 percent of the total. Total revenue was flat at $10 billion. To protect margins, Yang said Lenovo would focus more on fast-growing premium products such as PCs tailored for gaming and millennials. It had dropped low-margin deals such as that with Google''s Chromebook, and would raise selling prices if component costs continued to climb. Lenovo''s data centre business group recorded an operational loss of $114 million, versus a loss of $31 million a year ago. Despite a 11 percent drop in revenue, Yang said he expected the group to turn profitable in two years. Reporting by Sijia Jiang; Editing by Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lenovo-group-results-idUKKCN1AY05E'|'2017-08-18T04:22:00.000+03:00'
'c6979fb6c4e8a0021b5d4bcde5c9f88f8feb1501'|'Air Berlin files for insolvency, Lufthansa in takeover talks'|'August 15, 2017 / 11:23 AM / in 5 hours Air Berlin files for insolvency after Etihad withdraws support Victoria Bryan and Maria Sheahan 5 Min Read BERLIN (Reuters) - Air Berlin ( AB1.DE ), Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after key shareholder Etihad Airways withdrew funding following years of losses, leaving valuable runway slots up for grabs. The move offers Lufthansa ( LHAG.DE ) and rivals a chance to acquire slots at airports such as Berlin Tegel and Duesseldorf, with Germany''s largest airline keen to defend its domestic position against expansion by low-cost rival Ryanair ( RYA.I ). Lufthansa confirmed it was in talks to take over parts of the business, while a source said easyJet ( EZJ.L ) was the second airline referred to by the government as being in talks with Air Berlin. The British budget carrier declined to comment. The insolvency comes with thousands of Germans enjoying summer holidays, and just ahead of a September general election. The German government has granted a bridging loan of 150 million euros (136.81 million pounds)to allow Air Berlin to keep its planes in the air for three months and secure the jobs of its 7,200 workers in Germany while negotiations continue. The government said it expected decisions to result from these negotiations in the coming weeks. Lufthansa has already leased Air Berlin planes to provide flights by its Eurowings budget airline and has made no secret of its interest in taking on more of Air Berlin''s business while being mindful of the potential obstacles posed by debts and anti-trust issues. Related Coverage German govt loan to Air Berlin to ensure flights for 3 months "Lufthansa has played a canny waiting game over a number of years and is now well placed to cherrypick those parts of Air Berlin''s operation that suit it best without buying the whole loss-making enterprise," said Jonathan Wober, analyst at CAPA-Centre for Aviation. RECORD LOSS Ryanair said Air Berlin was being prepared for a Lufthansa takeover, which it said would breach competition laws. But German Transport Minister Alexander Dobrindt said he was confident there would be no anti-trust issues because the business would be sold off in bits. In a statement published after trading hours, the Irish carrier said it had lodged a complaint with the German and European competition authorities regarding "the obvious conspiracy" playing out in Germany over Air Berlin. FILE PHOTO:German carrier Air Berlin''s aircrafts are pictured at Tegel airport in Berlin, Germany, September 29, 2016. Axel Schmidt/File Photo "This manufactured insolvency is clearly being set up to allow Lufthansa to take over a debt-free Air Berlin, which will be in breach of all known German and EU competition rules," Ryanair''s statement said. A spokesperson for the European Commission said it was in "constructive contact" with Germany about the Air Berlin issue. European Union state aid rules allow rescue and restructuring aid to companies that are in financial difficulty, but such aid is subject to strict conditions. Slideshow (6 Images) Air Berlin, which became famous for its "Mallorca shuttle" services, piled up debt after a series of takeovers and bookings have been hit in recent months by concerns over its finances. It made a net loss in almost every year since 2008 and in 2016 reported a record deficit of 782 million euros (713.22 million pounds), equivalent to more than 2 million euros (1.82 million pounds) a day. Funding from Etihad Airways, which bought into Air Berlin in 2011, has helped keep it afloat and the Abu Dhabi-based airline provided an additional 250 million euros in April. But Etihad has been reviewing its European investments after they failed to yield the profits expected. Alitalia [CAITLA.UL], another of Etihad''s investments, is also in administration and is seeking bidders. Talks between Etihad and TUI ( TUIT.L ), Europe''s largest tour operator, about forming a joint venture holiday airline by merging TUIfly with Air Berlin''s leisure airline Niki collapsed earlier this year. Shares in Air Berlin last traded down 34 percent at 0.51 euros (0.4651 pounds) on Tuesday, valuing the airline at about 60 million euros (54.72 million pounds). Ten years ago the carrier was worth around 1 billion euros (912.04 million pounds). Lufthansa shares were up 4.7 percent at 20.59 euros (18.78 pounds). Pilots'' union Vereinigung Cockpit (VC) blamed the shortcomings of past management at Air Berlin for its woes and expressed anger with Etihad. "It is a scandal that Etihad is dodging its responsibility and is leaving Air Berlin''s staff out in the cold," VC President Ilja Schulz said in a statement. Reporting by Victoria Bryan, Maria Sheahan, Gernot Heller and Andreas Cremer; Editing by David Holmes and Greg Mahlich/Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-idUKKCN1AV142'|'2017-08-15T14:23:00.000+03:00'
'012cbce6c34478856eca44154461c81a77edb592'|'Brazil''s JBS maintains plans for IPO of U.S. unit'|'FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. Ueslei Marcelino/File Photo SAO PAULO (Reuters) - JBS SA will proceed with plans to list a U.S.-based unit when market conditions allow, as the world''s No. 1 meatpacker wrestles with a shareholder revolt over the role of the controlling Batista family in a massive graft scandal.In a Tuesday conference call to discuss second-quarter results, Chief Executive Officer Wesley Batista said JBS Foods International Inc could be listed by the end of next year, once parent JBS finalizes 6 billion reais ($1.9 billion) in asset sales to cut debt and restore investor confidence.His remarks came after Brazil''s development bank BNDES, whose investment arm is JBS'' No. 2 shareholder, said earlier in the day that it would endorse a civil lawsuit against management and the billionaire Batista family. The lawsuit alleges that their role in a corruption scheme led to heavy losses in the value of JBS shares."It is not a matter of if but when," he said of the unit''s IPO plan. JBS Foods includes beef brand Swift and Pilgrim''s Pride, among other subsidiaries.BNDES Participações SA, which has about a 21 stake in JBS, will seek Batista''s ouster at a Sept. 1 shareholder meeting. The lawsuit also targets his brother Joesley Batista, who is also a board member, former executives and J&F Investimentos SA, which oversees the family''s 42 percent stake in JBS.Related Coverage Brazil prosecutor to file charges against J&F executives: newspaperIn May, the Batista brothers signed a plea deal with Brazilian prosecutors after admitting to bribing 1,900 politicians over the course of a decade. Since then the brothers have personally negotiated the short-term refinancing of 21 billion reais in JBS debt and the sale of several assets.Following the plea deal, JBS'' board created a compliance division and hired a former U.S. Department of Agriculture official to bolster transparency.Shares rallied in afternoon trading, as the succession of probes and scandals had a smaller-than-expected impact on second-quarter operational trends. The stock added 2.4 percent to 8.81 reais.EARNINGS Late on Monday, JBS reported quarterly net income that was about half the amount forecast by analysts as net financial expenses jumped to their highest in five quarters on currency variations and adjustments in the fair value of derivatives.Still, earnings before interest, tax, depreciation and amortization, or EBITDA, rose 30 percent from a year earlier to 3.7 billion reais, beating an average estimate of 3.4 billion reais.According to Thiago Duarte, an analyst with Banco BTG Pactual, results reflected a strong performance of the U.S. beef business is booming as the outlook for Brazil-based units remain weak. Batista expects margins to return to historical double-digit levels.JBS is on track to reduce debt faster than investors anticipated, he said. Net debt could drop to 3.5 times annual EBITDA by December, Batista said, noting that those debt levels had not been expected until the end of 2018.The company is also in advanced talks to sell Moy Park Ltd in Europe and U.S. unit JBS Five Rivers Cattle Feeding LLC, following the sales of Argentine assets and a stake in dairy producer Vigor Alimentos SA, Batista said.JBS has also hired lawyers to deal with a potential U.S. criminal investigation of its corporate practices, he said, adding that "none of our U.S. subsidiaries or executives committed any wrongdoing."Reporting by Ana Mano; Additional reporting by Alberto Alerigi Jr in São Paulo; Editing by Guillermo Parra-Bernal and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-jbs-outlook-idINKCN1AV1GD'|'2017-08-15T11:22:00.000+03:00'
'84b0d39e1a1ee1047ac3ee1e552b5729b85b214e'|'CEE MARKETS-Zloty, crown rise as GDP data confirm robust CEE growth'|'* GDP growth is robust, mostly above forecasts: zloty, crown firm * Leu eases, Romanian GDP growth surge to 5.9 pct leaves risks (Adds Serbian central bank forecast, Bulgaria, Slovakia, and bond markets) By Sandor Peto BUDAPEST, Aug 16 (Reuters) - The zloty led Central Europe''s main currencies higher on Wednesday after figures for the second quarter showed the region''s economic growth remained strong. Poland''s annual economic growth slowed from 4 percent in the first quarter, but at 3.9 percent was a tick above analysts'' forecasts. The zloty gained 0.64 percent, reaching 4.268 against the euro by 1310 GMT. Polish government bonds were steady as robust growth pointed to inflation risks. "Fears of conflict between the United States and North Korea decreased considerably, but Polish GDP data turned out to be so solid that investors don''t rush to buy Polish papers (debt)," said Piotr Poplawski, senior economist in ING BSK. Central European economies are powering ahead, helped by demand for their exports, European Union funding inflows and rising real wages. Pay has risen fastest in Romania, and according to Wednesday''s data, its annual economic growth accelerated to 5.9 percent from 5.7 percent in the first quarter. However, the wage increases are fuelled by government policy, which has led to fears of a rise in the budget deficit and inflation. The leu, which is usually slow to react to economic data, hit a six-week low despite the figures, shedding 0.2 percent to 4.583. Romanian bond yields rose by a few basis points. "It (the figures) should be slightly positive for the Romanian leu but negative for government bonds as the output gap looks set to widen further, increasing the chances for inflation to rise even faster than expected," said Ciprian Dascalu, chief economist at ING in Romania. Czech quarterly growth, at 2.3 percent, was the strongest on record. Commerzbank raised its forecast for Czech growth in 2017 to 4.3 percent from 2.9 percent, in a note. The jump may heighten expectations the Czech central bank will continue to tighten policy to fight inflation. Early this month, it became the first in the European Union to raise interest rates since 2012. "The positive surprise can cause a capital inflow ... an increase... would pose a risk that (the central bank''s) communication will become more hawkish in the coming months," Erste analyst Jiri Polansky said in a note. The crown touched its strongest levels since Aug. 4. It firmed 0.4 percent to 26.045. Hungary''s forint was flat. Hungary''s annual economic growth slowed to 3.2 percent from 4.2 percent in the first quarter, below forecasts by analysts of 3.7 percent, but the outlook remains strong, analysts said. Elsewhere, growth picked up to 3.6 percent in Bulgaria and to 3.3 percent in Slovakia in the second quarter. Serbia''s central bank maintained its 3 percent economic growth forecast for 2017, warning over risks. But the dinar gained 0.1 percent to 119.25, trading near its strongest levels since 2014. CEE MARKETS SNAPSH AT 1510 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.045 26.153 +0.42 3.69% 0 5 % Hungary 304.29 304.19 -0.03% 1.49% forint 00 50 Polish zloty 4.2680 4.2955 +0.64 3.18% % Romanian leu 4.5830 4.5740 -0.20% -1.05% Croatian 7.3920 7.3935 +0.02 2.21% kuna % Serbian 119.25 119.36 +0.09 3.44% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1033.9 1032.5 +0.14 +12.1 3 0 % 9% Budapest 36911. 36775. +0.37 +15.3 63 94 % 4% Warsaw 2399.6 2376.6 +0.97 +23.1 1 6 % 9% Bucharest 8264.3 8334.2 -0.84% +16.6 6 8 5% Ljubljana 805.20 805.67 -0.06% +12.2 1% Zagreb 1902.3 1897.5 +0.25 -4.64% 1 1 % Belgrade 718.19 715.89 +0.32 +0.11 % % Sofia 731.49 729.28 +0.30 +24.7 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.026 0.089 +072b +8bps ps 5-year 0.072 0.013 +031b -1bps ps 10-year 0.877 -0.005 +042b -4bps ps Poland 2-year 1.857 0.009 +255b +0bps ps 5-year 2.737 0.002 +297b -2bps ps 10-year 3.409 0.003 +295b -3bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.57 0.67 0.77 0 IBOR=> Hungary <BU 0.245 0.31 0.38 0.15 BOR=> Poland <WI 1.764 1.796 1.845 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L23J0'|'2017-08-16T11:52:00.000+03:00'
'019a879e380b5714b319a5c4a4c3ae86f652a3b1'|'JPMorgan launches new algo-driven ''dark pool'' for stocks'|'August 14, 2017 / 8:49 PM / 5 hours ago JPMorgan launches new algo-driven ''dark pool'' for stocks 3 Min Read A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith NEW YORK (Reuters) - JPMorgan Chase & Co ( JPM.N ) has begun trading on a new private stock trading venue, or "dark pool," that lets its clients use the bank''s algorithms to buy or sell stocks at a benchmark price reached over a period of time. Trading in the new dark pool, known as JPBX, began the week of July 17, according to data from the Financial Industry Regulatory Authority. The move comes at a time of increased regulatory scrutiny of dark pools that has led to a number of trading venues being shuttered, and highlights JPMorgan''s efforts to expand its equities business. JPMorgan''s securities unit also runs JPMX, a dark pool that matches shares in a more traditional manner, within the spread of the best bid and offer prices shown on public stock exchanges like those run by Nasdaq Inc ( NDAQ.O ) or Intercontinental Exchange Inc''s ( ICE.N ) New York Stock Exchange. Brokers looking to get benchmark pricing for their orders can access the new dark pool through JPMorgan''s algorithms. For instance, a broker might have an order for 5,000 shares to buy while another broker has an order for 2,000 shares of the same stock and wants to get the volume-weighted average price. JPBX will lock up the 2,000 shares on both sides for say, two minutes, and then execute at the average price of the stock over the previous two minutes. The bank hopes to have the dark pool fully launched by the end of the month, said a person with knowledge of the matter who did not have permission to be quoted in the media. JPMorgan spokeswoman Jessica Francisco declined to comment. Nearly every major bank has a dark pool, a trading venue that does not have to provide information such as trade sizes or prices to the public prior to trades taking place, with the aim of getting large orders done with minimal price movement. Dark pools have historically been lightly regulated when compared with public exchanges, but in recent years have come under increased scrutiny, driving up legal, compliance, and technology costs for the firms that run them. Over the past several years, the number of dark pools has dwindled to around 30, according to FINRA, from around 50. For the week of July 24, 417,289 shares were crossed on 3,636 orders in JPBX, up from 2,220 shares on 16 orders the previous week, according to FINRA. Reporting by John McCrank; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/jpmorgan-stocks-darkpool-idINKCN1AU2BJ'|'2017-08-14T23:46:00.000+03:00'
'70c59d1b93ce329da4e36a4aae10e3727cdfc316'|'Deutsche Post open to more electric van projects with Ford'|'August 16, 2017 / 9:57 AM / in 25 minutes Deutsche Post open to more electric van projects with Ford Reuters Staff 2 Min Read Juergen Gerdes (L), executive of eCommerce and Parcel of German postal and logistics group Deutsche Post DHL and Steven Armstrong, Group Vice President and President of Europe, Middle East and Africa Ford Motor Company pose with their joint-venture, the new StreetScooter Work XL electric van based on a Ford Transit transporter in Cologne, Germany August 16, 2017. Wolfgang Rattay COLOGNE, Germany (Reuters) - Deutsche Post ( DPWGn.DE ) said it would consider broadening an electric van alliance with U.S. carmaker Ford ( F.N ) after teaming up to put zero-emissions delivery vans on the road. Germany, the main market for the vehicles, is clamping down on toxic diesel fumes, and unveiled a 500 million euro (455 million pounds) fund this month to help municipalities invest in less polluting vehicles. It would make sense to "think about further activities" with Ford, Deutsche Post board member Juergen Gerdes said on Wednesday, as the two companies presented their delivery van, the StreetScooter Work XL, for which Ford is supplying vehicle technology based on its Transit model. Advances in manufacturing software are allowing auto industry newcomers such as Deutsche Post, Google and start-ups to tap suppliers to design, engineer and test new vehicle concepts without hiring thousands of engineering staff or investing billions in tooling and factories. Deutsche Post initially developed an electric minivan dubbed StreetScooter for its own operations to avoid inner-city emissions after growth in online shopping resulted in increased parcel deliveries. Juergen Gerdes, executive of eCommerce and Parcel of German postal and logistics group Deutsche Post DHL poses in front of a joint venture with Ford Motor Company, the new StreetScooter Work XL electric van based on a Ford Transit transporter in Cologne, Germany August 16, 2017. Wolfgang Rattay But in April it took on carmakers by unveiling plans to step up production and sell to other delivery firms. The group said on Wednesday it would eventually sell the new model being built with Ford components to third parties as well. The model, which adds to the existing StreetScooter Work and Work L vans, is part of a plan to build another production site for the StreetScooter unit and double annual output to 20,000 vans by the end of the year. Board member Gerdes said Deutsche Post would likely pick the location for the second production site next month. Deutsche Post, which is also building a country-wide network of maintenance and repair shops, wants a fleet of at least 2,500 of the Work XL model on the road by the end of 2018. Reporting by Matthias Inverardi; Writing by Maria Sheahan; Editing by Ludwig Burger and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-deutsche-post-streetscooter-ford-moto-idUKKCN1AW0XI'|'2017-08-16T12:56:00.000+03:00'
'dc525ad1eb09c8073ac79ae385d4d7a793a67939'|'PRESS DIGEST- Wall Street Journal - Aug 16'|'Aug 16 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- President Donald Trump, in a combative news conference, said "both sides" were to blame in violent weekend clashes in Charlottesville, Virginia, a day after putting the responsibility squarely on white nationalists. on.wsj.com/2w0gQqA- Cohu Inc, which tests semiconductors, wants to persuade the United States Committee on Foreign Investment that the proposed sale of Xcerra Corp to a Chinese state-backed fund would threaten national security. on.wsj.com/2w0GZWk- President Donald Trump''s response to the weekend violence in Charlottesville, Virginia, has sparked soul-searching in U.S. corporate boardrooms over whether they should keep working closely with the White House. on.wsj.com/2w0dQL3- Uber agreed to two decades of audits as part of a settlement with the federal government over allegations that the company didn''t have sufficient data-privacy protections for its users. on.wsj.com/2w0oiSr- Premiums for middle-priced plans on Affordable Care Act''s individual market would climb by 20 percent in 2018 if the government halted payments to insurers under the health law, the Congressional Budget Office estimated. on.wsj.com/2w02NkT- Evangelical conservative Roy Moore was leading in a special Senate election Tuesday, out-polling Senator Luther Strange despite support for the incumbent from President Donald Trump and the GOP establishment in Washington. on.wsj.com/2w09SSt (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1L21WZ'|'2017-08-16T02:21:00.000+03:00'
'0627c581c0c9fb6b17d0164d7611fcf589bcd83c'|'U.S. longer-dated bond net shorts hit five-week high -JPMorgan'|'NEW YORK, Aug 15 (Reuters) - The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish on them grew to its highest in five weeks, JPMorgan''s latest client survey showed on Tuesday. Benchmark Treasury yields fell to six-week lows last week due to safe-haven buying spurred by fears of an imminent military showdown between the United States and North Korea over the latter''s goal to target the U.S. mainland with nuclear weapons. Since the weekend, Washington and Pyongyang dialed back rhetoric over a military clash, prompting investors to lighten their safe-haven bond holdings. At 10:55 a.m. (1455 GMT), the 10-year Treasury yield was 2.264 percent, up from the six-week low of 2.182 percent set on Friday. A week ago, it was 2.282 percent, Reuters data showed. The share of short investors, or those who said they were holding fewer longer-dated Treasuries than their benchmarks, increased to 30 percent from 25 percent a week earlier. The share of long investors, or those who said they were holding more longer-dated Treasuries than their benchmarks, fell to 11 percent from 18 percent last week. The net shorts, or short investors outnumbering long investors, were 19 percentage points, the most since July 10, JPMorgan said. That was up from 7 points last week. JPMorgan surveyed clients bond fund managers, central banks and sovereign wealth funds, as well as market makers and hedge funds. Active clients showed net shorts of 10 points, the most since July 3, JPMorgan said. The chart below displays the latest JPMorgan survey results of its Treasury clients: All clients Long Neutral Shorts Net Position Aug 14 11 59 30 -19 Aug 7 18 57 25 -7 July 31 18 59 23 -5 July 24 18 57 25 -7 July 17 14 66 20 -6 July 10 9 59 32 -23 Active clients Aug 14 10 70 20 -10 Aug 7 20 60 20 0 July 31 20 60 20 0 July 24 20 60 20 0 July 17 20 70 10 10 July 10 20 60 20 10 *positive value denotes net long, negative value denotes net short (Reporting by Richard Leong; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/treasuries-jpmorgan-idINL2N1L10WC'|'2017-08-15T13:12:00.000+03:00'
'cbffd7e7f99b2bc69aa3f82e425b6843bfa37335'|'Financials and Danone help European shares edge higher'|'August 15, 2017 / 7:40 AM / a minute ago Financials and Danone help European shares edge higher   Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 14, 2017. Staff/Remote LONDON (Reuters) - European shares rose in early deals on Tuesday, recovering further ground as geopolitical tensions eased in holiday-thinned trading. The pan-European STOXX 600 index was up 0.3 percent, while blue chips .STOXX50E gained 0.5 percent. Britain''s FTSE 100 .FTSE rose 0.2 percent, and Germany''s DAX .GDAXI ticked 0.5 percent higher. Italian and Austrian markets were closed for a holiday. Financials extended their gains from the previous session and were the biggest contributors to gains, having been hit particularly hard in the latter part of last week as tensions rose between the U.S. and North Korea. Danone ( DANO.PA ) led the food and beverage index .SX3P higher, up 2.6 percent after a media report that the activist fund Corvex Management owned a stake in the French yoghurt maker. Elsewhere, the German potash miner K+S ( SDFGn.DE ) dropped 3 percent close to a four-month low after saying that it was unlikely to reach its 2020 earnings EBITDA target, blaming a slow recovery of potash prices. Retailer Next''s ( NXT.L ) shares fell 2.9 percent after Berenberg cut its rating on the stock to "sell" from "hold". Earnings also spurred some moves, with fund supermarket Hargreaves Lansdown ( HRGV.L ) falling 1.3 percent after reporting its full-year results. The European second-quarter earnings season is rolling to a close with 82 percent of MSCI Europe firms having already reported earnings, according to Thomson Reuters data. More than 60 percent have either met or beaten analysts’ expectations. Reporting by Kit Rees; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1AV0N7'|'2017-08-15T10:33:00.000+03:00'
'fc3d920b8a7bca48765b159e9e9d19d6e43cef5c'|'Banks lead relief rally for European stocks, RWE jumps'|' 34 AM / 18 minutes ago Banks lead relief rally for European stocks, RWE jumps Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 9, 2017. Staff/Remote LONDON (Reuters) - European shares enjoyed a relief rally on Monday after geopolitical tension had sent them to their worst weekly losses of the year. The pan-European STOXX 600 rose 0.7 percent while euro zone stocks and blue-chips .STOXX50E jumped 0.9 percent. Tension between the United States and North Korea had caused their worst losses this year, down 2.7 percent on the week. The banking sector .SX7P, the worst hit last week, led gains, up 1.4 percent, with Deutsche Bank, Commerzbank and Standard Chartered Bank all up 2.5 to 2.7 percent. Shares in German energy group RWE ( RWEG.DE ) jumped 3 percent to the top of the STOXX after it said it was aiming for the top end of its 2017 profit forecast, with first-half results boosted by better gas plant performance. RWE is the leader among utilities stocks this year, up 60 percent since January. Danone ( DANO.PA ) shares gained 2 percent after the New York Post newspaper speculated the firm could be a bid target. A spokeswoman declined to comment on the report. UK mid-cap Ladbrokes Coral ( LCL.L ) meanwhile was among a handful of fallers, down 2.7 percent after Credit Suisse cut the stock to "underperform" from "neutral". Standard Life Aberdeen, the merged asset manager ( SLA.L ) was among top European gainers on its first day of trading, up 2.7 percent. Fiat Chrysler ( FCHA.MI ) shares jumped 3.5 percent, leading autos stocks. With 82 percent of MSCI Europe corporates’ quarterly results through, energy and basic materials stood out as the winners so far, while consumer cyclical and industrial companies have mostly missed analyst expectations. Reporting by Helen Reid; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1AU0NM'|'2017-08-14T10:38:00.000+03:00'
'a998e945872b7cfbc1a5dec2618b0a296771635f'|'Samsung, Foxconn to back cable-free phone tech'|'August 16, 2017 / 5:28 PM / 42 minutes ago Samsung, Foxconn to back cable-free phone tech Stephen Nellis 3 Min Read FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji (Reuters) - A startup backed by Tony Fadell, one of the fathers of the Apple iPod, plans to announce Wednesday it is working with Samsung Electronics Co Ltd, Foxconn parent Hon Hai Precision Industry Co Ltd and others on a new way for mobile phones to transfer large amounts of data without using wires or WiFi connections. Chief Executive Eric Almgren said his Campbell, Calif.-based company called Keyssa has raised more than $100 million from Fadell and the venture arms of Samsung and Intel Corp, among others. The company’s “kiss” technology allows two computing devices to be held near each other and transfer large files such as movies in just a few seconds. The goal is to remove the need for cumbersome and bulky cable connectors inside devices like phones and laptops, which are growing ever-lighter and thinner. If Keyssa is successful, the wireless data transfer technique could eventually be available in a wide range of devices. Keyssa announced last October, together with Intel Corp, that it had come up with a design that could be embedded in so-called two-in-one laptops which feature detachable touch-screens. The alliance with Samsung and Foxconn is aimed at creating a design for mobile phones. Shankar Chandran, head of the venture arm at Samsung Electronics, noted that the management team at Keyssa had previously developed the technology behind the HDMI standard for video connections. Samsung hopes Keyssa’s technology might become similarly widespread. “Standards tend to get ecosystems built around them in a fairly complicated way,” Chandran said in an interview. “What’s needed is a bunch of industry players across the value chain saying they’re going to build to that standard. And that’s really what we have.” CONFLICT LOOMS One of the first places a wireless transfer feature could show up is the Essential Phone, the device designed by Andy Rubin, the father of the Android mobile operating system. Essential, which has raised $330 million in venture capital, plans to announce a launch date for its $699 phone later this week. Playground Global, the venture fund Rubin oversees, is an investor in both Essential and Keyssa. Essential has said its phone will feature wireless data transfer, but it is not clear where the technology has come from. Keyssa says it has filed more than 250 patents around the technology, including nearly 50 of which that have been issued in the United States. Almgren said Keyssa met with Rubin and Essential executives several times, including at the Consumer Electronics Show in 2016, to discuss licensing Keyssa''s proprietary technology, but no agreement had been reached. For its part, Essential said it ”considered Keyssa as a component supplier for Essential Phone and chose to proceed with a different supplier that could meet our performance specifications for the product," Essential said in a statement. Reporting by Stephen Nellis; Editing by Jonathan Weber and Marguerita Choy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-keyssa-samsung-elec-idUKKCN1AW27G'|'2017-08-16T20:28:00.000+03:00'
'e9924381273da3b714bc37d4a42ffea3ae88d05c'|'German minister sees no cartel problems with Air Berlin asset sale'|'August 15, 2017 / 12:57 PM / 5 minutes ago German minister sees no cartel problems with Air Berlin asset sale 1 Min Read BERLIN, Aug 15 (Reuters) - German Transport Minister Alexander Dobrindt said he does not expect the likely sale of parts of Air Berlin to Lufthansa and to other airlines to cause cartel problems after Air Berlin filed for bankruptcy on Tuesday. "There is no transfer of Air Berlin as a whole to Lufthansa, there are parts of the business that will go to Lufthansa and there are interested parties for other bits of the business so we do not expect cartel difficulties," Dobrindt told reporters. He also said the German government had learned of Air Berlin''s situation on Friday night. (Reporting by Madeline Chambers and Michael Nienaber) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/air-berlin-lufthansa-dobrindt-idUSB4N1GS025'|'2017-08-15T15:56:00.000+03:00'
'490eca13200b1658bf7b08e840156dd91a928d45'|'BNDESPar to back suit against Batista family in JBS meeting'|'August 15, 2017 / 1:57 PM / in 18 minutes BNDESPar to back suit against Batista family in JBS meeting 2 Min Read SAO PAULO, Aug 15 (Reuters) - The investment arm of Brazilian development bank BNDES favors a civil suit against current and former executives and controlling shareholders of meatpacker JBS SA for allegedly causing losses due to their roles in a corruption scandal. BNDES Participações SA said it would vote in a Sept. 1 shareholder meeting in favor of a suit against JBS Chief Executive Officer Wesley Batista, forcing him to step down from his post, according to a statement from the bank on Tuesday. BNDESPar, as the bank''s investment arm is known, said it will also support suits against the CEO''s brother, Joesley Batista, who sits on JBS''s board, and other former executives, as well as against controlling shareholder J&F Investimentos SA. The Batista brothers struck a deal with prosecutors that imposes a record-setting fine of 10.3 billion reais ($3.2 billion) on J&F to avoid prosecution after admitting to bribing scores of politicians. Efforts to contact Wesley and Joesley Batista were unsuccessful. In a statement, JBS said it will not comment on any remarks by shareholders prior to the meeting. JBS shares rose 0.6 percent in early Tuesday trading. Late on Monday, JBS reported weaker-than-expected net income in the second quarter, although strong results in North America and Australia helped the company''s operating profit beat expectations. Reuters reported in June that minority shareholders aligned with BNDESPar want the Batistas to compensate them for a recent plunge in shares of JBS, on the grounds that the company''s image and reputation have been hurt by their actions. At BNDESPar''s request, JBS called a shareholder meeting in July to discuss potential changes to its management and board. BNDESPar will also vote in favor of nominating Gilberto Xandó, currently CEO of J&F''s dairy company Fábrica de Produtos Alimentícios Vigor SA, to JBS''s board, the statement said. $1 = 3.20 reais Reporting by Bruno Federowski and Alberto Alerigi; Editing by Frances Kerry 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-corruption-jbs-bndespar-idUSL2N1L10M4'|'2017-08-15T16:57:00.000+03:00'
'5f5dd9a550574938ec88d7d9fcef17f43805b718'|'Why Coal and Nuclear Don''t Figure Big in Energy''s Future'|'From Photographer: Waldo Swiegers/Bloomberg Realists will tell you that what counts are facts on the ground. But sometimes half-formed facts on the ground can be just as important. A clutch of these have materialized in the U.S. power sector of late. Southern Co. several weeks ago suspended work on what was supposed to be a pioneering plant to turn coal into gas for generating electricity. It is instead running as an extraordinarily expensive regular natural gas-fired station. Now, Southern is reportedly seeking federal help to save a project to build two long-delayed new nuclear reactors in Georgia, where costs appear to have spiraled to over $25 billion. Another two half-built reactors of the same design in South Carolina were just scrapped altogether after a similar litany of delays and busted budgets . These matter because energy markets tend to trend toward what''s been built or is about to be built. Think of the current debate over vehicles and how often you hear about the preponderance of gasoline stations and relative paucity of battery chargers as determining how that battle plays out. This applies particularly to power plants and the industries that supply them with fuel, because, once built, they tend to stick around for decades, long after their initial investment has been depreciated. Here is how the U.S. generation portfolio has changed over time: You''ll notice that nuclear power''s big wave was in the 1970s and 1980s, buoyed by a desire to reduce dependence on foreign energy after the oil shocks and before places like Three Mile Island and Chernobyl became household names and helped bring construction to a halt. You''ll also notice the boom in gas-fired plants in the 1990s and the first decade of the 21st century. That owed a lot to the pioneering efforts of a company you may have heard of called Enron Corp. Besides fleecing investors and the state of California, Enron also found time to pave the way for the natural-gas futures market and push for -- or violently shove for -- deregulation of wholesale power markets. The resulting boom in gas-fired power-plant construction mirrored the tech bubble in terms of both timing and financial losses. Yet, also like the tech bubble, it was something of a "good binge," to borrow a phrase from Morgan Stanley''s Ruchir Sharma. For example, you may have lost money investing in the likes of Pets.com, but, on the other hand, you''re probably reading this (and doing much else) online. Similarly, the dash for gas burned a lot of cash (especially if you bought Enron stock). But, as a result, when the shale-gas boom came along, there was lots of underused power-plant capacity ready to burn the resulting flood of fuel. That has been the undoing of coal-fired plants, whose last big construction wave happened in the 1970s and 1980s, making them pretty old at this juncture: The other essential point here is that U.S. electricity demand has stopped growing over the past decade, partly due to recession but more a reflection of structural changes in the economy and rising efficiency. That''s another reason it is tough to make the economics of a new nuclear or coal-fired plant work. By the time they are permitted and built, it can be many years after the initial proposal before such plants generate any electricity (and revenue). That was less of a problem in decades past when, even if initial budgets proved optimistic, ever-increasing demand meant that the capacity would be needed at some point and therefore produce cash flow. Even if you can justify plowing billions into a giant new plant pushing more supply into a flat market, gas-fired plants can be built more quickly, as can renewable-power sources such as wind-turbines and solar arrays. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The latter do require high upfront capital. But, crucially, they can be built more easily in increments rather than big, one-off projects. Moreover, at least for now, capital for newer forms of energy technology doesn''t seem to be in terribly short supply, if Tesla Inc.''s latest bond issue is anything to go by. And once built, their fuel costs are zero, which means that, when they run, they switch on first and tend to suck revenue away from traditional plants. Hence, the argument for nuclear plants, and even coal-fired plants, has shifted of late toward less straightforwardly economic grounds, such as job security or even -- a real sign of desperation -- national security . In the meantime, the facts on the ground continue to change in ways unfavorable to the incumbent power sources. Focusing in on recent history, and the near future, it is clear which technologies are now battling it out for a bigger share of America''s electricity demand: America''s coal-fired and nuclear plants aren''t about to switch off en masse, just as plenty of gas-guzzlers will continue to be driven off dealer lots for a while yet. But capital, with its lust for growth, continues to migrate elsewhere. Ignoring that fact isn''t a realistic strategy. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-15/why-coal-and-nuclear-don-t-figure-big-in-energy-s-future'|'2017-08-15T21:00:00.000+03:00'
'af8581738970a4b3dc2250c35a93a308a52da8d1'|'Trump''s probe on China intellectual property theft could spur change'|'WASHINGTON (Reuters) - President Donald Trump on Monday authorized an inquiry into China''s alleged theft of intellectual property in the first direct trade measure by his administration against Beijing, but one that is unlikely to prompt near-term change.Trump broke from his 17-day vacation in New Jersey to sign the memo in the White House at a time of heightened tensions between Washington and Beijing over North Korea''s nuclear ambitions.The investigation is likely to cast a shadow over relations with China, the largest U.S. trading partner, just as Trump is asking Beijing to step up pressure against Pyongyang.U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch a formal investigation of China''s trade policies on intellectual property, which the White House and U.S. industry lobby groups say are harming U.S. businesses and jobs.Trump called the inquiry "a very big move."Trump administration officials have estimated that theft of intellectual property by China could be as high as $600 billion.Experts on China trade policy said the long lead time could allow Beijing to discuss some of the issues raised by Washington without being seen to cave to pressure under the threat of reprisals.Although Trump repeatedly criticized China''s trade practices on the campaign trail, his administration has not taken any significant action. Despite threats to do so, it has declined to name China a currency manipulator and delayed broader national security probes into imports of foreign steel and aluminium that could indirectly affect China.China repeatedly rebuffed attempts by previous U.S. administrations to take action on its IP practices.U.S. President Donald Trump, flanked by U.S. Representative Darrell Issa (R-CA) (L), Treasury Secretary Steven Mnuchin (3rd R), U.S. Trade Representative Robert Lighthizer (2nd R) and Commerce Secretary Wilbur Ross (R), finishes signing a memorandum directing the U.S. Trade Representative to complete a review of trade issues with China at the White House in Washington, U.S. August 14, 2017. Jonathan Ernst "I''m sure they will formally reject this if an investigation is launched and there is an implication this is going to require negotiation to resolve it," said Matthew Goodman, a senior adviser for Asian economics at the Washington-based Center for Strategic and International Studies.Jonathan Fenby, an analyst at the TS Lombard consultancy, said China was not interested in a short-term trade fix with the United States and will resist "attempts to tie it down."China''s policy of forcing foreign companies to turn over technology to Chinese joint venture partners and failure to crack down on intellectual property theft have been longstanding problems for several U.S. administrations.The Information Technology Industry Council, the main trade group for U.S. technology giants, such as Microsoft, Apple and Google, said it hoped China would take the administration''s announcement seriously."Both the United States and China should use the coming months to address the issues causing friction in the bilateral trade relationship before Presidents Trump and Xi have their anticipated meeting ahead of the November APEC leaders meeting," ITI President Dean Garfield said in a statement.The U.S. Chamber of Commerce, the largest business lobbying group, said China needed to end forced technology transfers and to protect foreign intellectual property rights.In an editorial on Monday, the state-run China Daily newspaper said the investigation will "poison" relations and warned the Trump administration not to make a rash decision it could regret.Trump had been expected to seek a so-called Section 301 investigation earlier this month, but an announcement was postponed as the White House pressed for China''s cooperation on North Korea.Section 301 of the Trade Act of 1974, a popular trade tool in the 1980s that has been rarely used in the past decade, allows the president to unilaterally impose tariffs or other trade restrictions to protect U.S. industries from "unfair trade practices" of foreign countries.Additional reporting by Ginger Gibson and David Lawder; Editing by Leslie Adler and Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-trump-trade-china-idINKCN1AU23T'|'2017-08-14T21:28:00.000+03:00'
'613d28a4de117eee994c8d17eef977f44bc668bf'|'Buffett''s Berkshire Hathaway will not increase its Oncor offer'|'FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S.v in this file photo dated May 6, 2017. Rick Wilking/File Photo (Reuters) - The energy unit of Warren Buffett''s Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer.Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, has tried to best Berkshire Hathaway Inc''s deal for the Texas utility with a bid worth $18.5 billion, including debt.A U.S. bankruptcy judge in July gave Elliott Management Corp until Aug. 21 to formalize its plans to bid on Oncor Electric Delivery Co before the court approves the offer for the utility from Berkshire Hathaway."We appreciate the continued opportunity to collaborate with many stakeholder groups in Texas and thank them for their outstanding support, which sets our offer apart from any other bid," Berkshire Hathaway Energy Chairman and Chief Executive Greg Abel said in a statement."We''re committed to being an exceptional long-term partner in Texas and our simple, straightforward deal is good for Oncor, its customers and the state."Berkshire Hathaway Energy''s bid for Oncor includes 47 regulatory commitments that have the support of 12 key stakeholder groups across Texas, the company said."Oncor is a strong company with values, management and employees that will fit well with Berkshire Hathaway," said Warren Buffett, chairman and Chief Executive of Berkshire Hathaway Inc.Berkshire''s merger agreement with Oncor carries a $270 million termination fee should the deal fall through.Reporting by Subrat Patnaik in Bengaluru; Editing by Sandra Maler and Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oncor-m-a-berkshire-hatha-idINKCN1AX045'|'2017-08-16T23:25:00.000+03:00'
'db80a3cd0b6d40228c4d61bc18d333db91374099'|'CEE MARKETS-Assets firm on strong GDP data, ahead of bond auctions'|'* Currencies, bonds and stocks mostly firm * Romania, Hungary seen smoothly selling bonds at auctions * Czech crown extends gains; GDP jump boosts rate hike odds By Sandor Peto BUDAPEST, Aug 17 (Reuters) - Central European assets firmed on Thursday, after robust second-quarter economic output figures in the region and ahead of bond auctions in Budapest and Bucharest. In most regional countries, economic growth picked up from already strong levels in the first quarter, with Romania reporting the fastest annual growth at 5.9 percent. Risk appetite has also increased since last week, when tension between North Korea and the United States weighed on emerging market assets. The improved sentiment, helped by the good GDP figures, mostly pushed government bond yields slightly lower. Romanian bonds and the leu regained some ground after a decline on Wednesday when the strong figures boosted worries that the budget deficit and inflation could rise. "The rebound is in line with the region and the core markets in Europe," said one trader with a foreign bank in Bucharest. Romania auctions five-year bonds on Thursday. Hungary tenders 3-, 5- and 15-year bonds. Traders said Hungary could probably smoothly sell the bonds near the levels to which yields had fallen, amid buying mainly by a single foreign investor. The 15-year bonds on offer traded at 3.66 percent, 3 basis points below Wednesday''s fixing. Hungary reported 3.2 percent annual economic growth for the second quarter on Wednesday, a strong figure, but below analysts'' expectations and a 4.2 percent first-quarter increase. "That underpinned expectations that Hungary''s central bank will be the last in the region to tighten policy," one Budapest-based fixed income trader said. Early this month, the Czech central bank (CNB) became the first in the European Union since 2012 to lift interest rates. Wednesday''s figures, which showed the strongest Czech quarter-on-quarter growth on record, fuelled expectations that the CNB could soon lift rates again. The Czech crown jumped after the figures, and slightly extended its gains on Thursday, trading at 26.031 at 0848 GMT. A firmer currency reduces inflation pressure and the need of the CNB to tighten policy further. "After the recent data a potential rate hike should be back on the table for Q4 of this year," said Komercni Banka dealer Dalimil Vyskovsky in a note. "The reaction of EURCZK yesterday was imminent, but still cannot be called a monetary tightening move," he added, referring to the possibility of another rate hike. Czech 3x6 forward rate agreements rose by 2 basis points early on Thursday, but were still only 9 basis points above the 3-month PRIBOR interbank rates, thus signalling less than a 50 percent chance of a CNB rate hike by November. CEE MARKETS SNAPSH AT 1048 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.031 26.056 +0.10 3.75% 0 0 % Hungary 304.20 304.40 +0.07 1.52% forint 00 00 % Polish zloty 4.2540 4.2652 +0.26 3.52% % Romanian leu 4.5820 4.5850 +0.06 -1.03% % Croatian 7.3920 7.3925 +0.01 2.21% kuna % Serbian 119.25 119.35 +0.08 3.44% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1038.4 1033.8 +0.44 +12.6 0 3 % 7% Budapest 37121. 36892. +0.62 +15.9 29 09 % 9% Warsaw 2358.5 2381.1 -0.95% +21.0 3 8 8% Bucharest 8343.8 8292.2 +0.62 +17.7 1 0 % 7% Ljubljana 804.81 805.20 -0.05% +12.1 5% Zagreb 1897.7 1905.9 -0.43% -4.87% 0 6 Belgrade 719.91 718.19 +0.24 +0.35 % % Sofia 732.02 730.90 +0.15 +24.8 % 3% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0 -0.026 +070b -4bps ps 5-year 0.091 0.032 +034b +3bps ps 10-year 0.877 0 +045b +1bps ps Poland 2-year 1.851 -0.01 +255b -2bps ps 5-year 2.721 0.017 +297b +2bps ps 10-year 3.388 -0.006 +296b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.58 0.69 0.79 0 IBOR=> Hungary <BU 0.23 0.295 0.365 0.15 BOR=> Poland <WI 1.763 1.805 1.842 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L320U'|'2017-08-17T07:30:00.000+03:00'
'b61fcd5fd885688a90dd95f8728d51da7269e6b0'|'Britain''s May to lead business delegation to Japan'|'August 15, 2017 / 2:00 AM / 10 minutes ago Britain''s May to lead business delegation to Japan 2 Min Read LONDON, Aug 15 (Reuters) - British Prime Minister Theresa May will visit Japan this month for talks with her Japanese counterpart Shinzo Abe to discuss Brexit, trade and defence, her office said on Tuesday. May will lead a business delegation drawn from a range of different sectors on the trip, which comes as her government looks to strengthen its relationship with key international investors ahead of Britain''s exit from the European Union. "The delegation will showcase the strength of British business, the shared confidence in the UK-Japan economic relationship as we leave the EU, and the potential for future growth," a spokesman from May''s office said. The three-day trip begins on Aug. 30. Japanese companies including carmaker Nissan and conglomerate Hitachi have invested more than 40 billion pounds ($52 billion) in Britain, and Japanese companies employ a total of 140,000 people in the country. May''s office did not give details of which businesses would be travelling to Japan. May will also meet Emperor Akihito, the spokesman said. Since voting to leave the EU last June Britain has trumpeted decisions by Japanese carmakers Nissan and Toyota to continue production in the country as a sign that Brexit will not scare off international investors. But both those investments came after the government wrote letters to ease the firms'' concerns, drawing criticism that May was making secret deals and giving firms privileged information on Brexit. Britain said the letters were commercially sensitive. May and Abe, leaders of the world''s fifth and third largest economies, met last month on the sidelines of an international summit in Germany, and in April she hosted him at her English country residence. After Abe''s April visit, he expressed concerns about possible overnight changes in regulations when Britain withdraws from the EU in March 2019 - the latest in a series of unusually strong declarations about the risks of Brexit from Tokyo. (Reporting by William James; Editing by Richard Balmforth) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-britain-may-idUSL8N1L03JR'|'2017-08-15T05:00:00.000+03:00'
'8e23954c3c159a060a05676caeeb6d115c59de35'|'Corvex warns of proxy fight with Energen after raising stake'|'Keith Meister, Managing Partner and Chief Investment Officer of Corvex Management, speaks during the Sohn Investment Conference in New York City, U.S., in this file photo dated May 8, 2017. Brendan McDermid (Reuters) - Corvex Management threatened a proxy battle against Energen Corp if the U.S. oil and gas producer did not agree to add the activist investor''s nominees to its board.Corvex - already the biggest shareholder in Energen - said in a filing disclosed on Monday that it raised its stake to 10.1 percent, eclipsing a threshold that allows shareholders of Alabama-domiciled companies to call a special meeting.Corvex said in its filing that if private discussions with the company fail to result in new board members, the hedge fund intends to call a special meeting, where shareholders will vote to expand the board to 15 members from nine, and to fill the vacancies with Corvex''s nominees. ( bit.ly/2vC2GcG )The $5.5 billion fund, run by activist investor Keith Meister, has often used proxy fights to press for changes at companies. Corvex''s latest battle was nominating an entire slate of directors at Williams Companies Inc last fall, a contest the fund later dropped after the oil and gas producer added new members to its board.In a 2014 proxy fight, Corvex was among the investors that ousted the entire board of CommonWealth REIT.Energen, a $4.5 billion energy company whose assets are concentrated in the Permian Basin in Texas, was not immediately available for comment. The company is based in Birmingham, Alabama.Corvex first targeted Energen on May 31, calling on it to explore a sale of the entire company. Energen announced a few weeks later that after reviewing Corvex''s proposal and other strategic alternatives, it was sticking to its own business plan. The company said it hired investment bank JPMorgan Chase & Co to advise it on the review.Energen shares were up 0.7 percent to $49.56 in afternoon trading on Monday. The stock has fallen nearly 14 percent since Corvex''s first move in May.Reporting by Michael Flaherty and Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-energen-corvex-idUSKCN1AU27J'|'2017-08-14T22:48:00.000+03:00'
'25d0fd39f7f3fb3e3eee7df04ed29afbd2d58ca0'|'MIDEAST STOCKS-Major Gulf bourses end week on firm footing, Egypt slips'|' 27 PM / 15 minutes ago MIDEAST STOCKS-Major Gulf bourses end week on firm footing, Egypt slips 5 Min Read * Saudi''s Atheeb rises after swinging to Q2 profit * Al Hammadi advances on strong Q2 results * Alhokair down as revenue signals weakness * Abu Dhabi''s TAQA up in heavy trade * Egypt''s SODIC down on earnings miss By Celine Aswad DUBAI, Aug 17 (Reuters) - Most major stock markets in the Gulf rose on Thursday with Saudi Arabia''s index gaining strength from positive company-specific news while shares of one of Egypt''s property developers dropped as its quarterly earnings missed estimates. The Riyadh index added 0.7 percent as all 12 listed banks rose, with Alawwal Bank adding 2.4 percent. Atheeb Telecommunications climbed 2.5 percent to 8.21 riyals in its highest traded volume since June 2016 after it swung to a quarterly net profit of 55.4 million riyals ($14.8 million) from a loss of 58.1 million riyals a year ago. But it closed well off its intra-day high of 8.78 riyals. While some of the profit gain was due to higher revenues, most was due to the sale of communications towers, the company said. Medical equipment seller and hospital operator Al Hammadi Co for Development rose 1.6 percent to 35.80 riyals after reporting net income of 25.7 million riyals, up 24.8 percent from a year ago. NCB Capital had predicted 26.7 million riyals. "Although the opening of Al Nuzha hospital is a key catalyst, we believe it is already priced in. The stock trades at a forward price-to-earnings ratio of 19.5 times versus its Saudi peer group average of 19.3 times," NCB Capital said. Saudi Steel Pipes gained 1.3 percent after one of its units won a 250 million riyal contract to manufacture pipes for oil giant Saudi Aramco. Retailer Fawaz Alhokair dropped 4.7 percent after it made a quarterly net profit of 232.4 million riyals, in line with NCB Capital''s forecast of 231 million riyals but below Alrajhi Capital''s 288 million riyals. Hokair''s net profit grew 4.1 percent from a year ago but sales for the period fell 5.5 percent to 2.07 billion riyals. "The actual results suggest an 8 percent year-on-year like-for-like decline (in store sales) based on our calculations, which points to the consumer spending environment remaining weaker than our already soft expectations," said Alrajhi. Elsewhere, the Dubai index rose 0.3 percent with activity dominated by Union Properties, up 3.7 percent, and GFH Financial, up 2.8 percent. Both stocks have been volatile in recent days, GFH because of a big capital increase and Union Properties because it posted a big quarterly loss as it fixed accounting errors; the stock has now regained the level where it was trading before the announcement of the loss. Builder Drake & Scull was Dubai''s top gainer, jumping 6.3 percent. Earlier this week it reported a slight narrowing in its quarterly net loss and removed its chief executive without naming a replacement. Abu Dhabi National Energy jumped 3.3 percent in heavy trade. The stock soared 24 percent this week; last week the company said it swung to a tiny profit in the second quarter from a year-earlier loss, aided by higher oil prices and a one-off gain. "After struggling for the last two years when oil prices fell to very low levels, TAQA had to rethink strategy, and off-loading non-core assets means it can focus on domestic business," said an Abu Dhabi trader. Dana Gas however fell 3.2 percent, helping drag Abu Dhabi''s index down 0.1 percent. Qatar''s index added 0.9 percent. Saudi Arabia said late on Wednesday it would open its Salwa border point for Qatari citizens who wished to perform the haj, but it was not clear if this signalled any movement towards resolution of its diplomatic dispute with Doha. In Egypt, shares of Sixth of October Development and Investment fell 1.1 percent to a four-month low after its second-quarter net income of 129.8 million Egyptian pounds ($7.3 million) missed analysts'' estimates. Naeem Brokerage had forecast the company would make net income of 163 million pounds, but said the outlook for the second half of the year "seems positive" and maintained a "buy" rating on the stock. Egypt''s index fell 0.2 percent. Highlights * The index rose 0.7 percent to 7,179 points. Dubai * The index edged up 0.3 percent to 3,601 points. Abu Dhabi * The index edged down 0.1 percent to 4,493 points. Qatar * The index rose 0.9 percent to 9,106 points. Egypt * The index fell 0.2 percent to 13,119 points. Kuwait * The index added 0.5 percent to 6,886 points. Bahrain * The index decreased 0.9 percent to 1,299 points. Oman * The index fell 0.5 percent to 4,889 points. (Editing by Andrew Torchia and Alexander Smith) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-stocks-idUSL8N1L33GZ'|'2017-08-17T17:27:00.000+03:00'
'72f72b45562194e53dd458cf01876aa72ae64f07'|'Linde says acceptance period for Praxair merger starts'|'August 15, 2017 / 8:12 AM / in 13 minutes Linde says acceptance period for Praxair merger starts Reuters Staff 1 Min Read The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - German industrial gases group Linde ( LING.DE ) said the 10-week acceptance period for its proposed $74 billion merger with U.S. peer Praxair ( PX.N ) started on Tuesday and would run through Oct. 24. The deal will create a global leader to overtake France''s Air Liquide ( AIRP.PA ) with a combined market value of $75 billion (57.96 billion pounds), revenue of $30 billion and 88,000 staff. Linde will need 75 percent of its shareholders to tender their stock to the new company. Praxair needs a simple majority vote at a shareholder meeting, which Linde said on Tuesday had been set for Sept. 27. Reporting by Maria Sheahan; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKCN1AV0PT'|'2017-08-15T11:18:00.000+03:00'
'f89aa4309f3abdc8b03a678825c5a304018b64f5'|'UK unemployment falls again to lowest since 1975, wage growth still lacklustre'|'August 16, 2017 / 8:47 AM / in 18 minutes UK unemployment falls again to lowest since 1975, wage growth still lackluster Reuters Staff 2 Min Read City workers head to work during the morning rush hour in Southwark in central London April 16, 2014. Toby Melville Britain''s unemployment labor market bucked tepid economic growth in the second quarter as the unemployment rate unexpectedly fell to its lowest since 1975, official data showed on Wednesday. The unemployment rate in the three months to the end of June fell to 4.4 percent, against the average forecast for it to hold at 4.5 percent in a Reuters poll of economists. But the figures on wage growth showed the challenge facing Prime Minister Theresa May and her government, with households feeling the strain of rising prices since last year''s Brexit vote. While inflation has eased slightly since May when it hit an almost four-year high of 2.9 percent, prices are still rising faster than wages. The Office for National Statistics said workers'' total earnings including bonuses rose by an annual 2.1 percent in the three months to June, compared with 1.9 percent in the period to May, but this was boosted by bonus payments in the financial sector. Economists taking part in a Reuters poll had expected wage growth of 1.8 percent. Overall wage growth in real terms fell by 0.5 percent. Excluding bonuses - which analysts say gives a better picture of the underlying trend - earnings in nominal terms rose by 2.1 percent year-on-year, unchanged from May and against expectations for a 2.0 percent rise. The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2 percent this year before picking up in 2018 and 2019. Reporting by Andy Bruce and Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-jobs-idUKKCN1AW0PG'|'2017-08-16T11:39:00.000+03:00'
'30a91d67dba804c0915e23bd8b5d601c26055b2a'|'Oil prices edge up on falling U.S. crude inventories, but global glut still weighs'|'August 16, 2017 / 12:46 AM / a few seconds ago Oil prices edge up on falling U.S. crude inventories, but global glut still weighs 3 Min Read A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson/File Photo SINGAPORE (Reuters) - Oil prices rose early on Wednesday on a fall in U.S. crude inventories, although analysts said that markets were still being weighed down by general oversupply. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.01 per barrel at 0023 GMT, up 21 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3 percent. "API oil inventory data for last week was released showing a large 9.2 million barrel decline in crude inventories, while gasoline inventories showed a small build. The market took this as a mildly bullish report," said William O''Loughlin, investment analyst at Rivkin Securities. U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. That compared with analyst expectations for a decrease of 3.1 million barrels. However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations in a Reuters poll for a 1.1 million barrel decline. Official Energy Information Administration (EIA) data will be published late on Wednesday. More broadly, analysts said oil markets were still being weighed down, preventing them moving much higher than current levels. "Above all, it is the ongoing fundamental issue of excessive supply that is continuing to weigh on oil prices. On this front, not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, U.S. shale oil continues to rise," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. The Organization of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 million barrels per day (bpd) between January this year and March 2018. Offsetting much of that effort, however, U.S. oil production has soared by almost 12 percent since mid-2016 to 9.42 million bpd. C-OUT-T-EIA "The recent rise in drilling activity means more shale supply is coming on stream," Razaqzada said. Reporting by Henning Gloystein; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1AW018'|'2017-08-16T03:41:00.000+03:00'
'69bcd187a1e6e07e9c93c033ec1dd8d83b856328'|'UPDATE 1-Freeport Indonesia says flash floods damage mine power plant'|'August 16, 2017 / 6:24 AM / 9 minutes ago UPDATE 1-Freeport Indonesia says flash floods damage mine power plant 2 Min Read (Adds search for worker, landslide) JAKARTA, Aug 16 (Reuters) - Flash floods have left one worker missing and caused extensive damage to a power plant at U.S.-owned miner Freeport Indonesia''s operations in the eastern-most province of Papua, company officials said on Wednesday. Mining operations were continuing as normal, but power and water outages were expected in the coming days, the Indonesian unit of U.S. mining giant Freeport McMoran Inc. said in a statement. "One person remains unaccounted for after flash floods that occurred late Tuesday destroyed roads, bridges, water lines and most of the plant that supplies power to Tembagapura and Hidden Valley," the company said, warning employees to keep travel to a minimum. "Due to the extensive damage, (power and water) outages may occur until at least tomorrow," it added. Rescue teams on Wednesday searched for the missing worker who was in the power plant when it was hit by a flood and landslide. Another worker was rescued immediately after the incident. Spokesman Riza Pratama said the main processing mill may also be affected if damage to infrastructure meant storage tanks filled up before repairs can be made. Freeport, which operates what are among the world''s largest gold and copper mines, is also grappling with a labor dispute that has let to intermittent disruptions to output. Around 5,000 workers have been on strike since May, protesting against mass layoffs that Freeport says were triggered by unexpected revisions earlier this year in government rules on taxes and royalties. The government of Southeast Asia''s biggest economy, in an effort to eke out more revenues from its natural resource sector, has also demanded that Freeport divest a 51-percent stake and relinquish arbitration rights. (Reporting by Wilda Asmarini; Writing by Kanupriya Kapoor; Editing by Richard Pullin) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/indonesia-freeport-idUSL4N1L22C4'|'2017-08-16T09:21:00.000+03:00'
'ac2c74f1f9167f8fb0efa12b2202e7f29261100d'|'ECB Hansson: exit from asset buys is tied to economic recovery - report'|'August 16, 2017 / 6:42 AM / an hour ago ECB Hansson: exit from asset buys is tied to economic recovery - report Reuters Staff 2 Min Read Estonian bank governor Ardo Hansson listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. Ints Kalnins TALLINN (Reuters) - The European Central Bank''s exit from asset purchases is tied to the recovery of the euro zone economy but low rates and the bank''s oversized balance sheet will provide support for years to come, ECB policymaker Ardo Hansson told an Estonian newspaper. "As the exit from the asset buying programme is in line with the recovery of economic activity, everything is calm," Hansson, who sits on the ECB''s rate-setting Governing Council said. "After the completion of the purchase of bonds, the reinvestment of bonds already bought will continue for some time; that is, when the earlier purchased bonds expire, new ones will be bought instead," Hansson was quoted as saying in Estonian daily Aripaev on Wednesday. Hansson said that given the ECB''s asset buys for more than two years, the main support to the economy comes not from monthly bond purchases but the bank''s already large balance sheet. The ECB has bought more than 2 trillion euros worth of bonds, mostly government debt, in the past two and a half year, hoping to cut borrowing costs to revive investment, growth and ultimately inflation. The European Central Bank rate-setting Governing Council will next meet on September 7 and policymakers have pledged to decide this "autumn" whether to claw back stimulus at the start of next year. Reporting by David Mardiste; Editing by Balazs Koranyi 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ecb-policy-hansson-idUKKCN1AW0ET'|'2017-08-16T09:42:00.000+03:00'
'43a5d52815c4cfd766b3719253f1066d3785ebbc'|'Mexico''s Sigma says has requested permission for IPO : filing'|'MEXICO CITY (Reuters) - Mexico''s Sigma Alimentos, a unit of conglomerate Alfa ( ALFAA.MX ), has filed a request with the Mexican bourse to list its shares in an initial public offering (IPO), it said in a stock exchange statement on Thursday.The food company, which mainly sells cold meat and dairy products, did not give any information about how much it would seek to raise or when the potential listing might take place.A Sigma IPO has been in the works since at least 2013.Reporting by Gabriel Stargardter; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-mexico-sigma-idINKCN1AX2LL'|'2017-08-17T18:27:00.000+03:00'
'2280dc78802c115728ee16c045e6a66ab18f3ee5'|'Most businesses have not changed strategic planning due to Brexit - Thomson Reuters CFO survey'|'August 16, 2017 / 11:05 PM / 7 hours ago Most businesses have not changed strategic planning due to Brexit - Thomson Reuters CFO survey Alistair Smout 3 Min Read FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. Neil Hall/File Photo LONDON (Reuters) - A majority of businesses are yet to change their strategic planning due to Britain''s decision to leave the European Union, a survey of chief financial officers by Thomson Reuters showed. Big businesses were vocal in the run-up to the referendum in June 2016 that a vote to leave the European Union could hit investment and the labour market, with uncertainty lingering over sectors from financial services to the car industry. However, the Thomson Reuters survey of 200 CFOs across Britain and Europe found that 69 percent of businesses had not seen an impact from the vote for Brexit on their strategic planning. "The results suggest a relatively muted response from business so far – not the knee-jerk reaction that some expected," said Laurence Kiddle, managing director for the EMEA Tax & Accounting business of Thomson Reuters. Only 12 percent of CFOs had investigated moving operations out of Britain, and while 34 percent said that they anticipated the number of employees in the UK decreasing, only 19 percent said that they planned to relocate staff as a result of Brexit. Some are changing their plans in response to Brexit already, with 21 percent of all CFOs saying they had have held off from expanding in the UK as a result of the vote. Earlier this month Royal Bank of Scotland said it will move 150 jobs to Amsterdam due to Brexit. However, the survey suggests that CFOs are on average so far sanguine about Britain''s departure from the bloc, and some businesses have highlighted the opportunities for firms in Brexit. Swiss private bank Julius Baer ( BAER.S ) is opening three new UK offices as it looks to bank for wealthy residents spooked by the vote, while on Wednesday Amazon ramped up its hiring in Britain yet again despite Brexit. The survey comes after Britain''s Brexit strategy was thrown into question by a botched election gamble in June by British Prime Minister Theresa May, who called an early vote to strengthen her hand heading into negotiations, only to see her Conservative party lose their majority. Confidence among the CFOs in May''s ability to generate a positive deal for business is just 3.5 out of ten, the survey shows. Pro-Brexit trade minister Liam Fox commands the least confidence among senior British figures, scoring just 3.2. The CFOs place most trust in Chancellor Philip Hammond and Bank of England Governor Mark Carney, who score 8 and 8.6 our of 10 respectively. Both have been criticised by leading figures in the pro-Brexit camp for their notes of caution in discussing Britain''s departure from the EU, and emphasising the need for a smooth transition period. Thomson Reuters, which is the parent of Reuters News, competes for financial customers with Bloomberg LP, as well as News Corp''s ( NWSA.O ) Dow Jones unit. Reporting by Alistair Smout; editing by Guy Faulconbridge 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-cfo-idUKKCN1AW2S8'|'2017-08-17T02:04:00.000+03:00'
'8e42aa2e0ea2a65280cbf19a8cd99b872e3d902c'|'PRESS DIGEST - Wall Street Journal - Aug 18'|'Aug 18 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- A van mowed down pedestrians in the heart of Spain''s second-largest city, killing at least 13 people in a terror attack claimed by Islamic State. Hours later, police said they killed five alleged terrorists as they responded to a possible attack in Cambrils, a town southwest of Barcelona. on.wsj.com/2w7BLIt- The government review of AT&T Inc''s $85 billion takeover of Time Warner Inc has reached an advanced stage, a significant milestone in a deal that was closely watched for signs of how the Trump administration would view large mergers. on.wsj.com/2w7i6Z3- U.S. President Donald Trump defended the "beautiful" statues commemorating Confederate leaders and lamented efforts to remove them, weighing in on an issue central to the weekend''s deadly violence in Virginia. on.wsj.com/2w7aVQt- Arista Networks Inc is grabbing Cisco Systems Inc''s giant networking business, winning over its customers and rankling its top brass. The battle has divided CEO Jayshree Ullal and Cisco''s John Chambers, who were once close colleagues. on.wsj.com/2w7imat- The White House pulled the plug on a planned council that was to advise U.S. President Donald Trump on rebuilding the nation''s infrastructure, an apparent victim of the Charlottesville furor. on.wsj.com/2w75BNd- Mylan NV agreed to pay $465 million to settle federal government claims that it overcharged the Medicaid program by millions of dollars for its EpiPen products. on.wsj.com/2w73CIACompiled by Bengaluru newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1L421H'|'2017-08-18T02:31:00.000+03:00'
'daf111ea7866201bfe775a9707a6420427a5276b'|'Offshore drilling mergers raise hopes for sector recovery'|'File Photo - Transocean''s GSF Development Driller II crosses Istanbul''s Bosphorus on its way to the Black Sea September 6, 2014. Murad Sezer HOUSTON (Reuters) - Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices.Transocean Ltd, one of the world''s largest offshore drilling contractors, on Tuesday agreed to buy Norwegian rival Songa Offshore SE for $1.1 billion. The deal follows Ensco Plc''s pending purchase of Atwood Oceanics Inc in a transaction valued at $839 million.The deals would bolster both companies'' positions in major oil and gas-producing regions: Transocean in the North Sea and Ensco in offshore Australia. They come as oil prices remain below where they began the year, adding to worries about excess rig capacity continuing into the next year."I think everyone realizes that consolidation is important for the health of this market," Transocean Chief Executive Jeremy Thigpen said on a conference call on Tuesday.Transocean''s acquisition of Songa, which has a fleet of rigs designed for harsh drilling environments, also provides it with four advanced rigs contracted to Norwegian oil company Statoil.Offshore drillers are leasing rigs at cash break-even prices and do not have much room to go lower, said Leslie Cook, an analyst with Wood Mackenzie."Although demand going forward is expected to be flat to moderate, one thing that may help in the North Sea is that some of those rigs are aging out," Cook said.Despite the potential strategic benefits of the merger, U.S.-listed shares of Swiss-based Transocean touched a record low on Tuesday, following news of the deal, before closing down 5.7 percent at $7.91.Not all offshore drillers are convinced consolidation is the right in the near term. Diamond Offshore said in July, when it released second-quarter earnings, that it was evaluating opportunities to acquire rigs and companies, but "deal economics simply don''t work for us" at current prices. Noble Corp, during its earnings call in early August, also said it too soon to consider acquisitions.Still, an increase in acquisitions may help offshore companies recover by allowing them to raise prices."As more assets are concentrated in fewer hands, the companies will try to move pricing higher," said James West, a senior managing director at investment bank Evercore ISI.Reporting by Liz Hampton; Editing by Gary McWilliams and Richard Chang'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oil-m-a-offshore-idINKCN1AW07P'|'2017-08-16T02:12:00.000+03:00'
'a71c9a4f266662da81c033c146dbd1867aa73144'|'Asian shares, dollar rally as North Korea blinks'|'Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 14, 2017. Brendan McDermid NEW YORK (Reuters) - The U.S. dollar and U.S. Treasury yields climbed on Tuesday after solid U.S. retail data and an easing in U.S.-North Korean rhetoric, but Wall Street was held down by weakness in retail stocks.After last week''s market jitters from escalating U.S.-North Korea tensions, investors were relieved to be able to look beyond geopolitics at least temporarily after North Korean leader Kim Jong Un said he would watch the United States'' actions for a while longer before deciding whether to fire missiles toward the U.S. island territory of Guam.Data for July showed the biggest increase in U.S. retail sales in seven months as consumers ramped up discretionary spending and boosted purchases of motor vehicles, suggesting the economy continued to gain momentum.While the data was strong, however, worries about retailers'' earnings and the outlook for home improvement stores dragged on the S&P, with Home Depot ( HD.N ) and Lowes Companies ( LOW.N ) representing the biggest drags on the benchmark."Retail''s the interesting sector, starting out with the economic retail numbers, which were much better than expected. But then this morning we''d some pretty bad retail company reports," said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.Wall Street''s gains from the first apparent relaxation of tensions with North Korea in some time were limited as the benchmark S&P 500 index had already rallied on Monday, when it achieved its third 1 percent gain for 2017 after a weekend without military action or escalating rhetoric.The Dow Jones Industrial Average .DJI rose 5.28 points, or 0.02 percent, to 21,998.99, the S&P 500 .SPX lost 1.23 points, or 0.05 percent, to 2,464.61 and the Nasdaq Composite .IXIC dropped 7.22 points, or 0.11 percent, to 6,333.01.MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.16 percent.Benchmark U.S. Treasury yields hit one-week highs as investors pared low-risk holdings in reaction to the comments from North Korea and the U.S. retail sales and regional factory activity data.Benchmark 10-year notes US10YT=RR last fell 15/32 in price to yield 2.2693 percent, from 2.218 percent late on Monday.(For a graphic on global currencies vs. Dollar, click tmsnrt.rs/2kIQHol )Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 14, 2017. Brendan McDermid GREENBACK GAINS The U.S. dollar rose to its highest in nearly three weeks against a basket of major currencies for two main reasons, according to Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington, D.C."One was that the consumer had been a no-show in recent months," said Manimbo, adding that "the specter of cooler heads prevailing on the geopolitical front is dollar positive, particularly against safe-haven rivals."The dollar index .DXY rose 0.45 percent, with the euro EUR= down 0.36 percent to $1.1736.The Japanese yen weakened 0.84 percent versus the greenback at 110.57 per dollar, while sterling GBP= was last trading at $1.2865, down 0.76 percent on the day.Spot gold XAU= dropped 0.7 percent to $1,272.46 an ounce.Oil prices held steady after Monday''s heavy sell-off, weighed by the strong U.S. dollar - which makes oil more expensive for overseas buyers - and signs of weaker demand in China, the world''s second-largest consumer.U.S. crude CLcv1 settled down 0.08 percent, though in late trade it rose 0.02 percent to $47.60 per barrel. Brent LCOcv1 settled up 0.14 percent at $50.80 and was last at $50.83, up 0.2 percent on the day.(For a graphic on gold, yen and German debt, click reut.rs/2uLppS5 )(For a graphic on global assets in 2017, click reut.rs/2kD4BGA )(For a graphic on global bonds dashboard, click tmsnrt.rs/2lmwqHC )(For a graphic on world market cap, click reut.rs/2pHTxif )Additional reporting by Dion Rabouin and Richard Leong in New York; Nigel Stephenson, John Geddie and Kit Rees in London, Lisa Twaronite in Tokyo; Editing by Bernadette Baum and Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-markets-idINKCN1AV02F'|'2017-08-15T04:05:00.000+03:00'
'b822371568db88a7a0aca03d4da0c663f626b8a6'|'German challenge to ECB asset buys sent to European Court'|'August 15, 2017 / 7:52 AM / 2 hours ago German challenge to ECB asset buys sent to European Court 4 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - The European Central Bank may be violating a ban on financing governments in its 2.3 trillion euro ($2.7 trillion) asset purchase programme, Germany''s constitutional court said on Tuesday, and it asked Europe''s highest court to make a ruling. Though the court''s comments represented a big legal challenge to the ECB''s efforts to revive growth, the decision was generally seen as positive for the central bank since the European Court of Justice has backed one of its bond-buying schemes in the past. But it may limit the Frankfurt-based bank''s options when deciding whether, and how, to extend purchases into a fourth year. Judges at the Karlsruhe-based court said bond buys under the quantitative easing (QE) scheme may go beyond the bank''s mandate and inhibit euro zone members'' activities. "Significant reasons indicate that the ECB decisions governing the asset purchase programme violate the prohibition of monetary financing and exceed the monetary policy mandate of the European Central Bank, thus encroaching upon the competences of the Member States," the court said. It said it would ask the Luxembourg-based European Court of Justice to review the programme. The ECB acted swiftly to defend the scheme. "The extended asset purchase programme is in our opinion fully within our mandate," it said in a statement. "That is ultimately for the European Court of Justice to assess." It said the 60 billion euro per month asset buys would continue as normal. The European court has already backed the ECB''s more contentious, and still unused, emergency bond purchase scheme known as Outright Monetary Transactions, or OMT, with only relatively minor limitations. "We think that the case against QE has virtually no chance of being upheld by the ECJ," Greg Fuzesi, an economist at JPMorgan, said. The decision to pass the issue over to the ECJ means any final ruling will come either after or near the end of QE, which started in 2015 and is expected to be wound down next year. But it might make it harder for the ECB to tweak the constraints it imposed on the scheme, such as one barring if from owning more than a third of any individual country''s debt. The ECB is close to hitting this so called issuer limit in Germany and Portugal. "After today''s ... verdict, it is even more unlikely than ever that the ECB will again raise its issuer limit, which means that in 2018 it will be forced to start scaling down purchases," Michael Schubert, an analyst at Commerzbank, said. STEALTH BAIL-OUT? The scheme has irked many in the euro zone''s biggest economy, Germany, who fear they are bearing the risk for a stealth bailout of indebted governments in the south of the bloc. Those making the challenge - academics and politicians - have argued that the scheme constitutes illegal monetary financing and say the Bundesbank, the biggest buyers of bonds in the programme, should therefore not participate. With an election next month, Germany''s political establishment has been highly critical of the ECB arguing that low interest rates punish thrifty Germans and bond buys reward irresponsible governments on the bloc''s periphery. The populist right wing AfD party, a top critic of the ECB, said the court challenge is too timid and comes too late as the ECB has to be stopped immediately. The bank has long argued that its self-imposed rules take into account the European Court''s limitations and the scheme''s aim was to fulfil its legal mandate of returning inflation to around 2 percent. Additional reporting by Ursula Knapp in Karlsruhe and Frank Siebelt in Berlin; Editing by Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-court-idUKKCN1AV0OL'|'2017-08-15T17:08:00.000+03:00'
'e9c0829234f953c47fbd9bf99f8ccd80c9c037c8'|'Advertise all UK jobs with flexible working to tackle pay gap – report - Society'|'Advertise all UK jobs with flexible working to tackle pay gap – report Equality and Human Rights Commission outlines strategy that also recommends giving fathers additional paternity leave The EHRC strategy also looks to eliminate pay disparities faced by disabled people and people from ethnic minorities. Photograph: Alamy Advertise all UK jobs with flexible working to tackle pay gap – report Equality and Human Rights Commission outlines strategy that also recommends giving fathers additional paternity leave View more sharing options Tuesday 15 August 2017 06.26 BST First published on Tuesday 15 August 2017 06.01 BST Sweeping employment changes, including advertising all UK jobs with flexible working and giving fathers additional paternity leave, should be made to tackle the gender pay gap, the equalities watchdog has recommended. Offering flexible hours to all job applicants will help combat pay disparities between men and women, while increasing job opportunities for disabled people, according to the Equality and Human Rights Commission . The recommendations form part of a strategy for tackling pay imbalances across gender, ethnicity and disability, outlined in a report published on Tuesday that shows some of the biggest divisions in salaries across the country. The watchdog’s findings come weeks after the BBC revealed a vast disparity between the pay rates of its highest-earning men and women. Caroline Waters, the deputy chair of the EHRC, said: “We need new ideas to bring down pay gaps. While there has been some progress, it has been painfully slow. We need radical change now, otherwise we’ll be having the same conversation for decades to come.” Britain should follow Scandinavian countries in offering working fathers greater levels of paid paternity leave , the report said, which could prompt more men to request flexible working arrangements. This in turn would help alleviate pressure on women to take lengthier breaks or leave their jobs. Research from the Trades Union Congress shows that by 42, mothers who are in full-time work earn 11% less than women without children who work full-time. During the general election campaign, Theresa May pledged to tackle the “injustice” of the gender pay gap, pay disparity between ethnic groups and discrimination against disabled people. She argued that companies should be made to disclose how pay rates vary by ethnicity, while ministers have promised to take action on the gender pay gap in the public and private sectors. All employers with more than 250 staff will have to publicly report their gender pay gap from next year. However, Labour criticised the government earlier this month for being happy to “talk the talk” while failing to take action, after the Guardian found that it would take the civil service more than 37 years to achieve pay equality between men and women, amid widening gaps at one in four government departments over the past decade. Figures in the EHRC report show that while the gender pay gap is 18.1%, there is also an ethnic minority imbalance of 5.7% and a disability pay gap of 13.6%. While the differences are smaller than between men and women, there are stark contrasts for certain groups. Male Bangladeshi immigrants had the largest pay gap of 48% compared with white British men, while men with epilepsy earn 40% less than those without the condition. Despite these figures, most female ethnic minority groups had a pay advantage over white British women. Research from the Resolution Foundation thinktank published earlier this month found that minority ethnic families in the UK earn as much as £8,900 a year less than their white British counterparts. Men with depression or anxiety have a pay gap of about 30%, while women with mental health problems earn 10% less, according to the EHRC report. The research also shows that women, disabled people and people from ethnic minorities are more likely to be paid less than the “national living wage” of £7.50 per hour for over 25s. The EHRC said the public sector has a smaller gender pay gap than the private sector, while countries across Europe in which higher proportions of fathers take longer-term parental leave tend to have smaller disparities. Last month, a string of high-profile female BBC employees, including Clare Balding, Emily Maitlis and Kirsty Wark, wrote to the BBC director general , Tony Hall, demanding action. Hall responded by saying he hoped to close the gap at the corporation before 2020. Dr Carole Easton, the chief executive of the Young Women’s Trust, welcomed the EHRC’s proposal for more equal childcare responsibility. “Without action, today’s young women face a lifetime of unequal pay,” she said. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/society/2017/aug/15/uk-jobs-flexible-working-gender-pay-gap-paternity-leave-equality-human-rights-commission'|'2017-08-15T13:01:00.000+03:00'
'dd28b31d54e8a5f538b1f826265efac2d43bd561'|'Target appoints Walmart, General Mills executives to shore up grocery business'|'FILE PHOTO - Shopping carts from a Target store are lined up in Encinitas, California May 22, 2013. Mike Blake/File Photo CHICAGO (Reuters) - Target Corp ( TGT.N ) said on Monday it has hired two former executives from Wal-Mart Inc ( WMT.N ) and General Mills Inc ( GIS.N ) to join its food and beverage business, as the retailer seeks to revamp its grocery aisles.Mark Kenny, former senior director of private brands, deli and bakery at Wal-Mart, has been appointed as Target''s vice president of meat and fresh prepared food. Liz Nordlie, former president of General Mills'' baking division, was named vice president of product design and development for food and beverage, Target said.The Minneapolis-based retailer, which has been trying to overhaul its food business for more than two years, said in February that price cuts for groceries would be a priority in 2017.Target, which has been embroiled in an intense price war with rivals such as Kroger Co ( KR.N ) and the nation''s leading grocer Wal-Mart Stores Inc ( WMT.N ), is hoping to gain market share as it overhauls its grocery division.In March, Target named Kroger veteran Jeff Burt to head its senior vice president of grocery, fresh food and beverage. Target''s previous grocery chief Anne Dament stepped down in November, less than eighteen months after she was appointed and tasked with turning around the retailer''s grocery business, which accounts for a fifth of Target''s sales.Reporting by Richa Naidu; editing by Diane Craft'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-target-grocery-idUSKCN1AU22X'|'2017-08-14T21:12:00.000+03:00'
'0894607e0a6128082e62184bf4a158dbe753b347'|'BRIEF-Enzymotec Ltd Q2 loss per share $0.10'|' 40 AM / 11 minutes ago BRIEF-Enzymotec Ltd Q2 loss per share $0.10   Enzymotec Ltd * Enzymotec Ltd reports second quarter 2017 unaudited financial results * Q2 non-GAAP loss per share $0.06 * Q2 loss per share $0.10 * Qtrly net revenues increased 10.9% to $13.0 million, compared to Q2 of 2016 * Results for Q2 of 2017 were impacted by an inventory write-off of $3.3 million resulting from additional obsolescence   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-enzymotec-ltd-q2-loss-per-share-idUSASB0BG3R'|'2017-08-16T14:36:00.000+03:00'
'4105d61db428ca13e6aee325f96f5af34ecc57c0'|'Ireland rejects EU''s demand that it collect 13 billion euros from Apple'|'August 16, 2017 / 3:50 PM / a minute ago Ireland says EU demand that Apple pay it 13 billion euros in back taxes unjustified 2 Min Read A 3D printed Apple logo is seen in front of a displayed Irish flag in this illustration taken September 2, 2016. Dado Ruvic/Illustration/File Photo BERLIN (Reuters) - Ireland''s finance minister said the European Commission''s demand that Dublin collect up to 13 billion euros ($13.8 bln) in back taxes from Apple ( AAPL.O ) was unjustified, in an interview with Germany''s Frankfurter Allgemeine (FAZ) newspaper. The European Commission ordered Apple to repay taxes to Ireland after ruling last year that the U.S. technology company paid so little tax on its Ireland-based operations that it amounted to state aid. In the interview, extracts from which the FAZ published on Wednesday, Finance Minister Paschal Donohoe said the tax rules from which Apple benefited had been available to all and were not tailored for the U.S. technology giant. They did not violate European or Irish law, he added. The Irish government has said it will collect the money pending an appeal of the ruling by Apple, but Donohoe said it was not Dublin''s job and the request was not justified. "We are not the global tax collector for everybody else," FAZ quoted him as saying. The money is currently being deposited in escrow. Donohoe also distanced himself from French and German proposals that the EU do more to prevent Chinese investors from buying strategically important European companies, saying this would endanger Europe''s reputation for openness. "We must be very careful not to endanger our reputation as advocates for free trade," he said. He also appeared lukewarm on proposals by French President Emmanuel Macron for a euro zone budget and finance minister, saying the bloc''s focus for the next two years should be further developing its banking union. Reporting By Thomas Escritt, Editing by Michelle Martin and Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-eu-apple-tax-ireland-idUSKCN1AW1ZB'|'2017-08-16T18:51:00.000+03:00'
'a5e771bf51031ba2d6da32caa84ae42b6bc1242f'|'Vedanta explores ways to produce cobalt for batteries'|'August 15, 2017 / 8:50 AM / 17 minutes ago Vedanta explores ways to produce cobalt for batteries Barbara Lewis 3 Min Read FILE PHOTO: Protesters accusing miner Vedanta of causing pollution in Zambia hold plaques outside the Royal Courts of Justice in London, Britain July 5, 2017. Barbara Lewis/File Photo LONDON (Reuters) - Vedanta Resources ( VED.L ) is studying how to produce cobalt for use in batteries as the diversified miner becomes the latest company to seek exposure to an anticipated electric vehicle boom. Tom Albanese, who steps down as CEO of Vedanta at the end of August, said the excitement around electric vehicles had prompted the company to looking at producing cobalt suitable for batteries from its Zambian copper mines, rather than just treating it as a copper by-product. Vedanta is also betting on continued use of conventional fuel and in April completed the merger of its Indian metals and mining group Vedanta Limited ( VDAN.NS ) with oil and gas company Cairn India Ltd ( CAIL.NS ). "As cobalt is becoming more exciting, we are looking to determine the right engineering solution to produce cobalt (for batteries) rather than a copper-cobalt alloy," Albanese said in an interview with Reuters late on Monday. He did not give details on when a study on the issue would be completed. Vedanta said in a conference call following its interim results last month that it produces around 1,000 tonnes of cobalt-copper alloy per year and in addition aims to produce 3,000 to 4,000 tonnes of pure cobalt per year "going forward". Glencore ( GLEN.L ) is the world''s dominant cobalt miner. Its operations in Democratic Republic of Congo produced 12,700 tonnes in the first half of this year and analysts say its portfolio positions it well for any increase in demand for the materials needed by electric vehicles. Vedanta says it is also well placed, with zinc mines in India, South Africa and Namibia and in India and it also produces aluminum - meaning it produces two other materials potentially in increasing demand for light, low carbon transport. Investors are cautious about Vedanta, whose share price has fallen around 20 percent this year, while Glencore''s has risen by almost 20 percent outpacing many of its peers, in part because of its narrative on electric vehicles, analysts say. Vedanta'' challenges include ongoing legal action in connection with pollution in Zambia, where it has faced repeated demonstrations by local villagers over the issue. Executive Chairman Anil Agarwal told Vedanta''s annual general meeting in London on Monday that safety and sustainability were "a personal priority" for him. He also said Albanese''s successor would be announced "in due course". Albanese, who was CEO of Rio Tinto ( RIO.L ) until he stepped down following massive asset writedowns, became CEO of Vedanta in 2014. He said he is resigning to return to the United States to live with his family. Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-vedanta-agm-idUKKCN1AV0RZ'|'2017-08-15T11:43:00.000+03:00'
'49a2c61885bd6089328c6445c8163da9b0aa66d3'|'Amazon takes on the corner store with Instant Pickup 15,'|'Why Amazon is buying Whole Foods Sometimes you need a cold soda, chips, tampons and an Amazon Echo ASAP. Amazon ( AMZN , Tech30 ) is taking on the convenience store with Amazon Instant Pickup , a new service it launched on Tuesday. Instant pickup lets customers order from a limited list of basic supplies and Amazon devices from the app, then pick them up from a nearby pickup locker "within two minutes." The company is starting with customers often associated with sudden cravings for snacks: college students. Instant Pickup will make use of the company''s existing network of pickup locations -- small spaces with rows of lockers, an inventory room and a staff of Amazon employees. Currently the lockers are used by customers to pick up regular Amazon Prime packages and drop off returns. Related: Amazon wrecked the mall. Now it''s coming for the grocery store It works similarly for the Instant Pickup. A Prime customer uses the Amazon app to choose what they want from among hundreds of non-perishable foods, personal care items and other products that are stocked at the location. Then one of the location employees will quickly move the goods into a locker. Related: Germany''s Aldi takes on Amazon in food fight Impulse buys are also available, should customers decide they want something sweet and salty once they get there. Starting this week, Instant Pickup will be available at five campus locations in Los Angeles, Atlanta, Columbus, Ohio, Berkeley, California and College Park, Maryland. Amazon plans on expanding Instant Pickup to its 22 U.S. college locations as early as next week. Amazon regularly experiments with different food and grocery services. It''s planning to buy Whole Foods, and is testing Blue Apron-like meal kits delivery service. AmazonFresh Pickup, only available in two Seattle locations, has employees put groceries right in the trunk of your car. CNNMoney (New York)   15, 2017: 9:00 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/08/15/technology/amazon-instant-pickup/index.html'|'2017-08-15T17:00:00.000+03:00'
'5482157f7e2661ee30c11fb5d515bdca64967cd4'|'MIDEAST STOCKS-Region sags as Union Properties loss hits Dubai, Egypt continues slide'|'August 15, 2017 / 2:12 PM / in 12 hours MIDEAST STOCKS-Region sags as Union Properties loss hits Dubai, Egypt continues slide 4 Min Read * Union Properties comes off low, expects no more provisions * Dubai''s Marka hit by earnings, GFH by share dilution * But Emaar Properties firm after in-line earnings * Investment Holding continues post-listing slide in Qatar * Telecom Egypt rises on earnings By Andrew Torchia   sagged again on Tuesday because of a mediocre economic outlook, with a shock loss at a real estate developer weighing on Dubai and Egypt dropping for a sixth straight day. Union Properties sank 4.3 percent to 0.82 dirham after it reported a 2.29 billion dirham ($624 million) net loss for the second quarter, although the stock came well off its intra-day low of 0.77 dirham. It accounted for over a third of Dubai''s trading volume. The company said it was taking big provisions to cover past accounting errors related to its booking of a 503 million dirham gain on a plot of land at Dubai''s Motor City. The errors were discovered as a new board and senior management, appointed in May, conducted an investigation of accounting practices dating back to 2013, the company said. Its chairman later told Al Arabiya television that he did not expect to take further provisions in coming quarters. Dubai''s stock index dropped 0.2 percent. It was buoyed by a 0.1 percent gain by Emaar Properties, the biggest developer, which reported   profit,   restaurant and retail investment firm Marka sank 5.1 percent to a record low after reporting   ($34.3 million) versus   GFH Financial fell 3.3 percent, bringing its losses over two days to 12.9 percent. The company said it had completed the acquisition of a $1.2 billion infrastructure portfolio in Africa and the Middle East, funded by a $315 million capital increase that took issued and paid-up capital to $975 million - a big dilution for minority shareholders. Abu Dhabi''s index edged down 0.2 percent although Eshraq Properties, which had been trading at its lowest levels this year, rebounded 1.2 percent in its heaviest volume for five weeks. Saudi Arabia''s index declined 0.3 percent. Insurer MedGulf, which has been falling sharply this week after reporting a big second-quarter loss, slid a further 2.9 percent. Wafa Insurance, which earlier this month reported lower quarterly profit, fell 3.1 percent. In Qatar, the index dropped 0.6 percent as Gulf Warehousing lost 1.7 percent. Investment Holding Group , which tumbled 13 percent from its initial public offer price on Monday as it listed on the market, fell a further 1.7 percent. Egypt''s index slid 0.3 percent to 13,102 points, confirming a break below its July low of 13,261 points and support on its 100-day average, now at 13,171   The broader EGX100 dropped 1.6 percent. Financial services firm Pioneers Holding lost 3.5 percent and blue chip Orascom Telecom Media fell 1.5 percent. Telecom Egypt gained 1.1 percent, however, after reporting that second-quarter consolidated net profit after tax jumped 22 percent year-on-year to 1.27 billion Egyptian pounds ($72 million). Highlights * The index declined 0.3 percent to 7,103 points. Dubai * The index fell 0.2 percent to 3,580 points. Abu Dhabi * The index dropped 0.2 percent to 4,471 points. Qatar * The index slipped 0.6 percent to 9,134 points. Egypt * The index slid 0.3 percent to 13,102 points. Kuwait * The index fell 0.2 percent to 6,844 points. Bahrain * The index lost 0.6 percent to 1,312 points. Oman * The index dropped 0.8 percent to 4,939 points. (Reporting by Andrew Torchia; editing by Mark Heinrich) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-stocks-idUSL8N1L12JR'|'2017-08-15T17:12:00.000+03:00'
'05d3545a8aebfdfaba804254a2ae6f9dbccfc753'|'CEE MARKETS-Crown surges on GDP surprise, forint weakens slightly'|'* Q2 GDP is robust, showed pick-up except for Hungary * Poland to report GDP figures at 0800 GMT * Crown firmer, leu steady despite Romanian GDP surge By Sandor Peto BUDAPEST, Aug 16 (Reuters) - The crown jumped and the forint eased on Wednesday after the Czech Republic reported a surprise surge in second-quarter economic output, while Hungary''s growth slowed down slightly. Second-quarter economic output data released by several Central European states on Wednesday showed a pick-up from an already robust first quarter, when export growth and surging wages fuelled economic growth. The only exception was Hungary where the pace of growth slowed to 3.2 percent from 4.2 percent, below a forecast by analysts of 3.7 percent. The forint eased by 0.05 percent against the euro by 0719 GMT. The crown surged by 0.4 percent to 26.045 against the euro, after the Czech figures showed a jump in annual growth to 4.5 percent from 3 percent, well above the median forecast by analysts of 2.9 percent. The leu, which is usually slow to react to economic data, was steady at 4.5735 versus the euro, even though Romania''s annual GDP growth surged to 5.9 percent from 5.7 percent in the first quarter, instead of a slowdown to 4.8 percent, which had been expected by analysts. "It should be slightly positive for the Romanian leu but negative for government bonds as the output gap looks set to widen further, increasing the chances for inflation to rise even faster than expected," said Ciprian Dascalu, chief economist at ING in Romania. Poland is due to release second-quarter GDP figures at 0800 GMT. Central European stocks opened mostly slightly higher or steady. CEE MARKETS SNAPSH AT 0919 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.045 26.153 +0.42 3.69% 0 5 % Hungary 304.35 304.19 -0.05% 1.47% forint 00 50 Polish zloty 4.2840 4.2955 +0.27 2.80% % Romanian leu 4.5735 4.5740 +0.01 -0.84% % Croatian 7.3915 7.3935 +0.03 2.21% kuna % Serbian 119.27 119.36 +0.08 3.42% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1034.2 1032.5 +0.17 +12.2 5 0 % 2% Budapest 36890. 36775. +0.31 +15.2 13 94 % 7% Warsaw 2383.3 2376.6 +0.28 +22.3 5 6 % 5% Bucharest 8311.4 8334.2 -0.27% +17.3 4 8 1% Ljubljana 803.27 805.67 -0.30% +11.9 4% Zagreb 0.00 1897.5 +0.00 -100.0 1 % 0% Belgrade 0.00 715.89 +0.00 -100.0 % 0% Sofia 731.14 729.28 +0.26 +24.6 % 8% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.052 0.115 +075b +11bp ps s 5-year 0.049 -0.009 +029b -2bps ps 10-year 0.877 -0.005 +043b -2bps ps Poland 2-year 1.867 0.013 +257b +1bps ps 5-year 2.754 0.016 +300b +0bps ps 10-year 3.418 0.021 +297b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.57 0.68 0.77 0 IBOR=> Hungary <BU 0.21 0.25 0.31 0.15 BOR=> Poland <WI 1.78 1.81 1.87 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L21AH'|'2017-08-16T05:52:00.000+03:00'
'79f55efd0ba1469d3f647fdb75903edeb8229de4'|'Trump orders probe of China''s intellectual property practices'|'August 14, 2017 / 7:30 PM / 3 hours ago Trump orders probe of China''s intellectual property practices Lesley Wroughton and Jeff Mason 4 Min Read WASHINGTON (Reuters) - President Donald Trump on Monday authorized an inquiry into China''s alleged theft of intellectual property in the first direct trade measure by his administration against Beijing, but one that is unlikely to prompt near-term change. Trump broke from his 17-day vacation in New Jersey to sign the memo in the White House at a time of heightened tensions between Washington and Beijing over North Korea''s nuclear ambitions. The investigation is likely to cast a shadow over relations with China, the largest U.S. trading partner, just as Trump is asking Beijing to step up pressure against Pyongyang. U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch a formal investigation of China''s trade policies on intellectual property, which the White House and U.S. industry lobby groups say are harming U.S. businesses and jobs. Trump called the inquiry "a very big move." Trump administration officials have estimated that theft of intellectual property by China could be as high as $600 billion (462.75 billion pounds). Related Coverage China state media says U.S. trade probe will hurt both countries Experts on China trade policy said the long lead time could allow Beijing to discuss some of the issues raised by Washington without being seen to cave to pressure under the threat of reprisals. Although Trump repeatedly criticized China''s trade practices on the campaign trail, his administration has not taken any significant action. Despite threats to do so, it has declined to name China a currency manipulator and delayed broader national security probes into imports of foreign steel and aluminium that could indirectly affect China. China repeatedly rebuffed attempts by previous U.S. administrations to take action on its IP practices. U.S. President Donald Trump, flanked by U.S. Representative Darrell Issa (R-CA) (L), Treasury Secretary Steven Mnuchin (3rd R), U.S. Trade Representative Robert Lighthizer (2nd R) and Commerce Secretary Wilbur Ross (R), finishes signing a memorandum directing the U.S. Trade Representative to complete a review of trade issues with China at the White House in Washington, U.S. August 14, 2017. Jonathan Ernst "I''m sure they will formally reject this if an investigation is launched and there is an implication this is going to require negotiation to resolve it," said Matthew Goodman, a senior adviser for Asian economics at the Washington-based Center for Strategic and International Studies. Jonathan Fenby, an analyst at the TS Lombard consultancy, said China was not interested in a short-term trade fix with the United States and will resist "attempts to tie it down." China''s policy of forcing foreign companies to turn over technology to Chinese joint venture partners and failure to crack down on intellectual property theft have been longstanding problems for several U.S. administrations. Slideshow (3 Images) The Information Technology Industry Council, the main trade group for U.S. technology giants, such as Microsoft ( MSFT.O ), Apple ( AAPL.O ) and Google ( GOOGL.O ), said it hoped China would take the administration''s announcement seriously. "Both the United States and China should use the coming months to address the issues causing friction in the bilateral trade relationship before Presidents Trump and Xi have their anticipated meeting ahead of the November APEC leaders meeting," ITI President Dean Garfield said in a statement. The U.S. Chamber of Commerce, the largest business lobbying group, said China needed to end forced technology transfers and to protect foreign intellectual property rights. In an editorial on Monday, the state-run China Daily newspaper said the investigation will "poison" relations and warned the Trump administration not to make a rash decision it could regret. Trump had been expected to seek a so-called Section 301 investigation earlier this month, but an announcement was postponed as the White House pressed for China''s cooperation on North Korea. Section 301 of the Trade Act of 1974, a popular trade tool in the 1980s that has been rarely used in the past decade, allows the president to unilaterally impose tariffs or other trade restrictions to protect U.S. industries from "unfair trade practices" of foreign countries. Additional reporting by Ginger Gibson and David Lawder; Editing by Leslie Adler and Dan Grebler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-trump-trade-china-idUKKCN1AU23Z'|'2017-08-15T04:57:00.000+03:00'
'f97a5b129c68b58dfd70844961f4b1741850f0bb'|'BRIEF-Tiger Global Management ups share stake in TransDigm Group, Fleetcor Technologies'|'Aug 14 (Reuters) - Tiger Global Management:* Tiger Global Management ups share stake in TransDigm Group Inc by 57.4 percent to 4.0 million shares - SEC filing* Tiger Global Management ups share stake in Fleetcor Technologies Inc by 62.8 percent to 2.3 million shares - SEC filing* Tiger Global Management - Change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017- SEC filing Source text for quarter ended June 30, 2017: ( bit.ly/2wJDukF ) Source text for quarter ended March 31, 2017: ( bit.ly/2r9xG3Q )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-tiger-global-management-ups-share-idINFWN1L00VF'|'2017-08-14T17:17:00.000+03:00'
'dffec209c69147d0d32c2a33ba280aee0d5889ad'|'Veneto banks had failed ECB capital tests since 2014 - documents'|'August 14, 2017 / 7:05 PM / in 19 minutes Veneto banks had failed ECB capital tests since 2014 - documents Reuters Staff 2 Min Read FRANKFURT (Reuters) - Failed Italian banks Banca Popolare di Vicenza and Veneto Banca had fallen short of the European Central Bank''s capital demands since the ECB became their supervisor in late 2014, documents showed on Monday. The ECB has attracted criticism for failing to take quick and incisive action on some of the ailing banks on its watch, such as the two lenders from Italy''s Veneto region and larger peer Banca Monte dei Paschi di Siena ( BMPS.MI ). For Veneto and Vicenza, the issue came to a head in June when efforts to orchestrate a recapitalisation by the Italian government failed and the lenders were declared "failing or likely to fail" by the ECB. In a redacted version of its assessment, the ECB said the banks had been unable to meet its capital requirements since Frankfurt took over the supervision of large euro zone banks in November 2014. "The Supervised Entity has, since the set-up of the Single Supervisory Mechanism on 4 November 2014 ... demonstrated its incapacity to steadily comply with the capital requirements," the ECB said in the documents, which are similar for Veneto and Vicenza. It emphasised that the banks'' successive capital injections, partly financed by loans-for-shares schemes with clients, were invariably depleted, showing the "inadequacy" of the firms'' business models. Veneto and Vicenza''s best assets were eventually handed over to larger rival Intesa Sanpaolo ( ISP.MI ), while their soured debts were transferred to a bad bank. Reporting By Francesco Canepa; Editing by Janet Lawrence 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-italy-banks-idUKKCN1AU25V'|'2017-08-14T22:04:00.000+03:00'
'c23d60261e723547dd2c2a887cbd8b8e468b6e59'|'Dollar revived by upbeat U.S. data, North Korea respite'|'August 16, 2017 / 12:55 AM / an hour ago Dollar holds firm before Fed minutes, stocks rise 5 Min Read Dollar banknotes are seen in this picture illustration taken June 13, 2017. Dado Ruvic/Illustration LONDON (Reuters) - The dollar held on to big gains on Wednesday before minutes of the U.S. Federal Reserve''s latest meeting, while European shares followed Asian stocks higher. Relative calm in the standoff between the United States and North Korea also lifted investors'' appetite for riskier assets. Metals markets were buoyant, with the price of zinc, used to galvanize steel, hitting its highest in a decade on Chinese infrastructure demand. European shares rose half a percent in early trade. The Fed releases the minutes of its July policy meeting at 1800 GMT, after European markets have closed, and will be pored through for clues to how the debate over the policy outlook is developing. The U.S. central bank kept interest rates unchanged last month and said it expected to start winding down its massive holdings of bonds, bought in an effort to boost the economy, "relatively soon". The pan-European STOXX 600 index rose 0.8 percent, led by basis resources companies .SXPP and energy companies as metals and oil prices rose. Germany''s DAX index .GDAXI rose 0.7 percent and Britain''s blue-chip FTSE 100 .FTSE gained 0.7 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.3 percent. South Korea''s KOSPI index .KS11 , reopening after a holiday on Tuesday, ended the day 0.6 percent higher. North Korean leader Kim Jong Un has delayed a decision on firing missiles towards Guam while he waits to see what the United States does, the North''s state media reported on Tuesday, while the United States said any dialogue was up to Kim. Japan''s Nikkei .N225 lost 0.1 percent, with some investors unnerved by the possible impact on Japanese carmakers of talks beginning on Wednesday between the United States, Canada and Mexico intended to modernize the North American Free Trade Agreement. Data on Tuesday, showing U.S. retails sales recording their biggest increase in seven months slightly boosted market expectations the Fed will raise rates for a third time this year and lifted U.S. government bond yields and the dollar. The U.S. currency dipped 0.1 percent on Wednesday against a basket of major peers .DXY but held close to three-week highs hit on Tuesday. "The North Korea missile fears seems to be abating for now and if the recent bunch of strong U.S. data translates into higher inflation, then markets will start pricing more interest rate increases from the Fed in the coming months," said Ulrich Leuchtmann, an FX strategist at Commerzbank in Frankfurt. The euro was 0.2 percent stronger at $1.1708 EUR= . It fell earlier to as low as $1.1692 after a Reuters report, citing two sources familiar with the situation, that European Central Bank chief Mario Draghi would not deliver a new policy message at next week''s gathering of central bankers in Jackson Hole, Wyoming. Many in markets have been expecting Draghi to start charting a course out of its stimulus program. The yen, which rose as tension over the Korean peninsula intensified last week, fell 0.2 percent to 110.91 per dollar JPY= . Ten year U.S. Treasury yields US10YT=RR were 1 basis point higher at 2.27 percent, having touched a one-week high of 2.28 percent on Tuesday. German equivalents DE10YT=TWEB rose marginally to 0.43 percent. ZINC, OIL Zinc CMZN3 rose almost 2 percent to as high as $3,018 a tonne, its highest since late 2007. "There (was) a fair level of scepticism at the start of the year when China''s infrastructure projects were announced but we''re seeing much better-than-expected growth in fixed asset investment," said analyst Daniel Hynes of ANZ in Sydney. "That resetting of expectations is resulting in that much more positivity to the sector." Gold fell with the dollar relatively strong before the Fed minutes. It last stood at $1,270 an ounce, down 0.1 percent XAU=. Brent crude oil LCOc1 rose 45 cents to $51.26 a barrel on a reduction in U.S. stockpiles. Additional reporting by Wayne Cole in Sydney, Saikat Chatterjee and Abhinav Ramnarayan in London; Editing by Angus MacSwan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-markets-idUSKCN1AW01X'|'2017-08-16T03:57:00.000+03:00'
'c8e9106bd186e0ddb0e7fd720d635ca88f4ecfd9'|'Ireland stays top euro zone centre for financial special purpose vehicles'|'August 18, 2017 / 12:21 PM / 4 minutes ago Ireland stays top euro zone center for financial special purpose vehicles John O''Donnell 4 Min Read A general view shows an area near the Northern Ireland and Ireland border in Newbuildings, Northern Ireland August 16, 2017. Clodagh Kilcoyne FRANKFURT (Reuters) - Ireland remains the euro zone''s largest center for financial special purpose vehicles, data from the European Central Bank (ECB) showed on Friday, placing it far ahead of closest rival Luxembourg. Such vehicles, many of which are shell companies set up to borrow or invest, had assets, chiefly loans and debt, of 391 billion euros ($460 billion), which is greater than the Irish economy. The data comes amid a debate in Ireland about its hosting of such conduits, pitting critics, who see a risk to the country''s reputation, against those who want to keep them to help attract business from London after Brexit. The ECB data makes the sector in Ireland, as it stood at the end of June, two thirds larger than in Luxembourg and bigger even than in Italy, one of Europe''s largest economies. Special purpose vehicles are part of Ireland''s offering to financial firms looking to move from London ahead of   Union. Ireland already accounts for roughly a fifth of such activity in the euro zone and its dominance of the sector has held steady compared with earlier such surveys. The growth in the number of such companies has prompted criticism from Irish lawmakers, however, who fear they could damage the reputation of the country, which was nearly bankrupted by its own financial crash during the credit crunch. Ireland hosted numerous such vehicles before the crash that were linked to banks hit in the turmoil. Much of the current debate centers on one common Irish structure, known as a Section 110 company, which cuts tax close to zero on financial deals by creating exemptions from withholding tax, otherwise automatically deducted from income. TAX OPTIMIZATION The companies, which typically have no full-time staff, have been used perfectly legally by U.S. property investors, aircraft leasing firms, European banks and Russian energy groups. Registered as ordinary companies, some vehicles hold loans on say, U.S. property. They counterbalance interest payments received for those loans with the cost of loan notes they have taken to invest, arriving at tax of close to zero. Restrictions apply to Irish property. "Dublin has been quite aggressive in promoting itself," said Constantin Gurdgiev, a professor of finance at the Middlebury Institute of International Studies in California who has studied the country. "Ireland is a platform for tax optimization, but also for doing business. It has access to the European market." Others are critical of the government for allowing the structures. James Stewart of Trinity College Dublin, one of Ireland''s leading experts in the structures, fears problems could unfold if the sponsor of a Section 110 company runs into trouble, triggering a knock-on effect through an opaque chain of connected firms. "What''s the benefit for Ireland?" Stewart asked. "They pay minimal tax. They have no staff. They have high leverage." The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services center in a then derelict part of Dublin, a central plank to the country''s economy and success. Government officials said such financial vehicles create hundreds of jobs while pointing to their importance as Ireland tries to attract banks to Dublin from London. ($1 = 0.8507 euros) Reporting by John O''Donnell; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ireland-funds-idUKKCN1AY1AR'|'2017-08-18T15:19:00.000+03:00'
'007575013a3e5e7266aa26e34e40029d4cac9ee1'|'Wisconsin Foxconn bill clears first legislative chamber'|'Aug 17 (Reuters) - The Republican-controlled Wisconsin State Assembly voted 59-30 on Thursday to approve a bill that paves the way for a $3 billion incentives package for a proposed liquid-crystal display plant by Taiwan''s Foxconn.The plan still needs to be approved by the joint finance committee, which has both Assembly and Wisconsin State Senate members, as well as the state Senate before going to the governor. The finance committee and state Senate are also controlled by Republicans. (Reporting by Suzannah Gonzales; Editing by Matthew Lewis and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/foxconn-wisconsin-vote-idINL2N1L31TO'|'2017-08-17T21:32:00.000+03:00'
'77355804e3fc0bf0c1db3638173370ddaf7e10ef'|'GM''s Maven may compete with Lyft and Uber in ride services'|'FILE PHOTO: A 2018 Chevrolet Bolt EV is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. Rebecca Cook/File Photo (Reuters) - General Motors Co''s ( GM.N ) Maven car sharing and rental unit could wind up competing with two of its biggest customers, Uber Technologies and Lyft Inc, with an ambitious expansion plan that could take it eventually into ride and delivery services.Maven already has begun to pull away from Lyft, in which GM holds a 9 percent stake, with its own Gig leasing business, officials said. Through Gig, Maven can provide GM vehicles directly to ride-sharing drivers who previously leased them through Lyft Express Drive and Uber Vehicle Solutions.The Gig leasing business eventually will eclipse Maven''s third-party leasing services to Lyft and Uber, according to Maven spokeswoman Annalisa Bluhm.While executives say its future role has yet to be fully defined, Maven also has been quietly assembling the knowledge and expertise to enable GM eventually to compete directly with Uber, Lyft and other startups in offering on-demand mobility services to a new generation of consumers who buy access to transportation by the hour or eventually through fractional ownership of GM vehicles.Maven focussed initially on car sharing at its launch in early 2016, then quickly added third-party leasing services through Uber and Lyft. Now it has partnered with on-demand delivery services GrubHub (meals), Instacart (groceries) and Roadie (packages), as well as HopSkipDrive, an on-demand ride share service aimed at children of working parents.FILE PHOTO: A sign for General Motors Co. car-sharing operation, Maven hangs on the facade of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. Brendan McDermid/File Photo The alliances are providing valuable experience and data, according to Peter Kosak, GM’s executive director of urban mobility, helping Maven "to accelerate our deployment (and) learning” of new services.Asked if GM through Maven aims to create its own ride and delivery service, Maven boss Julia Steyn says, “You’re on the right track. We are building this out step-by-step.”Maven executives said they expect to bolster the Gig fleet next year with the addition of 2,000-3,000 Chevrolet Bolt EVs as more cities outside California add charging stations.While still relatively small compared with Uber — whose market value is more than that of GM — Maven has mushroomed in the past 18 months. Its fleet of nearly 10,000 vehicles has accumulated 170 million miles and provided 17.5 million rides to Lyft and Uber customers, officials said.Along the way, Maven has expanded its scope and reach, with operations in 17 cities in North America and a foothold in Australia.Reporting by Paul Lienert in Detroit; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/gm-maven-idINKCN1AW2CV'|'2017-08-16T21:27:00.000+03:00'
'1fa6b02a8dd6d002ba68d5c322552d9538f9843d'|'Auto groups side with Canada, Mexico on NAFTA origin rules'|'August 17, 2017 / 9:40 PM / 17 hours ago Auto groups side with Canada, Mexico on NAFTA origin rules David Lawder and Anthony Esposito 4 Min Read WASHINGTON (Reuters) - Auto industry groups from Canada, Mexico and the United States are pushing back against the Trump administration''s demand for higher U.S. automotive content in a modernized North American Free Trade Agreement. At talks underway this week in Washington, automaker and parts groups from all three countries were urging negotiators against tighter rules of origin, said Eduardo Solis, president of the Mexican Automotive Industry Association. But U.S. Trade Representative Robert Lighthizer confirmed the industry''s fears that the administration of President Donald Trump was seeking major changes to these rules to try to reduce the U.S. trade deficit with Mexico. "Rules of origin, particularly on autos and auto parts, must require higher NAFTA content and substantial U.S. content. Country of origin should be verified, not ''deemed,''" Lighthizer said on Wednesday in opening remarks. Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign Minister Chrystia Freeland both said they were not in favour of specific national rules of origin within NAFTA - a position that the industry agrees with. "We certainly think a U.S.-specific requirement would greatly complicate the ability of companies, particularly small- and medium-size enterprises, to take advantage of the benefits of NAFTA," said Matt Blunt, president of the American Automotive Policy Council. The trade group represents Detroit automakers General Motors Co ( GM.N ) Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles ( FCHA.MI ). His comments were echoed by Flavio Volpe, president of Canada''s Automotive Parts Manufacturers Association. "Anytime you say this list or a part of this list has to come from one specific country you''re going to hurt all three countries," he said. The United States had an autos and auto parts trade deficits of $74 billion with Mexico and $5.6 billion with Canada, both major components of overall U.S. goods trade deficits with its North American neighbours -- deficits that Lighthizer said could no longer continue. Lighthizer''s mention of tightening verification requirements is a reference to expanding the parts tracing list, which is used to determine whether companies meet the 62.5 percent North American content requirement for autos and 60 percent for components. Devised in the early 1990s, the tracing list covers almost none of the sophisticated electronics found in today''s cars and trucks, most of which come from Asia. Putting these on the tracing list could force suppliers to source these components from North America or pay tariffs on them. Volpe said any changes to this must also capture the North American system design work and software content for these components that is not currently included. "A car today probably has 25 to 30 percent advanced electronics, software content in it. In 1994, it had zero or 1 percent," Volpe said. "Could you address the tracing to help you get to NAFTA compliance level by capturing some of the work that''s being done in Silicon Valley or Waterloo, Canada? Yes." John Bozzella CEO of the Association of Global Automakers, which represents international-brand carmakers, said NAFTA has allowed a major expansion of auto exports, with more than 1 million more vehicles built annually in the United States than in 1993. "Negotiators should be mindful of this success as they work to modernize the agreement," Bozzella said, whose organization represents international brand carmakers with U.S. plants, including Toyota Motor Corp ( 7203.T ), Honda Motor Co Ltd ( 7267.T ) and BMW ( BMWG.DE ). Reporting by David Lawder; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/trade-nafta-autos-idINKCN1AX2RC'|'2017-08-18T00:39:00.000+03:00'
'ea545e1352485b5d066528ad96251f884cb2ab77'|'Sainsbury''s puts Nisa takeover on hold over competition concerns'|'August 15, 2017 / 11:26 AM / 2 hours ago Sainsbury''s puts Nisa takeover on hold over competition concerns James Davey 4 Min Read Shopping baskets are displayed at a Sainsbury''s store in London, Britain April 30, 2016. Photograph taken April 30, 2016. Neil Hall LONDON (Reuters) - Britain''s second largest supermarket group Sainsbury''s ( SBRY.L ) has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector. Sainsbury''s, which came under fire from shareholders in July over three years of falling profit and the prospect of a fourth in its current year, wants to wait until the Competition and Markets Authority (CMA) publishes provisional findings of its probe of Tesco''s ( TSCO.L ) proposed 3.7 billion pound ($4.8 billion) takeover of Booker ( BOK.L ). "Sainsbury''s has decided to pause discussions with Nisa until it better understands how the CMA would review any deal," a source with knowledge of the situation told Reuters. The CMA''s report into the takeover of Britain''s biggest grocery wholesaler is due to be published at the end of October. Although Sainsbury''s has put its talks with Nisa on hold for now, the wholesaler''s chairman Peter Hartley told its shopkeeper members on Monday that although exclusive talks had ended, a deal with the supermarket chain was still possible. "Sainsbury''s have made it clear they remain interested in continuing to work with Nisa and potentially making an offer for the company, but they have informed us that they do not feel sufficiently comfortable to do so until they have greater clarity over the evolving regulatory and competition considerations," he said. The CMA said last month it believed that in more than 350 areas where there was an overlap between Tesco shops and Booker-supplied independent grocery retailers, or so-called "symbol" stores, shoppers could get a worse deal. Tesco''s move on Booker piqued the interest of Britain''s other supermarket giants in the convenience store sector, which is forecast to grow 17.7 percent to 47.1 billion pounds in the five years to 2022, according to industry research group IGD. British media reports have said Sainsbury''s could pay 130 million pounds ($168 million) for Nisa, whose members operate almost 2,500 stores around the country. While Sainsbury''s has pursued Nisa, earlier this month Morrisons ( MRW.L ), the No. 4 supermarket, signed a wholesale supply agreement with convenience chain McColl''s ( MCLSM.L ) and British media have reported that the Co-operative Group ( 42TE.L ) is also interested in buying Nisa. Nisa''s Hartley did not confirm Co-op''s interest, but said "another party" that had previously submitted a bid had reaffirmed its interest in making an offer and talks were underway. "The board of Nisa continues to review any serious incoming queries and offers in the best interest of its members, and against the shifting backdrop of the convenience sector," Hartley said, adding that should a suitable offer emerge it would be up to its 1,400 members to decide whether to accept it. Sainsbury''s and the Co-op both declined to comment. Editing by Alexander Smith '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nisa-m-a-sainsbury-idINKCN1AV13S'|'2017-08-15T09:26:00.000+03:00'
'1370c42045b98cd320159161cc56f76f0c976004'|'Airline investor Woehrl interested in Air Berlin'|' 19 PM / 5 minutes ago Airline investor Woehrl interested in Air Berlin Reuters Staff 3 Min Read An Air Berlin sign is seen at their headquarters in Berlin, Germany August 15, 2017. Axel Schmidt FRANKFURT (Reuters) - Airline entrepreneur Hans Rudolf Woehrl is interested in insolvent Air Berlin ( AB1.DE ), a spokeswoman for his company INTRO-Verwaltungs GmbH told Reuters, responding to a media report saying he was planning a bid. She said it was the only way to avoid creating a German monopoly. Lufthansa ( LHAG.DE ) is the sole major player remaining. German magazine Capital earlier reported that Woehrl was thinking of teaming up with other investors to make a takeover offer for Air Berlin, citing people familiar with the matter. "INTRO already declared its interest years ago to take a majority stake in the Air Berlin group jointly with additional investors. This interest still exists," the spokeswoman said in an emailed statement, adding other investors were involved. "We think Air Berlin is meaningful only as a whole, because that is the only way to prevent a monopoly at the expense of passengers in Germany." Woehrl made a name for himself in Germany''s aviation world when he bought German airline Deutsche BA from British Airways -- now part of IAG ( ICAG.L ) - for 1 euro ($1.17) in 2003. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after shareholder Etihad Airways withdrew funding following years of losses. The German government has granted a bridging loan of 150 million euros to allow Air Berlin to keep its planes in the air for three months and secure the jobs of its 7,200 workers in Germany while negotiations continue. "No offer has been submitted so far because there are concerns that the loan by the government is meant to deliberately promote a monopoly structure that seeks to block offers from investors right from the start," the INTRO spokeswoman said. Air Berlin has been in preliminary talks with a total of three aviation firms, including Lufthansa ( LHAG.DE ), over the sale of its assets, Chief Executive Thomas Winkelmann told a newspaper. A source has said easyJet ( EZJ.L ) was also part of the negotiations, while Thomas Cook''s ( TCG.L ) German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring, without being more specific. Reporting by Christoph Steitz; Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-air-berlin-lufthansa-m-a-idUKKCN1AX2KP'|'2017-08-17T23:10:00.000+03:00'
'77476a2bb480cc262c3fb6af479085d7cf29ed5b'|'UK retail sales growth flat but beats forecasts - Business'|'Britain’s consumers are taking a more cautious approach to shopping as higher inflation above the level of earnings eats into their spending power.Only higher spending on food in supermarkets kept retail sales growing last month, with declines in all other main sectors, according to figures published on Thursday by the Office for National Statistics (ONS). Growth in retail sales volumes was static at 0.3% in July after the ONS revised the figure for June down to the same level, although the result still beat analysts’ expectations for a rise of 0.2%.Some economists blamed wet weather in July for weaker sales by fashion retailers, after sunnier conditions in June brought shoppers out in force.Strong food sales in stores at 1.5%, up from 1.1% a month earlier, helped offset a decline elsewhere, said Ole Black, an ONS senior statistician. “While the overall growth is the same as in June, trends in growth in different sectors are proving quite volatile,” he said.UK retail sales growth flat but beats forecasts - business live Read more The annual rate of sales volume growth was 1.3% in July, down from 2.8% in June and considerably lower than the higher rates towards the end of 2016. High street stores selling clothing and footwear were among the hardest hit, experiencing a fall of 0.5% in July compared with a month earlier. However, consumers spent more online, according to the data, helping sales to increase by 15.1% year-on-year and by 0.3% month-on-month, accounting for approximately 16% of all retail spending.B&Q and Screwfix owner, Kingfisher, Europe’s largest home improvement retailer, reported on Thursday that second quarter sales had slumped , driven by a 10.7% decline in the sale of seasonal goods such as barbecues and garden furniture at B&Q, following a strong first quarter boosted by better weather.Wet weather in July also affected fashion sales, with worse conditions possibly on the horizon for retailers, said Keith Richardson of Lloyds Bank. “It’s hard to escape the feeling that there may be dark clouds on the way,” he said.Although spending was higher at the supermarket checkout, prices have been rising while the phenomenon known as “shrinkflation” has cut the size of many products for consumers, maintaing profits for producers. But the cost of food could continue to rise further, according to PricewaterhouseCoopers, which estimates pork meat and rice commodity prices rose by 21% and 11% respectively between May and June alone. Supermarkets have been tempting shoppers to keep spending, or encouraging them to switch brands for own-label products, according to Richardson. “Despite consumers finding their purses a little lighter each month, the supermarkets continue to find ways to help shoppers adapt their spending rather than rein it in,” he said.The figures come as the economy shows greater signs of resilience than expected, with the UK recording its lowest level of unemployment since the mid 1970s. Inflation remains steady at 2.6% , thanks to falling fuel prices, alleviating some of the squeeze on real wages at a time when households are facing uncertainty from Brexit. However, rail fares will rise by 3.6% from next year, after July’s retail price index came in higher than expected on Tuesday, leading the government to prepare the steepest hike in average ticket prices for five years. The number of people cutting down on household spending is at the highest level for two years, as more than half of Britons said they looked to lower expenditure in the second quarter of 2017, according to Nielsen’s latest Global Survey of Consumer Confidence and Spending Intentions. The market research firm found consumer confidence has fallen sharply since the EU referendum, with the UK slipping from the second most confident country in Europe, behind only Denmark, to ninth place.The drop in retail sales adds to mounting problems for many small businesses that depend on consumers to stay afloat, at a time of rising production costs with higher levels of inflation, according to Mike Cherry, national chair at the Federation of Small Businesses. “Small business owners are paying themselves less, struggling to award pay rises and pushing up prices in an attempt to absorb increased outgoings. This threatens to further stifle already reduced consumer spending power,” he said. Howard Archer, chief economic adviser to the EY Item Club, said the retail sales figures showed continuing consumer caution amid squeezed purchasing power and weakened confidence. “The squeeze on consumers remains appreciable, despite easing marginally from May’s peak,” he said.Topics Retail industry Economics news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/17/uk-retail-sales-growth-forecasts-food-june-ons'|'2017-08-17T17:04:00.000+03:00'
'3923b35009567fe910e5429f09028d62a48096c9'|'Thomas Cook ready to play active role in Air Berlin''s future'|'August 16, 2017 / 11:27 AM / 11 minutes ago Thomas Cook ready to play active role in Air Berlin''s future Reuters Staff 1 Min Read An Air Berlin sign is seen at an Air Berlin storage hall in Berlin, Germany, August 15, 2017. Axel Schmidt BERLIN (Reuters) - Tour operator Thomas Cook ( TCG.L ) and its German airline Condor are prepared to play an active role in a restructuring of insolvent carrier Air Berlin ( AB1.DE ), Thomas Cook said on Wednesday. "Thomas Cook and its subsidiary, the strengthened German holiday airline Condor, are standing ready to play an active role in the future of Air Berlin," a spokesman for Thomas Cook said in an e-mailed statement. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after key shareholder Etihad Airways withdrew funding following years of losses. Thomas Cook books some of its customers on flights with Air Berlin and its unit Niki, which means it is in the tour operator''s interest that the German airline''s operations continue. Thomas Cook''s comment echoed tour operator TUI, which has said it was involved in plans for Air Berlin''s future and supported them. Reporting by Victoria Bryan; Writing by Maria Sheahan; Editing by Tom Sims 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-thomas-cook-grp-idUKKCN1AW16A'|'2017-08-16T14:27:00.000+03:00'
'6c5a65b1119b2dffdd46d286409c0a8d0624302d'|'UK watchdog tells banks to make PPI compensation claims easier'|'August 16, 2017 / 4:13 PM / 6 minutes ago UK watchdog tells banks to make PPI compensation claims easier 2 Min Read FILE PHOTO: The Canary Wharf financial district is seen in east London November 12, 2014. Suzanne Plunkett LONDON (Reuters) - Britain''s markets watchdog said it has told banks they must make it easier for people to claim compensation for mis-sold loan insurance, the country''s costliest consumer scandal. The Financial Conduct Authority (FCA) said it will launch a publicity campaign later this month to inform people about the Aug. 29, 2019 deadline for claiming compensation for mis-sold payment protection insurance (PPI). Lloyds, Barclays, RBS and other banks have already paid out more than 27.4 billion pounds ($35.2 billion) in compensation up to May this year, and in July Lloyds set aside a further 700 million pounds for claims. The FCA said the campaign is being funded by 18 firms that together receive more than 90 percent of complaints about PPI. "We asked these firms to make a range of improvements to the way people can complain to them about PPI, ahead of the launch of our campaign on 29 August 2017," the FCA said in a statement on Wednesday. "The improvements should make it quicker and easier for people to complain about PPI or check if they''ve had it." The watchdog has asked the firms to redevelop parts of their websites to make it easier for people to complain directly online using a simple, straightforward form. Many people have used claims firms, who take a slice of the compensation awarded. Banks and others who sold PPI must also be able to deal with complaints about the high level of commission they earned from some sales of the loan insurance. This follows a Supreme Court case known as Plevin. "We have already reviewed and challenged the commission rates and profit share sums that larger firms will be using to assess complaints about commission they earned," the FCA said. Once the campaign has been launched, the watchdog will monitor customer satisfaction to see if complaints are being dealt with fairly and promptly. Reporting by Huw Jones, editing by Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-regulator-ppi-idUKKCN1AW20W'|'2017-08-16T19:13:00.000+03:00'
'ebd7fbee6519c58673af68464d88860e9e102fdd'|'Uber Is Divided Into Two Factions. They''re Both Wrong'|'Remarks Uber Is Divided Into Two Factions. They’re Both Wrong The Uber investors who turned a blind eye to the company’s misdeeds for years are fighting a group that’s still in denial. This won’t end well. By @chafkin More stories by Max Chafkin Forget the blockbuster trade-secrets lawsuit, the flaming SUV , and the many, many recent flubs, foul-ups, and unforced errors of the past six months. Uber is hiring. Last month, my colleague Eric Newcomer reported that the troubled ride-hailing app maker had whittled down a pool of chief executive candidates into a shortlist that included former GE CEO Jeff Immelt as well as Meg Whitman, the current CEO of Hewlett Packard Enterprise (the HP without the printers). Lots of other high-level jobs are available, too . Several weeks have passed since then, and Uber appears no closer to replacing former CEO Travis Kalanick. Whitman tweeted her regrets ; Immelt is maybe still game . At some point, though, somebody will agree to run what still has to be regarded as one of the world’s most promising startups. The trouble is that whoever takes over Uber will really be in charge of two companies. There’s the one made up of people who say they’re horrified by the scandals—including accounts of a culture of sexual harassment , possible obstruction of justice , and alleged theft of trade secrets —and who blame Kalanick. And then there’s the other Uber, which includes some investors and 1,400 or so employees who, rather amazingly, remain loyal to their iconoclastic former CEO and think he deserves a chance to turn the company around. The fissure between these two cohorts, which has been forming for months, cracked wide open last Thursday when Benchmark Capital, Uber''s main venture backer and one of Silicon Valley’s top VC firms, sued Kalanick. Benchmark seeks to strip the former CEO of three board seats he was awarded last year. Those seats could allow Kalanick, who we’ve been told has been trying to engineer his return , to undo his ouster and play a role at Uber. This is all very strange. While boardroom spats are common at public companies, they’re almost unheard of in the rarified stratum of venture capital that Benchmark occupies, where “founder-friendliness” has been seen as almost obligatory. Even weirder are the circumstances. When investors awarded the board seats to Kalanick in June 2016, he already enjoyed de facto control thanks to his ownership stake—about 35 percent of Uber’s common stock, according to the complaint —and close friendships with several board members. With that in mind, it’s not at all clear why investors saw fit to hand Kalanick even more power when they did. The suit says directors gave him the seats because they were tricked by his “material misstatements and fraudulent concealment.” Kalanick’s spokesman has called last week’s allegations “without merit,” and, as Matt Levine pointed out , Benchmark’s argument seems self-serving. “The basic point [of the suit] is that Benchmark voted to give Kalanick more board seats because it thought he was a good CEO, but that he was secretly concealing the truth, which is that he was a bad CEO,” Levine wrote. “More likely, Kalanick failed to tell the board that he was a bad CEO, not as part of a devious fraud, but because he genuinely—and with some justification!—thought he was a good CEO.” More importantly, I’d argue, Benchmark is being disingenuous when it implies there was no reason to question Kalanick’s leadership abilities at the time it voted to give him the board seats. The VC firm’s lawsuit cites a half-dozen news articles that speak to Kalanick’s leadership failures, but not a single one that was published before this year. That’s highly misleading. It’s true that Uber’s past six months have been full of shameful revelations, but the previous years weren’t so great either. Let’s start with the tip-of-the-iceberg stuff: Long before Susan Fowler’s blog post detailing a corporate culture rife with sexual harassment , 2014 brought the GQ profile in which Kalanick referred to the company as “ Boob-er ” and the sexist marketing campaign in France that prompted an apology . Anyone paying close attention—such as, say, an Uber director—should have been asking questions by then. The lawsuit also cites Uber’s use of a program, Greyball, whereby Uber allegedly worked to mislead police and regulators . That was a bombshell, but it also wasn’t entirely without precedent. For years, Uber had employed questionable tactics in battles with regulators and applications of user data. Benchmark partner Bill Gurley, who sat on the board at the time , was almost certainly aware of “God view,” which attracted a $20,000 fine in New York State as well as controversy in the press . That scandal took on a more sinister tone in late 2014, when one of Kalanick’s top deputies, Emil Michael, suggested at a dinner with journalists that Uber might seek to publish embarrassing information about the personal lives of Uber critics. Michael apologized, and in the years that followed, Kalanick sought to rehabilitate his image. Gurley knows this too, because he was instrumental in that image campaign, frequently praising Kalanick in interviews and on Twitter . When I was writing a story about Kalanick in 2015, Gurley told me the CEO’s past missteps made him similar to Mark Zuckerberg and Bill Gates. These were, he said, “ young entrepreneurs who were allowed to kind of say anything and do anything,” and Kalanick had matured. (Gurley didn’t respond to a request for comment for this column.) Today, of course, Gurley’s take seems like a terrifically bad misjudgment, at best. The other side of this battle is no more sympathetic. On Friday, a group of Kalanick allies led by the investor Shervin Pishevar mustered to try to remove Benchmark from the board, criticizing the firm’s “fratricidal” behavior. Pishevar’s group is offering to buy out three-quarters of Benchmark’s stake, which would remove the firm’s voting rights and, assumedly, end the litigation. Uber, which did not comment for this story, is said to be considering this offer . The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up “Naturally, we share your concerns about the problems that the Company has confronted in recent months,” the investors wrote, “but we are greatly concerned about the tactics employed by Benchmark to address them, which strike us as ethically dubious and, critically, value-destructive rather than value enhancing.” In other words, the embarrassment caused by Benchmark’s lawsuit is more damaging than the alleged breaches that prompted it. That’s nuts—and it’s also a tell. Pishevar’s group, like Benchmark, claims it’s doing what’s best for Uber, and I’m sure the investors think they are. But greed and opportunism seem to be at play, too, and this scramble for control makes clear just how badly Uber needs something else: Outsiders who aren’t tainted by its past. Max Chafkin '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-14/uber-is-divided-into-two-factions-they-re-both-wrong'|'2017-08-14T17:57:00.000+03:00'
'21fcab8a35946adff45f19ea36d1ee10a1b8cf05'|'Thomas Cook ready to play active role in Air Berlin''s future'|'A sign is seen outside a Thomas Cook shop in central London, November 26, 2014. Suzanne Plunkett/File Photo BERLIN (Reuters) - Tour operator Thomas Cook ( TCG.L ) and its German airline Condor are prepared to play an active role in a restructuring of insolvent carrier Air Berlin ( AB1.DE ), Thomas Cook said on Wednesday."Thomas Cook and its subsidiary, the strengthened German holiday airline Condor, are standing ready to play an active role in the future of Air Berlin," a spokesman for Thomas Cook said in an e-mailed statement.Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after key shareholder Etihad Airways withdrew funding following years of losses. [nL8N1L12WG]Thomas Cook books some of its customers on flights with Air Berlin and its unit Niki, which means it is in the tour operator''s interest that the German airline''s operations continue.Thomas Cook''s comment echoed tour operator TUI, which has said it was involved in plans for Air Berlin''s future and supported them.Reporting by Victoria Bryan; Writing by Maria Sheahan; Editing by Tom Sims'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-air-berlin-lufthansa-thomas-cook-grp-idUSKCN1AW169'|'2017-08-16T14:27:00.000+03:00'
'9c74e58af47d147cf699ca30fbecd365e0bbc9d6'|'UPDATE 1-Mexican transport company Traxion files for IPO'|'(Adds how money would be spent, background)MEXICO CITY, Aug 11 (Reuters) - Mexican transport and logistics company Traxion has filed for an initial public offering on the Mexican stock market, according to documents published by the bourse on Friday.The company, which focuses on trucking and school transport, did not say how many shares it would put up for sale or how much money it hoped to raise in the offering.The company said it would use proceeds from the IPO to fund future growth, or to pay debt. Traxion said it might also seek acquisitions but had none in mind at present.On Thursday, Mexican energy investment firm Vista Oil & Gas said it had completed a $650 million initial public offering, becoming the country''s first publicly traded oil firm, four years after a landmark energy reform ended the decades-long monopoly enjoyed by state-run Pemex. (Reporting by Gabriel Stargardter and Noe Torres; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-traxion-ipo-idINL1N1KX243'|'2017-08-11T20:36:00.000+03:00'
'bd6b84121d6c3be681e689f7f54d82ea7d97da9c'|'Deals of the day-Mergers and acquisitions'|'Aug 15 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Tuesday:** Warren Buffett''s Berkshire Hathaway Inc said it added a stake in Synchrony Financial, boosting its bet on the credit card industry, and shed its investment in the company''s former parent, General Electric Co.** Transocean, one of the world''s biggest drilling rig operators, has agreed a deal to buy Norwegian competitor Songa Offshore for 9.1 billion Norwegian crowns ($1.1 bln), the two companies said on Tuesday.** Corvex Management threatened a proxy battle against Energen Corp if the U.S. oil and gas producer did not agree to add the activist investor''s nominees to its board.** Slovak government leaders have agreed on a timetable to change their coalition agreement, a government spokeswoman said on Tuesday, a step toward ending a political crisis after one junior party quit the coalition last week.** Britain''s second largest supermarket group Sainsbury''s has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector.** Shares in Bahrain''s GFH Financial Group fell sharply on Tuesday as the firm said it had acquired $1.2 billion of infrastructure assets in Africa and the Middle East by increasing its capital, diluting minority shareholders.** Bulgaria plans to launch a tender to sell its abandoned 2,000 megawatt nuclear power project Belene in early 2018, Energy Minister Temenuzhka Petkova said on Tuesday.** Shareholders in Latvian gas utility Latvijas Gaze voted on Tuesday to separate its gas distribution business from gas sales to comply with European Union competition rules.** Struggling German airline Air Berlin filed for insolvency on Tuesday after years of losses caught up with it and shareholder Etihad withdrew funding, with rival Lufthansa saying it was in talks to take over parts of its business.** Britain''s second largest supermarket group Sainsbury''s has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector.** CCR SA''s second-quarter net income more than quadrupled from a year earlier to 667 million reais ($209 million) after Brazil''s biggest toll road operator bought its partner''s stakes in a Sao Paulo subway and Rio de Janeiro roads, according to a securities filing on Monday.** Activist hedge fund Corvex Management owns shares in French food group Danone SA worth about $400 million, viewing the world''s largest yogurt maker as significantly undervalued, Bloomberg reported late on Monday, citing people familiar with the matter.** Japanese insurer MS&AD said it has agreed to buy 6.3 percent of Australian annuity provider Challenger Ltd for A$500 million ($393 million), to tap the growing market for managing retirement savings.** Amec Foster Wheeler Plc''s proposal to sell almost all of its upstream offshore oil and gas servicing assets may be adequate for regulatory approval of its merger with John Wood Group Plc, the UK''s Competition And Markets Authority (CMA) said.** German industrial gases group Linde said the 10-week acceptance period for its proposed $74 billion merger with U.S. peer Praxair started on Tuesday and would run through Oct. 24. (Compiled by Roopal Verma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L1470'|'2017-08-15T11:22:00.000+03:00'
'a2eaf9e2fb7cab2ebcba8f34109501d5272679ba'|'Fed''s Dudley: Expectation of balance sheet move in September ''not unreasonable'''|'August 14, 2017 / 6:11 PM / a day ago Dudley tells skeptical markets he sees Fed rate hike: AP 4 Min Read William Dudley, President of the New York Federal Reserve Bank, answers a question, after addressing the Indian businessmen at the Bombay Stock Exchange (BSE) in Mumbai, India in this file photo dated May 11, 2017. Shailesh Andrade WASHINGTON/NEW YORK (Reuters) - One of the Federal Reserve''s most influential members expects to raise interest rates once more this year, and to soon begin shedding some of the Fed''s bond holdings, according to comments on Monday that pushed back on doubts in financial markets. In an interview with the Associated Press, New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, also praised the Trump administration for not "politicizing" the U.S. central bank''s decisions as some members of Congress have done in recent years. His steady-as-she-goes comments on inflation and rates appeared to respond to growing skepticism in financial markets that the Fed will raise rates by December, and they prompted a rise in the dollar and in bond yields. "It depends on how the economic forecast evolves," Dudley told the AP. "If it evolves in line with my expectations ... I would be in favor of doing another rate hike later this year." The Fed has raised rates twice this year and aims, according to forecasts, to hike once more. However a slide in inflation readings in recent months to 1.5 percent, below a 2-percent Fed target, has raised doubts among investors who give about a 40 percent chance of the Fed following through. More certain is the Fed''s well-telegraphed plan to announce the start date for beginning to shed some of the bonds in its $4.5-trillion portfolio, most of which it amassed to spur the economy in the wake of the 2007-2009 crisis. "I don''t think the expectations of market participants are unreasonable," Dudley, who has a permanent vote on Fed policy, said when asked whether predictions were accurate for the plan to be announced at a mid-September meeting. He predicted the portfolio would shrink to between $2.5 and $3.5 trillion after five years. Investors and economists generally expect the Fed next month to announce that bonds will begin to run off around October 1. That is the month that the Treasury is expected to fully exhaust its remaining borrowing capacity in what is known as the "debt ceiling." This does "not really" pose difficulties for the Fed because the debt it holds counts against the limit, and it could choose to "delay the actual start date" of reducing the portfolio, Dudley said. Elsewhere in Washington, speculation has heated up over who President Donald Trump would pick as Fed chair, with the president himself saying his economic advisor Gary Cohn as well as Yellen, whose term expires in February, are contenders. Fed officials and congressional Democrats have worried that that and other vacancies would leave the door open for Republicans to trim the Fed''s historic independence from politics. Asked about Cohn, Dudley said he is a "reasonable candidate ... who knows a lot about financial markets." Both men are Goldman Sachs alumni: Cohn a president at the Wall Street bank and Dudley a partner. "The Trump Administration has been very hands-off in terms of the Fed," Dudley added when asked about threats to independence. "So, I think they''ve been very respectful of the monetary policy, not to politicize the monetary policy process." Reporting by Jonathan Spicer and Lindsay Dunsmuir; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-fed-idUSKCN1AU22O'|'2017-08-14T21:10:00.000+03:00'
'385cf31069b3bba4f309922b7b73e94a93fe1f68'|'Husky Energy to buy $435 million Wisconsin refinery'|'CALGARY, Alberta (Reuters) - Canadian integrated oil company Husky Energy Inc said on Monday it is buying a refinery in the United States from Calumet Specialty Products Partners LP for $435 million in cash.The refinery in Superior, Wisconsin, has capacity to process 50,000 barrels per day.The deal, which also includes the refinery''s associated logistics assets, will increase Husky''s refining capacity to 395,000 bpd, the company said.Husky produces primarily heavy oil from oil sands and conventional operations in western Canada and the deal will help it manage exposure to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut."Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production," said CEO Rob Peabody.Husky currently produces around 320,000 bpd and aims to grow output to 400,000 bpd by 2021.Shares of Calumet rose 9 percent to $5.93 in late morning trade on the Nasdaq, while Husky''s shares rose 0.5 percent to C$14.69 on the Toronto Stock Exchange.Husky said it would retain about 180 workers at the refinery, which can process Canadian heavy crude and light and medium barrels from Canada and the Bakken region, and also boosts the company''s asphalt production capacity.The company said it is deferring a decision on whether to expand asphalt capacity at its Lloydminster, Saskatchewan, refinery until after 2020 and will be considered again as heavy oil production grows.BMO Capital Markets was Husky''s financial adviser on the deal and Milbank LLP its legal adviser.Reporting by Nia Williams in Calgary and Ahmed Farhatha in Bengaluru; Editing by Maju Samuel and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/husky-energy-refinery-calumet-splty-idINKCN1AU20T'|'2017-08-14T15:41:00.000+03:00'
'03360c085a9bf9d6a452e0fb09d55b9448d4dc41'|'German Finance Minister Schaeuble calls for stronger car industry regulation'|'August 15, 2017 / 6:37 PM / in 2 hours German Finance Minister Schaeuble calls for stronger car industry regulation Reuters Staff 1 Min Read FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. Fabrizio Bensch/File Photo BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble, a leading member of Chancellor Angela Merkel''s government, on Tuesday called for stronger regulation of the country''s auto industry, which is embroiled in a widening emissions scandal. Schaeuble told an event hosted by the Handelsblatt newspaper that the industry had made serious mistakes and must accept the consequences. The future of the auto sector, Germany''s biggest exporter and provider of some 800,000 jobs, has become a hot election issue as politicians blame executives and each other for the sector''s battered reputation after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. emissions tests almost two years ago. Reporting by Joseph Nasr; Writing by Andrea Shalal 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-emissions-schaeuble-idUKKCN1AV245'|'2017-08-15T21:33:00.000+03:00'
'e1b4644c30585834bf7ec8c48dbf4dee52ab0cbd'|'Oil markets steady as strong demand is met by ample supplies'|'Edition United States August 14, 2017 / 1:07 AM / an hour ago Oil prices dip on weak Chinese refining activity Henning Gloystein 3 Min Read A view shows a petrol nozzle refuelling a car at a petrol station in Viterbo, north of Rome, September 25, 2012. Giampiero Sposito SINGAPORE (Reuters) - Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising U.S. shale output suggested supplies would likely remain high. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.94 per barrel at 0253 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.74 a barrel, down 8 cents, or 0.2 percent. Chinese refineries processed 0.4 percent more crude oil in July than a year earlier at 45.5 million tonnes, or about 10.71 million barrels per day (bpd), data from the National Bureau of Statistics showed on Monday. This would be the lowest amount on a daily basis since September 2016, according to Reuters calculations based on official data. The International Energy Agency (IEA) said on Friday that it expects 2017 oil demand growth of 1.5 million bpd, up from a previous expectation of 1.4 million bpd. Overall, markets remain well supplied thanks to strong output. "Demand is outperforming expectations amongst both developed and emerging markets... However, global crude inventories remain bloated and there are considerable uncertainties heading into 2018," BMI Research said in a note, including the possibility of rising supplies. Shale production in the largest U.S. oilfield should rise by as much as 300,000 bpd by December, according to industry forecasts. Oil production from the Permian Basin of West Texas and New Mexico is closely watched because its low costs and rapid growth have pressured efforts by the Organization of the Petroleum Exporting Countries to drain a global crude supply glut. U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices. Drillers added 3 rigs looking for new oil in the week to Aug. 11 bringing the total count up to 768, the most since April 2015, General Electric Co''s ( GE.N ) Baker Hughes energy services firm said in its closely followed report on Friday. RIG-OL-USA-BHI Reporting by Henning Gloystein; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1AU03C'|'2017-08-14T04:02:00.000+03:00'
'00717f790569dd38d4b55cc35799291e3389da40'|'Airlines want tighter control of alcohol sales in British airports'|'TRYING to stop Britons from boozing can be a forlorn task. Drinking has been woven into the nation’s culture for centuries, from the “loose-tongued” pilgrims of Chaucer to the apprentices who ran amok on London’s streets in the 16th century. According to Susie Dent, a lexicographer, English has 3,000 words for being drunk . Some take that list as a challenge. Whether at football matches or funerals, children’s parties or cheese-rolling , Britons turn almost any occasion into an excuse to get ramsquaddled (thanks, Ms Dent).A visit to a British airport is a crash course in this culture. Regardless of the time of morning, the bars are full and the English breakfasts come accompanied with pints of Guinness. That is an increasing problem for airlines. According to a BBC investigation , 387 drunken passengers were arrested at British airports or on flights between February 2016 and February 2017, a 50% increase compared to the year before. A survey by Unite, a union, found that 20% of cabin crew members had suffered physical abuse at some point, often related to drunkenness. As one former flight attendant told the BBC: "People just see us as barmaids in the sky. They would touch your breasts, or they''d touch your bum or your legs. I''ve had hands going up my skirt before." 17 One problem is duty-free booze, which is bought in the departure lounge and consumed on planes. There is a conflict between the interests of shops, which do not generally have to deal with the consequences of what they sell, and airlines, which do. Similarly, airport bars do not always call time on passengers who have had a skinful. A particular issue, according to Kenny Jacobs of Ryanair, is when flight delays prompt passengers to extend their session in the airport pub.A code of conduct, which many airlines and airports signed up to last year, is supposed to prevent this. Airlines are expected to deny boarding to drunk passengers, for example, and duty-free shops are supposed to explain that the alcohol they sell must not be consumed on the plane. But the agreement is voluntary and apparently not being rigorously enforced.As a result, some airlines have begun to take matters into their own hands. Jet2 has stopped selling drinks on some of its early-morning flights. Those who take Ryanair flights to Spain from Glasgow or Manchester are now told that they must put duty-free booze in the hold. Ryanair has also proposed that passengers be limited to two drinks per boarding pass in the airport, and that no alcohol should be available before 10am.Gulliver is conflicted by all of this. As this blog has posited before, airports are one of only five places in which it seems acceptable to have a snifter before midday. (Sometimes, with hours to kill before a flight, a couple of Bloody Marys, some John Coltrane on the headphones and a well-stocked Kindle feels like the only civilised way to pass the time.) And the rate of drunk-and-disorderly passengers remains low. Yet flight attendants should not have to put up with drunks who treat them disrespectfully. Nor should fellow flyers have to share the cabin with the disruptors. If drinkers cannot exercise moderation and self-control, stricter rules to rein them in might be the only way to go.Next The problem of contaminated air on planes'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/how-handle-half-cut?fsrc=rss'|'2017-08-16T05:09:00.000+03:00'
'fdff991c73bd88f47790e65e8ec61f2f8e8fbeeb'|'UPDATE 1-Schibsted''s sales outlook not threatened by Facebook launch -CFO'|'August 15, 2017 / 2:05 PM / 15 hours ago Schibsted''s sales outlook not threatened by Facebook launch - CFO Camilla Knudsen 3 Min Read FILE PHOTO - Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France on January 17, 2017. Philippe Wojazer/File Photo OSLO (Reuters) - Facebook''s launch of its Marketplace e-commerce service in 17 European countries this week hit the shares of classified adds group Schibsted ( SBSTA.OL ) on Tuesday, but the Norwegian company said it was unlikely to affect its sales outlook. Shares in Schibsted, which has online market sites in 22 countries, fell as much as 10 percent in early trading after Facebook said it would expand its service for connecting local buyers and sellers. "This is an expected development, it will not change our strategy," Chief Financial Officer Trond Berger told Reuters. Schibsted holds market-leading positions in local classified advertising websites across Europe including Norway''s Finn and France''s Leboncoin, and also has fast-growing operations in Asia, Africa and the Americas. "Facebook''s Marketplace has shown little effect on (competitors'') growth in the markets it has launched in the past," Berger said. Schibsted''s biggest classified revenue streams come from services such as job adverts, car sales and real estate sales, and less from person-to-person trade in smaller items. "The generalist market means less to us income-wise, so we are not particularly concerned about our revenue flows," the CFO said. He also said he did not expect an increase in costs to keep up with competition from the social network giant. Schibsted shares recovered some of their early losses and were down 5 percent at 1316 GMT. Analysts highlighted the rise in competition and worries over costs. "Overall, increased competition is negative, but the generalist market is only a minor part of Schibsted''s revenues," Danske Bank Markets analyst Martin Stenshall said. "I think investors worry that Schibsted''s response could be to invest even more into its online classifieds to defend its position," he added. Anders Skoe, chief executive of Schibsted''s Norwegian service Finn said Facebook''s entry was more likely to expand overall demand than to cannibalise existing players. About four percent of Finn''s revenues comes from the so-called the generalist market, Skoe said. Facebook''s Marketplace is being introduced this week in Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland and the Netherlands. Launched 10 months ago, Marketplace charges no fees to buyers or sellers and aims to make it easy for users to trade mostly second-hand goods. Editing by Terje Solsvik and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-facebook-marketplace-europe-schibsted-idUSKCN1AV1K4'|'2017-08-15T17:00:00.000+03:00'
'31262afa77e79795cbdcf540e494ddf57aa3d6a1'|'BRIEF-Edmonton awards New Flyer a contract for 110 clean diesel buses'|' 45 PM / in 10 minutes BRIEF-Edmonton awards New Flyer a contract for 110 clean diesel buses   New Flyer Industries Inc * Edmonton awards New Flyer a contract for 110 clean diesel buses * New Flyer Industries Inc - new award will add a total of 230 equivalent units to new flyer''s firm and option backlog Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-edmonton-awards-new-flyer-a-contra-idUSASB0BG1Q'|'2017-08-16T00:44:00.000+03:00'
'f272ec4f44af633095b0d883e2bd38db5b80f3ee'|'Miner Hochschild''s first half pretax profit falls 33.8 percent on higher costs'|' 26 AM / 9 minutes ago Miner Hochschild''s first half pretax profit falls 33.8 percent on higher costs   (Reuters) - Precious metals miner Hochschild Mining Plc''s ( HOCM.L ) pretax profit fell 33.8 percent in the first half of the year, hurt by higher costs. The company, which has mining operations in Peru, Chile and Argentina, reported a pretax profit of $39.9 million for the six months ended June 30, compared with $60.3 million a year earlier. Attributable silver production rose 8.9 percent to 8.9 million ounces, and Hochschild said it was on track to deliver attributable production of 37 million silver equivalent ounces for 2017. Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hochschild-min-results-idUKKCN1AW0D9'|'2017-08-16T09:26:00.000+03:00'
'9586c1a2a9d20af28b2df93d6fe5a672e4af2699'|'Saudi Aramco gets bids to expand Hawiyah gas plant: sources'|'FILE PHOTO: A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. Hamad I Mohammed/File Photo KHOBAR, Saudi Arabia (Reuters) - Saudi Aramco has received bids from international engineering firms to expand the Hawiyah gas plant, industry sources said on Wednesday.They said the companies that submitted their proposals, on Sunday, were: South Korean Samsung Engineering, Spain''s Tecnicas Reunidas, Taiwan''s CTCI, Italy''s Saipem, Britain''s Petrofac, India''s Larsen & Toubro (L&T).South Korea''s Hyundai Engineering and Hyundai Development Co Engineering & Construction (HDEC) bid together as a consortium.Saudi Aramco said it would not comment as did Hyundai and Petrofac. Tecnicas Reunidas was not available for comment.L&T and Samsung Engineering confirmed to Reuters they bid for the project.Aramco plans to expand the processing capacity at Hawiyah by 1.3 billion standard cubic feet per day (scfd). It currently processes 2.5 billion scfd of gas.Companies will submit bids next week to build gas compression stations at Haradh and Hawiyah.The expansion of the Hawiyah gas plant and the new gas compression stations at Haradh and Hawiyah is expected to cost more than $4 billion, industry sources estimated.Hawiyah and Haradh are part of Ghawar, the world''s largest onshore oilfield.Raising gas production is key to Saudi Arabia''s plan to diversify its energy mix by cutting the use of crude oil and liquids for power generation while allocating more gas to other industries it aims to develop.Despite falling oil prices, Saudi Aramco is pushing ahead with oil and gas projects that it has highlighted as a priority for the long term to keep the world well supplied with oil while meeting gas demand domestically.It plans to nearly double gas production to 23 billion standard cubic feet a day in the next decade.Its CEO Amin Nasser said last month the firm plans to invest more than $300 billion over the coming decade to reinforce its pre-eminent position in oil, maintain spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources.But apart from those targets, Aramco also aims to enhance its long-term revenues by building a diversified growth platform and through international gas opportunities, it said last week in a statement in its internal publication, the Arabian Sun.Reporting by Reem Shamseddine, Promit Mukherjee in MUMBAI, Yuna Park in Seoul, Robert Hetz in Madrid; Editing by Jeremy Gaunt'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-aramco-hawiyah-idUSKCN1AW1EL'|'2017-08-16T20:36:00.000+03:00'
'7be131139f57ad94822b3d4d9dbe0aa1483d1879'|'Deals of the day-Mergers and acquisitions'|'Aug 16 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Wednesday:** Geely Automobile said it has no plan to buy Fiat Chrysler, dismissing media speculation the Chinese company was interested in the Italian car maker.** Hedge fund Elliott Management has raised its stake in BHP Billiton, to 5 percent, bolstering its position to agitate for change at the top global miner, but signaled its support for the incoming chairman.** Britain''s Prudential sold its broker-dealer network in the United States for $325 million to LPL Financial , the insurer said.** Swiss chemicals maker Clariant AG and U.S.-based Huntsman Corp said U.S. regulators had asked for more information on their proposed merger, but they were confident of still closing the deal by the end of this year.** Private equity house EMR Capital has purchased an 80 percent stake in a Zambian copper mine from African Rainbow Minerals (ARM) and its partner for $97.10 million, ARM said.** Canadian miner Crystallex is seeking to seize shares in a subsidiary of Venezuelan state oil company PDVSA that owns U.S. refiner Citgo as part of a dispute over Venezuela''s 2008 takeover of the Las Cristinas gold mine, according to court filings.** Indonesia''s Pertamina said that tax issues related to importing crude oil into the Southeast Asian country could scupper plans by the state oil firm to take stakes in two energy blocks controlled by Russia''s Rosneft.** Ryanair will continue to grow in Germany, even though it sees any plans by Lufthansa to take over parts of insolvent rival Air Berlin as a conspiracy to halt the Irish carrier''s expansion, its chief executive told Reuters.** Malaysian state oil firm Petronas is looking to buy a stake in Indian Oil Corp''s Ennore liquefied natural gas (LNG) import terminal, the Indian firm''s chairman said.** Saudi Aramco IPO-ARMO.SE has received bids from international engineering firms to expand the Hawiyah gas plant, industry sources said on Wednesday as the state oil giant continues spending to expand its core business.** Tour operator Thomas Cook and its German airline Condor are prepared to play an active role in a restructuring of insolvent carrier Air Berlin, Thomas Cook said on Wednesday.Compiled by Roopal Verma in Bengaluru'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L23CM'|'2017-08-16T11:12:00.000+03:00'
'1befddce36cafe4081a0864feb64e7f03ec1c901'|'Wienerberger cautious on growth in British residential construction'|'August 17, 2017 / 8:13 AM / 9 hours ago Brickmaker Wienerberger warns of bleaker outlook for UK market, shares fall Kirsti Knolle 3 Min Read FILE PHOTO: The logo of Wienerberger, the world''s biggest brick maker, is pictured at its headquarters in Hennersdorf, Austria, February 9, 2016. Heinz-Peter Bader/File Photo VIENNA (Reuters) - Brickmaker Wienerberger ( WBSV.VI ) warned on Thursday that it expected the residential construction market in Britain to stagnate or shrink over the next few years, sending its share price down by more than 6 percent. The Austrian group, which generates around 10 percent of its annual sales in Britain, maintained its full-year profit target for a 9 percent rise in adjusted earnings before interest, tax, depreciation and amortisation to 415 million euros ($487 million). Second-quarter EBITDA rose 4 percent to 144.1 million euros. Although sales and profits rose at its bricks business in the quarter, its pipes and paving stones unit, which generates about a third of group sales, saw a 20 percent decline in EBITDA due to a lack of public orders and higher raw material prices. In Britain demand for Wienerberger''s bricks and roof tiles increased enough in the first half of the year to more than offset the negative effects of a weaker British pound. But the group does not expect the trend to continue, Chief Executive Heimo Scheuch said at a news conference. "We do not assume that (the residential construction sector) will grow steadily in Britain, but that it will be rather stable or even decrease in the next few years," Scheuch said. Logos of Wienerberger, the world''s biggest brick maker, are pictured at its headquarters in Hennersdorf, Austria, February 9, 2016. Heinz-Peter Bader Strong demand in Britain is currently supported by government aid programmes for new housing construction, according to Wienerberger. Last year, revenue in the country fell 5.1 percent, strongly influenced by the fall in the pound after Britain voted to leave the European Union. Wienerberger''s share price was down 5.5 percent at 18.855 euros by 1025 GMT, when the Stoxx Europe 600 construction and materials sector index <0#.SXOP> was down 0.3 percent. The statement on the British market did not go down well with investors as Britain is regarded as one of the most profitable markets for Wienerberger, Kepler Cheuvreux analyst Stephan Trubrich said. "In addition, they lowered their forecast for the German brick market, and the western European pipe business lags expectations," Trubrich said. Wienerberger said in its second-quarter report that it was seeing a reduction in the number of building permits for single- and two-family homes in Germany, while it had said three months earlier that it expected an increase. Revenue in the pipes and paving stones business fell 4 percent in the second quarter, partly due to less international business projects. Reporting by Kirsti Knolle; Editing by Edmund Blair, Greg Mahlich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-wienerberger-results-idUKKCN1AX0RZ'|'2017-08-17T11:13:00.000+03:00'
'e17ddb317e27b4031ac3c270f5eb0a59fb3f9953'|'Big-name U.S. hedge funds shed healthcare stocks during the rally in second quarter'|'Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 14, 2017. Brendan McDermid NEW YORK (Reuters) - Several big-name hedge fund investors trimmed their stakes in healthcare companies in the second quarter as the sector led the broad U.S. stock market higher, rallying amid a Republican effort to repeal and replace President Obama''s signature healthcare law.Jana Partners sold all of its shares in nine healthcare companies, ranging from small-cap biotech company Acadia Pharmaceuticals Inc ( ACAD.O ) to health information company WebMD Health Corp ( WBMD.O ) to insurer Aetna Inc ( AET.N ), according to quarterly filings released Monday.Billionaire Daniel Loeb''s Third Point sold 175,000 shares, or about 18 percent of its stake, in health insurance company Humana Inc ( HUM.N ) and 5 million shares of hospital products maker Baxter International Inc ( BAX.N ), or approximately 10 percent of its prior position. Shares of both companies are up more than 20 percent year to date.Farallon Capital Management LLC, founded by Tom Steyer, dissolved its stakes in pharmaceuticals companies Eli Lilly and Co ( LLY.N ) and Bristol-Myers Squibb Co ( BMY.N ), according to filings. The hedge fund also trimmed stakes in AstraZeneca Plc ( AZN.L ) and Allergan Plc ( AGN.N ).Healthcare stocks in the S&P 500 rose 6.7 percent in the second quarter, more than double the 2.6 percent gain in the broad S&P 500 index, after trailing the broad market following Donald Trump''s surprise victory in the Nov. 8 presidential election.Senate Republicans delayed a vote on a healthcare overhaul bill on June 27 after it became clear that they did not have enough votes for it to pass. One month later, a scaled-down plan to replace Obama''s Affordable Care Act failed in the Senate.Healthcare stocks have underperformed since the current quarter began on July 1, dipping 0.5 percent compared with a 1.9 percent gain by the broad S&P 500, suggesting that the move by hedge fund managers could signal the end of the rally."If sentiment from certain institutional investors weakens for healthcare it could negatively impact stocks" despite the sector''s strong fundamentals, said Todd Rosenbluth, director of mutual fund research at CFRA Research.Quarterly disclosures of hedge fund managers'' stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying. But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions.Overall, hedge funds gained 1 percent in the second quarter, according to Chicago-based fund tracker Hedge Fund Research, less than half of the 2.5 percent gain in the first quarter.There were few signs that hedge fund managers were attempting to call a bottom in energy stocks as the falling price of oil helped send the sector down 7 percent in the quarter. Third Point sold all of its stake in Rice Energy Inc ( RICE.N ), Halcon Resources Corp ( HK.N ), Enerplus Corp ( ERF.TO ), and Pioneer Natural Resources Co PXD.N..Jana Partners sold all of its stake in Resolute Energy Corp ( REN.N ), while Omega Advisors sold its entire stake in seven energy companies, including Cheniere Energy Inc ( LNG.A ), Eclipse Resources Corp ( ECR.N ), and Williams Partners LP ( WPZ.N ).Reporting by David Randall; Editing by Jennifer Ablan, Phil Berlowitz and Steve Orlofsky'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-investment-funds-idUSKCN1AU1X1'|'2017-08-14T19:50:00.000+03:00'
'1809411d73d09dac49e8a535dcccd19f1548bbd6'|'Reckitt bets on ''smart'' products to renew innovation mojo'|'August 16, 2017 / 1:04 PM / an hour ago Reckitt bets on ''smart'' products to renew innovation mojo Martinne Geller 6 Min Read Rakesh Kapoor, the CEO of Reckitt Benckiser, poses for a photograph at the company headquarters in Slough, Britain August 14, 2017. Picture taken August 14, 2017. Martinne Geller SLOUGH, England (Reuters) - Reckitt Benckiser ( RB.L ) is betting on connected consumer products as part of a push to show investors its innovative approach can still drive growth. In an interview at Reckitt''s global headquarters outside London, Chief Executive Rakesh Kapoor dismissed suggestions that a recent product failure signaled Britain''s 12th most valuable company has lost its design mojo. "Innovation for this company is cultural. It''s in our blood, in our DNA," said Kapoor, who has a reputation for disciplined cost management, adding that detailed product pipeline reviews were conducted monthly like profit-and-loss assessments. The group''s creative prowess is under scrutiny after last year''s poor market response to a 60 pound ($77) version of its Scholl electronic hard skin remover, which continued to hurt the company and contributed to its first-ever quarterly sales fall last month. Even without one-time items, which also included a June cyber attack and the collapse of its South Korean business, Reckitt''s core health business slowed. Kapoor said the unit, which makes up half its annual sales following the $16.6 billion Mead Johnson purchase, remains strong and will benefit from new products. Reckitt will next month start selling a new brand, Siti, in China and India to help protect against outdoor air pollution, and is also launching a Fever Smart temperature monitor in Australia. Both comprise pricey monitors that can send data to smartphones aimed at prompting the use of company products. For Siti, that means face masks costing about 2 pounds each and fitted with a 20 pound vent that Reckitt says makes them perform better than existing choices. For Fever Smart, it would be a Nurofen tablet to lower a child''s fever. Kapoor said these illustrate the new products in prospect at the maker of Durex condoms, Lysol cleaners and Mucinex cold medicine. "There is a connected innovation pipeline for all of our brands," he said. "Think about air fresheners or pest control solutions or multipurpose cleaning." REAL PROBLEMS Despite price tags of 99 Australian dollars ($78) for the Fever Smart and 50 pounds for the Siti monitor, Kapoor thinks they will be successful because they are linked to solutions for real problems. Yet Reckitt''s foray into smart devices comes as the market for wearable gadgets slows. CCS Insight predicts a 1 percent increase in the number of wearable gadgets shipped this year, versus 10 percent last year. "It is not a secret that demand for smart wearables has been weaker than we, or anyone else, initially anticipated," said George Jijiashvili at the consultancy. He noted other companies also offer pollution monitors but said they will likely have niche appeal. "Certain individuals who are very concerned about the air quality, especially those living in heavily polluted cities such as Delhi, are likely to seek out such devices". RBC Capital Markets analyst James Edwardes Jones said he had become more skeptical about Reckitt''s product pipeline, especially after the failed Scholl skin file. "The wider issue is not about one innovation going wrong, it''s that one innovation went wrong and there was nothing else to fill the gap that it left," said Jones, who has an "underperform" rating on the stock. He said greater upside may be had elsewhere in the sector, which is being rocked as activist shareholders push Nestle ( NESN.S ) and Procter & Gamble ( PG.N ) to improve returns, Unilever ( ULVR.L ) aims to boost performance after an aborted takeover proposal from Kraft Heinz ( KHC.O ) and Danone ( DANO.PA ) is reportedly being targeted by an activist investor. INCREASED PRESSURE "I still think they (Reckitt) are an exceptionally managed company, but others are starting to do the same sort of thing from a much lower base," Jones said. Kapoor acknowledged the increased pressure on the sector as growth has slowed. He says it gives rise to two types of CEO - those who become activist targets and those who play that role themselves. "The day I stop being the activist CEO in my company I should have an activist from outside." Reckitt shares have risen by more than 130 percent since Kapoor took over as CEO in September 2011, growing more than three times as much as the FTSE 100, though they are down nearly 6 percent since last month''s results. Reckitt is moving deeper into consumer health, a market that Euromonitor International says is worth $217 billion, evidenced by the Mead Johnson deal and a healthcare development center being built in northern England. At 105 million pounds, the site in Hull slated to open in May 2018 is Reckitt''s biggest such investment to date. Kapoor said he chose Hull to strengthen Reckitt''s British roots, before Britons voted last year to leave the European Union. "I did not support Brexit in a personal capacity," said Kapoor. He said he would have weighed Hull harder against other choices in Singapore and India if he had foreseen Brexit and remained concerned about its impact. "Brexit happened, but we are steadfast," he said about the facility that should add about 250 employees to a local workforce of more than 800. "We will continue, and get it done." ($1 = 0.7771 pounds) Reporting by Martinne Geller; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-reckittbenckiser-strategy-idUSKCN1AW1IL'|'2017-08-16T16:03:00.000+03:00'
'37bcc3c1ae45079bedc7502393d7d7df147393c0'|'Fiat Chrysler joins autonomous driving team of BMW, Intel, Mobileye'|'August 16, 2017 / 8:07 AM / 16 minutes ago Fiat Chrysler joins autonomous driving team of BMW, Intel, Mobileye Reuters Staff 3 Min Read A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. Giorgio Perottino SAN FRANCISCO (Reuters) - Fiat Chrysler ( FCHA.MI ) is joining the self-driving alliance led by BMW Group ( BMWG.DE ), Intel Corp ( INTC.O ) and its Mobileye subsidiary, becoming the second automaker in the year-old group to opt to partner in developing an autonomous driving platform. More automakers are seeking alliances to share the high costs of developing self-driving vehicle technology, which requires extensive research and development and software expertise outside the traditional domain of carmakers. The group plans to put its technology for both fully and partially autonomous driving into production by 2021, matching a general timeframe shared by rival automakers and technology companies who are developing such technology alone. In a joint statement, the partners said Fiat Chrysler (FCA), which already has a non-exclusive alliance with Alphabet Inc''s ( GOOGL.O ) self-driving unit Waymo, would bring engineering and other technical resources and expertise to the deal, as well as experience in North America, the automaker''s most profitable market. FCA Chief Executive Officer Sergio Marchionne cited the "synergies and economies of scale" possible in joining the alliance. Marchionne has long argued that automakers must merge in order to survive the prohibitively high costs of making more technologically advanced vehicles. In April, he said FCA was looking for new partners in self-driving development because "banking all of our solutions on one possible outcome is going to be disastrous." Auto suppliers Delphi Automotive ( DLPH.N ) and Continental AG ( CONG.DE ) are also part of the BMW-Intel alliance. The group said it was still on track to put 40 self-driving test vehicles on the road by the end of 2017, and would learn from the 100 test vehicles to be deployed by Mobileye in the United States beginning later this year. The FCA partnership with Waymo uses Chrysler Pacifica hybrid minivans for testing. Reporting By Alexandria Sage; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-fiat-chrysler-autonomous-idUKKCN1AW0M1'|'2017-08-16T11:14:00.000+03:00'
'9af8dc4cf46c0ed195af21883521242652a9c045'|'UPDATE 2-China Unicom to unveil investment from tech firms on Wednesday - sources'|'* State-owned parent among first batch of SOEs targeted for reform* Shanghai-listed unit expected to gain major investment* Hong Kong unit due to report on Weds, results already flagged (Adds comments from sources on the announcement and deal details)By Donny Kwok and Julie ZhuHONG KONG, Aug 16 (Reuters) - Telecoms group China Unicom is set to announce on Wednesday funding from Chinese technology firms and other investors, as part of Beijing''s push for state-owned enterprises to be revitalized with private capital, two people with knowledge of the matter said.Shares in group firm China Unicom Hong Kong Ltd were halted from trading on Wednesday pending an announcement.Baidu Inc, JD.com, Alibaba Group Holdings and Tencent Holdings are among firms set to jointly invest about $12 billion in China Unicom''s Shanghai-listed unit, China United Network Communications Ltd , people with direct knowledge of the matter told Reuters last month.The majority of the fresh capital would be raised through new share issues, while China Unicom would also sell part of its stake in the Shanghai unit, the people had said at that time.China Unicom, formally known as China United Network Communications Group Co Ltd, is one of the world''s largest mobile carriers by user numbers but has struggled in a fiercely competitive market.The move is part of the Chinese government''s drive to rejuvenate state behemoths with private capital, with China Unicom among a first batch of state-owned enterprises to see mixed-ownership reform.China Unicom Hong Kong asked the stock exchange for the share trading suspension "pending the release of an announcement", but did not elaborate. A company representative could not be immediately reached by Reuters for comment.Last month, the company said China Unicom group was in talks with investors but said it had yet to reach any deal.China Unicom will announce the investment details along with the first-half earnings of the Hong Kong unit on Wednesday, said the people, who declined to be named as they were not allowed to speak to the media about it before a public announcement.The company, which has a market value of HK$286 billion ($36.6 billion), last week flagged a 70 percent jump in first-half profit. It also forecast competition would intensify in the second half of the year.Its shares have risen 32 percent so far this year, outpacing a 24 percent surge in the benchmark index.China Mobile, the world''s biggest mobile phone operator by subscribers, last week cheered investors with a special dividend and posted a 3.5 percent rise in first-half net profit.Share trading in China Unicom''s Shanghai-listed unit has been halted since it said in early April it would be part of the government''s mixed-ownership pilot. It gave no further details at that time.Prior to that suspension, the unit''s market value topped $23 billion. One of the people told Reuters on Wednesday that the Shanghai shares were expected to begin trading on Thursday. ($1 = 7.8239 Hong Kong dollars) ($1 = 6.6875 Chinese yuan renminbi) (Reporting by Donny Kwok, Anne Marie Roantree and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Edwina Gibbs and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/china-unicom-results-idINL4N1L217V'|'2017-08-16T01:46:00.000+03:00'
'3445dea7a50ca373c65573a912faa3ef7380fece'|'RPT-Wall St Week Ahead-After a long drought, bear market funds attract buyers'|'NEW YORK, Aug 11 (Reuters) - Bearish stock investors are slowly coming out of hibernation, as money has begun to move into funds that aim to profit when markets dive.U.S. mutual funds that attempt to profit in falling markets attracted $413 million in new investments during the second quarter, the funds'' largest inflows since the height of 2013''s "Taper Tantrum" selloff, according to Thomson Reuters'' Lipper research unit.On Thursday, the S&P 500 experienced its first 1 percent-plus drop in 58 trading days, as the CBOE Volatility Index surged over 44 percent, noted Bespoke Investment Group.The selling pressure in stocks follows a frustrating year-to-date for bearish stock investors, given that the S&P was up 10.5 percent since Dec. 31 as of Wednesday''s close. As of Thursday''s close, it is up 8.9 percent.Markets this week were set in negative motion after the United States and North Korea exchanged threats. President Donald Trump said Thursday that his previous promise of "fire and fury" in response to any threats from North Korea may have not gone far enough, vowing "trouble" for the country if its actions do not change.Brad Lamensdorf, portfolio manager for AdvisorShares Ranger Equity Bear ETF, said he has seen demand for his fund partly driven by "people that feel like it''s time to hedge.""They''re pretty negative from a forward-looking view," he said. The fund targets stocks with low earnings quality or potential accounting problems; it has attracted $20 million this year.The demand for these funds comes after a long drought, and remains a mere drop in the bucket within the fund world. The funds posted outflows in nine of the last 15 quarters, according to Lipper.By contrast, domestic stock mutual funds and exchange-traded funds have attracted $32 billion this year, including reinvested dividends, according to the Investment Company Institute, a trade group.Demand for international stocks and bonds has been even stronger as investors tried to dial back exposure to U.S. stocks without the expensive costs attached to hedging strategies.The bear funds keep a "net short" exposure to stocks, aiming to rise when markets fall. The cost of making that bet and the rising markets have helped the category deliver a negative 13.5 percent return this year, according to Lipper data through early August."It''s sort of become almost a cliche that this has been the most hated bull market of all time, and I have a hard time buying into that," said Doug Ramsey, chief investment officer of the Leuthold Group LLC, whose firm offers a bear fund, the Grizzly Short Fund.The company''s tactical funds recently reduced their net equity exposure, but he said he could see another fresh top before entering a true bear market."We''re only looking for a short-term setback here," he said.Several major asset managers have expressed caution in recent days.Bridgewater Associates LP''s Ray Dalio wrote on Thursday that "prospective risks are now rising and do not appear appropriately priced in."Russ Koesterich at BlackRock Inc said in a note this week that tightening monetary policy in Europe and the United States could cause political uncertainty to morph "from farce into tragedy" by shaking investor confidence. Pacific Investment Management Company LLC portfolio managers Mihir Worah and Geraldine Sundstrom said U.S. equities are "popular and crowded."But some investors see the moderate U.S. equity flows and strengthening demand for bearish funds as a contrarian sign that the markets may have more room to run.The nonprofit American Association of Individual Investors found that 36.1 percent of investors it surveyed expect the market to rise in the next six months, 2 percentage points below that gauge''s historical average. An above-average 32.1 percent of investors were bearish."You don''t see the kind of euphoria that normally presents at the end of the cycle," said Leon Cooperman, chief executive of hedge fund Omega Advisors Inc. "I don''t see sentiment characteristic of a top." (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-stocks-weekahead-idINL1N1KX00R'|'2017-08-13T15:01:00.000+03:00'
'7e53981c49568ab2cb779046dacc9bc98ece480b'|'AIG shops $2 billion death benefits portfolio: sources'|'American International Group Inc. (AIG) headquarters seen on the day of the companyÕs 2017 annual shareholder meeting at 175 Water Street, New York, U.S., June 28, 2017. Suzanne Barlyn (Reuters) - American International Group Inc wants to sell a $2 billion portfolio of life settlements that would pay out when sick or elderly customers die, two people familiar with the matter said.AIG, the largest commercial insurer in the United States and Canada, is working with investment bankers at Goldman Sachs Group Inc to unload the assets, said the sources, who were not authorized to discuss the negotiations publicly.Apollo Global Management LLC is looking at buying at least some of the policies, one of the sources said. Parties including Blackstone Group LP have purchased similar life settlements, or "death benefits" from AIG in previous transactions, the people said.AIG declined to comment on the potential sale, which pertains to old assets the insurer is trying to sell or wind down. However, AIG spokesman Kenneth Juarez said the company is committed to its core life insurance business."We are making investments to grow it by collaborating with our distribution partners and strengthening our service platforms, resulting in increased sales," he said. "In the U.S., our total sales are at the highest level achieved since 2008."Representatives for Goldman, Apollo and Blackstone declined to comment.Large private equity firms like Apollo have carved out a niche business in acquiring death benefits, typically sold by terminally ill or elderly customers who need cash. Investors try to buy the policies at a price that is less than the payouts they would receive when the customers die.The potential sale comes as AIG nears the end of a years-long divestiture spree of businesses around the globe that has cut its balance sheet by more than half since 2007.Its new chief executive officer, Brian Duperreault, is focused on growing core commercial and consumer businesses, but there is still a small pocket of "legacy" assets that AIG is trying to sell or wind down, which includes the life settlements.AIG already sold a $1.4 billion death benefits portfolio at a loss of $89 million, and valued remaining assets at $2.1 billion as of June 30.AIG also sold a Japanese life insurance subsidiary in April, an Asian mortgage insurance business in July and is in the process of completing a sale of certain operations in Latin America.Reporting by Lawrence Delevigne and Olivia Oran in New York, additional reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra, David Gregorio and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-aig-m-a-death-benefits-idUSKCN1AV1VS'|'2017-08-15T19:14:00.000+03:00'
'1df89250a9e1c9410c0f00aa516a9a083a53406d'|'South Africa''s Imperial buys UK auto dealer Pentagon'|'JOHANNESBURG (Reuters) - South Africa''s Imperial Holdings ( IPLJ.J ) has bought a British automotive dealer group for 493 million rand ($36.97 million) to continue expanding beyond its home market, it said on Tuesday.Imperial said its wholly owned vehicle division Motus had indirectly acquired all of Pentagon Motor Holdings, which operates 21 prime retail dealerships in Derbyshire, Nottinghamshire, Lincolnshire, Yorkshire and greater Manchester."Imperial has strong global partnerships with leading vehicle manufacturers and we are delighted to expand our international retail footprint into the passenger and light commercial vehicle market in the UK through the acquisition of Pentagon by Motus," group Chief Executive Mark Lamberti said in a statement.Imperial, which sells imported vehicles and runs a car rental agency in South Africa, has sold assets it considers non-core, including a short-term insurance unit as it aims to make the firm''s business less vulnerable to swings in the value of its home market''s volatile rand currency."This acquisition is consistent with Motus’ strategy to deploy capital and its vehicle retail expertise in pursuit of growth and returns beyond South Africa," Motus CEO Osman Arbee said.In the year to December 2016, Pentagon generated revenue of 495 million pounds ($636.32 million).The transaction is effective from Sept. 1.Reporting by Nqobile Dludla; editing by Susan Thomas'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-pentagon-m-a-imperial-holdngs-idINKCN1AV1FW'|'2017-08-15T11:17:00.000+03:00'
'4921df1af716ecdcfb238798270a7b75b756f327'|'UK inflation holds steady in July as price pressures ease'|'August 15, 2017 / 8:56 AM / 37 minutes ago UK inflation steady in July, may be nearing peak David Milliken and Alistair Smout 4 Min Read LONDON (Reuters) - British consumer price inflation unexpectedly held steady last month, bucking market expectations for a renewed rise, after fuel prices fell and the effect of the pound''s tumble after last year''s Brexit vote started to fade. Inflation is still likely to edge higher, further squeezing living standards and consumer spending, and the Bank of England predicts it will hit a five-year high of about 3 percent around October. But after more than quadrupling since Britain voted to leave the European Union in June 2016, there are now signs that this surge in inflation is beginning to level off. Consumer price inflation held at 2.6 percent year-on-year in July, unchanged from June and below the near four-year high of 2.9 percent struck in May, the Office for National Statistics (ONS) said on Tuesday. Lower petrol prices in July were offset by higher costs for food, clothing and household goods, it said. Economists polled by Reuters had on average forecast a rise to 2.7 percent in July, and sterling fell to a five-week low against the U.S. dollar GBP= after the data, as traders saw little chance of the BoE raising interest rates soon. "Most of the currency-related inflation bump is behind us," Barclays economist Fabio Fois wrote in a note to clients. "Overall, goods inflation has been underwhelming and the sharp drop in producers'' input prices inflation continue to suggest that imported inflation is set to ease from here on." Sterling has fallen 14 percent against a basket of currencies of its main trading partners =GBP since last year''s Brexit vote, and the biggest impact so far has been on the cost of manufacturers'' raw materials. So-called input price inflation reached nearly 20 percent annually in January, its highest since 2008. But Tuesday''s data showed this eased to a one-year low of 6.5 percent in July, down from 10.0 percent in June. It was the biggest one-month drop in the rate in more than five years, as year-on-year price comparisons now include the post-referendum period. A shopper checks her shopping list in a supermarket in London, Britain April 11, 2017. Neil Hall The prices factories charge for goods rose at the slowest rate since December at 3.2 percent. INFLATION STILL TO PEAK? Nonetheless, further increases in consumer prices are likely as the effects of past price rises spread across the economy. Britain''s biggest energy supplier, British Gas ( CNA.L ), plans to increase electricity prices by 12.5 percent next month. And commuter rail fares will rise next year by 3.6 percent, July''s rate of retail price inflation - an older measure that the ONS says is no longer reliable, but which is still widely used in British commercial contracts. Data due on Wednesday is likely to show average pay rises of around 2 percent are failing to keep up with the cost of living. "The squeeze on cash-strapped families continues to grip," Trades Union Congress General Secretary Frances O''Grady said, asking the government to do more to lift pay. After the expected peak in CPI around October, the BoE expects it to stay above its 2 percent target for the next three years, based on its experience of a previous fall in sterling 10 years ago at the start of the financial crisis. But economists doubted Tuesday''s figures would encourage any more members of the central bank''s rate-setting Monetary Policy Committee to join their two colleagues who favor a rate rise. "The MPC should ''look through'' this and keep rates on hold," said HSBC economist Chris Hare. ONS figures on Tuesday also showed a modest slowdown in house price inflation, which edged down to 4.9 percent, its lowest since March''s three-year low of 3.9 percent. Prices in London alone grew by 2.9 percent, with similar rises in Scotland and northeastern England. Prices rose most in eastern England. editing by Alister Doyle '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-britain-inflation-idINKCN1AV0SI'|'2017-08-15T11:44:00.000+03:00'
'c43034e6d0152a49f1e35a01818ab4b87fefdbef'|'LPC: DigiCert to back Symantec unit buy with US$1.59bn loan'|'NEW YORK, Aug 15 (Reuters) - US internet security company DigiCert''s banks have begun sounding out prospective investors about the debt financing that will support the company''s acquisition of Symantec’s web certification business, according to four sources familiar with the matter.The financing will total US$1.59bn and include a US$1.2bn secured term loan with senior priority, a US$300m secured term loan with junior priority and a US$90m revolving credit facility, two of the sources said. UBS will lead a syndicate of underwriters that includes Credit Suisse, Jefferies, Goldman Sachs and Macquarie Group.Private equity firm Thoma Bravo-owned DigiCert announced on August 2 it will acquire the US software company’s website security and public key infrastructure unit, which verifies the authenticity of secure websites for web browsers.The deal comes as Symantec faces scrutiny by Google and other web browsers for the way it validates its web certificates, Reuters has reported. The companies have been negotiating since Google demanded changes to the web certification segment’s technology and business practices in order for its browser, Chrome, to continue honoring Symantec certificates.LOAN TERMS As per the terms of the transaction, Symantec will receive approximately US$950m of cash upfront and a 30% stake in the equity of the new entity. The combined company will have an enterprise value of US$4bn, two of the sources said.Part of the proceeds will go toward refinancing Digicert’s existing capital structure, which was placed in 2015 to back the company’s leveraged buyout. Thoma Bravo will not contribute new equity.Credit Suisse, Jefferies and Thoma Bravo declined to comment. UBS, Goldman Sachs, Macquarie and the company did not respond to requests for comment.Pricing is being discussed at 425bp-450bp over Libor with a 1% Libor floor and a 99 original issue discount (OID) for the senior loan and 825bp-850bp over Libor with a 1% Libor floor and a 98.5 OID for the junior tranche, the two sources said.The combined company''s Ebitda, or earnings before interest, taxes, depreciation and amortization, will be US$300m, the sources added. Net of cash, DigiCert’s debt-to-Ebitda will stand at three and a half times through the senior loan and four and a half times total.Marketing efforts will officially kick off after Labor Day.DigiCert will not have audited financials from the carveout of the Symantec business by the time syndication begins and Moody’s Investors Service will not assign credit ratings until they are available, one of the sources said. That could present a challenge for some investors interested in participating in the financing, such as Collateralized Loan Obligations, which base their investment decisions on ratings from Moody''s and Standard & Poor''s. (Reporting by Andrew Berlin; Editing By Michelle Sierra and Lynn Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/digicert-ma-idINL2N1L118Z'|'2017-08-15T16:02:00.000+03:00'
'15067060fd959e85ad88e16368ec4c89ea646af8'|'British social housing maintenance company Mears cuts annual revenue forecast'|'August 15, 2017 / 7:09 AM / 2 hours ago British social housing maintenance company Mears cuts annual revenue forecast Reuters Staff 2 Min Read (Reuters) - British social housing maintenance and care provider Mears Group ( MERG.L ) forecast lower full-year revenues on Tuesday, saying landlords were delaying new contracts as they reviewed safety measures following the deadly Grenfell Tower blaze in London. The company, which does repair and maintenance work for properties belonging to local authorities and other social housing landlords, said on Tuesday that some authorities were holding off on signing new contracts while they conducted safety checks in the wake of the Grenfell Tower fire in June, in which 80 people died. Mears said it now expected full-year revenues from its housing division of about 800 million pounds, against an original expectation of 830 million pounds. It said that would result in a lower than previously expected annual profit, although it has not disclosed its profit forecast. Britain is reviewing building and fire safety rules after police said they believe cladding panels added during a refurbishment of Grenfell Tower may have contributed to the rapid spread of the fire. Mears, which was not directly involved in work on Grenfell Tower, said the delays in procurement decisions by housing clients were expected to be temporary and would not impact its order book. "Whilst the likely revenue shortfall for the full year is frustrating... the group will be working closely with its partners and clients at this time to address their immediate priorities," Chief Executive David Miles said in a statement. Analysts at Liberum said in a note that they were cutting their full-year 2017 fully diluted earnings per share estimate for Mears to 30.8 pence from 33.8 pence but continued to assume double-digit EPS growth in 2018 and 2019. Reporting by Esha Vaish in Bengaluru; Editing by Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mears-grop-outlook-idUKKCN1AV0LA'|'2017-08-15T10:16:00.000+03:00'
'086e07517247f858c7598a57546897971e565422'|'German economy grew 0.6 percent in second quarter on strong domestic demand'|'August 15, 2017 / 6:13 AM / 37 minutes ago German economy grew 0.6 percent in second quarter on strong domestic demand Reuters Staff 1 Min Read A construction site is pictured in Berlin, Germany, August 10, 2017. Hannibal Hanschke BERLIN (Reuters) - The German economy grew by less than expected in the second quarter as net trade dampened an overall expansion which was driven by strong household spending and rising state expenditure, the Federal Statistics Office said on Tuesday. Seasonally and calendar adjusted gross domestic product (GDP) in Europe''s biggest economy rose by 0.6 percent on the quarter, the data showed. This was slightly weaker than the consensus forecast of 0.7 percent in a Reuters poll. But the growth rate for the first quarter was revised up to 0.7 percent on the quarter from 0.6 percent. Unadjusted data showed the economy grew by 0.8 percent on the year in the second quarter. This compared with a consensus forecast of 1.9 percent. Adjusted for calendar affects, the yearly growth rate was 2.1 percent in the April-June period. Reporting by Michael Nienaber; Editing by Madeline Chambers 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-economy-gdp-idUKKCN1AV0H6'|'2017-08-15T09:12:00.000+03:00'
'42f81d8f2bedb0b875d3e1e626c2c0f2570304d8'|'Sainsbury''s puts Nisa takeover on hold over competition concerns'|'August 15, 2017 / 11:21 AM / 11 hours ago Sainsbury''s puts Nisa takeover on hold over competition concerns James Davey 4 Min Read FILE PHOTO - Shopping baskets are displayed at a Sainsbury''s store in London, Britain April 30, 2016. Neil Hall/File Photo LONDON (Reuters) - Britain''s second largest supermarket group Sainsbury''s ( SBRY.L ) has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector. Sainsbury''s, which came under fire from shareholders in July over three years of falling profit and the prospect of a fourth in its current year, wants to wait until the Competition and Markets Authority (CMA) publishes provisional findings of its probe of Tesco''s ( TSCO.L ) proposed 3.7 billion pound takeover of Booker ( BOK.L ). "Sainsbury''s has decided to pause discussions with Nisa until it better understands how the CMA would review any deal," a source with knowledge of the situation told Reuters. The CMA''s report into the takeover of Britain''s biggest grocery wholesaler is due to be published at the end of October. Although Sainsbury''s has put its talks with Nisa on hold for now, the wholesaler''s chairman Peter Hartley told its shopkeeper members on Monday that although exclusive talks had ended, a deal with the supermarket chain was still possible. "Sainsbury''s have made it clear they remain interested in continuing to work with Nisa and potentially making an offer for the company, but they have informed us that they do not feel sufficiently comfortable to do so until they have greater clarity over the evolving regulatory and competition considerations," he said. The CMA said last month it believed that in more than 350 areas where there was an overlap between Tesco shops and Booker-supplied independent grocery retailers, or so-called "symbol" stores, shoppers could get a worse deal. Tesco''s move on Booker piqued the interest of Britain''s other supermarket giants in the convenience store sector, which is forecast to grow 17.7 percent to 47.1 billion pounds in the five years to 2022, according to industry research group IGD. British media reports have said Sainsbury''s could pay 130 million pounds ($168 million) for Nisa, whose members operate almost 2,500 stores around the country. While Sainsbury''s has pursued Nisa, earlier this month Morrisons ( MRW.L ), the No. 4 supermarket, signed a wholesale supply agreement with convenience chain McColl''s ( MCLSM.L ) and British media have reported that the Co-operative Group ( 42TE.L ) is also interested in buying Nisa. Nisa''s Hartley did not confirm Co-op''s interest, but said "another party" that had previously submitted a bid had reaffirmed its interest in making an offer and talks were underway. "The board of Nisa continues to review any serious incoming queries and offers in the best interest of its members, and against the shifting backdrop of the convenience sector," Hartley said, adding that should a suitable offer emerge it would be up to its 1,400 members to decide whether to accept it. Sainsbury''s and the Co-op both declined to comment. Editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nisa-m-a-sainsbury-idUKKCN1AV13O'|'2017-08-15T14:20:00.000+03:00'
'5ca1eefa327909017716c53973037aa9d1ada3e5'|'JGBs little changed; receding risk aversion halts advance'|'TOKYO, Aug 15 (Reuters) - Japanese government bond prices were little changed on Tuesday, while the market''s advance was curbed by receding geopolitical concerns.The benchmark 10-year JGB yield was flat at 0.050 percent.Yields had declined steadily over the past week as tensions between the United States and North Korea escalated. But risk aversion began to ebb on Monday and the region''s shares rallied as North Korea''s leader signalled that he would delay plans to fire a missile near Guam.Super long JGB yields tracked U.S. Treasuries and inched up. Treasury yields rose overnight, with the benchmark yield bouncing from six-week lows, on signs that tensions between Washington and Pyongyang were easing.The 30-year JGB yield was up half a basis point at 0.845 percent, pulling away from a 1-1/2-month low of 0.840 percent set in the previous session. (Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L11X8'|'2017-08-15T02:16:00.000+03:00'
'bee3d62eccbea8b93381cf10177eb2b5aa79b746'|'Ireland rejects EU''s demand that it collect 13 billion euros from Apple'|'August 16, 2017 / 3:56 PM / 24 minutes ago Ireland rejects EU''s demand that it collect 13 billion euros from Apple Reuters Staff 1 Min Read BERLIN (Reuters) - Ireland''s finance minister rejected the European Commission''s demand that it retroactively collect 13 billion euros (10.11 billion pounds) in taxes from Apple ( AAPL.O ), saying this was not Dublin''s job in an interview with Germany''s Frankfurter Allgemeine (FAZ) newspaper. In the interview, extracts from which the FAZ published on Wednesday, Finance Minister Paschal Donohoe said the tax rules from which Apple benefited had been available to all and not tailored for the U.S. technology giant. They did not violate European or Irish law, he added. "We are not the global tax collector for everybody else," the paper quoted him as saying. The European Commission last year ruled that Apple paid so little tax on its Ireland-based operations that it amounted to state aid. Reporting By Thomas Escritt, Editing by Michelle Martin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-apple-tax-ireland-idUKKCN1AW1ZG'|'2017-08-16T18:55:00.000+03:00'
'4d8fa09863df053ca395c4c5ffa1db28ba3ba387'|'HSBC names Dave Watts as chief finance officer for UK unit'|'June 30, 2017 / 8:42 AM / an hour ago HSBC names Dave Watts as chief finance officer for UK unit 1 Min Read LONDON, Aug 14 (Reuters) - HSBC has appointed Dave Watts as chief finance officer of its new British unit HSBC UK, according to an internal memo seen by Reuters on Monday. The lender also named James Calladine as chief risk officer for the British bank, with both set to move to their new roles when HSBC UK separates from the rest of the banking group in July 2018. A spokeswoman for HSBC confirmed the contents of the memo. The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate high street business from investment banking in order to protect savers'' money. HSBC said in May it was on track to fill 1,000 vacancies at the headquarters of the new British retail bank in Birmingham, after local newspaper reports last year criticised the pace of hiring. (Reporting By Lawrence White; Editing by Edmund Blair) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/moves-hsbc-watts-idUSL9N1D202R'|'2017-08-14T12:17:00.000+03:00'
'ac79dd57855b2fe3429506fdb03e8fcc46d83871'|'Stada warns retail tender rate even lower than before - Reuters'|'FRANKFURT, Aug 14 (Reuters) - Stada on Monday warned that even fewer retail investors have so far tendered their shares in the planned takeover of the German generic drugmaker than at the same stage during the previous, failed attempt to get a deal done."The tender rate among retail investor is much lower than during the first attempt and much lower than we expected. The activities that we have engaged in have not had the desired effect," a spokesman told Reuters by phone."It is now up to the hedge funds to make sure that the offer goes through," he added.Stada, which is roughly 25-percent owned by retail shareholders, earlier on Monday said 34.1 percent of shares had been tendered by 1600 GMT on Friday.Private equity groups Bain Capital and Cinven are making a second takeover offer for Stada after their previous 5.3 billion euro ($6.1 billion) bid fell through, giving shareholders until Wednesday this week to tender their shares.The suitors sweetened their offer by 25 cents per share to 66.25 euros and lowered the acceptance threshold among shareholders to 63 percent of shares from 67.5 percent previously targeted. (Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/stada-ma-tender-idINF9N1L000A'|'2017-08-14T06:17:00.000+03:00'
'47e6ad0d68fe340c683d76a1cf49a99451795272'|'Facebook expands Marketplace trading service across Europe'|'August 14, 2017 / 5:02 PM / 9 hours ago Facebook expands Marketplace trading service across Europe Eric Auchard 3 Min Read FILE PHOTO - Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France on January 17, 2017. Philippe Wojazer/File Photo FRANKFURT (Reuters) - Facebook ( FB.O ) is stepping up its modest moves into e-commerce by expanding its service for connecting local buyers and sellers into 17 new European markets, the U.S. company said on Monday. Marketplace, which sits alongside Facebook''s mainstay newsfeed, photo, video, messaging and other services, marks fresh competition for community-based e-commerce pioneers such as Craigslist and eBay''s ( EBAY.O ) classifieds business. Marketplace is being introduced this week in Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland and the Netherlands. Launched 10 months ago, Marketplace charges no fees to buyers or sellers and aims to make it easy for users to trade mostly second-hand goods, with the ability to post items for sale via smartphone or computer in less than 15 seconds. Marketplace, already up and running in a handful of markets including the United States, Britain and Australia, is building on Facebook''s buy-sell groups. These draw in about 550 million monthly visitors, accounting for more than a quarter of Facebook''s 2 billion global users. "We want to make it easier to buy and sell, but we also want to make it community based," said Deborah Liu, vice president of Facebook Marketplace. Prospective buyers can pick a radius for how far they wish to travel to collect purchases, but most transactions are local. Marketplace restricts searches within national boundaries, mainly to avoid language confusion, Liu said. Facebook''s e-commerce push has yet to make any significant financial impact. The company posted a 45 percent rise in revenue to $9.3 billion in the past quarter, nearly 98 percent of which came from advertising on its free services. The low-key Marketplace service had 18 million items posted for sale in the United States in May, the company said, though it was unable to disclose how many items were sold because most transactions take place offline and are paid in cash. While not an exact comparison, eBay, which operates in more than 30 countries, counted 171 million active users who completed at least one transaction in the past quarter. Reporting by Eric Auchard; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-facebook-marketplace-europe-idUKKCN1AU1Y6'|'2017-08-14T20:11:00.000+03:00'
'48692485fd71969a704edc24d5905b836c7fa2d5'|'Oil edges up on falling U.S. crude stocks, but global glut weighs'|'August 16, 2017 / 12:42 AM / 28 minutes ago Oil edges up on falling U.S. crude stocks, but global glut weighs Henning Gloystein 3 Min Read FILE PHOTO - A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. Jo Yong-Hak/File Photo SINGAPORE (Reuters) - Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by general oversupply. Market focus was turning to the release of official U.S. Energy Information Administration data later on Wednesday for a further update on inventories. Brent crude futures LCOc1 were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 percent, from their last close. Traders said that reports of a dip in Libyan output to between 130,000 and 150,000 barrels per day (bpd), down from 280,000 bpd, had supported Brent. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.71 a barrel, up 16 cents, or 0.3 percent. U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. Related Coverage That compared with analyst expectations for a decrease of 3.1 million barrels. "The market took this as a mildly bullish report," said William O''Loughlin of Australia''s Rivkin Securities. However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations for a 1.1 million barrel decline. More broadly, analysts said ample supplies were preventing prices from moving much higher. "Excessive supply ... is continuing to weigh on oil prices ... Not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, U.S. shale oil continues to rise," said Fawad Razaqzada, analyst at futures brokerage Forex.com. The Organisation of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 bpd between January this year and March 2018. Offsetting much of that effort, however, U.S. oil production has soared by almost 12 percent since mid-2016 to 9.42 million bpd. C-OUT-T-EIA "OPEC and Russia still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere and less than compliant behaviour in their midst (Iraq, UAE)," said French bank BNP Paribas. On the demand side, analysts see a gradual slowdown in fuel consumption growth. In the United States, energy consultancy Wood Mackenzie said gasoline demand was already peaking due to improving fuel efficiency and the rise of electric vehicles. In China, state-owned China National Petroleum Corporation (CNPC) said on Wednesday that gasoline demand would likely peak around 2025 and outright oil consumption would top out around 2030. This means that oil demand from the world''s two biggest consumers may soon stall, while consumption has already peaked in Europe and Japan. Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1AW00Y'|'2017-08-16T10:03:00.000+03:00'
'cbbb2df3cc95565e38b4b96ea17f2a1a34399cb1'|'ECB''s Draghi will not deliver fresh policy steer at Jackson Hole - sources'|'August 16, 2017 / 8:00 AM / in 2 hours ECB''s Draghi will not deliver fresh policy steer at Jackson Hole - sources Balazs Koranyi 3 Min Read FILE PHOTO - European Central Bank (ECB) President Mario Draghi is seen after a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - European Central Bank President Mario Draghi will not deliver a new policy message at the U.S. Federal Reserve''s Jackson Hole conference, two sources familiar with the situation said, tempering expectations for the bank to start charting the course out of stimulus. An ECB spokesman said that Draghi will focus on the theme of the symposium, fostering a dynamic global economy, in his Aug. 25 remarks, while the sources added that he was keen to hold off on the policy discussion until the autumn, as agreed at the last rate-setting meeting in July. Expectations for the speech had been building in recent weeks with investors pointing to next Friday''s event as the likely kick off in the ECB''s debate how to recalibrate monetary policy given solid growth, rapidly falling unemployment but persistently weak underlying inflation. In 2014, the last time Draghi spoke at Jackson Hole, considered the world''s top central banking get-together, he laid the foundations for the ECB''s quantitative easing scheme, also fuelling expectations for a major speech this year. "Expectations that this will be a big monetary policy speech are wrong," one of the sources said. Another source said while the speech was initially seen as an ideal slot for a major address, Draghi told rate setters at the last policy meeting that he would honour the Governing Council''s decision to hold off on the discussion until the autumn. Draghi may have decided to skip the Jackson Hole opportunity as markets interpreted his speech at a similar conference in Sintra, Portugal very differently than the ECB hoped, sending markets on a rollercoaster and instilling an added sense of caution at the bank. Draghi then hoped to strike a balanced tone but noted that better growth would provide increased support to the economy, letting the ECB claw back its own stimulus to keep the overall level of accommodation broadly unchanged. That was seen as a hawkish message, paving the way to reducing and then ending asset purchases. The ECB''s asset buys, aimed at reviving inflation, expire at the end of the year but policymakers from the 19-country currency bloc agreed last month to put off talks on the next steps for now, keeping their timetable intentionally vague and giving themselves a wide window between September and December to decide. Policymakers speaking to Reuters on condition of anonymity earlier said that October is the likely date for the most substantial decision given the incoming data schedule, particularly on wages. The ECB''s big dilemma is that while the euro zone economy has grown for 17th straight quarters and employment is rising faster than expected, wage growth remains anaemic, keeping a lid on consumer prices. Economists are now trying to figure out whether wages are showing an unexpectedly delayed response or whether wage setting dynamics may have fundamentally changed in the post-crisis, globalized economy. Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKCN1AW0LL'|'2017-08-16T10:59:00.000+03:00'
'e84eed074508a7d688e32a3f3b6525bc1a80c472'|'North Korea factories humming with ''Made in China'' clothes, traders say'|'FILE PHOTO - North Korean workers make soccer shoes inside a temporary factory at a rural village on the edge of Dandong, Liaoning province, China, October 24, 2012. Aly Song/File Photo DANDONG, China (Reuters) - Chinese textile firms are increasingly using North Korean factories to take advantage of cheaper labour across the border, traders and businesses in the border city of Dandong told Reuters.The clothes made in North Korea are labelled "Made in China" and exported across the world, they said.Using North Korea to produce cheap clothes for sale around the globe shows that for every door that is closed by ever-tightening U.N. sanctions another one may open. The UN sanctions, introduced to punish North Korea for its missile and nuclear programs, do not include any bans on textile exports."We take orders from all over the world," said one Korean-Chinese businessman in Dandong, the Chinese border city where the majority of North Korea trade passes through. Like many people Reuters interviewed for this story, he spoke on condition of anonymity because of the sensitivity of the issue.Dozens of clothing agents operate in Dandong, acting as go-betweens for Chinese clothing suppliers and buyers from the United States, Europe, Japan, South Korea, Canada and Russia, the businessman said."We will ask the Chinese suppliers who work with us if they plan on being open with their client -- sometimes the final buyer won''t realise their clothes are being made in North Korea. It''s extremely sensitive," he said.Textiles were North Korea''s second-biggest export after coal and other minerals in 2016, totalling $752 million, according to data from the Korea Trade-Investment Promotion Agency (KOTRA). Total exports from North Korea in 2016 rose 4.6 percent to $2.82 billion (2.17 billion pounds).The latest U.N. sanctions, agreed earlier this month, have completely banned coal exports now.Its flourishing textiles industry shows how impoverished North Korea has adapted, with a limited embrace of market reforms, to sanctions since 2006 when it first tested a nuclear device. The industry also shows the extent to which North Korea relies on China as an economic lifeline, even as U.S. President Donald Trump piles pressure on Beijing to do more to rein in its neighbour''s weapons programmes.Chinese exports to North Korea rose almost 30 percent to $1.67 billion in the first half of the year, largely driven by textile materials and other traditional labour-intensive goods not included on the United Nations embargo list, Chinese customs spokesman Huang Songping told reporters.Chinese suppliers send fabrics and other raw materials required for manufacturing clothing to North Korean factories across the border where garments are assembled and exported.FACTORIES HUMMING Australian sportswear brand Rip Curl publicly apologised last year when it was discovered that some of its ski gear, labelled "Made in China", had been made in one of North Korea’s garment factories. Rip Curl blamed a rogue supplier for outsourcing to "an unauthorised subcontractor".But traders and agents in Dandong say it''s a widespread practice.Manufacturers can save up to 75 percent by making their clothes in North Korea, said a Chinese trader who has lived in Pyongyang.Some of the North Korean factories are located in Siniuju city just across the border from Dandong. Other factories are located outside Pyongyang. Finished clothing is often directly shipped from North Korea to Chinese ports before being sent onto the rest of the world, the Chinese traders and businesses said.North Korea has about 15 large garment exporting enterprises, each operating several factories spread around the country, and dozens of medium sized companies, according to GPI Consultancy of the Netherlands, which helps foreign companies do business in North Korea.All factories in North Korea are state-owned. And the textile ones appear to be humming, traders and agents say."We''ve been trying to get some of our clothes made in North Korea but the factories are fully booked at the moment," said a Korean-Chinese businesswoman at a factory in Dalian, a Chinese port city two hours away from Dandong by train."North Korean workers can produce 30 percent more clothes each day than a Chinese worker," said the Korean-Chinese businessman."In North Korea, factory workers can''t just go to the toilet whenever they feel like, otherwise they think it slows down the whole assembly line.""They aren''t like Chinese factory workers who just work for the money. North Koreans have a different attitude -- they believe they are working for their country, for their leader."And they are paid wages significantly below many other Asian countries. North Korean workers at the now shuttered Kaesong industrial zone just across the border from South Korea received wages ranging from a minimum of around $75 a month to an average of around $160, compared to average factory wages of $450-$750 a month in China. Kaesong was run jointly with South Korea and the wage structure - much higher than in the rest of North Korea - was negotiated with Seoul.WORKERS IN CHINA Chinese clothing manufacturers have been increasingly using North Korean textile factories even as they relocate their own factories offshore, including to Bangladesh, Vietnam and Cambodia."Wages are too high in China now. It''s no wonder so many orders are being sent to North Korea," said a Korean-Chinese businesswoman who works in the textiles industry in Dandong.Chinese textile companies are also employing thousands of cheaper North Korean workers in China.North Korea relies on overseas workers to earn hard currency, especially since U.N. sanctions have choked off some other sources of export earnings. Much of their wages are remitted back to the state and help fund Pyongyang''s ambitious nuclear and missile programmes, the U.N. says.The new U.N. sanctions imposed on North Korea this month ban countries from increasing the current numbers of North Korean labourers working abroad.China does not disclose official figures for the number of North Koreans working in factories and restaurants in China, although numbers are down from a peak period two to three years ago, according to Cheng Xiaohe, a North Korea specialist at Beijing''s Renmin University."It''s a hassle to hire North Korean workers though," the Korean-Chinese businesswoman from Dalian said. "You need to have the right set-up. Their living space has to be completely closed off, you have to provide a classroom where they can take classes every day. They bring their own doctor, nurse, cook and teachers who teach them North Korean ideology every day."One clothing factory that Reuters visited in Dandong employs 40 North Korean workers. They fill smaller orders for clients who are more stringent about their supply chains and expressly request no production inside North Korea.North Korean factory workers in China earn about 2,000 yuan ($300.25), about half of the average for Chinese workers, the factory owner said.They are allowed to keep around a third of their wages, with the rest going to their North Korean government handlers, he said. A typical shift at the factory runs from 7:30 a.m. to around 10 p.m.The workers - all women dressed in pink and black uniforms - sat close together behind four rows of sewing machines, working on a consignment of dark-coloured winter jackets. The Chinese characters for "clean" and "tidy" were emblazoned in bold blue lettering above their heads and the main factory floor was silent but for the tapping and whirring of sewing machines.Reporting by Sue-Lin Wong and Philip Wen; Lusha Zhang and the Beijing newsroom; Editing by Bill Tarrant'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/uk-northkorea-labour-china-insight-idINKBN1AT00K'|'2017-08-12T23:13:00.000+03:00'
'b4c1a123c90d1909e8e7d1213e0df9384de1c640'|'Trump chides Merck CEO after resignation from presidential council over'|'U.S. President Donald Trump delivers remarks on the protests in Charlottesville, Virginia, from his golf estate in Bedminster, New Jersey U.S., August 12, 2017. Jonathan Ernst WASHINGTON (Reuters) - U.S. President Donald Trump chided Merck & Co Inc''s Kenneth Frazier after the drugmaker''s chief executive resigned from a presidential advisory board earlier on Monday and cited a need for U.S. leaders to denounce bigotry following a violent weekend in Charlottesville, Virginia."Now that Ken Frazier of Merck Pharma has resigned from President''s Manufacturing Council, he will have more time to LOWER RIPOFF DRUG PRICES!," Trump wrote in a post on Twitter.Reporting by Susan Heavey; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/virginia-protests-merck-trump-idINKCN1AU1H1'|'2017-08-14T16:10:00.000+03:00'
'3e4d2a764f463339dc12788e943ae6c30d94f6b6'|'Merck CEO resigns from Trump council after Charlottesville'|'August 14, 2017 / 12:56 PM / 30 minutes ago Merck CEO resigns from Trump council after Charlottesville Reuters Staff 3 Min Read FILE PHOTO: Penn State university chair of the school''s Investigation committee Kenneth C. Frazier attends a meeting at the school''s Worthington Scranton campus in Dunmore, Pennsylvania July 13, 2012. Eric Thayer (Reuters) - Merck & Co Inc ( MRK.N ) Chief Executive Kenneth Frazier resigned from U.S. President Donald Trump''s American Manufacturing Council on Monday, saying he was taking a stand against intolerance and extremism. A gathering of hundreds of white nationalists in Virginia took a deadly turn on Saturday when a car ploughed into a group of counter-protesters and killed at least one person. Trump had said "many sides" were involved, drawing fire from across the political spectrum for not specifically denouncing the far right. "America''s leaders must honour our fundamental views by clearly rejecting expressions of hatred, bigotry and group supremacy, which run counter to the American ideal that all people are created equal," Frazier, who is African-American, said in a statement announcing his resignation. ( bit.ly/2fFnITM ) "As CEO of Merck and as a matter of personal conscience, I feel a responsibility to take a stand against intolerance and extremism," he said. Trump responded in a tweet, now that "Ken Frazier of Merck Pharma has resigned from President''s Manufacturing Council, he will have more time to LOWER RIPOFF DRUG PRICES!" FILE PHOTO: Penn State Chair of the school''s Investigation committee Kenneth C. Frazier speaks at a news conference in Scranton, Pennsylvania July 12, 2012. Eric Thayer/File Photo Several executives from top U.S. companies have stepped down from a number of presidential advisory councils in protest to Trump policies. Tesla Inc ( TSLA.O ) CEO Elon Musk and Walt Disney Co ( DIS.N ) CEO Robert Iger left the President’s Strategic and Policy Forum, a business advisory group, in June, after Trump said he would withdraw from the Paris climate accord. Musk also left the manufacturing council. Merck & Co. CEO Ken Frazier (R) listens to U.S. President Donald Trump speak during a meeting with manufacturing CEOs at the White House in Washington, DC, U.S. February 23, 2017. Kevin Lamarque Former Uber Technologies Inc [UBER.UL] CEO Travis Kalanick quit the business advisory council in February amid pressure from activists and employees who opposed the administration''s immigration policies. The White House said Sunday that Trump''s remarks condemning violence at a white nationalist rally were meant to include the Ku Klux Klan and neo-Nazi groups. Democrats and Republicans criticized Trump for waiting too long to address the violence - his first major domestic crisis as president - and for failing when he did speak out to explicitly condemn white-supremacist marchers who ignited the melee. Trump on Saturday initially denounced what he called "this egregious display of hatred, bigotry and violence on many sides." On Sunday, however, the White House added: "The president said very strongly in his statement yesterday that he condemns all forms of violence, bigotry, and hatred, and of course that includes white supremacists, KKK, neo-Nazi, and all extremist groups. He called for national unity and bringing all Americans together." Reporting by Michael Erman in New York and Natalie Grover in Bengaluru; Editing by Maju Samuel and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-virginia-protests-merck-idUKKCN1AU1FU'|'2017-08-14T17:02:00.000+03:00'
'5e6217b870f75a7164406f9d3620c4ad7dcfe73e'|'PRESS DIGEST- New York Times business news - Aug 14'|'Aug 14 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Ebay Inc founder Pierre Omidyar wants to build a dairy farm on the island of Kauai, joining many other tech billionaires who have established a presence in Hawaii, which is only a five-hour flight from Silicon Valley. nyti.ms/2fDyA4D- Uber Technologies Inc''s board has voted to move forward on proposals by two investment groups to buy shares in the ride-hailing service and is considering a third offer, with any final decision set to affect who gains the upper hand at the company. nyti.ms/2fEaPth- The Trump administration is giving health insurance companies more time to calculate price increases for 2018 because of uncertainty caused by the president''s threat to cut off crucial subsidies paid to insurers on behalf of millions of low-income people. nyti.ms/2fEO08v- At OpenAI, the artificial intelligence lab founded by Tesla Inc''s chief executive, Elon Musk, machines are teaching themselves to behave like humans. But sometimes, this goes wrong. nyti.ms/2fDbrPO (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt-idINL4N1L026G'|'2017-08-14T02:52:00.000+03:00'
'8e07fe8e33b32997d0f36eac541a2c6e2c76610e'|'ECB rate-setters worried about euro, sensitive markets: minutes'|'European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - European Central Bank policymakers were wary last month of an excessive rise in the euro undoing the favourable financing conditions their easy policy stance has created, minutes of their July meeting showed on Thursday.A bounce in the euro, which is making euro zone exports less attractive and imports cheaper, has been singled out by investors as a key threat to inflation, set to undershoot the ECB''s target of almost 2 percent at least through 2019.The euro, for example, has gained 6.3 percent against the basket of currencies watched by the ECB as a measure of its broader strength since the first half of April.The ECB minutes for the July meeting lay bare policymakers'' nerves about this after a hint at policy changes by ECB President Mario Draghi in June sent the euro and euro zone bond yields rising, undoing some of the ECB''s work in depressing borrowing costs.They showed that rate-setters were highly aware of this risk as they decided against any change to their pledge for continued monetary stimulus, worried that even the slightest tweak in their language could be overinterpreted and unsettle markets."Concerns were expressed about a possible overshooting in the repricing by financial markets, notably the foreign exchange markets, in the future," the ECB said in the minutes.But policymakers also noted that the market moves so far mostly reflected improved economic conditions and the currency''s bloc''s improved resilience.At 1.3 percent, both headline and underlying inflation are still far from the ECB''s target, a dilemma for policymakers given that growth -- at 2.2 percent in the second quarter -- is at its best rate since early 2011.The economy of the 19-member currency bloc has expanded for 17 straight quarters and unemployment is dropping faster than expected.One participant at the July meeting argued the euro zone''s economic recovery was becoming increasingly "self-sustaining" and less reliant on ECB stimulus, an argument to start tightening policy.Yet wages and prices are barely responding, forcing the ECB to keep money taps wide open even as growth is now far above what is considered its potential without stimulus."It was underlined that the still favourable financing conditions could not be taken for granted," the ECB added."Caution was expressed that, in the present financial market environment, markets were particularly sensitive to incoming information."Rate setters acknowledged "some tentative signs of a pick up" in underlying inflation, which excludes the more volatile food and energy prices, but did not see "conclusive evidence" of a sustained rise.The euro weakened slightly on the minutes and traded down over half a percent on the day while German 10-year yields were down a touch.LONE HAWK They emphasised markets were sensitive to new information and batted back a suggestion to adjust the ECB''s guidance, which includes a pledge to increase bond purchases from their current 60-billion-euros monthly pace if needed, out of fear of a market backlash."It was generally judged paramount at this stage to avoid sending signals that could be prone to over-interpretation and might prove premature," the ECB said.Investors are impatient to find out what the ECB plans to do with its 2.3 trillion euros bond-buying programme, scheduled to run until December and widely expected to be gradually wound down next year.But ECB policymakers meeting in July said the duration and pace of the purchases were not the only available levers to adjust their stance and "more policy space" was needed "in either direction" if needed.Reporting by Francesco Canepa Additional reporting by Patrick Graham; Editing by Balazs Koranyi /Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/ecb-policy-minutes-idINKCN1AX1HQ'|'2017-08-17T15:46:00.000+03:00'
'e45f5be0adfded478fd60905d9a15dd3542845b3'|'Lack of diversity in UK''s top firms could hamper post-Brexit trade deals'|'FTSE Lack of diversity in UK''s top firms could hamper post-Brexit trade deals Warning of issues with striking deals with non-EU countries comes as study shows low ethnic minority boardroom presence The research found that Rolls-Royce’s senior management is one of the least diverse in the FTSE 100. Photograph: Paul Ellis/Reuters FTSE Lack of diversity in UK''s top firms could hamper post-Brexit trade deals Warning of issues with striking deals with non-EU countries comes as study shows low ethnic minority boardroom presence View more sharing options Thursday 17 August 2017 07.12 BST First published on Thursday 17 August 2017 00.01 BST Britain’s biggest companies have been told that a lack of diversity in their boardrooms could hinder government plans to increase trade with non-EU countries after Brexit . The warning comes as a report shows the number of FTSE 100 businesses with no ethnic minority representation at senior level has fallen from 62 to 58. However, none of the companies have CEOs or chief financial officers who are women from ethnic minority groups. The study by the executive search company Green Park found that while there has been a rise in the number of non-white workers in the upper echelons of FTSE 100 companies, there appears to be a glass ceiling at the top levels of management. Green Park’s chief executive, Raj Tulsiani, said the findings should be viewed against the backdrop of looming trade talks with dozens of countries outside the EU. “In light of the UK’s desire to increase trade with non-EU countries, the ongoing inability of our leading companies to attract and retain leaders from east Asian and African backgrounds should be a matter for serious concern,” he said. “The UK’s aspiration to be outward looking and open to business with the non-European world is hardly enhanced by the continued lack of challenge in the boards of our leading companies, still statistically and behaviourally dominated by men of similar cultural and educational backgrounds.” The study found that the senior management at Rolls-Royce is one of the least diverse in the FTSE 100. The engineering group ranked 90th for employing people from ethnic minorities and women at senior levels. Last year, a government-backed review of ethnic diversity recommended that Britain’s top companies should bring an end to all-white boardrooms by 2021. The report, led by Sir John Parker, the outgoing chairman of the mining company Anglo American, said businesses were failing to promote sufficient numbers of people from ethnic minority groups to senior positions. The results from Green Park’s annual leadership 10,000 survey raises questions over whether this ambition is achievable. While there has been a small decrease in the number of companies with all-white boards, the number of people from ethnic minorities holding one of the most senior roles – chair, chief executive or chief financial officer – has fallen by 18%. There are three non-white chairs of FTSE 100 companies and four non-white chief executives, according to the survey. Six of the chief executives are women, including Alison Brittain of Whitbread and ITV’s Carolyn McCall. There has been a 5% rise in minority representation outside the board, but the figures suggest a problem with progression to the highest levels of FTSE 100 companies, Tulsiani said. “It is a positive trend that in the pipeline we are doing better around race, but at the top of the pyramid, we have gone backwards slightly,” he said. Rolls-Royce said it was working to bring more people from diverse backgrounds into its workforce. “We are well aware of the need to attract talent from more diverse backgrounds, not only into our business, but into the wider engineering and technology industry. It is particularly challenging to attract BAME [black, Asian and minority ethnic] engineers where numbers across the UK are currently low,” said Heather McVicar, a global diversity and inclusion consultant at Rolls-Royce. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/17/ftse-100-companies-lack-diversity-brexit-trade-deals-non-eu-countries'|'2017-08-17T07:01:00.000+03:00'
'43e2875f6e9e10b8374036a0ad0314879e2a0e15'|'Britain''s Asda reports first sales growth in three years'|'August 17, 2017 / 11:28 AM / 5 hours ago Asda returns to sales growth after three years of pain James Davey 4 Min Read FILE PHOTO: A company logo is pictured outside an ASDA supermarket near Manchester, Britain, April 7, 2016. Phil Noble/File Photo LONDON (Reuters) - Asda, the British supermarket arm of Wal-Mart ( WMT.N ), the world''s largest retailer, reported its first underlying sales growth in three years on Thursday and said its back-to-basics turnaround under a new management team was working. Of Britain''s big four supermarket players -– market leader Tesco ( TSCO.L ), Sainsbury’s ( SBRY.L ), Asda and Morrisons ( MRW.L ) -- Asda has been hurt the most by the rise of German discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] as its traditional price advantage was eroded. Wal-Mart has said Asda was too slow in responding to that competition and prior to Thursday''s update Asda had reported eleven straight quarters of like-for-like sales decline. Wal-Mart veteran Sean Clarke, who re-joined Asda as CEO in July last year, and former Sainsbury''s executive Roger Burnley, who started as chief operations officer three months later, have focused their turnaround efforts on the retail basics. They have re-established Asda''s competitiveness by sharpening pricing in key areas such as fresh meat and vegetables, have improved the quality and availability of product ranges and have made its stores more attractive to shoppers. Asda said like-for-like sales rose 1.8 percent, excluding petrol, in its fiscal second quarter to June 30. That compares with a 2.8 percent fall in its first quarter. In Asda''s second quarter last year sales slumped 7.5 percent, its worst ever quarterly result, meaning comparative numbers were very weak. The outcome also benefited from food price inflation across the industry. CUSTOMERS RESPONDING FILE PHOTO: An ASDA employee walks beneath a company logo outside a store in Manchester, northern England, July 8 , 2016. Phil Noble "Customers are responding to investments in price and store experience by visiting the stores more often and increasing their basket sizes," said Wal-Mart President and CEO Doug McMillon, who visited Asda''s operations in June. "There’s still much more to be done, but we’re clearly headed in the right direction." Clarke noted 275,000 new customers shopped at Asda in the second quarter, particularly during Easter, but he cautioned that the market remained competitive. All of Britain''s supermarket are also having to deal with cost pressures as the post-Brexit vote fall in the value of the pound has made imports more expensive, and with more grocery sales moving online. British retail sales slowed in July, as shoppers reduced purchases of most things other than food, adding to worries about falling consumer demand, official data showed on Thursday. After Asda''s profit slumped 11.5 percent in 2016 the firm is looking to cut costs. It is in talks with stores staff over changes to working hours and possible redundancies. Last month the Sunday Times reported that Asda was considering a 4.4 billion pound ($5.7 billion) takeover of British discount retailer B&M European Value Retail ( BMEB.L ). Asda has declined to comment. However, a source with knowledge of the situation said the report was not true. Separately on Thursday Wal-Mart reported a 12th straight quarterly increase in comparable sales, though margins fell, reflecting price cuts and investment in e-commerce. Editing by Kate Holton/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-asda-outlook-idUKKCN1AX19G'|'2017-08-17T14:27:00.000+03:00'
'dffca5475127e004886b3e3c8d2aac194e4adbb2'|'Britain asks for interim customs deal with EU, new trade deals post-Brexit'|'August 14, 2017 / 11:08 PM / in 7 hours Real thing or just ''fantasy''? Britain proposes new EU customs deal Elizabeth Piper 5 Min Read LONDON (Reuters) - Britain outlined plans for a future customs agreement with the European Union on Tuesday and an interim deal to ease companies'' Brexit concerns, proposals one senior EU official described as "fantasy". After a slow start to negotiations to end more than 40 years of union, Prime Minister Theresa May''s government is keen for the discussion to move beyond the EU''s focus on a divorce agreement to consider how a new relationship could work. The EU said it would "carefully" study the proposals, including measures for an interim customs agreement and two suggestions for a new trade partnership, but the terms of divorce needed to be settled first. Britain''s Brexit minister, David Davis, said in a statement: "The UK is the EU''s biggest trading partner so it is in the interest of both sides that we reach an agreement on our future relationship. "The UK starts from a strong position and we are confident we can deliver a result that is good for business here in the UK and across the EU." Britain lost a battle earlier this year to discuss the immediate divorce and future ties alongside each other. The EU said the two sides must first make progress on the rights of expatriates, Britain''s border with EU member Ireland and a financial settlement, the lack of progress on which Davis said had made the EU''s chief negotiator "quite cross". While welcoming the proposals, the European Commission, the EU''s executive, again said it would not budge from its stance that progress on the divorce needed to be made first. Related Coverage Factbox: What is the Brexit divorce bill? Guy Verhofstadt, the European Parliament''s Brexit point-man, underlined the distance between the two sides. "To be in and out of the customs union and ''invisible borders'' is a fantasy," he said on Twitter. "First need to secure citizens rights and a financial settlement" PROPOSALS In what it described as the first of a series of "future partnership papers", Britain outlined two possible approaches to a new customs relationship with the EU after leaving the bloc and its customs union. It described a "highly streamlined customs arrangement" that would borrow from existing systems while expanding the use of technology, or a new customs partnership that could mirror the EU''s requirements for imports from the rest of the world. Brexit Secretary David Davis leaves a television studio in central London, Britain August 15, 2017. Hannah McKay Britain also wants an interim customs agreement to allow the freest possible trade of goods by removing the threat of costly logjams at borders and to enable businesses to adapt to any future customs arrangement after leaving the bloc in March 2019. Davis said Britain should not have to pay to have a temporary customs union with the EU and that any transitional period would most probably last for two years. But May''s government, which hopes that the publication of its thinking will paper over the cracks between ministers over Brexit, will also demand that Britain should be able to negotiate deals with other countries during the interim period - a potential sticking point with the EU. Opposition politicians criticised the government for wanting to have "their cake and eat it", while pro-Brexit campaigners said Britain was taking a "defeatist attitude" by accepting it could not implement new trade deals during the interim period. Slideshow (2 Images) Even British businesses, which welcomed the clarity, said they needed more detail, and the car industry urged the government to ensure that the country retained full participation in the EU''s single market during a transition. TURKISH ARRANGEMENT? Countries that are part of the EU''s customs union are not allowed to negotiate bilateral trade deals, and May''s government has said Brexit means Britain must leave the customs union. But Turkey, while not an EU member, is part of a separate customs union for industrial goods and can still negotiate bilateral trade deals. Britain said that "while the government has looked at precedents set by customs agreements between other countries, it is not seeking to replicate another country''s model". The government said that, by sorting out the customs arrangements, Britain and the bloc could avoid a "hard border" with EU member state Ireland, something that officials fear could reignite tensions between Irish nationalists and unionists in British-ruled Northern Ireland. The government will set out its proposed solutions for the border between Northern Ireland and Ireland in detail on Wednesday. "Our proposals are ambitious, and rightly so," finance minister Philip Hammond said in a statement. "They set out arrangements that would allow UK businesses to continue to trade with their European partners in the future, while expanding their markets beyond the EU." Additional reporting by Kylie MacLellan; Editing by Jeremy Gaunt and Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-eu-customs-idUKKCN1AU2IK'|'2017-08-15T02:01:00.000+03:00'
'35e432db631b4f7fa5db0b75509f84535af24c92'|'UPDATE 1-UK Stocks-Factors to watch on Aug 16'|'August 16, 2017 / 6:49 AM / 30 minutes ago UPDATE 1-UK Stocks-Factors to watch on Aug 16 3 Min Read (Adds company news, futures) Aug 16 (Reuters) - Britain''s FTSE 100 index is seen opening up 6 points on Wednesday, according to financial bookmakers, with futures rising 0.19 percent ahead of the cash market open. * BGEO GROUP: BGEO Group Plc, the holding company of JSC Bank of Georgia, on Wednesday reported a near-tripling in second-quarter pre-tax profit, helped by higher income in its banking and healthcare businesses. * PRUDENTIAL: Britain''s Prudential sold its broker-dealer network in the United States for $325 million to LPL Financial LPLA.O, the insurer said on Wednesday. * ADMIRAL: British motor and home insurer Admiral on Wednesday posted a 1 percent rise in profit before tax in the year to June 30 as costs from an increase to the personal injury rate carried into 2017. * BALFOUR BEATTY: Britain''s Balfour Beatty reported an almost 70 percent rise in half-year pretax profit on Wednesday as its British construction business swung back into the black. * HOCHSCHILD MINING: Precious metals miner Hochschild Mining Plc''s pretax profit fell 33.8 percent in the first half of the year, hurt by higher costs. * LOOKERS: One of Britain''s biggest car dealership chains Lookers said it still expected new car sales to be at a "historically high level" this year despite four consecutive months of drops. * BHP: Hedge fund Elliott Management has raised its stake in BHP Billiton, to 5 percent, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. * BRITAIN-EU/IRELAND: There should be no border posts between Ireland and the British province of Northern Ireland after Brexit, Britain said in an early attempt to resolve one of the most complex aspects of its European Union exit. * GOLD: Gold prices inched up early on Wednesday after two days of losses, with investors awaiting minutes from the U.S. Federal Reserve''s last meeting in July for clues on the pace of potential interest rate hikes. * OIL: Oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply. * LONDON-ZINC: London zinc hit its highest in almost a decade on Wednesday, as Chinese infrastructure demand that has fed a rally in steel prices for months spills into markets for steelmaking raw materials. * The UK blue chip index closed 0.4 percent higher at 7,383.85 points on Tuesday, helped by a late boost from airlines, and after inflation data earlier eased investors'' fears over a squeeze on consumer spending. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L22G2'|'2017-08-16T09:47:00.000+03:00'
'136c10872c40a4bd5bc30c060d78f9dd9c9228bc'|'UPDATE 1-Brazil approves Itaú Unibanco''s acquisition of Citigroup retail banking assets'|'(Adds context, other Itaú Unibanco deal)BRASILIA, Aug 16 (Reuters) - Brazil''s antitrust authority Cade said on Wednesday that it approved Itaú Unibanco Holding''s acquisition of Citigroup''s retail banking and insurance assets in the country.It said it cleared the deal on the condition that Cade and Itau Unibanco would sign an agreement limiting mergers.The accord would forbid Itaú from acquiring other financial institutions for 30 months after its signing, the board of Cade said in a public session.In a statement, Cade said that the 30-month ban does not apply to Itau’s planned purchase of a stake in brokerage XP Investimentos SA, which is already under analysis by the antitrust watchdog.In May, Itaú agreed to buy a 49.9 percent stake in XP Investimentos for $2 billion.The Citigroup Brazilian retail banking assets were acquired last October for $220 million. (Reporting by Leonardo Goy; Writing by Ana Mano; Editing by Chizu Nomiyama and W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/citibank-ma-itau-unibanco-cade-idINL2N1L20QM'|'2017-08-16T12:48:00.000+03:00'
'cec0bf8cc009108b1e8c5c2c7cee48dbce641871'|'Cathay Pacific posts worst first-half loss in at least 20 years'|'August 16, 2017 / 8:59 AM / 7 hours ago Cathay Pacific posts worst first-half loss in at least 20 years Reuters Staff 3 Min Read A Cathay Pacific Airways passenger plane flies, in Hong Kong, China August 15, 2017. Picture taken August 15, 2017. Tyrone Siu SHANGHAI (Reuters) - Cathay Pacific Airways Ltd ( 0293.HK ) on Wednesday posted its worst first-half loss in at least 20 years and said did not expect conditions to improve for the rest of the year, as it continues to lose customers to mainland Chinese competitors. The loss of HK$2.05 billion ($262.07 million) for the six months ended June, versus a profit of HK$353 million a year ago, puts the Hong Kong airline on track for its first ever back-to-back annual loss since it was founded in 1946. Group revenue edged up 0.4 percent to HK$45.9 billion, while passenger yields - the average fare paid per mile per customer - fell 5.2 percent, Cathay said in a filing to the Hong Kong bourse. Yield on cargo services rose 4.4 percent. Related Coverage Cathay Pacific says has not been approached by Kingboard to raise stake "We do not expect the operating environment in the second half of 2017 to improve materially," Cathay Chairman John Slosar said in a statement. "In particular, the passenger business will continue to be affected by strong competition from other airlines and our results are expected to be adversely affected by higher fuel prices and our fuel hedging positions," he said. Belts are seen in front of a Cathay Pacific Airways check-in counter at the Hong Kong Airport March 11, 2009. Bobby Yip/File Photo Shares in Cathay closed up 0.86 percent before results were announced, in line with the Hang Seng index .HSI which rose 0.9 percent. The airline had been initially expected to publish results around midday Hong Kong time (0400 GMT). The airline posted an annual loss last year for the first time since the global financial crisis as state-supported Chinese airlines chipped away at its market share, particularly on international routes to and from China. Revenue passenger kilometres (RPK), a measure of traffic, grew by 1.4 percent over the first half, its lowest growth rate since the turn of the decade save for the first half of 2013, according to BOCOM International analyst Geoffrey Cheng. In comparison, China Southern Airlines'' RPK rose 12.49 percent year-on-year over the same period, according to company data. Air China ( 601111.SS ) ( 0753.HK ), which has a cross-shareholding with Cathay, reported RPK growth of 6.5 percent. Cathay is in the midst of a three-year reorganisation that includes its biggest headcount reductions in almost two decades. It reshuffled its top leadership in April and is considering shifting some flights to its short-haul arm. Last month, third-largest shareholder Kingboard Chemical Holdings Ltd ( 0148.HK ) called on the airline''s founding Swire family to intervene to lead it out of "hard times". Reporting by Brenda Goh; Editing by Stephen Coates and Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cathay-pacific-results-idUKKCN1AW0R4'|'2017-08-16T14:42:00.000+03:00'
'9d3270a649177689c7c11d6d7bfac77a60318034'|'Elliott Management raises stake in BHP to 5 percent'|'August 16, 2017 / 2:17 AM / 5 hours ago Elliott Management raises stake in BHP to 5 percent 3 Min Read Australian mining company BHP''s corporate logo is seen at their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. MELBOURNE (Reuters) - Hedge fund Elliott Management has raised its stake in BHP Billiton ( BHP.AX ) ( BLT.L ) to 5 percent, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. New York-based Elliott launched its effort in April, at which point it held a 4.1 percent "economic interest" in BHP''s UK-listed shares, and later increased that to 4.5 percent. Elliott said on Wednesday it now holds 5 percent of BHP''s UK-listed shares, and also holds a small economic interest in BHP''s Australian shares. "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders'' calls to take constructive steps to enhance value for BHP and its owners," Elliott said in a statement. Those steps include exiting the U.S. shale business "and an in-depth, open and truly independent review of the petroleum business'' place in BHP''s portfolio," Elliott said. "We and other shareholders look forward to hearing more from management on this subject, following the growing analyst and shareholder consensus that BHP should exit U.S. shale," the hedge fund said. BHP, which up to now has rejected Elliott''s overhaul proposals as flawed, declined to comment on Elliott''s statement. However the company has acknowledged that it paid far too much when it entered the shale business and in the long run will look to get out of it when the time is right. MacKenzie has been canvassing shareholders worldwide ahead of taking up his position as chairman on Sept. 1. The latest move by Elliott reflected increased confidence in the company''s direction, said investment manager Rohan Walsh of Melbourne-based Karara Capital, which owns shares in BHP. "They are showing conviction in the prospects of the business," he said. Elliott said last month it had deep concerns over a BHP proposal to enter the currently over-supplied fertilizer market, reiterating its call for change at the mining giant. BHP will report its full year financial results next week. Reporting by Sonali Paul and Melanie Burton; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-bhp-billiton-elliott-idINKCN1AV2JV'|'2017-08-16T00:17:00.000+03:00'
'eaef18819024e70d43376f3841c241b158462655'|'Andeavor unit to buy Western Refining Logistics for $1.5 billion'|'August 14, 2017 / 10:26 AM / 2 hours ago Andeavor unit to buy Western Refining Logistics for $1.5 billion 1 Min Read (Reuters) - U.S. pipeline operator Andeavor Logistics LP said on Monday it would buy rival Western Refining Logistics LP for $1.5 billion as it seeks to expand into the Permian Basin in Texas and New Mexico. Western Refining unitholders will receive 0.5233 Andeavor Logistics units for each Western Refining unit. The deal values each Western Refining unit at $25.28, representing a premium of 6.4 percent to Western Refining Logistics'' Friday closing price. Andeavor, formerly known as Tesoro Corp, bought Western Refining Inc for $4.1 billion in June. Tesoro also acquired a non-controlling stake in Western Refining Logistics as part of that deal. El Paso, Texas-based Western Refining Logistics owns crude oil pipelines and gathering assets in the Permian Basin in West Texas and Southern New Mexico. Andeavor Logistics also said it would issue 78 million of its units to parent Andeavor in exchange for the cancellation of its incentive distribution rights. Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-westrn-refining-m-a-andeavor-idINKCN1AU12A'|'2017-08-14T08:26:00.000+03:00'
'4c1d42b2f747acd65eb773e58cb949b34956c51b'|'Merkel concedes diesel phase-out, but declines to set a date'|'August 14, 2017 / 12:37 PM / 5 minutes ago Merkel concedes diesel phase-out, but declines to set a date Reuters Staff 1 Min Read BERLIN (Reuters) - Germany must eventually follow other European countries in banning new diesel vehicles from roads, German Chancellor Angela Merkel said in a magazine interview published on Monday, although she declined to commit to a specific date. Angela Merkel, German Chancellor and leader of the conservative Christian Democratic Union (CDU) party waves following the start of the CDU''s election rally for Germany''s general election in Dortmund, Germany August 12, 2017. Wolfgang Rattay Merkel said it was up to auto makers to restore consumers'' confidence in them after the emissions scandal, including through trade-in bonuses and software updates. Consumers, who had been "deceived", must get the environmental emissions performance they had been promised, she added. The priority for coming years should be to expand the charging infrastructure needed for deploying more electric vehicles, she said. Until then, driving bans for dirtier cars already on the road should be avoided, she said because that would "punish the people who bought cars in good faith." Reporting By Thomas Escritt; Editing by Andrea Shalal 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-emissions-merkel-idUKKCN1AU1DM'|'2017-08-14T16:14:00.000+03:00'
'3171c0f5db65fddcf4da3fd7827fcefa94ff1f91'|'Oil prices slip on Chinese demand concerns, rising U.S. activity'|'August 14, 2017 / 1:03 AM / an hour ago Oil prices slip on Chinese demand concerns, rising U.S. activity Karolin Schaps 3 Min Read A view shows a petrol nozzle refuelling a car at a petrol station in Viterbo, north of Rome, September 25, 2012. Giampiero Sposito AMSTERDAM (Reuters) - Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world''s second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics data showed, down around 500,000 bpd from June and the lowest rate since September 2016. Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil. Global benchmark Brent crude futures LCOc1 were at $51.74 a barrel at 1134 GMT, down 36 cents from Friday''s close. They touched a low of $51.61 earlier in the session. U.S. West Texas Intermediate crude futures CLc1 were trading at $48.51, down 31 cents. Investors were also cautious after data published by oil services firm Baker Hughes on Friday showed explorers increased U.S. oil drilling capacity for the second time in three weeks, extending a 15-month recovery. [RIG/U] The rising rig count hints at sustained output growth just as the world''s major oil producers, excluding the United States, try to stem oversupply by trimming production. Efforts by the Organisation of the Petroleum Exporting Countries and other oil producers to limit output have helped prop up prices above $50 a barrel. Breaching this threshold has meant more money managers are betting on further gains in Brent, with the latest ICE exchange data showing investors last week raised net long holdings of the commodity by the highest amount this year. This contrasts with more bearish bets placed in the U.S. market, where investors cut net long U.S. crude positions last week, according to the U.S. Commodity Futures Trading Commission. Oversupply has been exacerbated by rising production in OPEC member Libya, which is exempt from a global deal to cut output and has been trying to regain its pre-war production levels. "The recovery in Libyan production has been the single largest factor driving global supply growth in the last few months," oil analysts at Panmure Gordon wrote. Libya''s National Oil Corp (NOC) said on Monday it was investigating security violations at its biggest oilfield, Sharara. Sharara has been producing around 270,000 bpd but the NOC did not specify whether the violations had affected output. Workers at the country''s Zueitina export terminal have also threatened to block a tanker due to dock on Saturday unless demands for salary and overtime payments are met. Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1AU02X'|'2017-08-14T15:10:00.000+03:00'
'fa48a92906912ddcb271a5009e304554eb97bf60'|'Fed policymakers grow more worried about weak inflation - minutes'|'August 16, 2017 / 6:08 PM / in 17 minutes Fed policymakers grow more worried about weak inflation: minutes Lindsay Dunsmuir and Jason Lange 4 Min Read The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. Joshua Roberts WASHINGTON (Reuters) - Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called for a halt to further interest rate hikes until it was clear the trend was transitory, according to the minutes of the central bank''s last policy meeting. The readout of the July 25-26 meeting, at which policymakers voted unanimously to keep rates unchanged, also showed the Fed increasingly ready to begin reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. In the minutes, released on Wednesday, policymakers had a lengthy discussion about a recent streak of soft inflation readings. Inflation has remained below the central bank''s 2 percent target for more than five years. "Many participants ... saw some likelihood that inflation might remain below 2 percent for longer than they currently expected, and several indicated that the risks to the inflation outlook could be tilted to the downside," the Fed said in the minutes. Some participants on the policy-setting committee argued against further rate rises until data had confirmed inflation was moving back toward the Fed''s objective. Some other Fed officials, however, cautioned that such a delay could cause an eventual overshooting in inflation "that would likely be costly to reverse." Related Coverage Factbox: Fed staff forecasts from FOMC minutes Voting members of the committee agreed to monitor inflation closely "in light of their concern about the recent slowing," according to the minutes. The Fed has raised its benchmark overnight lending rate twice this year compared to once in each of the previous two years amid low unemployment and continued moderate economic growth. It currently forecasts one more rate rise before the end of this year. But a retreat in inflation in the past few months has caused some disquiet that the Fed may have to cool its current pace of monetary tightening, despite senior central bank officials largely dismissing the softness as transitory. Fed Chair Janet Yellen told lawmakers last month that "some special factors," including a drop in prices for mobile phone plans and prescription drugs, were partly responsible for the weak inflation data. In the minutes, however, a few Fed policymakers cautioned that the framework the central bank uses to analyze inflation "was not particularly useful." The Fed''s preferred inflation measure dropped to 1.5 percent in June from 1.8 percent in February. The dollar .DXY weakened against a basket of currencies after the release of the minutes. U.S. stocks pared gains while prices of U.S. Treasuries were largely unchanged. BALANCE SHEET REDUCTION NEARS Policymakers also cast a keener light on financial stability and agreed it was important to look for signs of declining market volatility or concentration of investors in particular assets. Elsewhere in the minutes, Fed officials showed they are closer to beginning to reduce the central bank''s bond portfolio. Several policymakers were prepared to announce a start date at the June meeting, but the Fed decided to wait as "most preferred to defer that decision until an upcoming meeting." Fed officials have been priming markets for a probable move at their next policy meeting on Sept. 19-20 to begin reducing the bond holdings, bought in the wake of the 2007-2009 financial crisis and recession. New York Fed President William Dudley said on Monday the expectation of such an announcement next month was not unreasonable. Reporting by Lindsay Dunsmuir and Jason Lange; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-fed-minutes-idUKKCN1AW2AW'|'2017-08-16T21:07:00.000+03:00'
'9bcbe8517ba87936539e81df84b5d55620af8c75'|'NY Times must face defamation lawsuit over professor''s slavery comments'|'August 15, 2017 / 9:30 PM / 14 hours ago NY Times must face defamation lawsuit over professor''s slavery comments Jonathan Stempel 3 Min Read FILE PHOTO: People line up for taxi across the street from the New York Times head office in New York, February 7, 2013. Carlo Allegri (Reuters) - A federal appeals court on Tuesday said the New York Times Co must face a defamation lawsuit by a Louisiana economics professor who said it quoted him out of context by saying he described slavery as "not so bad." The 5th U.S. Circuit Court of Appeals revived claims by Walter Block, who teaches at Loyola University, over a January 26, 2014, front page article about libertarianism and a potential presidential candidacy of Senator Rand Paul, a Kentucky Republican who later ran for the White House. "We are disappointed in the court''s ruling but remain convinced that our story was accurate," Danielle Rhoades Ha, a spokeswoman for the newspaper, said in an email. "We will proceed to prove our case before the district court." Block and his lawyers had no immediate comment. The article, "Rand Paul''s Mixed Inheritance," also quoted Block as saying the retailer Woolworth''s had a right to exclude blacks from its lunch counters because "no one is compelled to associate with people against their will." According to court papers, Block, a self-described libertarian, said that while he used the words attributed to him, the reporters Sam Tanenhaus and Jim Rutenberg distorted their meaning by omitting necessary context. Block said this made him appear racist, despite his having always been a "bitter opponent" of slavery. A lower court judge dismissed the case, but the three-judge appeals court panel found a "genuine issue of material fact" as to whether the article was false and had a defamatory meaning. "If, as Block has pleaded, he stated during the interview that slavery was ''not so bad'' except for its involuntariness, a reasonable jury could determine that the NYT''s decontextualized quotation falsely portrayed him as communicating that chattel slavery itself was not problematic - exactly the opposite of the point that he says he was making," the panel said. The court also found it premature to dismiss Block''s claim that the Times acted with actual malice. Tuesday''s decision was unsigned. The judges on the appeals court panel were appointed by Republican presidents. Tanenhaus and Rutenberg are also defendants in the case, which the appeals court returned to U.S. District Judge Ivan Lemelle in New Orleans. The case is Block v Tanenhaus et al, 5th U.S. Circuit Court of Appeals, No. 16-30966. Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-new-york-times-lawsuit-idUSKCN1AV2FM'|'2017-08-16T00:17:00.000+03:00'
'dc2b72c6d8a1b4c2bc6ba7b59ddce7e7aa695c87'|'Uber for coaches: can these startups revolutionise intercity travel? - Guardian Sustainable Business'|'W hen a group of Yorkshire parents, fed up with overcrowding on their children’s bus route to school, approached their local bus operator about pooling resources for a bespoke service, they sparked the idea for a new crowdsourcing platform.Ten months later, 70 children have been riding their own double decker to the school gates each day, and Transdev Blazefield, owner of the Harrogate Bus Company, has launched an app to encourage others to crowdsource new routes and one-off trips.Customers can use Vamooz to suggest journeys and the company schedules trips where it thinks there will be enough demand. The ticket price falls as more people sign up.''Faster, cheaper, cleaner'': experts disagree about Elon Musk''s Hyperloop claims Read more“We realised there must be other opportunities where we can give groups of people their own service,” says the app’s manager, Rebecca Reeve-Burnett, “whether that’s for a school or an employer bringing people to work, or day trips and events.”Since late 2016, a clutch of crowdsourced bus or coach platforms have sprung up in the UK, promising to fill transport infrastructure gaps with options they say are fast, cheap and sustainable.The result is a “halfway house between a taxi and a bus service”, says Susan Grant-Muller, professor of technologies and informatics at Leeds University’s Institute for Transport Studies. The idea is to blend tech-driven, personal transport services such as Uber with the UK’s traditional coach and bus network.Thomas Ableman, former commercial director at Chiltern Railways, launched Sn-ap in October last year. The platform matches groups of people who want to make journeys between the same cities with local coach operators, which, he says, often have unbooked vehicles sitting around doing nothing.The idea, explains Ableman, came from frustration that the urban transport revolution had not yet spread to intercity travel, an area “sewn up by a tiny monopoly” of the national rail network, National Express and Megabus.“The range and quality of urban transport connectivity has exploded in recent decades,” says Ableman. “Uber now exists, car clubs now exist, Boris bikes, Citymapper, night tubes all now exist. But intercity travel has not changed. If you go to Bristol or Nottingham you will travel on physically the same trains as 20 years ago. The only difference is there’ll be more people on it and it will cost you more.”Sn-ap, which has so far focused on routes out of Nottingham, has carried around 25,000 people to date, with an average ticket price of £7, says Ableman. Prices are kept low because coaches only run when there is enough demand.Since everyone on a crowdsourced journey is going to more or less the same place, the coaches don’t have to make endless stops along the way, he adds, and – freed from the strictures imposed by city centre stations – they can drop people off closer to where they need to go.Getting cars off the road A big question is whether this kind of demand responsive service can help ease congestion and emissions.Steve Melia, senior lecturer in planning and transport at the University of the West of England, is cautious. While such platforms have the potential to become part of a range of “more flexible forms of mix and match transport”, new transport offers never produce the like-for-like drop in car numbers people expect and can undermine public transport networks, he says.What if Uber kills off public transport rather than cars? Read more“With all these flexible services provided by private companies, there’s always the risk of cherry-picking, meaning those companies are taking the parts of the market that are most profitable and thereby reducing demand that might otherwise have helped to sustain a network,” says Melia.But what if the existing networks are getting it wrong? Sam Ryan is co-founder of Zeelo, a Jaguar Land Rover-backed startup that uses anonymised data such as mobile phone locations and social media traffic to identify demand for coach travel. Catering to people’s real transport needs, he says, is more sustainable than the traditional approach of rigid timetables and half-empty trains.“Transport in the UK is designed around the needs of the operator rather than the customer,” says Ryan. “And that comes with a number of sustainability challenges, whether it be people running underutilised coaches and trains, or driving individually or with just one other person in their car because the other transport options simply aren’t good enough.”Getting to one-off events such as festivals or sports matches, a key target market for Zeelo, is a prime example, Ryan says. Often people drive because there is no other decent option and will happily switch if one comes along. When Zeelo ran coaches to Manchester City’s stadium in April, 30% of its passengers said they normally drove to games, he adds.Even if people do ditch cars for coaches, however, Sn-ap’s experience suggests greater convenience and lower costs could still bring more people onto the roads. One-third of its customers to date wouldn’t otherwise have made the journey, says Ableman. “It’s cheap enough that you can make a spontaneous trip. A lot of people are making a day trip to London, ‘because we could’.”Topics Guardian sustainable business Transport Coach travel Crowdfunding Crowdsourcing features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/aug/16/uber-for-coaches-can-these-startups-revolutionise-intercity-travel'|'2017-08-16T14:00:00.000+03:00'
'5b7a9e6ba0f233d5e32d4f2b2413a2f07b31f1ed'|'Yuan''s strength against the dollar fails to snuff out depreciation expectations'|'FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. To match Analysis CHINA-YUAN/ Thomas White/Illustration/File Photo SHANGHAI (Reuters) - China has given those who bet against the yuan a bloody nose this year thanks to policy moves and intervention by the authorities. And yet, many traders and investors are still tipping the Chinese currency to decline against the U.S. dollar in the next year.They argue that after a Communist Party leadership meeting in the fall, which is expected to solidify President Xi Jinping''s grip on power, there will be room for the yuan to weaken. The Chinese government is determined to keep the financial system and the wider economy stable ahead of the gathering, which is held once every five years.Even after three consecutive months of strengthening against the U.S. dollar, the first such positive run since 2014, many market participants are unconvinced by the gains.David Qu, markets economist at ANZ Bank in Shanghai, said he doesn''t believe that even with its recent strength the yuan''s broad downward trend of recent years has been fundamentally reversed. "I don''t think the renminbi is back on an appreciation path," he said, using the other name for the currency.The People''s Bank of China (PBOC), the nation''s central bank, did not provide answers to faxed questions about the yuan''s trajectory.A Reuters poll of foreign exchange analysts published on August 3 found the yuan is forecast to weaken to 6.85 per dollar in six months and to 6.9 per dollar in a year. It settled at 6.6715 per dollar at the late night close on Monday.The yuan slumped around 6.5 percent against the surging dollar last year, its largest decline since China unified official and market exchange rates in 1994. The global dollar index .DXY, which measures the dollar against a basket of major currencies, rose 3.6 percent in 2016.This year, the yuan has gained around 4 percent as the greenback has slumped, but analysts say it should be up even more given that the dollar is down about 9 percent against other major currencies.Companies wary of foreign exchange risks are keeping the yuan''s gains in check."Half of our corporate clients who are purchasing dollars at current levels are still betting on a decline in the yuan in the belief that the rebound in the yuan has been a result of the weakness in the dollar and central bank intervention," said a forex trader at a regional bank in Shanghai.Against other currencies, the yuan''s value on a trade-weighted basis has actually fallen more than 1 percent this year, indicating it is actually weaker than the dollar exchange rate suggests.GOOD VIBES Tighter controls on capital outflows have been a big reason for yuan strength this year, along with dollar weakness and signs that the Chinese economy is improving, said Wang Tao, chief economist at UBS in Hong Kong."Some fundamental drivers of capital outflows remain - there is still strong demand among households and corporates to diversify their wealth into FX and overseas assets, while concerns about domestic asset bubbles and high leverage also remain high," Wang said.Much of the money changed into dollars in China will actually stay in Chinese bank accounts, rather than circumventing capital export controls, but it sill serves as a hedge, experts say.Another sign that the market still wants dollars: the daily local closing price has been persistently weaker than the same day''s benchmark fixing set by the PBOC prior to the market opening.This has been the case even after the May introduction of a mysterious "counter-cyclical factor" into the official midpoint formula, with this X factor designed to reduce price swings and stabilise market expectations. In 44 out of 53 trading sessions between June 1 and August 14, the yuan was weaker than the midpoint at the 4:30 p.m. close.Shan Kun, head of local-markets strategy at BNP Paribas in Shanghai, said impetus for the yuan to retreat could grow."We have concerns that companies and financial institutions could decide that the yuan has become too strong in a short period of time and resume expansion of their holdings of dollar-denominated assets, and increase their enthusiasm for dollar buying," Shan said.Foreign currency deposits held by households and companies have been rising steadily this year. The volume stood at $793.1 billion at the end of June, up 20.9 percent from a year earlier, official data from the central bank showed.Derivatives and other gauges also suggest weakness ahead.One-year dollar/yuan non-deliverable forwards CNY1YNDFOR=, considered the best available proxy for forward-looking market expectations for the yuan''s value, on Monday showed that the yuan was expected to weaken to 6.8205 per dollar, a drop of more than 2 percent from the day''s midpoint.One-year risk reversals for the dollar against the yuan onshore CNY1YRR=, a gauge that measures the premium paid for calls over puts, have shown an upward trend since late July to a nearly two-month high at one point on Monday. That indicates that bullish call options remained more expensive than bearish put options, underscoring how the market is positioning for further yuan depreciation."The Chinese yuan would be still vulnerable to any upward correction in the U.S. dollar. If there is a potential rebound in the dollar, the impact on the yuan would be relatively huge," said Ken Cheung, senior Asian FX strategist at Mizuho Bank in Hong Kong.Reporting by Winni Zhou and John Ruwitch; Editing by Martin Howell'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-yuan-analysis-idUKKCN1AV0HN'|'2017-08-15T09:04:00.000+03:00'
'fc1733a106ab9fccfcea99879bc9b07a34cd9bf0'|'Nikkei ends flat, NAFTA renegotiations dampen automakers'|'August 16, 2017 / 6:39 AM / 43 minutes ago Nikkei ends flat, NAFTA renegotiations dampen automakers 3 Min Read * NAFTA sours mood in auto sector - analysts * Nomura upgrades JAL on strong domestic passenger revenues (Updates to close) By Ayai Tomisawa TOKYO, Aug 16 (Reuters) - Japan''s Nikkei share average was nearly flat on Wednesday with the previous day''s rally running out of steam as the yen''s weakening slowed, while Japan Airlines bucked the trend helped by a brokerage''s bullish view. The Nikkei inched down 0.1 percent to 19,729.28. Japanese stocks have seen volatile trade recently, first spooked by growing tensions between the United States and North Korea, which strengthened the yen, but then rebounding on bargain hunting as fears of conflict ebbed. But analysts said that investors remain wary of tensions between Washington and Pyongyang mounting again. "It''s not that risks on North Korea completely faded, but for now, after a sharp rise on the previous day, investors decided to wait for more catalysts before investing actively," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Japan Airlines rose 1.6 percent after Nomura Securities raised its rating to ''buy'' from ''neutral'', saying it now expects a milder decline than initially forecast due to strong domestic passenger revenues and improving cargo revenues. Rival ANA Holdings gained 0.4 percent. With the Trump administration launching renegotiation of the 23-year-old NAFTA trade pact this week, automakers underperformed on uncertainty about the fate of Mexico, where Japanese automakers have plants. Trump aims to shrink a growing trade deficit with Mexico and tighten the rules of origin for cars and parts. "We still don''t know how much impact NAFTA deals would give on Japanese automakers, but the event is souring sentiment on the auto sector," said a fund manager at a Japanese asset management firm. Mazda Motor Corp dropped 0.3 percent and Toyota Motor Corp shed 1.3 percent. Tire manufacturer Bridgestone Corp slipped 0.8 percent. Elsewhere, shares of discount store operator Don Quijote Holdings Co fell as much as 3.3 percent as its operating profit forecast for the year through June 2018 was 48 billion yen ($434 million), below the 52 billion yen forecast by analysts polled by Thomson Reuters StarMine. Japan Drilling Co climbed 3 percent after the company said it would provide offshore drilling services to Malaysia''s Petronnic Sdn Bhd. The broader Topix ended the day flat at 1,616.00. (Additional reporting by Shinichi Saoshiro; Editing by Jacqueline Wong) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1L21SJ'|'2017-08-16T09:37:00.000+03:00'
'41515bf33ee75e46a862261227f096c489a76d7b'|'As NAFTA talks begin, Trump''s ''America First'' agenda looms large'|'August 16, 2017 / 5:06 AM / an hour ago As NAFTA talks begin, Trump''s ''America First'' agenda looms large Lesley Wroughton and David Lawder 5 Min Read U.S. President Donald Trump answers questions about his response to the violence, injuries and deaths at the "Unite the Right" rally in Charlottesville as he talks to the media in the lobby of Trump Tower in Manhattan, New York, U.S., August 15, 2017. Kevin Lamarque WASHINGTON (Reuters) - As the United States, Canada and Mexico kick off negotiations on Wednesday to modernize the North American Free Trade Agreement, the biggest uncertainty is whether a deal can pass President Donald Trump''s "America First" test. Trump has blamed NAFTA for shuttering U.S. factories and sending U.S. jobs to low-wage Mexico. The test will be whether negotiators can prove that a new NAFTA agreement can alter that course. The call from the U.S. business community in the run-up to the talks has been "do no harm" amid concerns that a new agreement will unravel a complex North American network of manufacturing suppliers built around NAFTA. Trump, who made trade a centrepiece of his presidential campaign as he promised to reinvigorate the manufacturing sector, pulled the United States out of the Trans Pacific Partnership trade pact shortly after taking office in January. But he has since backed off other trade threats, including declaring China a currency manipulator and tearing up NAFTA, which he regularly calls a disaster. U.S.-Canada-Mexico trade has quadrupled since NAFTA took effect in 1994, surpassing $1 trillion in 2015. Derek Burney, a former Canadian ambassador to Washington who was involved in the first NAFTA negotiations, said that in the previous NAFTA talks there was a political commitment from all sides to reach a deal. That is not the case now, he said. Related Coverage Timeline - Opposed from the start, the rocky history of NAFTA "The question ... is, What will Trump accept as a success in these negotiations?" said Burney. "To me that is the biggest wild card of all." Robert Holleyman, a former deputy U.S. trade representative during the Obama administration, said the "toughest nut to crack" in the talks will be whether changes meet Trump''s goals to reduce the $64 billion U.S. trade deficit with Mexico. "We know where he wants to make changes to NAFTA. Whether those changes lead up to something that actually reduces the trade deficit with Mexico is wholly unclear," Holleyman said. NAFTA renegotiations will be a major test of Trump''s ability to meet his campaign promises to restore U.S. manufacturing jobs. Although he has inherited a strong economy that has added 1.29 million jobs this year, his promises of an ambitious legislative agenda have been derailed by the failure of a healthcare bill and the lack of a detailed plan for tax reform. Trucks wait in the queue for border customs control to cross into U.S. at the Bridge of Americas in Ciudad Juarez, Mexico, August 15, 2017. Jose Luis Gonzalez Weighing heavily over the talks is the upcoming 2018 Mexico presidential election. Mexico has urged all sides to complete the negotiations before the campaign ramps up in February to avoid it becoming a political punching bag. AN "AMBITIOUS" FIRST ROUND This week''s talks will be led by U.S. Trade Representative Robert Lighthizer, Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo. Each side is expected to make remarks at the start of the talks being held at a historic Washington hotel. Trucks wait in the queue for border customs control to cross into U.S. at the Bridge of Americas in Ciudad Juarez, Mexico, August 15, 2017. Jose Luis Gonzalez The first round of meetings, which is expected to last until Sunday, will largely be administrative and focus on merging proposed texts from all three sides, according to a senior U.S. trade official, speaking to reporters on the eve of the talks. The official said the sides were aiming for an "ambitious" first round of talks. The United States has made lowering the $64 billion U.S. trade deficit with Mexico its top priority in the NAFTA talks, although trade experts argue that such a goal will not be achieved through trade deals but rather by boosting savings. It also wants to strengthen NAFTA''s rules of origin, which specify how much of a product''s components must originate from NAFTA countries. One of the most contentious issues in the talks is likely to be over the "Chapter 19" mechanism requiring the use of binational panels to settle anti-dumping and anti-subsidy disputes, which the Trump administration wants to eliminate because the rulings often go against the United States. Canada''s Freeland suggested on Monday that Canada would walk away from the talks if the United States insisted on scrapping the mechanism. Mexico has said its NAFTA goals are free access for goods and services, greater labour market integration and a strengthening of energy security. Reporting by Lesley Wroughton and David Lawder; Additional reporting by David Ljunggren; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trade-nafta-idUKKCN1AW09K'|'2017-08-16T08:24:00.000+03:00'
'2abc4b2e8afc9681672c378486ac8cc37c35a82c'|'Amec Foster''s proposed asset sale may help Wood Group deal approval: regulator'|'August 15, 2017 / 6:41 AM / 2 hours ago Amec Foster''s proposed asset sale may help Wood Group deal approval: regulator 2 Min Read (Reuters) - Amec Foster Wheeler Plc''s proposal to sell almost all of its upstream offshore oil and gas servicing assets may be adequate for regulatory approval of its merger with John Wood Group Plc, the UK''s Competition And Markets Authority (CMA) said. British oil and gas services company Amec Foster, which is being bought by Wood Group for 2.2 billion pounds ($2.8 billion), said earlier this month it was preparing its North Sea operations for sale, in response to the competition watchdog''s concerns. The market regulator said on Tuesday the divestiture, or a modified version of it, might be acceptable and that it would open a public consultation in due course. ( bit.ly/2vE7JcA ) Wood Group said the companies are not required to complete the sale of the assets before completing the merger. As a result, the company sees no change in the expected date of completion, and continues to expect the deal to close in the fourth quarter of this year, Wood Group said in a statement. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-amec-foster-m-a-wood-group-idINKCN1AV0IV'|'2017-08-15T04:41:00.000+03:00'
'50d0350b81e7c872dde9ce90435da6677c8621ff'|'Kroton sees no relief in Brazil distance-learning defaults'|'August 11, 2017 / 2:52 PM / 9 minutes ago Kroton sees no relief in Brazil distance-learning defaults 1 Min Read SAO PAULO, Aug 11 (Reuters) - The number of Brazilian distance-learning students in arrears on their tuition fees or loans is not showing signs of abating yet, reflecting record unemployment and declining household income, executives at Kroton Educacional SA said on Friday. However, defaults in the campus-learning segment are showing signs of improvement, executives led by Chief Executive Officer Rodrigo Galindo said during a conference call to discuss second-quarter results. Profit at Kroton, Brazil''s largest for-profit education firm, came in at 644.9 million reais ($203.1 million), beating forecasts. (Reporting by Alberto Alerigi Jr; Writing by Guillermo Parra-Bernal; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/kroton-results-outlook-idUSE6N1I3016'|'2017-08-11T17:51:00.000+03:00'
'78770f1fe763b03b9f13e86c13411c295afe352f'|'Protesters storm Shell crude flow station in Nigeria''s Niger Delta'|'August 11, 2017 / 10:13 AM / 20 minutes ago Protesters storm Shell crude flow station in Nigeria''s Niger Delta Reuters Staff 1 Min Read FILE PHOTO - A logo for Shell is seen on a garage forecourt in central London, Britain, March 6, 2014. Neil Hall/File Photo AKUKU-TORU, Nigeria (Reuters) - Hundreds of Nigerian protesters stormed a crude oil flow station owned by Shell ( RDSa.L ) in the restive Niger Delta on Friday, demanding jobs and infrastructure development, a Reuters witness said. The protesters complained they did not benefit from oil production in their area, a common refrain in the impoverished swampland that produces most of Nigeria''s oil. They also demanded an end to oil pollution in the area. Soldiers and security guards did not disperse the crowd as they entered the Belema Flow Station in Rivers State, which feeds oil into Shell''s Bonny export terminal. Shell had no immediate comment, and it was not immediately clear whether there was an impact on oil production. While Bonny Light crude oil is currently under force majeure due to the closure of the Trans Niger Pipeline, exports continue via another export line. Reporting by Tife Owolabi; additional reporting by Libby George; Writing by Ulf Laessing; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nigeria-oil-idUKKBN1AR0VR'|'2017-08-11T13:13:00.000+03:00'
'bdc4692b09f97637ab160b5926f0d390d378b3eb'|'UK car buyers turn to secondhand vehicles as finance deals boom'|'The British car market is coming under increasing pressure as consumers turn away from buying new models after a squeeze on earnings, favouring secondhand cars instead.Figures show the number of used cars bought using finance increased by 7% in June compared with the same month a year ago, according to the Finance and Leasing Association, which represents about 86% of borrowing against vehicles in the UK.There was an 8% drop in lending extended for new vehicles, in a move that could alleviate concerns over a credit bubble in motor finance.Booming car sales helped by financing deals have troubled the Bank of England, which sounded the alarm in July over consumers racking up debt they may find difficult to pay back in future.Dealership car finance, through loans offered to car buyers at the point of sale, has been growing rapidly in recent years and in total was worth £58bn at the end of March, according to Threadneedle Street.Should I sell or scrap my diesel car? Read more“While the new car market is going to continue to stutter for the rest of the year, we could still see the used car market surging as people switch from new to secondhand motors,” said Alex Buttle, of car buying comparison website Motorway.co.uk.There were 1m new cars sold to consumers buying with the help of finance in the 12 months to June, compared with 1.2m used vehicles, according to the FLA data.The UK new car market declined 9.3% in July , according to figures published this month by the the Society of Motor Manufacturers and Traders, the fourth consecutive monthly fall. The SMMT said on Wednesday almost 4m used cars were sold in the first half of this year, down 5.1% on a year ago.Consumers got a glimpse of some respite this week from surging inflation after the vote to leave the European Union, as the consumer price index remained static at 2.6%, while pay growth showed signs of edging up after the lowest level of unemployment since the mid-1970s potentially handed workers more bargaining power.Lookers, the UK’s biggest car dealership, said on Wednesday it viewed the second half of the year with caution and that new car sales would probably fall by 2.6% this year. It said the used car market represented a significant opportunity and that it had seen a 23% increase in leads generated by its website in the first half of 2017.There has been plenty of pressure on car sales in recent months, with consumers facing political uncertainty from the Brexit vote and Theresa May’s snap general election, while the government also put forward plans to ban the sale of petrol and diesel cars from 2040 to encourage a shift to electric vehicles.Falling used car prices would trouble the Bank of England, as banks lending to customers buying new cars on hire purchase plans could be left with vehicles worth less than they had previously envisaged at the end of a deal.David Bailey, professor of industry at Aston University, said greater levels of interest in used cars as consumers tighten their belts could help protect the value of vehicles.“If we see the new car market cool, the secondhand market will probably do better, and in a sense that might support residual values of the cars coming onto the secondhand market,” he said.Topics Automotive industry Financial sector Motoring Consumer affairs'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/16/uk-car-buyers-secondhand-finance-motor'|'2017-08-16T23:16:00.000+03:00'
'103e242ca48cec223c1b565135409d073303a7b4'|'Uber sorry for Philippines ''misunderstanding'', but suspension stands'|'August 16, 2017 / 11:56 AM / an hour ago Uber sorry for Philippines ''misunderstanding'', but suspension stands Ronn Bautista 4 Min Read Mike Brown, a Uber regional general manager, answers questions to local reporters after a hearing with Philippines'' transport regulator and senators at a Senate headquarters in Pasay city, metro Manila, Philippines August 16, 2017. Romeo Ranoco MANILA (Reuters) - The Philippine transport regulator stood by its one-month suspension of Uber Technologies Inc [UBER.UL] on Wednesday, despite its apology for a "misunderstanding" in failing to heed a directive to stop accepting new driver applications. Members of the Land Transportation Franchising and Regulatory Board (LTFRB) met an Uber executive and senators to discuss a suspension, announced on Monday, that critics say punishes Philippine consumers and drivers who depend on the service. Uber appealed against the order on Tuesday, and restarted its operations after briefly suspending them. But the company said it would comply with the order after its appeal was denied. The run-in with the Philippine regulator is the latest setback this year to Uber, a hugely successful startup with a valuation upwards of $60 billion. The LTFRB''s freeze has not been a popular decision among Filipino commuters, many of whom regard Uber as more reliable and competitive than outdated public transport services. Uber recently said it has nearly 67,000 Philippine drivers on its books. "If there was a misunderstanding on our part relative to the LTFRB''s intention with their prior order, then that was our mistake," Uber regional executive Michael Brown told reporters. "We''re here to respect the regulator and in this case, if there was a misunderstanding, then I apologize." The Philippines was the first Southeast Asian nation to regulate app-based car-hailing operations after it drew up rules in 2015. The LTFRB last year suspended acceptance and processing of applications for all ride-sharing services, including Uber, to study further how to regulate the industry. "IRRESPONSIBLE" CHALLENGE People walk past an Uber advertisement outside the Uber main office in Mandaluyong city, metro Manila, Philippines August 15, 2017. A streamer reads "My car was a liability before but now it''s an asset". Dondi Tawatao Uber has said that it did accept new applications for drivers amid strong demand, but did not process them. Monday''s suspension order described that as "irresponsible" behavior in "unduly challenging the limit of fair regulation". LTFRB Chairman Martin Delgra told Brown his organization was not picking a fight with Uber and hoped the problem could be resolved at a meeting set for August 23. "This is not a fight. We''re trying to work together here to address public transport issues," he said. Grace Poe, a senator and prominent advocate for better transport services, spent four hours in the meeting and suggested the suspension be lifted or shortened. She said Uber has pledged to compensate its drivers and pay a fine. "With the welfare of our drivers and riders in mind, Uber''s offer is very generous. Why? Because they are owning up to their mistake," she said. The suspension had led to a surge in demand for rival Grab, which issued a statement on Tuesday calling it a "unique situation" and asking users to "bear with us". On Wednesday it said its operations continued to run, because it had complied with the LTFRB''s order to halt new applications. Dane Anderson, a vice president at technology research and advisory firm Forrester, said the sidelining of Uber had gifted Grab an opportunity it should seize. "If I were working there, I would launch a campaign trying to grab as much (market share) as I could as quickly as possible," he said. "They have money to put in." Additional reporting by Aradhana Aravindan in SINGAPORE; Writing by Martin Petty; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-philippines-idUKKCN1AW19E'|'2017-08-16T14:57:00.000+03:00'
'9fb608d8c0fad65ea157594bdce54aa4d754c959'|'Euro zone second quarter growth revised up to 2.2 percent year-on-year'|' 07 AM / 22 minutes ago Euro zone second-quarter growth revised up to 2.2 percent yr/yr Reuters Staff 1 Min Read Euro coins are seen in front of displayed flag and map of European Union in this picture illustration taken in Zenica, May 28 2015. Dado Ruvic BRUSSELS (Reuters) - The economy in the 19 countries sharing the euro currency expanded by more than previously forecast on an annual basis, the European Union''s statistics office Eurostat said on Wednesday. Euro zone gross domestic product (GDP) expanded by 0.6 percent in the second quarter compared to the first, as previously estimated, but the annual figure was upgraded to 2.2 percent growth, compared to 2.1 percent in an earlier estimate. The annual estimate was also higher than the 2.1 percent expected in a Reuters poll of 28 economists. Compared to the previous quarter, economic growth was strongest in the Netherlands and Latvia, with the Spanish economy also growing above average. Reporting by Robert-Jan Bartunek; editing by Julia Fioretti 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-economy-gdp-idUKKCN1AW0RW'|'2017-08-16T12:03:00.000+03:00'
'34de65ce5424f3e16060c603f50c6d311244b050'|'UK''s Unite labour union says RBS bank to cut 880 IT jobs by 2020'|'August 15, 2017 / 11:05 AM / 8 hours ago Royal Bank of Scotland to cut 880 IT jobs by 2020 - union Anjuli Davies 3 Min Read FILE PHOTO: A Royal Bank of Scotland branch is seen in central London, Britain February 21, 2009. Luke MacGregor/File Photo LONDON (Reuters) - Britain''s Royal Bank of Scotland plans to cut around 900 technology jobs at its London office by 2020, in its latest plan to reduce costs, the Unite union said, although the bank said no figures had been finalised. Taxpayer-backed RBS ( RBS.L ) plans to cut 40 percent of permanent IT staff, or 650 jobs, and 65 percent of contractors which equate to 230 roles, Unite said in a statement. Unite said there would be 950 full-time IT staff by 2020, compared with 2,200 in 2016, but a spokeswoman for RBS said it had not yet begun any formal consultations on job cuts and no numbers had been set. "As we develop long term plans for our technology business, we have in the interests of transparency, started to share our emerging proposals on a future operating model with Unite. We have not consulted on any headcount reduction, instead sharing a direction of travel with Unite which is subject to change," the RBS spokeswoman said. "Our proposed plans are designed to reduce the number of contractors we employ and strengthen our permanent workforce and while we are downsizing in London we are reinvesting in other UK hubs," she added. RBS, which is more than 70 percent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of losses. In its 2016 annual report the bank revealed its global workforce has shrunk from around 226,000 in 2007 to around 77,000. Earlier this month, the Edinburgh-based lender, rescued in a 45.5 billion pound ($59.8 billion) bailout at the height of the financial crisis, beat first-half profit forecasts, showing signs a long-promised recovery is finally gathering momentum. BRITISH CUTS RBS has cut around 2,000 staff across Britain so far this year excluding Unite''s latest figures, amounting to around 3.5 percent of its 57,000 staff in the country as of December 2016. "RBS''s fixation with cutting employee numbers, restructuring and offshoring work that could reasonably be done by displaced staff within the RBS IT community is unacceptable," Rob MacGregor, Unite national officer, said on Tuesday. "Unite is angry that the massive scale of IT job losses will sap morale, productivity and faith in the company." Most layoffs have been in its branch network, where the bank had announced plans in 2016 to cut about one in every 10 jobs. In March, the lender said it planned to close about 180 bank branches in Britain and Ireland and about 1,000 roles were at risk in the latest round of cuts and closures. RBS has also announced several rounds of job cuts earlier this year, with plans in June to cut 443 jobs dealing with business loans, many of them moving to India. In May, the bank said it was eliminating 154 contractor roles and making an additional net 92 job cuts in an overhaul of its back office operations. Additional reporting by Sanjeeban Sarkar in Bengaluru; editing by Greg Mahlich and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rbs-layoffs-idUKKCN1AV12E'|'2017-08-15T14:05:00.000+03:00'
'afd27bfce131ebc451001969b883430b03417997'|'Vodacom Tanzania''s shares rise 6 pct on first day of trading'|'August 15, 2017 / 3:10 PM / in 11 hours Vodacom Tanzania''s shares rise 6 pct on first day of trading Fumbuka Ng''wanakilala 2 Min Read DAR ES SALAAM, Aug 15 (Reuters) - Shares in Vodacom Tanzania Plc, part of South Africa''s Vodacom Group, rose nearly 6 percent above their issue price in their debut on the Dar es Salaam Stock Exchange on Tuesday. Vodacom placed 560 million shares at 850 shillings each in Tanzania''s biggest initial public offering (IPO), raising 476 billion Tanzanian shillings ($213 million). The IPO was part of government-imposed requirement for all telecom companies to list at least 25 percent of their shares locally. Foreigners, initially banned from participating, bought 40 per cent of the shares. Tanzania hopes mandatory listing of telecom companies will improve transparency and offer the public a share in the industry''s profits. Telecommunications is one of the fastest-growing sectors in East Africa''s second-biggest economy. The other two major mobile operators, Millicom subsidiary Tigo and a local arm of India''s Bharti Airtel , have also submitted prospectuses, but their IPOs are yet to be approved. Vodacom Tanzania''s IPO was fully subscribed after Tanzania''s stock market regulator extended the offer period twice and allowed foreign investors to participate in the sale. The offer had initially been restricted to Tanzanians. "The Vodacom share price has made a modest increase after listing compared to previous IPOs of cement and cargo handling companies, which doubled on their debuts," George Fumbuka, chief executive officer of Dar es Salaam-based Core Securities, told Reuters. "But its a good start ... it gives investors a broader choice of portfolios at the local stock market." The number of mobile phone subscribers in Tanzania rose 0.9 percent last year to 40.17 million, driven by the launch of cheaper mobile phones in the country which has a population of around 50 million. (Editing by Katharine Houreld and Jane Merriman) 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/tanzania-telecoms-idUSL4N1L14JP'|'2017-08-15T23:10:00.000+03:00'
'dcb0896280c0116971ac34c8807f55ab96a03a63'|'CANADA STOCKS-TSX slips as gold miners pull back with bullion'|' 47 PM / 15 minutes ago CANADA STOCKS-TSX slips as gold miners pull back with bullion 1 Min Read TORONTO, Aug 15 (Reuters) - Canada''s main stock index slipped slightly in early trade on Tuesday, with gains for financial stocks offset by losses for gold miners as easing North Korean tensions and stronger U.S. data reduced gold''s appeal as a safe haven. The Toronto Stock Exchange''s S&P/TSX composite index was down 13.02 points, or 0.09 percent, at 15,106.89 shortly after opening in positive territory. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1L10OS'|'2017-08-15T16:46:00.000+03:00'
'a57e0db93b38d91eb4ecacbfc1f74f7da8197ee1'|'Turkey''s Turkven to sell Medical Park stake, possibly via IPO-sources - Reuters'|'ANKARA, Aug 15 (Reuters) - Turkven, one of Turkey''s leading venture capital firms, is planning an initial public offering (IPO) or block sale of its majority stake in the Medical Park hospital group, sources close to the matter said.Turkven acquired a majority when it bought Carlyle Group''s 40 percent holding and stakes from two other shareholders in Medical Park in December 2013.Turkven held a 1.17 billion lira ($334 million) IPO for its fashion brand Mavi in June, the biggest public offering in Turkey in recent years. One source said the Medical Park stake sale would be a public offering similar to Mavi."It''s normal that Turkven has accelerated the public offering process in Medical Park after the recent successful offering of Mavi," another source with information on the matter said, adding that a block sale was the other option.Turkven declined to comment.Medical Park has 21 hospitals and 14,000 personnel throughout Turkey.Turkven''s partners include the World Bank''s International Financial Corporation, the European Bank for Reconstruction and Development, the European Investment Bank and the Dutch development bank FMO. (Writing by Ece Toksabay; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/turkey-turkven-idINL8N1L03QS'|'2017-08-15T05:42:00.000+03:00'
'683168a0d93ac5ae279df7b6bbc589036e4f3997'|'EMERGING MARKETS-Dollar rise cancels out boost from N.Korea relief'|'LONDON, Aug 15 (Reuters) - A stronger dollar weighed on emerging assets on Tuesday, with stocks and currencies failing to benefit from an easing of the North Korea standoff.Having hit a one-month low last week amid a bellicose exchange of words between U.S. President Donald Trump and North Korean leader Kim Jong Un, MSCI''s benchmark emerging equity index trod water following a more than 1 percent jump on Monday.Overall, global markets traded a touch higher following Kim''s decision to delay firing missiles towards Guam while he waits to see what the United States does next. Adding to the mood were comments from South Korea''s president saying Seoul would seek to prevent war by all means.But the gains failed to boost riskier emerging market stocks as the dollar index extended gains for a second day, with higher U.S. yields giving the greenback a lift.However, emerging dollar bond yield spreads narrowed another 2 basis points, nearly trading back at levels last seen a week ago before Trump rattled markets with his "fire and fury" threat to Pyongyang.Shahzad Hasan, portfolio manager for emerging markets fixed income at Allianz Global Investors, said the overall backdrop for emerging markets was "positive right now":"Risk is back on, fears of conflict with North Korea are receding, emerging market spreads are tighter."A stronger dollar also weighed on some emerging currencies.Mexico''s peso weakened 0.2 percent against the greenback, with Turkey''s lira nearly matching the fall.Yet oil prices broadly stabilizing after Monday''s tumble and copper futures snapping a four-day losing streak provided some support, with Russia''s rouble strengthening 0.1 percent.In South Africa, the rand struggled 0.1 percent higher after the high court quashed an anti-graft watchdog''s proposal to change the central bank''s mandate.The watchdog''s report, published in June, had called on lawmakers to amend South Africa''s constitution to relax the central bank''s inflation-targeting mandate.It had rattled investors, who feared a change could undermine the bank''s role in keeping the financial system stable at a time when the economy has sunk into recession, the country''s credit rating has been downgraded and its politics are dominated by questions over President Jacob Zuma''s stewardship.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1053.34 -0.31 -0.03 +22.16Czech Rep 1032.00 +1.26 +0.12 +11.98Poland 2376.66 +4.94 +0.21 +22.01Hungary 36768.18 -34.84 -0.09 +14.89Romania 8334.28 +16.97 +0.20 +17.63Greece 827.77 +4.22 +0.51 +28.61Russia 1021.99 -9.14 -0.89 -11.31South Africa 48774.64 -333.91 -0.68 +11.10Turkey 09080.33 -457.03 -0.42 +39.60China 3251.64 +14.28 +0.44 +4.77India 31449.03 +235.44 +0.75 +18.11Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.15 26.12 -0.13 +3.28Poland 4.28 4.28 +0.06 +2.89Hungary 304.17 304.02 -0.05 +1.53Romania 4.57 4.57 +0.02 -0.76Serbia 119.30 119.36 +0.05 +3.39Russia 59.90 59.91 +0.03 +2.28Kazakhstan 333.09 332.56 -0.16 +0.17Ukraine 25.59 25.62 +0.10 +5.51South Africa 13.30 13.32 +0.14 +3.25Kenya 103.60 103.70 +0.10 -1.19Israel 3.58 3.58 -0.03 +7.47Turkey 3.53 3.52 -0.11 -0.05China 6.68 6.67 -0.13 +3.97India 64.12 64.09 -0.05 +5.97Brazil 3.19 3.19 +0.00 +2.03Mexico 17.80 17.77 -0.18 +16.38Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 324 -2 .01 7 93.56 1All data taken from Reuters at 08:41 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT.Reporting by Karin Strohecker; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-idUSL8N1L11NY'|'2017-08-15T12:28:00.000+03:00'
'95937359b8843ca8af52b446120de496be92eaa9'|'China says issues of U.S. trade and North Korea are not connected'|' 37 AM / 19 minutes ago China says issues of U.S. trade and North Korea are not connected Reuters Staff 1 Min Read BEIJING (Reuters) - China''s Foreign Ministry said on Monday the issues of U.S. trade and North Korea are not connected and there is no future in a trade war between China and the United States. Ministry spokeswoman Hua Chunying made the comment at a regular press briefing. President Donald Trump on Monday will order his top trade adviser to determine whether to investigate Chinese trade practices that force U.S. firms operating in China to turn over intellectual property, senior administration officials have said. Reporting by Ben Blanchard; Writing by Michael Martina 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-trump-trade-china-idUKKCN1AU0O2'|'2017-08-14T10:37:00.000+03:00'
'ef1aff3a5510d603b9584e45ab0fb685fdea4203'|'Shares in French food group Danone rise on bid speculation report'|'File Photo - Containers of Danone''s Dannon Yogurt are displayed in a supermarket in New York City, U.S., February 15, 2017. Brendan McDermid PARIS (Reuters) - Shares in French food group Danone ( DANO.PA ) rose on Monday after the New York Post newspaper said in a report over the weekend that Danone could be a takeover target. ( nyp.st/2vxjSjj )Danone''s shares were up 1.9 percent in early session trading, putting them among the top performer on France''s CAC-40 market index .FCHI . At that price, Danone has a stock market capitalization of around 45 billion euros ($53.2 billion).The New York Post cited a stock market tipster as saying "someone is going to buy Danone", with the tipster adding that "Danone could be bought by a Kraft ( KHC.O ) or a Coke ( KO.N ), and the French government would allow it."A spokeswoman for Danone, the world''s largest yoghurt maker whose brands include Actimel and Activia, said the company had no comment to make on the report.Benoit de Broissia, fund manager at Paris-based firm Keren Finance, said Danone was often mentioned as a bid target given consolidation activity within its sector, but noted that the New York Post article was lacking in details."There''s a lot of activity in the industry and Danone is one of the ''usual suspects'', but the New York Post article was very short in details," said Broissia, whose firm owns Danone shares.French governments have traditionally sought to prevent their leading companies from being taken over by foreign rivals.In 2005 France dashed to the support of Danone in the face of a rumored bid from Pepsi ( PEP.N ), which never materialized. ( reut.rs/2wHZQTw )Danone has been on the takeover trail itself, buying U.S. organic food producer WhiteWave earlier this year.Danone said last month that it expected sales growth to accelerate in the second half of the year after challenging conditions in Europe and North America hit its dairy business in the second quarter.($1 = 0.8457 euros)Additional reporting by Matthieu Protard; Editing by Greg Mahlich and Edmund Blair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-danone-stocks-idINKCN1AU0ME'|'2017-08-14T05:26:00.000+03:00'
'35d06032109a8d91e8d90ff4f567529bc81380b9'|'Japan second quarter GDP blows past expectations on robust domestic demand'|'August 14, 2017 / 6:17 AM / 2 hours ago Japan second-quarter GDP blows past expectations on robust domestic demand Stanley White and Leika Kihara 3 Min Read FILE PHOTO: Excavators and heavy equipment rise behind a fence surrounding a construction site in the Shibuya district in Tokyo, Japan, June 3, 2016. Thomas Peter/File Photo TOKYO (Reuters) - Japan''s economy grew in the second quarter at the fastest pace in more than two years as consumer spending and capital expenditure both rose at the fastest in more than three years, highlighting stronger domestic demand. Gross domestic product expanded an annualized 4.0 percent in April-June, government data showed, more than the median estimate for 2.5 percent annualized growth and the biggest increase since January-March 2015. Compared to the previous quarter, the economy expanded 1.0 percent, versus the median estimate for 0.6 percent growth. Annualized GDP for previous quarter was revised to a 1.5 percent increase, while quarterly real (inflation adjusted) GDP was revised up to 0.4 percent growth from a 0.3 percent increase. Economic growth is expected to continue in coming quarters, offering the Bank of Japan (BOJ) the hope that a tight labor market is finally starting to boost consumer spending, which in turn makes it easier to generate sustained inflation. The economy grew for six straight quarters in April-June. The last time the economy had a run of six consecutive quarters of growth was January-March 2005 through April-June 2006. Private consumption, which accounts for about two-thirds of GDP, rose 0.9 percent from the previous quarter, more than the median estimate of 0.5 percent growth. That marked the fastest expansion in more than three years as shoppers splashed out on durable goods, an encouraging sign that consumer spending is no longer the weak spot in Japan''s economic outlook. Capital expenditure jumped by 2.4 percent in April-June from the previous quarter, versus the median estimate for a 1.2 percent increase. That was the fastest growth in business investment since January-March 2014. External demand subtracted 0.3 percentage point from GDP growth in April-June in part due to an increase in imports. This is notable because Japan usually relies on exports to drive growth. Since launching quantitative easing in April 2013, the BOJ has pushed back the timing for reaching its 2 percent inflation target six times in part due to weak consumer spending. The GDP data for April-June show private consumption is finally starting to move in the direction that the BOJ and other government ministers have long predicted. Reporting by Stanley White and Leika Kihara; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-japan-economy-gdp-idUKKCN1AU0H4'|'2017-08-14T09:14:00.000+03:00'
'69e717f604bf5e3d346f531edc89accc07e73df7'|'Oil producers signal offshore return in latest Gulf of Mexico auction'|'August 16, 2017 / 6:19 PM / 39 minutes ago Oil producers signal offshore return in latest Gulf of Mexico auction Liz Hampton 3 Min Read FILE PHOTO - Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana August 11, 2010. Lee Celano/File Photo HOUSTON (Reuters) - Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million (94.08 million pounds) on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million in high bids at the Bureau of Ocean Energy Management''s (BOEM) Outer Continental Shelf auction last summer. Winners will be announced after a 90-day review. Some producers have signalled that they expect Gulf of Mexico projects to become more profitable now that they have trimmed operations to adapt to low oil prices. Offshore drilling typically requires higher prices for producers to break even. Royal Dutch Shell ( RDSa.L ) claimed the largest number of blocks, with 19 high bids valued at a combined $25.1 million. Chevron Corp ( CVX.N ) followed with 15 high bids totalling $27.9 million. Anadarko Petroleum Corp ( APC.N ) won 10 blocks for $10.6 million. Exxon Mobil Corp ( XOM.N ) took seven blocks of land for $20.4 million. Most of the bids were for deep water blocks, at depths of more than 1,600 meters. The auction drew interest from 27 oil companies, with 99 bids on 90 blocks in the Gulf of Mexico, according to the BOEM. "The deepwater industry is emphasizing short-cycle, low-risk prospects above high-impact, wildcat drilling," said William Turner, a senior analyst at consultancy Wood Mackenzie. Some bids by Chevron, Shell and Total ( TOTF.PA ) were "a vote of confidence in higher-risk, standalone, developments with potential for higher rewards," he added. The auction offered 14,177 blocks totalling 75.9 million acres, but only 508,000 received bids, according to the BOEM. This year''s auction covered Western, Central and Eastern areas of the gulf. The year-earlier auction was only for the Western region. The sale offered nearly 76 million acres of land off the shores of Texas, Louisiana, Mississippi, Alabama and Florida. A sale of offshore blocks in March attracted $275 million in winning bids, a similar surge from a year ago. Wednesday''s sale was the first of 10 planned as part of the new Outer Continental Shelf Oil and Gas Leasing Program for 2017 to 2022. U.S. benchmark oil prices have held stubbornly below $50 a barrel for much of this year, despite efforts by global producers to curb production and boost prices. Many parts of the Gulf of Mexico need oil above $50 a barrel for producers to cover costs, with the deepest parts of the Gulf requiring around $65 a barrel to break-even, according to Wood Mackenize. Reporting by Liz Hampton; Editing by Gary McWilliams and Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oil-gulfmexico-auction-idUKKCN1AW2C1'|'2017-08-16T21:19:00.000+03:00'
'ae3a59693ed2f617ee7e98c6419a1120afcb8884'|'BRIEF-MSG Networks Q4 EPS from continuing operations $ 0.52'|' 45 AM / in 8 minutes BRIEF-MSG Networks Q4 EPS from continuing operations $ 0.52   MSG Networks Inc * MSG Networks Inc reports fourth quarter and fiscal 2017 results * Q4 revenue $162.9 million versus I/B/E/S view $161.8 million * MSG Networks Inc qtrly diluted EPS from continuing operations $ 0.52 * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-msg-networks-q4-eps-from-continuin-idUSASB0BG3Q'|'2017-08-16T14:44:00.000+03:00'
'eeb6836d38abe77380682da9ccd1d661852153f8'|'Infosys to consider share buyback proposal'|'August 16, 2017 / 6:39 PM / an hour ago Infosys to consider share buyback proposal 1 Min Read The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. Abhishek N. Chinnappa (Reuters) - India''s Infosys Ltd ( INFY.NS ) ( INFY.N ) said on Wednesday its board will consider a proposal, to buy back equity shares, at its meeting later this month. The country''s No. 2 software services exporter said in April, it would return up to 130 billion rupees ($2.03 billion) to shareholders in the fiscal year ending March 2018, adding the manner of the payout will be decided by later by the board. The company, which did not provide any details on the buyback, said the outcome of the board meeting will be announced after the meeting on Aug. 19. ( bit.ly/2fLYbs6 ) Reporting by Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/infosys-buyback-idINKCN1AW2DR'|'2017-08-16T21:41:00.000+03:00'
'435630c4bbe8cb432310e005335e0fb96ef0c1b7'|'Deals of the day-Mergers and acquisitions'|'Aug 18 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Friday:** U.S. power producer Calpine Corp said it would be bought by a group of investors led by Energy Capital Partners for $5.6 billion, as the debt-laden company struggles to keep up with depressed commodity prices.** Yunfeng Financial Group said it would be the main investor in a $1.7 billion acquisition of insurer MassMutual International''s Hong Kong unit - a deal that sent shares in the Jack Ma-backed finance firm soaring as much as 30 percent.** Austrian holiday airline Niki''s 850 employees were braced for a bumpy ride as insolvent parent Air Berlin began talks on Friday to sell off its assets before it runs out of cash.** INTRO-Verwaltungs GmbH, the group controlled by airline investor Hans Rudolf Woehrl, has formally indicated its interest in taking over Air Berlin, it said in a statement.** Private equity groups Bain Capital and Cinven secured control of German generic drugmaker Stada with a sweetened takeover offer in the largest acquisition of a listed German company by buyout groups, ending months of uncertainty.** Elliott Management Corp has quietly ramped up pressure on Energen Corp to explore a sale, according to two people familiar with the matter, as the U.S. oil and gas producer fends off heavy pressure from activist investors to sell itself.** China''s Guangzhou Automobile Group Co Ltd has no plans to acquire automaker Fiat Chrysler Automobiles (FCA) NV , a company spokesperson said.** CEFC China Energy, which has grown from a niche oil trader to a sprawling energy conglomerate, is in talks to acquire a stake in Russian state oil giant Rosneft, three people with direct knowledge of the discussions said.** Buyout firms Carlyle and Southern Capital Group are in talks to sell their majority stake in Solusi Tunas Pratama in a deal that could value the Indonesian telecoms tower operator at about $1 billion, three people familiar with the process said.** Hellman & Friedman LLC is exploring the sale of a stake in HUB International Ltd in a deal that could value one of the largest North American insurance brokerages at between $6 billion and $7 billion, including debt, people familiar with the matter said. (Compiled by Roopal Verma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L43Y5'|'2017-08-18T11:31:00.000+03:00'
'19c1ed39bda17838be1ba79f8c61ca6fe327ba62'|'Oil traders expect Asia to import more Venezuelan crude if U.S. sanctions kick in'|'August 15, 2017 / 5:35 AM / 9 minutes ago Oil traders expect Asia to import more Venezuelan crude if U.S. sanctions kick in 4 Min Read * China, Russia to get priority for Venezuelan oil if U.S. sanctions hit * Other North Asian refiners also keen to buy * Indian refiners may raise Venezuela purchases as well By Florence Tan and Marianna Parraga SINGAPORE/HOUSTON, Aug 15 (Reuters) - Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela''s oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts. Washington is considering sanctions on Venezuela''s oil industry in response to the ruling Socialist Party''s crackdown on officials and parties opposed to the government. An embargo against Venezuelan crude could block imports of about 740,000 barrels per day to the U.S. Asian refiners would welcome the so-called heavy, or higher density, crude since production cuts by the Organization of Petroleum Exporting Countries (OPEC) have mainly curtailed this type of oil. At the same time, the start-up of new refining capacity is boosting demand. China and India, the two biggest buyers of Venezuelan crude after the United States, have room to increase imports while other north Asian refiners, with equipment sophisticated enough to handle heavy Venezuelan oil, are seeking opportunities to tap this supply, analysts and traders said. "Whatever oil that the United States doesn''t want will find its way into the global market," a trader with a north Asian refiner said, adding that Venezuelan oil could be a good fit for the company''s plant. A trader with another north Asian refiner said he is also looking for opportunities to import Venezuelan crude if the U.S. imposes sanctions. The sources spoke on the condition of anonymity because they were not authorized to speak to media. Venezuela''s main creditors China and Russia will have first priority to its oil if sanctions are imposed, the sources and analysts said, and the countries would likely make the surplus cargoes available in the spot market. In the first quarter of 2017, Venezuela delivered to Chinese companies about 485,000 barrels per day (bpd) of crude and oil products to repay loans extended since 2007, according to internal documents from state-run oil company PDVSA reviewed by Reuters. Russian oil firms Rosneft and Lukoil are also receiving about 250,000 bpd to repay loans, according to the PDVSA reports. PDVSA has cut sales to U.S. refining unit Citgo Petroleum since May to increase its supply to Rosneft in order to catch up on overdue Russian deliveries. Rosneft may ship Venezuelan crude to its newly acquired Essar Oil refinery in India, said one trader based in Asia who deals with Venezuelan crude, adding any surplus could be re-sold by Russian companies to other Asian buyers. "The realignment of trade flows to push Venezuelan crude to Asia...would entail substantial logistical challenges that would on the margin be bullish (for) sour crude markets, but not necessarily sustainably bullish (for) crude prices," RBC Capital analyst Mike Tran wrote in a note last month. Reporting by Florence Tan in SINGAPORE and Marianna Parraga in HOUSTON; Additional reporting by Chen Aizhu in BEIJING and Andrew Cawthorne in CARACAS; Editing by Christian Schmollinger 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/asia-venezuela-oil-idUSL4N1KT3DZ'|'2017-08-15T08:34:00.000+03:00'
'11c503635614526c64e211a27b113caccf38308d'|'Amazon maintains UK investment push with Bristol distribution centre'|'August 16, 2017 / 9:30 AM / an hour ago Amazon maintains UK investment push with Bristol distribution centre Reuters Staff 1 Min Read An Amazon package is seen after being delivered in London, Britain February 29, 2016. Toby Melville LONDON (Reuters) - Online retailer Amazon ( AMZN.O ) said on Wednesday it would create over 1,000 jobs next year when it opens a distribution centre in Bristol, south west England, maintaining its investment push in Britain. Amazon currently has 13 distribution, or fulfilment, centres in the UK. It said the Bristol jobs are in addition to the 5,000 jobs the firm is creating this year, bringing its total UK workforce to 24,000 by end-2017. Amazon, which has invested 6.4 billion pounds in the UK since 2010, said last month it was not having problems hiring staff in Britain despite last year''s Brexit vote. Reporting by James Davey; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-amazon-britain-employment-idUKKCN1AW0UM'|'2017-08-16T12:32:00.000+03:00'
'927b063f23643b0f6655d9517a361594ed0f864f'|'Russian ex-economy minister Ulyukayev says charges against him fabricated'|'MOSCOW, Aug 16 (Reuters) - Russia''s former economy minister Alexei Ulyukayev said in court on Wednesday that the charges in the bribery case against him were fabricated and accused Igor Sechin, the chief executive of oil giant Rosneft, and the FSB security service of carrying out a "provocation."Ulyukayev was put under house arrest in November pending his trial over allegations he extorted a $2 million bribe from Rosneft. He denies the charges. (Reporting by Polina Nikolskaya; Writing by Gabrielle Tétrault-Farber; Editing by Christian Lowe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-ulyukayev-idUSR4N1KU01U'|'2017-08-16T15:35:00.000+03:00'
'a06e93d717387c164e596b72602342f52a2d3845'|'Futures higher ahead of Fed minutes'|'August 16, 2017 / 11:37 AM / 2 minutes ago Wall Street ends up but off highs after Trump announcement, Fed minutes Caroline Valetkevitch 3 Min Read People pose next to the Wall Street Bull in the financial district in New York, U.S., August 10, 2017. Eduardo Munoz NEW YORK (Reuters) - U.S. stocks ended slightly firmer on Wednesday but off the day''s highs as worries mounted over President Donald Trump''s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation. Indexes lost some ground following Trump''s disbanding of two high-profile business advisory councils after two more CEOs resigned from the manufacturing council on Wednesday in response to his comments on weekend violence in Charlottesville, Virginia. Wall Street stayed volatile following the release of the last Federal Reserve meeting''s minutes, which showed policymakers appeared increasingly wary about recent weak inflation. Some called for a halt to further interest rate hikes until it was clear the trend was transitory. "The reaction to the statement was mixed. Investors are worried inflation is not hitting the Fed''s target and that the Fed may be tightening too early," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. At the same time, that could push out the next rate increase, which would be supportive to stocks, he said. Investors have been watching a slide in inflation readings in recent months, which remain below the Fed''s 2 percent target. Fed policymakers unanimously decided to keep interest rates unchanged at their July 25-26 meeting. The New York Stock Exchange (NYSE) is pictured in New York City, New York, U.S., August 2, 2017. Carlo Allegri The S&P materials index .SPLRCM rose the most of any sector, gaining 0.9 percent, following gains in copper CMCU3 and other metals. The Dow Jones Industrial Average .DJI rose 25.88 points, or 0.12 percent, to end at 22,024.87, the S&P 500 .SPX gained 3.5 points, or 0.14 percent, to 2,468.11 and the Nasdaq Composite .IXIC added 12.10 points, or 0.19 percent, to 6,345.11. Trump announced the break-up of the advisory councils after 3M Co''s ( MMM.N ) Inge Thulin became the latest of several chief executives to leave Trump''s American Manufacturing Council, and the president''s Strategic and Policy Forum broke up of its own will. "That throws a little bit more doubt into the president''s abilities to push his policies through," said David Schiegoleit, managing director of investments at U.S. Bank Private Wealth Management in Newport Beach, California. After the bell, shares of Cisco Systems ( CSCO.O ) fell 2.3 percent after it reported results. Advancing issues outnumbered declining ones on the NYSE by a 1.52-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers. The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 98 new highs and 85 new lows. About 5.8 billion shares changed hands on U.S. exchanges. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data. Additional reporting by Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-stocks-idUSKCN1AW17L'|'2017-08-16T14:37:00.000+03:00'
'800e66813a96a70e17c6f6fdb27ebde35927b79c'|'Fed''s Mester says U.S. rate hikes should continue despite weak inflation'|'August 16, 2017 / 7:44 PM / 8 minutes ago Fed''s Mester says U.S. rate hikes should continue despite weak inflation Jonathan Spicer and Howard Schneider 2 Min Read Loretta Mester, president of the Federal Reserve Bank of Cleveland, speaks during an interview in Manhattan, New York, U.S., August 16, 2017. Shannon Stapleton NEW YORK (Reuters) - Cleveland Federal Reserve Bank President Loretta Mester said the recent weakness in U.S. inflation has not convinced her the Fed should delay plans for further interest rate hikes in an economy she feels remains on track for steady growth and rising wages. "I am not there yet. I still think we need to start bringing back some of the accommodation," by raising rates and pressing forward with plans to reduce the size of the Fed''s asset holdings, Mester said in an interview with Reuters. Risks to the Fed''s current median forecast of one more rate hike this year "are balanced" as businesses weigh an improving global economy against uncertainty over the policies of President Donald Trump''s administration. "We have to be cognizant of the fact that the Fed has to move before we get to both of our goals... I''m not one who would like to see inflation be at 2 percent before we continue on the path," of higher rates, she said. On a day when two of the Trump administration''s high-level business panels collapsed over the president''s comments about weekend violence in Charlottesville, Mester said she did not see the uncertainty surrounding the administration yet feeding through to the economic growth outlook. Among business contacts in her Cleveland district, "there has been a little softening of sentiment and that is one of the things we have to watch for -- whether that uncertainty is going to feed through," she said. "At this point it does not look like it." Reporting by Howard Schneider and Jonathan Spicer; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-fed-mester-idUSKCN1AW2HW'|'2017-08-16T22:45:00.000+03:00'
'23c4278248a46fad8fb9061660079f9de1bef698'|'Air Berlin CEO blames delays to new airport for insolvency'|' 30 PM / 12 minutes ago Air Berlin CEO blames delays to new airport for insolvency   An Air Berlin sign is seen at their headquarters in Berlin, Germany August 15, 2017. Axel Schmidt - RTS1BW44 FRANKFURT (Reuters) - Air Berlin''s ( AB1.DE ) chief executive blamed long delays in the opening of a new Berlin airport for the German airline''s insolvency in an interview published by Germany''s Die Zeit. "Air Berlin is also a victim of the constant postponements of the new airport," the weekly newspaper on Wednesday quoted Thomas Winkelmann as saying. Winkelmann''s comments came a day after Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection after key shareholder Etihad Airways withdrew funding following years of losses. The German capital''s new airport was meant to open in 2011, replacing Air Berlin''s home airport Tegel and Schoenefeld. "We have Berlin in our name, are the prime carrier here and have designed our whole concept based on transfer traffic at this new airport. That is not possible at Tegel, my predecessors made that painful experience," he added. Several opening dates for the planned new airport have been postponed as the project faced red tape and technical problems with smoke ventilation systems, cabling and doors. Winkelmann told Die Zeit that he believed he could save most of the Air Berlin jobs through a restructuring. The German government has granted a bridging loan of 150 million euros (136.76 million pounds) to allow Air Berlin to keep its planes in the air for three months and secure the jobs of its 7,200 workers in Germany while negotiations continue. Related Coverage'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-idUKKCN1AW1DM'|'2017-08-16T15:29:00.000+03:00'
'f6897d546cf6b09d67dacbaef5ae3826e421841e'|'Walnut whipped out as Nestle introduces nut-free fondants'|'LONDON (Reuters) - Nestle ( NESN.S ) risked an outbreak of consumer mockery on Wednesday by launching new versions of its popular Walnut Whip candies lacking the nutty ingredient after which they are named.The Swiss-based food maker said the new range would cater to consumers who don''t like nuts, yet the launch comes as sharply rising walnut prices join a list of increasing raw material costs forcing manufacturers into a range of economy measures.The traditional Walnut Whip is comprised of a whirl-shaped chocolate cone, filled with fondant and topped with a walnut. But this is lacking in the new vanilla, caramel and mint flavored versions.A Nestle spokeswoman stressed that the original walnut-topped Whip - one of which is eaten every two seconds in Britain - would still be available to UK consumers.Boxes of Walnut Whip confectionery are displayed for sale at a store in London, Britain August 16, 2017. Neil Hall Yet the new range is likely to be met with some scepticism as British consumers have seen some of their most popular chocolate snacks scaled back in size in response to surging ingredient prices.In November 2016, chocolate lovers erupted into social media fury after manufacturer Mondelez ( MDLZ.O ) reduced the weight of a version of Toblerone bars to 150 grams from 170 grams by spacing out its triangular chocolate peaks more widely.Slideshow (2 Images) Other examples of so-called shrinkflation affecting the confectionary industry include Mars reducing the sizes of Maltesers, M&Ms and Minstrels packets by up to 15 percent."They''ve taken the walnut off the top of the walnut whip so now it''s just a whip and I don''t know who we are any more," Twitter user Debora Robertson posted in reaction to Monday''s announcement.The falling value of the pound and a poor crop last year in Chile, one of the world’s major producers, pushed up UK walnut prices by around 20 percent this year, according to Helen Graham, an importer Quote: d by the Guardian newspaper.Writing by Mark Hanrahan in London; Editing by David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-nestle-walnut-whips-idUSKCN1AW1CR'|'2017-08-16T15:20:00.000+03:00'
'06471186cdad3bbad22f206e96a3087f9e12d152'|'Take Five: World markets themes for the week ahead'|' 12 AM / 16 minutes ago Take Five: World markets themes for the week ahead Reuters Staff 5 Min Read People walk by New York Stock Exchange in the financial district in New York, U.S., August 10, 2017. Eduardo Munoz LONDON (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week, and the Reuters stories related to them. 1/ JAW-JAW, SELL-SELL An unnerving war of words between Washington and Pyongyang has pushed the cost of insuring South Korean debt against default to its highest in 1 1/2 years and the expected volatility of the Korean won is creeping higher. Gauges of market risk have been rising but are far off their peaks as the expectation still is that diplomacy will prevail and prevent a nuclear conflict. But investors are increasingly jittery and some are wondering what other threats to the benign environment in markets may be lurking below the radar. 2/ SHOOTING HIGHER Immediate winners as tension ratcheted higher over the Korean peninsula were U.S. defence industry stocks. Raytheon, maker of the Patriot anti-missile system, notched up an 8 percent gain for the month on the day of President Trump''s "fire and fury" warning, slightly outperforming Lockheed Martin, the Pentagon''s No. 1 weapons supplier. Overall, defence stocks on the Dow Jones Industrial Average are up about 4.3 percent, more than twice the gains of the wider index. 3/ THE DOLLAR DIFFERENCE The dollar''s nearly 9 percent fall this year has exposed a stark divergence of fortunes between U.S. companies with high international sales and those that rely on domestic revenues. Goldman Sachs''s basket of U.S. stocks with high domestic sales (which includes Wells Fargo, Charter Communications and Altria) is up 4 percent so far this year, significantly underperforming the S&P''s 9 percent gain. Their index of stocks with high international sales (including McDonald''s, Tiffany, Qualcomm, NVIDIA and Boeing), has forged ahead, up 14 percent. Among S&P stocks, almost 30 percent of total revenues are generated overseas, according to Goldman. Earnings season is wrapping up with S&P earnings estimated to increase 11.9 percent - which would mark the first consecutive increase over 10 percent since the second and third quarters of 2011. An above-average number of companies are beating analyst expectations, according to Thomson Reuters I/B/E/S data. Still, data from market research platform Sentieo shows that dollar mentions in earnings were on balance weighted negative in the month to Aug. 9, with 388 transcripts during the month seemingly mentioning a foreign exchange effect in a positive way and 455 with a negative bias. 3/ TRADE TESTED Talks in the coming week between the United States, Canada and Mexico on updating/renegotiating/ditching (depending on who''s talking) the North America Free Trade Agreement come at something of a crossroads for world trade. Trump''s campaign pledge to renegotiate or ditch NAFTA raised concerns in many countries about a re-emergence of protectionism and an unwinding of the globalisation that supporters say has lifted millions of people out of poverty. The latest trade figures from China, Germany and Britain were all much weaker than forecast, raising worries over the level of demand in major economies as central banks take steps towards tighter monetary policy. What happens next may depend on whether the dollar stays weak. Most trade is in dollars and a weaker U.S. currency makes financing such operations more attractive. Oxford Economics has plotted the inverse relationship between the dollar and world trade and finds that trade is growing at its fastest rate since 2010. 5/ GETTING THERE The euro zone economy outperformed both the United States and Britain in the first half of the year. Economists polled by Reuters expect growth of 2.0 percent in 2017. But Germany''s slowing trade has raised questions about the strength of demand in leading economies just as central banks consider scaling back their stimulus programmes. Gross domestic product data from across the bloc due in the coming week will be closely watched. German flash second-quarter growth is expected to pick up to 0.7 percent from 0.6 percent in the first three months of the year. Overall, euro zone economic activity is forecast to have expanded by 0.6 percent, the same as in Q1. Italy is picking up - its Q1 GDP growth was revised up to 0.4 percent from an initial 0.2 percent and that strength is expected to have been maintained in the three months to end-June. Please see graphics below: Korean markets reaction to U.S.-N.Korea tensions: reut.rs/2hPtW3Z US stocks with high international sales have outperformed as the dollar has fallen: reut.rs/2fxe4m3 U.S. defence stocks in the past month (rebased): reut.rs/2hQBS5i Mixed picture: Germany peps up euro zone growth: reut.rs/2hRYFxE Global Trade and the dollar: reut.rs/2fvPGRT Reporting by Marius Zaharia in SINGAPORE, Megan Davies and Caroline Valetkevich in NEW YORK, Nigel Stephenson and Jamie McGeever in LONDON Editing by Jeremy Gaunt, Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-themes-idUKKCN1AU0LL'|'2017-08-14T10:20:00.000+03:00'
'c23d851b6512e8b1a278975cac405af857bbb423'|'Hyundai Motor to launch electric vehicle with 500 km range after 2021'|'August 17, 2017 / 1:01 AM / in 5 minutes Hyundai plans long-range premium electric car in strategic shift Hyunjoo Jin 3 Min Read FILE PHOTO - The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co''s new Accent in Mexico City, Mexico August 2, 2017. Henry Romero SEOUL (Reuters) - Hyundai Motor Co ( 005380.KS ) said on Thursday it was placing electric vehicles at the centre of its product strategy - one that includes plans for a premium long-distance electric car as it seeks to catch up to Tesla ( TSLA.O ) and other rivals. Like Toyota Motor Corp ( 7203.T ), Hyundai had initially championed fuel cell technology as the future of eco-friendly vehicles but has found itself shifting electric as Tesla shot to prominence and battery-powered cars have gained government backing in China. Toyota is now also working on longer distance, fast-charging electric vehicles, local media have reported. The South Korean automaker is planning to launch an electric sedan under its high-end Genesis brand in 2021 with a range of 500 km (310 miles) per charge. It will also introduce an electric version of its Kona small sport utility vehicle (SUV) with a range of 390 km in the first half of next year. "We''re strengthening our eco-friendly car strategy, centring on electric vehicles," Executive Vice President Lee Kwang-guk told a news conference, calling the technology mainstream and realistic. The automaker and affiliate Kia Motors Corp ( 000270.KS ), which together rank fifth in global vehicle sales, also said they were adding three plug-in vehicles to their plans for eco-friendly cars, bringing the total to 31 models by 2020. Underscoring Hyundai''s electric shift, those plans include eight battery-powered and two fuel-cell vehicles - a contrast to its 2014 announcement for 22 models, of which only two were slated to be battery-powered. Hyundai also confirmed a Reuters report that it is developing its first dedicated electric vehicle platform, which will allow the company to produce multiple models with longer driving ranges. Last year, it launched its first mass-market pure electric car IONIQ, but the vehicle''s per-charge driving range is much shorter than offerings from Tesla and General Motors ( GM.N ). Hyundai also unveiled a near production version of its new fuel cell SUV with a driving range of more than 800 km per charge under European standards, nearly double the 415 km for its current Tucson fuel cell SUV. The mid-sized SUV will be launched in Korea early next year, followed by U.S. and European markets. A fuel cell electric bus is slated to be unveiled late this year, while a sedan-type fuel cell car is also planned. Even so, analysts noted that gaining traction with fuel cells was going to be a long hard slog. "Hyundai will achieve fuel cell economies of scale by 2035 at the earliest," Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade. "Before that, Hyundai has no choice but to rely on battery cars," he said. Reporting by Hyunjoo Jin; Additional reporting by Maki Shiraki in TOKYO; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hyundai-motor-electric-vehicle-idUKKCN1AX02Y'|'2017-08-17T04:55:00.000+03:00'
'bcb43c5af2a2313e28e15ad29226ab62fd75dc05'|'Mexican Supreme Court favors Slim''s America Movil in telecom reform battle'|'MEXICO CITY, Aug 16 (Reuters) - The Mexican Supreme Court on Wednesday unanimously found billionaire Carlos Slim''s telecom firm America Movil should not be barred by law from charging its rivals interconnection fees, in a setback to a reform intended to curb the firm''s dominance.The 2014 industry reform, one of Mexican President Enrique Pena Nieto''s signature accomplishments, prohibited America Movil from charging other carriers for calls made to customers on its network, even though those firms are allowed to bill America Movil for using their networks. (Additional reporting by Julia Love and Sheky Espejo)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-telecom-idINE1N1KF01V'|'2017-08-16T17:39:00.000+03:00'
'6d6f5d6ca89e65fb61f19715bf14579e039437ef'|'UK banks behind schedule in post-Brexit preparations - ECB'|' 19 AM / 15 minutes ago UK banks behind schedule in post-Brexit preparations - ECB Reuters Staff 1 Min Read European Central Bank (ECB) executive board member Sabine Lautenschlaeger delivers her keynote speech during the annual regulatory conference of Austrian markets watchdog FMA in Vienna September 30, 2014. Heinz-Peter Bader FRANKFURT (Reuters) - UK-based banks seeking to relocate to the European Union before Britain leaves the bloc are behind schedule in their preparations for the move, a top European Central Bank supervisor said on Wednesday. "Frankly, the banks are not as far advanced as we would like them to be," Sabine Lautenschlaeger, who represents the ECB''s supervisory arm on the board, said in a newsletter article. "Of the banks that have indicated an interest in relocating operations to the euro area, a number of the larger banks have made progress in their planning. But we have not seen many final decisions yet." Reporting By Francesco Canepa'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-banks-ecb-idUKKCN1AW0TI'|'2017-08-16T12:19:00.000+03:00'
'9912d21b93ba98d75535d374bf9ba05239cec777'|'U.S. retail sales post biggest gain in seven months'|'August 15, 2017 / 12:44 PM / 13 hours ago Strong U.S. retail sales bolster third quarter growth outlook Lucia Mutikani 6 Min Read FILE PHOTO: A customer exits after shopping at a Macy''s store in the Brooklyn borough of New York, U.S., on May 11, 2017. Brendan McDermid/File Photo WASHINGTON (Reuters) - U.S. retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles and raised discretionary spending, suggesting the economy continued to gain momentum early in the third quarter. Retail sales for June and May also were revised higher, which should help to assuage concerns about consumer spending after a slowdown at the start of the year. Tuesday''s upbeat report from the Commerce Department likely keeps the Federal Reserve on course to raise interest rates again in December. "American shoppers flocked to the malls in July, suggesting consumers are well-positioned to propel the economy forward in the second half of the year," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. "It should tamp down chatter about the Fed delaying rate hikes until next year." Retail sales jumped 0.6 percent last month, the largest gain since December 2016. June''s retail sales were revised to show a 0.3 percent gain instead of the previously reported 0.2 percent drop. Economists had forecast retail sales increasing 0.4 percent in July. May''s retail sales were revised to show no change rather than the previously reported 0.1 percent dip. Retail sales increased 4.2 percent in July on a year-on-year basis. Excluding automobiles, gasoline, building materials and food services, retail sales surged 0.6 percent last month after an upwardly revised 0.1 percent gain in June. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have dipped 0.1 percent in June. The report helped to shift investors'' attention from recent weak inflation data as markets try to forecast the Fed''s next policy move. The U.S. central bank has raised rates twice this year and economists expect it will announce a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. The dollar .DXY rose to near a three-week high against a basket of currencies on Tuesday, while prices for U.S. Treasuries fell. Stocks on Wall Street were mixed. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.8 percent annualized rate in the second quarter after a tepid 1.9 percent pace in the January-March period. That boosted GDP growth to a 2.6 percent rate in the second quarter. But persistently sluggish wage growth has pushed Americans to dip into their savings to fund spending. Economists say wage growth has to pick up to sustain consumer spending. Annual wage growth has struggled to break above 2.5 percent. LOW SAVINGS A CONCERN The saving rate has dropped to 3.8 percent in the second quarter of this year from a rate of 6.2 percent in the second quarter of 2015. Low savings and tepid wage growth suggest households would need to borrow to maintain spending. "The decline in the saving rate, however, raises some longer-term concerns about consumer spending," said Michael Feroli, an economist at JPMorgan in New York. "Savings can''t drop indefinitely and future consumption growth will need to rely on stronger income growth." For now, the near-term outlook for the economy is brightening. The retail sales report prompted the Atlanta Fed to raise its third-quarter GDP estimate by two-tenths of a percentage point to a 3.7 percent rate. A second report on Tuesday from the New York Fed showed its Empire State general business conditions index climbed 15.4 points to 25.2 in August, the highest level in nearly three years. Manufacturers in the region reported a jump in new orders and said they were taking longer to deliver goods. While a third report from the Commerce Department showed the biggest gain in business inventories in seven months in June, the stock accumulation appeared planned amid rising sales. Retail sales in July were lifted by a 1.2 percent jump in motor vehicle sales, the biggest rise since December 2016. Sales were likely boosted by hefty discounts as auto dealerships try to reduce inventory. Prices for new motor vehicles recorded their biggest drop in nearly eight years in July and have decreased for six straight months. A fourth report from the Labor Department on Tuesday showed imported motor vehicle prices fell in July for the second consecutive month. Retail sales in July were also buoyed by a 1.2 percent increase in receipts at building material stores. Sales at online retailers vaulted 1.3 percent last month, the largest gain since December 2016, likely buoyed by Amazon.com''s ( AMZN.O ) Prime Day promotion. Sales at restaurants and bars rose 0.3 percent as did receipts at sporting goods and hobby stores. But sales at electronics and appliance stores slipped 0.5 percent last month. Sales at clothing stores fell 0.2 percent. Clothing retailers are struggling with falling traffic in shopping malls and increased competition from Amazon and other online retailers. Reporting by Lucia Mutikani; Editing by Paul Simao 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-economy-retail-idUSKCN1AV1BZ'|'2017-08-15T15:44:00.000+03:00'
'dcd99a5ea31ed271d04cd2395e83ab2abbbafacf'|'Gibson Energy''s biggest shareholder calls for strategic review'|'August 14, 2017 / 5:31 PM / 3 hours ago Gibson Energy''s biggest shareholder calls for strategic review Nia Williams 3 Min Read CALGARY, Alberta (Reuters) - M&G Investment Management Ltd, the largest shareholder in Canada''s Gibson Energy ( GEI.TO ), on Monday urged the Calgary-based oil and gas infrastructure company to launch a strategic review process to cut costs and boost returns. London-based M&G, which owns 19.4 percent of Gibson''s outstanding shares, released an open letter laying out its views of the company and the steps it could take to maximize value, including being sold. Gibson Energy, which provides storage and transportation services to energy companies across North America, has been hard hit by the prolonged slump in global crude prices. Its share price has slumped more than 55 percent since late 2014. Monday''s letter, signed by M&G''s Global Dividend Fund manager Stuart Rhodes, said the fund had been trying to apply "significant pressure" on Gibson''s management for over two years to spur change but it was disappointed by the pace of progress. "It is clear to us when we communicate with industry analysts, the company''s competitive peer group and other investors that there is confusion around the long term strategy for the company," Rhodes wrote. Gibson Energy should focus on its terminals in the Alberta storage hubs of Edmonton and Hardisty, and sell off its 19,000 barrel per day Moose Jaw, Saskatchewan, refinery and all parts of its trucking business not associated with core assets, the letter said. M&G said it also wants Gibson Energy to make significant progress in reducing its cost structure before commencing a strategic review process with the help of an independent investment bank. "We believe that a streamlined and focused company based around core strategic assets would be an attractive asset to a wide variety of potential suitors," the letter said. "If the market is not going to give the company the appropriate valuation we think it deserves, then we are confident the value can be realized by a sale process." Gibson Energy responded to the letter with a statement saying new chief executive Steve Spaulding had taken decisive steps since being appointed in June and was in the process of reviewing the business portfolio, with a focus on cutting costs and possibly selling assets. Gibson "has maintained an open and constructive dialogue with M&G over the past several years, as we do with all shareholders," said Chairman James Estey. This month Gibson Energy said it will sell its U.S. environmental business to concentrate on infrastructure operations, a move welcomed by M&G. Reporting by Nia Williams; Editing by David Gregorio 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-gibson-energy-shareholder-activist-idINKCN1AU1YN'|'2017-08-14T15:31:00.000+03:00'
'4fcdf41ed8dd6a46de723c280e0db37467650598'|'BRIEF-Appaloosa LP takes share stake in L Brands, ups share stake in Facebook'|'Aug 14 (Reuters) - Appaloosa LP:* Appaloosa Lp takes share stake of 525,000 shares in Activision Blizzard Inc - sec filing* Appaloosa LP takes share stake of 835,592 shares in L Brands Inc* Appaloosa LP cuts share stake in Boston Scientific Corp by 32.2 percent to 2.3 million shares* Appaloosa LP ups share stake in Facebook Inc by 23.5 percent to 2.4 million class A shares* Appaloosa LP ups share stake in Delta Air Lines Inc by 30.3 percent to 832,438 shares* Appaloosa LP dissolves share stake in ak steel holding corp* Appaloosa LP dissolves share stake in Mckesson Corp* Appaloosa LP cuts share stake in Southwest Airlines Co from 3.1 million shares to 621,604 shares* Appaloosa LP ups share stake in Micron Technology Inc by 92.8 percent to 12.9 million shares* Appaloosa LP ups share stake in Alphabet Inc by 23.2 percent to 585,000 shares of class c capital stock* Appaloosa LP - change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017 Source text for quarter ended June 30, 2017: ( bit.ly/2uWm5mq ) Source text for quarter ended March 31, 2017 ( bit.ly/2r9xUnP )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-appaloosa-lp-takes-share-stake-in-idINFWN1L00VR'|'2017-08-14T19:17:00.000+03:00'
'79776dd8b06fdd2cc88ee50f1fdf2a4a1e44c403'|'Bombardier applies for judicial review against Metrolinx'|'August 16, 2017 / 12:43 AM / in 9 hours Bombardier applies for judicial review against Metrolinx 2 Min Read FILE PHOTO - A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland on May 22, 2017. Denis Balibouse/File Photo (Reuters) - Bombardier Inc ( BBDb.TO ), which was excluded from bidding on a contract by Ontario-based transportation agency Metrolinx, said on Tuesday it had filed an application for judicial review. Bombardier said in a statement it was taking Metrolinx to court after the agency designated the Canadian plane and train maker ineligible to bid on the contract valued at over C$2 billion ($1.57 billion). Bombardier said no reason was given. Metrolinx responded in an emailed statement that Bombardier could not bid on the contract to manage its rail operations because the company already does work for the agency, including being a train supplier. "One of the main duties of the successful bidder will be to carry out an assessment of our current operations and service providers," Metrolinx spokeswoman Anne Marie Aikins said in the statement. "A current operator cannot oversee this function objectively. That''s why Bombardier will not be eligible to fulfill that role." In April, Bombardier had won a case to stop Metrolinx from terminating a C$770 million ($603.78 million) light rail contract due to delivery delays. Metrolinx had signed an operations and maintenance contract with Bombardier until 2023, which the agency said would not change. ($1 = 1.2753 Canadian dollars) Reporting by Anirban Paul in Bengaluru; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bombardier-metrolinx-idUSKCN1AW016'|'2017-08-16T03:42:00.000+03:00'
'98429685d84937be352dd4494cf74037b83e0204'|'German court sends challenge of ECB scheme to the European Court'|'August 15, 2017 / 8:05 AM / an hour ago German court sends challenge to ECB scheme to European Court Reuters Staff 2 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - Germany''s constitutional court said on Tuesday it had declined to hear a challenge to the European Central Bank''s 2.3 trillion euro ($2.7 trillion) asset purchase scheme, referring the case instead to the European Court of Justice. Since the European Court has already backed the ECB''s more contentious emergency bond purchase scheme known as Outright Monetary Transactions with only relatively minor limitations, this suggests the challenge - lodged by several academics and politicians - may face an uphill battle. It also suggests that any final ruling will come either after the bond purchases end or near the end of the scheme, which has already been running for over two years and is expected to be wound down next year. Seen by some in Europe''s biggest economy as a stealth bailout of indebted south European governments, many Germans have been irked by the scheme, commonly known as quantitative easing, arguing that Germany taxpayers have to bear the risk for others. Those making the challenge have argued that the scheme constitutes illegal monetary financing and say the Bundesbank, the biggest buyers of bonds in the program, should therefore not participate. "There are doubts as to whether the (Public Sector Purchase Program) is compatible with the ban on monetary budget financing," the Constitutional Court said in a statement, asking the European Court to deliver a judgment quickly. The ECB could not immediately comment. The bank, based in Germany, has long argued that its self-imposed rules take into account the European Court''s limitations and the scheme''s aim was to fulfill its legal mandate of returning inflation to around 2 percent. Reporting by Balazs Koranyi, Frank Siebelt and Ursula Knapp; Editing by Richard Balmforth 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ecb-policy-court-idUKKCN1AV0PN'|'2017-08-15T10:55:00.000+03:00'
'3fe4ea777151b0ee7449e61f7e8cedfd96f379bd'|'Israel''s El Al Airlines Q2 profit slides, set to receive new aircraft'|'JERUSALEM, Aug 16 (Reuters) - El Al Israel Airlines reported a 53 percent drop in quarterly profit due to higher salary and jet fuel expenses, ahead of the start to modernizing its fleet with new aircraft.Israel''s flag carrier said on Wednesday it earned $16.4 million in the second quarter, down from 35 million a year earlier.Overall expenses rose 5 percent, mainly on higher wages, while jet fuel costs grew by 6.2 percent.El Al had posted loses in the two prior quarters after its bottom line was hurt starting in the fourth quarter from a pilots'' protest. The airline in December signed a deal with its pilots to end a year of protests that led to flight cancellations, delays, higher costs and angry passengers.This month, El Al is set to receive a new Boeing 787-9 aircraft, the first of 16 Dreamliners that will be delivered through 2020 to replace its ageing long-haul fleet, which the airline hopes will win back customers lost to competitors.During the second quarter, El Al paid an advance of $24 million for Dreamliners expected to join its fleet in 2018.El Al said it submitted a request with the anti-trust commissioner to approve a planned purchase of smaller rival Israir."The transaction is an important step in implementing El Al''s long-term strategy for expanding and diversifying the range of products and services offered by the company and will allow us to increase the group''s revenue and accelerate the company''s growth," El Al Chief Executive David Maimon said.El Al is "continuing its efforts to cope with challenging market conditions", he said.Another strategic step, Maimon noted, was to expand its route network in North America. El Al will be launching nonstop flights between Tel Aviv and Miami in November.On Monday, El Al signed a code share agreement with Aeromexico as traffic between Israel and Mexico has grown at more than 10 percent a year in recent years.El Al''s load factor rose to 84.3 percent in the second quarter, and its market share at Ben Gurion International Airport stood at 29.5 percent, down from 34.2 percent a year ago. (Reporting by Steven Scheer; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/el-al-arlns-results-idINL8N1L237Z'|'2017-08-16T10:42:00.000+03:00'
'42d4a83869b0d2e998704190013ca96e95f7cc2e'|'Global stocks, U.S. yields fall on worries over U.S. policy'|'August 17, 2017 / 1:04 AM / 22 minutes ago Global stocks, U.S. yields fall on worries over U.S. policy Sinead Carew 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 16, 2017. Brendan McDermid NEW YORK (Reuters) - World equity markets and U.S. bond yields fell while gold rose on Thursday as investors favoured safe-haven investments amid scepticism U.S. President Donald Trump, roiled in controversy, would achieve his economic agenda. Adding to investor concerns was news that a van had slammed into crowds in the Spanish city of Barcelona, killing 13 people, according to media reports, in an attack police were treating as a terrorism. The U.S. dollar clung to a tiny gain and U.S. Treasury yields fell on worries Trump will be unable to deliver on campaign promises such as tax reform, even as the White House knocked down speculation that Gary Cohn, director of the National Economic Council, would resign. A crisis deepened over Trump''s response to violence on Saturday in the Virginia college town of Charlottesville, spurred by a white nationalist protest against the removal of a Confederate statue. After Trump blamed counter-protesters as much as white nationalists for clashes that left one woman dead, an exodus of business executives from Trump''s advisory councils on Wednesday fuelled speculation other officials, such as Cohn, would leave. Trump on Thursday again decried the removal of monuments to the pro-slavery Civil War Confederacy at the centre of the protests which have inflamed U.S. racial tensions. Rather than a single catalyst, a range of worries prompted investors to take profit, including the U.S. relationship with North Korea, the Barcelona attack, as well as domestic turmoil, according to Dennis Dick, proprietary trader at Bright Trading LLC in Las Vegas. "It''s not full-on panic selling here. It''s been a slow steady leak. That''s what''s telling me it''s money managers raising a little more cash," said Dick. "The market is starting to get a little impatient with the Trump situation. He can''t get any bills passed. You don''t know what he''s going to tweet about next." While the U.S. benchmark S&P 500 index hit a session low around the same time as the Barcelona attack''s death toll headlines, Dick noted that U.S. investors generally tend not to trade heavily on overseas news and are more concerned with Trump. Earlier on Thursday, the dollar was pushed higher versus the euro after the European Central Bank expressed caution about removing monetary stimulus too soon following a recent bounce in the euro, according to records of its last meeting. This was a day after minutes released from the Federal Reserve showed some policymakers cautioning against rate increases while U.S. inflation remained weak. The Dow Jones Industrial Average .DJI fell 204.03 points, or 0.93 percent, to 21,820.84, the S&P 500 .SPX lost 29.53 points, or 1.20 percent, to 2,438.58 and the Nasdaq Composite .IXIC dropped 98.96 points, or 1.56 percent, to 6,246.15. The dollar index .DXY rose 0.06 percent, with the euro EUR= down 0.24 percent to $1.174, after hitting a three-week low following indications that some within the ECB were concerned about its gains. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.59 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.57 percent. Oil prices rose on expectations of a hefty stockpile draw at the U.S. oil storage hub at Cushing, Oklahoma, reversing Wednesday''s loses, which were spurred by data showing U.S. crude output at its highest in two years. U.S. crude CLcv1 rose 0.62 percent to $47.07 per barrel and Brent LCOcv1 was last at $50.93, up 1.31 percent on the day. The safe-haven commodity, gold XAU=, added 0.3 percent to $1,286.44 an ounce. U.S. gold futures GCcv1 gained 0.71 percent to $1,292.00 an ounce. Additional reporting by Alasdair Pal, Patrick Graham in London; editing by John Stonestreet and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1AX032'|'2017-08-17T22:41:00.000+03:00'
'7c2a868ebbe8d2c2834f64acee084e1c31e9077b'|'Singapore July private home sales rise 1.5 percent from last year'|'August 15, 2017 / 4:55 AM / 14 minutes ago Singapore July private home sales rise 1.5 percent from last year 1 Min Read Joggers pass the Cape Royale condominium in Sentosa Cove on Singapore''s Sentosa island in this August 19, 2014. Edgar Su/Files SINGAPORE (Reuters) - Sales of private homes by developers in Singapore hit a three-month high in July and rose 1.5 percent compared with a year earlier, government data showed on Tuesday. Developers sold 1,108 units last month, compared with 1,092 units in July 2016, data compiled by the Urban Redevelopment Authority showed. The sales in July were the highest since April this year, when 1,567 units were sold. The level of sales in July rose 35 percent from the 820 units sold a month earlier. Reporting by Masayuki Kitano; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/singapore-property-idINKCN1AV0BM'|'2017-08-15T02:55:00.000+03:00'
'c25bb1e8416768760505670e33606c9b2306ff01'|'FTSE extends gains as inflation holds steady; Next sinks'|'August 15, 2017 / 8:50 AM / 2 hours ago FTSE extends gains as inflation holds steady; Next sinks Helen Reid 4 Min Read FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. Suzanne Plunkett/File Photo LONDON (Reuters) - Britain''s FTSE 100 .FTSE share index rose 0.3 percent on Tuesday, after gains driven by consumer staples and broker upgrades were bolstered by investors'' relief that inflationary pressures eased last month. The pound fell to a five-week low after the data, helping to boost blue-chips, which had seen a sharp sell-off last week. "The Bank of England was expecting inflation to peak at about 3 percent in October, but the fact it was only 2.6 percent in July might mean that will not be as high as previously thought," said Mike Bell, global market strategist at JP Morgan Asset Management. "Even if inflation had got stronger, I don''t think that would be enough to make the Bank raise rates," he added, saying wage growth figures on Wednesday would help to give a read-out on the underlying health of the labour market. The newly merged asset manager Standard Life Aberdeen ( SLA.L ) climbed again to be the top FTSE gainer, after a double upgrade from Barclays to overweight from underweight. "Deal synergies at 200 million pounds appear attractive and there is evidence to suggest that previous headwinds of outflows at GARS and Global Emerging Markets (GEM) at Aberdeen are receding," said Barclays analysts. Defence and security firm BAE Systems ( BAES.L ) rose 1.3 percent after Goldman Sachs added the stock to its "conviction list" and reiterated its "buy" rating. "We expect program growth, as well as a new Typhoon (combat aircraft) order from Saudi Arabia, to cement the outlook for 2019/2020," it said, adding that BAE had underperformed the FTSE 100 recently and was now trading at a wider-than-usual discount to U.S. peers. Shire ( SHP.L ) rose 1.8 percent after submitting an application for the marketing of a treatment for dry eye disease. Next ( NXT.L ) was down 3.4 percent after Berenberg downgraded its rating on the retailer to ''sell'' from ''hold'', citing the large number of retail outlets it has as a brake on its ability to invest. "While it was quick to recognise the online opportunity, it has failed to fully adapt its business model, instead focusing on short-term cash flow and profitability," said Berenberg analysts. Shares in fund supermarket Hargreaves Lansdown ( HRGV.L ) fell 2.9 percent after it reported results, as investors expressed disappointment with a dividend down 15 percent from a year ago Although inflation seemed to be losing steam, it remained above the Bank of England''s target level. "When it comes to stocks, the impact of inflation is not straightforward," said Kathleen Brooks, analyst at City Index. "Even though the UK has-above target inflation, growth companies are benefiting from low interest rates, which is why the UK''s AIM market has had a stonking year." Among mid-caps, oil firms Petrofac ( PFC.L ) and Tullow Oil ( TLW.L ) held the index back, down around 4 percent each after crude prices tumbled overnight. Reporting by Helen Reid; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1AV0SF'|'2017-08-15T11:50:00.000+03:00'
'85fa8b7a9f097e80b6e37ef5a14811b3effa120f'|'Downward spiral: dismayed Walnut Whip lovers react to loss of nut'|'It was bad enough when great glacial valleys appeared between the peaks of Toblerone bars , and the shrinkflation fairy spirited away 15% of the Maltesers in each packet overnight. Outrage has now greeted the launch of a new confection: the Whip, which comes without the crowning walnut in name or in the chocolate flesh.Walnut snip: Nestlé cuts nut out of chocolate after prices surge Read more The food writer Deborah Robertson, who recalled spending her pocket money on Walnut Whips in Woolworths when she was little, tweeted for many when she wrote: Debora Robertson (@lickedspoon) They''ve taken the walnut off the top of the walnut whip so now it''s just a whip and I don''t know who we are anymore.August 15, 2017 “What? Sacrilege. Can we blame Brexit?” one reader responded in shock.The broadcaster James Whale said: “So now I’m going to have to go into the local newsagent and ask for a Whip!”Another said: “So what do I now save till the end? Everything is ruined.”Hannah Muirhead tweeted: Hannah Muirhead (@HCIM90) Never really been a walnut girl but i feel removing them from the walnut whip truly is the beginning of the end for society as we know itAugust 16, 2017 Walnut Whips were first introduced in 1910, originally made by Duncan’s of Edinburgh. Nestlé claims one is eaten in the UK every two seconds.True believers have already pointed out that they had long since lost the hidden second walnut in the base, shrunk considerably in size and developed smoother sides.A Nestlé brand manager, Alison Clinton, insisted the shorn treat – promptly nicknamed the Walnot Whip – had been introduced in the interest of consumer choice. “These new products will offer consumers more choice, enabling them to share their favourite products with their family and friends.” However, one importer revealed what is surely the true reason: the faltering value of sterling, rising transport costs, and poor crops in some walnut-growing regions have pushed up the price of walnuts in Britain by about 20%.Nestlé promises the walnut-topped version will still be available in single packs, and in six-packs at Christmas. Topics Nestlé Chocolate Food & drink Food & drink industry news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/16/downward-spiral-walnut-whip-brexit-twitter-nestle'|'2017-08-16T23:41:00.000+03:00'
'679e427650dac4a715efb6b1d23d3dac2624d2a8'|'Barclays closures add to toll of vanishing British bank branches'|'FILE PHOTO: Pedestrians shelter under umbrellas as they walk past a Barclays branch in central London May 8, 2014. Stefan Wermuth/File Photo LONDON (Reuters) - Barclays ( BARC.L ) plans to close around 54 branches by the end of the year in an effort to cut costs, further reducing access to banking services for customers in parts of Britain.The bank, along with other British lenders, is cutting back its network as customers turn to mobile banking. Barclays, which told customers about the planned closures in recent weeks still has around 1,300 branches across the country.The number of branches operated by the major British banking groups has halved in the last 20 years and following political pressure a new rule was set in 2015 that requires banks to assess the impact on local communities of a branch closure.Branch closures in Britain are disproportionately affecting lowest-income areas, taking bricks-and-mortar services away from communities where they are needed most, Reuters reported in June last year."The number of physical Barclays branches will reduce overall but our branch network and the colleagues who work in them remain a vital part of our offering," a Barclays spokeswoman told Reuters in an email.The Barclays branch closures should not result in any net job losses, she said, with jobs set to be transferred elsewhere.The latest round of bank branch closures, which are targeted at reducing costs, have raised concerns among small businesses as well as individuals in Britain."At a time of unprecedented uncertainty, the last thing small businesses need is (the) loss of in-person bank branch support," Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said."When times are tough, there''s no replacement for help from a known and trusted bank branch contact."RBS ( RBS.L ) said in March it planned to close about 180 branches in Britain and Ireland and about 1,000 roles were at risk at the state-controlled lender.And in April, Lloyds Banking Group ( LLOY.L ) said it planned to close a further 100 branches of its more than 2,000 in the UK resulting in the loss of over 325 jobs.HSBC ( HSBA.L ) said in January it planned to close 117 branches this year and cut 380 roles in Britain.In March, Barclays also decided to close a mortgage center in Cardiff, Wales, with the loss of more than 180 jobs.Reporting by Anjuli Davies; additional reporting by Lawrence White; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-barclays-branches-idUSKCN1AU1HF'|'2017-08-14T16:15:00.000+03:00'
'7a85316af501261fc47e24af0edf2386376264fe'|'China''s stable economic performance should continue in H2 - stats bureau'|'FILE PHOTO: A woman walks next to a McDonald''s restaurant and a Starbucks coffee store at a shopping mall in Shanghai, China July 28, 2014. Carlos Barria/File Photo BEIJING (Reuters) - China''s stable economic performance should continue in the second half of this year and the overheated property market has cooled somewhat, a spokesman of National Bureau of Statistics said on Monday.China created 8.55 million new jobs in the January-July period, and the July survey-based unemployment rate in major cities was under 5 percent, Mao Shengyong told a news conference.Reporting by Elias Glenn; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-idINKCN1AU09L'|'2017-08-14T06:25:00.000+03:00'
'796de19d136d42ba25c269dd71828495b72b83e6'|'Miners support FTSE as Admiral Group hits stormy seas'|' 26 AM / in 8 minutes Miners support FTSE as Admiral Group hits stormy seas Kit Rees 3 Min Read A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s top share index rose for the third day on the trot on Wednesday, boosted by gains among mining firms, though car insurer Admiral Group plummeted after reporting half-year results. The blue chip FTSE 100 .FTSE index was up 0.6 percent at 7,428.27 points by 0903 GMT, giving up some gains after sterling was boosted by stronger than expected UK earnings growth. Mid caps .FTMC also advanced 0.6 percent. "It is worth noting that, even after yesterday’s decline in the UK CPI rate and today’s surprise uplift for wage growth, the squeeze on the consumer remains, although not as tight as it once was," said Kathleen Brooks, research director at City Index. "So far, this data hasn’t had any impact on UK consumer discretionary stocks like M&S or Next. We may need to get confirmation of decent July retail sales figures before these stocks make a move." Admiral Group ( ADML.L ) slumped 6.7 percent, on course for its worst day since November 2011, after posting a weaker loss ratio for the first half. "We see underlying margin deterioration in the core UK motor division as the key negative in the result. In addition, pricing increases appear weaker than peers at headline level," analysts at UBS said in a note. Admiral''s shares had rallied more than 21 percent ahead of the results, suggesting there might also have been an element of profit-taking behind Wednesday''s move. A rise among mining firms supported the index, with the sector adding more than 10 points to gains. Glencore ( GLEN.L ), Anglo American ( AAL.L ), Rio Tinto ( RIO.L ) and Antofagasta ( ANTO.L ) all rose between 1.8 and 2.3 percent, boosted by firmer copper prices. [MET/L] Among smaller companies, shares in Balfour Beatty ( BALF.L ) led the mid caps with a jump of 7.4 percent after the construction firm saw its half-year profit rise nearly 70 percent thanks to a rebound in its UK construction business. "Construction is all about margins and bidding too aggressively for work cost Balfour dearly for a couple of loss-making years in which it delivered seven profit warnings," said Neil Wilson, senior market analyst at ETX Capital. "Now it’s a lot more selective and as a result says it’s on course to achieve industry-standard profit margins by the second half of 2018." Silver miner Hochschild Mining ( HOCM.L ) slumped 15 percent after reporting first-half profit down by more than a third. Reporting by Kit Rees; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1AW0U8'|'2017-08-16T12:27:00.000+03:00'
'aff5d6c0eb4936add4113c24bb6ed30d428d0330'|'PRESS DIGEST- Financial Times - Aug 14'|'Aug 14 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines** Telit to severe ties with CEO Oozi Cats amid links to fraud case ( on.ft.com/2vzYV7l )** Brussels seeks tighter vetting of foreign takeovers ( on.ft.com/2vzTXaQ )**UK wages set to lag behind inflation over next year ( on.ft.com/2vzU46g )Overview** Technology firm Telit Communications Plc has cut its ties with chief executive, Oozi Cats, after investigations regarding his alleged links to a U.S. fugitive by the name of Uzi Katz. on.ft.com/2vzYV7l** Jean-Claude Juncker, European Commission president, is set to announce measures in a speech in September which will call for more rigorous screening of foreign takeovers of European companies.** More than half of employers in UK plan to raise wages by just 1 percent over the next year. A survey of 1,139 employers by the CIPD, the professional body for HR managers, published on Monday discovered that employers plan to expand their workforces during the third quarter of 2017 but do not expect employment growth to put significant upward pressure on wages.Compiled by Bengaluru newsroom; Editing by Mary Milliken'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL2N1L0004'|'2017-08-13T22:22:00.000+03:00'
'76e7cf5a2abf4ecad87b788e6d9d58123d7f407c'|'MOVES- Mazquarie, HSBC, Scotiabank'|'Aug 17 (Reuters) - The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com.MACQUARIE GROUP LTD The Australian bank has appointed Ric Deverell chief economist and head of macro research. He joins the bank from Credit Suisse in New York, where he was global head of fixed income and economic research, Reuters IFR reported.HSBC HOLDINGS PLC The bank has hired Andrew Salvoni as a director to bolster its public sector coverage in Canada, according to a memo seen by Reuters IFR.BANK OF NOVA SCOTIA: Michael Schoen, Scotiabank''s head of Latin America debt capital markets, has left the Canadian financial institution to work for a biotech firm, a source told Reuters IFR.Compiled by Arunima Banerjee in Bengaluru'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/financial-moves-idINL4N1L3512'|'2017-08-17T18:00:00.000+03:00'
'd9650ee19eb0c78142891cd0ee51a07d743d5e0d'|'Nikkei falls to lowest since May as North Korea tension offsets solid GDP growth'|' 49 AM / 8 minutes ago Nikkei falls to lowest since May as North Korea tension offsets solid GDP growth 3 Min Read * Nikkei volatility index jumps to highest since April * Nikkei futures closed 19,395 on CME By Ayai Tomisawa TOKYO, Aug 14 (Reuters) - Japan''s Nikkei share average on Monday tumbled 1.0 percent to a 3-1/2-month low following a holiday weekend, as tension between the United States and North Korea prompted investors to shed riskier assets. The yen''s gains on Friday and rising geopolitical concerns overshadowed data showing Japan''s economic grew at a much stronger pace than expected in the second quarter. The Nikkei ended 1.0 percent lower at 19,537.10, the lowest closing level since May 2. The Nikkei volatility index soared 14.76 percent to 18.66, the highest level since April 24. Japanese markets were closed on Friday for a national holiday, and were catching up in part to global equity market losses last week and a drop in the dollar that day. Some analysts said that the Nikkei might have fallen further on Monday if not for the encouraging economic data, as well as expectations that the Bank Of Japan would buy exchange-traded funds. "Compared to how the Nikkei futures closed in Chicago on Friday, the market is well supported," said Hikaru Sato, a senior technical analyst at Daiwa Securities. The Nikkei 225 futures closed at 19,395 on Chicago Mercantile Exchange on Friday, which had suggested that the Nikkei would fall sharply on Monday. Japan''s economy grew in the second quarter at the quickest pace in more than two years as consumer spending and capital expenditure both rose at the fastest in more than three years. Gross domestic product expanded an annualised 4.0 percent in April-June, more than the median estimate for 2.5 percent and the biggest increase since January-March 2015. "Once geopolitical risks settled down, investors will likely revisit the fact that Japan''s fundamentals are strong," Sato said. For the near term at least, tensions over North Korea are expected to remain a key theme for global investors, weighing on risky assets including Japanese stocks, traders said. Insurers and banks, which invest in higher-yielding products such as foreign bonds, underperformed after U.S. yields dropped on weaker-than-expected U.S. inflation data. The data further eroded expectations of an interest rate hike by the U.S. Federal Reserve in December. T&D Holdings tumbled 2.7 percent and Dai-ichi Life Holdings 1.9 percent, while Mitsubishi UFJ Financial Group dropped 1.2 percent. Exporters were broadly lower after the dollar dropped to 108.72 yen on Friday, its lowest level since April 19, before climbing back to 109.58 in Monday Asian trade. Toyota Motor Corp dropped 1.5 percent, Honda Motor Co shed 1.5 percent and Panasonic Corp fell 1.6 percent. Meanwhile, defence equipment makers attracted buyers, with Ishikawa Seisakusho soaring 21 percent, Howa Machinery rising 6.6 percent and Tokyo Keiki advancing 9.9 percent. The broader Topix shed 1.1 percent to 1,599.06. (Editing by Richard Borsuk) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1L02JA'|'2017-08-14T09:47:00.000+03:00'
'5365751b15da3d5900594f910055c06cc77fbcf9'|'Pound falls against dollar as inflation comes in lower than expected - Business'|'Sterling fell against the dollar on Tuesday after the CPI rate of inflation remained unchanged in July, reducing pressure on the Bank of England to increase interest rates to curb the rising cost of living.The pound shed more than a cent to reach $1.2855 on the foreign exchange markets, after the consumer prices index held steady at 2.6% last month, the same level as recorded in June. City economists had expected a slight rise to 2.7% on the back of higher costs for producers following the slump in sterling in the wake of the vote to leave the European Union, which has led to rising inflation this year. The unchanged growth in prices weakens the case for a rate hike by the Bank of England , even through inflation remains above Threadneedle Street’s 2% target. The BoE is next due to make a decision on interest rates next month, after more than a decade without an increase in the aftermath of the financial crisis.Q&A What is inflation and why does it matter? Show Hide Inflation is when prices rise. Deflation is the opposite - price decreases over time - but inflation is far more common.If inflation is 10%, then a £50 pair of shoes will cost £55 in a year''s time and £60.50 a year after that.Inflation eats away at the value of wages and savings - if you earn 10% on your savings but inflation is 10%, the real rate of interest on your pot is actually 0%.A relatively new phenomenon, inflation has become a real worry for governments since the 1960s.As a rule of thumb, times of high inflation are good for borrowers and bad for investors.Mortgages are a good example of how borrowing can be advantageous - annual inflation of 10% over seven years halves the real value of a mortgage.On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode.The government''s preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the Consumer Prices Index (CPI).The Retail Prices Index (RPI) is often used in wage negotiations.Was this helpful? Thank you for your feedback. The latest CPI figures published on Tuesday could indicate inflation is getting close to its peak, according to economists, after the second unexpectedly lower number for the benchmark rate in the space of two months. Even so, the BoE’s monetary policy committee had said earlier this month it expected CPI to climb to about 3% in October before gradually retreating.Rail users face steepest fare rise in five years as inflation hits 3.6% Read more “Although we expect CPI inflation to rise a bit further over the months ahead, the end of inflation’s ascent now looks in sight,” said Victoria Clarke, of Investec. She said the question now turned to whether inflation would outstrip the BoE’s 2% target by more than 1%, a level that would require the governor, Mark Carney, to write an open letter to the chancellor to explain why. Inflationary pressures were visible across a number of import-intensive goods including food, clothing and furniture last month, according to the data from the Office for National Statistics. The rate of CPI was curbed by weaker energy price inflation, amid falling fuel prices.There was a fall in the producer prices index, which shows inflation at the early stages of the pipeline before reaching consumers, meaning that the rise in firms’ cost pressures eased in July. The data release came at the same time as July’s retail price index measure of inflation showed an increase to 3.6%, a typically higher measure of prices than CPI which will be used to calculate the steepest annual increase in rail fares in the past five years for commuters in England and Wales. The July inflation data is significant because it shows higher costs for consumers outstripping expected growth in pay, which the BoE has said could be hindered by uncertainty over Brexit harming companies’ willingness to raise wages. The Chartered Institute of Personnel and Development and recruitment firm Adecco said on Tuesday that basic pay over the next 12 months was expected to rise by just 1% , well below the pace of inflation, even amid low levels of unemployment. “Although inflation is likely to start falling next year, we understand some families are concerned today about the cost of living,” said a spokesperson for the Treasury. Topics Inflation Economics Sterling Interest rates Bank of England Currencies news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/aug/15/pound-falls-dollar-inflation-bank-of-england-interest-rates'|'2017-08-15T03:00:00.000+03:00'
'29ced86b1743da2e0a8c4e7fa6e8fc654ecee069'|'Big-name U.S. hedge funds shed healthcare stocks during the rally in second quarter'|'August 14, 2017 / 4:51 PM / 13 minutes ago Big-name U.S. hedge funds shed healthcare stocks during the rally in second quarter David Randall 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 14, 2017. Brendan McDermid NEW YORK (Reuters) - Several big-name hedge fund investors trimmed their stakes in healthcare companies in the second quarter as the sector led the broad U.S. stock market higher, rallying as Republican efforts to repeal and replace President Obama''s signature healthcare law dimmed. New York-based Jana Partners sold all of its shares in nine healthcare companies, ranging from small-cap biotech company Acadia Pharmaceuticals Inc ( ACAD.O ) to health information company WebMD Health Corp ( WBMD.O ) to insurance giant Aetna Inc ( AET.N ), according to quarterly filings released Monday. Billionaire Daniel Loeb''s Third Point sold 175,000 shares, or about 18 percent of its stake, in health insurance company Humana Inc ( HUM.N ) and 5 million shares of hospital products maker Baxter International Inc ( BAX.N ), a cut of approximately 10 percent of its prior position. Healthcare stocks in the S&P 500 rose 6.7 percent in the second quarter, more than double the 2.6 percent gain in the broad S&P 500 index. Senate Republicans delayed a vote on a healthcare overhaul bill on June 27 after it became clear that they did not have enough votes for it to pass. One month later, a scaled-down plan to replace the Affordable Care Act failed in the Senate. Quarterly disclosures of hedge fund managers'' stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying. But relying on the filings to develop an investment strategy comes with some risk because the disclosures come out 45 days after the end of each quarter and may not reflect current positions. Overall, hedge funds gained 1 percent in the second quarter, according to Chicago-based fund tracker Hedge Fund Research, less than half of the 2.5 percent gain in the first quarter. There were few signs that hedge fund managers were attempting to call a bottom in energy stocks as the falling price of oil helped send the sector down 7 percent in the quarter. New York-based Third Point sold all of its stake in Rice Energy Inc ( RICE.N ), Halcon Resources Corp ( HK.N ), Enerplus Corp ( ERF.TO ), and Pioneer Natural Resources Co PXD.N. Jana Partners sold all of its stake in Resolute Energy Corp ( REN.N ), while New York-based Omega Advisors sold its entire stake in seven energy companies, including Cheniere Energy Inc ( LNG.A ), Eclipse Resources Corp ( ECR.N ), and Williams Partners LP ( WPZ.N ). Reporting by David Randall; Editing by Jennifer Ablan and Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-investment-funds-idUKKCN1AU1XI'|'2017-08-14T19:51:00.000+03:00'
'68ddad8bf0491e44feec5a937ee1227f3ceb889e'|'Solaris Oilfield Infrastructure posts Q2 earnings $0.01/ Class A share'|'Aug 14 (Reuters) - Solaris Oilfield Infrastructure Inc* Solaris Oilfield Infrastructure Inc announces second quarter 2017 results* Q2 revenue $13.4 million versus I/B/E/S view $12.3 million* Solaris Oilfield Infrastructure Inc qtrly earnings per share of Class A common stock $0.01* Solaris Oilfield Infrastructure Inc - expects to end year with a system count between 68 to 72 systems, up from previous outlook of 60 to 64 systems* Q2 earnings per share view $0.08 -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-solaris-oilfield-infrastructure-po-idUSASB0BFJN'|'2017-08-14T20:29:00.000+03:00'
'b1cd4bd20cb889d6b6f709f9d69a03136a47702f'|'METALS-London metals mixed after disappointing China factory report'|'(Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, Aug 14 (Reuters) - London copper was little changed on Monday, holding below recent two-year peaks as analysts flagged prospects of a correction given strong price gains over the past month and disappointing factory activity from China. China''s factory output grew 6.4 percent in July from a year earlier, while fixed-asset investment expanded 8.3 percent in the first seven months, both below economists'' forecasts. "The metals sector remains even more vulnerable than other sectors (to a correction) due to the strong rally it has enjoyed over the past month," said ANZ in a report. FUNDAMENTALS * LME COPPER: London Metal Exchange copper pared early gains to trade at $6,405 a tonne by 0715 GMT, down 0.1 percent after closing slightly softer on Friday. Prices hit the highest in more than 2-1/2 years on Aug. 9 at $6,515 a tonne and are up by almost 8 percent so far this quarter. * SHFE COPPER: Shanghai Futures Exchange copper ended down 0.2 percent. LME zinc and LME lead both traded up around 0.8 percent, while LME aluminium LME nickel and LME tin were a shade weaker. * CHINA ALUMINIUM: China''s aluminium output fell 8.2 percent in July from a record high a month earlier, data showed on Monday, as capacity cuts that have sent prices to multi-year highs start to take their toll on the country''s output. * Shfe aluminium and nickel fell nearly 2 percent, following last week''s strong gains. * STOCKS: Reflecting ample available supply, Shanghai aluminium and copper inventories surged, weekly inventory data on Friday showed. * ALUMINIUM: Shfe aluminium stocks AL-STX-SGH which have been climbing all year, hit the highest since May 2013, at 473,000 tonnes, as traders stockpile metal in warehouses in case of winter cuts, encouraged by financeable spreads. * NICKEL: Nearby nickel CMNIT-0 spreads blew out to $4.90 for tomorrow against next day delivery, while aluminium cash to three month spreads CMAL0-3 have also sharply narrowed, suggesting shorts are likely to deliver against their positions where possible as the prime traded contract expires this week. * ZAMBIA: Copperbelt Energy Corp (CEC), Zambia''s main supplier of power for its mines, confirmed on Sunday that it has restricted the amount of electricity it supplies to Glencore unit Mopani Copper Mines (MCM) because of a dispute over tariffs. * SPECULATORS: Hedge funds and money managers lifted their net long position in copper futures and options further to a fresh record, U.S. Commodity Futures Trading Commission data showed on Friday. * COMING UP: Euro zone industrial production for June at 0900 GMT * For the top stories in metals and other news, click or PRICES BASE METALS PRICES 0715 GMT Three month LME copper 6404 Most active ShFE copper 50050 Three month LME aluminium 2029.5 Most active ShFE aluminium 15775 Three month LME zinc 2912.5 Most active ShFE zinc 24065 Three month LME lead 2343 Most active ShFE lead 19035 Three month LME nickel 10600 Most active ShFE nickel 86180 Three month LME tin 20235 Most active ShFE tin 144200 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 380.52 LME/SHFE ALUMINIUM LMESHFALc3 83.44 LME/SHFE ZINC LMESHFZNc3 879.2 LME/SHFE LEAD LMESHFPBc3 183.87 LME/SHFE NICKEL LMESHFNIc3 1954.54 (Reporting by Melanie Burton; Editing by Richard Pullin and Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1L01FL'|'2017-08-14T01:32:00.000+03:00'
'f11d38b0abef77449b2f0e1280a549cd6c067a7c'|'Saudi''s Sadara commissions last plant of its Saudi petchem complex'|'KHOBAR, Saudi Arabia, Aug 14 (Reuters) - Saudi-based Sadara Chemical Co, a $20 billion joint venture between Saudi Aramco and U.S. firm Dow Chemical has commissioned the last plant at its petrochemicals complex in Jubail, Saudi Aramco said on Monday.The toluene diisocyanate (TDI) unit began production this week while the dinitro toluene (DNT) and toluene diamine (TDA) started operations in April, Aramco said.TDI is mainly used in the production of flexible polyurethane foam for furniture, mattresses and car seats.It has also other industrial uses, such as coatings, adhesives, sealants, speciality foams among others.Sadara has been announcing the start up of new plants in its complex, which it says is the world''s largest petrochemical facility to be built in a single phase. It started the region''s first mixed-feed cracker last year.The Sadara complex is made of 26 integrated facilities in Jubail, eastern Saudi Arabia and has the capacity to produce more than 3 million tonnes of products per year.Many products are produced in the kingdom for the first time, including isocyanates as the world''s largest oil exporter moves downstream.Sadara will transform the kingdom "from a consumer and importer to a global exporter," the statement Quote: d Saudi energy minister Khalid al-Falih as saying."Sadara''s slate of high-value chemicals, including many firsts for the Kingdom and the region, will create the quality performance, value-added and plastics products that support a higher living standard around the world, especially in the emerging Asia Pacific and Middle Eastern markets that will drive two-thirds of global petrochemical demand over the next decade." (Reporting by Reem Shamseddine, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sadara-plant-idINL8N1L036R'|'2017-08-14T12:18:00.000+03:00'
'ebb67f916dc6a5724c497bdd5ddc05b60e663aab'|'SAFT ON WEALTH-Want to follow 4 percent rule? Don’t start from here: James Saft'|'(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftAug 16 (Reuters) - If your aim is to spend 4 percent of your portfolio annually in retirement, the best advice is “I wouldn’t start from here”.Today’s high financial asset valuations, with U.S. equity valuations in the 96th percentile, imply we may well be in for an extended period of low returns. That, in turn, ups the chances that a retiree who follows the old 4 percent rule of thumb faces an unacceptably high chance of running out of money before they run out of heartbeats.Popularized in the 1990s, the ''4 percent rule'' held that a retiree with a diversified portfolio of stocks and bonds who wants her assets to last 30 years can safely take 4 percent out in the first year and then increase drawdowns annually by inflation.While the ideal percentage, and the definition of ''safely'', have been in hot debate since then, today’s heady stock market levels argue for taking a more conservative approach.Based on market prices compared to the last 10 years of earnings, the S&P 500 now has a price/earnings ratio of about 30, meaning it is trading at a more expensive level than 96.5 percent of all markets since 1871. ( here )Valuation is not always destiny, but in aggregate it is an excellent indicator of future returns, with higher prices implying, as a general thing, lower scope for future gains.Yet, looking at just the top quartile of S&P 500 valuation periods, the following 10 years have seen single-digit or negative annual equity returns 99 percent of the time, according to Goldman Sachs Asset Management. In 17 percent of cases investments at top quartile valuations produce a decade of negative returns. Those kinds of figures put a 4 percent rule plan in serious jeopardy of creating a disastrous outcome. ( here #section-knowhow_8292_1)“High valuations of core assets in the U.S. suggest that retirement withdrawal rates that were once safe may now deliver success rates that are no better - or even worse - than a coin flip,” Justin Sibears, of quantitative asset manager Newfound Asset Research writes in a note to clients. ( here )“Retirement success and muted future returns are not mutually exclusive. However, achieving financial goals in such an environment requires careful planning for factors that may have been safely ignored given the generous market tailwinds of prior decades.”GETTING THERE FROM HERE Research Affiliates'' capital markets assumptions, which notably do not assume a mean reversion of valuations, expect that U.S. equities will over the next decade return 5.3 percent annually in nominal terms, against a historic average of 9 percent. Ten-year Treasuries will return just 3.1 percent annually, compared to 5.3 percent in the past.Using those figures and running simulations, even a volatile portfolio with 100 percent equities would run out of money before 30 years 34 percent of the time, according to Newfound. A classic 60/40 stock/bond mix would bust 42 percent of the time. But if you cut the initial withdraw level to 3 percent from 4 the picture improves greatly. A 60/40 asset allocation then has a 94 percent chance of not being exhausted in 30 years. Go to 2 percent withdrawal rate and even an all-bond portfolio has a 97 percent chance of lasting.Those figures, it should be noted, are gross of fees and expenses, which brings us on to our next important set of points.It isn’t so much that “you can’t get there from here” but rather that retirement savers need to redefine both the route and the destination.For those with a decade or two until retirement, the most obvious and powerful move is to cut current expenses and save more. Plan on retiring later, or on spending less than planned while in retirement.Many financial intermediaries look at this situation and immediately start to recommend investments they think will beat the market, stressing that this is even more important when market returns will be low. My bias would be towards taking an even more ruthless than usual attitude towards fees and costs.Annual costs of 1 percent in a 9 percent return world are less significant, proportionally, than in one in which an overall portfolio might only make 4.5 percent for a decade.Returns are always prospective, to be hoped for but not counted on. Fees and costs are real and certain. (Editing by James Dalgleish) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-saft-idINL2N1L01RE'|'2017-08-16T19:00:00.000+03:00'
'ab556a5057e1beb74c8d36e9e5c22e21e44b1c58'|'SEC drops case against ex-JPMorgan traders over ''London Whale'''|'August 18, 2017 / 4:01 PM / 4 hours ago SEC drops case against ex-JPMorgan traders over ''London Whale'' Jonathan Stempel 2 Min Read The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. Jonathan Ernst NEW YORK (Reuters) - The top U.S. securities regulator on Friday dropped its civil lawsuit accusing two former JPMorgan Chase & Co ( JPM.N ) traders of trying to hide some of the bank''s $6.2 billion of losses tied to the 2012 "London Whale" scandal. The decision by the U.S. Securities and Exchange Commission to dismiss charges against Javier Martin-Artajo and Julien Grout came four weeks after the U.S. Department of Justice abandoned its criminal case against both men, who have denied wrongdoing. Prosecutors said their case ran into trouble after testimony from Bruno Iksil, a cooperating witness who had been dubbed the London Whale, proved unreliable. Iksil has publicly shifted blame for the losses toward upper JPMorgan management, including Chief Executive Officer Jamie Dimon, who at first called the matter a "tempest in a teapot." JPMorgan ultimately paid more than $1 billion and admitted wrongdoing to settle related U.S. and British probes. No one was convicted or pleaded guilty over the losses, although Iksil had agreed to cooperate with prosecutors against Martin-Artajo, his supervisor, and Grout, who worked under him. The men had worked for JPMorgan in London. Martin-Artajo is a Spanish national, while Iksil and Grout are French nationals. "The government has done the right thing," Bill Leone, a lawyer for Martin-Artajo, said in a phone interview. "The evidence in the case has been pretty overwhelming for some time that our client didn''t mislead anyone or do anything wrong." Edward Little, a lawyer for Grout, said in a phone interview: "At the end of the day, there was no evidence that justified these cases." The SEC dropped its case despite having a lower burden of proof than the Justice Department to show wrongdoing. It did not immediately respond to requests for comment. Reporting by Jonathan Stempel in New York; Editing by Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-jpmorgan-londonwhale-idUKKCN1AY1TY'|'2017-08-18T19:01:00.000+03:00'
'10d7e81befd75db7dadb87a4ee8d898d6d1bcc18'|'Reckitt bets on ''smart'' products to renew innovation mojo'|'Edition United States August 16, 2017 / 1:07 PM / 18 minutes ago Reckitt bets on ''smart'' products to renew innovation mojo Martinne Geller 6 Min Read Reckitt Benckiser CEO Rakesh Kapoor speaks during the Reuters Global Consumer and Retail Summit in London, Britain September 11, 2013. Benjamin Beavan/File Photo SLOUGH, England (Reuters) - Reckitt Benckiser ( RB.L ) is betting on connected consumer products as part of a push to show investors its innovative approach can still drive growth. In an interview at Reckitt''s global headquarters outside London, Chief Executive Rakesh Kapoor dismissed suggestions that a recent product failure signaled Britain''s 12th most valuable company has lost its design mojo. "Innovation for this company is cultural. It''s in our blood, in our DNA," said Kapoor, who has a reputation for disciplined cost management, adding that detailed product pipeline reviews were conducted monthly like profit-and-loss assessments. The group''s creative prowess is under scrutiny after last year''s poor market response to a 60 pound ($77) version of its Scholl electronic hard skin remover, which continued to hurt the company and contributed to its first-ever quarterly sales fall last month. Even without one-time items, which also included a June cyber attack and the collapse of its South Korean business, Reckitt''s core health business slowed. Kapoor said the unit, which makes up half its annual sales following the $16.6 billion Mead Johnson purchase, remains strong and will benefit from new products. Reckitt will next month start selling a new brand, Siti, in China and India to help protect against outdoor air pollution, and is also launching a Fever Smart temperature monitor in Australia. Both comprise pricey monitors that can send data to smartphones aimed at prompting the use of company products. For Siti, that means face masks costing about 2 pounds each and fitted with a 20 pound vent that Reckitt says makes them perform better than existing choices. For Fever Smart, it would be a Nurofen tablet to lower a child''s fever. Kapoor said these illustrate the new products in prospect at the maker of Durex condoms, Lysol cleaners and Mucinex cold medicine. "There is a connected innovation pipeline for all of our brands," he said. "Think about air fresheners or pest control solutions or multipurpose cleaning." REAL PROBLEMS Despite price tags of 99 Australian dollars ($78) for the Fever Smart and 50 pounds for the Siti monitor, Kapoor thinks they will be successful because they are linked to solutions for real problems. Yet Reckitt''s foray into smart devices comes as the market for wearable gadgets slows. CCS Insight predicts a 1 percent increase in the number of wearable gadgets shipped this year, versus 10 percent last year. "It is not a secret that demand for smart wearables has been weaker than we, or anyone else, initially anticipated," said George Jijiashvili at the consultancy. He noted other companies also offer pollution monitors but said they will likely have niche appeal. "Certain individuals who are very concerned about the air quality, especially those living in heavily polluted cities such as Delhi, are likely to seek out such devices". Rakesh Kapoor, the CEO of Reckitt Benckiser, poses for a photograph at the company headquarters in Slough, Britain August 14, 2017. Picture taken August 14, 2017. Martinne Geller RBC Capital Markets analyst James Edwardes Jones said he had become more skeptical about Reckitt''s product pipeline, especially after the failed Scholl skin file. "The wider issue is not about one innovation going wrong, it''s that one innovation went wrong and there was nothing else to fill the gap that it left," said Jones, who has an "underperform" rating on the stock. He said greater upside may be had elsewhere in the sector, which is being rocked as activist shareholders push Nestle ( NESN.S ) and Procter & Gamble ( PG.N ) to improve returns, Unilever ( ULVR.L ) aims to boost performance after an aborted takeover proposal from Kraft Heinz ( KHC.O ) and Danone ( DANO.PA ) is reportedly being targeted by an activist investor. INCREASED PRESSURE "I still think they (Reckitt) are an exceptionally managed company, but others are starting to do the same sort of thing from a much lower base," Jones said. Kapoor acknowledged the increased pressure on the sector as growth has slowed. He says it gives rise to two types of CEO - those who become activist targets and those who play that role themselves. "The day I stop being the activist CEO in my company I should have an activist from outside." Reckitt shares have risen by more than 130 percent since Kapoor took over as CEO in September 2011, growing more than three times as much as the FTSE 100, though they are down nearly 6 percent since last month''s results. Reckitt is moving deeper into consumer health, a market that Euromonitor International says is worth $217 billion, evidenced by the Mead Johnson deal and a healthcare development center being built in northern England. At 105 million pounds, the site in Hull slated to open in May 2018 is Reckitt''s biggest such investment to date. Kapoor said he chose Hull to strengthen Reckitt''s British roots, before Britons voted last year to leave the European Union. "I did not support Brexit in a personal capacity," said Kapoor. He said he would have weighed Hull harder against other choices in Singapore and India if he had foreseen Brexit and remained concerned about its impact. "Brexit happened, but we are steadfast," he said about the facility that should add about 250 employees to a local workforce of more than 800. "We will continue, and get it done." ($1 = 0.7771 pounds) Reporting by Martinne Geller; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-reckittbenckiser-strategy-idUKKCN1AW1IL'|'2017-08-16T16:10:00.000+03:00'
'5d4fa17601275da5df61131c29ce728d4bb41082'|'CEE MARKETS-Forint eases, central bank may try to talk currency down'|'* Forint weaker ahead of Tuesday''s central bank meeting * Central bank may try to talk forint down-dealers * Zloty shrugs off unconfirmed report on PM By Sandor Peto BUDAPEST, Aug 21 (Reuters) - The forint eased on Monday, while most central European currencies were treading water, amid some expectations that the Hungarian central bank (NBH) could try to weaken the currency in the statement it issues after a rate-setting meeting on Tuesday. The region''s most dovish central bank is expected to keep its record-low interest rates on hold this year and next, not tracking the footsteps of its Czech peer which early this month delivered the European Union''s first rate hike since 2012. With Hungary''s inflation seen near 3 percent, the middle of the NBH''s target range, in coming years, the bank is unlikely to rush into interest rate normalization. Robust regional economic growth, and a big Hungarian trade surplus, have been boosted the forint to levels which dealers said the bank probably finds too strong. "The bank would probably not like the forint to go near 300 against the euro and get stuck there," one Budapest-based currency dealer said. "There is a slight chance that the bank will indicate that (stance) somehow tomorrow, on top of what it said in the past. But it will be one headline at the most, rather than a flurry," the dealer said. The forint touched a three-week high against the euro on Monday before retreating. It traded at 303.7 by 0804 GMT, down 0.1 percent, but still near its strongest level since May 2015. Hungarian government bonds were steady. Recent economic growth and inflation data should have fed the NBH''s ultra-dovish stance, Raiffeisen analyst Stephan Imre said in a note. "This should keep the steepness of the HGB (Hungarian government bond) curve at elevated levels in the upcoming period, with the latter mainly being a phenomenon driven by ultra-low short-end levels on the back of excess liquidity conditions," Imre added. In Bucharest, an auction of eight-year bonds could draw good demand on Monday, as Romanian bonds underperformed regional peers in the recent sessions, ING analysts said in a note. Regional assets were mostly rangebound in slow summer trade ahead of the U.S. Federal Reserve''s annual central banking symposium in Jackson Hole later in the week. The zloty, trading flat, shrugging off a report in daily Rzeczpospolita that the ruling Law and Justice (PiS) party are considering replacing Prime Minister Beata Szydlo with PiS leader Jaroslaw Kaczynski as a response to a more assertive stance by President Andrzej Duda. A government spokesman was not immediately available to comment. CEE MARKETS SNAPSH AT 1004 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.098 26.098 +0.00 3.48% 0 5 % Hungary 303.70 303.33 -0.12% 1.69% forint 00 00 Polish zloty 4.2759 4.2769 +0.02 2.99% % Romanian leu 4.5885 4.5892 +0.02 -1.17% % Croatian 7.4030 7.3995 -0.05% 2.05% kuna Serbian 119.36 119.41 +0.04 3.34% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1030.2 1033.0 -0.27% +11.7 2 4 8% Budapest 37004. 36969. +0.10 +15.6 72 15 % 3% Warsaw 2363.6 2359.8 +0.16 +21.3 8 7 % 4% Bucharest 8340.2 8302.8 +0.45 +17.7 8 6 % 2% Ljubljana 809.64 810.23 -0.07% +12.8 3% Zagreb 1903.5 1901.0 +0.13 -4.58% 6 2 % Belgrade 721.07 721.01 +0.01 +0.52 % % Sofia 723.60 722.69 +0.13 +23.3 % 9% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.026 0 +068b +1bps ps 5-year 0.052 0 +033b +1bps ps 10-year 0.869 -0.013 +046b -1bps ps Poland 2-year 1.79 -0.024 +250b -2bps ps 5-year 2.652 0.009 +293b +2bps ps 10-year 3.315 0 +291b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.69 0.8 0 IBOR=> Hungary <BU 0.21 0.25 0.31 0.15 BOR=> Poland <WI 1.76 1.787 1.832 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L717T'|'2017-08-21T07:11:00.000+03:00'
'1319d135f1b2ee5a84ad814b5852a7271ea527c7'|'Exclusive - Hyundai Motor Group faces government calls to address ''big governance risk'''|'August 20, 2017 / 11:13 PM / 30 minutes ago Exclusive: Hyundai Motor Group faces government calls to address ''big governance risk'' Soyoung Kim and Hyunjoo Jin 6 Min Read Kim Sang-jo, the Chief of Korea Fair Trade Commission, speaks during an interview with Reuters in Seoul, South Korea August 18, 2017. Picture taken on August 18, 2017. Kim Hong-Ji SEOUL (Reuters) - South Korea''s new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders. Kim Sang-jo, appointed to head the Korea Fair Trade Commission by President Moon Jae-in, told Reuters that Hyundai''s web of cross shareholdings among its group affiliates has resulted in a "big governance risk" for South Korea''s second-largest conglomerate, which is run by its 79-year-old chief, Chung Mong-koo. "Many people, including me, are telling Hyundai that they shouldn''t waste more time before dissolving cross shareholding," said Kim, who has been nicknamed "chaebol sniper" for his shareholder activist campaigns targeting South Korea''s powerful family-run conglomerates. "I''m in ongoing conversations with Hyundai." Shares of key Hyundai group companies rose following the report, with Hyundai Motor gaining 2.4 percent and Hyundai Mobis gaining 2.6 percent, outperforming the overall market''s 0.1 percent decline. In his first interview with foreign media since taking office in June, Kim also said South Korea''s antitrust watchdog is looking into competition issues regarding Google''s Android mobile operating system, and has had conversations with the European Commission. The European Commission last year charged Alphabet''s Google for using its dominant Android system to shut out rivals, and is weighing a record fine that could come by the end of the year, Reuters reported in July. In South Korea, the Android operating system has a 74 percent market share, and industry officials have questioned whether Google used its mobile dominance to prevent South Korean companies such as Samsung Electronics from developing their own operating systems. The South Korean regulator, which in December fined Qualcomm Inc 1.03 trillion won ($854 million) for what it called unfair business practices in patent licensing and modem chip sales, is also co-operating with its European counterpart on its own investigation into Qualcomm over related issues, Kim said. Hyundai and Qualcomm declined to comment. The European Commission and Google did not immediately respond to calls for comment. LAST MAN STANDING Kim is the architect of chaebol reform pledges made by Moon, who came into office after a snap election in May to replace Park Geun-hye, impeached over a corruption scandal that exposed the cosy ties between government and chaebol. At the heart of the governance conundrum are the interlocking shareholdings among group companies held by their founding families, which mean that if one affiliate goes insolvent, another affiliate will often be forced to come to the rescue. It has been cited as a major factor behind the so-called "Korea Discount" - meaning their shares are typically undervalued in comparison to global peers. In Hyundai''s case, its chairman, Chung, controls the sprawling conglomerate with only small stakes in key affiliates including the automaker Hyundai Motor and parts supplier Hyundai Mobis. Kim said that Hyundai has stayed put even as many of South Korea''s top conglomerates have moved to unwind cross shareholdings in recent years. "I can tell you clearly that Hyundai recognises it can''t live with its current circular shareholding structure forever," he said. "It won''t be done overnight, but the company is currently trying to find solutions." He added: "Hyundai would be stupid if it didn''t know the expectations of the market and the government." The chaebols, which have long dominated Asia''s fourth-largest economy, have also come under scrutiny over intra-group business deals that favour affiliates owned by family members at the expense of third-party competitors. Kim said his agency had recently identified "several" chaebol group companies for abusing intra-group deals, and planned to launch formal investigations into some of them. Hyundai Glovis, a logistics affiliate of Hyundai Motor, is one of a handful of companies found to have frequently used intra-group transactions, Kim said, declining to provide other names. TROUBLES AT SAMSUNG Kim recently testified as an expert witness for prosecutors in their bribery case against the Samsung Group leader Jay Y. Lee, who has been jailed since February on charges that he bribed Park, the former president. Lee, who faces a court ruling on Friday, denied any wrongdoing as prosecutors sought a 12-year jail term this month on charges that include embezzlement and perjury. Kim expects Lee''s troubles will paralyse group-wide decision-making and create "serious problems" for ailing affiliates, such as the struggling shipbuilder Samsung Heavy, although the impact may be limited on crown jewel Samsung Electronics. "The verdict will have significant implications for Samsung''s future," he said. Samsung declined to comment. Kim said he would focus on stricter enforcement of existing laws, such as using his agency''s investigation powers, rather than pursuing drastic legislative changes that could fail in parliament where Moon''s ruling party does not have the majority. "President Moon is taking a lesson out of the failure of chaebol reforms under the former liberal administration," Kim said, referring to the unsuccessful reform efforts under the administration of Roh Moo-hyun, who served as president between 2003 and 2008. Additional reporting by Choonsik Yoo, Yuna Park in SEOUL, Stephen Nellis in San Francisco and Foo Yun Chee in Brussels; Editing by Philip McClellan and Mary Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-southkorea-antitrust-exclusive-idUKKCN1B00UO'|'2017-08-21T04:59:00.000+03:00'
'd14d6eb6f87fc5f0b9d1e3b20057ee27103f5d1f'|'French group Total buys Maersk Oil in $7.5 billion deal'|'PARIS/COPENHAGEN (Reuters) - Total ( TOTF.PA ) is buying Maersk''s oil and gas business in a $7.45 billion deal which the French energy major said would strengthen its operations in the North Sea and boost earnings and cash flow.For Danish company A.P. Moller Maersk ( MAERSKb.CO ), the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year.The world''s top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in the oil market.Total expects its biggest oil deal since it acquired Elf in 2000 to generate financial synergies of more than $400 million per year, in particular by combining assets in the North Sea.Total has been betting on new rather than mature fields in the North Sea and the acquisition gives it further economies of scale by making it the second largest player in the region.The deal illustrates Total''s strategy of using a strong balance sheet to acquire attractive assets from competitors having emerged from the prolonged oil downturn stronger than some of its rivals."It was time for us to do what a real oil and gas company would do in a period such as this when prices are lower and costs are down. Either launch new projects or acquire new reserves at attractive prices," Total Chief Executive Patrick Pouyanne told reporters.Related Coverage Total set to raise cost savings target after Maersk Oil dealThe purchase also signals some oil majors are prepared to invest to replenish reserves and boost production, anticipating an oil price recovery. With current prices of $50 per barrel most majors are simply struggling to balance their books.ALTERNATIVE TO FLOAT Pouyanne said that Total had proposed a deal to Maersk as an alternative to floating the business."There was a debate within Maersk and they finally accepted given that it was attractive and also the fact that an IPO in a tense oil market would not be a right move," he said, adding that no other oil major was bidding for the assets.General view of the Total oil refinary in Leuna, November 19, 2014. Axel Schmidt Under the terms of the deal, A.P. Moller Maersk will get $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil''s debt.Maersk said it plans to return a "material portion of the value of the received Total S.A. shares" to shareholders in 2018 and 2019 in the form of extraordinary dividend, share buyback or distribution of shares in Total.Soren Skou, who took charge of Maersk last year, has embarked on a major restructuring to concentrate on its transport and logistics businesses and separate its energy operations in the face of a drop in income.Skou said he had not decided whether to take up the offer of a seat on the Total board.Slideshow (2 Images) Analysts at Jefferies said the price was 5 percent ahead of its estimates and 18 percent more than consensus of $6.3 billion.AP Moller Maersk shares were up 3.7 percent by 0900 GMT while Total shares dipped 0.7 percent.The Danish oil company has access to high-quality fields in the Norwegian and UK North Sea.Maersk has a 8.44 percent stake in the giant Johan Sverdrup project led by Norway''s Statoil ( STL.OL ) which is expected to start pumping 440,000 barrels per day in 2019, rising to 660,000 bpd by 2022.Maersk is currently developing the Culzean gas field which is expected to start production in 2019 and which could supply up to 5 percent of Britain''s gas demand.Maersk lost a long-standing agreement to operate Al-Shaheen in Qatar to Total last year, but is according to media reports in talks with Iran to develop the oil layer of the South Pars field, which is an extension of the Qatari field.Total last month signed a major deal with Iran to develop the gas part of South Pars.Total also said it was investing $3.5 billion over five years in Qatar''s offshore Al Shaheen oilfield .Additional reporting by Sudip Kar-Gupta, Karolin Schaps, Stine Jacobsen and Jacob Gronholt-Pedersen; Editing by Keith Weir'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-total-maersk-idINKCN1B10IU'|'2017-08-21T05:05:00.000+03:00'
'c08ff77e4b0c244d2052357a2fc55ce75ba824eb'|'Ericsson could shed 25,000 jobs in cost-cutting drive - report'|'August 17, 2017 / 7:55 AM / in 20 minutes Ericsson could shed 25,000 jobs in cost-cutting drive: report Reuters Staff 2 Min Read FILE PHOTO: Ericsson''s flag is seen at the company''s headquarters in Stockholm, Sweden March 11, 2015. TT News Agency/Jonas Ekstromer/via File Photo STOCKHOLM (Reuters) - Mobile telecom gear maker Ericsson may lay off around 25,000 employees outside Sweden as part of its savings program, Swedish daily Svenska Dagbladet reported on Thursday, citing unidentified sources at the company. Ericsson said in July it would accelerate measures to meet a target of doubling its 2016 underlying operating margin of 6 percent and that it aimed to reach an annual cost reduction run rate of at least 10 billion crowns ($1.2 billion) by mid-2018. Ericsson has said actions will be taken primarily in service delivery and common costs while research and development would be largely unaffected. The company faces mounting competition from China''s Huawei and Finland''s Nokia as well as weak emerging markets and falling spending by telecoms operators with demand for next-generation 5G technology still years away. Svenska Dagbladet said it was not clear whether the planned layoffs included employees within its media operations, which are up for strategic review and seen by analysts as likely to be sold by the group. "Ericsson has not communicated which specific units or countries could be affected. It is too early to talk about specific measures or exclude any country," Ericsson said in a statement on its website. Ericsson has around 109,000 employees. Reporting by Olof Swahnberg; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ericsson-layoffs-idUKKCN1AX0QS'|'2017-08-17T10:41:00.000+03:00'
'da5fce49ec9b3561c0bae72ceca7e206680a3b19'|'Hyundai plans long-range premium electric car in strategic shift'|'August 17, 2017 / 1:05 AM / 2 minutes ago Hyundai plans long-range premium electric car in strategic shift Hyunjoo Jin 3 Min Read Hyundai Motor''s new fuel cell SUV is seen during a media event in Seoul, South Korea August 17, 2017. Kim Hong-Ji SEOUL (Reuters) - Hyundai Motor Co said on Thursday it was placing electric vehicles at the center of its product strategy - one that includes plans for a premium long-distance electric car as it seeks to catch up to Tesla and other rivals. Like Toyota Motor Corp, Hyundai had initially championed fuel cell technology as the future of eco-friendly vehicles but has found itself shifting electric as Tesla shot to prominence and battery-powered cars have gained government backing in China. Toyota is now also working on longer distance, fast-charging electric vehicles, local media have reported. The South Korean automaker is planning to launch an electric sedan under its high-end Genesis brand in 2021 with a range of 500 km (310 miles) per charge. It will also introduce an electric version of its Kona small sport utility vehicle (SUV) with a range of 390 km in the first half of next year. "We''re strengthening our eco-friendly car strategy, centering on electric vehicles," Executive Vice President Lee Kwang-guk told a news conference, calling the technology mainstream and realistic. The automaker and affiliate Kia Motors Corp, which together rank fifth in global vehicle sales, also said they were adding three plug-in vehicles to their plans for eco-friendly cars, bringing the total to 31 models by 2020. Underscoring Hyundai''s electric shift, those plans include eight battery-powered and two fuel-cell vehicles - a contrast to its 2014 announcement for 22 models, of which only two were slated to be battery-powered. Hyundai Motor''s new fuel cell SUV is seen during a media event in Seoul, South Korea August 17, 2017. Kim Hong-Ji Hyundai also confirmed a Reuters report that it is developing its first dedicated electric vehicle platform, which will allow the company to produce multiple models with longer driving ranges. Last year, it launched its first mass-market pure electric car IONIQ, but the vehicle''s per-charge driving range is much shorter than offerings from Tesla and General Motors. Slideshow (4 Images) Hyundai also unveiled a near production version of its new fuel cell SUV with a driving range of more than 800 km per charge under European standards, nearly double the 415 km for its current Tucson fuel cell SUV. The mid-sized SUV will be launched in Korea early next year, followed by U.S. and European markets. A fuel cell electric bus is slated to be unveiled late this year, while a sedan-type fuel cell car is also planned. Even so, analysts noted that gaining traction with fuel cells was going to be a long hard slog. "Hyundai will achieve fuel cell economies of scale by 2035 at the earliest," Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade. "Before that, Hyundai has no choice but to rely on battery cars," he said. Reporting by Hyunjoo Jin; Additional reporting by Maki Shiraki in TOKYO; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-hyundai-motor-electric-vehicle-idUKKCN1AX039'|'2017-08-17T09:10:00.000+03:00'
'e3e780e0c3bea6ad7e8b542ee00dd8fbe6fb50f6'|'U.S. jobless claims fall to near six-month low'|'FILE PHOTO: People wait in line to attend TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. Lucy Nicholson/File Photo WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell to near a six-month low last week, pointing to a further tightening in the labor market that could encourage the Federal Reserve to lay out a plan to start unwinding its massive bond portfolio. A weakening automobile sector is, however, adding a wrinkle to an otherwise brightening economic picture. Other data on Thursday showed manufacturing output fell in July as motor vehicle production tumbled. Auto manufacturers are cutting back production amid weak sales that have created an inventory glut. "Today''s data were constructive towards our expectation of another robust rise in real GDP growth in the third quarter and further labor market improvement," said Dana Peterson, an economist at Citigroup in New York. "The readings support our conjecture that low inflation notwithstanding, the conditions for the Fed to announce balance sheet unwind are ripe." Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 232,000 for the week ended Aug. 12, the Labor Department said. That was the lowest level since the week ended Feb. 25 when claims fell to 227,000, which was the best reading since March 1973. Claims have now been below 300,000, a threshold associated with a robust labor market, for 128 weeks. That is the longest such stretch since 1970, when the labor market was smaller. The unemployment rate is 4.3 percent. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 500 to 240,500 last week. Labor market strength was corroborated by a survey from the Philadelphia Fed showing manufacturers in the mid-Atlantic region sharply increased hours for workers in August amid a jump in new orders and unfilled orders. Job market buoyancy is probably sufficient for the Fed to outline a proposal to begin offloading its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at its next policy meeting in September. Concerns about persistently low inflation could, however, prompt the U.S. central bank to delay increasing interest rates until December. Minutes of the Fed''s July 25-26 policy meeting published on Wednesday showed policymakers appeared increasingly cautious about weak inflation, with some urging against further rate hikes. The Fed has increased borrowing costs twice this year. The dollar .DXY was steady against a basket of currencies in midday trading, while prices of U.S. Treasuries rose marginally. U.S. stocks fell as investors worried about President Donald Trump''s ability to pursue his pro-growth economic policies. Trump on Wednesday disbanded two high-profile business advisory councils after a number of chief executives quit in protest over his remarks blaming violence in Virginia last weekend on anti-racism activists as well as white nationalists. LABOR MARKET STRENGTH Last week''s claims data covered the survey week for the August nonfarm payrolls. The four-week average of claims fell 3,500 between the July and August survey periods, suggesting another month of solid job growth. Payrolls increased by 209,000 jobs in July. The economy has added 1.29 million jobs this year and the unemployment rate has fallen five-tenths of a percentage point. In a second report on Thursday, the Fed said manufacturing output edged down 0.1 percent in July as the production of motor vehicles and parts tumbled 3.6 percent. Manufacturing output increased 0.2 percent in June. The drop in motor vehicle production, the third straight monthly decline, came after a sharp slowdown in sales. U.S. auto sales peaked in December 2016 at a seasonally adjusted annual rate of just over 18 million vehicles, according to data from WardsAuto. The annual sales rate had slumped to around 16.7 million vehicles as of July. Excluding motor vehicles, manufacturing output increased 0.2 percent in July. The sector accounts for 12 percent of the U.S. economy. "The manufacturing rebound continues to blossom, but the motor vehicle sector is not going to share in the gains until the middle of 2018," said Michael Montgomery, an economist at IHS Markit in Lexington, Massachusetts. The outlook for manufacturing is encouraging. While a third report from the Philadelphia Fed showed its index of factory activity in the mid-Atlantic region slipped to 18.9 this month from 19.5 in July, manufacturers reported robust demand for their products. The survey''s measure of new orders surged to 20.4 from 2.1 in July. Firms also reported that shipments continued to rise. As a result, workers put in more hours. The average workweek index increased to 18.8 in August from 3.8 in the prior month. A survey this week from the New York Fed also painted an upbeat picture of manufacturing conditions in New York state. Reporting by Lucia Mutikani; Additional reporting by Dan Burns in New York; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-economy-unemployment-idUSKCN1AX1GH'|'2017-08-17T15:38:00.000+03:00'
'3ebb9a5b57403e02eb1b708777e6a6491853f88a'|'Glencore to start importing fuel for Mexico''s domestic market in Feb - oil chief'|'August 17, 2017 / 6:17 PM / in 27 minutes Glencore to start importing fuel for Mexico''s domestic market in Feb - oil chief Reuters Staff 1 Min Read FILE PHOTO - The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. Arnd Wiegmann/File Photo MEXICO CITY (Reuters) - Trading firm Glencore ( GLEN.L ) expects to start importing fuel for Mexico''s domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm''s oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network of gas stations operated in a distribution partnership with Mexico''s Corporacion G500. The first gas station under the new brand was inaugurated on Thursday. Reporting by Ana Isabel Martinez, written by Marianna Parraga 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mexico-oil-glencore-idUKKCN1AX2B9'|'2017-08-17T21:16:00.000+03:00'
'be3f2a7e231986a3f296226c681b552ea252c2aa'|'Rathbone Brothers says in merger talks with Smith & Williamson'|'August 19, 2017 / 2:06 PM / 7 minutes ago Rathbone Brothers says in merger talks with Smith & Williamson Reuters Staff 2 Min Read LONDON (Reuters) - Wealth manager Rathbone Brothers ( RAT.L ) said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all share merger. "Whilst these discussions have been underway for some time and the boards of both Rathbones and Smith & Williamson are confident that the combination would bring meaningful benefits for the stakeholders of both businesses, discussions are ongoing and there can be no certainty any transaction will be agreed," Rathbone said in a statement. "However, if agreed, any such transaction will be subject to the approval of shareholders." Earlier Sky News reported the 2 billion pound ($2.6 billion) merger would be structured as a takeover by Rathbone, attributing a valuation of close to 600 million pounds to Smith and Williamson. The deal, which would bring together two firms employing about 3,000 people, would see Smith and Williamson hand shares in the combined group to its employees who own the majority of the company, Sky said. Rathbone said a further announcement would be "made as and when appropriate". Last month Rathbone posted a 16.7 percent rise in first-half pretax profit to 26.6 million pounds, boosted by market gains and a rise in assets under management. Reporting by Michael Holden; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-rathbone-m-a-smith-merger-idUKKCN1AZ0H2'|'2017-08-19T17:05:00.000+03:00'
'4652643d3273416cad2e08b3b3ba8a5b26828655'|'Lloyds and Halifax customers face up to 52% APR overdraft fee'|'There is growing anger among some Lloyds and Halifax customers – those who regularly use their overdraft – after they received letters from the banks this week warning them that the cost of going overdrawn could shoot up after November.In July, Lloyds banking group announced that it was radically overhauling its overdrafts fees, including those at Lloyds, Halifax and Bank of Scotland. At the time the bank said the move will leave most customers better off – although it admitted that 10% of account holders could end up paying significantly more.In the past few weeks, letters to all its 20 million account holders have gone out explaining the move, and the reaction has not been entirely positive.If you missed it, or are yet to open the letter, Lloyds and Halifax have both abandoned existing charges for overdrafts and will instead charge a flat fee of 1p a day for every £7 of overdraft used. It might not sound much, but the bank has admitted that it is equivalent to an APR of 52% – dwarfing what credit card firms charge and more akin to those applied by payday lenders.Lloyds said in July that nine out of 10 customers will either be better off, or no worse off, than before – but that still leaves up to two million people facing higher fees.The biggest losers from the change will be those customers who have large agreed overdrafts and use them a lot each month. Lloyds/Halifax said someone who has a £1,000 overdraft limit and uses it for 10 days a month will now pay £14.20 in fees, compared with £10.88 before. If you are almost permanently overdrawn it will cost even more.Guardian Money reader Terry O’Shea writes: “I’ve just received Halifax’s 10-page letter to customers about its new overdraft fees. What I find astonishing is that nowhere in the entire document, filled with small print, does it translate 1p daily for every £7 you borrow into an interest rate. There is not a word about this astonishing rate of interest in the documents.”Mary Lilley also contacted Money to ask why there was no mention of the new APR charges in the information sent to her family by Halifax. “My daughter already pays £30 a month in charges and this will easily double (after November),” she says.In July, Lloyds said it would encourage regular users of large overdrafts to switch to a personal loan which would be cheaper. An alternative is to switch to a bank with a larger free overdraft.Nationwide building society is offering those switching to its FlexDirect account a fee-free overdraft for 12 months – in effect giving the customer a year to get on top of their spending. For those who just dip in and out of an overdraft, the First Direct account is the best as it offers a £250 0% overdraft. Both deals are subject to approval.Lloyds Banking Group says: “Our new approach is simple and clear, giving customers more control of their overdraft and how they manage their finances. More than nine in 10 of our customers will either be better off or unaffected.“Anyone who is concerned about what the changes mean for them should contact us. We’re happy to talk about their individual circumstance.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/overlloyds-halifax-52-apr-overdraft-fee'|'2017-08-19T14:00:00.000+03:00'
'4e04d0d61e54e7fc7e917ad53b1066a7e789a9ed'|'Sixt CEO hints at car-sharing merger talks between BMW and Daimler'|'August 17, 2017 / 9:53 AM / in 13 minutes Sixt CEO hints at car-sharing merger talks between BMW and Daimler Reuters Staff 3 Min Read FILE PHOTO: The electronic key to open a car of German''s car-sharing firm Drive Now, a joint venture between German car maker Bayerische Motorenwerke BMW and European car rental company Sixt SE shows a green smiley light to signal its availability in Cologne, Germany, April 28, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - German carmakers Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ) may be in talks to combine their car-sharing services Car2Go and DriveNow, the chief executive of car rental company and DriveNow partner Sixt ( SIXG.DE ) hinted on Thursday. Daimler and BMW have discussed pooling their car-sharing businesses to better compete against ride-hailing companies like Uber [UBER.UL] and Lyft which have started offering pay-per-use mobility services which are more convenient than car ownership. Asked whether Sixt was involved in merger talks with Daimler and BMW, Chief Executive Erich Sixt said: "At the last press conference I made clear that we are not involved. Today I can only say ''no comment''. This is of course a slightly different statement from the last one. Why things are dragging on is not down to us." In May Sixt had said it was not involved in any merger talks, but added that its 50 percent DriveNow stake had been valued at around 480 million euros ($560 million). Car2Go declined to comment. No one at DriveNow was immediately available for comment. FILE PHOTO: The logo of German car-sharing firm Car2Go is pictured in Cologne, Germany, April 28, 2016. Wolfgang Rattay/File Photo On being asked whether BMW was in talks to combine its car- sharing business with Daimler''s, a spokeswoman for BMW said, "We are in constant talks with our partners and are of course evaluating the strategic options for our activities and stakes." Demand for car-sharing services has taken off in a number of major cities including London, Frankfurt, Berlin, Milan and Helsinki, where customers can use free parking, a major cost and convenience factor. More than a third of clients who tried BMW''s DriveNow car-sharing business in London sold their own car and only 20 percent were determined to keep their privately owned vehicles. BMW and Mercedes-Benz parent Daimler are now working on developing autonomous cars, vehicles which could enable them to upend the market for taxi and ride-hailing services. The market for ride-hailing services currently makes up around 33 percent of the global taxi market, and could grow eightfold to $285 billion by 2030, once autonomous robotaxis are in operation, Goldman Sachs said. Sixt said its DriveNow business had grown its customer base from 815,000 people at the end of 2016, to 950,000 at the end of June. As of August 2017, Car2Go had 2.7 million members, who have access to 13,900 vehicles in eight countries in North America and Western Europe and in China. Reporting by Edward Taylor; Editing by Maria Sheahan and Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-daimler-bmw-carsharing-sixt-idUKKCN1AX0YS'|'2017-08-17T12:52:00.000+03:00'
'7469c8c78b256d2225be7babf81fdbb0d45b63dd'|'Fed''s Kashkari - Debt ceiling a factor in balance sheet runoff start date'|' 47 PM / an hour ago Fed''s Kashkari: Debt ceiling a factor in balance sheet runoff start date Reuters Staff 1   Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters   February 17, 2016.     Minneapolis Fed President Neel Kashkari said on Thursday that the Federal Reserve will take into consideration the state of government efforts to raise the federal debt limit in deciding when to start winding down the central bank''s large bond portfolio. "I think you would expect to see us also look at the debt ceiling negotiations that are happening in Congress," Kashkari said at a Rotary Club event in Edina, Minnesota. "I think we want to keep our eyes open to that process." In minutes of its last policy meeting in July, released on Wednesday, the Fed reinforced expectations that it will announce when it will start to wind down its $4.2 trillion bond portfolio at its next meeting on Sept. 19-20. The U.S. government is bumping up against its debt ceiling, with the possibility that it will be unable to pay all its bills in October unless Congress approves an increase in its borrowing capacity. Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-fed-kashkari-idUKKCN1AX2E2'|'2017-08-17T21:43:00.000+03:00'
'e020a2003258a430661fbdb7056eafee30127704'|'Chevron says to enter Mexican fuel market in local partnership'|'Edition United States  09 PM / 2 minutes ago Chevron says to enter Mexican fuel market in local partnership Reuters Staff 1 Min Read FILE PHOTO - A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. Mike Blake/File Photo - MEXICO CITY (Reuters) - U.S. energy company Chevron Corporation ( CVX.N ) said on Thursday it is set to enter Mexico''s recently opened fuel sector, by importing, distributing and selling refined products in partnership with a local gas station network it did not name. In a statement, Chevron said it will open its first gas station in Hermosillo, in northwest Mexico, and will in subsequent weeks launch similar outlets in the states of Sonora, Sinaloa, Baja California and Baja California Sur, all of which are in the northwest of the country. Reporting by Sharay Angulo and Ana Isabel Martinez 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-mexico-chevron-idUKKCN1AX2JZ'|'2017-08-17T23:06:00.000+03:00'
'6e1cc8b2b9f77ac951566146a3c3cdbf3d3fae04'|'From giving orders to making suggestions: one man’s journey from soldier to aid worker - Global Development Professionals Network'|'A s Britain was emerging from winter in early 2014, I was camped out in the dustbowl that is the Rift Valley in Kenya in 30 degree plus heat, with a daunting array of diggers, bulldozers and other earthmoving equipment before me and 30 of Her Majesty’s finest Royal Engineers at my disposal. As a young army officer, less than a year out of training, I was tasked with the construction of an airstrip for the local community, part of the British army’s efforts to maintain favour and access to training grounds in Kenya. It ended up giving me a taste for humanitarian work that I knew the army wouldn’t be able to satisfy and was the trigger for a career change.Three years later, I am back in east Africa, this time in Uganda, working as a construction manager for an international NGO, and I am continually surprised at the similarities to my role in the military. Notwithstanding the significant cultural differences, my crew of Ugandan labourers often display similar attitudes to the British soldiers I worked with: neither group want to wear safety equipment if they can avoid it; they will cut corners to get the job done quicker; getting their pay packets is often their main focus ... but equally, they work extremely hard and are proud of what they do. Coming from a no praise culture, I am now confronted by people congratulating me on simply fulfilling my job descriptionBut my transition from the army to the NGO world has not been without its challenges and frustrations, and I am still adjusting. I was blithely confident that after four years in the military with lots of transferable skills, I could make the switch from soldier to humanitarian worker overnight, but what I hadn’t counted on were the misconceptions that aid workers harbour about the military and the extent to which my short career in the army had already shaped how I worked. My first reality check came with numerous rejected applications. I was convinced of my ability to perform in project management roles, but I didn’t tick the right boxes to get through the initial screening of applications. I hadn’t studied international development at university, I hadn’t spent my gap year volunteering for good causes, and I didn’t have a single day of prior experience in the NGO sector. And when I finally sat down for an interview I had my second shock: they simply didn’t understand what the army was really like.I had spent a year in training at one of the world’s premier military academies learning how to deal with the chaos and fog of the battlefield, making decisions under physical and mental stress, and dealing with the uncertainty that comes with modern warfare, only to be casually asked: “How do you think you will handle a working environment in which things aren’t orderly and black and white?” I almost laughed. Yes, orders are issued in black and white in the army, but the second the ink dries the situation changes. The old military adage “no plan survives contact with the enemy” expresses the fact that as soon as (or even before) you enact your plan, you will have to adapt to developments outside your control. The enemy might be an opposing military force, but it could equally be any other hazard that affects you – even the weather. Facebook Twitter Pinterest A British airman helps carry food aid from the site of a helicopter drop to a village in the Turtle Island, Sierra Leone, during the Ebola crisis. Photograph: Tommy Trenchard / Alamy/Alamy The international NGO sector has uncertainty in spades: unreliable funding streams, volunteer workers, fickle government priorities, and security concerns to name but a few. An NGO will only be effective if it can proactively deal with this uncertainty, and that requires minds that naturally consider best and worst case scenarios, create contingency plans, and understand that while there is always a central goal the plan can change – skills that are the norm in the army.Army meetings would be decisively brought to a close, but now I’m politely asking for everyone’s voluntary buy-inI must have said something right in that interview, because it secured me an internship in London for several months, and by that time I had lined up my current role in Uganda. However, 18 months into my new career I am anything but settled. I’m not, as some might imagine, suppressing an urge to shout at my colleagues and make them do press-ups, but I am still baffled by the nature of communication and relationships in the workplace. Coming from a culture where simply doing your job didn’t get you praise, I am now confronted by people congratulating me on adequately fulfilling my job description. Where once meetings would be decisively brought to a close and further directions issued, now I’m learning to gently suggest the possible courses of action and politely ask for everyone’s voluntary buy-in. That said, in some ways it is easy to adapt: many people imagine the army to be a lot of commands and shouting, but in reality if you want anyone to achieve a goal they need to be inspired and motivated through positive leadership. This requires a relationship with your team: knowing their strengths and weaknesses, knowing what makes them tick. A good officer does not walk into a room and start ordering people about, rather they will assess what skills are present, draw on strengths, work on weaknesses, and set a course that as far as possible will capture the imagination of the team.Interning at the UN: why I left my family for New York City Read more Where does this leave me, having stepped across a chasm of misunderstanding to pursue a dream and a calling? I don’t regret leaving the army for a second. I was right to be confident that I could transfer my skills if I was given the chance. Now I want to bridge that chasm, and bring understanding to both sides. When I told a fellow officer my plan to seek humanitarian work overseas he said “what, so you’re going to go and show Africans how to do something because you’re white and you know better?”, and when I subsequently started my NGO internship a senior colleague enquired “how did you find the Army ... wasn’t there a lot of swearing?” Both these questions were lighthearted, and perhaps there is some truth in the assumptions being made, but they also reveal a subconscious misconception of the other sector. Neither the military nor NGOs are perfect, and they have different goals, but I can guarantee that among the numerous young, passionate and well-trained leaders leaving the military every year to seek a new challenge there are at least one or two who would surprise you with their adaptability and relevant experience – and would make good hires for the aid sector.Laurence Knoop is a construction manager at Engineering Ministries International . Topics Global development professionals network British army Aid features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/aug/17/from-giving-orders-to-making-suggestions-one-mans-journey-from-soldier-to-aid-worker'|'2017-08-17T03:00:00.000+03:00'
'ac9d2b7c6084487c91b63cbfca734f8c77227e0a'|'Colombia coal output down 6.95 percent in second quarter'|'August 17, 2017 / 1:35 PM / 5 minutes ago Colombia coal output down 6.95 percent in second quarter 1 Min Read BOGOTA, Aug 17 (Reuters) - Colombia''s coal output fell 6.95 percent to 21.4 million tonnes in the second quarter from a year earlier, the national mining agency said on Thursday. The Andean nation, the world''s fifth-largest coal exporter, produced 23.07 million tonnes in the second quarter of 2016, the ministry said in a statement. The sector is seeking to produce 95 million tonnes this year. The biggest players in Colombia''s coal industry are Drummond Co, Glencore Plc, Murray Energy Corp''s Colombia Natural Resources and Cerrejon, which is jointly owned by BHP Billiton , Anglo American PLC and Glencore. (Reporting by Luis Jaime Acosta; Editing by Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/colombia-coal-idUSL2N1L30LB'|'2017-08-17T16:34:00.000+03:00'
'aa95b557f48ea25a729814a4b47368813d8f13f2'|'Dollar revived by U.S. data tonic, North Korea respite'|'August 16, 2017 / 12:55 AM / an hour ago Dollar revived by U.S. data tonic, North Korea respite Wayne Cole 5 Min Read FILE PHOTO: U.S. one hundred dollar bills are seen in this picture illustration, August 2, 2013. Kim Hong-Ji/Illustration/File Photo SYDNEY (Reuters) - The dollar hoarded hefty gains on Wednesday after strong U.S. retail sales revived the chance of another Federal Reserve rate hike this year, while Asia stocks inched ahead as tensions in the Korean peninsula went off the boil. European bourses looked set for a somnolent start with Eurostoxx 50 futures STXEc1 steady, while E-Mini futures for the S&P 500 ESc1 were also barely changed. North Korean leader Kim Jong Un has delayed a decision on firing missiles towards Guam while he waits to see what the United States does, as Washington said any dialogue was up to Kim. The break in threat and counter-threat was enough for South Korean stocks .KS11 to bounce 0.5 percent, though they remain well short of a record peak touched last month. The next flash point could be a joint U.S.-South Korean military exercise starting on Aug. 21. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.3 percent and Japan''s Nikkei .N225 lost 0.1 percent. There was no clear lead from Wall Street, where the Dow .DJI ended on Tuesday up 0.02 percent. The S&P 500 .SPX lost 0.05 percent and the Nasdaq .IXIC 0.11 percent. [.N] The economic news, however, was much more emphatic, with U.S. retail sales rising the most in seven months in July as consumers spent more on 10 of 13 retail sectors. Importantly, upward revisions to sales for both May and June countered concerns that consumption had entered a downtrend and lifted the outlook for economic growth. Investors reacted by narrowing odds on the Fed tightening again this year and sent two-year Treasury yields US2YT=RR up to 1.36 percent, from 1.29 percent on Friday. Minutes of the Fed''s July meeting are due later in the session and should show how the debate on rate hikes is shifting within the central bank. "The minutes will show a Committee that is likely to announce a change in balance sheet policy at the September meeting," wrote analysts at JPMorgan in a note. "We think the minutes will be less forthright about the timing of the next rate hike, which we still expect to occur in December." BITCOIN BONANZA The dollar duly rallied to its highest level against a basket of major currencies in nearly three weeks and was last holding at 93.824 .DXY. The euro EUR= dipped to $1.1740, though it had found solid support around $l.1686 overnight. The yen took an added blow from the easing in risk aversion and sagged to 110.64 per dollar JPY= . The dollar''s 1.4 percent jump on Tuesday was the biggest daily rise since April. Sterling also slumped after UK inflation numbers came in below forecast, breaching key support levels against both the euro and dollar. The pound was last at $1.2863 GBP= , having shed 1.1 percent the previous session. All that action paled in comparison to the digital currency Bitcoin, which has surged over $1,200 so far this month to reach $4,100 BTC=BTSP amid fevered speculative demand. "Interest in digital currencies has spiked recently as proponents tout benefits such as a lack of centralized control and limited supply," said William O''Loughlin, an investment analyst at Rivkin Securities. "However, anyone thinking of buying the currency should realize that it is incredibly volatile and could fall in value as quickly as it rose." In commodity markets, the revival in risk appetite dragged gold back to $1,272.90 an ounce XAU=, and away from Friday''s two-month top of $1,291.86. Oil prices nudged higher after data from the American Petroleum Institute showed a much larger fall in crude inventories than expected. [O/R] U.S. crude CLc1 added 21 cents to $47.76 per barrel, while Brent LCOc1 firmed 26 cents to $51.06. Editing by Shri Navaratnam and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1AW01X'|'2017-08-16T09:22:00.000+03:00'
'2cda3bc123a9359bfad1b6052cded902fbb7eecd'|'German residential building permits fall in first half of 2017'|'August 17, 2017 / 6:51 AM / an hour ago German residential building permits fall in first half of 2017 Reuters Staff 3 Min Read Construction workers prepare concrete formworks in front of the TV tower in Berlin, Germany, August 10, 2017. Hannibal Hanschke BERLIN (Reuters) - Residential building permits issued in Germany dropped 7 percent on the year in the first six months of 2017, data showed on Thursday, in a sign that a construction boom in Europe''s biggest economy could soon peter out. Home building has become a key driver of economic expansion in Germany as a growing population, increased job security and record-low borrowing costs are boosting demand for real estate. Higher state spending on roads, bridges and social housing, partly to accommodate a record influx of refugees over the past two years, are giving construction support. Data released by the Federal Statistics Office showed, however, that German authorities issued some 13,400 fewer residential building permits in the first half of the year compared with the first six months of 2016. A breakdown of the data showed permits were issued for nearly 150,000 new dwellings and construction work was approved for more than 20,000 existing buildings. The total of some 170,000 permits represented a year-on-year fall of 7.3 percent, suggesting that construction and furnishing firms could expect fewer orders in the coming months. Approvals for the "hostel residences" sub-category, which also includes shelters for asylum seekers, plunged 32 percent on the year to 8,461. In the "apartment building" sub-category, viewed as crucial to avert housing shortages in urban areas, the number of approvals rose against the trend by 2 percent to over 82,000. This was the highest level recorded in the first half of a year in 20 years, the office said. In 2016, new residential building permits issued in Germany jumped by more than 20 percent on the year to reach a 17-year-high at 375,400 units. Higher investment in buildings contributed to a growth rate of 0.6 percent in the second quarter, the Federal Statistics Office said on Tuesday. Construction also drove overall economic growth last year, contributing 0.3 percentage points to a GDP expansion rate of 1.9 percent, the strongest rate in half a decade. Reporting by Michael Nienaber; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy-construction-idUKKCN1AX0LB'|'2017-08-17T09:50:00.000+03:00'
'705fa46a57d5bfd74fc766685b7ec016234a0e15'|'Golden Ocean to move some vessels from spot market to longer contracts'|'OSLO, Aug 17 (Reuters) - Dry bulk shipper Golden Ocean''s Chief Executive Birgitte Vartdal made the following remarks during the company''s second-quarter earnings presentation on Thursday:* We are slowly starting to consider chartering opportunities at the rate levels that we see now. It will be a step-wise process and we''ll have to build exposure slowly when the rates are increasing* Except for four long-term charters, we are more or less spot exposed for next year and we''ll slowly start to add some charter cover. But we''re still talking low percentages* We have seen some increased interest on the time charter side over the last few weeks, and the period market is slowly coming back following better spot rates* Activity is better now than what we''ve seen for a while* Golden Ocean earlier posted adjusted earnings above forecast, while its net loss was in line with analysts'' expectations* By 1350 GMT the shares traded 4.3 percent lower for the day (Reporting by Joachim Dagenborg, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/golden-ocean-grp-results-ceo-idUSL8N1L33W6'|'2017-08-17T16:54:00.000+03:00'
'79819593fa3b4be11bc995850e0920c54607848a'|'Morning News Call - India, August 17'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:30 am: Environment Minister Harsh Vardhan at the launch of “Harit Diwali, Swasth Diwali” campaign in New Delhi. 11:30 am: DLF CEO Rajeev Talwar, Omaxe Group Chairman Rohtas Goyal and other real estate industry executives at National Real Estate Development Council’s 14th National Convention in New Delhi 11:30 am: Power Finance Corp. earnings conference call in Mumbai. 12:00 pm: President Ram Nath Kovind and Labour Minister Bandaru Dattatreya at National Safety Awards in Mumbai. 12:30 pm: National Highways Authority of India Chairman Deepak Kumar at launch of mobile app “MyFASTag” and “FASTag Partner" in New Delhi. 3:00 pm: Trade Minister Nirmala Sitharaman at launch of ‘Advantage Healthcare-India 2017'' in New Delhi. LIVECHAT - FINTECH We talk Bitcoin and other FinTech news with Reuters correspondent Anna Irrera at 5:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • Cracking down on ''black'' money, India steps up scrutiny of shell firms When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. • MPC members warn inflation could accelerate - RBI minutes The Reserve Bank of India''s monetary policy committee members said easing consumer inflation had supported the need for a rate cut at its August meeting, but warned prices could start accelerating, minutes showed. • India''s help to lenders facing bond defaults a "moral hazard" - Fitch The Indian government risks creating "moral hazard" by injecting funds into state-run lenders such as IDBI Bank Ltd which are at risk of missing coupon payments on their additional tier 1 bonds, Fitch Ratings said. • Infosys to consider share buyback proposal Infosys Ltd said its board will consider a proposal, to buy back equity shares, at its meeting later this month. • Biocon pulls application for EU approval of two drugs Biocon Ltd has withdrawn its application seeking European Union approval for two drugs after the EU drugs regulator sought re-inspection of their production facility, sending shares down more than 8 percent. • India introduces price controls for knee implants India has capped prices of orthopaedic knee implants, in the country''s latest move to bring down prices of medical devices. • Thyssenkrupp says it has no timeline on Tata Steel joint-venture deal Thyssenkrupp has no timeline to make a final decision on a potential merger of its European steel operations with those of peer Tata Steel, a spokesman for the group said. GLOBAL TOP NEWS • Trump disbands business councils after CEOs quit in protest U.S. President Donald Trump disbanded two high-profile business advisory councils on Wednesday after several chief executives quit in protest over his remarks blaming weekend violence in Virginia not only on white nationalists but also on anti-racism activists who opposed them. • Trump praises N.Korea''s Kim for ''wise'' decision on Guam U.S. President Donald Trump on Wednesday praised North Korean leader Kim Jong Un for a "wise" decision not to fire missiles towards the U.S. Pacific territory of Guam, which has eased escalating tension between the two countries. • Japan''s exports rise in July, underpin strengthening economy Japan''s exports rose for an eighth straight month in July on robust shipments to the United States and a boost from a weak yen, a sign overseas demand rebounded from a lull in the previous quarter to underpin a steady economic recovery. GLOBAL MARKETS • U.S. stocks ended slightly firmer on Wednesday but off the day''s highs as worries mounted over President Donald Trump''s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation. • Asian stocks edged up as tensions between the U.S. and North Korea came off the boil, while worries about President Donald Trump''s ability to implement his pro-growth agenda and the Federal Reserve''s concerns about low U.S. inflation hit the dollar. • U.S. Treasury yields fell on Wednesday, with benchmark yields retreating from one-week highs as U.S. President Donald Trump''s dissolving of two business advisory groups and the Federal Reserve''s record of its July policy meeting raised economic worries. • Oil prices edged up, clawing back some ground after losses in the previous session. • Gold edged up, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve''s July meeting hinted at a delay in further rate hikes. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.18/64.21 August 16 -$169.87 mln -$17.15 mln 10-yr bond yield - Month-to-date -$655.05 mln $984.02 mln Year-to-date $8.32 bln $22.13 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.1650 Indian rupees) (Compiled by Erum Khaled in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1L31KZ'|'2017-08-17T01:25:00.000+03:00'
'f85bea7ecb0161210b8eca47b7cb62f74d4fd6c0'|'PRESS DIGEST - Wall Street Journal - Aug 17'|'Aug 17 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Business leaders disbanded two CEO councils created by the White House, a move they said was protesting Donald Trump''s failure to sufficiently condemn racism, marking a dramatic break between U.S. companies and a president who has sought close ties with them. on.wsj.com/2w3vk9d- Apple Inc has set a budget of roughly $1 billion to procure and produce original content over the next year, as the iPhone maker shows how serious it is about making a splash in Hollywood. on.wsj.com/2w3Njwm- Facebook Inc dismantled a popular anonymous discussion board for employees last year that had become a forum for conservative political debate that sometimes degenerated into racist or sexist comments. on.wsj.com/2w3zOMU- Recent moves by tech companies including Alphabet Inc''s Google, GoDaddy Inc, Uber and GoFundMe to crack down on white supremacists thrust them into unusual territory for corporations that often take a more hands-off approach. on.wsj.com/2w3R19g- President Trump''s comments faulting both sides in Saturday''s deadly white nationalist protest in Virginia rattled his staff and risk setting back his policy agenda in Congress. on.wsj.com/2w3LqQ5Compiled by Bengaluru newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1L31VS'|'2017-08-17T02:25:00.000+03:00'
'90913005e95eb2bfd65354a98f0ae9a8ab01b8b4'|'The ''March on Google'' is off - Aug. 16, 2017'|'by Sara Ashley O''Brien @saraashleyo August 16, 2017: 5:36 PM ET Fired engineer: Google a ''psychologically unsafe environment'' Rallies were slated to happen Saturday in at least nine major U.S. cities to protest Google ( GOOG ) ''s firing of James Damore, an engineer who wrote a controversial memo on the company''s diversity policies. Now, the organizers behind the "March on Google" have decided to cancel. The effort was announced last Wednesday by Jack Posobiec, a vocal Trump supporter and right-wing activist who is known for pushing the false "Pizzagate" conspiracy theory. After the white supremacist rally in Charlottesville, Virginia turned violent, March on Google released a post condemning and disavowing the violence and hatred, as well as all groups that espouse it. On Wednesday, a post on March on Google''s website said it is postponing the march due to "credible Alt Left terrorist threats." Related: Former Google engineer: "I do not support the alt-right" President Trump also used the term "alt-left" just one day earlier during a news conference. It equated white supremacist marchers, part of what is sometimes called the "alt-right," in Charlottesville to counterprotesters. The term has also been pushed by Fox News Channel''s Sean Hannity. Oren Segal, director of the Anti-Defamation League''s Center on Extremism, called it a "made-up term" used to "suggest there is a similar movement on the left." March on Google claimed it received a threat to drive a car into the march. The specifics mirror what happened in Charlottesville on Saturday, when a car plowed through a crowd of counterprotester, killing Heather Heyer. Notably, months prior, an article circulated among conservative media encouraging readers to drive through demonstrations. It''s unclear how many people would have attended the rally. Facebook events pages for various cities have been deleted; an event page for Mountain View''s March on Google shows just 39 people RSVPd. Meanwhile, a protest to counter the March on Google in New York City shows 193 RSVPs. Damore told CNN Tech on Monday that he was "likely not" going to participate. CNNMoney (New York) First published August 16, 2017: 5:36 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/08/16/technology/culture/google-protests-canceled/index.html'|'2017-08-17T01:36:00.000+03:00'
'04b01823a8678ee29af1046971cabf5ae8afa88e'|'Low yields are warning Fed to think twice on rate hike - Kaplan'|'August 17, 2017 / 7:14 PM / an hour ago Low yields are warning Fed to think twice on rate hike - Kaplan Jonathan Spicer 3 Min Read FILE PHOTO - Dallas Federal Reserve Bank President Robert Kaplan smiles after the True Economic Talks event in Mexico City, Mexico, July 14, 2017. Edgard Garrido/File Photo LUBBOCK, Texas (Reuters) - Financial markets are warning of weakness in the U.S. economy, so the Federal Reserve should be "very patient and judicious" as it considers whether to raise interest rates, a policymaker in the Fed''s cautious camp said on Thursday. In a speech and press conference, Dallas Fed President Robert Kaplan underscored his concerns about a series of weak inflation readings, saying he wants to see evidence that it would rebound "in the medium term" before he could support another rate hike. Minutes from the U.S. central bank''s July meeting showed division between those officials who believe the price weakness is temporary and should not derail tightening plans, and those like Kaplan who have taken pause. "There is no doubt that as the (yield) curve gets flatter and inverted, that is a sign of economic trouble," Kaplan, a voting member of the Fed''s policy committee this year, said of the 10-year Treasury yield at 2.2 percent. "I''m sensitive to that fact ... and I think we need to be very patient and judicious in the next moves on the fed funds rate. That''s what it tells me." Some investors see bond yields as unusually low given the Fed has raised rates three times since December. It could signal expectations of an economic downturn, or could simply reflect better than expected growth in Europe and elsewhere. U.S. stocks, which are sensitive to comments from Fed officials on financial markets, pared some of the day''s hefty losses after Kaplan spoke. While Fed forecasts see one more rate hike by year end, investors give that about a 40 percent chance. "We have to be careful in our further moves" on policy, Kaplan added at a Lubbock Chamber of Commerce luncheon. On Wednesday, Kaplan''s counterpart at the Cleveland Fed offered the counterpoint in the internal central bank debate. "I expect the long bond rate to go up as we continue on this strategy of gradually removing accommodation," Loretta Mester told Reuters in an interview in New York. "I don''t think that the long bond rate being low is a signal that we are going into recession." The Fed''s preferred inflation measure is 1.5 percent, below a 2-percent target. Kaplan, speaking to reporters, said: "I don''t need to see that we''re going to meet that target in the near-term. I just want to see evidence, or belief, that we''re going to meet that target in the medium term." Reporting by Jonathan Spicer; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-fed-kaplan-idUKKCN1AX2FY'|'2017-08-17T22:11:00.000+03:00'
'd22bc00a95721e34f52e5253a16f9ea229514fe0'|'Robust China economic growth shows signs of fading in July'|'FILE PHOTO: People walk pass vendors at a market in Yanji, Jilin Province, China, November 20, 2016. Sue-lin Wong/File Photo BEIJING (Reuters) - China''s strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled, though activity levels generally remained solid, propped up by a year-long construction spree.Industrial output, investment, retail sales and trade all grew less than expected last month, after the world''s second-largest economy put in a surprisingly strong showing in the first half, adding fuel to a global recovery.But economists do not expect any hard landing, with the government keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle in the autumn."The upshot is that both foreign and domestic demand appear to have softened at the start of the third quarter," said Julian Evans-Pritchard, China economist at Capital Economics."A few sectors, such as steel, seem to have defied this slowdown in economic activity. But the strength in these areas likely won''t last given that policy tightening is set to further weigh on infrastructure and property investment in coming months."Factory output rose 6.4 percent in July from a year earlier, the slowest pace since January, according to data from the National Bureau of Statistics on Monday.Analysts polled by Reuters had predicted output would grow 7.2 percent, down from a better-than-expected 7.6 percent in June.Despite the softer-than-expected reading, manufacturing activity still appears to be supported for now by an extended infrastructure boom. Beijing has been pouring money into road and rail projects that have fuelled demand for products from construction equipment to glass and steel.Indeed, China''s steel output rose to a monthly record in July, while power generation was the highest since at least May 2014.Any sharp drop in industrial activity, which appears to be unlikely at this stage, would be a concern for policymakers as it risks rippling across the broader economy.PROPERTY MEASURES BITING HARDER? In a sign that economic momentum could slow further, fixed-asset investment grew 8.3 percent in the first seven months of the year, cooling from 8.6 percent in the first half of the year. Analysts had expected the pace to remain steady.Property investment, in particular, showed signs of fatigue after local governments were forced into repeated rounds of cooling measures to curb soaring home prices.Growth in property investment, which mainly focuses on residential real estate but includes commercial and office space, eased to 4.8 percent in July from a year earlier, versus 7.9 percent in June, Reuters calculations based on official data showed.New construction starts measured by floor area, a telling indicator of developers'' confidence, contracted for the first time since last September, falling 7 percent in July on-year.The statistic bureau said the overheated property market has cooled "somewhat", but it still expected China''s economic performance to be steady in the second half.The performance in July was stable, the bureau said.Growth of private investment also ebbed to 6.9 percent in the first seven months of the year, suggesting small and medium-sized firms still face challenges in accessing financing. Private investment accounts for about 60 percent of overall investment in China.Retail sales pulled back, too, but growth remained in the double-digits for the fifth month in a row, suggesting consumption will continue to overtake factory output and investment as the biggest growth driver of the economy, a key policy goal for Beijing.Retail sales expanded 10.4 percent in July on-year, down from June''s 11 percent and forecasts for a 10.8 percent rise. But while car sales remained solid, automakers cut back production.Concerns about the outlook for domestic demand resurfaced last week after Beijing reported weaker-than-expected import and export data.Though some economists chalked up softer imports to seasonal or one-off factors such as bad weather, others said it may be a sign that China''s trade growth peaked in the second quarter and is now on a downward trend.Beijing is targeting growth of around 9 percent in fixed asset investment for 2017, and expects retail sales to increase about 10 percent."Combined with the previously released data on trade, demand and production in July visibly slowed in July," said Li Qilin, an analyst with Minsheng Securities."As for the property market, it will continue to face downward pressure as projects are completed, with September and November key months to watch."HAS CHINA''S GROWTH PEAKED? China has surprised most pundits this year, with the economy growing a faster-than-expected 6.9 percent in the first half, turbo-charged by heavy government spending, a hot housing market and record bank lending last year that has added to a rapid-build-up in debt.That momentum should ensure the government handily meets its full-year growth target of around 6.5 percent.Analysts have insisted that cracks will appear eventually, leading to a modest slowdown, but have repeatedly pushed back the timing in the face of resilient data.A government crackdown on riskier types of lending has driven a slowdown in credit growth and pushed up financing costs, which are expected to weigh on businesses.Average lending rates edged up to 5.67 percent in June from 5.53 percent in March, China''s central bank said on Friday in its second-quarter policy report, adding it will continue working to fend off risks to the financial system. (For highlights of the PBOC''s report, seeA revival in exports from China and other Asian economies may also be under a cloud.U.S. President Donald Trump is expected later on Monday to turn up pressure on Beijing and order an investigation into some of its trade practices, though that does not necessarily signal any concrete action anytime soon.Reporting by Elias Glenn and Ryan Woo; Additional reporting by Yawen Chen, Stella Qiu and Kevin Yao; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-idINKCN1AU0C8'|'2017-08-14T07:41:00.000+03:00'
'ffeb11193eaf5304046dbf8c13b343ccab9dfd14'|'Deutsche Bank to beef up trade finance in emerging markets'|'August 16, 2017 / 9:52 AM / 2 minutes ago Deutsche Bank to beef up trade finance in emerging markets 2 Min Read FILE PHOTO: The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) plans to beef up its trade finance business in the developing world, creating new jobs and investing in technology, it said on Wednesday. The focus is on Africa, Latin America, the Middle East, Asia, and central and eastern Europe, Germany''s largest bank said. It plans to hire between 20 and 30 people for those locations and will invest "a middle two digit million euro figure" in information technology over the next three years, it said. Daniel Schmand, who heads the bank''s trade finance division, told journalists that he sees unmet demand for trade financing in particular for small and medium-sized companies. "Germany is an export nation that needs strong financing competence," Schmand said. Competitors in the market include Commerzbank ( CBKG.DE ), BNP Paribas ( BNPP.PA ), HSBC ( HSBA.L ) and Citigroup ( C.N ), he said. Deutsche Bank wants to gradually increase its market share in the business, which currently stands at a two-digit percent market share in Germany, he said. Reporting by Tom Sims; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-deutsche-bank-emerging-idUSKCN1AW0WP'|'2017-08-16T12:51:00.000+03:00'
'81a1572995d5aa67995f5e52c21764a9e97b6aaf'|'Transocean in $1.1 billion deal to buy Norwegian rig firm Songa Offshore'|'OSLO (Reuters) - Transocean ( RIG.N )( RIGN.S ), one of the world''s biggest drilling rig operators, has agreed to buy Norwegian competitor Songa Offshore ( SONG.OL ) for 9.1 billion crowns ($1.1 billion), the latest in a series of transactions reshaping the industry.The purchase, to be mostly paid for in shares and convertible bonds, follows Ensco Plc''s ( ESV.N ) acquisition of smaller drilling rival Atwood Oceanics Inc ( ATW.N ) in an all-stock deal valued at about $839 million in May.It also boosts Swiss-based Transocean''s position in drilling in harsh climates such as the Arctic, as Songa is Norwegian oil major Statoil''s ( STL.OL ) top drilling service provider.The offer values Songa shares at 47.50 Norwegian crowns each, a 39.7 percent premium over Monday''s closing price, the two companies said in a joint statement on Tuesday."It (the Transocean deal) is a sign that we are near the bottom of the market, and people don''t expect asset prices to fall much further," Swedbank analyst Magnus Olsvik said."For Transocean, it''s a strategic acquisition," he added.The deal boosts Transocean''s position in harsh-environment drilling and increases its order book by $4.1 billion to $14.3 billion.Four out of seven Songa rigs are on long-term contracts with Statoil, making the deal especially attractive.Including debt, the transaction sets Songa''s enterprise value at 26.4 billion crowns, or close to $3.4 billion.SONGA SHARES SOAR Shares in Songa surged 35 percent on news of the deal, which needs the backing of at least 90 percent of Songa shareholders. About 77 percent of shareholders have so far agreed to the offer, the company said.By 1228 GMT, Songa shares were up 30.3 percent at 44.3 crowns, their highest since March 2016.Songa''s biggest shareholder, Perestroika, owned by Norwegian investor Frederik Wilhelm Mohn, would become the largest shareholder in Transocean as a result of the acquisition with a stake of about 12 percent, the firms said.Mohn, chairman of Songa, will be nominated for a seat on Transocean''s board.In March, Transocean sold its fleet of shallow water jack-up rigs to Norway''s Borr Drilling BORR.NFF for $1.35 billion, saying it wanted to focus on its core deep- and ultra-deepwater rig market.The latest deal comes at a time of upheaval in the industry, with rival deepwater rig firm Seadrill ( SDRL.OL ) undergoing a restructuring of debt and liabilities amounting to some $14 billion, while newcomers such as Borr scoop up cheap assets.Schlumberger ( SLB.N ), the world''s top oilfield services provider, has taken a 20 percent stake in Borr, which plans to list on the Oslo exchange by the end of the third quarter.Asked whether he saw more rig acquisition targets in Norway, Swedbank''s Olsvik said: "Odfjell Drilling ( ODLL.OL ) is an obvious (acquisition) target, but there are no such good matches as in the case of Transocean and Songa Offshore."Reporting by Terje Solsvik; Editing by Dale Hudson and Edmund Blair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-songa-off-m-a-transocea-idINKCN1AV0KP'|'2017-08-15T05:01:00.000+03:00'
'e67d325b467890ad66293db7a86f9dc93927b313'|'Brazil''s JBS maintains plans for IPO of U.S. unit'|'FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. Ueslei Marcelino/File Photo SAO PAULO (Reuters) - JBS SA will proceed with plans to list a U.S.-based unit when market conditions allow, as the world''s No. 1 meatpacker wrestles with a shareholder revolt over the role of the controlling Batista family in a massive graft scandal.In a Tuesday conference call to discuss second-quarter results, Chief Executive Officer Wesley Batista said JBS Foods International Inc could be listed by the end of next year, once parent JBS finalizes 6 billion reais ($1.9 billion) in asset sales to cut debt and restore investor confidence.His remarks came after Brazil''s development bank BNDES, whose investment arm is JBS'' No. 2 shareholder, said earlier in the day that it would endorse a civil lawsuit against management and the billionaire Batista family. The lawsuit alleges that their role in a corruption scheme led to heavy losses in the value of JBS shares."It is not a matter of if but when," he said of the unit''s IPO plan. JBS Foods includes beef brand Swift and Pilgrim''s Pride, among other subsidiaries.BNDES Participações SA, which has about a 21 stake in JBS, will seek Batista''s ouster at a Sept. 1 shareholder meeting. The lawsuit also targets his brother Joesley Batista, who is also a board member, former executives and J&F Investimentos SA, which oversees the family''s 42 percent stake in JBS.Related Coverage Brazil prosecutor to file charges against J&F executives: newspaperIn May, the Batista brothers signed a plea deal with Brazilian prosecutors after admitting to bribing 1,900 politicians over the course of a decade. Since then the brothers have personally negotiated the short-term refinancing of 21 billion reais in JBS debt and the sale of several assets.Following the plea deal, JBS'' board created a compliance division and hired a former U.S. Department of Agriculture official to bolster transparency.Shares rallied in afternoon trading, as the succession of probes and scandals had a smaller-than-expected impact on second-quarter operational trends. The stock added 2.4 percent to 8.81 reais.Earnings Late on Monday, JBS reported quarterly net income that was about half the amount forecast by analysts as net financial expenses jumped to their highest in five quarters on currency variations and adjustments in the fair value of derivatives.Still, earnings before interest, tax, depreciation and amortization, or EBITDA, rose 30 percent from a year earlier to 3.7 billion reais, beating an average estimate of 3.4 billion reais.According to Thiago Duarte, an analyst with Banco BTG Pactual, results reflected a strong performance of the U.S. beef business is booming as the outlook for Brazil-based units remain weak. Batista expects margins to return to historical double-digit levels.JBS is on track to reduce debt faster than investors anticipated, he said. Net debt could drop to 3.5 times annual EBITDA by December, Batista said, noting that those debt levels had not been expected until the end of 2018.The company is also in advanced talks to sell Moy Park Ltd in Europe and U.S. unit JBS Five Rivers Cattle Feeding LLC, following the sales of Argentine assets and a stake in dairy producer Vigor Alimentos SA, Batista said.JBS has also hired lawyers to deal with a potential U.S. criminal investigation of its corporate practices, he said, adding that "none of our U.S. subsidiaries or executives committed any wrongdoing."Reporting by Ana Mano; Additional reporting by Alberto Alerigi Jr in São Paulo; Editing by Guillermo Parra-Bernal and Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-jbs-outlook-idUSKCN1AV1GD'|'2017-08-15T16:22:00.000+03:00'
'365f0cbd45889a83625a158c486b92ff58d9b6b4'|'World''s biggest banks face £264bn bill for poor conduct - Business'|'Banking World''s biggest banks face £264bn bill for poor conduct Costs for 20 financial institutions for the five years to 2016 are higher than in the previous period, with RBS and Lloyds in top five The Royal Bank of Scotland has made provisions for a forthcoming penalty from the US Department of Justice. Photograph: Matt Dunham/AP Banking World''s biggest banks face £264bn bill for poor conduct Costs for 20 financial institutions for the five years to 2016 are higher than in the previous period, with RBS and Lloyds in top five View more sharing options Monday 14 August 2017 19.03 BST First published on Monday 14 August 2017 18.28 BST Fines, legal bills and the cost of compensating mistreated customers reached £264bn for 20 of the world’s biggest banks over the five years to 2016, according to new research that raises doubts about efforts by the major financial services players to restore trust in the sector. This figure is higher than in the previous five-year period – when the costs amounted to £252bn – and is up 32% on the period 2008-12, the first time the data was collated by the CCP Research Foundation, one of the few bodies that analyses the “conduct costs” of banks. The report said the data showed that 10 years on from the onset of the financial crisis, the consequences of misconduct continue to hang over the banking sector. Cost of scandals at major banks The latest analysis show s that in 2016 the total amount put aside by the banks surveyed rose to more than £28.6bn – higher than in the previous year when there had been a fall from a peak of £63bn in 2014. Chris Stears, research director of the foundation, writes in the latest report: “Trust in, and the trustworthiness of, the banks must surely correlate to, and be conditional on, banks’ conduct costs. And persistent level of conduct cost provisioning is worrying. “It remains to be seen whether or not the provisions will crystallise in 2017 [or later] and what effect this will have on the aggregated level of conduct costs.” Two UK high street banks – Royal Bank of Scotland and Lloyds Banking Group – are in the top five of banks with the biggest conduct costs. RBS set aside extra provisions for fines and legal costs largely related to a forthcoming penalty from the US Department of Justice for mis-selling toxic bonds in the run-up to the financial crisis. That residential mortgage bond securitisation mis-selling scandal is responsible for £66bn of the costs incurred during the five-year period and the single largest factor, according to the foundation. The payment protection insurance scandal, which is the main reason Lloyds Banking Group is in the list, caused the banks to set aside £27bn during the period. Lloyds has set aside more than £17bn to tackle the mis-selling of PPI. Roger McCormick, managing director of the foundation, said: “It’s reasonable to assume that the long-running sorry tale of payments and provisions for PPI must come to an end eventually although UK banks made additional provisions for PPI mis-selling of more than £1.5bn midway through 2017.” The foundation uses five-year rolling periods to try to provide a long-term analysis of the costs that banks face to rectify past mistakes, a major theme of the last 10 years, when they were also hit by penalties for rigging foreign exchange markets and interest rates (Libor). “As has been the case since the first table, we find ourselves wondering when, if ever, the level of conduct costs will start to decrease,” said McCormick. He noted that the 2016 figures showed a rapid decline in fines from the Financial Conduct Authority, which issued fines worth £819m in the first six months of 2015 alone, as a result of the market-rigging scandals . Top of the table are major US banks Bank of America, which dominates the table because of its previous bill for the toxic bond mis-selling scandal, JP Morgan and Morgan Stanley. The figures include money set aside for future penalties by the 20 banks and fines and other costs they have incurred to tackle regulatory and legal claims. Stears said there would not be zero conduct costs but added: “The question is at what average level will these costs settle? And, moreover, is that level acceptable to the banks, their shareholders and the public?” Topics'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/aug/14/worlds-biggest-banks-face-264bn-bill-for-poor-conduct'|'2017-08-14T20:42:00.000+03:00'
'fa9c0dc90e3a1a3548917f77b5d29be6c8a69f0c'|'Brazil court freezes Petrobras''s sale of TermoBahia stake to Total'|'SAO PAULO (Reuters) - A Brazilian federal court on Monday temporarily halted the sale by Petroleo Brasileiro SA ( PETR4.SA ) of its 50 percent stake in thermal power station operator TermoBahia to Total Brasil E & P, part of France''s Total ( TOTF.PA ), following a lawsuit, according to a document seen by Reuters.The sale was part of a $2.2 billion deal signed in December which included the sale of stakes in oilfields by Petrobras to the French firm.Reporting by José Roberto Gomes'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-petrobras-total-idUSKCN1B11YJ'|'2017-08-22T00:41:00.000+03:00'
'54f3982bef01fb3cf4b2f390c75ae9e2db23714d'|'BRIEF-India''s S Chand and Company June qtr loss narrows - Reuters'|'Aug 21 (Reuters) - India''s S Chand and Company Ltd* June quarter loss 79 108.7 total income 339.5 million rupees versus 181.3 million rupees year ago* Says approved provision of corporate guaranate worth INR 150 million in favor of Development Credit Bank* Says approved provision of corporate guarantee worth INR 250 million in favor of Federal Bank* Says considered options for restructuring business, units '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/brief-indias-s-chand-and-company-june-qt-idINFWN1L70AZ'|'2017-08-21T11:21:00.000+03:00'
'14f2c975e7b55bfff96e2190a15c72f1a0010903'|'Exclusive: Few foreign bids expected for Petrobras $1 billion natgas project - sources - Reuters'|'The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO/RIO DE JANEIRO (Reuters) - Taking aim at local corruption, Brazil is trying to get competition among global players to build a $1 billion natural gas plant, but the number of foreign bids will be smaller than anticipated due to more stringent requirements, sources said.Brazil''s state oil company Petroleo Brasileiro SA excluded large local engineering firms implicated in a devastating corruption scandal from bidding on the project meant to be a model of clean contracting.However, of the 30 foreign firms that Petrobras invited to bid on the new processing plant, only around five will participate in consortia submitting bids by the Aug. 28 deadline, three sources with knowledge of the matter said.According to the sources, units of Spanish companies Acciona SA and Sener Ingenieria y Sistemas SA, Italy''s Maire Tecnimont SpA , Japan''s Toyo Corp and China Aluminium International Engineering Corp , known as Chalieco, are readying bids.Adolfo Giaretti, head at Tecnimont in Brazil, confirmed the company will bid. Other companies did not comment immediately.Amid concerns they had little recourse if Petrobras cancels the contract, construction and engineering giants Bechtel Corp, Areva SA, Tecnicas Reunida SA, Larsen & Toubro Ltd, SNC-Lavalin Inc, Thyssenkrupp AG, Hatch Ltd and Chicago Bridge & Iron Co were among those that declined to bid, six sources with knowledge of the process said.The companies did not immediately comment.The effort to drum up foreign competition underscores the lengths to which Petrobras is going - and how much further it has to go - to move beyond a sweeping corruption probe that revealed billions of dollars in kickbacks and rigged contracts at the national oil giant whose massive deep water-oil discoveries once seemed to embody Brazil''s future promise.To sanitize the process, Petrobras is now videotaping all meetings with bidders and requiring at least four people in the room, according to people familiar with the talks.Petrobras is also requiring detailed technical proposals to avoid the delays and cost overruns that haunted the site of the new gas plant - a petrochemical complex known as Comperj, which was one of the company''s most corruption-plagued projects.In response to questions about the bidding, Petrobras said construction of the gas unit should begin early next year and declined to comment further on the process.The oil company needs to complete the plant by 2020 or it will be forced to reduce production at highly productive pre-salt oil fields. When the gas extracted with the oil is not processed, it is usually reinserted in the wells. But limits to the re-injecting the gas in the wells will be reached by 2020.A clean and competitive international bidding process would be a victory for Chief Executive Pedro Parente, who has made tackling cost overruns on major investments a priority."The continued delivery of cost reduction is key in building confidence in the turnaround process at Petrobras," Itaú BBA analyst Diego Mendes wrote in a note to clients earlier this year.Success at the Comperj site could also serve as a model for drawing foreign investors and contractors to infrastructure projects throughout Brazil - a cornerstone of President Michel Temer''s economic agenda."There is a big opportunity for Brazil to innovate in projects to close the infrastructure gap," said Norman Anderson, CEO of consulting group CG/LA Infrastructure.RED FLAGS Still, the more stringent requirements for Petrobras contractors have come at a cost.Contracting executives, who requested anonymity to protect professional relationships, say the bidders may spend up to $10 million in detailed engineering designs required by Petrobras for the gas unit and uncertainty in the contracts has kept many from committing to a bid.One aspect of the contract to build the natural gas plant that raised red flags with potential bidders: a clause allowing Petrobras to terminate the contract at any time without cause and without paying penalties or agreeing to arbitration.Suppliers seeking damages if the contract is broken would have to count on the notoriously slow Brazilian courts.After protests, Petrobras included specific reasons that would allow it to terminate the contract unilaterally. Even so, most international bidders considered conditions too risky.The handful that have gone ahead with bids have also formed consortia to dilute the risks, including Chalieco''s partnership with mid-sized Brazilian group Método Potencial. Other foreigners are also choosing Brazilian partners which have not been implicated in previous scandals. In those cases the foreign firms invited by Petrobras remain the prime contractors.($1 = 3.143 reais)Additional reporting by Marta Nogueira in Rio de Janeiro; Editing by Christian Plumb and Marguerita Choy'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/brazil-infrastructure-petrobras-idINKCN1AY1Y9'|'2017-08-18T14:42:00.000+03:00'
'05ba18977a585d914992cedc794c503615d3488e'|'MOVES-Stifel names new senior vice presidents'|'Aug 18 (Reuters) - Stifel Financial Corp said Nicholas Dukas and Jason Dukas have joined its broker-dealer unit Stifel, Nicolaus & Co Inc''s private client group office as senior vice presidents of investment.The father-son duo joins from Wells Fargo Advisors. (Reporting by Arunima Banerjee in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/stifel-financial-moves-nicholas-dukas-idUSL4N1L44JX'|'2017-08-19T00:29:00.000+03:00'
'd67b6473963907d595035805c9db7e642c2aeea1'|'Elliott Management raises stake in BHP to 5 pct'|'August 15, 2017 / 10:53 PM / an hour ago Hedge fund Elliott raises stake in BHP in push for change 4 Min Read Australian mining company BHP''s corporate logo is seen at their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. MELBOURNE (Reuters) - Hedge fund Elliott Management has raised its stake in BHP Billiton ( BHP.AX ) ( BLT.L ) to 5 percent, bolstering its position to agitate for change at the top global miner, but signaled its support for the incoming chairman. New York-based Elliott launched its effort in April, at which point it held a 4.1 percent "economic interest" in BHP''s UK-listed shares, calling for the company to quit all or part of its petroleum business, boost returns and ditch its dual listing. BHP has rejected Elliott''s proposals as flawed or too costly, but Elliott said it was seeing signs of change. "BHP appears to have already taken steps toward a smarter, more value-generative way of conducting business, and we support and encourage continued progress," Elliott said in a statement on Wednesday. The activist investor said it now holds 5 percent of BHP''s UK-listed shares, and also holds a small economic interest in BHP''s Australian shares. In the UK, any shareholder holding more than 5 percent can call an extraordinary general meeting and require the circulation of a resolution. The fund has not decided whether to seek a board seat at the annual meeting in October, a person close to Elliott said. However Elliott''s comments on Wednesday suggested it may wait to see what changes MacKenzie brings to the company. "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders'' calls to take constructive steps to enhance value for BHP and its owners," it said. Those steps include exiting the U.S. shale business "and an in-depth, open and truly independent review of the petroleum business'' place in BHP''s portfolio." "We and other shareholders look forward to hearing more from management on this subject, following the growing analyst and shareholder consensus that BHP should exit U.S. shale," Elliott said. BHP declined to comment on Elliott''s statement. MacKenzie has been sounding out shareholders worldwide ahead of taking up his position as chairman on Sept. 1. Australian investors said Elliott''s increased stake reflected increased confidence in the company''s direction. "They are showing conviction in the prospects of the business," said investment manager Rohan Walsh of Melbourne-based Karara Capital, which owns shares in BHP. However, it was too early to point to any change of strategy yet by BHP, said others. "They''ve put a bit of a blowtorch to BHP - but I don''t think you can say anything that they''ve done has been successful as such," said Andy Forster, senior investment officer at Argo Investments, a top 20 shareholder in BHP''s Australian shares. BHP has acknowledged that it paid far too much when it entered the shale business and in the long run will look to get out of it when the time is right. "They''re not going to give it away," Forster said. Elliott said last month it also had deep concerns over a BHP proposal to enter the currently over-supplied fertilizer market, reiterating its call for change at the mining giant. BHP will report its full year financial results next week. Reporting by Sonali Paul and Melanie Burton; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-bhp-billiton-elliott-idUSKCN1AV2JV'|'2017-08-16T02:27:00.000+03:00'
'509450a8b4a5120582009dcad91aa3c55260c1d5'|'Air Berlin assets to go to more than one buyer: German government official'|'BERLIN (Reuters) - A senior German government official was Quote: d as saying on Thursday that the assets of insolvent Air Berlin ( AB1.DE ) could not be bought by any one competitor due to regulatory reasons."It is quite clear that there won''t be a takeover of Air Berlin by a single airline," Deputy Economy Minister Matthias Machnig told German media group Funke. "This is necessary and correct for antitrust and competitive reasons," he added.Media reports said on Thursday that Germany''s Lufthansa ( LHAG.DE ) is in talks to buy a majority of Air Berlin''s assets such as airport slots, with the backing of Berlin, which is pushing for a national aviation champion.Reporting by Michael Nienaber; Editing by Maria Sheahan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-talks-goverment-idINKCN1AX1JG'|'2017-08-17T11:06:00.000+03:00'
'1d2ee9e2500e4ae637313a26713dadb2345e52b6'|'HDFC Bank cuts rates on certain savings accounts'|'FILE PHOTO: A bird flies past a window of a HDFC Bank branch office in Mumbai, India, October 21, 2015. Shailesh Andrade/File Photo REUTERS - HDFC Bank Ltd ( HDBK.NS ) on Thursday cut interest rates on most of its savings accounts to 3.5 percent from 4 percent.Customers with savings bank account balance of 5 million rupees ($77,924.10) and above will continue to earn interest at 4 percent per annum, the lender said in a statement. bit.ly/2vFvjaFState Bank of India ( SBI.NS ) had cut deposit rates on most of its savings accounts to a six-year low last month to boost net interest margins, prior to the interest rate cut by the Reserve Bank of India.Lenders such as Yes Bank Ltd ( YESB.NS ) and Axis Bank Ltd ( AXBK.NS ) among others have also cut interest rates on certain savings accounts.($1 = 64.1650 Indian Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/hdfc-bank-interest-rates-idINKCN1AX0CM'|'2017-08-17T07:59:00.000+03:00'
'd010e27203066f1e2ad7b7273fbc549320ec79bf'|'CANADA STOCKS-TSX barely higher as bank gains offset slips in miners'|' 45 PM / 22 minutes ago CANADA STOCKS-TSX barely higher as bank gains offset slips in miners 2 Min Read * TSX up 20.82 points, or 0.14 percent, to 15,103.03 * Nine of the TSX''s 10 main groups move higher TORONTO, Aug 17 (Reuters) - Canada''s main stock index edged higher on Thursday, as declines in mining stocks partly offset gains for several heavyweight banks and a jump in shares of Valeant Pharmaceuticals International Inc. Valeant climbed 4.1 percent to C$18.63 after the company said it had resolved the concerns of U.S. authorities about its Bausch + Lomb facility in Tampa. Big banks also gained, helping the financials group add 0.2 percent overall. Royal Bank of Canada rose 0.3 percent to C$93.22, and Toronto-Dominion Bank added 0.3 percent to C$64.14. At 11:16 a.m. ET (1516 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 20.82 points, or 0.14 percent, to 15,103.03. Nine of its 10 main groups were higher, with advancers outnumbering decliners by 1.4-to-1. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent. Fertilizer company Potash Corp of Saskatchewan Inc declined 0.9 percent to C$22.11, and diversified miner Teck Resources Ltd fell 1.2 percent to C$29.40. Among raw materials mined by Teck is copper, whose price in global markets fell 0.6 percent to $6,494.50 a tonne. It also excavates zinc, whose price retreated 0.9 percent to $3,092.50 a tonne. Earlier in the session it touched its highest level since October 2007. First Quantum Minerals Ltd, another base metal miner, fell 1.5 percent to C$13.21. The energy group gained 0.2 percent as oil prices steadied after U.S. data showed a big fall in crude stockpiles but also an increase in production. Prometic Life Sciences Inc declined 5.6 percent to C$1.18, adding to a string of daily declines since reporting revenue that sharply missed expectations last week. (Reporting by Alastair Sharp; Editing by W Simon) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1L30TP'|'2017-08-17T18:45:00.000+03:00'
'a69edde21f9f2cb0d204c088b96c60a1faa09267'|'Computer error? Top trend following hedge funds lose out in 2017 - Reuters'|'August 15, 2017 / 2:42 PM / 34 minutes ago Computer error? Top trend following hedge funds lose out in 2017 Maiya Keidan 3 Min Read Cliff Asness, Co-Founder, Managing Principal and Chief Investment Officer of AQR Capital Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. Lucy Nicholson LONDON (Reuters) - Big computer-driven hedge funds such as AQR Capital Management, Aspect Capital and Two Sigma lost money in the first seven months of 2017, with human stock-pickers making better returns. The average hedge fund made 4.8 percent from the start of the year to July 31, Hedge Fund Research data shows, but a lack of market direction, June''s sharp reversal and low volatility has made trading more difficult for automated funds. "Trend-followers are looking for long, drawn-out, directional moves and look to ride that trend as long as possible," Tom Wrobel, Director of Alternative Investments Consulting at Societe Generale, said. "When there''s a sharp reversal – like in June – they lose money because it goes against the established position." Returns on hedge funds betting on macroeconomic trends were down by 1.4 percent on average to July 31 after losses of between 1.2 and 1.8 percent in three out of the first seven months of 2017, HFR data showed. Losses may have been exacerbated by lower market volatility as trend-following funds typically put on larger positions in such conditions, a strategy that would have backfired for them when trends reversed. Among the biggest losers was AQR Capital Management''s $16 billion managed futures strategy, which lost 6 percent in the first seven months, data compiled by BarclayHedge and reviewed by Reuters revealed. Two Sigma''s Compass Fund, which has $2.5 billion in assets under management, lost 4.4 percent over the same period, while London-based Aspect Capital''s flagship $3.9 billion diversified fund lost 3.4 percent, the data showed. AQR, Two Sigma and Aspect Capital declined to comment. Winton Capital, the fund set up in 1997 by David Harding, was down 0.8 percent, a source close to the firm told Reuters. Harding helped fund the "remain" campaign in Britain''s European Union referendum last year. And Leda Braga''s Systematica Investments'' BlueTrend, which was founded in January 2015 after spinning out of former hedge fund BlueCrest Capital, was down 6.4 percent. However, some computer-driven trend-following funds bucked the trend, including Braga''s Systematica Alternative Markets programme, which made gains of 11.2 percent, a source with knowledge of the firm told Reuters. Also successful during the period were the five main trend-following AHL funds run by Man Group, which all delivered returns of between 0.5 percent and 10 percent over the same period, according to its website. Man Group is the world''s biggest listed hedge fund. Reporting by Maiya Keidan; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-hedgefunds-performance-idINKCN1AV1KA'|'2017-08-15T12:42:00.000+03:00'
'3b0152d848d17fcade563c937b0c41ce26f995c3'|'Shares in French food group Danone rise on bid speculation report'|' 24 AM / 2 minutes ago Shares in French food group Danone rise on bid speculation report Reuters Staff 2 Min Read File Photo - Containers of Danone''s Dannon Yogurt are displayed in a supermarket in New York City, U.S., February 15, 2017. Brendan McDermid PARIS (Reuters) - Shares in French food group Danone ( DANO.PA ) rose on Monday after the New York Post newspaper said in a report over the weekend that Danone could be a takeover target. ( nyp.st/2vxjSjj ) Danone''s shares were up 2.3 percent at 66.43 euros by 0704 GMT, making them the top performer on France''s CAC-40 market index <0#.FCHI>. The New York Post cited a stock market tipster as saying "someone is going to buy Danone", with the tipster adding that "Danone could be bought by a Kraft ( KHC.O ) or a Coke ( KO.N ), and the French government would allow it." A spokeswoman for Danone said the company had no comment to make on the report. French governments have traditionally sought to prevent their leading companies from being taken over by foreign rivals. In 2005 France dashed to the support of Danone in the face of a rumored bid from Pepsi ( PEP.N ), which never actually materialized. ( reut.rs/2wHZQTw ) Reporting by Sudip Kar-Gupta and Matthieu Protard; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-danone-stocks-idUKKCN1AU0ME'|'2017-08-14T10:18:00.000+03:00'
'de3ebe6ab03e5d5e1decd3348ca931d2df9f9618'|'China''s Fosun, Shanghai Pharma say bid for stake in U.S. drugmaker Arbor'|'August 14, 2017 / 6:41 AM / 6 hours ago China''s Fosun, Shanghai Pharma say bid for stake in U.S. drugmaker Arbor Kane Wu 3 Min Read A company logo is pictured at the headquarters of Shanghai Fosun Pharma Group in Shanghai, China September 13, 2016. Aly Song HONG KONG (Reuters) - A unit of China''s Fosun Group and Shanghai Pharmaceuticals Holding Co ( 601607.SS ) are among bidders for a stake in U.S. speciality drugmaker Arbor Pharmaceuticals LLC, the companies said on Monday. The bids come as Chinese companies face tightening scrutiny on their overseas investments. Chinese regulators are reviewing deal agreements in minute details, and have cracked down on some large domestic conglomerates, including Fosun, for their debt-fuelled acquisitions abroad. Shanghai Fosun Pharmaceutical Group Co Ltd ( 600196.SS ) said in a stock exchange filing its Hong Kong unit submitted on July 19 a non-binding bid for a stake in Arbor, which is backed by private equity firm KKR & Co LP ( KKR.N ). In a separate filing, Shanghai Pharma also said it had submitted a non-binding bid for a stake in Arbor on the same day. Both companies did not disclose the quantum of stakes they had bid for nor the financial terms but said they have not entered exclusive talks with the seller. Fosun Pharma said its Hong Kong unit will begin conducting due diligence to determine further steps. Arbor has appointed Bank of America Merrill Lynch to run the sale process, which has attracted around half a dozen preliminary bids, mostly from Chinese companies and private equity firms, according to people familiar with matter. The bank did not immediately respond to a Reuters request for comment. Some of the bidders may seek to acquire control of the company, said two of the people, adding that discussions are at an early stage still. A potential deal could value Arbor at around $3 billion (2.31 billion pounds), two of the people said. Bloomberg, which first reported on the sale process, said the bidders were seeking to buy 20 percent to 30 percent of Arbor. Arbor did not immediately respond to a Reuters query for comment. The sources could not be named as the discussions are confidential. Atlanta-based Arbor produces mainly branded prescription drugs for the paediatric, hospital and cardiovascular markets. New York-based KKR agreed to buy more than a quarter of shares in the company in December 2014, in a deal that valued privately held Arbor at over $1 billion, Reuters reported at the time. Reporting by Kane Wu; Editing by Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-arbor-pharma-m-a-fosun-pharma-idUKKCN1AU0IP'|'2017-08-14T09:41:00.000+03:00'
'47628e5f082bd5393fa22acb6d38410cf4f6424e'|'China issues order to implement U.N. sanctions on North Korea'|'August 14, 2017 / 8:27 AM / an hour ago China issues order to implement U.N. sanctions on North Korea Reuters Staff 1 Min Read A North Korean flag is pictured at its embassy in Beijing January 6, 2016. Kim Kyung-Hoon BEIJING (Reuters) - China''s Commerce Ministry issued on Monday an order banning imports of coal, iron ore, lead concentrates and ore, lead and sea food from North Korea, effective from Tuesday, as Beijing moved to implement United Nations sanctions announced earlier this month. The U.N. sanctions must be implemented 30 days after the resolution was approved in a vote on Aug. 6. Reporting by Josephine Mason; Editing by Christian Schmollinger 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-northkorea-missiles-un-china-idUKKCN1AU0QS'|'2017-08-14T11:27:00.000+03:00'
'2ea48eba2cb764c2ed3c029a6908a2bbbe99b585'|'Buyout firms readying sale of $1 billion Indonesia tower operator STP: sources'|'FILE PHOTO - A general view of the lobby outside of the Carlyle Group offices in Washington, May 3, 2012. Jonathan Ernst/File Photo SINGAPORE/JAKARTA (Reuters) - Buyout firms Carlyle and Southern Capital Group are in talks to sell their majority stake in Solusi Tunas Pratama in a deal that could value the Indonesian telecoms tower operator at about $1 billion, three people familiar with the process said.The private equity firms have hired an adviser to find a buyer for their combined stake of nearly 69 percent in Solusi Tunas Pratama Tbk PT (STP) in which they have been invested for more than five years, said the people.STP is Indonesia''s third biggest independent telecoms tower operator and has a market value of 7.40 trillion rupiah ($553 million). Southern Capital-controlled local entities have a stake of 43.2 percent in STP and Carlye-owned entities have 25.5 percent.A deal will mark the first sizeable consolidation in Indonesia''s highly fragmented tower sector. In Asia, independent firms have been expanding by buying tower infrastructure from carriers, who are aiming to cut debt and focus on their core business.A growing base of mobile phone users with an increase in affordability and demand for data in the region - from India to Indonesia - has lured global funds into the tower business, and some are now looking to cash in on their investments.First-round bids for STP are due by end-August, the people said. STP competes with bigger independent firms Tower Bersama Infrastructure and Protelindo, a unit of Sarana Menara Nusantara, and with many smaller players.Depending on the interest from bidders, Carlyle and Southern Capital could still end up with a minority stake in STP, they said.The sources said the two shareholders were looking at a premium that could value the company at roughly $1 billion.Nobel Tanihaha, president director of STP, declined to comment and referred queries to Carlyle and Southern Capital. The three people Reuters spoke to did not want to be named as the deal talks are not public.Carlyle declined to comment and there was no response from Southern Capital to emails and phone calls.PROMISING SECTOR Two of the people said STP''s main investors were in early talks with Protelindo and Tower Bersama, other local firms, global pension and infrastructure funds and regional players.Sarana Menara declined to say if it was in talks with STP''s shareholders.Helmy Yusman Santoso, chief financial officer at Tower Bersama, also declined to comment but said, "within the growing telecommunications industry, tower sector is still promising. However, this business is a capital-intensive business."Sources told Reuters that state-run Pt Telekomunikasi Indonesia Tbk PT (Telkom) is seen as one of the potential buyers as it could merge its expanding tower unit with STP and emerge as tower powerhouse.David Bangun, Telkom''s director, confirmed to Reuters that the company was in early talks with STP but said a range of options were being considered for its tower unit business.The huge potential for wireless services in Indonesia and plans by telecom firms to sell towers underpin strong prospects for independent tower companies, analysts said."Telcos want to get out of the tower business and monetize the towers. And on the other hand, small tower players might struggle due to lack of scale and that''s when they could be up for sale," said Sachin Mittal, analyst at DBS Vickers Securities.Reporting by Anshuman Daga in SINGAPORE and Cindy Silviana in JAKARTA; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-solusi-tunas-m-a-idINKCN1AX14G'|'2017-08-17T08:51:00.000+03:00'
'4016bd4272fb834574d4aea7ffc182e321df3d2a'|'Hyundai Motor to launch electric vehicle with 500 km range after 2021'|'Hyundai Motor''s new fuel cell SUV is seen during a media event in Seoul, South Korea August 17, 2017. Kim Hong-Ji SEOUL (Reuters) - Hyundai Motor Co ( 005380.KS ) said on Thursday it was placing electric vehicles at the center of its product strategy - one that includes plans for a premium long-distance electric car as it seeks to catch up to Tesla ( TSLA.O ) and other rivals.Like Toyota Motor Corp ( 7203.T ), Hyundai had initially championed fuel cell technology as the future of eco-friendly vehicles but has found itself shifting electric as Tesla shot to prominence and battery-powered cars have gained government backing in China.Toyota is now also working on longer distance, fast-charging electric vehicles, local media have reported.The South Korean automaker is planning to launch an electric sedan under its high-end Genesis brand in 2021 with a range of 500 km (310 miles) per charge. It will also introduce an electric version of its Kona small sport utility vehicle (SUV) with a range of 390 km in the first half of next year."We''re strengthening our eco-friendly car strategy, centering on electric vehicles," Executive Vice President Lee Kwang-guk told a news conference, calling the technology mainstream and realistic.The automaker and affiliate Kia Motors Corp ( 000270.KS ), which together rank fifth in global vehicle sales, also said they were adding three plug-in vehicles to their plans for eco-friendly cars, bringing the total to 31 models by 2020.Underscoring Hyundai''s electric shift, those plans include eight battery-powered and two fuel-cell vehicles - a contrast to its 2014 announcement for 22 models, of which only two were slated to be battery-powered.Hyundai also confirmed a Reuters report that it is developing its first dedicated electric vehicle platform, which will allow the company to produce multiple models with longer driving ranges.Last year, it launched its first mass-market pure electric car IONIQ, but the vehicle''s per-charge driving range is much shorter than offerings from Tesla and General Motors ( GM.N ).Hyundai Motor''s new fuel cell SUV is seen during a media event in Seoul, South Korea August 17, 2017. Kim Hong-Ji HYDROGEN SUV Hyundai unveiled a near production version of its new fuel cell SUV with a driving range of more than 580 km per charge, compared with the 415 km for its current Tucson fuel cell SUV.The mid-sized SUV will be launched in Korea early next year, followed by U.S. and European markets.Slideshow (4 Images) A fuel cell electric bus is slated to be unveiled late this year, while a sedan-type fuel cell car is also planned. Even so, analysts noted that gaining traction with fuel cells was going to be a long hard slog partly due to a lack of charging infrastructure."Hyundai will achieve economies of scale for fuel cell cars by 2035 at the earliest," said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade."Before that, Hyundai has no choice but to rely on battery cars," he said.Hyundai launched the world''s first mass-produced fuel cell vehicle in 2013, dubbed the Tucson Fuel Cell, but sales trailed Toyota''s rival offering, Mirai.Hyundai has sold about 862 of Tucson Fuel Cell vehicles since its 2013 launch, while Toyota sold some 3,700 Mirai Fuel Cell vehicles since its 2014 launch.In Korea, there are 10 fuel cell charging stations, only one tenth of 100 in Japan, Hyundai said.Reporting by Hyunjoo Jin; Maki Shiraki in TOKYO; Editing by Edwina Gibbs and Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-hyundai-motor-electric-vehicle-idINKCN1AX039'|'2017-08-17T04:05:00.000+03:00'
'62a67a9ccf19eb9601e663c183b6492bc319e22b'|'Facebook tests adding news stories customised to users'' interests'|'August 17, 2017 / 7:51 PM / in 16 minutes Facebook tests adding news stories customised to users'' interests David Ingram 3 Min Read FILE PHOTO - Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France on January 17, 2017. Philippe Wojazer/File Photo SAN FRANCISCO (Reuters) - Facebook Inc ( FB.O ) is testing a feature in the Facebook News Feed that provides customised links to news on topics of interest to individual users, as the company continues to search for ways to increase the amount of time that people spend using the world''s largest social media network. The offering, called "Featured Topic," is being tested on News Feed, the core of Facebook. Each selected item includes a couple of sentences of text on a subject, a link to a news story and a photo, according to an example seen by Reuters on Thursday. Facebook confirmed that the feature was in testing and said it was designed to help people discover stories that might be relevant to them. The company makes frequent changes to the News Feed, typically testing potential features at length before making them official. Facebook''s News Feed includes items posted by a user''s friends and family - displayed in an order according to Facebook''s algorithms - as well as ads and posts from outlets that a user likes. Many media companies, however, provide their subscribers with lists of stories that correspond to readers'' individual interests, based on their use of a news site. Presenting news stories has been tricky for Facebook. In May 2016, Facebook changed the procedures behind its "Trending Topics" section after a news report alleged that the company had suppressed conservative news and a Republican U.S. senator demanded more transparency. Facebook in December began rolling out a series of changes to stem hoaxes, clickbait and false news stories like those that spread ahead of last year''s U.S. presidential election. Ahead of the election, Facebook users saw fake reports saying that Pope Francis had endorsed Republican Donald Trump and that a federal agent who had been investigating Democratic candidate Hillary Clinton was found dead. An array of other services, such as Twitter Inc ( TWTR.N ) and Snap Inc''s Snapchat ( SNAP.N ), offer competing ways to find trending news. Last month, Alphabet Inc''s ( GOOGL.O ) Google overhauled its mobile search app to include a personalized feed of links. Reporting by David Ingram; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-facebook-publishing-idUKKCN1AX2IZ'|'2017-08-17T22:54:00.000+03:00'
'9f55e0e1bcae147622fdfca7ba3e873c3917a050'|'TREASURIES-Bonds steady as global central bankers in focus'|'(Updates prices) * Jackson Hole conference watched for monetary policy clues * ECB''s Draghi to speak on Wednesday By Karen Brettell NEW YORK, Aug 21 (Reuters) - U.S. Treasuries were steady on Monday as investors awaited speeches by top global central bankers later this week for further signals about monetary policy, with no major data releases to set market direction. Investors were focused on this week''s annual central banking conference in Jackson Hole, Wyoming, which begins on Thursday. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are due to speak at the conference. Draghi, who will also speak at an event in Germany on Wednesday, will be the main focus as investors watch for any indications that the ECB may begin paring asset purchases. "Are they going to try to pare back asset purchases, what their thinking is on inflation," are among the main questions, said Subadra Rajappa, head of U.S. interest rate strategy at Societe Generale in New York. Yellen''s speech on Friday will center on financial stability and is seen as less likely to provide clues on the Fed''s balance sheet plans. Many analysts and investors expect the U.S. central bank will announce a plan to reduce its balance sheet at its September policy meeting. Treasury yields fell to almost two-month lows on Friday as the continued shakeup and infighting at the White House reduced expectations that lawmakers will pass fiscal measures aimed at boosting growth. U.S. President Donald Trump on Friday fired his chief strategist Steve Bannon in the latest White House personnel change. Many investors were seen as reluctant to buy Treasuries at relatively low yields, however, which kept a cap on the bond rally. "Yields have refused to meaningfully rally," Rajappa said. "I think the market''s resisting going mass long at these levels because everything looks very rich." Benchmark 10-year notes gained 4/32 in price to yield 2.18 percent, down from 2.19 percent on Friday. (Editing by Meredith Mazzilli and Paul Simao) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1L70ZI'|'2017-08-21T17:01:00.000+03:00'
'611672c44c46cac66faf92bbf82a5c082486c8b4'|'On sidelines of trade talks, businesses tout NAFTA''s benefits'|'August 17, 2017 / 8:36 PM / 5 minutes ago On sidelines of trade talks, businesses tout NAFTA''s benefits Ginger Gibson and Anthony Esposito 5 Min Read Union workers and farmers protest as NAFTA renegotiation begins in Washington, D.C., in Mexico City, Mexico August 16, 2017. Carlos Jasso WASHINGTON (Reuters) - Steps away from this week''s NAFTA trade negotiations, business unified in hopes of sending a singular message: do no harm. Representatives from the United States, Canada and Mexico convened behind closed doors at a Washington, D.C. hotel in an effort to strike a new North American Free Trade Agreement. And not far away, industry representatives from all three nations sat waiting and hoping to influence the talks. After two days of meetings, lobbyists admitted privately that they remained mostly in the dark, swapping rumors about dates and times of future meetings but unsure what progress was being made in the first round of discussions. The meetings were largely expected to be procedural, with little discussion on substance in the early days. The decision to renegotiate NAFTA has largely been driven by politics, chiefly U.S. President Donald Trump, who earlier this year threatened to withdraw entirely. Business, on the other hand, has largely praised the agreement and hopes to convince all three governments to make minimal changes to the pact. U.S.-Canada-Mexico trade has quadrupled since NAFTA took effect in 1994, surpassing $1 trillion in 2015. "We''re all in the same boat," said Flavio Volpe, president of the Canada''s Automotive Parts Manufacturers'' Association. "In the end we all serve primarily the U.S. consumer. So if you''re going to raise the cost structure, or if you''re going to change the dynamic flow of good or people in those three countries, you''re really hurting the cost to market for the U.S. customer." The U.S. had an autos and auto parts trade deficit of $74 billion with Mexico last year – without which, there would have been a U.S. trade surplus, not a $64-billion deficit. The United States had a much smaller $5.6-billion automotive trade deficit with Canada last year, but autos was the still a major component of an $11.8 billion overall U.S. goods trade deficit with Canada last year. But including services trade, the United States ran an overall surplus with Canada. Volpe''s counterparts from the United States and Mexico were also on hand - with hopes of presenting a united front not to see a disruption to the auto industry. Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co ( GM.N ), Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles ( FCHA.MI ), stopped by the talks hotel to chat with negotiators, answer questions and “glean information” about U.S. negotiating objectives. Union workers and farmers protest as NAFTA renegotiation begins in Washington, D.C., in Mexico City, Mexico August 16, 2017. Carlos Jasso However, he said insights into the talks were hard to come by, as negotiating teams had not yet revealed details of their proposals to each other. “There are a lot of poker-faces around here,” he said. He wasn''t the only American lobbyist floating in and out of the hotel. Some held lunch meetings in the hotel restaurants and then returned to their downtown offices. From mining, to textiles to dairy farmers, various groups held sideline meetings. About 100 business representatives from Mexican companies waited in a meeting room to see if there were any questions negotiators might have for them. And Canadian industry groups mostly worked on their own. For the most part, the business groups presented a united front. Juan Pablo Castanon, president of the Mexican business group Consejo Coordinador Empresarial, said his group has been working with the U.S. Chamber of Commerce for three years. After the November U.S. elections, they began working to tout the benefits of NAFTA. "The level of contact and communication is intense and one of collaboration," Castanon said. The U.S. Chamber of Commerce, the largest business lobby in Washington that represents companies big and small across the country, confirmed they plan to attend all the sessions - where they expect to hold sideline meetings with other business groups and government officials. The Chamber may also hold sideline events or briefings during future discussions. Even industry groups who weren''t in agreement with their North American counterparts found other stakeholders to discuss common ground. The Canadian Dairy Farmers are at odds with their American counterparts, but still found a chance to talk, said the Canadian group''s spokeswoman Isabelle Bouchard. "To have discussions with counterparts within our own industry and even different industries who are in similar situations than us, it''s important and we have seen though past trade negotiations how important it is," said Bouchard. Reporting by Ginger Gibson and Anthony Esposito. Additional reporting by David Ljunggren, Lesley Wroughton and David Lawder; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-trade-nafta-lobbying-idUSKCN1AX2MQ'|'2017-08-17T23:38:00.000+03:00'
'd2d2903a6b8d549f72ac017f1ef66050ad9d413e'|'China''s Dongfeng Motor has no M&A plan for Fiat Chrysler: Dongfeng spokesman'|'A woman stands next to Dongfeng motor group''s SUV vehicle SX6 during the Auto China 2016 show in Beijing, China April 26, 2016. Kim Kyung-Hoon BEIJING (Reuters) - Dongfeng Motor Group has no plans at the moment to acquire all or part of Fiat Chrysler Automobiles NV (FCA), a spokesman of the Chinese automaker said on Thursday in response to a question by Reuters.“We currently have no plans,” said Zhou Mi, a Wuhan-based spokesman for Dongfeng Motor.Zhou was responding via email to a question whether Dongfeng Motor was interested in acquiring all of FCA, just Fiat or Chrysler only, or a specific brand or technology that belongs to FCA. Dongfeng Motor Group is based in Wuhan.Dongfeng Motor was one of several Chinese automakers cited in an Automotive News report on Monday that said representatives of "a well-known Chinese automaker" had made an offer this month for FCA and that other potential Chinese suitors were interested.Other Chinese car makers mentioned in the Automotive News report included Great Wall Motors, Zhejiang Geely Holding Group, and Guangzhou Automobile Group.Geely Automobile Holdings Ltd said on Wednesday it was not planning a bid for FCA.Reporting By Norihiko Shirouzu; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fiat-chrysler-m-a-dongfeng-group-idINKCN1AX0RM'|'2017-08-17T06:10:00.000+03:00'
'27ef3047797a0b2a056bba8a2c921cfe69669046'|'After CEO''s dramatic exit, Infosys faces recruitment headache'|'* Ongoing spat between founders, board complicates CEO search* External candidates are unlikely, analysts sayBy Sankalp Phartiyal and Nivedita BhattacharjeeMUMBAI/BENGALURU, Aug 19 (Reuters) - The dramatic departure of Vishal Sikka as chief executive of Infosys, following a months-long public battle with the tech giant''s founders, has left the company with another messy problem: how to find someone willing to replace him.With the boardroom row still simmering, the pressure will be on to do that fast.The company''s last CEO hunt in 2014 was a major challenge. Sikka, the eventual choice who was plucked from a top job at SAP , was the first chief appointed from outside the group of founders. His brief was to turn around a faltering business.Three sources familiar with internal discussions three years ago said they expected an even tougher challenge now."It was extremely hard to find an external candidate last time, and the spat is going to make the job even more difficult now," said one of the sources."I think there is very little chance there will be an external candidate."The new boss will be taking on a company in better shape than it was in 2014: Sikka has led efforts to diversify Infosys away from basic IT outsourcing services into more lucrative new areas, like cloud, automation and artificial intelligence.Infosys'' share price surged 22 percent between Aug. 1, 2014, when Sikka took office and Thursday, outperforming the broader Nifty IT index, which gained 6.3 percent in the period.But his successor will also join during one of the most turbulent patches ever for the $150 billion Indian IT services sector. The industry is facing squeezed margins, Brexit question marks over European businesses, and uncertainty in the United States, thanks to visa policy changes.Infosys'' chairman, R Seshasayee, told reporters the company would not look for a major change in culture or strategy and was confident it could still attract talent."There may be some people who get excited by these kinds of challenging situations," said a senior Infosys source. "But anyone who is comfortable and doing well will think long and hard before taking this job."The company has not publicly identified potential successors, though the interim chief executive Pravin Rao, CFO Ranganath D Mavinakere, deputy COO Ravi Kumar S and Mohit Joshi, the head of banking, financial and insurance services, are among the top internal candidates, according to the company source.STAYING ON In an unusual move, the board of India''s No. 2 IT services company accepted Sikka''s resignation, but named him executive vice chairman until a replacement was found. Rao reports to him.The board also blamed Narayana Murthy - one of the company''s co-founders, a heavyweight in Indian business and one of the most vocal critics of the board - for the exit and for undermining his efforts to transform Infosys.That leaves any successor likely to continue to face a board at odds with powerful minority shareholders: the men who created the company and transformed outsourcing four decades ago.Infosys and its founder executives, led by Murthy, have been at odds since February. Sore points include increases in Sikka''s salary, what they argue was the overpriced acquisition of the Israeli automation firm Panaya and severance packages offered to some executives.While the board has consistently backed Sikka publicly, some shareholders like Avinash Vazirani of Jupiter Asset Management say directors have not done enough to build investor confidence."I think the question is whether the board enjoys the support of the investors and shareholders," Vazirani said on an investor call on Friday."There has clearly been a failure on the part of the board to get the company in the situation where it is now."Infosys'' co-chair, Ravi Venkatesan, told investors on Friday the board would seek to settle the dispute before making permanent changes at the top."We will have to find ways to put this decisively to bed, so that by the time we have a couple of viable candidates, there is more stability," he said.Yet the abrupt departure of the man seen as an innovator in the global software industry has raised fresh questions over Indian corporate governance practices.India will be the battleground for many such corporate tussles as companies transition from founder- and owner-led companies to entities run by professional CEOs and boards, said Shriram Subramanian of InGovern, a shareholder advocacy group.The public row at Infosys is reminiscent of Cyrus Mistry''s unceremonious ouster in November as boss of Tata Group: another professional chief executive exiting over differences with a key shareholder - in that case, the Tata family patriarch, Ratan Tata."A belligerent attitude towards the founders of an iconic company will keep friction levels high and the search for an external CEO tough," Ankur Rudra, an analyst with CLSA, warned in a note. (Reporting by Sankalp Phartiyal and Nivedita Bhattacharjee; Additional reporting by Samantha Kareen Nair and Tanvi Mehta in Bengaluru and Abhirup Roy in Mumbai; Editing by Euan Rocha and Philip McClellan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/infosys-ceo-succession-idUSL2N1L40L6'|'2017-08-19T11:32:00.000+03:00'
'5b55659a05024119a12c874f0762f4420eab21ef'|'TalkTalk scam victims move closer to class-action lawsuit'|'Lawyers acting for around 50 people defrauded by scammers after a major data breach at TalkTalk in 2014 are discussing their next move, which victims hope could herald the start of legal action against the broadband firm.Last week the Information Commissioner’s Office (ICO) announced it was fining TalkTalk £100,000 for failing to look after its customers’ data. The ICO said TalkTalk had breached data protection laws by allowing unjustifiably wide-ranging access to its systems by external companies, including Wipro, an Indian IT services firm it employed to deal with complaints and coverage problems. Staff there had access to large quantities of TalkTalk customers’ data including names, addresses, phone numbers and account details.The ICO report referred to 21,000 TalkTalk customers who’d had their data breached. Fraudsters started to ring TalkTalk customers at home, quoting their account numbers, and were able to convince them that they were calling from the broadband firm. Customers, who were used to talking to Indian staff at the telecoms firm, were told there were internet problems that required a fix. The fraudsters conned the customers into giving them access to their bank accounts to make a £250 payment. Instead, they had their accounts cleaned out.Facebook Twitter Pinterest Graeme Smith lost £2,800 to scammers Photograph: Gary Calton for the GuardianIn 2015, Guardian Money featured the case of Graeme Smith who lived near Chester-le-Street in County Durham. He lost £2,800 to fraudsters who had obtained his account details. Since then several others have come forward, some of whom have lost larger sums.TalkTalk has consistently denied responsibility for the frauds, arguing that these customers were duped in the same way as many others are by frauds that plague UK consumers.Lawyers acting for the victims had been waiting for the ICO to rule on the data breach before starting legal proceedings. Sean Humber, a solicitor at information law specialist Leigh Day, who is bringing the group action, said his firm would be speaking to barristers shortly “before we make a decision regarding the action”.“We welcome the ICO’s recognition of TalkTalk’s failure to protect its customers’ information, leaving them at huge risk of being targeted by fraudsters,” Humber said. “Customers of all companies, particularly those that hold large amounts of data online, should be able to trust that their personal and private information is safe.“The ICO recognised that this data breach was of a kind likely to result in customers being scammed. Those affected may have claims for compensation under the Data Protection Act, and for a breach of their confidence, by arguing that the losses suffered were caused by TalkTalk’s failure to keep their personal information secure.”TalkTalk said: “We notified the ICO in 2014 of our suspicions that a small number of employees at one of our third-party suppliers were abusing their access to non-financial customer data. We informed our customers at the time and launched a thorough investigation, which has led to us to withdraw all customer service operations from India. We continue to take our customers’ data and privacy incredibly seriously, and while there is no evidence that any of the data was passed on to third parties, we apologise to those affected.”TalkTalk customers who have been scammed can contact Leigh Day on 020 7650 1200, or by emailing shumber@leighday.co.uk or abalasingam@leighday.co.ukTopics Broadband Scams Internet, phones & broadband TalkTalk Telecommunications industry Consumer affairs news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/talktalk-scam-victims-class-action-data-breach'|'2017-08-19T14:00:00.000+03:00'
'6895f06eb4ebe7dd227e1252fec71e67b3fa0f44'|'Three Charts Show the Winner in the Executive Pay Revolt'|'Protests about bosses being paid too much are starting to have an impact, in Britain at least.Companies from drugmaker AstraZeneca Plc to Wm Morrison Supermarkets Plc have all faced shareholder uprisings over excessive compensation. In an election year, Prime Minister Theresa May added to the pressure, lambasting the gap between the pay of top execs and ordinary workers.A look at the data shows business is starting to heed these warnings: the median compensation of a FTSE 100 CEO fell 7 percent in 2016. For the 24 companies that disclosed figures for 2017, it&apos;s down 22 percent, according to data compiled by Bloomberg.Some of the biggest earners in the FTSE 100 had their pay for 2016 clipped. WPP Plc&apos;s Martin Sorrell, the highest-paid CEO in the index, saw his pay drop by about 20 million pounds. Reckitt Benckiser Group Plc reduced Rakesh Kapoor’s compensation by more than 40 percent.But the decline isn&apos;t just the result of a few of the highest earners getting less. Fewer CEOs are earning between 5 and 10 million pounds a year, while more are having to scrape by on 1-2.5 million pounds ($1.3 million to $3.2 million).Still, don&apos;t feel too sorry for them. The average FTSE 100 boss still earns almost 130 times more than their typical employee, according to a report by the Chartered Institute of Personnel and Development and the High Pay Centre.This year&apos;s modest pay reduction may appease some shareholders; it won&apos;t end the political uproar.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-18/three-charts-show-the-winner-in-the-executive-pay-revolt'|'2017-08-18T14:26:00.000+03:00'
'3dc20e335845f965d0ff26eb2bfb1de0ebc85fb0'|'Drop in airlines dampens FTSE 100 after Spanish attack'|'August 18, 2017 / 9:25 AM / 12 minutes ago Drop in airlines dampens FTSE 100 after Spanish attack 3 Min Read The London Stock Exchange is seen attached to the building London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s top share index came under pressure from falls among financials and airline stocks, caught up in a broader risk-off move following the attack in Spain. The FTSE 100 .FTSE index was down 1 percent at 7,320.66 points by 0908 GMT, extending the previous session''s losses after three days of gains. It was still set to end the week with a small gain, however. A suspected Islamist militant drove a van into crowds in Barcelona on Thursday, killing 13 people and injuring more than 100. Shares in International Consolidated Airlines ( ICAG.L ), which operates British Airways, and easyJet ( EZJ.L ) were the biggest fallers among the blue chips, both down more than 2 percent as the broader European travel & leisure sector .SXTP dropped 1.4 percent. "The entire airline and leisure industry is down today purely from the attacks," said John Moore, trader at Berkeley Capital. "People in the forthcoming months, we believe, will be less likely to take trips abroad," he said, adding that he expected the airline stocks to recover. Randgold Resources ( RRS.L ) led the handful of risers, up 1.7 percent as investors sought safety in assets such as precious metals miners and the price of gold rose for the third day straight by political turmoil in the United States. Falls among financials also added pressure to the index, taking nearly 15 points off the FTSE 100, with HSBC ( HSBA.L )< Barclays ( BARC.L ) and Lloyds ( LLOY.L ) among the biggest weights. British mid caps .FTMC were also 0.8 percent lower, led by a fall in Hikma''s ( HIK.L ) shares which extended losses into a second day after trimming its sales forecasts on Thursday. The health care firm has fallen more than 14 percent over the past two sessions, and broker HSBC cut its target price on the stock. "Management also repeatedly stated that pricing is cyclical, the industry has been here before and that it will recover. We disagree," analysts at HSBC said in a note, adding that they expect U.S. drug pricing to remain under increasing pressure through the second half of 2017 and onwards. Reporting by Kit Rees; editing by Andrew Roche 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1AY0WH'|'2017-08-18T12:32:00.000+03:00'
'50ecc67630b9e9a72110edfdc08e2799bba76f05'|'Apple''s Cook says he disagrees with Trump, vows donations to rights groups'|'August 17, 2017 / 9:50 AM / 6 hours ago Apple''s Cook says he disagrees with Trump, vows donations to rights groups 3 Min Read (Reuters) - Apple Inc (AAPL.O) CEO Tim Cook has joined a chorus of business leaders who have voiced their opposition to President Donald Trump after he blamed white nationalists and anti-racism activists equally for violence in Virginia over the weekend. "I disagree with the president and others who believe that there is a moral equivalence between white supremacists and Nazis, and those who oppose them by standing up for human rights. Equating the two runs counter to our ideals as Americans," Cook wrote in a note late on Wednesday to employees, according to technology news website Recode. Cook also said in the letter that Apple will donate $1 million a piece to the Southern Poverty Law Center and the Anti-Defamation League and will match two-for-one their donations to the organizations and other human rights groups until Sept. 30. "Regardless of your political views, we must all stand together on this one point — that we are all equal. As a company, through our actions, our products and our voice, we will always work to ensure that everyone is treated equally and with respect," Cook wrote. U.S. President Donald Trump listens as Tim Cook, CEO of Apple speaks during an American Technology Council roundtable at the White House in Washington, U.S., June 19, 2017. Carlos Barria Cook''s letter came hours after Trump disbanded two high-profile business advisory councils as several chief executives quit in protest over his remarks blaming weekend violence in Charlottesville, Virginia on anti-racism activists as well as white nationalists that left a 32-year-old woman dead. "The events of the past several days have been deeply troubling for me, and I’ve heard from many people at Apple who are saddened, outraged or confused," Cook said. "What occurred in Charlottesville has no place in our country. Hate is a cancer, and left unchecked it destroys everything in its path. Its scars last generations. History has taught us this time and time again, both in the United States and countries around the world," Cook added. Earlier on Wednesday, the company was disabling Apple Pay on several websites that sell attire and items in support of white nationalists and hate groups, several tech news websites reported. Apple joined social media networks Twitter Inc and LinkedIn, music service Spotify Ltd and security firm Cloudflare Inc that were cutting off services to hate groups or removing material that they said spread hate. Reporting by Brendan O''Brien in Milwaukee; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-trump-apple-idUSKCN1AX0YR'|'2017-08-17T12:50:00.000+03:00'
'55888003d3978c3fe1a58e8097b21e89ebe9f260'|'Frankfurt and Dublin make bankers feel wanted in battle for Brexit jobs'|'August 18, 2017 / 6:08 AM / 8 hours ago Frankfurt and Dublin make bankers feel wanted in battle for Brexit jobs Anjuli Davies and Padraic Halpin 9 Min Read LONDON/DUBLIN (Reuters) - "I''m here to send you the regards of the Federal Chancellor. I am entitled to tell you we want you in Germany." This private message from Angela Merkel, delivered by a regional politician to Wall Street bankers last year, is having the desired effect. Frankfurt, along with Dublin, is emerging on top in the battle to draw highly-paid banking jobs - and the tax revenue that they bring - away from London before Britain''s departure from the European Union in March 2019. Germany has favored a subtle approach, with Chancellor Merkel saying little if anything in public on what is a sensitive issue at home. Instead she relied on Volker Bouffier, prime minister of the state of Hesse where Frankfurt is located, to take her invitation to New York in November, according to three sources familiar with the discussions. Irish leaders have been less reticent, but both countries have sent the same welcoming message to U.S., Japanese and other foreign banks - despite the public unpopularity of bankers that still lingers after the global financial crisis. While Paris and Amsterdam are set to lure one or two major lenders, Germany and Ireland have so far secured the bulk of commitments from big-name banks. Even then, the work of lobbyists is not over: they are pushing to host the huge business of clearing deals in euro-denominated securities, now dominated by the British capital. Banks have been undertaking legal, financial and economic analysis in choosing new bases for their EU business if it can no longer be done from London. But they also need to know the political climate will be favorable. "Bankers want reassurance that the government wants them," one senior banking executive told Reuters. "Business does care about political sentiment towards them. There''s a reason: if there are problems you know that government will use its powers to help you." The largest global banks in London have indicated that about 9,600 jobs could go to the continent or Ireland in the next two years, though few have yet moved, according to public statements and information from industry sources. In recent weeks Morgan Stanley, Citi and Bank of America as well as Japan''s Nomura, Mizuho and Sumitomo Mitsui have announced decisions for new EU headquarters, all opting for Frankfurt or Dublin. These cities'' success follows year-long campaigns, as government agencies and lobby groups staged a charm offensive with the banks unseen since the 2007-09 crisis. BAILOUT MEMORIES Merkel, who is seeking re-election next month, left city and Hesse officials to do the rounds in New York. That included the one-on-one meetings with senior executives on Wall Street when Bouffier passed on her message. German taxpayers had to fund a series of bank bailouts during the crisis, and the bad memories remain due to Deutsche Bank. While Germany''s biggest bank did not needed rescuing, it has run up a litigation bill of 15 billion euros ($17.5 billion) since 2009 due to extravagant market bets and misconduct. Local officials have had fewer inhibitions than the national politicians. The Frankfurt Main Finance lobby group went on more than 50 trips to foreign banks'' home bases in the past year. "We''ve had indications that two thirds of the major banks'' moves will be to Frankfurt," lead campaigner Hubertus Vaeth said. Morgan Stanley, Citi and JPMorgan say Frankfurt will be their EU trading base after Brexit. However, Vaeth told Reuters: "The strategy was to be subtle. There was no glee or triumphalism." As a medium-sized provincial city, Frankfurt has also been proclaiming its cultural attractions. That involved taking Wall Street firms to the city''s English-language theater and Japanese bankers to see the Eintracht Frankfurt soccer team play. Ireland has adopted similar sporting tactics. When Dublin hosted an American Football game between Boston College and Georgia Tech last year, government ministers worked the room at a dinner of 500 executives from Boston and Atlanta, including State Street CEO Jay Hooley. The Irish political welcome has been more evident. New Prime Minister Leo Varadkar, building on work by his predecessor Enda Kenny, has met several bank bosses and posted a picture on his website of him smiling with Bank of America CEO Brian Moynihan. Politicians posing with bankers had been close to anathema since a collapse of the Irish financial system forced the country to take an international bailout in 2010, bringing austerity policies which hurt voters badly. Kieran Donoghue, IDA Ireland''s head of International Financial Services poses for a photograph in London, Britain, August 14, 2017. Hannah McKay EXPENSE AND DISRUPTION Extra banking jobs and tax revenue are vital for Ireland, a small economy that has relied for decades on foreign investment. Having attracted all 10 of the world''s largest pharmaceutical companies as well as technology firms such as Google, Facebook and Apple, Ireland moved pre-emptively to offset any economic damage inflicted when Britain - its second biggest export market - leaves the EU. IDA Ireland, the state agency charged with winning foreign business, began meeting banks three months before Britons voted to leave the EU. When billboards went up around London after the referendum extolling Paris as a financial center, IDA officials were already in boardrooms making their pitch for Dublin. "These investments are won through engagement at a senior level. We weren''t trying to build relationships from scratch," IDA chief executive Martin Shanahan told Reuters. Dublin has bagged the planned EU headquarters of Barclays and Bank of America. JPMorgan has bought a building in the city, and is expected to move more middle and back office jobs - such as risk management and deal processing - there. Slideshow (8 Images) Banks, however, are holding off on moving large numbers of people yet, focusing on ensuring they have the right legal and operational framework to do business in the EU if Britain fails to negotiate a favorable exit deal, executives say. Citi for example has said the maximum number of jobs it may need to shift out of London is only around 150. The worry for Dublin and Frankfurt is that banks could set up the EU legal entities for their trading businesses in the cities, leaving national regulators with the task of overseeing their massive balance sheets, but with the bulk of jobs staying in London or placed elsewhere in the EU. "Most banks are looking to minimize expense and disruption by relocating as little as possible in the first instance," said Matt Austen, UK head of financial services at Oliver Wyman. Supervisors are on guard for setups that are little more than fronts for staff still working in London. The European Central Bank has repeatedly warned that "shell" operations will not be accepted. MASSIVE BENEFITS Many banks'' concerns still center on issues such as a country''s regulatory regimes, infrastructure and economy. Bill Winters, chief executive at Standard Chartered, told Reuters his bank opted for Frankfurt as its new EU base due to Germany''s AAA credit rating. With Ireland''s rating up to six notches lower, that went against Dublin. "It would''ve been easy to set up there also. But at the end of day it involved an interesting issue around the country''s credit rating. We felt large institutional investors would prefer Germany," he said. Paris also assembled a group of leading lobbyists including some of France''s most respected business executives. Teams went to meet bankers in New York. HSBC, which has extensive French operations, has said it would move up to 1,000 traders to Paris in the case of a "hard" Brexit. French banks are also expected to transfer back some staff now based in London. But other lenders proved reluctant to make any decision in favor of Paris before knowing the outcome of elections in May. Former Bank of France governor Christian Noyer, who is lobbying for Paris, said attitudes have improved since Emmanuel Macron, a pro-EU ex-banker and economy minister, won the presidency. Some bankers, however, remain skeptical that his government can change labor laws and the tax system, which they say are major deterrents to setting up in France. Rival centers are moving on to the next struggle to win over clearing houses for the likes of euro-denoninated derivatives, with Frankfurt and Paris the main contenders. "There''s a 50 percent chance of having clearing business move to Frankfurt," said Vaeth. The number of jobs would be relatively modest, but he added: "Success would mean 100 billion euros of assets ... The long term benefits are massive." Reporting By Anjuli Davies and Padraic Halpin; Additional reporting by Maya Nikolaeva; editing by David Stamp 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-britain-eu-banks-cities-idUSKCN1AY0IE'|'2017-08-18T09:00:00.000+03:00'
'a9b0652c7aabe275ade33dec7983e44487013a87'|'American business leaders break with Donald Trump'|'“I’VE never known it to be an embarrassment for a business leader to be associated with an American president,” declares Max Bazerman of Harvard Business School. Donald Trump, in particular, has positioned himself as a businessman-president, whose corporate acumen would unleash a new era for American business. Investors seemed to believe him—his election prompted a giddy “Trump bump” in the stockmarket—and corporate bosses flocked to his side. This week they fled. For many, it seems as much a clear-eyed business calculation as a moral awakening.Some distanced themselves more quickly than others. The trigger was Mr Trump’s reluctance to condemn neo-Nazis and white supremacists who staged violent protests in Virginia on August 12th. Kenneth Frazier (pictured), chief executive of Merck, a big pharmaceutical firm, was the first to leave Mr Trump’s advisory council on manufacturing. On August 14th Mr Trump denounced racist groups in a scripted statement. But the bosses of Under Armour, a sporting-goods outfit, and Intel, a computer-chip giant, defected, too.  an hour   11   13   16   19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates On August 15th Mr Trump appeared once again to equate white supremacists with demonstrators opposing them. As word leaked the next day that chief executives might resign en masse, Mr Trump swiftly tweeted that he was disbanding his manufacturing council and his strategic and policy forum, another advisory group.The calculus of aligning with Mr Trump at first seemed straightforward. By serving on the president’s councils, bosses hoped to nudge him to deliver reform. Banks remain eager to roll back financial regulations. Manufacturing and construction firms hope to benefit from support for domestic production and a binge in infrastructure spending. All companies want a lower corporate-tax rate.More than two dozen chief executives, led by Andrew Liveris of Dow, a chemicals colossus, joined Mr Trump’s manufacturing advisory council. About a score joined the strategic and policy forum, led by Stephen Schwarzman of Blackstone, a private-equity firm. Mr Trump seemed to take particular pleasure in summoning corporate titans; executives smiled as he spoke of his bold plans, even as some acknowledged his shortcomings in private.Technology firms were early to distance themselves from the president: Google and Apple, for instance, have supported a suit challenging Mr Trump’s policy for immigrants from Muslim countries. But many bosses stayed on the councils, even in the immediate aftermath of the Charlottesville crisis. Those included JPMorgan Chase’s Jamie Dimon, Mary Barra of General Motors and Ginni Rometty of IBM.No longer. Even setting aside matters of personal conscience, the costs and benefits for bosses of sitting alongside the president have changed. Serving on Mr Trump’s councils yielded few obvious benefits. The forums are mostly ceremonial. Mr Trump has so far proved unable to advance any major policy, including a business-friendly rollback of Democrats’ health law. Tax reform is complex even in favourable political climates; it does not help that Mr Trump has taken to lambasting Mitch McConnell, the Republican Senate majority leader and a supposed ally. Democrats may not back Mr Trump even on infrastructure spending, which they support.Continuing to serve on the councils increasingly seemed to serve little purpose other than to anger consumers and staff. In the wake of the president’s comments, companies that did not quit at once (among them PepsiCo, which sells fizzy drinks and snacks) faced campaigns threatening boycotts. IBM must compete with Silicon Valley for talent; staff had criticised Ms Rometty’s allegiance to Mr Trump.Many executives will doubtless continue to court Mr Trump in private. Mr Schwarzman has known the president for years, for example. His new infrastructure fund, which in May received a $20bn investment from Saudi Arabia, has much to gain from any new spending on bridges and roads. Others will decide they are better off keeping their distance. Recent jumps in share prices have been largely attributable to firms’ own performance, despite Mr Trump’s tweets claiming credit.  "End of the affair"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726749-presidents-corporate-advisory-councils-now-disbanded-had-achieved-little-american-business?fsrc=rss%7Cbus'|'2017-08-19T08:00:00.000+03:00'
'f2ee2ed1dc780850eb9d5d16807d474cc5770cdd'|'Ex-Venezuela parliament head loses bid to sue Dow Jones for libel'|'August 17, 2017 / 10:12 PM / 15 hours ago Ex-Venezuela parliament head loses bid to sue Dow Jones for libel Brendan Pierson 2 Min Read FILE PHOTO: National constituent assembly''s member Diosdado Cabello speaks during a session of the assembly at Palacio Federal Legislativo in Caracas, Venezuela August 5, 2017. Marco Bello NEW YORK (Reuters) - A U.S. judge has dismissed a lawsuit by the former head of Venezuela''s National Assembly accusing The Wall Street Journal of libeling him in an article that identified him as the target of a U.S. drug trafficking investigation. U.S. District Judge Katherine Forrest in Manhattan ruled on Wednesday that Diosdado Cabello had failed to explain exactly how the article was false. Gary Redish, a lawyer for Cabello, said he was reviewing the decision with his client. Cabello has repeatedly denied any involvement in Venezuela''s drug trade in public statements. Cabello filed the lawsuit in May 2016 against News Corp subsidiary Dow Jones & Co, the newspaper''s owner, claiming that a May 2015 article contained "false and defamatory allegations" that he was involved in criminal activities related to drug trafficking and money laundering. The article, headlined "Venezuelan Officials Suspected of Turning Country into Global Cocaine Hub," reported that Cabello was a leading target in U.S. investigations. The lawsuit said the article caused "enormous damage to Mr. Cabello''s reputation and good name, both personally and in his capacity as a key member of Venezuela''s National Assembly." Cabello, the No. 2 figure in Venezuela''s ruling Socialist Party, is a member of the National Assembly, which he presided over from January 2012 to January 2016. U.S. authorities have investigations open into possible involvement by Venezuelan officials in drug trafficking. President Nicolas Maduro has frequently cast U.S. accusations of drug trafficking as a pretext for meddling in Venezuela and trying to topple him. The United States announced new sanctions against Maduro''s government last month even as the oil-producing country has fallen into an economic and political crisis in which more than 120 people have died in four months of protests. Reporting By Brendan Pierson in New York; editing by Grant McCool 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-venezuela-news-corp-idUSKCN1AX2T1'|'2017-08-18T01:03:00.000+03:00'
'e6fae1487382eb4b675ac71c4aaa5584878c8e6d'|'Ireland stays top euro zone centre for financial special purpose vehicles'|'August 18, 2017 / 12:19 PM / 39 minutes ago Ireland stays top euro zone centre for financial special purpose vehicles John O''Donnell 4 Min Read A general view shows an area near the Northern Ireland and Ireland border in Newbuildings, Northern Ireland August 16, 2017. Clodagh Kilcoyne FRANKFURT (Reuters) - Ireland remains the euro zone''s largest centre for financial special purpose vehicles, data from the European Central Bank (ECB) showed on Friday, placing it far ahead of closest rival Luxembourg. Such vehicles, many of which are shell companies set up to borrow or invest, had assets, chiefly loans and debt, of 391 billion euros (357.36 billion pounds), which is greater than the Irish economy. The data comes amid a debate in Ireland about its hosting of such conduits, pitting critics, who see a risk to the country''s reputation, against those who want to keep them to help attract business from London after Brexit. The ECB data makes the sector in Ireland, as it stood at the end of June, two thirds larger than in Luxembourg and bigger even than in Italy, one of Europe''s largest economies. Special purpose vehicles are part of Ireland''s offering to financial firms looking to move from London ahead of   Union. Ireland already accounts for roughly a fifth of such activity in the euro zone and its dominance of the sector has held steady compared with earlier such surveys. The growth in the number of such companies has prompted criticism from Irish lawmakers, however, who fear they could damage the reputation of the country, which was nearly bankrupted by its own financial crash during the credit crunch. Ireland hosted numerous such vehicles before the crash that were linked to banks hit in the turmoil. Much of the current debate centres on one common Irish structure, known as a Section 110 company, which cuts tax close to zero on financial deals by creating exemptions from withholding tax, otherwise automatically deducted from income. TAX OPTIMISATION The companies, which typically have no full-time staff, have been used perfectly legally by U.S. property investors, aircraft leasing firms, European banks and Russian energy groups. Registered as ordinary companies, some vehicles hold loans on say, U.S. property. They counterbalance interest payments received for those loans with the cost of loan notes they have taken to invest, arriving at tax of close to zero. Restrictions apply to Irish property. "Dublin has been quite aggressive in promoting itself," said Constantin Gurdgiev, a professor of finance at the Middlebury Institute of International Studies in California who has studied the country. "Ireland is a platform for tax optimisation, but also for doing business. It has access to the European market." Others are critical of the government for allowing the structures. James Stewart of Trinity College Dublin, one of Ireland''s leading experts in the structures, fears problems could unfold if the sponsor of a Section 110 company runs into trouble, triggering a knock-on effect through an opaque chain of connected firms. "What''s the benefit for Ireland?" Stewart asked. "They pay minimal tax. They have no staff. They have high leverage." The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services centre in a then derelict part of Dublin, a central plank to the country''s economy and success. Government officials said such financial vehicles create hundreds of jobs while pointing to their importance as Ireland tries to attract banks to Dublin from London. Reporting by John O''Donnell; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ireland-funds-idUKKCN1AY1AK'|'2017-08-18T15:54:00.000+03:00'
'db0f14931c6c88c4f6b257ee75a7ee581e5799ab'|'Infosys CEO and MD Sikka resigns'|'August 18, 2017 / 4:28 AM / an hour ago Infosys CEO resigns after long-running feud with founders Samantha Kareen Nair and Sankalp Phartiyal 5 Min Read BENGALURU/MUMBAI (Reuters) - Vishal Sikka, the chief executive brought in to turn around India''s Infosys ( INFY.NS ) three years ago, resigned on Friday, blaming a "continuous drumbeat of distractions" and a long-running row with the founders over company strategy. Sikka''s resignation spooked investors in India''s second-biggest IT services company and sent its shares down nearly 10 percent, wiping $3.45 billion off its market value. The stock touched its lowest level since the start of Sikka''s tenure. The tussle between Infosys and its founders began in February after founder and former chairman Narayana Murthy accused the company of corporate governance lapses. The Infosys board has denied the allegations repeatedly and on Friday blamed Sikka''s resignation on Murthy''s "continuous assault", describing the billionaire''s latest salvo questioning the integrity of the directors and management as the final nail in the coffin. The board said Murthy''s campaign had undermined Sikka''s efforts to transform the business and it had no intention of asking him to play a formal role in the governance of the firm. Murthy said such claims were "baseless" and that he was "extremely anguished by the allegations, tone and tenor of the statements" and that he was not making a power play. He said his main concern was the governance standards. The founders, who still own 12.75 percent of Infosys, have previously questioned a pay rise granted to Sikka and Chief Operating Officer Pravin Rao, who takes over as interim CEO. Sikka will remain at the company as executive vice chairman until a permanent CEO is appointed. ''UNTENABLE ATMOSPHERE'' TIMELINE: Infosys CEO Sikka resigns, bruised by disputes with founders "I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks," Sikka said in a blog post. ( bit.ly/2wlae62 ) "The distractions, the very public noise around us, have created an untenable atmosphere," added Sikka, who was German software group SAP''s ( SAPG.DE ) chief technology officer before joining Infosys. Sikka''s exit comes as the $150 billion Indian IT services industry battles a slowdown in new deals from western clients and braces for changes to visa rules in the United States, on which Infosys and its rivals rely heavily. The company''s push into automation, cloud computing and data analytics, meanwhile, has yet to reap big revenues. Vishal Sikka attends a news conference in Mumbai, India, February 13, 2017. Danish Siddiqui The public row at Infosys is reminiscent of Cyrus Mistry''s unceremonious November ousting as boss of Tata Group over differences with the Tata family patriarch, Ratan Tata. Infosys was set up in 1981 by Murthy and six others after he borrowed 10,000 rupees ($156) from his wife. Headquartered in the southern city of Bengaluru, India''s Silicon Valley, Infosys grew to become the country''s second-largest IT services company. Murthy led the company until 2002 and continued as chairman and "chief mentor" until 2011. Much like Steve Jobs'' return at Apple APPL.O, Murthy rejoined Infosys as executive chairman in 2013 to steer it after disappointing earnings and loss of market share. FRESH APPROACH Sikka, on the other hand, was unlike previous Infosys CEOs in that he is not one of its founders and spent most of his time in the United States, from where the company derives the bulk of its revenue. Sikka is frequently seen clad in black t-shirts and blazer, reminiscent of a style made famous by Apple''s Jobs, whom Sikka quotes in his resignation blog post. Since Sikka took the helm on Aug. 1, 2014, Infosys shares had risen more than 20 percent by Thursday''s close, outpacing a 5 percent gain in India''s benchmark IT index .NIFTYIT. The company''s market value surged by $4.6 billion to $31.78 billion over the period. Sikka set an ambitious 2020 revenue target of $20 billion, which he has since acknowledged will be difficult to achieve in light of the headwinds now facing the sector. Infosys, which counts Apple, Volkswagen ( VOWG_p.DE ) and Wal-Mart Stores ( WMT.N ) among its customers, has underperformed the Nifty IT index this year amid the attacks from its founders and its U.S. challenges. "Sikka was trying to change the way we do business. He was trying to make Infosys an innovation-driven company, not a commoditised service provider," said an Infosys engineer who asked not to be named because of the sensitivity of the issue. The CEO''s resignation comes a day before a board meeting that could approve major share buyback. In April Infosys said it would return up to 130 billion rupees to shareholders in the financial year ending March 2018. "This does not augur well for the future of the company, for the shareholders, big and small, and more importantly for the employees," said Gaurang Shah, head investment strategist at Mumbai-based brokerage Geojit Financial Services. Additional reporting Tanvi Mehta, Jessica Kuruthukulangara and Gaurav Dogra in Bengaluru, Abhirup Roy, Rafael Nam and Euan Rocha in Mumbai and Krishna Das in New Delhi; Writing by Aditi Shah; Editing by Himani Sarkar and David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-infosys-ceo-idINKCN1AY0DH'|'2017-08-18T06:57:00.000+03:00'
'4ed0a482727e84f16b8f584e49aad9ff84770053'|'Energy Capital to buy Calpine Corp for $5.6 bln'|' 54 AM / an hour ago Energy Capital to buy Calpine Corp for $5.6 bln Reuters Staff 1 Min Read Aug 18 (Reuters) - Independent power producer Calpine Corp said it agreed to be acquired by a consortium of investors led by Energy Capital Partners for $5.6 billion. The $15.25 cash per share offer, represents a 13 percent premium to Calpine''s closing price on Thursday. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/calpine-ma-energycapital-idUSL4N1L43R8'|'2017-08-18T13:52:00.000+03:00'
'd90049b3c6e36d86dce7699a4fcd1e04966ef312'|'Asian shares bounce after losses, dollar sags on weak U.S. CPI'|'August 14, 2017 / 12:52 AM / 3 minutes ago Asian shares bounce after losses, dollar capped by weak U.S. inflation Shinichi Saoshiro 5 Min Read Passersby are reflected in an electronic stock quotation board outside a brokerage in Tokyo, Japan, November 9, 2016. Issei Kato TOKYO (Reuters) - Asian stocks bounced on Monday after three straight losing sessions, tracking a firmer Wall Street, while the dollar was capped by tensions on the Korean peninsula and doubts that the Federal Reserve will hike interest rates again this year. Spreadbetters expected the upward momentum for equities to continue in Europe, forecasting Britain''s FTSE .FTSE to open 0.2 percent higher, Germany''s DAX .GDAXI to start 0.25 percent higher and France''s CAC .FCHI to open up 0.3 percent. U.S. stock futures ESc1 rose 0.3 percent, suggesting a higher open later in the day. Asian markets were largely unfazed by a slew of activity data from China which was softer than forecast, though still largely solid. The world''s second-largest economy had been widely expected to lose a bit of steam in coming months after a surprisingly strong first half. But economists do not expect a hard landing, with the government keen to ensure stability ahead of a Communist Party leadership reshuffle in the autumn. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.8 percent. It had lost 3 percent over the previous three sessions as tensions escalated between the United States and North Korea. Australian stocks rose 0.75 percent and South Korea''s KOSPI .KS11 climbed 0.6 percent. Hong Kong''s Hang Seng .HSI was up 0.9 percent and Shanghai .SSEC added 0.7 percent. Geopolitical risks were expected to remain a key theme for the global markets in the near term, as North Korea celebrates Liberation Day on Tuesday to mark the end of Japanese rule. Investors also braced for tensions ahead of Aug. 21, when an annual joint U.S.-South Korean military exercise is due to begin. "Due to caution towards a further escalation in tensions over North Korea, U.S. yields and equities are expected to decline and the yen is likely keep appreciating this week," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. Japan''s Nikkei .N225 bucked the trend and fell 1 percent as a stronger yen overshadowed much better-than-expected second quarter economic growth. "Once geopolitical risks settled down, investors will likely revisit the fact that Japan''s fundamentals are strong," said Hikaru Sato, a senior technical analyst at Daiwa Securities. The three major U.S. stocks indexes snapped three days of losses and ended higher on Friday, as investors bet on slower U.S. rate hikes following weaker-than-expected consumer price data. But gains were muted by increasingly aggressive exchanges between Washington and Pyongyang. [.N] U.S. Treasury yields, which already declined on the North Korean concerns, fell further on Friday on the soft U.S. consumer prices data. The benchmark 10-year Treasury yield US10YT=RR touched 2.182 percent on Friday, its lowest since late June, before pulling back a little to 2.204 percent on Monday. Friday''s data showed the U.S. consumer price index edged up just 0.1 percent last month after it was unchanged in June. Economists polled by Reuters had forecast the CPI rising 0.2 percent in July. The dollar index against a basket of six major currencies crawled up 0.1 percent to 93.145 .DXY after it slipped about 0.4 percent on Friday. The greenback rose 0.4 percent to 109.585 yen JPY= after slipping to 108.720 on Friday, its weakest since April 20. The yen showed little reaction to second-quarter gross domestic product data which revealed that the economy expanded for a sixth straight quarter led by private consumption and capital expenditure. While growth was faster than expected, accelerating to a 4.0 percent annualised rate, it is not expected to nudge the Bank of Japan into dismantling its massive stimulus programme any time soon, as inflation remains stubbornly weak. The euro was flat at $1.1815 EUR= . Crude oil prices dipped following data showing a slowdown in Chinese refining activity growth. [O/R] Brent LCOc1 was 9 cents lower at $52.01 a barrel. Gold hovered near a two-month high, benefiting from the U.S.-North Korean tensions and Friday''s weak U.S. inflation data. The dollar''s recent weakness was also seen to be helping gold. Spot gold XAU= was a shade lower at $1,287.51 an ounce after reaching $1,291.86 on Friday, its highest level since June 7. Other precious metals such as silver XAG= and platinum XPT= were also buoyant. Reporting by Shinichi Saoshiro; Additional reporting by Ayai Tomisawa in Tokyo; Editing by Lisa Twaronite and Kim Coghill 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1AU02A'|'2017-08-14T03:52:00.000+03:00'
'cd49f63428a80611dd2a258a8410dacf8ed2581a'|'China''s Fosun, Shanghai Pharma say bid for stake in U.S. drugmaker Arbor'|'FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. Bobby Yip/File Photo HONG KONG (Reuters) - A unit of China''s Fosun Group and Shanghai Pharmaceuticals Holding Co are among bidders for a stake in U.S. speciality drugmaker Arbor Pharmaceuticals LLC, the companies said on Monday.The bids come as Chinese companies face tightening scrutiny on their overseas investments. Chinese regulators are reviewing deal agreements in minute details, and have cracked down on some large domestic conglomerates, including Fosun, for their debt-fuelled acquisitions abroad.Shanghai Fosun Pharmaceutical Group Co Ltd said in a stock exchange filing its Hong Kong unit submitted on July 19 a non-binding bid for a stake in Arbor, which is backed by private equity firm KKR & Co LP.In a separate filing, Shanghai Pharma also said it had submitted a non-binding bid for a stake in Arbor on the same day.Both companies did not disclose the quantum of stakes they had bid for nor the financial terms but said they have not entered exclusive talks with the seller.Fosun Pharma said its Hong Kong unit will begin conducting due diligence to determine further steps.Arbor has appointed Bank of America Merrill Lynch to run the sale process, which has attracted around half a dozen preliminary bids, mostly from Chinese companies and private equity firms, according to people familiar with matter. The bank did not immediately respond to a Reuters request for comment.Some of the bidders may seek to acquire control of the company, said two of the people, adding that discussions are at an early stage still.A potential deal could value Arbor at around $3 billion, two of the people said.Bloomberg, which first reported on the sale process, said the bidders were seeking to buy 20 percent to 30 percent of Arbor.Arbor did not immediately respond to a Reuters query for comment. The sources could not be named as the discussions are confidential.Atlanta-based Arbor produces mainly branded prescription drugs for the paediatric, hospital and cardiovascular markets.New York-based KKR agreed to buy more than a quarter of shares in the company in December 2014, in a deal that valued privately held Arbor at over $1 billion, Reuters reported at the time.Reporting by Kane Wu; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/arbor-pharma-m-a-fosun-pharma-idINKCN1AU0PE'|'2017-08-14T11:06:00.000+03:00'
'bef465abcfc55f14e45eb1f8f27f13e351df0e0b'|'Japan second-quarter GDP rises annualised 4.0 percent on consumption, capex'|'August 14, 2017 / 12:02 AM / 5 minutes ago Japan second quarter GDP blows past expectations on robust domestic demand Stanley White and Leika Kihara 4 Min Read People walk on a street at Tokyo''s Ginza shopping district, Japan, February 12, 2017. Picture taken February 12, 2017. Toru Hanai TOKYO (Reuters) - Japan''s economy grew in the second quarter at the fastest pace in more than two years as consumer spending and capital expenditure both rose at the fastest in more than three years, highlighting stronger domestic demand. Gross domestic product expanded an annualised 4.0 percent in April-June, government data showed, more than the median estimate for 2.5 percent annualised growth and the biggest increase since January-March 2015. Compared to the previous quarter, the economy expanded 1.0 percent, versus the median estimate for 0.6 percent growth. Annualised GDP for previous quarter was revised to a 1.5 percent increase, while quarterly real (inflation adjusted) GDP was revised up to 0.4 percent growth from a 0.3 percent increase. Economic growth is expected to continue in coming quarters, offering the Bank of Japan (BOJ) the hope that a tight labour market is finally starting to boost consumer spending, which in turn makes it easier to generate sustained inflation. "The engines of consumer spending and capital expenditure both fired well in the second quarter, and that''s why domestic demand was so strong," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "The pace of growth may moderate slightly, but we are still in recovery mode. This is a positive development for inflation." The economy grew for six straight quarters in April-June. The last time the economy had a run of six consecutive quarters of growth was January-March 2005 through April-June 2006. Private consumption, which accounts for about two-thirds of GDP, rose 0.9 percent from the previous quarter, more than the median estimate of 0.5 percent growth. That marked the fastest expansion in more than three years as shoppers splashed out on durable goods such as cars and home appliances. Consumers also spent more money on dining out, the data showed. These are all encouraging sign that consumer spending is no longer the weak spot in Japan''s economic outlook. Capital expenditure jumped by 2.4 percent in April-June from the previous quarter, doubling the median estimate for a 1.2 percent increase. That was the fastest growth in business investment since January-March 2014 as companies spent more on software and construction equipment. Japanese Economy Minister Toshimitsu Motegi was more cautious on the outlook for domestic demand and pledged to implement more policies to strengthen the economy. "If you ask me whether private consumption has fully recovered, I would say it still lacks strength in some areas, which will need to be followed with policy," Motegi told reporters. "We''ll make sure that the domestic demand-led recovery continues. What is needed is supply-side reform. We''ll focus our efforts on human resource investment, improvement in productivity, and new growth strategies." While growth was faster than expected, it is not expected to nudge the Bank of Japan into dismantling its massive stimulus programme any time soon, as inflation remains stubbornly weak. External demand subtracted 0.3 percentage point from GDP growth in April-June in part due to an increase in imports. This is notable because Japan usually relies on exports to drive growth. Since launching quantitative easing in April 2013, the BOJ has pushed back the timing for reaching its 2 percent inflation target six times in part due to weak consumer spending. The GDP data for April-June show private consumption is finally starting to move in the direction that the BOJ and other government ministers have long predicted. Reporting by Stanley White and Leika Kihara; Additional reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-gdp-idUKKCN1AU001'|'2017-08-14T03:02:00.000+03:00'
'cc1cf2a7f835c1a84d9498d2ac082a083cac453b'|'Oil prices dip on weak Chinese refining activity'|'A petro-industrial factory is reflected in a traffic mirror in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files NEW YORK (Reuters) - Oil prices tumbled 2 percent on Monday in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya.Global benchmark Brent crude futures were at $51.05 a barrel by 1:14 p.m. EDT (1714 GMT), down $1.05 from Friday''s close. They touched a low of $50.91 earlier in the session.U.S. West Texas Intermediate crude futures were trading at $47.91, down 91 cents a barrel."It is a strong dollar, concern about China demand, and weak volumes," said Phil Flynn, an analyst with Price Futures Group in Chicago.The dollar rose broadly as traders unwound bearish bets against the U.S. currency that have come in the wake of increasing tensions with North Korea and underwhelming inflation data.The absence of further abrasive rhetoric by U.S. President Donald Trump and North Korean leader Kim Jong Un over the weekend helped bring investors back to the dollar, analysts said.Oil prices fell on news that refinery runs in China dropped in July.Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil.Efforts by the Organization of the Petroleum Exporting Countries and other oil producers to limit output have helped lift Brent past $50 a barrel.Trade was volatile, with prices falling early on the Chinese demand data, then retracing losses after Libya''s national oil corporation said it was investigating security violations at the country''s largest oil field. A disruption from the 270,000 bpd Sharara field could cut supplies from producer group OPEC. The NOC did not specify whether the violations had affected output at the field.Rising production in Libya has added to the global crude glut. The OPEC member country is exempt from the global deal to cut output and has been trying to regain pre-war production levels.Additional reporting by Henning Gloystein in Singapore and Karolin Schaps in Amsterdam; Editing by Dale Hudson and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-oil-idINKCN1AU09T'|'2017-08-14T06:28:00.000+03:00'
'1eabb9f6ea057a444ebc1e55d1e130be6d70c046'|'German government calls for quick Air Berlin deal'|'German carrier Air Berlin aircraft are pictured at Tegel airport in Berlin, Germany, June 14, 2017. Hannibal Hanschke /File Photo BERLIN (Reuters) - The German government wants insolvent Air Berlin''s ( AB1.DE ) management to strike a quick deal to sell its assets to other airlines, a senior government official said on Thursday."All parties are now called upon to negotiate swiftly but responsibly," Deputy Economy Minister Matthias Machnig told Reuters.Machnig said Berlin had informed the European Commission of its decision to grant the company a bridging loan of 150 million euros to allow the airline to keep its planes in the air for three months. He added that the government expected the EU to approve the move.Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Maria Sheahan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-talks-goverment-idINKCN1AX0X2'|'2017-08-17T07:25:00.000+03:00'
'd9969281f28c429e33af706fbb3e20893417b724'|'Efficiency eludes the construction industry'|'NINE years ago the first concrete was poured for Berlin Brandenburg airport. It was expected to open in 2012, to cost €1.2bn ($1.8bn) and to welcome 34m passengers each year. Today the only people in its terminals are those with hard hats. Six times over budget, the project has had 66,500 building errors in need of fixing. Last year its spokesman was sacked after calling the project a “shit-show” and saying no manager who was not “addicted to pills” could guarantee an opening date.Berlin’s airport is an extreme example of a broader problem. Superficially, the construction industry would seem healthy enough. The global market is worth $10trn. Euler Hermes, an insurer, expects 3.5% growth this year. Yet more than 90% of the world’s infrastructure projects are either late or over-budget, says Bent Flyvbjerg of Saïd Business School at Oxford University. Even the sharpest of tech firms suffer. Apple’s new headquarters in Silicon Valley opened two years behind schedule and cost $2bn more than budgeted. Smaller projects have similar woes. One survey of British architects found that 60% of their buildings were late. Construction holds the dubious honour of having the lowest productivity gains of any industry, according to McKinsey, a consultancy. In the past 20 years the global average for the value-added per hour has inched up by 1% a year, about one-quarter the rate of growth in manufacturing. Trends in rich countries are especially bad. Over the same period Germany and Japan, paragons of industrial efficiency, have seen nearly no growth in construction productivity. In France and Italy productivity has fallen by one-sixth. In America, astonishingly, it has plunged by half since the late 1960s.Prices for building materials are not to blame. They are subtracted from measures of value-added (and have not risen in any case). The burden over time of complying with regulation—applying for permits, for instance—is only partly responsible. In America such rules account for one-eighth of the productivity lost since 1987, according to the Bureau of Labour Statistics.More culpable are two broader structural trends. First, the industry has become less capital-intensive, with workers replacing machinery. This shift is more understandable in countries with access to inexpensive labour. In Saudi Arabia, for example, it is cheaper to import workers from India or Pakistan than to buy machinery. In many countries, however, labour costs might be expected to spur firms to substitute workers with capital.Instead, volatility in demand for construction has trained builders to curb investment. “The industry has learned through bitter experience to prepare for the next recession,” says Luc Luyten of Bain & Company, a consultancy. Capital-heavy approaches to construction bring high fixed costs that are difficult to cut in downturns. Workers, in contrast, can be fired.The second big problem is that the industry has, for the most part, failed to consolidate. Efficient firms should theoretically squash laggards, yielding bigger, more productive companies. “But construction is an industry that appears to have defied Adam Smith,” says Mr Luyten. That is partly because building codes differ not just between countries but within them, which makes it harder to reap the benefits of scale. The customised nature of most projects further limits the usual advantages of size. Because the designs of most projects differ, contractors have to start from scratch for each one.America now has about 730,000 building outfits, with an average of ten employees each. In Europe there are 3.3m with an average of just four workers. Competition is fierce and profit margins are thinner than for any industry except retail. This fragmentation creates its own problems. Slim margins make investment even less likely. Often projects have more than a dozen subcontractors, each keen to maximise profit rather than collaborate to contain costs, says Thijs Asselbergs, a professor at Delft University of Technology.The result is an industry that raises prices for clients and mostly ignores tools that might improve productivity. “While we are all using iPhones, construction is still in the Walkman phase,” says Ben van Berkel, a Dutch architect. Many building professionals use hand-drawn plans riddled with errors. A builder of concrete-framed towers from the 1960s would find little has changed on building sites today, except for better safety standards.Examples of how the industry might move forward are not hard to find. More builders could use computer-aided design, as is standard among architects. Other methods are in earlier stages, but show promise, such as remote-controlled cranes and self-driving bulldozers (Komatsu, a Japanese equipment-maker, is developing the latter). A few niches, such as maritime construction, have shown how investments in technology and mass production can boost efficiency (see article ).On land, a few firms are mass-producing homes. BoKlok, a spin-off from IKEA, a Swedish flat-pack-furniture seller, does only one-fifth of its construction work on site; the rest is done in factories. Parts can be standardised and costs cut as a result. BoKlok reckons that it builds twice as quickly as the industry norm. An American firm called Katerra also builds prefabricated sections of apartments at a factory in Arizona. It helps that each firm does every stage of construction itself, rather than relying on a tangle of subcontractors.The fastest gains are in China. Labour productivity is racing ahead at 7% a year, albeit from a low base. Tightening labour supply has prompted firms to test automation—WinSun, a construction company, has built flats using 3D printing. Modular building is also on the rise, with one company erecting a 57-storey tower in 19 days.However, such techniques remain unusual. For most firms, slim margins and the spectre of future downturns continue to restrain investment. Even for companies that do adopt new methods, growth may be limited by doubts about the quality of new techniques. A few modular towers in China have seen water seep between units. In Britain, past attempts at mass-produced housing are a sour memory: poorly built modular social housing from the 1960s has been demolished. British mortgage lenders shun homes built with “non-traditional construction methods”. BoKlok and Katerra hope their buildings will last a century. But perceptions, like so much else in construction, can be slow to change. "Least improved"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726714-american-builders-productivity-has-plunged-half-late-1960s-efficiency-eludes?fsrc=rss'|'2017-08-17T22:47:00.000+03:00'
'c6d8534c0d0ba3ca86b824041fc275fec2160bbb'|'CANADA STOCKS-TSX slides at open as riskier assets shunned'|'TORONTO, Aug 18 (Reuters) - Canada''s main stock index opened lower on Friday, as investors fled to safety amid global geopolitical uncertainties, with the heavily weighted financial stocks leading broad declines.The Toronto Stock Exchange''s S&P/TSX composite index fell 69.62 points, or 0.46 percent, to 14,964.02.Materials was the only group that advanced out of the index''s 10 main sectors, as gold mining stocks benefited from higher safe-haven gold prices. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-open-idINL2N1L40JV'|'2017-08-18T11:37:00.000+03:00'
'18ec6ffa7f5b5496f1de4721843b5083b5017730'|'Ukraine central bank warns of new cyber-attack risk'|'FILE PHOTO: A message demanding money is seen on a monitor of a payment terminal at a branch of Ukraine''s state-owned bank Oschadbank after Ukrainian institutions were hit by a wave of cyber attacks earlier in the day, in Kiev, Ukraine, June 27, 2017. Valentyn Ogirenko/File Photo - RTS19XCK KIEV (Reuters) - The Ukrainian central bank said on Friday it had warned state-owned and private lenders of the appearance of new malware as security services said Ukraine faced cyber attacks like those that knocked out global systems in June.The June 27 attack, dubbed NotPetya, took down many Ukrainian government agencies and businesses, before spreading rapidly through corporate networks of multinationals with operations or suppliers in eastern Europe.Kiev''s central bank has since been working with the government-backed Computer Emergency Response Team (CERT) and police to boost the defenses of the Ukrainian banking sector by quickly sharing information."Therefore on Aug. 11..., the central bank promptly informed banks about the appearance of new malicious code, its features, compromise indicators and the need to implement precautionary measures to prevent infection," the central bank told Reuters in emailed comments.According to its letter to banks, seen by Reuters, the new malware is spread by opening email attachments of word documents."The nature of this malicious code, its mass distribution, and the fact that at the time of its distribution it was not detected by any anti-virus software, suggest that this attack is preparation for a mass cyber-attack on the corporate networks of Ukrainian businesses," the letter said.Ukraine - regarded by some, despite Kremlin denials, as a guinea pig for Russian state-sponsored hacks - is fighting an uphill battle in turning pockets of protection into a national strategy to keep state institutions and systemic companies safe.The state cyber police and Security and Defence Council have said Ukraine could be targeted on Aug. 24 with a NotPetya-style attack aimed at destabilizing the country as it celebrates its 1991 independence from the Soviet Union.Writing by Alessandra Prentice; editing by Mark Heinrich'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-cyber-ukraine-banking-idUSKCN1AY0Y4'|'2017-08-18T12:50:00.000+03:00'
'698f6d84219879f3b684cac77545f841647999ce'|'Amec Foster''s proposed asset sale may help Wood Group deal approval - regulator'|'August 15, 2017 / 6:40 AM / an hour ago Amec Foster''s proposed asset sale may help Wood Group deal approval: regulator   (Reuters) - Amec Foster Wheeler Plc''s proposal to sell almost all of its upstream offshore oil and gas servicing assets may be adequate for regulatory approval of its merger with John Wood Group Plc, the UK''s Competition And Markets Authority (CMA) said. British oil and gas services company Amec Foster, which is being bought by Wood Group for 2.2 billion pounds ($2.8 billion), said earlier this month it was preparing its North Sea operations for sale, in response to the competition watchdog''s concerns. The market regulator said on Tuesday the divestiture, or a modified version of it, might be acceptable and that it would open a public consultation in due course. ( bit.ly/2vE7JcA ) Wood Group said the companies are not required to complete the sale of the assets before completing the merger. As a result, the company sees no change in the expected date of completion, and continues to expect the deal to close in the fourth quarter of this year, Wood Group said in a statement. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-amec-foster-m-a-wood-group-idUKKCN1AV0IV'|'2017-08-15T09:48:00.000+03:00'
'2dfd77e14ad55877582c752851e8c334e9a76e13'|'Elliott Management raises stake in BHP to 5 percent'|'August 15, 2017 / 10:55 PM / 10 minutes ago Elliott Management raises stake in BHP to 5 percent Reuters Staff 1 Min Read FILE PHOTO - Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. MELBOURNE (Reuters) - Hedge fund Elliott Management has raised its stake in BHP Billiton ( BHP.AX ) ( BLT.L ) to 5 percent, stepping up a campaign to pressure the top global miner into quitting its U.S. shale business, boosting returns and ditching its dual listing. Elliott said it had converted its 4.5 percent "economic interest" in the company to a 5 percent shareholding in BHP''s UK-listed shares. It also still holds a small economic interest in BHP''s Australian shares. "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders'' calls to take constructive steps to enhance value for BHP and its owners," Elliott said in a statement. Reporting by Sonali Paul, editing by G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bhp-billiton-elliott-idUKKCN1AV2K8'|'2017-08-16T01:54:00.000+03:00'
'91bee9683f5420d9c5781d52bf76bb7f4e2063ce'|'BRIEF-Future FinTech Group Q2 loss/share $0.49 from continuing operations'|' 43 PM / 12 minutes ago BRIEF-Future FinTech Group Q2 loss/share $0.49 from continuing operations   Future FinTech Group Inc: * Says Q2 loss per share of $0.49 from continuing operations * Future FinTech Group reports second quarter 2017 financial results * Q2 loss per share $0.49 from continuing operations * Q2 revenue $2.8 million versus $10.2 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-future-fintech-group-q2-loss-share-idUSL8N1L15IA'|'2017-08-16T00:43:00.000+03:00'
'dbecfe8b51cf2155118afcb0cd206496e14814cb'|'Brazil prosecutors to investigate Petrobras Argentina sale: lawyer'|'The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria, Espirito Santo, Brazil, February 10, 2017. Paulo Whitaker BRASILIA (Reuters) - Prosecutors investigating Brazil''s biggest-ever corruption scandal will probe last year''s sale of the Argentine subsidiary of Petrobras, Brazil''s state oil company, a lawyer representing its minority shareholders on Wednesday.Petrobras, formally known as Petroleo Brasileiro SA ( PETR4.SA ), sold its 67.2 percent stake in Petrobras Argentina SA for $892 million to Pampa Energia SA ( PAM.BA ), Argentina''s largest power company.Lawyer Felipe Caldeira, representing the Petrobras shareholders, told Reuters he spoke on Tuesday to prosecutors on a task force in Curitiba leading the so-called "Car Wash" investigation in Brazil and gave them with information on the sale."They are very interested and will investigate this," said Caldeira, who filed a civil case in a Rio de Janeiro court in May seeking an investigation of the sale he said was below market value and harmful to the interests of minority shareholders.Federal prosecutors in Curitiba did not immediately respond to requests for comment.Petrobras bought the Argentine unit from energy conglomerate Perez Companc in 2002 for $1 billion, plus $2 billion in debt.The sale 14 years later for much less has sparked controversy in Brazil and executives from Petrobras and Pampa Energia, as well as lawyer Caldeira, are scheduled to testify at a congressional committee hearing in Brasilia on Wednesday.Aldemir Bendine, the chief executive officer of Petrobras at the time of the sale, was jailed last month on suspicion he received bribes from construction conglomerate Odebrecht[ODBES.UL] in a political graft scandal that has led to the arrest of dozens of executives and politicians.Brazil''s federal audit court said it is investigating the sale of Petrobras Argentina at the request of a senator but has not concluded its findings.In response to Caldeira''s lawsuit, a federal judge in Rio has sent Argentine authorities a request that the chairman of Pampa Energia, Marcos Marcelo Mindlin, testify in the case.With a majority stake, Pampa SA, Mindlin''s holding company, continued its takeover of Petrobras Argentina in November by acquiring 11.85 percent held by the Argentine state pension system ANSES.The transaction is being investigated by Argentine judge Claudio Bonadio, who ordered the search and seizure of documents from government offices in May in a case brought by center-left lawmaker Victoria Donda."The fund''s shares were sold very cheap, and we want to know why, because thousands of pensioners lost money," Donda told Reuters in Brasilia, where she traveled to attend Wednesday''s hearing.Editing by Jeffrey Benkoe'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-brazil-corruption-petrobras-argentina-idINKCN1AW1MJ'|'2017-08-16T11:52:00.000+03:00'
'4dcf8c904fbf499b2c3eeb4ecf9c4aab17361812'|'State-owned China Unicom to raise $12 billion from Alibaba, Tencent, others'|'August 16, 2017 / 12:07 PM / 7 hours ago State-owned China Unicom to raise $12 billion from Alibaba, Tencent, others 4 Min Read China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/Files HONG KONG (Reuters) - Telecoms group China Unicom is raising $11.7 billion from about a dozen investors including tech giants Alibaba Group and Tencent Holdings, as part of Beijing''s push for state-owned enterprises to be revitalized with private capital. The deal represents the largest capital raising in the Asia-Pacific region since insurer AIA''s 2010 market debut, as per Thomson Reuters data. It would also be the biggest deal in recent years under Beijing''s "mixed-ownership" reforms. The Chinese government is seeking to rejuvenate state behemoths with private capital, with China Unicom among the first batch of state-owned enterprises slated for the mixed-ownership reforms, whose guidelines were issued in 2015. The board of China Unicom''s Shanghai-listed unit, China United Network Communications Ltd, has approved an issue of shares to the investors, who also include Baidu, JD.com and some other firms. Investors will get a combined 35.2 percent stake in the Shanghai unit and will be allotted three board seats, the group''s Hong Kong unit, China Unicom Hong Kong, said on Wednesday. Reuters had first reported about the fund raising plans in June. Other major companies that have agreed to invest in China Unicom include insurer China Life Insurance, ride-hailing company DiDi Chuxing, and Shenzhen-based Chinese technology conglomerate Kuang-Chi Group. "The mixed ownership will raise the innovation capability of the company ... allowing us to transform from a traditional operation to an integrated operator," said Lu Yimin, president of China Unicom Hong Kong. The deal is expected to be completed by end of the year, he said. China Unicom group, formally known as China United Network Communications Group Co Ltd, is one of the world''s largest mobile carriers by user numbers but has faced a fiercely competitive market. China Unicom group plans to use the proceeds to enhance its "4G capability, conduct 5G technical network trials and related business functions", as well as invest in "innovative" businesses, the Hong Kong unit said in a presentation. GAME-CHANGER? China has thousands of state-owned enterprises, many of them bloated and debt-ridden, and its mixed-ownership reforms are aimed at reviving the sector with private capital, creating stronger conglomerates capable of competing on the global stage. Other state-owned enterprises selected to carry out Beijing''s pilot mixed-ownership reform scheme include China Eastern Air Holding, China Southern Power Grid and China State Shipbuilding Corp. China Eastern Air in June sold almost half of its freight unit to four firms, including Legend Holdings and Global Logistic Properties, in the Chinese aviation sector''s first mixed-ownership reform deal. For China Unicom, analysts have said mixed-ownership reform could be a game-changer - even if substantial restructuring will be difficult, with or without private investors. The investors will subscribe to about 9 billion new shares and purchase 1.9 billion shares of the Shanghai-listed unit from China Unicom group at a price of 6.83 yuan per share, resulting in a total investment of about 78 billion yuan ($11.65 billion). China Unicom group''s holding will fall to 36.7 percent from 62.7 percent after the deal. Share trading in China Unicom''s Shanghai-listed unit has been halted since it said in early April it would be part of the government''s mixed-ownership pilot. It gave no further details at that time. The stock''s last close was at 7.47 yuan. Prior to that suspension, the unit''s market value topped $23 billion. A person with direct knowledge of the matter told Reuters on Wednesday that the Shanghai shares were expected to begin trading on Thursday. ($1 = 7.8239 Hong Kong dollars) ($1 = 6.6929 Chinese yuan renminbi) Reporting by Clare Jim, Donny Kwok, Anne Marie Roantree and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Edwina Gibbs and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-unicom-results-idINKCN1AW1BG'|'2017-08-16T15:06:00.000+03:00'
'07b42c80bf541cbcebdb16049dbeac541b5ff866'|'Rosneft, partners to announce acquisition of India''s Essar Oil completed'|'August 20, 2017 / 4:30 PM / 4 minutes ago Rosneft, partners to announce acquisition of India''s Essar Oil completed Nidhi Verma and Promit Mukherjee 3 Min Read NEW DELHI/MUMBAI (Reuters) - A consortium led by Russian oil major Rosneft( ROSN.MM ) will announce on Monday completion of a $12.9 billion deal to acquire Indian private refiner Essar Oil, strengthening ties between the world''s largest oil producer and the fastest growing fuel consumer. Rosneft will get a 49 percent stake in Essar and the two investors, European trader Trafigura and a Russian fund UCP, will hold another 49 percent in equal parts. The purchase is the biggest foreign acquisition ever in India and Russia''s largest outbound deal. The three jointly issued an invitation to reporters to a briefing "following the completion of the acquisition of Essar Oil Ltd" on Monday. The consortium has picked up a former trading veteran from its shareholder BP to run Indian operations. Tony Fountain, who was chief executive for refining and marketing at Indian conglomerate Reliance Industries Ltd ( RELI.NS ) from January 2012 to February 2016, will be non-executive chairman of the merged entity, three sources said. Fountain did not comment on his appointment. The deal helps Russia to deepen economic ties that stretch back to the Soviet era. Essar Oil operates a 400,000 barrel-per-day oil refinery in Vadinar on India''s west coast and sells fuels through its 3,000 retail stations in India. The deal also includes the Vadinar port and a power plant associated with the refinery. The deal, initiated about two years ago, will help Rosneft in gaining access to India''s rising fuel retail market. Rosneft and Trafigura are the latest international companies after Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) to enter the Indian fuel retailing market. Rosneft may supply Venezuelan oil to Essar''s Vadinar refinery after a deal to buy a stake in the Indian company is finalised, the Indian company''s managing director L. K. Gupta told Reuters in August last year. Reporting by Nidhi Verma in New Delhi and Promit Mukherjee in Mumbai 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-india-essar-rosneft-idUKKCN1B00MN'|'2017-08-20T19:13:00.000+03:00'
'a0fe3455063d0b3f7dcaee0544977bea5d50b17d'|'UPDATE 1-Saudi Arabia nudges yields down in 13 bln riyal sukuk sale'|'(Adds lower yields, analysis)By Celine AswadDUBAI, Aug 22 (Reuters) - Saudi Arabia''s finance ministry pushed yields down slightly in its second monthly sale of domestic Islamic bonds on Tuesday, a sign of healthy appetite for the debt as Riyadh covers a budget deficit caused by low oil prices.Riyadh auctioned 13 billion riyals ($3.5 billion) of local currency sukuk, with the offer 295 percent subscribed. It sold 2.1 billion riyals of five-year, 7.7 billion riyals of seven-year and 3.2 billion riyals of 10-year sukuk, the ministry said.The size of the issue was down slightly from the government''s first monthly offer in July, when it sold 17 billion riyals and attracted 51 billion of bids.However, while the ministry did not disclose the pricing of its sales, bankers said the latest auction saw the five-year sukuk priced at a profit rate of 2.7 percent, the seven-year at 3.2 percent and the 10-year at 3.5 percent.That was down from rates of 2.95 percent, 3.25 percent and 3.55 percent in July''s sale."Good demand pushed down the yields a bit," one Saudi banker said.Tight banking system liquidity forced Riyadh to suspend domestic sales of conventional bonds in late 2016, but a modest rebound in oil prices has now strengthened state finances, allowing the government to pay more of its bills to the private sector and leaving banks with more money to buy sukuk.Increasing familiarity with the sukuk may have contributed to the drop in yields.The ministry qualified 13 Saudi banks to buy its sukuk issues in the primary market but hopes other institutional and professional investors will eventually buy in the secondary market.Also, yields on Riyadh''s internationally issued U.S. dollar sukuk have come down by about 12 to 15 basis points since the last domestic sale, partly because of fading expectations of more U.S. interest rate hikes this year.Mohieddine Kronfol, chief investment officer for global sukuk and Middle East fixed income at Franklin Templeton Investments, said the way in which domestic and international Saudi yields were linked was a positive sign for Riyadh''s effort to develop a healthy debt market."Similar to the sukuk issued in July, we can continue to see consistency between Saudi riyal and U.S. dollar-denominated issues, which is a giant leap forward for the country’s domestic capital markets," he said. (Additional reporting by Tom Arnold; Writing by Andrew Torchia; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/saudi-arabia-sukuk-idINL8N1L8126'|'2017-08-22T06:47:00.000+03:00'
'bc11997295e4cae5fa109f4ad4fcf4a0965f22f2'|'UK''s Rathbone Brothers in merger talks with Smith and Williamson: Sky - Reuters'|'LONDON (Reuters) - British wealth manager Rathbone Brothers ( RAT.L ) said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all share merger."Whilst these discussions have been underway for some time and the boards of both Rathbones and Smith & Williamson are confident that the combination would bring meaningful benefits for the stakeholders of both businesses, discussions are ongoing and there can be no certainty any transaction will be agreed," Rathbone said in a statement."However, if agreed, any such transaction will be subject to the approval of shareholders."Earlier Sky News reported the 2 billion pound ($2.6 billion) merger would be structured as a takeover by Rathbone, attributing a valuation of close to 600 million pounds to Smith and Williamson.The deal, which would bring together two firms employing about 3,000 people, would see Smith and Williamson hand shares in the combined group to its employees who own the majority of the company, Sky said.Rathbone said a further announcement would be "made as and when appropriate".Last month Rathbone posted a 16.7 percent rise in first-half pretax profit to 26.6 million pounds, boosted by market gains and a rise in assets under management.($1 = 0.7769 pounds)Reporting by Michael Holden; Editing by Toby Chopra'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-rathbone-m-a-smith-idINKCN1AZ0DO'|'2017-08-19T09:45:00.000+03:00'
'af4d253cfdb076c1a388a3aa831d961d5bb22753'|'Ryder to offer Chanje''s electric trucks on lease'|'August 14, 2017 / 1:20 PM / in a few seconds Ryder to offer Chanje''s electric trucks on lease 2 Min Read (Reuters) - U.S. truck leasing and rental company Ryder Systems Inc ( R.N ) said on Monday it would become the exclusive sales partner for California-based electric truck maker Chanje, which would roll out its first commercial vehicle in the last quarter of 2017. Ryder said it placed its first order for medium-duty electric trucks made by Chanje, as it looks to make commercial electric vehicles more affordable and accessible for its customers. Ryder said it would be the first company in the United States to offer on lease electric trucks in select markets. A portion of the new electric trucks would also be added to Ryder''s commercial rental fleet, the company said. Chanje''s first vehicle will be an all-electric large delivery style van, a medium-duty truck equipped to haul up to 6,000 pounds and up to 580 cubic feet of cargo, with zero tailpipe emissions, Ryder said. The company said it would work with Chanje to develop charging infrastructure for the electric trucks and offer fleet maintenance services. Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-ryder-system-chanje-idUSKCN1AU1HP'|'2017-08-14T16:12:00.000+03:00'
'b69637ba400116f2c5bded85a187e80f3e59f4c7'|'Uber sorry for Philippines ''misunderstanding'', but suspension stands'|'August 16, 2017 / 11:55 AM / 7 hours ago Uber sorry for Philippines ''misunderstanding'', but suspension stands Ronn Bautista 4 Min Read Mike Brown, a Uber regional general manager, answers questions to local reporters after a hearing with Philippines'' transport regulator and senators at a Senate headquarters in Pasay city, metro Manila, Philippines August 16, 2017. Romeo Ranoco MANILA (Reuters) - The Philippine transport regulator stood by its one-month suspension of Uber Technologies Inc [UBER.UL] on Wednesday, despite its apology for a "misunderstanding" in failing to heed a directive to stop accepting new driver applications. Members of the Land Transportation Franchising and Regulatory Board (LTFRB) met an Uber executive and senators to discuss a suspension, announced on Monday, that critics say punishes Philippine consumers and drivers who depend on the service. Uber appealed against the order on Tuesday, and restarted its operations after briefly suspending them. But the company said it would comply with the order after its appeal was denied. The run-in with the Philippine regulator is the latest setback this year to Uber, a hugely successful startup with a valuation upwards of $60 billion. The LTFRB''s freeze has not been a popular decision among Filipino commuters, many of whom regard Uber as more reliable and competitive than outdated public transport services. Uber recently said it has nearly 67,000 Philippine drivers on its books. "If there was a misunderstanding on our part relative to the LTFRB''s intention with their prior order, then that was our mistake," Uber regional executive Michael Brown told reporters. "We''re here to respect the regulator and in this case, if there was a misunderstanding, then I apologize." The Philippines was the first Southeast Asian nation to regulate app-based car-hailing operations after it drew up rules in 2015. The LTFRB last year suspended acceptance and processing of applications for all ride-sharing services, including Uber, to study further how to regulate the industry. "Irresponsible" Challenge People walk past an Uber advertisement outside the Uber main office in Mandaluyong city, metro Manila, Philippines August 15, 2017. A streamer reads "My car was a liability before but now it''s an asset". Dondi Tawatao Uber has said that it did accept new applications for drivers amid strong demand, but did not process them. Monday''s suspension order described that as "irresponsible" behavior in "unduly challenging the limit of fair regulation". LTFRB Chairman Martin Delgra told Brown his organization was not picking a fight with Uber and hoped the problem could be resolved at a meeting set for August 23. "This is not a fight. We''re trying to work together here to address public transport issues," he said. Grace Poe, a senator and prominent advocate for better transport services, spent four hours in the meeting and suggested the suspension be lifted or shortened. She said Uber has pledged to compensate its drivers and pay a fine. "With the welfare of our drivers and riders in mind, Uber''s offer is very generous. Why? Because they are owning up to their mistake," she said. The suspension had led to a surge in demand for rival Grab, which issued a statement on Tuesday calling it a "unique situation" and asking users to "bear with us". On Wednesday it said its operations continued to run, because it had complied with the LTFRB''s order to halt new applications. Dane Anderson, a vice president at technology research and advisory firm Forrester, said the sidelining of Uber had gifted Grab an opportunity it should seize. "If I were working there, I would launch a campaign trying to grab as much (market share) as I could as quickly as possible," he said. "They have money to put in." Additional reporting by Aradhana Aravindan in SINGAPORE; Writing by Martin Petty; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-uber-philippines-idUSKCN1AW19E'|'2017-08-16T14:52:00.000+03:00'
'68b87cde567f5beb6e9ca1dfa617181a78ea8d70'|'Samsung, Foxconn to back cable-free phone tech'|'The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji (Reuters) - A startup backed by Tony Fadell, one of the fathers of the Apple iPod, plans to announce Wednesday it is working with Samsung Electronics Co Ltd ( 005930.KS ), Foxconn parent Hon Hai Precision Industry Co Ltd ( 2317.TW ) and others on a new way for mobile phones to transfer large amounts of data without using wires or WiFi connections. Chief Executive Eric Almgren said his Campbell, Calif.-based company called Keyssa has raised more than $100 million from Fadell and the venture arms of Samsung and Intel Corp, among others. The company’s “kiss” technology allows two computing devices to be held near each other and transfer large files such as movies in just a few seconds. The goal is to remove the need for cumbersome and bulky cable connectors inside devices like phones and laptops, which are growing ever-lighter and thinner. If Keyssa is successful, the wireless data transfer technique could eventually be available in a wide range of devices. Keyssa announced last October, together with Intel Corp ( INTC.O ), that it had come up with a design that could be embedded in so-called two-in-one laptops which feature detachable touch-screens. The alliance with Samsung and Foxconn is aimed at creating a design for mobile phones. Shankar Chandran, head of the venture arm at Samsung Electronics, noted that the management team at Keyssa had previously developed the technology behind the HDMI standard for video connections. Samsung hopes Keyssa’s technology might become similarly widespread. FILE PHOTO - The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan on March 29, 2016. Tyrone Siu/File Photo “Standards tend to get ecosystems built around them in a fairly complicated way,” Chandran said in an interview. “What’s needed is a bunch of industry players across the value chain saying they’re going to build to that standard. And that’s really what we have.” Conflict Looms One of the first places a wireless transfer feature could show up is the Essential Phone, the device designed by Andy Rubin, the father of the Android mobile operating system. Essential, which has raised $330 million in venture capital, plans to announce a launch date for its $699 phone later this week. Playground Global, the venture fund Rubin oversees, is an investor in both Essential and Keyssa. Essential has said its phone will feature wireless data transfer, but it is not clear where the technology has come from. Keyssa says it has filed more than 250 patents around the technology, including nearly 50 of which that have been issued in the United States. Almgren said Keyssa met with Rubin and Essential executives several times, including at the Consumer Electronics Show in 2016, to discuss licensing Keyssa''s proprietary technology, but no agreement had been reached. For its part, Essential said it ”considered Keyssa as a component supplier for Essential Phone and chose to proceed with a different supplier that could meet our performance specifications for the product," Essential said in a statement. Reporting by Stephen Nellis; Editing by Jonathan Weber and Marguerita Choy'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-keyssa-samsung-elec-idUSKCN1AW27Q'|'2017-08-16T20:28:00.000+03:00'
'9d4d681586582a713ba572fbf0bf7b524090532b'|'Anglo American swims against the current in backing fuel cells'|'August 18, 2017 / 11:11 AM / an hour ago Anglo American swims against the current in backing fuel cells Barbara Lewis 6 Min Read FILE PHOTO: Toyota''s FCV Plus hydrogen fuel-cell concept vehicle is seen at the 38th Bangkok International Motor Show in Bangkok, Thailand March 28, 2017. Athit Perawongmetha/File Photo LONDON (Reuters) - Anglo American ( AAL.L ) is placing a contrarian bet on hydrogen fuel cell vehicles as it tries to squeeze more profit from its platinum reserves, but risks being left behind as rival miners look to cash in on battery-powered cars. A push, particularly in Europe and China, for lower-emission transport raises the prospect of weaker demand for platinum, whose biggest industrial use is in diesel vehicles. Other big miners are positioning themselves for the shift away from the combustion engine by betting on lithium and cobalt, both used in electric vehicle batteries. Glencore ( GLEN.L ) signed a major deal last October to sell 20,000 tonnes of cobalt products, a hitherto niche material whose production it dominates, while Rio Tinto ( RIO.AX ) ( RIO.L ) is sitting on a large deposit of lithium. [nL8N1JV3HF] [nL5N1KF3Y2] As the world''s top supplier of platinum, Anglo American is left with little choice but to remain committed to the metal. But it sees strength in what others may perceive as a weakness. "Platinum and palladium will long play a critical air quality role in the global vehicle fleet, including in heavy commercial vehicles, hybrids and the emerging hydrogen fuel cell electric technology," CEO Mark Cutifani told Reuters. The firm has modernised operations, aiming to mechanise at least 70 percent of its platinum mining to boost efficiency. Cutifani is relentlessly pursuing a target of 15 percent return on capital, up from 4 percent in the first half of this year. It has also invested $110 million on encouraging technologies that use platinum, setting up partnerships with innovators, and lobbying governments to provide more infrastructure for hydrogen fuel cell vehicles. Instead of relying on a battery, such vehicles convert hydrogen into electricity using a fuel cell, in which platinum acts as a catalyst. Water is the only emission. Each vehicle would need between 10-15 grams of platinum, Anglo estimates, compared with around 7 grams in the catalytic converters of an average diesel car. WILL THE BET PAY OFF? China has set a target of 1 million hydrogen fuel cell vehicles by 2030, which Anglo says would require 300,000 troy ounces of platinum, about 10 percent of current auto demand and a chunk of its annual production of more than 2 million ounces. But so far the take-up of hydrogen vehicles is tiny, and industry experts say their wider use is years away at best, with high purchase prices and a lack of refuelling stations the major barriers. [nL1N1K11GL][nL1N1I614Q] Anglo says its lobbying is nonetheless paying off. Britain, for example, announced a 23 million pound ($30 million) fund to accelerate the take-up of hydrogen vehicles and has pledged to expand the refuelling network from a dozen stations nationwide so far. Cutifani meanwhile joined forces with CEOs from the motor, chemical and oil industries who launched the Hydrogen Council lobbying group at the start of this year. FILE PHOTO: The Toyota Mirai, an hydrogen fuel cell vehicle, is displayed on media day at the Paris auto show, in Paris, France, September 29, 2016. Benoit Tessier/File Photo Toyota 7302.T, which backs fuel cells because it does not want to be dependent on a single technology, was among those represented. The Japanese car maker sees advantages in hydrogen vehicles'' greater range and faster refuelling compared with battery power, although it has said it expects the technology to reach the mainstream only by the mid-to-late 2020s. It is also seeking to reduce the amount of platinum needed to keep down costs. Volumes of platinum used in fuel cells per car have been falling for the last 10 years, Toyota''s director of advanced technologies Craig Scott told Reuters, and are likely to drop further through technology or the use of alternative metals. BOTTOM LINE At the height of the platinum market around a decade ago, when prices soared above $2,000 an ounce, the metal accounted for nearly 30 percent of Anglo''s core earnings (EBITDA). FILE PHOTO: The symbol for the chemical element hydrogen is seen on the cover of the hydrogen fuel tank of a Mercedes-Benz F125 concept car that is electrically powered by a hydrogen fuel cell at the Hannover Fair in Hanover, Germany, April 25, 2016. Wolfgang Rattay/File Photo That share has fallen to less than 10 percent as the price of platinum has dropped to around $980 an ounce XPT=. Anglo has cut costs and reorganised its portfolio, selling off some assets including its Rustenburg platinum mine in South Africa, a flashpoint of union violence. [nL8N1G03MR] Cutifani said there were no plans to expand the platinum business. But it is a significant contributor to earnings that could boost shareholder returns in the event of a platinum rally. That may be a long wait. Frances Hudson, an investment director at Aberdeen Standard, which holds Anglo American shares, said the short-term consensus was for weak prices for most of the commodities the firm holds. "But the company''s portfolio of long-life and mainly low cost assets (diamonds, copper and platinum) should be fine on a three-to-five year outlook as supplies tighten," she said. Anglo is focussed in the meantime on raising the value of every ounce of platinum it mines. Investors are waiting to see whether it is a bet that pays off. "The market believes in electric vehicles. The market is sceptical about fuel cells. Anglo could be right, but the market has yet to be convinced," said Chris LaFemina, a managing director specialised in mining at Jefferies bank. Additional reporting by Jan Harvey, Simon Jessop and Zandi Shabalala in London and Joe White in Detroit; Editing by Nick Tattersall and David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-angloamerican-fuelcell-analysis-idUKKCN1AY142'|'2017-08-18T14:18:00.000+03:00'
'0271efdd5146a21c7c379f08ffcbbf6adc7a2621'|'Investors sell stocks, dollar on fears Trump agenda is foundering'|'August 18, 2017 / 1:00 AM / an hour ago Investors sell stocks, dollar on fears Trump agenda is foundering Nichola Saminather 6 Min Read People are reflected on an electronic board showing Japan''s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. Kim Kyung-Hoon SINGAPORE (Reuters) - Asian stock investors joined a global retreat from riskier assets on Friday and the dollar wavered on rising doubts about U.S. President Donald Trump''s ability to deliver his economic agenda. European stock markets are also set for a negative start, with financial spreadbetter CMC Markets expecting Britain''s FTSE 100 to open 0.5 percent lower, and Germany''s DAX and France''s CAC 40 to start the day down 0.7 percent. Confidence was shaken further after a van mowed through crowds of tourists in Barcelona on Thursday, killing at least 13 people and injuring more than 100 in an attack that authorities were treating as Islamic terrorism. In Cambrils, a town south of Barcelona, police said they had killed five attackers on Thursday night to thwart a linked "terrorist attack." The MSCI World index slipped 0.1 percent, adding to Thursday''s 0.8 percent drop and heading for a flat end to the week. MSCI''s broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent, but still looked set to gain 1.4 percent for the week after tensions between North Korea and the United States came off the boil. Japan''s Nikkei slid 1.2 percent on global jitters and a stronger yen, and looked set to lose 1.4 percent for the week. "The realization of the worst case scenarios (in Washington and in North Korea) would likely bring about a more significant drop in global equity markets," said Jingyi Pan, market strategist at IG in Singapore. Until then, "sentiment may remain the driver for the fluctuations in the markets and could make for good entry opportunity for regional markets," she added. Chinese blue chips slipped 0.2 percent, after data showed growth in new home prices slowed in July, but looked set for a 1.9 percent weekly gain as a year-long construction boom boosted shares of building materials firms. Hong Kong''s Hang Seng retreated 0.7 percent, up 1.05 percent for the week. Overnight, Wall Street''s major indexes slumped between 1.2 percent and 1.9 percent. The S&P 500 index posted its biggest drop in three months.[.N] Concerns have grown over Trump''s ability to push through his economic goals, such as tax cuts and infrastructure spending, following the exodus of executives from two prominent business councils in reaction to his response to clashes last weekend in Charlottesville, Virginia. Trump on Thursday decried the removal of pro-slavery Civil War Confederacy monuments, which have fueled U.S. racial tensions, stoking worries that some of his key policy staffers and aides may quit. Chief among them were rumors that Gary Cohn, director of the National Economic Council, would resign, following Trump''s defense of white supremacist protesters in Charlottesville. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration/File Photo A statement from the White House that Cohn intends to remain in his position calmed markets only briefly before selling resumed. "Diminishing West Wing support from both business and political allies will continue to abrade investors’ confidence in President Trump’s economic agenda," Stephen Innes, head of Asia Pacific trading at OANDA in Singapore. "The dollar, for the most part, remains in a state of directionless confusion, supported on the one hand by resurgent U.S. economic data yet burdened by the expanding White House rat’s nest." The dollar posted its third session of losses against the yen, falling 0.25 percent to 109.31 yen and shrinking this week''s gains to 0.3 percent. The dollar index, which tracks the greenback against a basket of six major peers, was flat at 93.597, surrendering moderate early gains. The index rose earlier on weakness in the euro, the biggest component of the basket, after minutes of the European Central Bank''s July meeting showed policymakers were worried about a possible overshoot in the common currency, whose strength is making the bloc''s exports less attractive and imports cheaper. The euro inched up 0.1 percent to $1.1736, making up some of the previous session''s 0.4 percent drop. Bitcoin, which hit an all-time high of $4,480 in the previous session before closing lower, inched up 0.2 percent to trade at $4,285, up 17.6 percent this week. In commodities, oil prices pulled back following recent gains. Global benchmark Brent fell 0.1 percent to $50.99 a barrel, after jumping 1.5 percent on Thursday on a drop in U.S. inventories. It is on track for a 2.15 percent decline for the week. U.S. crude also lost 0.1 percent to $47.05 on Friday, surrendering some of Thursday''s 0.7 percent gain, heading for a 3.6 percent weekly loss. Spot gold was steady on Friday at $1,286.85 an ounce, holding most of Thursday''s 0.4 percent gain. It is set to end the week down 0.1 percent. Industrial metals, which posted multi-year highs this week, waned on Friday as investors took profits. Three-month copper on the London Metal Exchange was down 0.3 percent to $6,468.50 a tonne, extending Thursday''s 0.6 percent drop. Benchmark zinc, which set a new decade high of $3,147 a tonne on Thursday, closed lower but was up 1.05 percent at $3,094.50 on Friday. Reporting by Nichola Saminather; Editing by Kim Coghill and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1AY03U'|'2017-08-18T08:33:00.000+03:00'
'cf325f391eb0992e9506f2339fea31ba6efe0a5f'|'Barcelona attack dents travel stocks as global sell-off spreads to Europe'|'A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - European travel stocks fell sharply on Friday after the van attack in tourist hotspot Barcelona.Investors were also increasingly concerned about the stability of the Trump administration.As a global share sell-off spread, the pan-European STOXX 600 ended the session 0.7 percent lower, with blue-chips .STOXX50E down 0.4 percent. All European sectors were in the red.Travel and leisure stocks .SXTP led losses, down 1.5 percent, with airlines the worst-performing as investors dropped stocks exposed to tourist flows.Ryanair ( RYA.I ), easyjet ( EZJ.L ) and British Airways owner IAG ( ICAG.L ) recouped some earlier losses but still closed 0.8 to 2 percent lower.Spanish airport company AENA ( AENA.MC ) fell around 2 percent after Thursday''s attack, in which a suspected Islamist militant drove a van into crowds in central Barcelona, killing 13 people.Spanish stocks .IBEX were 0.6 percent lower, with shares in Melia Hotels ( MEL.MC ) and IAG''s ( ICAG.MC ) Madrid-listed shares among the biggest fallers."As we''ve seen over the last couple of years in Europe, these kinds of atrocities affect tourism and will hit airline earnings," said Neil Wilson, analyst at ETX Capital.Risky assets, including equities, were hit globally on concerns that U.S. President Donald Trump might not be able to deliver on his campaign promises including tax cuts after disbanding two high-profile business advisory councils.Though company news was thin on the ground, earnings drove some moves.Dutch storage firm Vopak ( VOPA.AS ) fell more than 9 percent after it said profit would be 5 to 10 percent lower this year than last due to lower occupancy rates.Irish construction firm Kingspan Group ( KSP.I ) jumped 9.6 percent after it reported its trading profit grew 6 percent in the first half and said the Brexit vote had not had a measurable impact on UK business.Shares in German generic drugmaker Stada ( STAGn.DE ) were the biggest gainers, surging more than 13 percent to a record high after the second, improved buyout offer from private equity group Bain Capital and Cinven was successful.Meanwhile Straumann ( STMN.S ), the top gainer on Thursday after a profit beat, fell back 3.7 percent as investors moderated their enthusiasm.The European earnings season is drawing to a close, with 86 percent of second-quarter company reports through.Some 60 percent of these have beaten or met expectations and earnings estimates were trending up, though they were still negative overall after being revised down sharply since the start of earnings season due to concerns about a stronger euro."In contrast to the pattern of the last several years in which earnings have routinely disappointed lofty analyst expectations, this year analysts have been overly bearish and earnings have surprised to the upside," said Jon Ingram, portfolio manager at JP Morgan Asset Management.Reporting by Helen Reid and Kit Rees Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks-idUSKCN1AY0OM'|'2017-08-18T10:29:00.000+03:00'
'e23ba6ffa18411ee14179d987b0677ec89f92ab2'|'India''s Infosys CEO and MD Sikka resigns'|'Aug 18 (Reuters) - Infosys Ltd said on Friday Vishal Sikka has resigned as managing director and chief executive of the company with immediate effect.U B Pravin Rao has been appointed as interim-managing director and chief executive, India''s no. 2 software services exporter said in a statement. bit.ly/2v6GW6ISikka has now been appointed as executive vice-chairman, Infosys added. (Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/infosys-ceo-idINL4N1L41VZ'|'2017-08-18T01:51:00.000+03:00'
'366a358092bc52a02e18c1e3063773367e8ca001'|'PRESS DIGEST- Financial Times - Aug 15'|'Aug 15 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* Telit defends finances and business practices as chief executive departs on.ft.com/2fGtkNu* Danone shares rise on stake building by U.S. hedge fund on.ft.com/2fGcSNl* UK looks to retain Brussels customs deal on.ft.com/2fFQsvI* Pandora names Sling TV founder as new CEO on.ft.com/2fGNEyuOverview- Telit Communications said that its chief executive Oozi Cats, who has led the company since 2000, had resigned. Telit, last week, suspended Cats following allegations of links between him and a U.S. fugitive by the name of Uzi Katz who was accused of wire fraud in Boston in 1992.- Corvex, a U.S. activist hedge fund run by Carl Icahn protégé Keith Meister, has built a $400 million stake in Danone SA. Corvex considers Danone to be undervalued.- A UK government paper due to be published on Tuesday makes clear that the UK wants to remain in a customs union with the EU for at least the estimated three years of transition after Britain''s 2019 exit.- Pandora Media Inc has named Roger Lynch, the founding chief executive of Sling TV, as its new chief executive. Lynch will replace Tim Westergren, Pandora''s cofounder, who left in June as part of a plan to "refocus" the online radio company. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL4N1L101Q'|'2017-08-14T22:19:00.000+03:00'
'f4ed73f795346f4f365dcb45d4786a53fbf36c9b'|'Colombia''s Grupo Argos sells port company to Goldman for $136 million'|'BOGOTA (Reuters) - Colombian holding company Grupo Argos ARG.CN has sold its 50 percent stake in a port operator to an investment fund administered by Goldman Sachs ( GS.N ) for about $136 million, Grupo Argos said in a statement on Monday.Compania de Puertos Asociados S.A., called Compas, moves principally coal and cement through its ports in the Andean country. Argos'' stake was sold to West Street Infrastructure Partners III, which is run by Goldman Sachs, for 407 billion pesos.The sale price is two and a half times what Grupo Argos invested in the business in 2012, Argos said in the statement.Compas had an income of 165 billion pesos in 2016, and its ports have a total capacity of more than 13 million metric tonnes.Reporting by Nelson Bocanegra,; Writing by Julia Symmes Cobb; Editing by Paul Simao'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-colombia-goldman-sachs-idINKCN1AU1ZS'|'2017-08-14T15:31:00.000+03:00'
'8824047c75b1ac23691ff5d2010311cfba755faa'|'Pershing Square''s Ackman says ADP needs to streamline'|'August 17, 2017 / 1:44 PM / an hour ago Ackman''s Pershing Square says ADP needs to streamline, modernize Svea Herbst-Bayliss and Michael Flaherty 4 Min Read William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. Brendan McDermid BOSTON/NEW YORK (Reuters) - Billionaire activist investor William Ackman on Thursday said Automatic Data Processing Inc''s ( ADP.O ) stock price could double in the next five years if the human resources outsourcing company cuts costs, streamlines its business and invests in technology upgrades. Ackman''s hedge fund Pershing Square Capital Management owns 8.3 percent of the $50 billion company and he is asking for board seats for himself plus two independent directors and considering pushing the board to make leadership changes. "The person who will fix this is the chief executive officer," Ackman said on a 3-1/2-hour conference call which marked his first public discussion of the investment. He ended with suggestions that Carlos Rodriguez, ADP''s CEO of six years, is the wrong man for the job. "Of course we have ideas (on new CEO candidates) and if we announced them, the stock price would be up 20 percent instead of down 4 percent," Ackman said. The investor and two of his analysts laid out how the company should cut staff, focus on innovations, integrate its recent acquisitions better and possibly sell off real estate to consolidate its 143 offices. The status quo, Ackman said, puts ADP at a disadvantage to smaller competitors like Paychex Inc ( PAYX.O ) and Workday Inc ( WDAY.N ). "ADP''s margins are vastly below what they should be," Ackman said, noting that ADP''s stock price could more than double in five years to $221 without a change in the company''s dividend, capital structure or credit rating. On Thursday however ADP shares fell more than 5 percent to $105.46, a bigger drop than peers whose shares were also down. Some investors appeared to worry about how realistic any improvements could be after Ackman laid bare a host of perceived problems at the company. ADP defended its CEO and said it has the right plan in place for ADP''s future success. Ackman "presented nothing that has not previously been analyzed by the board and management," the company said in a statement. To advise how to handle the activist investor and his demands, ADP hired investment banks Morgan Stanley and Goldman Sachs and law firm Paul, Weiss. As human resources functions are becoming more automated, ADP has failed to upgrade its technology and is selling products that are a "ticking time bomb" that need rapid improvement, Ackman said. When Ackman''s investment, currently the biggest in his portfolio, first became public, ADP hit back at the hedge fund manager, setting the scene for what could become one of the season''s most bitter proxy contests. ADP said Ackman wanted control of its board and a new CEO. Initially Ackman said he approached ADP management with an open mind and that he could work with Rodriguez or an outside candidate. But tensions have ratcheted up in the last two weeks. Rodriguez blasted Ackman''s approach on television and called him a "spoiled brat," and Ackman revealed that the CEO had accidentally sent him an email in which Rodriguez cast doubt on Ackman''s statements about working collaboratively. Those strained relations suggest that shareholders may have to vote on who should be on the board. The ADP bet is critical for Ackman as he works to rebuild his reputation after two years of double-digit losses at Pershing Square which have prompted a number of investors, including pension funds, to pull their money out. This year, his funds are flat or losing a small amount of money. Ackman''s presentation prompted a quick response from critics. Investor Robert Chapman, who previously took the opposite side of Ackman''s bet against Herbalife Ltd ( HLF.N ), said on CNBC that he is betting that ADP''s share price will fall. Reporting by Svea Herbst-Bayliss in Boston and Michael Flaherty in New York; Editing by Meredith Mazzilli and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-adp-pershing-idUSKCN1AX1MS'|'2017-08-17T16:37:00.000+03:00'
'ac70a27b2ee797a410f2efaaa66ac81c36ff2853'|'At least one dead, 5 burned in eastern Mexico pipeline explosion'|'MEXICO CITY, Aug 19 (Reuters) - At least one person died and five others suffered burns after a pipeline exploded during an illegal tap in the eastern Mexican state of Veracruz, state-owned oil company Pemex and state emergency services said on Saturday.The fire had been brought under control, state emergency services said on Twitter.Fuel thieves regularly tap Pemex pipelines, stealing millions of liters of fuel in high-risk maneuvers that can often be deadly. (Reporting by Lizbeth Diaz and Gabriel Stargardter; Editing by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-pemex-idINL2N1L50BO'|'2017-08-19T14:31:00.000+03:00'
'd36ca333355734eab951e69f67a598fb1115de4c'|'Deals of the day-Mergers and acquisitions'|'(Adds RHB Bank, CGG, ComfortDelgro, Sears, Bayer)Aug 22 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday:** The European Commission has started an in-depth investigation of Bayer''s planned $66 billion takeover of U.S. seeds group Monsanto, saying it was worried about competition in pesticide and seeds markets.** Struggling retailer Sears Holdings Corp said it signed licensing deals for its Kenmore home appliances and DieHard batteries to expand distribution of the brands outside the United States.** Singapore''s biggest taxi operator, ComfortDelgro Corp Ltd , entered into exclusive talks with Uber Technologies Inc for a potential tie-up, it said, in a move that could help Uber in its fight with dominant ride-hailing firm Grab.** Shares in oil services group CGG surged higher on Tuesday, with several traders citing speculation of a bid from China''s Sinopec.** Malaysia''s RHB Bank and AMMB Holdings (AmBank) have dropped plans for a merger on grounds that both could not arrive at mutually acceptable terms.** Meitav Dash, Israel''s second-largest investment house, pulled out of a deal to be bought out by London-based private equity firm XIO, saying XIO had changed the terms from the initial offer.** Murray Goulburn Co-operative, Australia''s largest milk processor, said it was considering approaches from a broad array of suitors who were interested in acquiring the cooperative as a whole or some of its assets.** German photonics group Jenoptik has bought U.S. process automation firm Five Lakes, a car industry specialist, for an undisclosed sum, it said.** A group of state and private companies will invest a total of 6.9 billion yuan ($1.04 billion) in China''s COFCO Capital, a subsidiary of state-run agribusiness COFCO Group, according to a notice published on Monday on a state investment platform.** Japan Tobacco Inc said it would buy the Philippines'' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month as it deepens its push into emerging markets.** BHP Billiton, the world''s largest miner, reported a surge in underlying full-year profits and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who had called for a sale.** Dalian Wanda Group said it had scrapped plans to buy Nine Elms Square in London, the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment.** Fujitsu Ltd is looking to offload its mobile operations as the Japanese information technology company faces stiff competition from bigger rivals in a highly lucrative mobile phone market, the Nikkei business daily reported.** Polish retail and wholesale group Eurocash said it signed a letter of intent to buy its smaller rival Mila.** Australia''s Seven Group Holdings said it would sell its Chinese mining machinery division WesTrac China to Chinese firm Lei Shing Hong Machinery for A$540 million ($428 million).** KuangChi Science Ltd said its parent has invested 4 billion yuan ($600.3 million) in a 1.88 percent stake in China United Network Communications Ltd, becoming one of its strategic investors under a mixed ownership reform plan.** Brazil floated a proposal to cede control of the country''s biggest power utility, Eletrobras, in the boldest privatization yet by a government struggling to close a record budget deficit, sending Eletrobras'' shares soaring in after-market trading.** A Brazilian federal court temporarily halted Petróleo Brasileiro SA''s sale of a 50 percent stake in thermal power station operator TermoBahia to France''s Total SA following a lawsuit.** A direct overture by Chinese automaker Great Wall Motor Co Ltd to Italian-American automaker Fiat Chrysler Automobiles NV, sent FCA shares up sharply on Monday, as investors cheered the potential sale of the storied Jeep brand. (Compiled by Tamara Mathias in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L8372'|'2017-08-22T08:32:00.000+03:00'
'd0056424d8a7a07a160033a7018a9a84a53b990a'|'TREASURIES-Yields rise as investors wait on central bank speeches'|'* Jackson Hole conference watched for monetary policy clues * ECB''s Draghi to speak on Wednesday By Karen Brettell NEW YORK, Aug 22 (Reuters) - U.S. Treasury yields rose on Tuesday as investors waited on speeches by top central bankers this week for further signals about monetary policy, and with no major economic data. Yields fell to almost two-month lows on Friday as political discord in Washington sparked safety buying and on continuing concern about tensions between the United States and North Korea. The bonds have now given back some of that rally as investors wait on a new catalyst to give the market direction. “I think it’s a pattern of consolidation we’ve been falling into,” said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. “We’ve been looking for a bit of yield bounce here just because we’ve done nothing but rally on very little news in the last couple of days.” Benchmark 10-year notes were last down 8/32 in price to yield 2.21 percent, up from 2.18 percent on Monday. The yields fell to 2.16 percent on Friday, the lowest since June 27. Investors were focused on this week’s annual central banking conference in Jackson Hole, which begins on Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are due to speak. Many analysts and investors, however, do not expect that much new information will emerge at the conference. Two sources have said Draghi will not deliver any new policy message at Jackson Hole, tempering expectations for the bank to start charting its course out of stimulus. “You can get the market ready for tapering but you can do that in September and it''s widely expected anyway, why add more fuel to the fire,” said Kohli. The Fed is expected to announce a plan to reduce its balance sheet at its September meeting. Draghi will also speak at an event in Germany on Wednesday. Stronger stock markets on Tuesday also reduced safety buying of U.S. debt. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1L80KC'|'2017-08-22T11:28:00.000+03:00'
'27b3e7218fb16ce754fece5a5a66007586f34548'|'China''s new home price growth continues to slow in July'|' 35 AM / 41 minutes ago China''s new home price growth continues to slow in July Yawen Chen and Ryan Woo 4 Min Read FILE PHOTO: People look out from the observation tower of the Marina Bay Sands amongst public and private residential apartment buildings in Singapore, February 22, 2016. Edgar Su/File Photo BEIJING (Reuters) - Growth in new home prices slowed in China in July with Beijing prices down for a second straight month, reinforcing expectations of further slowing later this year. Government restrictions to keep prices in check weighed on larger cities, with July showing the slowest growth since August 2016. Smaller centres pulled back but remained robust. New home prices growth in Tier-3 cities fall to 0.6 percent from 0.9 percent in June, the National Bureau of Statistics (NBS) said in an analysis accompanying the data release. New home price growth in China''s top-tier cities were unchanged from June, while growth in Tier-2 cities fell 0.2 percentage points to 0.4 percent, the NBS said. Retreating prices, accompanied by slowing property investment and sales, could denote a moderating property market that is unlikely to suffer the steep correction some had feared. But many analysts expect the sector to lose more momentum in the second half of the year in the face of continuous policy tightening and an official financial deleveraging campaign. July''s weaker-than-expected economic data suggest the economy is starting to cool under the weight of higher financing costs and a slowing property market. [nL4N1L01ZZ] In China''s biggest markets, Beijing''s new home prices fell 0.1 percent in July, after decline 0.4 percent in June. Shanghai prices stalled while Shenzhen prices fell by 0.2 percent from a month ago. Average new home prices in China''s 70 major cities rose 0.4 percent in July from the previous month, slowing from the 0.7 percent growth in June as policymakers battled to rein in the red-hot market. Compared with a year ago, new home prices rose 9.7 percent in July, easing from a 10.2 percent gain in June and marking the slowest growth since August 2016, Reuters calculated from National Bureau of Statistics (NBS) data. The NBS said at a briefing in Beijing on Monday that speculative property purchases had been effectively controlled and the overheated property market had cooled somewhat, adding that the housing market should still be able to maintain stable growth. A rampant property boom that has spread since late 2015 from China''s biggest cities to smaller centres has prompted Chinese authorities to impose a range of measures to deflate the housing bubble as financial risks accumulated. But speculators have instead flocked to China''s less-restricted smaller cities and their massive overhang of unsold housing, which could worry policymakers who want to keep the property market stable ahead of a once-in-five-years Communist Party congress later this year. Household loans, mostly mortgages, fell to 561.6 billion yuan in July from 738.4 billion yuan in June, according to Reuters calculations based on the central bank''s data. But household loans as a proportion of total new loans rose to 68 percent, from 48 percent in June, suggesting banks were more exposed to the property market, even though it cooled in July. Policymakers have prioritised stabilising the property market ahead of the party reshuffle, reiterating the need to avoid dramatic price fluctuations that could threaten the financial system and harm social stability. Reporting by Yawen Chen and Ryan Woo; Additional Reporting by Stella Qiu and Beijing Monitoring Desk; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-homeprices-idINKCN1AY0ER'|'2017-08-18T07:34:00.000+03:00'
'503f77477975e851cf1df93ba70cfdbbf52c1848'|'On sidelines of trade talks, businesses tout NAFTA''s benefits'|'August 17, 2017 / 8:55 PM / 11 hours ago On sidelines of trade talks, businesses tout NAFTA''s benefits Ginger Gibson and Anthony Esposito 5 Min Read WASHINGTON (Reuters) - Steps away from this week''s NAFTA trade negotiations, business unified in hopes of sending a singular message: do no harm. Representatives from the United States, Canada and Mexico convened behind closed doors at a Washington, D.C. hotel in an effort to strike a new North American Free Trade Agreement. And not far away, industry representatives from all three nations sat waiting and hoping to influence the talks. After two days of meetings, lobbyists admitted privately that they remained mostly in the dark, swapping rumours about dates and times of future meetings but unsure what progress was being made in the first round of discussions. The meetings were largely expected to be procedural, with little discussion on substance in the early days. The decision to renegotiate NAFTA has largely been driven by politics, chiefly U.S. President Donald Trump, who earlier this year threatened to withdraw entirely. Business, on the other hand, has largely praised the agreement and hopes to convince all three governments to make minimal changes to the pact. U.S.-Canada-Mexico trade has quadrupled since NAFTA took effect in 1994, surpassing $1 trillion in 2015. Related Coverage U.S. VP Pence says U.S. wants increased trade with Latin America "We''re all in the same boat," said Flavio Volpe, president of the Canada''s Automotive Parts Manufacturers'' Association. "In the end we all serve primarily the U.S. consumer. So if you''re going to raise the cost structure, or if you''re going to change the dynamic flow of good or people in those three countries, you''re really hurting the cost to market for the U.S. customer." The U.S. had an autos and auto parts trade deficit of $74 billion with Mexico last year – without which, there would have been a U.S. trade surplus, not a $64-billion deficit. The United States had a much smaller $5.6-billion automotive trade deficit with Canada last year, but autos was the still a major component of an $11.8 billion overall U.S. goods trade deficit with Canada last year. But including services trade, the United States ran an overall surplus with Canada. Volpe''s counterparts from the United States and Mexico were also on hand - with hopes of presenting a united front not to see a disruption to the auto industry. Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co ( GM.N ), Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles ( FCHA.MI ), stopped by the talks hotel to chat with negotiators, answer questions and “glean information” about U.S. negotiating objectives. However, he said insights into the talks were hard to come by, as negotiating teams had not yet revealed details of their proposals to each other. “There are a lot of poker-faces around here,” he said. He wasn''t the only American lobbyist floating in and out of the hotel. Some held lunch meetings in the hotel restaurants and then returned to their downtown offices. From mining, to textiles to dairy farmers, various groups held sideline meetings. About 100 business representatives from Mexican companies waited in a meeting room to see if there were any questions negotiators might have for them. And Canadian industry groups mostly worked on their own. For the most part, the business groups presented a united front. Juan Pablo Castanon, president of the Mexican business group Consejo Coordinador Empresarial, said his group has been working with the U.S. Chamber of Commerce for three years. After the November U.S. elections, they began working to tout the benefits of NAFTA. "The level of contact and communication is intense and one of collaboration," Castanon said. The U.S. Chamber of Commerce, the largest business lobby in Washington that represents companies big and small across the country, confirmed they plan to attend all the sessions - where they expect to hold sideline meetings with other business groups and government officials. The Chamber may also hold sideline events or briefings during future discussions. Even industry groups who weren''t in agreement with their North American counterparts found other stakeholders to discuss common ground. The Canadian Dairy Farmers are at odds with their American counterparts, but still found a chance to talk, said the Canadian group''s spokeswoman Isabelle Bouchard. "To have discussions with counterparts within our own industry and even different industries who are in similar situations than us, it''s important and we have seen though past trade negotiations how important it is," said Bouchard. Reporting by Ginger Gibson and Anthony Esposito. Additional reporting by David Ljunggren, Lesley Wroughton and David Lawder; Editing by Nick Zieminski 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/trade-nafta-lobbying-idINKCN1AX2MM'|'2017-08-17T18:55:00.000+03:00'
'851b4093890621004aea29a05a8e258912c37ed3'|'Fed-fuelled banking stumble cuts FTSE''s winning streak short'|'August 17, 2017 / 9:02 AM / 2 hours ago Fed-fuelled banking stumble cuts FTSE''s winning streak short Helen Reid 4 Min Read A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Banks wilting on the prospect of slower U.S. rate hikes dented Britain''s major share index on Thursday, as Kingfisher also weighed after a weaker quarterly sales performance. The FTSE 100 .FTSE fell 0.2 percent, heading for its first down day this week, following the lead of European indexes which edged back after a set of cautious minutes from the U.S. Federal Reserve. Banks RBS ( RBS.L ), Standard Chartered ( STAN.L ), and HSBC ( HSBA.L ) were among the biggest fallers, helping financials take 11 points off the index overall after several Fed members called for halting interest rate hikes after recent weak inflation. Banks benefit from higher interest rates which bolster their margins, and the prospect of slower rate hikes dented the sector globally. The FTSE 350 banking index .FTNMC8350, which had outperformed the FTSE 100 recently, fell back 1.2 percent. Index levels were little changed after retail sales data which showed a slowing in July after a strong second quarter. Europe''s largest home improvement retailer Kingfisher ( KGF.L ) fell 4 percent after it reported another decline in quarterly sales, weighed by its B&Q business in the UK and weak sales in French chains Castorama and Brico Depot. "As feared, the impact of the UK housing slowdown is now more clearly apparent, with B&Q second quarter like-for-like sales undershooting expectations at -4.7 percent," said Jefferies analysts. The retailer''s "discount" valuation would likely persist for now, they added, as the mid-term potential for improvement in its French segment was diluted by short term risks at B&Q. Gains from gold miners Randgold ( RRS.L ) and Fresnillo ( FRES.L ), up 2.6 to 3.4 percent, capped losses for the index as gold prices edged up, benefiting from a weaker U.S. dollar. Admiral ( ADML.L ) stumbled again after Wednesday''s sharp results-driven losses. Meanwhile mid-caps .FTMC held steady, though results weighed on Hikma ( HIK.L ). The drugmaker fell 8.7 percent after it cut its revenue guidance for the year, saying increased competition in its generics business hit prices and volumes for its first half. Aerospace and defence engineering firm Qinetiq ( QQ.L ) jumped 6.5 percent after Barclays upgraded it to overweight, saying recent share price weakness provided an opportunity. They added, however, that valuations for the UK capital goods sector were demanding, perhaps influenced by investors'' strong dislike for consumer-related stocks. Reporting by Helen Reid; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1AX0V5'|'2017-08-17T12:03:00.000+03:00'
'dd5ad1cd54bafc241b09c2f1af16e205271115ae'|'Buyout firms readying sale of $1 billion Indonesia tower operator STP: sources'|'FILE PHOTO - A general view of the lobby outside of the Carlyle Group offices in Washington, May 3, 2012. Jonathan Ernst/File Photo SINGAPORE/JAKARTA (Reuters) - Buyout firms Carlyle and Southern Capital Group are in talks to sell their majority stake in Solusi Tunas Pratama in a deal that could value the Indonesian telecoms tower operator at about $1 billion, three people familiar with the process said.The private equity firms have hired an adviser to find a buyer for their combined stake of nearly 69 percent in Solusi Tunas Pratama Tbk PT (STP) in which they have been invested for more than five years, said the people.STP is Indonesia''s third biggest independent telecoms tower operator and has a market value of 7.40 trillion rupiah ($553 million). Southern Capital-controlled local entities have a stake of 43.2 percent in STP and Carlye-owned entities have 25.5 percent.A deal will mark the first sizeable consolidation in Indonesia''s highly fragmented tower sector. In Asia, independent firms have been expanding by buying tower infrastructure from carriers, who are aiming to cut debt and focus on their core business.A growing base of mobile phone users with an increase in affordability and demand for data in the region - from India to Indonesia - has lured global funds into the tower business, and some are now looking to cash in on their investments.First-round bids for STP are due by end-August, the people said. STP competes with bigger independent firms Tower Bersama Infrastructure and Protelindo, a unit of Sarana Menara Nusantara, and with many smaller players.Depending on the interest from bidders, Carlyle and Southern Capital could still end up with a minority stake in STP, they said.The sources said the two shareholders were looking at a premium that could value the company at roughly $1 billion.Nobel Tanihaha, president director of STP, declined to comment and referred queries to Carlyle and Southern Capital. The three people Reuters spoke to did not want to be named as the deal talks are not public.Carlyle declined to comment and there was no response from Southern Capital to emails and phone calls.PROMISING SECTOR Two of the people said STP''s main investors were in early talks with Protelindo and Tower Bersama, other local firms, global pension and infrastructure funds and regional players.Sarana Menara declined to say if it was in talks with STP''s shareholders.Helmy Yusman Santoso, chief financial officer at Tower Bersama, also declined to comment but said, "within the growing telecommunications industry, tower sector is still promising. However, this business is a capital-intensive business."Sources told Reuters that state-run Pt Telekomunikasi Indonesia Tbk PT (Telkom) is seen as one of the potential buyers as it could merge its expanding tower unit with STP and emerge as tower powerhouse.David Bangun, Telkom''s director, confirmed to Reuters that the company was in early talks with STP but said a range of options were being considered for its tower unit business.The huge potential for wireless services in Indonesia and plans by telecom firms to sell towers underpin strong prospects for independent tower companies, analysts said."Telcos want to get out of the tower business and monetize the towers. And on the other hand, small tower players might struggle due to lack of scale and that''s when they could be up for sale," said Sachin Mittal, analyst at DBS Vickers Securities.Reporting by Anshuman Daga in SINGAPORE and Cindy Silviana in JAKARTA; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-solusi-tunas-m-a-idUSKCN1AX14G'|'2017-08-17T18:50:00.000+03:00'
'1c776545c7ab461f0ae7b1dd653307aa28e4b0ba'|'Ex-Integra Gold executives launch new mining exploration company'|'VANCOUVER, Aug 17 (Reuters) - Three former executives of Integra Gold Corp, a small Canadian miner that was acquired last month for C$590 million ($467.51 million), have launched a new precious metals exploration company, the new venture''s chief executive said on Thursday.The company, to be named Integra Resources Corp, plans to acquire an advanced-stage gold-silver project in Canada or the United States in the next two months, and then apply to list on the TSX Venture Exchange, CEO George Salamis said.Salamis was formerly the chairman of Integra Gold, which increased its market value from C$25 million four years ago to almost C$600 million by expanding the gold resource at its Lamaque project in Quebec through drilling.Integra Gold was acquired by Canadian miner Eldorado Gold in July.Integra Resources, which will be headquartered in Vancouver, will be modeled on Integra Gold, Salamis added.Stephen de Jong, the former CEO of Integra Gold, will become the chairman of Integra Resources, and Andrée St-Germain its chief financial officer, the same job he held at Integra Gold.Years of low investment in exploration due to weak gold prices has left producers short of new projects, and looking to acquire them.$1 = 1.2620 Canadian dollars Reporting by Nicole Mordant in Vancouver; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/integra-resources-launch-idUSL2N1L2270'|'2017-08-17T16:45:00.000+03:00'
'67eacd664ff5414fad97237e5208eae58df447c2'|'CANADA STOCKS-TSX falls as energy, financial stocks weigh'|'August 17, 2017 / 1:44 PM / 14 minutes ago CANADA STOCKS-TSX falls as energy, financial stocks weigh 1 Min Read TORONTO, Aug 17 (Reuters) - Canada''s main stock index opened lower on Thursday, hurt by slips among heavyweight financial and energy stocks. The Toronto Stock Exchange''s S&P/TSX composite index was down 21.2 points, or 0.14 percent, at 15,061.01 shortly after the open. Seven of its 10 main sectors were in the red. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1L30MV'|'2017-08-17T16:42:00.000+03:00'
'7bfc749b030c792f048e7f7b2ba67e47c97ae1b2'|'Nikkei edges down as yen rebounds; Seibu Holdings shines'|' 34 AM / 8 minutes ago Nikkei edges down as yen rebounds; Seibu Holdings shines 3 Min Read * Turnover falls below 2 trillion yen for 2nd day * Seibu Holdings up after Cerberus sells remaining stake in firm * Rise in industrial metal prices lifts smelters By Shinichi Saoshiro and Ayai Tomisawa TOKYO, Aug 17 (Reuters) - Japanese stocks felt the weight of a rebounding yen and edged down on Thursday in thin trade, while conglomerate Seibu Holdings rose after an equity fund sold its remaining stake in the company to end a decade-old capital tie-up. The Nikkei share average ended 0.1 percent lower at 19,702.63 and the broader Topix shed 0.1 percent to 1,614.82. Turnover was only 1.806 trillion yen ($16.44 billion), below 2 trillion yen for a second straight day. Investor appetites were dented as the yen gained against the dollar after minutes of the Federal Reserve''s last meeting showed policymakers were worried about weak U.S. inflation. President Donald Trump''s decision to dismantle two key business advisory councils also hurt the dollar. "The dollar going below 110 yen on what was perceived as dovish Fed minutes is acting as a drag for the Nikkei. Dollar/yen is the main driver for a market that is range bound and short of other incentives," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "As for Trump''s latest decisions, they might not have an immediate impact on the Japanese market. But their effects could be unavoidable in the longer term, as they could negatively impact expectations towards the U.S. economy." Wall Street shares ended off the day''s highs on Wednesday, as Trump''s move increased doubt about the president''s ability to push through tax reforms and fiscal stimulus policies. Banking and insurance stocks underperformed, with Mitsubishi UFJ Financial Group and Dai-ichi Life Holdings both falling 0.9 percent. Railway and hotel conglomerate Seibu Holdings Inc rose 4.2 percent after it said U.S. private equity firm Cerberus Group disposed all of its remaining 2.35 percent stake in the company. Cerberus took a stake in Seibu Holdings in 2006 to provide the then-struggling conglomerate with much-needed assistance. The relationship between the two appeared fraught at times. Industrial metal refiner and manufacturer Toho Zinc Co rallied 11.5 percent after the price of zinc surged to the highest in almost a decade. With other industrial metals also buoyant on expectations of strong global demand - aluminium and copper hit their highest since 2014 - Tokyo''s non-ferrous metals subindex rose 0.55 percent. Smelters Dowa Holdings and Sumitomo Metal Mining Co gained 2.5 percent and 2 percent, respectively. ($1 = 109.8600 yen) (Editing by Richard Borsuk) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1L32FW'|'2017-08-17T09:34:00.000+03:00'
'6b2188ffd65b16eaf1d8c07aba471e346a30bdad'|'UPDATE 2-Drugmaker Hikma trims sales forecasts, shares fall'|'(Reuters) - Hikma Pharmaceuticals Plc ( HIK.L ) on Thursday said 2017 revenue would be at the lower end of its forecasts, citing increased pricing pressures in the generic drug industry, sending its shares to a more than three-year low.The Jordan-based firm, which makes and markets branded and non-branded generic and injectable drugs, said it now expected 2017 revenue to be about $2 billion, at the lower end of its previous forecast of $2 billion-$2.1 billion.The company had already cut its full-year guidance in May to the range of $2 billion-$2.1 billion at constant currency from $2.2 billion.Hikma''s London-listed shares dropped as much as 17 percent to a three and a half-year low of 1101 pence."Price erosion by the entire generics industry has been significant," Brian Hoffmann, president of the company''s U.S. generics business told Reuters."Earlier in the year we were experiencing lower price erosion levels than the rest of the industry. However, since then the level has increased," Hoffmann said.Hoffman said to boost profitability Hikma was re-negotiating its contracts with suppliers and third-party vendors to cut costs.The company said it would look to maintain the current level of its workforce in the business as it was operating below its full headcount."While we believe that a guidance downgrade was somewhat anticipated given previous commentary this quarter from generics companies, downgrades across all the divisions highlights the headwinds the company is facing," Morgan Stanley analysts wrote.Teva Pharmaceutical ( TEVA.TA ), the world''s biggest generics drugmaker, reported a drop in second-quarter earnings earlier this month, citing accelerating price erosion in the United States.Hikma''s lower guidance in May followed a decision by U.S. regulators not to approve its generic version of GlaxoSmithKline Plc''s ( GSK.L ) blockbuster lung drug Advair, citing "major" issues with the application.The company also lowered full-year revenue guidance on Thursday for a second time in its generics business by $50 million to about $620 million in 2017. Hikma''s initial forecast had been $800 million.Hikma said it expected revenue from its injectables business, that accounts for 40 percent of the total, to be at around $775 million, down from its prior estimate range of $800 million-$825 million.It also said it had multiple interactions with the FDA since receiving the decision on its generic version of Advair and was "making progress on answering their questions.""We still have a number of questions outstanding that we continue to work with them on," Hoffmann said, adding that the company had no clear timeline yet on product approval.The company reported a 1 percent rise in revenue to $895 million for the six months ended June 30, but missed analysts estimates of $932 million. Core operating profit of $176 million was in line with last year.The company said in a separate statement on Thursday it had signed a deal with Japan''s Takeda Pharmaceutical ( 4502.T ), which grants Hikma exclusive rights to manufacture and commercialize three of Takeda''s primary care products in Middle East and North Africa.Reporting By Justin George Varghese in Bengaluru; Editing by Edmund Blair and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-hikma-pharma-results-idUSKCN1AX1MC'|'2017-08-17T16:37:00.000+03:00'
'9c19227399c4bc567ef38e7cf0696065681210ef'|'India''s Infosys approves up to $2 billion buyback of shares'|'August 19, 2017 / 9:45 AM / 20 minutes ago India''s Infosys approves up to $2 billion buyback of shares Sankalp Phartiyal 2 Min Read Infosys CEO Vishal Sikka speaks with the media during the announcement of the company''s quarter results at its headquarters in Bengaluru, India, April 13, 2017. Abhishek N. Chinnappa MUMBAI (Reuters) - India''s second-biggest IT firm Infosys said on Saturday it will buy back shares worth up to 130 billion rupees (£1.55 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company''s founders. The board of Bengaluru-headquartered Infosys approved the repurchase of 113 million shares at 1,150 rupees apiece, the company said in a stock exchange filing, returning cash to investors at a substantial premium to Friday''s closing price of 923.25 rupees. The announcement of the company''s first-ever buyback will offer some respite to Infosys shareholders, who saw a near 10 percent fall in the value of their holdings on Friday after Sikka''s surprise exit. Sikka, the first non-founder chief executive of the company, announced his sudden resignation following a protracted war of words with the founders group, led by Narayana Murthy. The move is also likely to calm some former executives who had been clamouring for a buyback as a row between the founders and the current management of Infosys over alleged corporate governance lapses at the company spilled into the public domain. Infosys had said in April it intended to return $2 billion to shareholders before March 2018 while also announcing the appointment of an independent director as co-chairman, both moves largely seen as attempts to calm the founders. Related Coverage Reporting by Sankalp Phartiyal; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-infosys-buyback-idUKKCN1AZ0B5'|'2017-08-19T12:49:00.000+03:00'
'9c290a826ce01e308e037bafe2afdf4873f1d150'|'Bannon departure tips trade scales in favour of White House ''globalists'''|'August 18, 2017 / 10:29 PM / 19 hours ago Bannon departure tips trade scales in favour of White House ''globalists'' David Lawder 4 Min Read White House Chief Strategist Steve Bannon (L) listens with U.S. Deputy National Security Advisor for Strategy Dina Powell (R) during a bilateral meeting between U.S. President Donald Trump (L) and China''s President Xi Jinping (Not Pictured) at Trump''s Mar-a-Lago estate in Palm Beach, Florida, April 7, 2017. Carlos Barria WASHINGTON (Reuters) - The departure on Friday of Steve Bannon, the White House''s top economic nationalist, will likely tip the trade policy scales in favour of the Trump administration''s "globalist" faction, which could soften the stance toward two of Trump''s favourite targets: China and the North American Free Trade Agreement. But after news that Trump had fired Bannon from his post as chief strategist, trade experts said it may take some time for National Economic Council Chairman Gary Cohn, Treasury Secretary Steven Mnuchin and Agriculture Secretary Sonny Perdue to start winning more debates on trade policy. Bannon and White House Trade and Manufacturing Office director Peter Navarro were often allied in taking hardline anti-China stances over currency manipulation, steel tariffs and other trade issues, often opposed to Cohn, Mnuchin and Perdue, according to lobbyists who been involved in the debates. The Cohn-led group proved more influential in the administration''s decisions in April not to label China a currency manipulator and to renegotiate the North American Free Trade Agreement instead of terminating it. More recently, they have pushed for a delay in a decision on the imposition of broad steel tariffs. With Bannon gone, "there''s not a replacement for that voice in internal debates," said a senior administration official who was not authorized to speak publicly on the issue. "Without Steve constantly pushing back on every policy idea coming from the so called "globalists," it''s easy to see how they could have a chance to start winning more policy battles,” the official said. In the short term, the trade policy trajectory won''t change much, said Derek Scissors, a China trade expert at the American Enterprise Institute, a pro-business conservative think tank in Washington. Many of Trump''s views on trade pre-dated Bannon''s arrival on his campaign in any case. The U.S. Trade Representative''s office announced on Friday that it will proceed with a planned investigation into whether China is misappropriating U.S. technology and intellectual property through unreasonable investment rules. Scissors said Bannon''s departure will show in what decisions the administration makes following a year-long study of the issue. "It''s about the final choices on do we go forward with these very difficult sanctions on the Chinese or do we look to make a tradeoff on a security issue, and Bannon would have been in the first camp," Scissors said. TRUMP STILL PUSHING TO CUT TRADE DEFICITS The struggle for influence in Trump''s White House "has been something of a battle between the finance guys and the economic nationalists, and the most important economic nationalist just left," Scissors added. The offices of USTR Robert Lighthizer and Commerce Secretary Wilbur Ross, who have been pushing for stronger trade policies to reduce U.S. trade deficits with China, Mexico and other countries, declined to comment on Bannon''s departure, referring policy questions to the White House. But industry lobbyists, who have been whipsawed by economic policy twists over trade and an ill-fated border tax proposal, were sceptical that much would change. Two lobbyists on the sidelines of NAFTA talks in Washington said that even without Bannon, they will assume the status quo on trade policy as long as fierce China critic Navarro is in the White House. Bonnie Glaser, senior adviser for Asia at the Center for Strategic and International Studies, said the administration''s efforts to develop an effective strategy to retaliate against China''s unfair trade practices will survive, largely because there is a widely held view in the administration and the corporate sector that China''s trade practices are a problem. "I doubt this effort will evaporate, though it may evolve," she said. Additional reporting by Steve Holland, David Brunnstrom and Ginger Gibson; Editing by David Chance and David Gregorio 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-trump-trade-analysis-idUKKCN1AY2IM'|'2017-08-19T01:29:00.000+03:00'
'7597f4db02f9a7fa4c36fe2df1152836f0f44926'|'Solar eclipse presents first major test of power grid in renewable era'|'August 19, 2017 / 12:06 PM / 2 hours ago Solar eclipse presents first major test of power grid in renewable era Ruthy Munoz 4 Min Read Solar panels are seen next to a Southern California Edison electricity station in Carson, California March 4, 2015. Lucy Nicholson/File Photo HOUSTON (Reuters) - As Monday''s total solar eclipse sweeps from Oregon to South Carolina, U.S. electric power and grid operators will be glued to their monitoring systems in what for them represents the biggest test of the renewable energy era. Utilities and grid operators have been planning for the event for years, calculating the timing and drop in output from solar, running simulations of the potential impact on demand, and lining up standby power sources. It promises a critical test of their ability to manage a sizeable swing in renewable power. Solar energy now accounts for more than 42,600 megawatts (MW), about 5 percent of the U.S.''s peak demand, up from 5 MW in 2000, according to the North American Electric Reliability Council (NERC), a group formed to improve the nation''s power system in the wake of a 1964 blackout. When the next eclipse comes to the United States in 2024, solar will account for 14 percent of the nation''s power, estimates NERC. For utilities and solar farms, the eclipse represents an opportunity to see how well prepared their systems are to respond to rapid swings in an era where variable energy sources such as solar and wind are climbing in scale and importance. Power companies view Monday''s event as a "test bed" on how power systems can manage a major change in supply, said John Moura, director of reliability assessment and system analysis at the North American Electric Reliability Corp. "It has been tested before, just not at this magnitude," adds Steven Greenlee, a spokesman for the California Independent System Operator (CISO), which controls routing power in the nation''s most populous state. An array of solar panels are seen in Oakland, California, U.S. on December 4, 2016. Lucy Nicholson/File Photo CISO estimates that at the peak of the eclipse, the state''s normal solar output of about 8,800 MW will be reduced to 3,100 MW and then surge to more than 9,000 MW when the sun returns. CISO''s preparation includes studying how German utilities dealt with a 2015 eclipse in that country. Its review prompted the grid overseer to add an additional 200 MW to its normal 250 MW power reserves. A man views solar panels on a roof at Google headquarters in Mountain View, California, U.S., on June 18, 2007. Kimberly White/File Photo "We''ve calculated that during the eclipse, that solar will ramp off at about 70 MW per minute," said Greenlee. "And then we''ll see the solar rolling back at about 90 MW per minute or more." Power utilities say the focus will be on managing a rapid drop off and accommodate the solar surge post the eclipse. Utility executives say they do not expect any interruption in service, but are prepared to ask customers to pare usage if a problem arises."We want to assure our customers that we have secured enough resources to meet their energy needs, even with significantly less solar generation on hand," said Caroline Winn, chief operating officer at utility San Diego Gas & Electric Co ( SRE.N ). In the Eastern United States, utilities will have more time to watch the results of their Western counterparts. PJM Interconnection, which coordinates electricity transmission among 13 states from Michigan to North Carolina, says non-solar sources such as hydro and fossil fuel can easily supplant the 400 MW to 2,500 MW solar loss, depending on the cloud cover. For small-scale solar providers, the eclipse is a drop in the revenue bucket. Ron Strom, a North Carolina real estate developer, sells the power from a 58 kilovolt system atop a commercial property in Chapel Hill to Duke Energy. "The event may cost me eighteen cents or thereabouts if my panels don''t produce solar for three hours," said Strom. Additional reporting by Nichola Groom in Los Angeles; editing by Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-solar-eclipse-usa-grid-idUKKCN1AZ0EA'|'2017-08-19T15:06:00.000+03:00'
'69ba4ae87b9ea4d14798d2d96b67b5546ae7b46f'|'No gambling, sex please - China widens crackdown on overseas deals'|'August 19, 2017 / 8:45 AM / 18 minutes ago No gambling, sex please - China widens crackdown on overseas deals Reuters Staff 4 Min Read SHANGHAI (Reuters) - A recent crackdown by China on overseas investments has been assumed to be mainly focussed on high-profile acquisitions of things like hotels and football teams around the world. However, Chinese regulators also appear to have their eyes on two other lower-profile industries: gambling and sex. China''s cabinet on Friday issued rules on acquisitions abroad for the first time, possibly signalling a further slowing of the flood of money that has flowed overseas in recent years. Investment in property, hotels, entertainment, sports clubs and film industries would be restricted as part of the new guidelines, which the cabinet said were aimed at defusing risks and preventing crime. But it also said that overseas investments in the gambling and sex sectors, as well as exports of core defence technologies, would be banned as such activities could endanger national interests and security. The statement did not elaborate on what it meant by the sex and gambling industries, but Chinese businesses have been prolific builders of casinos in countries such as Laos and on the Pacific island of Saipan that are popular with Chinese gamblers. Gambling is banned on the mainland. Although Beijing began its crackdown on what it calls "irrational" overseas investment at the end of 2016 by tightening control on capital outflows, it had not issued official rules until Friday. The new rules and heightened scrutiny surrounding foreign investment in China "adds another layer of uncertainty and complexity to Chinese deals," said Tony Balloon, a partner in law firm Alston & Bird. "As early numbers indicate, cross-border deal activity among Chinese companies has dropped in the first half of 2017 from the same period last year," he said. Thomson Reuters data released this week showed that all outbound mergers and acquisitions from China dropped 42 percent year-on-year as of August 14. But Chinese acquisitions in countries officially linked to the Belt and Road initiative, a signature foreign policy of President Xi Jinping, totalled $33 billion (£26 billion), surpassing the $31 billion tally for all of 2016, the data showed. Chinese companies have been on a global buying spree, snapping up football clubs, movie studios and skyscrapers, but they have hit road bumps in recent months thanks to financing restrictions. "There are profound changes taking place in China and abroad that offer good opportunities for Chinese firms to undertake overseas investment but also carry many risks and challenges," the State Council said in the statement. It said investment that promoted the Belt and Road initiative, and in areas such as technology and manufacturing, would continue to be encouraged but that deals in "sensitive" countries and regions would be restricted. The state-run Chinese Securities Journal reported on Saturday that companies such as the insurer Ping An ( 2318.HK )( 601318.SS ), Suning Commerce Group Co Ltd ( 002024.SZ ), a retail giant, and the conglomerate Dalian Wanda had responded positively to the new guidelines. The newspaper quoted Wanda''s chairman, Wang Jianlin, as saying that the company would strengthen its due diligence procedures. The three companies have been among corporations whose overseas deal-making have been hit by Beijing''s crackdown. Other companies include HNA Group, Anbang Insurance [ANBANG.UL], Fosun International ( 0656.HK ) and Zhejiang Luosen, which was behind the purchase of the A.C. Milan football club. Reporting by Brenda Goh. Additional Reporting by Winni Zhou; Editing by Philip McClellan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-economy-odi-idUKKCN1AZ07T'|'2017-08-19T11:45:00.000+03:00'
'294a548b4d4a9fc179a7d2ffc0555034625ca04a'|'Saudi regulator approves Goldman Sachs application for dealing licence'|'August 20, 2017 / 12:39 PM / 5 hours ago Saudi regulator approves Goldman Sachs application for dealing licence Reuters Staff 1 Min Read DUBAI, Aug 20 (Reuters) - Saudi Arabia''s Capital Market Authority said on Sunday it had approved Goldman Sachs'' request to conduct dealing, underwriting and custody services in the kingdom. The bank was "now authorised to conduct dealing as principal, an agent, an underwriter, managing investment funds, discretionary portfolio management, arranging, advising, and custody activities," the regulator said in a statement. (Reporting by Tom Arnold; Editing by Andrew Torchia) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/goldman-sachs-saudi-idUSD5N1FF020'|'2017-08-20T20:39:00.000+03:00'
'bda383bcc5378b6d24adce167388618b9adc5d1a'|'Bankruptcy fight over Oncor to test Warren Buffett''s discipline'|'August 20, 2017 / 5:06 AM / 8 hours ago Bankruptcy fight over Oncor to test Warren Buffett''s discipline Jonathan Stempel and Jessica DiNapoli 6 Min Read FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo (Reuters) - Warren Buffett takes pride in naming his price to buy a company, and not paying a nickel more. But the largest U.S. natural gas distribution utility, an unyielding hedge fund, and a Delaware bankruptcy judge now present one of the biggest challenges to the billionaire''s legendary discipline. The board of bankrupt Texas utility Energy Future Holdings will meet later on Sunday to decide whether to sell its crown jewel, power transmission company Oncor, to Buffett''s Berkshire Hathaway Inc or accept an opposing bid from Sempra Energy, a person familiar with the confidential deliberations said on condition of anonymity. The rival bid for Oncor was disclosed on Friday by Energy Future''s biggest creditor, billionaire Paul Singer''s hedge fund Elliott Management Corp. The identity of the bidder was not publicly announced, but Bloomberg News first reported on Saturday that Sempra was the mystery bidder, citing anonymous sources. Berkshire Hathaway Energy, Buffett''s energy unit, has offered $9 billion in cash for Oncor, while the rival bid is for $9.3 billion, a lawyer for Elliott said on Friday. The gap is pocket change for Berkshire, but Buffett pledged last Wednesday not to raise his offer. "Paying extra is not the way he does business," said Jim Shanahan, a senior analyst at Edward Jones & Co with a "buy" rating on Berkshire. "He is willing to be patient and wait for opportunities. That''s what analysts expect, and that''s what investors expect." Berkshire did not respond to requests for comment, while Sempra and Elliott declined to comment. Berkshire said on Friday that its bid had won support from key stakeholders, including the staff of the Public Utility Commission of Texas, the regulator that has to approve the sale of Oncor. The commission''s executive director, Brian Lloyd, has also praised Berkshire''s bid. Berkshire has told the regulator it will accept "ringfencing" on its acquisition of Oncor, restricting its ability to extract cash from the company or add more debt to it. It is unclear whether Sempra could offer the same assurances. "Berkshire Hathaway Energy has offered a positive, simple, straightforward deal that benefits Oncor and its customers," Oncor CEO Bob Shapard said in a statement on Saturday. Even if regulatory concerns trump price considerations, and Berkshire''s bid for Oncor prevails on Sunday over that of Sempra, a San Diego-based utility, the sale has to be approved on Monday by U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware. Elliott has said it opposes the sale to Berkshire because it believes it undervalues Oncor, and has argued it owns enough of Energy Future''s debt to veto the deal. Elliott has also been trying to put together its own bid for $9.3 billion to buy Oncor. TAKEOVER LULL Buffett, 86, is trying to end the two-year lull since announcing his last major acquisition, a $32.1 billion takeover of aircraft parts maker Precision Castparts Corp. Many analysts at the time said that price looked relatively costly by Berkshire''s standards. Complicating Buffett''s hunt for bargains are soaring stock market valuations and competition from private equity firms with a lot of funds to spend, as well as from companies with anemic earnings growth that are turning to acquisitions for a recovery in their fortunes. Buffett''s Omaha, Nebraska-based conglomerate, whose more than 90 businesses include auto insurer Geico and railroad BNSF, ended June with close to $100 billion of cash and equivalents. That is up $27 billion in the last year, and five times Buffett''s $20 billion stated target. ( tmsnrt.rs/2fTsMnt ) Some analysts say idle cash is also weighing on Berkshire''s operating profit, which has dropped for three straight quarters. "Buffett likes to achieve 11 percent returns," and low-yielding cash may deprive Berkshire of billions of dollars annually, said Robert Miles, an author of books about Buffett. But George Morgan, a finance professor at the University of Nebraska Omaha, said that "as far as cash being a drag on performance, Warren would say no. Just because you''re in a store doesn''t mean you need to buy something." Buffett has in 2017 used some Berkshire cash to become one of Apple Inc''s largest shareholders, and shore up Canadian lender Home Capital Group Inc''s finances. But he never faced the need to revisit his original deal once he clinched it. ONE-PRICE GUY In its annual reports, Berkshire tells shareholders "we don''t participate in auctions," using italics for emphasis. "I''m a ''one-price'' guy," Buffett wrote in a February 2008 shareholder letter. At Berkshire''s annual meeting in May, Buffett said he would gladly do a "very, very big deal," including with Brazilian investment firm 3G Capital, which together with Berkshire controls the food company Kraft Heinz Co. Earlier this year, European food and consumer goods conglomerate Unilever Plc snubbed a takeover approach by Kraft Heinz. Buffett, true to form, backed down. If Berkshire lost Oncor, it could receive a consolation prize, a $270 million breakup fee. Berkshire accepted a $175 million fee when Constellation Energy Group Inc terminated its $4.7 billion takeover in 2008, and took an investment from Electricite de France SA. "Walking away from Oncor would reinforce Buffett''s reputation that once he determines a fair price, that''s the price, or there''s no deal," Shanahan said. Deviations are rare. When Berkshire in 2000 bought three-fourths of MidAmerican Energy, as Berkshire Hathaway Energy was then known, Buffett upped his original $35 per share offer to $35.05. MidAmerican''s bankers "caught me in a moment of weakness," Buffett wrote in the 2008 letter. "I explained, they could tell their client they had wrung the last nickel out of me." Reporting by Jonathan Stempel and Jessica DiNapoli in New York; Additional reporting by Greg Roumeliotis in New York; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-oncor-m-a-berkshire-idUKKCN1B004F'|'2017-08-20T08:26:00.000+03:00'
'3d474af5365505c2ad97caf3083b7c7d2749e24f'|'Here’s help to decide which of two Isas is the best to buy into'|'T he government is hailing the success of the help-to-buy Isa, with figures released today which show that a million accounts have been opened by first-time buyers since December 2015, with £1.8bn saved towards buying a home.It’s not difficult to see why they have been popular – the government gives a 25% bonus on savings of up to £12,000 , worth £3,000 for an individual or £6,000 for a couple. To put it another way, a couple who save £24,000 between them for a deposit are given a further £6,000 by the government. The money has to be used to buy a home up to the value of £250,000 outside London, or up to £450,000 in the capital.Savers can only access the bonus by instructing a solicitor or conveyancer during the house-buying process, with the bonus added to the mortgage and funds used to pay for a property transaction.On top of the government bonus, savers also pick up whatever interest is paid by the bank or building society where they open the Isa. Currently, the help-to-buy Isa paying the highest rate is from Barclays at 2.27%, while most of the other major banks and building societies pay around 2%. That alone makes help-to-buy Isas attractive, as the best conventional cash Isas from the big banks pay only 0.5%-1%.Sounds good, yes? But unusually in recent years savers actually have a dilemma: the help-to-buy Isa is good, but the Lifetime Isa, launched this year, is also good for those putting money away for a home. It also pays a 25% government bonus, but is worth up to £32,000, so you might think this is a far better deal. But of course it’s not that simple. So which is better?Help-to-buy Isa – pros and cons Savers can put up to £1,200 in during the first month, then a maximum of £200 a month after that. You can save less, but it has to amount to a minimum of £1,600 to qualify for a bonus (which for that amount would be £400).You need to save regularly – if you go for the maximum of £200 a month, but then miss a month, you can’t make up the difference the following month.Currently, the scheme is set up so that you can open accounts until December 2019, and it will pay out bonuses on savings until December 2030 – so you have up to 13 more years of monthly saving for that dream first home. By that time of course, house prices may have risen another million percent, rather cancelling out your attempt to save.The age restrictions aren’t as bad as the Lifetime Isa, with anyone aged over 16 able to open a help-to-buy Isa. Crucially, you have to be a first-time buyer – which means you can’t have owned or part-owned a property either in the UK or elsewhere at any time in the past.If you decide not to buy a home you can cash in the Isa at any time. You won’t get the government bonus but will still receive the interest of up to 2.27% a year, which still makes it better value than the vast majority of Isas.You can transfer the money at any time, should you find there are better rates elsewhere, and there is no requirement to stick with the bank or building society you saved with when you come to sort out a mortgage.Unfortunately, there are some complications around when you can actually access the bonus money. Importantly, you only get it on completion of a home purchase. You don’t get it at the “exchange” stage, where buyers typically put down a 5% or 10% deposit to guarantee the purchase.Lifetime Isa – pros and cons Also called the “Lisa”, this lets you save up to £4,000 a year with a government bonus of 25% of everything you save, ie, up to £1,000 a year. The money can be used to buy a first property or be put towards retirement from the age of 60.The big drawback is that you must open a “Lisa” before you are 40, although you can continue to save and keep pocketing the bonuses until age 50.Savers, therefore, have the potential to earn a total of £32,000 in bonuses if they pay in the maximum £128,000 over 32 years from age 18. Accounts can be held in cash, or stocks and shares.However, there is a massive penalty if you wish to make an early withdrawal. If you take out any money before you reach 60 and do not use it to buy a first home, you pay a 25% penalty. For example, say you save £4,000 in a “Lisa” over a year, receiving the £1,000 boost for a total of £5,000. If you cash this in you would have to pay 25% of this total – or £1,250. The penalty applies except in the case of terminal illness or death.For most people the “Lisa” is better for saving towards a pension rather than for a first-time house buy. It is probably also best for self-employed workers who don’t receive any contributions from a company into a pension scheme.There is nothing to stop you having both a help-to-buy Isa and a Lifetime Isa, but you can only use the government bonus from one account to buy your first home.Providers currently offering Lifetime Isas include Skipton building society, Hargreaves Lansdown and The Share Centre, although more providers have promised to come online later in the year.Topics Isas Property Savings Savings rates Mortgages Help-to-buy scheme features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/help-to-buy-isa-first-time-buyers-lisa'|'2017-08-19T14:00:00.000+03:00'
'80a2a6931fa8f92d1d9da767b94cc2b8cbf2d435'|'Schaeuble - ECB to quit ultra-loose monetary policy in foreseeable future'|'FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. Fabrizio Bensch/File Photo SCHLEIZ, Germany (Reuters) - German Finance Minister Wolfgang Schaeuble said on Monday that the European Central Bank''s ultra-loose monetary policy would come to an end in the foreseeable future, but interest rates would remain low.Regarding the end of the period of low interest rates, Schaeuble said: "There are signs that it is gradually getting better."Speaking at an campaign rally ahead of a Sept. 24 election, the veteran conservative said: "No one seriously disputes that interest rates are rather too low for the strength of the German economy and the exchange rate of the euro, which is rising now."Schaeuble said most people expected the ECB to take a further step at a September meeting towards gradually quitting its very expansive monetary policy.He said the ECB needed to exercise caution in ending its ultraloose monetary policy, adding: "I hope it goes well."Reporting by Gernot Heller; Writing by Michelle Martin'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/germany-election-schaeuble-idINKCN1AU28I'|'2017-08-14T18:07:00.000+03:00'
'627340a723cfd095ac524995cfb5fc79ae845d62'|'BRIEF-Paulson & Co ups share stake in FedEx'|'Aug 14 (Reuters) - Paulson & Co:* Paulson & Co ups share stake in FedEx Corp by 52.3 percent to 75,400 shares - SEC filing* Change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017 Source text for quarter ended June 30, 2017: ( bit.ly/2w7Q27x )Source text for quarter ended March 31, 2017: ( bit.ly/2pQh38R )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-paulson-co-ups-share-stake-in-fede-idINFWN1L00WN'|'2017-08-14T19:54:00.000+03:00'
'6a2b54152158b16f436ab1f44fbecac070e0887f'|'Lufthansa wants up to 90 Air Berlin aircraft: Sueddeutsche'|'A logo of German airline Lufthansa is seen before the company''s annual news conference at the airport in Munich, Germany, March 16, 2017. Michaela Rehle FRANKFURT (Reuters) - Lufthansa ( LHAG.DE ) aims to take over as many as 90 of insolvent Air Berlin''s ( AB1.DE ) roughly 140 aircraft and operate them under its low-cost Eurowings brand, Sueddeutsche Zeitung reported on Thursday, citing company sources.That includes the 38 aircraft that it is already leasing from Air Berlin and all of unit Niki''s planes, it said.Lufthansa declined to comment on the report.Reporting by Maria Sheahan; Additional reporting by Sabine Wollrab; Editing by Tom Sims'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-aircraft-idINKCN1AX12N'|'2017-08-17T08:36:00.000+03:00'
'ff68cb9843e6577f754d71f25a387268cfd664af'|'Elliott Management lawyer says utility may top Buffett''s Oncor bid'|'FILE PHOTO - Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. Rick Wilking/File Photo (Reuters) - A lawyer for Elliott Management told a U.S. bankruptcy judge on Friday that an unidentified utility could pay $9.3 billion to buy Texas power transmission company Oncor, topping a $9 billion bid by Warren Buffett''s Berkshire Hathaway Inc.Elliott, a hedge fund and largest creditor of Oncor''s bankrupt parent Energy Future Holdings Corp, has been seeking to block Oncor''s sale to Berkshire Hathaway and put together a consortium to buy the company.A spokesman for Elliott declined to comment on the identity of the utility that the firm''s lawyer was referring to in a conference call with the judge ahead of court hearing on Monday. Energy Future could not be immediately reached for comment.Reporting by Jessica DiNapoli in New York; Editing by Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oncor-m-a-idINKCN1AY28Y'|'2017-08-18T17:34:00.000+03:00'
'76f64c3ff3484e29c274f91d15083fea4322223e'|'U.S. digital rights group slams tech firms for barring neo-Nazis'|'August 18, 2017 / 2:04 AM / 2 hours ago U.S. digital rights group slams tech firms for barring neo-Nazis Dustin Volz 3 Min Read SAN FRANCISCO (Reuters) - A digital rights group based in San Francisco on Thursday criticized several internet companies for removing neo-Nazi groups from servers and services, saying the actions were "dangerous" and threatened free expression online. GoDaddy Inc ( GDDY.N ), Alphabet''s Google ( GOOGL.O ), security firm Cloudflare and other technology companies moved this week to block hate groups after weekend violence in Charlottesville, Virginia, where white nationalists had gathered to protest removal of a statue of Confederate General Robert E. Lee from a park. "We strongly believe that what GoDaddy, Google, and Cloudflare did here was dangerous," Cindy Cohn, executive director of Electronic Frontier Foundation, wrote in a blog post along with two other staffers. The blog post reflected years-long tension in Silicon Valley, where many company executives want to distance themselves from extremists but are concerned that picking and choosing what is acceptable on their platforms could invite more regulation from governments. "Protecting free speech is not something we do because we agree with all of the speech that gets protected," Electronic Frontier Foundation wrote. "We do it because the power to decide who gets to speak and who doesn''t is just too dangerous to hand to any company or any government." The group called on companies that manage internet domain names, including Google and GoDaddy, to "draw a hard line" and not suspend or impair domain names "based on expressive content of websites or services." The blog post echoed concerns expressed by Cloudflare chief executive Matthew Prince, who on Wednesday said he decided to drop coverage of neo-Nazi website Daily Stormer but said that his decision was conflicted. Prince told Reuters he "wholeheartedly agreed" with the Electronic Frontier Foundation''s post and said he was hopeful it would help spark a more thoughtful debate about internet regulation. Google and GoDaddy did not immediately respond to a request for comment about the blog made outside normal business hours. The Daily Stormer helped organize the protest in Charlottesville, at which a 32-year-old woman was killed and 19 people were injured when a vehicle drove into counter-protesters. The website cheered the woman''s death. It was removed from GoDaddy and Google Domains after they said they would not serve the website. Reporting by Dustin Volz; Editing by Michael Perry 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-virginaprotests-tech-idUKKCN1AY07L'|'2017-08-18T05:23:00.000+03:00'
'4673db13ff2c24575607021c38bed6670c19650d'|'China regulator says shadow banking crackdown reaches initial targets'|'August 18, 2017 / 8:03 AM / 17 minutes ago China regulator says shadow banking crackdown reaches initial targets Reuters Staff 3 Min Read BEIJING (Reuters) - China''s moves to crack down on illicit banking activities have achieved initial targets and 20 sets of new regulations to increase supervision will be issued this year, the chief of the banking regulator''s Prudential Regulation Bureau said on Friday. The new regulations will cover policy banks, online lending, interest rate risks and asset management firms, Xiao Yuanqi told a briefing. The China Banking Regulatory Commission (CBRC) will make sure to minimise any negative impact on the economy from the regulator''s crackdown on illegal practices, he said. The CBRC said that banks have basically completed self-assessment on risks that authorities had mandated under a regulatory crackdown on shadow banking activities. The CBRC extended by two months a June deadline for banks to submit risk assessments over concerns it was putting strain on the lenders, sources told Reuters earlier. Xiao said that interbank, wealth management products, and off-balance sheet businesses are core problems for the banking sector. In the second quarter, outstanding interbank assets and liabilities both shrank for the first time since 2010, he said. Interbank assets and liabilities both shed 1.8 trillion yuan ($269.64 billion) in the first half this year. The total amount of Chinese banks'' wealth management products was 28.4 trillion yuan at end-June, Xiao added. The central bank this year has increased checks on banks'' off-balance sheet wealth management products - a key component of shadow banking credit - while the banking regulator has stepped up a crackdown on risky lending behaviour. The People''s Bank of China (PBOC) will start to include negotiable certificates of deposit (NCDs) - a popular short-term debt instrument for smaller banks in interbank market - in its quarterly risk assessments from the first quarter of 2018. The CBRC is also encouraging banks to speed up disposal of non-performing loans and will maintain its push for asset-backed securitisation of NPLs, said Xu Jieqin, vice chief of the Policy Research Bureau. It will also go ahead with a creditor committee system to tackle the corporate debt problem and encourage banks to conduct debt restructuring of companies facing temporary difficulties and support banks to conduct debt-for-equity swaps, Xu added. China''s commercial banks reported higher first-half profits, while overall non-performing loans in June did not increase from March, the banking regulator said on Monday. Reporting by Shu Zhang and Beijing Monitoring Desk; Writing by Stella Qiu; Editing by Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-banks-debt-idUKKCN1AY0QJ'|'2017-08-18T13:44:00.000+03:00'
'44899f1db05a75eaacede060fca09096854e7391'|'EU Commission starts in-depth probe of Bayer, Monsanto deal'|'August 22, 2017 / 1:37 PM / 4 hours ago EU starts in-depth probe of Bayer, Monsanto deal Robert-Jan Bartunek and Ludwig Burger 4 Min Read FILE PHOTO: Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. Brendan McDermid/File Photo BRUSSELS/FRANKFURT (Reuters) - The European Commission has started an in-depth investigation of Bayer''s planned $66 billion takeover of U.S. seeds group Monsanto, saying it was worried about competition in various pesticide and seeds markets. The deal would create the world''s largest integrated pesticides and seeds company, the Commission said, adding this limited the number of competitors selling herbicides and seeds in Europe. "The Commission has preliminary concerns that the proposed acquisition could reduce competition in a number of different markets resulting in higher prices, lower quality, less choice and less innovation," it said in a statement on Tuesday. While the Commission could block the deal, it has approved others in the industry, such as Dow''s tie-up with DuPont and ChemChina''s takeover of Syngenta - although only after securing big concessions. The Commission said divestments offered by Bayer so far did not go far enough and that it aimed to make a final decision on the deal by Jan. 8. "Bayer looks forward to continuing to work constructively with the Commission with a view to obtaining the Commission''s approval," the German company said in a statement, adding it still aimed to have the transaction approved by the year end. Among individual markets where competition was at risk, the Commission named Monsanto''s weed killer glyphosate, or Roundup, which competes with Bayer''s glufosinate; vegetable and canola seeds, as well as licensing of cotton seed technology to peers. A merger would also reduce competition in the market for the genetic traits behind herbicide tolerance, which are typically licensed out to third-party seed companies. In addition, the Commission said the deal might slow the race to develop new products, such as wheat seeds and herbicides against weeds that have grown resistant to existing products. DIGITAL AGRICULTURE FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. Ina Fassbender/File Photo More broadly, the regulator also took issue with Bayer''s plan to create combined offerings of seeds and pesticides with the help of new digital farming tools, which include sensors, software and precision machines. "The Commission will further investigate whether competitors'' access to distributors and farmers could become more difficult if Bayer and Monsanto were to bundle or tie their sales of pesticide products and seeds, notably with the advent of digital agriculture," it said. Bayer has already pledged to sell its glufosinate crop chemical, branded as Liberty, and canola and cotton seeds that resist the chemical''s plant-killing effect to get approval for the deal from South African regulators. In the takeover contract with Monsanto, Bayer pledged to divest businesses with up to $1.6 billion in annual sales, if required by antitrust regulators, though the company has said it expects to stay below that figure. Rivals BASF and ChemChina''s Syngenta are expected to be among suitors for assets likely to be sold by Bayer, according to people familiar with the industry. The business are roughly estimated to be worth a combined $2.5 billion. But Bayer will have to weigh up whether any further concessions required by the Commission still make the deal worthwhile. In order to secure approval to acquire Dupont, Dow had to agree to sell key research and development activities and other major assets. And ChemChina had to sell a large chunk of its subsidiary Adama''s pesticide, herbicides and insecticides business, its seed treatment products for cereals and sugar beet and a substantial part of its plant growth regulator business for cereals to win EU approval to buy Syngenta. The Commission said it was working with regulators in other markets, such as the United States, Australia and Brazil to vet the Bayer-Monsanto deal. The proposed tie-up has also hit a raw nerve with some activists who fear such a combination would hurt farmers, consumers and the environment. Editing by Keith Weir and Mark Potter 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/monsanto-m-a-bayer-eu-idINKCN1B21I6'|'2017-08-22T11:37:00.000+03:00'
'f3e173211d32595caca7c7ee4d2642ae4eadc7be'|'European shares set to end three days of gains as banks, energy stocks fall'|'August 17, 2017 / 8:01 AM / in 4 hours European shares end winning streak as banks, energy stocks fall Kit Rees and Helen Reid 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 15, 2017. Staff/Remote LONDON (Reuters) - European shares broke their three-day winning streak on Thursday as banks fell following a set of cautious minutes from the U.S. Federal Reserve, and energy stocks also weighed on a busy day for company results. The pan-European STOXX 600 index fell 0.6 percent, while euro zone blue chips .STOXX50E declined 0.7 percent. Britain''s FTSE 100 .FTSE fell 0.6 percent, and Germany''s DAX .GDAXI dropped 0.5 percent. Minutes from the Federal Reserve''s latest meeting showed policymakers were growing more cautious about recent weak inflation, with some calling for a pause in interest rate hikes. European banks .SX7P, which benefit from higher interest rates, were the worst-performing sector, down 1.6 percent with Deutsche Bank ( DBKGn.DE ) and Commerzbank ( CBKG.DE ) leading the DAX lower with losses of 2.8 to 3 percent. Societe Generale ( SOGN.PA ), Credit Agricole ( CAGR.PA ) and BNP Paribas ( BNPP.PA ) were the top drags on France''s CAC, down 1.6 to 2.3 percent. Minutes from last month''s European Central Bank meeting, which revealed some rate-setters were concerned about an excessive rise in the euro, sent the currency to a three-week low, briefly boosting the STOXX 600 into the black, though the index rapidly retreated again. The euro''s recent rally has triggered concern about European stocks, many of which stand to lose from a stronger currency, though JP Morgan strategists have said investors may be overplaying its impact on earnings. All eyes were turning to ECB chief Mario Draghi''s speech at the Jackson Hole central banker meeting next week. "Since the presentation in Sintra when he was much more dovish, the euro has increased a lot more, so we think we should get a dovish tilt from him," said Ricardo Garcia, head of European macroeconomics at UBS Wealth Management''s chief investment office. Energy stocks .SXEP, the worst-performing European sector so far this year, were also down 1 percent. Earnings updates drove sharp moves, with Swiss toilet and plumbing supplies maker Geberit ( GEBN.S ) tumbling 5.8 percent after posting weaker-than-expected second quarter results. Wienerberger ( WBSV.VI ) plummeted 9.6 percent after the Austrian brickmaker flagged a bleaker outlook for the UK construction market, which accounts for 10 percent of its full-year outlook. Drugmaker Hikma ( HIK.L ) dropped 10 percent and Vestas Wind ( VWS.CO ) fell more than 7 percent after their updates. Results boosted shares in Swiss health care firm Straumann ( STMN.S ) to a record high, up 11.3 percent after its first half results beat expectations. "We do not think anyone doubts Straumann’s revenue growth potential. The company is certainly living up to very high expectations in this regard having posted 14 percent organic growth in H1 2017, something those who can remember the dark days of 2010-12 can still scarcely believe," analysts at Berenberg said in a note. They predicted attention would turn to Straumann''s margins and profits. Danish hearing aid producer GN Store Nord ( GN.CO ) was also up 6.3 percent after its second-quarter report. So far 86 percent of MSCI Europe firms have given second-quarter updates, of which 60 percent have either met or beaten analysts’ expectations, according to Thomson Reuters data. Overall, this points to earnings growth of more than 24 percent for the quarter, compared with the same period last year. Reporting by Kit Rees; Editing by Matthew Mpoke Bigg, Alister Doyle and Toby Davis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1AX0R2'|'2017-08-17T10:59:00.000+03:00'
'd4316fbaedfe80030ba50227a23e91ce0674b3ab'|'Australia''s Wesfarmers posts record annual profit on coal, home improvement'|'Aug 17 (Reuters) - Australian retail-to-mining conglomerate Wesfarmers Ltd on Thursday posted a record annual profit but just missed analyst forecasts, boosted by the coal and home improvement units although supermarket sales were flat.The owner of the country''s No. 2 grocery chain and discount department stores Target and Kmart said net profit for the year to end-June was A$2.87 billion ($2.27 billion), up from A$407 million a year ago, marginally missing the A$2.90 billion average forecast of 9 analysts polled by Thomson Reuters I/B/E/S.The company declared a final dividend of A$1.20 per share, up from A$0.95 a share last year.$1 = 1.2618 Australian dollars Reporting by Rushil Dutta; Editing by Byron Kaye and Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/wesfarmers-results-idINL4N1L25PU'|'2017-08-16T21:20:00.000+03:00'
'67152f0da8363ad8a109427c622594962baa2cb1'|'China’s digital-payments giant keeps bank chiefs up at night'|'IN WESTERN countries it is common to talk about American technology being dominant. From an Asian perspective that seems off. Fresh from visiting the region, where buskers and kerbside fishmongers can be paid by presenting a phone, Schumpeter has found it a shock being back in New York. There, buying most things involves signing bits of paper and PIN numbers are viewed as dangerously transgressive. Only 2% of credit- and debit-card transactions in America are authenticated with PIN numbers; 19bn cheques are written in the country every year.Asian firms have leapfrogged ahead, offering a new model of financial technology. Exhibit A is Ant Financial, a payments company affiliated with Alibaba, one of China’s two giant internet firms (the other is Tencent, whose WeChat messaging app is ubiquitous and supports payments). Ant is popular in China and has ambitions outside it. Already the world’s most valuable “fintech” firm, worth $60bn, it has 520m payments customers at home and its affiliates abroad have 112m, mainly in Asia. In May it signed a deal to install its payments system in millions of American retail outlets. Ant is in the process of buying MoneyGram, a Texas-based money-transfer firm active in over 200 countries. One admired boss in the conventional banking industry says Ant keeps him awake at night. For protectionists, the firm is evidence of a Chinese plot to control the world’s financial plumbing. For consumers, it could boost competition in a cosy industry.Ant was spun out of Alibaba in 2014. Its core business is enabling payments by a vast army of customers to the 10m or so merchants who use Alibaba’s e-commerce sites. This accounts for over a quarter of its revenues, according to CLSA, a brokerage. And it gives Ant huge scale at home. China’s internet-payments market is the world’s biggest, reckons Goldman Sachs, with $11trn in transactions last year, twice the size of America’s credit- and debit-card industry. Ant controls 51% of it. The firm is 16 times larger than PayPal, an American counterpart, on this measure.China’s lead is about more than size, though. People make payments mainly by using phones. Whereas Western products such as PayPal and Apple Pay often piggyback off credit-card firms’ networks to access clients’ funds, China’s firms can access bank accounts directly, cutting out the middlemen.Ant has developed a menu of services: its home screen lets you buy train tickets, pay utility bills and invest in mutual funds. Yu’e Bao, a money-market fund run by Ant, has $166bn of assets. Ant lends to its clients, but so far its balance sheet is modest: outstanding loans to small firms were $5bn in 2016. Fees are low, but Ant’s profits still reached a chunky $820m last year, up by 14% since 2014. (It does not publish its books, but some figures can be inferred from Alibaba’s accounts.)Jack Ma, the tycoon who controls Alibaba and Ant, has a grand vision to turn a Chinese empire into a global one. For Ant there are two opportunities. One is a business known as “merchants acceptance”, machines for paying for goods in shops and hotels. At the moment Chinese travellers abroad, whose ranks reached 120m in 2016, often use UnionPay, a card provider. Ant is muscling in, letting people use Alipay when they have weekends in Dubai or make family trips to Disneyland.Longer term, the goal is to create a huge online network of local consumers and merchants in other countries, replicating Ant’s model in China. But building relationships with local banks and firms takes time. And in poorer countries few people have bank accounts to connect to their mobile accounts. Instead they hand over cash in shops and kiosks to fill up mobile wallets.As a result Ant is expanding through local subsidiaries or affiliates. Along with Alibaba it owns about half of Paytm, an Indian digital-payments star. And it has bought stakes in fintech firms in Thailand, Singapore, Indonesia, the Philippines and South Korea. Buying MoneyGram would not bring cutting-edge technology—its core activity is cash remittances—but would give Ant licences abroad and clients who could be prodded to use digital services.Ant’s scale, innovation and drive mean it is well placed. But it faces three hurdles. First, rising competition is dampening margins. At home WeChat has helped boost Tencent’s market share in digital payments from 15% in 2014 to 33% last year. Abroad, Ant is not the first mover. In South-East Asia several e-commerce and ride-hailing firms are bolting payments onto their apps to attract and keep more customers. DBS, a regional lender, is a leader in digital banking. In America, Apple Pay is accepted in 4.5m locations and could get more popular.As Ant grows it must manage a second problem, its tangled links with Alibaba. The original spin-off was controversial. Today Mr Ma controls a majority of the firm’s voting interests. State-backed funds and entities collectively own about 15%. Alibaba doesn’t own shares in Ant but is entitled to 37.5% of its profits. If Ant does an initial public offering this agreement can change and Alibaba would get 33% of its shares. The two firms share joint ventures and executives. They pay fees to—and receive them from—each other. There is a risk of conflict and muddle.Paying its duesAnt’s final hurdle is that foreign governments may not like Chinese firms having a big role in their financial systems. America’s national-security review panel, known as CFIUS, is looking at the MoneyGram deal. On economic grounds they should welcome Ant, so that it can disrupt the bloated credit-card industry. Visa and MasterCard extract over 0.10 cents of net income for every dollar of payments. Ant takes a smaller cut, of less than 0.03 cents.China’s financial system is isolated from the rest of the world. Ant has evolved in a distinct—and more efficient—way. The task now is to persuade other countries that its approach is safe, transparent and free from government interference. It had better hurry up. Sooner or later Silicon Valley’s giants will catch up. "Ants in your pants"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726713-ant-financial-500m-customers-home-plans-expand-chinas-digital-payments-giant-keeps?fsrc=rss'|'2017-08-17T22:47:00.000+03:00'
'53abfebd2a55de4f177d87cd15293d8b61bf3c07'|'Often missing in the health care debate: Women''s voices 19,'|'Often missing in the health care debate: Women''s voices by Anna Gorman and Jenny Gold, Kaiser Health News @CNNMoney August 19, 2017: 10:19 AM ET This state line divides the Medicaid debate Women, in particular, have a lot at stake in the fight over the future of health care. Not only do many depend on insurance coverage for maternity care and contraception, they are struck more often by such diseases as autoimmune conditions, osteoporosis, breast cancer and depression. They are more likely to be poor and depend on Medicaid -- and to live longer and depend on Medicare. And it commonly falls to them to plan health care and coverage for the whole family. Yet in recent months, as leaders in Washington discussed the future of American health care, women were not always allowed in the room. To hammer out (behind closed doors) the Senate''s initial version of a bill to replace Obamacare, Majority Leader Mitch McConnell appointed 12 colleagues, all male. Some Congress members made clear they don''t see issues like childbirth as a male concern. Why, two GOP representatives wondered aloud during the House debate this spring, should men pay for maternity or prenatal coverage? It is telling, perhaps, that two of the three GOP senators to kill the Republican''s repeal bill were women. Though Arizona senator John McCain''s vote was most heralded by the bill''s opponents, senators Lisa Murkowski of Alaska and Susan Collins of Maine voiced objections all along, including to plans to suspend Planned Parenthood funding. And for their opposition they were pilloried -- even threatened -- by members of their own party. Republican repeal efforts are stalled, for now, but the fate of America''s health care system remains highly uncertain. Many of the programs women depend on are still targets, most especially Medicaid, which pays for about half of U.S. births. Some programs are already shrinking under the Republican-controlled government -- federal funding for teen pregnancy prevention and research, for example. In addition, states have been empowered to cut Title X family planning programs. Related: Medicaid covers a lot more people than you may think Discussion over health reform shows some signs of becoming more open and bipartisan, perhaps bringing more women''s perspectives to the debate. But women are hardly speaking in unison when it comes to overhauling health care. "Women''s health" means very different things to different people, based on their backgrounds and ages. A 20-year-old may care more about how to get free contraception, while a 30-year-old may be more concerned about maternity coverage. Women in their 50s might be worried about access to mammograms, and those in their 60s may fear not being able to afford insurance before Medicare kicks in at 65. Many older women vividly recall when abortion in the U.S. was performed dangerously and illicitly; some fought hard for the right to choose termination that was affirmed in the 1973 Roe v. Wade Supreme Court decision. Still, nearly 45 years later, the nation remains at war over abortion, and women are on both sides of that battle. More than a third say it should be illegal in most or all cases. To get a richer sense of women''s viewpoints on health care as the national debate continues, Kaiser Health News asked several around the country and across generations to share their thoughts and personal experiences. Patricia Loftman, 68 New York City Loftman spent 30 years as a certified nurse-midwife at Harlem Hospital Center and remembers treating women coming in after having botched abortions. Some didn''t survive. "It was a really bad time," Loftman said. "Women should not have to die just because they don''t want to have a child." Patricia Loftman When the Supreme Court ruled that women had a constitutional right to an abortion, Loftman remembers feeling relieved. Now she''s angry and scared about the prospect of stricter controls. "Those of us who lived through it just cannot imagine going back," she said. A mother and grandmother, Loftman also recalls clearly when the birth control pill became legal in the 1960s. She was in nursing school in upstate New York and glad to have another, more convenient option for contraception. Already, women were gaining more independence, and the Pill "just added to that sense of increased freedom and choice." To her, conservatives'' attack on Planned Parenthood, which already has closed many clinics in several states, is frustrating because the organization also provides primary and reproductive health care to many poor women who wouldn''t be able to get it otherwise. Now retired, Loftman sits on the board of the American College of Nurse-Midwives and advocates for better care for minority women. "There continues to be a dramatic racial and ethnic disparity in the outcome of pregnancy and health for African-American women and women of color," she said. Terrisa Bukovinac, 36 San Francisco Bukovinac calls herself a passionate anti-abortion activist. As president of Pro-Life Future of San Francisco, she participates in marches and protests to demonstrate her opposition to abortion. "Our preliminary goal is defunding Planned Parenthood," she said. "That is crucial to our mission." Terrisa Bukovinac As much as the organization touts itself as being a place where people get primary care and contraception, "abortion is their primary business model," Bukovinac said. She said the vast majority of abortions are not justifiable and that she supports a woman''s right to an abortion only in cases that threaten the patient''s life. "We are opposed to what we consider elective abortions," she said. Bukovinac said she also tries to help women in crisis get financial assistance so they don''t end their pregnancies just because they can''t afford to have a baby. "We have to help women obtain the resources necessary to sustain their pre-born children''s lives," she said. She supports women''s access to health insurance and health care, both of which are costly for many. "Certainly the more people who are covered, the better it is" for both the mother and baby. Bukovinac, however, is uninsured because she said the premiums cost more than she would typically pay for care. Self-employed in e-commerce, Bukovinac has a disorder that causes vertigo and ringing in the ear and spends about $300 per month on medication for that and for anxiety. She doesn''t know if the Affordable Care Act is to blame, but she said that before the law "I was able to afford health insurance and now I''m not." Irma Castaneda, 49 Huntington Beach, Calif. Castaneda is a breast cancer survivor. She''s been in remission for several years but still sees her oncologist annually and undergoes mammograms, ultrasounds and blood tests. The married mom of three, a teacher''s aide to special-education students, is worried that Republicans may make insurance more expensive for people like her, with preexisting conditions. "They could make our premiums go sky-high," she said. "I didn''t ask to get cancer." Irma Castaneda Her family previously purchased a plan on Covered California, the state''s Obamacare exchange. But Castaneda said the plan had a high deductible, so she had to come up with a lot out-of-pocket before insurance kicked in. "I was paying medical bills up the yin-yang," she said. "I felt like I was paying so much for this crappy plan." Related: As Delaware''s health insurance options shrink, families hold their breath Then, about a year ago, Castaneda''s husband got injured at work and the family''s income dropped in half. Now they are relying on Medicaid, the government program for low-income people, until he starts working again. Becoming eligible for Medicaid was a "blessing in disguise," she said, because it meant fewer out-of-pocket expenses for health care. Whatever the coverage, Castaneda said, she needs high-quality health care. "God forbid I get sick again," she said. It''s essential for her teenage daughter, too, she said. Her daughter is transgender and receives specialized physical and mental health care. "Right now she is pretty lucky because there is coverage for her," Castaneda said. "With the Trump stuff, what''s going to happen then?" Celene Wong, 39 Boston The choice was agonizing for Wong. A few months into her pregnancy, she and her husband learned that her fetus had chromosomal abnormalities. The baby would have had severe special needs, she said. "We always said we couldn''t handle that," Wong said. "We had to make a tough decision, and it is not a decision that most people ever have to face." The couple terminated the pregnancy in January 2016, when she was about 18 weeks pregnant. "At the end of the day, everybody is going to go away except for your husband and you and this little baby," she said. "We did our research. We knew what we would''ve been getting into." Wong, who works to improve the experience for patients at a local hospital, said she is fortunate to have been able to make the choice that was right for her family. "If the [abortion] law changes, what is going to happen with that next generation?" she said. Most of Wong''s care was covered by insurance from her job but she worries about those who rely on Planned Parenthood for reproductive health care. She said the organization should change its name to "Women''s Health." "If you are saying you want to end funding for women''s health, people are going to be more up in arms about it," she said. Lorin Ditzler, 33 Des Moines, Iowa Ditzler is frustrated that her insurance coverage may be a deciding factor in her family planning. She quit her job last year to take care of her two-year-old son and was able to get on her husband''s plan, which doesn''t cover maternity care. Lorin Ditzler If she gets pregnant accidentally, she says, they would be in a real bind. "To me it seems very obvious that our system isn''t set up in a way to support giving birth and raising very small children." While maternity benefits are required under the Affordable Care Act, her husband''s plan is grandfathered under the old rules, not uncommon among employers that offer coverage. Skirting maternity coverage might become more common if Republicans in Congress succeed in passing a replacement proposal that allows states to no longer consider maternity coverage an "essential benefit." Ditzler looked into switching to an Obamacare plan that they could buy through the exchange, but the rates were much higher, and she has only a short window to sign up each year on the exchange. "It''s already this big decision where we don''t know if we''re going to have another kid or when," says Ditzler. "When Jan. 1 came around, we had to decide if we were going to try to get pregnant this year. And if we changed our mind, well too bad." If she went back to work, she could get on a better insurance plan that covers maternity care. But that makes little sense to her. "I would go back to a full-time job so I could have a second child, but if I do that, it will be less appealing and less feasible to have a second child because I''d be working full time." Ashley Bennett, 34 Spartanburg, S.C. Bennett, who is devoutly Christian, is grateful that she was able to plan her family the way she wanted, with the help of birth control. She had her daughter at 22 and her son two years later. "I felt free to make that choice, which I think is an awesome thing," she said. She''s advised her 12-year-old daughter to wait for sex until marriage but has also been open with her about birth control within the context of marriage. Ashley Bennett But she draws the line at abortion. "I just feel like we''re playing God. If that conception happens, then I feel like it was meant to be." Bennett had apprehensions about Trump but voted for him because he was the anti-abortion candidate. "That was the deciding factor for me, [more than] him yelling about how he''s going to build a wall." She added that opposition to abortion must be coupled with support for babies once they are born — something she says not all Christians emphasize enough. She supports adoption and is planning to become a foster parent. Related: Paid parental leave may be one of the few ideas that transcends politics She also is concerned about the mental and physical well-being of young women. Bennett teaches seventh-grade math and coaches the school''s cheerleading and dance teams. She watches the girls take dozens of photos of themselves to get the perfect shot, then add filters to add makeup or slim them down. "There''s going to be an aftermath that we haven''t even thought about," she said. "I worry we''re going to have more and more kids suffering from depression, eating disorders and even suicide because of the effects of the social media." Maya Guillén, 24 El Paso, Texas When Guillén was growing up, her family spent years without health insurance. They crossed the border into Juárez, Mexico, for dental care, doctor appointments and optometry visits. "I remember feeling safe, because it was so cheap." Maya Guillén Guillén is now on her parents'' insurance plan, under a provision of the Affordable Care Act that allows children to stay on until they turn 26. She''s been disheartened by Republicans'' proposed changes to contraception and abortion coverage, she said. In high school, Guillén received abstinence-only sex education. She watched her friends get pregnant before they had graduated. When it came time to consider sex, she thought she''d be able to count on Planned Parenthood, but the clinic in El Paso has closed, as have 20 other women''s health clinics in Texas. She worries that if Republicans defund Planned Parenthood, more young girls, especially those in predominantly Hispanic communities like hers, will not get access to, or education about, contraceptives. Jaimie Kelton, 39 New York City When Kelton''s wife gave birth to their baby three and a half years ago, she thought the country was finally becoming more open-minded toward gays and lesbians. Kelton said she was lucky to live in New York City, where she said it doesn''t matter that her children have two moms. She thought that was how the majority of the country felt, especially after the Supreme Court legalized gay marriage in 2015. "Now I am coming to realize that we are the bubble and they are the majority and that''s really scary," said Kelton, now pregnant with her second child. Kelton said it seems as though Republicans have launched a war against women in general, with reproductive rights and maternity care at risk. "It is crazy to think that most of the people making these laws are men," she said. "Why do they feel the need to take away health care rights from women?" Phyllis Sandel, 89 Bothell, Wash. Sandel, who lives in a retirement community outside Seattle, meets regularly with other residents to talk about current events, including the push to repeal Obamacare. She''s concerned about the Republican proposals and their potential effects on women. "I think it''s going to be devastating," she said. Phyllis Sandel Sandel has been advocating for women''s rights for decades, since she volunteered for Planned Parenthood in Denver in the 1960s. She signed up for phone banks in the ''70s, and walked door-to-door and got signatures for petitions -- all in support of the women''s movement and the Equal Rights Amendment. "I was one of a few people in my coffee klatch group who became active," she said. A former health care administrator and nursing home consultant, Sandel said legislators are in the "wrong territory" in their push to defund Planned Parenthood and restrict access to abortion. Related: Why a Pennsylvania insurer''s collapse could whack Californians "Because we have such conservative control in our legislature, this is going to be a hard fight. But we have to stand up for it," she said. She attended a caucus for Hillary Clinton during the election and said she was among a few "gray hairs" in the room. "I am encouraged by the number of young women who are active and participating in affecting change," she said. "That wasn''t true when I was growing up." Kaiser Health News , a nonprofit health newsroom whose stories appear in news outlets nationwide, is an editorially independent part of the Kaiser Family Foundation . KHN''s coverage in California is funded in part by Blue Shield of California Foundation. CNNMoney (New York) First published August 19, 2017: 10:19 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/08/19/news/economy/women-health-care/index.html'|'2017-08-19T18:19:00.000+03:00'
'77ddcc8ec5913bdf5890e751311db139b4a9f66e'|'Exclusive: Citigroup tops bank group for Petrobras unit IPO - source'|'The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - Citigroup Inc ( C.N ) and seven other banks will underwrite the initial public offering of Petróleo Brasileiro SA''s fuel distribution unit, which will likely occur in November, a person with direct knowledge of the plan said.Petrobras ( PBR.N ), as Brazil''s state-controlled oil company is known, is considering whether to list BR Distribuidora SA in São Paulo and New York, where a growing number of investors have shown interest on the transaction, said the person, who spoke on Thursday and asked for anonymity in order to discuss the plan freely.Petrobras has stuck with Citigroup''s investment banking unit since the idea of an IPO for BR Distribuidora was first floated early in 2015. Between 30 and 35 percent of BR Distribuidora could be sold in the IPO by November, which the person said could be the last "market window" of this year.In addition to Citigroup, the oil company has now enlisted the investment-banking units of Bank of America Corp ( BAC.N ), Morgan Stanley & Co ( MS.N ), JPMorgan Chase & Co ( JPM.N ), Banco do Brasil SA ( BBAS3.SA ), Itaú Unibanco Holding SA ( ITUB4.SA ), Banco Bradesco SA ( BBDC4.SA ) and Banco Santander Brasil SA ( SANB11.SA ) as underwriters for the plan, the person added.Rio de Janeiro-based Petrobras declined to comment. The person declined to elaborate on the potential size and additional terms of the BR Distribuidora offering.Media representatives for Morgan Stanley, Bank of America, Itaú, Bradesco and Banco do Brasil declined to comment. The other banks had no immediate comment on the IPO.By lining up a list of top-notch banks for the plan, Petrobras is signaling that the IPO is key to boosting productivity and diminishing political meddling in subsidiaries like BR Distribuidora, bankers recently said. According to one of them, the fate of the IPO hinges on "a strong underwriter lineup and a clear commitment to stricter governance."DUAL LISTING Preferred shares of Petrobras ( PETR4.SA ), the company''s most widely traded class of stock, accelerated gains on the news and closed 4.2 percent higher on Friday at 13.60 reais, a two-week high.By listing BR Distribuidora on more than one exchange, Petrobras could bolster demand for the stock and give investors greater choice over where they can trade their shares. The IPO also poses a litmus test for Petrobras, which recently faced a U.S. government probe linked to a massive corruption scandal in Brazil.After a series of interruptions in the past two years, Petrobras revived the BR Distribuidora IPO in June to cut debt and capital spending in low-return activities. Petrobras is increasingly relying on asset sales and spinoffs to trim the largest debt burden of any major oil company, at about $95 billion.BR Distribuidora would be listed in the São Paulo Stock Exchange''s Novo Mercado segment - which has the strictest governance standards and demands a minimum so-called free float of 25 percent.Another alternative under discussion is to list the unit in Brazil but allow international investors to buy the stock through the U.S. Securities and Exchange Commission''s 144A rule, the person said.The rule allows investments by qualified institutional buyers, which could help BR Distribuidora tap a category of investors that otherwise may be unwilling to finance the company through other means, the person said.Editing by Guillermo Parra-Bernal and Matthew Lewis'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-br-distribuidora-ipo-exclusive-idINKCN1AY27O'|'2017-08-18T17:09:00.000+03:00'
'908823dc26dad3961428c1e2e359ffd6662501a3'|'Gulf project awards slumped in H1 but will pick up -MEED study'|'DUBAI (Reuters) - Contracts awarded to build economic projects in the Gulf''s rich Arab oil exporting states slumped in the first half of this year but are expected to pick up in the second half, a data service tracking the industry said on Saturday.Awards in the six-nation Gulf Cooperation Council dropped to $56.1 billion in the January-June period from $69.3 billion a year earlier, according to MEED Projects. Low oil prices have forced governments in the region into tough austerity policies.With the exception of Saudi Arabia, where contract awards rose 12 percent from a year ago to $15.8 billion as the government showed signs of spending a little more freely with a modest improvement in its budget position, awards fell in every GCC state.Kuwait saw a 46 percent drop to $6.9 billion and awards in Bahrain plunged 84 percent to $917 million. Even Dubai experienced a slight fall, MEED said; awards in the United Arab Emirates dropped 13 percent to $21.3 billion.However, MEED forecast $61 billion of project awards in the GCC during the second half of this year, bringing the total for 2017 to about $117 billion, roughly the same as in 2016."There’s no doubt that the past two years have been tough for the projects supply chain as government spending has slowed," said Ed James, director of content and analysis at MEED Projects."But with construction companies now more efficient, the private sector more active and the number of public-private partnership projects growing by the week, there is cause for optimism."This year''s total is expected to be boosted by Oman, where the venture planning a 230,000 barrel of oil per day refinery at Duqm said in early August that it was likely to award over $5 billion of engineering, procurement and construction contracts to Petrofac ( PFC.L ), Samsung Engineering ( 028050.KS ), Technicas Reunidas ( TRE.MC ), Daewoo Engineering and Construction 047040.SE and Saipem ( SPMI.MI ).In Saudi Arabia, sources told Reuters this week that the government was preparing to restart work on projects that are important to its drive to boost Islamic tourism, including expansion of the Grand Mosque in Mecca and a $3.5 billion hotel complex in that city.James said there were over $2 trillion of known, active projects in the pipeline across the GCC."The majority of these are infrastructure schemes that are essential to the future prosperity of the region, job creation and economic diversification," he said."While inevitably not all will come to fruition, we can be confident that there is still a large amount of work to come regardless of the oil price."Reporting by Andrew Torchia; Editing by Richard Balmforth'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-gulf-projects-idUSKCN1AZ0KX'|'2017-08-19T19:15:00.000+03:00'
'b4504a56e0d6295bd7b049c7d73520b0f1edd575'|'UPDATE 2-China''s COFCO forms U.S. grain supply partnership with Growmark'|'(Adds Growmark Quote: , grain terminal details, byline)By Karl PlumeAug 18 (Reuters) - China''s state-owned COFCO International Ltd (CIL) and U.S. farm cooperative Growmark Inc will partner in a deal that gives China more direct access to the food it imports, the companies said on Friday.The grain supply partnership is the latest expansion move by CIL since it invested $3 billion to buy Noble Group''s agribusiness and a large stake in Dutch grain trader Nidera in deals that bolstered its position in the international grain market.As part of the deal, the companies said they would jointly own and operate a truck, rail and barge terminal in Cahokia, Illinois, on the Mississippi River, the main pipeline that supplies exporters along the U.S. Gulf Coast with corn and soybeans. COFCO acquired the terminal near the busy inland port of St. Louis as part of its Nidera deal.The facility can receive about 180,000 bushels of grain per hour, delivered by truck and rail, and can load two river barges simultaneously at a rate of about 60,000 bushels per hour, Brent Ericson, Growmark''s senior vice president for member services told Reuters.Growmark staff will assist in sourcing grain at COFCO''s St. Louis office as part of the partnership, the companies said in a statement.The deal draws a more direct link between a large Chinese food importer and farmers in the world''s largest corn exporter and No. 2 soybean exporter.Growmark hopes to solidify ties to a huge market in China, the world''s top soybean importer and major buyer of other agricultural goods."It gives us more of a direct pipeline to those end-users. Economics dictate where grain moves, but all things being equal this gives us a leg up in the Chinese market," Ericson said.The companies did not disclose the terms of the deal.COFCO said last year that it was seeking potential partnerships or acquisitions in North America, but Reuters has since reported that the company has struggled to integrate its large acquisitions and may not participate in a large-scale industry consolidation.Large grain traders have been struggling with a grain glut that has depressed crop prices and squeezed margins for the companies that aim to make money buying, selling, storing and shipping grain around the world.Market leaders Archer Daniels Midland Co, Bunge Ltd , Cargill Inc and Louis Dreyfus Co, known as the ABCD quartet of global grain giants, have recently faced increased competition from smaller traders such as COFCO. (Reporting by Karl Plume in Chicago; Editing by Marcy Nicholson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/growmark-cofco-idINL2N1L40SO'|'2017-08-18T19:57:00.000+03:00'
'02e593610224bbaf92166d0e91a5771850f81291'|'Shell lifts its first crude cargo from Libya in five years - industry sources'|' 09 AM / 16 minutes ago Shell lifts its first crude cargo from Libya in five years - industry sources   A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. Toby Melville/File Photo DUBAI (Reuters) - Royal Dutch Shell ( RDSa.L ) has lifted a cargo of 600,000 barrels of crude oil from Libya''s Zueitina port, its first from the war-torn north African country in 5 years, two industry sources told Reuters on Saturday. "Libya is a significant resource holder and Shell International Trading and Shipping Company Ltd (STASCO) has a history marketing Libyan crudes," a Shell spokesperson said. "We welcome new business opportunities with Libya’s National Oil Corporation (NOC). However, we don''t comment on specific trading deals," the spokesperson added. Reporting by Rania El Gamal and Ahmed Ghaddar; Writing by Noah Browning; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-libya-oil-shell-idUKKCN1AZ098'|'2017-08-19T12:09:00.000+03:00'
'acdd04955d3c79637f0510b1955790501f21da06'|'At least one dead, 5 burned in eastern Mexico pipeline explosion'|'August 19, 2017 / 4:32 PM / 6 minutes ago At least one dead, 5 burned in eastern Mexico pipeline explosion Reuters Staff 1 Min Read MEXICO CITY, Aug 19 (Reuters) - At least one person died and five others suffered burns after a pipeline exploded during an illegal tap in the eastern Mexican state of Veracruz, state-owned oil company Pemex and state emergency services said on Saturday. The fire had been brought under control, state emergency services said on Twitter. Fuel thieves regularly tap Pemex pipelines, stealing millions of liters of fuel in high-risk maneuvers that can often be deadly. (Reporting by Lizbeth Diaz and Gabriel Stargardter; Editing by Mary Milliken) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mexico-pemex-idUSL2N1L50BO'|'2017-08-19T19:31:00.000+03:00'
'a11e0cad96a05ccafe0142ec962fefe5b74b3707'|'JGBs steady, tracking gains in Treasuries, BOJ operation'|'TOKYO, Aug 18 (Reuters) - Japanese government bond prices were steady to a touch firmer on Friday with the market underpinned after gains by U.S. Treasuries and a regular debt-buying operation by the Bank of Japan.A drop in Tokyo shares, with the Nikkei hitting a three-month low on weaker Wall Street and stronger yen, also supported JGBs.The five-year yield dipped half a basis point to minus 0.090 percent. The benchmark 10-year yield and the 40-year yield were unchanged at 0.040 percent and 1.070 percent respectively.The BOJ on Friday bought a total of 1.05 trillion yen ($9.60 billion) of one- to 10-year JGBs as part of its regular bond-purchasing operation.U.S. Treasury prices rose on Thursday as investors, unnerved by a deadly attack in Barcelona and speculation about a top White House economic adviser quitting, favoured safe and low-yielding bonds over stocks and other risky assets.$1 = 109.4300 yen Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L41Y5'|'2017-08-18T02:11:00.000+03:00'
'87194b9d13b653b144dcbce6fe76268552ad97bd'|'Glenview directors leave Tenet board, cite irreconcilable differences'|'NEW YORK (Reuters) - Glenview Capital Management, Tenet Healthcare Corp''s ( THC.N ) largest shareholder, is pulling its two representatives off the hospital company''s board, citing "irreconcilable differences" over strategy.Tenet said on Friday that Glenview executives Randy Simpson and Matt Ripperger had resigned from the board on Thursday.In a letter Tenet filed with the U.S. Securities and Exchange Commission, Simpson and Ripperger said they had decided "the most effective way forward to promote strong patient satisfaction and long-term value creation for Tenet is to step off this board."Hedge fund Glenview owned nearly 18 percent of Tenet''s shares as of June 30, according to Thomson Reuters data. That stake would be worth around $225 million at yesterday''s close.The fund -- run by investor Larry Robbins -- has reported a stake in Tenet since 2012, but only put its representatives on the board last year. At the time, they signed a support and standstill agreement with Tenet that prevented the company from taking part in or aiding an activist campaign against the company.The directors stepping down from the board triggers the expiration of that agreement in 15 days. "Glenview may evaluate other avenues to be a constructive owner" of the company, they added.They said Glenview was fully committed to its ownership stake in Tenet.Tenet shares rose around 4 percent in before the bell trading.Reporting by Michael Erman; Editing by Lisa Von Ahn and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-tenet-directors-idINKCN1AY1CG'|'2017-08-18T10:53:00.000+03:00'
'b2ea459b93d31c08f525201390cc0ded1e063ede'|'Nikkei rebounds, snaps 4-day losing streak as North Korea fears ease'|'* Companies expect 10.5 pct rise in FY net profit - broker* Tech shares outperformBy Ayai TomisawaTOKYO, Aug 15 (Reuters) - Japanese stocks rebounded on Tuesday, snapping a four-day losing streak and moving away from a three-month low hit on the previous day after Wall Street cheered easing tensions between the United States and North Korea eased.The Nikkei share average rallied 1.1 percent to 19,753.31, after falling 1.0 percent on the previous day to hit the lowest closing level since May 2.U.S. officials on Sunday played down the risk of an imminent war with North Korea. Those concerns had helped wipe out nearly $1 trillion from global equity markets last week."Worries about a conflict between the United States and North Korea are not completely gone, but the market seems to be settled now," said Masashi Oda, general manager at the strategic investment department at Sumitomo Mitsui Trust Asset Management.He said the Nikkei will likely rise above 20,000 on the back of positive catalysts including brisk first-quarter earnings and full-year projections from Japanese companies as well as strong growth domestic product data.According to Rakuten Securities, Japanese companies now expect a 10.5 percent rise in their net profits for this fiscal year through March, compared to a 5.9 percent increase forecast in May.Financial stocks, which underperformed on Monday, pulled ahead. Sompo Holdings rose 2.2 percent, Mitsubishi UFJ Financial Group rose 1.7 percent and Mizuho Financial Group added 1.4 percent.Tracking strength in U.S. technology shares, Japanese chip-related companies such as Advantest Corp advanced 1.4 percent and Tokyo Electron gained 1.9 percent.Automakers were also in demand, with Toyota Motor Corp rising 1.5 percent, Nissan Motor Co adding 1.8 percent and Subaru Corp climbing 1.2 percent.The value of the yen, which is a big driver of the market given the high number of exporter stocks, also underpinned trading.The dollar rose 0.7 percent to 110.35 yen, pulling further away from a near four-month low of 108.72 yen set on Friday.The broader Topix gained 1.1 percent to 1,616.21. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1L12G5'|'2017-08-15T09:21:00.000+03:00'
'bae2967be777334c45302265c14fe105d9aa4cd3'|'China says it will defend interests if U.S. harms trade ties'|'August 15, 2017 / 3:14 AM / 22 minutes ago China says it will defend interests if U.S. harms trade ties Michael Martina 5 Min Read BEIJING (Reuters) - China will take action to defend its interests if the United States damages trade ties, the Ministry of Commerce said on Tuesday, after U.S. President Donald Trump authorized an inquiry into China''s alleged theft of intellectual property. Trump''s move, the first direct trade measure by his administration against China, comes at a time of heightened tension over North Korea''s nuclear ambitions, though it is unlikely to prompt near-term change in commercial ties. U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch a formal investigation of China''s policies on intellectual property, which the White House and U.S. industry groups say are harming U.S. businesses and jobs. The United States should respect objective facts, act prudently, abide by its World Trade Organization pledges, and not destroy principles of multilateralism, an unidentified spokesman of China''s Ministry of Commerce said in a statement. "If the U.S. side ignores the facts, and disrespects multilateral trade principles in taking actions that harms both sides trade interests, China will absolutely not sit by and watch, will inevitably adopt all appropriate measures, and resolutely safeguard China''s lawful rights." The ministry said the United States should "treasure" the cooperation and favorable state of China-U.S. trade relations, and warned that any U.S. action to damage ties would "harm both sides trade relations and companies". China was continuously strengthening its administrative and judicial protections for intellectual property, the ministry added. China''s policy of forcing foreign companies to turn over technology to Chinese joint venture partners and failure to crack down on intellectual property theft have been longstanding problems for several U.S. administrations. Trump administration officials have estimated that theft of intellectual property by China could be worth as much as $600 billion. Experts on China trade policy said the long lead time could allow Beijing to discuss some of the issues raised by Washington without being seen to cave to pressure under the threat of reprisals. China repeatedly rebuffed attempts by previous U.S. administrations to take action on its IP practices, and has insisted it rigorously protects intellectual property. U.S. President Donald Trump responds to a reporter''s question after signing a memorandum directing the U.S. Trade Representative to complete a review of trade issues with China at the White House in Washington, U.S. August 14, 2017. Jonathan Ernst State news agency Xinhua said the U.S. investigation is a unilateralist "baring of fangs" that will hurt both sides. Jacob Parker, vice president of China operations at the U.S.-China Business Council said Trump''s memo is only the beginning of the process, but that he expected a decision on how to move forward from the administration in 60-90 days. "I think it will be much faster than a year," Parker said. Coming to terms on a bilateral investment treaty would be a better way to get China to address the IP issues, he added. "This isn''t a surprise. Our companies have been honing their crisis communications and internal planning processes since the election. The rhetoric that came up during the campaign led them to take proactive action then. They are prepared, aware and ready for these types of actions going forward." The investigation is likely to cast a shadow over U.S. relations with China, its largest trading partner, just as Trump is asking it to put more pressure on North Korea to give up its nuclear programm. Trump has suggested he would be more amenable to going easy on China over trade if it were more aggressive in reining in North Korea. China has said the issues of trade with the United States should not be linked to the North Korea problem. Ken Jarrett, president of the American Chamber of Commerce in Shanghai, said in a statement on Tuesday that trade and North Korea should not be linked, but that the investigation was a "measured and necessary step". "The president''s executive order reflects building frustration with Chinese trade and market entry policies, particularly those that pressure American companies to part with technologies and intellectual property in exchange for market access," he said. "Chinese companies operating in the United States do not face this pressure." Reporting by Michael Martina; Additional reporting by Ben Blanchard, and David Stanway and John Ruwitch in Shanghai; Editing by Michael Perry, Robert Birsel 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-trump-trade-china-idUKKCN1AV088'|'2017-08-15T06:13:00.000+03:00'
'dfa227aa5e57404f4cda871caa0602e36ecbb676'|'METALS-China ban order on N.Korea exports gives lead a fillip'|' 44 AM / in 10 minutes METALS-China ban order on N.Korea exports gives lead a fillip 3 Min Read * LME/ShFE arb: tmsnrt.rs/2oQ5nm2 * Chinese Jan-June lead ore imports from N.Korea up 49 pct (Adds comments, updates prices, changes dateline from SYDNEY) By Eric Onstad LONDON, Aug 15 (Reuters) - Lead prices climbed on Tuesday after Beijing issued a ban order on North Korean exports while other base metals rebounded as geopolitical tensions eased and lending data in top metals consumer China were higher than expected. Investors moved back into risky assets such as commodities and shares after North Korea''s leader delayed a decision on firing missiles towards Guam while he waits to see what the United States does next. Metals markets were also reassured when data on Tuesday showed that Chinese new loans came in at 825.5 billion yuan, higher than analyst forecasts of 800 billion after data a day earlier showed a cooling of the property market and weaker than expected industrial output. "Those Chinese numbers (on Monday) were quite soft... I suppose the only glimmer of light came in the new yuan loans, which beat consensus, and maybe that suggests that things will remain stable as we go forwards," said Robin Bhar, head of metals research at Societe Generale in London. "The metals seem well poised. After a period of consolidation this week perhaps we''ll have another push towards those (recent) highs going forward." * N.KOREA LEAD: Lead prices rose after China issued an order on Monday to implement United Nations sanctions on North Korea, banning imports of lead ore among other commodities. Chinese imports of lead ores and concentrates from North Korea surged 49 percent in the first six months of the year, accounting for 10 percent of the total. * LME LEAD: Benchmark lead prices were the biggest gainers on the London Metal Exchange, rising 1.8 percent to $2,376 a tonne by 1000 GMT. "The LME metals have all moved modestly to the upside with many commentators suddenly becoming favourable to the lead market based on tight supply and the potential loss of North Korean ore which will affect China more than anyone else leaving them to seek alternative supply sources," Malcolm Freeman of Kingdom Futures said in a note. * NICKEL STOCKS: Nickel was the only LME metal in the red, falling 0.1 percent to $10,435, after inventories stored in LME-certified warehouses increased by 8,970 tonnes to 384,258 tonnes. MNISTX-TOTAL * COPPER: Three-month LME copper added 0.2 percent to $6,409. Prices hit their highest in more than 2-1/2 years on Aug. 9 at $6,515 and are up almost 8 percent this quarter. Glencore''s Zambian copper mining unit said on Monday it had suspended all operations at its two mines there due to restricted power supply. * ZINC: LME zinc rose 1.2 percent to $2,953. "Zinc forwards were aggressively bid. Zinc is likely to find some legs if it breaches $2,985 with large options OI (open interest) sitting across Sept and Oct between the $3,000 and $3,500 strikes," Alastair Munro at broker Marex Spectron said in a note. Reporting by Eric Onstad; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1L12VW'|'2017-08-15T13:40:00.000+03:00'
'35ffbfb871d978ea9ac8b4afba35295abd6cabcc'|'Merkel rival Schulz attacks her ''zig zag'' German car policy'|'August 15, 2017 / 8:19 PM / 10 minutes ago Merkel rival Schulz attacks her ''zig zag'' German car policy Reuters Staff 4 Min Read FILE PHOTO - German Chancellor Angela Merkel, top candidate of the Christian Democratic Union Party (CDU), attends an election rally for the upcoming federal elections in Gelnhausen, near Frankfurt, Germany August 14, 2017. Ralph Orlowski BERLIN (Reuters) - Angela Merkel''s main challenger in next month''s German election criticised the chancellor''s approach to carmakers on Tuesday and called for them to pay for the widening emissions scandal. The future of the auto sector, Germany''s biggest exporter and provider of some 800,000 jobs, has become a hot election issue as politicians blame executives and each other for the sector''s battered reputation after Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. emissions tests almost two years ago. Social Democrat Martin Schulz, who is taking on Merkel in the September 24 election, said she had repeatedly changed her views on the need to develop electric cars and the continued use of diesel vehicles, raising questions for unions and consumers. "The zig zag course of Mrs. Merkel has unsettled unions and has left it unclear that those who caused this crisis will be held responsible," said Schulz, who leads the Social Democratic Party (SPD) that is the junior partner in Merkel''s coalition. Merkel defended her approach during a campaign rally in the northern city of Cuxhaven on Tuesday, saying it was important to both support the auto industry and cut pollution in German cities. Finance Minister Wolfgang Schaeuble told an event hosted by the Handelsblatt newspaper that he favoured stronger regulation of the car industry, but gave no details. He said the industry had made serious mistakes and must accept the consequences. Schulz welcomed belated government support for his proposal on Friday to introduce electric car quotas in Europe, which Merkel initially said was not well thought out. FILE PHOTO - Germany''s Social Democratic Party candidate for chancellor Martin Schulz arrives to attend a meeting with members of the Italian Coast Guard in Catania, Italy July 27, 2017. Antonio Parrinello But he said he did not understand Merkel''s abrupt switch to support a ban on diesel cars in an interview on Monday, a move that he said would harm consumers and automotive industry workers in the near term. German politicians and car bosses agreed this month to overhaul engine software on 5.3 million diesel cars to cut pollution after cities around the world took action to ban them. "Consumers need certainty that they will not be made to pay for the mistakes of the carmakers and their wheeling and dealing with political organisations, or even agencies of the German government," Schulz said. He also criticised German carmakers for "sitting on a high horse because they think their closeness to Chancellor Merkel will protect them" and said a second diesel summit offered an opportunity to address the outstanding issues. Merkel has said she will participate in the next summit if, as expected, she wins the election. She was on vacation during the previous summit in early August. The head of Germany''s Federal Office for Economic Affairs and Export Control, Andreas Obersteller, told the Rheinische Post newspaper that the German government could shift some 200 million euros (182.41 million pounds) in incentives available for electric car purchases to encourage construction of more charging stations. The government had seen fewer than expected applications for the total 600 million euros in electric car purchase incentives available through mid-2019, freeing up an estimated 200 million (182.41 million pounds) that could be used elsewhere, Obersteller said. Reporting by Andrea Shalal, Joseph Nasr, Tom Koerkemeier and Reuters TV; editing by Alexander Smith/Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-election-schulz-emissions-idUKKCN1AV2AT'|'2017-08-15T23:19:00.000+03:00'
'bf3f0e9d3157881509675af62c3c805d63539c59'|'Rosneft says ex-minister Ulyukayev left its office with cash'|'August 16, 2017 / 8:10 AM / 11 minutes ago Rosneft says ex-minister Ulyukayev left its office with cash 1 Min Read MOSCOW, Aug 16 (Reuters) - Russia''s largest oil producer Rosneft said on Wednesday ex-economy minister Alexei Ulyukayev, charged with extorting a bribe from the company, had himself come to a meeting in Rosneft''s office and left it with cash. Ulyukayev on Wednesday accused Rosneft CEO Igor Sechin and Russia''s FSB security service of carrying out a "provocation" against him and insisted the charges against him were fabricated. Ulyukayev was dismissed and put under house arrest in November over allegations he extorted a $2 million bribe from Rosneft. He denies the charges. (Reporting by Olesya Astakhova; writing by Gabrielle Tétrault-Farber; editing by Maria Kiselyova) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-ulyukayev-rosneft-idUSR4N1KU01V'|'2017-08-16T16:10:00.000+03:00'
'020db5527b03390ceb780210b73a952db9dcc49a'|'India clears purchase of six Boeing helicopters in $650 million deal: official'|'Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. Kim Kyung-Hoon NEW DELHI (Reuters) - India on Thursday cleared the purchase of six more Boeing Co ( BA.N ) Apache helicopters in a deal worth close to 42 billion rupees ($654.6 million), a defence ministry official said.The order follows India''s purchase of 22 Apache and Chinook helicopters from Boeing in 2015.Thursday''s deal, approved by the government''s Defence Acquisition Council, includes the helicopters and associated equipment, spares, training, weapons and ammunition.The Defence Acquisition Council, chaired by the defence minister, also cleared an order for gas turbine engines - worth an estimated 4.9 billion rupees - for two ships currently under construction in Russia, the official said, speaking on the condition of anonymity.Reporting by Nigam Prusty and Tommy Wilkes; Editing by Sanjeev Miglani and Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-india-boeing-idUSKCN1AX1GU'|'2017-08-17T15:39:00.000+03:00'
'95d9787aa06e4cf228958686550332376eddf5dc'|'BRIEF-Altius re-establishes normal course issuer bid'|' 07 PM / 10 minutes ago BRIEF-Altius re-establishes normal course issuer bid Reuters Staff Aug 18 (Reuters) - Altius Minerals Corp * Altius re-establishes normal course issuer bid * Altius Minerals Corp - may purchase at market price up to 2.04 million common shares by way of a normal course issuer bid through facilities of TSX * Normal course issuer bid will commence August 22, 2017 and will end no later than August 21, 2018  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-altius-re-establishes-normal-cours-idUSFWN1L40JO'|'2017-08-18T15:06:00.000+03:00'
'c836f81dea6d5852a800f38d0ddc263055cbefd9'|'Nestle defends ''Kit Kat'' campaign against Atari ''Breakout'' lawsuit'|'FILE PHOTO: A Kit Kat chocolate bar is seen in this illustration photo taken July 20, 2017. Thomas White/Illustration/File Photo (Reuters) - Nestle SA ( NESN.S ) on Friday paddled back claims in a new lawsuit in which Atari SA ( ATAR.PA ) accused the Swiss food company of pilfering its classic 1970s video game "Breakout" to help sell Kit Kat chocolate-covered wafer bars.Nestle damaged Atari''s goodwill and reputation on Facebook, Twitter and television by exploiting the name, look and feel of "Breakout," it said in a copyright and trademark infringement complaint filed on Thursday in San Francisco,Atari said Nestle and its U.S. and U.K. affiliates did this to whet the appetites of "nostalgic Baby Boomers, Generation X, and even today''s Millennial and post-Millennial ''gamers.''"A spokeswoman for Nestle UK said: "We are aware of the lawsuit in the U.S. and will defend ourselves strongly against these allegations."Kit Kat was first manufactured in 1935."Breakout" was created by Apple co-founder Steve Wozniak with help from fellow co-founder Steve Jobs as a successor to "Pong," and requires a player to knock down rows of colored bricks with a paddle.Nestle simply replaced the bricks with brown Kit Kat bars, used in a Kit Kate Bites commercial titled "Kit Kat: Breakout," showing adults and children using paddles to knock the bars down, according to Atari.Atari said it "had to have been obvious" to Nestle that its "heist" of Atari intellectual property rights was illegal."Nestle has no excuse," Atari said.The Kit Kat Bites ad ran only in the United Kingdom and no longer runs, the Nestles spokeswoman said.Atari is seeking three times Nestle''s profits from the alleged infringement, plus triple and punitive damages.The case is Atari Interactive Inc v Nestle SA et al, U.S. District Court, Northern District of California, No. 17-04803.Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-nestle-atari-idUSKCN1AY1GX'|'2017-08-18T16:40:00.000+03:00'
'48827dc6e34ea7a4e4fa0abb788e812e4738d0b8'|'Involuntary bumping seems to be a thing of the past'|'IF AVIATION had an astrological sign, 2017 would surely be the Year of the Bump. Most infamously, it was the year that a United Airlines passenger who refused to leave an overbooked flight in April was dragged violently from the plane. There followed airline policy changes to reduce involuntary bumping, a novel system to make bumping less inconvenient, and even bipartisan action in Congress to render involuntary bumping illegal.Such headlines suggest that the practice is spiralling out of control. In fact it is at its lowest level since the government began recording data in 1995, according to a Department of Transportation report issued last week that covers 12 American airlines. In the second quarter of 2017, 0.44 passengers per 100,000, or about one in 227,000, were forced to miss a flight because their plane was overlooked. That is the lowest quarterly rate on record, and a significant drop from the 0.62 rate in the second quarter of 2016. 2 hours Could that just be a reaction to the PR nightmare that followed the dragging incident? Not entirely. The first half of the year, most of which took place before the United fiasco, also saw the lowest involuntary bumping rate of any January-June period on record, 0.52 passengers per 100,000. Monthly data are not available, so it is impossible to say how much the practice has declined since April, but two things are clear. First, such denials-of-boarding were not at their apex prior to the incident—they already seemed to be in decline. And second, it now appears to be completely on the way out.Even if Congress does not ban it, airlines are stopping the practice themselves. Southwest said this spring that it would cease overbooking flights. United is working to bump passengers voluntarily, sometimes several days in advance of flights, to avoid conflict. The Department of Transportation recently fined Frontier Airlines for denying boarding to passengers without first seeking volunteers. The practice used to make economic sense because it allowed airlines to overbook flights without facing significant consequences if too many people showed up to board. But, given the media fire that engulfed United, the fear of self immolation is now too strong.In any case, airlines now have other worries. The same Department of Transportation report found that in June there were more delays and cancellations compared with both June 2016 and May 2017. Complaints were also up 7.7% from a year earlier. With profits still strong, carriers see little need to antagonise travellers further by kicking them off flights against their will. Involuntary bumping may have been the big aviation story in the first half of the year but, as is often the case, it seems to have drawn our attention after the worst of it had passed. The dragging incident appears not to have been its apex but its last gasp.Next Airlines want tighter control of alcohol sales in British airports'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/no-man-left-behind?fsrc=rss'|'2017-08-16T21:31:00.000+03:00'
'14d89f4ca3c25f5c50d7a623f548ed309c87973d'|'Officials doubt Air Berlin can continue in present form'|'August 19, 2017 / 11:28 AM / 7 hours ago Officials doubt Air Berlin can continue in present form Reuters Staff 3 Min Read FILE PHOTO:Airberlin sign is seen at Munich airport, Germany August 3, 2017. Picture taken August 3, 2017. Michaela Rehle/File Photo BERLIN (Reuters) - The prospects for maintaining insolvent airline Air Berlin or its existing route network as a coherent whole appeared to be receding after officials warned that the airline was not viable and that a straight takeover would raise competition concerns. A takeover of Air Berlin as a whole to keep it operating would not be possible, German deputy economy minister Matthias Machnig said on Saturday, pouring cold water on one airline investor''s approach. "The model of Air Berlin as an independent airline has failed," he told German radio station rbb InfoRadio on Saturday. Germany''s Hans Rudolf Woehrl, who made a name for himself when he bought German airline Deutsche BA from British Airways for 1 euro, threw his hat in the ring for Air Berlin on Friday and said he wanted to keep it flying after buying it. Separately, the head of Germany''s advisory Monopoly Commission said that allowing Germany''s flag carrier Lufthansa to take over Air Berlin''s route network would render large numbers of German domestic routes uncompetitive. Monopoly Commission President told Die Welt newspaper in an interview that while the increased international market share for Lufthansa would be welcome, "it would not be persuasive if this were achieved by dispensing with competition on German routes." His remarks appear to be at odds with the views of German federal transport minister Alexander Dobrindt, who has called for the creation of a German airline "national champion" - a turn of phrase which Die Welt said had also set alarm bells ringing in Brussels. Talks on carving up Air Berlin, which said on Tuesday it was filing for insolvency, started on Friday, with Lufthansa getting the first meetings ahead of other potential bidders. Earlier in the week, a source familiar with the matter said easyJet was among those in talks, and Thomas Cook''s German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring. Deputy Economy Minister Machnig said it would take several investors to offer Air Berlin and its employees a long-term future, reiterating that Lufthansa would not be the only buyer of the carrier''s assets. He dismissed a complaint by Ryanair over the handling of the insolvency process, which its Chief Executive Michael O''Leary describes as a "conspiracy", saying O''Leary was welcome to play a role in Air Berlin''s restructuring. "I am entirely willing to discuss the matter," Machnig said. Reporting by Gernot Heller and Thomas Escritt; Writing by Maria Sheahan; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/air-berlin-lufthansa-restructuring-idINKCN1AZ0D6'|'2017-08-19T14:25:00.000+03:00'
'394c6f89110c3bdfeb0afecd462116be486e6cff'|'Wisconsin lawmakers debate billions in incentives for Foxconn plant'|'August 17, 2017 / 10:02 AM / an hour ago Wisconsin debates billions in incentives for Foxconn plant Suzannah Gonzales 3 Min Read FILE PHOTO - The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan on March 29, 2016. Tyrone Siu/File Photo (Reuters) - The Wisconsin State Assembly on Thursday opened debate on a $3 billion incentive package for a proposed liquid-crystal display plant by Taiwan''s Foxconn, a deal that caused a stir when it was announced by President Donald Trump last month. A vote on the deal was expected to immediately follow the debate. It will be the first time a chamber of Wisconsin''s Republican-controlled legislature has voted on the Foxconn plan. Foxconn, an electronics manufacturer formally known as Hon Hai Precision Industry Co Ltd ( 2317.TW ), hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern Wisconsin. Foxconn is a major supplier to Apple Inc ( AAPL.O ) for its iPhones. Wisconsin''s Republican governor, Scott Walker, ordered the state legislature into special session on Aug. 1 to consider the incentive package, which would award Foxconn $3 billion over 15 years in mostly cash incentives. Foxconn, Walker, Trump and other leaders announced the deal on the incentives last month in a White House ceremony. It must now be approved by lawmakers. The 20 million-square-foot LCD plant would initially employ 3,000 people, but Walker and Foxconn said the company could ultimately employ 13,000 at the site. Proponents have touted the project''s investment potential and job creation, including an expected 22,000 ancillary and 10,000 construction jobs. "We need to do everything that we can to make businesses thrive to replace those that have closed or moved outside our state borders," Assembly Speaker Robin Vos, a Republican, said during Thursday''s debate. But critics including some Democrats have attacked the plan as corporate welfare, too expensive, rushed and potentially harmful to the environment. "I think we need more time," Democratic state Representative Jill Billings said. "I want a better deal and more guarantees for my taxpayers." On Monday, the Wisconsin Assembly''s jobs and economy committee voted 8-5, along party lines, to advance Foxconn legislation. The committee rejected 22 amendments proposed by Democrats, including a requirement that at least 70 percent of employees must be Wisconsin residents. After the Assembly votes, the legislation still needs approval by the Wisconsin State Senate and joint finance committee, which has both Assembly and Senate members, before going to the governor. The finance committee and state Senate are also controlled by Republicans. Wisconsin would not break even on the incentive package for at least 25 years, according to a legislative analysis released last week. Reporting by Suzannah Gonzales in Chicago; Editing by Sharon Bernstein and Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-foxconn-wisconsin-idUSKCN1AX101'|'2017-08-17T13:01:00.000+03:00'
'eb850f716b38693b48a110863cb296e54c2f0203'|'Gold edges up after gaining on softer dollar'|'FILE PHOTO: Gold biscuits are seen in this picture illustration taken inside a jewellery showroom in Mumbai June 4, 2013. Danish Siddiqu/File Photo LONDON (Reuters) - Gold rose for a second day on Thursday after Federal Reserve officials hinted that U.S. interest rates could rise more slowly than expected, while palladium was lifted to a 16-year high by strong industrial metals markets.The minutes of the Fed''s July 25-26 policy meeting showed some policymakers wished to halt further rate increases until it is clear the trend of soft inflation is transitory.Gold is sensitive to rising interest rates because they push up bond yields, raising the opportunity cost of holding non-yielding bullion, and tend to strengthen the dollar, in which gold is priced.The dollar and bond yields fell after the minutes were released but have recouped some losses. .DXY US10YT=RR [FRX/] [US/]Spot gold XAU= was up 0.2 percent at $1,284.68 an ounce at 1345 GMT after rising 0.9 percent the previous day.U.S. gold futures GCcv1 for December delivery gained 0.6 percent to $1,290.60 an ounce.Commerzbank analyst Carsten Fritsch said U.S. President Donald Trump''s decision to disband two high-profile business advisory councils also helped gold because it shook confidence in Trump''s ability to enact economic stimulus, lowering expectations of rate rises.Demand for gold as a safe haven also resurfaced after South Korea warned North Korea against "crossing a red line" and the United States said it would go ahead with joint military drills despite pressure from China, Fritsch said."Gold is likely to breach USD 1,300/oz as the market prices in a less hawkish Fed, particularly in a risk-off environment," analysts at Standard Chartered said in a note.But Fritsch said gold would struggle to rise above $1,295 after failing three times this year. "Speculative long positions are at quite high levels," he said. "If we fail again here this could provoke a correction."Gold has been supported by physical buying, with holdings in the largest gold-backed exchange-traded-fund, New York''s SPDR Gold Trust, 275,663 ounces, or 1.1 percent, higher on Wednesday than Friday''s levels. [GLD]Technical resistance was at the June high of $1,296.30 with Fibonacci support at $1,261.30, said analysts at ScotiaMocatta.Palladium XPD= surged 1.5 percent to $927.75 an ounce after touching $929.50, the highest since February 2001.The metal, used in the auto industry for emissions-controlling catalytic converters, was being carried higher by a strong rally in industrial metals such as copper and aluminium this week, said Dominic Schnider at UBS Wealth Management in Hong Kong. [MET/L]Silver XAG= added 0.1 percent to $17.10 an ounce and platinum XPT= was down 0.3 percent at $974 an ounce.Additional reporting by Apeksha Nair and Arpan Varghese in Bengaluru, and Eric Onstad in London; editing by David Evans and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-precious-idINKCN1AX03X'|'2017-08-17T04:17:00.000+03:00'
'334a560881d837de1cebb2e3f49cfc993974809d'|'Citigroup tops bank group for Petrobras unit IPO - source'|'August 18, 2017 / 7:09 PM / 10 hours ago Citigroup tops bank group for Petrobras unit IPO - source Tatiana Bautzer 4 Min Read FILE PHOTO - A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Mike Segar/File Photo SAO PAULO (Reuters) - Citigroup Inc ( C.N ) and seven other banks will underwrite the initial public offering of Petróleo Brasileiro SA''s fuel distribution unit, which will likely occur in November, a person with direct knowledge of the plan said. Petrobras ( PBR.N ), as Brazil''s state-controlled oil company is known, is considering whether to list BR Distribuidora SA in São Paulo and New York, where a growing number of investors have shown interest on the transaction, said the person, who spoke on Thursday and asked for anonymity in order to discuss the plan freely. Petrobras has stuck with Citigroup''s investment banking unit since the idea of an IPO for BR Distribuidora was first floated early in 2015. Between 30 and 35 percent of BR Distribuidora could be sold in the IPO by November, which the person said could be the last "market window" of this year. In addition to Citigroup, the oil company has now enlisted the investment-banking units of Bank of America Corp ( BAC.N ), Morgan Stanley & Co ( MS.N ), JPMorgan Chase & Co ( JPM.N ), Banco do Brasil SA ( BBAS3.SA ), Itaú Unibanco Holding SA ( ITUB4.SA ), Banco Bradesco SA ( BBDC4.SA ) and Banco Santander Brasil SA ( SANB11.SA ) as underwriters for the plan, the person added. Rio de Janeiro-based Petrobras declined to comment. The person declined to elaborate on the potential size and additional terms of the BR Distribuidora offering. Media representatives for Morgan Stanley, Bank of America, Itaú, Bradesco and Banco do Brasil declined to comment. The other banks had no immediate comment on the IPO. By lining up a list of top-notch banks for the plan, Petrobras is signalling that the IPO is key to boosting productivity and diminishing political meddling in subsidiaries like BR Distribuidora, bankers recently said. According to one of them, the fate of the IPO hinges on "a strong underwriter lineup and a clear commitment to stricter governance." DUAL LISTING Preferred shares of Petrobras ( PETR4.SA ), the company''s most widely traded class of stock, accelerated gains on the news and closed 4.2 percent higher on Friday at 13.60 reais, a two-week high. By listing BR Distribuidora on more than one exchange, Petrobras could bolster demand for the stock and give investors greater choice over where they can trade their shares. The IPO also poses a litmus test for Petrobras, which recently faced a U.S. government probe linked to a massive corruption scandal in Brazil. After a series of interruptions in the past two years, Petrobras revived the BR Distribuidora IPO in June to cut debt and capital spending in low-return activities. Petrobras is increasingly relying on asset sales and spinoffs to trim the largest debt burden of any major oil company, at about $95 billion. BR Distribuidora would be listed in the São Paulo Stock Exchange''s Novo Mercado segment - which has the strictest governance standards and demands a minimum so-called free float of 25 percent. Another alternative under discussion is to list the unit in Brazil but allow international investors to buy the stock through the U.S. Securities and Exchange Commission''s 144A rule, the person said. The rule allows investments by qualified institutional buyers, which could help BR Distribuidora tap a category of investors that otherwise may be unwilling to finance the company through other means, the person said. Editing by Guillermo Parra-Bernal and Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-br-distribuidora-ipo-exclusive-idUKKCN1AY27W'|'2017-08-18T23:40:00.000+03:00'
'8356b955b3cd65a7398457b974856af05da36fa4'|'Asia shares up as North Korea tensions ease, wary Fed pressures dollar'|'August 17, 2017 / 1:10 AM / an hour ago Cautious tone from central banks sends global stocks lower Alasdair Pal 4 Min Read A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - Global stocks fell on Thursday as investors trimmed their exposure to riskier assets after central bank minutes revealed a wary take on the economic outlook from ratesetters on both sides of the Atlantic. The European Central Bank expressed caution about removing monetary stimulus too soon following a recent bounce in the euro, the record of its last meeting showed - hitting the single currency along with the region''s equity markets. U.S. shares were set to follow suit, extending losses a day after a similarly downbeat message in minutes from the Federal Reserve, where some policymakers cautioned against rate rises while U.S. inflation remained weak. As money market futures FFF8 cut their expectations of a U.S. rate hike by December to 40 percent from just under 50 percent before the Fed''s minutes, futures for the blue-chip S&P 500 ESc1 shed 0.2 percent in pre-market trade. The NASDAQ index was set to open 0.4 percent lower after technology giant Cisco ( CSCO.O ) reported weak results after Wednesday''s close. In Europe, the broad Stoxx 600 index was down 0.1 percent, snapping a three-day winning streak. The UK''s FTSE 100 .FTSE fell 0.4 percent, Germany''s DAX .GDAXI 0.1 percent and France''s CAC 40 .FCHI 0.2 percent. U.S. President Donald Trump''s decision on Wednesday to disband two business councils after a number of its members quit in protest over his comments about white nationalists also continued to weigh on stock valuations. "Trump dissolving his major business groups makes the investment community even more pessimistic because this sets the stage for even more failure for him," said Naeem Aslam, chief market analyst at Think Markets in London. The dollar erased much of its overnight losses, however. It jumped 0.4 percent against a trade-weighted basket of other currencies .DXY and 0.8 percent against the euro, which hit a three-week low following news of the concern about its gains from within the ECB. "The euro has shot down as a result. It is a good question of how much further we will go. The reality is the ECB is definitely more concerned than the market gave it credit for," said Simon Derrick, chief market analyst with Bank of New York Mellon in London. "I think it is entirely possible you could see further downward pressure on the euro." In commodities, palladium hit a 16-year high, tracking a rally in other base metals. London copper, aluminum and zinc were just off multi-year highs on expectation that a reform of the metals industry in China will curb supply against a backdrop of robust demand. Oil prices were steady after U.S. data showed a fall in crude stockpiles but also an increase in production, taking crude output to its highest in more than two years. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Reporting by Alasdair Pal, additional reporting by Patrick Graham in London; editing by John Stonestreet 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1AX03K'|'2017-08-17T08:34:00.000+03:00'
'bcd2b756fbbef391e6d1f8d4d53288e937995aae'|'Slow house price growth steep rail fare increases - Money'|'Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed.Money news UK house price growth slows with London and north-east hardest hit Rail users face steepest fare rise in five years as inflation hits 3.6% £14bn class action case against Mastercard revivedAdvertise all UK jobs with flexible working to tackle pay gap – report Feature Should homeowners warm to EDF Energy’s free solar panel system? Facebook Twitter Pinterest Homes can have their day in the sun with solar panels installed free by EDF. Photograph: EDF In pictures Roald Dahl’s former mews house Facebook Twitter Pinterest A five-bedroom apartment in the block where Roald Dahl wrote The Witches could cast a spell on wannabe writers. Photograph: Russell Simpson In the spotlight EasyJet has apologised after a holidaymaker was told to collect their suitcase from 200km away – even though it turned out not to be there. Miles Brignall reports Facebook Twitter Pinterest Marrackech: Fi Taylor says she had to make a futile round-trip in an attempt to recover her luggage. Photograph: Jess Wright Consumer champions Sainsbury’s says no to replacement for faulty Hotel Chocolat gift card Virgin refuses to refund credit on dead friend’s mobile phone Metric meter and imperial bills leave Scottish Power confused Family reunion is ruined as easyJet struggles to return my passport Fitness First is last when it comes to cancelling gym membership Money deals Get peace of mind for your summer break with great value holiday cover from Guardian travel insurance, provided by Voyager .The Guardian money transfer service , provided by Moneycorp, could help you save on sending money overseas with expert guidance, great exchange rates and free online transfers. Topics Money Money Talks Rail fares easyJet Consumer affairs Consumer rights Property'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/17/slow-uk-house-price-growth-steep-rail-fare-increases'|'2017-08-17T22:37:00.000+03:00'
'd433fd0d1562be8783b9b4db2614d5bdaf623859'|'There are now more than 1,000 tax relief schemes. Give us a break - Business'|'Every government promises to simplify taxes. None succeeds. We need more scrutiny of schemes that are too easy to set up, and too difficult to take away View more sharing options Close Sunday 20 August 2017 07.00 BST T wenty years have passed since former chancellor of the exchequer Gordon Brown launched his scheme to promote the British film industry, and in doing so innocently spawned numerous lucrative tax relief opportunities for advisers and their investors. The scheme, which allowed investors to claim back 40% of a film company’s losses against their own tax bills, ended up meaning that many investors were able to claim around £40,000 tax relief for every £20,000 they put into a production. Brown clamped down on this “double dipping” – effectively claiming tax relief twice on the same production – in 2004, after it became clear it was being abused. There are still tax reliefs for the British film industry and they make up just a few of the estimated 1,140 schemes offered by HMRC on everything from plant and machinery to pension saving. Their complexity, and the fact that they favour companies and individuals with the greatest wealth, means that understanding and exploiting the benefits of tax relief is a vast industry. Every government, including David Cameron’s coalition with the Liberal Democrats, has promised to cut back on the number of reliefs and tackle the avoidance and evasion it inevitably promotes, and each has failed. In fact Cameron’s government increased the number of reliefs by almost 100, according to the Office for Tax Simplification, an agency that then-chancellor George Osborne founded in 2010. In 2015, a report by MPs on the public accounts committee (PAC) found that “HMRC does not effectively monitor changes in the cost of tax reliefs, so is slow in identifying instances where a relief is being exploited for a purpose parliament did not intend”. It concluded – despite vehement denials from the Treasury – that “HMRC and HM Treasury often show a worrying lack of curiosity about the cost of tax reliefs”. For instance, the costs of research and development tax relief increased from around £100m in 2001 to more than £1bn in 2011-12, “while the actual amount of business expenditure on R&D has stayed more or less the same”, the PAC said. Today the cost of R&D tax relief is £2bn and still corporate expenditure hasn’t budged. It is a safe bet that Philip Hammond’s budget later this year will include tax breaks to support his modest plans to boost investment and encourage long-term planning. In Britain, there is an assumption that tax incentives are a spur to action – for households or companies alike – and without them little would change. The argument goes that few people would save for a pension without money off their tax and the British film industry would be left high and dry without the tax breaks that encourage investment. Companies would drop plans to buy the equipment they need without tax relief. Likewise, private landlords would let their flats go unmaintained if the cost were not tax-deductible. In short, the HMRC must forego tax to get everyone from the small-time entrepreneur to the boss of a major corporation out of bed in the morning and off to work. Among corporations, it has become commonplace to lobby local and central governments for cash with the threat of leaving for foreign climes if the money is not forthcoming. Around £100bn is spent on tax relief, which means that if it were cancelled and everyone just paid the tax that was due on their income and profits, the government would have £880bn to spend and not the £780bn it expects to dispense this year. The Treasury argues that in some instances corporate tax relief is only a fraction of the total help on offer. One example is R&D tax credits, which account for £2bn of the £10bn spent supporting research and development. It also points out that tax relief is cheap to administer, and that a complex tax system is a necessary response to a complex economy. But the reason the coalition added 100 tax reliefs to its already massive roster was because they were quick and easy to put in place, not because they were effective. Far better would be to spend some of the money on scrutinising the claims of corporations for help. It would be more transparent – and their needs might turn out to be like those of a young adult seeking funds from the bank of mum and dad when they are more than capable of looking after themselves. More pernicious is the use of tax relief to support households. Why does the 45p-rate taxpayer get 45p from the government towards their pension saving, when the 20p-rate taxpayer gets just 20p? When upwards of £30bn is lost to the exchequer by encouraging pension saving, it is reasonable to ask why the same amount of government support cannot be given to all. For a government that wants to support families that are “just about managing”, tax breaks are an irrelevance. Most don’t pay tax, and many don’t even understand how tax is calculated. They need investment in the things that bring well-paid jobs. And nothing the government has done with its growing list of tax reliefs has achieved that. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/20/tax-relief-more-than-1000-schemes-give-us-a-break'|'2017-08-20T14:00:00.000+03:00'
'11b1913ac1bd54ebe7b40098dc60a8d0d21bb606'|'Bankruptcy fight over Oncor to test Warren Buffett''s discipline'|'August 20, 2017 / 5:26 AM / 4 minutes ago Bankruptcy fight over Oncor to test Warren Buffett''s discipline 7 Min Read Warren Buffett in Omaha, Nebraska, U.S. May 7, 2017. Rick Wilking (Reuters) - Warren Buffett takes pride in naming his price to buy a company, and not paying a nickel more. But the largest U.S. natural gas distribution utility, an unyielding hedge fund, and a Delaware bankruptcy judge now present one of the biggest challenges to the billionaire''s legendary discipline. The board of bankrupt Texas utility Energy Future Holdings will meet later on Sunday to decide whether to sell its crown jewel, power transmission company Oncor, to Buffett''s Berkshire Hathaway Inc ( BRKa.N ) or accept an opposing bid from Sempra Energy ( SRE.N ), a person familiar with the confidential deliberations said on condition of anonymity. The rival bid for Oncor was disclosed on Friday by Energy Future''s biggest creditor, billionaire Paul Singer''s hedge fund Elliott Management Corp. The identity of the bidder was not publicly announced, but Bloomberg News first reported on Saturday that Sempra was the mystery bidder, citing anonymous sources. Berkshire Hathaway Energy, Buffett''s energy unit, has offered $9 billion (£7 billion) in cash for Oncor, while the rival bid is for $9.3 billion, a lawyer for Elliott said on Friday. The gap is pocket change for Berkshire, but Buffett pledged last Wednesday not to raise his offer. "Paying extra is not the way he does business," said Jim Shanahan, a senior analyst at Edward Jones & Co with a "buy" rating on Berkshire. "He is willing to be patient and wait for opportunities. That''s what analysts expect, and that''s what investors expect." Berkshire did not respond to requests for comment, while Sempra and Elliott declined to comment. Berkshire said on Friday that its bid had won support from key stakeholders, including the staff of the Public Utility Commission of Texas, the regulator that has to approve the sale of Oncor. The commission''s executive director, Brian Lloyd, has also praised Berkshire''s bid. Berkshire has told the regulator it will accept "ringfencing" on its acquisition of Oncor, restricting its ability to extract cash from the company or add more debt to it. It is unclear whether Sempra could offer the same assurances. "Berkshire Hathaway Energy has offered a positive, simple, straightforward deal that benefits Oncor and its customers," Oncor CEO Bob Shapard said in a statement on Saturday. Even if regulatory concerns trump price considerations, and Berkshire''s bid for Oncor prevails on Sunday over that of Sempra, a San Diego-based utility, the sale has to be approved on Monday by U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware. Elliott has said it opposes the sale to Berkshire because it believes it undervalues Oncor, and has argued it owns enough of Energy Future''s debt to veto the deal. Elliott has also been trying to put together its own bid for $9.3 billion to buy Oncor. TAKEOVER LULL Buffett, 86, is trying to end the two-year lull since announcing his last major acquisition, a $32.1 billion takeover of aircraft parts maker Precision Castparts Corp. Many analysts at the time said that price looked relatively costly by Berkshire''s standards. Complicating Buffett''s hunt for bargains are soaring stock market valuations and competition from private equity firms with a lot of funds to spend, as well as from companies with anemic earnings growth that are turning to acquisitions for a recovery in their fortunes. Buffett''s Omaha, Nebraska-based conglomerate, whose more than 90 businesses include auto insurer Geico and railroad BNSF, ended June with close to $100 billion of cash and equivalents. That is up $27 billion in the last year, and five times Buffett''s $20 billion stated target. ( tmsnrt.rs/2fTsMnt ) Some analysts say idle cash is also weighing on Berkshire''s operating profit, which has dropped for three straight quarters. "Buffett likes to achieve 11 percent returns," and low-yielding cash may deprive Berkshire of billions of dollars annually, said Robert Miles, an author of books about Buffett. But George Morgan, a finance professor at the University of Nebraska Omaha, said that "as far as cash being a drag on performance, Warren would say no. Just because you''re in a store doesn''t mean you need to buy something." Buffett has in 2017 used some Berkshire cash to become one of Apple Inc''s ( AAPL.O ) largest shareholders, and shore up Canadian lender Home Capital Group Inc''s ( HCG.TO ) finances. But he never faced the need to revisit his original deal once he clinched it. ONE-PRICE GUY In its annual reports, Berkshire tells shareholders "we don''t participate in auctions," using italics for emphasis. "I''m a ''one-price'' guy," Buffett wrote in a February 2008 shareholder letter. At Berkshire''s annual meeting in May, Buffett said he would gladly do a "very, very big deal," including with Brazilian investment firm 3G Capital, which together with Berkshire controls the food company Kraft Heinz Co ( KHC.O ). Earlier this year, European food and consumer goods conglomerate Unilever Plc ( ULVR.L ) snubbed a takeover approach by Kraft Heinz. Buffett, true to form, backed down. If Berkshire lost Oncor, it could receive a consolation prize, a $270 million breakup fee. Berkshire accepted a $175 million fee when Constellation Energy Group Inc terminated its $4.7 billion takeover in 2008, and took an investment from Electricite de France SA ( EDF.PA ). "Walking away from Oncor would reinforce Buffett''s reputation that once he determines a fair price, that''s the price, or there''s no deal," Shanahan said. Deviations are rare. When Berkshire in 2000 bought three-fourths of MidAmerican Energy, as Berkshire Hathaway Energy was then known, Buffett upped his original $35 per share offer to $35.05. MidAmerican''s bankers "caught me in a moment of weakness," Buffett wrote in the 2008 letter. "I explained, they could tell their client they had wrung the last nickel out of me." Reporting by Jonathan Stempel and Jessica DiNapoli in New York; Additional reporting by Greg Roumeliotis in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oncor-m-a-berkshire-idUKKCN1B004K'|'2017-08-20T08:26:00.000+03:00'
'72e593547aa029d188ffe35c339a177327ef0be4'|'Gap posts strong second quarter results, raises profit forecast; shares jump'|'August 17, 2017 / 8:31 PM / 6 minutes ago Gap shares rise as Old Navy again boosts results, forecast Gayathree Ganesan 3 Min Read FILE PHOTO - The logo of GAP clothing retailer is seen at a company''s store at Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. David Mdzinarishvili/File Photo (Reuters) - Clothing retailer Gap Inc ( GPS.N ) reported better-than-expected second-quarter results and raised its full-year profit forecast, helped by strong demand for Old Navy products, fewer discounts and better managing inventory. The company''s shares rose nearly 6 percent in trading after the bell on Thursday. Gap''s same-store sales increased 1 percent in the three months ended July 29, rising for the third straight quarter. Analysts were expecting sales to be flat year-over-year, according to research firm Consensus Metrix. The results mirror a trend among U.S. retailers: department stores such as Macy''s Inc ( M.N ) and J.C. Penney Co Inc ( JCP.N ) have struggled, while apparel retailers like Ralph Lauren Corp ( RL.N ) and Urban Outfitters ( URBN.O ) have benefited as they better managed inventory and gave fewer discounts. Since becoming Gap''s chief executive in 2015, Art Peck has reinvigorated the Old Navy brand, its biggest revenue contributor, through celebrity tie-ups, social media campaigns and better styles – dresses, pants, mid-tops and shorts did well in the latest quarter. Same-store sales at Old Navy rose 5 percent, beating analysts'' estimate of 3.1 percent. Old Navy''s sales have now risen in seven of the past ten quarters, a bright spot for the company as its Gap and Banana Republic brands struggle. Peck has also focussed on Gap''s supply chain, taking a leaf out of the book of fast-fashion retailers such as Zara and H&M, by reducing the time taken to bring latest fashion from the ramp to stores. Peck on Thursday held up the swift turnaround time at Athleta, its active wear brand, as an example of initiatives that have driven double-digit growth in the brand this year. "Athleta now has more than half of its bottoms business on responsive. And by responsive, I mean back in the styles in 8 weeks or less," Peck said in a post-earnings call. The Gap brand recorded its smallest drop in same-store sales the past 10 quarters, but Banana Republic''s sales fell more than expected. The company''s total revenue fell 1.4 percent to $3.799 billion (2.95 billion pounds), edging past analysts'' estimate of $3.77 billion, according to Thomson Reuters I/B/E/S. Gap''s net income more than doubled to $271 million, helped by an insurance-related gain and year-ago restructuring costs. Excluding the insurance-related gain, Gap''s profit of 58 cents per share easily beat analysts'' estimate of 52 cents. Gap raised its adjusted profit forecast for fiscal 2017 to $2.02 to $2.10 per share from $1.95 to $2.05. Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-gap-results-idUKKCN1AX2MH'|'2017-08-17T23:54:00.000+03:00'
'b71ff6b807500cdf6589d4233b9fc28158138e0f'|'South Africa''s Imperial buys UK auto dealer Pentagon'|'August 15, 2017 / 1:19 PM / in 16 hours South Africa''s Imperial buys UK auto dealer Pentagon Reuters Staff 2 Min Read JOHANNESBURG (Reuters) - South Africa''s Imperial Holdings ( IPLJ.J ) has bought a British automotive dealer group for 493 million rand ($36.97 million) to continue expanding beyond its home market, it said on Tuesday. Imperial said its wholly owned vehicle division Motus had indirectly acquired all of Pentagon Motor Holdings, which operates 21 prime retail dealerships in Derbyshire, Nottinghamshire, Lincolnshire, Yorkshire and greater Manchester. "Imperial has strong global partnerships with leading vehicle manufacturers and we are delighted to expand our international retail footprint into the passenger and light commercial vehicle market in the UK through the acquisition of Pentagon by Motus," group Chief Executive Mark Lamberti said in a statement. Imperial, which sells imported vehicles and runs a car rental agency in South Africa, has sold assets it considers non-core, including a short-term insurance unit as it aims to make the firm''s business less vulnerable to swings in the value of its home market''s volatile rand currency. "This acquisition is consistent with Motus’ strategy to deploy capital and its vehicle retail expertise in pursuit of growth and returns beyond South Africa," Motus CEO Osman Arbee said. In the year to December 2016, Pentagon generated revenue of 495 million pounds ($636.32 million). The transaction is effective from Sept. 1. Reporting by Nqobile Dludla; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-pentagon-m-a-imperial-holdngs-idUKKCN1AV1FX'|'2017-08-15T16:19:00.000+03:00'
'480f4d3ab7b645eff7e63fe3ad3ae0fa8ddff78f'|'Lenders scolded after rise in British consumer credit complaints'|'August 14, 2017 / 11:03 PM / 18 hours ago Lenders scolded after rise in British consumer credit complaints Huw Jones 3 Min Read A payday loans sign is seen in the window of Speedy Cash in northwest London November 25, 2013. Suzanne Plunkett LONDON (Reuters) - Complaints about payday loans, hire purchase and other types of consumer credit in Britain rose in the second quarter, the Financial Ombudsman Service (FOS) said on Tuesday, criticising lenders for inadequate checks on borrowers'' ability to pay. Fast-growing consumer credit has come under intense scrutiny from market regulators concerned about lax lending standards, with the Bank of England warning banks against complacency. The FOS said that consumer credit complaints totalled 7,281 in the three months to June 30, up from 5,846 in the same period last year. "Although not every credit complaint is about trouble with debt, we''ve continued to hear from people who are struggling," Chief Ombudsman Caroline Wayman said in the dispute-resolution body''s quarterly report on Tuesday. "As preferences change -- for example, from payday loans to instalment loans -- we''ve seen that lenders still aren''t always making the right call in checking people will be able to repay what they owe." Payday loans, which provide short-term credit at high interest rates, made up nearly half of consumer credit complaints at 3,126. Hire purchase was next, generating 1,334 complaints, followed by point-of-sale loans on 1,009 and catalogue shopping on 556. The 7,281 total also includes instalment loans, credit reference agencies, store cards and debt collection. The FOS said that consumer credit complaints in the financial year that ended in April leapt by 89 percent, compared with a 40 percent rise in the previous year. The ombudsdman said that payment protection insurance (PPI), responsible for Britain''s costliest financial mis-selling scandal, remains the most complained about part of the market. Consumers have until August 29, 2019, to claim compensation for mis-sold PPI. The FOS opened 42,401 new PPI cases in the quarter, down slightly from 43,569 in the same period last year, with 8 out of 10 complaints made via claims-management companies that take a slice of any compensation. "We’ve always highlighted that it''s easy and free to complain directly," said Richard Thompson, principal ombudsman at the FOS. Reporting by Huw Jones; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-credit-complaints-idUKKCN1AU2IG'|'2017-08-15T02:02:00.000+03:00'
'39612050c386843f8737dcb371d6af70fd898742'|'UPDATE 1-Glencore to start importing fuel for Mexico in February'|'(Adds Quote: , context on partnership)By Ana Isabel MartinezMEXICO CITY, Aug 17 (Reuters) - Trading firm Glencore expects to start importing fuel for Mexico''s domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm''s oil division, Alex Beard, said on Thursday."As soon as we have an opportunity to import through our own infrastructure in Tabasco, we will," Beard said at the inauguration of the first gas station branded under the franchise G500, created from a distribution partnership by Glencore and Corporacion G500, signed in May.The fuel provided by Glencore will be ultimately sold through a large network of 1,400 gas stations operated by Corporacion G500, formed in 2014 by independent station owners in response to Mexico''s energy industry reform.G500 sells around 160,000 barrels per day (bpd) of gasoline and diesel in several states of central Mexico through existing Pemex branded gas stations, representing around 12 percent of the country''s service stations.The liberalization of retail fuel prices in Mexico has spurred business opportunities for large refining and trading companies that want to distribute and sell imported gasoline and diesel.U.S. refiners, including Valero Energy and Tesoro Corp, have also announced plans to participate in Mexico''s fuel market. Local mining and infrastructure company Grupo Mexico is building new terminals to discharge independent fuel imports and later distribute it by rail.State-run oil company Pemex is still the largest importer, distributor and seller of fuels in Mexico. (Reporting by Ana Isabel Martinez, written by Marianna Parraga; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-oil-glencore-idINL2N1L31FT'|'2017-08-17T17:06:00.000+03:00'
'ef8ef6307b89bc4b30aba23e3fdf74aed9831492'|'PRESS DIGEST- British Business - Aug 21'|'Aug 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- IVP, a venture capital firm based in Silicon Valley which has backed Snapchat, Twitter and Netflix, is understood to be in advanced talks to invest tens of millions of pounds in Transferwise. bit.ly/2ij4zrC- O2 Chief Executive Mark Evans has told BT Group Plc and Three that a dispute about the airwaves could damage the economy and harm consumers. bit.ly/2ij4NisThe Guardian- Plans to hit rail commuters with the biggest fare rises in five years will force many key workers, including nurses and teaching assistants, to quit their jobs, the biggest public-sector union Unison warned on Saturday. bit.ly/2ihrSSF- Silver Reel, the Swiss finance and production company behind films including the upcoming Breathe, Andy Serkis''s directorial debut featuring Andrew Garfield and Claire Foy, is launching a 50-million-euro ($58.76-million) fund to make TV drama in Britain, taking advantage of the weakening of the pound since the Brexit vote. bit.ly/2ijrUcyThe Telegraph- The Financial Times has reported a small profit for its first year under Japanese ownership, following its debt-fuelled 844 million pound ($1.09 billion) takeover by the publisher Nikkei. bit.ly/2iiLZA4- Glennmont Partners, formerly BNP Paribas Clean Energy Partners, said the institution-only refinancing of Sleaford Biomass Plant is the largest of its kind in the sector to date. bit.ly/2iiX3NuSky News- IVP, whose roll-call of deals includes Snapchat parent Snap, Twitter and Netflix, is close to a deal to invest tens of millions of pounds in TransferWise. bit.ly/2ihq785- More than a third of parents dip into their savings to fund back-to-school costs of almost 175 pounds, according to Nationwide Current Accounts'' annual survey. bit.ly/2iiQ3jG$1 = 0.7770 pounds $1 = 0.8510 euros Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1L60FX'|'2017-08-20T21:30:00.000+03:00'
'312be4a26bce10c674d69a3e56f18d27ee334a5b'|'Chinese food maker Tingyi Q2 profit surges as sales up'|' 05 AM / 28 minutes ago Chinese food maker Tingyi Q2 profit surges as sales up Reuters Staff 2 Min Read HONG KONG, Aug 21 (Reuters) - Chinese food and beverage maker Tingyi (Cayman Islands) Holding Corp on Monday posted a more than three-fold jump in quarterly net profit thanks to solid noodle sales and as its beverage business benefited from warm weather. Tingyi, owner of the Master Kong brand, said profit rose 246 percent to 266.70 million yuan ($39.98 million) in the three months through June, slightly above the $38 million forecast by Reuters SmartEstimate. That compared to 77.04 million yuan in the same period a year earlier. Revenue increased 4.7 percent to 14.37 billion yuan during the quarter. Tinyi said it was optimistic about the prospects for the China market despite a slowing economy and rising material costs. "We would introduce multi-price strategy to meet with the rise of middle class consumption trends, and to further optimise our product in order to maintain an effective revenue management," Chairman Wei Ing-Chou said in a filing to the Hong Kong stock exchange. Tingyi said it would introduce different products to meet consumer demands and would optimise product mix to deal with rising materials costs. The results followed a 15.3 percent rise in January to March profit in its best quarterly performance in nearly three years that was helped by healthy sales of its mainstay products. For the first-half, Tingyi said profit rose 54.6 percent to 700.2 million yuan, while revenue rose 4.2 percent to 28.42 billion yuan. Hong Kong-listed Tingyi is the Chinese partner of Starbucks Corp for ready-to-drink coffee and PepsiCo Inc for fruit juice. Earlier this month, smaller rival Uni-President China Holdings Ltd posted a 26.5 percent fall in first-half net profit amid fierce competition Shares of Tingyi edged up 0.5 percent ahead of the results. ($1 = 6.6704 Chinese yuan renminbi) (Reporting by Donny Kwok; Editing by Michael Perry) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/tingyi-results-idUSL4N1KU24T'|'2017-08-21T08:03:00.000+03:00'
'72e891e3c3f9a1a9a210bcf18767fd57779f777b'|'Ex-divs to take 2.32 points off FTSE 100 on Aug. 24'|' 40 AM / 16 minutes ago Ex-divs to take 2.32 points off FTSE 100 on Aug. 24 Reuters Staff 2 Min Read LONDON, Aug 21 (Reuters) - The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 2.32 points off the index. COMPANY (RIC) DIVIDEND STOCK IMPACT (pence) OPTION Carnival 0.4 (USD) 0.22 London Stock Exchange Group 14.4 0.18 Mondi 19.1 (euro cents) 0.25 Paddy Power Betfair 65 0.21 Prudential 14.5 1.46 Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Berkeley Group 51.76 Cineworld Group 6 CLS Holdings 2.05 Dixons Carphone 7.75 FDM Group (Holdings) 12 Fidessa Group 15.3 HICL Infrastructure Company 1.96 Hikma 8.5 Jardine Lloyd Thompson Group 12.2 Polypipe Group 3.6 Rotork 2.05 Witan Investment Trust 9.5 (Reporting by Kit Rees) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-exdiv-idUSL8N1L71NM'|'2017-08-21T12:38:00.000+03:00'
'a5cee9c30e7c18fcf863572560038d62158f0c9b'|'Investors get sweet tooth for Straumann on profit beat, takeovers'|'ZURICH (Reuters) - Straumann ( STMN.S ) shares hit an all-time high on Thursday after the Swiss dental implant maker''s first-half profit beat analyst expectations and as it plowed more than $150 million into acquisitions aimed at accelerating growth.Net profit rose 4.4 percent to 141 million Swiss francs ($145.9 million), Straumann said, beating the 116 million franc average estimate in a Reuters poll of analysts, as the company also benefited from some one-time gains.Sales also topped forecasts, rising nearly 18 percent to 539 million francs.Straumann bought Texas-based ClearCorrect for about $150 million and took a separate 38 percent stake in Spain''s Geniova as it goes up against rival Align Technology ( ALGN.O ) in the market for clear aligners sometimes used instead of metal braces to straighten teeth.Chief Executive Marco Gadola said the aligner market is worth about $1.5 billion worldwide -- Align Technology has about 70-80 percent, with ClearCorrect''s $32 million in annual sales representing just 2-3 percent -- and growing quickly.Align Technology''s second-quarter sales rose nearly 33 percent to $356 million, the San Jose-based company said in July."Our ambition is not to become the No. 1 player, obviously that would be almost impossible," Gadola told Reuters in an interview."But this market is growing very, very rapidly. It''s a heavily underpenetrated market, especially outside the U.S., and we believe clearly there is room for a strong No. 2."Straumann shares rose 8.6 percent by 0800 GMT, bringing their rise in 2017 to more than 50 percent.($1 = 0.9662 Swiss francs)Editing by Michael Shields'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-straumann-results-idINKCN1AX0UP'|'2017-08-17T06:55:00.000+03:00'
'dbc5faef1d3060b3c0d6bfbbb0ea4aaf2b0fc970'|'EU mergers and takeovers (Aug 17)'|' 00 PM / 13 minutes ago EU mergers and takeovers (Aug 17) 7 Min Read BRUSSELS, Aug 17 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Norwegian retailer Norgesgruppen and Swedish peer Axfood to jointly acquire Swedish food retailer Eurocash Food AB (approved Aug. 16) -- Asset management company Carlyle and private equity firm GTCR to jointly acquire contract research company Albany Molecular Research (approved Aug. 16) -- Danish shipping company AP Moller Maersk and Denmark''s Danske Bank to set up a joint venture (approved Aug. 16) -- Aerospace and marine product maker Moog Inc and Singapore Airlines Ltd''s engineering unit to set up a joint venture (approved Aug. 16) NEW LISTINGS FIRST-STAGE REVIEWS BY DEADLINE AUG 22 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to Aug. 22 after Bayer offered concessions) AUG 25 -- U.S. scientific instruments maker Thermo Fisher Scientific to acquire Dutch drugmaker Patheon (notified July 19/deadline Aug. 25) -- Swiss vending services provider Selecta, which is controlled by private equity firm KKR, to acquire Dutch peer Pelican Rouge (notified July 5/deadline extended to Aug. 25 after Selecta offered concessions) AUG 28 -- Dutch asset management company APG to acquire a portfolio of 48 project companies in Belgium, France, Germany, the Netherlands and the UK (notified July 20/deadline Aug. 28/simplified) -- Private equity firm HGCapital to acquire software provider Visma (notified July 20/deadline Aug. 28/simplified) -- French oil major Total, credit card payment services company Worldline S.A. and African fintech provider Intouch Corp to acquire joint control of digital payment services provider Intouch SAS (notified July 20/deadline Aug. 28/simplified) AUG 29 -- French private equity firm Ardian to acquire engineering services provider Assystem Technologies'' Global Product Solutions unit (notified July 24/deadline Aug. 29) -- Norwegian metals company Norsk Hydro to acquire sole control of aluminium company Sapa, which is a joint venture with Norwegian conglomerate Orkla ASA (notified July 24/deadline Aug. 29/simplified) AUG 31 -- French dairy company Groupe Lactalis to acquire German peer Omira (notified July 26/deadline Aug. 31) -- Private equity firm CVC Capital to acquire Italian leather processing company Pasubio (notified July 26/deadline Aug. 31/simplified) SEPT 1 -- Television holding groups ProSiebenSat.1 Media of Germany, France''s TV group TF1 and Mediaset with networks in Italy and Spain to establish a joint venture selling advertising space (notified July 27/deadline Sept. 1/simplified) SEPT 4 -- VIMNI, Viacom''s Italian branch, and publisher De Agostini Editore to jointly acquire DeA Broadcast, a new LLC programming creator (notified July 28/deadline Sept. 4/simplified) SEPT 6 -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified) -- Brammer France SAS, owned by U.S. private equity firm Advent International, to acquire machine parts supplier Industrial Parts Holding (notified Aug. 1/deadline Sept. 6/simplified) SEPT 8 -- General Electric Company and global investments provider Macquarie Corporate Holdings to acquire joint control of Markbygden ETT AB, an onshore wind farm project in Sweden (notified Aug. 3/deadline Sept. 8/simplified) SEPT 11 -- Cinven Capital Management and the Canada Pension Plan Investment Board to acquire joint control of GTA Travel Holding Ltd (notified Aug. 4/deadline Sept. 11) -- French banking group BNP Paribas Group to acquire sole control of PEH Milan Holdco S.r.l, thus establishing joint control of the latter''s two hotels in Italy with Starwood Hotels & Resorts Worldwide, a subsidiary of Marriott International, which manages the hotels (notified Aug. 4/deadline Sept. 11/simplified) SEPT 12 -- Telecommunications infrastructure maintenance company CTDI GmbH, jointly controlled by Communication Test Design, Inc. and Deutsche Telekom AG, to acquire EMEA electronics repair business of Regenersis Services Ltd. from CTDI Inc., changing current sole control to joint control via CTDI GmbH (notified Aug. 7/deadline Sept. 12/simplified) -- Private equity group Bridgepoint and Credit Mutuel Arkea to establish joint control of French asset manager Groupe Primonial (notified Aug. 7/deadline Sept. 12/simplified) SEPT 14 -- Norwegian-based DNB Bank ASA and Swedish Nordea Bank AB to establish a joint venture concerning their banking activities in Estonia, Latvia and Lithuania(notified Aug. 9/deadline Sept. 14) SEPT 15 -- Investment firm Centerbridge Partners L.P. and Enel Green Power Hellas S.A. to create a jointly controlled wind farm venture in Greece (notified Aug. 10/deadline Sept. 15/simplified) SEPT 18 -- Private equity firms CVC and PAI Partners to acquire the rest of Spanish retailer Cortefiel (notified Aug. 11/deadline Sept. 18/simplified) NOV 30 -- Private equity firm Bain Capital Investors to acquire German tyre wholesaler Reiff Tyre (notified July 25/deadline Aug. 30/simplified) -- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline extended to Nov. 30 from July 24 the European Commission opened an in-depth investigation) DEADLINE SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) )) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eu-ma-idUSL8N1L348X'|'2017-08-17T18:00:00.000+03:00'
'c833a868fd6f43c9a1ce98c2002c5d9af39df0ac'|'Former Uber CEO says investor lawsuit a ''public and personal attack'''|'August 18, 2017 / 6:10 AM / 5 hours ago Former Uber CEO says investor lawsuit a ''public and personal attack'' Heather Somerville 4 Min Read SAN FRANCISCO (Reuters) - The ousted chief executive of Uber Technologies Inc [UBER.UL] rejected a lawsuit filed against him by one of the company''s top investors as a "public and personal attack" without merit, according to court documents filed late on Thursday. Venture capital firm Benchmark Capital, which says it owns 13 percent of Uber and controls 20 percent of the voting power, last week sued former Uber CEO Travis Kalanick to force him off the board, where he still has a seat, and rescind his remaining power there. Kalanick, in the first court filing in response to the lawsuit, said Benchmark''s legal action is part of a larger scheme to oust him from the company he helped found and take away power that is rightfully his. He also argued that the legal quarrel should take place in arbitration and that Delaware''s Chancery Court, where the lawsuit was filed, lacks jurisdiction. Benchmark''s lawsuit marks a rare instance of a well-regarded Silicon Valley investor suing the central figure at one of its own, highly successful startups. The case has stunned the venture capital community and created a divided Uber board and infighting among shareholders, many of whom have criticized Benchmark for suing. At issue is a change to the board structure in 2016 that expanded the number of voting directors by three, with Kalanick having the sole right to fill those seats. In its lawsuit, Benchmark said Kalanick hid from the board a number of misdeeds, including allegations of trade-secret theft involving autonomous car technology and misconduct by Kalanick and other executives in handling a rape committed by an Uber driver in India, when he asked Uber''s board to give him those extra seats. Benchmark said it was "fraudulently induced" to agree to the change and wants Kalanick to give up control of those seats. But Kalanick''s court filing said that at the time of the board change, "Benchmark was fully aware of all of the allegations involving Kalanick." The venture firm made no mention of fraud and continued to publicly support Kalanick through May, according to the filing. Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. Shu Zhang/File Photo Then in June, Benchmark was part of a group of five investors who demanded Kalanick''s resignation as Uber''s CEO. "The Benchmark principals also handed Kalanick a draft resignation letter, and told him he had hours to sign it, or else Benchmark would start a public campaign against him," according to the court document. Benchmark first backed Uber in 2011 with an investment of $12 million. At the $68 billion valuation that Uber achieved last year, Benchmark''s stake would be worth almost $9 billion. "Resorting to litigation was an extremely difficult step for Benchmark," Benchmark said in a statement through a spokeswoman. "Failing to act now would mean endorsing behaviour that is utterly unacceptable in any company, let alone a company of Uber''s size and importance." The lawsuit comes amid discussions by outside investors, including SoftBank Group Corp ( 9984.T ), to buy a large chunk of Uber stock, although it is unclear if any transaction will occur. Benchmark''s public effort against Kalanick is largely solitary, with the remaining six members of Uber''s board of directors last week issuing a statement expressing their "disappointment" in the lawsuit. Uber investor Shervin Pishevar of Sherpa Capital, joined by other shareholders, sent letters to Benchmark calling for the firm to divest its shares and step down from the board. In an unusual move, Benchmark this week wrote an open letter to Uber employees, saying Kalanick had undermined the CEO search and was seeking to "create a power vacuum in which Travis could return." Reporting by Heather Somerville; Editing by Muralikumar Anantharaman and Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-uber-lawsuit-idUKKCN1AY0EL'|'2017-08-18T09:10:00.000+03:00'
'3bceec69e3cd93cf53839e41ab583bbf1c0e8b74'|'Brazil to ask for WTO panel on Bombardier subsidies'|'BRASILIA, Aug 17 (Reuters) - Brazil''s will ask the World Trade Organization (WTO) on Friday to set up a dispute settlement panel to rule on its complaint that Canada is subsidizing the CSeries planes made by Bombardier Inc, the Brazilian foreign ministry said.The ministry said in a statement issued on Thursday that Brazil estimates the CSeries aircraft received an estimated $3 billion in federal, provincial and local subsidies.The Bombardier planes compete with the E195 aircraft made by Brazil''s Embraer SA. (Reporting by Anthony Boadle; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-canada-bombardier-idUSS0N1IB011'|'2017-08-18T00:01:00.000+03:00'
'fa698744c63c7df23636fd163cc9d7f7d08962eb'|'Former UAW official charged in Fiat Chrysler payoff probe'|'August 18, 2017 / 10:09 PM / 19 hours ago Former UAW official charged in Fiat Chrysler payoff probe David Shepardson 3 Min Read FILE PHOTO: People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin, Italy on March 31, 2014. Giorgio Perottino/File Photo (Reuters) - A former senior official at the United Auto Workers trade union was charged on Friday with conspiring with other union officials to accept improper payments from Fiat Chrysler Automobiles NV ( FCHA.MI ) officials over a four-year period. Virdell King, 65, of Detroit, who a union official until February 2016, was charged with conspiracy to violate labor laws in U.S. District Court in Detroit. King was one of the senior UAW officials responsible for negotiating and administering the contract between Fiat Chrysler and the union, the government said. A lawyer for King, John Shea, declined to comment Friday. King is the fourth person charged in the investigation. The Justice Department charged King with accepting thousands of dollars in designer shoes, clothing, jewelry, luggage and other personal items, all of which were purchased using credit cards issued through the UAW-Chrysler National Training Center (NTC). She also made at least $40,000 in purchases for other UAW officials, the government said. The government has said Jerome Durden, a former Fiat Chrysler official, conspired to divert over $4.5 million in NTC funds intended for UAW member training and education. He pleaded guilty on Aug. 8 to conspiracy and preparing false tax returns and faces up to 37 months in prison under a plea deal. A former Fiat Chrysler vice president of employee relations, Alphons Iacobelli, was charged last month with making $1.2 million in improper payments to a former union vice president and his wife. He has pleaded not guilty. According to court documents, Iacobelli told senior UAW officials they could use the NTC credit cards to make personal purchases, stating "if you see something you want, feel free to buy it." The government said in court documents at least five senior UAW officials, including King, made personal purchases with NTC credit cards. UAW President Dennis Williams said on Friday the union is "disheartened by the misconduct alleged in today''s indictment ... Based on our own internal investigation, we believe anyone who engaged in intentional misconduct is no longer employed by the UAW." The head of the Detroit FBI, David Gelios, said "years of fraud and corruption within a select group of the FCA and UAW hierarchy continue to be eroded through the diligence and collaboration of law enforcement." Fiat Chrysler Chief Executive Sergio Marchionne said last month the "deplorable" conduct "had nothing whatsoever to do with the collective bargaining process." The company also said in July that the "egregious acts were neither known to nor sanctioned by (Fiat Chrysler)," and declined to elaborate on Friday. Reporting by David Shepardson, editing by G Crosse 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-fiat-chrysler-corruption-labor-idUSKCN1AY2HU'|'2017-08-19T01:07:00.000+03:00'
'ed60efd9b36e5e2c537eddaa10e1d3af62fa1af3'|'Banks pitching high equity content hybrids'|'* Banks get feedback for rare hybrid bonds* Investors open to issuance as hunt for yield continues* Product revival dependant on clearing various hurdlesBy Laura BenitezLONDON, Aug 18 (IFR) - Banks are gauging investor interest for corporate hybrid bonds with high equity content, a product feasible for the first time in years as a strong backdrop allows issuers to push market boundaries.Hybrids have been a popular choice with corporate borrowers in recent years as a way of bolstering balance sheets, protecting credit ratings or funding M&A transactions.Deals with intermediate equity content have formed the bulk of recent European issuance, whereas high equity content bonds have not been printed since 2011."We''ve been pitched this a few times from different banks; it hasn''t been the same bank each time," one investor said."It would obviously be dependent on the name and very much the price - it would need to be very yieldy," he said, adding that his company would be open to buying such an instrument.Another investor said banks have been keen to meet and discuss the idea, although timing has not been detailed.While the first investor said it was unclear whether specific issuers were being lined up, some bankers and investors feel the meetings hint at a potential near-term trade.A third account said discussions around the instrument have been raised "for a while now" in recent hybrid conferences.The product could appeal to investors forced to looked to higher returns in a bid to escape the yield compression caused by central bank purchases elsewhere in the sector."We are having conversations with issuers about high equity hybrids now. There''s a lot of interest, but some don''t want to be the first to go ahead. But the market is so good, if you can''t take a punt now then when can you?" one banker said.Strong markets have seen hybrids perform well. The differential between corporates'' senior and subordinated debt is now at around 175-230bp, compared to 300bp in August 2016, bankers say.ROAD BLOCKS Before taking the plunge, issuers will have to assess uncertainties around shifting rating agency approaches, which have on previous occasions caught the market off guard."There''s such a large hybrid universe now that any erratic methodology changes would dramatically move the market, and investors understandably don''t like that risk," the banker said.Unlike banks, which adhere to guidelines set by regulators, corporates are at the mercy of rating agencies as the de facto arbitrators of the features hybrids need to include."Every other issuer that has done the 100% equity hybrid has since lost the equity credit, and this hasn''t been done since Dong in 2011 so if anyone was going to do this then of course it would be new," a second banker said.Dong Energy lost the 100% equity credit it received for a 7.75% deal when S&P altered its methodology in 2013. Santos and Origin were similarly affected by the change.In a further blow, S&P removed the equity content of 29 deals in October 2015 - a decision made to reinforce the importance of keeping hybrids as a permanent part of companies'' capital structures.WATCH THE SMALL PRINT Rating agency concerns are not the only hurdle. A high equity content deal is riskier than an intermediate one.Issuers are obliged to suspend coupon payments on such deals if they are downgraded within three notches from the initial rating."Investors have to get their head around that increased risk and what price premium they need to be paid," the first banker said.S&P does not allow step-ups for high equity content deals as they give issuers an incentive to redeem. Step-ups mean coupons increase if a deal is not called, giving investors a layer of comfort."The other risk is around that price element. It''s an illiquid market so there''s not a lot to comp these hybrids on," the first banker said.Even supply of intermediate equity content paper has dried up of late having peaked at nearly €30bn in 2015.More volatile markets and the rating agency changes stifled issuance last year, causing issuance to nosedive to €7.8bn.While activity has picked up in 2017 with €7bn-equivalent printed so far, it is still a far cry from the market''s heyday.POTENTIAL CANDIDATES Any investment-grade issuer considering structuring a hybrid with 100% equity content would have to be rated by S&P or Fitch, both of which - unlike Moody''s - can assign such high credit.Moody''s on the other hand only gives 100% equity credit to investment-grade corporates'' mandatory convertible hybrids meeting its criteria.An S&P rated deal would have to include a minimum 10-year non-call period, another banker said, while any issuer considering this is likely to be at best BBB+.S&P does not allow issuers rated A- or higher to have high equity credit since a mandatory coupon deferral - on a downgrade - must not occur while the issuer is still investment grade.S&P''s rationale is that an investment-grade entity might be under pressure for reputational reasons to redeem or call an instrument to avoid deferring coupons."We would then assess the instrument as not being sufficiently permanent if the trigger were set at a level whereby the entity could still be considered investment grade," S&P said.Any company considering issuing high equity hybrids is expected be a non-acquisitive, or somewhat stable rated, innovative company, which doesn''t have too many outstanding hybrids already, the banker said. (Reporting By Laura Benitez, editing by Helene Durand and Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/banks-pitching-high-equity-content-hybri-idINL8N1L13XW'|'2017-08-18T09:21:00.000+03:00'
'5667072ee0a892b971f17bd4af553dd363b737b1'|'Solar eclipse presents first major test of power grid in renewable era'|'August 19, 2017 / 12:05 PM / 17 hours ago Solar eclipse presents first major test of power grid in renewable era Ruthy Munoz 4 Min Read FILE PHOTO -- An array of solar panels are seen in Oakland, California, U.S. on December 4, 2016. Lucy Nicholson/File Photo HOUSTON (Reuters) - As Monday''s total solar eclipse sweeps from Oregon to South Carolina, U.S. electric power and grid operators will be glued to their monitoring systems in what for them represents the biggest test of the renewable energy era. Utilities and grid operators have been planning for the event for years, calculating the timing and drop in output from solar, running simulations of the potential impact on demand, and lining up standby power sources. It promises a critical test of their ability to manage a sizeable swing in renewable power. Solar energy now accounts for more than 42,600 megawatts (MW), about 5 percent of the U.S.''s peak demand, up from 5 MW in 2000, according to the North American Electric Reliability Council (NERC), a group formed to improve the nation''s power system in the wake of a 1964 blackout. When the next eclipse comes to the United States in 2024, solar will account for 14 percent of the nation''s power, estimates NERC. For utilities and solar farms, the eclipse represents an opportunity to see how well prepared their systems are to respond to rapid swings in an era where variable energy sources such as solar and wind are climbing in scale and importance. Power companies view Monday''s event as a "test bed" on how power systems can manage a major change in supply, said John Moura, director of reliability assessment and system analysis at the North American Electric Reliability Corp. "It has been tested before, just not at this magnitude," adds Steven Greenlee, a spokesman for the California Independent System Operator (CISO), which controls routing power in the nation''s most populous state. FILE PHOTO: Solar panels are seen next to a Southern California Edison electricity station in Carson, California March 4, 2015. Lucy Nicholson/File Photo CISO estimates that at the peak of the eclipse, the state''s normal solar output of about 8,800 MW will be reduced to 3,100 MW and then surge to more than 9,000 MW when the sun returns. CISO''s preparation includes studying how German utilities dealt with a 2015 eclipse in that country. Its review prompted the grid overseer to add an additional 200 MW to its normal 250 MW power reserves. FILE PHOTO: A man views solar panels on a roof at Google headquarters in Mountain View, California, U.S., on June 18, 2007. Kimberly White/File Photo "We''ve calculated that during the eclipse, that solar will ramp off at about 70 MW per minute," said Greenlee. "And then we''ll see the solar rolling back at about 90 MW per minute or more." Power utilities say the focus will be on managing a rapid drop off and accommodate the solar surge post the eclipse. Utility executives say they do not expect any interruption in service, but are prepared to ask customers to pare usage if a problem arises."We want to assure our customers that we have secured enough resources to meet their energy needs, even with significantly less solar generation on hand," said Caroline Winn, chief operating officer at utility San Diego Gas & Electric Co. In the Eastern United States, utilities will have more time to watch the results of their Western counterparts. PJM Interconnection, which coordinates electricity transmission among 13 states from Michigan to North Carolina, says non-solar sources such as hydro and fossil fuel can easily supplant the 400 MW to 2,500 MW solar loss, depending on the cloud cover. For small-scale solar providers, the eclipse is a drop in the revenue bucket. Ron Strom, a North Carolina real estate developer, sells the power from a 58 kilovolt system atop a commercial property in Chapel Hill to Duke Energy. "The event may cost me eighteen cents or thereabouts if my panels don''t produce solar for three hours," said Strom. Additional reporting by Nichola Groom in Los Angeles; editing by Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-solar-eclipse-usa-grid-idUKKCN1AZ0E8'|'2017-08-19T15:06:00.000+03:00'
'92ca629a881a33386939dcc04fbbd4cd80d7c0e8'|'CANADA STOCKS-TSX slides at open as riskier assets shunned'|'August 18, 2017 / 1:39 PM / 2 minutes ago CANADA STOCKS-TSX slides at open as riskier assets shunned Reuters Staff 1 Min Read TORONTO, Aug 18 (Reuters) - Canada''s main stock index opened lower on Friday, as investors fled to safety amid global geopolitical uncertainties, with the heavily weighted financial stocks leading broad declines. The Toronto Stock Exchange''s S&P/TSX composite index fell 69.62 points, or 0.46 percent, to 14,964.02. Materials was the only group that advanced out of the index''s 10 main sectors, as gold mining stocks benefited from higher safe-haven gold prices. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1L40JV'|'2017-08-18T16:37:00.000+03:00'
'75d9f7236b8cc22264c4e5e43de7fad59e4675c6'|'Massachusetts regulator investigates trade order ''kickbacks'''|'August 15, 2017 / 2:09 PM / 21 minutes ago Massachusetts regulator probes brokerages over trading ''kickbacks'' Ross Kerber and John McCrank 3 Min Read BOSTON/NEW YORK (Reuters) - Massachusetts'' top securities regulator said on Tuesday that his office is examining whether brokerages route orders to stock exchanges that pay them additional fees regardless of whether investor clients are getting the best price. The regulator, William Galvin, the secretary of the Commonwealth of Massachusetts, has sent inquiry letters to affiliates of Charles Schwab Corp, TD Ameritrade Holdings Corp, Fidelity Investments, E-Trade Financial Corp, Edward Jones and Morgan Stanley. "If financial rebates or kickbacks create a conflict that results in less than the best deal for the investors, this practice must stop," Galvin said in a statement announcing the probe. To attract liquidity, most U.S. exchanges charge a fee for orders that are immediately executed and pay a rebate for orders that sit idle for others to trade against. The rebates can create conflicts because brokers receive an incentive to send customer orders to exchanges that pay them the most, experts say. The U.S. Securities and Exchange Commission is planning a proposal to test how lower fees and rebates would affect market behavior, its chairman, Jay Clayton, said in July. That pilot program, if approved, could help inform the SEC on whether the current pricing model, known as "maker taker," needs to be changed or eliminated. IEX Group NV, which operates the Investors'' Exchange, does not offer rebates. Bats, which is owned by CBOE Holdings Inc, recently said it would stop offering rebates on one of its smaller exchanges. Galvin in his statement cited an essay by Yale Law School Professor Jonathan Macey and Yale University''s chief investment officer, David Swensen, who argued that brokers choose exchanges at a price disadvantage to investors. Fidelity and Schwab are reviewing the matter, representatives said. Edward Jones has not yet received a letter from Galvin''s office, a spokesman said. TD Ameritrade does not comment on regulatory inquiries, a spokeswoman said. A Morgan Stanley representative declined to comment, and E*Trade representatives did not return requests for comment. Reporting by Ross Kerber in Boston and John McCrank in New York; Additional reporting by Tim McLaughlin and Elizabeth Dilts; Editing by Marcy Nicholson and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-brokerage-kickbacks-idUSKCN1AV1KW'|'2017-08-15T17:06:00.000+03:00'
'7884bf9b45e02f1d36b30c2cde6b3dffaa6c8645'|'Flash floods hit Freeport Indonesia''s mining operations'|'JAKARTA (Reuters) - Flash floods have left one worker missing and caused extensive damage to a power plant at U.S.-owned miner Freeport Indonesia''s operations in the eastern-most province of Papua, company officials said on Wednesday.Mining operations were continuing as normal, but power and water outages were expected in the coming days, the Indonesian unit of U.S. mining giant Freeport McMoran Inc. said in a statement."One person remains unaccounted for after flash floods that occurred late Tuesday destroyed roads, bridges, water lines and most of the plant that supplies power to Tembagapura and Hidden Valley," the company said, warning employees to keep travel to a minimum."Due to the extensive damage, (power and water) outages may occur until at least tomorrow," it added.Spokesman Riza Pratama said the main processing mill may also be affected if damage to infrastructure meant storage tanks filled up before repairs can be made.Freeport, which operates what are among the world''s largest gold and copper mines, is also grappling with a labor dispute that has let to intermittent disruptions to output.Around 5,000 workers have been on strike since May, protesting against mass layoffs that Freeport says were triggered by unexpected revisions earlier this year in government rules on taxes and royalties.The government of Southeast Asia''s biggest economy, in an effort to eke out more revenues from its natural resource sector, has also demanded that Freeport divest a 51-percent stake and relinquish arbitration rights.Reporting by Wilda Asmarini; Writing by Kanupriya Kapoor; Editing by Richard Pullin'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-indonesia-freeport-idUSKCN1AW0CD'|'2017-08-16T08:59:00.000+03:00'
'85f3451359a42a5099eb261b56db32540954e38c'|'Oil prices edge up on falling U.S. crude inventories, but global glut still weighs'|'FILE PHOTO - An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo SINGAPORE (Reuters) - Oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply.Brent crude futures were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $47.70 a barrel, up 15 cents, or 0.3 percent.U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday.That compared with analyst expectations for a decrease of 3.1 million barrels."The market took this as a mildly bullish report," said William O''Loughlin, investment analyst at Rivkin Securities.However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations in a Reuters poll for a 1.1 million barrel decline.Official Energy Information Administration (EIA) data will be published late on Wednesday.More broadly, analysts said ample supplies were preventing prices from moving much higher."It is the ongoing fundamental issue of excessive supply that is continuing to weigh on oil prices... Not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, U.S. shale oil continues to rise," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.The Organization of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 million barrels per day (bpd) between January this year and March 2018.Offsetting much of that effort, however, U.S. oil production has soared by almost 12 percent since mid-2016 to 9.42 million bpd.On the demand side, analysts also see a gradual slowdown in consumption growth as gasoline demand peaks in the United States due to improving fuel efficiency and the rise of electric vehicles, while China''s voracious oil thirst also starts to taper off.The crude forward price curve shows that the market condition known as contango, when it is profitable to store oil for later sale and which is seen as an indicator of oversupply, no longer applies.Yet neither is the curve in backwardation, which would make it profitable to sell oil immediately and which is seen as a healthy market for producers."OPEC and Russia still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere (U.S. shale oil, Libya, Nigeria) and less than compliant behaviour in their midst (Iraq, UAE)," French bank BNP Paribas said in a note.Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/global-oil-idINKCN1AW012'|'2017-08-15T22:46:00.000+03:00'
'b05493b0d6a13a2929699f3883e0f44fb1f3da16'|'Muguruza outlasts Kuznetsova, next faces Pliskova in Cincinnati'|'August 18, 2017 / 11:09 PM / 15 hours ago Muguruza outlasts Kuznetsova, next faces Pliskova in Cincinnati Reuters Staff 2 Min Read Aug 18, 2017; Mason, OH, USA; Garbine Muguruza (ESP) returns a shot against Svetlana Kuznetsova (RUS) during the Western and Southern Open at the Lindner Family Tennis Center. Mandatory Credit: Aaron Doster-USA TODAY Sports (Reuters) - Fourth-seeded Spaniard Garbine Muguruza won a lengthy battle against Svetlana Kuznetsova of Russia 6-2 5-7 7-5 on a hot and windy day on Friday to reach the Cincinnati Open semi-finals. Wimbledon champion Muguruza stuck out her tongue in exasperation after finally prevailing in the two hour 45-minute contest between the two grand slam winners. Playing a day after deadly attacks killed a total of 14 people in Barcelona and the coastal town of Cambrils in Spain, Muguruza wore a white visor with a black ribbon as a tribute. "Barcelona te siento. Barcelona I feel you," Muguruza wrote on Twitter after the match. Muguruza next faces world number one Karolina Pliskova, who won back-to-back matches on Friday. The Czech first defeated Italian qualifier Camila Giorgi 6-3 4-6 6-0 in a match postponed by a day because of rain. Aug 18, 2017; Mason, OH, USA; Svetlana Kuznetsova (RUS) reacts against Garbine Muguruza (ESP) during the Western and Southern Open at the Lindner Family Tennis Center. Mandatory Credit: Aaron Doster-USA TODAY Sports The top seed then took another step toward successfully defending her title by overpowering former world number one Caroline Wozniacki 6-2 6-4 in her second match. Pliskova had 27 winners to Wozniacki''s eight with only 13 unforced errors compared to the sixth-seeded Dane''s 19. Slideshow (3 Images) Second seed Simona Halep also beat Britain''s Johanna Konta for the first time in an exciting back and forth 6-4 7-6(1) victory. Halep capitalised on a service break in the first set and then raced out to a 4-1 lead in the second before Konta fought back to send it into a tie-break. The Romanian, however, dominated the tie-break to set up a semi-final match against American Sloane Stephens. The American continued her strong form following her return at Wimbledon after an 11-month absence with a foot injury by defeating Germany''s Julia Goerges 6-1 7-6(3). Stephens had earlier beaten Russia''s Ekaterina Makarova 2-6 6-3 6-4. Reporting by Rory Carroll; ediitng by Ken Ferris 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tennis-cincinnati-women-idUKKCN1AY2K8'|'2017-08-19T02:09:00.000+03:00'
'7873c8e0daa577b1fd443d619bed301765fe40f1'|'UPDATE 1-Former workers at U.S.-owned miner Freeport Indonesia injured in clash with police'|'(Adds clash with police, three injured)Aug 19 (Reuters) - Hundreds of workers laid off by Freeport Indonesia clashed with security forces, injuring three, near the company''s mines in the eastern province of Papua on Saturday, company and union officials said.The Indonesian unit of U.S. mining giant Freeport McMoran Inc. has been embroiled in a labour dispute since May, when around 5,000 workers went on strike to protest against mass layoffs.Freeport says the layoffs were triggered by unexpected revisions earlier this year in government rules on taxes and royalties.Police on Saturday fired warning shots in the air to disperse the crowd of ex-workers who were demanding their jobs back, blocking roads and setting trucks on fire.Union official Tri Puspital said police then fired into the crowd, injuring three.A national police spokesman declined to comment.A spokesman for the company said the protests have not had an impact on operations, although employee access to worksites was being affected."Some of our employee convoys have been cancelled and we will not be scheduling further convoys until the situation is conducive again. We have urged our workers to avoid this area until further notice," said Freeport Indonesia spokesman Riza Pratama.The company is a major source of employment and livelihoods in the impoverished eastern-most province of Indonesia. (Reporting Agustinus Beo Da Costa and Wilda Asmarini, Writing by Kanupriya Kapoor; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/indonesia-freeport-idINL4N1L506X'|'2017-08-19T12:11:00.000+03:00'
'3a879862575e66db080d0674e5fabd8b92bbf7dc'|'UPDATE 1-Russia''s TMK says stronger U.S. sales to propel H2 earnings'|'(Adds details, Quote: s, context)MOSCOW, Aug 18 (Reuters) - TMK, Russia''s largest maker of steel pipes for the oil and gas industry, said on Friday its first-half core earnings, or EBITDA, rose 2 percent year on year and would rise further in the second half due to stronger sales in the United States.TMK, controlled by Russian businessman Dmitry Pumpyansky, said it was still on track for stable margins but stronger financial results in 2017 compared with the previous year."Continued improvement in the U.S. oil and gas market has enabled TMK to benefit from stronger demand and pricing," Chief Executive Alexander Shiryaev said in a statement."Drilling activity and E&P (exploration and production) spending in the U.S. continue to grow and, alongside our stable performance in Russia, this will support stronger group EBITDA in the second half," he added.Its adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) totalled $275 million in January-June compared with $269 million a year ago.TMK''s first-half net profit was down to $23 million from $71 million a year ago, while revenue rose 27 percent to $2.1 billion.TMK''s U.S. business began contributing positive EBITDA in the first quarter of this year after seven quarters in the red, on the back of strongly recovering U.S. drilling rig activity, Citi said in a preview on TMK''s results."The recovery of TMK''s U.S. business remains in our minds the key driver behind the company''s efforts to meaningfully de-lever TMK''s balance sheet, and thus de-risk the stock," it said.TMK''s total debt decreased to $3.0 billion as of June 30 from $3.1 billion as of March 31 partially due to rouble depreciation against the dollar. Its net debt was at $2.6 billion. (Reporting by Polina Devitt; Editing by Dmitry Solovyov and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-tmk-results-idUSL8N1L40W1'|'2017-08-18T10:22:00.000+03:00'
'4bb0bcfcf238fdcef9f2048139e41e7b21f7dcba'|'Sears Canada executive chairman steps away from day-to-day duties'|'Aug 16 (Reuters) - Sears Canada Inc, which filed for creditor protection in June, said in a staff memo Executive Chairman Brandon Stranzl had stepped away from day-to-day operations to focus on plans for the retailer to continue as a going concern.Sears Canada was granted court approval last month to proceed with a sale process that would allow it to consider a range of potential deals.The company intends to submit a bid as part of the sale and investment solicitation process, or SISP, which seeks proposals for the acquisition of, or investment in, the business or assets of a firm under creditor protection.The deadline for a bid is Aug. 31."In light of the approaching bid deadline and focus required to assemble all necessary components of a bid, the board thought it was best for Brandon to focus exclusively on putting the bid together and step away from day-to-day operations of Sears Canada," the company said in the memo.Chief Operating Officer Becky Penrice will now lead its executive team, Sears Canada said. (Reporting by Anirban Paul in Bengaluru and Solarina Ho in Toronto; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sears-canada-moves-idINL4N1L25K9'|'2017-08-16T20:49:00.000+03:00'
'd05db0a601bd352aa5c928cba7fac4e1ef7bceb0'|'Deals of the day-Mergers and acquisitions'|'August 17, 2017 / 1:34 PM / 17 minutes ago Deals of the day-Mergers and acquisitions 5 Min Read (Adds Unikrn, Daimler, Energen, Louis Dreyfus, MassMutual, Hellman & Friedman; Updates Lufthansa) Aug 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** The energy unit of Warren Buffett''s Berkshire Hathaway Inc said it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer. ** Hellman & Friedman LLC is exploring the sale of a stake in HUB International Ltd in a deal that could value one of the largest North American insurance brokerages at between $6 billion and $7 billion, including debt, people familiar with the matter said. ** U.S.-based insurer MassMutual said it would sell its Hong Kong business to Yunfeng Financial Group and other Asian investors for $1.68 billion in a cash and stock deal. ** United Rentals Inc, the world''s largest construction equipment rental company, will buy Neff Corp for about $1.3 billion, the companies said, topping H&E Equipment Services Inc''s about $1.2 billion offer last month. ** German carmakers Daimler and BMW may be in talks to combine their car-sharing services Car2Go and DriveNow, the chief executive of car rental company and DriveNow partner Sixt hinted. ** A first round of formal talks for the sale of insolvent German airline Air Berlin''s assets will be held with its bigger local rival Lufthansa on Friday, ahead of other prospective bidders, a senior labour union official said. ** German carmakers Daimler and BMW may be in talks to combine their car-sharing services Car2Go and DriveNow, the chief executive of car rental company and DriveNow partner Sixt hinted. ** Unikrn, a U.S. sports betting digital platform backed by some of the biggest names in media, entertainment and sports, will launch the sale of $100 million in cryptocurrency next month, the company''s co-founder and chief executive officer, Rahul Sood, told Reuters in an interview earlier this week. ** Elliott Management Corp has quietly ramped up pressure on Energen Corp EGN.N to explore a sale, according to two people familiar with the matter, as the U.S. oil and gas producer fends off heavy pressure from activist investors to sell itself. ** Brazilian rental car firm Movida Participações SA said it had agreed to buy BVHD Locação de Veículos e Serviços Ltda, which operates the brand "Fleet Services," for 22 million reais ($6.95 million). ** Swiss digital currency exchange ShapeShift AG said it has acquired Seattle-based KeepKey Holder LLC, a maker of devices known as digital wallets, in an all-bitcoin deal. ** Brazilian prosecutors plan to investigate last year''s controversial sale of the Argentine subsidiary of Petrobras, Brazil''s state-controlled oil company, a lawyer representing some Petrobras shareholders said. ** Silver Run Acquisition II, a private equity backed oil and gas startup led by the former chief executive of Anadarko Petroleum Corp, has agreed to acquire two Oklahoma energy companies. ** Proprietary trading firm DRW Holdings said it agreed to buy RGM Advisors, in the latest example of consolidation among high-frequency trading (HFT) firms, which have struggled remain profitable amid rising costs and low market volatility. ** Nets A/S, Scandinavia''s largest payments processor, is seeing "considerable interest" from potential buyers amid a wave of M&A activity, the company''s chief executive said. ** A group of bondholders who owned debt in Spain''s failed Banco Popular filed a lawsuit asking for the lender''s rescue and sale to be cancelled, joining a growing series of legal challenges against the European Union''s intervention. ** Investor William Ackman said his hedge fund had bought and sold a stake in Hilton Worldwide Holdings, identifying the portfolio company that recently earned him a double digit return. ** Dongfeng Motor Group has no plans at the moment to acquire all or part of Fiat Chrysler Automobiles NV (FCA) , a spokesman of the Chinese automaker said in response to a question by Reuters. ** Louis Dreyfus Company has agreed to sell a juice storage and blending facility in the United States to juice specialist Prodalim Group, as the agricultural commodity trader continues to revamp its juice business. (Compiled by Roopal Verma and Arunima Banerjee in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day-idUSL4N1L346G'|'2017-08-17T16:34:00.000+03:00'
'64b08be915cca99037bac26f1d9b381a8b6741c3'|'Chevron drops appeal over landmark Australian tax ruling'|'Trump fires controversial chief strategist Bannon Trump fires controversial chief strategist Bannon Trump fires controversial chief strategist Bannon Reuters TV United States August 18, 2017 / 4:15 AM / 12 hours ago Australia puts multinationals on notice after Chevron drops tax appeal Sonali Paul 3 Min Read FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. Toru Hanai/File Photo MELBOURNE (Reuters) - Chevron Corp ( CVX.N ) has withdrawn an appeal to Australia''s High Court over a disputed A$340 million ($268 million) tax bill, leaving in place a landmark court ruling on related-party loans that could affect other multinational companies. "Chevron Australia has reached agreement with the Australian Taxation Office on the loan transfer pricing dispute and have withdrawn our appeal to the High Court," the company said in an emailed statement. "Chevron believes the agreed terms are a reasonable resolution of the matter and are not expected to have a material impact on the year to date results of the company." The oil and gas giant and the tax office declined to comment on the size of the settlement. With the appeal withdrawn, a Federal Court ruling remains in place, which found Chevron had underpaid taxes by setting up a A$2.5 billion intercompany credit facility offshore with an abnormally high interest rate, effectively lowering its taxable income within Australia. The tax office estimates the court''s decision will result in more than A$10 billion in additional revenue being brought in over the next 10 years related to multinationals'' transfer pricing of related-party financing alone, the government said. "Not only does this result put more revenue back to the Australian people, it also strengthens the ATO''s position in pursuing other arrangements where multinationals seek to dodge Australia''s transfer pricing rules," Revenue and Financial Services minister Kelly O''Dwyer said in a statement. Chevron did not say why it decided to drop its appeal to the nation''s highest court. It lost an earlier appeal in Australia''s Federal Court in April. The case covered the tax years from 2004 through 2008. "The judgment in Chevron is one of the most important decisions in corporate tax in Australia," an Australian Taxation Office spokesman said in an emailed statement. The closely watched case is a first test of how Australia''s transfer pricing rules apply to interest paid on a cross-border related-party loan. "We have been very clear that this case would have direct implications for a number of cases the ATO is currently pursuing in relation to related party loans, as well as indirect implications for other transfer pricing cases," the ATO spokesman said. The tax office declined to name which companies it may pursue. ($1 = 1.2665 Australian dollars) Reporting by Sonali Paul; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-australia-chevron-taxavoidance-idUKKCN1AY0DV'|'2017-08-18T07:13:00.000+03:00'
'ccda12684713878456183c76f9c671b14cb9fd8e'|'Future of Air Berlin''s Niki uncertain as Lufthansa begins talks'|'Airline Niki founder Niki Lauda attends a news conference in Vienna November 8, 2011. Herwig Prammer VIENNA (Reuters) - Austrian holiday airline Niki''s 850 employees braced for a bumpy ride as insolvent parent Air Berlin ( AB1.DE ) began talks on Friday to sell its assets before it runs out of cash.German flagship carrier Lufthansa ( LHAG.DE ) was scheduled to hold discussions about buying parts of Air Berlin ahead of other potential bidders, a senior labour union official told Reuters on Thursday.Media said Lufthansa was interested in taking over major parts of Air Berlin as well as Niki. However, Niki labour bosses said on Friday that the brand''s future was unclear and it was not known whether the Austrian carrier would be sold separately from Air Berlin''s assets or as part of a package.Niki, founded by former Formula 1 race car driver Niki Lauda, is not part of the insolvency proceedings but depends on cash from Air Berlin to cover its costs.Union representative Peter Stattmann told journalists all bills had been paid so far but that the next "litmus test" would be August wages in the two-digit millions of euros, due at the end of the month."We were promised (these wages). We will see if it will happen that way," he said after a staff meeting at Vienna Airport.The chancellery and the transport ministry in Austria, which like Germany faces federal elections in autumn, said they stood ready to support Niki should it face a financial bottleneck."We won''t leave anyone out in the cold," Transport Minister Joerg Leichtfried said.CARVE-UP The pressure is on to complete talks to carve up Air Berlin quickly because a 150 million euro ($176 million) bridging loan it received from the German government will keep its planes flying for only up to three months.A person familiar with the matter told Reuters on Thursday that Lufthansa could take on as many as 90 of Air Berlin''s roughly 140 leased planes, including those of Niki, which is seen as one of the carrier''s most valuable assets.Air Berlin has held preliminary talks with two other firms besides Lufthansa, its Chief Executive Thomas Winkelmann told Frankfurter Allgemeine Zeitung this week, without elaborating.Earlier in the week, a source familiar with the matter said easyJet ( EZJ.L ) was among those in talks, and Thomas Cook''s ( TCG.L ) German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring.Airline entrepreneur Hans Rudolf Woehrl, who made a name for himself when he bought German airline Deutsche BA from British Airways for 1 euro, also threw his hat in the ring on Friday.With the backing of partners and financial investors, he aims to take over Air Berlin as a whole and keep it flying as an independent airline, his company INTRO-Verwaltungs GmbH said.Lufthansa''s deputy chair Christine Behle, who represents labour union Verdi on the company''s supervisory board, told Reuters on Thursday that she expected it to take at least a week or two until a carve-up deal had been agreed.($1 = 0.8518 euros)Additional reporting by Christoph Steitz; Editing by Dale Hudson and David Goodman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-niki-idINKCN1AY0Z6'|'2017-08-18T12:23:00.000+03:00'
'9ac8793a2b7dbda48f0f5b8f54c0d691806b6d0e'|'Alibaba beats on earnings as e-commerce remains core revenue driver'|'August 17, 2017 / 10:56 AM / 7 hours ago Alibaba beats on earnings as e-commerce remains core revenue driver Cate Cadell 3 Min Read BEIJING (Reuters) - Alibaba, China''s top e-commerce firm, beat analyst estimates with a 56 percent rise in first-quarter revenue, driven by strong online sales. Thursday''s results show that Alibaba Group Holding Ltd ( BABA.N ), one of Asia''s most valuable companies, continues to derive the lion''s share of its revenue from e-commerce, despite strong growth in its entertainment and cloud businesses. Sales on the company''s e-commerce platforms made up 86 percent of revenue in the three months to June 30, up from 73 percent a year prior. Alibaba''s stock is up more than 81 percent this year, buoyed by company predictions of strong full-year revenue growth of between 45 and 49 percent. Chief Executive Daniel Zhang also confirmed the company led a $1.1 billion investment in Southeast Asian retailer Tokopedia, adding to its expanding network of assets in the region. In June, Alibaba invested a further $1 billion in Singapore-based e-commerce platform Lazada Group. It has also targeted new merchants in Russia and the United States as part of a wider plan to boost revenues and attract new customers outside China. During a call with analysts on Thursday, executives said the firm expects a more meaningful contribution from offline initiatives as part of its so-called "new retail" strategy. Alibaba, though, has yet to prove the value of several recent large-scale offline investments, according to analysts, including a $2.6 billion infusion into department store chain Intime Retail Group Co Ltd. A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. Aly Song/File Photo "At least for now we don''t see any full integration between offline and online (technology) and that''s a problem," said Pacific Epoch senior analyst Steven Zhu. "If you don''t have full integration then new retail remains a concept rather than reality." Alibaba''s revenue rose to 50.1 billion yuan ($7.51 billion)for the three months ended June 30, compared with analysts'' average estimate of 47.7 billion yuan, according to Thomson Reuters I/B/E/S. In the cloud business, revenue grew by 96 percent in the quarter to 2.4 billion yuan, with paying customers breaking the 1 million mark for the first time, up from 577,000 a year earlier. Alibaba''s cloud business boosted its global data centers to 17 during the first quarter, with the addition of two centers in India and Indonesia. Revenue in the entertainment business rose by 30 percent to 4 billion yuan. Net income attributable to the company''s shareholders nearly doubled to $2.17 billion, or 83 cents per share. Shares of Chinese e-commerce firms, including Alibaba.com and JD.com Inc ( JD.O ), have outperformed the market in 2017, buoyed by positive revenue growth around June sales events and overseas expansion. Reporting by Cate Cadell in Beijing and Supantha Mukherjee in Bengaluru; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-alibaba-results-idUKKCN1AX153'|'2017-08-18T03:55:00.000+03:00'
'b73db80dd06edee555594adac79d2adb26ba25f8'|'Union says Air Berlin''s Niki Airlines future is unclear'|'August 18, 2017 / 10:10 AM / 13 minutes ago Union says Air Berlin''s Niki Airlines future is unclear Reuters Staff 1 Min Read VIENNA (Reuters) - Union representatives of insolvent Air Berlin''s ( AB1.DE ) Austrian unit Niki Airlines said its future was unclear and they hoped for support from the Austrian government if it runs out of money. Etihad Airways agreed in June to buy the leisure airline from Air Berlin, which filed for insolvency this week, but the deal has not been closed. Niki is not part of Air Berlin''s insolvency proceedings. So far all money transfers from Germany have been made, union representative Peter Stattmann said. "The next litmus test will be the salaries (expected) end of August." In a worst case scenario the union would hope for the government''s support. "We are already in touch." Austria''s transport minister said that in case of a Niki insolvency the government would seek a solution. "We won''t leave anyone out in the cold," said Joerg Leichtfried. Reporting by Shadia Nasralla and Kirsti Knolle; Editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-niki-idUKKCN1AY0ZE'|'2017-08-18T13:09:00.000+03:00'
'12e6d9b802047ecc50c34400501e644d3ca1fba6'|'Deere profit rises 31.3 percent'|' 42 AM / an hour ago Deere profit rises 31.3 percent Reuters Staff 1 Min Read Aug 18 (Reuters) - U.S. farm equipment maker Deere & Co on Friday reported a 31.3 percent rise in quarterly profit, and raised its full-year sales and profit forecasts for the third time. The net income attributable to Deere rose to $641.8 million, or $1.97 per share, in the third quarter ended July 30, from $488.8 million, or $1.55 cents per share, a year earlier. Total sales and revenue rose to $7.81 billion from $6.72 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deere-results-idUSL4N1L43PP'|'2017-08-18T13:40:00.000+03:00'
'bad6625d220278d80d97177d24b772970b6e763a'|'Squarespace is latest to purge sites after Charlottesville'|'Squarespace is latest to purge white-supremacist sites after Charlottesville by Kaya Yurieff @kyurieff August 16, 2017: 5:54 PM ET Trump''s business panels disband post-Charlottesville Neo-Nazi groups may soon have one less option for building a website. Web-design and hosting company Squarespace is giving eviction notices to some of its customers. "In light of recent events, we have made the decision to remove a group of sites from our platform. We have given the site owners 48 hours'' notice," a Squarespace spokesperson told CNN Tech on Wednesday, in response to a question about a Change.org petition against the company. The petition urges Squarespace to stop hosting white-supremacist groups on its platform, such as Identity Evropa, Radix Journal and Richard Spencer''s National Policy Institute. The petition has been gaining traction this week and had more than 40,000 signatures on Wednesday afternoon. Squarespace declined to provide further details. Related: Should web-hosting companies restrict who''s on their platforms? The petition also called out Squarespace''s Acceptable Use Policy, which says users cannot "advocate bigotry or hatred against any person or group based on their race, ethnicity, nationality, religion, gender, gender identity, sexual preference, age or disability." "Squarespace''s continued hosting of these sites constitutes an in-kind contribution to neo-nazis, white supremacists, and the violence they promote -- in Charlottesville and elsewhere," said Joseph Brown, who created the petition. Squarespace''s move comes after GoDaddy ( GDDY ) and Google Domains ( GOOGL , Tech30 ) dropped white supremacist and neo-Nazi website The Daily Stormer earlier this week after it published a derogatory story about Heather Heyer, a 32-year-old woman killed protesting a white-supremacist rally in Charlottesville, Virginia on Saturday. The Daily Stormer moved to a Russian domain Wednesday, but the site is now unavailable. Other tech companies such as PayPal ( PYPL , Tech30 ) and crowdfunding service GoFundMe have also taken a stand this week against hate speech . "Tech companies feel increasing pressure to police speech on their platforms and to take down speech that the vast majority of people find to be offensive, vile and hateful," said David Snyder, executive director at the First Amendment Coalition. CNNMoney (New York) First published August 16, 2017: 5:54 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/08/16/technology/squarespace-change-org-petition/index.html'|'2017-08-17T01:54:00.000+03:00'
'0261b4526e71fdb36ee6e567fac39fb00fe93301'|'Gem Diamonds half-year revenue falls, gets offer for Botswana mine'|' 37 AM / 21 minutes ago Gem Diamonds half-year revenue falls, gets offer for Botswana mine Reuters Staff 2 Min Read (Reuters) - Gem Diamonds Ltd ( GEMD.L ) reported a 14 drop in half-year revenue, hurt by lower production and a decline in average diamond prices, and said it received an acquisition offer for its mine in Botswana. The company, which mines diamonds from the Letseng mine in Lesotho, said on Thursday its revenue fell to $93 million for the six months to June 30, from $109 million a year earlier. The average price per carat fell to $1,779 for the period, from $1,899 in the same period last year, while carats recovered fell 12 percent to 50,478, Gem Diamonds said. Weaker demand from China and the United States has hurt diamond prices, while India''s surprise move to abolish high-value bank notes in November also dented demand for diamonds in the Asian country. Gem Diamonds said cost-cutting measures are underway and that it identified savings of $15 million to be implemented from October. The company, which placed its Ghaghoo mine in Botswana under maintenance in February, added the board was considering the mine''s purchase offer. Reporting by Sanjeeban Sarkar and Rahul B in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-gem-diamonds-result-idUKKCN1AX0JZ'|'2017-08-17T09:56:00.000+03:00'
'f97088c00611db6b567e9966eaf82d40bd559dfa'|'BRIEF-Western Union Co files pricing term sheet related to $250 million floating rate notes due 2019'|' 48 PM / 7 minutes ago BRIEF-Western Union Co files pricing term sheet related to $250 million floating rate notes due 2019   Western Union Co: * Western Union Co files pricing term sheet related to $250 million floating rate notes due 2019 * Western Union Co - price to public of its $250 million floating rate notes at 100.000 percent Source text: ( bit.ly/2wc6mnU )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-western-union-co-files-pricing-ter-idUSFWN1L10X3'|'2017-08-16T00:45:00.000+03:00'
'3cb43d3e3192bea83e64f5849b16f5c2ae8ba36d'|'NAFTA negotiators hone in on origin rules, dispute settlement'|'Trucks wait in the queue for border customs control to cross into U.S. at the Bridge of Americas in Ciudad Juarez, Mexico, August 15, 2017. Jose Luis Gonzalez WASHINGTON (Reuters) - U.S., Canadian and Mexican negotiators on Friday began digging into some of the thorniest issues in modernizing the North American Free Trade Agreement, including rules of origin for goods produced in the region, services trade and a controversial dispute settlement system. A copy of the NAFTA negotiating agenda obtained by Reuters reveals that meetings on rules of origin, a provision that determines how much of a product is made in North America, were expected to last through Sunday, when the initial round concludes. U.S. Trade Representative Robert Lighthizer emphasized at the opening of the talks on Wednesday that the United States was seeking major increases to the regional content required for goods to pass tariff-free between the three countries, including a demand for "substantial U.S. content" in the automotive sector. Canada, Mexico and the U.S. auto industry are urging a much more cautious approach to rules of origin to avoid disruptions for a complex North American supply chain built up over the 23 years that NAFTA has been in force. However, it was unclear whether Lighthizer would reveal specific targets or thresholds for North American and U.S. content for autos. Related Coverage ''Impossible'' to have country-specific origin rules in NAFTA: Mexico Mexican Economy Minister Ildefonso Guajardo on Friday said it was "impossible" that country-specific rules of origin could be included. "In the world of international trade, there is not a single precedent (for that), not in a bilateral or multilateral agreement," he told a Mexican radio station. The agenda showed that negotiators were at least touching on all of the major issues in the first days to determine how deep the differences are. One official involved in the talks who was not authorized to speak publicly described the atmosphere inside the negotiating room as "collaborative." Several officials said that a joint statement at the end of talks on Sunday will not, as expected, outline any areas of agreement although it will elaborate on a timeline for the remainder of the negotiations. The next round will be held in Mexico in September. Negotiators are under pressure to wrap up the talks before Mexico''s presidential election campaign kicks off in earnest in February. The United States has emphasized the need for changes that U.S. goods trade deficits with its NAFTA partners, but Canada and Mexico argue the deficits are the result of a low U.S. domestic savings rate. "I would strongly contest whether emphasizing trade deficits is the real metric for how our relationship should be measured," Juan Carlos Baker, Mexico''s deputy minister of foreign trade, told reporters. "It''s going to be difficult." On Wednesday and Thursday, discussions were held regarding Canadian and Mexican demands for more access to U.S. public works projects and government procurement - an issue that conflicts with U.S. President Donald Trump''s plans to strengthen his "Buy American" rules for spending taxpayer funds. The talks also have spent substantial time on digital trade - a new chapter to govern a sector that did not exist when NAFTA was negotiated in the early 1990s - as well as cross-border investment, intellectual property and environmental issues. Canada is pushing a climate-change agenda in the talks, in conflict with Trump''s pledge to revive the U.S. coal industry. On Saturday, the negotiators are scheduled to discuss a controversial dispute settlement system for anti-dumping and anti-subsidy cases that the United States wants to eliminate. Canada and Mexico have vowed to maintain the so-called "Chapter 19" provisions that have shielded them from U.S. trade cases. Additional reporting by David Lawder, Lesley Wroughton and Ginger Gibson in Washington and Veronica Gomez in Mexico City; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-trade-nafta-idUSKCN1AY1WC'|'2017-08-19T00:24:00.000+03:00'
'ac5bc2406de3a552560078ec4136a896738dcdd8'|'Stada shareholders accept buyout offer in second round'|'The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. Alex Domanski FRANKFURT (Reuters) - Bain Capital and Cinven have won control of Germany''s Stada ( STAGn.DE ) with a sweetened 5.3 billion euro ($6.2 billion) bid for the generic drugmaker, in the largest takeover of a listed German company by buyout firms.Months of uncertainty for Stada ended as investors tendered by the Wednesday deadline 63.85 percent of its shares, more than the 63 percent minimum acceptance threshold, the private equity groups said on Friday."We are pleased that the question of the future ownership structure has now been settled," Engelbert Coster Tjeenk Willink, Stada''s chief executive, said in a statement.Buyout firms have been flush with cash after selling assets and borrowing cheaply and healthcare is a prime target for them due to its reliable cash flows and long-term growth prospects.Although the Stada bidders had lowered the minimum level from 67.5 percent, after their first offer yielded acceptances of only 65.52 percent, the second attempt was still "very, very close," a banker familiar with the process said.Bain and Cinven had also sweetened their offer by 25 cents per share to 66.25 euros last month, adding around 16 million euros more for Stada, after their earlier bid fell through.Both offers were supported by Stada''s management, which previously ran an auction in which Bain and Cinven beat a consortium of buyout groups Advent and Permira.SHARES SPARKLE At less than 10 percent, private equity ownership of healthcare firms with over 100 million euros in sales is well below other sectors in Europe, McKinsey said in a recent study.Buyout firms have been discouraged by a patchwork of national healthcare rules, but interest is on the rise, it said.Shares in Stada jumped more than 13 percent, ending Friday''s trading session at 72.55 euros, well above the offer price amid speculation that minority shareholders can extract an even higher price from the private equity groups as they seek to take full control of Stada.If Bain and Cinven manage to cross the 75 percent threshold, it will allow them to tap into Stada''s cashflow to service their debt, but they would also then have to make a buyout offer to minority shareholders, who could demand a mark-up in court.A takeover was put in doubt when the bidders warned they were struggling even more than before to galvanise private individuals holding some 25 percent of Stada. But hedge funds, which had held on to shares in the hope of fetching an even higher price from Bain and Cinven once the pair have gained control, appeared to have yielded.Sources have said that Bain and Cinven would look into buying more healthcare businesses to combine with Stada over the medium term, seeking cost cuts that would make the extra cost of their investment in Stada worthwhile. Sanofi''s ( SASY.PA ) European generics business, which the French drugmaker will put up for sale later this year, will be among the assets targeted, sources have said.($1 = 0.8517 euros)Additional reporting by Alexander Huebner; editing by Edward Taylor/Maria Sheahan/Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-stada-arzneimitt-m-a-acceptance-idINKCN1AY12Y'|'2017-08-18T08:53:00.000+03:00'
'd58a99bbb2fe4348c58a42b3e9a14a84194efdf4'|'Trump adviser Bannon says U.S. in economic war with China - media'|'August 17, 2017 / 5:05 AM / an hour ago Trump adviser Bannon says U.S. in economic war with China-media Reuters Staff 3 Min Read White House Chief Strategist Steven Bannon departs the Rose Garden after U.S. President Donald Trump announced his decision to withdraw from the Paris Climate Agreement, at the White House in Washington, U.S., June 1, 2017. Joshua Roberts (Reuters) - The United States is in an economic war with China, U.S President Donald Trump''s chief political strategist has said, warning Washington is losing the fight but is about to hit China hard over unfair trade practices. "We''re at economic war with China," Steve Bannon told U.S. news site prospect.org in an interview published in Wednesday. "It''s in all their literature. They''re not shy about saying what they''re doing. One of us is going to be a hegemon in 25 or 30 years and it''s gonna be them if we go down this path," he was quoted as saying. "If we continue to lose it, we''re five years away, I think, 10 years at the most, of hitting an inflection point from which we''ll never be able to recover." Bannon said the United States would use Section 301 of the 1974 Trade Act against Chinese coercion of technology transfers from U.S. corporations doing business in China and follow up with complaints against steel and aluminum dumping, according to prospect.org. On Monday, Trump authorized an inquiry into China''s alleged theft of intellectual property in the first direct trade measure by his administration against Beijing. "We''re going to run the tables on these guys. We''ve come to the conclusion that they''re in an economic war and they''re crushing us," said Bannon, who acknowledged he was battling trade doves within the U.S. administration. He said there was no reason to go soft on China in order to get Beijing''s support over North Korea because he believed China would do little more to rein in Pyongyang. Bannon said he might consider a deal in which China got North Korea to freeze its nuclear build-up with verifiable inspections and the United States removed its troops from the Korean peninsula, but such a deal seemed remote, prospect.org reported. In contrast to Trump''s threat of "fire and fury" against North Korea, Bannon said: "There’s no military solution, forget it." "Until somebody solves the part of the equation that shows me that 10 million people in Seoul don''t die in the first 30 minutes from conventional weapons, I don’t know what you’re talking about ..." Asked about any connection between his economic nationalism and white nationalism in the United States, and in particular the racist violence in Charlottesville, Bannon said: "Ethno-nationalism — it''s losers. It''s a fringe element." "I think the media plays it up too much, and we gotta help crush it, you know, uh, help crush it more. These guys are a collection of clowns." However, Bannon, who formerly led the right-wing website Breitbart, said focusing on race would help the Republicans politically. "The Democrats, the longer they talk about identity politics, I got ''em. I want them to talk about racism every day. If the left is focused on race and identity, and we go with economic nationalism, we can crush the Democrats." Reporting by Michael Perry; Editing by Paul Tait 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-china-bannon-idUKKCN1AX0DE'|'2017-08-17T08:04:00.000+03:00'
'1965f8ed1acb5ff714338f19126397b811ce8c17'|'Deere shares reap bounty as quarterly test looms'|'FILE PHOTO - The words John Deere are seen on machinery at a John Deere dealership in Taylor, Texas, U.S., February 16, 2017. Mohammad Khursheed/File Photo NEW YORK (Reuters) - The harvest has come in for stock investors in Deere & Co ( DE.N ) but a more plentiful bounty may rest on further improvement in the farm equipment maker''s performance.Even in a strong year for machinery stocks, Deere shares stand out. They have climbed 22 percent in 2017 against a 14.5 percent rise for the S&P 500 machinery industry index .SPLRCMAC.Deere''s cost controls have been better than expected while a recently announced acquisition positions it to diversify more in construction equipment, analysts said.Deere''s agriculture markets are also showing encouraging signs that they are bottoming, says William Blair analyst Lawrence De Maria, after being pressured since 2013.A test comes on Friday with fiscal third-quarter results for the company known for its signature green tractors. Revenue is expected to rise by 18 percent to $6.9 billion with earnings per share jumping nearly 26 percent, according to Thomson Reuters I/B/E/S.“This is the quarter where investors are starting to look for lift-off," Edward Jones analyst Matt Arnold said, noting improved results reported in agriculture equipment by AGCO Corp ( AGCO.N ) and in construction by Caterpillar ( CAT.N ).Wall Street is slightly more cautious on Deere shares than machinery and S&P 500 stocks broadly. Eight analysts recommend investors buy the stock, 12 have hold ratings and one says sell, according to Thomson Reuters data.Bank of America Merrill Lynch analysts downgraded Deere shares to "neutral" this week, saying they "expect the pace of earnings outperformance relative to investor expectations to begin subsiding."“You have to see the operating performance continue to get better," said De Maria. "We want to see how the margins shape up because they have done a good job so far.”Deere, whose market value eclipses $40 billion, has surprised Wall Street with its ability to control costs. In the last quarter, Deere''s operating margin was 15.3 percent, surpassing the 11.3 percent expected by analysts, according to De Maria.“They managed the downturn better than any of the other firms," Arnold said. “They have a little bit more nimble business model than some of these other machinery companies.”After three years of declines, Wall Street expects Deere''s revenue to rise nearly 9 percent this fiscal year, according to Thomson Reuters data.Whether the stock succeeds may be out of Deere''s hands in part, instead resting on the performance of corn prices.“What Deere has done has been pretty solid in an environment that we still think is pretty negative as far as crop prices,” said Michael Shlisky, analyst at Seaport Global Securities.Reporting by Lewis Krauskopf; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-deere-stocks-idUSKCN1AX1YS'|'2017-08-17T18:42:00.000+03:00'
'ad6f846bc35d92b931669c4281abfad85975e20e'|'Wal-Mart''s comparable sales rise for 12th straight quarter'|'August 17, 2017 / 11:10 AM / 4 hours ago Wal-Mart''s profit margins fall; quarterly outlook disappoints Nandita Bose 4 Min Read CHICAGO (Reuters) - Wal-Mart Stores Inc warned on Thursday that this quarter''s earnings could miss Wall Street''s estimates as the world''s biggest retailer struggles with falling margins due to price-cutting and heavy spending on its e-commerce operations. The company''s shares fell more than 2 percent, with investors shrugging off a higher full-year profit outlook and sales that defied sluggish consumer demand that has hurt many rivals. Wal-Mart has reported three straight years of comparable sales growth as more people shop at its stores and on its websites. With a steady rise in the number of people who buy online, e-commerce sales growth has been outstripping brick-and-mortar. Like other retailers, Wal-Mart has been aggressively investing in its e-commerce business in the past year. It has begun offering programs like free-two-day shipping and discounts for picking up online purchases at stores, and it acquired several startups, including Jet.com for $3.3 billion last year. The company''s online sales growth outpaced the industry at 60 percent in the second quarter ended on July 31 but decelerated from the 63 percent increase of the previous quarter. Wal-Mart said most of the growth had come from its own online business and not the acquisitions it has made in the past year. Wal-Mart has also been cutting grocery prices to remain competitive against discounters like Germany''s Aldi Inc, which is rapidly expanding in the United States, and Lidl, another German rival that has recently started opening stores in the country. Given Wal-Mart''s moves, margins may contract for the rest of the year, UBS said in a note to clients. But despite the earnings warning and pressure on margins, most analysts remained bullish on Wal-Mart because of its sales performance. "The second-quarter numbers show that Wal-Mart remains firmly on the front foot and is more than holding its own in a challenging and competitive retail market," said GlobalData Retail Managing Director Neil Saunders. Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. Wal-Mart Stores Inc reporterd a higher-than-expected quarterly profit May 19, 2106, as sales in the U.S. market rose, sending the retailer''s shares up nearly 10 percent. John Gress/Files Second-quarter sales at U.S. stores open at least a year rose 1.8 percent, excluding fuel price fluctuations and including e-commerce. That exceeded market expectations for a 1.7 percent increase, according to research firm Consensus Metrix. The company cited its grocery and food business, which reported its best performance in five years, and said its online operation added 70 basis points to comparable sales. U.S. store visits were up 1.3 percent from 1.2 percent a year earlier. Total revenue increased 2.1 percent to $123.4 billion from a year earlier. It would have been up 2.9 percent without the effects of currency fluctuations, which the company said had diminished from previous quarters. Net income attributable to Wal-Mart fell 23 percent to $2.9 billion due to a loss from repurchasing debt after a bond tender offer. Excluding special items, earnings per share of $1.08 exceeded the analysts'' average estimate of $1.07, according to Thomson Reuters I/B/E/S. Gross margins were down 11 basis points at 25 percent, including a five-basis-point decline in the United States, compared with analysts'' expectations of 25.22 percent. Operating margins fell to 4.9 percent from 5.1 percent, and U.S. operating expenses rose 3.9 percent. The company said it expected third-quarter earnings of 90 cents to 98 cents a share, excluding special items. Analysts on average had forecast 98 cents. Wal-Mart raised the low end of its earnings outlook for the full year to $4.30 per share from $4.20, excluding items, while keeping the high end at $4.40. Reporting by Nandita Bose in Chicago; Editing by Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-walmart-results-idUSKCN1AX172'|'2017-08-17T14:11:00.000+03:00'
'ce0c63cc82cb20c2e8b301992b7dfd396e05a4ce'|'Top fund investors pumped brakes on fast-rising Tesla -filings'|'BOSTON, Aug 18 (Reuters) - Top Tesla Inc investors Fidelity Investments and T. Rowe Price cut their holdings in the second quarter and indicated they were taking profits from the electric car maker stock, which is up 65 percent this year.Sellers included Fidelity funds like Fidelity OTC Portfolio, which sold 1.62 million shares, or 43 percent of its position during the quarter, as well as funds managed by T. Rowe Price Group, including T. Rowe Price Growth Stock Fund , which sold 1.33 million shares during the quarter or 48 percent of its position, recent securities filings show.Both funds remain among the ten largest fund investors in Tesla, according to Thomson Reuters data.Other big sellers of Tesla during the quarter were Morgan Stanley funds including Morgan Stanley Institutional Growth Portfolio.In total, institutional investors held 95.2 million shares of Tesla at the end of June, 10.7 million fewer shares than at the end of March, according to an analysis of filings by edgaronline.com.Tesla did not immediately respond to a request for comment.On Aug. 3 alone Tesla shares rose more than 6 percent as its quarterly earnings report fueled expectations its new Model 3 sedan would help turn the Palo Alto, California company into a mainstream carmaker. Tesla is now the highest valued U.S. car maker with a market capitalization of some $60 billion.It had $3 billion cash on hand at June 30, reassuring investors who had worried after Chief Executive Elon Musk warned it would face six months of "manufacturing hell" in ramping up Model 3 production, and raised $1.8 billion in debt last week.A quarterly commentary posted on Fidelity''s website for OTC Portfolio called Tesla a "market darling" that was the top contributor to the fund''s returns but noted some concerns."Some investors worried whether the Model 3 electric vehicle was ''too good,'' with potential to cannibalize sales from Tesla''s more-expensive models," it states. "We banked some profit by reducing our stake – at least for now," the commentary says.Asked about the stock sales, a spokesman for T. Rowe Price said in an e-mailed statement that "We''re not afraid to trim and take profits on appreciated stocks where appropriate. TSLA is still a significant holding in several of our portfolios and we continue to be excited about the Model 3 ramp."A Morgan Stanley spokeswoman declined to comment.Shares in Tesla closed at $351.92 on Thursday. They closed at $361.61 on June 30, having risen 23 percent during the second quarter.The company''s rapid rise and lack of profit has drawn concerns it could be overvalued. In a recent note to clients BMO Capital Markets economists noted how Tesla is worth more than Ford Motor Co "even though the latter has 22 times more revenue and regularly makes a profit."About a fifth of the shares available for trading, or float, has been sold short by investors betting the stock will fall, according to S3 Partners, a financial analytics firm.Reporting by Ross Kerber in Boston; Additional reporting by Svea Herbst-Bayliss in Boston and by Noel Randewich in San Francisco; Editing by Tim McLaughlin, Peter Henderson and Chris Reese'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/tesla-funds-idINL2N1L31M8'|'2017-08-18T09:01:00.000+03:00'
'963fed83b71dfeecb04a84160916d36d475e6678'|'Gap strong second quarter results, raises profit forecast; shares jump'|'August 17, 2017 / 8:47 PM / 16 hours ago Gap shares rise as Old Navy again boosts results, forecast Gayathree Ganesan 3 Min Read FILE PHOTO - The logo of GAP clothing retailer is seen at a company''s store at Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. David Mdzinarishvili/File Photo (Reuters) - Clothing retailer Gap Inc ( GPS.N ) reported better-than-expected second-quarter results and raised its full-year profit forecast, helped by strong demand for Old Navy products, fewer discounts and better managing inventory. The company''s shares rose nearly 6 percent in trading after the bell on Thursday. Gap''s same-store sales increased 1 percent in the three months ended July 29, rising for the third straight quarter. Analysts were expecting sales to be flat year-over-year, according to research firm Consensus Metrix. The results mirror a trend among U.S. retailers: department stores such as Macy''s Inc ( M.N ) and J.C. Penney Co Inc ( JCP.N ) have struggled, while apparel retailers like Ralph Lauren Corp ( RL.N ) and Urban Outfitters ( URBN.O ) have benefited as they better managed inventory and gave fewer discounts. Since becoming Gap''s chief executive in 2015, Art Peck has reinvigorated the Old Navy brand, its biggest revenue contributor, through celebrity tie-ups, social media campaigns and better styles – dresses, pants, mid-tops and shorts did well in the latest quarter. Same-store sales at Old Navy rose 5 percent, beating analysts'' estimate of 3.1 percent. Old Navy''s sales have now risen in seven of the past ten quarters, a bright spot for the company as its Gap and Banana Republic brands struggle. Peck has also focussed on Gap''s supply chain, taking a leaf out of the book of fast-fashion retailers such as Zara and H&M, by reducing the time taken to bring latest fashion from the ramp to stores. Peck on Thursday held up the swift turnaround time at Athleta, its active wear brand, as an example of initiatives that have driven double-digit growth in the brand this year. "Athleta now has more than half of its bottoms business on responsive. And by responsive, I mean back in the styles in 8 weeks or less," Peck said in a post-earnings call. The Gap brand recorded its smallest drop in same-store sales the past 10 quarters, but Banana Republic''s sales fell more than expected. The company''s total revenue fell 1.4 percent to $3.799 billion, edging past analysts'' estimate of $3.77 billion, according to Thomson Reuters I/B/E/S. Gap''s net income more than doubled to $271 million, helped by an insurance-related gain and year-ago restructuring costs. Excluding the insurance-related gain, Gap''s profit of 58 cents per share easily beat analysts'' estimate of 52 cents. Gap raised its adjusted profit forecast for fiscal 2017 to $2.02 to $2.10 per share from $1.95 to $2.05. Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D''Souza 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/gap-results-idINKCN1AX2NO'|'2017-08-17T18:47:00.000+03:00'
'ec4fe91ac14f7bcfb2970c91710f2937ce582860'|'BRIEF-U.S. appeals court rules for Uber in arbitration dispute'|' U.S. appeals court rules for Uber in arbitration dispute   U.S. APPEALS COURT RULES IN FAVOR OF UBER TECHNOLOGIES IN ARBITRATION CASE BROUGHT BY CONNECTICUT PASSENGER -- RULING 2ND U.S. CIRCUIT COURT OF APPEALS VACATES LOWER COURT ORDER THAT HAD REJECTED UBER''S ATTEMPT TO FORCE ARBITRATION APPEALS COURT SAYS UBER''S APP PROVIDED "REASONABLY CONSPICUOUS NOTICE" OF THE TERMS OF SERVICE TO PASSENGERS APPEALS COURT SAYS THAT THE NAMED PLAINTIFF IN THE PROPOSED CLASS ACTION AGREED, AS A MATTER OF LAW, TO ARBITRATE HIS CLAIMS WITH UBER APPEALS COURT RETURNS LAWSUIT TO LOWER COURT TO CONSIDER WHETHER UBER HAS WAIVED ITS RIGHT TO ARBITRATE 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uber-arbitration-idUSL2N1L30KY'|'2017-08-17T16:24:00.000+03:00'
'88b641bf13595c4010fe24ed16e101cd491b1c40'|'India''s Infosys CEO and MD Sikka resigns'|'Aug 18 (Reuters) - Infosys Ltd said on Friday Vishal Sikka has resigned as managing director and chief executive of the company with immediate effect.U B Pravin Rao has been appointed as interim-managing director and chief executive, India''s no. 2 software services exporter said in a statement. bit.ly/2v6GW6ISikka has now been appointed as executive vice-chairman, Infosys added. (Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/infosys-ceo-idUSL4N1L41VZ'|'2017-08-18T06:51:00.000+03:00'
'f7d74d12af68c43bcd2c4890fa90e802bd4230d6'|'UPDATE 1-UK Stocks-Factors to watch on Aug 17'|'August 17, 2017 / 6:49 AM / in 12 hours UPDATE 1-UK Stocks-Factors to watch on Aug 17 3 Min Read (Adds company news, futures) Aug 17 (Reuters) - Britain''s FTSE 100 index is seen opening down 16 points at 7,416.9 on Thursday, according to financial bookmakers, with futures down 0.05 percent ahead of the cash market open. * HIKMA PHARMACEUTICALS: Hikma Pharmaceuticals Plc said on Thursday it expected 2017 revenue at the lower end of its guidance, after increased competition in the generics business hit prices and volumes. * GEM DIAMONDS: Gem Diamonds Ltd reported a 14 drop in half-year revenue, hurt by lower production and a decline in average diamond prices. * KAZ MINERALS: Kaz Minerals, a copper firm focused on mining in Kazakhstan, narrowed its full-year output guidance on Thursday to 235,000-260,000 tonnes from 225,000-260,000 tonnes, after first-half output more than doubled to 118,000 tonnes. * KINGFISHER: Kingfisher, Europe''s largest home improvement retailer, reported another fall in quarterly sales on Thursday, hurt by weak French markets, a slowdown at its B&Q business in the UK and continued disruption from its restructuring plan. * CENTRICA: The Energy & Utilities Alliance, a group of energy companies, is pressing a Parliamentary inquiry into the consequences of the closure of Centrica Plc''s Rough storage site off the Yorkshire coast, Financial Times reported on Thursday. ( on.ft.com/2wR3YAF ) * METALS: A broad-based rally in metals extended on Thursday to new multi-year peaks for London aluminium, copper and zinc, on expectations that China''s reform of its metals industry will curb supply against a background of robust demand. * IRON-ORE: Chinese steel futures jumped more than 2 percent on Thursday to end a four-day losing streak amid a firm outlook for demand in the world''s top consumer, fuelling a rally in steelmaking raw materials iron-ore and coking coal. * GOLD: Gold rose on Thursday as the dollar remained subdued after minutes from the U.S. Federal Reserve''s July meeting hinted at a delay in further rate hikes, while palladium hit a fresh 16-year high. * EX-DIVS: Ashtead Group, British American Tobacco, Imperial Brands, Legal & General, Merlin, Pearson , Reckitt Benckiser, Schroders, Segro will trade without entitlement to their latest dividend pay-out on Thursday, trimming 9.64 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index closed 0.7 percent higher at 7,433.03 on Wednesday, boosted by gains among mining firms, though car insurer Admiral Group plummeted after reporting half-year results. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets Today''s Uk Papers > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L32JV'|'2017-08-17T09:45:00.000+03:00'
'93036e05986e5a33d30768cfc02133bdaa8f7029'|'Learndirect blames government cuts for damning Ofsted report - Education'|'Learndirect, the UK’s largest adult training provider, has blamed the government’s austerity programme for its failure to meet the education regulator’s minimum quality standards .The company, which was privatised by David Cameron’s coalition government in 2011, on Thursday complained that being forced to “manage a reduction in central government funding” was part of the reason why its standards had deteriorated so sharply that Ofsted declared it an “inadequate provider”. Following the official publication of Ofsted’s damning report – which Learndirect had asked the high court to suppress – the company said it had to deal with a 50% dive in its government funding. Learndirect owners still winning government-approved contracts Read more “Like all providers in the sector, we’ve had to manage a reduction in central government funding,” a company spokesman said. “For Learndirect Ltd this totals a 50% reduction in our adult skills funding over the last five years. These funding reductions were made at short notice and required significant changes to the business for it to remain viable.“Our new senior management team, with the support of our stakeholders, has moved quickly to ensure the business responds to the challenges this poses. This includes diversifying our income streams and starting to address areas that require development.”The Ofsted report, which was finally published on Thursday, said Learndirect’s directors and senior managers had “failed to take swift and decisive action to stem the decline in performance over the past three years”.Oftsed found that the company, which has paid out tens of millions of pounds to its owners and managers since privatisation, “requires improvement” or is “inadequate” in all seven areas of its inspection criteria. The inspectors listed 11 areas in which Learndirect was an “inadequate provider” and found just three “strengths” of the business.“Until very recently, company directors and senior leaders presided over a sustained decline in performance across all programmes,” Ofsted inspectors said in the report. “The proportion of learners and apprentices achieving their qualifications and the quality of teaching, learning and assessment had deteriorated significantly. Leaders and managers at all levels of the organisation failed to oversee and challenge the particularly poor provision delivered by apprenticeship subcontractors.”The report said Learndirect’s apprenticeship training was a particular concern. “Too many apprentices receive insufficient training to develop new skills, and they do not receive enough off-the-job training,” the report said. “Too many 16- to 19-year-old learners on traineeships do not complete their programmes.”Ofsted said the proportion of apprentices completing their training on time had declined significantly over the last three years to “very low” levels. It said 70% of apprentices failed to meet the minimum standards and six in 10 did not achieve their apprenticeship on time. The company, which is responsible for the training of almost 73,000 people, received £158m of Department for Education funding in the year to July 2017. The department has said it will not grant Learndirect any new contracts and will cease funding the company by July 2018. However, the owners of Learndirect are continuing to win government-approved apprenticeship contracts via a separate company – Learndirect Apprenticeships – that they set up last year . Learndirect had asked a high court judge to suppress the report , warning that its publication could lead to the “catastrophic” withdrawal of government funding and the possible collapse of the company.The company sought to reassure its trainees and employees that it is financially stable. “The business is well-supported by our stakeholders and will continue to meet its contractual obligations and the needs of our learners as usual,” a spokesman said. “Our new senior management team, with the support of our stakeholders, has moved quickly to ensure the business responds to the challenges this poses.”Learndirect is 65%-owned by Lloyds Development Capital, the private equity arm of Lloyds Bank.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/education/2017/aug/17/learndirect-government-ofsted-report-adult-training-rating'|'2017-08-17T17:24:00.000+03:00'
'8343c42511764f5c369acec117ac05a474bd4b24'|'UK exporters'' confidence softens, says British Chambers of Commerce'|'August 16, 2017 / 11:11 PM / 14 hours ago UK exporters'' confidence softens, says British Chambers of Commerce Reuters Staff 2 Min Read FILE PHOTO: A container ship is unloaded at Peel Ports Liverpool container terminal in Liverpool, Britain December 9, 2016. Phil Noble/File Photo LONDON (Reuters) - The British Chambers of Commerce said on Thursday that exporters'' confidence has softened slightly, due to concerns about currency fluctuations and a shortage of skilled workers. The BCC said its ''trade confidence index'' - a measure based on export documentation provided by regional chambers of commerce during the three months to June - was 2.5 percent lower than a year earlier, though still high by historic standards. "Whilst UK businesses continue to deliver a strong export performance, they are increasingly concerned about what lies on the economic horizon," said Ian Wilson, chief executive of the British operations of delivery company DHL Express, which sponsored the report. Official data last week showed Britain''s trade deficit in goods and services was its widest in nine months in June, contrasting with most business surveys which have painted a much more upbeat picture. Sterling''s fall of around 14 percent since last year''s Brexit vote has boosted the short-term competitiveness of British exporters, but there is little clarity on access to European Union markets after Britain leaves in March 2019. Britain''s government outlined plans for a future customs agreement with the EU on Tuesday and an interim deal to ease companies'' Brexit concerns, but the proposals were described as "fantasy" by one senior EU official. The BCC said that the proportion of manufacturers reporting stronger exports rose slightly in the second quarter, though orders slipped slightly. Services exporters also saw growth in exports and orders, albeit from a lower base. Reporting by David Milliken, editing by Andy Bruce 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-exports-idUKKCN1AW2S4'|'2017-08-17T02:20:00.000+03:00'
'785896cbcb67d207890b2887d31294c3223d4137'|'Investors sell stocks, dollar on fears Trump agenda is foundering'|'August 18, 2017 / 12:58 AM / 26 minutes ago Bannon''s White House exit lifts U.S. stocks; dollar off lows Sinead Carew 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks rebounded in a volatile session on Friday, while the dollar cut losses and bond yields rose to session highs, as reports emerged U.S. President Donald Trump fired his controversial chief strategist Steve Bannon. President Donald Trump fired chief strategist Steve Bannon on Friday, the White House announced, ending the turbulent tenure of a rabble-rousing conservative media entrepreneur and political activist who was a darling of Trump''s base.[nL2N1L4106] "There’s a lot of hopeful people thinking that, you know what, he has been a divisive figure in the White House," said Peter Costa, President of Empire Executions. "Getting rid of him might be a good deal for the president.” Gold turned negative after the reports, which seemed to turn investor focus away from uncertainty over Trump policy and nerves over terrorist attacks in Spain. Trump has alienated Republican colleagues, corporate leaders and overseas allies this week with several controversial comments after violence related to a white nationalist protest in Virginia last weekend. His criticism of removals of U.S. Confederate monuments that celebrate defenders of slavery sent shivers through markets as investors bet that the stance would hurt Trump''s ability to build enough consensus to deliver growth boosts such as tax reform and stimulus spending. "It appears they''ve gotten so bogged down in the politics of Confederate monuments, everybody thinks they''re incapable of delivering meaningful change," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. Months of relatively low volatility did not help. "We''ve been overly complacent for an extended period of time, and the normal anxieties in the market are beginning to reawaken," said McCain. The Dow Jones Industrial Average .DJI rose 20.73 points, or 0.1 percent, to 21,771.46, the S&P 500 .SPX gained 7.13 points, or 0.29 percent, to 2,437.14 and the Nasdaq Composite .IXIC added 26.79 points, or 0.43 percent, to 6,248.70. U.S. consumer sentiment rebounded in early August from an eight-month low in July, reflecting confidence in the economic outlook and personal finances. The dollar index .DXY fell 0.13 percent, with the euro EUR= up 0.25 percent to $1.1752. The Japanese yen strengthened 0.10 percent versus the greenback at 109.48 per dollar. The dollar had hit its lowest point in a week against the yen earlier in the session. Benchmark 10-year notes US10YT=RR last fell 3/32 in price to yield 2.2062 percent, from 2.197 percent late on Thursday. Spot gold XAU= dropped 0.1 percent to $1,285.97 an ounce to the highest since last November XAU= and on track for its second week of gains. Oil prices rose as the stock market strengthened and the U.S. dollar weakened, though investors remained worried about the global oil glut. U.S. crude CLcv1 rose 2.8 percent to $48.41 per barrel and Brent LCOcv1 was last at $52.59, up 3.06 percent on the day. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.73 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.08 percent. Investors had reacted a terrorist attack in Barcelona by selling shares in airlines. Madrid shares fell 0.8 percent .IBEX . Additional reporting by Sujata Rao in London, Nicola Saminather in Singapore; graphic by Nigel Stephenson; editing by Susan Thomas and Nick Zieminski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1AY03P'|'2017-08-18T03:58:00.000+03:00'
'd5f8881e8bd913e12691b2a37c08267ccfefe903'|'Sale of Air Berlin as a whole not possible - German deputy economy minister'|'August 19, 2017 / 10:25 AM / 2 minutes ago Sale of Air Berlin as a whole not possible: German deputy EconMin Reuters Staff 2 Min Read FILE PHOTO:German carrier Air Berlin''s aircrafts are pictured at Tegel airport in Berlin, Germany, September 29, 2016. Axel Schmidt/File Photo BERLIN (Reuters) - A takeover of insolvent German airline Air Berlin ( AB1.DE ) as a whole to keep it operating will not be possible, German deputy economy minister Matthias Machnig said on Saturday, pouring cold water on an airline investor''s approach. "The model of Air Berlin as an independent airline has failed," he told German radio station rbb InfoRadio on Saturday. Germany''s Hans Rudolf Woehrl, who made a name for himself when he bought German airline Deutsche BA from British Airways for 1 euro, threw his hat in the ring for Air Berlin on Friday and said he wanted to keep it flying after buying it. Talks on carving up Air Berlin, which said on Tuesday it was filing for insolvency, started on Friday, with Lufthansa ( LHAG.DE ) getting the first meetings ahead of other potential bidders. Earlier in the week, a source familiar with the matter said easyJet ( EZJ.L ) was among those in talks, and Thomas Cook''s ( TCG.L ) German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring. Deputy Economy Minister Machnig said it would take several investors to offer Air Berlin and its employees a long-term future, reiterating that Lufthansa would not be the only buyer of the carrier''s assets. He dismissed a complaint by Ryanair ( RYA.I ) over the handling of the insolvency process, which its Chief Executive Michael O''Leary describes as a "conspiracy", saying O''Leary was welcome to play a role in Air Berlin''s restructuring. "I am entirely willing to discuss the matter," Machnig said. Reporting by Gernot Heller; Writing by Maria Sheahan; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-air-berlin-lufthansa-restructuring-idUKKCN1AZ0C6'|'2017-08-19T13:09:00.000+03:00'
'9197cc4741fbd7d3f31ca0e6b31f3e56e6e4028a'|'Seven ways to cut the cost of Britain’s rail tickets - Business'|'E ven for commuters long used to rising fares, last week’s news of another hefty increase was particularly painful: the cost of season tickets and most off-peak standard fares will rise by 3.6% in January. The increase – the biggest for five years, was announced in the midst of Brexit gloom , while holidaymakers are adapting to a plunging pound . To add insult to injury, the increase was pinned to a measure of inflation, RPI, that was one full percentage point higher than the normal measure of inflation employed by the government, CPI, which added from £30 to £100 on to the price of annual tickets.For many commuters – most painfully, of course, on Southern – the cost of their ticket already looked dubious value for crowded and often-disrupted services. Even as the news broke, passengers were being turned away from London Waterloo after a derailment , after a month of reduced service due to engineering work – with no compensation. The industry line that higher fares are helping to sustain record investment looks dangerously complacent when a host of upgrades around the country have been cancelled.Are spiralling fares inevitable, or is there another way? There are seven main ways in which the cost of rail travel could be reduced. Are any of these more palatable?Higher government subsidy The taxpayer’s share of the cost of running the railways has been proportionately reduced under successive governments, starting with Labour in 2005. Around 67% of the cost was met from ticket revenues in 2016, with another 6% coming from parking and other passenger sources, while the government coughed up £3.7bn, mainly to Network Rail .Reducing the subsidy has chimed with the austerity imposed by governments since 2010, but campaigners say the balance has tipped too far. One demand is that at the very least fare increases should be in line with the CPI inflation measure, which the government prefers when it comes to paying pensions and benefits. That would have meant only a 2.6% increase this year.Junk High Speed 2 The government likes to draw a line between so-called capital investment and revenue grants, whether it be in axing subsidies to Transport for London or declaring building HS2 won’t affect other public spending on the railway network. And yet, last year the government paid out £463m to HS2 , before shovels were in the ground – on top of £803m to Crossrail – and at least another £3bn a year on average will be spent until the £55.7bn high-speed route is completed in 2033.For some, claims that this money won’t affect other rail budgets are not really credible. In France, state-owned operator SNCF had complained that its high-speed rail network had sucked up investment needed to maintain the conventional railway lines even before a fatal derailment in Brétigny-sur-Orge near Paris in 2013 underlined those fears.Make Network Rail more efficient With billions of overspending on one project alone, electrification of the Great Western mainline, financial issues at rail’s infrastructure manager have become painfully public.“That’s at the core of what keeps pushing fares up – Network Rail gobbles up all the money,” says rail historian Christian Wolmar. “There is no doubt that Network Rail has no incentive to reduce costs and has not driven down costs. It insists on using this old model of contracting out – but it doesn’t have the skills at the centre to ensure that contracts are done at a reasonable price. It runs projects second-hand and can’t keep costs down.”The McNulty review of 2011 into value for money in the rail industry, concluded that costs were bloated by around 30% and identified an annual £580m to be trimmed in “asset management and supply chain management” and creating “lean and agile engineering approaches”.Cut personnel costs The second-biggest annual target for cost cutting, according to McNulty, was to reduce the rail industry’s wage bill by £260m. Salaries have outstripped earnings outside rail at all levels. At the top end, Mark Carne of Network Rail, on a basic salary of £683,000, has taken home less than previous chief executives did in some years; Southern’s boss, Charles Horton, earns around £500,000.But the rank and file have also done well, boosted by strong unions and by a side effect of privatisation: it created competition among rail operators for train drivers. A pay offer rejected by Aslef members on Southern would have seen drivers earn more than £60,000 for a four-day week, before overtime.McNulty recommended driver-only trains as the default option, paving the way for disputes that look set to spread from Southern around the country. Transport for London has been surveying passengers about fully driverless trains – whether they would prefer to pay less and have no one in the cab.End franchising This is the big one, according to Labour, trade unions and other campaigners. Even supporters of privatisation, such as McNulty, admit to “misaligned incentives” and structural issues in a fragmented industry.Aslef’s Mick Whelan describes it as “a deeply flawed model that doesn’t work in an industry which needs to be vertically integrated”. The unions’ central point is that profits made by private train firms could be reinvested.The Rail Delivery Group, which represents train operators and Network Rail, insists profits are slim, with margins of around 3%. Private operators paid out dividends of £228m in 2015-16, according to the Office of Rail and Road. Large sums were also made by rolling stock companies, which enjoyed a total profit of £286m in the past year.The RMT union calculates that taking the UK network’s rolling stock into public ownership would save more than 2p in every pound on fares. General secretary Mick Cash says: “These overseas outfits are creaming our railways for fat profits and have complete control over the crucial fleet operations. They use that power to exploit the British train passenger in what is nothing less than a government-sponsored racket.”Tax car and air travel more? Hypothecated taxes have rarely won the trust of the public or the approval of the Treasury – and increasing the duty on other forms of transport would light the fuses of the UK’s Fair Fuel campaigners and airline bosses. Both groups already claim that motorists and air passengers are unduly taxed in Britain compared with other countries.However, motorists appear to have successfully bent the ear of chancellors in recent years, winning an absolute freeze on fuel duty since 2010. It could be time for the pendulum to swing the other way. Stephen Joseph, chief executive of Campaign for Better Transport, argues: “Just a small rise in fuel duty, a quarter of a penny, would pay for a fares freeze on rail. Why aren’t government charging motorists more, while commuters keep getting charged more?”Overhaul the fares structure Passenger groups, the government and industry appear to be united in agreeing in that an overhaul of ticketing is needed – although major reforms have been slow to arrive.The Rail Delivery Group claims the spread of advance tickets has been a boon to passengers. Pilot schemes are looking at separating legs of journeys, ending the long practice of often charging as much for a single journey as for a return, and simplifying the number of fares on offer, particularly from machines. That would mean, at least, that a passenger should no longer pay more than the cheapest fare available.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/19/seven-ways-to-reduce-uk-train-fares'|'2017-08-19T22:59:00.000+03:00'
'08e55a12bedc0d93210710d570b3a45a783b365b'|'Mexico''s Cotemar sees $200 mln investment in oil projects by 2018'|'MEXICO CITY, Aug 17 (Reuters) - Mexican oilfield services provider Cotemar plans to invest at least $200 million in two oil projects by the end of 2018 as it starts to operate fields on its own, a move made possible by sweeping energy reforms, the firm''s top executive said in an interview.Cotemar CEO Alejandro Villarreal told Reuters the company expects to grow output to 20,000 barrels per day (bpd) by next year from two onshore blocks discovered by national oil company Pemex but won by Cotemar''s upstart oil unit at auction in 2015.The expected investment and output growth are part of a trend of new Mexican oil companies looking to exploit the energy reforms the country finalized in 2014 to try to reverse years of declining oil and gas production.Cotemar''s two onshore fields, known as Cuichapa and Paso de Oro, are examples of projects that Pemex could not fully fund due to longstanding budget constraints, and are now set to provide the first significant post-reform streams of new output."We worked with Pemex for many years and have a lot of experience in building, maintaining, operating (Pemex''s) rigs, but now we''re going to do it for ourselves," said Villarreal.Privately-held Cotemar can develop oil and gas projects on its own after the reforms ended Pemex''s decades-long production monopoly.The company''s two blocks are located in eastern Veracruz state. Only the Cuichapa area has production, currently at 1,750 bpd, up from 300 bpd earlier this year and expected to reach 3,000 bpd by the end of December.Villarreal said Cotemar uses a fraction of the workers at the field that Pemex did and still grew the output nearly sixfold."It gives you a clear idea of what happens when the private sector operates (an area)," Villarreal.The company''s Paso de Oro block is seen entering production by September, Villarreal said. It and Cuichapa should be producing 10,000 bpd each by the end of next year.The executive said the blocks will require investment of at least $100 million a piece by the end of 2018.Cotemar''s oil unit, Servicios de Extraccion Petrolera Lifting de Mexico, is also considering bidding on upcoming joint ventures with Pemex, in auctions set for October.Villarreal pointed to the onshore Cardenas-Mora and Ogarrio projects, both located in southern Tabasco state, as particularly attractive.In those tie-ups, Pemex would have a 50 percent stake, while the joint venture partners would hold the remaining half and be operators. (Reporting by David Alire Garcia; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mexico-oil-cotemar-idUSL2N1L228C'|'2017-08-17T17:00:00.000+03:00'
'965e50d3bbb333747188427c774e154aa8833b65'|'Efficiency eludes the construction industry'|'NINE years ago the first concrete was poured for Berlin Brandenburg airport. It was expected to open in 2012, to cost €1.2bn ($1.8bn) and to welcome 34m passengers each year. Today the only people in its terminals are those with hard hats. Six times over budget, the project has had 66,500 building errors in need of fixing. Last year its spokesman was sacked after calling the project a “shit-show” and saying no manager who was not “addicted to pills” could guarantee an opening date.Berlin’s airport is an extreme example of a broader problem. Superficially, the construction industry would seem healthy enough. The global market is worth $10trn. Euler Hermes, an insurer, expects 3.5% growth this year. Yet more than 90% of the world’s infrastructure projects are either late or over-budget, says Bent Flyvbjerg of Saïd Business School at Oxford University. Even the sharpest of tech firms suffer. Apple’s new headquarters in Silicon Valley opened two years behind schedule and cost $2bn more than budgeted. Smaller projects have similar woes. One survey of British architects found that 60% of their buildings were late.  an hour   11   13   16   19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates Construction holds the dubious honour of having the lowest productivity gains of any industry, according to McKinsey, a consultancy. In the past 20 years the global average for the value-added per hour has inched up by 1% a year, about one-quarter the rate of growth in manufacturing. Trends in rich countries are especially bad. Over the same period Germany and Japan, paragons of industrial efficiency, have seen nearly no growth in construction productivity. In France and Italy productivity has fallen by one-sixth. In America, astonishingly, it has plunged by half since the late 1960s.Prices for building materials are not to blame. They are subtracted from measures of value-added (and have not risen in any case). The burden over time of complying with regulation—applying for permits, for instance—is only partly responsible. In America such rules account for one-eighth of the productivity lost since 1987, according to the Bureau of Labour Statistics.More culpable are two broader structural trends. First, the industry has become less capital-intensive, with workers replacing machinery. This shift is more understandable in countries with access to inexpensive labour. In Saudi Arabia, for example, it is cheaper to import workers from India or Pakistan than to buy machinery. In many countries, however, labour costs might be expected to spur firms to substitute workers with capital.Instead, volatility in demand for construction has trained builders to curb investment. “The industry has learned through bitter experience to prepare for the next recession,” says Luc Luyten of Bain & Company, a consultancy. Capital-heavy approaches to construction bring high fixed costs that are difficult to cut in downturns. Workers, in contrast, can be fired.The second big problem is that the industry has, for the most part, failed to consolidate. Efficient firms should theoretically squash laggards, yielding bigger, more productive companies. “But construction is an industry that appears to have defied Adam Smith,” says Mr Luyten. That is partly because building codes differ not just between countries but within them, which makes it harder to reap the benefits of scale. The customised nature of most projects further limits the usual advantages of size. Because the designs of most projects differ, contractors have to start from scratch for each one.America now has about 730,000 building outfits, with an average of ten employees each. In Europe there are 3.3m with an average of just four workers. Competition is fierce and profit margins are thinner than for any industry except retail. This fragmentation creates its own problems. Slim margins make investment even less likely. Often projects have more than a dozen subcontractors, each keen to maximise profit rather than collaborate to contain costs, says Thijs Asselbergs, a professor at Delft University of Technology.The result is an industry that raises prices for clients and mostly ignores tools that might improve productivity. “While we are all using iPhones, construction is still in the Walkman phase,” says Ben van Berkel, a Dutch architect. Many building professionals use hand-drawn plans riddled with errors. A builder of concrete-framed towers from the 1960s would find little has changed on building sites today, except for better safety standards.Examples of how the industry might move forward are not hard to find. More builders could use computer-aided design, as is standard among architects. Other methods are in earlier stages, but show promise, such as remote-controlled cranes and self-driving bulldozers (Komatsu, a Japanese equipment-maker, is developing the latter). A few niches, such as maritime construction, have shown how investments in technology and mass production can boost efficiency (see article ).On land, a few firms are mass-producing homes. BoKlok, a spin-off from IKEA, a Swedish flat-pack-furniture seller, does only one-fifth of its construction work on site; the rest is done in factories. Parts can be standardised and costs cut as a result. BoKlok reckons that it builds twice as quickly as the industry norm. An American firm called Katerra also builds prefabricated sections of apartments at a factory in Arizona. It helps that each firm does every stage of construction itself, rather than relying on a tangle of subcontractors.The fastest gains are in China. Labour productivity is racing ahead at 7% a year, albeit from a low base. Tightening labour supply has prompted firms to test automation—WinSun, a construction company, has built flats using 3D printing. Modular building is also on the rise, with one company erecting a 57-storey tower in 19 days.However, such techniques remain unusual. For most firms, slim margins and the spectre of future downturns continue to restrain investment. Even for companies that do adopt new methods, growth may be limited by doubts about the quality of new techniques. A few modular towers in China have seen water seep between units. In Britain, past attempts at mass-produced housing are a sour memory: poorly built modular social housing from the 1960s has been demolished. British mortgage lenders shun homes built with “non-traditional construction methods”. BoKlok and Katerra hope their buildings will last a century. But perceptions, like so much else in construction, can be slow to change.  "Least improved"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726714-american-builders-productivity-has-plunged-half-late-1960s-efficiency-eludes?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'679d068344a379020d1215ffe23ea8734e62b873'|'Energy Capital to buy Calpine Corp for $5.6 billion'|'(Reuters) - Debt-laden power producer Calpine Corp ( CPN.N ) said it agreed to be acquired by a consortium of investors led by Energy Capital Partners for $5.6 billion.Calpine''s shares were up 10.5 percent at $14.93 in premarket trading on Friday.The $15.25 cash per share offer, represents a 13 percent premium to Calpine''s closing price on Thursday.The consortium includes billionaire industrialist Leonard Blavatnik''s Access Industries and Canada Pension Plan Investment Board.U.S. power producers like Calpine have been hit by low wholesale power prices due to cheap natural gas, growth of renewable energy and subsidized nuclear generation in certain states.The Houston, Texas-based company relies mostly on natural gas to generate power and owns about 80 power plants in the United States and Canada.Calpine said in July it was discussing a sale of the company after reporting a quarterly loss. The company''s debt, as a net of current portion, was about $11.31 billion, as of June 30.Lazard was Calpine''s financial adviser and White & Case LLP was its legal adviser. Barclays Capital Inc was Energy Capital''s financial adviser and Latham & Watkins LLP its legal adviser.Reporting by John Benny in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-calpine-m-a-energycapital-idINKCN1AY138'|'2017-08-18T08:53:00.000+03:00'
'3b09927c1381a125c731d7ba80b5e746842665a5'|'Fed policymakers grow more worried about weak inflation'|'August 16, 2017 / 6:05 PM / 13 hours ago Fed policymakers grow more worried about weak inflation Lindsay Dunsmuir and Jason Lange 4 Min Read FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo WASHINGTON (Reuters) - Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called for halting interest rate hikes until it was clear the trend was transitory, according to the minutes of the U.S. central bank''s last policy meeting. The readout of the July 25-26 meeting, released on Wednesday, also indicated the Fed was poised to begin reducing its $4.2 trillion (3.27 trillion pounds)portfolio of Treasury bonds and mortgage-backed securities. Last month''s meeting, which concluded with a unanimous decision to leave rates unchanged, was marked by a lengthy discussion about the recent soft inflation readings, the minutes showed. The central bank''s preferred inflation measure dropped to 1.5 percent in June from 1.8 percent in February and has remained below its 2 percent target for more than five years. "Many participants ... saw some likelihood that inflation might remain below 2 percent for longer than they currently expected, and several indicated that the risks to the inflation outlook could be tilted to the downside," the Fed said in the minutes. The inflation retreat has spurred concerns the Fed may have to cool its monetary tightening pace even though the economy is growing moderately and the unemployment rate fell to 4.3 percent in July, matching a 16-year low touched in May. Related Coverage Factbox - Fed staff forecasts from FOMC minutes The Fed has raised its benchmark overnight lending rate twice this year and forecasts one more rise before the end of 2017. Some policymakers argued last month against future rate rises until there was more concrete evidence that inflation was moving back toward the Fed''s objective, according to the minutes. Others, however, cautioned that such a delay could cause an eventual overshooting in inflation given a tightening labour market "that would likely be costly to reverse." BALANCE SHEET REDUCTION In an interview with Reuters on Wednesday, Cleveland Fed President Loretta Mester said, "I''m not one who would like to see inflation be at 2 percent before we continue on the path" of rate hikes because policy affects the economy with a lag. "On the other hand, we do have to take into account that we have had weak readings on inflation," Mester added. Senior Fed officials have largely dismissed the inflation softness as temporary. Fed Chair Janet Yellen said last month that special factors, including price drops for mobile phone plans and prescription drugs, were partly responsible. Voting members of the Fed'' rate-setting committee agreed to monitor inflation closely in light of the concerns, with a few policymakers cautioning that the central bank''s framework for analysing inflation was "not particularly useful," according to the minutes. "What it boils down to is what inflation will do between here and December," said Eric Winograd, an economist at Alliance Bernstein, who still expects the Fed to raise rates again at its Dec. 12-13 meeting. The dollar .DXY was weaker against a basket of currencies. U.S. stocks ended slightly stronger after paring earlier gains and prices of U.S. Treasuries were higher. Fed policymakers at last month''s meeting also cast a keener light on financial stability and agreed it was important to look for signs of declining market volatility or concentration of investors in particular assets. Elsewhere in the minutes, Fed officials reinforced expectations of an announcement in September to begin reducing the central bank''s holdings of bonds that were bought in the wake of the 2007-2009 financial crisis and recession. Several policymakers were prepared to announce a start date last month, but the Fed decided to wait as "most preferred to defer that decision until an upcoming meeting." Fed officials have been priming markets for a probable move at their next policy meeting on September 19-20. New York Fed President William Dudley said on Monday the expectation of such an announcement next month was not unreasonable. Reporting by Lindsay Dunsmuir and Jason Lange; Additional reporting by Jonathan Spicer and Howard Schneider in New York; Editing by Paul Simao 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-fed-minutes-idUKKCN1AW2AR'|'2017-08-17T03:15:00.000+03:00'
'ff7655a0a40c7ba6a3a3508e986b019dfd87ccd2'|'With Congo finances collapsing, desperate government has few options'|'* Inflation 50 pct, Congolese franc down sharply this year* Congo forecasts 2017 GDP growth at 3.1 pct* IMF seen unlikely to offer help without political reform* Lack of work drives some to crimeBy Aaron RossKINSHASA, Aug 17 (Reuters) - As Congo''s government was soliciting urgent help from Western donors and the IMF last month to contain an economic crisis, the chairman of the state mining company brought an unusual guest to the prime minister''s office.It was Raymond O''Leary, a vice president from Russia''s second largest bank, state-owned VTB, to discuss a Eurobond aiming to raise funds for the cash-strapped government, Congolese and VTB officials confirmed.The choice of lead manager was striking, given that VTB is under U.S. sanctions so any deal would have shut the door on IMF and pretty much all Western donor funds.It fell through, partly because of this concern and also because Congolese officials realised any investor willing to buy the bond would demand a punitive spread.But the fact that the meeting took place at all revealed just how desperate Democratic Republic of Congo''s government has become as it seeks to head off a collapse in national finances that is hitting the economy.Inflation is now at 50 percent and the Congolese franc has lost 30 percent making it one of the world''s worst performers this year, though it recovered slightly this month. In addition, the central bank is so low on forex it has barely three weeks of import cover left.Congo''s economic pain is fueling political instability. Violent street protests against President Joseph Kabila and a surge in militia attacks and prison breaks have stoked fears the Central African giant could slip back to the civil wars of the turn of the century in which millions died.Kabila took power when his father was assassinated in 2001 and has since won two elections.The IMF representative in Congo declined to comment, as did the prime minister''s office and finance minister. But in a speech last month, central bank governor Deogratias Mutombo was uncharacteristically blunt:"The economy is in very bad shape," he said."FALSE PROMISES" Congo is Africa''s top copper producer and houses a trove of other minerals including oil, cobalt and gold, but low commodity prices have conspired with high deficits and rampant corruption to push its economic indicators into the red."Currently there is no possibility – with the current economic situation and political instability – to have ... sufficient confidence to sustain a stable exchange rate," former banking association head Michel Losembe told Reuters.Earlier this month ratings agency Standard & Poor''s downgraded Congo''s sovereign credit rating, predicting year-end depreciation of the france of about 35 percent and annual GDP growth of less than 2 percent from 2017-2020, down from 7.8 percent for 2011-2016.The government forecasts 2017 GDP growth at 3.1 percent, up from 2.4 percent last year. Standard & Poor''s sees GDP growth this year at 1.5 percent.Three quarters of Congo''s budget pays civil servant salaries and government operating expenses. Labour unions have launched strikes in recent weeks to demand pay rises.Labour unrest would worsen Congo''s security crisis, which has seen violence rise in several parts of the country since Kabila refused to step down at the expiry of his mandate in December.A general strike largely paralysed economic activity for two days last week.In June IMF Managing Director Christine Lagarde, on Congo''s request, offered to send a delegation in September to discuss possible aid. Yet she warned this would require "a credible trajectory toward political stability".A Kinshasa-based diplomat says IMF help is "near impossible" because it would require Kabila to commit to a timeline for stepping down - which he refuses to do - and open the books of Congo''s opaque state-owned miner Gecamines.On the streets of Kinshasa, patience is wearing thin. In Ngaba district, where cement trucks vie for space with rickshaws on dilapidated, flooded roads, some residents have turned to the only option left: criminality."Let the authorities spare us their false promises," said one 22-year-old gangster in Ngaba who gave only his first name, Yves. He said he had studied at a professional institute but couldn''t find a job after graduating and has now turned to a cellphone theft racket."There''s no work," he said. "That''s why we''re out here fighting like gangsters." (Additional reporting by Alex Winning in Moscow, Ed Cropley in Johannesburg and Karin Strohecker in London; Editing by Tim Cocks and Matthew Mpoke Bigg)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/congo-finances-idINL5N1KA4JP'|'2017-08-17T12:46:00.000+03:00'
'9b4fdc1b16e0e9c71a32868805ba023e2d7bf2cf'|'BlackBerry rally derailed as investors lose patience on turnaround'|'August 18, 2017 / 6:01 PM / 3 hours ago BlackBerry rally derailed as investors lose patience on turnaround Alastair Sharp 4 Min Read FILE PHOTO: An automobile running Blackberry QNX software is shown during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. Mike Blake/File Photo TORONTO (Reuters) - BlackBerry Ltd ( BB.TO )( BBRY.O ) shares have been plunging from their more than two-year high hit in June after lackluster earnings and competitive threats have raised doubts about prospects for a turnaround at the business software maker. At Friday''s price of about $8.70, BlackBerry''s U.S.-traded shares have lost a quarter of their value since reaching a high of $11.74 on June 1. The stock had rallied from a low of $6.65 in early March on hopes for the company''s QNX industrial operating system for self-driving cars, but investors have started to reassess the yearslong effort by BlackBerry to move beyond the smartphones that made its name a household word. "It''s been a turnaround story now for about five years," said Joel Kulina, a technology-sector market maker for Wedbush Securities. "People don’t have the patience." Chief Executive Officer John Chen has spent years remaking BlackBerry as a software company focused on selling to automakers and other industrial businesses. Revenue, which peaked at about $20 billion when BlackBerry was dominating the smartphone market, has fallen sharply. Analysts expect it to drop below $1 billion this year for the first time since 2004 and decline again in the following fiscal year. "We''re not going to jump in before we see some signs of turning the corner and establishing meaningful profitability," said wealth manager Chris Zaccarelli, whose Cornerstone Financial Partners in Huntersville, North Carolina, advises on $1.2 billion of assets. In late June, BlackBerry reported quarterly earnings that missed analysts'' forecasts due to an unexpected sales decline, ramping up pressure on the company to meet its goal of boosting software and services revenue by 10 percent to 15 percent this year. BlackBerry declined to comment on the stock price, but QNX manager Grant Courville said it expected to sign deals with at least three major companies to get QNX into self-driving vehicles. Last year BlackBerry announced a deal for Ford Motor Co ( F.N ) to expand use of QNX, which is used mostly in car information and entertainment systems. The companies have provided few details on the arrangement. QNX, which is already in most automobile "infotainment" systems, is one product that BlackBerry bulls talked up as the stock rallied earlier this year, saying the plans to expand its use in other parts of vehicles could generate significant revenue. Yet investors "are figuring out that it isn''t a straight path to a pot of gold" for QNX, said CIBC Markets analyst Todd Coupland. Intel Corp ( INTC.O ) poses one threat to QNX. The world''s No. 1 chipmaker owns a rival operating system and this year paid $15.3 billion to buy Mobileye, a maker of sensors and cameras for self-driving vehicles. Luxury carmaker Audi ( NSUG.DE ) is using Intel''s system in the safety-related electronic control unit for its 2018 A8 sedan, which will be one of the most advanced self-driving cars on the road. Toyota Motor Corp ( 7203.T ) last week joined a self-driving technology alliance whose members include Intel, Ericsson ( ERICb.ST ) and Denso Corp ( 6902.T ) but not BlackBerry. BlackBerry''s Courville discounted the threat from Intel. He said QNX was being used in at least six automotive programs based on Intel chips, some for self-driving vehicles. Reporting by Alastair Sharp; Editing by Jim Finkle and Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-blackberry-stocks-idUKKCN1AY23G'|'2017-08-18T20:53:00.000+03:00'
'da70e4bfcd55b61cef55d199252c3c6f0e21c0c5'|'U.S. prosecutors recommend three years in prison for VW engineer Liang'|'Reuters TV United States August 18, 2017 / 9:11 PM / 12 hours ago U.S. prosecutors recommend three years in prison for VW engineer Liang Reuters Staff 2 Min Read FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. Mike Blake/File Photo DETROIT (Reuters) - Federal prosecutors on Friday recommended a three-year prison sentence for Volkswagen AG ( VOWG_p.DE ) engineer James Liang for his role in a diesel emissions scandal that has cost the German automaker as much as $25 billion. Liang, who pleaded guilty to misleading regulators, is cooperating with prosecutors and will be sentenced on Aug. 25. Prosecutors in U.S. District Court in Detroit said Liang, a diesel engine expert with more than 30 years of experience at VW, "provided an insider''s perspective of a company that had lost its ethical moorings in pursuit of increased market share and corporate profits." On Friday, VW said it continues to cooperate with federal investigators but declined further comment. Earlier this month, Oliver Schmidt, a former VW executive, pleaded guilty in federal court in Detroit in connection with the scandal. He faces up to seven years in prison and a fine of up to $400,000 after admitting to conspiring to mislead U.S. regulators and violating clean air laws. Schmidt will be sentenced on Dec. 6. [nL1N1KQ0SQ] In March, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve U.S. charges that it installed secret software in vehicles in order to cheat on emissions tests. U.S. prosecutors have charged eight current and former Volkswagen executives so far. Among those indicted earlier were Heinz-Jakob Neusser, former head of development for VW Brand and two former heads of engine development, Jens Hadler and Richard Dorenkamp. Additional reporting by David Shepardson in Washington; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-emissions-idUKKCN1AY2EF'|'2017-08-19T00:06:00.000+03:00'
'c7f80a2044d4690c6e490c477c31a83be70dd10f'|'Marine contractors have made huge leaps in productivity'|'THE Innovation , a 147-metre ship docked in Rotterdam, looks like a cross between an oil rig and a robot from a “Transformers” film. Her crane has been loading on giant pipes throughout the night. Soon the ship will travel to sea, where an automated hammer will drive the pipes into the ocean floor to support wind turbines. “Everything in our industry has become larger,” says Koen Vanderbeke of DEME, a Belgian dredging firm that owns the ship. “But we’ve become smarter, too.”Unlike their counterparts on dry land, marine contractors have made big leaps in productivity in recent years. From dredging and land reclamation to offshore construction of oil platforms, costs have dropped even as the speed and quality of work have increased. In Belgium, home to two of the world’s five biggest dredgers, efficiency gains have been so large that they have skewed productivity figures for the entire building sector.  an hour   11   13   16   19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates The improvements can be traced to industry consolidation and investment—things that have eluded most onshore builders. These trends have been spurred by large, demanding customers (usually governments and energy firms), as well as by the greater need for precision at sea, where a tiny slit in an oil pipe can prompt a catastrophe. As important, maritime projects have become so large and complex that firms often have no choice but to use machines rather than labour.About 25 years ago the sector was fragmented. That changed as the ambitions of customers increased. Mergers and natural expansion resulted in five leaders: DEME and Jan De Nul in Belgium, Boskalis and Van Oord in the Netherlands and CHEC in China. The cost of a big ship, around €200m ($234m), and a persistent need to invest ensure that only the giants survive.Mechanical improvements such as pumps and suction devices mean dredging ships can now break through harder material. Much manual work has been automated, from the placement of piles to the steadying of ships—GPS-guided bow thrusters have replaced anchors. As ships work in deeper, colder waters, underwater robots have supplanted divers.Monitoring may be the biggest change. “We now measure everything,” says DEME’s Mr Vanderbeke, gesturing to the antennas on Innovation ’s mast. Sensors track how fast the hammer is pounding, what the crane is up to, activity on the seabed and how these things interact. Such surveillance, complemented by computer simulations, helps avoid mistakes.Another productivity-enhancer has been modular building which, both on land and at sea, can speed up construction. DEME is building an 8.6km-long quay in Singapore, using watertight concrete chambers made in a factory on land. “With the old method, you’d hammer each sheet pile,” says Alain Bernard, the firm’s boss.Offshore productivity gains are now so big that they have changed the economic calculus for land itself. Cheaper dredging makes land reclamation more attractive. “In Amsterdam you pay around €1,000 for a square metre of land; we can now make new land in shallow water for just €300 per square metre,” says Pieter van Oord of Van Oord. In seaside cities such as Jakarta and Singapore, where land prices are up to ten times higher, the business case is even stronger. “You do the math.”  "Building under water"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726716-those-build-sea-offer-lessons-their-onshore-counterparts-marine-contractors-have?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'3707fd7af511e535eab73e19eaa16fe1a89b2a7d'|'Israel''s Meitav Dash pulls out of buyout deal with London-based XIO'|' 32 AM / 20 minutes ago Israel''s Meitav Dash pulls out of buyout deal with London-based XIO Reuters Staff 2 Min Read JERUSALEM (Reuters) - Meitav Dash, Israel''s second-largest investment house, pulled out of a deal to be bought out by London-based private equity firm XIO, saying XIO had changed the terms from the initial offer. The two sides in late 2016 signed a deal in which XIO would buy Meitav Dash, which manages more than $35 billion (27.2 billion pounds) in assets, in an all-cash deal worth some 1.48 billion shekels (317.2 million pounds). In a statement to the Tel Aviv Stock Exchange on Tuesday announcing it was cancelling the deal, Meitav Dash took issue with the proposed structure of the company. "The control structure presented by XIO deviates significantly from the new control structure and constitutes a breach of the agreements reached between the parties," it said. Meitav Dash also said XIO also failed to submit applications for Israeli regulatory approvals by an Aug. 20 deadline. As a result, "On Aug. 21, the company''s board convened and decided to cancel the merger agreement," it said. BRM Group owns 28.2 percent of Meitav Dash and businessman Zvi Stepak holds 27.1 percent. Both had committed to voting in favour of the deal. Some 38 percent of Meitav Dash is floated. Reporting by Steven Scheer, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-meitavdash-m-a-xio-idUKKCN1B20VT'|'2017-08-22T12:32:00.000+03:00'
'a7f2e990a15d2d6da1d29c545ecad2d07bfc9d43'|'UPDATE 2-Seven charged in U.S. insider trading ring'|'* Leaked merger tips said to involve Bank of America clients* Alleged tipper has been suspended by Royal Bank of Canada (Recasts to add criminal charges, comments, background)By Brendan Pierson and Jonathan StempelNEW YORK, Aug 16 (Reuters) - U.S. authorities on Wednesday announced insider trading charges accusing seven people of generating more than $5 million of profit based on tips from a Bank of America Corp employee about dozens of pending corporate transactions.Daniel Rivas, who was the alleged tipper and later worked at Royal Bank of Canada, and James Moodhe, the father of Rivas'' girlfriend, both pleaded guilty to charges of fraud, conspiracy, and making false statements to Federal Bureau of Investigation agents.The other five defendants were arrested separately on Wednesday, and charged in a 54-count indictment. All seven defendants face related U.S. Securities and Exchange Commission civil charges.Prosecutors said Rivas, who worked in Bank of America''s capital markets technology group, leaked material nonpublic information about potential mergers, acquisitions and tender offers involving clients and prospective clients more than 50 times to co-conspirators, who then traded on the tips.The trading occurred in three overlapping schemes between August 2014 and April 2017, involving transactions such as the takeovers of St. Jude Medical Inc by Abbott Laboratories and Monsanto Co by Bayer AG, authorities said. Thirty transactions were involved, the SEC said.Rivas, 32, of Hasbrouck Heights, New Jersey, was fired by Bank of America in April, and has now been suspended by RBC, according to spokespeople for the respective banks.RBC has "a zero-tolerance approach to infractions of the law or of our code of conduct," spokeswoman Sanam Heidary said in an email.Rivas'' lawyer did not immediately respond to requests for comment.Prosecutors said the romantic relationship between Rivas and his girlfriend was a catalyst for the trading, and that as the relationship progressed, "so did the frequency with which Rivas and Moodhe spent time together, including at Moodhe''s house."Authorities said Moodhe, 60, of New City, New York, generated more than $2 million of profit from Rivas'' tips.He in turn passed on tips to his friend Michael Siva, 55, of West Orange, New Jersey, who worked at a brokerage firm and made several hundred thousand dollars, authorities said.Other defendants include Rivas'' friends Roberto Rodriguez, 32, of Miami Gardens, Florida; Rodolfo Sablon, 37, of Miami, and Jhonatan Zoquier, 33, of Englewood, New Jersey. The remaining defendant is Jeffrey Rogiers, 33, of Oakland, California, a friend of Zoquier.A lawyer for Sablon said he is reviewing the indictment. A lawyer for Zoquier declined to comment. Lawyers for the other defendants did not immediately respond to requests for comment. (Reporting by Brendan Pierson and Jonathan Stempel in New York; Editing by Phil Berlowitz and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-insidertrading-idINL2N1L2109'|'2017-08-16T19:29:00.000+03:00'
'4c0e96f2599694fd17a7f92f2a6b5a06d6b88c16'|'With Congo finances collapsing, desperate government has few options'|'August 17, 2017 / 2:52 PM / an hour ago With Congo finances collapsing, desperate government has few options Democratic Republic of Congo''s President Joseph Kabila inspects the guard of honor before addressing the nation at Palais du Peuple in the capital Kinshasa, April 5, 2017. Kenny Katombe Aaron Ross 5 Min Read KINSHASA (Reuters) - As Congo''s government was soliciting urgent help from Western donors and the IMF last month to contain an economic crisis, the chairman of the state mining company brought an unusual guest to the prime minister''s office. It was Raymond O''Leary, a vice president from Russia''s second largest bank, state-owned VTB, to discuss a Eurobond aiming to raise funds for the cash-strapped government, Congolese and VTB officials confirmed. The choice of lead manager was striking, given that VTB is under U.S. sanctions any deal would have shut the door on IMF and pretty much all Western funding owing to donor objections. VTB''s press office emphasized, however, that its VTB Capital arm in charge of Eurobond issuances is not under sanctions. "There are no legislative restrictions on the participation of foreign investment funds in placements organized by Russian investment banks," it said in a statement. Nevertheless, the deal fell through, partly because of concerns about the optics of dealing with VTB and also because Congolese officials realized any investors willing to buy the bond would demand a punitive spread. But the fact that the meeting took place at all revealed just how desperate Democratic Republic of Congo''s government has become as it seeks to head off a collapse in national finances that is hitting the economy. Inflation is now at 50 percent and the Congolese franc has lost 30 percent making it one of the world''s worst performers this year, though it recovered slightly this month. In addition, the central bank is so low on forex it has barely three weeks of import cover left. Congo''s economic pain is fueling political instability. Violent street protests against President Joseph Kabila and a surge in militia attacks and prison breaks have stoked fears the Central African giant could slip back to the civil wars of the turn of the century in which millions died. Kabila took power when his father was assassinated in 2001 and has since won two elections. The IMF representative in Congo declined to comment, as did the prime minister''s office and finance minister. But in a speech last month, central bank governor Deogratias Mutombo was uncharacteristically blunt: A woman exchanges dollars for Congolese francs at a street side exchange stall in Avenue du 24 Novembre, in Lingwala Municipality, Kinshasa, Democratic Republic of Congo, July 26, 2017. Robert Carrubba "The economy is in very bad shape," he said. "FALSE PROMISES" Congo is Africa''s top copper producer and houses a trove of other minerals including oil, cobalt and gold, but low commodity prices have conspired with high deficits and rampant corruption to push its economic indicators into the red. "Currently there is no possibility – with the current economic situation and political instability – to have ... sufficient confidence to sustain a stable exchange rate," former banking association head Michel Losembe told Reuters. Earlier this month ratings agency Standard & Poor''s downgraded Congo''s sovereign credit rating, predicting year-end depreciation of the franc of about 35 percent and annual GDP growth of less than 2 percent from 2017-2020, down from 7.8 percent for 2011-2016. The government forecasts 2017 GDP growth at 3.1 percent, up from 2.4 percent last year. Standard & Poor''s sees GDP growth this year at 1.5 percent. Three quarters of Congo''s budget pays civil servant salaries and government operating expenses. Labour unions have launched strikes in recent weeks to demand pay rises. Labour unrest would worsen Congo''s security crisis, which has seen violence rise in several parts of the country since Kabila refused to step down at the expiry of his mandate in December. A general strike largely paralyzed economic activity for two days last week. In June IMF Managing Director Christine Lagarde, on Congo''s request, offered to send a delegation in September to discuss possible aid. Yet she warned this would require "a credible trajectory toward political stability". A Kinshasa-based diplomat says IMF help is "near impossible" because it would require Kabila to commit to a timeline for stepping down - which he refuses to do - and open the books of Congo''s opaque state-owned miner Gecamines. On the streets of Kinshasa, patience is wearing thin. In Ngaba district, where cement trucks vie for space with rickshaws on dilapidated, flooded roads, some residents have turned to the only option left: criminality. "Let the authorities spare us their false promises," said one 22-year-old gangster in Ngaba who gave only his first name, Yves. He said he had studied at a professional institute but couldn''t find a job after graduating and has now turned to a cellphone theft racket. "There''s no work," he said. "That''s why we''re out here fighting like gangsters." Additional reporting by Alex Winning in Moscow, Ed Cropley in Johannesburg and Karin Strohecker in London; Editing by Tim Cocks and Matthew Mpoke Bigg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-congo-finances-idUSKCN1AX1TF'|'2017-08-17T17:44:00.000+03:00'
'b9aedb550492df4868012c6ec5c630244e051d7e'|'Hyundai Motor to launch electric vehicle with 500 km range after 2021'|'August 17, 2017 / 1:08 AM / 9 hours ago Hyundai plans long-range premium electric car in strategic shift Hyunjoo Jin 4 Min Read Hyundai Motor''s new fuel cell SUV is seen during a media event in Seoul, South Korea August 17, 2017. Kim Hong-Ji SEOUL (Reuters) - Hyundai Motor Co ( 005380.KS ) said on Thursday it was placing electric vehicles at the center of its product strategy - one that includes plans for a premium long-distance electric car as it seeks to catch up to Tesla ( TSLA.O ) and other rivals. Like Toyota Motor Corp ( 7203.T ), Hyundai had initially championed fuel cell technology as the future of eco-friendly vehicles but has found itself shifting electric as Tesla shot to prominence and battery-powered cars have gained government backing in China. Toyota is now also working on longer distance, fast-charging electric vehicles, local media have reported. The South Korean automaker is planning to launch an electric sedan under its high-end Genesis brand in 2021 with a range of 500 km (310 miles) per charge. It will also introduce an electric version of its Kona small sport utility vehicle (SUV) with a range of 390 km in the first half of next year. "We''re strengthening our eco-friendly car strategy, centering on electric vehicles," Executive Vice President Lee Kwang-guk told a news conference, calling the technology mainstream and realistic. The automaker and affiliate Kia Motors Corp ( 000270.KS ), which together rank fifth in global vehicle sales, also said they were adding three plug-in vehicles to their plans for eco-friendly cars, bringing the total to 31 models by 2020. Underscoring Hyundai''s electric shift, those plans include eight battery-powered and two fuel-cell vehicles - a contrast to its 2014 announcement for 22 models, of which only two were slated to be battery-powered. Hyundai also confirmed a Reuters report that it is developing its first dedicated electric vehicle platform, which will allow the company to produce multiple models with longer driving ranges. Last year, it launched its first mass-market pure electric car IONIQ, but the vehicle''s per-charge driving range is much shorter than offerings from Tesla and General Motors ( GM.N ). Hyundai Motor''s new fuel cell SUV is seen during a media event in Seoul, South Korea August 17, 2017. Kim Hong-Ji Hydrogen Suv Hyundai unveiled a near production version of its new fuel cell SUV with a driving range of more than 580 km per charge, compared with the 415 km for its current Tucson fuel cell SUV. The mid-sized SUV will be launched in Korea early next year, followed by U.S. and European markets. Slideshow (4 Images) A fuel cell electric bus is slated to be unveiled late this year, while a sedan-type fuel cell car is also planned. Even so, analysts noted that gaining traction with fuel cells was going to be a long hard slog partly due to a lack of charging infrastructure. "Hyundai will achieve economies of scale for fuel cell cars by 2035 at the earliest," said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade. "Before that, Hyundai has no choice but to rely on battery cars," he said. Hyundai launched the world''s first mass-produced fuel cell vehicle in 2013, dubbed the Tucson Fuel Cell, but sales trailed Toyota''s rival offering, Mirai. Hyundai has sold about 862 of Tucson Fuel Cell vehicles since its 2013 launch, while Toyota sold some 3,700 Mirai Fuel Cell vehicles since its 2014 launch. In Korea, there are 10 fuel cell charging stations, only one tenth of 100 in Japan, Hyundai said. Reporting by Hyunjoo Jin; Additional reporting by Maki Shiraki in TOKYO; Editing by Edwina Gibbs and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-hyundai-motor-electric-vehicle-idUSKCN1AX039'|'2017-08-17T04:00:00.000+03:00'
'd9dfd944ba1a4ed9b5d9c6ed805083aaae361208'|'Deals of the day-Mergers and acquisitions'|'Aug 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** The energy unit of Warren Buffett''s Berkshire Hathaway Inc said it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer.** United Rentals Inc, the world''s largest construction equipment rental company, will buy Neff Corp for about $1.3 billion, the companies said, topping H&E Equipment Services Inc''s about $1.2 billion offer last month.** Insolvent German airline Air Berlin aims to strike deals to sell assets to two or more buyers by the end of September, before a government loan keeping its planes in the air runs out, its chief executive said.** Swiss digital currency exchange ShapeShift AG said it has acquired Seattle-based KeepKey Holder LLC, a maker of devices known as digital wallets, in an all-bitcoin deal.** Brazilian prosecutors plan to investigate last year''s controversial sale of the Argentine subsidiary of Petrobras , Brazil''s state-controlled oil company, a lawyer representing some Petrobras shareholders said.** Silver Run Acquisition II, a private equity backed oil and gas startup led by the former chief executive of Anadarko Petroleum Corp, has agreed to acquire two Oklahoma energy companies.** Proprietary trading firm DRW Holdings said it agreed to buy RGM Advisors, in the latest example of consolidation among high-frequency trading (HFT) firms, which have struggled remain profitable amid rising costs and low market volatility.** Nets A/S, Scandinavia''s largest payments processor, is seeing "considerable interest" from potential buyers amid a wave of M&A activity, the company''s chief executive said.** Investor William Ackman said his hedge fund had bought and sold a stake in Hilton Worldwide Holdings, identifying the portfolio company that recently earned him a double digit return.** Dongfeng Motor Group has no plans at the moment to acquire all or part of Fiat Chrysler Automobiles NV (FCA) , a spokesman of the Chinese automaker said in response to a question by Reuters. (Compiled by Roopal Verma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L33CG'|'2017-08-17T08:05:00.000+03:00'
'83c8b4e638b12589daab2e7177c8aaf71657ede6'|'Deals of the day-Mergers and acquisitions'|'Aug 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1315 GMT on Thursday:** The energy unit of Warren Buffett''s Berkshire Hathaway Inc said it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer.** United Rentals Inc, the world''s largest construction equipment rental company, will buy Neff Corp for about $1.3 billion, the companies said, topping H&E Equipment Services Inc''s about $1.2 billion offer last month.** German carmakers Daimler and BMW may be in talks to combine their car-sharing services Car2Go and DriveNow, the chief executive of car rental company and DriveNow partner Sixt hinted.** The German government wants insolvent Air Berlin''s management to strike a quick deal to sell its assets to other airlines, a senior government official said.** Germany''s Lufthansa is in talks to buy a majority of insolvent Air Berlin''s aircraft, with the backing of Berlin, which is pushing for a national aviation champion, media reports said.** Brazilian rental car firm Movida Participações SA said it had agreed to buy BVHD Locação de Veículos e Serviços Ltda, which operates the brand "Fleet Services," for 22 million reais ($6.95 million).** Swiss digital currency exchange ShapeShift AG said it has acquired Seattle-based KeepKey Holder LLC, a maker of devices known as digital wallets, in an all-bitcoin deal.** Brazilian prosecutors plan to investigate last year''s controversial sale of the Argentine subsidiary of Petrobras, Brazil''s state-controlled oil company, a lawyer representing some Petrobras shareholders said.** Silver Run Acquisition II, a private equity backed oil and gas startup led by the former chief executive of Anadarko Petroleum Corp, has agreed to acquire two Oklahoma energy companies.** Proprietary trading firm DRW Holdings said it agreed to buy RGM Advisors, in the latest example of consolidation among high-frequency trading (HFT) firms, which have struggled remain profitable amid rising costs and low market volatility.** Nets A/S, Scandinavia''s largest payments processor, is seeing "considerable interest" from potential buyers amid a wave of M&A activity, the company''s chief executive said.** A group of bondholders who owned debt in Spain''s failed Banco Popular filed a lawsuit asking for the lender''s rescue and sale to be cancelled, joining a growing series of legal challenges against the European Union''s intervention.** Investor William Ackman said his hedge fund had bought and sold a stake in Hilton Worldwide Holdings, identifying the portfolio company that recently earned him a double digit return.** Dongfeng Motor Group has no plans at the moment to acquire all or part of Fiat Chrysler Automobiles NV (FCA) , a spokesman of the Chinese automaker said in response to a question by Reuters. (Compiled by Roopal Verma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L346G'|'2017-08-17T11:36:00.000+03:00'
'21fe9c98e406a3585f4ad027bab6a9f4a9e4dc19'|'Canada considers reopening its 50-year bond'|'TORONTO, Aug 17 (Reuters) - Canada, which issued its first ultra-long bond in April 2014, is considering more in the future, the government said on Thursday.Any issuance would be done by reopening that 50-year bond via a modified auction, subject to market conditions, the government said on the Bank of Canada website.The 2.75 percent bond, which matures on Dec. 1, 2064, had C$3.5 billion outstanding at the end of July. Canada last reopened the bond in November 2014 with a C$1 billion issue.Canada is one of the few leading industrialized nations with an undisputed AAA rating, and its bonds are in high demand.Ultra-long bonds have a term to maturity of 40 years or more. A 50-year duration for sovereign bonds is not as common as a 30-year, although several Canadian provinces already issue ultra-long bonds.Earlier this year, U.S. Treasury Secretary Steven Mnuchin said the United States was studying the possibility of issuing 50-year and 100-year bonds. Debt for both Mexico and Ireland has durations of up to a century. (Reporting by Fergal Smith; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-bonds-idINL2N1L30XL'|'2017-08-17T14:06:00.000+03:00'
'de265d215d317fa31c6ce6785f6fdb839e121492'|'Destiny Pharma taps AIM market to fund ''superbug'' drugs'|'August 18, 2017 / 7:46 AM / 30 minutes ago Destiny Pharma taps AIM market to fund ''superbug'' drugs Reuters Staff 2 Min Read LONDON (Reuters) - Biotech firm Destiny Pharma is aiming to raise more than 10 million pounds ($12.9 million) of new equity to develop drugs that target antibiotic-resistant bacterial infections, or superbugs, in hospitals, it said on Friday. Company founder Bill Love said studies had shown its XF-73 drug candidate to be effective against the superbug MRSA, without resistance emerging through 55 repeated exposures. "The drugs are differentiated from traditional antibiotics and anti-bacterial drug approaches in that their mechanism of action targets bacterial cell membranes, killing bacteria very rapidly," he said in an interview. "Due to that mechanism of action in trials and studies we''ve seen no emergence of bacterial resistance to excess drug action." Scientists are racing to develop new drugs to prevent and treat life-threatening infections caused by antibiotic-resistant bacteria. Destiny Pharma''s XF-73 had completed five early stage trials, he said, and the funds raised in the listing would take the drug to the cusp of phase III studies in the prevention of post-surgical Staphylococcus aureus infections during 2019. The drug could eliminate or reduce the presence of the bacteria, which is in about a third of people''s noses, before a patient undergoes surgery, reducing the risk of post-surgical infection, he said. Chief Executive Neil Clark said the company was looking to raise "north of 10 million pounds" from new institutional investors and existing shareholders in the listing on London''s junior AIM market. Around 19 million pounds in equity funding and another 4.5 million pounds of research grant funding had been invested in the company to date, he said. Reporting by Paul Sandle; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-destinypharma-ipo-idUKKCN1AY0PJ'|'2017-08-18T10:45:00.000+03:00'
'842ffe719d5fc5265a92391ff8244dcad7d82b65'|'Buffett''s Berkshire Hathaway will not increase its Oncor offer'|'August 17, 2017 / 1:05 AM / 13 hours ago Buffett''s Berkshire Hathaway will not increase its Oncor offer 3 Min Read Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. Rick Wilking/Files REUTERS - The energy unit of Warren Buffett''s Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer. Elliott Management Corp, the largest creditor of Oncor''s bankrupt parent Energy Future Holdings Corp, has tried to best Berkshire''s offer for the Texas utility with a $9.3 billion proposal. Including debt, Elliott''s offer values Oncor at $18.5 billion, above Berkshire''s $18.1 billion valuation. Elliott, which already owned a major position in the biggest block of debt of Energy Future, has now purchased a slice of a different class of debt that would ensure the hedge fund''s ability to block Buffett''s deal, the Wall Street Journal reported on Wednesday. The fund''s new purchase is in an impaired class of notes, meaning it won''t be paid fully in the restructuring, and its approval is likely needed to get a deal done, the WSJ reported, citing people familiar with the matter. A U.S. bankruptcy judge in July gave Elliott until Aug. 21 to formalize its plans to bid on Oncor before the court approves the offer for the utility from Berkshire. "We''re committed to being an exceptional long-term partner in Texas and our simple, straightforward deal is good for Oncor, its customers and the state," Berkshire Hathaway Energy Chief Executive Greg Abel said in a statement. Oncor was not immediately available for comment on the Berkshire statement or the Journal report. Elliott also could not be reached for comment outside regular U.S. business hours. Berkshire''s bid for Oncor includes 47 regulatory commitments that have the support of 12 key stakeholder groups across Texas, the company said. "Oncor is a strong company with values, management and employees that will fit well with Berkshire Hathaway," said Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc. Berkshire''s merger agreement with Oncor carries a $270 million termination fee should the deal fall through. Reporting by Subrat Patnaik and additional reporting by Ismail Shakil in Bengaluru; Editing Lisa Shumaker and Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oncor-m-a-berkshire-hatha-idINKCN1AX02U'|'2017-08-16T23:05:00.000+03:00'
'344e410213c0e55edb4a9cb6b79ef8c5b0d2702c'|'Solar eclipse presents first major test of power grid in renewable era'|'August 19, 2017 / 12:04 PM / 8 minutes ago Solar eclipse presents first major test of power grid in renewable era Ruthy Munoz 4 Min Read FILE PHOTO -- An array of solar panels are seen in Oakland, California, U.S. on December 4, 2016. Lucy Nicholson/File Photo HOUSTON (Reuters) - As Monday''s total solar eclipse sweeps from Oregon to South Carolina, U.S. electric power and grid operators will be glued to their monitoring systems in what for them represents the biggest test of the renewable energy era. Utilities and grid operators have been planning for the event for years, calculating the timing and drop in output from solar, running simulations of the potential impact on demand, and lining up standby power sources. It promises a critical test of their ability to manage a sizeable swing in renewable power. Solar energy now accounts for more than 42,600 megawatts (MW), about 5 percent of the U.S.''s peak demand, up from 5 MW in 2000, according to the North American Electric Reliability Council (NERC), a group formed to improve the nation''s power system in the wake of a 1964 blackout. When the next eclipse comes to the United States in 2024, solar will account for 14 percent of the nation''s power, estimates NERC. For utilities and solar farms, the eclipse represents an opportunity to see how well prepared their systems are to respond to rapid swings in an era where variable energy sources such as solar and wind are climbing in scale and importance. Power companies view Monday''s event as a "test bed" on how power systems can manage a major change in supply, said John Moura, director of reliability assessment and system analysis at the North American Electric Reliability Corp. "It has been tested before, just not at this magnitude," adds Steven Greenlee, a spokesman for the California Independent System Operator (CISO), which controls routing power in the nation''s most populous state. FILE PHOTO: Solar panels are seen next to a Southern California Edison electricity station in Carson, California March 4, 2015. Lucy Nicholson/File Photo CISO estimates that at the peak of the eclipse, the state''s normal solar output of about 8,800 MW will be reduced to 3,100 MW and then surge to more than 9,000 MW when the sun returns. CISO''s preparation includes studying how German utilities dealt with a 2015 eclipse in that country. Its review prompted the grid overseer to add an additional 200 MW to its normal 250 MW power reserves. FILE PHOTO: A man views solar panels on a roof at Google headquarters in Mountain View, California, U.S., on June 18, 2007. Kimberly White/File Photo "We''ve calculated that during the eclipse, that solar will ramp off at about 70 MW per minute," said Greenlee. "And then we''ll see the solar rolling back at about 90 MW per minute or more." Power utilities say the focus will be on managing a rapid drop off and accommodate the solar surge post the eclipse. Utility executives say they do not expect any interruption in service, but are prepared to ask customers to pare usage if a problem arises."We want to assure our customers that we have secured enough resources to meet their energy needs, even with significantly less solar generation on hand," said Caroline Winn, chief operating officer at utility San Diego Gas & Electric Co. In the Eastern United States, utilities will have more time to watch the results of their Western counterparts. PJM Interconnection, which coordinates electricity transmission among 13 states from Michigan to North Carolina, says non-solar sources such as hydro and fossil fuel can easily supplant the 400 MW to 2,500 MW solar loss, depending on the cloud cover. For small-scale solar providers, the eclipse is a drop in the revenue bucket. Ron Strom, a North Carolina real estate developer, sells the power from a 58 kilovolt system atop a commercial property in Chapel Hill to Duke Energy. "The event may cost me eighteen cents or thereabouts if my panels don''t produce solar for three hours," said Strom. Additional reporting by Nichola Groom in Los Angeles; editing by Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-solar-eclipse-usa-grid-idUSKCN1AZ0E8'|'2017-08-19T15:00:00.000+03:00'
'93affbd07b41add329bb6f96462337e413986a80'|'China’s digital-payments giant keeps bank chiefs up at night'|'IN WESTERN countries it is common to talk about American technology being dominant. From an Asian perspective that seems off. Fresh from visiting the region, where buskers and kerbside fishmongers can be paid by presenting a phone, Schumpeter has found it a shock being back in New York. There, buying most things involves signing bits of paper and PIN numbers are viewed as dangerously transgressive. Only 2% of credit- and debit-card transactions in America are authenticated with PIN numbers; 19bn cheques are written in the country every year.Asian firms have leapfrogged ahead, offering a new model of financial technology. Exhibit A is Ant Financial, a payments company affiliated with Alibaba, one of China’s two giant internet firms (the other is Tencent, whose WeChat messaging app is ubiquitous and supports payments). Ant is popular in China and has ambitions outside it. Already the world’s most valuable “fintech” firm, worth $60bn, it has 520m payments customers at home and its affiliates abroad have 112m, mainly in Asia. In May it signed a deal to install its payments system in millions of American retail outlets. Ant is in the process of buying MoneyGram, a Texas-based money-transfer firm active in over 200 countries.  2 hours   11   13   16   19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates One admired boss in the conventional banking industry says Ant keeps him awake at night. For protectionists, the firm is evidence of a Chinese plot to control the world’s financial plumbing. For consumers, it could boost competition in a cosy industry.Ant was spun out of Alibaba in 2014. Its core business is enabling payments by a vast army of customers to the 10m or so merchants who use Alibaba’s e-commerce sites. This accounts for over a quarter of its revenues, according to CLSA, a brokerage. And it gives Ant huge scale at home. China’s internet-payments market is the world’s biggest, reckons Goldman Sachs, with $11trn in transactions last year, twice the size of America’s credit- and debit-card industry. Ant controls 51% of it. The firm is 16 times larger than PayPal, an American counterpart, on this measure.China’s lead is about more than size, though. People make payments mainly by using phones. Whereas Western products such as PayPal and Apple Pay often piggyback off credit-card firms’ networks to access clients’ funds, China’s firms can access bank accounts directly, cutting out the middlemen.Ant has developed a menu of services: its home screen lets you buy train tickets, pay utility bills and invest in mutual funds. Yu’e Bao, a money-market fund run by Ant, has $166bn of assets. Ant lends to its clients, but so far its balance sheet is modest: outstanding loans to small firms were $5bn in 2016. Fees are low, but Ant’s profits still reached a chunky $820m last year, up by 14% since 2014. (It does not publish its books, but some figures can be inferred from Alibaba’s accounts.)Jack Ma, the tycoon who controls Alibaba and Ant, has a grand vision to turn a Chinese empire into a global one. For Ant there are two opportunities. One is a business known as “merchants acceptance”, machines for paying for goods in shops and hotels. At the moment Chinese travellers abroad, whose ranks reached 120m in 2016, often use UnionPay, a card provider. Ant is muscling in, letting people use Alipay when they have weekends in Dubai or make family trips to Disneyland.Longer term, the goal is to create a huge online network of local consumers and merchants in other countries, replicating Ant’s model in China. But building relationships with local banks and firms takes time. And in poorer countries few people have bank accounts to connect to their mobile accounts. Instead they hand over cash in shops and kiosks to fill up mobile wallets.As a result Ant is expanding through local subsidiaries or affiliates. Along with Alibaba it owns about half of Paytm, an Indian digital-payments star. And it has bought stakes in fintech firms in Thailand, Singapore, Indonesia, the Philippines and South Korea. Buying MoneyGram would not bring cutting-edge technology—its core activity is cash remittances—but would give Ant licences abroad and clients who could be prodded to use digital services.Ant’s scale, innovation and drive mean it is well placed. But it faces three hurdles. First, rising competition is dampening margins. At home WeChat has helped boost Tencent’s market share in digital payments from 15% in 2014 to 33% last year. Abroad, Ant is not the first mover. In South-East Asia several e-commerce and ride-hailing firms are bolting payments onto their apps to attract and keep more customers. DBS, a regional lender, is a leader in digital banking. In America, Apple Pay is accepted in 4.5m locations and could get more popular.As Ant grows it must manage a second problem, its tangled links with Alibaba. The original spin-off was controversial. Today Mr Ma controls a majority of the firm’s voting interests. State-backed funds and entities collectively own about 15%. Alibaba doesn’t own shares in Ant but is entitled to 37.5% of its profits. If Ant does an initial public offering this agreement can change and Alibaba would get 33% of its shares. The two firms share joint ventures and executives. They pay fees to—and receive them from—each other. There is a risk of conflict and muddle.Paying its duesAnt’s final hurdle is that foreign governments may not like Chinese firms having a big role in their financial systems. America’s national-security review panel, known as CFIUS, is looking at the MoneyGram deal. On economic grounds they should welcome Ant, so that it can disrupt the bloated credit-card industry. Visa and MasterCard extract over 0.10 cents of net income for every dollar of payments. Ant takes a smaller cut, of less than 0.03 cents.China’s financial system is isolated from the rest of the world. Ant has evolved in a distinct—and more efficient—way. The task now is to persuade other countries that its approach is safe, transparent and free from government interference. It had better hurry up. Sooner or later Silicon Valley’s giants will catch up.  "Ants in your pants"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726713-ant-financial-500m-customers-home-plans-expand-chinas-digital-payments-giant-keeps?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'9c6d6c41c34b9aceca56654324642d7c42d073d1'|'Sonova plays catch up with Danish rivals on hearing-aid tech'|'August 17, 2017 / 5:59 AM / 8 hours ago Sonova plays catch up with Danish rivals on hearing-aid tech John Miller 4 Min Read A Phonak Audeo B-Direct hearing aid of Swiss manufacturer Sonova lies on a Phonak TV Connector device in Staefa, Switzerland August 16, 2017. Arnd Wiegmann ZURICH (Reuters) - Sonova on Thursday launched a new hearing aid microchip capable of streaming audio directly from wireless devices as the Swiss company tries to close the gap with Danish competitors that pioneered similar technology years ago. Sonova, the world''s biggest hearing aid maker, was criticised for missing an opportunity with tech-savvy Baby Boomers when rival GN Store Nord introduced direct-streaming hearing aids for Apple devices in 2014. Sonova now aims to compete on that turf with a 2.4 GHz chip that enables direct streaming from not just Apple but other Bluetooth-equipped devices as well, including those running Google''s Android system and conventional cell phones. Android-based smart phones account for more than 80 percent of sales, according to research firm Strategy Analytics, with iPhones at about 13 percent. "We needed a solution that works for everybody," Sonova Chief Executive Lukas Braunschweiler told Reuters in an interview. "We finally showed up with a solution on their (GN Store Nord''s) home turf." Sonova shares had risen 3.2 percent by 1005 GMT and have added nearly 25 percent this year. GN Store Nord -- whose shares rose 7.5 percent, their best day in a year, after second-quarter profit topped forecasts -- credits its "Made for Apple" hearing aids with capturing market share and boosting profits.[nL8N1L31KW] Its switch to the 2.4 GHz technology started in 2010 and was initially dismissed by rivals, GN Store Nord CEO Anders Hedegaard said in an interview on Thursday. A Sonova SWORD chip lies on a Phonak Audeo B-Direct hearing aid of Swiss manufacturer Sonova, in Staefa, Switzerland August 16, 2017. Arnd Wiegmann "Back then, the others laughed at it," Hedegaard said. "Now, it has taken them seven years to enter this market. Going forward, we will focus on selling our product, which is going very well at the moment." Denmark''s William Demant and Widex, as well as U.S.-based Starkey, also have hearing aids that stream audio directly from devices that run on Apple''s iOS system. Sonova''s entry now will help underpin sales growth, analysts said, but is unlikely to produce a windfall because it may cannibalise from other Sonova products. Moreover, high out-of-pocket costs mean wearers typically keep their hearing aids for five years or until they break, meaning a mad scramble for the latest gadgets is unlikely. "Most patients are 70 or 80, and they are dealing with different challenges than whether they can stream music from their phones," Zuercher Kantonalbank analyst Sybille Bischofberger said. But she added: "Technologically, Sonova was no longer on top, so this helps them catch rivals." Sonova, which spent $25 million over three years to develop its low-energy microchip that it calls SWORD, will first equip one of its Phonak-brand hearing aids with the new technology before broadening it to its Unitron, Hansaton and Advanced Bionics lines. The move expands options for "Phonak-friendly" audiologists who since 2014 have had to steer clients demanding direct streaming to hearing aids made by rivals, said Thomas Lang, marketing head for Sonova''s Phonak unit. "This is the slightly younger, Baby Boomer-type consumer that says, ''Direct connectivity is interesting to me because I use the smart phone, it''s part of my life, and I want the hearing aid to seamlessly work with that,''" Lang said. Additonal reporting by Julie Astrid Thomsen in Copenhagen, Editing by Michael Shields and Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-sonova-technology-idUSKCN1AX0FX'|'2017-08-17T13:59:00.000+03:00'
'c586af3a02636ab139f4ffc3e39b64420d777d1f'|'Exclusive - U.S. SEC officials'' holdings, legal work, pose potential conflicts'|' 37 PM / an hour ago Exclusive - U.S. SEC officials'' holdings, legal work, pose potential conflicts Pete Schroeder 6   A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. Mike Blake   Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc ( GS.N ) and Wells Fargo & Co ( WFC.N ) that could complicate efforts to regulate them, according to government documents viewed by Reuters. Steven Peikin, the new co-head of enforcement at the SEC, held as much as $9 million worth of stock in dozens of blue-chip companies as of Aug. 8, according to a disclosure filing obtained through a public records request. Among them are several large financial firms whose shares Peikin plans to divest, including Goldman, JPMorgan Chase & Co ( JPM.N ), Citigroup Inc ( C.N ) and Intercontinental Exchange Group Inc ( ICE.N ), according to the filing. He did not indicate plans to offload holdings in non-financial companies such as Apple Inc ( AAPL.O ) and General Electric Co ( GE.N ). Peikin also said in paperwork filed with the Office of Government Ethics that he or his former employer, law firm Sullivan & Cromwell, represented several big banks during his time there. In a separate filing, William Hinman, the SEC''s director of corporate finance, said his former law firm, Simpson Thacher & Bartlett, represented big banks as well as technology companies. Should those companies come before the SEC, potential conflicts of interest could arise. Having such conflicts is not unusual for senior SEC officials, whose stints at the agency are often bookended by private sector roles. The SEC has stricter rules than other government institutions about conflicts, and a detailed guide on how to handle them during and after roles at the agency. "Steve and Bill are subject to and complying with all applicable ethics laws, rules, and regulations, and both are working with the agency''s ethics counsel as needed," SEC spokeswoman Judith Burns said in a statement. Peikin and Hinman had no further comment beyond the SEC''s statement. Peikin is co-head of enforcement alongside Stephanie Avakian, allowing him to recuse himself from matters that present conflicts. FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange   July 16, 2013.   Thomas Sporkin, a partner at Buckley Sandler LLP, who previously led the SEC''s Office of Market Intelligence, said that having two enforcement chiefs is "incredibly valuable" to avoid conflicts while ensuring a senior official is involved with important cases. Conflicts of interest have long been a point of contention between those who argue the SEC benefits from hiring people with real-world experience, and critics who say the revolving door makes it impossible to regulate effectively. That debate has heightened under U.S. President Donald Trump, who has stocked his administration with former business executives, and pledged to slash regulations. In July, SEC Chairman Jay Clayton, who is also a former corporate lawyer, outlined ways he plans to do that at the SEC. "Their careers have been representing the industry that they''re now supposed to regulate and they''re going to bring to the job the mindset of the regulated parties," Robert Weissman, president of the liberal watchdog group Public Citizen. "Their orientation is serving Wall Street, not the public." BANKS, TECH FIRMS Peikin, 51, and Hinman, 62, are two of the most prominent appointments by Clayton, who faced questions from lawmakers about his own conflicts of interest during a confirmation hearing in March. While at Sullivan & Cromwell, Peikin represented Goldman and Barclays PLC ( BARC.L ) in investigations involving sanctions violations, rate manipulation and insider trading. The firm also provided services to JPMorgan, U.S. Bancorp ( USB.N ) and Wells Fargo & Co ( WFC.N ) while he was there. The SEC is one of several authorities probing Wells Fargo over sales practices that harmed consumers. Peikin said in his disclosure form confidentiality obligations prevented him from disclosing the identity of 18 other former clients, five of whom are the subject of "pending non-public government investigations." Hinman said his former law firm performed work for Goldman Sachs, JPMorgan and Facebook Inc ( FB.O ) CEO Mark Zuckerberg. While he was there, Simpson Thacher & Bartlett also represented Chinese e-commerce company Alibaba Group Holding Ltd ( BABA.N ) as well as its affiliate ANT Financial Services Group, which is seeking regulatory approval for a planned purchase of U.S. money transfer company Moneygram International Inc ( MGI.O ). Stephen Cohen, the director of Palantir Technologies, which signed a contract worth more than $43 million with the SEC in 2015, was another firm client during Hinman''s employment. The contract was for five years, with years two through five being optional, an SEC spokeswoman told Reuters at the time. Reporting by Pete Schroeder, additional reporting by Sarah N. Lynch; Editing by Lauren Tara LaCapra and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sec-conflicts-exclusive-idUKKCN1AX2D2'|'2017-08-17T21:39:00.000+03:00'
'75b4956b4f3efc38578d25127a1255e562604fd7'|'From airline cancellations to that ropey hotel, what to do about botched holidays'|'I t’s that season again. The sleepless nights, the stressful confrontations and the hours spent on phone and email seeking resolutions. In other words the summer holidays, when many of us jet off for a break from the demands of work and discover the sunny retreat is more stressful than the office. Abta, the travel agents’ association, received nearly 13,000 complaints about botched holidays over 12 months last year. The problems can start as soon as you arrive at the airport, or spring out at you in the form of mysterious debits from your bank account weeks after your return. Whether your flight was overbooked or your hotel under-built, this guide tells you how to sort out the mayhem of the Great British Make Off.Flights At check-in you discover your flight has been delayed for three hours, or that someone else has been given your seat. The airline may forget to tell you that you are entitled to compensation of up to €600 (£544) depending on the length of the journey and the delay.The sums are set out under EU rule 261/2004 and airlines are only exempt if the delay or cancellation was caused by an “extraordinary circumstance”. Airlines often claim that any setback is beyond their control and refuse to pay out. In fact, case law has ruled that favourite excuses like “bad weather”, “crew sickness” and “technical problems” are an inherent part of flying that airlines should plan for.Facebook Twitter Pinterest Airlines often claim that any setback is beyond their control and refuse to pay out. Photograph: Alamy Stock Photo If your flight is delayed for three hours or more, or a cancellation delays your arrival by more than two hours, calculate how much you are due and request the relevant compensation from the air operator. Check the flight distance at DistancesFrom.com, while Which? has template letters on its website . The Resolver website is also a good starting point.If you have been offered overnight accommodation because a flight was cancelled, or you incurred extra costs because you were sent to a different airport, you can claim them back. Again, first claims are likely to be ignored, particularly by easyJet and several other low-cost carriers, if Guardian Money’s postbag is representative. Be persistent. If you are repeatedly ignored you have two choices: bring a small claims court action, which is often enough to get the airline to pay up; or hand it over to a solicitor that specialises in EU261 claims.There are some firms to avoid, but Bott & Co can be trusted, although it does retain 25% plus VAT of the total compensation plus a £25 per passenger admin charge.Lost luggage It could be that you arrive at your destination but your luggage doesn’t, in which case you must fill out a Property Irregularity Report (PIR) at the airport. The airline has 21 days to find it, after which it is deemed lost and you can make a claim. The compensation is usually paltry – £1,200 is the maximum – and doesn’t include new for old. It may be easier to claim under your travel insurance.If your suitcase is damaged, submit a claim within seven days along with that PIR. Specify you are claiming under the Montreal Convention which governs airline liability for lost and damaged bags. If the airline refuses to pay, either for delayed flights or missing baggage, complain to whichever approved dispute resolution scheme it’s signed up to. If it isn’t signed up to one, complain to the Civil Aviation Authority. As a last resort threaten a the small claims court.Car hire Weeks after your return you notice a three-figure sum debited from your account. This is an increasingly common ploy of car hire firms which help themselves without warning for alleged damage. In 2015, following a Europe-wide investigation, the biggest rental firms agreed to improve how they notify customers of this, and how they deal with disputes.Facebook Twitter Pinterest Ask the hire company for detailed evidence of damage and costings. If none is forthcoming, take it up with your card provider. It will demand evidence that the charge is correct, and should reverse any unsubstantiated charges.The European Car Rental Conciliation Service can help with complaints about member companies including the likes of Hertz, Avis and Enterprise.Hotels There is nothing more deflating than finding an empty swimming pool, a mildewed bedroom and a symphony of drills. If you booked a package, ie one or more components were provided by the operator, you are protected by the Package Travel Regulations which state that a holiday must be as described.If you couldn’t resolve the problems while away, you can claim for loss of enjoyment. This includes out-of-pocket expenses and loss of value if you had to fork out for things that should have been included. Or the difference paid if you were transferred to cheaper accommodation. Send in as much evidence as possible – and be persistent. Don’t over claim, however: a reasonable claim is much more likely to be paid out quickly.If the tour operator fails to respond satisfactorily within 28 days, and is a member of Abta, you could use its mediation service . In 2015/16 it upheld 62% of complaints. The Association of Independent Tour Operators also offers a mediation service, but it costs £140. That, however, could be cheaper than the last resort – bringing a small claims case.Your rights are less straightforward if you assembled the holiday yourself. You would have to complain to the individual providers which, if they are based abroad, won’t be governed by UK legislation.If you paid for the hotel or villa directly by credit card, you could lodge a claim for breach of contract with your card issuer under section 75 of the Consumer Credit Act. This can be hard work. If they unreasonably decline, the Financial Ombudsman Service is free.If you booked accommodation in the UK you are protected by the Consumer Rights Act, which gives you compensation rights if, say, the self-catering house was not as described.And if your safety net fails? Facebook Twitter Pinterest You took the precaution of buying insurance in case of a stolen phone or a broken neck. You even read through the terms and conditions to check you were covered. But when you try to claim the insurer won’t pay. Write to the company detailing why you think it is wrong and quote any relevant section of the terms and conditions. New rules forbid insurers to reject a claim if you answered all the relevant questions honestly, and it can’t rely on facts it didn’t specifically ask for. If the firm refuses to give in, or eight weeks pass without a reply, you can take your case to the Financial Ombudsman Service.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/airline-cancellations-ropey-hotel-what-do-botched-holidays'|'2017-08-19T13:59:00.000+03:00'
'b4c6545498bfdee222985c88d1b9fd9fe91b5c6f'|'Swiss digital asset exchange buys U.S. wallet maker in all-bitcoin deal'|'A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Benoit Tessier/Illustration NEW YORK (Reuters) - Swiss digital currency exchange ShapeShift AG said on Wednesday it has acquired Seattle-based KeepKey Holder LLC, a maker of devices known as digital wallets, in an all-bitcoin deal.Financial terms were undisclosed. KeepKey''s wallet, which sells for about $100, stores digital currencies.As bitcoin and other crypto-currencies have gained in popularity, a group of companies such as KeepKey has emerged to serve a growing need to protect these assets from online theft.ShapeShift''s chief executive officer, Erik Voorhees, said in an interview the acquisition allows the company to provide its users a "cohesive experience" in which they can exchange digital assets and store them at the same time.KeepKey integrated ShapeShift''s application more than a year ago."Amid heightened interest in the concept of digital currencies, a simple, user-friendly cold storage wallet" with the ability to facilitate trading or exchanging for another crypto-currency is key to wider adoption, said Voorhees."Cold storage" refers to keeping digital assets completely offline, disconnected from the internet and thus minimizing the incidence of hackings. Bitcoin, litecoin, and ether are digital assets and when they are stored in online devices, such as a laptop or smartphone, there is increased risk of theft.By using KeepKey together with ShapeShift exchange, chances of a cyber attack are greatly diminished, Voorhees said."With ShapeShift, users don''t need to leave funds at an exchange," he said. "With KeepKey, users don''t need to leave funds on any computer whatsoever. We see a future in which keys are kept on hardware, and noncustodial exchange occurs directly from the hardware."This means users can hold their coins on the hardware device and exchange them on demand within the wallet, without even visiting a website, he said.ShapeShift''s volume has jumped about 1,500 percent over the last year, Voorhees said. Last month, he estimated the company''s volume at about $280 million."This is in line with the sharp growth in the digital currency space," he said.Bitcoin on Tuesday hit a record $4,400 BTC=BTSP on the BitStamp platform. It last traded at $4,314.Total market capitalization of the digital currency space was $141 billion on Wednesday.ShapeShift, based in Zug, Switzerland, was launched in 2014. It raised $10.6 million early this year in a Series A funding led by Berlin-based Earlybird Venture Capital, Voorhees said.Editing by Matthew Lewis'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-keepkey-m-a-shapeshift-idINKCN1AW2O3'|'2017-08-16T19:29:00.000+03:00'
'c5a0c0db7ef9df9eeb95cd2a519ec015bd9057c1'|'U.S. formally launches probe of China''s intellectual property practices'|'August 18, 2017 / 8:28 PM / 4 minutes ago U.S. formally launches probe of China''s intellectual property practices Reuters Staff 2 Min Read United States Trade Representative Robert Lighthizer speaks at a news conference prior to the inaugural round of North American Free Trade Agreement renegotiations in Washington, U.S., August 16, 2017. Aaron P. Bernstein WASHINGTON (Reuters) - The United States on Friday formally launched an investigation into China''s alleged theft of U.S. intellectual property, a widely expected move following a call from President Donald Trump earlier this week to determine whether a probe was needed. The probe is the administration''s first direct measure against Chinese trade practices, which the White House and U.S. business groups say are bruising American industry. "After consulting with stakeholders and other government agencies, I have determined that these critical issues merit a thorough investigation," U.S. Trade Representative Robert Lighthizer, the nation''s top trade negotiator, said in a statement. Trump repeatedly railed against Chinese trade practices on the campaign trail, but as president he had not taken significant action until this week. China had rebuffed attempts by previous American presidents to take action against its IP practices. Administration officials have said that China''s theft of U.S. intellectual property could amount to as much as $600 million (465.73 million pounds). The probe will likely further complicate the U.S. relationship with China, the country''s largest trading partner. The Trump administration has been pressing Beijing to take steps to encourage North Korea to curb its nuclear and missile programs. Reporting by Tim Ahmann; Writing by Makini Brice; Editing by Eric Beech and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-trump-trade-china-idUKKCN1AY2C9'|'2017-08-18T23:52:00.000+03:00'
'b8493a84e2d75b1a9ee66ea3174764d7caf9c158'|'CANADA STOCKS-TSX slides as inflation, stronger loonie cloud sentiment'|'* TSX down 81.31 points, or 0.54 percent, to 14,952.33* Nine of the index''s 10 main groups fall* Materials down 1.1 percent as gold under pressureTORONTO, Aug 18 (Reuters) - Canada''s main stock index fell on Friday, led lower by bank and gold mining shares, as concerns about the impact of a stronger Canadian dollar and higher inflation on the economy clouded sentiment.Domestic data showed that Canada''s annual inflation rate ticked higher in July, suggesting price pressures are picking up after June''s subdued reading and clearing the way for the Bank of Canada to raise interest rates in the fall. The news helped lift the Canadian dollar."As the inflation rate ticks up, the Bank of Canada can be more aggressive in terms of raising rates" and that could slow the economy, said Manash Goswami, a portfolio manager at investment firm First Asset, adding that a stronger currency could also pose a headwind for the country''s exporters.The index''s losses stood in contrast to U.S. stocks, which rebounded in a volatile session on reports that President Donald Trump fired his controversial chief strategist Steve Bannon.The Toronto Stock Exchange''s S&P/TSX composite index finished down 81.31 points, or 0.54 percent, at 14,952.33.Healthcare was the only sector that advanced.Manulife Financial Corp fell 2.4 percent to C$24.50, while the overall financials group declined 0.5 percent.The materials group gave up 1.1 percent, hurt by gold mining stocks that reversed course after the price of gold cooled. Prices had jumped to their highest in more than nine months on geopolitical worries, but came under pressure following news of Bannon''s firing.Barrick Gold fell 1.9 percent to C$20.95, while Goldcorp Inc slumped 3 percent to C$16.20.Technology stocks retreated 0.9 percent with CGI Group Inc down 1.3 percent at C$62.67. Absolute Software Corp slumped 6.6 percent to C$7.46 after it reported fourth quarter results that missed expectations.The broader energy group was off 0.1 percent, even as the price of oil jumped 3 percent. U.S. crude prices settled at $48.51 a barrel."I think for the Canadian markets to catch fire you are going to need the energy sector to do a lot better. A lot of foreign investors don''t want to be in Canada unless they see energy recovering," said Goswami.Industrials fell 1 percent, as Canadian National Railway Co fell 1.2 percent to C$100.00.Declining issues outnumbered advancing ones on the TSX by 165 to 76, for a 2.17-to-1 ratio on the downside. (Reporting by Solarina Ho and Fergal Smith; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1L41KG'|'2017-08-18T23:54:00.000+03:00'
'71d99319e64b04cb576219919a055b3e35356c7a'|'Super-long JGBs pare losses, edge up after solid 20-yr auction'|'TOKYO, Aug 22 (Reuters) - Longer-dated Japanese government bond prices trimmed earlier losses and edged up on Tuesday after an auction of 20-year debt attracted solid demand from investors.The 20-year yield fell half a basis point to 0.545 percent after reaching 0.550 percent earlier, while the 30-year yield was down 1 basis point at 0.830 percent following an earlier rise to 0.845 percent.The bid-to-cover ratio, a gauge of demand, at Tuesday''s one trillion yen ($9.15 billion) 20-year sale rose to 4.51 from 4.19 at the previous auction in July.Super-long JGBs enjoy a degree of demand from investors due to their relatively higher yields, with the benchmark 10-year yield roughly bound close to zero percent under the Bank of Japan''s yield curve control scheme, analysts said.The 10-year yield was half a basis point higher at 0.035 percent. ($1 = 109.2300 yen) (Reporting by the Tokyo markets team; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L81T1'|'2017-08-22T02:13:00.000+03:00'
'f4b8e8c76dcb337a9f9b4a10d4edc3606d7c71cc'|'China''s Dalian Wanda sells Nine Elms Square in London to third party'|'August 22, 2017 / 2:41 AM / 22 minutes ago China''s Dalian Wanda drops plan to acquire London''s Nine Elms, R&F new buyer Donny Kwok and Clare Jim 3 Min Read FILE PHOTO: A sign of Dalian Wanda Group in China glows during an event in Beijing, China March 21, 2016. Damir Sagolj/File Photo HONG KONG (Reuters) - Dalian Wanda Group said on Tuesday it had scrapped plans to buy Nine Elms Square in London, the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment. An executive at Guangzhou R&F Properties ( 2777.HK ), who declined to be identified as he was not authorised to speak to the media, told Reuters that R&F would instead buy the property. It would be the second time in a matter of weeks that the Chinese developer has stepped in to take over assets from Wanda, owned by one of China''s richest men, Wang Jianlin. Squeezed for finance, Wanda last month agreed to sell 77 hotels to R&F for 19.9 billion yuan ($3 billion) and 91 percent equity in 13 tourism projects to Sunac China ( 1918.HK ) for 43.8 billion yuan. China launched a clampdown on capital outflows and overseas direct investment last year, and Wanda, a property-to-entertainment giant, has been one of the companies most affected. Chinese banks have been told to stop providing funding for several of Wanda''s overseas acquisitions in order to curb its appetite for offshore deals, according to sources familiar with the matter. R&F, together with CC Land ( 1224.HK ), is in a consortium to buy Nine Elms, according to a source directly involved in the deal. The price will remain at 470 million pounds ($606 million), the person added, and because the deal is done offshore it does not require approval from Chinese regulators. CC Land did not respond to an email seeking comment. The developer, run by Chinese property magnate Cheung Chung-kiu, agreed to pay 1.15 billion pounds in March to buy London''s "Cheesegrater" skyscraper from British Land and Oxford Properties. R&F in April also agreed to buy the Vauxhall Square development in central London from CLS Holdings for a gross 157.77 million pounds. Wanda''s International Real Estate Centre said in a statement to Reuters on Tuesday that ownership of the 10-acre(4-hectare) Nine Elms belonged to a third party, following a Monday filing by St. Modwen Properties ( SMP.L ), owner of the London building, that it had completed the 470 million pound sale, without identifying the buyer. China''s cabinet on Friday reiterated it would limit overseas investment in property, hotels, entertainment, sports clubs and the film industry, and planned to maintain a blacklist of domestic firms that violated overseas investment rules. In March, Wanda''s proposed $1 billion purchase of U.S. TV production company Dick Clark Productions collapsed under the heightened pressure from Beijing on outbound deals. Reporting by Donny Kwok and Clare Jim in HONG KONG, Zhu Zhang and Matthew Miller in BEIJING; Editing by Dale Hudson and Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-wanda-britain-idUKKCN1B206Q'|'2017-08-22T05:41:00.000+03:00'
'7fab763813960667ec98a65cf8c1ed1e2068c4f1'|'CANADA STOCKS-TSX futures higher as oil rises'|' 33 AM / 10 minutes ago CANADA STOCKS-TSX futures higher as oil rises Reuters Staff 3 Min Read Aug 22 (Reuters) - Canada''s main stock index futures were trading slightly higher on Tuesday as oil prices rose, buoyed by indications that supply may be tightening gradually, especially in the United States. September futures on the S&P TSX index were up 0.06 percent at 7:15 a.m. ET. Retail sales data is due at 08:30 a.m. ET. Canada''s main stock index ended flat on Monday as sharp gains for several base metal miners and a major bank offset losses for heavyweight energy stocks as crude oil prices turned sharply lower. Dow Jones Industrial Average e-mini futures were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.15 percent and Nasdaq 100 e-mini futures were up 0.38 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Magna International has won approval to build a factory in western Hungary which could result in the Canadian car parts maker choosing Hungary over Slovenia for its new paint facility, Radio Slovenia reported. Canadians took on more consumer debt in the second quarter and average mortgage loan balances also increased, but delinquency rates fell, credit report provider TransUnion said. ANALYST RESEARCH HIGHLIGHTS Transat At Inc : TD Securities raises target price to C$11 from C$10 Canadian Imperial Bank Of Commerce: KBW raises target price to C$116 from C$115 COMMODITIES AT 7:15 a.m. ET Gold futures: $1283.2; -0.59 percent US crude: $47.39; +0.04 percent Brent crude: $51.64; -0.04 percent LME 3-month copper: $6615.5; +0.45 percent U.S. ECONOMIC DATA DUE ON TUESDAY 0900 Monthly home price mm for June: Prior 0.4 pct 0900 Monthly home price yy for June: Prior 6.9 pct 0900 Monthly Home Price Index for June: Prior 249.2 1000 Rich Fed composite Index for Aug: Prior 14 1000 Rich Fed, Services Index for Aug: Prior 12 1000 Rich Fed Manufacturing Shipments for Aug: Prior 13 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.26) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Saumyadeb Chakrabarty) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL4N1L83HS'|'2017-08-22T14:32:00.000+03:00'
'e8946499b2fa6cbb75844173dd85e13568028c74'|'Great Wall Motor says it has not contacted Fiat Chrysler''s board'|'August 22, 2017 / 12:22 PM / 36 minutes ago Great Wall Motor says it has not contacted Fiat Chrysler''s board Reuters Staff 2 Min Read FILE PHOTO - A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. Brendan McDermid HONG KONG (Reuters) - Chinese automaker Great Wall Motor Co Ltd ( 601633.SS ) has not contacted Fiat Chrysler Automobiles NV''s ( FCHA.MI )( FCAU.N ) board nor has it signed any agreements with the Italian-American automaker, it said on Tuesday. Automotive News first reported on Monday that Great Wall Motor President Wang Fengying planned to contact FCA to discuss acquiring the Jeep brand. Two people familiar with the matter told Reuters on Monday that Great Wall Motor had asked for a meeting with FCA to make an offer for all or part of the group. "We took interest in FCA but there has been no concrete progress so far," Great Wall Motor said in a filing to the Shanghai stock exchange on Tuesday. "We have not had any negotiation, nor signed any agreements with FCA," the filing added. Trading in Great Wall Motor''s Shanghai-listed shares will resume on Wednesday, after it was suspended on the company''s request. Reporting by Meg Shen; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-great-wall-motor-fiat-chrysler-idUKKCN1B21D4'|'2017-08-22T15:22:00.000+03:00'
'e2710237faadb70cc0e5dcdb16146428331976ef'|'GoDaddy''s CEO to retire, COO to succeed'|'August 22, 2017 / 8:28 PM / 6 minutes ago GoDaddy''s CEO to retire, COO to succeed Reuters Staff 1 Min Read FILE PHOTO: The logo for internet company GoDaddy inc is shown on a computer screen in this illustration photo in Encinitas, California May 3, 2016. Mike Blake/File Photo (Reuters) - Website hoster GoDaddy Inc said on Tuesday Chief Operating Officer Scott Wagner would succeed Chief Executive Blake Irving, who would be retiring effective Dec. 31. Irving will continue to serve on GoDaddy''s board through June 2018, the company said. [nPn53RgV9a] Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-godaddy-ceo-idUKKCN1B22CB'|'2017-08-22T23:17:00.000+03:00'
'c83d0f1e5bf817e30e94da1c7bd08a7618bb830f'|'Court ruling could broaden U.S. government environmental impact studies'|'NEW YORK, Aug 22 (Reuters) - Regulators approving new gas pipelines must try to analyze their potential to increase greenhouse gas emissions before giving them the go-ahead, an appeals court ruled on Tuesday, in a move industry representatives and environmentalists said could have far-reaching effects on infrastructure projects.Judges on the District of Columbia Circuit of the U.S. Court of Appeals said in their ruling that, before it approved three gas pipelines proposed by Duke Energy Corp, the Federal Energy Regulatory Commission should have considered the environmental impact of the greenhouse gases likely to be emitted when gas transported by the pipelines was burned.While some experts said the decision meant little more than an increase in paperwork for regulators, others said it could change the way the federal government decides what issues to examine in environmental impact studies required under the National Environmental Policy Act.In the past regulators have considered only the effects of a project they have the authority to control, which are considered direct effects. But the appeals court''s decision could force them to consider indirect effects as well."FERC would obviously prefer to say ''we''re approving a pipeline and here are the impacts from digging a trench and laying a pipe,''" said Elly Benson, a lawyer for the Sierra Club, one of the environmental groups that challenged the permit FERC gave for the pipelines in a petition before the appeals court."What they''re ignoring is the fact that this project includes the transmission of gas that everyone knows is going to be combusted," added Benson, welcoming the court''s decision as a "very important victory."A FERC spokeswoman declined to comment. Spokespeople from Duke Energy did not immediately respond to a request for comment.The ruling comes a week after President Donald Trump issued an executive order calling for regulators to shorten the process around infrastructure permitting to two years and appoint a lead federal agency to work on permitting for each new project.Deidre Duncan, a partner at Hunton & Williams who represents a number of pipeline companies, said the ruling could foretell "significant" changes to regulators'' permitting duties, forcing regulators to look more broadly at proposed projects before approving them."If not changed on rehearing or ultimately by the Supreme Court, this case has broad implications for multiple industries and agencies in various contexts," she said. (Reporting By Emily Flitter; Editing by Frances Kerry)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/usa-climatechange-pipeline-ruling-idUSL2N1L8119'|'2017-08-23T02:19:00.000+03:00'
'e8bc52304b155517e31d3f09e6d937e9bf62ede5'|'Computer-game tournaments go mainstream'|'FIREWORKS detonated, smoke wafted over the stage and confetti began to fall. Seventeen thousand fans cheered the European players of Team Liquid, with monikers like “MinD_ContRoL” and “MATUMBAMAN”, who had just triumphed over a Chinese side to win The International, a tournament held in Seattle’s KeyArena on August 7th-12th. In the stands Max Martinez, a 25-year-old bartender from Phoenix, was in a state of nirvana. “This is like my Super Bowl,” he said.But the players in this tournament had no need to catch, throw or run. Their most important muscles are those in their fingers. MinD_ContRoL, a bespectacled Bulgarian named Ivan Ivanov, excels at a computer game called “Dota 2”. Valve Corporation is the producer of “Dota 2”. It has put on The International since 2011, offering more than $10m to this year’s winners. The prize money is particularly rich, but the tournament itself is not unusual. E-sports, in which computer gamers compete before thousands of fans in person and millions more online, is on the rise.  an hour   11   13   16   19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates E-sports is gradually assembling all the trappings of mainstream sports: corporate sponsorships, professional managers, salaried players and even announcers who wear suits and make bad jokes. Last year Peter Guber, a co-owner of the Golden State Warriors basketball team, led a group of investors to buy a majority stake in Team Liquid for an undisclosed sum. His partners included Magic Johnson, a former basketball star, and Steve Case, a founder of AOL, an online service.Their goal is for e-sports teams to compete with conventional ones for viewers and bigger corporate sponsorships. “How do we make this into football, bowling, the beer-and-chips crowd?” asks Joost van Dreunen of SuperData Research, a firm that tracks the gaming industry.It still has a long way to go. Last year e-sports earned $900m, mainly from advertising, ticket sales and merchandise, according to SuperData, compared with $83bn from sales for mobile, computer and console games. Viewers watch for free. For now, the main value of e-sports is as a marketing tool to sell games.That may change. Media companies are hungry for content that can win viewers’ attention; e-sports has a young, passionate audience. SuperData estimates that 258m people will watch e-sports this year, up by 20% from 2016, through online platforms such as Twitch. Giant firms have taken an interest. Amazon, an e-commerce juggernaut, bought Twitch in 2014 for nearly $1bn. Disney will soon have a controlling stake in BAMTech, a video-streaming firm that last year agreed to pay $300m for the rights to stream tournaments for a game called “League of Legends” until 2023. (The game’s 100m monthly active players outnumber the population of Germany.) The owner of “League of Legends” is Tencent, a Chinese internet giant.Nevertheless, gamers face several obstacles before they can compete with established sports. Although big brands are beginning to sponsor events and teams, Mr van Dreunen says, they are still tentative and invest only small amounts. Another challenge is accessibility. Most viewers play the games themselves, some of which, like “Dota 2”, can boggle the mind. Devotees prefer complex games, but e-sports will need simpler ones to win new fans. In Seattle Mr Martinez described Team Liquid’s moves as “epic, like insane”. More than a few novice viewers would apply only the second label.  "Play time"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726751-competitive-gaming-advances-next-level-seeking-more-sponsorships-and-fans-computer-game?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'938bce8e0af448895ebd8a9df4d82972c32b6bd7'|'BHP’s shale sale could happen: this is not a drill'|'I t has been a turbulent few years for BHP Billiton , the world’s largest mining and petroleum company.First came the Samarco tragedy in Brazil, when the collapse of a dam at its iron ore mine unleashed a flood and killed 19 people. The company is still facing the prospect of criminal charges and a potential $47bn settlement over the worst environmental disaster in Brazilian history.More recently, BHP came under attack from activist hedge fund Elliott Advisors, which has built up a 5% stake as it bids to force executives to rethink the firm’s strategy. Elliott wants BHP’s bosses to bow to its demands, which include the sale of its US shale oil business. The division was snapped up when oil prices were above $100, but is considerably less attractive now that Brent crude is hovering closer to $50.BHP may be reluctant to seek a buyer at a time when the price is likely to be low, but it is caught between an oil-bearing rock and a hard place.Incoming chairman Ken MacKenzie, due to start in September, was Elliott’s favoured candidate. He will have been hearing Elliott’s views on the matter, as well as those of BHP’s many powerful investors. That makes Monday’s full-year results presentation among the most important in BHP’s recent history. Is Elliott’s 5% stake a large enough lever to move the biggest mining firm in the world?Hold your horses, Jacob Jacob Rees-Mogg, the Conservative politician famed for never having changed a nappy and definitely not wanting to be prime minister, this week tweeted the good news that unemployment had fallen to a 42-year low. This, he suggested, gave the lie to the “Brexit disaster forecast by HM Treasury”. Several pundits and members of the public reminded Rees-Mogg that, as it hasn’t happened yet, the Brexit disaster may be looming rather than immediately upon us.Expect similar arguments to be rehearsed this week when a revised estimate of the UK’s second-quarter GDP figures is released. This will include data not taken into account when calculating the lacklustre 0.3% GDP rise reported last month. Any downward revision will be seized upon by Brexit naysayers as evidence of icebergs ahead. A stable number or upward revision will strengthen the resolve of those seeking evidence that Britain can prosper on its own.Either way, growth figures released while Britain is still in Europe will tell us very little about life outside. Of course, that won’t prevent the numbers being deployed in Brexit arguments from Twitter to the Dog and Duck.Speaking volumes about the jobless It isn’t very often that the typically dry lexicon of the Office for National Statistics overlaps with the definitions included in the Urban Dictionary, the online repository for unsavoury slang, youthspeak and neologisms.This coming Thursday is an exception, because the ONS is due to issue the latest figures on Neets, the acronym for people who are Not in Education, Employment or Training. It’s a term that, according to Google, came into common parlance in around 1999 and has surged in popularity since. It has even spawned a Spanish equivalent, “ni-nis”, meaning those who enjoy “ ni estudia, ni trabajo ”, meaning “neither study nor work”.The Urban Dictionary, somewhat unfairly, offers synonyms for Neets including “bums” and “layabouts with no future”. The ONS is likely to be more circumspect than that, given that the number of Neets is certainly no laughing matter. Any swelling in their numbers will be seen as a worrying counterpoint to the UK’s low jobless count. That’s because people who are not working or studying tend to become less employable with time, suggesting that while unemployment is currently low, we may be storing up a joblessness crisis for the future unless something is done to nip the problem in the bud.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/20/bhp-billiton-shale-sale-could-happen-not-a-drill'|'2017-08-20T14:00:00.000+03:00'
'8b94eca23ea26f1d53df13d901c7193d0034bab8'|'Former UAW official charged in Fiat Chrysler payoff probe'|'Reuters TV United States August 18, 2017 / 10:09 PM / 11 hours ago Former UAW official charged in Fiat Chrysler payoff probe David Shepardson 3 Min Read FILE PHOTO: People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin, Italy on March 31, 2014. Giorgio Perottino/File Photo (Reuters) - A former senior official at the United Auto Workers trade union was charged on Friday with conspiring with other union officials to accept improper payments from Fiat Chrysler Automobiles NV ( FCHA.MI ) officials over a four-year period. Virdell King, 65, of Detroit, who a union official until February 2016, was charged with conspiracy to violate labor laws in U.S. District Court in Detroit. King was one of the senior UAW officials responsible for negotiating and administering the contract between Fiat Chrysler and the union, the government said. A lawyer for King, John Shea, declined to comment Friday. King is the fourth person charged in the investigation. The Justice Department charged King with accepting thousands of dollars in designer shoes, clothing, jewelry, luggage and other personal items, all of which were purchased using credit cards issued through the UAW-Chrysler National Training Center (NTC). She also made at least $40,000 in purchases for other UAW officials, the government said. The government has said Jerome Durden, a former Fiat Chrysler official, conspired to divert over $4.5 million in NTC funds intended for UAW member training and education. He pleaded guilty on Aug. 8 to conspiracy and preparing false tax returns and faces up to 37 months in prison under a plea deal. A former Fiat Chrysler vice president of employee relations, Alphons Iacobelli, was charged last month with making $1.2 million in improper payments to a former union vice president and his wife. He has pleaded not guilty. According to court documents, Iacobelli told senior UAW officials they could use the NTC credit cards to make personal purchases, stating "if you see something you want, feel free to buy it." The government said in court documents at least five senior UAW officials, including King, made personal purchases with NTC credit cards. UAW President Dennis Williams said on Friday the union is "disheartened by the misconduct alleged in today''s indictment ... Based on our own internal investigation, we believe anyone who engaged in intentional misconduct is no longer employed by the UAW." The head of the Detroit FBI, David Gelios, said "years of fraud and corruption within a select group of the FCA and UAW hierarchy continue to be eroded through the diligence and collaboration of law enforcement." Fiat Chrysler Chief Executive Sergio Marchionne said last month the "deplorable" conduct "had nothing whatsoever to do with the collective bargaining process." The company also said in July that the "egregious acts were neither known to nor sanctioned by (Fiat Chrysler)," and declined to elaborate on Friday. Reporting by David Shepardson, editing by G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-fiat-chrysler-corruption-labor-idUKKCN1AY2HU'|'2017-08-19T01:07:00.000+03:00'
'1e1c82081763b1374a70a500cb61866c6dab64f7'|'Infosys CEO Vishal Sikka resigns, cites recent ''drumbeat of distractions'''|'August 18, 2017 / 4:20 AM / 31 minutes ago Infosys CEO Vishal Sikka resigns, cites recent "drumbeat of distractions" Reuters Staff 3 Min Read Vishal Sikka attends a news conference in Mumbai, India, February 13, 2017. Danish Siddiqui (Reuters) - Infosys Ltd, in a surprise announcement, said Vishal Sikka has resigned as CEO citing a stream of distractions and disruptions in recent months, pushing down shares of the second-largest Indian IT services firm almost 8 percent on Friday. U.B. Pravin Rao, Infosys'' chief operating officer, was named interim managing director and chief executive. Rao will report to Sikka, who will take the executive vice chairman role until a permanent CEO takes charge, which should be no later than end-March 2018, Infosys said. [ bit.ly/2v6GW6I ] The move comes after a protracted war of words between Infosys and its founders and some former executives, who were unhappy with various decisions taken by the board. The founders, who still own 12.75 percent of Infosys, have in the past questioned a pay rise granted to Sikka and Rao as well as the size of severance payouts given to others, including the company''s former finance head Rajiv Bansal. In his resignation letter, Sikka said: "Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks." "This continuous drumbeat of distractions and negativity ... inhibits our ability to make positive change and stay focused on value creation," Sikka said in the letter. A former member of the executive board at German software firm SAP, Sikka took the top job at Infosys in 2014, becoming the first CEO of the company who was not also one of its founders. Sikka, a professional manager with a charismatic manner, was known for frequently wearing black t-shirts and a blazer, in contrast to his suit-clad peers. Infosys shares fell as much as 7.6 percent to a more than one-month low of 943 rupees ($14.71). "There is some level of uncertainty as we wait till the new CEO and managing director comes in, and it does put the company in some form of uncertainty in terms of strategy," said Apurva Prasad, analyst at HDFC Securities, adding the stock reaction was more to do with uncertainty. Sikka''s resignation comes at a time when Infosys, like others in the more than $150 billion Indian IT services industry, is battling a slowdown in new deals from western clients and bracing for changes to visa rules in the United States, its top market, that could hike costs and dent profits. Infosys is likely to struggle to reach its ambitious $20 billion revenue target by 2020 in what Sikka has previously described as a "challenging environment out there". Reporting by Euan Rocha in Mumbai and Tanvi Mehta in Bengaluru; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-infosys-ceo-idUKKCN1AY0DH'|'2017-08-18T08:45:00.000+03:00'
'69819242f41cf703b26fa9c5bfd4c1b0e1f12ac9'|'No gambling, sex please: China widens crackdown on overseas deals'|'FILE PHOTO: A ball is seen on a roulette wheel in front of slot machines at Gaming Expo Asia in Macau May 22, 2012. Bobby Yip/File Photo SHANGHAI (Reuters) - A recent crackdown by China on overseas investments has been assumed to be mainly focused on high-profile acquisitions of things like hotels and football teams around the world.However, Chinese regulators also appear to have their eyes on two other lower-profile industries: gambling and sex.China''s cabinet on Friday issued rules on acquisitions abroad for the first time, possibly signaling a further slowing of the flood of money that has flowed overseas in recent years.Investment in property, hotels, entertainment, sports clubs and film industries would be restricted as part of the new guidelines, which the cabinet said were aimed at defusing risks and preventing crime.But it also said that overseas investments in the gambling and sex sectors, as well as exports of core defense technologies, would be banned as such activities could endanger national interests and security.The statement did not elaborate on what it meant by the sex and gambling industries, but Chinese businesses have been prolific builders of casinos in countries such as Laos and on the Pacific island of Saipan that are popular with Chinese gamblers. Gambling is banned on the mainland.Although Beijing began its crackdown on what it calls "irrational" overseas investment at the end of 2016 by tightening control on capital outflows, it had not issued official rules until Friday.The new rules and heightened scrutiny surrounding foreign investment in China "adds another layer of uncertainty and complexity to Chinese deals," said Tony Balloon, a partner in law firm Alston & Bird."As early numbers indicate, cross-border deal activity among Chinese companies has dropped in the first half of 2017 from the same period last year," he said.Thomson Reuters data released this week showed that all outbound mergers and acquisitions from China dropped 42 percent year-on-year as of August 14.But Chinese acquisitions in countries officially linked to the Belt and Road initiative, a signature foreign policy of President Xi Jinping, totaled $33 billion, surpassing the $31 billion tally for all of 2016, the data showed.Chinese companies have been on a global buying spree, snapping up football clubs, movie studios and skyscrapers, but they have hit road bumps in recent months thanks to financing restrictions."There are profound changes taking place in China and abroad that offer good opportunities for Chinese firms to undertake overseas investment but also carry many risks and challenges," the State Council said in the statement.It said investment that promoted the Belt and Road initiative, and in areas such as technology and manufacturing, would continue to be encouraged but that deals in "sensitive" countries and regions would be restricted.The state-run Chinese Securities Journal reported on Saturday that companies such as the insurer Ping An ( 2318.HK )( 601318.SS ), Suning Commerce Group Co Ltd ( 002024.SZ ), a retail giant, and the conglomerate Dalian Wanda had responded positively to the new guidelines.The newspaper Quote: d Wanda''s chairman, Wang Jianlin, as saying that the company would strengthen its due diligence procedures.The three companies have been among corporations whose overseas deal-making have been hit by Beijing''s crackdown. Other companies include HNA Group, Anbang Insurance [ANBANG.UL], Fosun International ( 0656.HK ) and Zhejiang Luosen, which was behind the purchase of the A.C. Milan football club.Reporting by Brenda Goh. Additional Reporting by Winni Zhou; Editing by Philip McClellan'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-china-economy-odi-idUSKCN1AZ07H'|'2017-08-19T11:09:00.000+03:00'
'4f913d0a015ad9e975694782044fe3d84a5d70b4'|'Fired workers protest against U.S.-owned miner Freeport Indonesia'|'Aug 19 (Reuters) - Hundreds of workers laid off by Freeport Indonesia blocked routes and set trucks on fire near the company’s mines in the eastern province of Papua on Saturday, company officials said.The Indonesian unit of U.S. mining giant Freeport McMoran Inc. has been embroiled in a labour dispute since May, when around 5,000 workers went on strike to protest against mass layoffs.Freeport says the layoffs were triggered by unexpected revisions earlier this year in government rules on taxes and royalties.The protests by the ex-workers, who were demanding their jobs back, prompted police personnel to secure the area.A spokesman for the company said the protests have not had an impact on operations, although employee access to worksites was being affected."Some of our employee convoys have been cancelled and we will not be scheduling further convoys until the situation is conducive again. We have urged our workers to avoid this area until further notice," said Freeport Indonesia spokesman Riza Pratama.The company is a major source of employment and livelihoods in the impoverished eastern-most province of Indonesia. (Reporting Agustinus Beo Da Costa and Wilda Asmarini, Writing by Kanupriya Kapoor; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/indonesia-freeport-idUSL4N1L506G'|'2017-08-19T20:44:00.000+03:00'
'd344348d27d6e9687a8551a16af153a2273f61b4'|'Singapore July exports rise 8.5 percent year-on-year, lag expectations'|'August 17, 2017 / 12:45 AM / 13 hours ago Singapore July exports rise 8.5 percent year-on-year, lag expectations 1 Min Read The skyline of Singapore''s central business district is seen at dusk as operations continue at a PSA International port terminal in Singapore September 25, 2013. Edgar Su/File Photo SINGAPORE (Reuters) - Singapore''s non-oil domestic exports (NODX) rose in July from a year ago, helped by strength in electronics shipments and sales of petrochemicals, official data showed on Thursday. Exports increased 8.5 percent in July from a year earlier, data from trade agency International Enterprise Singapore showed. That was less than the 9.9 increase predicted by the median forecast in a Reuters survey. In June, exports grew a revised 8.8 percent from a year earlier. On a seasonally adjusted month-on-month basis, exports fell 2.5 percent after declining a revised 2.2 percent in June. The Reuters poll had predicted a drop of 0.4 percent in July. Electronics exports, a major driver of shipments in recent months, rose 16.3 percent in July from a year earlier. Reporting by Masayuki Kitano; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/singapore-economy-exports-idINKCN1AX026'|'2017-08-16T22:45:00.000+03:00'
'4546ba1ac2f29ac522fdf9fb6e9c7fb78e28a5ae'|'UPDATE 1-Brazil to ask for WTO panel on Bombardier subsidies'|'(Adds government comment from statement, details on planes)BRASILIA, Aug 17 (Reuters) - Brazil will ask the World Trade Organization on Friday to set up a dispute settlement panel to rule on its complaint that Canada has hurt Brazil''s commercial jet industry by subsidizing CSeries planes made by Bombardier Inc, the foreign ministry said.Brazil estimates the CSeries aircraft has received an estimated $3 billion in federal, provincial and local subsidies, the ministry said in a statement on Thursday.The Bombardier jets compete with the E195 aircraft made by Brazil''s Embraer SA."In the Brazilian government''s opinion, the high subsidies granted by Canada to Bombardier resulted in serious damage to Brazil''s airplane industry and several of the programs involve subsidies banned by WTO rules," the statement said.Brazil said consultations with Canada had not led to a solution to the dispute, and it expects its request for a WTO panel to be taken up at a meeting of the organization''s dispute settlement body on Sept. 29.Brazil accused Canada of distorting the global aerospace industry with subsidies for Bombardier when it opened the complaint in February.The case builds on decades of antagonism between the two regional jet makers. It also echoes arguments in one of the world''s largest trade disputes, the transatlantic spat over government support for Boeing Co and Airbus Group SE .The province of Quebec, where Bombardier is based, injected $1 billion into the company''s CSeries program last year. The province''s largest pension fund also invested $1.5 billion in the company''s rail unit.In 2016, Bombardier landed an order from Delta Air Lines Inc for 75 CSeries jets, worth some $5.6 billion at list prices, beating out Embraer''s competing E-Jets with below break-even prices, according to the Brazilian government.Boeing has lodged unfair trade claims against Bombardier, which could lead to U.S. duties on Bombardier''s new jetliner. The U.S. government is investigating whether to proceed with the antidumping and antisubsidy claims. (Reporting by Anthony Boadle; Editing by Sandra Maler and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-canada-bombardier-idUSL2N1L31XO'|'2017-08-18T01:30:00.000+03:00'
'de0f514ef57c1d05c2836dd82c7d30961df2c22c'|'Chinese banks battle slowing loan growth, default risks loom'|'August 18, 2017 / 4:19 AM / 9 hours ago Chinese banks battle slowing loan growth, default risks loom Shu Zhang and Engen Tham 5 Min Read People walk past the Bank of Communications at its central branch in the financial district of Hong Kong August 19, 2009. Aaron Tam/File Photo BEIJING/SHANGHAI (Reuters) - Chinese banks are set to see a slowdown in lending growth in the second half of the year, having exhausted most of their annual credit quota, raising the spectre of corporate defaults as financing costs climb further in the world''s No.2 economy. Beijing''s crackdown on riskier lending has already stretched financing costs and hurt profit margins. Analysts estimate banks have used 80 percent of their yearly credit quota over January-June, versus the usual 60 percent, amid a regulatory push to bring shadow financing activities to the main loan book. "Loan demand is strong throughout the whole year," said Ma Kunpeng, chief financial industry analyst at China Merchants Securities. "The core conflict in the second half is loan quota - whether banks will be able to extend more loans than they originally planned." The country''s top five lenders, including Industrial and Commercial Bank of China (ICBC) ( 601398.SS ), China Construction Bank ( 601939.SS ) and Agricultural Bank of China ( 601288.SS ), will report their first-half results over the next two weeks. China saw a 12.9 percent growth in outstanding yuan loans as of June end. Nomura''s China economist Wendy Chen expects this to moderate to 12.6 percent year-on-year in the third quarter and 12.4 percent in fourth, from 13.5 percent in 2016. China''s policymakers have said the government will continue to lower overall leverage and that slower growth in broad M2 money supply, which includes demand deposits and monies held in easily accessible accounts, could be a "new normal". The central bank has also increased checks on banks'' off-balance sheet wealth management products - a key component of shadow banking credit - while the banking regulator has stepped up a crackdown on risky lending behaviours. "Corporate defaults will rise if the availability of finance is further restricted. This could become a threat to economic growth ... especially if defaults are concentrated in labour-intensive segments like steel and coal," Moody''s said. China''s economic growth showed signs of fading in July as lending costs rose, but a hard landing is unlikely with Beijing keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle later this year. China''s commercial banks reported higher first-half profits, while overall non-performing loans in June did not increase from March, the banking regulator said on Monday. A sign of the Bank of China is seen in Rome, Italy April 11, 2016. Tony Gentile/File Photo But analysts cautioned that slower credit growth would eventually take a toll on banks'' profit margins. MARGIN PRESSURE Net interest margins (NIM) - the difference between interest paid and earned by banks and a key gauge of profitability - have fallen sharply in the past quarters following six successive benchmark interest rate cuts in 2014-15. The logo of Agricultural Bank of China is seen on a glass door in Beijing, China, August 26, 2016. Thomas Peter/File Photo For China''s top lender ICBC, the margin is forecast to narrow to 2.13 percent in 2017 from 2.21 percent last year, while CCB could report a drop of 27 basis points to 2.09 percent in 2017, Thomson Reuters data shows. Adding to banks'' cost pressures is their move to increase deposit interest rates this year to as much as 40 percent above central bank benchmark rates to lure depositors, statistics compiled by Reuters showed. Part of the higher costs has been passed on to corporate borrowers. The price of loans as measured by the weighted average of loan interest rates rebounded to 5.67 percent in June, from 5.22 percent in September. But that will not be sufficient to cushion the impact on near-term profits. "The most direct impact of the regulatory crackdown is on liquidity and profitability," said Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis. "Chinese banks will find themselves in a dilemma ... with more doors shut in the shadow banking, which has been a source of profits to offset the impact on net interest income." For graphic on banking in China, click - tmsnrt.rs/2w73Tv6 Reporting By Shu Zhang in BEIJING and Engen Tham in SHANGHAI, additional reporting by Gaurav Dogra in BENGALURU and Sumeet Chatterjee in HONG KONG; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-banks-preview-idUKKCN1AY0E3'|'2017-08-18T07:18:00.000+03:00'
'1663519e123befa15e32df2364e17666246ee612'|'U.K. Holiday Visits Increase as Tourists Cash In on Weak Pound'|'The number of overseas visitors to the U.K. rose 7 percent in June from a year earlier, according to the Office for National Statistics, driven largely by holidaymakers, who have cashed in on the pound’s slump since the country voted to leave the EU. The biggest upswing was in visits from North America, which jumped by a quarter. Even so, the benefit to the U.K. economy isn’t as pronounced, with spending by foreign visitors rising just 2 percent to 2.2 billion pounds ($2.8 billion).'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-18/u-k-holiday-visits-increase-as-tourists-cash-in-on-weak-pound'|'2017-08-18T17:19:00.000+03:00'
'4a5c6ff2b632cc4d876a37c7e49f3bf6b0cf8ba6'|'United Rentals to buy Neff Corp for about $1.3 billion'|'August 17, 2017 / 3:05 AM / 11 hours ago United Rentals to buy equipment rental chain Neff for about $1.3 billion 2 Min Read (Reuters) - United Rentals Inc, the world''s largest construction equipment rental company, will buy Neff Corp for about $1.3 billion, the companies said, topping H&E Equipment Services Inc''s about $1.2 billion offer last month. United Rentals will pay $25 per share, representing a 26.9 percent premium to Neff stock price prior to H&E''s July 14 deal. Construction equipment rental chain Neff said on Monday it had received a "superior offer", trumping H&E''s offer of $21.07 per share. United has paid H&E a fee of about $13.2 million for terminating the Neff deal, United said in a statement on Wednesday. H&E said earlier on Wednesday it did not intend to submit a revised offer, sending Neff shares down 6 percent. Stamford, Connecticut-based United is an equipment rental company that serves construction companies, utilities, municipalities and homeowners. "United Rentals is an industry leader in equipment rentals, and as a result of this transaction, our employees and customers will benefit from the combined company''s expanded geographic footprint and diversified offering," Neff''s Chief Executive Graham Hood said. Neff is expected to generate $419 million of total revenue for the full year, the companies said. Morgan Stanley & Co LLC and Centerview Partners were financial advisers to United Rentals, while Deutsche Bank advised Neff. The deal is expected to immediately add to cash earnings per share and free cash flow generation. Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-neff-m-a-united-rentals-idINKCN1AX085'|'2017-08-17T01:05:00.000+03:00'
'5c94cef9708ef979433a0b7c2db8936a8ff14fe9'|'Computer-game tournaments go mainstream'|'FIREWORKS detonated, smoke wafted over the stage and confetti began to fall. Seventeen thousand fans cheered the European players of Team Liquid, with monikers like “MinD_ContRoL” and “MATUMBAMAN”, who had just triumphed over a Chinese side to win The International, a tournament held in Seattle’s KeyArena on August 7th-12th. In the stands Max Martinez, a 25-year-old bartender from Phoenix, was in a state of nirvana. “This is like my Super Bowl,” he said.But the players in this tournament had no need to catch, throw or run. Their most important muscles are those in their fingers. MinD_ContRoL, a bespectacled Bulgarian named Ivan Ivanov, excels at a computer game called “Dota 2”. Valve Corporation is the producer of “Dota 2”. It has put on The International since 2011, offering more than $10m to this year’s winners. The prize money is particularly rich, but the tournament itself is not unusual. E-sports, in which computer gamers compete before thousands of fans in person and millions more online, is on the rise. 19 a day ago Islamist E-sports is gradually assembling all the trappings of mainstream sports: corporate sponsorships, professional managers, salaried players and even announcers who wear suits and make bad jokes. Last year Peter Guber, a co-owner of the Golden State Warriors basketball team, led a group of investors to buy a majority stake in Team Liquid for an undisclosed sum. His partners included Magic Johnson, a former basketball star, and Steve Case, a founder of AOL, an online service.Their goal is for e-sports teams to compete with conventional ones for viewers and bigger corporate sponsorships. “How do we make this into football, bowling, the beer-and-chips crowd?” asks Joost van Dreunen of SuperData Research, a firm that tracks the gaming industry.It still has a long way to go. Last year e-sports earned $900m, mainly from advertising, ticket sales and merchandise, according to SuperData, compared with $83bn from sales for mobile, computer and console games. Viewers watch for free. For now, the main value of e-sports is as a marketing tool to sell games.That may change. Media companies are hungry for content that can win viewers’ attention; e-sports has a young, passionate audience. SuperData estimates that 258m people will watch e-sports this year, up by 20% from 2016, through online platforms such as Twitch. Giant firms have taken an interest. Amazon, an e-commerce juggernaut, bought Twitch in 2014 for nearly $1bn. Disney will soon have a controlling stake in BAMTech, a video-streaming firm that last year agreed to pay $300m for the rights to stream tournaments for a game called “League of Legends” until 2023. (The game’s 100m monthly active players outnumber the population of Germany.) The owner of “League of Legends” is Tencent, a Chinese internet giant.Nevertheless, gamers face several obstacles before they can compete with established sports. Although big brands are beginning to sponsor events and teams, Mr van Dreunen says, they are still tentative and invest only small amounts. Another challenge is accessibility. Most viewers play the games themselves, some of which, like “Dota 2”, can boggle the mind. Devotees prefer complex games, but e-sports will need simpler ones to win new fans. In Seattle Mr Martinez described Team Liquid’s moves as “epic, like insane”. More than a few novice viewers would apply only the second label. "Play time"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726751-competitive-gaming-advances-next-level-seeking-more-sponsorships-and-fans-computer-game?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'77c58a7a90da984b6c4c177f02ee32ef3cb7dc37'|'China’s digital-payments giant keeps bank chiefs up at night'|'IN WESTERN countries it is common to talk about American technology being dominant. From an Asian perspective that seems off. Fresh from visiting the region, where buskers and kerbside fishmongers can be paid by presenting a phone, Schumpeter has found it a shock being back in New York. There, buying most things involves signing bits of paper and PIN numbers are viewed as dangerously transgressive. Only 2% of credit- and debit-card transactions in America are authenticated with PIN numbers; 19bn cheques are written in the country every year.Asian firms have leapfrogged ahead, offering a new model of financial technology. Exhibit A is Ant Financial, a payments company affiliated with Alibaba, one of China’s two giant internet firms (the other is Tencent, whose WeChat messaging app is ubiquitous and supports payments). Ant is popular in China and has ambitions outside it. Already the world’s most valuable “fintech” firm, worth $60bn, it has 520m payments customers at home and its affiliates abroad have 112m, mainly in Asia. In May it signed a deal to install its payments system in millions of American retail outlets. Ant is in the process of buying MoneyGram, a Texas-based money-transfer firm active in over 200 countries. 19 a day ago Islamist One admired boss in the conventional banking industry says Ant keeps him awake at night. For protectionists, the firm is evidence of a Chinese plot to control the world’s financial plumbing. For consumers, it could boost competition in a cosy industry.Ant was spun out of Alibaba in 2014. Its core business is enabling payments by a vast army of customers to the 10m or so merchants who use Alibaba’s e-commerce sites. This accounts for over a quarter of its revenues, according to CLSA, a brokerage. And it gives Ant huge scale at home. China’s internet-payments market is the world’s biggest, reckons Goldman Sachs, with $11trn in transactions last year, twice the size of America’s credit- and debit-card industry. Ant controls 51% of it. The firm is 16 times larger than PayPal, an American counterpart, on this measure.China’s lead is about more than size, though. People make payments mainly by using phones. Whereas Western products such as PayPal and Apple Pay often piggyback off credit-card firms’ networks to access clients’ funds, China’s firms can access bank accounts directly, cutting out the middlemen.Ant has developed a menu of services: its home screen lets you buy train tickets, pay utility bills and invest in mutual funds. Yu’e Bao, a money-market fund run by Ant, has $166bn of assets. Ant lends to its clients, but so far its balance sheet is modest: outstanding loans to small firms were $5bn in 2016. Fees are low, but Ant’s profits still reached a chunky $820m last year, up by 14% since 2014. (It does not publish its books, but some figures can be inferred from Alibaba’s accounts.)Jack Ma, the tycoon who controls Alibaba and Ant, has a grand vision to turn a Chinese empire into a global one. For Ant there are two opportunities. One is a business known as “merchants acceptance”, machines for paying for goods in shops and hotels. At the moment Chinese travellers abroad, whose ranks reached 120m in 2016, often use UnionPay, a card provider. Ant is muscling in, letting people use Alipay when they have weekends in Dubai or make family trips to Disneyland.Longer term, the goal is to create a huge online network of local consumers and merchants in other countries, replicating Ant’s model in China. But building relationships with local banks and firms takes time. And in poorer countries few people have bank accounts to connect to their mobile accounts. Instead they hand over cash in shops and kiosks to fill up mobile wallets.As a result Ant is expanding through local subsidiaries or affiliates. Along with Alibaba it owns about half of Paytm, an Indian digital-payments star. And it has bought stakes in fintech firms in Thailand, Singapore, Indonesia, the Philippines and South Korea. Buying MoneyGram would not bring cutting-edge technology—its core activity is cash remittances—but would give Ant licences abroad and clients who could be prodded to use digital services.Ant’s scale, innovation and drive mean it is well placed. But it faces three hurdles. First, rising competition is dampening margins. At home WeChat has helped boost Tencent’s market share in digital payments from 15% in 2014 to 33% last year. Abroad, Ant is not the first mover. In South-East Asia several e-commerce and ride-hailing firms are bolting payments onto their apps to attract and keep more customers. DBS, a regional lender, is a leader in digital banking. In America, Apple Pay is accepted in 4.5m locations and could get more popular.As Ant grows it must manage a second problem, its tangled links with Alibaba. The original spin-off was controversial. Today Mr Ma controls a majority of the firm’s voting interests. State-backed funds and entities collectively own about 15%. Alibaba doesn’t own shares in Ant but is entitled to 37.5% of its profits. If Ant does an initial public offering this agreement can change and Alibaba would get 33% of its shares. The two firms share joint ventures and executives. They pay fees to—and receive them from—each other. There is a risk of conflict and muddle.Paying its duesAnt’s final hurdle is that foreign governments may not like Chinese firms having a big role in their financial systems. America’s national-security review panel, known as CFIUS, is looking at the MoneyGram deal. On economic grounds they should welcome Ant, so that it can disrupt the bloated credit-card industry. Visa and MasterCard extract over 0.10 cents of net income for every dollar of payments. Ant takes a smaller cut, of less than 0.03 cents.China’s financial system is isolated from the rest of the world. Ant has evolved in a distinct—and more efficient—way. The task now is to persuade other countries that its approach is safe, transparent and free from government interference. It had better hurry up. Sooner or later Silicon Valley’s giants will catch up. "Ants in your pants"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726713-ant-financial-500m-customers-home-plans-expand-chinas-digital-payments-giant-keeps?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'95c75f734f58550bdc35c9d6ca146f807e67783d'|'Blackstone explores IPO of Gates Global: sources'|'FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo (Reuters) - Private equity firm Blackstone Group LP ( BX.N ) is exploring an initial public offering (IPO) of Gates Global LLC, three years after it acquired the U.S. auto parts and building products maker for $5.4 billion, people familiar with the matter said on Tuesday.The IPO would follow a major turnout at the company under Blackstone, which had to implement a program of significant cost cuts after being hit by weak demand in the agriculture, infrastructure, energy and mining markets.Blackstone has told banks that it may hire IPO underwriters in the next few months to prepare to take Gates public in 2018, the three sources said. The IPO could value Gates at more than $7 billion, the sources added.The sources asked not to be identified because the deliberations are confidential. Blackstone declined to comment, while Gates did not immediately respond to a request for comment.Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-gatesglobal-ipo-idINKCN1B224Z'|'2017-08-22T16:22:00.000+03:00'
'dc948e232037a6025b7297ddbdf20e740a8131db'|'Australia''s Vocus ends takeover talks with KKR, Affinity'|'SYDNEY (Reuters) - Private equity suitors Kohlberg Kravis Roberts & Co ( KKR.N ) and Affinity Equity Partners pulled bids for Australian telco Vocus Group Ltd ( VOC.AX ) on Monday, four days after the company''s third profit warning in nine months.Neither firm gave a reason for walking away from their separate but matching A$2.2 billion ($1.74 billion) bids for Australia''s fourth-biggest internet company.The end of their pursuit sent Vocus shares sliding 24.5 percent to a three-month low, and comes as headwinds strengthen across a sector upended by the rollout of a new government-owned National Broadband Network (NBN)."A bit of the euphoria of the NBN has now gone," said telecommunications analyst Paul Budde, who runs his own consultancy."The underlying trend has continued: It''s a slow decline of margins."KKR had also previously said its bid was subject to "customary deal protections" including no adverse change in the company''s performance.HEADWINDS Vocus last week said it would miss its net profit target for fiscal 2017 - which it reports on Wednesday - and booked a A$1.53 billion impairment charge, citing tough market conditions.The Sydney-based company has struggled to make the most of acquisitions bought in a three-year, $2.4 billion shopping spree, in anticipation that the NBN would shake up market share in a sector dominated by behemoth Telstra Corp Ltd ( TLS.AX ).Instead, aggressive discounting has trimmed service providers'' margins without driving many customers to change internet companies.On Monday, Vocus said "all discussions have now ceased" with the bidders after both advised that they were unable to meet the board''s terms following due diligence.KKR declined to provide a reason for its withdrawal and a spokesman for Affinity Equity Partners (S) Pte Ltd did not respond to a request for comment.Shares in Vocus dropped as much as 24 percent in morning trade to their lowest intraday level since May, while the broader market was down 0.5 percent. The stock''s trading price of A$2.70 compared with the A$3.50-per-share offered by both bidders - and its 2016 high of A$9.40.David Pace, portfolio manager at Vocus''s biggest shareholder Greencape Capital, said the deal''s collapse did not change his view on the company."We continue to believe that the organization has made material inroads into turning around and remain positively disposed to the story," he said in an email.($1 = 1.2625 Australian dollars)Reporting by Tom Westbrook; Additional reporting by Christina Martin BENGALURU; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-vocus-group-m-a-idINKCN1B00VU'|'2017-08-20T21:20:00.000+03:00'
'e246d7428e5a52e7612cfc76a4a62391abee124a'|'MOVES-Natixis names Ahmet Ugurlu as Americas coverage banker'|'August 21, 2017 / 5:23 PM / 12 minutes ago MOVES-Natixis names Ahmet Ugurlu as Americas coverage banker Reuters Staff 1 Min Read Aug 21 (Reuters) - French bank Natixis said it hired Ahmet Ugurlu as executive director and coverage banker for its Americas business. Ugurlu, who has 15 years of financial services experience, most recently served as a director of energy and infrastructure banking at HSBC Securites. (Reporting by Manas Mishra in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/natixis-fr-moves-ahmetugurlu-idUSL4N1L74KY'|'2017-08-21T20:22:00.000+03:00'
'29d40d708c9110196189e842d90f4a90333e0bc4'|'China Unicom Shanghai unit says to raise £7.19 billion, less than flagged'|'August 21, 2017 / 12:59 AM / 4 hours ago China regulator says Unicom reform plan does not violate rules, shares surge Donny Kwok 3 Min Read FILE PHOTO - China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China Unicom''s $11.7 billion (9.1 billion pounds) ownership reform plan does not violate rules, the nation''s securities regulator said, helping shares in the telecom group''s units surge as they resumed trade on Monday after speculation that the deal was under scrutiny. The deal, in which Unicom''s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group, Tencent Holdings and Baidu, for funds, had sown much confusion after it was first announced last Wednesday. China Unicom had taken down a statement from the Shanghai stock exchange last week, citing technical issues, and shares in both units remained suspended last week. But late on Sunday, the telecoms group reiterated it was planning to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that has been billed as a model case for revitalising Chinese state firms with private capital. "After going through the relevant legal procedures with the National Development and Reform Commission (NDRC) and other departments, the China Securities and Reform Commission (CSRC) will treat the private placement in China Unicom''s ownership reform as an exceptional case," the CSRC said in a statement late on Sunday. Chinese media had speculated the deal violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February. Shares of China United Network Communications Ltd surged 10 percent on Monday morning while those of the group''s Hong Kong unit, China Unicom Hong Kong Ltd also climbed 10 percent to their highest level in more than two years. China Unicom Hong Kong said in a statement on Monday that all the terms of the ownership-reform plan were consistent with those announced previously. A source familiar with the deal said not everyone was on the same page when the announcement came out on Wednesday but all parties were now fully committed. The source, who was not authorised to speak to the media, declined to be identified. Additional reporting by Kane Wu and Sijia Jiang; Editing by Anne Marie Roantree and Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-unicom-sale-idUKKCN1B101P'|'2017-08-21T03:58:00.000+03:00'
'282e7fbb00475ca892b1bc590f1560318a467980'|'China expresses ''strong dissatisfaction'' with U.S. intellectual property probe'|'August 21, 2017 / 7:45 AM / 43 minutes ago China expresses ''strong dissatisfaction'' with U.S. intellectual property probe Reuters Staff 1 Min Read BEIJING (Reuters) - China on Monday expressed "strong dissatisfaction" with the U.S. launch of an investigation into China''s alleged theft of U.S. intellectual property. China''s Commerce Ministry said in a statement that it would take appropriate measures to defend the country''s lawful interests, and that Washington should respect the facts and act prudently. The U.S. Trade Representative formally announced the investigation on Friday, a widely expected move following a call from President Donald Trump earlier last week to determine whether a probe was needed. Reporting by Michael Martina; Editing by Nick Macfie 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-trump-trade-china-idUKKCN1B10MV'|'2017-08-21T10:46:00.000+03:00'
'8eef3ed523b5e8dbd8dd3743bf6b6df914e2089c'|'Dubai Aerospace completes AWAS acquisition - Reuters'|'August 20, 2017 / 7:48 AM / 10 hours ago Dubai Aerospace completes AWAS acquisition, jets into top tier Reuters Staff 2 Min Read DUBAI (Reuters) - Dubai Aerospace Enterprise (DAE) has become one of the world''s largest aircraft lessors after announcing on Sunday it had completed the acquisition of Dublin-based AWAS [AWASA.UL], the industry''s tenth biggest firm. The deal triples the Dubai government-controlled aircraft leasing and maintenance company''s portfolio of owned, managed and committed fleet to about 400 aircraft worth more than $14 billion. That makes DAE one of the world''s top aircraft lessors behind the likes of General Electric ( GE.N ) and AerCap ( AER.N ). DAE will use the brand name ''DAE Capital'' to conduct its aircraft leasing business, the company said in a statement announcing the deal had finalised. DAE said last month it had raised $2.3 billion to finance the acquisition from private equity firm Terra Firma Capital Partners [TERA.UL] and the Canadian Pension Plan Investment Board (CPPIB). DAE announced the acquisition in April, and later said it expected the deal to close in the early part of the third quarter. "This acquisition of the best-in-class AWAS platform provides DAE with an enhanced market position," DAE Chief Executive Firoz Tarapore said in the statement. "This combined with our capital strength and our committed long-term ownership will allow us to provide a more comprehensive range of aviation fleet and financing solutions to our clients across the globe." The deal increases DAE''s number of aircraft leasing customers to include 117 airlines in 57 countries. Tarapore told Reuters in June the company would consider a jet order of more than 20 aircraft once the deal closed, and that he was interested in Airbus ( AIR.PA ), Boeing ( BA.N ) and ATR ( LDOF.MI ) aircraft. Reporting by Alexander Cornwell; Editing by Andrew Bolton 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-dubai-aerospace-awas-aviation-sr-idINKCN1B006R'|'2017-08-20T05:48:00.000+03:00'
'574fda6753700e7a4fe0da16a05667800ff10862'|'Hedge fund manager Dalio cuts risk amid worries about Washington'|'August 21, 2017 / 10:44 PM / 17 hours ago Hedge fund manager Dalio cuts risk amid worries about Washington Svea Herbst-Bayliss 3 Min Read Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associates attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. Ruben Sprich BOSTON (Reuters) - Billionaire investor Ray Dalio, who has been expressing concerns about President Donald Trump in recent months, said on Monday he was cutting some of his exposure during a time of growing political and economic divisions. "I''m watching how conflict is being handled as a guide, and I''m not encouraged," Dalio wrote in a LinkedIn post published on Monday. "I continue to closely watch how conflict is handled while tactically reducing our risk to it not being handled well." Dalio, who founded the $160 billion hedge fund Bridgewater Associates, was initially confident of Trump''s ability to stimulate growth through his plans for tax reform, cutting regulations and an infrastructure plan. But for several months, he has cited his concerns with the Trump administration, including its immigration and trade policies. Earlier this month, he suggested that investors should put some of their assets in gold to guard against political and economic risk. On Monday, Dalio said the country was now as economically and socially divided as it was in the 1930s when the world suffered through the Great Depression. While Trump often says the economy is growing well, Dalio said a closer look showed deep financial divisions. "It''s clear that some are doing extraordinarily well and others are doing terribly, with gaps in wealth and income being the greatest since the 1930s," Dalio wrote. He said such divisions created an atmosphere where people were more inclined to fight for their own views rather than seek common ground. Dalio said he saw no important economic risks on the horizon but was "concerned about growing internal and external conflict leading to impaired government efficiency (e.g. inabilities to pass legislation and set policies) and other conflicts." Stocks gained some ground on Monday, but the Trump-fed stock rally appears to be faltering as investors worry about geo-political risk and some weaker earnings reports. Last week, speculation that Trump''s chief economic adviser, Gary Cohn, might leave the administration helped push the S&P 500 .SPX to its biggest daily percentage drop in three months. The White House said Cohn was staying put. Reporting by Svea Herbst-Bayliss; Editing by Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-trump-dalio-idUSKCN1B12H5'|'2017-08-22T01:44:00.000+03:00'
'c094f248d54dbe50b4dc686c7badd5d51188e9d0'|'Politicians have failed to learn lessons from the financial crisis - Mohamed El-Erian - Business'|'Thursday 17 August 2017 18.20 BST First published on Thursday 17 August 2017 11.41 BST T en years ago this month, the French bank BNP Paribas decided to limit investors’ access to the money they had deposited in three funds. It was the first loud signal of the financial stress that would, a year later, send the global economy into a tailspin. Yet the massive economic and financial dislocations that would come to a boil in late 2008 and continue through early 2009 – which brought the world to the brink of a devastating multi-year depression – took policymakers in advanced economies completely by surprise. They had clearly not paid enough attention to the lessons of crises in the emerging world. Anyone who has experienced or studied developing-country financial crises will be painfully aware of their defining features. For starters, as the late Rüdiger Dornbusch argued, financial crises can take a long time to develop, but once they erupt, they tend to spread rapidly, widely, violently and (seemingly) indiscriminately. In this process of cascading failures, overall financial conditions quickly flip from feast to famine. Private credit factories that seemed indestructible are brought to their knees, and central banks and governments are confronted with tough, inherently uncertain policy choices. Moreover, policymakers also have to account for the risk of a “sudden stop” to economic activity, which can devastate employment, trade and investment. A decade after the financial meltdown, its underlying problems haven’t been fixed Read more Marshaling a sufficiently comprehensive response to extreme financial stress becomes even more difficult, if not enough was done during the good times to ensure sustainable and inclusive growth. It becomes harder still when politicians are actively playing the blame game. In the end, the sociopolitical and institutional effects of a crisis can far outlast the economic and financial ones. All of these lessons would have been useful to advanced-economy policymakers 10 years ago. When BNP Paribas froze $2.2bn worth of funds on 9 August 2007 , it should have been obvious that more financial stress would be forthcoming. But policymakers drew the wrong conclusions, primarily for two reasons. First, it took some time for policymakers to come to grips with the extent of the financial system’s latent instability, which had accumulated under their watch. Second, most policymakers in the advanced world were too dismissive of the idea that they had anything to learn from emerging countries’ experiences. Unfortunately, these problems are yet to be fully resolved. In fact, there is a growing risk that politicians – many of whom are distracted and sidestepping their economic-governance responsibilities – may be missing the biggest historical insight of all: the importance of an economy’s underlying growth model. Indeed, advanced-country politicians today still seem to be ignoring the limitations of an economic model that relies excessively on finance to create sustainable, inclusive growth. Though those limitations have been laid bare over the past 10 years, policymakers did not strengthen adequately the growth model on which their economies depend. Instead, they often acted as if the crisis was merely a cyclical – albeit dramatic – shock, and assumed that the economy would bounce back in a V-like fashion, as it had typically done after a recession. Because policymakers were initially captivated by cyclical thinking, they did not regard the financial crisis as a secular or epochal event. The result was that they purposely designed their policy responses to be “timely, targeted and temporary”. Eventually, it became clear that the problem required a much broader, longer-term structural solution. But by that time, the political window of opportunity for bold actions had essentially closed. Consequently, advanced economies took too long returning to pre-crisis GDP levels, and were unable to unleash their considerable growth potential. Worse, the growth that they did achieve in the years after the crisis was not inclusive; instead, the excessively wide income, wealth and opportunity gaps in many advanced economies endured. The longer this pattern persisted, the more advanced economies’ future growth prospects suffered. And what was previously unthinkable – both financially and politically – started to become possible, even likely. A decade after the start of the crisis, advanced economies still have not decisively pivoted away from a growth model that is overly reliant on liquidity and leverage – first from private financial institutions, and then from central banks. They have yet to make sufficient investments in infrastructure, education and human capital more generally. They have not addressed anti-growth distortions that undermine the efficacy of tax systems, financial intermediation and trade. And they have failed to keep up with technology, taking advantage of the potential benefits of big data, machine learning, artificial intelligence and new forms of mobility, while managing effectively the related risks. Policymakers in the advanced world lagged in internalising the relevant insights from emerging economies. But they now have the evidence and analytical capability to do so. It is in their power to avert more disappointments, tap into sources of sustainable growth and tackle today’s alarming levels of inequality. The ball is in the political class’s court. • Mohamed A El-Erian is chief economic adviser at Allianz and was chairman of Barack Obama’s Global Development Council Topics'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/aug/17/politicians-lessons-financial-crisis-advanced-economies'|'2017-08-17T14:15:00.000+03:00'
'41b735c369486270cb6d6447e480e637f5a6295c'|'Exclusive - Taking aim at China, India tightens power grid, telecoms rules'|'August 17, 2017 / 1:26 PM / an hour ago Exclusive: Taking aim at China, India tightens power grid, telecoms rules Sudarshan Varadhan and Neha Dasgupta 6 Min Read FILE PHOTO: A worker levels a salt pan near electricity pylons in Mumbai, India, January 16, 2017. Shailesh Andrade/File Photo NEW DELHI (Reuters) - India is tightening the rules for businesses entering its power transmission sector and making stringent checks on both power and telecoms equipment for malware - moves that government and industry officials say aim to check China''s advance into sensitive sectors. Chinese firms such as Harbin Electric, Dongfang Electronics, Shanghai Electric and Sifang Automation either supply equipment or manage power distribution networks in 18 cities in India. Local firms have long lobbied against Chinese involvement in the power sector, raising security concerns and saying they get no reciprocal access to Chinese markets. With India and China locked in their most serious military face-off in three decades, the effort to restrict Chinese business has gathered more support from within the administration of Prime Minister Narendra Modi, worried about the possibility of a cyber attack. The Indian government is considering a report prepared by the Central Electricity Authority (CEA) that sets new conditions for firms bidding for power transmission contracts, tipping the scales in favor of local companies. According to an official involved in drafting the report, who asked not to be named, it says companies looking to invest in India should have been operating there for at least 10 years, have Indian citizens as top executives, and employees of the foreign firm should have lived in India for a certain period, the official said. Those companies have to detail where they procure the raw materials for transmission systems, and will be barred from further operations in India if their materials contain malware. Though the report makes no direct reference to China, the official said the recommendations are intended to deter China from making further headway in India, because of the security risks. CEA Chairman R.K. Verma said the possibility of a crippling cyber attack on India''s power systems was a key consideration while drafting the policy. "Cyber attacks are a challenge," he told Reuters. A representative of a Chinese enterprise engaged in exporting electric power equipment in India told China''s state-run Global Times that India''s industry has long tried to block foreign competition under the garb of safety issues. "Now, as Sino-Indian relations are getting intense, the old tune is on again. But in fact, it is unrealistic to completely ban China and India power investment cooperation. India will pay a huge price for this," the paper said. Shanghai Electric, Harbin Electric, Dongfang Electronics and state-run China Southern Power Grid Co Ltd, all involved in India or trying to enter, did not immediately respond to emails seeking comment on the proposed Indian investment rules. TELECOMS FILE PHOTO: A woman talks on her mobile phone in Kolkata, India July 5, 2017. Rupak De Chowdhuri/File Photo The Indian government is moving simultaneously on the telecoms sector, demanding higher security standards in an area dominated by Chinese makers of equipment and smartphones. In a letter reviewed by Reuters, the ministry of electronics and information technology has asked 21 smartphone makers, most of them Chinese, to provide details about the "safety and security practices, architecture frameworks, guidelines, standards, etc followed in your product/services in the country." Chinese vendors such as Xiaomi [XTC.UL], Lenovo, Oppo, Vivo and Gionee together account for over half of India’s $10 billion smartphone market. The letter, dated Aug. 12, was also sent to Apple, Samsung Electronics and local maker Micromax, a ministry source said. India has also privately raised objections to Chinese firm Shanghai Fosun Pharmaceutical Group''s proposed $1.3 billion takeover of Indian drugmaker Gland Pharma, it emerged last month. Slideshow (2 Images) "There''s a lot of resentment against China for meddling in our internal affairs, supporting Pakistan''s cross-border terrorism, and, on the other hand, posing a huge loss to our trade and industry each year," said Satish Kumar, national president of the Swadesh Jagran Manch, a right-wing nationalist group with ties to Modi''s ruling party. The group has this year run a campaign asking Indians not to buy Chinese goods to protect local industry and reset a trade deficit of more than $51 billion. CHEAP GOODS India has used Chinese equipment for power generation and distribution as it looks to provide affordable electricity to an estimated 250 million people who are off the grid. China Southern Power Grid, in association with CLP India Pvt Ltd, is among Chinese firms bidding for power transmission lines, Power Minister Piyush Goyal told Parliament this month. Sunil Misra, director-general of the Indian Electrical and Electronics Manufacturers'' Association, said the new rules for power transmission would help local industry and were in line with the limited access China gives to foreigners in its market. Indian firms engaged in the power sector include Bharat Heavy Electricals Ltd, Crompton Greaves Consumer Electricals Ltd and Larsen & Toubro Ltd. Security agencies have implemented a series of protocols and checks for Chinese equipment coming into the power sector, said another person involved in drafting the CEA report. "This is recent and happening quietly," he said. Additional reporting by Beijing newsroom and Sankalp Phartiyal in MUMBAI; Writing by Sanjeev Miglani; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-india-china-business-idUKKCN1AX1KW'|'2017-08-17T16:24:00.000+03:00'
'cab5a40d1c34af3348a5425b4d788fb199425975'|'Exclusive - India threatens Philip Morris with ''punitive action'' over alleged violations'|'August 18, 2017 / 7:11 AM / an hour ago Exclusive: India threatens Philip Morris with ''punitive action'' over alleged violations Aditya Kalra 5 Min Read A combination photo shows a man holding his mobile phone as he lights a cigarette next to a Marlboro advertisement pasted on a vendor''s stall in a marketplace in Mumbai, India, July 14, 2017 and a vendor selling cigarettes inside the same stall, August 18, 2017. The ad on the front of the stall was removed after a Reuters investigation was published on July 18, which cited Indian federal health ministry officials as saying that the displays violated the country’s anti-smoking laws. Danish Siddiqui NEW DELHI (Reuters) - The Indian government has threatened Philip Morris International Inc with "punitive action" over the tobacco giant''s alleged violation of the country''s anti-smoking laws, according to a letter sent to the company by the federal health ministry. The letter was prompted by a Reuters investigation last month that revealed how Philip Morris was deploying marketing tactics in India, some targeting young people, that officials said were illegal. ( reut.rs/2uuye5Y ) The letter cites the Reuters story in the opening paragraph, listing Philip Morris'' marketing methods as outlined in the article, including cigarette advertisements at kiosks, the free distribution of Marlboro smokes at nightclubs and bars, and the use of TV screens to promote the world''s best-selling cigarette brand at these events. These promotional activities are a violation of the country''s tobacco control law and are subject to punishment under the act, says the letter, dated Aug. 10. "You are requested to clarify your position and to show cause why appropriate punitive action be not initiated against the company and its directors," the letter continues. Such infractions can carry a fine of up to 1,000 rupees (about $15) and a sentence of up to two years in prison for the first conviction, according to the Cigarettes and Other Tobacco Products Act. The India unit of Philip Morris International did not respond to questions from Reuters. The health ministry also sent a letter to ITC Ltd, India''s leading cigarette maker, which Reuters also reported last month was using some of the same promotional methods as Philip Morris, such as point of sale displays. In its letter to ITC, the health ministry said the company''s advertisements at kiosks were illegal. "Advertisement other than listing type of tobacco products available, whether displayed inside or outside the shop is prohibited and attracts punishment," the ministry said. It also called on ITC to explain why "punitive action" should not be taken against the company. ITC did not respond to questions. A man holds his mobile phone as he lights a cigarette next to a Marlboro advertisement pasted on a vendor''s stall in a marketplace in Mumbai, India, July 14, 2017. Picture taken July 14, 2017. Danish Siddiqui TARGETING YOUNG INDIANS Indian officials have repeatedly said that tobacco advertisements that use brand names, pack images or promotional messages are banned at kiosks - inside and outside. Philip Morris and ITC have said they are in compliance with tobacco control regulations and that the law allows advertising inside a kiosk. Philip Morris'' marketing strategy for India is laid out in hundreds of pages of internal documents that cover the period from 2009 to 2016. A key goal, according to the documents, is "winning the hearts and minds of LA-24" – people between legal age, 18, and 24. The documents can be viewed in a searchable repository, The Philip Morris Files, published by Reuters. ( reut.rs/2sT51xF ) The tobacco shop displays and the distribution of cigarettes at events attended by young people have helped to more than quadruple Marlboro''s market share in India, where Philip Morris is battling to win ground from ITC, which dominates the industry. Slideshow (2 Images) India, with a population of 1.3 billion, has about 100 million smokers. Tobacco use kills more than 900,000 people a year, according to government data. Since October last year, the state government in India''s capital New Delhi has sent at least four letters to Philip Morris and at least three to ITC telling them to remove their advertisements at kiosks. Indian officials say tobacco companies get away with violations of anti-smoking regulations because law enforcement is weak. The health ministry also instructed state governments this month to move against cigarette advertising at kiosks, as well as the distribution of free cigarettes. The ministry requested that states submit a progress report on their actions. Following the Reuters story, Delhi state tobacco control chief S. K. Arora said he quizzed Philip Morris about the distribution of free cigarettes. In internal documents, Philip Morris calls distribution of free cigarettes "sampling" and says it is allowed under the law in India. The company has spent millions of dollars promoting its Marlboro brand at social events, the documents show. At several parties attended by Reuters reporters in Delhi over the past year, young women dressed in the colors of the latest Marlboro variant handed out free packs of cigarettes after asking people for their name, age and preferred brand. In recent weeks, Arora said he had detected a decline in the number of cigarette ads at kiosks in Delhi. Since the Reuters article last month, some Philip Morris ads have disappeared from several tobacco shops in Mumbai. ($1 = 64.1100 Indian rupees) Additional reporting by Abhirup Roy in Mumbai; Editing by Peter Hirschberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-pmi-india-health-idUKKCN1AY0MC'|'2017-08-18T10:20:00.000+03:00'
'50c305f1c2ae87daf4a4541a8805228be624baa3'|'Lockheed Martin awarded part of $499 million U.S. defense contract: Pentagon'|'August 17, 2017 / 9:36 PM / 16 hours ago Lockheed Martin awarded part of $499 million U.S. defense contract: Pentagon Reuters Staff 1 Min Read Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. Kim Kyung-Hoon WASHINGTON (Reuters) - Top U.S. defense contractor Lockheed Martin was named on Thursday as one of six companies that will share a $499 million contract for research into aerospace systems aimed at developing new technologies and capabilities, the Pentagon said. The Pentagon said Lockheed was the third company to be awarded work under the previously announced contract. The work will be performed at the firm''s Fort Worth, Texas, facility and is expected to be completed by 2025, the Pentagon said. Reporting by David Alexander; Editing by Eric Beech 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-lockheed-martin-aerospace-defense-idUSKCN1AX2R1'|'2017-08-18T00:35:00.000+03:00'
'03071d81f1f6560854ea7c2257e3dc8b328301c2'|'China sees apparent natural gas consumption rising by 10 percent in 2017'|' 11 AM / 13 minutes ago China sees apparent natural gas consumption rising by 10 percent in 2017   SHANGHAI (Reuters) - China expects its apparent natural gas consumption to rise over 10 percent year-on-year to around 230 billion cubic metres (bcm) this year, the official Xinhua news agency said on Saturday citing a report from the National Energy Administration. The country''s apparent natural gas consumption reached 114.6 bcm in the first half of this year, up 15.2 percent from the same period a year earlier. Reporting by Winni Zhou and Brenda Goh; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-energy-consumption-idUKKCN1AZ092'|'2017-08-19T12:12:00.000+03:00'
'cf0aeb56186acb6221657661975dcb42208d7451'|'Efficiency eludes the construction industry'|'NINE years ago the first concrete was poured for Berlin Brandenburg airport. It was expected to open in 2012, to cost €1.2bn ($1.8bn) and to welcome 34m passengers each year. Today the only people in its terminals are those with hard hats. Six times over budget, the project has had 66,500 building errors in need of fixing. Last year its spokesman was sacked after calling the project a “shit-show” and saying no manager who was not “addicted to pills” could guarantee an opening date.Berlin’s airport is an extreme example of a broader problem. Superficially, the construction industry would seem healthy enough. The global market is worth $10trn. Euler Hermes, an insurer, expects 3.5% growth this year. Yet more than 90% of the world’s infrastructure projects are either late or over-budget, says Bent Flyvbjerg of Saïd Business School at Oxford University. Even the sharpest of tech firms suffer. Apple’s new headquarters in Silicon Valley opened two years behind schedule and cost $2bn more than budgeted. Smaller projects have similar woes. One survey of British architects found that 60% of their buildings were late. 19 a day ago Islamist Construction holds the dubious honour of having the lowest productivity gains of any industry, according to McKinsey, a consultancy. In the past 20 years the global average for the value-added per hour has inched up by 1% a year, about one-quarter the rate of growth in manufacturing. Trends in rich countries are especially bad. Over the same period Germany and Japan, paragons of industrial efficiency, have seen nearly no growth in construction productivity. In France and Italy productivity has fallen by one-sixth. In America, astonishingly, it has plunged by half since the late 1960s.Prices for building materials are not to blame. They are subtracted from measures of value-added (and have not risen in any case). The burden over time of complying with regulation—applying for permits, for instance—is only partly responsible. In America such rules account for one-eighth of the productivity lost since 1987, according to the Bureau of Labour Statistics.More culpable are two broader structural trends. First, the industry has become less capital-intensive, with workers replacing machinery. This shift is more understandable in countries with access to inexpensive labour. In Saudi Arabia, for example, it is cheaper to import workers from India or Pakistan than to buy machinery. In many countries, however, labour costs might be expected to spur firms to substitute workers with capital.Instead, volatility in demand for construction has trained builders to curb investment. “The industry has learned through bitter experience to prepare for the next recession,” says Luc Luyten of Bain & Company, a consultancy. Capital-heavy approaches to construction bring high fixed costs that are difficult to cut in downturns. Workers, in contrast, can be fired.The second big problem is that the industry has, for the most part, failed to consolidate. Efficient firms should theoretically squash laggards, yielding bigger, more productive companies. “But construction is an industry that appears to have defied Adam Smith,” says Mr Luyten. That is partly because building codes differ not just between countries but within them, which makes it harder to reap the benefits of scale. The customised nature of most projects further limits the usual advantages of size. Because the designs of most projects differ, contractors have to start from scratch for each one.America now has about 730,000 building outfits, with an average of ten employees each. In Europe there are 3.3m with an average of just four workers. Competition is fierce and profit margins are thinner than for any industry except retail. This fragmentation creates its own problems. Slim margins make investment even less likely. Often projects have more than a dozen subcontractors, each keen to maximise profit rather than collaborate to contain costs, says Thijs Asselbergs, a professor at Delft University of Technology.The result is an industry that raises prices for clients and mostly ignores tools that might improve productivity. “While we are all using iPhones, construction is still in the Walkman phase,” says Ben van Berkel, a Dutch architect. Many building professionals use hand-drawn plans riddled with errors. A builder of concrete-framed towers from the 1960s would find little has changed on building sites today, except for better safety standards.Examples of how the industry might move forward are not hard to find. More builders could use computer-aided design, as is standard among architects. Other methods are in earlier stages, but show promise, such as remote-controlled cranes and self-driving bulldozers (Komatsu, a Japanese equipment-maker, is developing the latter). A few niches, such as maritime construction, have shown how investments in technology and mass production can boost efficiency (see article ).On land, a few firms are mass-producing homes. BoKlok, a spin-off from IKEA, a Swedish flat-pack-furniture seller, does only one-fifth of its construction work on site; the rest is done in factories. Parts can be standardised and costs cut as a result. BoKlok reckons that it builds twice as quickly as the industry norm. An American firm called Katerra also builds prefabricated sections of apartments at a factory in Arizona. It helps that each firm does every stage of construction itself, rather than relying on a tangle of subcontractors.The fastest gains are in China. Labour productivity is racing ahead at 7% a year, albeit from a low base. Tightening labour supply has prompted firms to test automation—WinSun, a construction company, has built flats using 3D printing. Modular building is also on the rise, with one company erecting a 57-storey tower in 19 days.However, such techniques remain unusual. For most firms, slim margins and the spectre of future downturns continue to restrain investment. Even for companies that do adopt new methods, growth may be limited by doubts about the quality of new techniques. A few modular towers in China have seen water seep between units. In Britain, past attempts at mass-produced housing are a sour memory: poorly built modular social housing from the 1960s has been demolished. British mortgage lenders shun homes built with “non-traditional construction methods”. BoKlok and Katerra hope their buildings will last a century. But perceptions, like so much else in construction, can be slow to change. "Least improved"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726714-american-builders-productivity-has-plunged-half-late-1960s-efficiency-eludes?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'753e9549c0476479f1ffaaf4128af0f0b3c0143c'|'BRIEF-Dave & Buster’s announces $800 mln senior credit facility'|' 09 PM / 7 minutes ago BRIEF-Dave & Buster’s announces $800 mln senior credit facility Reuters Staff Aug 18 (Reuters) - Dave & Buster''s Entertainment Inc * Dave & Buster’s announces $800 million senior credit facility * Dave & Buster''s Entertainment Inc says facility consists of a $300 million senior secured first lien term loan A in addition to a $500 million revolver * Dave & Buster''s Entertainment-terms of this amended and restated credit agreement increase company''s borrowing capacity by over $300 million to $800 million * Dave & Buster''s Entertainment-terms of amended credit agreement extends term by 2 years to 2022 from 2020, lower co''s interest rate by 25 basis points  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-dave-busters-announces-800-mln-sen-idUSASB0BGF5'|'2017-08-18T15:09:00.000+03:00'
'f6fc7cc6ad1f7f537fb268636efda023de001ee8'|'A trade dispute threatens America’s booming solar industry'|'LAST year California Solar Systems (CSS), a small installer of residential solar panels, decided to “Buy American”. It turned to Suniva, a Chinese-owned firm that makes photovoltaic panels in Georgia and Michigan, rather than use cheap imports. But according to CSS’s boss, Bastel Wardak, Suniva was unable to deliver what it promised, leading to unacceptable delays. He then tried SolarWorld, a more expensive producer in Oregon whose panels could also be marketed as “Made in the USA”. But troubles at SolarWorld’s German parent put a stop to that. Now Suniva and SolarWorld are seeking new protections from America’s International Trade Commission (ITC). On August 15th Mr Wardak was one of many to testify that the two firms did not deserve them.The case pits American solar-cell makers against solar-panel installers. It could have big implications. Solar was the biggest source of power-generating capacity built in America last year, thanks to falling prices (see chart), but protections could push those prices up again. The ITC investigation, which makes use of a rusting bit of trade law called Section 201, is also a test of the Trump administration’s willingness to defend domestic manufacturing.  an hour   11   13   16   19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates If the ITC decides by a September 22nd deadline that imports are a “substantial cause of serious injury” to the two manufacturers, it could recommend that Donald Trump adopt protective measures, such as import quotas. The president could then decide which remedy, if any, to apply. Opponents of the petition say protectionism would set America’s solar industry back five years, with higher prices clouding solar’s appeal as an alternative to natural gas. Solar installations have ground to a halt since June, after the ITC began its probe.The ITC’s decision will hinge on whether its commissioners accept that imports are chiefly responsible for the travails of Suniva and SolarWorld. Juergen Stein, SolarWorld’s boss in America, points to a “circle of death” in the industry, with global overcapacity forcing down prices, which compels firms to produce more to gain the benefits of scale, which further lowers prices. SolarWorld and Suniva claim that imports are the main culprits: solar-panel installations in America climbed by 350% from 2012 to 2016, but imports rose by 500%.SolarWorld has already successfully petitioned for tariffs on imports from China and Taiwan. The company says that Chinese and Taiwanese manufacturers have moved factories elsewhere in Asia to skirt import duties in America, adding to a global glut that has sapped demand for American products. Suniva filed for bankruptcy in April, nine days before launching the petition. SolarWorld laid off 360 workers last month. Nearly 30 other American producers have closed down since 2012. So Suniva and SolarWorld are seeking protections that would apply to all importers.The plaintiffs’ opponents, including the Solar Energy Industries Association (SEIA), a trade body, argue that the firms’ main woes are self-inflicted. They did not foresee how fiercely solar manufacturers would compete to match the low prices of natural gas. Nor did their products meet demand: the two firms have mostly failed to supply the 72-cell panels that are standard for the large, utility-scale installations that now predominate; they produced smaller, 60-cell panels more suitable for rooftop solar. As a result, those seeking utility-scale installations turned to imports. Several companies also told the ITC that the pair lacked the scale in cell manufacturing to provide the modules they claimed were all-American. Instead, they imported some components.The SEIA says broader protections against imports could threaten many of the 260,000 Americans employed by the solar industry. Only 15% of that total work in solar factories. Some fear the ITC may be more easily swayed by the bankruptcy of a few than the threat to many. Mr Trump has no love for solar power, but does like appeals from ailing manufacturers. The industry is bracing for the worst.  "Dark side of the sun"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726733-civil-war-breaks-out-between-two-troubled-firms-and-many-their-solar-peers-trade-dispute?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'
'529917382d70abe47893aec62e8c72e2c1470ed9'|'Oil edges up on decline in crude stocks, but high production caps gains'|'August 17, 2017 / 1:06 AM / an hour ago Oil rises more than 1 percent on bets U.S. inventories falling 3 Min Read General view of the Total oil refinary in Leuna, November 19, 2014. Axel Schmidt NEW YORK (Reuters) - Oil prices rose on Thursday as renewed attention was put on U.S. oil stockpile declines after an industry report suggested oil inventories at the Cushing, Oklahoma hub were declining. Inventories at Cushing, the delivery hub for U.S. crude futures, declined more than a million barrels in the week to Aug. 15, traders said citing estimates from energy industry information provider Genscape. In the latest week to Aug. 11 for which government data was available, Cushing inventories increased nearly 700,000 barrels. Inventories in the United States are closely watched as the market grapples with a global supply glut. Brent crude LCOc1 settled up 76 cents, or 1.51 percent at $51.03 a barrel. U.S. light crude CLc1 was 31 cents, or 0.66 percent, higher at $47.09 a barrel. Both benchmarks fell more than 1 percent on Wednesday despite data showing that U.S. inventories last week fell the most in nearly a year. [EIA/S] Energy Information Administration (EIA) data showed commercial U.S. crude stocks C-STK-T-EIA have fallen by almost 13 percent from their peaks in March to 466.5 million barrels. Stocks are now lower than in 2016. U.S. oil output, however, is rising fast as shale producers take advantage of a recent increase in prices. U.S. crude production rose 79,000 barrels per day (bpd) to over 9.5 million bpd last week, its highest level since July 2015, and 12.8 percent above the most recent low in mid-2016. C-OUT-T-EIA "Yesterday, the production number trumped the storage number, but it was still a draw of 9 million," said Bob Yawger, director of energy futures, energy futures at Mizuho. "There are some weaker shorts that are probably sold out and they want to get out." Rising U.S. output has been undermining efforts by the Organization of the Petroleum Exporting Countries and other producers including Russia to drain a global fuel glut. They have promised to restrict output by a total of 1.8 million bpd between January this year and March 2018. William O''Loughlin at Rivkin Securities said that if inventory declines continued at the current pace, U.S. stocks would fall below the five-year average in two months. "The pace of the declines indicates that OPEC production cuts are having an effect, although the current oil price suggests that the market is sceptical about the longer-term prospects for rebalancing of the oil market," he added. Brent prices are down almost 12 percent since OPEC and its allies began cutting production in January. Additional reporting by Henning Gloystein in Singapore and Christopher Johnson in London; editing by Adrian Croft and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1AX03B'|'2017-08-17T04:05:00.000+03:00'
'a2d4412523cc40ba77a42743f9c77848744493e7'|'Exclusive - Bank jitters over Venezuela stall oil delivery to U.S. refiner'|'MEXICO CITY (Reuters) - A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of a bank letter of credit to discharge, three sources have told Reuters.The cargo''s fate adds to state-run oil company PDVSA''s precarious financial position. Revenue from the company''s oil sales, which have suffered because of low prices and declining production, account for more than 90 percent of the nation''s exports.Major banks are cutting exposure to Venezuela as a result of political upheaval in the South American country. Some have closed accounts linked to officials of the OPEC member who have had sanctions levelled against them by the U.S. government and have refused to provide correspondent bank services or trade in government bonds.Credit Suisse ( CSGN.S ) this month barred operations involving certain Venezuelan bonds and is now requiring that business with President Nicolas Maduro''s government and related entities undergo a reputation risk review.The United States is considering further economic sanctions that would dry up the country''s access to Wall Street.PDVSA and its joint ventures exported 638,325 barrels per day (bpd) to the United States in July, 22 percent less than the same month of 2016, according to Thomson Reuters Trade Flows data.A GUARANTEE FOR DELIVERY The tanker Karvounis carrying Venezuelan oil is anchored at South West Pass off the coast of Louisiana, according to Reuters vessel tracking data. PBF Energy Inc ( PBF.N ), the intended buyer of the cargo, has been trying unsuccessfully to find a bank willing to provide a letter of credit to discharge the oil, according to two trading and shipping sources.Crude sellers typically request letters of credit from customers that guarantee payment within 30 days after a cargo is delivered. The documents must be issued by a bank and received before the parties agree to discharge.It was not immediately clear which banks have denied letters of credit or if other U.S. refiners are affected.PBF Energy spokesman Michael Karlovich would not confirm any details about the cargo, saying: "We treat commercial and logistics arrangements as business confidential information."PDVSA did not reply to a request for comment.The tanker loaded in late June at the Caribbean island of St. Eustatius where PDVSA rents storage tanks, and has been waiting for authorization to discharge since early July, according to four trading sources and Reuters data.CASH BUYERS PDVSA''s cash flow has shrunk in recent years due to extended deals to barter its oil for refined products, services and loans. Chinese and Russian entities currently take about 40 percent of all PDVSA''s exports as repayment for over $60 billion in loans to Venezuela and the company in the last decade, according to a Reuters analysis of its sales. This has left U.S. refiners among the few remaining cash buyers.Some banks have continued working with Venezuela. In May, Goldman Sachs ( GS.N ) purchased $2.8 billion of Venezuelan debt bonds at steep discount, a move criticized by the Venezuelan opposition and other banks.But as more banks look to reduce their exposure to Venezuela, the situation is affecting PDVSA''s payments to bondholders and its routine oil sales and purchases, according to bank and trade sources.The Karvounis was chartered by Trafigura [TRAFG.UL], the Reuters data shows. Since last year, the trading firm has been marketing an increasing volume of Venezuelan oil received from companies such as Russia''s Rosneft ( ROSN.MM ), which lift and then resell PDVSA''s barrels to monetize credits extended to Venezuela, according to traders and PDVSA''s internal documents.Some barrels get sold on the open market, others are supplied to typical PDVSA''s customers including U.S Gulf Coast refiners.PBF and PDVSA have a long-term supply agreement for Venezuelan oil signed in 2015 when PBF bought the 189,00-bpd Chalmette refinery from PDVSA and ExxonMobil Corp ( XOM.N ).The U.S. refiner received three cargoes for a total of 1.58 million barrels last month, the lowest figure since February. Other U.S. refineries such as Phillips 66 ( PSX.N ) did not receive any cargo.In early August, PBF''s Chalmette refinery received 514,000 barrels of Venezuelan DCO on tanker Ridgebury Sally B, the Reuters data say.A second delivery got stuck on tanker Karvounis.Additional reporting by Catherine Ngai and Jarrett Renshaw in New York, Liz Hampton in Houston and Alexandra Ulmer in Caracas; Editing by Gary McWilliams and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/venezuela-oil-cargo-exclusive-idINKCN1AX2A9'|'2017-08-17T16:11:00.000+03:00'
'6b20d98ae56df317f0459f510cc6c6e2a26af8f6'|'Shell''s Deer Park, Texas crude unit shut up to two weeks - sources'|'August 19, 2017 / 12:00 AM / 9 hours ago Shell''s Deer Park, Texas crude unit shut up to two weeks - sources Reuters Staff 3 Min Read FILE PHOTO - A Shell logo is seen on a fuel pump at a gas station In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo HOUSTON (Reuters) - The large crude distillation unit at Royal Dutch Shell Plc''s ( RDSa.L ) 325,700 barrel per day (bpd) joint-venture Deer Park, Texas, refinery may be shut for up to two weeks of repairs from a Thursday fire, sources familiar with plant operations said on Friday. "Operations are stable at Shell Deer Park," company spokesman Ray Fisher said. The refinery''s gasoline-producing fluidic catalytic cracking unit and hydrocracker are out of production due to loss of feed from the shut CDU, the sources said. The coker unit is near shutdown. Production has been reduced on the olefins unit in the adjoining Shell Chemical Plant, the sources said. That unit is due to begin an overhaul in September. The fire began when leaks developed around flanges on the 115,000 bpd VF-3 vacuum distillation unit connected to the 270,000 bpd DU-2 CDU, which is the larger of two at the Deer Park refinery, the sources said. Residue released from the flange leaks then ignited on Thursday, according to the sources. The CDUs do the initial refining of crude oil and provide feedstock to all other production units at the refinery. They operate at atmospheric pressure. After shutting DU-2 and VF-3 because of the fire, Shell cut production on units downstream from the CDU. By Friday, the 70,000 bpd FCCU was shut as were the 41,100 bpd gasoline hydrotreater and the 72,000 bpd reformer feed hydrotreater, according to the sources. Production on the 67,000 bpd hydrocracker was stopped with the unit being kept at operating temperature as of Friday afternoon, the sources said. The 92,000 bpd coker was operating at a very low production level, the sources said. The refinery''s sulphur recovery units were also shut down, according to the sources. Other units were also idled. The refinery supplies feedstocks to the chemical plant. Vacuum distillation units increase the yield from a barrel of oil by refining at vacuum pressure residual crude produced by CDUs. Hydrocrackers produce motor fuels by refining gas oil under high heat and pressure in the presence of hydrogen and a catalyst. Cokers further refine residual crude, increasing the yield of refinable material or converting it to petroleum coke, which can be used as a coal substitute. Hydrotreaters remove sulphur from motor fuels to comply with U.S. regulations. The Deer Park refinery is co-owned by Shell and Petroleos Mexicanos [PEMX.UL] (Pemex), Mexico''s national oil company. Reporting by Erwin Seba; Editing by James Dalgleish and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-refinery-operations-shell-deerpark-idUKKCN1AY2KS'|'2017-08-19T02:59:00.000+03:00'
'7e9142ef3d62fe1f9e7102b766cf3e868a699cd7'|'U.S. pension funds sue Goldman, JPMorgan, others over stock lending market'|'August 17, 2017 / 8:50 PM / 13 hours ago U.S. pension funds sue Goldman, JPMorgan, others over stock lending market Daniel Wiessner 3 Min Read FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo (Reuters) - Three U.S. pension funds sued six of the world''s largest banks on Thursday, including Goldman Sachs Group Inc ( GS.N ) and JP Morgan Chase & Co ( JPM.N ), accusing them of conspiring to stifle competition in the more than $1 trillion stock lending market. In the lawsuit filed in a Manhattan federal court, the funds accused the banks of boycotting start-up lending platforms by threatening and intimidating their potential clients. The defendants include Bank of America Corp ( BAC.N ), Credit Suisse AG CSAG.UL, Morgan Stanley ( MS.N ), UBS AG ( UBSG.S ), Goldman and JP Morgan. The Iowa Public Employees'' Retirement System, Orange County Employees'' Retirement System and Sonoma County Employees'' Retirement Association said in the lawsuit that the banks have cornered the market on stock lending in violation of federal antitrust law. “Through various improper means, the likes of Goldman Sachs and Morgan Stanley have for years colluded to maintain their power over this little-known-but-lucrative corner of Wall Street," said Michael Eisenkraft, a lawyer for the funds and partner with Cohen Milstein. Representatives of Bank of America, Goldman Sachs and JPMorgan declined to comment. The other banks did not immediately respond to requests for comment. The pension funds said collusion by the banks harms investors and retirees by forcing them to pay high fees to engage in stock lending. Stock lending is related to short selling and involves lending a stock to an investor or firm through a broker or dealer. Pension funds and other institutional investors frequently lend stock to hedge funds. In short selling, a security that is not owned or has been borrowed is sold with the idea that it can be bought at a future date at a lower price. The funds claimed in the lawsuit that the defendants conspired to take down upstart stock lending platforms AQS, which was developed by Quadriserv Inc, and SL-x, which would have allowed lenders and borrowers to interact directly. The lawsuit claimed that in 2012 Goldman Sachs threatened to stop doing business with Bank of New York (BNY) Mellon if it continued to support the AQS platform and that the bank agreed to stop using it. BNY Mellon declined to comment. The lawsuit said that through a joint project called EquiLend LLC, the banks purchased SL-x''s intellectual property and shelved it, according to the lawsuit. The funds accused the banks of establishing EquiLend in 2001 to safeguard their interests in the stock lending market. A spokesman for EquiLend, which is also named as a defendant in the lawsuit, declined to comment. Reporting by Daniel Wiessner in Albany, New York; Editing by Marcy Nicholson 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/stocklending-lawsuit-idINKCN1AX2NQ'|'2017-08-17T18:50:00.000+03:00'
'991b28b3d5a6c959e1b99df0908edf13f4617699'|'China to curb ''irrational'' overseas Belt and Road investment - state planner'|'August 18, 2017 / 4:48 AM / 11 minutes ago China to curb ''irrational'' overseas Belt and Road investment - state planner Reuters Staff 3 Min Read Chinese President Xi Jinping attends a news conference at the end of the Belt and Road Forum in Beijing, China May 15, 2017. Jason Lee BEIJING/SHANGHAI (Reuters) - China will strengthen rules to defuse risks for domestic companies investing abroad and curb "irrational" overseas investment on its Belt and Road initiative, the state planner said on Friday. The National Development and Reform Commission (NDRC) said in an online statement lauding the Belt and Road initiative that it would provide better guidance on risks to companies investing overseas in order to prevent "vicious" competition and corruption. The state planner also cited unspecified security risks for Chinese companies investing abroad. The NDRC did not give more details about how it planned to strengthen current rules or why it was concerned about corruption and unhealthy competition between companies. Mergers and acquisitions by Chinese companies in countries linked to the Belt and Road initiative have been growing at a rapid rate, even as Beijing takes aim at China''s acquisitive conglomerates to restrict capital outflows. Unveiled in 2013, the Belt and Road project aims to boost trade and investment along two routes - one along the ancient "Silk Road", connecting China by land and sea through Central Asia and the Middle East to Europe, and the second linking it to Southeast Asia and Africa. However, the initiative has also come with some security concerns for China. This year, militants in Pakistan, a key Belt and Road partner, killed 10 workers and two teachers from China. The largest deal in a Belt and Road country so far this year was a Chinese consortium''s $11.6 billion buyout of the Singapore-based Global Logistics Properties ( GLPL.SI ). Chinese acquisitions in the 68 countries officially associated with President Xi Jinping''s signature foreign policy totalled $33 billion as of Aug. 14, surpassing the $31 billion for all of 2016, according to Thomson Reuters data. Lawyers and dealmakers had told Reuters that companies were enjoying a relatively smooth approval process for Belt and Road-related deals as regulators tended to classify them differently when reviewing outbound investments. China has tightened outbound capital controls and cracked down on overseas deals it sees as risky, putting pressure on acquisitive conglomerates like Anbang Insurance Group, HNA Group, Dalian Wanda Group and Fosun International Ltd (0656.HK). In the statement Friday, the NDRC cited projects such as a high-speed railway in Indonesia and a crude oil pipeline between southwest China and Myanmar as examples of how the initiative was advancing. Up to the end of 2016, Chinese companies had invested more than $18.5 billion to build economic and trade cooperation zones in 20 countries along the Belt and Route routes, it said. Reporting by Beijing Monitoring Desk and Brenda Goh in SHANGHAI; Editing by Philip McClellan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-odi-idUKKCN1AY0FI'|'2017-08-18T11:05:00.000+03:00'
'2e63640adddfb4b175f951bb9319c9b70853cccd'|'Berlin Is Becoming a Sponge City'|'As flash-floods, heat waves and droughts become increasingly common, an innovative climate adaptation strategy is emerging in Germany.“Sponge City” tackles two issues that most cement- and asphalt-laden urban centers struggle with—heat and flooding—all by imitating nature. Watch how Berlin’s infrastructure is being redesigned to solve drainage and heat problems as climate change accelerates.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-18/berlin-is-becoming-a-sponge-city'|'2017-08-18T11:07:00.000+03:00'
'cd7a69fc35c847beca07a5e2ab82344f7015b365'|'UPDATE 1-Zambia restores full power supply to First Quantum mines'|'(Adds detail)LUSAKA, Aug 19 (Reuters) - Zambia has restored full electricity supply to the mines of First Quantum Minerals , the ministries of finance and energy said on Saturday, after reducing power to the mines earlier this week in a dispute over new, higher prices.Zambia''s state power company reduced electricity supply to two First Quantum copper mines because the mining firm had failed to pay the new flat electricity tariff of 9 cents/Kwh agreed by the utility Zesco and mining companies, Energy Minister David Mabumba said on Tuesday.But after talks with the mining firm, it was resolved that First Quantum will be deemed to have migrated to the new tariff structure with effect from January this year, Mabumba said in a joint statement with Finance Minister Felix Mutati."The Government, through Zesco, will put in place measures to ensure continuous, stable and full supply of power to FQM Operated Mines, including importation of power from alternative suppliers," the statement said. (Reporting by Chris Mfula; Writing by TJ Strydom; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/zambia-mining-idINL8N1L50BM'|'2017-08-19T10:51:00.000+03:00'
'ac86d6ed5fe4b4797f6a0dd9db02c2d16c6a6c25'|'American business leaders break with Donald Trump'|'“I’VE never known it to be an embarrassment for a business leader to be associated with an American president,” declares Max Bazerman of Harvard Business School. Donald Trump, in particular, has positioned himself as a businessman-president, whose corporate acumen would unleash a new era for American business. Investors seemed to believe him—his election prompted a giddy “Trump bump” in the stockmarket—and corporate bosses flocked to his side. This week they fled. For many, it seems as much a clear-eyed business calculation as a moral awakening.Some distanced themselves more quickly than others. The trigger was Mr Trump’s reluctance to condemn neo-Nazis and white supremacists who staged violent protests in Virginia on August 12th. Kenneth Frazier (pictured), chief executive of Merck, a big pharmaceutical firm, was the first to leave Mr Trump’s advisory council on manufacturing. On August 14th Mr Trump denounced racist groups in a scripted statement. But the bosses of Under Armour, a sporting-goods outfit, and Intel, a computer-chip giant, defected, too.  7   15   On August 15th Mr Trump appeared once again to equate white supremacists with demonstrators opposing them. As word leaked the next day that chief executives might resign en masse, Mr Trump swiftly tweeted that he was disbanding his manufacturing council and his strategic and policy forum, another advisory group.The calculus of aligning with Mr Trump at first seemed straightforward. By serving on the president’s councils, bosses hoped to nudge him to deliver reform. Banks remain eager to roll back financial regulations. Manufacturing and construction firms hope to benefit from support for domestic production and a binge in infrastructure spending. All companies want a lower corporate-tax rate.More than two dozen chief executives, led by Andrew Liveris of Dow, a chemicals colossus, joined Mr Trump’s manufacturing advisory council. About a score joined the strategic and policy forum, led by Stephen Schwarzman of Blackstone, a private-equity firm. Mr Trump seemed to take particular pleasure in summoning corporate titans; executives smiled as he spoke of his bold plans, even as some acknowledged his shortcomings in private.Technology firms were early to distance themselves from the president: Google and Apple, for instance, have supported a suit challenging Mr Trump’s policy for immigrants from Muslim countries. But many bosses stayed on the councils, even in the immediate aftermath of the Charlottesville crisis. Those included JPMorgan Chase’s Jamie Dimon, Mary Barra of General Motors and Ginni Rometty of IBM.No longer. Even setting aside matters of personal conscience, the costs and benefits for bosses of sitting alongside the president have changed. Serving on Mr Trump’s councils yielded few obvious benefits. The forums are mostly ceremonial. Mr Trump has so far proved unable to advance any major policy, including a business-friendly rollback of Democrats’ health law. Tax reform is complex even in favourable political climates; it does not help that Mr Trump has taken to lambasting Mitch McConnell, the Republican Senate majority leader and a supposed ally. Democrats may not back Mr Trump even on infrastructure spending, which they support.Continuing to serve on the councils increasingly seemed to serve little purpose other than to anger consumers and staff. In the wake of the president’s comments, companies that did not quit at once (among them PepsiCo, which sells fizzy drinks and snacks) faced campaigns threatening boycotts. IBM must compete with Silicon Valley for talent; staff had criticised Ms Rometty’s allegiance to Mr Trump.Many executives will doubtless continue to court Mr Trump in private. Mr Schwarzman has known the president for years, for example. His new infrastructure fund, which in May received a $20bn investment from Saudi Arabia, has much to gain from any new spending on bridges and roads. Others will decide they are better off keeping their distance. Recent jumps in share prices have been largely attributable to firms’ own performance, despite Mr Trump’s tweets claiming credit.This article appeared in the Business section of the print edition under the headline "End of the affair"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21726749-presidents-corporate-advisory-councils-now-disbanded-had-achieved-little-american-business?fsrc=rss'|'2017-08-19T08:00:00.000+03:00'
'a74890bbe705825b120cb691334fc032f101ba47'|'Estee Lauder''s forecasts beat on uptick in demand for its makeup'|'Lipstick is displayed in the M.A.C flagship store in Paris, February 28, 2013. Philippe Wojazer/File Photo REUTERS - Estee Lauder Cos Inc forecast full-year profit and sales ahead of Street views and posted higher-than-expected quarterly results as it sold more cosmetics from brands such as M.A.C and Tom Ford.Shares of the company, which said it would launch a second limited edition makeup collection from Victoria Beckham next month, rose 4.3 percent before the bell on Friday.Sales in Estee Lauder''s makeup unit, which sells brands such as Smashbox and La Mer, surged 16 percent to $1.31 billion. The business accounts for more than 44 percent of total revenue.Sales were boosted by the acquisition of Too Faced and BECCA Cosmetics late last year, which added about 3.5 percentage points to sales growth.Coupled with that, double-digit growth in sales in China and at duty-free stores at airports and online, helped drive revenue up 9 percent to $2.89 billion in the fourth quarter ended June 30.Analysts on average had expected sales of $2.85 billion, according to Thomson Reuters I/B/E/S.Estee Lauder is poised for growth due to its distribution to well-performing beauty retailers, such as ULTA Beauty, online players, and as demand for its products from a growing middle class in China has been strengthening, Oppenheimer & Co analysts said in a pre-earnings client note."We believe key drivers are in place to deliver these results."Estee Lauder''s results were in contrast to rival L''Oreal SA, which last month reported second-quarter sales and profit that missed Wall Street''s estimates.On Friday, Estee Lauder said it expects net sales for full-year 2018 to rise between 8 percent and 9 percent or $12.77 billion to $12.88 billion. It expects adjusted profit of $3.87-$3.94 per share.Analysts on average had estimated full-year profit of $3.79 per share and sales of $12.60 billion. Net income attributable to Estee Lauder rose to $229 million, or 61 cents per share, in the fourth quarter ended June 30, from $94 million, or 25 cents per share, a year earlier. Excluding items, the company earned 51 cents per share, beating analysts'' average estimate of 43 cents per share.Reporting by Vibhuti Sharma and Karina Dsouza in Bengaluru; Editing by Martina D''Couto'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/estee-lauder-results-idINKCN1AY1IH'|'2017-08-18T12:48:00.000+03:00'
'7b631f9f700713ba4ec9e19053a5b34a4e819986'|'CANADA STOCKS-TSX slides as inflation, stronger loonie cloud sentiment'|'* TSX down 81.31 points, or 0.54 percent, to 14,952.33* Nine of the index''s 10 main groups fall* Materials down 1.1 percent as gold under pressureTORONTO, Aug 18 (Reuters) - Canada''s main stock index fell on Friday, led lower by bank and gold mining shares, as concerns about the impact of a stronger Canadian dollar and higher inflation on the economy clouded sentiment.Domestic data showed that Canada''s annual inflation rate ticked higher in July, suggesting price pressures are picking up after June''s subdued reading and clearing the way for the Bank of Canada to raise interest rates in the fall. The news helped lift the Canadian dollar."As the inflation rate ticks up, the Bank of Canada can be more aggressive in terms of raising rates" and that could slow the economy, said Manash Goswami, a portfolio manager at investment firm First Asset, adding that a stronger currency could also pose a headwind for the country''s exporters.The index''s losses stood in contrast to U.S. stocks, which rebounded in a volatile session on reports that President Donald Trump fired his controversial chief strategist Steve Bannon.The Toronto Stock Exchange''s S&P/TSX composite index finished down 81.31 points, or 0.54 percent, at 14,952.33.Healthcare was the only sector that advanced.Manulife Financial Corp fell 2.4 percent to C$24.50, while the overall financials group declined 0.5 percent.The materials group gave up 1.1 percent, hurt by gold mining stocks that reversed course after the price of gold cooled. Prices had jumped to their highest in more than nine months on geopolitical worries, but came under pressure following news of Bannon''s firing.Barrick Gold fell 1.9 percent to C$20.95, while Goldcorp Inc slumped 3 percent to C$16.20.Technology stocks retreated 0.9 percent with CGI Group Inc down 1.3 percent at C$62.67. Absolute Software Corp slumped 6.6 percent to C$7.46 after it reported fourth quarter results that missed expectations.The broader energy group was off 0.1 percent, even as the price of oil jumped 3 percent. U.S. crude prices settled at $48.51 a barrel."I think for the Canadian markets to catch fire you are going to need the energy sector to do a lot better. A lot of foreign investors don''t want to be in Canada unless they see energy recovering," said Goswami.Industrials fell 1 percent, as Canadian National Railway Co fell 1.2 percent to C$100.00.Declining issues outnumbered advancing ones on the TSX by 165 to 76, for a 2.17-to-1 ratio on the downside. (Reporting by Solarina Ho and Fergal Smith; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-idINL2N1L41KG'|'2017-08-18T18:54:00.000+03:00'
'badc581997b7393a36cd52cebc58ba27ecf9ab05'|'American business leaders break with Donald Trump'|'“I’VE never known it to be an embarrassment for a business leader to be associated with an American president,” declares Max Bazerman of Harvard Business School. Donald Trump, in particular, has positioned himself as a businessman-president, whose corporate acumen would unleash a new era for American business. Investors seemed to believe him—his election prompted a giddy “Trump bump” in the stockmarket—and corporate bosses flocked to his side. This week they fled. For many, it seems as much a clear-eyed business calculation as a moral awakening.Some distanced themselves more quickly than others. The trigger was Mr Trump’s reluctance to condemn neo-Nazis and white supremacists who staged violent protests in Virginia on August 12th. Kenneth Frazier (pictured), chief executive of Merck, a big pharmaceutical firm, was the first to leave Mr Trump’s advisory council on manufacturing. On August 14th Mr Trump denounced racist groups in a scripted statement. But the bosses of Under Armour, a sporting-goods outfit, and Intel, a computer-chip giant, defected, too. 19 a day ago Islamist On August 15th Mr Trump appeared once again to equate white supremacists with demonstrators opposing them. As word leaked the next day that chief executives might resign en masse, Mr Trump swiftly tweeted that he was disbanding his manufacturing council and his strategic and policy forum, another advisory group.The calculus of aligning with Mr Trump at first seemed straightforward. By serving on the president’s councils, bosses hoped to nudge him to deliver reform. Banks remain eager to roll back financial regulations. Manufacturing and construction firms hope to benefit from support for domestic production and a binge in infrastructure spending. All companies want a lower corporate-tax rate.More than two dozen chief executives, led by Andrew Liveris of Dow, a chemicals colossus, joined Mr Trump’s manufacturing advisory council. About a score joined the strategic and policy forum, led by Stephen Schwarzman of Blackstone, a private-equity firm. Mr Trump seemed to take particular pleasure in summoning corporate titans; executives smiled as he spoke of his bold plans, even as some acknowledged his shortcomings in private.Technology firms were early to distance themselves from the president: Google and Apple, for instance, have supported a suit challenging Mr Trump’s policy for immigrants from Muslim countries. But many bosses stayed on the councils, even in the immediate aftermath of the Charlottesville crisis. Those included JPMorgan Chase’s Jamie Dimon, Mary Barra of General Motors and Ginni Rometty of IBM.No longer. Even setting aside matters of personal conscience, the costs and benefits for bosses of sitting alongside the president have changed. Serving on Mr Trump’s councils yielded few obvious benefits. The forums are mostly ceremonial. Mr Trump has so far proved unable to advance any major policy, including a business-friendly rollback of Democrats’ health law. Tax reform is complex even in favourable political climates; it does not help that Mr Trump has taken to lambasting Mitch McConnell, the Republican Senate majority leader and a supposed ally. Democrats may not back Mr Trump even on infrastructure spending, which they support.Continuing to serve on the councils increasingly seemed to serve little purpose other than to anger consumers and staff. In the wake of the president’s comments, companies that did not quit at once (among them PepsiCo, which sells fizzy drinks and snacks) faced campaigns threatening boycotts. IBM must compete with Silicon Valley for talent; staff had criticised Ms Rometty’s allegiance to Mr Trump.Many executives will doubtless continue to court Mr Trump in private. Mr Schwarzman has known the president for years, for example. His new infrastructure fund, which in May received a $20bn investment from Saudi Arabia, has much to gain from any new spending on bridges and roads. Others will decide they are better off keeping their distance. Recent jumps in share prices have been largely attributable to firms’ own performance, despite Mr Trump’s tweets claiming credit. "End of the affair"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726749-presidents-corporate-advisory-councils-now-disbanded-had-achieved-little-american-business?fsrc=rss%7Cbus'|'2017-08-19T08:00:00.000+03:00'
'09af6bc9755c1bc7b9bbc22d7fa08306bd13803b'|'Macron Rally Evaporates as Investors Hunger for Reforms'|'Macron Rally Evaporates as Investors Hunger for Reforms A hundred days into his presidency, French equities are back where they started By @blaiserobinson More stories by Blaise Robinson The first 100 days of French President Emmanuel Macron’s tenure have passed and with them the initial market euphoria that followed his victory. The CAC 40 Index is back where it stood before the election, and the stocks seen as potential winners of his promised reforms have had mixed results. Investors are now looking to the Labor Ministry, which this week is set to reveal the outcome of months of talks with union and company representatives. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-22/macron-rally-evaporates-as-investors-hunger-for-reforms'|'2017-08-22T17:10:00.000+03:00'
'0c7a66e382eb571be24d5edc713f101ad399f3fd'|'Magna gets construction permit in Hungary-report'|'LJUBLJANA, Aug 22 (Reuters) - Magna International has won approval to build a factory in western Hungary which could result in the Canadian car parts maker choosing Hungary over Slovenia for its new paint facility, Radio Slovenia reported on Tuesday.Both countries are vying for Magna''s factory which is expected to create about 400 jobs.Slovenia''s national radio station said Magna plans to start building the paint factory in Zalaegerszeg, about 45 kilometers from the border with Slovenia, unless Slovenia grants it construction permission soon.Earlier this month Slovenian Environmental Agency gave the green light to Magna to start building the paint factory but any possible appeal to the agency''s decision could delay the issuing of a final construction permit by weeks or months.According to Radio Slovenia Magna will start building the factory in Hungary, which is expected to start operating in 2018, in case anyone appeals to the environmental permit issued by the Slovenian agency.Magna and the Hungarian government were not available for an immediate comment.In January Magna revealed plans to build a paint factory in Slovenia that would create 400 jobs.According to Slovenian authorities Magna is ready to invest up to 1.24 billion euros in Slovenia and create up to some 6,000 jobs in several investment phases in the coming years, which would be one of the biggest foreign investments in the country.Magna International is the world''s third biggest car parts manufacturer, employing 161,000 people with 327 manufacturing operations in 29 countries. (Reporting by Marja Novak, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/magna-hungary-idINL8N1L80QW'|'2017-08-22T04:33:00.000+03:00'
'd732fefb0528830e9ae236e563d4d626df442862'|'Belgium''s Lotus Bakeries raises prices in Britain due to weak pound'|'August 18, 2017 / 4:28 PM / 17 hours ago Belgium''s Lotus Bakeries raises prices in Britain due to weak pound Reuters Staff 2 Min Read (Reuters) - Belgian biscuit maker Lotus Bakeries ( LOTB.BR ) reported higher first-half profits on Friday and said it has had to raise the prices of its products in Britain because of weakness in the pound. The company, which also makes Biscoff spread and Peijnenburg gingerbread, said the weaker pound sterling following last June''s Brexit vote was having a significant impact on the consolidated turnover. "During 2017, price increases have been initiated in the UK. The positive effect of these measures will mainly be felt in the second half of the year," it said in its results statement. Lotus Bakeries generates nearly 20 percent of its sales in Britain. Inflation in Britain has increased because of the fall in the pound following the country''s vote to leave the European Union. The Bank of England predicts it will hit a five-year high of about 3 percent around October. Lotus''s sales rose 1 percent in the first half of 2017 to 258.9 million euros ($304.13 million). Like-for-like sales, ignoring exchange rate effects, grew by almost three percent, it said. The company''s recurrent operating result (REBIT) increased 6.5 percent to 46.7 million euros. Lotus Bakeries, which bought UK healthy snack brands Urban Fresh Foods and Natural Balance Food in 2015, also said that 35 employees would be let go in the second half of the year due to automation and process improvements in gingerbread production. Reporting by Piotr Lipinski. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lotusbakeries-results-idUKKCN1AY1WR'|'2017-08-18T19:28:00.000+03:00'
'cecd0031e239b3a2ee01bce3dc87037c7c93e85c'|'China to strengthen oversight of ''regulatory arbitrage'' - central banker'|'August 20, 2017 / 6:35 AM / 9 hours ago China to strengthen oversight of ''regulatory arbitrage'' - central banker Reuters Staff 2 Min Read BEIJING (Reuters) - China will strengthen oversight of arbitrage that takes advantage of uncoordinated regulations and increase penalties to try to prevent structural risks from getting out of control, a senior central banker said. Yin Yong, deputy governor of the People''s Bank of China, told a conference in Beijing on Saturday six forms of arbitrage were problematic. He said they involved differing maturities, credit conditions, investment liquidity, exchange rates, capital and information. "These six forms of malicious regulatory arbitrage, which circumvent the regulatory system and its arrangements, and take advantage of the incompleteness of regulation, could result in risks to the entire financial system getting out of control," he said. Chinese financial regulators have adopted a slew of "de-risking" measures this year in the face of ballooning debt and have ramped up efforts to unearth hidden problems that could become systemic threats. Yin called for clear rules and procedures on who qualifies to make certain investments, and said information disclosure procedures should be improved while risk management is made easier. Reporting by Ma Rong in Beijing and John Ruwitch in Shanghai 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-economy-risks-idUKKCN1B005T'|'2017-08-20T09:35:00.000+03:00'
'986f18ccd94af61830efa1d1a4888f34db7fda05'|'U.S. digital rights group slams tech firms for barring neo-Nazis'|'SAN FRANCISCO, Aug 17 (Reuters) - A digital rights group based in San Francisco on Thursday criticized several internet companies for removing neo-Nazi groups from servers and services, saying the actions threatened free expression online.GoDaddy Inc, Alphabet''s Google, security firm Cloudflare and other technology companies moved this week to block hate groups after weekend violence in Charlottesville, Virginia, where white nationalists had gathered to protest removal of a statue of Confederate General Robert E. Lee from a park."We strongly believe that what GoDaddy, Google, and Cloudflare did here was dangerous," Cindy Cohn, executive director of Electronic Frontier Foundation, wrote in a blog post along with two other staffers.The blog post reflected years-long tension in Silicon Valley, where many company executives want to distance themselves from extremists but are concerned that picking and choosing what is acceptable on their platforms could invite more regulation from governments."Protecting free speech is not something we do because we agree with all of the speech that gets protected," Electronic Frontier Foundation wrote."We do it because the power to decide who gets to speak and who doesn''t is just too dangerous to hand to any company or any government."The group called on companies that manage internet domain names, including Google and GoDaddy, to "draw a hard line" and not suspend or impair domain names "based on expressive content of websites or services."Google, GoDaddy and Cloudflare did not immediately respond to a request for comment about the blog made outside normal business hours.On Wednesday, Cloudflare Chief Executive Matthew Prince said his decision to drop coverage of neo-Nazi website The Daily Stormer had been conflicted. The Daily Stormer helped organize the protest in Charlottesville, at which a 32-year-old woman was killed and 19 people were injured when a vehicle drove into counter-protesters. The website cheered the woman''s death.It was removed from GoDaddy and Google Domains after they said they would not serve the website. (Reporting by Dustin Volz, Additional reporting by Joseph Menn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-virginaprotests-tech-idUSL2N1L401H'|'2017-08-18T04:55:00.000+03:00'
'16aded1a30915a338e29e2f5c0620e072b380430'|'Brazil sugar group Clealco refinances nearly 1 bln reais in debt'|'SAO PAULO, Aug 19 (Reuters) - Brazilian sugar group Clealco Açúcar e Álcool SA reached a deal with banks late on Friday to refinance almost 1 billion reais ($317 million) in debt, three people with knowledge of the operation said, and a company executive confirmed the deal.The refinancing deal reduced Clealco''s short-term debt to 5 percent of the total from 75 percent previously as the maturities have been extended, the sources said.Itaú Unibanco Holding SA, Banco do Brasil SA , Banco Votorantim SA, Banco Santander Brasil SA , Banco Bradesco SA, Banco ABC Brasil SA and the Brazilian unit of Cooperative Rabobank UA have extended maturities by up to 7 years and agreed to grace periods of up to two years.Most of the company´s debt will mature from 2022 to 2024, and Clealco will be exempt from paying interest and principal for one to two years, depending on the creditor.Clealco director Gabriel Carvalho said the new terms will give the company a stronger capital structure.The banks did not respond to requests for comment on Saturday. Financial advisory firm Pantalica Partners assisted Clealco in the restructuring, Carvalho said.Since 2010, many Brazilian sugar companies have filed for bankruptcy protection or closed doors. Years of artificially low gasoline prices in Brazil squeezed ethanol profit margins and a long period of depressed sugar prices hurt their finances.Clealco owns three sugar mills in the main Sao Paulo cane belt, with capacity to process around 10 million tonnes of cane per crop. Its Queiroz mill, built in 2006, is one of the largest sugar producing installations in the country."The restructuring will adjust the company''s capital structure and bring cash generation to appropriate levels," Clealco''s Carvalho said.The director said the company agreed to reduce debt levels through asset sales such as agricultural land. "The banks agreed to refinance because they saw the recovery potential", Carvalho added.$1 = 3.1462 reais Additional reporting by Guillermo Parra-Bernal; editing by Diane Craft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/clealco-restructuring-idINL2N1L41M6'|'2017-08-19T16:17:00.000+03:00'
'539f001632d8d57515a6317c6b28fa9656e790a8'|'Rosneft, partners to announce acquisition of India''s Essar Oil completed'|'August 20, 2017 / 4:29 PM / an hour ago Rosneft, partners to announce acquisition of India''s Essar Oil completed Nidhi Verma and Promit Mukherjee 3 Min Read NEW DELHI/MUMBAI (Reuters) - A consortium led by Russian oil major Rosneft( ROSN.MM ) will announce on Monday completion of a $12.9 billion deal to acquire Indian private refiner Essar Oil, strengthening ties between the world''s largest oil producer and the fastest growing fuel consumer. Rosneft will get a 49 percent stake in Essar and the two investors, European trader Trafigura and a Russian fund UCP, will hold another 49 percent in equal parts. The purchase is the biggest foreign acquisition ever in India and Russia''s largest outbound deal. The three jointly issued an invitation to reporters to a briefing "following the completion of the acquisition of Essar Oil Ltd" on Monday. The consortium has picked up a former trading veteran from its shareholder BP to run Indian operations. Tony Fountain, who was chief executive for refining and marketing at Indian conglomerate Reliance Industries Ltd ( RELI.NS ) from January 2012 to February 2016, will be non-executive chairman of the merged entity, three sources said. Fountain did not comment on his appointment. The deal helps Russia to deepen economic ties that stretch back to the Soviet era. Essar Oil operates a 400,000 barrel-per-day oil refinery in Vadinar on India''s west coast and sells fuels through its 3,000 retail stations in India. The deal also includes the Vadinar port and a power plant associated with the refinery. The deal, initiated about two years ago, will help Rosneft in gaining access to India''s rising fuel retail market. Rosneft and Trafigura are the latest international companies after Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) to enter the Indian fuel retailing market. Rosneft may supply Venezuelan oil to Essar''s Vadinar refinery after a deal to buy a stake in the Indian company is finalised, the Indian company''s managing director L. K. Gupta told Reuters in August last year. Reporting by Nidhi Verma in New Delhi and Promit Mukherjee in Mumbai 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-india-essar-rosneft-idUSKCN1B00MN'|'2017-08-20T19:11:00.000+03:00'
'f3939e0f07f9783a1c779c586d0f04d76d2e0635'|'Britain will not exclude possible EU oversight of UK borders after Brexit'|'August 20, 2017 / 8:47 AM / 11 hours ago Britain will not exclude possible EU oversight of UK borders after Brexit Tom Bergin 5 Min Read FILE PHOTO: EU and British flags fly outside the European Commission building in London, Britain August 12, 2017. Neil Hall LONDON (Reuters) - Britain will not rule out the possibility that the European Union may retain oversight of customs controls at UK borders after it leaves the bloc, as the country seeks ways to keep unhindered access to EU markets following Brexit. Last week, the UK published a policy document proposing two possible models for British-EU customs arrangements after withdrawal from the EU in 2019. The first model was a "highly streamlined customs arrangement" which involved the re-introduction of a customs border but which envisaged electronic tracking of shipments, rather than physical checks of goods and documents at the border. An alternative proposal was the "new customs partnership" which would remove the need for a UK-EU customs border altogether. Under this model, the UK would operate as if it was still part of the bloc for customs purposes. British goods would be exported tariff-free and Britain would levy EU tariffs on goods coming into the UK for onward passage to the EU directly or as components in UK export goods. However, lawyers said there would be a need for a mechanism to oversee the "new customs partnership" to ensure that the UK was correctly monitoring goods coming into the UK and destined for Europe. The EU’s system of movement of goods across EU borders without checks works on the basis that all members closely monitor shipments coming into the bloc from outside, to ensure the correct tariffs are paid and that goods meet EU standards. WEAKNESSES The EU anti-fraud agency OLAF polices customs agencies across Europe to ensure they are correctly monitoring imports. OLAF has the powers to conduct on-the-spot inspections and seek information from customs bodies. If OLAF finds weaknesses in a country’s systems and that the member is not charging the appropriate duties on imports from outside the EU, it will recommend that the European Commission, the EU’s executive arm, should recover money from the offending member. For example, in March OLAF slammed lax UK border controls and recommended the European Commission reclaim 2 billion euros the agency said was lost because Britain had failed to apply the correct EU duties on imports of Chinese clothes and footwear in recent years. A spokesman for the UK’s tax authority said it questioned OLAF''s estimate of lost revenue. Duties collected are paid to Brussels. Commission duty recovery claims can be appealed to the Court of Justice of the European Union (ECJ), the EU’s highest court. UK Prime Minster Theresa May has said the UK will no longer be subject to the jurisdiction of the ECJ after Britain’s exit from the bloc. However, the British finance ministry declined to say if the country would bar OLAF from policing the UK’s customs system under the "new customs partnership" model or whether it would allow the Commission to make demands for recovery of lost duties. "The exact form of the arrangements will be agreed as part of the negotiations," a ministry spokeswoman said. MONEY AND EFFORT Lode Van Den Hende, a partner with Herbert Smith Freehills in Brussels, said it was hard to see how the customs partnership model could work without OLAF or a similar body policing the UK’s monitoring of imports destined for the EU. "In practical terms they (Britain and the EU) would have to operate in the same way or the whole thing would fall apart," he said. Bernard Jenkin, a member of parliament for May’s Conservative party, who backed Brexit in last year’s referendum, said he opposed continued EU oversight of UK borders. "There is no need for an EU institution to police our customs, and we should not accept this," he said in a statement. "Any dispute about each other’s customs arrangements should be settled by an independent arbitrator, as with any other international agreement, not by an institution which belongs only to one party of the agreement," he added. Van Den Hende said the ECJ may not accept the creation of an independent body to oversea EU customs. Customs are a matter of EU law and the court is supposed to be the highest authority on this. Also, the breadth of areas in which the UK wishes to retain free trade with Europe means many such independent arbitrators would be required. They would be needed to monitor enforcement of health standards, standards in financial services and rules that apply to a host of other regulated markets. "In theory you can design that, but in practice neither the UK nor the EU would want that because you would be replicating institutions which already exist. It would be a huge amount of money and effort," he said. "This is in one of the fundamental problems about Brexit. The UK wants to retain deep integration but the UK doesn’t like the institutions that administer all this stuff," Van Den Hende said. Reporting by Tom Bergin; Editing by Andrew Bolton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-britain-eu-customs-idUSKCN1B007U'|'2017-08-20T11:47:00.000+03:00'
'60de98c8fd8be575f4decd258d2fd68a09256f95'|'Volkswagen gives green light for electric version of classic Microbus camper van'|'August 20, 2017 / 3:04 PM / an hour ago VW gives green light for electric version of classic Microbus camper van Reuters Staff 2 Min Read FILE PHOTO: A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. Michaela Rehle/File Photo BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) has decided to go ahead with production of an electric version of its classic Microbus camper van as it seeks to boost its electric vehicle credentials. The potential battery-powered revamp of the van, known as the Bulli in Germany, was first announced at the Detroit auto show in January. "After the presentations at the global motor shows in Detroit and Geneva, we received a large number of letters and emails from customers who said, ''please build this car''," Volkswagen brand chief Herbert Diess said in a statement. The electric van, known as the ID Buzz, will go on sale in 2022 and VW said it will target customers in North America, Europe and China. The company will also build a cargo version of the van, it added. Tesla, headed by Elon Musk, has shaken up the auto industry with its ambition to build a mass market for electric cars, posing a competitive threat to established manufacturers that remain reliant on producing cars with combustion engines. VW plans to have more than 30 all-electric models by 2025. Reporting by Victoria Bryan; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-microbus-idUKKCN1B00KG'|'2017-08-20T17:58:00.000+03:00'
'cf1bf7d73a32ec08a73f6fa1ffc38dd862264936'|'RPT-Wall St Week Ahead-Shift from non-GAAP bottom lines could be good for stock prices'|'(Repeats story first published Friday with no changes to text)By Noel RandewichSAN FRANCISCO, Aug 18 (Reuters) - Investors worried about lofty stock-market valuations may take comfort in signs that companies in the benchmark S&P 500 index are padding their bottomlines less than they have in previous years.Recent changes to accounting standards and a crackdown last year by the Securities Exchange Commission are encouraging many companies to be more cautious about reporting metrics that do not adhere to Generally Accepted Accounting Principles (GAAP).The difference between S&P 500 companies'' GAAP net incomes and the adjusted versions of net income that they play up to Wall Street is expected to significantly shrink in 2017 for a second year, after hitting a high in 2015, according to a Thomson Reuters analysis.Such a decline may be good news for investors worried that stock prices have risen too far."The closer reported earnings are to GAAP, the more confident I''d be that investors are getting a fair characterization," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.On their income statements, companies often exclude "extraordinary" items, like charges associated with layoffs that they believe give investors an unclear picture of their performance. Those adjustments tend to make their profits appear stronger.After an 8-percent rise in 2017, the S&P 500 is trading at 17.8 times expected earnings, a level many investors consider expensive and increases the risk of a market selloff. But the expected earnings in that valuation are adjusted, not GAAP.To the extent that companies use non-GAAP accounting less this year than in recent years, investors may feel more comfortable paying higher valuations for their stocks."You''re getting more conservative in your earnings approach rather than more aggressive," said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York. "That''s exactly why I don''t think current PEs are very expensive."NEW STANDARDS Following new accounting standards covering the taxation of stock-based compensation, Google parent company Alphabet Inc. stopped excluding stock-based compensation from its costs in the first quarter. Facebook Inc. said it would no longer emphasize non-GAAP expenses, income, tax rate or earnings per share.Responding to a new standard on revenue recognition, Microsoft Corp. recently said it will switch to GAAP revenue reporting.Analysts expect S&P 500 corporations in 2017 to report a total of about $1.06 trillion in GAAP net income, according to Thomson Reuters data. But allowing for non-GAAP adjustments made by many companies and analysts, total net income is expected to reach around $1.17 trillion.Still, that 10-percent difference between GAAP net income and the net income companies and many investors focus on is much smaller than in 2015, when the difference was 33 percent, the largest gap since at least 2009. Last year, the difference shrank to 22 percent. ( tmsnrt.rs/2fRRogA )Thomson Reuters analyzed 494 S&P 500 companies and adjusted some of their fiscal years to reflect calendar years. In cases where companies and analysts focused on GAAP, that number was counted as adjusted net income.Adding to pressure on U.S. chief financial officers, the SEC last year sent comment letters to corporations questioning their accounting methods. It warned companies not to produce misleading quarterly reports using larger fonts and bolded type to emphasize non-GAAP metrics."The SEC was upset about how non-GAAP was being used, and I think people have tried to listen to that. Nobody wants an SEC comment letter," said Takis Makridis, chief executive of Equity Methods, which advises companies on equity compensation.Silicon Valley''s technology giants have additional reasons to start emphasizing GAAP results."The biggest companies who, earlier in their evolution needed to show numbers that put them in a more favorable light, no longer need that advantage," said Pivotal Research analyst Brian Wieser. "It raises greater contrast with companies that are just emerging."Reporting by Noel Randewich; Editing by Bernadette Baum'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-stocks-weekahead-idINL2N1L60A6'|'2017-08-20T15:00:00.000+03:00'
'2abf90c5710c7fa6bb8d9ea73e19436350cb0bc2'|'Deutsche Bank, Bank of America settle agency bond rigging lawsuits'|'Edition United States August 17, 2017 / 9:49 PM / 7 minutes ago Deutsche Bank, Bank of America settle agency bond rigging lawsuits Jonathan Stempel 3 Min Read FILE PHOTO: A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach/File Photo NEW YORK (Reuters) - Deutsche Bank AG and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade. Preliminary settlements totaling $48.5 million for Deutsche Bank and $17 million for Bank of America were filed on Thursday with the U.S. District Court in Manhattan, and require a judge''s approval. Both banks denied wrongdoing. The settlements were the first in litigation accusing 10 banks of engaging in a "brazen conspiracy" to rig the market for U.S. dollar-denominated supranational, sub-sovereign and agency (SSA) bonds, court papers show. Deutsche Bank spokeswoman Oksana Poltavets and Bank of America spokesman Lawrence Grayson declined to comment. The investors are led by the Iron Workers Pension Plan of Western Pennsylvania, KBC Asset Management NV, and the Sheet Metal Workers Pension Plan of Northern California. They accused banks of communicating by phone, chatrooms and instant messaging to share pricing data and function as a collective "super-desk," while letting traders coordinate their strategies, to boost profit. This collusion allegedly ran from 2005 to 2015, and forced customers to accept unfair prices on bonds they bought and sold, court papers show. BNP Paribas SA, Citigroup Inc, Credit Agricole SA, Credit Suisse Group AG, HSBC Holdings Plc, Nomura Holdings Inc, Royal Bank of Canada and Toronto-Dominion Bank were also sued, and all sought dismissals. U.S. regulators have also examined possible manipulation in the SSA bond market. The Manhattan court is home to a slew of private litigation accusing big banks of conspiring to rig various financial markets, interest rate benchmarks and commodities. Late Wednesday night, another group of investors sued six banks, claiming they rigged the more than $1 trillion stock lending market. The SSA and stock loan litigation are being led by securities class action specialists, and the law firm Quinn Emanuel Urquhart & Sullivan is involved in both. The case is In re: SSA Bonds Antitrust Litigation, U.S. District Court, Southern District of New York, No. 16-03711. Reporting by Jonathan Stempel in New York; Editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-deutsche-bank-bank-of-america-settlem-idUKKCN1AX2RV'|'2017-08-18T00:48:00.000+03:00'
'b821d7d196fe087fca424a0d3db9012149c51d2a'|'Getting to the core of global inflation'|'August 18, 2017 / 11:50 AM / 19 minutes ago Getting to the core of global inflation Ross Finley 5 Min Read Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. Picture taken May 7, 2017. Kai Pfaffenbach/Illustration LONDON (Reuters) - Stock markets have spent the year rising on bets of a resurgence in inflation, while central bankers trying to manage the global economy have spent the same time repeatedly reassuring everyone it''s just around the corner. Policymakers gathering at an annual monetary retreat in Jackson Hole, Wyoming in the coming week no doubt will be collectively pondering why the textbook rule that says low unemployment leads to labour shortages, then higher wages, and then in turn higher inflation, isn''t working. Yet the global economy is growing strongly. Apart from the risk of a stock market correction, there is no evidence of disinflationary threats like those that emanated from the financial crisis that started to smoulder a decade ago. The latest Reuters Polls of more than 500 economists covering more than 45 economies around the world showed almost no move in inflation expectations since the start of the year. In the United States, where the Federal Reserve is raising interest rates, inflation pressures are in an extended lull, which has led to contorted arguments trying to explain it away. Omair Sharif, senior U.S. economist at Societe Generale, in a recent note titled "All my exes", criticizes a recent tendency to search for suitably favourable core measures of inflation - stripped of, or "ex-", whatever components are holding it down. "In short, while the core CPI undoubtedly looks better when you strip out sizable price declines, all these ''ex'' measures still show a softening in the core rate that began in January," he wrote. "Moreover, as we have noted before, the transitory excuse is long past its sell-by date." Analysts who follow the European Central Bank have been equally disappointed that after spending 2 trillion or so euros buying mostly government bonds it''s only running 1.3 percent euro zone inflation, still well below the 2.0 percent ceiling. Some measures of core inflation are even lower. Frederik Ducrozet, economist at Pictet, has taken heart from a recent trend move higher in the "super core" euro zone inflation rate, which excludes the cost of package holidays. The trouble is, the euro is on a tear higher. That is a reflection of vastly improved economic performance by many euro zone economies this year, but as the common currency climbs, it acts as a drag on exports and tamps down imported inflation. Flash euro zone purchasing managers'' surveys in the coming week are likely to show continued strong business activity, but with tame price rises. ECB chief Mario Draghi, who famously sent shockwaves at the Jackson Hole summit five years ago proclaiming he would do "whatever it takes" to save the euro, will not be making major policy comments this year. To some, that underscores how little progress there is to discuss. "This in itself suggests that the Governing Council remains to be convinced that it should announce its QE tapering plans at its next meeting (in) September," notes Victoria Clarke, economist at Investec. Fed Chair Janet Yellen will also speak. However, with minutes from the Federal Open Market Committee''s latest deliberations showing concern about soft inflation, she is not likely to give new guidance on policy. Indeed, arguably the biggest influence on U.S. inflation in the near term is completely out of the Fed''s control. Come September, the reality may hit that prospects for sweeping U.S. tax cuts, one of President Donald Trump''s biggest election promises and the basis of a surge in business confidence since he won the White House, have stalled. If the stock market gets a chill, the Fed may no longer be able to rely on an argument regularly touted by New York Fed Chief William Dudley that looser financial conditions justify the case for tighter monetary policy. But the weak inflation trend is not confined to the United States, Europe and, of course Japan. With few exceptions, national statistics show inflation remains low just about everywhere. India, forecast in the latest Reuters polls to be the world''s top-performing economy this year with more than 7 percent growth, and also an economy notorious in the past for running persistently high inflation, reported inflation hit a record low of 1.54 percent in June. The Reserve Bank of India cut interest rates into that roaring strength the same month inflation hit a record low. South Africa, emerging from recession, is running inflation below historical averages and its central bank may cut rates again as soon as next month, and most likely by November, according to the latest Reuters poll. Even in Brazil, which is beginning to emerge from its worst recession in about a century, inflation has crashed from more than 11 percent last year to below 4 percent, leading the central bank last month to lower its inflation target. Reporting by Ross Finley; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-economy-outlook-idUKKCN1AY188'|'2017-08-18T14:50:00.000+03:00'
'6e3f1663e3e764475d03e7b85e5beff6c83f12c1'|'How to reform student finance? Let’s start with interest rates'|'S tudent loans are overpriced, badly administered and probably mis-sold. If they were a financial product that we unpick in the Money pages each week, they would more than likely fall into the “worst-buy” rather than the “best-buy” category. Yet well over 200,000 undergraduates will be herded into them in September.Let’s start with the overpriced interest rate. Supermarket group Asda launched into personal loans this week, promising rates starting at 2.9%. Tesco and Sainsbury’s start just a tad higher at 3%. Meanwhile, the government can borrow on international money markets at just 1.8% for repayment over 30 years. Yet, when it lends the money out through the Student Loans Company, to be repaid in up to 25 years, it applies an interest rate of up to 6.1%. If this were Lloyds or Barclays we’d call it shameless profiteering.It’s particularly obnoxious that the 6.1% is a formula based on the retail prices index. That’s the inflation index the government abandoned so it could focus on the consumer prices index, nearly always lower than RPI. Even the Office for National Statistics dropped RPI as a formal national statistic, saying in 2013 that it did “ not meet international standards ”. But it seems it is good enough for students – plus anyone who buys train tickets, which also go up in line with RPI, currently 3.6%.Now let’s look at the administration of these loans. As the Money pages have chronicled in recent weeks, students allege that the system has collapsed into a “ bureaucratic nightmare ”, wrongly imposing penalty charges , losing paperwork, charging students who shouldn’t be charged, and failing to pay refunds .Many students are hugely frustrated that the SLC is unable to produce up-to-date statements of what is owed. The only figure produced is at the end of the last tax year – which can be months out of date. Now imagine if HSBC or NatWest said that to customers. We’d run them out of town.The SLC appears to go through chief executives the way Trump goes through White House press chiefs – it has had three bosses in 20 months . It also managed to burn through £50m on a major IT upgrade in 2013, later dubbed a “superfail”. If there was an A-level for business management, the SLC would have been lucky to earn an E grade.Now let’s look at possible mis-selling. When financial products promise big rewards over the next five or 10 years, the regulators insist on “wealth warnings” that you might lose all your money. But when it comes to education, the wealth warnings seem to disappear.Universities minster Jo Johnson said on the radio this week that the average female who goes to university will earn £250,000 more than those that don’t. It’s interesting he used that figure, rather than the £165,000 that even the PRs for UK universities use for male graduates. And how reliable is that? The earnings of today’s 40- and 50-year-old graduates, who were only one-tenth of the school-leaver generation of their day, is hardly a guide to the future earnings potential of the much larger cohort of students now in higher education.An analysis by the Institute for Fiscal Studies last year found that at a large number of universities, (36 for men and 10 for women) 10% of graduates were earning more than £60,000 a year 10 years on. But at a worryingly large number of institutions (23 for men and nine for women), median graduate earnings were less than those of the median non-graduate 10 years on. Taking on £50,000 debt to study in those places was, on purely financial grounds, a completely dud investment.Where do we go from here? There is a critical need for reform of student finance. But the choices are tough. Raise taxes? Cut student numbers? Shorten degree courses?The debate will rage on – but one immediate reform should be to axe the RPI formula for student interest rates.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/aug/19/student-finance-mis-selling-shameless-profiteering'|'2017-08-19T14:00:00.000+03:00'
'9e4c06986cb49cb391d2b9e18f66326bb4b2e377'|'Persimmon posts 30 percent first-half profit rise'|'August 22, 2017 / 6:17 AM / 7 hours ago Persimmon posts 30 percent first-half profit rise Reuters Staff 1 Min Read FILE PHOTO - A completed modular Space4 home on a Persimmon development in Coventry, February 22, 2017. Darren Staples/File Photo LONDON (Reuters) - Britain''s second biggest housebuilder Persimmon said its first-half pre-tax profits rose 30 percent to 457 million pounds but it would remain cautious over land buying due to uncertainty around Brexit. Persimmon, which built just over 15,100 homes across the country in 2016, said its volumes rose 8 percent to 7,794 units in the first six months of the year and that customer interest in its developments remained strong. The firm said the housing market was still "confident" and its reservation rate had risen 2 percent in recent weeks but it would be prudent about buying land for future building, the biggest cost faced by most builders. "We will remain cautious with respect to new land investment for as long as the uncertainties facing the market persist, particularly those associated with the risks to the UK economy resulting from the UK''s exit from the EU," the firm said on Tuesday. Reporting by Costas Pitas; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-persimmon-results-idUKKCN1B20FX'|'2017-08-22T09:16:00.000+03:00'
'5e981fc8b5cecd720b5c9d724195610e821c06b4'|'MOVES- Alvarez & Marsal, Trailstone, Crowe Clark Whitehill'|'Aug 22 (Reuters) - The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email moves@thomsonreuters.com.ALVAREZ & MARSAL The Professional services firm appointed Brian Rayburn, Mark Uffhausen and Jose Contreras as managing directors to its corporate performance improvement bench.TRAILSTONE GROUP John Redpath, a senior partner and head of the liquids agriculture business at global commodities trader TrailStone Group, is set to succeed David Silbert as head of the firm, said two sources familiar with the matter.CROWE CLARK WHITEHILL The Audit, tax and advisory firm appointed Grant Anthony as partner in its business solutions team.WILSHIRE CONSULTING Investment manager said it promoted four company executives - Bradley Baker, Rose Dean, Ali Kazemi and Ned McGuire - to the position of managing director.CREDIT SUISSE GROUP AG Credit Suisse Group AG named Dominik Münchbach head of external asset managers (EAM) for Switzerland.MAVEN CAPITAL PARTNERS British private equity and property manager named Dave Furlong as investment director.TILNEY The UK-based investment management firm Tilney said it appointed Jane Garrick as chartered financial planner at it''s Birmingham office.NATIXIS GLOBAL ASSET MANAGEMENT The asset manager Natixis it had appointed Tony Huang as general manager and head of institutional business development for Taiwan, effective July 17.Compiled by Manas Mishra in Bengaluru'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/financial-moves-idINL4N1L84Z8'|'2017-08-22T17:50:00.000+03:00'
'e392953c3b556e9aee036d635377f650abee9ccf'|'Deals of the day-Mergers and acquisitions'|'August 18, 2017 / 1:30 PM / 12 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 3 Min Read Aug 18 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Friday: ** U.S. power producer Calpine Corp said it would be bought by a group of investors led by Energy Capital Partners for $5.6 billion, as the debt-laden company struggles to keep up with depressed commodity prices. ** Yunfeng Financial Group said it would be the main investor in a $1.7 billion acquisition of insurer MassMutual International''s Hong Kong unit - a deal that sent shares in the Jack Ma-backed finance firm soaring as much as 30 percent. ** Austrian holiday airline Niki''s 850 employees were braced for a bumpy ride as insolvent parent Air Berlin began talks on Friday to sell off its assets before it runs out of cash. ** INTRO-Verwaltungs GmbH, the group controlled by airline investor Hans Rudolf Woehrl, has formally indicated its interest in taking over Air Berlin, it said in a statement. ** Private equity groups Bain Capital and Cinven secured control of German generic drugmaker Stada with a sweetened takeover offer in the largest acquisition of a listed German company by buyout groups, ending months of uncertainty. ** Elliott Management Corp has quietly ramped up pressure on Energen Corp to explore a sale, according to two people familiar with the matter, as the U.S. oil and gas producer fends off heavy pressure from activist investors to sell itself. ** China''s Guangzhou Automobile Group Co Ltd has no plans to acquire automaker Fiat Chrysler Automobiles (FCA) NV , a company spokesperson said. ** CEFC China Energy, which has grown from a niche oil trader to a sprawling energy conglomerate, is in talks to acquire a stake in Russian state oil giant Rosneft, three people with direct knowledge of the discussions said. ** Buyout firms Carlyle and Southern Capital Group are in talks to sell their majority stake in Solusi Tunas Pratama in a deal that could value the Indonesian telecoms tower operator at about $1 billion, three people familiar with the process said. ** Hellman & Friedman LLC is exploring the sale of a stake in HUB International Ltd in a deal that could value one of the largest North American insurance brokerages at between $6 billion and $7 billion, including debt, people familiar with the matter said. (Compiled by Roopal Verma in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day-idUSL4N1L43Y5'|'2017-08-18T16:30:00.000+03:00'
'12a91e9e71199385cf2d024b2de052cbb970e283'|'American business leaders break with Donald Trump'|'“I’VE never known it to be an embarrassment for a business leader to be associated with an American president,” declares Max Bazerman of Harvard Business School. Donald Trump, in particular, has positioned himself as a businessman-president, whose corporate acumen would unleash a new era for American business. Investors seemed to believe him—his election prompted a giddy “Trump bump” in the stockmarket—and corporate bosses flocked to his side. This week they fled. For many, it seems as much a clear-eyed business calculation as a moral awakening.Some distanced themselves more quickly than others. The trigger was Mr Trump’s reluctance to condemn neo-Nazis and white supremacists who staged violent protests in Virginia on August 12th. Kenneth Frazier (pictured), chief executive of Merck, a big pharmaceutical firm, was the first to leave Mr Trump’s advisory council on manufacturing. On August 14th Mr Trump denounced racist groups in a scripted statement. But the bosses of Under Armour, a sporting-goods outfit, and Intel, a computer-chip giant, defected, too. 2 hours On August 15th Mr Trump appeared once again to equate white supremacists with demonstrators opposing them. As word leaked the next day that chief executives might resign en masse, Mr Trump swiftly tweeted that he was disbanding his manufacturing council and his strategic and policy forum, another advisory group.The calculus of aligning with Mr Trump at first seemed straightforward. By serving on the president’s councils, bosses hoped to nudge him to deliver reform. Banks remain eager to roll back financial regulations. Manufacturing and construction firms hope to benefit from support for domestic production and a binge in infrastructure spending. All companies want a lower corporate-tax rate.More than two dozen chief executives, led by Andrew Liveris of Dow, a chemicals colossus, joined Mr Trump’s manufacturing advisory council. About a score joined the strategic and policy forum, led by Stephen Schwarzman of Blackstone, a private-equity firm. Mr Trump seemed to take particular pleasure in summoning corporate titans; executives smiled as he spoke of his bold plans, even as some acknowledged his shortcomings in private.Technology firms were early to distance themselves from the president: Google and Apple, for instance, have supported a suit challenging Mr Trump’s policy for immigrants from Muslim countries. But many bosses stayed on the councils, even in the immediate aftermath of the Charlottesville crisis. Those included JPMorgan Chase’s Jamie Dimon, Mary Barra of General Motors and Ginni Rometty of IBM.No longer. Even setting aside matters of personal conscience, the costs and benefits for bosses of sitting alongside the president have changed. Serving on Mr Trump’s councils yielded few obvious benefits. The forums are mostly ceremonial. Mr Trump has so far proved unable to advance any major policy, including a business-friendly rollback of Democrats’ health law. Tax reform is complex even in favourable political climates; it does not help that Mr Trump has taken to lambasting Mitch McConnell, the Republican Senate majority leader and a supposed ally. Democrats may not back Mr Trump even on infrastructure spending, which they support.Continuing to serve on the councils increasingly seemed to serve little purpose other than to anger consumers and staff. In the wake of the president’s comments, companies that did not quit at once (among them PepsiCo, which sells fizzy drinks and snacks) faced campaigns threatening boycotts. IBM must compete with Silicon Valley for talent; staff had criticised Ms Rometty’s allegiance to Mr Trump.Many executives will doubtless continue to court Mr Trump in private. Mr Schwarzman has known the president for years, for example. His new infrastructure fund, which in May received a $20bn investment from Saudi Arabia, has much to gain from any new spending on bridges and roads. Others will decide they are better off keeping their distance. Recent jumps in share prices have been largely attributable to firms’ own performance, despite Mr Trump’s tweets claiming credit.This article appeared in the Business section of the print edition under the headline "End of the affair"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21726749-presidents-corporate-advisory-councils-now-disbanded-had-achieved-little-american-business?fsrc=rss'|'2017-08-19T08:00:00.000+03:00'
'dc81a3022cb6c895b09d987c3de14f57761efda5'|'AT&T considers sale of home security business: sources'|'The AT&T logo is pictures on a building in Los Angeles, California, U.S. August 10, 2017. Mike Blake (Reuters) - AT&T Inc ( T.N ) is exploring options for its Digital Life home security business, including selling it, as it seeks to pay down debt following its planned $85.4 billion acquisition of Time Warner Inc ( TWX.N ), people familiar with the matter said.The divestiture would mark a reversal for AT&T, which entered the U.S. home security market with the introduction of Digital Life in 2013. The service offers customers sensors and cameras so they can monitor their homes and pets on their phones.Digital Life accounted for a tiny fraction of AT&T''s $163.8 billion in revenue in 2016. It is estimated to have between 400,000 and 500,000 customers and may fetch close to $1 billion in a sale, the sources said.While this would do little to reduce AT&T''s debt, which totaled $143.7 billion on June 30, the sale could be a prelude to more divestitures, the sources added.They requested anonymity because the deliberations are confidential. AT&T declined to comment."AT&T will carry an incredible debt load (after the Time Warner deal closes), which is a risky proposition for a company with declining revenues," MoffettNathanson research analyst Craig Moffett said in an email. "They will almost certainly have to find assets to sell to appease the bond rating agencies."AT&T has said it expects the Time Warner acquisition to close by the end of the year. The deal is currently under antitrust review by the U.S. Department of Justice.Digital Life reaches 80 U.S. markets, including large cities such as Chicago and New York, but it has not matched the scale of U.S. cable company Comcast Corp''s ( CMCSA.O ) rival service. Comcast introduced its Xfinity Home service in 2012 and said this year that it was approaching 1 million customers.Cable operators turned to home security services a few years ago for a new revenue stream and as a way to rebuild margins whittled away by swelling programming costs.Buyout firms and home security companies may show interest in the AT&T unit, the sources said. Private equity firm Apollo Global Management LLC ( APO.N ), for example, bought home security company ADT Corp for about $7 billion in 2016 and merged it with smaller U.S. peer Protection 1.Last month, AT&T sold LifeShield, the home security unit of DirecTV, to private equity firm Hawk Capital Partners for an undisclosed sum.Glenn Lurie, a senior AT&T executive who oversaw Digital Life, said earlier this month that he would retire in September.Reporting by Liana B. Baker in San Francisco; Additional reporting by Anjali Athavaley in New York; Editing by Lisa Von Ahn'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-at-t-security-idINKCN1AY1FA'|'2017-08-18T11:23:00.000+03:00'
'19acb8e3bf72bbc794f28219caf49b8150abb36e'|'IndiGo grounds 13 planes after engine issues - TV channels'|'Women spread fryums for drying on a rooftop as an IndiGo Airlines aircraft moves on the runway after landing at the Sardar Vallabhbhai Patel international airport in Ahmedabad, India July 6, 2017. Amit Dave/Files NEW DELHI (Reuters) - India''s biggest airline IndiGo said on Friday it had been forced to ground 12 Airbus jets because of delays in getting new Pratt and Whitney-made engines and uncertainty around a new Indian sales tax.In a statement following local media reports of new grounded planes, the carrier said eight of its A320neo aircraft had been grounded since April.Four A320ceo were also grounded last month because spare engines are stuck at customs, which the company linked to clarifications related to a new country-wide sales tax.IndiGo, owned by InterGlobe Aviation, and rival GoAir have faced delays in receiving planes from Airbus due to ongoing problems with engines developed by Pratt and Whitney, owned by United Technologies.Pratt & Whitney did not immediately respond to a request for comment.Local media on Friday had reported that 13 planes had been grounded, and that the airline was forced to cancel 84 flights.FILE PHOTO: An IndiGo Airlines aircraft prepares to land as a man paddles his cycle rickshaw in Ahmedabad, India, October 26, 2015. Amit Dave/File Photo IndiGo, which has 95 aircraft in service, said it had previously flagged up the grounding of nine A320neos in June because of a lack of spare engines.The shortages have "led to unplanned flight cancellations. All passengers have been informed of the changes and accommodated accordingly," the airline said.IndiGo said in an earlier statement some sections of the media had spread misleading information on the cancellations."Our schedule has already been planned in the month of June on non-availability of these aircraft for the month of July, August and September. The affected passengers have already been accommodated with suitable options," it said.IndiGo, which flies four in every 10 Indian air passengers, operates around 900 daily flights.Shares in InterGlobe closed down 3.27 percent, against a 0.85 percent drop in the wider market.Reporting by Tommy Wilkes; Editing by Jane Merriman and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/interglobe-pratt-whitney-idINKCN1AY0PP'|'2017-08-18T10:47:00.000+03:00'
'a42ae2ed9d103384864d3a3d7dfa055adbe30adb'|'Freeport Indonesia copper mine access to resume after clashes'|'TIMIKA, Indonesia, Aug 20 (Reuters) - Limited access to the giant Grasberg copper mine in eastern Indonesia is expected to resume on Monday, its operator said, after hundreds of former workers blockaded the site and clashed with police.Trouble erupted at the mine, which is operated by the Indonesian unit of Freeport McMoRan Inc, during a demonstration over employment terms on Saturday afternoon.Three former workers were injured after police fired tear gas and warning shots to disperse the blockade, according to a union official representing the ex-workers.Freeport said at least four contractors were also injured.Buildings, vehicles and motorbikes belonging to the company and its employees were also torched in the incident in the province of Papua, Freeport said, and access to the world''s second-largest copper mine was restricted due to safety concerns.Freeport Indonesia spokesman Riza Pratama praised local authorities on Sunday for "restoring security control" but also continued to advise workers to avoid travelling to the area."The Main Supply Route also has been cleared, and bus and cargo convoys will resume on a limited basis Monday," Pratama said in an emailed statement.Following export restrictions related to a permit dispute, Freeport Indonesia, which employs more than 32,000 staff and contractors, laid off about 3,000 workers earlier this year. This prompted a strike and high levels of absenteeism.Freeport has denied that there is a "formal strike", and deemed that approximately 3,000 full-time and 1,000 contract employees who were absent had "voluntarily resigned", but could reapply for positions as contractors.Arizona-based Freeport, the world''s biggest publicly-traded copper miner, has repeatedly said it has acted on labour issues in accordance with Indonesian law and its labour contract.Tensions around Grasberg could hamper Indonesia''s efforts to calm Papua, where a low-level insurgency has simmered for decades. The mine is a major source of revenue for the local economy, but its social and environmental effects also remain sources of friction."If indeed we won''t be employed again, they must be clear about our rights (and) what we will receive," one former worker told Reuters on condition of anonymity.Tri Puspital, a union official representing the estimated 5,000 former workers involved in the near four-month dispute told Reuters his team had not yet made plans to demonstrate again. "We''re still waiting."IndustriALL Global Union, a federation of labour unions, has criticised Freeport''s handling of the matter, saying it treated "fired" workers "inhumanely and with contempt", and urged the company to reinstate staff and contractors. (Reporting by Sam Wanda in TIMIKA; Additional reporting by Agustinus Beo Da Costa and Wilda Asmarinin in JAKARTA; Writing by Fergus Jensen in SINGAPORE; editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/indonesia-freeport-idINL4N1L609J'|'2017-08-20T13:43:00.000+03:00'
'ca1206a24a2e51e11c431174e2c1b71dab9dd28e'|'UK pension regulator to prosecute former BHS owner Chappell'|'August 22, 2017 / 10:36 AM / 7 hours ago UK pension regulator to prosecute former BHS owner Chappell Reuters Staff 2 Min Read File photograph shows Dominic Chappell, the former bankrupt who bought retail chain British Home Stores in 2015 giving evidence to the business, skills and innovation parliamentary select committee about the collapse of BHS, in Westminster, London, Britain June 8, 2016. Parliament TV/Handout via Files LONDON (Reuters) - Britain''s Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents requested during an investigation into the sale of department store chain BHS to him by retail tycoon Philip Green, it said on Tuesday. Green sold the loss-making 180-store chain to Chappell''s Retail Acquisitions Ltd vehicle for 1 pound ($1.28) in 2015. Chappell was a serial bankrupt with no retail experience. BHS fell into administration in 2016 with a pension deficit of 571 million pounds - the biggest collapse in the British retail industry since Woolworths in 2008. Some 11,000 jobs were lost. The Pensions Regulator (TPR) said it was prosecuting Chappell for failing to comply with three notices it issued. He has been summonsed to appear at Brighton Magistrates’ Court, southern England, on Sept. 20 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004. Chappell could not be immediately reached for comment. In February, Green helped to plug the BHS pension hole in a 363 million pounds settlement deal with TPR. Reporting by James Davey; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-retail-bhs-pensions-idUKKCN1B213P'|'2017-08-22T13:35:00.000+03:00'
'58a77954702a11ea47009f358b7cf50f36dd4bba'|'Strong euro leads big bond buyers into government debt rethink'|'August 23, 2017 / 5:19 AM / 5 hours ago Strong euro leads big bond buyers into government debt rethink Abhinav Ramnarayan and Saikat Chatterjee 6 Min Read Euro coins are seen in front of displayed flag and map of European Union in this picture illustration taken in Zenica, May 28 2015. Dado Ruvic LONDON (Reuters) - The euro''s double-digit gains this year are prompting some of the world''s biggest money managers to view European government debt more favourably just as the central bank is planning to withdraw its support from the bond market. Euro zone government bond yields have risen steadily since September 2016, when speculation over a reduction in the European Central Bank''s 2 trillion euro ($2.35 trillion) plus bond-purchase programme began. Investors worried a drop in official bond purchases would send yields soaring. But some investors are considering another push into the market thanks to the currency''s strength. They say further euro gains EUR=EBS could push back the ECB''s plans to remove post-crisis monetary stimulus and make government bonds more attractive due to a combination of currency gains and policy support. "Mainly because of the euro rebound, we couldn''t afford to be short duration in government bonds, so we changed our stance in June," said Patrick Barbe, who heads the sovereign team at BNP Paribas Asset Management. The fund manager, with 566 billion euros of assets under management, is one of the biggest investors in euro zone government debt and has shifted from a "negative" to a "neutral" stance on government bonds with longer duration. Investors tend to buy longer-dated bonds if they expect interest rates to trend lower or remain on hold for an extended period. SCARCE INFLATION The euro has gained more than 12 percent this year against the dollar and is the best performing currency in developed markets, with most of the gain coming in the last three months. A strong euro reduces import prices and therefore keeps inflation lower in the bloc, making it harder for the ECB to tighten monetary policy and encouraging bond investors. Analysts say a 1 percent rise in the euro''s trade-weighted index shaves 0.3 to 0.5 percent off headline inflation. While the ECB’s target is to boost inflation to "just below 2 percent", data for July shows inflation at just 1.3 percent. Yields on German 10-year debt DE10YT=RR have fallen 20 basis points to 0.4 percent over the last four weeks as the euro''s rally gained momentum. "The euro''s strength against the dollar over the last couple of months, since (ECB chief Mario) Draghi flagged a possible change to policy, will bring down the underlying inflation forecasts," said Brendan Lardner, a portfolio manager at State Street Global Advisor. Draghi opened the door to tweaks in the bank''s aggressive stimulus policy in a speech in Sintra, Portugal on June 27, fuelling expectations that the ECB will announce a reduction of stimulus this year. In recent years, euro zone government bond yields have been compressed by extraordinary measures deployed by the ECB to boost an economy crippled by debt crises in 2010 and 2011, including deep rate cuts and aggressive bond purchases. The ECB has bought more than 2 trillion euros of mainly government bonds and is nearing self-imposed limits in most bond markets. Total outstanding euro zone government debt stands at 7 trillion euros. But with the euro zone economy recovering and a looming shortage of government bonds for the ECB to buy -- expectations were for the central bank to begin winding down these measures. Market expectations were for the bank to announce the end of its bond-buying scheme in September and to hike rates twice in 2018. In this environment, it looked like government debt, especially longer-dated bonds, would be the last place investors would park their money. MINUTES But the euro''s rise has disrupted those expectations, particularly after the latest policy minutes from the ECB''s last meeting in July showed policymakers were worried about a possible overshoot in the currency. "If we see a rapid move up to $1.20-$1.22 area against the dollar, we would have more confidence in going tactically long duration, most likely in the 10-year euro zone government bond space," State Street’s Lardner said. Money market futures suggest investors anticipate roughly a 60 percent chance of one quarter point rate hike from the ECB by the end of 2018. That is down sharply from earlier this month when a rate hike was fully priced in and last month when investors were expecting one as early as next June ECBWATCH. "We are a little bit underweight Germany compared to the U.S. because of the spread between the two but that would change if the euro keeps strengthening, particularly keeping in mind the pace of the move," said Seamus Mac Gorain, fixed income portfolio manager at JPMorgan Asset Management, which manages $1.7 trillion of assets. He said that if the euro hits $1.25, it would make them more bullish on euro zone government bonds. The effect could spread far beyond European shores as well. Daniel Loughney of AllianceBernstein, said he would consider buying the debt of other developed countries, whose bonds often move in tandem, if the euro strengthened further. "The correlation between U.S. and German bonds is so strong that you can express the view on gilts and U.S. Treasuries and pick up the extra spread - or perhaps even Canada and Australia," he said. Editing by Philippa Fletcher'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-bonds-euro-analysis-idUKKCN1B30D7'|'2017-08-23T08:13:00.000+03:00'
'2ac5c43c50b79dab71924c9410a36cdfe4a9d020'|'UPDATE 1-METALS-London zinc, nickel extend rally on steel gains'|'August 21, 2017 / 5:45 AM / 12 minutes ago UPDATE 1-METALS-London zinc, nickel extend rally on steel gains Reuters Staff 5 Min Read (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, Aug 21 (Reuters) - London zinc rose to its highest price in a decade on Monday and nickel also rallied as investors ploughed into metals used by China''s steel sector, seeing robust demand even as capacity is constrained by Beijing''s drive to reform bloated industries. "Metals are pretty strong. The USD has been weaker and the Federal Reserve has turned a bit more dovish so that is supportive," said analyst Lachlan Shaw of UBS in Melbourne. Shaw noted that China''s steel and aluminium markets could tighten with central government mandated cuts over the winter, although the aluminium cuts should be offset by rising Shanghai warehouse inventories. "Closing old and inefficient steel capacity in the 26 + 2 cities is set to cut production by 50 percent and aluminum by 30 percent, before mills and smelters elsewhere in China lift output to compensate," he said. "(This)... is driving positive sentiment right now." FUNDAMENTALS * LME ZINC: London Metal Exchange (LME) zinc hit the highest since October 2007 at $3,180 a tonne. Prices were up 1.7 percent at $3,176 at 0453 GMT. LME nickel, used in the stainless steel sector, rallied by 2 percent, having clocked in at its highest for the year. * LME COPPER: LME copper edged up 0.4 percent to $6,513 a tonne, heading back towards last week''s $6,580 peak, the highest since Nov. 2014. * CHINA STEEL: China''s iron ore futures rose for a third day on Monday, soaring more than 6 percent, fuelled by concerns of shortages of high-grade iron ore and before curbs on futures purchases come into force. * SHFE: Shanghai Futures Exchange copper showed modest 0.3 percent gains. SHFE nickel rallied 4 percent while SHFE zinc was up 2.6 percent. * JAPAN: Confidence at Japanese manufacturers rose to its highest level in a decade in August led by materials producers, a Reuters poll showed, a further sign of broadening recovery in the economy. * ALUMINIUM: Cash aluminium has soared against the benchmark contract, reflecting a rush on immediate supply. Cash aluminium traded at a $9.50 premium against the benchmark, up from a $21 discount in early August. CMAL0-3 * CHALCO: The president of Aluminum Corp of China (Chalco) said that it had increased aluminium production in the first half of 2017 to take advantage of capacity cuts by private rivals, and would continue to raise production in the second half. * COPPER: Limited access to the giant Grasberg copper mine in eastern Indonesia is expected to resume on Monday, its operator said, after former workers blockaded the site. * COPPER: Protesters in Peru have removed barriers on a road used by MMG Ltd to move its copper concentrate from its Las Bambas mine to port for shipping. * COMEX: Speculators in Comex copper boosted their record long position by 8,063 contracts to 120,175 in the latest week, regulatory data showed. * AFGHANISTAN: U.S. President Donald Trump is eyeing Afghanistan''s mineral wealth to help pay for a 16-year war and reconstruction efforts that have already cost $117 billion. PRICES 0523 gmt Three month LME 6514.5 copper Most active ShFE 51190 copper Three month LME 2090.5 aluminium Most active ShFE 16480 aluminium Three month LME zinc 3172.5 Most active ShFE zinc 26640 Three month LME lead 2389.5 Most active ShFE lead 19600 Three month LME 11190 nickel Most active ShFE 91110 nickel Three month LME tin 20365 Most active ShFE tin 144930 LME/SHFE COPPER LMESHFCUc3 492.43 LME/SHFE ALUMINIUM LMESHFALc3 272.44 LME/SHFE ZINC LMESHFZNc3 1216.81 LME/SHFE LEAD LMESHFPBc3 297.84 LME/SHFE NICKEL LMESHFNIc3 2100.44 (Reporting by Melanie Burton; Editing by Kenneth Maxwell and Richard Pullin) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1L71UD'|'2017-08-21T08:45:00.000+03:00'
'76faa7983ec6dec501c9189ed637bb22e416df01'|'UPDATE 1-China''s Great Wall confirms interest in Fiat Chrysler'|'August 21, 2017 / 8:20 AM / an hour ago UPDATE 1-China''s Great Wall confirms interest in Fiat Chrysler Reuters Staff (Adds details throughout, sources on offer for FCA) By Norihiko Shirouzu and Brenda Goh BEIJING/SHANGHAI, Aug 21 (Reuters) - China''s Great Wall Motor Co Ltd is interested in bidding for Fiat Chrysler Automobiles (FCA), a company official said on Monday, confirming earlier reports that it is pursuing all or part of the owner of brands including Jeep and truckmaker Ram. There has been speculation over Chinese interest in FCA since Automotive News reported last week that an unidentified "well-known Chinese automaker" made an offer earlier this month, triggering a jump in FCA''s Milan-listed shares. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," an official at Great Wall Motor''s press relations department, who declined to give his name, told Reuters by telephone. He gave no further details. FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world''s seventh-largest automaker to help it manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars. An acquisition by Great Wall Motor would be audacious, and one of China''s highest profile manufacturing deals to date. Earlier on Monday, two people familiar with the matter said Great Wall Motor had asked for a meeting with FCA, with the aim of making an offer for all or part of the Italian-American auto group. Also on Monday, citing an email from Great Wall Motor President Wang Fengying, Automotive News reported that Great Wall Motor had contacted FCA to express interest specifically in the Jeep brand. The industry publication cited a Great Wall Motor spokesman confirming interest, but saying the Chinese automaker had not made a formal offer or met with FCA''s board. "Our strategic goal is to become the world''s largest SUV maker," Automotive News quoted the spokesman as saying, referring to sport utility vehicles. "Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better (than on our own)." FCA shares rose 3.9 percent to 11.12 euros in early Milan trading, outperforming a flat market. Great Wall Motor shares were up almost 3 percent in Shanghai. FCA was not immediately available to comment on interest in the group. Earlier, officials declined to comment on the earlier Automotive News report focused on Jeep. "Jeep is the most logical choice since (Great Wall) wants to be the largest SUV maker in the world," said Yale Zhang, head of Shanghai-based consultancy Automotive Foresight. Ram could be an option, but "the Jeep brand is recognised globally. I think Great Wall Motor is eyeing a global strategy, not just the United States," Zhang added. A move for FCA or one of its main brands, if successful, would allow Great Wall Motor to accelerate a planned push into the U.S. market, the two people familiar with the matter told Reuters. They said Great Wall Motor had been making plans for some time to enter the U.S. market, mainly by upgrading some of its key products and improving branding. The company earlier this year officially launched a new "Wei" brand of potentially U.S.-market ready vehicles. Wei is the last name of Great Wall Motor founder and chairman Wei Jianjun. (Reporting by Norihiko Shirouzu in BEIJING, Brenda Goh in SHANGHAI, and Giulia Segreti in MILAN, with additional reporting by Shanghai newsroom; Editing by Ian Geoghegan) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/fiat-chrysler-ma-great-wall-idUSL4N1L72KP'|'2017-08-21T11:20:00.000+03:00'
'55d7fe04231c1ed661710083e5700fbe5a93faea'|'Air Berlin CEO sees two or three buyers for its assets - newspaper'|'August 19, 2017 / 10:10 AM / 16 hours ago Air Berlin CEO sees two or three buyers for its assets - newspaper Reuters Staff 3 Min Read An aircraft operated by German carrier Air Berlin lands in Berlin''s Tegel airport, May 3, 2014. Fabrizio Bensch/File Photo BERLIN (Reuters) - Air Berlin has spoken with more than 10 parties interested in parts of the insolvent carrier and expects its assets will be divided up amongst two or three buyers, its chief executive told a German paper. Talks began on Friday on carving up Air Berlin, which said on Tuesday it was filing for insolvency. German flag carrier Lufthansa ( LHAG.DE ) was first in the queue for meetings, ahead of other potential bidders. "We have spoken with more than 10 interested parties, among them several airlines," Thomas Winkelmann was quoted as saying in an advance excerpt of an interview to be published on Sunday in Bild am Sonntag. Winkelmann said he wanted a sale to be done in September at the latest. "There won''t just be one, but two or three bidders," he said, adding the long-haul, business and leisure routes were too separate as business areas. German Deputy Economy Minister Matthias Machnig said it would not be possible to secure the takeover of Air Berlin ( AB1.DE ) as a whole. "The model of Air Berlin as an independent airline has failed," he told German radio station rbb InfoRadio. Germany''s Hans Rudolf Woehrl, who bought German airline Deutsche BA from British Airways for 1 euro, threw his hat in the ring for Air Berlin on Friday and said he wanted to keep it flying after buying it. Earlier in the week, a source familiar with the matter said easyJet ( EZJ.L ) was among those in talks, and Thomas Cook''s ( TCG.L ) German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring. Machnig said it would take several investors to offer Air Berlin and its employees a long-term future, reiterating that Lufthansa would not be the only buyer of the carrier''s assets. The head of Germany''s advisory Monopoly Commission, Achim Wambach, told Die Welt that allowing Lufthansa to take over Air Berlin''s route network would render large numbers of German domestic routes uncompetitive. German federal Transport Minister Alexander Dobrindt has called for creating a German "national champion", a phrase Die Welt said had also set alarm bells ringing in Brussels. He dismissed a complaint by Ryanair ( RYA.I ) over the handling of the insolvency, which Ryanair Chief Executive Michael O''Leary called a "conspiracy", saying O''Leary was welcome to play a role in Air Berlin''s restructuring. "I am entirely willing to discuss the matter," Machnig said. Reporting by Gernot Heller, Thomas Escritt and Victoria Bryan; Writing by Maria Sheahan; Editing by Toby Chopra 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-restructuring-idUKKCN1AZ0BW'|'2017-08-19T23:02:00.000+03:00'
'4c09d6386dd8bb346d88df038303176418ee4b53'|'Women have every right to refuse treatment in childbirth - Letters'|'Letters: women have every right to refuse treatment in childbirth What is safest for mother and baby is not always obvious View more sharing options Close Sunday 20 August 2017 00.05 BST Your editorial “Safety of mother and child should override ideology during birth” last week took my breath away. First, women have a right to exercise their autonomy in childbirth, opting for and declining treatment as they see fit. Second, what is safest is not always obvious. Short-term risks and benefits sometimes conflict with evidence on optimal health in the longer term and women’s mental wellbeing is important as well as the mother and baby being alive and physically well. As a service user representing women’s views, I was responsible for facilitating a consensus statement on normal birth with the Royal College of Midwives and the Royal College of Obstetricians and Gynaecologists. This was intended to “make normal labour and birth a reality” in hospitals often designed more for examinations, monitoring and surgical procedures than to offer emotional security, privacy and comfort. Rates of normal birth are declining in the UK; currently less than 40%. There is still a huge amount to be done to provide the kind of care and support women need during labour. But you have ignored all this, focusing instead on a problem identified at one small, isolated hospital some years ago, a problem not evident at the other hospital in the same trust, let alone across the country. Staff shortages and NHS budget cuts are a more significant and widespread problem. This is a phoney war. Let us all work positively for the wellbeing of women and babies, using high-quality evidence and rejecting uncalled-for inflammatory headlines. Mary Newburn Member, Maternity Transformation Stakeholder CouncilLondon SW14 Cohen’s no slowcoach As a park-run devotee, I was delighted with the positive exposure in last week’s Run supplement, marred only by Nick Cohen’s description of a time of 27 minutes as “sluggish” ( “A runner’s story” ). I hope this doesn’t deter anybody. Many regulars at Lancaster park-run, including myself, would be delighted with such a “sluggish” time, which would put them in the first half of finishers. All are welcome, even if it takes you an hour to walk round or you have to give up halfway. Come and try it out – you could get hooked, as I have. Mike Wright Lancaster Pupils learn from mixed classes In her column “Men should be helped to cross social barriers to find prosperity and love” (Comment), Sonia Sodha argues that education should do more to bring those from different backgrounds together. Mixed-ability schools are, as she says, vital in achieving this aim, but most comprehensive schools tend to segregate their pupils by “ability”, through banding or setting arrangements. However, good, mixed-ability teaching and learning are dependent on sharing and analysis of learning and a class ethos that is supportive, challenging and stimulating. In such an environment, pupils have the opportunity to get to know each other. They can learn to respect each other’s interests and aptitudes; how to work independently and collaboratively, how to share, to criticise constructively, to modify opinions after listening to others’ points of view. They can become friends for life, though their social backgrounds may be very different, by solving problems together. David Curtis Solihull No rhyme nor reason Kitty Empire is wrong ( “Kesha Sebert unchained” , New Review). “Hyundai” does, in the original Korean, rhyme with “highway” (think Hyun Day). In the US, with its large Korean community, it is pronounced correctly. I have always wondered why the company encouraged its name to be mispronounced here as “Hi Un Die”. Bob Owen Sherborne, Dorset North Korea mistrusts us Yes, “there would still be a Korean crisis” no matter who had become US president ( “It takes just one madman to press the button. We have two”, Nick Cohen, Comment) but less so had free-world leaders acted on the advice of the late Sir Michael Quinlan . Shortly before he died in 2009, Quinlan recommended ways to enhance the nuclear non-proliferation regime for countries, including North Korea, which largely fell on deaf ears. He quoted Salvador de Madariaga , who could have been thinking of North Korea when he wrote: “Nations don’t distrust each other because they are armed; they are armed because they distrust each other.” Adding: “To want disarmament before a minimum of common agreement on fundamentals is… absurd.” But, distracted by the 2008 crash, western leaders largely neglected to build that minimum of common agreement with countries such as North Korea and China to dispel distrust. When we needed weapons austerity we got economic austerity, which built the inequality in which such distrust thrives. David Murray Surrey A riddle resolved? What came first? It would seem that contaminated eggs from the EU arrived just before Dr Fox’s chlorinated chickens from the US ( Lucy Siegle , Commentk). Does that mean we now, finally, have closure on that knotty conundrum? Colin Brady'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/theobserver/2017/aug/19/letters-women-have-every-right-to-refuse-treatment-in-childbirth'|'2017-08-19T03:00:00.000+03:00'
'b878ae34d4e9fa80f35e399afa7c3a4f17c5f7c6'|'MIDEAST STOCKS-Gulf finds support from robust oil price, Egypt declines'|'* Three Saudi insurers drop after ban imposed* SABB signs deal to buy HSBC''s ownership in SABB Takaful* Dubai''s Union Properties rebound continues* Banks support Qatar* Egypt''s El Sewedy Electric down on profit-takingBy Celine AswadDUBAI, Aug 20 (Reuters) - Most stock markets in the Gulf rose modestly on Sunday, lifted by a rally in oil prices at the end of last week, while three small to mid-sized Saudi Arabian insurers fell sharply after they were slapped with a temporary ban by the central bank.Riyadh''s index added 0.4 percent as all but two of the 14 listed petrochemical producers advanced after Brent oil surged 3.3 percent on Friday. Rabigh Refining and Petrochemical rose 1.6 percent.Saudi Indian Company for Cooperative Insurance dropped 3.8 percent, Malath Cooperative Insurance fell 4.5 percent and Arabian Shield Cooperative Insurance slumped 7.6 percent.The central bank said it was temporarily banning those insurers from selling vehicle policies because of "serious breaches" in their car insurance practices.Another insurer, Sabb Takaful, closed up 0.2 percent. Saudi British Bank (SABB) announced that it had signed an agreement to buy all of HSBC''s shares in the insurance company for 117.8 million riyals ($31.4 million), taking SABB''s total ownership in the insurer to 65 percent.The deal, which is pending board and regulatory approvals, is expected to be completed in the second half of this year. Shares of SABB fell 0.7 percent.In the United Arab Emirates, Dubai''s index rose 0.4 percent on the back of gains in stocks that were volatile last week.Union Properties, the most heavily traded share on Sunday, jumped 4.3 percent to 0.898 dirham. Last week the Motor City developer reported a big quarterly loss as it fixed accounting errors; the stock has now regained the level where it was trading before the announcement of the loss."Funds with excess cash have been chasing alpha and not fundamentals," said a Dubai-based fund manager. "In such an environment it would be hard to call any trend or direction."Abu Dhabi''s index closed flat in thin trade; Dana Gas rose 3.3 percent, while Abu Dhabi National Energy lost 1.6 percent on profit-taking from last week''s jump.Banking shares were robust in Doha, helping lift the index 0.3 percent higher. Commercial Bank gained 1.2 percent.Egypt''s index fell 0.7 percent as shares of El Sewedy Electric lost 1.3 percent on profit-taking. In the previous two sessions they had jumped 9.3 percent after the company reported a 72 percent jump in its second-quarter net income and proposed a cash dividend of 8 Egyptian pounds per share.HIGHLIGHTS SAUDI ARABIA * The index rose 0.4 percent to 7,209 points.DUBAI * The index added 0.4 percent to 3,615 points.ABU DHABI * The index flat at 4,493 points.QATAR * The index rose 0.3 percent to 9,134 points.EGYPT * The index fell 0.7 percent to 13,026 points.KUWAIT * The index added 0.2 percent to 6,901 points.BAHRAIN * The index gained 1.0 percent to 1,312 points.OMAN * The index rose 0.5 percent to 4,913 points. (Editing by Andrew Torchia and Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL8N1L60DX'|'2017-08-20T11:49:00.000+03:00'
'eac75c629b426eea752700a638c8db95ec4ab8d9'|'Dubai Aerospace completes AWAS acquisition'|'August 20, 2017 / 7:48 AM / 7 hours ago Dubai Aerospace completes AWAS acquisition Reuters Staff 1 Min Read DUBAI, Aug 20 (Reuters) - Government-controlled Dubai Aerospace Enterprise (DAE) said on Sunday it had completed the acquisition of Dublin-based AWAS, the world''s tenth biggest aircraft lessor. DAE, the aircraft leasing and maintenance company controlled by the government of Dubai, previously said the deal, announced in April, would finalise in the third quarter. (Reporting by Alexander Cornwell) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/dubai-aerospace-awas-aviation-sr-idUSD5N1GY02E'|'2017-08-20T10:46:00.000+03:00'
'4b8298681f6c3b05c52c3cc2737342dd71fefea2'|'Weak pound could boost manufacturing, if manufacturing itself wasn’t so weak - Business'|'George Osborne was a worried man. It was May 2016 and the EU referendum was only a month away. The polls were tight, much too tight for comfort as far as the then chancellor was concerned.This had not been for the lack of effort on Osborne’s part. He had published a Treasury paper looking at the long-term implications of Brexit and had orchestrated heavyweight overseas support for the remain side from the International Monetary Fund, the World Trade Organisation and the Organisation for Economic Cooperation and Development.But with voters seemingly impervious to the barrage of warnings, it was time to put the frighteners on them. The earlier Treasury paper had predicted what the economy might look like in 2030; the one published in May 2016 was about the immediate impact of leaving the EU . It predicted a year-long recession, an increase in unemployment of 500,000, turmoil in the financial markets and falling house prices – all of which turned out to be well wide of the mark. To put it mildly, this was not the Treasury’s finest hour.In one respect, though, the Treasury was right. The vote to leave the EU resulted in a sharp fall in the value of sterling, which pushed up the cost of imports and reduced consumers’ spending power. The impact of the pound’s depreciation was clearly evident in the batch of official statistics released last week – most notably in the rise in the annual inflation rate since the referendum and the sluggishness of retail spending.Clearly, the economy has not collapsed since the Brexit vote in the way that Osborne said it would. But nor is it in the best of health. Unemployment is falling rather than rising, but the UK’s productivity performance is woeful. The fall in the value of the pound should help to rebalance the economy by making exports cheaper and imports dearer, but the squeeze on consumers has come through much more quickly than the boost to the trade figures. The retail sales figures would look even more sickly were it not for the spending by overseas tourists, who are finding the UK a cheap place to shop.Following a spurt of (largely) debt-financed spending in the second half of 2016, Britain has fallen back into a low-growth period of around 0.2-0.3% a quarter. Some modest acceleration can be expected in 2018, because by then inflation will have fallen back and real incomes will start rising again. But it will be the wrong sort of growth – the traditional UK model based on rising consumption rather than rising investment and exports. Quite simply, the UK lacks the productive capacity to take advantage of the boost to competitiveness provided by a falling currency, so when consumption is weak, growth overall is weak too.The reasons for that are familiar enough. An overvalued currency attracted hot money into the City, but disadvantaged manufacturers. Britain’s management has been poor. There has been too little attention paid to skills and training. The further education system is not really fit for purpose. Britain has nothing like Germany’s KfW government-run development bank, which prefers to nurture businesses with patient long-term finance rather than gouging them with high interest rates.Solving these deep structural problems will take time and effort, which UK governments have tended to lack. It has been far easier, sadly, to get a sugar rush by stimulating the housing market. A hollowed-out manufacturing sector and a chronic trade deficit are the inevitable results.Understandably, there is currently a great deal of debate about the sort of trading arrangements Britain will have with the EU and with the rest of the world after Brexit. But in some ways this is putting the cart before the horse. For Britain to have a successful post-Brexit trade strategy it first needs to have a productivity strategy and an industrial strategy.The lessons of Learndirect do not flatter the private sector As it pondered the future of apprenticeship quango Learndirect in 2011, the coalition wanted two things: to raise cash and cut down the number of “Neets” (those not in education, employment or training). It thought it had found the answer: sell the quango. The result has not been a good advert for privatisation.The proceeds were minor, raising £36m from the private equity arm of Lloyds Bank, which at the time was 40% owned by the government. But at first, the company appeared to do well. The number of trainees reached nearly 73,000, and over the years Learndirect’s owners reaped millions in dividends from mostly taxpayer-provided work training young people. There was enough money for the company to spend £504,000 sponsoring a Formula One team.However, education watchdog Ofsted last week issued a withering report branding its training “inadequate” and pointing out that 70% of Learndirect’s apprentices did not meet the minimum standards. Standards were so low that the Department for Education said it would withdraw all funding from the company.Learndirect knew that Ofsted’s report was going to be damning and was so fearful about the impact that it fought a court battle to prevent its publication. One of Learndirect’s concerns was that the report could have such a “catastrophic” impact that it might have to call in administrators.It lost the battle and the report was published; the DfE pulled its contracts. But Learndirect has not gone under and has reassured trainees, staff and investors that it is financially stable.Is this because Learndirect’s parent has set up an ostensibly mirror company – Learndirect Apprenticeships – which it tells us is a “separate legal entity” and therefore not removed from the government’s approved list?Andy Palmer, Learndirect’s chief executive, and Ken Hills, its chairman, did not respond to questions. Neither did Learndirect Apprenticeships’ two directors listed at Companies House – Andy Palmer and Ken Hills.Ryanair might regret denying passengers a third G&T Michael O’Leary is rarely cast in the role of killjoy. But if he gets his way, passing the hours and minutes in departure lounges will be a considerably drier experience for holidaymakers. Ryanair, the budget carrier of which he is boss, has demanded a two-drink limit at airport bars, on the grounds that airlines have to deal with the consequences of drunk passengers – such as emergency landings at airports even more far-flung than the average Ryanair destination.O’Leary is now a very powerful executive in European aviation and his words should not be shrugged off by airports. But there could be consequences. If airports cut back on booze sales, they will make less money, and could plug that gap with higher landing charges. This means: higher fares. So there might be fewer drunk passengers for O’Leary to deal with, but also fewer passengers in general.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/20/weak-pound-could-boost-manufacturing-if-wasnt-so-weak-brexit'|'2017-08-20T14:00:00.000+03:00'
'c6395d632f96ee30a8977cdfb041e67d92600d22'|'ANZ talks to sell stake in Malaysia''s AmBank scrapped: sources'|'August 23, 2017 / 6:43 AM / an hour ago Sale of ANZ stake in Malaysia''s AmBank scrapped as RHB deal collapses: sources Liz Lee and Anshuman Daga 3 Min Read FILE PHOTO: The logo of Australia and New Zealand Banking Group Ltd (ANZ) is pictured on a local branch in Sydney in this April 30, 2014 file photo. David Gray/File Photo/ KUALA LUMPUR/SINGAPORE (Reuters) - Australia and New Zealand Banking Group Ltd''s ( ANZ.AX ) plans to sell its stake in AMMB Holdings (AmBank) Bhd ( AMMB.KL ) have fallen through after a proposed acquisition of the Malaysian lender by a domestic rival was scrapped, sources familiar with the matter said. ANZ had been in talks to sell a 24 percent holding, worth around $790 million at current market prices, to a Malaysian pension fund KWAP. But the failure of AMMB and its bigger rival RHB Bank Bhd ( RHBC.KL ) to agree on terms had also scuttled this deal, the sources said. "KWAP is only interested in the merged entity," one of the people said, although he added that KWAP had once expressed interest in ANZ''s stake prior to AmBank''s talks with RHB. The sources declined to be identified as they were not authorized to speak to the media. ANZ and KWAP declined to comment. ANZ has been trying to sell its AmBank stake since early last year as it dials down its ambitions in the region and divests minority holdings. AmBank has also lost some of its luster after it was dragged into a political scandal linked to state fund 1Malaysia Development Bhd and Prime Minister Najib Razak. Najib has been buffeted by allegations of graft, in particular by revelations of the transfer of hundreds of millions of dollars into his AmBank account in 2013. RHB had been in discussions to acquire Ambank, which has a market value of 14.15 billion ringgit ($3.3 billion), in an all-stock deal that would have cemented its position as the nation''s no. 4 lender behind Maybank ( MBBM.KL ), CIMB Group Holdings ( CIMB.KL ) and Public Bank ( PUBM.KL ). AmBank is the sixth-biggest. The same source said the talks had faltered on differences in valuations that arose from contingent liabilities. Shares in RHB climbed 3.9 percent in late Wednesday trade after the collapse while those in AmBank fell 2.3 percent. ANZ''s stock ended flat. Hong Leong Investment Bank research analyst Khairul Azizi Kairudin said in a note on Wednesday that both RHB and AmBank had likely found it difficult to extract synergies from the deal. "In addition, we see another stumbling block being the huge overlaps for both banks serving similar markets," he said. This is the second time M&A talks have fallen through for RHB. In 2014, RHB, CIMB and Malaysian Building Society ( MBSS.KL ) started negotiations over a $20 billion three-way merger to create Malaysia''s largest bank, but the talks collapsed in 2015. ($1 = 4.2800 ringgit) Reporting by Liz Lee and Anshuman Daga; Additional reporting by Paulina Duran in Sydney; Editing by Sumeet Chatterjee and Edwina Gibbs 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ambank-m-a-anz-bank-idINKCN1B30ID'|'2017-08-23T04:43:00.000+03:00'
'c8edc6f52771fc657499310cd2494e22224f7ff8'|'China automaker Chery won''t take M&A route for planned overseas growth: CEO'|'A vehicle is displayed at booth of Chery Automobile Co. Ltd. at Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. Aly Song/Files SHANGHAI (Reuters) - Chinese state-owned Chery Automobile Co aims to rely only on organic means to grow its international sales, its CEO said, underlining a strategy that is different from its private sector rivals who have either made or are considering acquisitions.CEO Chen Anning told Reuters in an interview on Wednesday that Chery, best known at home for its Arrizo sedans, plans to raise the share of overseas sales to a third of total sales from a quarter now.And while the company was open to forms of cooperation such as joint ventures, it was not actively looking for mergers and acquisitions in its bid to crack markets such as Western Europe, Chen said."We''re today not active in the merger and acquisitions market, in the big deals so to speak. We are open for cooperation as always, but fundamentally, we have consistently organically grown our markets by our own capability and sometimes with cooperation," he said.Chen''s comments come as the industry has been riveted by a direct overture made this week by Chery''s local rival Great Wall Motor Co to Fiat Chrysler Automobiles NV (FCA) this week, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram vehicle brands.Automaker Geely group bought Swedish car maker Volvo in 2010, and is reaping the gains of that deal, with Geely Automobile Holdings scoring its fastest earnings growth in eight years in the first half of 2017."Down the road, if there''s a feasible and valuable opportunity that exists, we may look into it, but that''s not the fundamental motivation of us going to the international market, we''ve been doing this through dealers in over 16-18 markets," Chen said.He did not give a time-frame or the investments needed to attain his overseas growth target.Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said growing through organic means was less risky than acquisitions but slower and could make it harder for Chery to enter developed markets.With respect to Chery''s stance on mergers or acquisitions, "risk is possibly one consideration for them but they are a mid-sized state-owned enterprise, so I feel that they may not have sufficient funds," he said.EYE ON WESTERN EUROPE Chery sells electric and gasoline vehicles and also has joint ventures with Jaguar Land Rover Ltd and Kenon Holdings.It says on its website that it is the most popular Chinese automobile brand overseas, having exported 88,081 units in 2016.Chen said that its aim was to enter "more stable, more important" markets such as Western Europe where he said customers were open to new brands and demand was high for clean energy products.At next month''s Frankfurt Auto Show, the company plans to launch a line-up of vehicles with a new name plate that will be more premium and priced higher than its current product portfolio but will remain affordable and contain connectivity features, he said.Chery currently has a global distribution network of over 1,100 outlets with showrooms in countries such as Turkey, Morocco, Brazil and Argentina. It also has 14 manufacturing bases abroad, including in Brazil, Iran and Venezuela.Chen said that the company was cautious on North America, citing uncertain political and economic policy winds."I think we will have to wait a few years to see stabilisation in the economic policies and political strategies. And we may decide to start in North America but today is too early and we''re cautious."Reporting by Brenda Goh and David Lin; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/chery-automobile-strategy-idINKCN1B30PN'|'2017-08-23T11:05:00.000+03:00'
'0129aba36ee2baec3dbe7c8d3583d461c131d373'|'Secure Trust Bank''s first-half profit jumps on surge in lending'|'August 22, 2017 / 6:27 AM / 22 minutes ago Secure Trust Bank''s first-half profit jumps on surge in lending Reuters Staff 2 Min Read (Reuters) - Secure Trust Bank said it further tightened its credit risk appetite and acceptance criteria for small- and medium-sized customers over the first six months of the year, on slowing economic growth and heightened levels of uncertainty. Secure Trust, which offers both business and consumer finance, reported on Tuesday a 11 percent jump in pretax profit to 13.9 million pounds for the six months to June 30 as lending surged across all of its business units. The retail bank of Arbuthnot Banking Group said overall loan book jumped 34 percent to 1.51 billion pounds, while customer deposits grew 27.2 percent to 1.33 billion pounds. Arbuthnot, which sold a 33 percent stake in Secure Trust via a placing in May 2016, had an optimistic stance on Britain''s vote to leave the European Union, and had said the associated turmoil would create investment opportunities. However, Arbuthnot''s chairman and chief executive, Henry Angest, said last month that with uncertain economic and political times ahead, the lender remained cautious in its decision making. The Bank of England (BoE) has also ordered banks to apply credit rules prudently and prove by September they are not being too complacent about risks to their balance sheets, with the BoE''s Prudential Regulation Authority highlighting credit card firms and motor finance as areas of concern. Secure Trust said on Tuesday that its motor finance balances had grown to 258.4 million pounds from 236.2 million pounds as at Dec. 31, despite deciding to end its exposure to subprime motor loans and shifting to lower risk motor lending. The group said it expected its motor portfolio quality to improve this year, as it began to see the benefits of changes made to its credit criteria and as it works through its back books. Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-secure-trust-results-idUKKCN1B20GX'|'2017-08-22T09:38:00.000+03:00'
'ac896ee58152713aa6ede9055654ba143144f7bc'|'Ford says signs MoU with Chinese automaker to build electric vehicles in China - Reuters'|'SHANGHAI, Aug 22 (Reuters) - Ford Motor Company said on Tuesday it has signed a memorandum of understanding with Chinese firm Anhui Zotye Automobile Co to explore establishing a joint venture to build electric passenger vehicles in China.It said in a e-mailed statement that the vehicles produced would be sold under a brand owned by the new joint venture in which both companies would hold a 50-50 stake.Zotye, which Ford described as the market leader in China''s all-electric small vehicle segment, sold more than 16,000 all-electric vehicles this year through July, representing a year-on-year growth of 56 percent, it said. (Reporting by Brenda Goh and Beijing Monitoring Desk; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ford-china-electric-vehicle-idINS6N1HF01I'|'2017-08-22T06:18:00.000+03:00'
'342067f0f986245fcbb97bd6286df7336f290ba4'|'Google touts Titan security chip to market cloud services'|'August 22, 2017 / 8:33 PM / 7 minutes ago Google touts Titan security chip to market cloud services Salvador Rodriguez 4 Min Read FILE PHOTO: The Google logo is shown reflected on an adjacent office building in Irvine, California, U.S. August 7, 2017. Mike Blake/File Photo SAN FRANCISCO (Reuters) - Alphabet Inc’s Google this week will disclose technical details of its new Titan computer chip, an elaborate security feature for its cloud computing network that the company hopes will enable it to steal a march on Amazon.com Inc and Microsoft Corp. Titan is the size of a tiny stud earring that Google has installed in each of the many thousands of computer servers and network cards that populate its massive data centers that power Google''s cloud services. Google is hoping Titan will help it carve out a bigger piece of the worldwide cloud computing market, which is forecast by Gartner to be worth nearly $50 billion. A Google spokeswoman said the company plans to disclose Titan''s technical details in a blog post on Thursday. Titan scans hardware to ensure it has not been tampered with, Neal Mueller, head of infrastructure product marketing for Google Cloud Platform, said in a recent interview. If anything has been changed, Titan chip will prevent the machine from booting. Data center operators are concerned that cyber criminals or nation-state hackers could compromise their servers, which are mostly made by Asian hardware companies, before they even reach the United States. “It allows us to maintain a level of understanding in our supply chain that we otherwise wouldn’t have,” Mueller said. Neither Amazon.com nor Microsoft - which hold 41 percent and 13 percent of cloud market share, respectively, according to Synergy Research Group - have said if they have similar features. In response to inquiries from Reuters, representatives of both companies pointed to the various ways they use encryption and other measures to secure their data centers. Google holds just 7 percent of the worldwide cloud market. Titan is part of a strategy Google hopes will differentiate its services and attract enterprise customers from sectors with complex compliance regulations, such as those in financial services and the medical field. Google announced Titan in March. “Having physical safeguards goes a long way of telling the story of how seriously Google takes people’s security,” said Kim Forrest, vice president at Fort Pitt Capital Group. Google has struggled to compete with Amazon Web Services, which has more features, and Microsoft, which has long-standing relationships with enterprises, said Lydia Leong, an analyst for Gartner. Leong was skeptical of Google''s strategy. "Security is a hallmark for both AWS and Microsoft,” she said this week. "Google has a lot more work to do." Google uses Titan chips to protect the servers running its own services like search, Gmail and YouTube, and the company claims Titan has already driven sales. It points to Metamarkets, a real-time analytics firm, as a customer it landed in part due to Titan. Dan Cornell, principal at Denim Group, a firm that helps tech organizations build secure systems, said the rise of nation-state hacking makes such a feature timely. "Those level of adversaries certainly have an incentive to hack or to have influence over the security of hardware. It''s interesting of Google to say, ''Here''s one part of the hardware that we''re going to control.''” Editing by Jonathan Weber and Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-alphabet-google-titan-idUKKCN1B22D6'|'2017-08-22T23:30:00.000+03:00'
'5a3b126dbd6221b396c2128ccdb21d98be344768'|'German investor morale falls more than expected in August'|'August 22, 2017 / 9:12 AM / 20 minutes ago German investor morale falls more than expected in August Reuters Staff 1 Min Read BERLIN (Reuters) - The mood among German investors worsened for the third consecutive month in August, a survey showed on Tuesday, suggesting that markets expect Europe''s biggest economy to lose some momentum in the coming months. The Mannheim-based ZEW research institute said its monthly survey showed its economic sentiment index fell to 10.0 from 17.5 in July. This undershot a Reuters consensus forecast for a fall to 15.0. A separate gauge measuring investors'' assessment of the economy''s current conditions edged up to 86.7 from 86.4 last month. This compared with the Reuters consensus forecast predicting a dip to 85.5. Reporting by Michael Nienaber; Editing by Paul Carrel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-economy-zew-idUKKCN1B20U5'|'2017-08-22T12:10:00.000+03:00'
'98f60fb7281c9b638b708ab37a5479bc78276a56'|'Australia''s Seven Group to sell Chinese mining machinery business'|'SYDNEY (Reuters) - Australia''s Seven Group Holdings ( SVW.AX ) said on Tuesday it would sell its Chinese mining machinery division WesTrac China to Chinese firm Lei Shing Hong Machinery for A$540 million ($428.33 million).Lei Shing Hong Machinery is a subsidiary of Chinese conglomerate Lei Shing Hong Limited which distributes Caterpillar ( CAT.N ) earthmoving, mining and construction equipment throughout eastern China and Taiwan.The Chinese government must approve the deal with the Australian media and mining company, Seven Group said in a statement to the Australian Securities Exchange.Reporting by Alison Bevege in SYDNEY; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/seven-group-m-a-lei-shing-hong-idINKCN1B12L8'|'2017-08-21T22:01:00.000+03:00'
'fb2952124a04de5e05cdec873bdd342e7d15e33a'|'Italy, France, Germany ask EU to boost powers to block foreign acquisitions - reports'|'August 22, 2017 / 6:52 AM / 5 hours ago Italy, France, Germany ask EU to boost powers to block foreign acquisitions -reports Reuters Staff 2 Min Read European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 14, 2017. Francois Lenoir MILAN (Reuters) - Italy, France and Germany have asked the European Commission to reinforce existing regulations that allow EU states to block foreign acquisitions of European companies, two Italian dailies reported on Tuesday. The request cited the ''golden powers'' to bar or set conditions for would-be buyers "that operate with rules that do not follow the market and that do not respect rules of reciprocity for acquisitions," Il Sole 24 Ore and La Stampa reported, citing a leaked letter. European Union leaders agreed in June to consider screening investments by state-owned Chinese firms, and France, Germany and Italy have backed the idea of allowing the EU to block Chinese investments. [nL8N1L0170] The letter was sent to the Commission on July 28 and follows a similar one in February. Although it mentions no countries or firms by name, it appears to have been motivated by recent takeovers by Beijing in Europe. [nL8N1FZ4GK] The powers would be reinforced for all target companies viewed as strategic and in cases of takeovers financed by state funds or agencies, says the ten-page document cited by the newspapers. "It is not a form of protectionism but rather giving a chance of monitoring operations that are incompatible with European rules," Italian Industry Minister Carlo Calenda was quoted as saying in La Stampa. The three countries recommended that under the new regulations, which should not to replace national rules, member states should notify the Commission every six months of all corporate investments from outside the bloc, except those in the defense sector. Reporting by Giulia Segreti; editing by John Stonestreet 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-m-a-regulations-idUKKCN1B20IP'|'2017-08-22T09:47:00.000+03:00'
'a2fdfb42611dd026a37cf5c75149fdfddf70d6c2'|'Saudi regulator approves Goldman Sachs application for dealing license'|'FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo DUBAI/RIYADH (Reuters) - Goldman Sachs ( GS.N ) received approval on Sunday to trade equities in Saudi Arabia, joining the growing band of western investment banks and fund managers expanding in the kingdom. Western financial institutions have been looking to tap new opportunities in Saudi Arabia since the government unveiled plans for oil giant Saudi Aramco''s $100 billion initial public offering and introduced reforms to attract foreign capital as part of moves to reduce the economy''s dependence on oil. Goldman, which has been operating in the kingdom since 2009 as an agent and underwriter, applied to the Saudi Capital Market Authority (CMA) for a license to trade equities, sources told Reuters in June. In a statement on Sunday, the regulator said it had approved a request by Goldman to amend its business in the kingdom and that the bank was now authorized for principal dealing, fund and portfolio management and advisory and custody activities. A source familiar with the matter confirmed that the license was for the approval of equities trading. Citigroup ( C.N ) obtained a Saudi investment banking license in April, which will allow it to return to the kingdom after more than 13 years, while Credit Suisse ( CSGN.S ) is seeking a Saudi license to build a fully-fledged onshore private banking business. It is the second time in three years Goldman has changed its services in Saudi Arabia. In 2014 the CMA authorized it to arrange, advise and manage investment funds and portfolios, according to its website. The Saudi stock exchange opened itself to direct investment by foreign institutions in mid-2015 and last year eased restrictions on foreign ownership in its stock market to improve the investment environment. International firms such as BlackRock ( BLK.N ), Citigroup, HSBC ( HSBA.L ) and Ashmore Group have since been among those to join the list of institutional investors that can directly trade the market. In an attempt to secure a role on Aramco''s IPO, Goldman bought a portion of the oil company''s $10 billion credit facility, Reuters reported this month, citing sources. Editing by Andrew Torchia and David Goodman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-goldman-sachs-saudi-idUSKCN1B00GP'|'2017-08-20T15:40:00.000+03:00'
'c85294994f263a94e00e3654912037c1432617b2'|'China Construction Bank raising $15 billion in funding for Belt and Road deals: sources'|'August 22, 2017 / 6:05 AM / 24 minutes ago China Construction Bank raising $15 billion in funding for Belt and Road deals: sources Kane Wu and Julie Zhu 2 Min Read A sign of China Construction Bank is seen at a branch in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China Construction Bank Corp (CCB) is raising at least 100 billion yuan ($15 billion) for a fund to finance investments related to Beijing''s Belt and Road initiative, people familiar with the matter told Reuters. The people said China''s second-biggest bank by assets was raising cash onshore and offshore, and has already been running roadshows with prospective investors. They could not be identified as they are not authorised to speak to the media. CCB did not immediately respond to a Reuters request for comment. Chinese President Xi Jinping in May pledged a $124 billion (96.2 billion pounds) funding boost to help his plan to build a modern Silk Road, connecting China with new and old trading partners. He also said China would encourage financial institutions to expand their overseas yuan fund businesses. Beijing is trying to contain overseas deals after some extravagant purchases in recent years, but acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, totalling $33 billion as of mid-August. That compares with a $31 billion tally for all of 2016, showed Thomson Reuters data. The people said CCB would raise U.S. dollars for the offshore portion of the fund and yuan from onshore investors. Some of the onshore capital could be used for Belt and Road deals overseas, two of the people said. Reporting by Julie Zhu and Kane Wu; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ccb-fundraising-idUKKCN1B20EY'|'2017-08-22T09:04:00.000+03:00'
'a9f6d0f3baa99174ac867fbc6ff813fd3cca80b7'|'BRIEF-Inca One Gold apppoints Kevin Hart appointed CFO'|' 09 PM / 8 minutes ago BRIEF-Inca One Gold apppoints Kevin Hart appointed CFO Reuters Staff 1 Min Read Aug 22 (Reuters) - Inca One Gold Corp- * Inca One Gold announces 109% increase in yoy gold production, electrical update and changes to board & management * Says Kevin Hart appointed CFO * Says Oliver Foeste resigned from the board  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-inca-one-gold-apppoints-kevin-hart-idUSASB0BGQ3'|'2017-08-22T16:04:00.000+03:00'
'3f4e4d2b7a9ba137c1d27baac92a0734a7438deb'|'China''s Great Wall interested in Fiat Chrysler''s Jeep brand - report'|'August 21, 2017 / 6:44 AM / 4 minutes ago China''s Great Wall interested in Fiat Chrysler''s Jeep brand: report   The logo of Fiat Chrysler Automobiles'' (FCA) Jeep brand is seen on a vehicle at Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. David Mdzinarishvili/File Photo (Reuters) - Car maker Great Wall Motor Co Ltd ( 601633.SS ) has contacted Fiat Chrysler Automobiles NV (FCA) ( FCHA.MI ) to express interest in buying its Jeep brand, Automotive News reported on Monday, citing an email from Great Wall President Wang Fengying. Automotive News last week reported that representatives of an unidentified, "well-known Chinese automaker" made an offer earlier this month, leading to a spike in FCA''s share price. In Monday''s report, the industry publication cited a Great Wall spokesman confirming interest, but saying the automaker had not made a formal offer or met with FCA''s board. "Our strategic goal is to become the world''s largest SUV maker," Automotive News quoted the spokesman as saying, referring to sport utility vehicles. "Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better (than on our own)." Great Wall officials were not immediately available for comment. FCA declined to comment. People familiar with the matter told Reuters last week that Great Wall was among Chinese automakers keen to expand overseas that had considered buying part or all of FCA. FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world''s seventh-largest automaker to help it manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars. Reporting by Brenda Goh in SHANGHAI and Giulia Segreti in MILAN 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-fiat-chrysler-m-a-great-wall-idUKKCN1B10HU'|'2017-08-21T09:38:00.000+03:00'
'067916fcfeab637a2ceef48fc9870d239ec8df1e'|'Lufthansa gets backing from Economy Minister in Air Berlin carve-up'|'August 21, 2017 / 8:54 AM / 20 minutes ago Lufthansa gets backing from Economy Minister in Air Berlin carve-up Victoria Bryan 3 Min Read An aircraft operated by German carrier Air Berlin lands in Berlin''s Tegel airport, May 3, 2014. Fabrizio Bensch/File Photo BERLIN (Reuters) - Lufthansa ( LHAG.DE ) has received more German government support in its bid to take over substantial assets of insolvent rival Air Berlin ( AB1.DE ), with German Economy Minister Brigitte Zypries saying she would welcome such a move. "Lufthansa is already an aviation champion - its position can be strengthened further though," she was quoted saying by German daily Handelsblatt on Monday. "There are many interested parties. But for competition reasons, no single airline can buy Air Berlin." Lufthansa, Germany''s top carrier, cannot buy all of Air Berlin because it would give it a dominant position in Germany. But Lufthansa was first in line for the talks, ahead of other potential bidders. Ryanair ( RYA.I ) boss Michael O''Leary has already complained that the process is going too quickly to give others a chance to bid. EasyJet ( EZJ.L ), Thomas Cook''s ( TCG.L ) German airline Condor and tour operator TUI ( TUIT.L ) could also be among the interested parties. Buying parts of Air Berlin and taking on its staff would give successful bidders access to Air Berlin''s takeoff and landing slots at busy airports such as Duesseldorf and Berlin. Negotiations over Air Berlin, which filed for insolvency last week and is being kept in the air with a government loan, took place at the weekend and are set to continue apace. Chief Executive Thomas Winkelmann was quoted as saying over the weekend that he hoped for a solution in September. Winkelmann said Air Berlin had been in talks with more than 10 parties but ultimately the assets would likely be divided up among two or three buyers. Austrian leisure airline unit Niki, which is not part of the insolvency proceedings, is also seen as attractive because it has lower costs. Businessman Hans Rudolf Woehrl, who sold airlines DBA and LTU to Air Berlin a decade ago, is also interested, but has said he wants to buy Air Berlin as a whole and keep it running as an independent airline. Reporting by Victoria Bryan; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-air-berlin-lufthansa-idUKKCN1B10T3'|'2017-08-21T11:52:00.000+03:00'
'4659f3bce88e64a2a90c853b3bf3f6e0ef9049d3'|'BRIEF-Smithfield Foods invests $100 mln, adds about 250 new jobs to its Tar Heel, North Carolina facility'|' 09 PM / 6 minutes ago BRIEF-Smithfield Foods invests $100 mln, adds about 250 new jobs to its Tar Heel, North Carolina facility Reuters Staff 1 Min Read Aug 22 (Reuters) - Smithfield Foods Inc: * Smithfield Foods invests $100 million, adds approximately 250 new jobs to its Tar Heel, North Carolina facility * Smithfield Foods Inc - North Carolina facility will be completed fall 2018  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-smithfield-foods-invests-100-mln-a-idUSFWN1L80NJ'|'2017-08-22T16:09:00.000+03:00'
'605273adb7213808eeb6fb7649b5e987c67ae265'|'Wind turbine tie-ups under pressure as sector awaits more deals'|'August 22, 2017 / 3:02 PM / 4 hours ago Wind turbine tie-ups under pressure as sector awaits more deals Christoph Steitz 6 Min Read FILE PHOTO: Workers remove a model of a turbine with the Gamesa logo on it near the Spanish wind turbine manufacturer''s headquarters following the AGM in Zamudio, northern Spain, June 22, 2016. Vincent West/File Photo FRANKFURT (Reuters) - A sell-off in shares of recently merged wind turbine makers highlights the growing speed at which competition in the sector is heating up, raising expectations for more deals in the quest for scale. In the latest sign of the squeeze, Siemens Gamesa ( SGREN.MC ) last week said it would cut 600 staff, less than a month after it revealed third-quarter operating profit had dwindled by a fifth, partly due to India''s shift to auctions from guaranteed tariffs. The wind power industry, growing steadily but still largely reliant on state support, has witnessed a number of large M&A deals in recent years that were triggered by a steep drop in turbine prices, down a quarter since 2010. General Electric ( GE.N ) beefed up its wind business with the takeover of France''s Alstom, Germany''s Nordex ( NDXG.DE ) snapped up the turbine unit of Spain''s Acciona ( ANA.MC ) and Siemens ( SIEGn.DE ) merged its wind division with rival Gamesa. The latter created the world''s No.2 player, with a combined market share of 14 percent last year, still behind Danish sector leader Vestas ( VWS.CO ) but overtaking GE, according to consultancy MAKE. Nordex ranks sixth. Followed by the usual mix of job cuts and the replacement of top management, these deals come at a time the industry is moving towards an auction-based system that favors those who can bid at the lowest price, not those busy with integration. "Mergers are always difficult. And if it''s companies from two different cultures it''s not going to get easier," said Thomas Deser, senior portfolio manager at Union Investment, a shareholder of Siemens Gamesa. "The introduction of auctions has led to a significant price erosion that has triggered concerns about margins." Significant share price declines also suggest that the deals were too expensive. Since the transactions were publicly announced in October 2015 and June 2016, respectively, Siemens Gamesa''s stock has declined by about a quarter, while Nordex''s has more than halved. "Both companies have their own individual problems in certain markets. But it''s also true that they both have to manage a merger which is a burden," a person who worked on one of the deals said. Rival Vestas, in contrast, has seen its shares gain by about two thirds since late 2015. NO MORE HIDING FILE PHOTO: A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. Vincent West/File Photo Before the advent of auctions, wind farm developers could rely on feed-in tariffs that were guaranteed by law for as much as two decades, which critics say prevented the industry from becoming cost-competitive more quickly. Now, they are increasingly relying on cheap wind turbines, leading their manufacturers to look for ways to cut production costs, including buying up rotor blade makers or outsourcing more to them. tmsnrt.rs/2iIwVd5 Nordex, which suffered a major loss of investor confidence earlier this year after slashing its mid-term outlook, has also flagged further job cuts, saying business in Europe contracted sharply in the first half of 2017. "Wind is now becoming a really mature market. Parties now have to prove that they are the most efficient," said Danny van Doesburg, senior portfolio manager at APG Asset Management, a shareholder in Siemens, which owns 59 percent of Siemens Gamesa. Slideshow (3 Images) "The time you could hide in a project is over," he added. In April, Germany''s EnBW ( EBKG.DE ) became the first project developer to say it would be able to build offshore wind parks -- the most expensive renewable energy source -- without any government subsidies. That, along with recent ultra-low bids for onshore wind in Turkey, will force equipment makers to gain even more scale and seek more deal opportunities, afraid they might fall behind or go down otherwise, analysts and M&A sources said. "We strongly believe the global... market will consolidate further, putting smaller players such as Nordex at risk of being marginalized," Barclays analysts wrote earlier this month. Sources that have worked on the two German-Spanish tie-ups said that Nordex and smaller German peer Senvion ( SENG.DE ) were particularly exposed to become takeover targets themselves, pointing to their relatively small size. At an EV/EBITDA multiple of 5 and 4 times, respectively -- a key indicator for M&A deals -- both groups look cheap compared to sector leaders Vestas and Siemens Gamesa, which trade between 7 and 8 times. Acciona, which became Nordex''s largest shareholder as part of the deal and now holds 29.9 percent, will likely make an offer for the rest once a three-year lock-up period ends next year, the sources said. "We currently see no need for us to consolidate further," a spokesman for Nordex said. A spokesman for Senvion said that while the group saw "enormous consolidation pressure" it was working to implement its future strategy. Acciona and private equity firm Centerbridge, Senvion''s majority owner, both declined to comment. Additional reporting by Clara Denina in London; editing by Philippa Fletcher 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-europe-windpower-m-a-idINKCN1B21QF'|'2017-08-22T13:02:00.000+03:00'
'e5fa26a9e7be6c695cf74626fd174ae40d863f2d'|'Israel''s Meitav Dash pulls out of buyout deal with London-based XIO'|'JERUSALEM (Reuters) - Meitav Dash, Israel''s second-largest investment house, pulled out of a deal to be bought out by London-based private equity firm XIO, saying XIO had changed the terms from the initial offer.The two sides in late 2016 signed a deal in which XIO would buy Meitav Dash, which manages more than $35 billion in assets, in an all-cash deal worth some 1.48 billion shekels ($409 million).In a statement to the Tel Aviv Stock Exchange on Tuesday announcing it was cancelling the deal, Meitav Dash took issue with the proposed structure of the company."The control structure presented by XIO deviates significantly from the new control structure and constitutes a breach of the agreements reached between the parties," it said.Meitav Dash also said XIO also failed to submit applications for Israeli regulatory approvals by an Aug. 20 deadline.As a result, "On Aug. 21, the company''s board convened and decided to cancel the merger agreement," it said.BRM Group owns 28.2 percent of Meitav Dash and businessman Zvi Stepak holds 27.1 percent. Both had committed to voting in favor of the deal. Some 38 percent of Meitav Dash is floated.($1 = 3.6188 shekels)Reporting by Steven Scheer, editing by Louise Heavens'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-meitavdash-m-a-xio-idINKCN1B20VZ'|'2017-08-22T07:32:00.000+03:00'
'f6b65c758a1c2ab279890c5ca4ada53e87098bf3'|'CORRECTED: BHP misses annual profit forecast; focus on paying down debt - Reuters'|'August 21, 2017 / 10:41 PM / an hour ago BHP to quit U.S. shale business as annual profit surges James Regan 5 Min Read SYDNEY (Reuters) - BHP Billiton, the world''s largest miner, reported a surge in underlying full-year profit on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who called for a sale. The Anglo-Australian mining giant, which is under pressure from U.S. hedge fund Elliott Management to rethink its investment in oil and boost shareholder returns, was buoyed by a recovery in industrial commodities markets. It generated more cash than even in some years of the mining boom, slashed net debt by nearly $10 billion to $16.3 billion and tripled its final dividend to $0.43 a share. Underlying profit of $6.7 billion was below expectations for $7.4 billion, according to Thomson Reuters I/B/E/S, but the market focused on the lower debt and the company''s determination to exit U.S. shale, pushing its London-listed shares up 2.4 percent by 1354 GMT. "Net debt looks very impressive ... so the cash looks like it was applied to deleveraging versus extra dividends," Shaw and Partners analyst Peter O''Connor said. BHP joined other miners that have boosted payouts in the current earnings season to reward shareholders following a resurgence in commodity prices. Rio Tinto and iron ore miner Fortescue Metals both paid record dividends, while Anglo American reinstated its dividend. Facing calls from some shareholders to dispose of the shale business it acquired at the height of the oil boom, the miner said it was working on an exit over the next two years. Chief Executive Andrew Mackenzie said the preference would be a small number of trade sales. Other options could include a demerger or asset swaps. Related Coverage BHP says plenty of buyers interested in its shale assets "We certainly have plenty of people interested in taking a look," Mackenzie said on a media call. "Our determination to exit means that we have other ways to exit that do not necessarily depend on ... a competitive set of willing buyers." Fund managers including Elliott and Tribeca have been agitating for shale''s divestment, along with higher shareholder returns and the elimination of dual-structured Australia and London stock listings. Tribeca welcomed BHP''s comments that shale was no longer core to the company. "That was our approach. We didn''t see it fitting strategically in BHP. We think they can realise value ahead of market expectations for the U.S. onshore business," Tribeca analyst James Eginton said. FILE PHOTO - BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company''s logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. Kim Kyung-Hoon/File photo Elliott, which last week raised its stake in the miner''s London-listed arm to 5 percent, declined to comment. COMMODITY SURGE BHP''s underlying profit surged from $1.2 billion a year ago as it benefited from a 32 percent rise in iron ore pricing in fiscal 2017, owing to greater demand from Chinese steelmakers, which buy the bulk of its ore. Prices for copper, oil, coal, nickel and other commodities were also up, with only liquefied natural gas weaker. "Strong momentum will be carried into the 2018 financial year, with volume growth of 7 percent and further productivity gains expected," Mackenzie said. He reiterated BHP''s commitment to its conventional petroleum business that includes operations in the Gulf of Mexico, saying there were opportunities to make money over the next couple of decades. In response to disappointment from some analysts at the size of the dividend, Chief Financial Officer Peter Beaven said BHP''s bias was towards further strengthening the balance sheet, but any further accumulation of cash, once a target of cutting debt to $10 billion-$15 billion was met, would go to shareholders. Capital expenditure would be no more than $8 billion per year, he said. At the bottom line, BHP swung to an attributable profit of $5.89 billion from a record loss of $6.39 billion a year ago. In fiscal 2016, the bottom line was hit by $7.7 billion in write-downs, with Mackenzie vowing they would not be repeated in 2017. Elliott''s other criticisms have focused on BHP''s development of its Jansen potash mine in Canada. "It''s no different from any other asset. It needs to pass through our capital allocation framework. In other words, the risk return needs to be sufficiently attractive," CFO Beaven said. "Until it passes that, it won''t go forward." Reporting by James Regan,; Additional reporting by Barbara Lewis in London, Sonali Paul in Melbourne and Anusha Ravindranath in Bengaluru; Editing by Richard Pullin and David Evans 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/bhp-billiton-results-idINKCN1B12GU'|'2017-08-21T20:41:00.000+03:00'
'2e00851f46c9c534b85bc4175859bc7a5e6affc6'|'India grants Pfizer patent on pneumonia vaccine in blow to aid group'|'August 22, 2017 / 11:42 AM / 4 hours ago India grants Pfizer patent on pneumonia vaccine in blow to aid group Zeba Siddiqui 4 Min Read The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. Andrew Kelly MUMBAI (Reuters) - India has granted Pfizer Inc a patent for its powerful pneumonia vaccine Prevenar 13, in a blow to some health groups that said this would put the treatment out of reach of thousands in poorer nations. The decision by India''s patent office bars other companies from making cheaper copies of the vaccine and allows Pfizer to exclusively sell it in India until 2026. It''s a big victory for the U.S. drugmaker in a market that has the world''s largest number of pneumonia cases, a lung disease that kills nearly a million children a year globally. The decision also has international implications, as several poorer nations rely on India''s robust drugs industry to supply cheaper copies of medicines and vaccines. It also comes at a time of ongoing U.S. pressure on India to tighten its patent laws. The United States Trade Representative expressed concerns about India''s intellectual property laws in a report in June, and listed it among countries whose IP laws unfairly favour local companies. Pfizer''s vaccine protects children and adults from 13 types of pneumococcal bacteria, and a full vaccination course costs about $170 on India''s private market. India started giving out the vaccine for free under its national immunisation program earlier this year, but the rollout like that of most vaccines in the program, is in phases, so only about 2.1 million of the 25 million eligible people in the country will get it this year. The patent grant means Indian companies won''t be able to make the vaccine for domestic use, or exports. "Manufacturers will have to find new routes to develop a non-infringing (pneumonia) vaccine, which may delay the availability of competing products in the pipeline from Indian producers," the medical charity Medecins Sans Frontieres (MSF) said in a statement. ( bit.ly/2vU4rUk ) MSF filed an objection to Pfizer''s patent request last year on the grounds that a patent would deprive many developing nations of cheaper copies. ( reut.rs/1QJEdXq ) At least one Indian company, Panacea Biotec Ltd, is developing a cheaper form of the vaccine, and had also filed an opposition to Pfizer''s patent request last year. A source familiar with the matter said Panacea is considering filing a post-grant opposition. Separately, MSF said it was reviewing its legal options in the matter. Pfizer''s patent on the same vaccine was revoked by the European Patent Office last year, and is being challenged in South Korea and the United States, MSF said. The pharmaceutical giant has made the vaccine available at discounted prices under the Global Alliance for Vaccines and Immunisation (GAVI) - an international public-private partnership to improve access to vaccines in the world''s poorest countries. More than 50 countries are eligible to procure the vaccine through GAVI, according to the organization''s website. Following criticism over the high price of Prevenar 13, Pfizer reduced the vaccine price to non-governmental organisations last November, seeking to protect vulnerable people from illness in humanitarian crises. Pfizer welcomed the granting of the patent, saying Prevenar 13 took two-and-a-half years to produce, and was launched in India in 2010. "Pfizer remains committed towards further enhancing access of this vaccine in India, both in the market as well as through partnership with the Government to expand introduction in the public program," a spokeswoman in India said. ($1 = 64.1275 Indian rupees) Reporting by Zeba Siddiqui in Mumbai; Editing by Mark Potter and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-pfizer-india-vaccine-idUSKCN1B218S'|'2017-08-22T14:33:00.000+03:00'
'6367b54ea75872681b51c15ebbe28f70d417ae5f'|'US STOCKS-S&P 500 index gains after recent selloff; energy stocks fall'|'* Nike declines after analyst downgrade* Oil prices fall nearly 2.0 pct* Dow up 0.1 pct, S&P up 0.1 pct, Nasdaq down 0.1 pct (Updates close with latest volume)By Kimberly ChinAug 21 (Reuters) - The benchmark U.S. S&P 500 stock index ended up slightly on Monday after two days of declines, though a drop in oil prices weighed on energy shares and tensions between the United States and North Korea kept investors on edge.Market participants began to turn their focus to the Federal Reserve meeting at Jackson Hole, Wyoming later this week which will be attended by Fed Chair Janet Yellen, European Central Bank president, Mario Draghi, and other global central bankers.Investors are looking for further direction on where monetary policy is headed given persistently low inflation in the U.S. and Europe. Fed Vice Chair William Dudley, who has in the past supported accommodative monetary policy, earlier this month said that the recent easing in financial conditions, despite Fed interest rate increases, is a reason to keep plans to tighten policy in place."That confluence of strong growth and low inflation, which is somewhat like nirvana for equity investors, we don''t think can last forever," said Wayne Wicker, chief investment officer at ICMA-RC in Washington."We''re hopefully getting a couple of more data points to see where the Fed takes their temperature on where they''re feeling the economy is at this juncture so that we can anticipate if something happens in the fourth quarter or not."Geopolitical concerns are still weighing on investor sentiment also. The United States and South Korea began their annual autumn joint military exercises on Monday, heightening tensions with North Korea, which called the drills a "reckless" step toward nuclear conflict.Absent U.S. economic data or other headlines, "it’s a quiet Monday and people are still feeling the effects of last week. Now that earnings are over, there’s just not a whole lot of catalysts," said Ian Winer, head of equities at Wedbush Securities in Los Angeles.U.S. stock futures trading volume fell during the two hours that people left their offices to get a glimpse of the first total solar eclipse to unfold across the country in nearly a century.About 174,000 S&P 500 e-mini futures futures changed hands over the two hour period ending 3:30 p.m. E.T. on Monday, down about 46 percent for the comparable period last year.The Dow Jones Industrial Average rose 29.24 points, or 0.13 percent, to 21,703.75, the S&P 500 gained 2.82 points, or 0.12 percent, to 2,428.37 and the Nasdaq Composite dropped 3.40 points, or 0.05 percent, to 6,213.13.The S&P 500 energy index was down 0.6 percent, leading sector declines in the S&P 500, after crude oil prices fell nearly 2.0 percent, giving back last week''s gains.While the benchmark S&P 500 index is still up 13.5 percent since last year''s U.S. election, it had fallen 2.1 percent in the last two weeks. That''s the most since the two weeks before the election.The Dow ended above its 50-day moving average after briefly falling below it during the session, while the S&P 500 remained below its 50-day technical level.Shares of sporting good retailers took a hit after analysts downgraded ratings on Nike, Foot Locker and other companies. Nike''s shares fell 2.4 percent, while Foot Locker shares slid 7.4 percent.Johnson Controls rose 3.3 percent to $38.27, among the top S&P 500 gainers, after saying its CEO change would happen earlier than announced.Herbalife surged 9.8 percent after the nutritional supplement maker said it would buy back $600 million of shares after ending talks to be taken private.Declining issues outnumbered advancing ones on the NYSE by a 1.01-to-1 ratio; on the Nasdaq, a 1.30-to-1 ratio favored decliners.Monday''s volume was among the lowest of the year, with 5.3 billion shares changing hands on U.S. exchanges, compared with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data. (Additional reporting by Saqib Iqbal Ahmed, Chuck Mikolajczak and Dion Rabouin in New York and Sruthi Shankar in Bengaluru; Editing by Nick Zieminski and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL2N1L71CQ'|'2017-08-22T00:30:00.000+03:00'
'c6ad833d2b9477b60616b20e49d3c3c1e265223d'|'Coty narrows Q4 loss, revenue more than doubles on P&G brands'|'Aug 22 (Reuters) - U.S. beauty products maker Coty Inc narrowed its quarterly loss and reported sales that more than doubled, powered by the acquisition of Procter & Gamble brands.Net loss attributable to Coty Inc was $304.8 million, or 41 cents per share, in the fourth quarter ended June 30 compared with a loss of $422.2 million, or 66 cents per share, a year earlier.Excluding certain items, earnings per share were break even.Net sales rose to $2.24 billion from $1.08 billion. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/coty-results-idINL4N1L83LM'|'2017-08-22T08:43:00.000+03:00'
'46b0c7796109594dfef4af9843c9648338b0e04d'|'GM says small number of Chevy Bolts face battery issue'|'A 2018 Chevrolet Bolt EV is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. Rebecca Cook/Files (Reuters) - General Motors Co said on Friday it had informed a small number of owners of its Chevrolet Bolt electric cars about a battery problem that could cause a loss of propulsion.Some early Bolt models may incorrectly report remaining range at low states of charge due to lower battery voltage, resulting in the car halting abruptly.The company said under 1 percent of the more than 10,000 Bolts sold to date were facing the problem.GM said it would arrange for service of the affected cars.The Bolt is the first electric car in the U.S. market to offer more than 200 miles of driving range per charge at a starting price of around $35,000.Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/gm-bolt-battery-idINKCN1B51XM'|'2017-08-25T13:47:00.000+03:00'
'aba921e6039802f7c8f694d041d65666e61f375f'|'RPT-IEX plans to nab listings from rivals with cheaper, simpler fees'|'(Repeats Aug. 19 story for wider distribution.)By John McCrankNEW YORK, Aug 19 (Reuters) - A year after disrupting the U.S. stock market with a new approach to handling trades, upstart stock exchange operator IEX Group is planning to nab listings from rivals by charging simpler, cheaper fees, Sara Furber, IEX''s head of listings, said in a recent interview.In October, IEX will roll out a flat fee structure for the first companies that call its Investors'' Exchange their home, Furber said. Other venues charge companies based on the number of outstanding shares they have, which is costlier not only for companies with more shares but potentially for those that perform stock splits or make acquisitions."If it''s complicated, but doesn''t serve a purpose and we can eliminate it and make it better for clients, that''s sort of the sweet spot of where we''d like to be," said Furber.To get companies on board for the launch, IEX has also been offering to waive the first five years of listing fees for the initial group of companies that list on its exchange, said an executive at one company that IEX pitched, who requested anonymity to discuss private business negotiations.IEX launched as a trading venue exactly a year ago on Aug. 19, but its founders had already been portrayed as crusaders against predatory trading tactics in the controversial 2014 book "Flash Boys: A Wall Street Revolt." It upended the status quo by introducing new concepts like a "speed bump" to slow trading, and flat pricing for other types of services, all of which it says benefit investors.IEX now executes just over 2 percent of U.S. stock trading, and building out a listings business is the next stage of its development. That will allow IEX to compete for more volume during the busy open and close periods of trading, when 5 to 15 percent of the volume of each individual stock trades, Furber said.In trying to attract companies, IEX hopes to shatter the near-duopoly currently held by the New York Stock Exchange and Nasdaq Inc. But rivals may simply copy IEX''s tactics, much as they have done with previous IEX innovations such as speed bumps.IEX expects its first listings to be from companies that switch from other exchanges, as opposed to initial public offerings, Furber said. It has a strong pipeline of potential clients from various industries including finance, technology and hospitality, she added.Casino magnate Steve Wynn, an investor in IEX, has said he may switch Wynn Resorts Ltd stock to IEX from Nasdaq. A Wynn spokesman confirmed that is still the case.New York-based IEX is also highlighting its startup-status in an attempt to land listings from Silicon Valley. The exchange recently brought on Snap Inc Chairman Michael Lynton as a board member, and has backing from Iconiq Capital, the multifamily investment adviser used by Facebook Inc CEO Mark Zuckerberg.A successful listings franchise could give the closely held company a boost in revenue and volume.IEX now generates nearly all of its revenue from trading, as opposed to selling things like market data and high-speed laser connections, which have become big money-makers for its rivals. And its market share growth has stalled, partly because it has refused to pay incentives to attract trading volume, which it says creates conflicts of interest.Getting companies to list is "not about a near-term bump," Furber said. "But I do think it gives us a broader pool of revenues and a broader base of clients." (Editing by Lauren Tara LaCapra and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-exchange-iex-idINL2N1L41SB'|'2017-08-21T09:00:00.000+03:00'
'765a107eab70e0465d6f21972097310b3293847d'|'UK pension regulator to prosecute former BHS owner Chappell'|'LONDON, Aug 22 (Reuters) - Britain''s Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents requested during an investigation into the sale of department store chain BHS to him by retail tycoon Philip Green, it said on Tuesday.Green sold the loss-making 180-store chain to Chappell''s Retail Acquisitions Ltd vehicle for 1 pound ($1.28) in 2015.Chappell was a serial bankrupt with no retail experience.BHS fell into administration in 2016 with a pension deficit of 571 million pounds - the biggest collapse in the British retail industry since Woolworths in 2008. Some 11,000 jobs were lost.The Pensions Regulator (TPR) said it was prosecuting Chappell for failing to comply with three notices it issued.He has been summonsed to appear at Brighton Magistrates’ Court, southern England, on Sept. 20 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004.Chappell could not be immediately reached for comment.In February, Green helped to plug the BHS pension hole in a 363 million pounds settlement deal with TPR.$1 = 0.7789 pounds Reporting by James Davey; Editing by Mark Potter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-retail-bhs-pensions-idINL8N1L82EV'|'2017-08-22T08:32:00.000+03:00'
'77edf1c8d69ea235194c0909da54eeaa90e3284d'|'South Korea, U.S. trade officials start talks on possible FTA amendment'|'August 22, 2017 / 3:52 AM / 5 minutes ago South Korea, U.S. fail to reach agreement on possible revision to FTA deal Jane Chung 3 Min Read United States Trade Representative Robert Lighthizer speaks at a news conference prior to the inaugural round of North American Free Trade Agreement renegotiations in Washington, U.S., August 16, 2017. Aaron P. Bernstein SEOUL (Reuters) - South Korean and U.S. officials failed to agree on Tuesday on how to move forward on discussions over their five-year-old free trade agreement that Washington is seeking to change to help cut its trade deficit with Asia''s fourth-largest economy. U.S. President Donald Trump, in an interview with Reuters in April, had branded the bilateral trade agreement with South Korea a "horrible deal" and indicated he would renegotiate or terminate the accord. Last month, Washington issued a request to convene a special session of the Joint Committee under the Korea-U.S. (KORUS) Free Trade Agreement to negotiate amendments to the trade pact. South Korean Trade Minister Kim Hyun-chong and his American counterpart U.S. Trade Representative (USTR) Robert Lighthizer held the meeting via a video conference earlier on Tuesday. "We have found the two sides have different views on the free trade agreement and have not reached any agreement," Kim told a news conference after the meeting. Kim said Seoul had stressed that the U.S. trade deficit with South Korea was not the result of the bilateral trade deal and proposed a joint study to examine the effects of the agreement. The trade minister said the U.S. side had not brought up the possibility of terminating the trade pact during the talks, adding, South Korea would wait for the U.S. review of Tuesday''s discussions and its proposals. Lighthizer said in July the U.S. trade deficit in goods with South Korea had doubled to $27.6 billion last year from $13.2 billion in 2011. The United States has been keen to address trade imbalances with South Korea, particularly for its automakers, since President Trump pointed out the imbalance in auto trade. In 2016, South Korea''s car exports to the United States stood at $16.2 billion, while its imports of U.S. cars were $1.74 billion, a trade ministry official said based on data from the Korea Trade International Association. Seoul maintains that the deal has been mutually beneficial, and said last month that the joint committee meeting did not necessarily mean that South Korea would renegotiate terms. South Korea has also said it first needs to be established whether the U.S. deficit is a result of other structural issues in U.S. industries. The bilateral accord was initially negotiated during the Republican administration of President George W. Bush in 2007, but that version was scrapped and renegotiated by President Barack Obama''s Democratic administration three years later. Reporting by Jane Chung; Editing by Jack Kim and Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-southkorea-usa-trade-idUKKCN1B209L'|'2017-08-22T06:51:00.000+03:00'
'd27b6cfba6d209d15097c4518c191caa40887c77'|'ECB policy may temporarily ease Europe''s inequality'|'August 22, 2017 / 12:33 PM / 5 hours ago ECB policy may temporarily ease Europe''s inequality Reuters Staff 1 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - The European Central Bank''s ultra-easy monetary policy may actually reduce income inequality in Europe, ECB Vice President Vitor Constancio said on Tuesday, rejecting the argument that asset buys disproportionately benefit the wealthy. Constancio said the ECB''s stimulus measures lower unemployment and thus increase disposable income for Europe''s poorest, compressing inequality, at least in the short term. "This result confirms that, from the distributional perspective, the main impact of expansionary monetary policies is on the reduction of unemployment with positive effects on the reduction of inequality," Constancio said in Lisbon. "(Monetary policy) measures can improve their welfare and contribute toward reducing income disparities, at least in the short-term." But he added that such steps are likely to be temporary with the "hollowing out of the middle class" and the increasing polarization of incomes likely continuing over the longer term. Reporting by Balazs Koranyi; Editing by Robin Pomeroy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ecb-policy-constancio-idUKKCN1B21E3'|'2017-08-22T15:28:00.000+03:00'
'1dd43af8d9eb15ff6223f3c3440d66b19df1ee99'|'UK factories'' output expectations highest since March as orders rise - CBI'|'August 22, 2017 / 10:05 AM / 7 hours ago UK factories'' output expectations highest since March as orders rise - CBI Reuters Staff 2 Min Read FILE PHOTO: Rolls Royce Trent XWB engines, designed specifically for the Airbus A350 family of aircraft, are seen on the assembly line at the Rolls Royce factory in Derby, November 30, 2016. Paul Ellis/Pool/File Photo LONDON (Reuters) - British factories expect further strong growth over the next three months after a pick-up in orders, though consumers are likely to feel greater pressure from higher prices, an industry survey showed on Tuesday. The Confederation of British Industry said its monthly industrial order book balance rose to +13 this month from +10 in July, beating economists'' expectations in a Reuters poll for it to edge slightly lower and well above its long-run average. Expectations for the volume of output over the next three months were the highest since March - showing manufacturers expect similar growth to the previous three months - while pricing expectations firmed after a dip in July. "There are further signs that exporters are feeling the benefit from the lower pound in this month''s figures, and output growth is expected to power on over the coming quarter," CBI economist Anna Leach said. Inflation was likely to rise to around 3 percent later this year and fall little next year, she added, as manufacturers continued to pass on the effect of sterling''s fall after the June 2016 vote to leave the European Union. The upbeat message from the CBI on growth echoes that found in other business surveys, but contrasts with official data, which showed manufacturing output contracted by 0.6 percent in the three months to June, reflecting weaker car production. The CBI survey was based on responses from 432 manufacturers collected between July 26 and Aug. 11. Reporting by David Milliken, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-manufacturing-cbi-idUKKCN1B20ZP'|'2017-08-22T13:05:00.000+03:00'
'c817f3507b2d356f9f4c47e872c2acb2627d781f'|'Great Wall Motor says it has not contacted Fiat Chrysler''s board'|'A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. Brendan McDermid HONG KONG/SHANGHAI (Reuters) - Chinese automaker Great Wall Motor Co Ltd ( 601633.SS ) reiterated its interest in Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker.China''s largest sport utility vehicle (SUV) manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands.Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically.Those comments sent FCA shares higher - but also raised questions over the ability of China''s seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA.Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid."The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing.It did not give further detail.Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended.Fiat Chrysler declined to comment on Great Wall''s statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan.FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China''s love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA''s 2016 revenue of 111 billion euros ($130.6 billion).Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control.One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion.Ultimately, politics could be the clincher.Any bid now - and it would potentially be one of China''s largest ever overseas deals - would come at a time when Beijing is trying to limit extravagant Chinese purchases abroad, and when the political environment has cooled in the United States.China''s cabinet on Friday issued rules on overseas acquisitions for the first time.And the autos sector would also prove sensitive in both Europe and the United States, analysts said.For FCA, for now, Great Wall''s approach may be more about flushing out rival interest.European bankers said Fiat would likely consider doing a deal with a Chinese firm only if they could pay cash and bid for the whole company."FCA ... is very much expected to use Great Wall’s interest to get to speak to all major EU car makers and ''offer'' them a chance to get involved in the consolidation game," said one banker, who asked not to be named.Reporting by Meg Shen in HONG KONG and Brenda Goh in SHANGHAI; Additional reporting by Agnieszka Flak in MILAN and Pamela Barbaglia in LONDON; Writing by Clara Ferreira Marques; Editing by Ian Geoghegan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-great-wall-motor-fiat-chrysler-idINKCN1B21C9'|'2017-08-22T10:18:00.000+03:00'
'4fb13a5cd2ee24ce7b8f9bf57ae89a0bab6dfdfb'|'Saudi regulator approves Goldman Sachs application for dealing licence - Reuters'|'DUBAI, Aug 20 (Reuters) - Saudi Arabia''s Capital Market Authority said on Sunday it had approved Goldman Sachs'' request to conduct dealing, underwriting and custody services in the kingdom.The bank was "now authorised to conduct dealing as principal, an agent, an underwriter, managing investment funds, discretionary portfolio management, arranging, advising, and custody activities," the regulator said in a statement. (Reporting by Tom Arnold; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/goldman-sachs-saudi-idIND5N1FF020'|'2017-08-20T10:38:00.000+03:00'
'5394807c5605e7db6b35b9c6aebb25efe8f9db3b'|'A free railcard or a £2,000 overdraft? How to pick the best student account'|'S chool leavers found out this week which university they will be going to, and over the next month they and their parents will be wondering how on earth they are going to afford it. For many it will be the first time they run a proper bank account and look after their own money. So which account should a fresher choose?Proximity of the bank and its branches may influence some; others will automatically go with the one their parents are with. But cool-headed students will choose an account on two things: the value of the interest-free overdraft on offer, and whether the giveaways are worth taking.What is the best overdraft deal? An interest-free overdraft means you can go overdrawn for free – ie, there will be no charges for going into the red, although you do, of course, eventually have to repay the money (and there can be painful costs if you go beyond your limit). There have also been some cutbacks by HSBC and Halifax this year, with no banks any longer offering £3,000 overdrafts to freshers.Generally, students won’t get much more than £2,000 as an interest-free overdraft in year one, rising to £3,000 at some banks by year three. NatWest offers £2,000 in year one but it stays at that level the whole time you are at university. HSBC and Nationwide “Flexstudent” accounts offer £1,000 in the first year rising to £3,000 by the third year.Lloyds and Santander are the tightest of the big banks, both limiting their interest-free overdraft to a maximum of £1,500 over the three years of a conventional university degree course. Note that Lloyds phases in its deal – freshers get £500 for the first six months from account opening, £1,000 from month seven and only hit £1,500 from month 10.There is also a question mark over whether you’ll actually be offered the maximum overdraft limit when applying. Nationwide has undertaken to promise that, so long as you don’t have credit problems and stick to the account requirements, you will get the maximum overdraft on offer. But other banks will credit score you from the start and you may find the amount offered is much less than the table ( below ) suggests.Who has the best freebies? There are three major giveaways on offer. HSBC’s is the simplest – a £60 voucher to spend at Amazon. Santander has grabbed probably the best freebie off NatWest – a 16-25 Railcard lasting four years. These cost £30 a year so the giveaway is worth up to £120. It gives students a third off standard anytime, off-peak, standard advanced and first class advanced fares (do any students travel first class?).NatWest is offering a four-year National Express Coachcard. It normally costs £10 a year or £25 for three years, so the maximum it’s worth is £35, and gives students a third off the price of standard coach fares at any time.All the banks say they offer students cashback deals at various retailers but these are hard to quantify, so we have not added them to our table.For those few with large credit balances Nationwide has the best deal with 1% interest on the first £1,000. But that’s only £10 a year, so hardly a deal changer.Should I choose the same bank as my parents? You might think dad’s 30 years at the local Lloyds means something, but not these days. Lloyds says: “There’s no impact, either positive or negative. Things like credit ratings are only impacted if there is a joint financial relationship – ie, a joint account. Otherwise, each customer is treated individually.”What if I’m starting an apprenticeship? Apprentices can obtain the same deal as students at some banks. HSBC will, from this year, offer the same benefits to those working towards a higher level apprenticeship. You have to be 18 or older and studying at foundation degree level (Level 4) or above.Which banks offer the best service? First Direct always tops the customer satisfaction tables but doesn’t offer a student account. MoneySavingExpert’s latest ratings, out this week, score Nationwide as next best, followed by Co-op and Santander. Bottom was Royal Bank of Scotland, with Barclays second-worst. A Which? survey also named First Direct top, followed by Nationwide then TSB and Co-op among the major banks.Facebook Twitter PinterestSo which are the accounts to go for?It’s a toss-up between Nationwide for great service, a good overdraft deal and the fact it’s a mutual, versus Santander for its railcard. Co-op and NatWest probably fight it out for bronze medal position in this table.Counting college costs Parents need to set aside £163 every month from the day their child is born until they reach 21 if they are to cover the anticipated £51,000 cost of going to university, according to research by insurer Wesleyan.The amount needed rises to £226 a month if parents wait until their child reaches primary school age (five) before beginning to save. The research also found that if parents waited until their child was 16 they would have to find £808 a month. It’s little wonder that students without well-off parents are forced to take out large loans.Vicki Wentworth of Wesleyan said: “With average university debt tipping the £50,000 mark, it’s understandable that parents might want to help. But it is a big financial commitment and the earlier they start planning and making the most of tax-efficient savings products – in particular using their full Isa allowance – the more affordable it will be over the long term.”But the amount UK parents spend on their child’s education is only middling compared with the bills common in some other countries, according to HSBC research. It found that British parents spent £19,688 on their child’s education up to undergraduate level. This is less than a fifth of that spent on average by parents in Hong Kong (£103,932), but higher than the £12,960 French parents spend.Topics Current accounts Student finance Students Higher education Banks and building societies features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/how-pick-best-student-account-giveaways-interest-free-overdraft'|'2017-08-19T14:00:00.000+03:00'
'9985312fe5c8bff6a8ee27f2c90ff17808092126'|'Sempra Energy to buy Oncor for $9.45 billion in cash'|'The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake (Reuters) - Sempra Energy ( SRE.N ) said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ).San Diego-based Sempra expects to own about 60 percent of a reorganized Energy Future after the transaction that is valued at $18.8 billion, including Dallas-based Oncor''s debt, it said late on Sunday.The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators.In July, the energy unit of Berkshire Hathaway agreed to buy Oncor for $9 billion, but the deal ran into trouble after Energy Future''s biggest creditor Elliott Management Corp opposed the sale arguing it undervalued Oncor.Elliott also tried to put together its own bid for $9.3 billion to buy Oncor.Separately, Berkshire said last week it would not be raising its offer for Oncor, which delivers power to more than 3.4 million homes and businesses."Elliott is supportive of the proposed Sempra transaction, which provides substantially greater recoveries to all creditors of Energy Future than the proposed Berkshire transaction," a spokesman for Elliott said in an email to Reuters.Berkshire, which made the offer to Oncor in order to step up its pursuit of steady profits from utilities and infrastructure deals, did not immediately respond to a request for comment.Sources told Reuters earlier that Sempra had decided to make an offer for Oncor in the last three weeks, after seeing the opposition that Berkshire faced from Elliott.Energy Future''s board favored Sempra''s bid after it also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a U.S. bankruptcy judge, the sources said.Sempra Energy said it expects the deal to be completed in the first half of 2018 and to add to earnings beginning next year.Allen Nye, who is currently Oncor''s general counsel, will succeed Bob Shapard as the company''s CEO. Shapard will be named executive chairman of Oncor.Lazard and Morgan Stanley were financial advisors to Sempra Energy and, White & Case LLP, acted as its legal advisor.Reporting by Rama Venkat Raman in Bengaluru; Editing by Biju Dwarakanath'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oncor-m-a-sempra-ener-idINKCN1B10J2'|'2017-08-21T05:06:00.000+03:00'
'34be6bbf6e7e4afbcf4e6a1ccd824faed9aba692'|'Zambia restores full power supply to First Quantum mines'|'JOHANNESBURG, Aug 19 (Reuters) - Zambia has restored full electricity supply to the mines of First Quantum Minerals , the ministries of finance and energy said on Saturday, after reducing power to the mines earlier this week."The Government, through [power utility] ZESCO, will put in place measures to ensure continuous, stable and full supply of power to FQM Operated Mines, including importation of power from alternative suppliers," Energy Minister David Mabumba and Finance Minister Felix Mutati said in a joint statement. (Reporting by TJ Strydom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/zambia-mining-idUSL8N1L50B3'|'2017-08-19T14:50:00.000+03:00'
'e6b0a6ecf26b703581c66f26a6b0c08b6d7655a2'|'Rathbone Brothers in merger talks with Smith and Williamson - Sky'|'August 19, 2017 / 11:50 AM / 12 minutes ago Rathbone Brothers in merger talks with Smith and Williamson - Sky Reuters Staff 1 Min Read LONDON (Reuters) - Wealth manager Rathbone Brothers ( RAT.L ) is in advanced talks with UK-based financial services provider Smith and Williamson about a 2 billion pound merger, Sky News reported on Saturday. Sky, citing unnamed sources, said Rathbone was close to agreeing the terms of a deal to combine with Smith and Williamson in an all-share merger, with the agreement expected to be announced within weeks, although it could be delayed. The deal, structured as a takeover by Rathbone, will attribute a valuation of close to 600 million pounds to Smith and Williamson and will hand shares in the combined group to its employees who own the majority of the company, Sky said. Last month Rathbone posted a 16.7 percent rise in first-half pretax profit to 26.6 million pounds, boosted by market gains and a rise in assets under management. Reporting by Michael Holden; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rathbone-m-a-smith-idUKKCN1AZ0DS'|'2017-08-19T14:52:00.000+03:00'
'b75ec0a96d184323567d46f29cf6db2fbfe545fc'|'Morning News Call - India, August 22'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH Bank unions on nationwide strike today to protest against government''s PSU bank consolidation plans. 10:00 am: Railway Minister Suresh Prabhu, Minister of Heavy Industries Anant Geete, Junior Defense Minister Subhash Bhamre, Heavy Industries Secretary Girish Shankar, Adani Ports President Amit Uplenchwar, Monnet Ispat Chairman Sandeep Jajodia at ASSOCHAM manufacturing conference in New Delhi. 10:00 am: Food and Safety Standards Authority of India CEO Pawan Kumar Aggarwal, Niti Aayog Advisor Health Alok Kumar, Health Ministry Additional Secretary Manoj Jhalani at CII Public Health conference in New Delhi. 10:30 am: Inter-Ministerial Group on telecom sector meets in New Delhi. 10:30 am: Hindustan Copper annual general meeting in Kolkata. 11:00 am: Trade Minister Nirmala Sitharaman at inauguration of national workshop on enforcement of intellectual property rights in New Delhi. 11:00 am: Finance Minister Arun Jaitley to chair FSDC meeting with all financial sector regulators in New Delhi. 11:30 am: Hyundai Motor India launch of next-gen Verna in New Delhi. 12:00 pm: Information Technology Minister Ravi Shankar Prasad at National conference on emerging opportunities through CSC in New Delhi. 3:00 pm: Larsen & Toubro annual general meeting in Mumbai. 3:00 pm: Tata Motors annual general meeting in Mumbai. TRADING INDIA FORUM: CAMPAIGN MANAGEMENT- BEHIND THE SCENES While winners (and losers) grab all the headlines post an election, there is an enormous amount of work that goes on behind the scenes. Do Indians still vote only on caste/religion or have they graduated to the development plank? How does social media play a part in today’s data driven world? To answer this and more we have Dhruv Sharma at 11:00 am IST, who has worked as a campaign manager for some of the India’s top politicians including Bihar’s CM Nitish Kumar. To join the conversation, click on the link: here GMF: MARKETS FOCUS After a roller coaster ride amid geopolitical tensions this summer, Asian stock markets are bracing for more uncertainties as the Federal Reserve is expected to announce balance sheet reduction plan this Fall. Jim Walker from Asianomics will discuss the potential risks and opportunities for the rest of 2017 at 9:30 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • Rosneft seals first Asian refinery deal with Essar Oil purchase Russian oil major Rosneft and partners closed their $12.9 billion purchase of Indian refiner Essar Oil on Monday, giving them a foothold in one of the world''s fastest growing oil users. • Tata Motors CEO says to invest $625 million to boost sales Tata Motors will invest more than 40 billion rupees ($625 million) to boost sales of its passenger and commercial vehicles, its chief executive said on Monday, as the Indian automaker looks to return to profit in its domestic business. • McDonald''s to shut 169 outlets in India amid dispute with local partner Fast food chain McDonald''s said on Monday it planned to shut all 169 of its restaurants in India''s northern and eastern regions, escalating a dispute with its local partner and potentially putting thousands of workers out of jobs. • Infosys shares extend losses as leadership issues outweigh share buyback A planned $2 billion share buyback by Infosys failed to lift shares in India''s No. 2 IT services company, which dropped on Monday for a second straight trading day on concerns over a dispute between its board and founders. • ''Extremely dissatisfied'' China blames India for border scuffle China laid the blame at India''s door on Monday for an altercation along their border in the western Himalayas involving soldiers from both of the Asian giants. GLOBAL TOP NEWS • Trump commits to more troops in Afghanistan, vows ''fight to win'' President Donald Trump opened the door on Monday night to an increase in U.S. troops in Afghanistan as part of a retooled strategy for the region, overcoming his own doubts about America''s longest war and vowing "a fight to win." • BHP to quit U.S. shale business as annual profit surges Global mining giant BHP Billiton committed to quitting its underperforming U.S. shale oil and gas business on Tuesday, as it posted a surge in annual underlying profit to $6.7 billion. • U.S. Navy announces fleet-wide probe after new warship collision; 10 sailors missing The U.S. Navy announced on Monday a fleet-wide probe and plans for temporary halts in operations to focus on safety, as it searched for 10 sailors missing after the fourth major accident in the U.S. Pacific fleet this year. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures was trading at 9,807.50, trading up 0.35 pct from its previous close. • The Indian rupee will likely open little changed against the dollar, in line with most Asian currencies, as investors await monetary policy cues from the Federal Reserve’s annual central banking conference in Jackson Hole this week. • Indian government bonds are likely to trade lower in early session, ahead of fresh supply of state bonds today, while weekly debt auction later this week may also weigh in on demand. The yield on the benchmark 6.79 pct bond maturing in 2027 is likely to trade in a 6.50 pct-6.54 pct band. GLOBAL MARKETS • The benchmark U.S. S&P 500 stock index ended up slightly on Monday after two days of declines, though a drop in oil prices weighed on energy shares and tensions between the United States and North Korea kept investors on edge. • Asian shares edged higher, taking solace from modest gains on Wall Street even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week. • The dollar held steady against a basket of currencies, with traders focusing on the annual central banking conference in Jackson Hole this week for insights on the outlook for monetary policy. • U.S. Treasuries were steady on Monday as investors awaited speeches by top global central bankers later this week for further signals about monetary policy, with no major data releases to set market direction. • Oil prices inched up, lifted by indications that supply is gradually tightening, especially in the United States. • Gold prices were a touch lower amid a steady dollar, with investors eying developments on the geopolitical front and remaining cautious ahead of an annual central banking meeting in Jackson Hole later this week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.09/64.12 August 21 -$309.3 mln $173.55 mln 10-yr bond yield 6.8 pct Month-to-date -$1.48 bln $1.34 bln Year-to-date $7.50 bln $22.48 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.13 Indian rupees) (Compiled by Nivedita Balu in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1L81LN'|'2017-08-22T01:12:00.000+03:00'
'829cee3df869f49641f7356566bbdd9d2a24d8c0'|'Ford says signs MoU with Chinese automaker to build electric vehicles in China'|'Reuters TV United States August 22, 2017 / 8:27 AM / a minute ago Ford says signs MoU with Chinese automaker to build electric vehicles in China Reuters Staff 1 Min Read NATO Secretary General Jens Stoltenberg speaks during a joint news conference with Ukrainian President Petro Poroshenko following a meeting of the NATO-Ukraine Commission in Kiev, Ukraine, July 10, 2017. Valentyn Ogirenko SHANGHAI (Reuters) - Ford Motor Company ( F.N ) said on Tuesday it has signed a memorandum of understanding with Chinese firm Anhui Zotye Automobile Co ( 000980.SZ ) to explore establishing a joint venture to build electric passenger vehicles in China. It said in a e-mailed statement that the vehicles produced would be sold under a brand owned by the new joint venture in which both companies would hold a 50-50 stake. Zotye, which Ford described as the market leader in China''s all-electric small vehicle segment, sold more than 16,000 all-electric vehicles this year through July, representing a year-on-year growth of 56 percent, it said. Reporting by Brenda Goh and Beijing Monitoring Desk; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ford-china-electric-vehicle-idUKKCN1B20QA'|'2017-08-22T11:21:00.000+03:00'
'8fcf0e852d36cd0afa386ba69d227c4b71d1867a'|'CEE MARKETS-Forint regains some ground, central bank holds fire'|'* Hungarian central bank keeps rates on hold as expected * Forint rebounds as central bank does not try to talk it down * Hungarian bonds firm slightly, bucking retreat in Poland * OTP Bank shares drive Budapest index to record high (Adds Hungarian central bank decision and comments) By Sandor Peto BUDAPEST, Aug 22 (Reuters) - The forint recouped some of its early losses on Tuesday as the Hungarian central bank (NBH) did not try to talk down the currency even though it retained its dovish bias in its statement after its rate decision. The forint <EURHUF=< traded at 303.55 at 1338 GMT, weaker by 0.1 percent from Monday, while most Central European currencies were rangebound. It was off the day''s lows of 303.95, again moving closer to 27-month highs reached in early August at 302.95. The forint had weakened in early trade ahead of the NBH''s rate meeting because some market participants had expected the bank to try to weaken the currency with its comments. The NBH, the region''s most dovish central bank, kept interest rates on hold and confirmed its dovish tilt, as expected. Its only new reference to the exchange rate in its statement was that improved investor perceptions about the region had led to an appreciation of its currencies recently. "The forint firmed a bit after the statement because some (investors) may have expected stronger comments from the central bank about the forint''s strength," a Budapest-based dealer said. "If nothing happens, the forint could strengthen through the 303 line ... in the next few days." The Czech central bank early this month delivered the European Union''s first interest rate hike since 2012. Market pricing suggests that the timing of central banks'' reaction to a rise in inflation will differ in the region, the NBH said in its statement. The NBH has pledged to keep the benchmark base rate unchanged at 0.9 percent for a sustained period. June Hungarian gross wages figures released on Tuesday showed an annual rise of 14.4 percent, maintaining the fastest pace since 2005 and one of the fastest growth rates in Central Europe. The Hungarian wage surge is still unlikely to lift annual average inflation above the central bank''s 3 percent target before 2019, a Reuters poll of analysts indicated last week. Germany''s 10-year Bund yield was marginally higher on Tuesday, though near one-week lows. Hungarian bonds were slightly firmer, with the yield of the 10-year bond dropping 2 basis points to 3.04 percent. The corresponding Polish yield rose 3 basis points from four-week lows to 3.32 percent. Hungary sold 3-month Treasury bills at an average yield of zero on Tuesday for the first time ever. Budapest''s main equities index rose to a record high, driven by an almost 3 percent rise in the shares of OTP Bank . Budapest led a rise of equities in the region, which tracked Western European peers higher. CEE MARKETS SNAPSH AT 1538 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.085 26.084 +0.00 3.53% 0 5 % Hungary 303.55 303.31 -0.08% 1.74% forint 00 50 Polish zloty 4.2780 4.2750 -0.07% 2.94% Romanian leu 4.5870 4.5871 +0.00 -1.13% % Croatian 7.4045 7.4035 -0.01% 2.03% kuna Serbian 119.30 119.38 +0.07 3.39% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1033.7 1032.0 +0.16 +12.1 0 4 % 6% Budapest 37572. 37097. +1.28 +17.4 87 85 % 0% Warsaw 2389.2 2377.2 +0.50 +22.6 7 8 % 6% Bucharest 8363.3 8317.9 +0.55 +18.0 1 5 % 4% Ljubljana 816.59 809.00 +0.94 +13.8 % 0% Zagreb 1902.4 1898.4 +0.21 -4.63% 7 0 % Belgrade 722.78 723.00 -0.03% +0.75 % Sofia 718.97 720.71 -0.24% +22.6 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.026 -0.026 +069b -2bps ps 5-year 0.058 -0.018 +034b -1bps ps 10-year 0.876 -0.007 +047b -1bps ps Poland 2-year 1.777 -0.005 +250b +0bps ps 5-year 2.647 0.013 +293b +2bps ps 10-year 3.332 0.032 +292b +3bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.7 0.81 0 IBOR=> Hungary <BU 0.22 0.28 0.345 0.15 BOR=> Poland <WI 1.78 1.8 1.85 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L83TS'|'2017-08-22T12:12:00.000+03:00'
'63587f692c4f231d246296a955ea2048d11ab5bd'|'Australia''s Murray Goulburn considers interest from an array of suitors'|'SYDNEY (Reuters) - Murray Goulburn Co-operative, Australia''s largest milk processor, said on Tuesday it was considering approaches from a broad array of suitors who were interested in acquiring the cooperative as a whole or some of its assets.The interest comes as Murray Goulburn, reeling from an ill-fated Asian expansion, reported its first annual loss since its 2015 listing and predicted milk supplies would tumble for a second straight year in a row.The ad hoc nature of the approaches meant it was too early to discuss potential deals, Chief Executive Ari Mervis said on a call with analysts. The firm has told its advisor, Deutsche Bank, to seek more detailed proposals."We have asked Deutsche Bank to look at our holistic structure, everything is up for consideration," he said.The interested parties include local and international investors who are offering restructuring options, a source familiar with the situation told Reuters. The source, who was not authorized to talk to the media, declined to be identified.Rival Bega Cheese Ltd ( BGA.AX ) would be interested in Murray Goulburn assets if they came up for sale, Executive Chairman Barry Irvin told Reuters but he declined to say whether the company had already made an approach.Murray Goulburn''s cooperative structure makes a full takeover difficult as 90 percent of its farmer owners would need to agree to a deal. But the company''s 10 processing plants and its dairy brands are likely to draw plenty of interest, analysts said."There are three local companies, Bega Cheese, Fonterra Australia and Canada''s Saputo - through its Warrnambool Cheese and Butter assets - that will all be looking at this as opportunity to expand their business," said Michael Harvey, a dairy analyst at Rabobank."Then you have international companies, who would be looking at these assets as an entry point."A spokeswoman for Fonterra ( FCG.NZ ) said the company was always looking at opportunities but does not comment on M&A discussions. A representative for Saputo Inc ( SAP.TO ) did not immediately respond a request for comment.Units in Murray Goulburn''s listed entity, MG Unit Trust ( MGC.AX ), ended 3.2 percent higher on the news of the approaches.Murray Goulburn, which has A$735 million in equity and net debt of A$444.5 million, had sought to expand aggressively in Asia. But sales to China fell far below expectations and it was forced to cut the price it paid suppliers by up to 20 percent.The company booked a A$370.8 million ($295 million) loss for the year ended June 30, compared with a profit of A$21.2 million a year earlier.Many dairy farmers have culled cattle to limit losses and have also agreed to supply competitors, prompting Murray Goulburn to forecast a 25 percent drop in milk supply to 2 billion litres after a 22 percent slide in the year just ended.Reporting by Colin Packham and Paulina Duran; Editing by Edwina Gibbs'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-murray-goulburn-results-idINKCN1B20JN'|'2017-08-22T05:02:00.000+03:00'
'b9c26d3706a893fec7d4e32c1e12ee69a1e026b5'|'China has more room to tackle debt - if it wants to'|'August 21, 2017 / 11:41 PM / an hour ago China has more room to tackle debt - if it wants to Marius Zaharia and Tripti Kalro 6 Min Read FILE PHOTO: A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China July 27, 2017. Aly Song/File Photo HONG KONG/BANGALORE (Reuters) - Rising corporate profits are providing Chinese policymakers with room to do more to tackle the country’s growing debt problems without inflicting major damage on the economy. Profits are increasing even though financial conditions are tightening in some significant areas of the economy; lending rates have inched higher, regulators have clamped down against risky lending and have moved to take the heat out of the property sector. The economy is also comfortably on course to meet the government''s GDP growth target this year of around 6.5 percent. Although it is far from certain the government will tighten credit conditions further, some economists expect policymakers to move that way once President Xi Jinping consolidates power at a key five-yearly Communist Party Congress later this year. "There''s more room to experiment (with tightening credit) ... It is the right timing and moment to do so against this backdrop of a strong growth momentum," said Andrew Fennell, the main sovereign analyst for China at Fitch Ratings. The government has made reducing China''s debt burden a priority this year after credit soared following the global financial crisis. The International Monetary Fund warned last week that China''s credit growth was on a "dangerous trajectory" and called for "decisive action." The Bank for International Settlements said in September excessive credit growth was signalling a banking crisis in the next three years. But a few things are falling into place to ease worries that further moves to curb debt would prompt an economic and financial crisis. Thomson Reuters data of almost 1,000 Shanghai-listed non-financial companies shows net profits rose almost 70 percent in the first quarter from the same period of 2016. Results so far from the second-quarter earnings season suggest continued momentum on a pick-up in global trade and economic activity: Gansu Jiu Steel ( 600307.SS ) expects a 54 percent first-half net profit rise, while China Coal Energy ( 601898.SS ) expects net profit of 1.5-1.8 billion yuan (384.05 million pounds)from 616 million a year earlier. For the 104 companies for which 2017 estimates are available, analysts predict a 38.25 percent overall increase in net profits, compared with 10.6 percent growth in 2016. Annual profits either shrank or barely grew over 2011-2015, which contributed to the rapid accumulation of debt. Benchmark policy rates have been on hold for almost two years. But average lending rates edged up to 5.67 percent in June, the highest since September 2015, from 5.53 percent in March, the second-quarter policy report from the People''s Bank of China showed earlier this month. Total social financing (TSF), a broad measure of credit and liquidity, fell to 1.22 trillion yuan in July from 1.78 trillion in June. Still, TSF grew 13.2 percent from a year earlier, suggesting authorities do not want to hit the brakes too hard. RISING BANKRUPTCIES The government appears more tolerant of company failures as well. A Fitch analysis of files from the Supreme People''s Court shows there were 4,700 bankruptcy cases between January and July this year, compared with 5,665 for all of 2016 and 3,684 in 2015. Even if this signals Chinese policymakers are more tolerant of companies being pushed into bankruptcy, analysts say it also suggests they are moving slowly so as not to destabilise the economy. Still, only 12 percent of the bankruptcies were in the indebted state sector and the figures pale in comparison with bankruptcies in developed economies: they were 10 times lower than in France and four times lower than in the United States last year. A large chunk of the corporate debt, which the BIS estimates at almost 1.7 times the economy, has been taken by non-listed entities, especially in the state sector, which employs over 60 million workers. Analysts say many state-owned companies are loss-making and only kept alive by loans from state banks. "Deleveraging is a process that is very long," said Iris Pang, ING''s Greater China economist. "No one wants the clean-up to happen in a short time span, because it would be very costly not only for the banking sector but for the whole economy in terms of defaults, write-offs of banking loans and redundancies." CASH RESERVES Corporate deposits have also risen sharply, while a strong correlation between finance pumped into the economy and the performance of the Shanghai stock market has broken down for the first time in at least two decades, suggesting the performance of those companies, on aggregate, may not be as credit dependent as in the past. China Inc''s new profits are not entirely risked away in new spending or investments. Cash holdings and short-term investments for non-financial, Shanghai-listed corporates rose 26.3 percent in the first quarter from a year earlier, having posted double-digit growth rates for the past three years. Oxford Economics'' Louis Kuijs said China could rein in credit so that it stopped growing by 2021 and only lose 1 percentage point of economic growth a year. "They would achieve something that is good for the long run while they would still end up with growth that is ... pretty good in any other economy," said Kuijs, who is head of Asia economics. "They should consider it because it''s not the end of the world." For a graphic on China''s corporate deposits, click bit.ly/2vTDb8n For a graphic on China''s financial intermediation output vs Shanghai equity index, click bit.ly/2wir2L2 For a graphic on Chinese companies interest earnings cover, click tmsnrt.rs/2viZOj0 Additional reporting by Lee Chyen Yee in Singapore; Editing by Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-debt-analysis-idUKKCN1B12K9'|'2017-08-22T02:41:00.000+03:00'
'3cbaa8865e942d19b60e1e9b2644691f8faf8ad4'|'Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan'|'August 21, 2017 / 4:30 AM / 8 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read A production line of beer is pictured at Japanese brewer Kirin Holdings'' factory in Toride, Ibaraki Prefecture, Japan July 14, 2017. Kim Kyung-Hoon/Files TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-tankan-idINKCN1B10AU'|'2017-08-21T02:30:00.000+03:00'
'278d1a080462d6d033de557aa2037ad822527d32'|'ECB''s Draghi warns of threat to global trade, openness'|'European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. Arnd Wiegmann (Reuters) - Global trade and cooperation is under threat, a risk to productivity and ultimately growth in advanced economies, European Central Bank President Mario Draghi said on Friday.Speaking at the U.S. Federal Reserve''s annual policy conference in Jackson Hole, Wyoming, Draghi added that the current environment of easy monetary policy makes a major relaxation of financial regulation dangerous."Given the large collective costs that we have observed, there is never a good time for lax regulation," Draghi said in a speech that did not discuss current monetary policy. "But there are times when it is especially inopportune.""Specifically, when monetary policy is accommodative, lax regulation runs the risk of stoking financial imbalances," he added.Reporting by Balazs Koranyi; Editing by Chizu Nomiyama '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-ecb-policy-draghi-idUSKCN1B52F3'|'2017-08-26T03:32:00.000+03:00'
'fe822e62d205abf9001ab7650cff3bcc2f249602'|'Exclusive: Hyundai Motor Group faces government calls to address ''big governance risk'''|'August 20, 2017 / 10:40 PM / 5 hours ago Exclusive: Hyundai Motor Group faces government calls to address ''big governance risk'' Soyoung Kim and Hyunjoo Jin 7 Min Read Kim Sang-jo, the Chief of Korea Fair Trade Commission, speaks during an interview with Reuters in Seoul, South Korea August 18, 2017. Picture taken on August 18, 2017. Kim Hong-Ji SEOUL (Reuters) - South Korea''s new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders. Kim Sang-jo, appointed to head the Korea Fair Trade Commission by President Moon Jae-in, told Reuters that Hyundai''s web of cross shareholdings among its group affiliates has resulted in a "big governance risk" for South Korea''s second-largest conglomerate, which is run by its 79-year-old chief, Chung Mong-koo. "Many people, including me, are telling Hyundai that they shouldn''t waste more time before dissolving cross shareholding," said Kim, who has been nicknamed "chaebol sniper" for his shareholder activist campaigns targeting South Korea''s powerful family-run conglomerates. "I''m in ongoing conversations with Hyundai." Shares of key Hyundai group companies rose following the report, with Hyundai Motor gaining 2.4 percent and Hyundai Mobis ( 012330.KS ) gaining 2.6 percent, outperforming the overall market''s .KS11 0.1 percent decline. In his first interview with foreign media since taking office in June, Kim also said South Korea''s antitrust watchdog is looking into competition issues regarding Google''s Android mobile operating system, and has had conversations with the European Commission. The European Commission last year charged Alphabet''s ( GOOGL.O ) Google for using its dominant Android system to shut out rivals, and is weighing a record fine that could come by the end of the year, Reuters reported in July. In South Korea, the Android operating system has a 74 percent market share, and industry officials have questioned whether Google used its mobile dominance to prevent South Korean companies such as Samsung Electronics ( 005930.KS ) from developing their own operating systems. The South Korean regulator, which in December fined Qualcomm Inc ( QCOM.O ) 1.03 trillion won ($854 million) for what it called unfair business practices in patent licensing and modem chip sales, is also co-operating with its European counterpart on its own investigation into Qualcomm over related issues, Kim said. "As part of its competition enforcement work, the Commission is regularly in contact with other national competition authorities," European Commission spokesman Ricardo Cardoso said. Hyundai and Qualcomm declined to comment, while Google did not immediately respond to calls for comment. LAST MAN STANDING Kim is the architect of chaebol reform pledges made by Moon, who came into office after a snap election in May to replace Park Geun-hye, impeached over a corruption scandal that exposed the cosy ties between government and chaebol. At the heart of the governance conundrum are the interlocking shareholdings among group companies held by their founding families, which mean that if one affiliate goes insolvent, another affiliate will often be forced to come to the rescue. It has been cited as a major factor behind the so-called "Korea Discount" - meaning their shares are typically undervalued in comparison to global peers. Kim Sang-jo, the Chief of Korea Fair Trade Commission, speaks during an interview with Reuters in Seoul, South Korea August 18, 2017. Picture taken on August 18, 2017. Kim Hong-Ji In Hyundai''s case, its chairman, Chung, controls the sprawling conglomerate with only small stakes in key affiliates including the automaker Hyundai Motor ( 005380.KS ) and parts supplier Hyundai Mobis ( 012330.KS ). Kim said that Hyundai has stayed put even as many of South Korea''s top conglomerates have moved to unwind cross shareholdings in recent years. "I can tell you clearly that Hyundai recognizes it can''t live with its current circular shareholding structure forever," he said. "It won''t be done overnight, but the company is currently trying to find solutions." He added: "Hyundai would be stupid if it didn''t know the expectations of the market and the government." The chaebols, which have long dominated Asia''s fourth-largest economy, have also come under scrutiny over intra-group business deals that favor affiliates owned by family members at the expense of third-party competitors. Slideshow (3 Images) Kim said his agency had recently identified "several" chaebol group companies for abusing intra-group deals, and planned to launch formal investigations into some of them. Hyundai Glovis ( 086280.KS ), a logistics affiliate of Hyundai Motor, is one of a handful of companies found to have frequently used intra-group transactions, Kim said, declining to provide other names. TROUBLES AT SAMSUNG Kim recently testified as an expert witness for prosecutors in their bribery case against the Samsung Group leader Jay Y. Lee, who has been jailed since February on charges that he bribed Park, the former president. Lee, who faces a court ruling on Friday, denied any wrongdoing as prosecutors sought a 12-year jail term this month on charges that include embezzlement and perjury. Kim expects Lee''s troubles will paralyze group-wide decision-making and create "serious problems" for ailing affiliates, such as the struggling shipbuilder Samsung Heavy ( 010140.KS ), although the impact may be limited on crown jewel Samsung Electronics ( 005930.KS ). "The verdict will have significant implications for Samsung''s future," he said. Samsung declined to comment. Kim said he would focus on stricter enforcement of existing laws, such as using his agency''s investigation powers, rather than pursuing drastic legislative changes that could fail in parliament where Moon''s ruling party does not have the majority. "President Moon is taking a lesson out of the failure of chaebol reforms under the former liberal administration," Kim said, referring to the unsuccessful reform efforts under the administration of Roh Moo-hyun, who served as president between 2003 and 2008. Additional reporting by Choonsik Yoo, Yuna Park in SEOUL, Foo Yun Chee in Brussels and Stephen Nellis in San Francisco; Editing by Philip McClellan and Mary Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-southkorea-antitrust-exclusive-idUSKCN1B00UM'|'2017-08-21T01:38:00.000+03:00'
'343a09bc52127c4e572d5c9b19a345f02cf4daad'|'Ad group WPP cuts sales forecast on weak client demand'|'LONDON (Reuters) - WPP, the world''s largest advertising group, cut its sales target for the second time in six months on Wednesday after consumer goods giants curbed spending, putting its shares on track for their worst day in 19 years.Facing its weakest underlying revenue growth since the financial crash in 2009, WPP saw its shares fall as much as 13 percent, wiping some $2.6 billion off its market value.Much of the problem stems from a move by packaged goods groups including Unilever, Nestle and Procter & Gamble to respond to weak growth by cutting back on advertising products such as washing powder, drinks and food.Like its rivals, WPP has also been hit by an ultra competitive environment in the United States where it lost two major contracts - VW and AT&T - meaning the group missed its first-half net sales target by some margin."It is difficult," Chief Executive Martin Sorrell told Reuters. "Most of our shrinkage came in the second quarter and we couldn''t adapt fast enough for that. But we feel good about the way we''ve controlled the costs."Sorrell noted the growing influence of activist investors in the consumer goods sector, which he felt was adding to the pressure to rein in spending and boost margins. Consumer goods clients make up around a third of WPP''s revenue.Analysts at RBC said eight of the 10 consumer goods companies which detailed their marketing approach in the first half of the year reported a decline as a proportion of sales.Unilever, a WPP client which fought off a $143 billion takeover bid from Kraft Heinz in February, said it was looking to cut the number of adverts created by 30 percent. In the first half of the year, its spending with ad agencies fell by 17 percent.GLOBAL GIANT One of the best known businessmen in Britain, Sorrell built the advertising group from a two-man operation in a London office in 1985 to one that now dominates the industry with 205,000 people, including associates, working in 112 countries.It provides advertising, data analytics and consultancy work to brands including L''Oreal, IBM, AstraZeneca and Vodafone.While it outperformed its peers for several years after the financial downturn, it has been showing signs of strain in the last year as rivals fight for every dollar of ad spend.On Wednesday it reported first-half like-for-like net sales down by 0.5 percent, below a consensus of 0.7 percent growth. It cut its full-year underlying net sales growth target to between flat and 1 percent, from a previous forecast of 2 percent.Like peers Omnicom and IPG, net sales were particularly weak in the U.S.. French group Publicis, recovering from several years of subdued trading, is one of the few ad groups to fare better in the U.S., posting decent results in July.WORSE THAN FEARED While some analysts had forecast a weak set of results, the scale of the downturn took the market by surprise and the stock is now down 23 percent in the year to date."As we feared, WPP''s results did indeed surprise negatively and the scale of the slowdown was more than feared," Citi analysts said in a note to clients.Brian Wieser, an analyst at Pivotal Research Group, said the shareprice reaction was overdone. "At a thematic level there is little that is different than anything management commented on at the time of the last quarter''s results," he said.Tight cost controls helped the group to reiterate its target for a 0.3 point improvement in its operating margin, and net new business billings were up against last year.WPP first rattled investors in March when it cut its 2017 sales forecast. From 3.1 percent net sales growth in 2016, it set a 2017 target of 2 percent to reflect "tepid" economic growth before it reduced it further on Wednesday.Challenges on the horizon include the strength of Google and Facebook in digital advertising. While some marketers work directly with the two giants, cutting out the middleman, the appearance of expensive ads alongside hate speech or extreme content has helped reinforce the need for traditional ad groups.Consultancies such as Accenture and Deloitte are also competing in the provision of data analytics.WPP said on Wednesday that Google and Facebook were major media clients, and that while the consultancies had acquired some small digital agencies, there was little evidence so far of them making major inroads."The most significant pressures on client spending seems to be the impact of low growth and cheap money driving asset purchases, consolidation and zero-based budgeting," it said, in reference to the private-equity approach to cost control.($1 = 0.7811 pounds)Additional reporting by Martinne Geller; Editing by Paul Sandle and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/wpp-results-idINKCN1B30LH'|'2017-08-23T10:14:00.000+03:00'
'6a49db5e1bbfdcb5b847ef488bc2e490b5ec7b3f'|'Citigroup taps Goldman activist defense banker for global role'|'FILE PHOTO: The logo of Citibank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. Athit Perawongmetha/File Photo NEW YORK (Reuters) - Citigroup ( C.N ) named Muir Paterson to head the bank''s global team of bankers advising companies on activist shareholders, the bank announced on Monday.Paterson, whose official title is Global Head of Strategic Shareholder Advisory, previously worked as a senior activist defense banker at Goldman Sachs Group ( GS.N ).The move shows that Citigroup is aiming to expand its reach into the realm of activist advisory work, a segment of banking where demand has surged in the last five years amid a wave of public campaigns by hedge funds, and occasionally mutual funds, for quick and major changes at publicly traded companies.Paterson was the chief operating officer of the Goldman''s M&A Shareholder Advisory group, a team that was formed in 2015 by combining Goldman''s activist defense group and its M&A Capital Markets practice.Before Goldman, Paterson was the director of corporate governance for Wellington Management Company and a co-founder of the Special Situations Group at Institutional Shareholder Services.Citigroup said that Matthew Coeny, a managing director at the bank, would continue as a senior member of its activist defense practice.Reporting by Michael Flaherty'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-citigroup-patterson-idUSKCN1B12CD'|'2017-08-22T05:12:00.000+03:00'
'be35a76744790660dfedabb6b241af89f66bde4c'|'OPEC to discuss ending or extending production cut in November - Kuwait minister'|'  17 minutes ago OPEC to discuss ending or extending production cut in November - Kuwait minister Reuters Staff 1 Min Read Kuwaiti Oil Minister Essam al-Marzouq adjusts his glasses during a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Commettee in St. Petersburg, Russia, July 24, 2017. Anton Vaganov CAIRO (Reuters) - OPEC will discuss at a meeting in November whether to extend or end production cuts, Kuwait''s oil minister Essam al-Marzouq told Kuwait TV on Monday. "At our next meeting at the end of November...the most important items will concern the fate of the agreement to extend or terminate the production cut," Marzouq told Kuwait TV in an interview. He said oil inventories in recent weeks fell more than expected and that one-week forecasts were two million barrels a day, down from 6.5 million. Reporting by Ali Abdelaty; Writing by Tom Finn; editing by Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-oil-opec-kuwait-idUKKCN1B12IZ'|'2017-08-22T02:05:00.000+03:00'
'328cee039327f13ab841f7fda653d03c962d019a'|'CEE MARKETS-Forint eases, central bank seen pushing for weakening'|'* Forint eases, but stays near strongest level since May 2015 * Hungarian central bank seen keeping interest rates on hold * CEE bonds rangebound, equities mostly rise By Sandor Peto BUDAPEST, Aug 22 (Reuters) - The forint touched its weakest levels this week against the euro on Tuesday before a central bank rate meeting which some market players expect to call for a weaker currency. While most Central European currencies remained rangebound, the forint eased 0.2 percent versus the single currency, to trade at 303.85 at 0837 GMT, still near its strongest levels since May 2015. "It is still firmer than the central bank probably wants to see it," one Budapest-based dealer said. The dealer said he would be looking for some hints in the bank''s regular statement after the meeting about the forint, which has been supported by sound macroeconomic fundamentals. Another dealer did not rule out some kind of comments to talk down the currency. But he said only further interest rate cuts could weaken the forint. The bank has pledged to keep the benchmark base rate unchanged at 0.9 percent for a sustained period. June Hungarian gross wages figures released on Tuesday showed an annual rise of 14.4 percent, maintaining the fastest pace since 2005 and one of the fastest growth rates in Central Europe. The Hungarian wage surge is still unlikely to lift annual average inflation above the central bank''s 3-percent target before 2019, a Reuters poll of analysts showed last week. Germany''s 10-year Bund yield was marginally higher on Tuesday, though near one-week lows. Hungarian bonds were slightly firmer, with the yield of the 10-year bond dropping 1 basis point to 3.05 percent. The corresponding Polish yield rose marginally from four-week lows to 3.3 percent. Hungary sold 3-month Treasury bills at an average yield of zero on Tuesday for the first time ever. Central European stock indices mostly tracked a rise of Western European shares, led by 0.5 percent rise in Budapest . Bucharest''s main stock index hovered in the past two weeks'' narrow ranges. The bourse shrugged off a threat from Prime Minister Mihai Tudose, reported by the daily Ziarul Financiar, that unless banks became fair and reported profits, the government would feel bound to make a list of banks where Romanians'' deposits were at risk. The remarks reflected a desire to generate more taxes from banks, like Hungary and Poland. But tax policies have been changeable in Romania, and the country''s banking system has been solid. The comments did not immediately affect the shares of Banca Transilvania, though the stocks eased 0.4 percent in late morning trade. CEE MARKETS SNAPSH AT 1037 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.111 26.084 -0.10% 3.43% 0 5 Hungary 303.85 303.31 -0.18% 1.64% forint 00 50 Polish zloty 4.2760 4.2750 -0.02% 2.99% Romanian leu 4.5870 4.5871 +0.00 -1.13% % Croatian 7.4010 7.4035 +0.03 2.08% kuna % Serbian 119.34 119.38 +0.03 3.36% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1034.6 1032.0 +0.25 +12.2 0 4 % 6% Budapest 37299. 37097. +0.54 +16.5 48 85 % 5% Warsaw 2378.2 2377.2 +0.04 +22.0 4 8 % 9% Bucharest 8308.1 8317.9 -0.12% +17.2 8 5 6% Ljubljana 811.06 809.00 +0.25 +13.0 % 3% Zagreb 1901.9 1898.4 +0.18 -4.66% 1 0 % Belgrade 721.68 723.00 -0.18% +0.60 % Sofia 719.06 720.71 -0.23% +22.6 2% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.026 -0.026 +068b -3bps ps 5-year 0.063 -0.014 +034b -2bps ps 10-year 0.915 0.032 +050b +2bps ps Poland 2-year 1.772 -0.004 +248b -1bps ps 5-year 2.633 0.003 +291b +0bps ps 10-year 3.311 0.004 +290b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.7 0.8 0 IBOR=> Hungary <BU 0.22 0.285 0.35 0.15 BOR=> Poland <WI 1.765 1.791 1.834 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L81QU'|'2017-08-22T07:57:00.000+03:00'
'42c87c05f602d3c315e00e1febe3f9f90ec71780'|'Ford says signs MoU with Chinese automaker to build electric vehicles in China'|'August 22, 2017 / 8:28 AM / 3 hours ago Ford, China''s Zotye Auto plan JV to build electric vehicles Brenda Goh 3 Min Read SHANGHAI (Reuters) - Ford Motor is exploring setting up a joint venture with Chinese firm Anhui Zotye Automobile Co to build electric passenger vehicles in China under a new brand, tapping into a boom for such vehicles in the world''s top auto market. China, struggling with alarming pollution levels in major cities, is aggressively pushing plug-in vehicles and has poured in tens of billions in investment, research funding and subsidies, drawing many new automakers to launch projects. Tesla, Daimler AG and General Motors are among firms that have already announced plans for making electric vehicles in China, which wants electric and plug-in hybrid cars to make up at least a fifth of the country''s auto sales by 2025. Ford, whose overall China sales are down 7 percent this year, said in a statement on Tuesday that it had signed a memorandum of understanding with Zotye Auto to build a new brand under which the electric vehicles will be sold. Both firms will hold a 50-50 stake in the JV, it said. It did not provide details of financial commitments nor say by when it will take a firm decision on the JV. FILE PHOTO: The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. Paulo Whitaker/File Photo Ford sees China as the fastest growing market in the world for new energy vehicles (NEV) and forecasts that segment to grow to six million vehicles per year by 2025, of which approximately four million would be all-electric. The potential JV with Zotye Auto would represent a deepening of commitment to electric vehicles in China by Ford. In April, it outlined plans to offer by 2025 hybrid or fully electric versions of all models built in China with its domestic joint venture partner, Chongqing Changan Automobile Co Ltd. FILE PHOTO: The logo of Ford Motor Company is on display at a dealership of Genser company in Moscow, Russia, February 14, 2017. Maxim Shemetov/File Photo However, it also said at the time that it would take a cautious approach to the market due to uncertainty about consumer interest and government policy. Zotye, which Ford described as the market leader in China''s all-electric small vehicle segment, sold more than 16,000 all-electric vehicles this year through July, representing a year-on-year growth of 56 percent, it said. The privately-owned company, which is headquartered in China''s coastal Zhejiang province, also makes sport utility vehicles and cargo trucks. On Monday, it reported a near six-fold jump in first-half profits. Ford said it would release details about the brand, products and production volumes at a later date, pending a final agreement and regulatory approvals. Additional Reporting by Beijing Monitoring Desk; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ford-china-electric-vehicle-idUSKCN1B20QA'|'2017-08-22T11:26:00.000+03:00'
'2050eadb0e9ae3bb91dd4873060ce864dd5ac523'|'Hong Kong property investors go trophy hunting in London despite Brexit'|'August 21, 2017 / 6:07 AM / 3 hours ago Hong Kong property investors go trophy hunting in London despite Brexit 8 Min Read A view of The City is seen in London, Britain August 11, 2017. Neil Hall LONDON (Reuters) - Chinese investment in London commercial property has more than trebled since before Britain voted to leave the European Union, most of it channelled through Hong Kong at a time of heightened political uncertainty in the former British colony. While others have pulled back from British property following last year''s Brexit referendum, investors largely from Hong Kong are snapping up the British capital''s best-known skyscrapers including the "Cheesegrater" and "Walkie Talkie". In the first six months of 2017 Chinese investors spent 3.96 billion pounds on London commercial property according to data from the CBRE real estate group, the highest amount on record and outpacing the 2.69 billion pounds spent in the whole of 2016. Hong Kong accounted for 92 percent of the Chinese investment, according to the Knight Frank agency. Hong Kong food conglomerate Lee Kum Kee is set to pay 1.28 billion pounds later this month for 20 Fenchurch Street - the 34 storey skyscraper known as the Walkie Talkie - a record for an office building in Britain. With Beijing cracking down on foreign deals by mainland companies, investors there are instead using Hong Kong as a conduit for overseas deals. China''s state planner announced on Friday that the country will strengthen rules to defuse risks for domestic companies investing abroad and curb "irrational" overseas investment. However, Hong Kong-based investors are more significant players. "Deals from mainland China already make up a smaller proportion of the activity from the region, with Hong Kong investors most active," said Anthony Duggan, head of capital markets research at Knight Frank. "We expect that Chinese investors will still look to make strategic real estate purchases that fit within their business plans." Hong Kong''s freedoms, including judicial independence, are constitutionally enshrined under a "one country, two systems" deal struck before Britain returned the territory to China in 1997. However, concerns have been rising in recent years and an appeals court jailed three leaders of Hong Kong''s democracy movement last week. Tens of thousands protested in Hong Kong on Sunday against the jailing of the young activists, with many demonstrators questioning the independence of the judiciary. Hong Kong''s legal chief has denied any "political motive" in seeking the prison terms. TAKING CONTROL "If you''re concerned that China is taking control of Hong Kong more and more and you need to take capital out of that jurisdiction, London is attractive," said Chris Brett, head of international capital markets at CBRE. Several factors are drawing the investment, including sterling''s 12 percent drop since the Brexit referendum against the U.S. dollar - to which the Hong Kong dollar is pegged. "Cheaper money, the rule of law, cultural familiarity and a need to diversify out of a home market is what''s driving Hong Kong demand in the UK," said James Beckham, head of central London investment at property consultant Cushman & Wakefield, which advised the Walkie Talkie''s buyers and Cheesegrater''s sellers. Record Hong Kong commercial and residential property prices, along with the political concerns are pushing investors to turn to overseas markets where rental yields are higher. A view of 20 Fenchurch Street and the Leadenhall Building is seen in London, Britain August 11, 2017. Neil Hall The illiquidity of a building compared with other investments is also an attraction, should Beijing demand that funds be repatriated to China, Jefferies analyst Mike Prew said. The Brexit vote means some London-based financial jobs will shift to the continent or Ireland so that banks can continue selling to clients in the EU. But this negative factor for the office market is offset by the pound''s fall, which makes property cheaper for foreign investors, and the fact that the buildings sold have come with tenants signed up to leases of around 10-15 years. Real estate sources said other City of London landmarks, including 30 St Mary Axe - known as the Gherkin - and the Heron Tower are also attracting interest from Hong Kong investors. These prime "trophy" assets, like the Cheesegrater and Walkie Talkie, have well-known tenants and are in limited supply. Chinese pricing of UK commercial real estate has already established an "entry premium" of about 100 basis points on yields for platinum or top grade buildings, according to Prew. Slideshow (4 Images) Capital from China and Hong Kong has accounted for a third of all investment in London commercial real estate this year, up from less than 10 percent before the referendum, according to CBRE. This stands in contrast to other investors. Money raised by UK property-focused private equity funds has fallen since the Brexit vote, with $2.9 billion raised in the first half of 2017 compared with $3.7 billion a year earlier, according to data from Prequin. That''s as the outlook for the London office market as a whole clouds before Britain''s EU exit in 2019. The amount of empty space has jumped since the referendum, with developers having to offer longer rent-free periods and lease breaks early into leases to secure tenants. Central London office developer Derwent London, which has a portfolio worth 4.8 billion pounds, forecast that 2017 rental values would be anything between down 3 percent to up 2 percent. SKY HIGH London''s skyscraper boom of the last decade reshaped the skyline, adorning it with unusually shaped silhouettes inspiring nicknames such as the Shard and the 24-storey Can of Ham, which is due to open next year. The largest chunk of cross-border Chinese real estate investment continues to be poured into the United States, but that proportion declined in the first half of the year while increasing in Britain. Buildings in London are cheaper per square foot than in Hong Kong, Tokyo, New York and San Francisco, but they offer higher rents than most other global centres of their stature, according to Knight Frank data. "(Chinese investors) want stable and good returns and trophy buildings generally look part of that," said Dan Norris, real estate head at Hogan Lovells, the second-largest law firm in China. Norris helped Chinese buyers in May to buy 20 Gresham Street, a seven-floor building near St Paul''s Cathedral, for around 300 million pounds. Asian investors were choosing to avoid development deals as they remained wary of riskier projects and were most keen on London offices, he added. Sales of trophy assets have been a prominent feature of the central London deal market for the past six months, resulting in 29 transactions of over 100 million pounds completing, up from 19 a year ago, according to data from BNP Paribas Real Estate. The most recently sold skyscrapers are also cheaper than the same calibre of building in Hong Kong: CBRE data show rental yields stand at about 3.4-3.5 percent for a top-tier London building versus 1 percent for a similar Hong Kong one. Esha Vaish reported for this story from Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-property-china-idUKKCN1B10FC'|'2017-08-21T09:06:00.000+03:00'
'24293a1954a9ac7d82d8f895231958251d1da5b8'|'BRIEF-India''s finance minister: debtors will have to make sure debts are serviced'|'Aug 19 (Reuters) -* India''s Finance Minister Arun Jaitley says effective supervision required to ensure company''s functioning doesn''t come to a standstill during insolvency process* India''s finance minister says: message is clear that debtors will have to make sure debts are serviced (Reporting by Suvashree Choudhury)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-indias-finance-minister-debtors-wi-idINL4N1L504N'|'2017-08-19T04:50:00.000+03:00'
'a78b238c577b4653234e650c291cfe0a66d628fe'|'Beware Admiral’s policy when it comes to speed awareness courses - Money'|'In a search for car insurance I called Admiral . The agent asked if I had been on any speed awareness courses – I wasn’t quick enough to decline to answer. When I said “yes” the Quote: increased by £50. The whole point of the courses is that they are an alternative to prosecution – and no record is kept. My course provider, DriveTech, says it does not share details as it is information not in the public domain. JP, by emailAs far as we know, Admiral is the only insurer that asks this – certainly the majority of other big-name firms only ask for convictions. Admiral says its data shows that drivers who attend a speed awareness course are more likely to have an accident in the following 12 months than those who committed no offence. “A speed awareness course will impact the premium, but shouldn’t impact it as much as a speeding endorsement,” it says.It is clear – if you have attended a course during the year you should probably avoid Admiral come renewal time.Note: always be truthful, but only say that you’ve been on such a course if you are asked. Are readers aware of any other insurer doing this? Email the usual address.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone numberTopics Car insurance Consumer champions Motoring Consumer affairs Admiral Consumer rights Insurance features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/21/admiral-car-insurance-speed-awareness-course'|'2017-08-21T13:59:00.000+03:00'
'388a684c7149899353fdb5747286a089e640c911'|'TREASURIES-Bonds steady as central bankers in focus'|'* Jackson Hole conference watched for monetary policy clues * ECB''s Draghi to speak on Wednesday By Karen Brettell NEW YORK, Aug 21 (Reuters) - U.S. Treasuries were steady on Monday as investors awaited speeches by top central bankers later this week for further signals about monetary policy. Investors were focused on this week’s annual central banking conference in Jackson Hole, Wyoming, which begins on Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are due to speak. Draghi, who will also speak at an event in Germany on Wednesday, will be the main focus as investors watch for any indications that the ECB may begin paring asset purchases. “Are they going to try to pare back asset purchases, what their thinking is on inflation,” are among the main questions, said Subadra Rajappa, head of U.S. interest rate strategy at Societe Generale in New York. Yellen’s speech on Friday will center on financial stability and is seen as less likely to provide clues on the Fed’s balance sheet plans. Many analysts and investors expect that the U.S. central bank will announce a plan to reduce its balance sheet at its September meeting. Treasury yields fell to almost two-month lows on Friday as personnel changes and discord in Washington reduced expectations that lawmakers will pass fiscal measures aimed at boosting growth. U.S. President Donald Trump on Friday fired his chief strategist Steve Bannon in the latest White House shake-up. Many investors were seen as reluctant to buy Treasuries at relatively low yields, however, which kept a cap on the bond rally. “Yields have refused to meaningfully rally,” said Rajappa. “I think the market’s resisting going mass long at these levels because everything looks very rich.” Benchmark 10-year notes were last up 2/32 in price to yield 2.19 percent, little changed from on Friday. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1L70DN'|'2017-08-21T11:45:00.000+03:00'
'065fb2dbbcb55c21f67f5261de0a525f0a65e859'|'Venezuela''s PDVSA defends ''perfect'' relationship with Russia'|'August 18, 2017 / 8:06 PM / an hour ago Venezuela''s PDVSA defends ''perfect'' relationship with Russia Alexandra Ulmer 2 Min Read FILE PHOTO: Russian President Vladimir Putin (R) meets with Venezuelan President Nicolas Maduro in Istanbul, Turkey, October 10, 2016. Sputnik/Kremlin/Alexei Druzhinin via REUTERS CARACAS (Reuters) - Venezuela''s alliance with Russia is "perfect," the president of state oil company PDVSA said on Friday, blasting what he said was a U.S.-led attempt to sully the growing ties between the two nations. Reuters last week published a Special Report revealing that Venezuela''s unraveling socialist government is increasingly turning to Russia for the cash and credit it needs to survive and offering prized state-owned oil assets in return, sources familiar with the negotiations told Reuters.(For the Special Report click reut.rs/2uMwAZD ) Venezuela''s opposition lawmakers say Russia is behaving more like a predator than an ally, scooping up assets on the cheap and gaining control of much of the OPEC nation''s crude for trading at a time when President Nicolas Maduro is desperate for financing. PDVSA [PDVSA.UL] President Eulogio Del Pino said the United States and its allies were trying to hurt Caracas'' relationship with Moscow because they feared losing Latin America to Russia''s sphere of influence. "That''s why they''re attacking you Russians," said Del Pino in a televised broadcast from the Petrozamora joint venture with Russia''s Gazprombank. "That''s why the North American empire goes against our nation, why they threaten us so blatantly. Because they see a threat to what for over 80 years they considered their backyard." Without directly mentioning Reuters, Del Pino also criticized that "every piece of news that these nation-hating people generate goes against the oil industry" as part of a broader attempt to destabilize leftist-run Venezuela. In what he said was proof of strength in Venezuela''s oil industry, Del Pino said joint ventures with Russian companies in Venezuela were producing some 250,000 barrels per day. "We''re working in perfect alliance," Del Pino said as red-shirted oil workers clapped. Additional reporting by Andreina Aponte and Corina Pons; Editing by Marguerita Choy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-venezuela-russia-oil-idUKKCN1AY2AJ'|'2017-08-18T23:05:00.000+03:00'
'2e54ff09c329188df1e14cadb73660ed7faf5238'|'OPEC oil supply set for sharp drop in August - PetroLogistics'|'August 21, 2017 / 12:33 PM / 6 hours ago OPEC oil supply set for sharp drop in August - PetroLogistics Alex Lawler 2 Min Read FILE PHOTO: The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. Leonhard Foeger/File Photo LONDON (Reuters) - OPEC oil supply is set to fall by 419,000 barrels per day (bpd) this month, a company that tracks OPEC shipments forecast on Monday, reflecting plans for lower exports by Saudi Arabia and reductions by other producers. The 14-member Organisation of the Petroleum Exporting Countries has agreed to cut output by about 1.2 million bpd until March 2018 in an effort to reduce inventories and support prices. Compliance with the deal has been high so far but OPEC production hit a 2017 peak in July, in part on increased output from Libya and Nigeria, which were exempted from the pact due to production-sapping unrest. "OPEC-14 supply is expected to average 32.8 million bpd in August representing a decline of 419,000 bpd as compared to the 2017 high observed in July," Daniel Gerber, chief executive of PetroLogistics, said in an email. "OPEC crude oil exports fell by a whopping 750,000 bpd through the first half of August. An increase was observed in Latin American exports while decreases occurred in both the Middle East and Africa." Geneva-based PetroLogistics is among a number of consultancies that estimate OPEC supply by tracking tanker shipments. Supply refers to a country''s crude exports plus its domestic use, rather than to production. PetroLogistics did not specify which countries were exporting less crude in August. However, top exporter Saudi Arabia has said its exports would drop to 6.6 million bpd this month, almost 1 million bpd below levels a year ago. Tanker data suggests shipments from No. 2 exporter Iraq have also fallen this month. Reporting by Alex Lawler; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oil-opec-supply-idUKKCN1B11F6'|'2017-08-21T15:33:00.000+03:00'
'0ebb924e67f1a7da0b21d0617168da97d25573c9'|'Special Report: Refiner Valero''s secret campaign against U.S. biofuels mandates'|'FILE PHOTO: Corn is seen in a field in Indiana, U.S. September 6, 2016. To match USA-BIOFUELS/VALERO Jim Young/File Photo (Reuters) - U.S. biofuels regulations, which mandate mixing corn-based ethanol into gasoline, have lately drawn together a diverse cast of political opponents. They include an upstart gas station owners'' trade group, a former Obama administration environmental adviser and billionaire activist investor Carl Icahn, who owns a refiner and served as U.S. President Donald Trump''s special advisor on business regulation - until he resigned Friday amid allegations of a conflict of interest. Even the Renewable Fuels Association (RFA), a leading biofuels industry group, recently dropped its opposition to policy changes sought by this ad hoc coalition. These players would seem to have few shared interests, but they share one key connection – close ties to Valero Energy Corp. ( VLO.N ), America''s largest oil refiner. As part of an extensive behind-the-scenes lobbying campaign, Valero played a key role in bringing these people and groups together around a policy proposal that could save the refiner hundreds of millions of dollars each year in regulatory costs, according to two former Valero executives with knowledge of the firms'' lobbying strategy. Valero is a big loser under current regulations, which require refiners to either blend biofuels into their gasoline and diesel or buy government-issued credits from firms that do such mixing. After selling off much of its ethanol-blending operations in cash-raising deals in 2006 and 2013, Valero was forced to spend $750 million last year alone buying the credits, according to Valero''s securities filings. The policy overhaul favored by Valero would free refiners from the obligation to blend biofuels or buy credits, shifting that burden to firms further down the supply chain toward retailers. Such a change would amount to a multi-billion-dollar transfer of wealth to Valero. It would also benefit Icahn''s refining company, CVR Energy ( CVI.N ), and a handful of other refiners that lack blending operations. Top Valero officials wanted others to act as the public face of the push to upend renewable fuels policy, the former Valero executives told Reuters. "There was an effort to line up people who would support us who were more palatable to decision makers," said one of the former executives. "It''s easier to support a small business than a big refining company." In response to Reuters'' inquiries, Valero stressed that it has publicly criticized current regulations. Spokeswoman Lillian Riojas called the rules harmful to "workers, small business retailers, consumers, the refining base, energy security and even the drive for more biofuels blending." Valero has joined petitions to change the law, sued the EPA, and sent executives to challenge the policy at industry conferences. But its more extensive and less visible lobbying through proxies served a purpose – to create a perception of broader support for a change that would primarily benefit Valero and a small number of other refiners. The push to change the so-called "point of obligation" for biofuels blending is opposed by most ethanol producers and large integrated oil companies with blending facilities. They argue the shift would rope in thousands of additional companies - from gasoline retailers to shippers such as FedEx - and undermine the program by complicating enforcement. The Trump administration has said it is considering the regulatory changes, but it has not announced a decision. In early August, three sources familiar with the administration''s biofuels policy deliberations told Reuters that the Environmental Protection Agency (EPA) was preparing to reject proposals for the change. The White House declined comment and referred questions to the EPA, which did not respond to requests for comment. Valero strategists viewed Icahn as a better public advocate to change biofuels policy despite his majority ownership of a small refinery, the two Valero executives said. That''s because the famous Wall Street investor has a diverse array of business interests and unique access to Trump, a longtime friend. "Our folks wanted to get him involved," said one of the Valero executives, who was regularly involved in company discussions on biofuels lobbying. When Icahn wrote the EPA in August of 2016 to push for the policy change - arguing current rules create a "rigged market" - representatives from Valero helped him craft the letter, the executive said. Valero declined to comment on its role in crafting Icahn''s proposal. Jesse Lynn, a lawyer for Icahn, said the billionaire "sought input from a number of people" on the letter but declined to name them. Shortly after being elected, Trump named Icahn his special advisor on regulation, an informal role. Icahn stepped down from the post on Friday after facing criticism that he was advising Trump on policy changes that would enrich his refining business. Icahn denied any conflicts of interest late Friday in an open letter to Trump. "I never sought any special benefit for any company with which I have been involved, and have only expressed views that I believed would benefit the refining industry as a whole," he wrote. The White House has said there is no conflict of interest between Icahn''s refining business and his biofuels policy advocacy because he was not paid as a presidential advisor. ''REGULATORY HAIL MARY’ The Renewable Fuel Standard (RFS) was adopted in 2005 during the presidency of Republican George W. Bush as a way to bolster U.S. energy independence, reduce pollution and support Midwest corn farmers. Today, about 10 percent of U.S. motor fuel comes from vegetation. The law''s critics - which cover a broad ideological spectrum, from fossil-fuel firms to environmentalists - argue variously that it is essentially a farming subsidy; that ethanol hurts gas mileage and does little to help the environment; and that its impact in reducing foreign oil dependence has been dwarfed by booming U.S. oil production. Jack Lipinski, chief executive of Icahn''s CVR Energy, told Reuters that the current rules create a "contrived and manipulated marketplace." The law provides a windfall to major integrated oil companies - who profit from selling the credits - and unfairly punishes certain refiners for not investing in costly biofuels blending facilities, he said. Lobbying against the mandates became more urgent for CVR and Valero in 2013, when prices for biofuels credits soared as energy firms worried about an impending increase in required biofuels blending volumes. By then, major refiners such as Tesoro Corp TSO.N and Marathon Corp ( MPC.N ) were investing in blending facilities to lower regulatory costs. But Valero, looking to focus on its core refining business, had been selling off its already limited blending operations as part of larger deals. It sold a pipeline and logistics unit in 2006 to raise $880 million and spun off its retail unit in 2013 in transactions that brought it $1.4 billion. Valero has said it now has little ability to blend ethanol and biodiesel into the more than 2 million barrels of petroleum products it produces each day in the United States. As a result, the firm is forced to spend hundreds of millions of dollars annually on biofuels credits. By 2015, Valero CEO Joseph Gorder was convinced that lobbying the EPA to change regulations was a better strategy than operating blending facilities, one of the former Valero executives told Reuters. The second former Valero executive described the tactic as a "regulatory Hail Mary". SIGNING UP AN OBAMA ENVIRONMENTAL ADVISOR In 2015, Valero''s external lobbying firm - Bracewell LLP, a Houston-based law and government relations outfit - hired Ron Minsk, a former advisor to President Barack Obama on energy and the environment, as a consultant. Bracewell never announced the high-profile hire, made months after Minsk left the White House, and Minsk never registered as a lobbyist, according to U.S. Congressional disclosures. In February 2016, Minsk testified before Congress as an expert on biofuels regulation, citing his experience as an Obama advisor and arguing in favor of a shift in the point of obligation for blending. Minsk did not disclose his relationship with Valero in his written testimony but acknowledged it when a lawmaker pressed him about industry ties. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York February 11, 2014. To match Special Report USA-BIOFUELS/VALERO Brendan McDermid/File Photo "I have been retained by a law firm to consult on issues related to the RFS, and Valero Energy Corporation is one of their clients," Minsk said, referring to Bracewell. Asked why he didn''t disclose the Valero connection before testifying, Minsk told Reuters: "I was sharing my own views, and not anyone else''s." Minsk also filed public comments to EPA in February 2017, urging the same policy change – again without noting his Valero connection. Scott Segal, a Bracewell partner in Washington, said in a statement that Minsk "provides technical advice to us on a variety of topics" and that he was "certainly not testifying or writing on behalf of the firm or its clients." ''RETAILER OF THE YEAR'' Throughout 2016, Valero cultivated allies that would ultimately mobilize around the same policy proposal to the White House. The refiner helped one of its retailers, Bill Douglass, launch a grassroots organization of small gas station owners that would argue biofuels mandates hurt their mom-and-pop businesses. Douglass said he contacted all of his fuel suppliers for help in starting the organization, but only Valero provided assistance, giving him a list of its retailers to recruit. Bracewell helped connect the fledgling Small Retailers Coalition with a website developer, the firm said. The site is devoted largely to arguing for the same regulatory changes Valero supports. Douglass also sent a letter to the EPA and spoke personally with an EPA official to urge adoption of the policy. Bracewell was happy to help a political ally of its client Valero, Segal said. "It should come as no surprise that groups with which we are allied, we help," Segal said, while noting the firm did not control the website''s content. "We share information and frankly we''re glad to do it. We are not opposed to providing assistance when it''s appropriate." Valero''s spokeswoman denied the company had played a significant role in setting up the SRC and declined further comment on the firm''s relationship to the group. FILE PHOTO: Corn is seen in a field in Indiana, U.S. September 6, 2016. To match USA-BIOFUELS/VALERO Jim Young/File Photo Valero did, however, name SRC founder Douglass its "Retailer of the Year" in 2016. Infographic ID: ''2i9w5Yx''   ''TRYING TO SPLIT THE INDUSTRY'' Valero also sought to join biofuels industry groups and persuade them to back its policy position, according to the former Valero executives and three biofuels industry sources. Valero had reason to join one of those groups. Although it lacked sufficient ethanol-blending facilities, it was one of the nation''s top five ethanol producers. Still, Valero was seen as an outsider by many biofuels producers because the refiner had opposed regulations they supported, two oil and four biofuels industry sources told Reuters. Michael McAdams, President of the Advanced Biofuels Association, said he received a phone call in May or June of 2016 from Valero''s Richard Walsh – a senior vice president and corporate counsel who led the refiner''s push to change biofuels policy, the former Valero executives said. Walsh said Valero wanted to join the biofuels organization - but first wanted the chance to convince the group to support its proposed regulatory change. "My board said, ''No, thank you. We can''t align with you,''" McAdams said, adding that it seemed Valero was "trying to split” the biofuels industry, McAdams said. Walsh did not respond to requests for comment. NEUTRALIZING AN OPPONENT The refiner, however, did end up joining the Washington-based Renewable Fuels Association (RFA), among the most prominent biofuels producer groups and a powerful lobbying force. The RFA had previously criticized proposals to shift the biofuels blending point of obligation, arguing it would discourage production of blends with higher ethanol content and complicate enforcement. Valero and RFA President Bob Dinneen declined to discuss how and why Valero came to join the group but said it had nothing to do with the RFA''s position on the refiner''s policy priorities. The RFA, however, ultimately did agree to drop its opposition to the policy change sought by Valero – a clear victory for the refiner. In February, Valero representatives and Icahn held a meeting with the RFA''s Dinneen. Icahn told Dinneen he believed Trump would support the refiners'' biofuels policy proposal – and that the RFA should lend its political support. Dinneen told Reuters at the time that the RFA decided not to oppose what it believed was a done deal. He also said Icahn assured the group that it could win concessions from the Trump Administration in return, including support for a different regulatory change that would encourage production of fuel blends with higher ethanol content. Other biofuel industry groups slammed the RFA''s policy shift. Fuels America, a coalition of renewable fuel and farm groups, dropped the RFA as a member of their alliance in response. LOBBYING A LOBBYIST AT THE WHITE HOUSE In March, Valero''s Walsh, CVR''s Lipinski and representatives from other refiners went to the White House to pitch their case to Trump''s top aide on domestic energy policy, Michael Catanzaro, a former energy industry lobbyist. Trump had banned former lobbyists hired by his administration from participating in issues on which they lobbied for two years – but the White House later granted Catanzaro a waiver from that rule. Catanzaro is advising on the same issues that were recently the focus of his lobbying for clients such as Koch Industries - a diversified conglomerate with major energy assets - and groups including the American Fuel and Petrochemical Manufacturers, which petitioned the EPA for the biofuels change last year. Catanzaro declined to comment. Valero''s Walsh invited Douglass to join the meeting to represent the Small Retailers Association, Douglass said. As in other forums, Valero representatives let others take the lead in carrying the message, mainly Douglass and a union representative for workers at a Philadelphia refinery. "They let me do most of the speaking," Douglass said. "They let me hold the floor because I think they regard my dilemma as being more critical." Additional reporting by Erwin Seba in Houston; Editing by Richard Valdmanis and Brian Thevenot'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-biofuels-valero-specialreport-idUSKCN1B115D'|'2017-08-21T14:08:00.000+03:00'
'43c3fa87d0cd5c8cee3dc65fa85af32ffe3e0c71'|'Oil dips on rising U.S. output, but drilling activity slows'|'A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Thomas Peter/Files NEW YORK (Reuters) - Oil prices fell nearly 2 percent ahead of monthly contract expiration on Monday, pulling back from last week''s rally built on signs the global market is starting to rebalance from chronic oversupply.Brent crude futures LCOc1 settled down 2 percent, or $1.06 at $51.66 a barrel, while U.S. West Texas Intermediate crude futures CLc1 ended down $1.14 a barrel, or 2.4 percent, at $47.37 a barrel ahead of the September contract''s expiration on Tuesday.Both contracts had risen 3 percent on Friday, and traders said the day''s action was marked by profit-taking."Oil prices are experiencing some late summer chop with low trading volume and not much news. I think we are going to be stuck in a neutral for the next two weeks without big moves in either direction," said Joe McMonigle, senior energy analyst at Hedgeye.U.S. hedge funds and money managers have reduced bets on rising prices in recent weeks, Commodity Futures Trading Commission data showed on Friday.U.S. oil prices have been on the upswing since bottoming out near $43 a barrel in mid-June, though the market has not been able to sustain a rally above $50. Despite the selloff, the market remains in its recent range, said Phil Flynn, analyst at Price Futures Group in Chicago.The world remains awash with oil despite a deal struck by some of the world''s biggest producers to rein in output. Rising U.S. production has been a major factor keeping supply and demand from balancing.U.S. output may soon slow, as energy companies cut rigs drilling for oil for a second week in three, energy services firm Baker Hughes said on Friday. RIG-OL-USA-BHICrude stockpiles are forecast to have declined by 3.4 million barrels for the week to Aug. 18, according to a Reuters survey, which would be the eighth straight week of declines.U.S. commercial crude inventories have fallen almost 13 percent from their March peaks to 466.5 million barrels. C-STK-T-EIAThe oil minister of Kuwait, which is participating in OPEC-led production cuts, said U.S. crude stocks were falling more than expected because output cuts were taking effect.Azerbaijan, not an OPEC member but one of the countries which has committed to production cuts, remains committed to reducing output, the head of state oil company SOCAR told Reuters.Libya''s National Oil Corp declared force majeure on loadings of Sharara crude from the Zawiya oil terminal on Sunday.Additional reporting by Karolin Schaps in Amsterdam and Henning Gloystein in Singapore; Editing by Marguerita Choy'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-oil-idINKCN1B10I6'|'2017-08-21T09:55:00.000+03:00'
'25732de968dcda9a248a3b03c0b678aab17c565e'|'Energy Future drops Oncor deal with Buffett in favor of $9.45 billion Sempra bid: sources'|'(Reuters) - Utility Sempra Energy said on Monday that it would buy Oncor for $9.45 billion in cash after majority owner Energy Future Holdings Corp abandoned a deal to sell the power transmission company to Warren Buffett''s Berkshire Hathaway Inc. This represents a rare blow to Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after Texas regulators blocked two previous attempts by Energy Future to sell it. Energy Future, which has been in bankruptcy since 2014, had initially planned to seek court approval on Monday for the sale of Oncor to Berkshire for $9 billion over opposition from its biggest creditor, hedge fund Elliott Management Corp. Instead, Energy Future lawyer Chad Husnick told the court the Dallas-based company had decided to "pursue another path" with Sempra because of the value of the bid, a lower break-up fee and, most importantly, support from Elliott. San Diego-based Sempra said it expected to own about 60 percent of a reorganized Oncor after it completes the transaction, which is valued at $18.8 billion, including debt. Energy Future owns 80 percent, but Sempra plans to sell some of that equity to other outside investors, according to people familiar with the matter. Sempra''s shares were up 1.2 percent at $117.79 after hitting an all-time high of $118.78 on Monday after the company said the deal would add about 10 million of Oncor''s Texas customers to its base and increase its earnings starting next year. "They get to own 60 percent interest in a quality, growing Texas distribution utility," said Gabelli & Co analyst Timothy Winter. "It''s a way for them to grow in a low-risk manner." Utilities have become wary of their exposure to volatile energy prices and see power generation operations becoming less lucrative. Many of these companies are now hungry for electricity distribution assets, which have a growing demographic base and stable cash flows. "On the face of it, the transaction continues the long line of industry consolidation, which we continue to view as expensive," Morningstar analyst Andrew Bischof wrote in a note. FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo Elliott had tried to put together its own bid for $9.3 billion to buy Oncor but ultimately decided to back the Sempra deal, which a spokesman said "provides substantially greater recoveries to all creditors of Energy Future than the proposed Berkshire transaction." Berkshire, which bid for Oncor as part of its pursuit of steady profits from utilities and infrastructure deals, had said last week it would not raise its offer. In response to Sempra''s move, however, Berkshire said it would allow Energy Future to keep an Oncor dividend, but that proposal was not enough to bridge the gap in price, according to the sources. Judge Christopher Sontchi told the bankruptcy court on Monday that the new bid was a "big change" that would clearly benefit Energy Future and its creditors. The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake "We are disappointed our agreement to acquire Oncor has been terminated," Greg Abel, the chief executive officer of Berkshire''s energy unit, said in a statement. Many investors consider Abel a top candidate to eventually succeed Buffett, 86, at the Omaha, Nebraska-based parent company''s helm. A hearing on the revised reorganization plan and creditor support agreement was set for Sept. 6 in U.S. Bankruptcy Court in Delaware. With Elliott''s support, Sempra is likely to get court approval for the deal. The deal calls for Oncor General Counsel Allen Nye to become the company''s CEO, succeeding Bob Shapard, who becomes executive chairman. Canadian pension fund manager Borealis Infrastructure Management Inc and Singapore sovereign wealth fund GIC Special Investments Pte Ltd currently own 20 percent of Oncor. Lazard Ltd and Morgan Stanley are financial advisers to Sempra, and White & Case LLP is its legal adviser. Evercore Partners Inc is the financial adviser to Energy Future, and Kirkland & Ellis LLP is its legal adviser. RBC Capital Markets and Morgan Stanley committed to invest $3 billion of expected investment-grade debt for the recapitalization of Oncor. Reporting by Rama Venkat Raman, Yashaswini Swamynathan and John Benny in Bengaluru and Tracy Rucinski in Wilmington, Delaware; Additional reporting by Greg Roumeliotis in New York; Editing by Biju Dwarakanath and Lisa Von Ahn'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-oncor-m-a-sempraenergy-idUSKCN1B1041'|'2017-08-21T10:17:00.000+03:00'
'333cd7037c4b44232e113160d77b9f8e3e7f32b0'|'Britain heads back to the Brexit table, plans in hand, economy in decline'|'August 25, 2017 / 9:56 AM / 16 minutes ago Britain heads back to the Brexit table, plans in hand, economy in decline Jeremy Gaunt 4 Min Read FILE PHOTO: An official carries a Union Jack flag ahead of a news conference by Britain''s Secretary of State for Exiting the European Union David Davis and European Union''s chief Brexit negotiator Michel Barnier in Brussels, Belgium July 20, 2017. Francois Lenoir/File Photo LONDON (Reuters) - Britain''s economy is beginning to feel the Brexit pinch, or perhaps given the strong performance of the rest of the world economy, it should be punch. After a prolonged period of relatively benign economic numbers following last year''s vote to leave the European Union, there are now signs of a potentially serious slow down. They stretch from retrenching households to hesitant businesses, from a widening trade deficit to lackluster manufacturing. They also come just as the EU and Britain return to the negotiating table, the latter with a handful of new post-Brexit position papers. Since mid-August, London has been releasing official papers on issues such as trade, customs, the European Court of Justice, and what the province of Northern Ireland''s future border with EU member Ireland will look like. The performance of Britain''s pound over that period suggests few people were impressed enough with them -- or with the likelihood they will come to pass -- to overcome the economic signs. Running through the release of five official Brexit papers, the pound has lost more than 1.4 percent against the dollar since Aug 14 and the euro has gained the same against sterling. While the pound weakness is not directly linked to the papers, their release has clearly done nothing to improve confidence in the currency. That is at least in part because the UK economy is starting to feel the impact of Brexit. "Economic momentum looks uncertain. Monthly factory orders this year suggest that the sector is failing to capitalize from a weaker sterling and a pick-up in global trade," Jaisal Pastakia, investment manager at Heartwood Investment Management, said in note. Elsewhere, second quarter economic growth figures showed consumer spending slumping to a two and a half year low of just 0.1 percent quarter-on-quarter. Business investment was also at a standstill. Barclays said this was "highlighting just how much businesses are holding back investment in the face of high levels of uncertainty regarding the outlook for business conditions." Add to that a warning from Britain''s heavyweight food supply industry that EU workers it relies on are already leaving or considering doing so. BACK TO THE TABLE FILE PHOTO: Anti-Brexit, pro-European Union Remain supporters wave flags as they travel up and down the River Thames, outside the Houses of Parliament, in London, Britain August 19, 2017. Luke MacGregor/File Photo It is not completely linear, of course. Car manufacturing bounced back in July and the unemployment rate is falling. Last month''s purchasing managers indexes also pointed to steady -- albeit sluggish -- economic growth over the coming months. So the wheels have not come off. But the backdrop for Britain as it returns to the table on Monday is nonetheless a stark contrast to what the other side is experiencing. The euro zone, which comprises 19 of what will be the remaining 27 EU members, is flying high. The latest data shows annual growth at 2.2 percent, the highest for more than six years; economic sentiment is cruising at levels last seen before the financial crisis; even the bloc''s notoriously high unemployment rate is falling. Improvement is fairly widespread among euro zone countries, meanwhile. Florian Hense, an economist with Berenberg bank, notes the euro zone has now had 17 consecutive quarters of growth. "And most countries of the currency union were at the party," he said in a note. "Countries that have for a very long time... struggled do get a stable footing, are beginning to recover, too." Whether this continues or is peaking may become clearer in the coming week when various sentiment indicators, unemployment and manufacturing reports are released. The flash composite purchasing manager index has already shown the bloc to be well in expansion mode with no sign of an August slowdown. Inflation too will be on the agenda. It is expected to be 1.4 percent year-on-year, too far below the European Central Bank''s near 2 percent target to impact rates decisions on its own. But the growth picture is enough to have the ECB at least thinking about tapering its quantitative easing bond-buying programme. Some have taken to calling that QExit. Reporting by Jeremy Gaunt; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-economy-outlook-idUKKCN1B512N'|'2017-08-25T12:55:00.000+03:00'
'3bbee95b6e44ea24b66bd04082fad8668e09f564'|'Pakistan plans to raise $500 million to $1 billion via sukuk or Eurobond - sources'|'ISLAMABAD (Reuters) - Pakistan plans to raise between $500 million to $1 billion in debt via an Islamic sukuk bond or a Eurobond later this year, two government sources told Reuters, amid growing concerns about the country''s dwindling foreign currency reserves.In the annual budget announced in May, the government said it would raise $1 billion via a sukuk bond in the 2017/2018 fiscal year (July-June). Pakistan in October 2016 raised $1 billion via an oversubscribed U.S. dollar sukuk.Two officials at the Finance Division within the finance ministry said Pakistan has began work on the debt issue, including talks with potential advisers, and suggested it was possible the money may be raised via a Eurobond."We have just started work to firm up this transaction but its size had not yet been finalised," one senior finance ministry official told Reuters late on Tuesday, adding that it would depend upon the appetite and condition of market.A second finance ministry official confirmed plans to raise debt, probably around the start of November. Pakistan''s 2016 sukuk had an interest rate of 5.5 percent, while a 2015 Eurobond worth $500 million had a coupon rate of 8.25 percent.Pakistan''s $300 billion economy has made vast strides since a balance of payments crisis in 2013 forced Islamabad to seek help from the International Monetary Fund (IMF), with growth in 2016/2017 hitting 5.3 percent, its fastest pace in a decade.But the IMF has recently warned that the macro-economic gains made during 2013-2016 have "begun to erode" and pose a risk to economic outlook.The fund has singled out Pakistan''s ballooning current account deficit as a source of concern. The deficit hit $12.1 billion in 2016/2017, widening 148 percent on the previous year.The balance of payments pressure are in large part due to import of machinery and other Chinese goods on the back of China''s $57 billion infrastructure investment as part of the Beijing-funded Belt and Road initiative.Foreign currency reserves held by the central bank have fallen from $18.9 billion in October 2016 to $14.3 billion in mid-August this year.Writing by Drazen Jorgic; Editing by Simon Cameron-Moore'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/pakistan-debt-idINKCN1B30FL'|'2017-08-23T03:44:00.000+03:00'
'92133d3b80ec0f1d23eea0142f00988fc6fed717'|'British oil company EnQuest cuts full-year production forecast'|'August 23, 2017 / 6:36 AM / 26 minutes ago British oil firm EnQuest cuts full-year production forecast Reuters Staff 1   North Sea-focused oil producer EnQuest ( ENQ.L ) cut its full-year production forecast on Wednesday as prolonged commissioning of its Kraken production storage unit led to lower-than-expected efficiencies. The company said it expected overall average daily production for the full-year to be similar to the first half 2017 production rate of 37,015 barrels of oil equivalent per day (boepd), plus or minus 10 percent. This works out to a range of 33313.5 boedpd to 40716 boepd, well below its previous guidance of 45,000 boepd to 51,000 boepd. Reporting by Arathy S Nair   Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-enquest-outlook-idUKKCN1B30IB'|'2017-08-23T09:59:00.000+03:00'
'2793724d7e0ffc2e504765958666f43537025f7f'|'Toshiba prioritises talks with Western Digital on chips business - Nikkei'|'August 22, 2017 / 11:26 PM / 34 minutes ago Toshiba prioritises talks with Western Digital on chips business sale - Nikkei Reuters Staff 4 Min Read FILE PHOTO - Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan, August 10, 2017. Toru Hanai TOKYO (Reuters) - Japan''s Toshiba Corp ( 6502.T ) is prioritising talks with Western Digital ( WDC.O ) to sell its memory chip business, as negotiations with a previously preferred bidder have stalled, the Nikkei business daily reported on Wednesday. Shares in the conglomerate, which is scrambling to sell its flash memory unit for around $18 billion to cover losses from its bankrupt U.S. nuclear business Westinghouse, rose 4.6 percent to 316 yen by the end of morning trade as the report lifted hopes of an imminent deal. In June, Toshiba picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix ( 000660.KS ) as the preferred bidder for the prized unit. But the talks stalled after Western Digital, a partner in Toshiba''s main chip plant, took Toshiba to court, arguing it needs to consent to a sale. A subsequent legal battle between the two companies unnerved the state-backed funds, which demanded that Toshiba resolve the conflict before the sale. Sources previously told Reuters that Toshiba had begun talks with Western Digital as well as Taiwan''s Foxconn, whose official name is Hon Hai Precision Industry Co ( 2317.TW ), in an attempt to revive the stalled auction process. The Nikkei, without citing sources, said Toshiba CEO Satoshi Tsunakawa told lenders that it would focus on negotiating with Western Digital with the aim of agreeing to a deal by the end of the month. A Toshiba spokesman declined to comment on the Nikkei report.Sources have said Western Digital was offering around 2 trillion yen (14.26 billion pounds) and would form an alliance with U.S. private equity firm KKR & Co ( KKR.N ) as well as the two Japanese government funds that are part of the preferred bidder group. Western Digital plans to initially invest in the chip unit through debt financing and eventually take a stake of less than 20 percent, the sources said, requesting anonymity because they were not authorised to speak with media. The sources have also said a deal could be difficult, however, as Toshiba''s chips business executives were wary of a deal with the U.S. company given the animosity between the two groups. Ties between the two companies soured quickly after Western Digital bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year as they failed to agree on terms of a new joint venture contract. Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth - liabilities exceeding assets - for a second year running. Back-to-back years of negative net worth would result in a delisting from the Tokyo Stock Exchange. Given regulatory approvals could take over six months, the company has been hoping to reach a deal by the end of the month to ensure it can close the sale by end-March. Reporting by Makiko Yamazaki and Ritsuko Ando; Editing by Stephen Coates and Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKCN1B22LO'|'2017-08-23T02:27:00.000+03:00'
'687a5285bc3e2a2729e45058b7bee9fa3beb831b'|'Brazilian tech coworking space Cubo to quadruple in size'|'SAO PAULO, Aug 23 (Reuters) - Latin America''s largest hub for technological entrepreneurship, Cubo coworking Itaú, will quadruple its office space in São Paulo, underscoring the growth in technology and mobility solutions activity in the country.Itaú Unibanco Holding SA and venture capital firm Redpoint eventures said Cubo''s move to a 12-floor building in São Paulo''s financial district will take place by June 2018. Cubo hopes to house more and larger startups and offer more logistic and networking support to non-resident startups.The new facilities could have 2,000 daily visitors, house as many as 210 resident companies and partners, and more than 1,250 workers."This expansion is driven by the need to increase the scale of the positive impact that Cubo has had on the ecosystem, both in domestic and international environments," a statement said. Cubo''s current space houses 52 startups.Itaú, Latin America''s largest bank by assets, conceived Cubo as a venture to bring the culture of Silicon Valley to Brazil, where the number of operating tech startups has surged in recent years. A bigger coworking space should help connect "entrepreneurs, mentors, investors, universities and corporations in a single location," the statement said.The São Paulo-based bank has yet to invest in any of the startups housed in Cubo, although some are suppliers and contractors.Apart from Itaú and Redpoint, Cubo''s partners include AES Corp, steelmaker Gerdau SA and Cie de Saint-Gobain SA and local and international firms. More partners will be able to join Cubo after the relocation to bigger and more modern offices, the statement said. (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/itau-unibco-hldg-tech-cubo-idINL2N1L917V'|'2017-08-23T15:09:00.000+03:00'
'6c6e1ae68eeb6264d97ae238e0f42d427e8c142f'|'American Express to pay $96 million to consumers over discriminatory card terms'|'The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. Lucy Nicholson WASHINGTON (Reuters) - American Express ( AXP.N ) will end up paying $96 million to credit card customers in Puerto Rico and other U.S. territories for charging higher interest rates and engaging in other discriminatory practices, federal regulators said on Wednesday.The U.S. Consumer Financial Protection Bureau announced that more than 200,000 consumers at two of the company''s banking subsidiaries had been harmed by the practices, which also included stricter credit cutoffs and less debt forgiveness than offered to customers in U.S. states.American Express said in a statement the discrepancy was discovered in an internal review and reported to the CFPB in 2013. The company voluntarily agreed to provide $95 million in compensation to affected customers, but said it "absolutely does not" agree with the CFPB''s contention that it had discriminated against clients."Having long since taken actions that the CFPB subsequently ratified, the company decided to settle with them rather than go through years of litigation that would have provided no additional value to any of its customers," American Express said.The CFPB ordered the company to pay an additional $1 million on top of the $95 million and establish new guidelines to ensure the terms of its card offerings were not discriminatory in the future.The agency added that the company had not intentionally discriminated against customers, but rather the discrepancy occurred due to different business units overseeing cards in U.S. territories as opposed to U.S. states."They have ceased this practice and are making consumers whole. In particular, because they self-reported the problem and fully cooperated with our investigation, no civil penalties are being assessed in this matter," CFPB Director Richard Cordray said in the statement.Reporting by Pete Schroeder; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-cfpb-amex-idUSKCN1B321E'|'2017-08-23T19:26:00.000+03:00'
'be0c92095a8726362a35e7127cafa7fed2d0817f'|'Schaeuble wants to allow euro zone peers to tap ESM for investments - Bild'|'August 22, 2017 / 10:03 PM / 10 hours ago Schaeuble wants to allow euro zone peers to tap ESM for investments - Bild Reuters Staff 2 Min Read German Finance Minister Wolfgang Schaeuble arrives to attend an European Union finance ministers meeting in Brussels, Belgium, July 11, 2017. Francois Lenoir BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble is working on a proposal that would allow southern euro zone countries to tap into the single currency bloc''s bailout fund to boost investments during recessions, a newspaper said on Wednesday. If the unsourced report in the mass-selling German daily Bild is confirmed, the plan would mark a major change of policy for Schaeuble who had until recently always opposed transfers from richer euro zone countries to poorer members like Greece. The Finance Ministry was not immediately available to comment on the report. Germany is the biggest contributor to the European Stability Mechanism, the euro zone''s bailout fund. Bild said Schaeuble intended to make the proposal after Germany''s Sept.24 election, which his conservatives led by Chancellor Angela Merkel are expected to win. In exchange for more flexible access to the ESM, Schaeuble wants the fund to have more say over national debt and budgets. Bild added that the proposal was a goodwill gesture toward French President Emmanuel Macron who has vowed to work with Merkel on a roadmap for closer euro zone integration. Schaeuble said earlier this year that he shared Macron''s view that financial transfers from richer to poorer states are necessary within the euro zone. A joint euro zone budget and a common finance minister are among ideas for deeper European Union integration around the single currency after Britain leaves the EU in 2019. Completing a banking union has also been proposed. Schaeuble is loathed in many southern euro zone countries and especially in Greece, for insisting on tough austerity measures in exchange for bailout funds during the bloc''s debt crisis that started seven years ago. Reporting by Joseph Nasr; Editing by Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-schaeuble-idUKKCN1B22I8'|'2017-08-23T01:03:00.000+03:00'
'a0837a3bec2ea8c5c734362cec0f942cd5154234'|'UPDATE 1-Mutual funds mark down investments in Uber by up to 15 pct -WSJ'|'(Adds confirmation from Vanguard)Aug 22 (Reuters) - Four mutual fund companies have marked down their investments in Uber Technologies Inc by as much as 15 percent following the ride-hailing company''s scandal-ridden year, the Wall Street Journal reported on Tuesday.Three of the investors, Vanguard Group, Principal Funds and Hartford Funds, all marked down their shares by 15 percent to $41.46 a share for the quarter ended June 30, according to the fund companies'' latest disclosure documents, the Journal reported.A fourth investor, T. Rowe Price Group Inc, cut the estimated price of its Uber shares by about 12 percent to $42.70. Another investor, Fidelity Investments, maintained its estimate of $48.77 as of June 30, WSJ said. on.wsj.com/2vmSe6TVanguard spokeswoman Arianna Stefanoni Sherlock confirmed in an email to Reuters that the fund had reduced its valuation for Uber, without giving more details.Representatives of the other four funds and Uber could not be reached immediately for comment.Uber has suffered a series of setbacks in recent months, including a federal probe into its use of technology to evade regulators in certain cities and a trade secrets lawsuit filed by Alphabet Inc''s self-driving unit, Waymo.In addition, chief executive Travis Kalanick resigned, pressured by accounts of a culture of sexism and bullying at Uber.The ride-hailing company grew to a valuation of $68 billion in seven years amid non-stop controversy. It has upended the tightly regulated taxi industry in many countries and changed the transportation landscape. (Reporting by Laharee Chatterjee; Editing by Leslie Adler and Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/uber-mutual-funds-idINL2N1L9028'|'2017-08-23T00:14:00.000+03:00'
'37364dc8b537ca4095ac4e7beca83d2d7b825766'|'BHP Billiton to replace two directors in board shake-up'|'August 23, 2017 / 1:34 AM / 23 minutes ago BHP Billiton to replace two directors in board shake-up Reuters Staff 3 Min Read SYDNEY (Reuters) - BHP Billiton ( BHP.AX ) ( BLT.L ) on Wednesday unveiled a board shakeup that will see controversial director Grant King step down six months after joining the company amid concerns among investors over oil investments. King, a former chief executive of Origin Energy ( ORG.AX ), was once tipped to succeed Jac Nasser as chairman of the world''s biggest mining company, but was passed over earlier this year for fellow board member Ken MacKenzie. "Owing to concerns expressed by some investors, Grant King has decided that he will not stand for election at the 2017 annual general meetings of BHP, and will retire from the board on 31 August 2017," Nasser said in a statement. BHP is under pressure from investors led by U.S. hedge fund Elliott Management to rethink its investment in oil and boost shareholder returns. The company said on Tuesday it would exit its underperforming U.S. shale oil and gas assets. King oversaw dramatic growth at energy retailer Origin during a 16-year stint as managing director. However, a decision to build a A$25 billion ($19.7 billion) liquefied natural gas (LNG) plant led to a plunge in the company''s share price in 2015 after oil prices plunged just as its debt peaked. The move came a day after BHP unveiled a $6.7 billion underlying annual profit and sought to reassure investors it would allocate future capital with caution and use excess cash to cut debt and reward shareholders. Another director, Malcolm Brinded will not to stand for re-election as a non-executive director, BHP said. The pair will be replaced by two new independent non-executive directors, Terry Bowen, a finance director for Australian retail and mining conglomerate Wesfarmers Ltd ( WES.AX ) and John Mogford, a former BP Plc ( BP.L ) executive. The pair will take up their roles on Oct. 1. MacKenzie has spent the past two months sounding out shareholders over their concerns ahead of his Sept. 1 start date, BHP has said. Reporting by James Regan; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-bhpbilliton-board-idUKKCN1B3050'|'2017-08-23T04:31:00.000+03:00'
'dba4a4bdf46f189d49c1a2dcaa42e02e8e00025e'|'China''s HNA boosts stake in Swiss airport retailer Dufry'|' 46 AM / 4 minutes ago China''s HNA boosts stake in Swiss airport retailer Dufry Kane Wu 1 Min Read FILE PHOTO: A duty free shop belonging to the Dufry group in a departure lounge at Denpassar international airport in Bali March 23, 2017. Thomas White/File Photo HONG KONG (Reuters) - Chinese conglomerate HNA Group has completed the acquisition of a 16.2 percent stake in Swiss airport retailer Dufry AG ( DUFN.S ) from Singaporean sovereign funds GIC and Temasek, Dufry and HNA said on Monday. No value for the deal was given, but the stake would be worth about $1.4 billion, given Dufry''s current market capitalization of $8.5 billion. The acquisition takes HNA''s total stake in the Swiss group to 20.92 percent, the firms said. Dufry said the two companies have started to look at possible areas of collaboration, with a view to getting more business from domestic and international Chinese travelers. HNA said its acquisition of Dufry shares was funded entirely by offshore capital. HNA is now Dufry''s largest shareholder, a person familiar with HNA said. Reporting by Kane Wu; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-hna-m-a-idUKKCN1B10E9'|'2017-08-21T08:42:00.000+03:00'
'1113749d8f0cf79454b1fd04bf42ecd29b27f4e6'|'Audi to develop solar-embedded panoramic roof with China''s Hanergy'|' 29 AM / 15 minutes ago Audi to develop solar-embedded panoramic roof with China''s Hanergy Reuters Staff 2 Min Read FILE PHOTO: The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo - BEIJING (Reuters) - Audi, Volkswagen''s ( VOWG_p.DE ) main profit driver, on Wednesday said it was working with China''s Hanergy Thin Film Power Group to integrate solar cells into panoramic glass roofs for an upcoming Audi electric vehicle (EV). Alta Devices, a unit of the Chinese solar cell firm Hanergy, will design the solar-embedded vehicle roof that will eventually help increase the range of EVs by feeding solar energy into internal electrical systems, such as air conditioning and other appliances, Audi said in a statement. The prototype of the vehicle with a solar roof will be built by end-2017, the automaker added, without giving any details on investment and estimated time frame for mass-production. Audi, which has been grappling with car recalls, prosecutor investigations and persistent criticism from unions and managers over an emissions scandal and its performance post-dieselgate, is currently looking to shift its focus to EVs. Last month, Audi said it aimed to cut costs by about $12 billion by 2022 to help fund the shift. It is also looking to free up funds for investments in zero-emission technology by developing a new production platform with Porsche, allowing both VW brands to save money by sharing components and modules. In its statement on Wednesday, Audi said it plans to make three battery-electric models by 2020 and aims to cover one third of its vehicles with fully electric drivetrains by 2025. At a later stage, Audi said it hopes to be able to use solar energy to directly charge the traction battery. "That would be a milestone along the way to achieving sustainable and emission-free mobility," said Dr. Bernd Martens, Board of Management Member for Procurement at Audi. Hanergy presented four solar-powered EVs last year, and has been seeking to cooperate with car producers to mass produce its solar devices. Reporting by Muyu Xu and Beijing Newsroom; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-audi-energy-solar-idUKKCN1B30MO'|'2017-08-23T10:29:00.000+03:00'
'5151c971ddfd301e89f724b5996b032ac4683889'|'Igniting QE debate, ECB''s Weidmann calls for quick end - paper'|'August 23, 2017 / 2:04 PM / 3 hours ago Igniting QE debate, ECB''s Weidmann calls for quick end - paper Reuters Staff 3 Min Read FILE PHOTO: Germany''s federal reserve Bundesbank President Jens Weidmann stands beside the door of a giant safe as he poses for a photograph at the money museum next to the Bundesbank headquarters during a photo shoot with Reuters in Frankfurt May 17, 2013. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank should quickly end asset buys next year as the outlook does not warrant the extension of its 2.3 trillion euro scheme, Bundesbank President Jens Weidmann said, weighing in on the biggest issue facing the ECB this autumn. Speaking to German newspaper Boersen-Zeitung on Wednesday, Weidmann called for a quick and orderly end to the asset buys, arguing that inflation will continue to gradually rise and ECB policy would still remain expansionary for years. Considered a leading hawk, Weidmann has always opposed the asset buys and his unambiguous comments lay down the Bundesbank''s position just as the ECB prepares to debate whether to extend the asset purchases or start winding them down next year. "Based on our June forecast, there is no need in my view for taking further action for next year and in particular not for extending the buying programme," Weidmann told Boersen-Zeitung in an interview. Speaking earlier in the day, ECB President Mario Draghi avoided any discussion of currency policy but noted that any policy change should be done with care as policymakers do not full understand how unconventional policies or the new economic realities may work. The ECB has already bought over 2 trillion euros worth of bonds, depressing borrowing costs and successfully igniting growth, which is now on its best run since the global financial crisis. But inflation is still below its target of close to but below 2 percent, likely staying there at least through 2019, raising concerns that inflation may be behaving differently than before the global financial crisis. Weidmann said he was also opposed to making technical changes to the programme, arguing they would lead to negative consequences. The comment is significant as the ECB is expected to hit many of its self imposed purchase limits next year, including on buying no more than one-third of country''s outstanding bonds, and without changes to its rules, the asset buys would have to be phased out. Reporting by Balazs Koranyi; Editing by Matthew Mpoke Bigg 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ecb-policy-weidmann-idUKKCN1B31NF'|'2017-08-23T17:03:00.000+03:00'
'ca8b6c382398bb498bc30289abbc057760fd74d0'|'Eletrobras plan poses no risk for Brazil power supply, CEO says'|'RIO DE JANEIRO, Aug 22 (Reuters) - The Brazilian government''s decision to relinquish voting control of Centrais Elétricas Brasileiras SA poses no risk to electricity generation in the country, Chief Executive Officer Wilson Ferreira Jr said on Tuesday. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eletrobras-privatization-ceo-idUSL2N1L81VF'|'2017-08-23T01:24:00.000+03:00'
'180a993f08675553fd67f66632279e30b0c213e2'|'METALS-London copper hits 3-yr high as miners rally on strong results'|'(Updates prices) By Melanie Burton MELBOURNE, Aug 22 (Reuters) - London copper rose to a fresh three-year high on Tuesday after a string of results from mining companies buoyed sentiment towards the sector, which also found wider support from robust gains in steel material prices in China. "The wider sector continues to benefit from an increasingly positive sentiment as economic growth betters expectations amid a (broadly) weaker USD," said ANZ in a report. The dollar inched higher against a basket of currencies on Tuesday, with traders focusing on the annual central banking conference in Jackson Hole this week for insights into the outlook for monetary policy. FUNDAMENTALS * LONDON COPPER: London Metal Exchange copper struck $6,642.50 a tonne, the highest since Nov 2014, before trading at $6,622 a tonne by 0712 GMT, a gain of 0.6 percent. It gained 1.5 percent in the previous session. * SHANGHAI COPPER: Shanghai Futures Exchange copper rallied 1.9 percent to 52,190 yuan ($7,841) having struck its strongest since March 2013 at 52,210 yuan. * OTHER METALS: ShFE nickel finished up 2.9 percent, while zinc and lead trimmed early losses to end flat and 1.4 percent higher, respectively. * ANTOFAGASTA: Chilean miner Antofagasta raised its dividend as a rally in copper price lifted its first-half earnings, the company said on Tuesday, allowing it to reiterate its annual target. * BHP: BHP Billiton BHP.AX, the world''s largest miner, reported a surge in underlying full-year profits on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who had called for a sale. * CHINA STEEL: China''s steel sector offered some support, with rebar up 0.5 percent and Dalian iron ore ending 4.2 percent higher. * PRICE OUTLOOK: "Maybe we have seen the highs of this year, prices could consolidate a bit towards Q4," said one trader in Singapore. "I think medium term is still bullish on commodities (but) I am not too bullish for the short term. (Still), not a good time to short, even though looks high now." * CHINA DEBT: Rising corporate profits are providing Chinese policymakers with room to do more to tackle the country''s growing debt problems without inflicting major damage on the economy. * SHANGHAI FEES: The ShFE said on Monday it would adjust transaction fees for zinc futures for delivery in October and November and would limit the volumes non-members could trade each day from Aug. 23. * MINMETALS: China Minmetals Corp (CHMIN.UL) plans to invest 10 billion yuan ($1.50 billion) to upgrade its copper, lead and zinc smelting facilities Hunan province, a spokesman confirmed on Monday, after a recent rebuke from the Ministry of Environmental Protection (MEP). * COMING UP: U.S. Home prices (FHFA) for Jun at 1300 GMT ] PRICES BASE METALS PRICES 0533 GMT Three month LME copper 6592 Most active ShFE copper 51750 Three month LME aluminium 2075.5 Most active ShFE aluminium 16375 Three month LME zinc 3122 Most active ShFE zinc 26180 Three month LME lead 2343.5 Most active ShFE lead 19290 Three month LME nickel 11335 Most active ShFE nickel 91890 Three month LME tin 20435 Most active ShFE tin 144170 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 575.76 LME/SHFE ALUMINIUM LMESHFALc3 327.08 LME/SHFE ZINC LMESHFZNc3 1283.3 LME/SHFE LEAD LMESHFPBc3 352.61 LME/SHFE NICKEL LMESHFNIc3 1537.92 ($1 = 6.6579 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin and Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1L82MX'|'2017-08-22T05:38:00.000+03:00'
'164bcef03b9d5f5ec9ae4057a393f91373f27fae'|'VW in no hurry to sell assets, investments more important'|' 36 PM / 12 minutes ago VW in no hurry to sell assets, investments more important Andreas Cremer and Jan Schwartz 4   A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo WOLFSBURG, Germany (Reuters) - Volkswagen ( VOWG_p.DE ) is more focussed on its multi-billion-euro shift towards electric vehicles and transport services than any potential sale of motorcycle brand Ducati or transmissions maker Renk, its head of strategy told Reuters. Analysts and bankers have been expecting Europe''s biggest carmaker to sell assets soon to help meet the cost of its diesel emissions test cheating scandal, which has already reached as much as $25 billion. But Thomas Sedran said the German company was in no hurry to make divestments, which are opposed by its powerful labour unions, pointing to the group''s strong financial performance despite the "dieselgate" scandal. "It''s much more important to discuss which new business fields the company will enter. Divestments are less relevant," he said in an interview. "Big decisions like how to expand or optimise the business portfolio of a global company need time and have to be developed by consensus. For Volkswagen, the topic of the business portfolio is very important but not time critical," he said. Volkswagen has asked banks to examine options for Ducati and Renk, including selling the two divisions, sources have said, as it reviews its businesses after announcing a major push into electric cars and services such as ride-hailing a year ago. Five bidders have been short-listed for Ducati, including Italy''s Benetton family, with offers ranging from 1.3-1.5 billion euros ($1.5-1.8 billion), a separate source said last month. But the potential deal currently does not have the support of a majority on Volkswagen''s supervisory board, with labour leaders - who occupy half the board seats - resisting a sale unless there are compelling financial reasons. "Top management has a clear idea of what belongs to core business and what doesn''t," Sedran said, without elaborating. "It is now a question of how the supervisory board will assess this and what one wants to do." He said the range of possible changes was "far greater than just the things that are seized on in public discussion", adding the money to pay for the emissions scandal had to be found somewhere. "So it''s perfectly plausible that we consider whether the time may have come to find a more suitable owner for certain business areas," said Sedran, a former head of General Motors in Europe who joined Volkswagen two months after the scandal broke. Since then, Volkswagen management has had to deal with an ever-growing number of "dieselgate" probes in Germany and abroad, as well as a new investigation into potential collusion among German carmakers. On the group''s long-running effort to produce a low-cost car for emerging markets, he said Czech brand Skoda would try to develop such a vehicle for India by 2020, one year later than planned after cooperation talks with Tata Motors ( TAMO.NS ) collapsed. Skoda has developed "a series of ideas" for a cheap car for India that could then be used in other markets such as Brazil and Iran, Sedran said. The 52-year-old also poured cold water on union calls for production of a new model to be assigned to one of three German auto-making sites to boost plant utilisation. "Short-term displacements of vehicles are always difficult at production peaks," he said. "To take cars out of one plant for the short term and give production to another plant doesn''t achieve much." ($1 = 0.8511 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-strategy-idUKKCN1B11FD'|'2017-08-21T15:35:00.000+03:00'
'a62bf2ca3b20f8c2c199d54fda017c47bf41affa'|'UK Stocks-Factors to watch on Aug 21'|'Aug 21 (Reuters) - Britain''s FTSE 100 index is seen opening down 20 points at 7,303.9 on Monday, according to financial bookmakers. * BT: BT Group Plc''s EE is planning to threaten the telecoms regulator Ofcom with a High Court challenge on Monday, over its planned auction of mobile spectrum. * SHELL: Royal Dutch Shell has lifted a cargo of 600,000 barrels of crude oil from Libya''s Zueitina port, its first from the war-torn north African country in 5 years, two industry sources told Reuters on Saturday. * HIKMA: Hikma Pharmaceuticals Plc''s U.S. subsidiary has raised the price of a common diarrhea drug by more than 400 percent and is charging more for five other medicines as well, the Financial Times reported on Sunday. * SHELL: The large crude distillation unit at Royal Dutch Shell Plc''s 325,700 barrel-per-day (bpd) joint-venture Deer Park, Texas, refinery may be shut for up to two weeks of repairs from a Thursday fire, sources familiar with plant operations said on Friday. * RATHBONE BROTHERS: British wealth manager Rathbone Brothers said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all-share merger. * OIL: Oil markets were stable on Monday, largely holding on to Friday''s big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March. * The UK blue chip FTSE 100 index closed down 0.9 percent at 7,323.98 points on Friday, as top share came under pressure from falls among consumer giants, financials and airline stocks, caught up in a broader risk-off move following the attack in Spain. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Headlam Group HEAD.L Half Year 2017 Earnings Release TBC Bank TBCG.L Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-stocks-factors-idINL4N1L724W'|'2017-08-21T03:16:00.000+03:00'
'5abdfdee4dfa09398ce7060a0e21bae1180452f0'|'Conservative steel mills warming to LME steel contracts'|' 23 AM / 36 minutes ago Conservative steel mills warming to LME steel contracts Eric Onstad 4 Min Read LONDON (Reuters) - Many steel mills, which had largely shunned using steel futures, are becoming more open to hedging and have been experimenting with London Metal Exchange ( 0388.HK ) contracts in recent months, an LME executive said on Monday. The LME''s steel scrap and rebar contracts have steadily gained volumes since their launch in November 2015, but traders and merchants had been the most active users. Some steelmakers had argued that bringing speculators into the market would cause disruption. Before the LME contracts were launched, Voestalpine ( VOES.VI ), SSAB ( SSABa.ST ) and Salzgitter ( SZGG.DE ) told Reuters they would not be using the contracts, while others such as Germany''s ThyssenKrupp ( TKAG.DE ) had said they would take a wait-and-see approach. Attitudes have been changing, said Alberto Xodo, deputy head of LME ferrous. "There has been a fundamental shift in the attitude of steel mills," he told the Reuters Global Base Metals Forum. "In recent months our client base has expanded to include even the more conservative participants of the value chain, like the steel mills." August is set to mark record volumes, with 229,110 tonnes of scrap and 50,600 tonnes of rebar traded in the first half of the month. Those half-month tonnages for August were close to the full month totals for July, which were 259,040 tonnes of scrap and 52,210 tonnes of rebar. The July volumes represented a surge of 42 percent and 66 percent respectively from June. MILLS TESTING WATER The success of the LME contracts is in stark contrast to the previous LME physically-delivered steel billet contract, which the LME scrapped in April after failing to trade since June 2015. One reason the new contracts have gained momentum is because they are monthly and cash-settled. The rising steel volumes also run against the tide of lower average volumes at the exchange, which declined 6 percent in the first half after falling 7.7 percent last year, partly due to hikes in fees. Benchmark ferrous contracts in Asia, with millions of lots traded daily, have been very volatile as the Chinese government seeks to impose capacity limits to tackle pollution. "Given the very high volatility of steel prices in recent years, many of them (steel mills) are now exploring ways to integrate hedging in their operations," Xodo said. "We have already seen mills from several countries making enquiries around hedging steel prices with LME futures and many are even dipping their toes by doing test trades." In June, Chief Executive David Stickler of privately-held U.S. company Big River Steel told a conference the firm was able to offer customers long-term fixed prices by locking in profits by using futures and hedges, according to a presentation. Xodo said the LME had received requests to launch other ferrous contracts, especially in hot rolled coil, and this was included in a wide-ranging LME discussion paper. The results of the discussion paper are due to be released next month. Reporting by Eric Onstad, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-steel-lme-futures-idUKKCN1B117U'|'2017-08-21T14:23:00.000+03:00'
'02035f9f69950d1b290ee1979b68b968cb5a8a68'|'UPDATE 2-Australia''s Murray Goulburn considers interest from an array of suitors'|'* Suitors include both domestic and foreign suitors -source* Books first annual loss, hurt by ill-fated Asian expansion (Adds Quote: from Murray Goulburn CEO, comment from analyst)By Colin Packham and Paulina DuranSYDNEY Aug 22 (Reuters) - Murray Goulburn Co-operative, Australia''s largest milk processor, said on Tuesday it was considering approaches from a broad array of suitors who were interested in acquiring the cooperative as a whole or some of its assets.The interest comes as Murray Goulburn, reeling from an ill-fated Asian expansion, reported its first annual loss since its 2015 listing.The ad hoc nature of the approaches meant it was too early to discuss potential deals, Chief Executive Ari Mervis said on a call with analysts. The firm has told its advisor, Deutsche Bank, to seek more detailed proposals."We have asked Deutsche Bank to look at our holistic structure, everything is up for consideration," he said.The interested parties include local and international investors who are offering restructuring options, a source familiar with the situation told Reuters. The source, who was not authorised to talk to the media, declined to be identified.Murray Goulburn''s cooperative structure makes a full takeover difficult as its farmer owners are expected to be resistant to losing control of the company, analysts said. But they added that the company''s 10 processing plants would draw plenty of interest."There are three local companies, Bega Cheese , Fonterra Australia and Canada''s Saputo - through its Warrnambool Cheese and Butter assets - that will all be looking at this as opportunity to expand their business," said Michael Harvey, a dairy analyst at Rabobank."Then you have international companies, who would be looking at these assets as an entry point."A spokeswoman for Fonterra said the company was always looking at opportunities but does not comment on M&A discussions. Representatives for Saputo Inc and Bega Cheese Ltd did not immediately respond to requests for comment.Shares in its listed trading entity, MG Unit Trust, was 3.6 percent higher in afternoon trade on the news of the approaches.Murray Goulburn booked a A$370.8 million ($295 million) loss for the year ended June 30, compared with a profit of A$21.2 million a year earlier.It also reported A$735 million in equity and net debt of A$444.5 million.Expanding aggressively into Asia, the milk processor had sought to boost production of high-margin products such as infant formula by paying a premium to farmers for their milk.But with sales to China disappointing, Murray Goulburn was forced to cut the price it paid suppliers by up to 20 percent, leaving many farmers with little choice but to continue producing at a loss.$1 = 1.2606 Australian dollars Reporting by Colin Packham and Paulina Duran; Editing by Edwina Gibbs'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/murray-goulburn-results-idINL4N1L801N'|'2017-08-21T23:17:00.000+03:00'
'3026030a59284f5e3de3fef4d6e0f4cb74a87547'|'Energy customers overpaying to the tune of £102m'|'Almost 1.3 million energy customers were collectively overcharged £102m – the equivalent of more than £79 each – last year as a result of billing errors by their energy supplier.A study by comparison site uSwitch found that more than a quarter of gas and electricity customers had been charged an amount that didn’t reflect their meter readings. Other blunders included erroneous direct debits, incorrect fees and incorrect tariff or product details. Five per cent of customers said their bill had been muddled with another household’s.Uswitch said consumers have continued to face lengthy waiting times to resolve billing errors, with 9% waiting up to two months to get their money back. Around 3% of householders questioned said they had given up chasing their energy company.Claire Osborne, energy expert at uSwitch, said customers were paying for suppliers’ mistakes. “Households are already feeling the pinch from recent price rises, and having to chase for an average of 35 days to get their money back adds insult to injury,” she said. “Accurate bills are the bare minimum they should expect.”The cost of billing errors may be even higher than the £102m claimed, as more than a quarter of consumers admitted to not reading their energy bills properly.A spokesman for energy regulator Ofgem said: “We have taken action to address billing failures, with suppliers paying out over £40m as a result of our investigations in the last two years. Suppliers are required to treat customers fairly – if a customer thinks their supplier has made a billing mistake, they should contact them.”Lawrence Slade, chief executive of Energy UK, which represents suppliers, said complaints fell by 2m last year. “Most complaints are dealt with by the end of the next working day with no more than a phone call. Smart meters will bring an end to estimated billing and help consumers understand what they are spending in near real-time.”Topics Energy bills Consumer affairs Household bills features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/energy-customers-overcharged-102m'|'2017-08-19T14:00:00.000+03:00'
'78453b14af6d6a85bb37928fc69050ad1c6b0997'|'Chevron CEO John Watson to step down - WSJ'|'Reuters TV United States August 22, 2017 / 5:53 PM / 3 minutes ago Chevron CEO Watson to step down by next month: source Ernest Scheyder 2 Min Read FILE PHOTO: John Watson, Chevron''s chairman and CEO, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. Brendan McDermid/File Photo HOUSTON (Reuters) - Chevron Corp ( CVX.N ) Chief Executive John Watson will step down by next month and likely be replaced by Vice Chairman Mike Wirth, a source familiar with the matter told Reuters on Tuesday. The unexpected shakeup at the top of one of the world''s largest oil and natural gas producers comes just as it is emerging from a global commodity price slump and is beginning to reap the fruits of a multibillion-dollar expansion spree. Chevron spokesman Kent Robertson declined to comment. Wirth, 56, has been vice chairman since February and also runs the company''s pipeline division. He previously ran Chevron''s refining unit, which has grown rapidly in recent years, with the company investing heavily in expansion and renovations. Chevron last month posted higher-than-expected second-quarter profits on higher production and oil prices LCOc1CLc1 and lower spending on large projects. Under Watson, a 60-year-old Chevron veteran who became CEO in 2010, the company has been shifting additional resources to shale oil projects that promise quicker returns. Watson, an economist by training, rose through the company''s ranks, served as its chief financial officer, and earlier oversaw the integration of Texaco operations following the 2000 acquisition. Shares of San Ramon, California-based Chevron rose 0.5 percent to $106.35 in afternoon trading. The stock has risen about 4 percent in the past year. Reporting by Ernest Scheyder; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-chevron-ceo-idUKKCN1B222U'|'2017-08-22T20:53:00.000+03:00'
'bb463d3e589cad61ee134f9a66507a32eac842c5'|'UPDATE 1-German investor morale plunges as emissions scandal bites'|'BERLIN (Reuters) - The mood among German investors fell for the third month running in August, a survey showed on Tuesday, linking the drop to an emissions scandal engulfing the country''s car industry.The sector''s reputation and the "clean" diesel technology at its core has been battered since Volkswagen admitted in 2015 to cheating U.S. emissions tests to conceal polluting fumes.Last month EU antitrust regulators opened an investigation into claims of collusion among German carmakers over pricing diesel emissions treatment systems.Achim Wambach, president of the ZEW research institute, said the scandal, along with broader signs of weakness in the export sector, had driven the drop in its sentiment reading for Europe''s biggest economy.The Mannheim-based institute''s monthly index fell to 10.0 in August from 17.5 in July, undershooting a Reuters consensus forecast of 15.0 and the lowest reading since last October."The significant decrease ...reflects the high degree of nervousness over the future path of growth in Germany," Wambach added.He also said the overall outlook remained "relatively stable at a fairly high level" - an assessment more in line with a bullish monthly report issued on Monday by the German central bank.The Bundesbank said the economy could grow faster than expected this year thanks to exceptionally strong industrial output, exports and consumption.The economy''s solid performance is playing into the hands of Chancellor Angela Merkel in the run-up to a federal election on Sept. 24, when she is heavily tipped to win a fourth term.The car industry, which is Germany''s biggest exporter and provides about 800,000 jobs, has agreed with Berlin to renew engine software on millions of diesel cars and pay customers bonuses to upgrade to cleaner vehicles as they face potential driving bans in major cities and dwindling diesel sales.EARNINGS BONANZA A separate ZEW gauge measuring investors'' assessment of the economy''s current conditions edged up to 86.7 from 86.4, compared with a Reuters consensus forecast predicting a dip to 85.5.Second quarter figures released by the Statistics Office last week showed an annualised economic growth rate of 2.1 percent in the April-June period, driven by soaring private consumption and higher state spending.The Bundesbank said in June it expected a 1.9 percent expansion in 2017, an upbeat picture supported by solid figures from the private sector.That includes Volkswagen ( VOWG_p.DE ), Germany''s biggest blue-chip company by market value, raised its 2017 sales forecast last month after cost-cutting and higher-margin new models at its namesake brand helped it beat quarterly profit expectations.Nearly a third of blue-chip companies raised their full-year guidance after recording a rise in profits for the second quarter to June.According to consultancy EY, the 30 DAX index-listed companies'' combined operating profits jumped by almost a third to a record level of over 39 billion euros ($45.9 billion), helped by demand from Asia and the United States.The German government predicts an unadjusted growth rate of 1.5 percent for 2017. This would translate into a calendar-adjusted figure of 1.8 percent.With the euro zone economy expanding for the 17th straight quarter, Germany has been the engine of recovery, giving the European Central Bank some room to at least discuss curtailing its unprecedented stimulus cocktail.The ZEW indicator, based on the survey of some 200 analysts, will be followed by the closely watched Ifo business climate index on Friday. Analysts expect it to fall to 115.5 points after hitting three record highs in a row from May to July.Reporting by Michael Nienaber and Maria Sheahan; Editing by Paul Carrel and John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-germany-economy-zew-idUSKCN1B20U5'|'2017-08-22T14:18:00.000+03:00'
'96a194246e7e8c922180630620863ccfe2b3a54e'|'SPIC delays purchase of Brazil dam on regulatory uncertainty -paper'|' 46 PM / 9 minutes ago SPIC delays purchase of Brazil dam on regulatory uncertainty -paper Reuters Staff 1 Min Read SAO PAULO, Aug 21 (Reuters) - China''s SPIC Overseas is delaying plans to buy a 3,568-megawatt hydropower dam in Brazil because of uncertainty about how much electricity the project is allowed to sell, newspaper Valor Econômico reported on Monday. Brazil''s Cemig and Odebrecht, which are among the controlling shareholders of Santo Antônio Energia SA, intended to sign a sales agreement by the end of the month so that the deal could close in October, Valor wrote without saying where it got the information. SPIC suspended the purchase pending confirmation from the government and regulators about the amount of guaranteed electricity that the dam can sell, Valor said. Media representatives for Santo Antônio, Odebrecht and Cemig did not immediately respond to requests for comment. (Reporting by Ana Mano; Editing by Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/santo-antonio-ma-spic-overseas-idUSL2N1L707R'|'2017-08-21T15:43:00.000+03:00'
'3a43449e13eab57653711874cef04956c5d8c0d9'|'China''s Great Wall interested in acquiring Fiat Chrysler: Great Wall official'|'August 21, 2017 / 8:02 AM / 3 hours ago China''s Great Wall interested in acquiring Fiat Chrysler: Great Wall official Reuters Staff 1 Min Read A Haval H6 Coupe from Great Wall Motors is displayed at Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. Aly Song SHANGHAI (Reuters) - China''s Great Wall Motor is interested in acquiring Fiat Chrysler Automobiles (FCA), a Great Wall official told Reuters on Monday. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," the company official in Great Wall''s press relations department, who declined to give his name, told Reuters over phone. Reuters reported earlier, citing sources, that Great Wall had asked for a meeting with FCA with the aim of making an offer for all or part of the Italian-American auto group. In a separate report also published on Monday, Automotive News said that Great Wall had contacted FCA to express an interest specifically in its Jeep brand, citing an email from Great Wall President Wang Fengying. Reporting by Brenda Goh and SHANGHAI Newsroom; Editing by Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/uk-fiat-chrysler-m-a-great-wall-motor-co-idUSKCN1B10OD'|'2017-08-21T11:00:00.000+03:00'
'09935379f59115acd69f80230693f36b9386e071'|'Japan manufacturers most optimistic in decade as economy grows - Reuters Tankan'|'August 20, 2017 / 11:17 PM / 3 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read FILE PHOTO : Newly manufactured cars of the automobile maker Subaru await export in a port in Yokohama, Japan May 30, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-economy-tankan-idUKKCN1B00VO'|'2017-08-21T02:16:00.000+03:00'
'16238e434c6e41f16b5158d992079e75ce2b4386'|'Pension Insurance Corp, L&G top bulk annuity writers in first half of 2017 - Aon Hewitt'|' 14 AM / 24 minutes ago Pension Insurance Corp, L&G top bulk annuity writers in first half of 2017 - Aon Hewitt Reuters Staff 1 Min Read The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. Alessia Pierdomenico/File Photo LONDON (Reuters) - Pension Insurance Corporation and Legal & General were the largest players in the UK bulk annuity market in the first half of 2017, consultants Aon Hewitt said on Monday. PIC wrote 1.9 billion pounds of the deals, which involve taking on the risk of some or all of a company defined benefit, or final salary, pension scheme. L&G wrote 1.5 billion, Aon Hewitt said in a report. The total market was 5.1 billion pounds in the first half, with the 2017 total likely to exceed 10.2 billion written in 2016, the firm said. UK companies are looking at ways to cut the risks of these schemes, many of which are in deficit. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-insurance-bulkannuities-survey-idUKKCN1B10UJ'|'2017-08-21T12:13:00.000+03:00'
'f8547309aa959bb239a56a0b60c8af012515036a'|'Russia''s Rosneft closes deal to buy 49 percent stake in India''s Essar Oil'|' 17 AM / 16 minutes ago Russia''s Rosneft closes deal to buy 49 percent stake in India''s Essar Oil Reuters Staff 1 Min Read FILE PHOTO - The shadow of a worker is seen next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. Sergei Karpukhin/File Photo MOSCOW (Reuters) - Russia''s largest oil producer Rosneft said on Monday it had successfully closed a deal to buy a 49 percent stake in Indian private refiner Essar Oil Limited (EOL). An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 percent share of EOL. "Together with our partners we intend to support the company to significantly improve its financial performance and, in the medium term, adopt an asset development strategy," Rosneft cited its CEO Igor Sechin as saying in a statement. Writing by Dmitry Solovyov; Editing by Polina Devitt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-india-essar-rosneft-oil-idUKKCN1B10H2'|'2017-08-21T09:17:00.000+03:00'
'582b1f47e59797200f3b26842a92b88090b378f4'|'Uber hikes Hong Kong fees amid legal troubles'|'August 21, 2017 / 5:50 AM / 3 hours ago Uber hikes Hong Kong fees amid legal troubles Sijia Jiang 2 Min Read FILE PHOTO - A taxi is reflected in a window at the office of taxi-hailing service Uber Inc in Hong Kong, China August 12, 2015. Tyrone Siu/File Photo HONG KONG (Reuters) - Uber Technologies Inc UBER.UL on Monday hiked its Hong Kong fees by up to 80 percent after a review of its business there, the embattled ridesharing company said, adding it was not having issues financing its operations in the Asian financial hub. The San Francisco-based technology company, which recently suspended its services in the neighboring Chinese city of Macau for the second time, told Reuters the price rise would benefit drivers as they pocketed most of the fares. Starting on Monday fees for UberX and UberASSIST rides would rise by up to 80 percent to start at HK$45 (US$5.75), and a ride with the pricier UberBLACK would start at HK$65 instead of HK$50. The company said in a statement the adjustments were "based on an evaluation of the marketplace in Hong Kong." Hong Kong authorities have clamped down on Uber''s operations multiple times, with the latest crackdown in May when police arrested 21 drivers for illegal car-hiring. A Hong Kong court found five Uber drivers guilty of the same crime in March and fined them HK$10,000 each. Uber has said it would help the drivers to appeal and criticized authorities for failing to keep up with innovation. "We are committed to continue our investment here in Hong Kong," the company said in its statement. Hong Kong is not the only Asian city where the company has run into regulatory problems, as it also faces legal scrutiny in Korea, Japan and Taiwan. Reporting by Sijia Jiang, Writing by Venus Wu; Editing by Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-tech-hongkong-idUKKCN1B10EO'|'2017-08-21T08:48:00.000+03:00'
'4b40536cea2a3a6ec43cefae9342a1e94009e55c'|'Property developer Hansteen to return 580 million sterling to investors'|'August 23, 2017 / 7:02 AM / 11 minutes ago Property developer Hansteen to return 580 million sterling to investors Reuters Staff 2   Property group Hansteen Holdings ( HSTN.L ) said on Wednesday it planned to return 580 million pounds to shareholders by the end of the year, handing back proceeds from selling its German and Dutch industrial property portfolios. The company reported a 2.8 percent growth in net asset value to 132.5 pence for the six months to June 30, from 128.9 pence on Dec. 31, citing strong investment and occupier demand. "For the first time in many years strong occupier demand has resulted in increasing rents per let square foot and it looks as though this trend will continue," the British industrial property developer said in a statement. Britain''s vote to leave the European Union has weighed on property firms with offices and shopping centres, but industrial property firms have outperformed the sector, boosted by higher demand for warehouses as retailers expand online operations. Data from consultants shows the industrial market continued to outperform all other European real estate sectors this year. Hansteen said Internet retail expansion supported its market. Hansteen has become more focused on Britain since selling its German and Dutch industrial property portfolios for 1.28 billion euros (1.17 billion pounds) to a venture between Blackstone Group LP ( BX.N ) and M7 Real Estate. The deal completed in June. To bulk up its exposure to the British market, which is facing a shortage of industrial property, Hansteen bought smaller peer Industrial Multi Property Trust in July, adding a portfolio of 51 properties and offering 500 units for lease. Hansteen, which had previously said the June 2016 Brexit vote had not hurt demand, said its UK business showed growth over the first six months of the year, helped largely by rental growth and successful asset management initiatives. The developer''s November interim dividend had increased to 2.3 pence per share, up from 2.2 pence a year ago, it said. Reporting by Esha Vaish   Louise Heavens and Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hansteen-results-idUKKCN1B30K4'|'2017-08-23T10:02:00.000+03:00'
'8a28321cc22f94466a0a84f59ac59e653bebc771'|'Deals of the day-Mergers and acquisitions'|'(Adds Whole Foods Market, Lufthansa, China Paper Holdings, Nipco Plc, South African Bank of Athens; Updates Toshiba Corp)Aug 23 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** Lufthansa has submitted a letter of interest in Air Berlin''s Niki unit and other parts of the insolvent carrier, a source familiar with the talks said.** Whole Foods Market Inc said shareholders in the natural and organic grocery chain cleared the way for its proposed $13.7 billion sale to Amazon.com Inc.** China Paper Holdings has joined a group of companies competing to buy control of Brazilian pulpmaker Eldorado Brasil Celulose SA, Folha de S. Paulo newspaper reported.** South Africa''s competition watchdog said it had given a green light to the sale of the South African Bank of Athens (SABA), owned by Greece''s National Bank (NBG), to a subsidiary of AFGRI Holdings and Fairfax Africa Investment.** Italy''s largest retail bank Intesa Sanpaolo said it had reached an agreement to buy Switzerland''s Banque Morval.** After paying hundreds of millions of dollars for Dutch-based grains trader Nidera in a three-year takeover completed just months ago, Chinese state-owned food group COFCO is considering selling the troubled business, according to people familiar with its plans.** China''s commerce ministry has conditionally approved chipmaker Broadcom Ltd''s acquisition of Brocade Communications Systems, it said.** China''s JD.com Inc is in advanced talks with Thailand''s Central Group to launch an e-commerce joint venture in Thailand with a planned total investment of $500 million, people familiar with the matter told Reuters.** The Gupta family agreed to sell their South African mining unit for $225 million, the second disposal this week from the company''s portfolio of investments which have been caught up in an influence-peddling scandal.** Maersk Tankers, a unit of shipping group A.P. Moller-Maersk, said it has entered into an equity agreement with U.S. hedge fund CargoMetrics, giving it access to analytical models and algorithms to better manage its tanker operations.** Air Berlin''s creditors are meeting for the first time as bidders jostle for position for the insolvent carrier''s assets, although major progress is not expected yet, sources told Reuters.** Nigerian fuel distributor Nipco Plc has bought another 3.23 percent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for 4.84 billion naira ($16 million) to increase its holding to 70 percent.** India approved a proposal to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth.** Chinese state-owned Chery Automobile Co aims to rely only on organic means to grow its international sales, its CEO said, underlining a strategy that is different from its private sector rivals who have either made or are considering acquisitions.** South Africa''s Oakbay Investments said it would sell its mining unit Tegeta for $225 million, the second sale this week in the company''s portfolio of investments caught up in an influence-peddling scandal.** Chinese conglomerate Fosun Group has made a foray into blockchain with an investment in the Shanghai startup behind Onchain, a local version of the much-hyped technology that underpins virtual currencies such as bitcoin.** Playtech Plc will buy technology, intellectual property and some customer assets from ACM Group as the gambling technology company looks to build on its financials division.** Australia and New Zealand Banking Group Ltd''s plans to sell its stake in AMMB Holdings (AmBank) Bhd have fallen through after a proposed acquisition of the Malaysian lender by a domestic rival was scrapped, sources familiar with the matter said.** Unlisted Norwegian savings banks Nesset Sparebank and Bud, Fraena og Hustad Sparebank late announced merger plans.** Japan''s Toshiba Corp is prioritising negotiations with Western Digital to sell its memory chip business after talks stalled with a previously preferred bidder, sources familiar with the matter said.** Malaysia''s RHB Bank Bhd and AmBank Holdings Bhd shares climbed in early trade, a day after calling off their merger talks, saying they could not arrive at mutually acceptable terms.** Online travel provider Expedia Inc is looking to build up its rail booking services in the United States, Chief Executive Dara Khosrowshahi said in an interview with Reuters.** Germany''s Osram has agreed to buy U.S.-based software provider Digital Lumens for a mid-double-digit million-dollar sum, a source familiar with the matter said.** The European Commission has started an in-depth investigation of Bayer''s planned $66 billion takeover of U.S. seeds group Monsanto, saying it was worried about competition in various pesticide and seeds markets. (Compiled by Tamara Mathias in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L93FL'|'2017-08-23T08:04:00.000+03:00'
'4beeba3407092200fc450127f043041e70d7e785'|'Investor activism is surging in continental Europe'|'LEAVE it to the Americans to besiege European companies in August, when the entire continent is on holiday. It emerged this month that Corvex Management, an American hedge fund, had built up a $400m position in Danone, a French food giant. AkzoNobel, a Dutch paints-and-chemicals firm which has been under heavy fire from Elliott Advisors, a subsidiary of another American activist fund, agreed to appoint three new directors to its board. An even bigger skirmish is under way in Switzerland, where Third Point, an American fund run by Daniel Loeb, is seeking to shake up Nestlé, the world’s biggest food company. Ulf Mark Schneider, Nestlé’s new boss, is under pressure to present bold plans to investors in September.Such tussles used to be relatively rare in Europe. But shareholder activism is on the rise, with restive investors demanding corporate overhauls. Armand Grumberg, a mergers lawyer in Paris, last year counted 70 such campaigns in continental Europe. He expects this year to be even livelier. “It is the new normal,” he says. The surge in activism has several causes. As American activist funds jostle to find targets at home, some are seeking less well-trodden hunting grounds abroad. Relatively cheap European firms are tempting prey. Many Americans also see continental models of corporate governance as ripe for disruption. Americans (and Britons) think that boards must prioritise shareholders’ interests; Europeans, backed by courts, insist boards should also take the interests of staff, creditors and suppliers into account.It is not just Americans who have sprung into action. A London-based group, The Children’s Investment Fund, recently led a successful campaign to urge Safran, a French maker of aeronautical parts, to lower its offer price for Zodiac, a poorly run French producer of aeroplane seats and toilets. On the other side of the deal, a French fund called CIAM had invested in Zodiac and sought the Safran takeover.CIAM’s profile has risen in recent years. In 2013 it opposed a sale of Club Med, a tourism company in which it held a stake; that allowed a Chinese buyer, Fosun International, to step in with a higher bid. CIAM also campaigned for Disney to pay more to minority investors in Euro Disney, a subsidiary that was taken private in June. Anne-Sophie d’Andlau of CIAM calls such activism “new in France”, but says the trend is picking up. Activists previously struggled even to meet asset managers, for instance in Paris, says Ms d’Andlau. Now investors listen when she explains an idea.In Germany a new corporate-governance code, modelled on a British one, is emboldening activists, too: the latest version says that institutional investors “are expected to exercise their ownership rights actively”. Cevian Capital, a big Swedish activist group, has built up a holding in ThyssenKrupp, a German steelmaker. Knight Vinke, yet another active investor, has been trying to dismantle E.ON, a German energy conglomerate. A German-led investment fund, Active Ownership Capital (AOC), last year built a 7% stake in Stada, a maker of generic drugs near Frankfurt, eventually forcing changes to its board, managers and strategy. AOC was vindicated this month: two private-equity firms said on August 18th that they had acquired enough shares to complete a €4.1bn ($4.8bn) takeover of Stada. It will be Europe’s biggest such deal in four years.Many more campaigns are conducted behind the scenes, as funds work amicably with companies. For instance, the founders of Teleios Capital Partners, a Switzerland-based activist fund, say that in the past three years they have urged shake-ups at about two dozen companies. Of these, only three turned sufficiently adversarial to draw public attention.Some fights do inevitably spill into the open. When they do, Europeans usually try to avoid the rough-and-tumble approach associated with their American peers; it is crucial not to be seen as “aggressive” or like “cowboy Americans”, sniff local activists. A cautious approach makes it easier to win backing from other investors. Teleios recently set its sights on Kongsberg Automotive, a big, lumbering Norwegian car-parts maker. Founders of Teleios describe being chided at first in Norway, for example by local pension funds, for using methods “that were not how things were done”. By laying out detailed plans for Kongsberg and showing “humility”, they won enough allies to support big changes.If activists find Europe more fertile ground than they once did, they still face difficulties.In many countries corporate-governance rules remain a thicket. In the Netherlands foundations control some companies and may appoint directors or issue new stock. In Germany two tiers of boards govern firms, so an investor might win a seat on a supervisory board yet find no influence over a management board. In France long-term shareholders can claim double voting rights.Yet investors familiar with European ways can also benefit from such peculiarities. Kay Bommer of DIRK, a lobby group that represents over 300 listed companies in Germany, says that some clever activists try to exploit differences of opinion between supervisory and management boards of German firms. In France, activists with long-term horizons can make use of double voting rights themselves.Ms d’Andlau says her fund has no shortage of tempting targets, especially among firms worth €1bn-5bn in Germany, Italy, Spain and Switzerland. AOC sees “around 1,000” possible targets in Germany, Scandinavia and the Benelux countries. European bosses may be on holiday, but they cannot properly relax. "Call to action"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727086-third-point-corvex-and-elliott-are-just-beginning-investor-activism-surging?fsrc=rss%7Cbus'|'2017-08-24T22:45:00.000+03:00'
'1e3984c7c8a9f8d4bdb0f4309ed14521400397cc'|'Analysis: No end to British wage squeeze despite tumbling jobless rate'|'August 25, 2017 / 12:26 PM / 6 hours ago Analysis: No end to British wage squeeze despite tumbling jobless rate 7 Min Read Workers forge at manufacturers Kimber Mills in Cradley Heath, West Midlands, Britain May 15, 2015. Russ Cockburn/Files LONDON (Reuters) - Britain''s economy faces a paradox. Unemployment has fallen to its lowest since 1975 but no end is in sight to the longest squeeze on pay in more than 100 years. Businesses and trade unions think workers are unlikely to see the 3 percent increase in average earnings that the Bank of England predicts for next year, despite record employment levels and widespread reports of shortages of skilled workers. Wage growth has been weak in many countries over the past decade, but in Britain the break with what was the norm before the 2008-09 global financial crisis has been particularly acute. Shifting employment patterns have weakened workers'' ability to demand a greater slice of the pie from employers -- and the size of that pie is growing more slowly than before because of a slump in productivity growth. One top BoE official has even questioned whether Britain is returning to the wage stagnation that dogged the country for centuries before the 18th century Industrial Revolution. For Larry Joyce, chairman of metal foundry Kimber Mills, keeping a tight grip on wage costs is essential. Four percent annual pay rises were typical in Britain before the financial crisis. Now Joyce tries to raise wages by no more than the BoE''s inflation target of 2 percent. During the worst of the crisis, pay was frozen. In good years, most staff can expect a bonus from a profit sharing scheme. "But it''s for one year. So if things dip back down again, you are not saddled with a level of wages you can''t sustain," he explained. Weakness in British wages pre-dates last year''s vote to leave the European Union but concern about Brexit is among factors that make Joyce doubt wages will rise faster in future. Most British companies take a similar view. The Chartered Institute for Personnel and Development, a professional body for human resources staff, said 2 percent is the most common annual increase in basic pay in the private sector. In the public sector, pay rises have been capped at 1 percent since 2013 as part of government austerity measures. "Employers are not under pressure to raise wages," CIPD labour market analyst Gerwyn Davies said. The result is that after inflation is taken into account, average pay in Britain last year was 2.7 percent lower than at its peak in 2007, according to figures from the Paris-based Organisation for Economic Co-operation and Development (OECD) think tank. By contrast, average pay rose nearly 18 percent in real terms between 2000 and 2007. The 2.7 percent fall puts Britain in bottom place among the world''s seven largest advanced economies. In Europe only Greece and Portugal have fared worse. Britain''s shortfall looks set to worsen this year because of the pick-up in inflation since the Brexit vote. Pay grew 2.1 percent in the second quarter, but inflation was up 2.7 percent. Workers forge at manufacturers Kimber Mills in Cradley Heath, West Midlands, Britain May 15, 2015. Russ Cockburn/Files JOBS, BUT NOT AS YOU KNOW IT What makes Britain different to Greece and Portugal is that, on the surface, its labour market appears to be booming. Unemployment fell to 4.4 percent in the three months to June, its lowest rate since 1975. Unlike in the United States, where unemployment is similarly low, there are not large numbers of people who have given up looking for a job. However this masks a big fall in job security for many Britons, and a weaker bargaining position for others. The number of workers on "zero-hours" contracts, which offer no guaranteed work and in practice often tie them to a single employer, peaked at 905,000 late last year. One million part-time workers also want full-time work. "Workers do not feel confident enough to ask for a pay rise," said Kate Bell, a senior official at Britain''s Trades Union Congress. Bank of England data show rates of trade union membership are the lowest since the 1930s, while the proportion of British workers who are self-employed is the highest since records began in the mid-19th century. It was in this context that the BoE''s chief economist, Andy Haldane, highlighted similarities between the weak response of wages to falls in unemployment since 2013, and a much longer period of stagnation between 1500 and 1700. "Prior to the Industrial Revolution ... most workers were self-employed or worked in small businesses. There were no unions. Hours were flexible, depending on what work was needed to collect the crops, milk the cows or put bread on the table," he said in a speech in June. TURNING POINT? It is however possible Britain''s labour market is nearing a turning point, and some of the post-crisis factors bearing down on wages are beginning to ease. The number of workers on zero-hour contracts has fallen in the past six months, employers report increased skills shortages and some recruiters are finding they must offer big pay rises to tempt candidates. The effect of a weaker pound since the Brexit referendum in June 2016 and concerns about Britain leaving the EU make this a particular issue for sectors such as construction that rely on foreign workers. "We''ll advertise for people and unless we put these increased rates on the advert, people won''t reply," said Simon Noakes of Bespoke Recruitment, who now offers bricklayers 210 pounds ($269) a day, up from 160-170 pounds last year. But official data show wage growth in the construction sector as a whole is slowing, and CIPD analyst Davies said trends in recruiters'' day-rates and starting salaries did not give a good steer on future moves in average wages. Moreover, faster wage rises will not be sustainable until British productivity growth improves its dismal post-crisis trend. Output per hour has stagnated since 2008, compared with an average of 2 percent a year before the crisis, and is closely correlated with wage trends. "I can''t overstate the significance of this underlying factor behind disappointing (pay) growth," Davies said. "Investment is not increasing in terms of skills or capital and machinery. Until that happens ... employers won''t be able to afford the two percent plus pay increases that we all want." ($1 = 0.7805 pounds) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-economy-wages-idINKCN1B51H5'|'2017-08-25T15:26:00.000+03:00'
'5a5ec83816a9b3b63f3d046290a0843987bfbeae'|'Australia antitrust regulator clears Murdoch to buy Ten Network'|'August 23, 2017 / 11:34 PM / 2 hours ago Australian antitrust regulator clears Murdoch to buy Ten Network Reuters Staff 3 Min Read FILE PHOTO - The logo of Network Ten Pty Ltd is displayed above the company''s headquarters in Sydney, Australia, April 24, 2017. David Gray/File Photo SYDNEY (Reuters) - Australia''s antitrust regulator cleared on Thursday a consortium led by News Corp ( NWSA.O ) Co-Chairman Lachlan Murdoch to buy free-to-air television broadcaster Ten Network Holdings Ltd ( TEN.AX ), saying the move would not harm competition. Australian Competition and Consumer Commission Chairman Rod Sims said that while the deal would reduce diversity of opinion in a market already dominated by a handful of companies including News, it would not "substantially lessen competition". The Australian government has proposed liberalizing media ownership laws including removing the so-called "two out of three" rule, which prevents a single party from owning print, radio and television assets in the same market. The Ten deal relies on the government succeeding in that plan, with a bill passed by the lower house of parliament but facing opposition in the senate. Sims did not say whether or how a Murdoch-led Ten buyout would align with current rules, since Murdoch owns a radio station and News Corp publishes about two-thirds of the country''s newspapers. 21st Century Fox Executive Co-Chairman Lachlan Murdoch attends the first day of the annual Allen and Co. media conference in Sun Valley, Idaho in this file photo dated July 8, 2015. Mike Blake News Corp''s half-owned cable television company Foxtel and Murdoch personally already own about a fifth of Ten, which has a market capitalization of A$58 million ($45.88 million). FILE PHOTO: A news crew''s microphone from Network 10, Australia''s third-largest free-to-air television network, is pictured Sydney, Australia, June 26, 2017. Jason Reed/File Photo "The ACCC is not oblivious to the fact that significant influence can be exerted through partial shareholdings and family connections, however the ACCC did take into consideration that this is a proposed 50 percent acquisition by Illyria," Sims said in a statement on Thursday, referring to Murdoch''s private company. Murdoch''s buyout partner, Australian regional television veteran Bruce Gordon, would own the other 50 percent of Ten, Sims added. Australia''s media owners argue the current media ownership rules are out-dated and hurt their ability to compete for advertising dollars with online players like Facebook Inc ( FB.O ) and Google ( GOOGL.O ). A spokesman for KordaMentha, Ten''s administrator, declined comment, while a spokesman for PPB Advisory, which is running the Ten sale, had no immediate comment. Reporting by Byron Kaye; Editing by Stephen Coates 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ten-network-m-a-news-corp-idINKCN1B32RL'|'2017-08-23T21:34:00.000+03:00'
'5f1033a61bc010c04e86f54e80db0b60525b53f5'|'Citigroup taps Goldman activist defence banker for global role'|'Reuters TV United States August 21, 2017 / 9:12 PM / 8 minutes ago Citigroup taps Goldman activist defense banker for global role Michael Flaherty 2 Min Read FILE PHOTO: The logo of Citibank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. Athit Perawongmetha/File Photo NEW YORK (Reuters) - Citigroup ( C.N ) named Muir Paterson to head the bank''s global team of bankers advising companies on activist shareholders, the bank announced on Monday. Paterson, whose official title is Global Head of Strategic Shareholder Advisory, previously worked as a senior activist defense banker at Goldman Sachs Group ( GS.N ). The move shows that Citigroup is aiming to expand its reach into the realm of activist advisory work, a segment of banking where demand has surged in the last five years amid a wave of public campaigns by hedge funds, and occasionally mutual funds, for quick and major changes at publicly traded companies. Paterson was the chief operating officer of the Goldman''s M&A Shareholder Advisory group, a team that was formed in 2015 by combining Goldman''s activist defense group and its M&A Capital Markets practice. Before Goldman, Paterson was the director of corporate governance for Wellington Management Company and a co-founder of the Special Situations Group at Institutional Shareholder Services. Citigroup said that Matthew Coeny, a managing director at the bank, would continue as a senior member of its activist defense practice. Reporting by Michael Flaherty'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-citigroup-patterson-idUKKCN1B12CD'|'2017-08-22T00:21:00.000+03:00'
'456b5a98468afaf1f2286bd2a46edd5e062d0e52'|'Verbund CFO proposed to join Telekom Austria''s supervisory board'|'August 22, 2017 / 9:41 AM / 16 minutes ago Verbund CFO proposed to join Telekom Austria''s supervisory board Reuters Staff 1 Min Read VIENNA, Aug 22 (Reuters) - Austrian energy group Verbund''s finance chief Peter Kollmann is expected to succeed Ronny Pecik as supervisory board member at Telekom Austria , a spokeswoman for the telecoms group said on Tuesday. The Austrian unit of Mexico''s America Movil called an extraordinary shareholder meeting for Sept. 20 to request shareholders'' approval for the 56-year-old''s move. Investor Pecik left the supervisory board in June. Reporting by Kirsti Knolle; Editing by Shadia Nasralla 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/telekom-austria-egm-idUSFWN1L802Q'|'2017-08-22T17:41:00.000+03:00'
'59422e6230bd25f09c2bd6ba0fa722291c5d4b5f'|'Gaming group GVC held takeover talks with Ladbrokes Coral: sources'|'LONDON (Reuters) - British online gambling company GVC Holdings ( GVC.L ) recently held talks about a takeover of bookmaker Ladbrokes Coral ( LCL.L ) but discussions ended without a deal, two sources familiar with the matter said.GVC''s proposal valued Ladbrokes Coral at about 2.7 billion pounds ($3.47 billion), or approximately 140 pence per share, the sources said. GVC was also prepared to increase the value of the deal by approximately 50 pence a share to about 3.6 billion pounds if the results of an ongoing UK government review into gambling were favorable for the industry, the sources also said.The talks and potential terms were first reported by the Financial Times and come after speculation that GVC had revived its interest in Ladbrokes Coral. The two companies held discussions about a possible deal last year, the sources said.Britain''s gambling sector has been transformed by a wave of deals as companies try to bulk up so that they can absorb the rising costs of stricter regulation and higher taxation.Ladbrokes completed its merger with Coral last year, while Paddy Power and Betfair have also merged and GVC bought Bwin.Ladbrokes Coral shares closed down 0.2 percent at 119.8 pence, giving the company a market capitalization of 2.3 billion pounds.GVC, which is also worth about 2.3 billion pounds, has grown quickly under chief executive Kenny Alexander, who has built the business through acquisitions.GVC is focused on online gaming and sports betting and owns the Foxy Bingo brand. A deal for Ladbrokes Coral would have marked a departure for GVC into betting shops because the bookmaker has about 3,600 sites.GVC shares closed at 750.5 pence, down less than 0.1 percent.Reporting by Ben Martin. Editing by Jane Merriman'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-ladbrokes-coral-m-a-gvc-idUSKCN1B2202'|'2017-08-23T01:23:00.000+03:00'
'b121d3ae62a12504c7ab227db98ffae051ba8877'|'Fujitsu to sell mobile phone operations - Nikkei'|'August 21, 2017 / 11:30 PM / an hour ago Fujitsu to sell mobile phone operations - Nikkei Reuters Staff 2 Min Read FILE PHOTO - A logo of Fujitsu is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. Toru Hanai/File Photo (Reuters) - Fujitsu Ltd ( 6702.T ) said on Monday it is looking to offload its mobile operations as the Japanese information technology company faces stiff competition from bigger rivals in a highly lucrative mobile phone market, the Nikkei Financial Daily reported. The company, which spun off its mobile phone operations into a separate company last February, has drawn interest from investment funds including Tokyo-based Polaris Capital Group and Britain''s CVC Capital Partners Ltd [CVC.UL], as well as Chinese personal computer maker Lenovo Group Ltd ( 0992.HK ), the Japanese newspaper added. First-round bidding could open as soon as September, and is expected to bring offers in the tens of billions of yen (hundreds of millions of dollars), Nikkei reported. Tokyo-based Fujitsu would stop developing and manufacturing mobile phones, but looks to keep a minority stake in the business and keep its mobile phone brand alive, the report said. Reporting by Laharee Chatterjee in Bengaluru; Editing by Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-fujitsu-divestiture-idUKKCN1B12JU'|'2017-08-22T02:29:00.000+03:00'
'f1cb12e7679d79ecf1db745b96c94c084f2ed3d5'|'Asian shares fragile as Trump turmoil, Korea tensions weigh'|'Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. Issei Kato/Files TOKYO (Reuters) - Asian shares were fragile on Monday as investors remained unconvinced about U.S. President Donald Trump''s ability to fulfil his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress.Japan''s Nikkei shed 0.4 percent to hit a 3-1/2-month low, shrugging off a Reuters poll which showed confidence at Japanese manufacturers rose to its highest level in a decade in August.MSCI''s broadest index of Asia-Pacific shares outside Japan was barely in the black thanks to modest gains in China, but in most other markets, including Australia, South Korea and Taiwan were in the red.S&P Mini futures were down 0.1 percent at 2,423, not far from their one-month low of 2,419.5 touched on Friday.Wall Street shares got only a short-lived boost on Friday after Trump fired White House chief strategist Steve Bannon."Markets seem to think that the administration will remain fragile and its ability to carry out its policies will be hampered even after Bannon''s departure," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.Although Bannon''s departure removes a major source of friction within the White House, Trump''s attacks on fellow Republicans following violence in Virginia earlier this month have isolated him, prompting some Republicans to beginning questioning Trump''s capacity to govern.Investors were also wary of any flare-up of tensions between North Korea and United States as U.S. troops and South Korean forces started a joint exercise on Monday.Many investors suspect Pyongyang might respond to the latest drill with more sabre-rattling, such as missile tests, although it has said last week it delayed a decision on firing four missiles toward Guam, home to a U.S. air base and Navy facility.Tech-heavy Korean shares - one of the best performers globally for much of this year - have lost momentum since last month, partly on worries about escalating tensions in the Korean Peninsula.JACKSON HOLE In the currency market, the dollar was also hampered by political uncertainty in Washington.Against the yen, the dollar fetched 109.22 yen, not far from Friday''s four-month low of 108.605.The euro stood at $1.1715, stuck in its rough $1.17-$1.18 range in the past two weeks.Investors are looking to European Central Bank chief Mario Draghi''s comments later this week at a meeting of the world''s central bankers in Jackson Hole, Wyoming. But sources told Reuters last week he will not deliver any fresh policy messages.Federal Reserve Chair Janet Yellen''s keynote speech at the symposium will also be a main attraction for markets.Comments last week from Fed officials suggested the stock market''s steady rise, still low long-term bond yields and a sagging dollar are girding the Fed''s intent to raise interest rates again this year despite concerns about weak inflation."People focus on inflation but in the Fed''s minutes policymakers spend a lot of time discussing whether bond yields are too low or asset prices are too high. If Yellen questions market stability, markets will expect a tighter policy," Hiroko Iwaki, senior bond strategist at Mizuho Securities.The 10-year U.S. Treasuries yield slipped to as low as 2.162 percent on Friday - its lowest since late June - and last stood at 2.203 percent.Oil markets were stable, holding on to Friday''s big gains even though rising U.S. output weighed on hopes the market will tighten with crude inventories down 13 percent since March.U.S. crude futures were unchanged at $48.53 per barrel while Brent futures were also flat at $52.72 per barrel.Editing by Shri Navaratnam and Kim Coghill'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/global-markets-idINKCN1B10A8'|'2017-08-21T02:31:00.000+03:00'
'a38fa66c8ac740dfd78d19ba102909854cbee343'|'MIDEAST STOCKS - Factors to watch - August 21'|'DUBAI, Aug 21 (Reuters) - Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Shares barely budge amid uncertainty over Trump''s economic agenda* MIDEAST STOCKS-Gulf finds support from robust oil price, Egypt declines* Oil steady as market conditions tighten despite rising US output* PRECIOUS-Gold prices steady, but off 9-month highs as dollar firms* Iraq proposes to change price benchmark for Basra crude to DME from Platts - sources* Trump to lay out U.S. strategy for Afghanistan on Monday night* Foreign funds for Iran''s oil sector a top priority - Oil Minister* Libya''s Sharara oilfield shut by pipeline blockade -sources* Syria''s Assad says Western plots against him foiled but war not yet won* Iraq starts offensive to take back Tal Afar from Islamic State* Iran parliament clears oil, foreign ministers for Rouhani''s new cabinetEGYPT * Average yields fall on Egypt''s three- and nine-month T-bills* Egypt considering listing FIHC on stock exchange after restructuring -MENASAUDI ARABIA * Goldman Sachs gets approval for Saudi equities trading licenceUNITED ARAB EMIRATES * TABLE-Abu Dhabi inflation falls sharply to 1.0 percent in July* Dubai exchange, Saudi firm plan sharia-compliant spot gold contract* Dubai Aerospace completes AWAS acquisition, jets into top tierQATAR * Saudi plane for Qatari pilgrims waits on Doha for landing rights-airline* Qatar completes first co-loaded LNG deliveriesOMAN * Abu Dhabi signs with GE and Spain''s TSK for Oman''s first big wind farm* TABLE-Oman bank lending growth picks up in June (Compiled by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-factors-idINL8N1L702R'|'2017-08-21T01:16:00.000+03:00'
'ca1685bc6e0cce7899a3e05d15ab82548a8e3e10'|'India''s Tata Motors CEO says to invest $625 million to boost car, truck sales'|' 37 AM / 17 minutes ago India''s Tata Motors CEO says to invest $625 million to boost car, truck sales Reuters Staff 1 Min Read FILE PHOTO: Men ride a motorbike as they come out of a past a Tata Motors car plant at Sanand in the western Indian state of Gujarat, India, October 27, 2016. Amit Dave/File Photo MUMBAI (Reuters) - Tata Motors ( TAMO.NS ) will invest more than 40 billion rupees ($625 million) to boost sales of its passenger and commercial vehicles, its chief executive said on Monday, as the Indian automaker looks to return to profit in its domestic business. The company has committed to invest 25 billion rupees in its passenger vehicles unit, and will pump in more than 15 billion rupees in its commercial vehicles business this year and annually over coming years, chief executive Guenter Butschek told reporters in Mumbai. Tata Motors, which owns the luxury Jaguar Land Rover brand, has been trying to turn around its loss-making domestic unit by modernising products, improving efficiency, cutting costs and streamlining its organisation and supplier base. Reporting by Devidutta Tripathy; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tata-motors-strategy-idUKKCN1B10LP'|'2017-08-21T10:37:00.000+03:00'
'7fc746bb7d515357f907d1461f5721a6c4c0b489'|'China Poly Group to merge with Sinolight, China National Arts and Crafts Group'|'August 21, 2017 / 9:31 AM / 10 hours ago China Poly Group to merge with Sinolight, China National Arts and Crafts Group Reuters Staff 1 Min Read BEIJING (Reuters) - China Poly Group Corp., a real estate developer, will merge with Sinolight Corp. and China National Arts and Crafts Group, the state asset regulator said on Monday, part of China''s ongoing efforts to slim down its bloated state sector. China''s cabinet had already approved the merger plan, which will make Sinolight and China National Arts and Crafts Group subsidiaries of China Poly Group, the State Asset Supervision and Administration Commission (SASAC) said in a notice. In late June, SASAC announced the merger of the China National Machinery Industry Corp (Sinomach) and the China High-Tech Group. Reporting by Beijing Monitoring Desk; Editing by Nick Macfie 0 : 0 '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-china-soe-m-a-idUSKCN1B10X7'|'2017-08-21T17:31:00.000+03:00'
'357865da10352a799060bdc1ac0580d598888484'|'RBS settles businessman''s claim that bank wrecked property business'|'August 23, 2017 / 2:55 PM / 3 hours ago RBS settles businessman''s claim that bank wrecked property business Reuters Staff 2 Min Read FILE PHOTO: A woman shelters under an umbrella as she walks past a branch of the Royal Bank of Scotland in the City of London, Britain, September 17, 2013. Stefan Wermuth/File Photo LONDON (Reuters) - Royal Bank of Scotland ( RBS.L ) has settled a legal case with a businessman who alleged that the bank caused his business to go bankrupt after forcing him to take out interest-rate hedging products while manipulating the benchmark. Stuart Wall had been suing the state-backed bank in a claim worth about 670 million pounds ($857.27 million) after the demise of his Opal Property Group, which collapsed into administration in 2013. "The action has been settled without any admission of liability by the bank," Wall''s lawyers Hausfeld said in a statement. "The terms of the settlement are confidential." RBS issued an identical statement. Wall had previously alleged his business was mis-sold interest-rate swaps and was also "artificially distressed" by the bank''s controversial Global Restructuring Group, which he claimed forced his company into administration. RBS''s Global Restructuring Group has been accused of pushing some companies into bankruptcy so it could pick up their assets more cheaply. The state-backed bank has admitted some wrongdoing over its handling of small businesses, but has said there was no evidence it pushed companies into bankruptcy. Reporting By Andrew MacAskill, editing by Anjuli Davies 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-rbs-legal-idUKKCN1B31TZ'|'2017-08-23T17:54:00.000+03:00'
'4e67e09735fd7ebd60870f1110f90c0a97b59dcc'|'Qatar food security project gets $440 mln bank financing'|'DUBAI, Aug 23 (Reuters) - Qatar Islamic Bank signed to provide 1.6 billion riyals ($440 million) of financing to build a food processing and storage facility at the country''s Hamad Port, as Doha strengthens its resistance against sanctions by other Arab states.The 530,000 square metre facility, to be built by AlJaber Engineering in about two years, will include equipment to process and refine rice, raw sugar and edible oils, the bank said on Wednesday.It will also feature rice silos, warehouses and edible oil storage tanks. Some of the food processed by the facility may be exported regionally or globally, and waste products from the facility will be used to create animal feed.The government-backed project was planned before Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism, which it denies.But the facility has become more important to Qatar''s food security since the crisis began; the vast bulk of its food is imported, and the sanctions have halted transport of foodstuffs across the Saudi border while disrupting shipping routes.Because of the sanctions, Qatari food and beverage prices rose 4.2 percent from the previous month in July, their fastest increase in at least several years, government data shows. (Reporting by Andrew Torchia, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/gulf-qatar-food-idINL8N1L91C8'|'2017-08-23T06:17:00.000+03:00'
'6536035cd185f2c3892d0f3c4173f53720ff6798'|'TREASURIES-Yields fall as Trump signals possible government shutdown'|'* Trump comments on government shutdown prompt safety buying * Yields on T-bills due in early October rise * Central bankers'' Jackson Hole meeting in focus By Karen Brettell NEW YORK, Aug 23 (Reuters) - U.S. Treasury yields fell on Wednesday as stocks weakened after U.S. President Donald Trump said late on Tuesday that he would be willing to risk a government shutdown to secure funding for a border wall, raising fears of a bruising budget battle. The comments came as lawmakers face a deadline in late September to raise the U.S. debt ceiling or risk defaulting on debt payments. “To the extent that equities are reacting to last night’s speech … you can say that’s bleeding now into fixed-income,” said Jim Vogel, an interest rate strategist at FTN Financial in Memphis. Benchmark 10-year notes were last up 9/32 in price to yield 2.19 percent, down from 2.22 percent on Tuesday. Yields on Treasury bills that are due near when the government is expected to run out of money also jumped. Yields on bills due Oct. 5 rose as high as 1.14 percent, the highest level since August 11. Treasury yields had risen earlier on Wednesday after private sector surveys in Germany and France both showed strong growth in August, boosting confidence in improving economic conditions in the eurozone. Investors are next focused on this week’s annual central banking conference in Jackson Hole, Wyoming, which begins on Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to speak. Many analysts and investors have low expectations, however, that much new information will be forthcoming from Yellen, with attention more focused on whether Draghi will give any indications the ECB is closer to paring bond purchases. Two sources have told Reuters that Draghi will not deliver any new policy message at the event. Draghi on Wednesday heralded unconventional monetary policy as a success but cautioned that central banks need to carefully weigh their policy steps as gaps in understanding the relatively new tools remain. Yields have held in a tight range since falling to almost two-month lows on Friday on concerns about political discord in Washington and tensions between the U.S. and North Korea. North Korean leader Kim Jong Un has ordered more solid-fuel rocket engines, state media reported on Wednesday, as he pursues nuclear and missile programs amid a standoff with Washington, but there were signs of tension easing. (Editing by Nick Zieminski) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1L90MF'|'2017-08-23T11:29:00.000+03:00'
'aa269ecc754464ae640aa2c8960b85801d527a6c'|'Reuters Business News Schedule at 2000 GMT/4:00 p.m. ET'|'Editor: Lisa Von Ahn +1 646 265 6076Global Picture Desk: +65 6870 3775Global Graphics Desk: + 65 6870 3595(All times GMT / ET)Receive this schedule by email:mediaexpress.reuters.comTOP STORIES Initial NAFTA talks conclude amid signs that schedule could slipWASHINGTON - United States, Canada and Mexico end first round of talks to revamp NAFTA trade pact vowing to keep blistering pace of negotiations that some involved in process said may be too fast to bridge deep differences. (TRADE-NAFTA/ (UPDATE 2, PIX), moving shortly, by Anthony Esposito and David Lawder, 512 words)Britain will not exclude possible EU oversight of UK borders after BrexitLONDON - Britain will not rule out the possibility that the European Union may retain oversight of customs controls at UK borders after it leaves the bloc, as the country seeks ways to keep unhindered access to EU markets following Brexit. (BRITAIN-EU/CUSTOMS, moved, by Tom Bergin, 700 words)Freeport Indonesia copper mine access to resume after clashesTIMIKA - Limited access to the giant Grasberg copper mine in eastern Indonesia is expected to resume on Monday, its operator said, after hundreds of former workers blockaded the site and clashed with police. (INDONESIA-FREEPORT/ (PIX), moved, by Sam Wanda, 408 words)U.S. national monument review to test key land protection lawWASHINGTON - U.S. Interior Secretary Ryan Zinke will recommend on Aug. 24 whether to eliminate or shrink nearly two dozen national monuments, creating the first major test for a 111-year-old law that gives presidents the power to protect swaths of public land. (USA-INTERIOR/MONUMENTS (PIX), moved, by Valerie Volcovici, 677 words)Goldman Sachs gets approval for Saudi equities trading licenceDUBAI/RIYADH - Goldman Sachs received approval on Sunday to trade equities in Saudi Arabia, joining the growing band of western investment banks and fund managers expanding in the kingdom. (GOLDMAN SACHS-SAUDI/ (UPDATE 1), moved, by Tom Arnold and Katie Paul, 326 words)Rosneft, partners to announce completion of India''s Essar Oil acquisitionNEW DELHI/MUMBAI - A consortium led by Russian oil major Rosneft on Monday will announce completion of a $12.9 billion deal to acquire Indian private refiner Essar Oil, strengthening ties between the world''s largest oil producer and the fastest-growing fuel consumer. (INDIA-ESSAR/ROSNEFT, moved, by Nidhi Verma and Promit Mukherjee, 293 words)Box Office: ''Hitman''s Bodyguard'' nabs No. 1; ''Logan Lucky'' misfiresLOS ANGELES - Without a superhero movie or new studio sequel in play, this weekend provided an opening for two smaller films to shine. But as the weekend draws to a close, one is beaming brighter than the other. (USA-BOXOFFICE/, moved, by Seth Kelley, 483 words)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/business-news-schedule-at-2000-gmt-4-pm-idINL2N1L60HG'|'2017-08-20T18:04:00.000+03:00'
'15d91c1cb1aa10874777f9fea4b40c1c44738eb1'|'Multi-million bonuses for German car bosses are not fair - Merkel'|'August 21, 2017 / 8:46 AM / 19 minutes ago Multi-million bonuses for German car bosses are not fair: Merkel Reuters Staff 1 Min Read German Chancellor Angela Merkel, top candidate of the Christian Democratic Union Party (CDU), presents the new interactive election campaign ahead of the upcoming federal election in Berlin, Germany August 18, 2017. Hannibal Hanschke BERLIN (Reuters) - Multi-million euro bonuses to German car company executives are not fair given the sector''s tarnished image after the emissions scandal, Chancellor Angela Merkel said on Monday. "No I don''t think this is fair. I don''t know how the automotive industry is going to respond," Merkel told mass-selling Bild newspaper in an interview broadcast live online. She added: "They have supervisory boards on which union representatives sit and I think there should be a more sensitive approach (to executive bonuses)". Merkel said it was not up to politicians to cap executive pay and bonuses. Reporting by Joseph Nasr; Editing by Paul Carrel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-emissions-merkel-idUKKCN1B10SF'|'2017-08-21T11:35:00.000+03:00'
'18d9c630d638bf3fbaaefa88cc8d9fe3e6ae2941'|'China Unicom Shanghai unit says to raise £7.19 billion, less than flagged'|'August 21, 2017 / 12:53 AM / a minute ago China Unicom Shanghai unit says to raise $11.7 billion Reuters Staff 2 Min Read FILE PHOTO - China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China United Network Communications Ltd ( 600050.SS ), the Shanghai-listed unit of telecoms group China Unicom, said it plans to raise 61.73 billion yuan ($9.25 billion) in a private placement. In addition, the company will transfer 12.98 billion yuan of shares to a fund and issue 3.21 billion yuan worth of shares to core employees. The company made the announcement in a statement to the Shanghai stock exchange late on Sunday. The total funds raised would be 77.9 billion yuan ($11.7 billion). On Monday, China Unicom Hong Kong Ltd ( 0762.HK ), the Hong Kong unit of the group, said trade in its shares would resume. The state-owned group had announced on Wednesday it was raising the funds via its Shanghai-listed unit from more than a dozen investors, including tech giants Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ), and Baidu ( BIDU.O ). (The story is corrected to remove reference in headline and first paragraph to figure being less than previously announced, adds additional funds to be raised in 2nd and 3rd paragraphs) Reporting by Donny Kwok; Editing by Anne Marie Roantree and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-unicom-sale-idUKKCN1B101N'|'2017-08-21T03:58:00.000+03:00'
'd10c2f81c6cd97aa1a2ffc11c1c5f0cd1a84cf4f'|'U.S. did not detail request for auto rules of origin at NAFTA talks - source'|'August 20, 2017 / 1:07 AM / 17 hours ago U.S. did not detail request for auto rules of origin at NAFTA talks - source Anthony Esposito and David Ljunggren 3 Min Read Trucks wait in the queue for border customs control to cross into U.S. at the Bridge of Americas in Ciudad Juarez, Mexico, August 15, 2017. Jose Luis Gonzalez WASHINGTON (Reuters) - In the opening NAFTA session of talks, the United States did not give precise details of how much it wanted to boost North American content for autos, a source directly familiar with the negotiations said on Saturday. Robert Lighthizer, President Donald Trump''s top trade adviser, this week said Washington wanted tougher rules of origin for autos, which determine how much of a vehicle must be built in the three NAFTA nations. He also said the United States was seeking new measures to ensure "substantial U.S. content" for autos. Companies wishing to take advantage of free trade in goods guaranteed by NAFTA must currently meet the 62.5 percent North American content requirement for autos and 60 percent for components. But during the opening four-hour round of talks on rules of origin on Friday, the U.S. delegation did not give details of how much it wanted the requirements to be lifted by. It also did not give a specific figure for what substantial U.S. content for autos could mean, said the source, who asked not to be identified because of the sensitivity of the matter. U.S. officials said they could not confirm the source''s account. Agreement on a revised NAFTA agreement could pivot on the autos sector given its weight in trade. The United States had autos and auto parts trade deficits of $74 billion with Mexico and $5.6 billion with Canada last year, both major components of overall U.S. goods trade deficits with its North American neighbours. The United States, Canada and Mexico on Wednesday opened talks in Washington to modernize the North American Free Trade Agreement, which was signed in 1994. Trump has denounced NAFTA as a "disaster" that encouraged firms to shift production to Mexico. Administration officials say strengthening the rules of origin for autos will help boost well-paid jobs in the United States as well as cut the trade deficit with Mexico, another key Trump goal. Auto industry groups from Canada, Mexico and the United States are pushing back against the demand for higher U.S. automotive content, saying it would be too complex. According to a schedule seen by Reuters, negotiators are due to continue discussing rules of origin on Saturday as well as Sunday morning. Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign Minister Chrystia Freeland this week both said they were not in favour of specific national rules of origin within NAFTA. "In the world of international trade, there is not a single precedent (for that), not in a bilateral or multilateral agreement," said Guajardo. Reporting by Anthony Esposito and David Ljunggren; Editing by Lisa Von Ahn and Mary Milliken 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trade-nafta-origin-idUKKCN1B000K'|'2017-08-20T04:21:00.000+03:00'
'46a5d362395afe39aa712763c1580d56425796fe'|'Israeli real estate developer Gazit-Globe Q2 profit gains'|'August 22, 2017 / 11:28 AM / 15 minutes ago Israeli real estate developer Gazit-Globe Q2 profit gains Reuters Staff 1 Min Read JERUSALEM, Aug 22 (Reuters) - * Gazit-Globe, Israel''s largest real-estate company, reported higher net profit in the second quarter due to the depreciation of a number of currencies versus the shekel. * Net profit rose to 371 million shekels ($102.5 million) from 97 million a year earlier. * Property rental income slipped 3.8 percent to 689 million shekels, while net operating income (NOI) adjusted for exchange rates grew 4.7 percent to 490 million shekels. * Economic FFO (funds from operation) adjusted for exchange rates gained 43 percent to 175 million shekels. * Gazit-Globe raised its outlook for economic FFO to 635-649 million shekels in 2017 from 606-626 million, or to 3.25-3.32 shekels per share from 3.10-3.20 shekels a share. * The company said it would pay a quarterly dividend of 0.35 shekel per share, unchanged from the first quarter. ($1 = 3.6210 shekels) (Reporting by Steven Scheer, editing by Louise Heavens) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/israeli-real-estate-developer-gazit-glob-idUSL8N1L82V7'|'2017-08-22T14:24:00.000+03:00'
'abe0a1a4e653c94be89a6281516eec3810cef716'|'Drugmaker Hikma expects 2017 revenue at the lower end of guidance'|'August 17, 2017 / 6:44 AM / in 3 hours Drugmaker Hikma sees 2017 guidance at lower end, shares slide Justin George Varghese 3 Min Read (Reuters) - Hikma Pharmaceuticals Plc ( HIK.L ) said on Thursday it expected 2017 revenue at the lower end of its guidance after higher competition in the United States hit prices, sending its shares more than 8 percent lower. The Jordan-based firm, which makes and markets branded and non-branded generic and injectable drugs, said it now expected 2017 revenue to be about $2 billion (1.55 billion pounds), at the lower end of its previous forecast of $2 billion-$2.1 billion. The firm''s London-listed shares hit a more than three-year low with an 8.5 percent drop by 0754 GMT, the biggest percentage loser on Europe''s index . The company had already cut its full-year guidance in May to the range of $2 billion-$2.1 billion at constant currency from $2.2 billion. Hikma''s lower guidance in May followed a decision by U.S. regulators not to approve its generic version of GlaxoSmithKline Plc''s ( GSK.L ) blockbuster lung drug Advair, citing "major" issues with the application. Hikma also lowered full-year revenue guidance on Thursday for a second time in its generics business by $50 million to about $620 million in 2017. Hikma''s initial forecast had been $800 million. The company said it expected revenue from its injectables business, that accounts for 40 percent of the total, to be "slightly lower" at around $775 million. Both segments are expected to be hit by higher competition in some products in the second half of the year in United States, its biggest market. "While we believe that a guidance downgrade was somewhat anticipated given previous commentary this quarter from generics companies, downgrades across all the divisions highlights the headwinds the company is facing," Morgan Stanley analysts wrote. The company reported a 1 percent rise in revenue to $895 million for the six months ended June 30, but the figure missed estimates of $932 million. Core operating profit of $176 million was in line with last year. The company said in a separate statement it had signed a deal with Takeda Pharmaceutical ( 4502.T ) to licence and distribute medicines in Middle East and North Africa. Hikma has been granted exclusive rights to manufacture and commercialise three of Takeda''s primary care products in the regions. Reporting By Justin George Varghese in Bengaluru; Editing by Edmund Blair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hikma-pharma-results-idUKKCN1AX0KT'|'2017-08-17T09:44:00.000+03:00'
'fbe1e94456490730b8dd886e37f349aec56e147d'|'Most businesses have not changed strategic planning due to Brexit - Thomson Reuters CFO survey'|'August 16, 2017 / 11:09 PM / in 12 hours Most businesses have not changed strategic planning due to Brexit: Thomson Reuters CFO survey Alistair Smout 3 Min Read FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. Neil Hall/File Photo LONDON (Reuters) - A majority of businesses are yet to change their strategic planning due to Britain''s decision to leave the European Union, a survey of chief financial officers by Thomson Reuters showed. Big businesses were vocal in the run-up to the referendum in June 2016 that a vote to leave the European Union could hit investment and the labor market, with uncertainty lingering over sectors from financial services to the car industry. However, the Thomson Reuters survey of 200 CFOs across Britain and Europe found that 69 percent of businesses had not seen an impact from the vote for Brexit on their strategic planning. "The results suggest a relatively muted response from business so far – not the knee-jerk reaction that some expected," said Laurence Kiddle, managing director for the EMEA Tax & Accounting business of Thomson Reuters. Only 12 percent of CFOs had investigated moving operations out of Britain, and while 34 percent said that they anticipated the number of employees in the UK decreasing, only 19 percent said that they planned to relocate staff as a result of Brexit. Some are changing their plans in response to Brexit already, with 21 percent of all CFOs saying they had have held off from expanding in the UK as a result of the vote. Earlier this month Royal Bank of Scotland said it will move 150 jobs to Amsterdam due to Brexit. However, the survey suggests that CFOs are on average so far sanguine about Britain''s departure from the bloc, and some businesses have highlighted the opportunities for firms in Brexit. Swiss private bank Julius Baer ( BAER.S ) is opening three new UK offices as it looks to bank for wealthy residents spooked by the vote, while on Wednesday Amazon ramped up its hiring in Britain yet again despite Brexit. The survey comes after Britain''s Brexit strategy was thrown into question by a botched election gamble in June by British Prime Minister Theresa May, who called an early vote to strengthen her hand heading into negotiations, only to see her Conservative party lose their majority. Confidence among the CFOs in May''s ability to generate a positive deal for business is just 3.5 out of ten, the survey shows. Pro-Brexit trade minister Liam Fox commands the least confidence among senior British figures, scoring just 3.2. The CFOs place most trust in finance minister Philip Hammond and Bank of England Governor Mark Carney, who score 8 and 8.6 our of 10 respectively. Both have been criticized by leading figures in the pro-Brexit camp for their notes of caution in discussing Britain''s departure from the EU, and emphasizing the need for a smooth transition period. Thomson Reuters, which is the parent of Reuters News, competes for financial customers with Bloomberg LP, as well as News Corp''s ( NWSA.O ) Dow Jones unit. For a graphic click, tmsnrt.rs/2fKjHNZ Reporting by Alistair Smout; editing by Guy Faulconbridge 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-eu-cfo-idUKKCN1AW2SA'|'2017-08-17T02:18:00.000+03:00'
'92ae36f1f381958bb8246ed31affd091ef2bb7c3'|'India clears purchase of six Boeing helicopters in $650 million deal - official'|'An AH-64E Apache attack helicopter takes part in an annual Han Kuang military drill simulating the China''s People''s Liberation Army (PLA) invading the island, in Pingtung county, southern Taiwan August 25, 2016. Tyrone Siu/File on Thursday cleared the purchase of six more Boeing Co Apache helicopters in a deal worth close to 42 billion rupees ($654.6 million), a defence ministry official said.The order follows India''s purchase of 22 Apache and Chinook helicopters from Boeing in 2015.Thursday''s deal, approved by the government''s Defence Acquisition Council, includes the helicopters and associated equipment, spares, training, weapons and ammunition.The Defence Acquisition Council, chaired by the defence minister, also cleared an order for gas turbine engines - worth an estimated 4.9 billion rupees - for two ships currently under construction in Russia, the official said, speaking on the condition of anonymity.($1 = 64.1650 rupees)Reporting by Nigam Prusty and Tommy Wilkes; Editing by Sanjeev Miglani and Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-boeing-apache-helicopters-idINKCN1AX1GQ'|'2017-08-17T15:39:00.000+03:00'
'c29ee77e2b3c5a9fe4c4d68ab1ea3e1fe1e3e490'|'Rosneft says India''s Essar Oil refinery to double throughput'|'MOSCOW (Reuters) - India''s Essar Oil plans to double the throughput of its refinery and create a petrochemical facility in the long-term, a Rosneft''s spokesman told Reuters in emailed comments on Monday.Spokesman for Rosneft, which bought a 49 percent stake in Essar Oil, also said that Essar will increase the number of filling stations to 5,500 from current 3,500 stations in the medium term.The deal will give Rosneft and its partners control over the 400,000 barrels per day Vadinar refinery in India."A long-term plan is to double the throughput of the refinery and to create a petrochemical facility. However, we can speak about the specific plans only when the company’s strategy has been examined and endorsed by the board," the spokesman said.Reporting by Olesya Astakhova and Vladimir Soldatkin; editing by Katya Golubkova'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-india-essar-rosneft-plans-idUSKCN1B10UF'|'2017-08-21T17:11:00.000+03:00'
'8726cd8b6fe7e197cc5f43358730277474fdc497'|'Swiss stocks - Factors to watch on Aug. 21'|'ZURICH, Aug 21 (Reuters) - The following are some of the main factors expected to affect Swiss stocks on Monday:SONOVA Chief Executive Lukas Braunschweiler said his company''s new wireless hearing aid microchip that allows for direct streaming from mobile devices "will keep us competitive for the next six or seven years," according to an interview that appeared Saturday in Finanz und Wirtschaft.For more clickCOMPANY STATEMENTS * Dufry said HNA now holds a total purchase position of 20.92 percent of Dufry shares, including a 16.2 percent stake previously held by GIC and Temasek. Dufry and HNA are now in talks over ways to boost revenue from Chinese travelers.* Metall Zug said first-half net income rose 41.4 percent to 33.8 million francs. Operating income for the full year will be slightly lower than the 94 million francs of the previous year, it said.ECONOMY SNB announces latest sight deposits at 0800 GMT (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-swiss-stocks-idINL8N1L43VA'|'2017-08-21T02:40:00.000+03:00'
'7e0732c4f3a19baee47e070a0e66c29a7cadce62'|'Canadian oil sands producers: Heady days may not last long'|'Rows of steam generators line a road at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013. Todd Korol (Reuters) - Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived.Most of these companies are expected to book losses or post sharp drops in profit in the coming quarters as prices take a hit from a spike in oil sands production and costs rise due to a lack of pipeline capacity.Demand for heavy crude extracted from Canadian oil sands surged in the past few months as U.S. refiners sought alternatives amid supply disruptions in key exporter Venezuela and restricted exports by the OPEC.As a result, prices of Canadian heavy crude have shot up, prompting companies to crank up production. Cenovus''s total production jumped 65 percent in the quarter ended June 30, while MEG Energy''s hit the upper end of its forecast..Western Canadian Select (WCS) - the benchmark for heavy crude - is trading at a discount of only $9.90 to West Texas Intermediate (WTI). Historically, the difference has been around $15.However, a string of new projects coming online this year, including Suncor Energy''s Fort Hills project and Canadian Natural Resources'' Horizon Phase 3, could lead to a glut and put pressure on prices."Just those two projects are going to (add) over 200,000 barrels (per day)," said Stephen Kallir, a Canadian energy analyst with research firm Wood Mackenzie. Kallir said he expects the WTI-WCS spread to return to historical levels in 2018.Halting projects to cope with low oil prices is not a viable option for Canadian companies as mining for oil sands involves large upfront investments and long lead times.Much of the benefits these companies are seeing now is tied to the success of OPEC''s efforts to reduce production. If OPEC members go back to historic production levels, prices of Canadian heavy crude will fall."As long as there is OPEC action targeting reducing heavy and medium sour crude to the Gulf Coast, that would be supportive of the price differential, but we have no control of what the OPEC does," said Mark Sadeghian, a senior director at Fitch Ratings.The other problem Canadian heavy oil producers are grappling with is the lack of options to efficiently transport the commodity to meet increased demand.Current pipelines are expected to hit full capacity in the next couple of years, meaning companies will have to resort to more expensive options such as rail to move oil.The expansion of pipelines such as Kinder Morgan''s Trans Mountain and TransCanada''s Keystone XL could alleviate some of the transport pressures, but those projects have run into multiple hurdles with environmental groups and local communities, making it difficult to predict when they will come into effect."Until we see things like Trans Mountain go ahead, there is really not a lot these producers can do to try and mitigate those structural headwinds," Raymond James analyst Christopher Cox said.Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-canadianoilsands-prices-idUSKCN1B11UI'|'2017-08-21T18:31:00.000+03:00'
'fae42143bfafc5203dff1d7a1ace267c0d50a874'|'Analysis: Emerging economies await end to ECB largesse with record euro debt'|'A Bank Indonesia employee counts damaged or worn rupiah bank notes exchanged for new ones at the bank''s headquarters in Jakarta, Indonesia December 16, 2015. Darren Whiteside/Files LONDON (Reuters) - Emerging economies'' debt in euros has shot to record highs thanks to European Central Bank largesse, and yet an approaching end to this generosity won''t necessarily inflict the kind of pain that markets once suffered at the hands of the U.S. Fed.The ECB''s intention to start winding up its 60 billion-euro a month stimulus programme for the euro zone economy has revived bad memories of when the Federal Reserve tried to signal something similar in 2013.That led to the ''taper tantrum'' when investors took fright at the prospect that the ultra-cheap dollar funding they had grown used to would taper away. While the ECB will doubtless proceed cautiously with its own tapering process, the risk is that it could derail an emerging market (EM) rally.UBS strategist Manik Narain, however, argues that withdrawing quantitative easing (QE) in the euro zone won''t hurt so much as the dollar process. "ECB tapering will have an impact but it''s definitely the lesser of the two evils," he said.While governments, companies and consumers in emerging economies have binged on cheap euro borrowing for the past 2-1/2 years, the total remains modest compared with their dollar debts, Narain pointed out.No central bank is finding it easy to withdraw policies that helped to keep Western economies afloat after the global financial crisis. Investors are awaiting word from ECB President Mario Draghi, who will speak at a central bankers'' meeting in the United States this week, on how he proposes to engineer a gradual end to the era of mass bond buying and negative interest rates.The important thing is to avoid a repeat of the taper tantrum of four years ago. This wiped half a trillion dollars off MSCI''s emerging equity index in three months, raised countries'' borrowing costs by an average 1 percentage point and pushed some emerging currencies down by as much as 20 percent against the dollar.Now it is the ECB''s turn. Draghi will deliver no new policy messages during this week''s conference at Jackson Hole, sources say. However, expectations are high that he will tackle the issue at one of the ECB''s policy meetings next month or in October..Under Draghi, the ECB has pumped more than 2 trillion euros ($2.35 trillion) into the global financial system. His first hint in June that tapering might be coming pushed the MSCI''s emerging equity index down 2 percent over the following week.On currency markets, Turkey''s lira and South Africa''s rand fell sharply, not only against a broadly stronger euro but also the dollar. Investors were unsettled by the prospect of higher euro zone bond yields dragging up U.S. borrowing costs in their wake.STELLAR GAINS Emerging markets have achieved stellar gains this year but investors using the euro have largely missed out due to the currency conversion. The dollar has fallen 5 percent versus a basket of emerging currencies tracked by UBS, but the euro is up 6 percent.Only four emerging currencies - those of Poland, the Czech Republic, Hungary and Mexico - have strengthened against the euro this year: reut.rs/2fbnVOo .Developing economies are more exposed to the euro than any other time in history. Their euro-denominated debt - including bonds and bank loans - has ballooned by almost 100 billion euros over the last seven years to around 250 billion, according to data from the Bank for International Settlements.In Mexico alone, debt in euros has quadrupled since 2010 to over 42 billion euros: reut.rs/2fp2UQ8But even then overall emerging borrowers'' euro debt is dwarfed by the $1.7 trillion they owe in dollars. So they are much more susceptible to movements in U.S. government bond yields than those on the euro zone benchmark, German Bunds."The bulk of EM external debt is in dollars rather than euro and the EM corporate sector gravitates towards dollar funding... so a 50 basis-point move in Treasuries matters a lot more than 50 bps move in Bunds, other things being equal."LIMITED HOLDINGS European exposure to emerging stocks and bonds also lags the United States. UBS research suggests more than 60 percent of EM carry trades - borrowings in cheap developed economy currencies invested in higher-yielding emerging currencies - are denominated in dollars, Narain said.As of June 2016, euro zone investors held about 407 billion euros'' worth of emerging currency-denominated debt, according to calculations by Bank of America Merrill Lynch (BAML).But this is little changed from December 2013. David Hauner, head of emerging markets cross-asset strategy at BAML, says European investors do not appear to have moved heavily into emerging debt during the ECB''s quantitative easing (QE) years.In fact, most moves happened during the Fed''s own bond-buying from 2009 onwards and when the ECB started its earlier programme of showering banks with unlimited, ultra-cheap funding.A quarter of this money was invested in Polish, Hungarian and Czech debt, the data shows. Turkey accounts for another 42 billion euros, while Brazil and Mexico had 39 billion and 74 billion respectively.Analysis from the Institute of International Finance supports that view. It estimates $200-$300 billion flowed to emerging stocks and bonds annually during the peak years of the Fed''s bond buying in 2012-2013. But by last year, when the ECB''s QE peaked, flows declined to $100 billion.The view that emerging market investing remains a dollar story is supported by a Deutsche Bank study of an equally weighted euro-dollar basket versus 12 emerging currencies.This showed that emerging currencies tended to fall an average 0.6 percent in months when the dollar strengthened, whereas they rose by 0.4 percent against the basket during times of euro strength."These results suggest that if external conditions remain relatively benign, the current emerging currency appreciation cycle has more room to run," Deutsche''s Gautam Kalani added.At BAML, Hauner says euro-based investors earn a better yield premium by investing in emerging markets than those using the dollar."Unless dollar strength is extreme, euro-based investors do better in EM than dollar-based investors, as euro/dollar removes much of the volatility in emerging currencies," he said. "In a nutshell we are not very concerned about this."Reporting by Marc Jones and Sujata Rao; editing by David Stamp'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/emerging-markets-currencies-idINKCN1B11T3'|'2017-08-21T13:42:00.000+03:00'
'e25e275dcc88518527892e02ee09a3e8cf81e99a'|'Vontobel to buy eastern European private banking portfolio from Notenstein'|' 39 AM / 16 minutes ago Vontobel to buy eastern European private banking portfolio from Notenstein Reuters Staff 1 Min Read The logo of Swiss Vontobel private bank is seen at an office building in Zurich, Switzerland September 28, 2016. Arnd Wiegmann ZURICH (Reuters) - Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc (1.6 billion pounds) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said on Monday. The majority of the team managing the portfolio will move to Vontobel and the assets will be booked in Switzerland, Vontobel said in a statement. The pair did not disclose a price for the deal but a typical rule of thumb in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired. Reporting by Joshua Franklin'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-vontobel-hldg-m-a-notensteinlaroche-idUKKCN1B10E3'|'2017-08-21T08:38:00.000+03:00'
'eaa5267f544d739db872ff9386c4fe329241b39f'|'Russian court orders Sistema to pay Rosneft $2.3 billion in damages'|'August 23, 2017 / 3:38 PM / 41 minutes ago Russian court orders Sistema to pay Rosneft $2.3 billion in damages Vladimir Soldatkin 3 Min Read The logo of Russian conglomerate Sistema is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. Sergei Karpukhin MOSCOW (Reuters) - A Russian court ruled on Wednesday that the Sistema ( AFKS.MM ) conglomerate should pay more than 136 billion roubles ($2.3 billion) to oil major Rosneft ( ROSN.MM ) over the acquisition of the Bashneft ( BANE.MM ) oil producer, Sistema said. The court battle, initiated by state-owned Rosneft, has rattled Sistema''s shareholders, and rekindled broader fears about investor rights in Russia. A Sistema spokesman said the company would appeal the decision. "On the whole, the process has been one-sided, without any impartiality at all, which had predetermined today''s ruling," the spokesman, Sergei Kopytov, said. The amount the court ordered Sistema to pay was less than Rosneft''s initial claim of almost 171 billion roubles. Interfax news agency quoted a Rosneft spokesman as saying the company would consider whether to appeal. Sistema''s shares have almost halved in price since earlyMay, when Rosneft lodged its claim. After Wednesday''s verdict the shares fell by around 2 percent on the day in Moscow, while Sistema Global Depositary Receipts in London ( SSAq.L ) were up more than 2 percent.Rosneft is headed by Igor Sechin, a close ally of President Vladimir Putin and one of the most influential businessmen in Russia. The company claimed Sistema did not act in good faith when it bought the shares of mid-sized oil producer Bashneft in 2009 and subsequently reorganised it. Sistema has disputed that. Rosneft bought a controlling stake in Bashneft last yearfrom the Russian government in a multibillion-dollar deal. Bashneft had been controlled by Sistema, but the governmentseized Sistema''s stake in Bashneft in 2014 because it said Bashneft''s privatisation had been illegal. Rosneft''s lawyers told the arbitration court in the city of Ufa during the hearings that Sistema had known about the risks associated with the purchase of Bashneft, which had fought off multi-billion tax claims from the government. In June the court froze more than $3 billion of Sistema''sassets, including part of its 50 percent stake in telecomscompany MTS ( MBT.N ) as an interim measure while consideringRosneft''s lawsuit. Shares in MTS, which is listed in Moscow and New York, were up on the day. Reporting by Vladimir Soldatkin; editing by Polina Devitt and Christian Lowe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-rosneft-sistema-court-idUKKCN1B31XU'|'2017-08-23T18:39:00.000+03:00'
'800137cdfb004c5f61405b7386f6af39be373aef'|'Falling Irish jobless rate still some way from stoking wage pressure'|'August 23, 2017 / 3:21 PM / 21 minutes ago Falling Irish jobless rate still some way from stoking wage pressure Padraic Halpin 3 Min Read DUBLIN (Reuters) - Ireland''s labour market has more spare capacity than official jobless numbers indicate, a study by two central bank economists showed on Wednesday, suggesting potential for a further fall before major wage pressures emerge. Ireland''s economy has grown faster than any other in the European Union for the last three years and is showing few signs of slowing down, prompting policymakers to warn that it could overheat in the coming years. It did this to devastating effect in the lead up to the financial crash around 2008. But if wage pressure holds off, the risk of such overheating diminishes. Overall inflation was minus 0.2 percent at the end of July. The government, central bank and independent fiscal watchdog all agree that although unemployment has fallen sharply to 6.4 percent, the economy is not overheating at present with inflation flat and annual wages growing at a steady 1.4 percent. The research on Wednesday calculated that there was a higher level of labour underutilisation than suggested by the standard unemployment rate which only includes individuals who are actively looking for work and are available to start imminently. When part time workers willing to work more hours and all non-employed individuals, such as those who stopped searching for work following Ireland economic crisis a decade ago, are added the central bank economists said Ireland had a non-employment rate of 9.4 percent at the end of 2016. "Our analysis suggests that there may be some scope for the unemployment rate to fall further before significant wage pressures emerge, but labour supply conditions are tightening as a strong recovery continues," the study said. "A high degree of labour underutilisation indicates that the economy could continue to grow strongly without an immediate risk of overheating." Similar research from the European Central Bank (ECB) in May suggested that labour market slack across the euro zone stood at around 15 percent at the time, well above the official 9.5 percent unemployment rate and explaining why wage growth has been unexpectedly weak. Irish Central Bank Governor Philip Lane said last month that Ireland may need to cool parts of its economy in a couple of years time, potentially by raising taxes, if the fast-growing economy reaches full employment. Full employment means that just about everyone who wants a job has one, a situation which leads to workforce shortages and wage inflation. Reporting by Padraic Halpin Graphic and Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ireland-economy-employment-idUKKCN1B31WC'|'2017-08-23T18:21:00.000+03:00'
'e8c599f9d1f9bceebb16db299d588a7b93d43c14'|'Maersk Tankers invests in quantitative hedge fund CargoMetrics'|'COPENHAGEN (Reuters) - Maersk Tankers said on Wednesday it has entered into an equity agreement with U.S. hedge fund CargoMetrics, giving it access to analytical models and algorithms to better manage its tanker operations.Maersk Tankers, a unit of shipping group A.P. Moller-Maersk ( MAERSKb.CO ), has invested a "significant" but undisclosed amount in the Boston-based hedge fund, which will give the firm exclusive right to its analytical models, algorithms and capabilities.CargoMetrics links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform."Data about the ninety-percent of global trade that moves by sea is a powerful trading edge," said Scott Borgerson, Chief Executive of CargoMetrics in a statement.The investment is in line with the more than 100-year old conglomerate A.P. Moller-Maersk''s push into new technologies as global trade becomes increasingly more digital."In the partnership, we will accelerate our use of digital solutions to enable our business strategy," said Maersk Tankers Chief Strategy and Transformation Officer Soren Meyer.Reporting by Jacob Gronholt-Pedersen and Stine Jacobsen'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-maersk-cargometrics-investment-idUSKCN1B30U1'|'2017-08-23T16:57:00.000+03:00'
'2b20a3ea4f3d02b95f7cc1e052adf3b38dff468a'|'India eyes remote air traffic control towers for regional airports'|'August 24, 2017 / 6:05 AM / an hour ago India eyes remote air traffic control towers for regional airports Aditi Shah 5 Min Read An air traffic control tower and a model of a fighter plane are pictured at the Indira Gandhi International Airport in New Delhi, India, August 23, 2017. Adnan Abidi NEW DELHI (Reuters) - India is considering setting up remote air traffic control (ATC) towers to cut costs and overcome labour shortages, government sources told Reuters, as Prime Minister Narendra Modi looks to open dozens of regional airports to boost air travel. Remote monitoring allows traditional concrete control towers to be replaced with dozens of high resolution, infra-red cameras around runways that feed live images to screens in buildings far from the airport. The technology, used in countries including Australia, Canada, Ireland and Sweden, enables flights at multiple airports to be monitored from one location, reducing the need for air traffic controllers and physical towers at every airport. The Airports Authority of India (AAI) has initiated a study on remote monitoring of flights, with a recommendation expected in September, one of the sources said. A decision to proceed could be a boost to companies like Sweden''s Saab and Canada-based Searidge Technologies that are in talks with the airport regulator to bring the technology to India. "India is one of the biggest opportunities in terms of the business potential," said Varun Singh, marketing director at Saab India, adding that it has held several discussions with the airport regulator. Searidge, which has set up remote digital towers in Hungary, Albania and Azerbaijan, said it has also presented its technology to the airport regulator. Air passenger traffic in India, the world''s fourth biggest market, is growing at over 20 percent annually. Plans are underway to revive 50 regional airports in the next two years under a new scheme to boost connectivity between small cities. Low-cost carriers IndiGo, owned by InterGlobe, and SpiceJet have ordered dozens of new, small planes from European turboprop maker ATR and Canada''s Bombardier to fly regional routes. REGULATOR KEY The AAI is working with India''s aviation safety watchdog, the Directorate General of Civil Aviation (DGCA), on the study and has sought information from countries where remote towers are in use, one source said. The plan hinges on DGCA''s approval because remote tower technology is not standardised by the International Civil Aviation Organisation, which is still drawing up regulations. In the meantime, countries follow their own safety guidelines. "Remote ATC is all the more needed for India given our vast area, low traffic at regional airports and the need to keep airfares low," said Amber Dubey, India head of aerospace and defence at consultancy KPMG. An air traffic control tower is pictured at the Indira Gandhi International Airport in New Delhi, India, August 23, 2017. Adnan Abidi However, in several parts of India availability of reliable power and telecom connectivity are a challenge, said Dubey. While there have been power failures at ATC towers at two of India''s biggest and busiest airports - Delhi and Mumbai - in the past, no incidents or accidents occurred as a result, according to local media reports. The bigger concern, however, is the transfer of data from the airport to the remote tower. An ATC official at India''s airport regulator said they are yet to understand how the data transfer will work, what medium will be used and what the backup will be. "If the (data transfer) medium goes blank, the airport will be cut off," said the official, who did not wish to be named as he was not authorised to speak to the media. Controllers would also need to be trained to recognise and adapt to local conditions, including weather and topography, of multiple airports instead of just one, the source added. COSTS AND CHALLENGES The economics are appealing, however. The cost of servicing a regional airport with remote monitoring could be between 15-50 percent of building individual concrete towers, depending on how many airports are monitored, according to estimates by Saab. Savings also come from not having to station air traffic controllers, who are in short supply, in remote parts of the country for only a couple of flights a day. India has over 3,100 controllers but needs close to 3,900, and with more airports planned, demand is set to rise. "With low traffic levels, controllers can monitor flights from multiple airports," said Neil Bowles, head of Air Traffic Management at Searidge. Saab, which has been operating remote towers in Sweden for two years and is in talks with about 10 other countries, said to ensure uninterrupted electricity it would equip the remote tower with backup supply similar to how it is done at airports. "Whatever you do for normal towers, you will do for this," said Saab''s Singh. Editing by Lincoln Feast'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-india-airports-idUKKCN1B40FR'|'2017-08-24T09:11:00.000+03:00'
'4c9fca8de2c626716af4b2819cf758299c83106a'|'ConocoPhillips idling Eagle Ford rigs ahead of Hurricane Harvey'|' 40 PM / 10 minutes ago ConocoPhillips idling Eagle Ford rigs ahead of Hurricane Harvey   HOUSTON, Aug 24 (Reuters) - ConocoPhillips said on Thursday it is suspending drilling in the Eagle Ford shale oil region of Texas and idling five rigs there ahead of Hurricane Harvey. The company has evacuated all non-essential personnel from the shale region and also from offshore platforms in the U.S. Gulf of Mexico. Oil production from both regions has so far not been affected. "We''re taking a wait-and-see approach for now," ConocoPhillips spokeswoman Romelia Hinojosa said. (Reporting by Ernest Scheyder; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-conocophillips-idUSL2N1LA1MW'|'2017-08-24T22:41:00.000+03:00'
'9a5323c320059cf814b6d1db06d4d1ec79eeb7ec'|'Brazil sees Eletrobras privatization boosting sector; shares soar'|'A view of the headquarters of Brazil''s power company Eletrobras in downtown Rio de Janeiro August 20, 2014. Pilar Olivares BRASILIA/RIO DE JANEIRO (Reuters) - A proposal to privatize Brazilian utility Eletrobras could improve the efficiency of the power sector rather than simply fix the government''s budget issues, officials said on Tuesday, as the company led a surge in shares of state-run firms.Common shares in Centrais Eletricas Brasileiras SA ( ELET3.SA ), as the company is formally known, shot up 36 percent in early trading, their biggest daily gain since 1993. Preferred shares ( ELET6.SA ) rose as much as 28 percent.Brazil''s government will give up its majority of voting shares, but has still not decided how much of its stake to sell and what model to use for the process, Deputy Finance Minister Eduardo Guardia told a news conference.Still, Energy Minister Fernando Coelho Filho said the operation should be done by the middle of 2018, underscoring a rush to carry out free-market reforms before the unpopular President Michel Temer leaves office at the end of next year.The privatization of Eletrobras could raise up to 20 billion reais ($6.3 billion), Coelho Filho told Reuters separately, adding that the process may involve the sale of new shares."We are proposing the issuance of new shares and, by doing that, current shares would be diluted," he said in a late Monday interview, adding that one buyer may not be able to take a controlling interest.Those comments followed a note from the Mining and Energy Ministry saying the proposed privatization would make Eletrobras more agile and transparent, with a single class of stock and corporate governance meeting the highest standards on the Sao Paulo stock exchange.Related Coverage Eletrobras sale terms may put off strategic bidders: Engie Brasil CEOThe government will remain a shareholder and reserve the right to veto some strategic decisions, the ministry said.The biggest gainers after Eletrobras on the benchmark Bovespa stock index .BVSP were state-controlled firms Companhia Energetica de Minas Gerais SA ( CMIG4.SA ), Banco do Brasil SA ( BBAS3.SA ) and Petroleo Brasileiro SA ( PETR4.SA ), rising 6 percent, 4 percent and 3 percent, respectively.Traders said the Eletrobras news stoked expectations that the government was committed to shrinking its role in the economy, regardless of political resistance to privatizations.The Mining and Energy Ministry compared the Eletrobras proposal to successful privatizations of planemaker Embraer SA ( EMBR3.SA ) and miner Vale SA ( VALE5.SA ) in the 1990s.Yet for many Brazilians the privatizations of that era were marred by scandals in the telecommunications sector, and the subject remains politically fraught even as the government has opened airports, highways and ports to private investment.A protest briefly interrupted the government news conference on Tuesday, highlighting likely resistance from Brazil''s opposition parties and powerful unions.The proposal will be formally presented to the council of the government''s Investment Partnership Program on Wednesday.Deputy Energy Minister Paulo Pedrosa told journalists that Eletrobras may spin off its nuclear unit and the Itaipu hydroelectric dam, a joint venture with Paraguay.Analysts at Itaú BBA cheered the government''s decision, but warned of resistance in the capital Brasilia, where governing parties have long held sway over coveted Eletrobras jobs."Eletrobras has historically operated under the political influence of various political figures who may not be so enthusiastic about the company''s privatization," they wrote.They estimated the privatization could generate at least 40 billion reais in value for Eletrobras through cost-cutting, asset sales and other efficiencies.The value of Eletrobras'' equity stood at 31 billion reais at the end of May, according to the company''s website. Brazil''s federal government owns 51 percent voting shares, equal to 41 percent of the company''s equity. State development bank BNDES also owns about 20 percent of common shares and 14 percent of preferred shares.Coelho Filho said the government''s plan will not allow a single group or investor to buy a large concentration of shares."We will create a series of rules to democratize this capital, possibly limiting the maximum stake per company," he told Reuters.Reporting by Leonardo Goy in Brasilia, Rodrigo Viga Gaier in Rio de Janeiro, Additional reporting by Bruno Federowski, Ana Mano and Marcelo Teixeira in Sao Paulo; Writing by Brad Haynes, Editing by W Simon and Nick Zieminski'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-eletrobras-privatisation-minister-idINKCN1B21FY'|'2017-08-22T11:02:00.000+03:00'
'7a4352378df5adb03a8649a332c2fbe0c7dc6266'|'Miners bolster European shares, Provident Financial plummets'|' 30 AM / 27 minutes ago Miners bolster European shares, Provident Financial plummets Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 21, 2017. Staff/Remote LONDON (Reuters) - European shares rose in early deals on Tuesday, rebounding from a three-day losing streak as results boosted heavyweight miners BHP Billiton and Antofagasta, while Provident Financial plunged after another profit warning. The pan-European STOXX 600 rose 0.6 percent, having fallen close to a five-month low in the previous session, while euro zone blue chips also gained 0.6 percent. Britain''s FTSE 100 was up 0.6 percent, and Germany''s DAX jumped 0.7 percent. UK subprime lender Provident Financial shed more than 48 percent after it issued its second profit warning in two months, cancelled its dividend and said that its chief executive was leaving. On a positive note, Europe''s basic resources sector enjoyed a second session of gains, supported by a rally in iron ore prices. Well-received results from miners BHP Billiton and Antofagasta also boosted the sector, with both rising around 2 percent, the top-gaining mining firms. Shares in UK housebuilder Persimmon were also among the top gainers, up 3.1 percent after it posted a 30 percent rise in first-half profit. The European earnings season is drawing to a close, with 87 percent of MSCI Europe firms having given updates for the second quarter. Of these firms, more than 60 percent have either met or beaten analysts'' expectations, according to Thomson Reuters data, with earnings growth for the quarter clocking in at around 24 percent compared with the same period last year. Aside from earnings, shares in Fiat Chrysler extended gains for a second day, up 3.1 percent at their highest level since April 1998, after China''s Great Wall Motor Co Ltd confirmed its interest in the Italian-American automaker. Reporting by Kit Rees; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1B20MR'|'2017-08-22T10:33:00.000+03:00'
'd7ae22e5b266212369950a3faf162e9ab89596dd'|'Futures higher as investors await Yellen''s speech'|'Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 16, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks rose slightly on Friday, lifted by high-dividend-paying stocks, after Federal Reserve Chair Janet Yellen stayed silent on monetary policy in a much-anticipated speech. Interest-rate sensitive sectors such as telecommunications .SPLRCL, up 0.8 percent, and utilities .SPLRCU, up 0.3 percent, rose as Yellen''s speech did not comment on the path of interest rate hikes for the central bank, which sent U.S. Treasury yields lower. "The worry still remains about the 10-year (benchmark Treasury note) rate, still below 2.2 percent," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. "That is kind of a concern and it doesn’t surprise me you are starting to see stocks hang in there only because everybody is searching for yield." Yellen''s speech at the annual meeting of central bankers in Jackson Hole, Wyoming focused on financial stability while giving no hint on monetary policy, leaving the prospect of more interest rate hikes up in the air. She said the reforms put in place after the 2007-2009 financial crisis have strengthened the financial system, without impeding economic growth. Meanwhile, a speech by European Central Bank chief Mario Draghi gave little guidance on tapering the bank''s bond holdings and heralded globalization over protectionism. "If anything, both with Draghi and Yellen, the big fear from investors was a more hawkish stance on monetary policy," said Jeffrey Cleveland, chief economist at Payden & Rygel in Los Angeles. "Those fears were overblown. You didn’t have that hawkish surprise." The euro EUR= rose to its highest in more than two years after Draghi''s comments while the dollar .DXY index weakened 0.75 percent. U.S. Treasury yields US10YT=RR fell. The Dow Jones Industrial Average .DJI rose 30.27 points, or 0.14 percent, to end at 21,813.67, the S&P 500 .SPX gained 4.08 points, or 0.17 percent, to 2,443.05 and the Nasdaq Composite .IXIC dropped 5.68 points, or 0.09 percent, to 6,265.64. For the week, the Dow rose 0.65 percent, the S&P 500 gained 0.72 percent and the Nasdaq climbed 0.79 percent. The weekly gains for equities snapped a two-week skid of declines for the Dow and S&P 500 and a four-week drop for the Nasdaq. U.S. stocks got off to a strong start after President Donald Trump''s chief economic adviser Gary Cohn said the White House would turn its attention to the long-awaited tax reform agenda next week. Treasury Secretary Steven Mnuchin said the U.S. debt ceiling, a hurdle to be crossed before any tax reform can take place, will be raised in September and that after talks with congressional leaders from both parties everyone is "on the same page." Broadcom''s ( AVGO.O ) shares were down 3.7 percent after its quarterly earnings report weighed the most on the S&P 500 technology index .SPLRCT as well as the Nasdaq and S&P. Energy shares .SPNY, up 0.52 percent, also advanced on a climb in oil prices as major Hurricane Harvey drew closer to the Texas Gulf Coast. Shares of Autodesk ( ADSK.O ) were up 3.9 percent after the software maker raised its forecast. Advancing issues outnumbered declining ones on the NYSE by a 2.33-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored advancers. About 4.81 billion shares changed hands in U.S. exchanges, well below the 6.02 billion daily average over the last 20 sessions. Additional reporting by Chuck Mikolajczak in New York and Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-stocks-idUSKCN1B51DF'|'2017-08-25T19:39:00.000+03:00'
'd1fd5d530b61c0293ce76ed47ade15f33117db01'|'Petrobras chairman sees fuel unit IPO by early December'|'The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker CAMPOS DO JORDÃO, Brazil (Reuters) - Petróleo Brasileiro SA expects to launch the initial public offering of fuel distribution unit BR Distribuidora SA by early December, Chairman Nelson Carvalho said on Friday.The board of the state-controlled oil producer known as Petrobras has already selected a roster of banks and approved a series of operational procedures to meet that deadline, Carvalho said on the sidelines of a seminar hosted by B3 Bolsa Balcão Brasil SA.Reporting by Aluísio Alves; writing by Guillermo Parra-Bernal, editing by G Crosse '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-br-distribuidora-ipo-idINKCN1B52BV'|'2017-08-25T16:42:00.000+03:00'
'4b218d49250d4bbf44bb6e3510665b169bb2f6d8'|'The “free” economy comes at a cost'|'FACEBOOK, whose users visit for an average of 50 minutes a day, promises members: “It’s free and always will be.” It certainly sounds like a steal. But it is only one of the bargains that apparently litter the internet: YouTube watchers devour 1bn hours of videos every day, for instance. These free lunches do come at a cost; the problem is calculating how much it is. Because consumers do not pay for many digital services in cash, beyond the cost of an internet connection, economists cannot treat these exchanges like normal transactions. The economics of free are different.Unlike conventional merchants, companies like Facebook and Google have their users themselves produce value. Information and pictures uploaded to social networks draw others to the site. Online searches, selections and “likes” teach algorithms what people want. (Now you’ve bought “The Communist Manifesto”, how about a copy of “Das Kapital”?)Latest updates Samsung’s boss is sentenced to prison Business and finance an hour ago Courts repeatedly chastise Texas for voting-rights violations Democracy in America 2 hours ago Thailand’s former prime minister, Yingluck Shinawatra, may have fled Asia 2 hours ago Appalling behaviour on London’s Tube Gulliver 4 hours ago Construction’s productivity puzzle Graphic detail 5 hours ago The Vatican’s secretary of state visits Moscow for the first time in 19 years Erasmus 5 hours ago See all updates The prevalence of free services is partly a result of history. In the early years of the internet, consumers became used to getting stuff for nothing. They have little idea of how much their data are worth; since digital companies have access to billions of people, the value of one person’s data is tiny anyway. More fundamentally, scarcity is not a constraint in the digital world as it is in the physical one. Data are both inexhaustible and super-cheap to transport. In 1993 MCI Mail was charging people 50 cents for the first 500 characters of a digital message, increasing by ten cents for each extra 500. The internet slashed that price to zero. Charging would have been impractical, so small is the marginal cost.Users may pay nothing, but companies like Google and Facebook have fixed costs to cover: engineers, data centres, etc. To make money, they squeeze their users indirectly, by charging companies to put appropriate advertisements in front of captive eyeballs. In the second quarter of 2017, Facebook eked an average of $4.65 out of each of its users by peppering screens with ads and promoted posts. (By comparison, just eight cents came from payments and other fees, mainly from people paying for stuff within virtual games.)In the absence of prices, economists struggle to work out what people are getting back when they barter their data and attention for digital services. Some evidence suggests that they are doing rather well. A recent study by Erik Brynjolfsson, Felix Eggers and Avinash Gannameneni of the Massachusetts Institute of Technology offered people different cash amounts in exchange for giving up Facebook for a month. Based on the responses, they then estimated its average annual value to the consumer at around $750. A simpler survey in the same study (without real cash offers) suggested that on average people value free search engines at $16,600 per year, maps at $2,800 and video at $900.This sounds like a wonderful deal for the consumer, but it generates problems elsewhere. Take taxes. Professionals are not allowed to evade tax by selling their services for benefits in kind, so why should consumers not be taxed if they are paid for their data in the form of services? Statisticians also struggle in a post-price world. GDP is mostly measured by transactions at market prices. A recent study by Leonard Nakamura of the Federal Reserve Bank of Philadelphia and Jon Samuels and Rachel Soloveichik of the Bureau of Economic Analysis used the amount spent on advertising to estimate uncounted output, and calculated that in 2013 American GDP should have been $19bn higher than reported.Privacy activists also worry. Consumers tend to respond much more strongly to “free” offers than to prices that are only fractionally higher than zero. When Amazon first offered free shipping in European countries, orders surged—but not in France, where by mistake it charged around ten cents. The activists’ concern is that the “free” label fosters poor decisions, making people, for example, reveal more about themselves than they would in a more formal exchange. Researchers talk of the “privacy paradox”: when asked, people say that they care much more about their privacy than their actions would suggest.The free economy also troubles competition authorities. Excessive market power can be defined as the ability to raise prices above what would be charged in a competitive market. With no prices to compare, and other options only a click away, companies such as Google seem to operate in an environment of cut-throat competition. It is naive to think so. Consumers are more captive than the low cost of switching might imply. Google, for example, commands a market share for internet search of over 90% in most countries in the European Union, where antitrust authorities in June fined it €2.4bn ($2.7bn) for promoting its own comparison shopping services above its competitors’. Its services may have been free, but the trustbusters judged that its market power was curbing consumers’ choices. In the absence of prices, lack of competition will show up in other ways: demanding more information from users than they want to give, for example; or irritating them by stuffing their service chock-full of adverts.No such thing as a free exchangeOpinion is divided on whether the free economy needs fixing, and if so, how. In his book “Who Owns the Future?”, Jaron Lanier suggests that tiny payments for digital contributions might correct yet another problem, a misallocation of labour. If companies paid people for useful data, rather than mopping up what they leave behind as they use online services, then prices could nudge people towards more productive online activity. Others advocate tougher regulation, mandating that consumers have the option of paying for a version of their social-media platforms free of advertisements and digital profiles. Neither seems imminent, and each comes with its own problems. But both would at least force people to start counting the cost of that priceless lunch.Visit our Free exchange economics blogThis article appeared in the Finance and economics section of the print edition under the headline "Priceless"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727073-economists-struggle-work-out-how-much-free-economy-comes-cost?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'791d1d42161c6593fe403c6396088c087f179b6b'|'UK public finances show first July surplus since 2002'|'August 22, 2017 / 8:43 AM / 9 hours ago Britain posts first July budget surplus in 15 years, outlook darker Andy Bruce and Paul Sandle 4 Min Read A tourist bus passes the Queen Elizabeth Tower, which houses the Great Clock and the ''Big Ben'' bell, at the Houses of Parliament in London, Britain, August 20, 2017. Peter Nicholls LONDON (Reuters) - Britain unexpectedly posted its first budget surplus for any July since 2002 according to official data on Tuesday, welcome news for finance minister Philip Hammond in what still looks likely to be a difficult financial year for the government. The surplus in July stood at 184 million pounds, compared with last year''s 308 million pound deficit, the Office for National Statistics said, citing figures that exclude state-controlled banks. The surplus was boosted by a 10.6-percent year-on-year rise in self-assessed income tax receipts from individuals in July, a month that often sees a spike in these returns. But the year as a whole looks less promising, as last year''s vote to leave the European Union has pushed up inflation and related borrowing costs, and led to slower growth since the start of 2017. Total borrowing since the start of the financial year in April is 10 percent higher than at the same point in 2016, and in March official forecasters predicted public borrowing would rise to 2.9 percent of GDP in 2017/18. This would be the first major break in deficit reduction since the Conservatives came to power after the worst of the financial crisis in 2010, when the deficit stood at just under 10 percent. Last year borrowing fell to a 13-year low of 2.3 percent of GDP. While economists think Hammond is still on track to meet his borrowing targets for 2017/18, they warned that a weak economy could soon dent revenue streams like income tax. "We expect that a degree of cyclical decline will show through in the (public finances) data in the months to come, if as we expect, unemployment begins to creep up," said Philip Shaw, economist at Investec. SLOW START Britain''s economy suffered its slowest start to the year since 2012, with households feeling the strain from rising prices caused in part by last year''s vote to leave the European Union, and wage growth remains weak. Separate figures from the Confederation of British Industry showed British manufacturing expanded strongly this month, although official data has yet to suggest the sector will seriously compensate for a slowdown in consumer spending. Rising inflation will also continue to push up government debt interest costs, Shaw from Investec added. Britain''s government has paid out 21.6 billion pounds in debt interest payments during the first four months of 2017/18 financial year, the largest total for any April-July period on record and up 23 percent on 2016/17. In July alone, debt interest payments totalled 4.9 billion pounds, up 18 percent on a year ago. About a third of Britain''s stock of government bonds pay interest that is linked to inflation. Historically July has been a strong month for corporation tax receipts too, although this year they fell slightly compared with a year earlier. This reflected new methodology introduced in the current financial year that smoothes out corporation tax revenues over the year. Hammond has not committed to balance the budget until the middle of the next decade, giving him some flexibility to slow the current pace of deficit reduction if needed to support the economy as the country leaves the European Union. A finance ministry spokesman said July''s figures showed that the government was making "good progress" towards its fiscal targets, but that public debt remained too high. Editing by Andrew Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-budget-idUKKCN1B20RP'|'2017-08-22T11:43:00.000+03:00'
'd5d1540f19738f37abff4b78bc59ae909bd5e7f3'|'CANADA STOCKS-TSX barely higher as miner stocks offset weaker energy'|'(Adds details on specific stocks, updates prices)* TSX up 4.01 points, or 0.03 percent, to 14,956.34.* Seven of the TSX''s 10 main groups move higherTORONTO, Aug 21 (Reuters) - Canada''s main stock index was barely higher in morning trade on Monday, as sharp gains for several base metal miners offset losses for heavyweight energy stocks which slipped in line with a decline in crude oil prices.First Quantum Minerals Ltd jumped 6.6 percent to C$13.74 after Zambia restored full electricity supply to two of its copper mines on the weekend, after reducing them last week over a pricing dispute.Copper highest a fresh high last hit in late 2014 also boosted First Quantum and other copper mining companies, with Hudbay Minerals Inc up 6.3 percent to C$10.59 and Lundin Mining Corp adding 2.8 percent to C$9.28.Copper prices were up 1.4 percent at $6,574 a tonne.The materials group, which also includes precious metal miners and fertilizer companies, added 1.1 percent. Six more of the index''s 10 main groups traded in positive territory.At 11:50 a.m. ET (1550 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 4.01 points, or 0.03 percent, at 14,956.34.The energy group retreated 1.3 percent, with Canadian Natural Resources Ltd down 1.5 percent at C$38.13, as U.S. crude prices fell 1 percent to $48.05 a barrel and Brent lost 1.5 percent to $51.95.CannTrust Holdings Inc, traded at C$2.61 on its first day of public trade on the smaller Canadian Securities Exchange, after pricing convertible warrants at C$2 in June. (Reporting by Alastair Sharp; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-idINL2N1L70OM'|'2017-08-21T14:07:00.000+03:00'
'27fe0689816147039ce187660660b63990293b94'|'Maersk, miners help limit losses in European shares as risk-off moves continue'|' 31 AM / 19 minutes ago Maersk, miners help limit losses in European shares as risk-off moves continue Reuters Staff 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 16, 2017. Staff/Remote LONDON (Reuters) - European stocks fell further in early deals on Monday as geopolitical jitters on the Korean peninsula trickled over from Asian trading, though shipping company Maersk and strong mining stocks helped limit losses. The pan-European STOXX 600 fell 0.2 percent, starting the week on the back foot, with euro zone stocks .STOXXE and blue-chips .STOXX50E down 0.2 to 0.3 percent. The risk-off move hit banks .SX7P the hardest, with RBS ( RBS.L ) and Barclays ( BARC.L ) among top losers, along with French lenders Societe Generale ( SOGN.PA ), BNP Paribas ( BNPP.PA ) and Credit Agricole ( CAGR.PA ). After recent losses, the STOXX 600 was down 6 percent from its mid-May 20-month peak. Strong metals prices helped cap benchmark losses, however, with mining stocks .SXPP jumping 1 percent after London zinc rose to its highest in a decade on robust Chinese demand for steel. [nL4N1L71UD] Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ) were among the top gainers. Deal-making also boosted a few of the best-performing stocks. Maersk ( MAERSKb.CO ) jumped 5 percent to lead European gainers after the firm agreed to sell Maersk Oil to French oil major Total ( TOTF.PA ) for $7.45 billion. [nL8N1L70VI] Fiat Chrysler ( FCHA.MI ) shares jumped 3.5 percent after Chinese carmaker Great Wall ( 601633.SS ) asked for a meeting with the Italian carmaker with the aim of making an offer for all or part of the Italian-American auto group. [nL4N1L72K4] Fiat''s gains helped the auto and parts sector .SXAP up 0.2 percent. With the second-quarter European reporting season drawing to a close, 60 percent of companies have either beaten or met expectations, though share price reactions have been muted overall. Reporting by Helen Reid, editing by Kit Rees 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1B10L7'|'2017-08-21T10:27:00.000+03:00'
'32cfea39b7e7aa4012b2dec2b5cdc0fde99bd9e3'|'Gupta-owned Oakbay to sell stakes in South African media groups'|'August 21, 2017 / 7:44 AM / 38 minutes ago Gupta-owned Oakbay to sell stakes in South African media groups Reuters Staff 1 Min Read A logo of Oakbay Investments is seen at the entrance of their offices in Sandton, outside Johannesburg, South Africa April 13, 2016. Siphiwe Sibeko/File Photo JOHANNESBURG (Reuters) - South Africa''s Oakbay Investments, a company owned by business friends of President Jacob Zuma, said on Monday it would sell its holdings in two media groups including news channel ANN7 for 450 million rand (26.46 million pounds). Oakbay is owned by the Gupta family, which has been accused by senior members of the ruling African National Congress party of using links with Zuma to wield influence and win business. Zuma and the Guptas deny any wrongdoing. Reporting by Tiisetso Motsoeneng; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-safrica-politics-oakbay-idUKKCN1B10MN'|'2017-08-21T10:43:00.000+03:00'
'e79880ac3ce4fa5acb1c7e795b0482cf6310080d'|'Energy Future drops Oncor deal with Buffett in favor of $9.45 billion Sempra bid: sources'|'FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo (Reuters) - Utility Sempra Energy ( SRE.N ) said on Monday that it would buy Oncor for $9.45 billion in cash after majority owner Energy Future Holdings Corp abandoned a deal to sell the power transmission company to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ).This represents a rare blow to Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after Texas regulators blocked two previous attempts by Energy Future to sell it.Energy Future, which has been in bankruptcy since 2014, had initially planned to seek court approval on Monday for the sale of Oncor to Berkshire for $9 billion over opposition from its biggest creditor, hedge fund Elliott Management Corp. Instead, Energy Future lawyer Chad Husnick told the court the Dallas-based company had decided to "pursue another path" with Sempra because of the value of the bid, a lower break-up fee and, most importantly, support from Elliott.San Diego-based Sempra said it expected to own about 60 percent of a reorganized Oncor after it completes the transaction, which is valued at $18.8 billion, including debt. Energy Future owns 80 percent, but Sempra plans to sell some of that equity to other outside investors, according to people familiar with the matter.Sempra''s shares were up 1.2 percent at $117.79 after hitting an all-time high of $118.78 on Monday after the company said the deal would add about 10 million of Oncor''s Texas customers to its base and increase its earnings starting next year."They get to own 60 percent interest in a quality, growing Texas distribution utility," said Gabelli & Co analyst Timothy Winter. "It''s a way for them to grow in a low-risk manner."Utilities have become wary of their exposure to volatile energy prices and see power generation operations becoming less lucrative. Many of these companies are now hungry for electricity distribution assets, which have a growing demographic base and stable cash flows."On the face of it, the transaction continues the long line of industry consolidation, which we continue to view as expensive," Morningstar analyst Andrew Bischof wrote in a note.The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake Elliott had tried to put together its own bid for $9.3 billion to buy Oncor but ultimately decided to back the Sempra deal, which a spokesman said "provides substantially greater recoveries to all creditors of Energy Future than the proposed Berkshire transaction."Berkshire, which bid for Oncor as part of its pursuit of steady profits from utilities and infrastructure deals, had said last week it would not raise its offer. In response to Sempra''s move, however, Berkshire said it would allow Energy Future to keep an Oncor dividend, but that proposal was not enough to bridge the gap in price, according to the sources.Judge Christopher Sontchi told the bankruptcy court on Monday that the new bid was a "big change" that would clearly benefit Energy Future and its creditors."We are disappointed our agreement to acquire Oncor has been terminated," Greg Abel, the chief executive officer of Berkshire''s energy unit, said in a statement. Many investors consider Abel a top candidate to eventually succeed Buffett, 86, at the Omaha, Nebraska-based parent company''s helm.A hearing on the revised reorganization plan and creditor support agreement was set for Sept. 6 in U.S. Bankruptcy Court in Delaware. With Elliott''s support, Sempra is likely to get court approval for the deal.The deal calls for Oncor General Counsel Allen Nye to become the company''s CEO, succeeding Bob Shapard, who becomes executive chairman.Canadian pension fund manager Borealis Infrastructure Management Inc and Singapore sovereign wealth fund GIC Special Investments Pte Ltd currently own 20 percent of Oncor.Lazard Ltd ( LAZ.N ) and Morgan Stanley ( MS.N ) are financial advisers to Sempra, and White & Case LLP is its legal adviser. Evercore Partners Inc ( EVR.N ) is the financial adviser to Energy Future, and Kirkland & Ellis LLP is its legal adviser.RBC Capital Markets ( RY.TO ) and Morgan Stanley committed to invest $3 billion of expected investment-grade debt for the recapitalization of Oncor.Reporting by Rama Venkat Raman, Yashaswini Swamynathan and John Benny in Bengaluru and Tracy Rucinski in Wilmington, Delaware; Additional reporting by Greg Roumeliotis in New York; Editing by Biju Dwarakanath and Lisa Von Ahn'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oncor-m-a-sempraenergy-idINKCN1B1041'|'2017-08-21T00:15:00.000+03:00'
'c604e895d7b9fc8833631c839e3f2fd00ea1c278'|'UK Stocks-Factors to watch on Aug 21'|'Aug 21 (Reuters) - Britain''s FTSE 100 index is seen opening down 20 points at 7,303.9 on Monday, according to financial bookmakers. * BT: BT Group Plc''s EE is planning to threaten the telecoms regulator Ofcom with a High Court challenge on Monday, over its planned auction of mobile spectrum. * SHELL: Royal Dutch Shell has lifted a cargo of 600,000 barrels of crude oil from Libya''s Zueitina port, its first from the war-torn north African country in 5 years, two industry sources told Reuters on Saturday. * HIKMA: Hikma Pharmaceuticals Plc''s U.S. subsidiary has raised the price of a common diarrhea drug by more than 400 percent and is charging more for five other medicines as well, the Financial Times reported on Sunday. * SHELL: The large crude distillation unit at Royal Dutch Shell Plc''s 325,700 barrel-per-day (bpd) joint-venture Deer Park, Texas, refinery may be shut for up to two weeks of repairs from a Thursday fire, sources familiar with plant operations said on Friday. * RATHBONE BROTHERS: British wealth manager Rathbone Brothers said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all-share merger. * OIL: Oil markets were stable on Monday, largely holding on to Friday''s big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March. * The UK blue chip FTSE 100 index closed down 0.9 percent at 7,323.98 points on Friday, as top share came under pressure from falls among consumer giants, financials and airline stocks, caught up in a broader risk-off move following the attack in Spain. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Headlam Group HEAD.L Half Year 2017 Earnings Release TBC Bank TBCG.L Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L724W'|'2017-08-21T08:16:00.000+03:00'
'46a32ac48ed9b47783de8a1bc5944a77b6354187'|'Mozambique to set up independent fund to invest mineral sales income'|'August 21, 2017 / 5:27 PM / an hour ago Mozambique to set up independent fund to invest mineral sales income Reuters Staff 2 Min Read MAPUTO, Aug 21 (Reuters) - Mozambique''s government plans to set up a sovereign investment fund where taxes paid on sales of the country''s minerals will be used to finance development projects, state-run AIM news agency said on Monday quoting the finance minister. Minister of Economy and Finance Adriano Maleiane said the new fund would have capital gains taxes paid on the sales of shares in the country''s mineral resources as the main source of funding. AIM reported that the first money to go into the fund would likely be the $350 million in capital gains tax to be paid on the sale by Italian energy company ENI to the U.S. oil and gas giant ExxonMobil. In June ENI signed an $8 billion deal with government to develop a gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia. The Coral South, field operated by ENI, contains about 450 billion cubic metres, or 16 trillion cubic feet (tcf) of gas. Exxon Mobil Corp XOM.N agreed this year to pay Eni $2.8 billion for a 25 percent stake in Coral South. AIM reported Maleiane saying the fund would be managed by an autonomous institution, which is likely to be the National Investment Bank (BNI). Maputo has been struggling to shake-off an international scandal after the discovery of hidden loans worth $2 billon to state companies led the International Monetary Fund and Western donors to halt support for Mozambique, triggering the collapse of its currency and leading to a debt default. (Writing by Mfuneko Toyana, editing by Pritha Sarkar) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mozambique-economy-idUSL8N1L74IJ'|'2017-08-21T20:27:00.000+03:00'
'a386c49ec8683455bacf957adb75bda23d378281'|'Japan Tobacco to buy Philippine cigarette maker Mighty for $936 million'|'FILE PHOTO: Japan Tobacco Inc (JT) headquarters building is seen in Tokyo, Japan, May 18, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Japan Tobacco Inc ( 2914.T ) said on Tuesday it would buy the Philippines'' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month as it deepens its push into emerging markets.The acquisition will help Japan Tobacco, which sells the Winston, Mild Seven and Camel brands in the Philippines, challenge the local dominance of PMFTC Inc, a venture owned by a Philip Morris International ( PM.N ) and unlisted Fortune Tobacco Corp.Facing a shrinking smoking population at home, the world''s fourth-biggest cigarette maker this month announced it would buy an Indonesian maker of "kretek" tobacco and clove cigarettes, together with its distributor, for $677 million. Including debt, the deal was valued at around $1 billion.Japan Tobacco has said it is also looking for acquisitions in Africa and Latin America.The latest deal will help Mighty Corp pay unpaid taxes in the Philippines. The company was charged with avoiding 37.88 billion pesos in taxes, and offered to pay 25 billion pesos with funds from the sale, the Philippines'' Department of Finance said in July.The transaction is expected to be completed in the third quarter after regulatory approvals, Japan Tobacco said in a statement.Reporting by Chang-Ran Kim and Ritsuko Ando; Editing by Edwina Gibbs'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-japan-tobacco-mighty-idINKCN1B20GR'|'2017-08-22T04:26:00.000+03:00'
'f50a3a42c4956d3bd01c9f3862dfa58b4fdf8f82'|'UPDATE 1-Ford, China''s Zotye Auto plan JV to build electric vehicles'|' 42 AM / 9 minutes ago UPDATE 1-Ford, China''s Zotye Auto plan JV to build electric vehicles Reuters Staff * Eyes 50-50 JV with Zotye Auto to create new brand * Brand will sell all-electric vehicles in China * Ford''s sales are down 7 pct in China this year (Updates with details from Ford statement, China EV market context) By Brenda Goh SHANGHAI, Aug 22 (Reuters) - Ford Motor is exploring setting up a joint venture with Chinese firm Anhui Zotye Automobile Co to build electric passenger vehicles in China under a new brand, tapping into a boom for such vehicles in the world''s top auto market. China, struggling with alarming pollution levels in major cities, is aggressively pushing plug-in vehicles and has poured in tens of billions in investment, research funding and subsidies, drawing many new automakers to launch projects. Tesla, Daimler AG and General Motors are among firms that have already announced plans for making electric vehicles in China, which wants electric and plug-in hybrid cars to make up at least a fifth of the country''s auto sales by 2025. Ford, whose overall China sales are down 7 percent this year, said in a statement on Tuesday that it had signed a memorandum of understanding with Zotye Auto to build a new brand under which the electric vehicles will be sold. Both firms will hold a 50-50 stake in the JV, it said. It did not provide details of financial commitments nor say by when it will take a firm decision on the JV. Ford sees China as the fastest growing market in the world for new energy vehicles (NEV) and forecasts that segment to grow to six million vehicles per year by 2025, of which approximately four million would be all-electric. The potential JV with Zotye Auto would represent a deepening of commitment to electric vehicles in China by Ford. In April, it outlined plans to offer by 2025 hybrid or fully electric versions of all models built in China with its domestic joint venture partner, Chongqing Changan Automobile Co Ltd . However, it also said at the time that it would take a cautious approach to the market due to uncertainty about consumer interest and government policy. Zotye, which Ford described as the market leader in China''s all-electric small vehicle segment, sold more than 16,000 all-electric vehicles this year through July, representing a year-on-year growth of 56 percent, it said. The privately-owned company, which is headquartered in China''s coastal Zhejiang province, also makes sport utility vehicles and cargo trucks. On Monday, it reported a near six-fold jump in first-half profits. Ford said it would release details about the brand, products and production volumes at a later date, pending a final agreement and regulatory approvals. (Additional Reporting by Beijing Monitoring Desk; Editing by Muralikumar Anantharaman) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/ford-china-electric-vehicle-idUSL4N1L82XX'|'2017-08-22T17:42:00.000+03:00'
'621f1f4f29b4ece0be9a41745c6ccbd539b34bbc'|'Fed banks unanimous in keeping discount rate unchanged in July - minutes'|'August 22, 2017 / 6:06 PM / 38 minutes ago Fed banks unanimous in keeping discount rate unchanged in July - minutes Reuters Staff 2 Min Read WASHINGTON (Reuters) - All of the Federal Reserve''s 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the U.S central bank''s last policy meeting, minutes from a discussion of the discount rate showed on Tuesday. The U.S. central bank subsequently held its benchmark lending rate steady at its July 25-26 meeting and kept the discount rate unchanged at 1-3/4 percent. In wanting to keep the discount rate unchanged, directors of the regional banks cited recent soft readings on inflation. They wanted to wait "to assess whether incoming data support the current outlook for continued moderate economic growth, some further strengthening in labour market conditions, and a gradual return of inflation to 2 percent over the medium term," the minutes showed. The Fed raised interest rates for the third time in six months at its June meeting on the strength of the U.S. jobs market and continued economic growth but has stood pat since then. The central bank still forecasts another interest rate rise this year, although some officials have become increasingly concerned about a series of lackluster inflation readings. Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-fed-discountrate-idUKKCN1B2243'|'2017-08-22T21:06:00.000+03:00'
'8adbaa888519be32d703458f09b89754b37c6a28'|'TABLE-Investors most cautious on U.S. long bonds since early Nov. 2016 -JPMorgan'|'NEW YORK, Aug 22 (Reuters) - Investors turned the most cautious in their holdings of longer-dated U.S. Treasury debt since early November 2016, prior to the election that Donald Trump won to capture the U.S. presidency, JPMorgan Chase & Co''s latest client survey showed on Tuesday. The share of investors who said they were holding longer-dated Treasuries equal to their benchmarks, rose to 70 percent, the most since Nov. 7, and up from 59 percent a week earlier, JPMorgan said. U.S. benchmark Treasury yields fell to seven-week lows late last week due to safe-haven demand amid doubts about Trump''s ability to implement campaign promises, including tax cuts, infrastructure spending and other measures aimed to stimulate the economy. U.S. bond yields jumped in the weeks after Trump''s Nov. 8 win due to expectations of aggressive fiscal measures from the new administration, which would stoke inflation and widen the federal budget deficit. Separately, a deadly attack in Barcelona last week also pushed nervous investors toward U.S. government debt. At 12:24 p.m. EDT (1624 GMT), the 10-year Treasury note was yielding 2.204 percent, down from 2.266 percent a week earlier. On Friday, it touched a seven-week low of 2.162 percent, Reuters data showed. JPMorgan surveyed clients bond fund managers, central banks and sovereign wealth funds, as well as market makers and hedge funds. The chart below displays the latest survey results of JPMorgan''s Treasury clients: All clients Long Neutral Shorts Net Position Aug. 21 7 70 23 -16 Aug. 14 11 59 30 -19 Aug. 7 18 57 25 -7 July 31 18 59 23 -5 July 24 18 57 25 -7 July 17 14 66 20 -6 Active clients Aug. 21 0 90 10 -10 Aug. 14 10 70 20 -10 Aug. 7 20 60 20 0 July 31 20 60 20 0 July 24 20 60 20 0 July 17 20 70 10 10 * NOTE: Positive value denotes net long, negative value denotes net short (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/treasuries-jpmorgan-idINL2N1L810T'|'2017-08-22T14:57:00.000+03:00'
'1dcd0d9d723fdd32cdef4f7f895839816e32c5d6'|'Nets CEO sees ''considerable interest'' from potential buyers'|'COPENHAGEN (Reuters) - Nets A/S ( NETS.CO ), Scandinavia''s largest payments processor, is seeing "considerable interest" from potential buyers amid a wave of M&A activity in the payment services industry, the company''s chief executive said on Thursday.Nets, a major player in payment services in the Nordic region, said in early July that it had been approached by potential buyers."The talks have been going on relatively long, so it seems there is considerable interest," CEO Bo Nilsson told Reuters in an interview."We have seen an extreme level of (M&A) activity lately (...) It''s clear to me that we''re entering a period of consolidation in Europe in line with what we''ve seen in the United States," he said."As one of the biggest and most developed operators on the payment services market, I''m not surprised that some see Nets as a brick in that puzzle," Nilsson said.U.S. payment giants Visa ( V.N ) and Mastercard ( MA.N ) are both seen as suitors for Nets.Nets on Thursday posted net profit of 333 million Danish crowns ($52.67 million) in the second quarter, ahead of analyst expectations.($1 = 6.3221 Danish crowns)Reporting by Jacob Gronholt-Pedersen; editing by Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nets-results-idINKCN1AX0OD'|'2017-08-17T05:31:00.000+03:00'
'b34672c9a775833e75c1aabb6c0944eb19f73643'|'PRESS DIGEST- Financial Times - Aug 21 - Reuters'|'Aug 21 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesDavis proposes new post-Brexit court to oversee EU relations on.ft.com/2iiDjtuEE threatens legal action over mobile airwaves restriction on.ft.com/2fWSyXYAsset managers ban investments in German carmakers on.ft.com/2ihaVI1Charge electric car but don''t boil kettle, says National Grid on.ft.com/2fWa0vGOverviewThis week UK will propose a "new and unique" court to oversee post-Brexit relations between the Britain and the European Union, as the Conservative government tries to force the pace of exit talks.BT Group Plc''s EE is planning to threaten the telecoms regulator Ofcom with a High Court challenge on Monday, over its planned auction of mobile spectrum.Three asset managers -- Union Investment, Erste and Acadian -- have banned investments in German carmakers from some of their funds, after Brussels announced an investigation of alleged industry collusion.Britain''s National Grid Plc has warned that using a powerful and fast electric car charger at home will trip a main fuse if owners use other "high demand" energy items, such as kettles, ovens and immersion heaters, at the same time.Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL4N1L60CF'|'2017-08-20T21:05:00.000+03:00'
'd4cd5f925b4b7c3971c389994002b69ba323d9ba'|'Taiwan''s Foxconn to build three ancillary facilities as part of Wisconsin LCD campus'|'August 21, 2017 / 10:19 AM / 8 hours ago Taiwan''s Foxconn to build three ancillary facilities as part of Wisconsin LCD campus Reuters Staff 2 Min Read FILE PHOTO - Terry Gou, founder and chairman of Foxconn reacts during an interview with Reuters in New Taipei City, Taiwan June 12, 2017. Eason Lam/File Photo TAIPEI (Reuters) - Taiwanese electronics manufacturer Foxconn on Monday said it plans to build three facilities in the U.S. state of Wisconsin for operation as early as next year, as part of a campus housing a $10 billion liquid crystal display (LCD) factory due for 2020. Foxconn, which makes electronics under contract for clients such as Apple Inc ( AAPL.O ), announced its $10 billion plan at the White House in July, saying the LCD plant would occupy 1,000 acres in the state''s south east. Foxconn, formally Hon Hai Precision Industry Co Ltd ( 2317.TW ), said it will begin by setting up a back-end packaging line, high-precision molding line and end-device assembly line. It may also start importing glass from Taiwan, China and Japan. The three facilities will require combined investment of under $1 billion, Louis Woo, special assistant to Foxconn Chairman Terry Gou, told Reuters on Monday. The jobs they generate will fall under the 13,000 positions that Foxconn has said its $10 billion investment would directly create, Woo said. FILE PHOTO - The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan on March 29, 2016. Tyrone Siu/File Photo Wisconsin''s Republican-controlled state Assembly voted last week to approve a bill aimed at establishing a $3 billion incentive package for the plant. The bill next needs approval from the joint finance committee - with members from both the Assembly and state Senate - as well as from the Senate before going to the governor. Foxconn expects a final decision on the matter in September, and if the bill wins final approval, the firm will immediately begin land survey work, Woo said. He also said Foxconn is considering investing in other states, but has not finalised any plans. Michigan state''s governor recently met Gou at a Foxconn facility in the southeastern Chinese city of Shenzhen. Reporting by Jess Macy Yu; Editing by Miyoung Kim and Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-foxconn-wisconsin-idUSKCN1B111G'|'2017-08-21T13:19:00.000+03:00'
'6795debfccbcc60bcc4a3e95b080c00faee1271a'|'Thousands still unable to claim free childcare after HMRC site problems'|'Thousands are still unable to apply to claim free childcare because of technical difficulties with HMRC’s website, a letter to the Treasury select committee chair, Nicky Morgan , has revealed.Morgan said she would quiz the department at the committee’s hearing in the autumn, after the HMRC chief executive, Jon Thompson, wrote to her admitting that 2,600 parents are still waiting for technical issues to be resolved.Thompson wrote to Morgan apologising for the problems on the new website, launched in April, which allows parents to apply for two separate government schemes: tax-free childcare and 30 hours of free childcare for three- and four-year-olds.“I am very sorry that some parents have experienced problems and have not received the service we aim to deliver,” he said. “We have emailed all these parents and are working to resolve these issues as quickly as possible.”Morgan said it was clear further improvements needed to be made to the system, though HMRC said it had been issuing voucher codes manually to eligible parents for free childcare if they were unable to make the website work.A helping hand with childcare: options to make your child and wallet happy Read more“Whilst it is welcome that HMRC has made significant improvements to the website since it was launched in April, thousands of parents are still unable to apply for the childcare to which they are entitled in the way that the government has envisaged,” she said. “Clearly, further improvements are still required.”Morgan said the Treasury select committee, one of parliament’s most influential committees, would question representatives of HMRC on the technical issues with the childcare service website when they are called to give evidence.In his letter to Morgan, Thompson said that from 244,000 applications, 208,000 parents had been found eligible for one or both of the schemes but more than 2,600 still needed a technical issue to be resolved before HMRC could confirm their eligibility.The department said it had paid out more than £45,000 to parents as compensation for government top-ups that parents would have received if they had been able to access their accounts.Thompson said the number of people experiencing significant difficulties was low, around 1% of all applicants, and said the system was on course to meet the Department for Education’s estimates for free childcare take-up by the end of August.The letter also states that 5% of applicants have encountered a “technical difficulties” while using the service, and that HMRC has received 1,507 complaints about the service, more than 90% of which were to do with technical issues.The website has been down for more than 160 hours since it launched on 21 April, Thompson said, though he added that approximately half of that time was maintenance between 10pm and 8am in order to limit the impact on parents.Topics Childcare HMRC Nicky Morgan Children news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/23/thousands-still-unable-to-claim-free-childcare-after-hmrc-site-problems'|'2017-08-23T07:01:00.000+03:00'
'96e21698f84ab88ac1591dabeba3cba658c32fc2'|'Morning News Call - India, August 23'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Income Tax Principal Chief Commissioner Akhilesh Ranjan, National Council of Direct Taxes Chairman Rahul Garg and others at 14th International Tax Conference in New Delhi. 12:30 pm: Reserve Bank of India Deputy Governor N.S. Vishwanathan at national summit of NBFCs in New Delhi. 1:00 pm: Niti Aayog CEO Amitabh Kant to launch online nationwide mentor India campaign in New Delhi. 2:00 pm: Insolvency and Bankruptcy Board of India Chairperson M.S. Sahoo at conference on mergers and acquisitions in New Delhi. 3:00 pm: Larsen & Toubro Technology Services annual general meeting in Mumbai. 3:00 pm: IRB Infrastructure Developers annual general meeting in Mumbai. 3:00 pm: Tata Power annual general meeting in Mumbai. 4:00 pm: Energy Efficiency Services MD Saurabh Kumar, Central Electricity Regulatory Commission Chairperson Gireesh Pradhan at Environment and Energy Conclave in Kolkata. 6:30 pm: Infosys Founder Narayan Murthy to address investors in conference call in Mumbai. GMF: GREEK PROGNOSIS We discuss the outlook for Greece in the context of Europe''s economic recovery with Yannis Koutsomitis, European affairs analyst and Columnist at Eleftheria tou Typou weekly at 2:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • India grants Pfizer patent on pneumonia vaccine in blow to aid group India has granted Pfizer a patent for its powerful pneumonia vaccine Prevenar 13, in a blow to some health groups that said this would put the treatment out of reach of thousands in poorer nations. • India bonds, FX markets muted as bank strike hits settlement India''s bonds and exchange rate markets saw low volumes on Tuesday as a strike by most bank employees to protest bank consolidation and rise in bad loans was expected to hit settlement of trades, dealers said. • Essar to pay $1.18/share to minority shareholders -statement Essar Group will pay 75.48 rupees ($1.18) apiece to the minority shareholders who tendered Essar Oil shares under a delisting offer ahead of the company''s sale to a consortium led by Russian oil major Rosneft, the company said. • Muslim divorce law "unconstitutional", rules India''s top court India''s Supreme Court on Tuesday ruled a Muslim instant divorce law unconstitutional, a landmark victory for Muslim women who have spent decades arguing that it violated their right to equality. GLOBAL TOP NEWS • Trump''s Afghan decision may increase U.S. air power, training The U.S. Air Force may intensify its strikes in Afghanistan and expand training of the Afghan air force following President Donald Trump''s decision to forge ahead with the 16-year-old war, its top general told Reuters on Tuesday. • U.S. targets Chinese, Russia entities for helping North Korea The United States on Tuesday imposed new North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang''s weapons programs, but stopped short of an anticipated focus on Chinese banks. • Severe Typhoon Hato wreaks havoc in Hong Kong, flights cancelled, trading delayed Hong Kong braced for Typhoon Hato, a maximum category 10 storm on Wednesday, with hundreds of flights cancelled, trading in financial markets suspended and schools and most businesses in the Asian financial hub closed. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures was trading at 9,819.00, trading up 0.3 pct from its previous close. • The Indian rupee will likely open slightly higher against the dollar, as hopes that U.S. President Donald Trump’s administration may be able to pass tax reforms supported risk appetite. • Indian government bonds are likely to edge lower as the market prepares for a fresh supply of notes this week. The yield on the benchmark 6.79 pct bond maturing in 2027 is likely to trade in a 6.52 pct-6.57 pct band. GLOBAL MARKETS • U.S. stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers'' comments on tax reform and the debt ceiling boosted investor optimism. • Asian stocks steadied, taking a breather after the previous day''s surge and unable to keep up with a global rally spurred by gains for tech shares on Wall Street and miners in Europe. • The dollar edged higher against a basket of currencies, after getting a boost the previous day as investors adjusted positions ahead of a global central bankers'' conference later this week. • U.S. Treasury yields rose on Tuesday as investors awaited speeches by top central bankers later in the week for signals about monetary policy, and in the absence of major economic data. • Oil prices fell, squeezed between concerns of oversupply, sparked by rising Libya output, and fears of reduced future investment in the industry. • Gold edged lower on a firm dollar, with investors looking for direction from geopolitical headlines and a key annual central banking conference this week in Jackson Hole in the United States. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.11/64.14 August 22 -$129.4 mln $183.93 mln 10-yr bond yield 6.8 pct Month-to-date -$1.76 bln $1.52 bln Year-to-date $7.22 bln $22.67 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.10 Indian rupees) (Compiled by Nivedita Balu in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1L91P8'|'2017-08-23T01:24:00.000+03:00'
'a2b65b6c49d7cdb967779660664c7dcd341404b7'|'Mutual funds mark down investments in Uber by up to 15 percent - WSJ'|' 23 AM / 10 minutes ago Mutual funds mark down investments in Uber by up to 15 percent - WSJ Reuters Staff 2 Min Read FILE PHOTO - An Uber sign is seen in a car in New York, U.S. June 30, 2015. Eduardo Munoz/File Photo (Reuters) - Four mutual fund companies have marked down their investments in Uber Technologies Inc [UBER.UL] by as much as 15 percent following the ride-hailing company''s scandal-ridden year, The Wall Street Journal reported on Tuesday. Three of the investors, Vanguard Group, Principal Funds and Hartford Funds, all marked down their shares by 15 percent to $41.46 a share for the quarter ended June 30, according to the fund companies'' latest disclosure documents, the Journal reported. A fourth investor, T. Rowe Price Group Inc ( TROW.O ), cut the estimated price of its Uber shares by about 12 percent to $42.70. Another investor, Fidelity Investments, maintained its estimate of $48.77 as of June 30, The Wall Street Journal reported. Graph ( on.wsj.com/2vmSe6T ) Representatives of Uber and the five fund companies could not be reached immediately for comment. Uber has suffered a series of setbacks in recent months, including a federal probe into the company''s use of technology to evade regulators in certain cities and a trade secrets lawsuit filed by Alphabet Inc''s ( GOOGL.O ) self-driving unit, Waymo. In addition, its chief executive Travis Kalanick resigned, also pressured by accounts of a culture of sexism and bullying at Uber. The ride-hailing company grew to a valuation of $68 billion in seven years amid non-stop controversy. It has upended the tightly regulated taxi industry in many countries and changed the transportation landscape. Reporting by Laharee Chatterjee; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-uber-mutual-funds-idUKKCN1B3048'|'2017-08-23T04:23:00.000+03:00'
'90a00aa0bbb06c1684e9775b8cb6fd788b3432f8'|'Air Berlin creditors meet as bidders jockey for position'|'FILE PHOTO:German carrier Air Berlin aircrafts are pictured at Tegel airport in Berlin, Germany, June 14, 2017. Hannibal Hanschke /File Photo FRANKFURT/BERLIN (Reuters) - Lufthansa ( LHAG.DE ) has submitted a letter of interest in Air Berlin''s Niki unit and other parts of the insolvent carrier, a source familiar with the talks said on Wednesday.Air Berlin, which is being kept in the air thanks to a 150 million euro ($177 million) government loan, has been in talks with interested parties since last week when it filed for insolvency after major shareholder, Gulf carrier Etihad, said it would no longer provide funding.Part of Air Berlin''s appeal to bidders lies in its access to take-off and landing slots at airports such as Duesseldorf, in Germany''s most populous region.Lufthansa said in a statement on Wednesday evening it reaffirmed that it was keen to absorb part of Air Berlin. "The interest in a takeover of parts of Air Berlin Group was reinforced with a termsheet presented today," Lufthansa said.As part of a restructuring this year, Air Berlin transferred leisure routes to tourist destinations in Spain and Greece to its Austria-based unit Niki, founded by former F1 driver Niki Lauda. Analysts at Goodbody said buying Niki would strengthen Lufthansa''s position against Ryanair ( RYA.I ) on such routes.For 2017, Lufthansa Group, including budget unit Eurowings, has a market share of about 22.4 percent on Germany-Spain routes, against 16.4 percent for Ryanair.Lufthansa is unlikely to be able to buy all of Air Berlin for competition reasons. Together the two would control around 95 percent of German domestic routes, for example.Ryanair CEO Michael O''Leary told Reuters on Tuesday he would be interested in a bid for Air Berlin as a whole, but complained Ryanair hadn''t been invited to the process, which he sees as heavily favoring Lufthansa.German aviation investor Hans Rudolf Woehrl, who wants to buy Air Berlin as a whole, has also criticized the process, saying he was not invited to bid.Another source familiar with the matter said Thomas Cook''s German airline Condor is also part of the negotiations. It was not immediately clear which assets Condor was interested in.EasyJet ( EZJ.L ) is also said to be weighing up Air Berlin''s assets.TUI ( TUIT.L ) said it was involved but only in those talks that relate to 14 planes that its TUIfly unit rents to Air Berlin. TUI has been seeking options for TUIfly since plans to put it into a leisure-oriented venture with Niki and Etihad collapsed in June.Thomas Cook ( TCG.L ), Lufthansa and easyJet declined to comment.Any sale will be decided by a creditor committee, which met for the first time on Wednesday and includes representatives from Air Berlin, the federal labor office which is paying staff wages, Commerzbank, and Eurowings.Reporting by Victoria Bryan, Ilona Wissenbach, Alexander Huebner and Klaus Lauer; Editing by Matthew Mpoke Bigg'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-idINKCN1B30TD'|'2017-08-23T06:51:00.000+03:00'
'3c1f08cf53913d867f1e98bc4ec0755ec8c16d53'|'Mutual funds mark down investments in Uber by up to 15 percent: WSJ'|'August 23, 2017 / 1:23 AM / 11 hours ago Mutual funds mark down investments in Uber by as much as 15 percent 2 Min Read The Uber logo is seen on a screen in Singapore August 4, 2017. Thomas White NEW YORK (Reuters) - Four mutual fund companies have marked down their investments in Uber Technologies Inc [UBER.UL] by as much as 15 percent following a scandal-ridden year for the ride-hailing company. Uber has suffered a series of setbacks in recent months, including a federal probe into its use of technology to evade regulators in certain cities and a trade secrets lawsuit filed by Alphabet Inc''s ( GOOGL.O ) self-driving unit, Waymo. Chief Executive Travis Kalanick also resigned in June, pressured by accounts of a corporate culture of sexism and bullying. Vanguard Group, Principal Funds and Hartford Funds marked down their shares in Uber, which is not listed, by 15 percent to $41.46 a share in June, filings from the companies showed. T. Rowe Price Group Inc ( TROW.O ) cut the estimated price of Uber shares by more than 12 percent to $42.73 during the second quarter ended June 30. Another investor, Fidelity Investments, appeared to have maintained its estimate of $48.77 as of June 30. Vanguard spokeswoman Arianna Stefanoni Sherlock declined to comment on the reasons for the reduced valuation. Representatives for the other mutual fund companies and Uber could not be reached immediately for comment. Uber was most recently valued last year at $68 billion. Amid non-stop controversy, it has upended the tightly regulated taxi industry in many countries and changed the transportation landscape. The new estimates for Uber shares were first reported by the Wall Street Journal. Reporting by Trevor Hunnicutt and Laharee Chatterjee; Editing by Sunil Nair and Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-uber-mutual-funds-idUSKCN1B3044'|'2017-08-23T04:23:00.000+03:00'
'bddf25367f2e3cbb6a3e0bcb1fd87489af0c0a10'|'Cabinet approves plans to merge some state-run banks - TV'|'August 23, 2017 / 7:49 AM / 3 hours ago India to speed up state bank mergers for broader economic revival Rajesh Kumar Singh and Devidutta Tripathy 3 Min Read A cashier counts Indian banknotes as customers wait in queues inside a bank in Chandigarh, November 10, 2016. Ajay Verma/Files NEW DELHI/MUMBAI (Reuters) - India approved a proposal on Wednesday to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth. Prime Minister Narendra Modi will name the members of the panel, which will oversee proposals for mergers from the boards of the banks, Finance Minister Arun Jaitley said after a meeting of the federal cabinet. New Delhi owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia''s third-biggest economy. But these banks also account for the lion''s share of more than $150 billion in sour assets plaguing the sector, and need billions of dollars in new capital in the next two years to meet global Basel III capital norms. Banking sector reforms are a major plank of Modi''s administration to revive credit growth, which has slowed to multi-decade lows as banks struggle with bad loans. After top lender State Bank of India merged with its five subsidiary banks and also took over a niche state-run lender for women earlier this year, officials have said that more deals are being planned. "The object is to create strong banks," Jaitley told reporters, adding decisions would be solely based on "commercial considerations". The minister also said the onus of initiating such merger proposals would be on the boards of the banks. Local ratings agency CRISIL, a unit of Standard & Poor''s, said the new mechanism was an important first step towards kick-starting the consolidation process. While analysts and investors have hailed the government''s plan to have fewer but nimbler banks, they are sceptical of the benefits of merging two or more weak banks or a weak bank with a stronger bank that could strain the stronger entity. Bank employee unions have also opposed merger proposals over concerns they could lead to job losses. A million bank workers observed a one-day strike on Tuesday opposing bank mergers. Nine of the 21 state-run banks reported a net loss for the last financial year ended March. Thirteen had posted losses the previous financial year. Non-performing loans in the state banking sector have more than doubled in the past two years and were 12.5 percent of their total loans at the end of March. Including restructured loans, total stressed assets were more than 15 percent, central bank data shows. State-run banks as a group had a negative return on assets at the end of March, the central bank said. State lenders'' shares rose after the cabinet approval with the Nifty state bank index closing 2.1 percent higher in the Mumbai market that gained 0.9 percent. Punjab National Bank, the second-biggest government-owned lender by assets, gained 3.4 percent, while No.3 Bank of Baroda added 1.2 percent. Canara Bank rose 2.9 percent. Reporting by Rajesh Kumar Singh and Devidutta Tripathy; Editing by Nick Macfie 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-banks-m-a-idINKCN1B30O6'|'2017-08-23T10:49:00.000+03:00'
'8f40b5437c70ae28025153015ec435d857ea026f'|'Ryanair says would be interested in buying all of Air Berlin'|'August 22, 2017 / 5:02 PM / 9 minutes ago Ryanair''s O''Leary would be interested in buying all of Air Berlin Victoria Bryan 3 Min Read FILE PHOTO: A Ryanair aircraft parks at tarmac of Fraport airport in Frankfurt, Germany, November 2, 2016. Kai Pfaffenbach/File Photo BERLIN (Reuters) - Ryanair ( RYA.I ) would be interested in bidding for the whole of insolvent German carrier Air Berlin ( AB1.DE ), but it needs access to more data on the airline''s finances, Chief Executive Michael O''Leary told Reuters. "We would be very happy to bid for the whole of Air Berlin, which is generally a short-haul, domestic, intra-EU carrier," O''Leary said by telephone. "But we don''t know how much restructuring it will take, how much money is it losing, why is it losing so much money in a market where we make money," he said. O''Leary complained that the Air Berlin insolvency process is a "stitch-up" to help strengthen Lufthansa ( LHAG.DE ). "What''s going to be left by the time Lufthansa completes the discussions?" he asked, referring to comments last week that Lufthansa was first in line for talks. Air Berlin CEO Thomas Winkelmann however was quoted in an interview with Handelsblatt daily as saying the "data room" giving details on its finances had been open since May, when it first said it was looking for partners. "Mr. O''Leary is wholeheartedly invited to help us save jobs," a spokesman for Air Berlin said. Ryanair said Winkelmann''s comments on the data room seemed out of date considering the insolvency filing was only made this month. O''Leary told Reuters Ryanair needed information on Air Berlin''s leases, employment contracts and terms with airports before it could determine how much restructuring it would need. Ryanair uses Boeing 737 planes, while Air Berlin flies Airbus A320s, but O''Leary said Ryanair would use those Airbus aircraft to continue Air Berlin''s operations in the event of a takeover. O''Leary said Ryanair, which bought budget carrier Buzz from KLM in 2003, was keen to play a role in the changes going on in the European airline industry. It has also said it would be interested in taking on insolvent Alitalia if it can be restructured. "We are clearly going to play a role in the consolidation of the European airline industry, given that we''re the biggest airline in Europe," O''Leary said. He predicted that in five years'' time there would be only four or five airline groups in Europe - Ryanair, Lufthansa, Air France-KLM ( AIRF.PA ), British Airways parent IAG ( ICAG.L ) and possibly easyJet ( EZJ.L ). "Everything will all get consolidated into four or five big groups. It''s always hard to predict the demise of an individual airline but that''s what happens," he said. Reporting by Victoria Bryan; Editing by Maria Sheahan and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-ryanair-idUKKCN1B21Y8'|'2017-08-22T20:01:00.000+03:00'
'97b3a75e48819332496c87ee1e7129eff152afa3'|'Provident Financial CEO quits, dividend cancelled after fresh profit warning'|'August 22, 2017 / 6:38 AM / 23 minutes ago UK lender Provident plunges on profit warning, CEO goes Noor Zainab Hussain 6 Min Read (Reuters) - Provident Financial ( PFG.L ) had almost 2 billion pounds wiped off its market value after its second profit warning in quick succession prompted the departure of CEO Peter Crook and suspension of its dividend. The British sub-prime lender''s earnings have been hit by unresolved problems at its door-to-door lending business, with the group''s woes compounded by its additional disclosure on Tuesday that it has halted sales of one of its products pending an investigation by Britain''s financial watchdog. Shares in Provident tumbled by as much as 75 percent, the biggest fall on Europe''s Stoxx index. By 1416 GMT, the shares were down 67.7 percent at 564 pence. Provident first warned about problems at its door-to-door lending operation in late June, but said on Tuesday the situation had deteriorated and the business was now set to lose between 80 million and 120 million pounds this year. Founded in 1880, Provident has been trying to reorganise a door-to-door lending business that has traditionally relied on self-employed agents offering high-interest loans of about 100-1,000 pounds and collecting repayment through weekly visits. But it has been unable to recruit enough people for its plan to replace the 5,000 or so external agents with 2,500 direct employees. The number of existing agents applying for the new roles fell short of expectations. "We didn''t get it right," Crook said in June, citing inadequate staff-retention incentives among the factors. That has resulted in lower sales and a debt-collection backlog, scuppering hopes that Provident, which provided loans through the Wall Street crash of 1929 and both World Wars, would benefit from a growing consumer base as real wages came under threat from Britain''s exit from the European Union. ''POORLY EXECUTED TRANSITION'' "Reversing everything is not currently being contemplated," Finance Director Andrew Fisher told analysts. "It''s about recovering from a very poorly executed transition, that''s what we are focused on." Crook, who had been CEO for more than 10 years, had decided to step down with immediate effect, the company said. Crook did not respond immediately to a request for comment via LinkedIn. Manjit Wolstenholme, who Provident appointed as executive chairman on Tuesday, said her priority was turning round the group and protecting its franchises, dismissing suggestions the home credit arm could be sold. The division''s rate of collection of outstanding debt has dropped to 57 percent from 90 percent in 2016, with weekly sales down by about 9 million pounds. Fisher said there was no indication of any underlying credit quality issues as of June 30. Analysts said competitors would be interested in parts of Provident''s business, though there was no consensus on the value of the home credit operation. "If you''re a potential acquirer, would you look at a business that''s losing 100 million pounds each year and doesn''t have a proven model?" said Peel Hunt analyst Stuart Duncan. The slump in Provident''s share price proved lucrative for some hedge funds, which had been building short positions in recent days. The biggest shorts were held by AQR Capital, Lansdowne Partners and Systematica, filings showed. Lansdowne Partners potentially made about $32 million from its investment in Provident between Monday''s close and 0900 GMT on Tuesday, during which time the price slumped to 745 pence from 1,745 pence. Lansdowne declined to comment Provident''s two biggest shareholders are Invesco Asset Management and Woodford Investment Management, which between them own about 40 percent of the group. Invesco declined to comment. "I am hugely disappointed by what has happened to the consumer credit division but I continue to believe that it will, ultimately get back on track. This business has been around for more than a century and I believe it will be around for many decades to come," Neil Woodford, head of investment at Woodford Investment Management, told Reuters via email. Woodford added that with some stabilisation in the consumer credit division with a smaller customer base, the group should deliver pretax profit of more than 300 million pounds in 2019. FCA INVESTIGATION Against the backdrop of broader public and political criticism of the high-interest lending sector in general, Provident must also contend with lost income resulting from the Financial Conduct Authority (FCA) investigation disclosed on Tuesday. The FCA is looking at the Repayment Option Plan (ROP) offered by Provident''s Vanquis Bank. The ROP allows customers, for example, to take a break from monthly debt repayments, but the service comes with a fee. ROP contributes 70 million pounds to Provident''s annual gross revenue before impairments and costs. The company said it had agreed with the FCA to suspend all new sales of ROP last year and to contact existing costumers. Vanquis Bank also agreed with the Prudential Regulation Authority, pending the outcome of the FCA investigation, not to pay dividends to its parent company or conduct some transactions without regulatory consent. Provident said it would withdraw the interim dividend it announced in July and that it was unlikely to pay a full-year dividend, which Fisher estimated would save 200 million pounds. This, coupled with normal banking headroom, meant the business should have adequate funds to ride out the turnaround, he said. Analysts were less bullish. "The shares are not investable until greater clarity is received, which may not be until next year at the earliest," RBC analysts wrote. Additional reporting by Esha Vaish, Maiya Keidan and Carolyn Cohn; Editing by Rachel Armstrong, David Goodman and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-provident-financial-outlook-idUKKCN1B20HV'|'2017-08-22T09:37:00.000+03:00'
'584eb5c1c247a375719c22b3c7baafeb683fb02f'|'Nestle, Unilever, Tyson and others team with IBM on blockchain'|'FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company IBM (IBM) is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. Lucy Nicholson/File Photo CHICAGO/NEW YORK, (Reuters) - Nestle SA, Unilever Plc, Tyson Foods Inc and other large food and retail companies have joined IBM''s project to explore how blockchain technology can help track food supply chains and improve safety, the companies said in a joint statement on Tuesday.Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared record of data maintained by a network of computers, rather than a trusted third party.A total of 10 companies said they will share data and run trials with IBM, including Kroger Co, Dole Food Company Inc, McCormick & Company Inc, Golden State Foods Corp, Driscoll''s Inc and Berkshire Hathaway''s McLane Co.Wal-Mart Stores Inc also is participating and has worked with IBM since October to track the movement of food products."It is not just about building the technology, it is about building the ecosystem," Brigid McDermott, vice president for blockchain business development at IBM, said.Wal-Mart said in June that blockchain trials had helped it narrow the time it took to trace the movement of mangoes to 2.2 seconds from about seven days.A single recall could cost anything from tens of thousands to millions of dollars in lost sales, Wal-Mart''s head of food safety, Frank Yiannas, told Reuters last month.Skeptics have warned that the technology is still in its early days and it may take years before companies reap benefits. Retailers also are fiercely competitive and have a poor track record for collaboration, notably the demise of mobile payment app CurrentC, another highly anticipated industry venture."Yes, the industry is cautious because this could be the next best thing since sliced bread but you wouldn''t say everything was fine and dandy after a trial you had with just two suppliers," Kroger''s head of food safety Howard Popoola told Reuters."The key right now is to involve suppliers and retailers and see how well we can share data to oil the IBM blockchain machine," he said. "This is an opportunity for us to speak with one voice and say to the world that food safety is not going to be a competitive issue."IBM also said it was launching a blockchain platform that could make it easier for large companies to develop applications using the technology.Because blockchain can quickly trace the hundreds of parties involved in the mass production and distribution of food, it is expected to make it easier to identify the source of potential contamination during food safety scares.Reporting by Richa Naidu in Chicago and Anna Irrera in New York; Editing by Lisa Shumaker and Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/ibm-retailers-blockchain-idINKCN1B21BB'|'2017-08-22T15:09:00.000+03:00'
'15eca13996f54ec524cf49839865ea0a3dcc4ac7'|'FTSE gains clouded by Provident Financial''s ''catastrophic'' slump'|'August 22, 2017 / 9:23 AM / an hour ago FTSE gains clouded by Provident Financial''s ''catastrophic'' slump Danilo Masoni 3 Min Read People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Suzanne Plunkett/File photo MILAN (Reuters) - A fall of more than 60 percent by subprime lender Provident Financial ( PFG.L ) following another profit warning dominated London trading on Tuesday, although the broader market was supported by stronger commodities and a weaker pound. The blue-chip FTSE 100 .FTSE index rose 0.9 percent, underpinned by mining shares and gains in almost all stocks. The mid-cap index .FTMC , which is more domestically focussed and is often penalised when sterling falls, added 0.5 percent. Provident Financial tumbled 66 percent, its biggest ever daily drop, after it issued its second profit warning in two months, cancelled its dividend and said its chief executive was leaving. "A catastrophic share price drop in a subprime lender – it''s like the last 10 years never happened. Is this a Northern Rock moment? Probably not – this is more about management failings than a market-wide issue. Rivals are taking market share," said Neil Wilson, senior market analyst at ETX Capital. "Management will take a long time to regain credibility. This comes just a couple of months after a profits warning off the back of the disruption of moving to the new operating model," Wilson said. BHP Billiton ( BLT.L ) rose 2.1 percent after the world''s largest mining company reported a surge in underlying full-year profits and said it would exit its underperforming U.S. shale oil and gas business. Antofagasta ( ANTO.L ), which also reported well-received results as it tripled its dividend after its first-half profits surged, gained 1.9 percent. Also among top gainers on the FTSE, Rio Tinto ( RIO.L ) and Glencore ( GLEN.L ) both rose more than 2 percent, as the price of copper climbed to a three-year high. Mid-cap miner Kaz Minerals ( KAZ.L ) surged more than 7 percent. Its shares have more than doubled this year, prompting Goldman Sachs analysts to downgrade the stock to neutral even if its business is expected to show strong growth in the next two years. Oil companies Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) also gained as crude oil prices rose. Elsewhere, shares in UK homebuilder Persimmon ( PSN.L ), up 1.7 percent, touched a record high after it posted a 30 percent rise in first-half profit. For graphic on Provident Financial''s shares, click - reut.rs/2v32gPj Reporting by Danilo Masoni; Editing by Larry King and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B20V6'|'2017-08-22T12:24:00.000+03:00'
'47b2da78dd602cd7869c4de05b4f08fcbda5ebaa'|'China Unicom Shanghai unit says to raise $9.25 billion, less than flagged'|'August 21, 2017 / 12:52 AM / 3 hours ago China regulator says Unicom''s reform plan does not violate rules; shares surge Donny Kwok and Sijia Jiang 4 Min Read FILE PHOTO - China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China Unicom''s $11.7 billion ownership reform plan does not violate rules, the nation''s securities regulator said, helping shares in the telecom group''s units surge as they resumed trade on Monday after speculation that the deal was under scrutiny. The deal, in which Unicom''s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ) and Baidu ( BIDU.O ), for funds, had sown much confusion after it was first announced last Wednesday. China Unicom had taken down a statement from the Shanghai stock exchange last week, citing technical issues, and shares in both units remained suspended last week. But late on Sunday, the telecoms group reiterated it was planning to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that has been billed as a model case for revitalizing Chinese state firms with private capital. "After going through the relevant legal procedures with the National Development and Reform Commission (NDRC) and other departments, the China Securities and Reform Commission (CSRC) will treat the private placement in China Unicom''s ownership reform as an exceptional case," the CSRC said in a statement late on Sunday. Chinese media had speculated the deal violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February. Some analysts said bumps in the process were only to be expected as it was a complicated process, and the CSRC is unlikely to grant more exceptions to its rules concerning private placement. "The confusion was likely to have resulted from a lack of coordination among different government authorities, in this case, the NDRC and CSRC, in addressing China Unicom’s private placement plan as part of its hybrid ownership initiative," said Wang Ying, senior director at ratings agency Fitch. "We think future cases are more likely to involve greater communication and coordination between the NDRC and CSRC, such that the plans will be in compliance with existing regulations." Shares of Shanghai-listed China United Network Communications Ltd ( 600050.SS ) surged 10 percent, the maximum daily limit, on Monday while those of the group''s Hong Kong unit, China Unicom Hong Kong Ltd ( 0762.HK ), also climbed as much as 10 percent to their highest level in more than two years, before ending 3.5 percent higher. The Shanghai unit''s shares had been suspended since April, while the Hong Kong unit''s shares were halted from Wednesday. China Unicom Hong Kong said in a statement on Monday that all the terms of the ownership-reform plan were consistent with those announced previously. A source familiar with the deal said not everyone was on the same page when the announcement came out on Wednesday but all parties were now fully committed. The source, who was not authorized to speak to the media, declined to be identified. ($1 = 6.6700 Chinese yuan) Additional reporting by Kane Wu and Umesh Desai; Editing by Edwina Gibbs and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-china-unicom-sale-idUSKCN1B101N'|'2017-08-21T03:52:00.000+03:00'
'be2cf9fcbf773b56124d7e32a04d4fa44a832895'|'Energy Future drops Oncor deal with Buffett in favour of $9.45 billion Sempra bid - sources'|'August 21, 2017 / 2:15 AM / 21 minutes ago Sempra snatches Oncor from Buffett with $9.45 billion bid: sources Greg Roumeliotis 5 Min Read FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo (Reuters) - Bankrupt Texas utility Energy Future Holdings will abandon a deal to sell power transmission company Oncor to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) for $9 billion and will accept a $9.45 billion bid for Oncor by Sempra Energy ( SRE.N ) instead, people familiar with the matter said. The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators. It is also a defeat for Greg Abel, the 55-year-old chief executive of Berkshire''s energy unit who many investors consider a top candidate to eventually succeed Buffett, 86, at the Omaha, Nebraska-based parent company''s helm. Energy Future''s board decided to make the switch on Sunday after Sempra also offered assurances it could get its acquisition of Oncor approved by the Public Utility Commission of Texas (PUCT), as well as a U.S. bankruptcy judge, the sources said. Berkshire had issued a statement last week to say it would not be raising its offer for Oncor. However, in response to Sempra''s bid, Berkshire offered to allow Energy Future to keep an Oncor dividend, but that proposal was not enough to bridge the gap in price, the sources added. The sources asked not to be identified because the decision has not yet been officially announced. Sempra and Berkshire did not immediately respond to requests for comment. Oncor and Energy Future declined to comment. The bidding war for Oncor underscores how power generation is becoming more commoditized and less lucrative in the eyes of utilities, which have become wary of their exposure to volatile energy prices. Instead, many utilities are now hungry for electricity distribution assets with a growing demographic base and stable cash flows. Dallas-based Oncor delivers power to more than 3.4 million homes and businesses through roughly 122,000 miles (196,000 km) of transmission and distribution lines. Hedge fund Elliott Management Corp, which is Energy Future''s biggest creditor, had opposed the sale to Berkshire, arguing it undervalued Oncor and threatening to veto the deal. Elliott had also been trying to put together its own bid for $9.3 billion to buy Oncor. Sempra decided to make an offer for Oncor in the last three weeks, after seeing the opposition that Berkshire faced from Elliott as an opportunity to interlope, according to the sources. The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake Elliott has now indicated it will support Oncor''s sale to Sempra, one of the sources said. Elliott did not immediately respond to a request for comment. Berkshire had told the PUCT it would accept "ringfencing" on its acquisition of Oncor, restricting its ability to extract cash from the company or add more debt to it. Sempra has now indicated it that will make similar concessions on ringfencing, according to the sources. Based in San Diego, Sempra owns and operates electric and gas utilities in the United Sates and South America, including San Diego Gas & Electric and SoCalGas in California, Luz del Sur in Peru, and Chilquinta Energía in Chile. It has a market capitalization of $29.2 billion. Sempra is no stranger to Texas. Earlier this year, it signed a memorandum of understanding with Korea Gas Corp for the development of a liquefied natural gas liquefaction project in Port Arthur, Texas. PREVIOUS ONCOR DEALS SHOT DOWN Earlier this year, the PUCT shot down the sale of Oncor to NextEra Energy Inc ( NEE.N ) because it considered the proposed financial structure too risky for ratepayers. A separate plan to sell Oncor to a group of creditors and investors led by privately held Hunt Consolidated Inc of Texas collapsed in 2016, after hitting obstacles at the regulator. As a result, Energy Future has been stuck in bankruptcy since it filed for Chapter 11 protection in 2014, as plans to sell Oncor, repay creditors and fund its exit collapsed under regulatory scrutiny. Buyout firms KKR & Co LP ( KKR.N ), TPG Capital LP and Goldman Sachs Group Inc''s ( GS.N ) private equity arm took Energy Future private in 2007, in the biggest ever leveraged buyout with a deal size of $44 billion, including debt. But the debt pile placed on the company proved unsustainable, as Energy Future was hit by a steep decline in natural gas prices that in turn led to depressed power prices. (Corrects preposition in paragraph 7) Reporting by Greg Roumeliotis in New York; Editing by Mary Milliken and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-oncor-m-a-sempraenergy-idUKKCN1B1041'|'2017-08-21T04:58:00.000+03:00'
'0f790e408d50582f874befa5f4603c34d0633fe0'|'Trump warns may terminate NAFTA treaty'|'August 23, 2017 / 5:38 AM / 4 hours ago Trump warns may terminate NAFTA treaty Reuters Staff 2 Min Read PHOENIX (Reuters) - U.S. President Donald Trump warned on Tuesday he might terminate the NAFTA trade treaty with Mexico and Canada after three-way talks failed to bridge deep differences. The United States, Canada and Mexico wrapped up their first round of talks on Sunday to revamp the trade pact with little sign of a breakthrough coming. Trump reopened negotiations of the 1994 treaty out of concern U.S. economic interests were suffering. "Personally, I don''t think we can make a deal. I think we’ll probably end up terminating NAFTA at some point," Trump said at a political rally in Phoenix, Arizona. Suggesting a termination might help jumpstart the negotiations, Trump said: "I personally don’t think you can make a deal without a termination." Following Trump''s remarks, Mexican foreign minister Luis Videgaray tweeted: "No surprises: we''re already in a negotiation. Mexico will remain at the table with serenity, firmness and with the national interest ahead." In a joint statement issued at the end of five days of negotiations in Washington, the top trade officials from the three countries said Mexico would host the next round of talks from Sept. 1 to 5. The talks will move to Canada later in September, then return to the United States in October, with additional rounds planned for later this year. Reporting by Steve Holland in Washington and Dave Graham in Mexico City; Editing by Nick Macfie 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-trump-nafta-idUKKCN1B30F3'|'2017-08-23T08:37:00.000+03:00'
'4aae13ef2099e13603c8eb8e6d0762c821b21a5c'|'PRESS DIGEST- New York Times business news - Aug 23'|'Aug 23 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- A Chinese court has ruled that three domestic shoemakers must pay New Balance $1.5 million in damages and legal costs for infringing the American sportswear company''s signature slanting "N" logo, in what lawyers said was the largest trademark infringement award ever granted to a foreign business in China. nyti.ms/2vd3jYZ- European antitrust regulators opened an in-depth investigation on Tuesday into Bayer AG''s $56 billion deal for Monsanto Co, a transaction that would create the world''s largest integrated pesticides and seeds company. nyti.ms/2g3YOx8- According to two company officials, Fiat Chrysler Automobiles NV has been in discussions with a number of Chinese companies about potential equity investments or other deals involving its Ram pickup division and the Jeep brand. nyti.ms/2vXdnIr- Last Wednesday, even as top executives were abandoning President Donald Trump''s business advisory councils after his remarks on white supremacist violence in Charlottesville, other industry leaders were busy making their interests known to a business-friendly White House. nyti.ms/2vd9wEv- Alphabet Inc''s Google and Wal-Mart Stores Inc said Google would start offering Walmart products to people who shop on Google Express, the company''s online shopping mall. It''s the first time the world''s biggest retailer has made its products available online in the United States outside of its own website. nyti.ms/2xr5BED- ESPN has removed an announcer from its broadcast of the University of Virginia''s first football game next month because he has the same name as a Confederate general memorialized in statues that are being taken down across the country. nyti.ms/2wCZOig (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt-idINL4N1L9234'|'2017-08-23T03:05:00.000+03:00'
'5ae43a961181b64c4746d94f7ceeb579f502100b'|'Indonesian police name six suspects after labour unrest at Freeport''s Grasberg mine'|'Agustinus Beo Da Costa , Kanupriya Kapoor and Fergus Jensen5 Min ReadJAKARTA/SINGAPORE (Reuters) - Police in the eastern Indonesian province of Papua have named six people as suspects among 17 arrested on Saturday after a violent demonstration by former mine workers at Freeport McMoRan Inc''s Grasberg copper mine, a police spokesman said.Trouble erupted when the demonstrators blocked an access road to Grasberg, the world''s second-biggest copper mine, in a protest over employment terms. At least seven people were injured and dozens of vehicles and buildings torched, and traffic through the area was restricted amid safety concerns.The six people were named as suspects for carrying weapons, among "various" offences, Papua Police Spokesman Ahmad Musthofa Kamal said on Monday."They were carrying machetes, knives and bows and arrows," Kamal said. "This was not an ordinary demonstration."Under Indonesian law, naming someone as a suspect means authorities believe they have enough evidence to consider filing charges, and such cases normally go to court."Limited" access to Grasberg resumed on Monday, Freeport Indonesia spokesman Riza Pratama said.Freeport has been grappling with labour problems at Grasberg as well as a lengthy dispute with Indonesia over rights to the giant mine, which has cost both sides hundreds of millions of dollars.ABSENCE? Following export restrictions related to a permit dispute, Freeport Indonesia, which employs more than 32,000 staff and contractors, furloughed about 3,000 workers earlier this year. This prompted a strike and high levels of absenteeism.Freeport has denied that there is a "formal strike", and deemed that approximately 3,000 full-time and 1,000 contract employees who were absent had "voluntarily resigned"."The consequences of their actions are unfortunate," Pratama said referring to workers'' "prolonged and unapproved absences from work despite multiple efforts and requests by the company to return to work."Arizona-based Freeport, the world''s biggest publicly-traded copper miner, has repeatedly said it has acted on the labour issues in accordance with Indonesian law and its labour contract, with former employees able to apply for open positions with contractor companies.The company is in communication with worker representatives and labor unions to hear concerns and share views, Pratama said.FILE PHOTO: Police and security forces are seen near burning vehicles set on fire by protesting workers of the Indonesian unit of the U.S. mining giant Freeport McMoran Inc during a labour dispute in Timika, Papua, Indonesia August 19, 2017. Muhammad Yamin/File Photo CONFLICT According to Indonesian Human Rights Commission official Natalius Pigai, the former mine workers want their old jobs back and pay and all benefits to be reinstated "as before, not at different levels.""Freeport is committing serious violations of these workers'' rights," Pigai told Reuters, adding that his office had recommended for the government of President Joko Widodo to intervene in the dispute and push for a joint solution."This affects thousands of people and has the potential to cause social conflict," he said.While the commission cannot impose sanctions, Pigai said his office could report the matter to the U.N. human rights council. "We won''t leave this alone."FILE PHOTO: Police talk with protesting workers of the Indonesian unit of the U.S. mining giant Freeport McMoran Inc during a labour dispute in Timika, Papua, Indonesia August 19, 2017. Muhammad Yamin/File Photo IndustriALL Global Union, a federation of labour unions, has also criticised Freeport''s handling of the matter, saying it treated "fired" workers "inhumanely and with contempt".Coordinating Maritime Affairs Minister Luhut Pandjaitan, whose office oversees the mining sector, said the government "cannot interfere" in the dispute but could make recommendations."It''s between (workers) and the company," Pandjaitan told reporters.Police are also investigating a shooting on the same access road on Thursday that injured a police officer and a search for an armed group of more than five people began in the area today, Kamal said.Incidents like this were frequent on the access road, Kamal said.Tensions around Grasberg could hamper Indonesia''s efforts to calm Papua, where a low-level insurgency has simmered for decades. The mine is a major source of revenue for the local economy, but its social and environmental impact is a source of friction between police and the local population.Between 2009 and 2015, shootings within the mine project area killed 20 people and wounded 59. To protect workers and infrastructure, Freeport contributed $21 million toward government-provided security in 2015.Freeport''s negotiations with government over its Grasberg mining permit are ongoing, Pratama said, including on the compulsory divestment of a majority stake."(The) four issues in the negotiations are one package deal. Divestment is one of the four issues," Pratama said.Reporting by Agustinus Beo Da Costa, Wilda Asmarini and Kanupriya Kapoor in JAKARTA; Writing by Fergus Jensen in SINGAPORE; Editing by Christian Schmollinger and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-indonesia-freeport-idUSKCN1B110S'|'2017-08-21T13:05:00.000+03:00'
'dbb20f622242cbf626c722e68bbd4da9bf295019'|'Futures flat; White House turmoil, North Korea in focus'|'Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 17, 2017. Brendan McDermid NEW YORK (Reuters) - The S&P 500 ended slightly higher on Monday after two sessions of losses, but simmering tensions between the United States and North Korea kept investors on edge and a drop in oil prices weighed on energy shares. Based on the latest available data, the Dow Jones Industrial Average .DJI rose 29.24 points, or 0.13 percent, to 21,703.75, the S&P 500 .SPX gained 2.82 points, or 0.12 percent, to 2,428.37 and the Nasdaq Composite .IXIC dropped 3.40 points, or 0.05 percent, to 6,213.13. Reporting by Caroline Valetkevitch; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-stocks-idUSKCN1B11AB'|'2017-08-21T14:43:00.000+03:00'
'637803bcedc433409dacb5902d31f2cf420e4d22'|'''Disability is uncomfortable. Let''s have an open conversation'' - Guardian Small Business Network'|'C aroline Casey didn’t know she had been born legally blind until she was 17. It seems remarkable, but she insists she had no idea that other people could see better than she could – no further than a blurry three feet in front of her. She found out on her 17th birthday, after telling an optometrist that she was going to learn how to drive. He turned to her mother and said incredulously: “You haven’t told her”.I never thought when I began this, that the issue of disability in business wouldn’t really change in 18 yearsThe Irish entrepreneur is the founder of business inclusion company, Binc , and is demonstrably passionate about the need to put disability on the global business agenda. Her story – told in 2007 at a Ted Talk now watched by two million people – is one of defiance. As an adult, she kept her disability hidden for 11 years, jumping from careers in archeology, to restaurants, to being a masseuse, to a landscape gardener. She went to business school and worked as a management consultant with Accenture, but eventually her eyesight declined to such as degree that she had to admit she needed help.“I came out of the closet,” she says. “I realised these eyes aren’t going to get better. It doesn’t matter if I work harder. I am me. And I’m responsible for the life that I lead.”Designing for disability: the businesses breaking down barriers Read more Casey is about to embark on a 1,000km horse ride through Colombia to launch her global business campaign on disability, #valuable . It’s not her first extreme adventure – she trekked 1,000km through India on an elephant in 2001 after leaving Accenture, and took part in Around the World in 80 Ways with double amputee Mike McKenzie and blind adventurer Miles Hilton-Barber in 2002. However, she is keen to emphasise that “this is not a blind endurance story”, but rather the first spark of a conversation.“There are a billion people in the world that experience disability. If businesses could see the value of those people as consumers, as suppliers and as talent in the community … I think we could go a very long way in eradicating exclusion. Because the issue of disability [in the world] is not improving, not really.”As part of the campaign, Casey is asking 500 businesses to put disability on their boardroom agendas at least once before the end of 2018. She’s also looking for “the Sheryl Sandberg, or Bono, or Al Gore of disability” – someone outside the community who will champion the cause. “We can find people to stand for water. And we can find people to stand for gender. And we can find people to stand for race. Why not us?” Partner charity One Young World , which is hosting its summit in Bogotá where Casey will end her journey, is also launching an ambassador programme .We can find high profile people to stand for water, gender and race. Why not disability?The benefits of engaging with the disabled community should be obvious. US-based Return on Disability Group found the disability market to be the size of China (pdf), with an estimated 1.3 billion people and a combined disposable income (including family members, friends, and caregivers) of $8 trillion (£6.2 trillion). Recent findings also suggest that the US is losing more than $150bn (£116bn) in tax revenue annually because of the number of people with disabilities not in work. Up to half of the businesses across the OECD pay fines (pdf) rather than meet quotas on disability in employment. In the UK, the Disabled Living Foundation estimates only half of disabled people of working age are in work , compared with 80% of the non-disabled population. It’s estimated that a 5% improvement in those figures would increase GDP by £23bn and add £6bn to the Exchequer by 2030. Despite only 17% of people being born with their disability , and the vast majority acquiring it later in life, it’s still seen by many as a sideline issue.“I’ve been in this space for 18 years, Casey says. “I’ve raised a lot of money, I’ve set up not-for-profits and methodologies. I’ve spoken to thousands of business leaders – and half a million people around the world – on this topic. I never thought when I began this, that the issue of disability in business wouldn’t really change in 18 years.”Going blind in your 20s: ''when life sends lemons, make lemonade'' Read more When asked why she thinks progress in this area has been slow – at a time when there are government initiatives to improve gender diversity , for instance – she says there are several factors: “The uncomfortable truth about disability is it’s uncomfortable. Most of us are worried we’ll handle it wrong, say the wrong thing, do the wrong thing,” she says.“I still think there’s a lot of sympathy and a lot of charity,” she continues. “That’s not very empowering, although we do need the services charities provide. The other part of it – and it’s such a horrible thing to say – is the idea that the disability market is not seen as valuable. I think businesses don’t see they can do business with disability.”Casey admits she’s only had three horse riding lessons and is woefully unprepared for the physical strains of the journey ahead. But she’s determined to show she’ll “go to the ends of the earth” to start this conversation. “I don’t care if my butt hurts – and it’s going to,” she adds. “We want to position disability equally within the inclusion and diversity agenda in business. Not more than, just equally. Disability is intersectional – it crosses gender, race, religion. It’s everywhere.“Let’s have an open conversation. Not everything we face can be resolved. But if we don’t even face it, we certainly can’t solve it. We’ve got to try.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs Disability features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/small-business-network/2017/aug/21/disability-is-uncomfortable-caroline-casey-valuable-binc-one-young-world'|'2017-08-21T12:53:00.000+03:00'
'1d9d078f9c0b0df2eabd3798c44796eeb83da3c9'|'Russian court orders Sistema to pay Rosneft $2.3 bln in damages - agencies'|'MOSCOW, Aug 23 (Reuters) - A Russian court has ruled on Wednesday that Sistema conglomerate should pay more than 136 billion roubles ($2.3 billion) to oil major Rosneft over an acquisition of Bashneft oil producer, news agencies reported.This was less than the initial claim of almost 171 billion roubles. Interfax news agency was quoting a Sistema layer as saying that they will appeal the decision.$1 = 59.0800 roubles Reporting by Vladimir Soldatkin; editing by Polina Devitt'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-rosneft-sistema-court-idINR4N1L101G'|'2017-08-23T12:59:00.000+03:00'
'e5db94a615401a3d8cae3b5eed365dec3f2ba0cd'|'Deals of the day-Mergers and acquisitions'|'(Adds Linde, SPIC; updates Lufthansa, Rosneft, Great Wall Motor, Total)Aug 21 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Monday:** The leadership of German industrial gases group Linde urged shareholders to accept a proposed $74 billion merger with U.S. peer Praxair.** China''s SPIC Overseas is delaying plans to buy a 3,568-megawatt hydropower dam in Brazil because of uncertainty about how much electricity the project is allowed to sell, newspaper Valor Econômico reported.** Total is buying Maersk''s oil and gas business in a $7.45 billion deal which the French energy major said would strengthen its operations in the North Sea and boost earnings and cash flow.** China''s Great Wall Motor Co Ltd is interested in bidding for Fiat Chrysler Automobiles (FCA), a company official said, confirming reports it is pursuing all or part of the owner of the Jeep and Ram truck brands.** China Poly Group Corp, a real estate developer, will merge with Sinolight Corp and China National Arts and Crafts Group, the state asset regulator said, part of China''s ongoing efforts to slim down its bloated state sector.** Stada''s chief executive said he was in agreement with the German generic drugmaker''s new private-equity owners that larger acquisitions would not be on the cards for Stada over the next two to three years.** Lufthansa has received more German government support in its bid to take over substantial assets of insolvent rival Air Berlin, with German Economy Minister Brigitte Zypries saying she would welcome such a move.** Sempra Energy said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett''s Berkshire Hathaway Inc .** Russian oil major Rosneft, oil trader Trafigura and Russian fund UCP closed their $12.9 billion purchase of Indian refiner Essar Oil, giving the companies a foothold in a country that is among the world''s fastest growing oil users.** Chinese conglomerate HNA Group has completed the acquisition of a 16.2 percent stake in Swiss airport retailer Dufry AG from Singaporean sovereign funds GIC and Temasek, Dufry and HNA said.** Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc ($2.1 billion) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said.** Private equity suitors Kohlberg Kravis Roberts & Co and Affinity Equity Partners pulled bids for Australian telco Vocus Group Ltd four days after the company''s third profit warning in nine months.** South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) is in talks with BlackRock Inc about a potential investment but details have yet to be discussed, a HMM spokesman said.** China Unicom''s $11.7 billion ownership reform plan does not violate rules, the nation''s securities regulator said, helping shares in the telecom group''s units surge as they resumed trade on Monday after speculation that the deal was under scrutiny.** Italy''s former telephone monopoly Telecom Italia (TIM) should seek an agreement with Mediaset to combine the telephone company''s distribution network with the broadcaster''s content, an Italian government official told La Stampa newspaper on Sunday.** Dubai Aerospace Enterprise (DAE) has become one of the world''s largest aircraft lessors after announcing on Sunday it had completed the acquisition of Dublin-based AWAS, the industry''s tenth biggest firm.** British wealth manager Rathbone Brothers said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all share merger. (Compiled by Tamara Mathias in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day-idUSL4N1L731K'|'2017-08-21T13:04:00.000+03:00'
'cf753f0254705ab1fb133b768aad00ead39d0e11'|'MOVES-Willis Towers Watson names Ken Smith broking market leader'|'August 21, 2017 / 3:26 PM / 13 minutes ago MOVES-Willis Towers Watson names Ken Smith broking market leader Reuters Staff 1 Min Read Aug 21 (Reuters) - Advisory and broking firm Willis Towers Watson Plc on Monday named Ken Smith corporate risk and broking market leader for its Washington, D.C. and Chesapeake Bay, Virginia businesses. Smith, who has 28 years of industry experience, served most recently at Marsh USA. (Reporting by Tamara Mathias in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/willis-towers-watson-moves-ken-smith-idUSL4N1L74B1'|'2017-08-21T18:24:00.000+03:00'
'1aa9bd24cb0034f8727920753610747320b70092'|'India''s Infosys shares extend losses after CEO quit'|'August 21, 2017 / 4:30 AM / 3 hours ago India''s Infosys shares extend losses after CEO quit Reuters Staff 1 Min Read FILE PHOTO: The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. Abhishek N. Chinnappa/File Photo MUMBAI (Reuters) - Shares of India''s Infosys Ltd fell as much as 4.6 percent on Monday to a near three-year low, slumping for a second consecutive session, after brokerages including Nomura downgraded the stock following the resignation of its chief executive. Shares slumped 9.6 percent on Friday after CEO Vishal Sikka unexpectedly resigned after a long-running feud with the company''s founders, wiping out $3.45 billion off Infosys'' market value. Nomura downgraded the stock to "reduce", saying the uncertainty over Infosys'' management could hamper long-term growth, while expressing worries that the tussle between the founder and promoters could escalate. The concerns about Infosys'' future trumped the company''s approval on Saturday of a 130 billion rupees ($2.03 billion) share buyback. As of 0421 GMT, Infosys shares were down 2.5 percent, hitting their lowest since September 2014. Reporting by Rafael Nam; Editing by Sherry Jacob-Phillips 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-infosys-stocks-idUKKCN1B10AK'|'2017-08-21T07:26:00.000+03:00'
'42cad4e0dbe656b25fc97515ef7b6050ced46c54'|'Oil prices edge up on signs of gradually tightening market'|'Reuters TV United States August 22, 2017 / 12:37 AM / a minute ago Oil prices edge up on signs of gradually tightening market 2 Min Read A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson/File Photo SINGAPORE (Reuters) - Oil prices inched up early on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.78 per barrel at 0026 GMT, up 12 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.52 a barrel, up 15 cents. "U.S. crude oil stocks have been falling consistently in recent weeks. If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels. C-STK-T-EIA And although U.S. crude production has broken through 9.5 million barrels per day (bpd), its highest since July 2015, analysts said this growth may soon slow as U.S. energy firms are cutting the amount of rigs drilling for new oil. C-OUT-T-EIA RIG-OL-USA-BHI Erik Norland of CME Group, a major commodity exchange, said that "it looks like the growth in U.S. production is quickly running out of steam and, all else being equal, this should be good news for OPEC and the price of oil". The Organization of the Petroleum Exporting Countries together with non-OPEC producers including Russia has pledged to hold back around 1.8 million bpd of output between January this year and March 2018 in order to tighten supplies and prop up prices. Reporting by Henning Gloystein; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B201V'|'2017-08-22T03:34:00.000+03:00'
'd8dbf8e6790e6ef86404274a2ff469b45b8e4328'|'Hong Kong shares of Great Wall Motor halted pending statement'|' 43 AM / 34 minutes ago Hong Kong shares of Great Wall Motor halted pending statement   FILE PHOTO: A staff member checks a Haval H2 from Great Wall Motors during the Auto China 2016 auto show in Beijing, China, May 4, 2016. Jason Lee/File Photo HONG KONG (Reuters) - The Hong Kong shares of Great Wall Motor Co Ltd were suspended on Tuesday, pending an announcement in relation to media articles, the Chinese automaker said in a filing. It gave no further details. A direct overture by Great Wall to Italian-American automaker Fiat Chrysler Automobiles NV sent FCA shares up sharply on Monday, as investors cheered the potential sale of the storied Jeep brand. Reporting by Donny Kwok; Editing by Anne Marie Roantree and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-fiat-chrysler-m-a-great-wall-motor-idUKKCN1B206S'|'2017-08-22T05:43:00.000+03:00'
'a02fdeddae4b4450da97f531d95004bfcb03302b'|'Junk-rated Chicago schools eye $1.9 billion of debt sales'|'CHICAGO, Aug 24 (Reuters) - The Chicago Board of Education will vote next week on a plan to keep its junk-rated school system afloat with a note sale of up to $1.55 billion, along with the refunding of as much as $385 million of outstanding bonds, according to a meeting agenda released on Thursday.In addition to the debt issuance, the board on Monday will also take up a $5.7 billion fiscal 2018 budget for the Chicago Public Schools (CPS) that relies on nearly $570 million in new state and city funding that may or may not materialize.Citing mismanagement at CPS, Illinois'' Republican Governor Bruce Rauner earlier this month used an amendatory veto to eliminate about $300 million in state money the district was counting on under a new school funding formula bill. The veto action halted the flow of state aid to Illinois'' 852 school districts and led leaders of the Democratic-controlled legislature into negotiations to find a bipartisan solution.Chicago Mayor Rahm Emanuel, who controls CPS, has not disclosed where money will come from to plug holes in the school budget.Escalating pension payments have led to drained reserves, debt dependency and junk credit ratings for CPS, the nation''s third-largest public school system.The $1.55 billion tax anticipation notes, on which the district would rely to fund operations between biannual property tax collections, match the amount of notes CPS issued in fiscal 2017, which ended on June 30. However, borrowing costs for the fiscal 2018 notes are expected to rise to about $79 million versus $35 million for the previous fiscal year, according to the district''s budget documents.CPS also proposed the refunding of high-interest-rate variable-rate general obligation bonds issued in 2011, 2013 and 2015."It appears that (CPS) is trying to take advantage of market access to bring down the extraordinarily high cost of that debt," said Laurence Msall, president of the Civic Federation, a Chicago-based government finance watchdog.A CPS spokeswoman did not respond to questions regarding the borrowing.In July, the district sold $500 million of new and refunding unrated GO bonds that fetched yields as high as 7.65 percent.Moody''s Investors Service put the district''s B3 rating under review last month for a possible downgrade into the highly speculative Caa level, citing financial stress due to late or uncertain state funding.Reporting by Karen Pierog; Editing by Matthew Lewis'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/chicago-education-idINL2N1LA18L'|'2017-08-24T18:45:00.000+03:00'
'61c59fb65b1e3faa7504301a43f369c630c50aca'|'MIDEAST STOCKS-Small caps support Saudi; Egypt falls amid U.S. aid denial'|'* REITs, Al Rajhi strong in Saudi* Wafa rebounds after central bank approval to sell policies* Property developers support Dubai* Blue chips buoyant in Abu Dhabi* Egypt is worst performer in regionBy Celine AswadDUBAI, Aug 23 (Reuters) - Stock markets in the Middle East were mixed on Wednesday with Saudi Arabia finding support from smaller companies while property developers were strong in Dubai.The Riyadh index edged up 0.1 percent. Nine-tenths of the top 20 gainers were small to mid-sized stocks including Saudi Indian Co for Cooperative Insurance (Wafa), which added 1.6 percent after saying it had received "temporary and conditional" approval from the central bank to sell some of its professional liability insurance policies.Shares of Wafa had suffered heavy losses since Sunday when the company, along with three other insurers, was slapped by the central bank with a temporary ban on selling motor vehicle policies because of irregular practices.Al Maather REIT, which listed on Tuesday, surged its 10 percent daily limit for a second straight day, while Al Jazira Mawten REIT gained 3.3 percent. Real estate investment trusts have been heavily traded this week as local investors have been lured by the sudden surge in activity."The trend is your friend - retail investors are just piling into shares because of headline news, as there is a lack of news in any other sector," said a Jeddah-based broker.Al Rajhi added 1.7 percent to 66.90 riyals. The stock is up almost 8 percent since the start of the month; it has an average fair value of 70.32 riyals with an expected dividend yield of 4.17 percent in 2017 and 4.60 percent for 2018, according to Thomson Reuters data.Property developers helped lift Dubai''s index 0.4 percent; heavyweight Emaar Properties added 1.2 percent and DAMAC Properties added 0.5 percent.In Abu Dhabi, the index edged up 0.3 percent in very thin trade as three of the five most valuable companies rose; developer Aldar Properties advanced 0.9 percent.Qatar''s index edged down 0.1 percent as most banking shares declined; Commercial Bank fell 1.6 percent to 29.90 riyals.Egypt''s index lost 0.9 percent to 12,996 points, making it the worst performer in the region. All but one of the 30 most valuable shares fell, with investment bank EFG Hermes dropping 2.1 percent to a fresh closing low for this year.U.S. sources familiar with the matter told Reuters on Tuesday that Washington had decided to deny Egypt $95.7 million in aid and to delay a further $195 million because of its failure to make progress on respecting human rights and democratic norms.The Egyptian index has been technically bearish since last week, when breaks below its July low of 13,261 points and its 100-day average triggered a head and shoulders pattern formed by the highs and lows since June, which points down to about 12,650 points.HIGHLIGHTS SAUDI ARABIA * The index rose 0.1 percent to 7,264 points.DUBAI * The index added 0.4 percent to 3,625 points.ABU DHABI * The index increased 0.3 percent to 4,487 points.QATAR * The index lost 0.1 percent to 9,054 points.EGYPT * The index fell 0.9 percent to 12,996 points.KUWAIT * The index declined 0.1 percent at 6,922 points.BAHRAIN * The index fell 0.2 percent to 1,305 points.OMAN * The index lost 0.3 percent to 4,955 points. (Editing by Andrew Torchia and Mark Potter)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/mideast-stocks-idUSL8N1L93KK'|'2017-08-23T22:11:00.000+03:00'
'40d12706b1057028451b510c3b62f7c901061238'|'UK employers'' hiring confidence lowest since Brexit vote, say recruiters'|'August 22, 2017 / 11:14 PM / 21 hours ago UK employers'' hiring confidence lowest since Brexit vote, say recruiters Reuters Staff 2 Min Read Workers cross London Bridge during the morning rush hour in London, August 16, 2017. Toby Melville LONDON (Reuters) - British employers'' willingness to hire and invest has fallen to its lowest since last year''s vote to leave the European Union, a survey by the recruitment industry showed on Wednesday. The Recruitment and Employment Confederation said 29 percent of firms surveyed reported higher confidence in hiring and investment, but 20 percent were less confident than before. The positive margin was the narrowest since the REC started the survey in its current form in June 2016. Employers'' confidence about the economy in general was the lowest since November. "This drop in employer confidence should raise a red flag," REC chief executive Kevin Green said. "Businesses are continuing to hire to meet demand, but issues like access to labor, Brexit negotiations and political uncertainty are creating nervousness," he added. The REC data is based on a survey of 601 employers conducted between April 26 and July 10 by polling company ComRes. REC said the loss of confidence had intensified toward the end of the period. It is unclear how much Britain''s government will curb immigration by EU workers after the country leaves the bloc in March 2019. Prime Minister Theresa May has stuck with a long-standing, unfulfilled pledge to cut total net immigration to less than 100,000 a year. But finance minister Philip Hammond has said he wants to avoid any ''cliff-edge'' change in 2019. Official statistics last week showed that year-on-year growth in the number of non-British EU-born workers fell to a seven-year low in the three months to June. The REC said staff shortages were most acute in the construction and health and social care sectors, both of which rely heavily on foreign staff. Overall, 40 percent of employers said they had "absolutely no" spare capacity, up from 35 percent a year earlier. Reporting by David Milliken, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-economy-employment-idUKKCN1B22KD'|'2017-08-23T02:09:00.000+03:00'
'48e9142b4fa910b8f2316d62bf9eaf92fa64b104'|'UK employers'' hiring confidence lowest since Brexit vote, say recruiters'|'August 22, 2017 / 11:14 PM / 6 hours ago UK employers'' hiring confidence lowest since Brexit vote, say recruiters Reuters Staff 2 Min Read Workers cross London Bridge during the morning rush hour in London, August 16, 2017. Toby Melville LONDON (Reuters) - British employers'' willingness to hire and invest has fallen to its lowest since last year''s vote to leave the European Union, a survey by the recruitment industry showed on Wednesday. The Recruitment and Employment Confederation said 29 percent of firms surveyed reported higher confidence in hiring and investment, but 20 percent were less confident than before. The positive margin was the narrowest since the REC started the survey in its current form in June 2016. Employers'' confidence about the economy in general was the lowest since November. "This drop in employer confidence should raise a red flag," REC chief executive Kevin Green said. "Businesses are continuing to hire to meet demand, but issues like access to labor, Brexit negotiations and political uncertainty are creating nervousness," he added. The REC data is based on a survey of 601 employers conducted between April 26 and July 10 by polling company ComRes. REC said the loss of confidence had intensified toward the end of the period. It is unclear how much Britain''s government will curb immigration by EU workers after the country leaves the bloc in March 2019. Prime Minister Theresa May has stuck with a long-standing, unfulfilled pledge to cut total net immigration to less than 100,000 a year. But finance minister Philip Hammond has said he wants to avoid any ''cliff-edge'' change in 2019. Official statistics last week showed that year-on-year growth in the number of non-British EU-born workers fell to a seven-year low in the three months to June. The REC said staff shortages were most acute in the construction and health and social care sectors, both of which rely heavily on foreign staff. Overall, 40 percent of employers said they had "absolutely no" spare capacity, up from 35 percent a year earlier. Reporting by David Milliken, editing by Andy Bruce 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-britain-economy-employment-idINKCN1B22KD'|'2017-08-23T02:07:00.000+03:00'
'e04c82c41967492107e1bb97206ed80a3e1861b2'|'Saudi to transfer airports to sovereign fund in privatisation drive'|'August 21, 2017 / 7:02 PM / 17 minutes ago Saudi to transfer airports to sovereign fund in privatization drive Reuters Staff 2 Min Read RIYADH (Reuters) - Saudi Arabia plans to transfer ownership of all its airports to its main sovereign wealth fund, the Public Investment Fund, as part of a drive to privatize them, a senior aviation official said on Monday. Companies will be set up for each airport under Saudi Civil Aviation Holding, a spin-off from the General Authority of Civil Aviation (GACA), which will continue to regulate the industry, state news agency SPA quoted Mohammed al-Shetwey, aide to GACA''s president for financial affairs, as saying. "The process of establishing companies will continue for all airports, and the civil aviation holding company in the future will be 100 percent owned by the Public Investment Fund," Shetwey said. He added that a company had already been established for Dammam''s main airport, while an expanded King Abdulaziz International Airport in Jeddah would start operating in the second half of 2018 under the management of Singapore''s Changi Airport Group. Shetwey did not say when or how the Public Investment Fund would sell stakes in the airport companies under the privatization program. However, sources told Reuters last month that Saudi Arabia had hired Goldman Sachs ( GS.N ) to manage the sale of a stake in Riyadh''s King Khalid International Airport, which would be the first major privatization. The size of the stake to be offered was not revealed. Shetwey said a project to refurbish that airport, which handled 22.5 million passengers in 2016, would begin after next week''s haj pilgrimage. Reporting by Stephen Kalin; Editing by Andrew Torchia and Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-saudi-airports-privatisation-idUKKCN1B125O'|'2017-08-21T21:58:00.000+03:00'
'a15e43401e081543a614f270b916dc09335890ed'|'BRIEF-Kairos announces private placement'|'Aug 21 (Reuters) - Kairos Capital Corp* Kairos announces private placement* Will complete non-brokered private placement of up to 7.5 million common shares at $0.40 per common share* Kairos - Will use proceeds from private placement to fund development and exploration activities on its lithium properties in Chile '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-kairos-announces-private-placement-idUSASB0BGJI'|'2017-08-21T15:51:00.000+03:00'
'cc813f99b0185d72e8003be5a3715a335ed3ee32'|'China''s COFCO Capital draws new state, private shareholders'|'August 22, 2017 / 5:21 AM / an hour ago China''s COFCO Capital draws new state, private shareholders Reuters Staff 2 Min Read BEIJING (Reuters) - A group of state and private companies will invest a total of 6.9 billion yuan ($1.04 billion) in COFCO Capital, a subsidiary of state-run agribusiness COFCO Group, according to a notice published on Monday on a state investment platform. COFCO is currently restructuring its business as part of wide-ranging reforms of China''s state-owned companies. Part of the overhaul includes introducing mixed ownership into its 18 subsidiaries and listing more of its divisions on public markets. COFCO Capital''s new shareholders include state-run investors such as the State-owned Enterprise Structural Adjustment Fund and Beijing Capital Agribusiness Group, as well as privately-owned Guangdong Wen''s Foodstuff Group, according to the statement on the website of China Chengtong Group, a state investment platform that partly owns the State-owned Enterprise Structural Adjustment Fund. That fund has injected 800 million yuan into COFCO Capital, according to the statement. "This is a partnership of state and private sectors, agricultural and financial investors which will better serve COFCO''s global agricultural supply chain," said the statement. Guangdong Wen''s Foodstuff Group ( 300498.SZ ), China''s top farmer, disclosed in June a plan to invest between 800 million yuan ($117.70 million) and 1 billion yuan in COFCO Capital. ($1 = 6.6565 Chinese yuan renminbi) Reporting by Chen Aizhu and Hallie Gu; Editing by Joseph Radford 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-cofco-investment-idINKCN1B20BS'|'2017-08-22T03:21:00.000+03:00'
'84aa609a112c5ca85c75e75f75788e95c663191d'|'Goods, services must be treated together in Brexit talks: UK'|'EU and British flags fly outside the European Commission building in London, Britain August 12, 2017. Neil Hall LONDON/BRUSSELS (Reuters) - Britain urged the European Union on Monday not to separate goods from services in Brexit talks, further outlining its negotiating stance to try to nudge discussions forward to a second phase on future relations.But Michel Barnier, the chief Brexit negotiator for the other 27 countries remaining in the EU, poured cold water on chances that talks would move to what happens after Britain leaves in March 2019."3rd round of Brexit negotiations with UK begins next week. Focus on orderly withdrawal," Barnier tweeted. "Essential to make progress on citizens rights, settling accounts and Ireland."The bloc has said "sufficient progress" was needed on the three areas before the bloc decides to launch talks on the future, including on trade rules.Barnier said last month that was less likely to happen in October, as previously expected, because of lack of progress on the divorce settlement.In two position papers - one on goods and the other on confidentiality - the British government set out more proposals that it said would help "give businesses and consumers certainty and confidence" after Brexit materialises.Much of what it proposed was in line with the EU''s own policy document published earlier this year. But in one departure, Britain''s paper said the provision of goods and services should be treated as one, citing the example of a maintenance contract that comes with the sale of an elevator."These papers will help give businesses and consumers certainty and confidence in the UK''s status as an economic powerhouse after we have left the EU," Brexit minister David Davis said in a statement."They also show that as we enter the third round of negotiations, it is clear that our separation from the EU and future relationship are inextricably linked ... and (we) are ready to begin a formal dialogue on this and other issues."John Foster, director of campaigns at business lobby CBI, called the government''s position "a significant improvement upon the EU''s current proposal", but said the only way to offer companies certainty was to agree interim arrangements."The simplest way to achieve that is for the UK to stay in the single market and a customs union until a comprehensive new deal is in force," Foster said in a statement demanding something Prime Minister Theresa May has ruled out.After a slow start to negotiations to unravel more than 40 years of union, Britain hopes that by publishing policy papers and proposals for future ties it can persuade the EU to move beyond discussion of the divorcement.The two papers published on Monday cover some of the easier parts of the negotiation and followed a pattern of Britain wanting to mirror much of its existing relations with the EU, which has said Britain cannot expect to enjoy as advantageous ties outside the bloc as it has had inside.The government said it wanted goods on the market before Brexit to continue to be sold without additional requirements, to avoid unnecessary duplication of compliance activities and to facilitate the continued oversight of products.But it said one of the areas ministers would like to explore was that of services supplied together with goods."The discussions should take account of the deep connections between the availability of goods and the services attached to goods, including those that have been offered prior to exit," the paper said."The UK wants to ensure that these connections are explored comprehensively through discussions to avoid uncertainty and disruption to business and consumers."The EU''s own position on the matter only mentions goods, not services, and says those that have reached the markets in the bloc and Britain before the exit date should remain available under the existing, pre-Brexit rules.Reporting by Elizabeth Piper in London and Gabriela Baczynska in Brussels, editing by Richard Balmforth'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/britain-eu-idINKCN1B11L7'|'2017-08-21T11:42:00.000+03:00'
'4d655ebad4c7048c4438577ebe01dd886ecf4673'|'Great Wall asks to meet FCA, eyes offer for all or part of group: sources'|'August 21, 2017 / 7:15 AM / 2 hours ago Great Wall asks to meet FCA, eyes offer for all or part of group: sources Reuters Staff 1 Min Read A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. Giorgio Perottino BEIJING (Reuters) - China''s Great Wall Motor ( 601633.SS ) has asked for a meeting with Fiat Chrysler Automobiles (FCA) ( FCHA.MI ) with the aim of making an offer for all or part of the Italian-American auto group, according to two individuals familiar with the move. Great Wall and FCA were not immediately available for comment. The sources could not be named as the negotiations are private. Earlier on Monday, Automotive News reported that Great Wall had contacted FCA to express an interest specifically in its Jeep brand, which along with truck maker Ram, is among its most coveted assets. Automotive News cited an email from Great Wall President Wang Fengying. Reporting by Nori Shirouzu; Editing by Muralikumar Anantharaman 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fiat-chrysler-m-a-great-wall-motor-of-idINKCN1B10JS'|'2017-08-21T05:15:00.000+03:00'
'cfa799581185f0732f3d8a462a8aa72aa806f9d5'|'MOVES-Aberdeen Standard Investments appoints Amy Wang as China unit head'|'Aug 21 (Reuters) - Asset manager Aberdeen Standard Investments on Monday named Amy Wang head of its China business.Wang, who has over a dozen years of experience in China, previously served at Pioneer Investments.Aberdeen Standard Investments is a unit of British investment firm Standard Life Aberdeen Plc. (Reporting by Tamara Mathias)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/aberdeen-standard-investments-moves-amy-idINL4N1L73UD'|'2017-08-21T09:41:00.000+03:00'
'03a8b2b70d9cc07904189e36eaba634162a4396f'|'RPT-Norway''s risk-averse wealth fund considers next moves'|' 00 AM / 27 minutes ago RPT-Norway''s risk-averse wealth fund considers next moves Reuters Staff (Repeats Aug. 18 story with no changes to text) * Norway averse to taking too much risks with savings * Critics say it leads to SWF''s underperformance * Political consensus key to decision-making on the fund * Investment in new assets under consideration * Graphic: tmsnrt.rs/2tskfub By Gwladys Fouche OSLO, Aug 18 (Reuters) - Jobs, taxes and schools will be top of Norwegian voters'' minds when they go to the polls on Sept. 11, but it''s what to do about the nearly $1-trillion sovereign wealth fund that may be the next parliament''s biggest challenge. The world''s largest sovereign wealth fund, pooling Norway''s revenues from oil and gas production, has been managed for nearly two decades with a focus on avoiding risk and conflicts of interest. With prices of crude oil down by more than half in the past three years and returns below target, policymakers and critics agree the fund is due for an overhaul. For Norway, the difficulty is building a political consensus around what it should look like. "It is more an academic topic than a bread-and-butter issue for voters but ... the coming months are absolutely crucial," said Torstein Tvedt Solberg, an opposition Labour Party parliamentary candidate and its spokesman on the fund. "There are some big decisions ahead about the way it (the fund) is managed that are coming up," he told Reuters. Norway''s SWF has returned 3.79 percent per year on average since it opened in 1998. With the pot always growing - now at two-and-a-half times GDP - the fact that that''s short of the target four percent hasn''t been a big problem. Last year, however, the government had to make its first net withdrawal to supplement a state budget hit by the fall in oil prices and lower state revenues from oil and gas production, which accounted for half of Norway''s total exports in 2016. More net withdrawals are expected in the years ahead, economists say. Norway''s returns compare to 6.1 percent over the past 20 years at the world''s second-largest wealth fund, the Abu Dhabi Investment Authority, and 4.76 percent at the third-largest, China Investment Corporation, since it began in 2007. Unlike those funds, Oslo''s SWF is managed by a unit of the central bank that must turn to the government to secure a majority in parliament to make strategic changes, no easy feat given that minority governments are common in Norway. "What differentiates this fund from others is that it is democratically owned," said Marianne Marthinsen, the Labour Party''s finance spokeswoman. "The fund must have legitimacy with the Norwegian people, and parliament must have democratic controls," she said. Critics say the process of consensus-building among so many disparate interest groups is agonisingly slow and possibly even fiscally irresponsible, however. "They (Norwegian politicians) do not want to take any risk that will end up in headlines. That is why the fund underperforms," said Sony Kapoor, managing director of the Re-Define think tank and author of several studies on the fund. INFRASTRUCTURE, CENTRAL BANK The new parliament''s first opportunity to make changes will come in the spring of 2018 when the finance ministry presents its next annual white paper to parliament. The two main issues on the table are whether to make the fund independent of the central bank, as a government-appointed commission recommended in June, and whether to allow the fund into new asset classes, including unlisted shares and unlisted infrastructure projects. The inclusion of unlisted infrastructure projects, in particular, is supported by the current fund managers. "The bank''s explicit position is that we will get a higher return and a lower risk by investing in infrastructure," CEO Yngve Slyngstad told Reuters in June. Investing in such projects -- airports, roads, bridges or wind farms -- has been a hot topic in recent months. The opinions of politicians are mixed, however, and not necessarily along party lines. The current finance minister, Siv Jensen of the populist Progress Party, has twice declined to bring the proposal to parliament during her term. Her shadow counterpart agrees. "These are complicated investments, though the return possibilities are good," said Labour''s Marthinsen, a top contender to replace Jensen if her party wins. "I don''t want to rush like some others do." Those in favour include the Christian Democrats and the Liberals, two small parties who back the minority coalition in power. The Christian Democrats support it partly because it would help increase investments in developing countries, and the pro-green Liberals because it would help investments in renewable projects. Tom Sanzillo, director of finance at the U.S.-based Institute for Energy Economics and Financial Analysis, said the potential increase in returns is well worth the risk, and expressed frustration about the hesitation. "They seem to be walking away from a market that is a trillion dollar and that is growing exponentially in the coming years. This is not prudent," said Sanzillo, who wrote a report on renewable energy infrastructure investment and the fund. There is similar equivocation on the question of taking the fund away from the central bank. Marthinsen worries that doing so would give the fund too much power. "There would be a danger of a completely different culture, around bonuses, recruitment, growth in the management itself, were it to be outside of the central bank," she said. One argument in favour of the split is that managing both the SWF and the central bank has become just too much work. "Both central banking and investment management place greater demands on the board, senior management and the organisation than earlier," said Svein Gjedrem, the head of the commission that looked at the issue and a former central bank governor. "Moreover, the activities differ in nature, and the scope of the tasks involved is substantial. With two separate entities, the professional competence and the governing bodies can more easily be tailored to the task at hand," Gjedrem said in June. This spring, parliament allowed the fund to increase the allowed share of stocks to 70 percent from 60 percent. That is still not expected to boost returns above the target 4 percent, however, according to the recommending commission. Knut Anton Mork, a former chief economist at Handelsbanken who headed the commission but took the rare step of dissenting from its conclusion, said those who wanted to move the fund into riskier territory were playing a dangerous game. "The fund has become too big and is such a big part of the state''s budget. Variations in the fund will have an impact on the state''s finances at a time when the revenues from the fund are declining," he said. He had recommended the share of stocks actually be lowered, to 50 percent. "The biggest question regarding the fund right now is risk-taking and the fund''s share of stocks," he said. "It will have big consequences for the state budget in the years ahead." Editing by Sonya Hepinstall'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/norway-swf-idUSL8N1L42WF'|'2017-08-21T08:00:00.000+03:00'
'0dce87ac2bfafd9666a975073e6ff06aafda0e58'|'BRIEF-Ethris announces five-year research collaboration with Astrazeneca'|' 40 AM / 12 minutes ago BRIEF-Ethris announces five-year research collaboration with Astrazeneca Reuters Staff 1 Min Read Aug 21 (Reuters) - ETHRIS GMBH: * ANNOUNCED A FIVE-YEAR STRATEGIC RESEARCH COLLABORATION WITH ASTRAZENECA AND ITS GLOBAL BIOLOGICS RESEARCH AND DEVELOPMENT ARM, MEDIMMUNE * TO RECEIVE EUR 25 MLN UPFRONT PLUS RESEARCH FUNDING, ELIGIBLE FOR FUTURE R&D MILESTONES,INCLUDING SALES RELATED ROYALTIES UPON COMMERCIALISATION * ASTRAZENECA,MEDIMMUNE TO HAVE OPTION TO TAKE EXCLUSIVE WORLDWIDE LICENSES UPON COMPLETION OF RESEARCH PLAN FOR EACH TARGET WITHIN COLLABORATION SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-ethris-announces-five-year-researc-idUSFWN1L7019'|'2017-08-21T09:39:00.000+03:00'
'1aacf84a167656a70dad0732f430d9d9bd75fd41'|'U.S. workers have low hopes for higher pay: Fed survey'|'Construction workers are seen at The Moynihan Train Hall in New York City, U.S., August 17, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. workers see little hope for higher paychecks, and while they are increasingly searching for new jobs, they expect fewer offers to fall into their laps, according to a Federal Reserve survey published on Monday.The first-of-its-kind New York Fed study, to be published three times per year, paints a gloomy picture of U.S. workers'' aspirations. Even though the unemployment rate, at 4.4 percent, is near a 16-year low after more than eight years of economic recovery, national measures of wages have shown only modest growth.Survey respondents on average said in July that the lowest annual salary they would accept in a new job would be $57,960, down from $59,660 only four months earlier. This measure has declined since November, with most of the changes coming from older and higher-income Americans.Asked what salary they expected in job offers over the next four months, the average response declined to $50,790 from $54,590 when the last survey was taken in March.The survey, conducted since early 2014 but published for the first time on Monday, also showed 22.7 percent of respondents searched for a job in the last four weeks, up from 19.4 percent in the previous report. Young people accounted for most of the increase.The respondents saw a 22 percent likelihood of receiving at least one job offer in the next four months, down from an average response of 25 percent eight months ago.Reporting by Jonathan Spicer; Editing by Lisa Von Ahn'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-survey-labor-idINKCN1B11SX'|'2017-08-21T18:18:00.000+03:00'
'90c009ac736eacd82c678476e67651a60520c7c7'|'UPDATE 1-U.S. subsidiary of Italy''s Intesa Sanpaolo to pay $35 mln over improper ADRs- SEC'|'(Adds details)WASHINGTON, Aug 18 (Reuters) - A U.S. subsidiary of Italian bank Intesa Sanpaolo, has agreed to pay $35 million to settle charges it violated U.S. securities laws governing the issuance of American Depositary Receipts, the Securities and Exchange Commission said on Friday.The SEC said in a statement that Banca IMI Securities Corp., a U.S. subsidiary of Banca IMI, which is part of Intesa Sanpaolo, had requested the issuance of and received ADRs without possessing the underlying foreign shares.Intesa Sanpaolo has already put funds aside to pay the sanction, the lender''s first-half results document shows."An agreement, considered positively by SEC, which envisages the payment of $35 million, was reached and (the amount) was set aside," according to the document, deposited at the beginning of this month.The investigation was started by the Antitrust division of the Department of Justice in October 2016 and interactions between the lender and SEC had reached a final phase at the end of the first half of the accounting year, the document added.Intesa Sanpaolo declined to comment.Reporting by David Alexander; Additional reporting by Giulia Segreti in Milan; Editing by Mohammad Zargham/Jeremy Gaunt'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/intesa-sp-usa-settlement-idUSL2N1L415I'|'2017-08-19T02:27:00.000+03:00'
'be138f79ffda467f82cb3b9767e3b89f7969f170'|'U.S. pension funds sue Goldman, JPMorgan, others over stock lending market'|'Police kill five suspects after van attack in Barcelona Police kill five suspects after van attack in Barcelona Police kill five suspects after van attack in Barcelona Reuters TV United States August 17, 2017 / 8:49 PM / 19 hours ago U.S. pension funds sue Goldman, JPMorgan, others over stock lending market Daniel Wiessner 3 Min Read FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo (Reuters) - Three U.S. pension funds sued six of the world''s largest banks on Thursday, including Goldman Sachs Group Inc ( GS.N ) and JP Morgan Chase & Co ( JPM.N ), accusing them of conspiring to stifle competition in the more than $1 trillion stock lending market. In the lawsuit filed in a Manhattan federal court, the funds accused the banks of boycotting start-up lending platforms by threatening and intimidating their potential clients. The defendants include Bank of America Corp ( BAC.N ), Credit Suisse AG CSAG.UL, Morgan Stanley ( MS.N ), UBS AG ( UBSG.S ), Goldman and JP Morgan. The Iowa Public Employees'' Retirement System, Orange County Employees'' Retirement System and Sonoma County Employees'' Retirement Association said in the lawsuit that the banks have cornered the market on stock lending in violation of federal antitrust law. “Through various improper means, the likes of Goldman Sachs and Morgan Stanley have for years colluded to maintain their power over this little-known-but-lucrative corner of Wall Street," said Michael Eisenkraft, a lawyer for the funds and partner with Cohen Milstein. Representatives of Bank of America, Goldman Sachs and JPMorgan declined to comment. The other banks did not immediately respond to requests for comment. The pension funds said collusion by the banks harms investors and retirees by forcing them to pay high fees to engage in stock lending. FILE PHOTO: A man walks into the JP Morgan headquarters at Canary Wharf in London May 11, 2012. Dylan Martinez/File Photo Stock lending is related to short selling and involves lending a stock to an investor or firm through a broker or dealer. Pension funds and other institutional investors frequently lend stock to hedge funds. In short selling, a security that is not owned or has been borrowed is sold with the idea that it can be bought at a future date at a lower price. The funds claimed in the lawsuit that the defendants conspired to take down upstart stock lending platforms AQS, which was developed by Quadriserv Inc, and SL-x, which would have allowed lenders and borrowers to interact directly. The lawsuit claimed that in 2012 Goldman Sachs threatened to stop doing business with Bank of New York (BNY) Mellon if it continued to support the AQS platform and that the bank agreed to stop using it. BNY Mellon declined to comment. The lawsuit said that through a joint project called EquiLend LLC, the banks purchased SL-x''s intellectual property and shelved it, according to the lawsuit. The funds accused the banks of establishing EquiLend in 2001 to safeguard their interests in the stock lending market. A spokesman for EquiLend, which is also named as a defendant in the lawsuit, declined to comment. Reporting by Daniel Wiessner in Albany, New York; Editing by Marcy Nicholson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-stocklending-lawsuit-idUKKCN1AX2NK'|'2017-08-17T23:43:00.000+03:00'
'987ad67a8a6c8890d29ed75f3225bb5ab1842cad'|'PRESS DIGEST- British Business - Aug 23'|'Aug 23 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- The future of subprime banking group Provident Financial Plc was thrown into doubt after a mammoth profit warning, the resignation of its chief executive, a belated admission that it was being investigated by regulators and the reversal of a promised dividend. bit.ly/2g48sQo- The Bank of England should shut down its 115 billion pound ($147.43 billion) cheap funding scheme for high-street lenders because it has served its purpose and is now undermining policy, a top economist, Simon Ward, has said. bit.ly/2g3gmtl- Dalian Wanda Group, China''s largest commercial property company has walked away from its 470 million pound acquisition of Nine Elms Square as Beijing clamps down on the wave of cash flooding into overseas property. bit.ly/2g3kzNPThe Guardian- Airports have joined forces to press the government to urgently strike a post-Brexit deal on flights between the United Kingdom and the European Union, warning that the current uncertainty alone would be enough to see bookings drop by up to 41 percent. bit.ly/2g2BxMf- Public sector net borrowing last month, excluding the nationalised banks, was in surplus by 184 million pounds, the first surplus in that month since 2002, the Office for National Statistics (ONS) said on Tuesday. City economists had expected the government to record a 1 billion pound deficit. bit.ly/2g2Cd4fThe Telegraph- Vodafone Group Plc is in talks with BT Group Plc''s network subsidiary Openreach about a joint investment in new ultrafast fibre-optic broadband for British cities. bit.ly/2g3RkdG- Dominic Chappell, who bought BHS for 1 pound, is to be prosecuted by The Pensions Regulator for failing to provide information related to his purchase of the now defunct retailer. bit.ly/2g3R8uYSky News- Lidl has overtaken Waitrose to become Britain''s seventh largest supermarket. The German-owned business grew sales by 18.9 percent in the 12 weeks to Aug. 13, taking its market share to 5.2 percent, according to industry data from Kantar Worldpanel. bit.ly/2g2pC12- BHP Billiton Plc, the world''s biggest mining company by stock market value, has said it has decided to offload its U.S. shale oil operations and is "actively" looking at exit options. bit.ly/2g3KaWOThe Independent- The Cheshire-based firm Innospec Ltd is selling lead fuel additives, banned because of their "catastrophic" effects on human health, to Algeria, the last remaining country in the world where they are still legal. ind.pn/2g3Sl5u$1 = 0.7800 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1L902V'|'2017-08-22T22:18:00.000+03:00'
'f1ed78e23f433e6ea2c417581e0b6ce89f64dbe3'|'British banks set to close record 762 branches this year'|'August 23, 2017 / 12:00 PM / 5 hours ago British banks set to close record 762 branches this year Lawrence White and Andrew MacAskill 5 Min Read The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. Picture taken April 27, 2017. Russell Cheyne LONDON (Reuters) - Banks in Britain are set to close a record 762 branches this year, depriving more customers of access to in-person financial services as lenders cut costs by pushing business online. The number of branches shut or earmarked for closure so far this year is more than the 583 closed in 2016 and is the most on record, according to a Reuters analysis of bank announcements, academic studies and government data. Banks and building societies in Britain have been shutting branches at a rate of around 300 per year since 1989, a trend which has accelerated in recent years as lenders respond to pressure on profits by slashing costly brick-and-mortar outlets. Royal Bank of Scotland ( RBS.L ) is set to close 244 branches this year, Lloyds Banking Group ( LLOY.L ) will shut 195, while HSBC ( HSBA.L ) and Barclays ( BARC.L ) will close 117 and 90 to 100 respectively. That will leave Britain with around 8,000 bank branches by the end of the year, according to a Reuters calculation of the bank''s statements, compared with 17,831 in 1989, according to data from the University of Nottingham. The accelerating pace of closures has caused concern among lawmakers and campaigners, who say it is often the most vulnerable customers and businesses that bear the brunt as banks consolidate branches in big cities. Reuters reported in June last year that Britain''s largest banks are disproportionately closing branches in the lowest-income areas. Politicians in a subsequent parliamentary debate said the findings showed the "quiet scandal" of branch closures, which research has showed can also halve lending to small businesses in impacted areas. Bank executives say they are responding to changing patterns of customer behaviour and that they are providing alternatives for those who can''t or won''t bank online. BANKING ACCESS FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. Reinhard Krause/File Photo A spokeswoman for Co-Operative Bank, set to shut 10 branches this year, said for example its customers can do everyday transactions in any of 11,500 Post Office branches in Britain. Barclays also said it provides banking access via some Post Office outlets, as well as offering some pop-up branches and video banking services, while a spokeswoman for banking industry body UK Finance said banks are investing in new ATMs and mobile bank branches to reach more rural communities. Some newer competitors are also bucking the trend by growing their branch network. Slideshow (6 Images) Swedish lender Handelsbanken ( SHBa.ST ), which operates more than 200 branches in Britain, said in February it will keep expanding to take advantage as rivals scale back. Metro Bank ( MTRO.L ) has opened 48 outlets since it started in July 2010 and plans to open a further eight to 10 this year, with a goal of growing to 110 by 2020, a spokeswoman said. The bank''s strategy, however, in common with most rivals, is to target major towns and cities, meaning gaps left in rural areas by the retreat of major lenders are unlikely to be plugged in the near future. Nationwide in April this year offered a crumb of comfort to such areas, opening a community-supported branch in the Somerset town of Glastonbury which last year lost its remaining bank branches. It said it may open more such outlets, depending on the support of local communities. Despite such measures, campaigners have been wondering how many bank branches will be left given the UK has around 25 per 100,000 adults, according to data from the World Bank and Citigroup, compared with just 17 in the Nordic countries which are seen as pioneers in the transition to mobile and digital banking. Derek French, a former banker who founded the Campaign for Community Banking Services, said last August the campaign would close because he did not want to mislead the public into thinking they could do anything about bank branch closures. "There''s no hope of changing anything," French told British newspapers. "We''re realists." Reporting by Lawrence White and Andrew MacAskill; Editing by David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-banks-branches-idUKKCN1B31AY'|'2017-08-23T14:59:00.000+03:00'
'5597a3997a85b23abe40bee47590d232a974980d'|'Ford becomes latest carmaker to launch UK scrappage scheme'|'August 22, 2017 / 7:57 AM / an hour ago Ford becomes latest carmaker to launch UK scrappage scheme Reuters Staff 2 Min Read A new car is displayed on the forecourt of a Ford dealership at Portslade near Brighton in southern England January 7, 2014. Luke MacGregor LONDON (Reuters) - Ford on Tuesday became the latest carmaker to launch a car scrappage scheme in Britain, joining the likes of BMW and Mercedes-Benz, after months of procrastination from the government over whether to begin a national programme. The U.S. automaker is offering customers a 2,000 pound discount off a range of many Ford models when they trade in their vehicles registered until the end of 2009. BMW, Mercedes-Benz and Vauxhall, the British version of the Opel brand sold on the continent, have all launched similar schemes in recent weeks to incentivise motorists to reduce emissions by replacing their gas-guzzling models with greener cars. The plans come after Britain once again delayed in July a decision over whether to introduce a nationwide or targeted vehicle scrappage scheme, with a consultation due to take place later this year, despite worries over emissions levels. "Ford shares society''s concerns over air quality," its managing director in Britain Andy Barratt said on Tuesday. "Removing generations of the most polluting vehicles will have the most immediate positive effect on air quality." Ford, BMW, Vauxhall and Mercedes sell around 1 million cars in Britain, more than a third of all new car registrations. The scrappage schemes will help support sales at a time when demand for new cars is beginning to slide substantially for the first time in around six years. In July, new car registrations fell for the fourth consecutive month in a row, hit by a number of factors including uncertainty over Brexit and lack of clarity over future government plans around new levies on diesel models. Britain''s last government-backed scrappage scheme came in the wake of the financial crisis and ran for nearly a year from mid-2009, helping to support the car sector, which had been hit by nose-diving sales. Reporting by Costas Pitas, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-autos-scrappage-idUKKCN1B20OE'|'2017-08-22T10:57:00.000+03:00'
'e28ea58da20e13e9a8f88c84365f2bd84abab494'|'VW in no hurry to sell assets, investments more important'|'A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer WOLFSBURG, Germany (Reuters) - Volkswagen ( VOWG_p.DE ) is more focused on its multi-billion-euro shift towards electric vehicles and transport services than any potential sale of motorcycle brand Ducati or transmissions maker Renk, its head of strategy told Reuters. Analysts and bankers have been expecting Europe''s biggest carmaker to sell assets soon to help meet the cost of its diesel emissions test cheating scandal, which has already reached as much as $25 billion. But Thomas Sedran said the German company was in no hurry to make divestments, which are opposed by its powerful labor unions, pointing to the group''s strong financial performance despite the "dieselgate" scandal. "It''s much more important to discuss which new business fields the company will enter. Divestments are less relevant," he said in an interview. "Big decisions like how to expand or optimize the business portfolio of a global company need time and have to be developed by consensus. For Volkswagen, the topic of the business portfolio is very important but not time critical," he said. Volkswagen has asked banks to examine options for Ducati and Renk, including selling the two divisions, sources have said, as it reviews its businesses after announcing a major push into electric cars and services such as ride-hailing a year ago. Five bidders have been short-listed for Ducati, including Italy''s Benetton family, with offers ranging from 1.3-1.5 billion euros ($1.5-1.8 billion), a separate source said last month. But the potential deal currently does not have the support of a majority on Volkswagen''s supervisory board, with labor leaders - who occupy half the board seats - resisting a sale unless there are compelling financial reasons. Thomas Sedran, Volkswagen''s Head of Group Strategy, address a news conference at Volkswagen''s headquarters in Wolfsburg, Germany June 16, 2016. Fabian Bimmer "Top management has a clear idea of what belongs to core business and what doesn''t," Sedran said, without elaborating. "It is now a question of how the supervisory board will assess this and what one wants to do." He said the range of possible changes was "far greater than just the things that are seized on in public discussion", adding the money to pay for the emissions scandal had to be found somewhere. "So it''s perfectly plausible that we consider whether the time may have come to find a more suitable owner for certain business areas," said Sedran, a former head of General Motors in Europe who joined Volkswagen two months after the scandal broke. Since then, Volkswagen management has had to deal with an ever-growing number of "dieselgate" probes in Germany and abroad, as well as a new investigation into potential collusion among German carmakers. On the group''s long-running effort to produce a low-cost car for emerging markets, he said Czech brand Skoda would try to develop such a vehicle for India by 2020, one year later than planned after cooperation talks with Tata Motors ( TAMO.NS ) collapsed. Skoda has developed "a series of ideas" for a cheap car for India that could then be used in other markets such as Brazil and Iran, Sedran said. The 52-year-old also poured cold water on union calls for production of a new model to be assigned to one of three German auto-making sites to boost plant utilization. "Short-term displacements of vehicles are always difficult at production peaks," he said. "To take cars out of one plant for the short term and give production to another plant doesn''t achieve much." ($1 = 0.8511 euros) Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-volkswagen-strategy-idUSKCN1B11F9'|'2017-08-21T15:34:00.000+03:00'
'b80c0e379e95c40b97ab7d5647d703f68792e38f'|'U.S. sells 3-month bills at lowest rate in eight weeks'|'NEW YORK, Aug 21 (Reuters) - The U.S. Treasury Department on Monday sold $39 billion of three-month bills at an interest rate of 1.000 percent, matching the level set a three-month sale eight weeks ago, Treasury data showed.A week ago, the Treasury sold three-month T-bills at an interest rate of 1.015 percent.The ratio of bids to the amounts of three-month bills offered was 3.11, the lowest in a month and lower than the 3.52 recorded last week. (Reporting by Richard Leong; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-auction-treasuries-idINL2N1L70OA'|'2017-08-21T13:56:00.000+03:00'
'16cb0f5654da93576435cd31b2a429c2d56968b0'|'Shire''s CFO resigns to join plant technology start-up'|'August 21, 2017 / 2:16 PM / 5 hours ago Shire''s CFO resigns to join plant technology start-up Reuters Staff 1 Min Read FILE PHOTO: A sign sits in front of Shire''s manufacturing facility in Lexington, Massachusetts July 18, 2014. Brian Snyder LONDON (Reuters) - Pharmaceutical company Shire said its chief financial officer Jeff Poulton will stand down at the end of the year to join Indigo Ag, a Boston-based start-up that seeks to improve agricultural productivity. Poulton, who joined Shire in 2003, has been CFO since January 2015, a period that saw Shire make its largest acquisition with the $32 billion purchase of Baxalta last year. He said on Monday that it was a difficult decision to leave the rare disease drugs specialist, but he wanted to join a smaller organization where he could play a role in building a new company. "As Shire finalizes the integration of Baxalta and focuses on paying down debt, this also presents a perfect time for me to begin this transition," he said. Shire''s Chief Executive Flemming Ornskov said Poulton would lead the finance team through the third-quarter reporting period and would play an active role in the search for his successor Reporting by Paul Sandle '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-shire-moves-cfo-idUKKCN1B11MM'|'2017-08-21T17:07:00.000+03:00'
'56d7b6a2e77041c4818466fed747692b532482b4'|'U.S. Air Force awards contracts to Raytheon, Lockheed for next-generation cruise missile'|'Aug 23 (Reuters) - The U.S. Air Force has awarded Lockheed Martin Corp and Raytheon Co separate $900 million contracts to continue work on a replacement for the AGM-86B air-launched cruise missile, the Pentagon said on Wednesday.Although the award for the new Long Range Standoff weapon (LRSO) comes amid rising tensions with North Korea, the Air Force had asked the defense industry last summer for proposals to replace the aging ICBM system and its nuclear cruise missiles as the military moved ahead with a costly modernization of its aging atomic weapons systems. (Reporting by Mike Stone and Eric Walsh; Editing by Peter Cooney)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/lockheed-pentagon-lrso-idUSL2N1L91V9'|'2017-08-24T00:24:00.000+03:00'
'c00f91dcfba2c27ccf7ea19dea6de12ef3768212'|'U.S. FTC clears Amazon acquisition of Whole Foods'|'WASHINGTON, Aug 23 (Reuters) - The U.S. Federal Trade Commission said Wednesday it has cleared Amazon.com Inc''s planned $13.7 billion acquisition of Whole Foods Market Inc.The FTC said in a statement that it had reviewed whether the deal would substantially lessen competition or constituted an unfair method of competition and opted not to pursue its investigation further. (Reporting by David Shepardson; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/whole-foods-ma-amazoncom-ftc-idINL2N1L91Q6'|'2017-08-23T18:43:00.000+03:00'
'620388367c1da8bd7be4ab655285f857c0a4ecb4'|'CANADA STOCKS-TSX edges lower as CIBC and energy shares decline'|' 39 PM / 29 minutes ago CANADA STOCKS-TSX edges lower as CIBC and energy shares decline Reuters Staff 2 Min Read (Updates prices) TORONTO, Aug 24 (Reuters) - Canada''s main stock index edged lower on Thursday after a decline in oil prices helped drive down the energy sector, and shares in Canadian Imperial Bank of Commerce''s slipped after it posted quarterly results. CIBC, Canada''s fifth-biggest lender, recorded a rise in earnings as a strong performance from its retail business offset a weaker showing at its capital markets division. While CIBC''s results topped market expectations, Barclays analyst John Aiken said the beat will "likely be viewed as low quality from investors" having been driven by increased revenues from its corporate business. CIBC shares slipped 1.1 percent to C$92.17. The Toronto Stock Exchange''s S&P/TSX composite index was down 8.30 points, or 0.06 percent, at 15,054.86. In the energy sector, Suncor Energy Inc fell 0.3 percent to C$39.20, and TransCanada Corp slipped 0.3 percent to C$63.12. Oil prices dropped following gains in the U.S. dollar on expectations of monetary policy changes ahead of a meeting of central bankers in Jackson Hole, Wyoming. Gold prices also fell, weighing on the shares of precious metals miners. Barrick Gold Corp slipped 0.2 percent to C$21.31, and Goldcorp Inc was down 0.1 percent at C$16.31. (Reporting by John Tilak; Editing by Chizu Nomiyama and W Simon) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1LA0QT'|'2017-08-24T17:39:00.000+03:00'
'1de8e1656861b2aa8c3e75758b5dd8216eaf0062'|'Australia''s Qantas firms up plans for world''s longest commercial flight'|'August 24, 2017 / 2:06 PM / 8 hours ago Australia''s Qantas firms up plans for world''s longest commercial flight Jamie Freed 4 Min Read Qantas flight QF1, an A380 aircraft, takes off from Sydney International Airport en route to Dubai, above Botany Bay, in Australia August 22, 2017. Jason Reed SINGAPORE (Reuters) - Qantas Airways ( QAN.AX ) is set to formally announce plans to offer 20-hour non-stop flights from Sydney to London by 2022 if Airbus SE ( AIR.PA ) or Boeing Co ( BA.N ) can deliver aircraft that meet the distance, a source familiar with the matter said. The flight from Sydney to London will on most days take a northern polar route rather than the usual western crossing over Asia and Europe, said the source, who did not want to be named as he was not authorized to speak publicly about the matter. An announcement is expected alongside the airline''s annual results on Friday, the source added. The polar route is longer than the 9,200 nautical miles (17,038 kilometers) western route but has the benefit of strong tailwinds rather than fierce headwinds. The route could vary depending on the time of year, but the return flight will likely follow the traditional route, the source added. "The smart way is not to fight the winds. Use them," Leeham Co analyst Bjorn Fehrm said in a note to clients speculating about a 10,000 nautical miles polar route in June. A non-stop Sydney-London route that is three hours shorter than flights involving stops would allow Qantas to charge a premium and differentiate its product from the around two dozen other airlines plying the so-called Kangaroo route with stop-offs in Singapore, Dubai and Hong Kong. Analysts estimate Qantas could price its tickets at a 20 percent premium in return for delivering business travelers to their destination more quickly. It will cut a current stop in Dubai, the hub of Qantas partner Emirates. To improve passenger experience during what is slated to be the world''s longest-ever commercial flight, cutting across 10 time zones, Qantas has said it will work with the University of Sydney''s Charles Perkins Centre on research projects including strategies to counteract jetlag, on-board exercise and movement, and cabin environment including lighting and temperature. Chief Executive Alan Joyce has previously told Reuters the Airbus A350-900ULR and Boeing 777-8 are contenders for non-stop flights from Sydney to London and New York, but Qantas has not yet placed an aircraft order. Qantas is pushing the planemakers hard on a stretch goal of completing the Sydney-London flight with 300 seats to give it the highest possible revenue and fleet flexibility. However, there are concerns of missing that target if Qantas wants to avoid a fuel stop on the challenging Sydney-London leg. The new aircraft, which will replace retiring 747s, would sit alongside A380s and 787s to form the backbone of the airline''s international fleet servicing medium and long-haul routes and help it maintain its competitiveness. Qantas has already announced plans for 17-hour non-stop Perth-London flights from March 2018 with 787-9 aircraft. Rival Air New Zealand Ltd ( AIR.NZ ) on Wednesday said it was considering an order for A350 and 777X aircraft that would allow it to fly non-stop from its Auckland hub to New York and Brazil by 2021, targeting Australian transit traffic in competition with Qantas. Reporting by Jamie Freed; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-qantas-strategy-idUSKCN1B41QY'|'2017-08-24T17:00:00.000+03:00'
'ceb5bfe2ead7e943a1c112d80a7b108c7fbdcc16'|'FTSE 100 executive pay falls by 19% ahead of controversial reforms, says Deloitte - Business'|'Pay for Britain’s top bosses has fallen by almost a fifth, suggesting companies may be reining in excessive rewards as the government reviews options for further reform.The median pay for chief executives at FTSE 100 companies, which includes bonuses and other long-term incentives, fell 19% to £3.5m in 2016, from £4.3m a year before, a survey by Deloitte found.Total pay fell as companies trimmed the amount bosses could earn from bonuses and share plans. Median salaries rose by about 2% but the number of salary increases of 3% or more halved.The coalition government introduced rules in 2013 that forced large public companies to put a three-year pay policy to a binding shareholder vote, report bosses’ pay more clearly and show the relationship between the pay of the chief executive and the average worker.Theresa May promised to introduce further curbs when she campaigned for the Tory leadership last year. Critics said her proposals, published in November and still under review by ministers, were weaker than promised after lobbying by business.Stephen Cahill, Deloitte vice-chairman, said falling pay showed the existing rules were working because last year’s packages were the first drawn up since the 2013 measures. Cahill said: “The fall in executive pay demonstrates that remuneration committees are making a real effort to address shareholder concerns. It seems to show that the current legislation is working.”The Deloitte survey echoes a recent report by the High Pay Centre that calculated average chief executive pay fell 17% last year to £4.5m . But that report said the average employee would have to work for 160 years to earn the annual pay of a FTSE 100 chief executive.Deloitte said the median amount bosses could earn as an annual bonus last year was 150% of salary – little changed for a decade. But at the biggest 30 companies the “bonus opportunity” fell from 200% to 185% of salary in the past four years. Amounts on offer under long-term share plans also fell.Executive wages may have fallen, but the case for pay ratios is even stronger Read more Public anger over bosses’ pay increased during years of falling living standards for ordinary workers. Big shareholders responded by voting against pay deals, leading to a series of revolts at annual meetings last year before May made her pledge.Deloitte found a calmer set of shareholder meetings this year as nine in 10 FTSE 100 companies had more than 80% support on pay. But shareholders voted against pay reports at Pearson, the educational publisher , and Crest Nicholson, the builder .Tim Roache, general secretary of the GMB union, said the gap between bosses and workers was unfair and bad for the economy.“These figures mask the reality of a grotesque pay gap between the rich and the rest that has grown unchecked for years. It’s in everyone’s interest to tackle this inequality. The money earned by ordinary workers is not spent on luxury yachts or hoarded away in tax havens – it is spent in the high street and in the communities in which they live and work,” he said.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/21/ftse-100-executive-pay-falls-by-19-ahead-of-controversial-reforms-says-deloitte'|'2017-08-21T14:01:00.000+03:00'
'25a461ea81985e7b45d6b0812f3559d623b7f2f0'|'China''s Great Wall interested in Fiat Chrysler''s Jeep brand -report'|'SHANGHAI/BEIJING (Reuters) - Great Wall Motor Co Ltd is interested in Fiat Chrysler Automobiles (FCA), an official from the Chinese company said, confirming reports it is pursuing all or part of the owner of the Jeep and Ram truck brands. Speculation about Chinese interest in FCA has emerged since Automotive News reported last week that an unidentified "well-known Chinese automaker" made an offer earlier this month. FCA shares rose more than 5 percent in Milan on Monday to their highest in 19 years. But industry experts said any Chinese bid was likely to encounter financial, political and regulatory obstacles in the United States, China and Europe. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," an official at Great Wall Motor''s press relations department told Reuters. He declined to give his name and gave no further details. Two people familiar with the matter said Great Wall Motor had asked for a meeting with FCA to make an offer for all or part of the group. FCA said in a statement it had not been approached by Great Wall Motor, and was busy implementing its current business plan. Its main investor, Italy''s Agnelli family, declined to comment. FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world''s seventh-largest automaker to help it to manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars. Great Wall Motor, China’s largest sport utility vehicle (SUV) and pick-up manufacturer, would be making an audacious move in taking on FCA, which has a market value of almost $20 billion. If Great Wall, with a market value of about $16 billion, bought FCA it would be China''s largest overseas automotive industry deal to date - dwarfing Geely''s 2010 billion acquisition of Volvo cars. Automotive News, citing an email from Great Wall Motor President Wang Fengying, said the Chinese group had contacted FCA specifically over the Jeep brand. It then cited a spokesman confirming this interest, but saying the Chinese carmaker had not made a formal offer or met with FCA''s board. Related Coverage Factbox: Fiat Chrysler''s Chinese suitor, Great Wall "Our strategic goal is to become the world''s largest SUV maker," Automotive News quoted the spokesman as saying. "Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better (than on our own)." Any Chinese offer for FCA would be a bold move, analysts said, given the carmaker''s heavy presence in the United States and Europe, two regions that have suffered from Chinese investment restrictions in the auto sector for decades. "There will almost certainly be massive political backlash due to the lack of reciprocity in market access," Thilo Hanemann, economist at Rhodium Group, said. U.S. government officials this year have intensified scrutiny of Chinese acquisitions of U.S. assets. KEY BRANDS IN FOCUS A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. Giorgio Perottino Marchionne told analysts last month that a new five-year strategy - to be unveiled next year - could include asset sales. While acknowledging Jeep, Ram, Maserati and Alfa Romeo could exist on their own, he appeared to pour cold water on them being sold since it would leave a less profitable "stump" behind. Jeep SUVs and Ram trucks, the two most coveted of FCA''s brands, have become a major profit engine for the carmaker''s North American operations. "Jeep is the most logical choice (for Great Wall)," said Yale Zhang, head of Shanghai-based consultancy Automotive Foresight. Ram could be an option, but "the Jeep brand is recognised globally." Any breakup would leave FCA with marques such as Fiat, Dodge, Chrysler and Alfa Romeo, and could result in heavy job losses at plants in Italy that have battled with weak demand and high labour costs. A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. Brendan McDermid "The idea of a breakup is unacceptable," Michele De Palma, head of the auto sector workers at the FIOM union, said. If Marchionne opens the door to selling Jeep as a standalone business, other automakers like Volkswagen ( VOWG_p.DE ), General Motors or Ford might show interest, analysts said. Jeep targets sales of 2 million vehicles in 2018, up from 1.4 million in 2016. Marchionne has said deliveries from the SUV brand could eventually rise to as many as 7 million a year as demand for sporty vehicles is set to keep rising. Morgan Stanley has estimated Jeep''s enterprise value at 23 billion euros ($27 billion) - nearly 150 percent of the whole of FCA''s market value. Marchionne might also use Great Wall’s interest to try to attract other bidders, sources familiar with FCA said. He has long advocated more car industry mergers, but his preferred target GM has firmly rebuffed his approaches. If successful, a deal would boost Great Wall''s market position and allow it to get around the politically charged issue of manufacturing in the United States to sell there, something that would otherwise take decades to build up. Great Wall''s founder and chairman Wei Jianjun saw opportunity when China began to fall in love with SUVs, and invested heavily in its Haval brand, cutting back on sedans. Within a few years, it was a top seller. The people familiar with the matter told Reuters that Great Wall had been making plans for the U.S. market for some time, mainly by upgrading some key products and improving branding. The company earlier this year launched a new premium brand of potentially U.S.-market ready vehicles, which it refers to as Wey in English. Wei is the last name of Great Wall Motor founder and chairman Wei Jianjun. ($1 = 0.8518 euros) Reporting by Norihiko Shirouzu in BEIJING, Brenda Goh in SHANGHAI, Agnieszka Flak in MILAN, Kane Wu in HONG KONG, Pamela Barbaglia in LONDON; with additional reporting by Shanghai newsroom and Giulia Segreti and Paola Arosio in MILAN; Editing by Ian Geoghegan and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-fiat-chrysler-m-a-great-wall-idUSKCN1B10HU'|'2017-08-21T09:34:00.000+03:00'
'21a586b3ddbb7cccfa51cff4e11419575dedc52d'|'Chevron CEO John Watson to step down: WSJ'|'FILE PHOTO - John Watson, Chevron''s chairman and CEO, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York, U.S. on March 8, 2017. Brendan McDermid/File Photo HOUSTON (Reuters) - Chevron Corp ( CVX.N ) Chief Executive John Watson will step down by next month and likely be replaced by Vice Chairman Mike Wirth, a source familiar with the matter told Reuters on Tuesday.The unexpected shakeup at the top of one of the world''s largest oil and natural gas producers comes just as it is emerging from a global commodity price slump and is beginning to reap the fruits of a multibillion-dollar expansion spree.Chevron spokesman Kent Robertson declined to comment.Wirth, 56, has been vice chairman since February and also runs the company''s pipeline division. He previously ran Chevron''s refining unit, which has grown rapidly in recent years, with the company investing heavily in expansion and renovations.Chevron last month posted higher-than-expected second-quarter profits on higher production and oil prices LCOc1CLc1 and lower spending on large projects.Under Watson, a 60-year-old Chevron veteran who became CEO in 2010, the company has been shifting additional resources to shale oil projects that promise quicker returns.Watson, an economist by training, rose through the company''s ranks, served as its chief financial officer, and earlier oversaw the integration of Texaco operations following the 2000 acquisition.Shares of San Ramon, California-based Chevron rose 0.5 percent to $106.35 in afternoon trading. The stock has risen about 4 percent in the past year.Reporting by Ernest Scheyder; Editing by Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/chevron-ceo-idINKCN1B222T'|'2017-08-22T20:54:00.000+03:00'
'1a9039d1775c58c25652706ea85494990155da2c'|'ADP rejects new board candidates, Ackman fires back'|'August 21, 2017 / 8:54 PM / 18 hours ago ADP rejects new board candidates, Ackman fires back Reuters Staff 3 Min Read William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. Brendan McDermid (Reuters) - Automatic Data Processing Inc ( ADP.O ) on Monday rejected billionaire investor William Ackman''s three proposed board candidates, sparking more criticism from the hedge fund manager who is trying to shake up the human resources outsourcing firm. The latest salvos from both sides all-but-guarantee a proxy battle that could become one of the season''s bitterest. Early on Monday, ADP said it would renominate its 10 current directors, rejecting the fund manager''s bid to get board seats for himself and two others at a company where his hedge fund owns an 8.3 percent stake. Hours later Ackman reacted by saying ADP was too quick to dismiss his ideas and called its board insular. ADP has held firm in rejecting Ackman since the activist investor unveiled his stake in the company and proposed changes earlier this month. "We have determined that adding Mr. Ackman''s nominees would not be an improvement," John Jones, ADP''s non-executive chairman of the board said in a statement. "ADP''s independent board includes the right balance of leadership continuity and fresh perspective, as well as technology, operational and financial expertise, to continue our strong track record of shareholder value creation." Ackman shot back that the board barely owns any stock in the company, unlike his hedge fund, which is its biggest shareholder. "The fact that the board believes that the company''s largest owner with an 8.3 percent stake does not deserve even one board seat speaks to their insularity and lack of shareholder perspective," Ackman said, adding that the 10-person board currently owns only 0.09 percent of the company''s shares. Last week Ackman laid out what he sees as ADP''s inefficiencies in a 3-1/2-hour-long presentation where he said the company''s share price could double within five years if the company were managed better. He suggested a new CEO is likely needed for the job. Earlier in August, Ackman''s $10.1 billion hedge fund Pershing Square Capital Management nominated three directors, including Ackman, to join the board. Activist investors like Ackman are demanding more board seats at companies, arguing that directors and management benefit from an investor''s perspective. Reporting by Svea Herbst-Bayliss; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-adp-ackman-idUSKCN1B12B3'|'2017-08-21T23:48:00.000+03:00'
'57f675aac8cddda9492f50439fa0e0acfa1fa994'|'British Airways cabin crew to pause strike action for talks - union'|'August 22, 2017 / 1:00 PM / 6 hours ago British Airways cabin crew to pause strike action for talks - union Reuters Staff 1 Min Read FILE PHOTO: British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. Stefan Wermuth /File Photo LONDON (Reuters) - There will be a pause in industrial action among British Airways'' mixed-fleet cabin crew in a bid to resolve a conflict over pay and penalties for striking workers, Britain''s Unite Union said on Tuesday. Unite members who work for the mixed-fleet, which serve short and long haul routes, have been on strike since the beginning of July, and the industrial action is set to end on August 30. "You will be aware that we have not issued any further notice for strike action which will currently end on 30 August," Unite general secretary Len McCluskey said in a letter to BA CEO Alex Cruz. "This is in order to create a ''pause for peace'' so that our respective teams can get around the table with a view to securing a mutually accepted resolution to the current dispute." British Airways entered into a "wet-leasing" arrangement with Qatar Airways to borrow planes and staff during the strike, but has said that all passengers would reach their destinations during the industrial action. Reporting by Alistair Smout; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-iag-britishairways-strike-idUKKCN1B21G2'|'2017-08-22T16:00:00.000+03:00'
'f6e698f92d80322c3574c097823ce38269d30c52'|'US STOCKS-Futures higher as traders pick up beaten-down stocks'|'August 22, 2017 / 11:37 AM / an hour ago Wall Street bounces back with gains in tech stocks Sruthi Shankar 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 17, 2017. Brendan McDermid (Reuters) - U.S. stocks were higher in early afternoon trading on Tuesday, with all the three major indexes poised for their best one-day percentage gains in more than a week, led by technology stocks. Nine of the 11 major S&P sectors were higher, with the heavyweight tech index .SPLRCT up 1.27 percent, rising for the first time in four days. The materials .SPLRCM index also jumped more than 1 percent, poised for its best day in four weeks, boosted by rising commodity and metals prices. Metals prices, including of copper CMCU3, zinc CMZN3 and nickel CMNI3, were higher, despite a slight pullback, against a backdrop of strong results for mining firms and talk of shortages in some metals. [MET/L] The absence of major news from the White House and on the tensions between the United States and North Korea – two major factors that roiled the market in the past two weeks – also helped calm nerves. "As the pockets of political worries that have caused short-term spikes and volatility ebb and flow, the market is rightfully focused on the solid fundamentals," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "We''ve had a decent economic backdrop against moderate inflation. As long as inflation remains moderate, I think the market continues to move higher". At 12:50 p.m. ET (1650 GMT), the Dow Jones Industrial Average .DJI was up 148.23 points, or 0.68 percent, at 21,851.98 and the S&P 500 .SPX was up 19.15 points, or 0.79 percent, at 2,447.52. The Nasdaq Composite .IXIC was up 70.75 points, or 1.14 percent, at 6,283.87. So far, 257 stocks have hit new 52-week highs, while 244 have hit fresh 52-week lows across all U.S. exchanges. If the ratio holds, it will mark the first time in ten sessions that more stocks have hit highs than lows. Investors await the annual central bankers meeting in Jackson Hole, Wyoming, later this week. Federal Reserve Chair Janet Yellen''s speech on Friday will be closely watched for a steer on U.S. monetary policy, but central bank observers do not expect her to give new guidance. Among stocks, Freeport ( FCX.N ) jumped 3.9 percent on news that Indonesia expects to strike an agreement this month to allow the miner to keep operating its copper mine in Papua. Macy''s ( M.N ) rose as much as 4.6 percent putting the stock on track for its best day in nearly 7 months, after announcing restructuring and job cuts. [nL4N1L755K] Coty ( COTY.N ) tumbled 17.7 percent, on course for its worst single-day percentage fall, after the beauty products maker posted a surprise quarterly loss. [nL4N1L83N1] DSW ( DSW.N ) shares jumped 23.5 percent after the footwear retailer reported a surprise rise in comparable sales. Advancing issues outnumbered decliners on the NYSE by 1,955 to 847. On the Nasdaq, 1,965 issues rose and 855 fell. Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-stocks-idUSKCN1B218U'|'2017-08-22T14:34:00.000+03:00'
'e61048a3a8ad835eae7a0b2796109dd0f01b93e1'|'U.S. FTC clears Amazon acquisition of Whole Foods'|'August 23, 2017 / 8:47 PM / 6 minutes ago U.S. FTC clears Amazon acquisition of Whole Foods Reuters Staff 1 Min Read FILE PHOTO - The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. Carlos Jasso/Illustration WASHINGTON (Reuters) - The U.S. Federal Trade Commission said Wednesday it has cleared Amazon.com Inc''s planned $13.7 billion (10.70 billion pounds) acquisition of Whole Foods Market Inc. The FTC said in a statement that it had reviewed whether the deal would substantially lessen competition or constituted an unfair method of competition and opted not to pursue its investigation further. Reporting by David Shepardson; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-whole-foods-m-a-amazon-com-ftc-idUKKCN1B32I1'|'2017-08-23T23:47:00.000+03:00'
'2817f148b8c0c05b0c779bd1bfb2f3402d709ab1'|'India''s proposed pharma marketing rules hit legal roadblock'|'August 23, 2017 / 3:07 PM / 5 hours ago India''s proposed pharma marketing rules hit legal roadblock 3 Min Read People walk past a chemist shop at a market in Mumbai, June 25, 2015. Shailesh Andrade/Files MUMBAI (Reuters) - India''s plan to bring in marketing rules to curb unethical promotional practices in the country''s drug industry faces an indefinite delay after it hit a legal roadblock, marking a setback for public health groups. The country''s law ministry has rejected draft marketing rules, which were prepared by the Department of Pharmaceuticals (DoP) after nearly two years of deliberations, saying they cannot be passed under the proposed legal framework, industry sources told Reuters. DoP officials did not respond to requests for comment, and G.N. Raju, secretary at the law ministry''s legislative department declined to comment beyond saying that the ministry had responded to the DoP on the draft weeks ago. The rejection is a setback for public health groups that have been pushing for rules on marketing to curb bribery and corruption, which many doctors and medical professionals say is rampant in India''s health sector. India is one of the world''s biggest drug markets, with a population of more than 1 billion and growing incidence of both communicable and non-communicable diseases. But the country has no rules on marketing by drug companies and activists have outlined several cases of drugmakers offering incentives to doctors and pharmacists such as electrical appliances and foreign travel in recent years. ( reut.rs/1QJEdXq ) The DoP''s initial response was to issue a voluntary marketing ''code'' in 2011, and an amended version in Jan. 2015. But after complaints of non-compliance with the code from health groups such as the People''s Health Movement, the DoP set out to make the rules mandatory. A draft of the rules, seen by Reuters, was sent to the law ministry earlier this year. Sources, who declined to be named, said the law ministry has returned that draft saying it cannot be passed under the Essential Commodities Act of 1955. The DoP is now likely to go back to the drawing board and make new rules using a different legal framework, lawyers and health activists tracking developments on this topic said. "The major concern is that this is an indefinite delay after over an over two-year wait," said Malini Aisola, a member of the All India Drug Action Network, a group of healthcare-focused NGOs. "With this development, we are worried it will not see the light of day." D.G. Shah, secretary general of the Indian Pharmaceutical Alliance, which represents 20 of the country''s biggest drugmakers, said he expected the DoP to address the objections raised by the law ministry and modify the rules. The rejection did not come as a surprise to some. Amitava Guha, national co-convenor of the People''s Health Movement, said he told the DoP last year that this legal hurdle would arise, urging them to make a new law instead of tweaking an existing law. "It makes you wonder why the DoP went ahead with it anyway ... we had told them in a meeting last year that it was unlikely to pass in that form," Guha said. Reporting by Zeba Siddiqui in Mumbai. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/india-pharmaceuticals-marketing-idINKCN1B31V5'|'2017-08-23T13:07:00.000+03:00'
'61368071f34f19c054d89af9292156cf6bd85375'|'MOVES-Aviva unit names new Americas client solutions head'|'Aug 23 (Reuters) - The asset management unit of Aviva Plc , Aviva Investors, named Tom Meyers as executive director and head of Americas client solutions, effective Sept. 12.Meyers, who will be based out of Aviva''s Chicago office, previously served as managing senior investment director at Legal and General Investment Management America.He will report to both Mike Craston, chief executive officer, Aviva Investors Americas, and Louise Kay, global head of client solutions. (Reporting by Manas Mishra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/avivainvestors-moves-tom-meyers-idINL4N1L94YW'|'2017-08-23T17:20:00.000+03:00'
'b5f2fdb8afadedd70913148ed3c1cc8be8e855fe'|'Student online lender Prodigy Finance raises $240 million in equity and debt'|'August 21, 2017 / 4:15 AM / an hour ago Student online lender Prodigy Finance raises $240 million in equity and debt Anna Irrera 3 Min Read NEW YORK (Reuters) - UK-based online lender Prodigy Finance has raised $240 million in equity and debt funding, as it seeks to speed up its expansion in the United States. The funding round comprises of $40 million in equity led by venture capital firm Index Ventures, with participation from Balderton Capital and AlphaCode, and $200 million in a debt facility led by a global investment bank, Prodigy Finance said on Monday. The company provides financing to postgraduate international students at U.S., UK and other European universities, who would normally struggle to get loans from financial institutions. It is among the growing cohort of companies that take advantage of digital technologies to offer loans online to customers who have been overlooked by mainstream financial institutions. International students are normally unable to secure loans to fund studies at top universities in the United States or Europe because they lack local credit history, meaning banks will struggle to assess their creditworthiness. Prodigy Finance takes into account the students'' earnings potential based on the studies they will undertake and also uses credit scores from their countries of origin. "We have thousands of data points from our partner universities to understand what the earning potential is," Cameron Stevens, founder and chief executive officer of Prodigy Finance, said in an interview. The company started out 10 years ago by lending to postgraduate business school students. It said it will use the funding to expand its presence in the United States by adding more courses that are eligible for financing on its platform in fields including business, engineering and public policy. It already lends to some students at Harvard University, Stanford University, Columbia University and the University of Pennsylvania. The funding comes as the online lending sector faces growing pains, with some investors concerned about the quality of the loans issued. Stevens said Prodigy Finances loans have performed well so far because it targets lower risk borrowers compared to others in the online lending sector. The company has provided more than $325 million in funding to over 7,100 students since 2007, and has never written off a loan, it said. "Fundamentally we are lending to the best people around the world at the best universities around the world," Stevens said. Reporting by Anna Irrera; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-prodigy-finance-investment-idUKKCN1B109E'|'2017-08-21T07:15:00.000+03:00'
'c58c649366c56a3656528e6c2f0d98103bbafb0e'|'U.S. oil stocks falling more than expected due to OPEC cuts - Kuwait - Reuters'|'August 21, 2017 / 11:32 AM / an hour ago U.S. oil stocks falling more than expected due to OPEC cuts - Kuwait Reuters Staff 1 Min Read Kuwaiti Oil Minister Essam al-Marzouq speaks during a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. Anton Vaganov/Files LONDON (Reuters) - U.S. crude inventories are falling more than expected in a sign of the success of OPEC and non-OPEC production cuts, Kuwait''s oil minister Essam al-Marzouq told CNBC Arabia on Monday. "We are now seeing the impact of those cuts (in the first half of the year) as U.S. oil inventories fall by more than expected," he said. "Week after week we are seeing a much bigger-than-expected fall in inventories," he added. U.S. crude inventories have fallen for a seventh consecutive week in their largest drawdown in nearly a year, according to the government''s Energy Information Administration. Stocks fell by 8.95 million barrels in the week to Aug. 11, nearly three times analysts'' expectations and the largest draw since the week to Sept. 2. The Organization of the Petroleum Exporting Countries and other oil producers led by Russia agreed in May to extend a deal to slash production by some 1.8 million barrels per day until March 2018 to stem a glut in oil inventories. Reporting by Ahmad Ghaddar; Editing by Dale Hudson and David Evans 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/oil-opec-kuwait-idINKCN1B1194'|'2017-08-21T09:32:00.000+03:00'
'c04e6b299ea318f17542d454eac8a2b8aef09d19'|'Solar eclipse''s effect on power demand proved a yawn for utilities'|'An array of solar panels are seen in Oakland, California, U.S. on December 4, 2016. Lucy Nicholson/Files HOUSTON (Reuters) - Monday''s solar eclipse had no major impact on electricity demand in affected areas of the United States, according to grid operators and utilities, many of which had lined up alternative power supplies.Customers who left their homes and offices to enjoy the celestial display used less power and cooler temperatures in regions of the total eclipse helped lower demand for air conditioning, executives said. In the end, the eclipse led to fewer calls on power to replace renewables.PJM Interconnection, which coordinates power among 13 states from Michigan to North Carolina, said power demand declined rather than increased as expected across its territory during the eclipse."PJM had expected a reduction in power from rooftop panels to result in an increase in electric demand on the grid," said spokesman Jason McGovern. Instead, PJM saw a net decrease in demand for electricity of about 5,000 megawatts throughout the eclipse, he said.According to several operators, pleasant temperatures and customers'' enthusiasm to witness the eclipse as it made its way from one U.S. coast to the other, served to decrease the need for electricity.In North Carolina, the nation''s second highest consumer of solar energy, reduced sunshine and cloudy skies did not deter people from going out and experiencing the eclipse, Randy Wheeless, a Duke Energy spokesman, said. The utility lost about 1,700 megawatts of solar capacity during the height of the eclipse, when they were expecting to receive 1,808 megawatts of solar.On the West Coast, California Independent System Operator (CISO), which routes power throughout the densely populated state, said on Monday it does not yet know how much the eclipse affected rooftop solar generation, or replacement demand, but believes the need for replacement power was less than expected."It will take a few days for us to run the numbers," said CISO spokesman Steven Greenlee. "We predicted the loss of about 4,200 megawatts of utility-scale solar but the actual reduction in solar appears to be closer to 3,500 megawatts."At San Diego Gas and Electric, which typically sees about 850 megawatts of solar generation on a day like Monday, had at its peak 334 megawatts, leaving about 500 megawatts to replace with other fuels, according to Allison Torres, a SDG&E spokeswoman.Reporting by Ruthy Munoz; Editing by Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/solar-eclipse-usa-grid-idINKCN1B2222'|'2017-08-22T20:43:00.000+03:00'
'564e08f32b37b57b4137b2c5bedda1a4068a88bc'|'Malaysia''s RHB Bank and AmBank likely to ditch merger plans: sources'|'A Malaysian woman is reflected in a glass wall as she walks in front of RHB Bank in Putrajaya February 8, 2007. Bazuki Muhammad/File Photo KUALA LUMPUR (Reuters) - Malaysia''s RHB Bank ( RHBC.KL ) and AMMB Holdings (AmBank) ( AMMB.KL ) are likely to abandon their planned merger, three sources familiar with the matter told Reuters on Tuesday.The companies had said in June that they were starting merger talks after receiving the Malaysian central bank''s blessing to begin negotiations. RHB had said it would acquire AmBank in an all-stock deal.A successful takeover of AmBank -- which has a market value of 14.16 billion ringgit ($3.31 billion) -- would reinforce RHB''s ranking as the fourth-largest Malaysian bank by assets behind Maybank ( MBBM.KL ), CIMB Group Holdings ( CIMB.KL ) and Public Bank ( PUBM.KL ). AmBank is the sixth-biggest.However, deal talks have stumbled over valuation because of contingent liabilities, one of the sources said.The sources did not want to be named because the talks were confidential.AmBank declined to comment and said a statement would be issued shortly. RHB did not immediately respond to request for comment.RHB and AmBank had both requested for that trading in their shares be halted on Tuesday, pending material announcements.Australia and New Zealand Banking Group ( ANZ.AX ), a 24 percent shareholder in AmBank, had been looking to divest its stake through the sale, though Malaysian retirement fund KWAP may yet buy the holding. Reuters reported in July that they were in negotiations over a $900 million deal.Though the Malaysian central bank has been encouraging consolidation of the sector, deals have proved hard to nail down.RHB, CIMB and Malaysian Building Society ( MBSS.KL ) started negotiations in 2014 over a $20 billion three-way merger to create Malaysia''s largest bank, but talks collapsed in 2015.Reporting by Liz Lee; Editing by David Goodman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ambank-m-a-rhb-bank-idINKCN1B2162'|'2017-08-22T09:07:00.000+03:00'
'6535b814075b73f42648105e46e1f6dc2aedd09e'|'France''s SocGen says it is co-operating over U.S. Libor probe'|'August 25, 2017 / 6:39 AM / 7 hours ago France''s SocGen says it is co-operating over U.S. Libor probe Reuters Staff 2 Min Read The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. Gonzalo Fuentes/File Photo PARIS (Reuters) - French bank Societe Generale ( SOGN.PA ) said on Friday it was co-operating with authorities after U.S. authorities charged two managers with taking part in a scheme to manipulate the global U.S. dollar Libor benchmark interest rate. "Societe Generale has received formal requests for information from several authorities, including the U.S. Department of Justice, in connection with investigations regarding submissions to the British Bankers Association for setting certain benchmark rates, including the London Interbank Offered Rates (LIBOR)," it said in a statement. "Societe Generale is cooperating with the investigating authorities," it added. Danielle Sindzingre, 54, the bank''s former global head of treasury, and her subordinate Muriel Bescond, 49, its former head of treasury in Paris, were accused in an indictment filed in a New York federal court of submitting false information about the rates at which the bank was able to borrow money. Reporting by Sudip Kar-Gupta; editing by Richard Lough '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ste-generale-libor-probe-idUKKCN1B50KH'|'2017-08-25T09:39:00.000+03:00'
'52aaa333dd4dd63d20ad4f29e9fd8156ae4c79da'|'Zaher to cut ties with Brazil''s Estácio by next month'|'SAO PAULO, Aug 18 (Reuters) - Brazilian businessman Chaim Zaher and his family plan to sell their remaining 1.25 percent stake in Brazilian for-profit education firm Estácio Participações SA after selling about 7 percent of the company''s shares, he said on Friday.This week, the Zaher family sold part of their Estácio stake in two block trades and will sell the rest by the end of September.U.S. buyout firm Advent International Corp was the sole buyer in this week''s transactions, paying about 437 million reais ($139 million) for the shares. It will also buy the rest of the family''s stake, Zaher said.In a securities filing late on Friday, Estácio said a fund owned by Advent now owns a 10.5 percent stake in the company.Advent''s hefty investment underscores the firm''s growing interest in Brazil''s resilient education industry despite a harsh recession and rising tuition delinquencies. Zaher said he sold the stock at prices slightly below current market levels, which were at the highest in nearly three years.The family''s quick exit from Estácio also reflects lingering tension with other shareholders following the collapse of a planned takeover by rival Kroton Educacional SA.Representatives for Advent and Estácio declined to comment.Initially, Advent and the Zahers had teamed up to win control of Estácio, but a recent move by other shareholders to thwart them put the alliance on hold, Zaher said.The board''s proposal to amend Estácio''s corporate governance rules last month was "the last straw," he said.Zaher said Estácio''s board had proposed new bylaws, under which any shareholder owning more than 20 percent of the company would have to make an offer to the others for the remaining shares. The new rules were proposed soon after he informed the board that Advent was buying Estácio shares and that his family wanted to follow suit."They didn''t want me there," Zaher said, adding that the board''s effort to change Estácio''s bylaws was "nothing else than creating a Chaim Zaher poison pill."On July 31, Estácio said in a securities filing that the move was "a continuous fine-tuning of good corporate practices" by a company with dispersed share ownership.The month before, antitrust watchdog Cade had rejected Kroton''s Estácio takeover plan, saying the combined company would have too much market power.$1 = 3.15 reais Editing by Guillermo Parra-Bernal, Brad Haynes and Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/estacio-part-investor-idINL2N1L416B'|'2017-08-18T20:09:00.000+03:00'
'e8c202bb0df2f1c3827f3ec2cfb5b8a29c89187a'|'UPDATE 1-Bond sale to pay overdue bills may aid Illinois'' rating -S&P'|'(Adds comments from governor''s spokeswoman)CHICAGO, Aug 22 (Reuters) - The sale of up to $6 billion of bonds by Illinois to shrink its enormous unpaid bill backlog, an action the governor has yet to take, could protect the state from a credit rating downgrade to junk, S&P Global Ratings said on Tuesday.The credit rating agency said the issuance of 12-year general obligation bonds would be cheaper than late payment penalties of as high as 12 percent that the nation''s fifth-largest state owes on much of its nearly $14.9 billion backlog of bills."Therefore, the state may realize net fiscal savings which we believe Illinois can ill-afford to pass up given its weakened financial position, even if the additional debt service adds incrementally to its operating deficit," S&P said in a statement.The bond authorization was included in a fiscal 2018 budget enacted in July by the Democratic-controlled legislature over Republican Governor Bruce Rauner''s vetoes. The budget''s enactment, which followed an unprecedented two fiscal years in which the state lacked a complete spending plan, spared Illinois from becoming the first U.S. state to be rated junk.As a result, the state''s so-called credit spread over Municipal Market Data''s benchmark triple-A yield scale for 10-year bonds narrowed to 178 basis points from a high of 335 basis points in June.Illinois bonds due in 12 years were yielding 3.91 percent, according to MMD, a unit of Thomson Reuters.While the budget set a Dec. 31 deadline to sell the bonds, Rauner has been reluctant to take that step. Illinois Comptroller Susana Mendoza, a Democrat who is in charge of paying the state''s bills, has been pushing for the bonds as late-payment penalties grow by $2 million a day."We''re glad to see our argument vindicated by S&P," said Abdon Pallasch, her spokesman.Laurel Patrick, a Rauner spokeswoman, said the governor''s office is reviewing the budget to determine "best next steps.""As part of that review, we are considering bond issuances for both capital projects and the bill backlog," she said in an email.S&P said implementing the bond plan would likely not improve Illinois'' BBB-minus rating, which is a step above junk."However, refinancing a portion of the state''s high-interest bill backlog could offer a modest layer of potential cushion to its liquidity," the statement said. (Reporting by Karen Pierog; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/illinois-bonds-idINL2N1L81IU'|'2017-08-22T19:44:00.000+03:00'
'1dc0247278b729ee57c66ef244c2acdab5d073ad'|'EMERGING MARKETS-Mexican peso spooked by Trump on NAFTA and border wall'|'* Peso drops 0.6 pct, lira, rand, rouble fall on Trump trade warning* Markets wary ahead of Jackson Hole central bank gathering* Local currency bond yields at more than 2-1/2 year lowBy Marc JonesLONDON, Aug 23 (Reuters) - Mexico''s peso fell and emerging market stocks lost some traction on Wednesday, after U.S. President Donald Trump revived threats to build a border wall and terminate the NAFTA trade treaty.Suggesting that scrapping NAFTA might jumpstart current renegotiations, Trump said at a political rally in Arizona 150 miles (240 km) from the Mexican border: "I personally don’t think you can make a deal without a termination."It sent the peso, which has rallied 17 percent this year on hopes that Trump''s threats will not materialise, down 0.6 percent against the dollar, even as the greenback itself fell against the major FX pairs.Turkey''s lira, Russia rouble and South Africa''s rand dropped between 0.1 and 0.3 percent too.MSCI''s widely-tracked EM stocks index lost momentum too, though a 0.4 percent rise in Indonesia after an interest rate cut and a 6-year overnight high for Brazilian shares kept the index just about positive."For the peso, the market had largely priced out any risk of trade protectionism, which is why you have seen a very strong rally (this year)," said UniCredit EM FX strategist Kiran Kowshik."But with Trump up against the wall, finding it tough to do anything on the likes of tax reform, he is looking for other things to do. So you’ve seen sanctions against companies in Russia, and now there is more hardline rhetoric on the trade side.""So this could see the peso come under a bit of pressure as the market assumed there would be no trade frictions."Traders were also waiting for Thursday''s start of the Jackson Hole conference of top central bankers, which includes Fed head Janet Yellen and ECB President Mario Draghi and could provide clues on where global interest rates are heading.Emerging market stocks, bonds and currencies have been many of this year''s top global performers as borrowing costs and the dollar have stayed low, so any sign a change is on the horizon could unnerve investors.For now, though, things look rosy.The average yield on EM local currency denominated debt was at a more than 2-1/2 year low of just above 6 percent on Wednesday. EM stocks are up almost 25 percent for the year and government bonds have made almost 8 percent.Overnight Asia moves saw the Thai baht edge lower after its custom-cleared annual exports fell short of expectations.The Malaysian ringgit inched down after its consumer price index rose at a slower pace for the fourth month in a row, while Tuesday''s surprise Indonesian rate cut nudged the rupiah lower too.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Additional reporting by Claire Milhench; Editing by Richard Balmforth'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-idINL8N1L922B'|'2017-08-23T07:32:00.000+03:00'
'7c04ba8751fa11bfab3abf2b7a587573a4082693'|'Expedia to expand U.S. passenger rail booking presence - CEO'|'August 22, 2017 / 11:33 PM / 4 minutes ago Expedia to expand U.S. passenger rail booking presence - CEO Sophia Kunthara 2 Min Read FILE PHOTO - CEO of Expedia, Inc. Dara Khosrowshahi attends the Allen & Co Media Conference in Sun Valley, Idaho July 13, 2012. Reuters/Jim Urquhart (Reuters) - Online travel provider Expedia Inc is looking to build up its rail booking services in the United States, Chief Executive Dara Khosrowshahi said in an interview with Reuters on Tuesday. The Bellevue, Washington-based company, which offers online bookings of hotels, flights and cars for travellers, is working to expand those capabilities to passenger train service on a global basis, Khosrowshahi said, looking to key markets like Europe, where it has already started offering rail bookings in the United Kingdom and Germany. "Rail in Europe is incredibly important as far as a transportation medium," Khosrowshahi said in an interview. "It''s becoming increasingly important in the Asia-Pacific markets. And I think in the U.S., rail isn''t quite as strong, but we are certainly building up infrastructure on the back end to be able to expand our rail offering on a global basis." Plans for expanding its U.S. rail booking options are in the early stages, Khosrowshahi said, declining to provide further details. In June, the company acquired a majority stake in SilverRail Technologies Inc, an unlisted retailing and distribution platform for rail, at an undisclosed price. Although SilverRail is based in London, Expedia actually began partnering with the firm in 2010 for its corporate travel brand, Egencia, to provide rail options in the United States, where nearly all long-distance passenger train service is provided by U.S. government-owned Amtrak. "With all the talk about being environmentally friendly, you know we do think it is a good way for people to get around, it''s a good transport mechanism and it''s one that we want to promote," Khosrowshahi said. Expedia shares, which are up over 29 percent over the past year, were trading at $147.61 (115.11 pounds) after the market close on Tuesday. Reporting by Sophia Kunthara, editing by G Crosse 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-expedia-ceo-railways-idUKKCN1B22M6'|'2017-08-23T02:51:00.000+03:00'
'f3c03837297afd60ccf87640a1e19dc58b1495e6'|'Sterling dips below $1.28 for first time since June'|'August 22, 2017 / 9:02 AM / 28 minutes ago Sterling dips below $1.28 for first time since June Patrick Graham 3 Min Read The new polymer 5 pound Sterling note featuring Sir Winston Churchill, is unveiled at Blenheim Palace in Oxfordshire, Britain June 2, 2016. Joe Giddens/Pool LONDON (Reuters) - Sterling fell below $1.28 for the first time since late June on Wednesday and deepened recent losses against the euro. Concerns about Britain''s economic prospects and the Brexit process encouraged investors to push the pound lower. The government is striving to move forward the formal discussions on leaving the European Union with a series of position papers that have outlined potential compromises over some of the issues likely to block progress this year. Analysts again praised signs from another paper on Wednesday that Prime Minister Theresa May was seeking ways to resolve an argument over the influence of EU courts after Britain leaves, but markets have so far been unimpressed. In trade-weighted terms, the pound is down around 3 percent since the start of August. "We believe that some cautiousness may be warranted, however, given that the latest bout of GBP-weakness has brought it into undervalued territory against both (the euro and dollar)," Credit Agricole analysts wrote in a note to clients. "(But the euro has) hit yet another multi-month high with the recent price action suggesting that investors are still very comfortable being long the cross despite its lofty levels." Sterling was trading at $1.2787, its weakest since June 28. GBP=D3 Against the euro it fell more than half a percent to 92.24 pence. Apart from levels hit during a short-lived overnight "flash crash" in October, that was its weakest in eight years. Currency managers Adrian Lee and Partners forecast sterling would weaken further against both the dollar and euro over the next six months. "The uncertainty over the form of the UK’s future relationship with the EU is expected to hang over the economy in the coming years and will cause a reduction of inward foreign investment flows," they said in a regular outlook. "These factors will keep sterling under pressure in the medium term." The fund firm forecast the pound to weaken another 4 percent to $1.24 over the next half a year and 2 percent to 94 pence per euro. The government document published on Wednesday contained language which analysts and British media read as leaving the door open to the European Court of Justice maintaining influence over UK cases. Sterling kept falling after U.S. markets opened. "We think it’s too early in the cycle for Brexit details to have a dramatic effect on the pound," said Bank of Montreal strategist Stephen Gallo. "But there hasn''t been any real progress from Brexit negotiators on shifting the discussions from exit conditions over to trade." Reporting by Patrick Graham, Editing by Saikat Chatterjee/Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uk-britain-sterling-idUSKCN1B20TE'|'2017-08-23T11:14:00.000+03:00'
'655253de9502e4a4688b0c3bbe4e013e4ebfcb8a'|'Scottish budget deficit falls to 8.3 percent of GDP in 2016/17'|'August 23, 2017 / 8:55 AM / 2 hours ago Scottish budget deficit falls but still triple UK gap Elisabeth O''Leary 4 Min Read FILE PHOTO: Scotland’s First Minister, Nicola Sturgeon, addresses the Scottish Parliament in Edinburgh, Scotland June 27, 2017. Russell Cheyne/File Photo EDINBURGH (Reuters) - Scotland''s budget deficit narrowed in the year to March but the gap is still more than triple the size of that for the United Kingdom as whole, official data showed on Wednesday, potentially hampering arguments for Scottish independence. Scotland''s heavily oil-dependent economy is struggling to cope with an oil sector downturn following a peak in prices in 2014, tax cuts for the industry and lower production, as well as a longer legacy of high government spending. Scotland''s budget deficit, including a share of North Sea oil revenues, was 8.3 percent of GDP in the 2016/17 tax year or 13.3 billion pounds, down from 9.3 percent in 2015/16, Scottish government data showed. That compares with a deficit of 2.3 percent of GDP in the UK as a whole. "We are seeing an improving picture in Scotland''s economy, although there are still big challenges to be overcome," pro-independence First Minister Nicola Sturgeon told reporters. The Scottish data included the first rise in North Sea revenue since 2011, proof of partial recovery for the sector as oil prices LCOc1 rose from an 11-year low struck in early 2016. Clouding the horizon, however, is the uncertainty of Britain''s decision to leave the European Union and what it will do to Scotland''s economy, which represents about 8 percent of the UK as a whole. "The big risk we face for the medium to long term, in common with the rest of the UK, is the challenge that Brexit poses to that picture of recovery," Sturgeon said. Scotland voted to keep Britain in the EU, increasing tensions with the UK government over the deal it must negotiate with the EU and putting the UK''s four-nation union under strain. FILE PHOTO: Scotland''s First Minister Nicola Sturgeon speaks at the official opening of the recently completed section of the M8 motorway near Glasgow, Scotland August 14, 2017. Russell Cheyne/File Photo Spending per head for Scotland is higher than for the UK as a whole – by around 1,400 pounds per person - pushed up by more spending on health, education and economic development, among others. On the revenues side, Scotland raises slightly less than the UK per head in tax, by about 300 pounds per person. "I make no apology for spending decisions we make, you don''t have to look very far to see the damage that is being done to lives because of the austerity agenda," Sturgeon told reporters. Scotland''s budget deficit has exceeded 7 percent of GDP every year since 2009/10 - a period of borrowing that an independent country might find hard to finance - while Britain has reduced its deficit from 10 percent to just over 2 percent. Britain''s Scotland minister, David Mundell, said the figures were "a cause for concern". "(They) highlight the value of pooling and sharing resources around the UK. Being part of a strong UK has protected our living standards, and that''s one reason the people of Scotland clearly rejected Nicola Sturgeon''s plan for a second independence referendum at the (June UK-wide) election." Sturgeon''s Scottish National Party party lost seats in Westminster on June 8 - although it still holds a majority of the Scottish seats in the UK parliament - and attributed the losses to focusing too much on a renewed drive for independence, rather than defending its health and education policies. Support for secession among voters stands at around 45 percent, according to opinion polls, and how well or badly the economy fares is one the key drivers of separatist sentiment. ($1 = 0.7817 pounds) Additional reporting by David Milliken; Editing by Robin Pomeroy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-scotland-idUKKCN1B30UA'|'2017-08-23T11:55:00.000+03:00'
'cc888f2778039f50db9d39bbb861ed5ddea0a85c'|'Toshiba prioritizes talks with Western Digital on chips business: Nikkei'|'FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s Toshiba Corp is prioritizing negotiations with Western Digital to sell its memory chip business after talks stalled with a previously preferred bidder, sources familiar with the matter said on Wednesday.The conglomerate is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse.In June, it picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as the preferred bidder for the prized unit.But the talks stalled after Western Digital, a partner in Toshiba''s main chip plant, took Toshiba to court, arguing it needs to consent to a sale. A subsequent legal battle between the two companies unnerved the state-backed funds, which demanded Toshiba resolve the conflict before a sale.Western Digital was offering around 2 trillion yen ($18 billion) and plans to form an alliance with U.S. private equity firm KKR & Co as well as the two Japanese state-backed funds that were part of the preferred bidder group, sources said, adding Western Digital was likely to take a stake of around 15 percent in the chip business.The other consortium including Bain and SK Hynix lost its preferred status at the end of July, the sources added, requesting anonymity because they were not authorized to speak with media.A Toshiba spokesman declined to comment on details of the negotiations.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take more than six months, the company has been hoping to reach a deal by the end of the month to ensure it can close the sale in time.Sources have also said a deal with Western Digital could be difficult, however, as Toshiba''s chip business executives were wary of a deal with the U.S. company given previous animosity between the two sides.Ties between the two companies soured quickly after Western Digital bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year as they failed to agree on terms of a new joint venture contract.($1 = 109.6700 yen)Additional reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Muralikumar Anantharaman and David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-toshiba-accounting-idUSKCN1B22LE'|'2017-08-23T02:22:00.000+03:00'
'ea0dfabb0de8c4fc3f0f120a2b81d75e597319b7'|'Fed policymakers grow more worried about weak inflation'|'August 17, 2017 / 5:01 AM / 13 hours ago Fed policymakers grow more worried about weak inflation Lindsay Dunsmuir and Jason Lange 4 Min Read FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo WASHINGTON (Reuters) - Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called for halting interest rate hikes until it was clear the trend was transitory, according to the minutes of the U.S. central bank''s last policy meeting. The readout of the July 25-26 meeting, released on Wednesday, also indicated the Fed was poised to begin reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. Last month''s meeting, which concluded with a unanimous decision to leave rates unchanged, was marked by a lengthy discussion about the recent soft inflation readings, the minutes showed. The central bank''s preferred inflation measure dropped to 1.5 percent in June from 1.8 percent in February and has remained below its 2 percent target for more than five years. "Many participants ... saw some likelihood that inflation might remain below 2 percent for longer than they currently expected, and several indicated that the risks to the inflation outlook could be tilted to the downside," the Fed said in the minutes. The inflation retreat has spurred concerns the Fed may have to cool its monetary tightening pace even though the economy is growing moderately and the unemployment rate fell to 4.3 percent in July, matching a 16-year low touched in May. Related Coverage Fed''s Williams sees Fed ''half way'' on rate-hike path: CNN The Fed has raised its benchmark overnight lending rate twice this year and forecasts one more rise before the end of 2017. Some policymakers argued last month against future rate rises until there was more concrete evidence that inflation was moving back towards the Fed''s objective, according to the minutes. Others, however, cautioned that such a delay could cause an eventual overshooting in inflation given a tightening labour market "that would likely be costly to reverse." BALANCE SHEET REDUCTION In an interview with Reuters on Wednesday, Cleveland Fed President Loretta Mester said, "I''m not one who would like to see inflation be at 2 percent before we continue on the path" of rate hikes because policy affects the economy with a lag. "On the other hand, we do have to take into account that we have had weak readings on inflation," Mester added. Senior Fed officials have largely dismissed the inflation softness as temporary. Fed Chair Janet Yellen said last month that special factors, including price drops for mobile phone plans and prescription drugs, were partly responsible. Voting members of the Fed'' rate-setting committee agreed to monitor inflation closely in light of the concerns, with a few policymakers cautioning that the central bank''s framework for analysing inflation was "not particularly useful," according to the minutes. "What it boils down to is what inflation will do between here and December," said Eric Winograd, an economist at Alliance Bernstein, who still expects the Fed to raise rates again at its Dec. 12-13 meeting. The dollar .DXY was weaker against a basket of currencies. U.S. stocks ended slightly stronger after paring earlier gains and prices of U.S. Treasuries were higher. Fed policymakers at last month''s meeting also cast a keener light on financial stability and agreed it was important to look for signs of declining market volatility or concentration of investors in particular assets. Elsewhere in the minutes, Fed officials reinforced expectations of an announcement in September to begin reducing the central bank''s holdings of bonds that were bought in the wake of the 2007-2009 financial crisis and recession. Several policymakers were prepared to announce a start date last month, but the Fed decided to wait as "most preferred to defer that decision until an upcoming meeting." Fed officials have been priming markets for a probable move at their next policy meeting on Sept. 19-20. New York Fed President William Dudley said on Monday the expectation of such an announcement next month was not unreasonable. Reporting by Lindsay Dunsmuir and Jason Lange; Additional reporting by Jonathan Spicer and Howard Schneider in New York; Editing by Paul Simao 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-minutes-idINKCN1AX0CS'|'2017-08-17T06:40:00.000+03:00'
'35ae29903cf048655665cbf556fd82bda61156e4'|'Osram agrees to buy U.S. software provider Digital Lumens-source'|'A woman walks in the headquarters of lamp manufacturer Osram in Munich, Germany February 26, 2014. Michaela Rehle/File Photo MUNICH, Germany (Reuters) - Germany''s Osram ( OSRn.DE ) has agreed to buy U.S.-based software provider Digital Lumens for a mid-double-digit million-dollar sum, a source familiar with the matter said on Wednesday.Digital Lumens specializes in intelligent lighting systems for industrial and commercial buildings.Osram declined to comment.Reporting by Irene Preisinger; Writing by Georgina Prodhan; Editing by Christoph Steitz'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-osram-licht-acquisition-digital-lumen-idUSKCN1B30J0'|'2017-08-23T09:43:00.000+03:00'
'7ea531bfb9032a9d2eac737dca8eb00ce9dc1f91'|'Uber reports losses of $645 million in second quarter, ride bookings grow'|'FILE PHOTO: The Uber logo is seen on a screen in Singapore August 4, 2017. Thomas White /File Photo SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] narrowed its losses in the second quarter by 9 percent and boosted its ride bookings, the company said on Wednesday, but is still a long way from profitable.Uber said its net loss was $645 million, down from $708 million in the first quarter and $991 million in the fourth quarter of last year. The steady shrinking of losses signals Uber''s efforts to reign in its massive spending on subsidies and other competitive tactics and it battles rivals in tough markets like South Asia.Uber said its gross ride bookings for the three-month period reached $8.7 billion, up 17 percent from the previous quarter. The number of global trips on the app increased 150 percent over the previous year.News site Axios first reported Uber''s second-quarter earnings.Editing by Alistair Bell'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/uber-profitability-results-idINKCN1B32GE'|'2017-08-23T23:25:00.000+03:00'
'74bb911ba7c876e75bc12a1603814406897e4771'|'Hyundai will launch pickup, more SUVs to reverse U.S. sales slide'|'August 22, 2017 / 12:57 PM / 7 hours ago Hyundai will launch pickup, more SUVs to reverse U.S. sales slide 3 Min Read Automobile plant Hyundai is pictured in Tijuana, Mexico, April 30, 2017. Jorge Duenes DETROIT/SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) plans to launch a pickup truck in the United States as part of a broader plan to catch up with a shift away from sedans in one of the Korean automaker''s most important markets, a senior company executive told Reuters. Michael J. O’Brien, vice president of corporate and product planning at Hyundai''s U.S. unit, told Reuters that Hyundai''s top management has given the green light for development of a pickup truck similar to a show vehicle called the Santa Cruz that U.S. Hyundai executives unveiled in 2015. Hyundai currently does not offer a pickup truck in the United States. O''Brien said Hyundai plans to launch a small SUV called the Kona in the United States later this year. People familiar with the automaker''s plans said separately that Hyundai plans to launch three other new or refreshed SUVs by 2020. So-called crossovers - sport utilities built on chassis similar to sedans - now account for about 30 percent of total light vehicle sales in the United States. Consumers in China, the world''s largest auto market, are also substituting car-based SUVs for sedans. People familiar with Hyundai''s plans said the company plans to roll out a new version of its Santa Fe Sport mid-sized SUV next year, followed by an all-new 7-passegner crossover which will replace a current three-row Santa Fe in early 2019 in the United Sates. A redesigned Tucson SUV is expected in 2020, people familiar with Hyundai''s plans said. Hyundai''s U.S. dealers have pushed the company to invest more aggressively in SUVs and trucks as demand for sedans such as the midsize Sonata and the smaller Elantra has waned. “We are optimistic about the future," Scott Fink, chief executive of Hyundai of New Port Richey, Florida, which is Hyundai''s biggest U.S. dealer, said. "But we are disappointed that we don''t have the products today." Hyundai''s U.S. sales are down nearly 11 percent this year through July 31, worse than the overall 2.9-percent decline in U.S. car and light truck sales. Sales of the Sonata, once a pillar of Hyundai''s U.S. franchise, have fallen 30 percent through the first seven months of 2017. In contrast, sales of Hyundai''s current SUV lineup are up 11 percent for the first seven months of this year. "Our glasses are fairly clean," O''Brien said. "We understand where we have a shortfall." Reporting by Paul Lienert in DETROIT and Hyunjoo Jin in SEOUL; Additional reporting by Joe White in DETROIT; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-hyundai-motor-strategy-idUSKCN1B21FR'|'2017-08-22T15:55:00.000+03:00'
'b26f5150aceb3fb98aadfcf488fa8641882d93dd'|'Oil major Total''s shares rise as analysts welcome Maersk Oil deal'|' 17 AM / 9 minutes ago Oil major Total''s shares rise as analysts welcome Maersk Oil deal Sudip Kar-Gupta 2 Min Read FILE PHOTO: A customer holds a gas pump as he fills-up his car in a Total station in Nice, France, February 9, 2017. Eric Gaillard/File Photo PARIS (Reuters) - Shares in Total rose on Tuesday on the back of upbeat analyst comments regarding the French oil major''s $7.45 billion (5.78 billion pounds) takeover of Maersk Oil. Total was up 0.8 percent in early session trading, among the top performers on France''s benchmark CAC-40 index. "The credentials of this deal, and the deals in Brazil and Uganda last year, suggest that Total is able to realign the portfolio in a manner that is not value-destructive," Citigroup analysts said in a research note. Over the last year, Total has expanded its holding in Uganda''s Lake Albert oil project by snapping up most of Tullow Oil''s stake, and has agreed to buy some assets in Brazil from Petroleo Brasileiro. Citigroup kept a "buy" rating on Total, while UBS increased its rating on Total to "buy" from "neutral". Ion-Marc Valahu, a fund manager at Geneva-based firm Clairinvest said he thought the price paid for Maersk Oil was a reasonable one for Total. "I think it''s positive. It''s not too expensive," said Valahu, whose firm owns some Total shares. Total''s shares remain down by around 10 percent since the start of 2017, impacted by pressure on crude oil prices. [O/R] Yet Total expects Maersk Oil - its biggest oil deal since buying Elf in 2000 - to generate financial synergies of more than $400 million per year, in particular by combining assets in the North Sea. It also said the acquisition would boost earnings and cash flow. Deutsche Bank analysts also gave a positive reception to the Maersk Oil takeover, nudging up their price target on Total to 51 euros from 50, and keeping a "buy" rating on the stock. "This looks a good deal. The addition of material production offering modest 5-year growth, with scope for sizeable synergies, at a price which is both accretive to annual free cash flow and earnings shouldn''t be scoffed at," they wrote. Additional reporting by Blandine Henault; Reporting by Sudip Kar-Gupta; Editing by Louise Heavens and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-total-stocks-idUKKCN1B20L8'|'2017-08-22T10:16:00.000+03:00'
'f348ca43d942312c7adf139df7bb99ff62ad0a53'|'French group Total buys Maersk Oil in $7.5 billion deal'|'August 21, 2017 / 7:04 AM / 23 minutes ago Total deepens North Sea exposure with $7.5 billion Maersk Oil deal Bate Felix and Jacob Gronholt-Pedersen 5 Min Read PARIS/COPENHAGEN (Reuters) - Total ( TOTF.PA ) is buying Maersk''s oil and gas business in a $7.45 billion deal which the French major said would strengthen its operations in the North Sea and raise its output to 3 million barrels per day by 2019. For Danish company A.P. Moller Maersk ( MAERSKb.CO ), the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year. The world''s top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in the oil market. Total expects its biggest oil deal since it acquired Elf in 2000 to generate financial synergies of more than $400 million per year, in particular by combining assets in the North Sea. It also said the acquisition would boost earnings and cash flow. Expected to be completed in the first quarter of 2018, the deal could see some job cuts particularly in Britain where there are overlaps, Total said, adding that it could make additional cost savings of about $200 million per year. Total has been betting on new rather than mature fields in the North Sea and the acquisition gives it further economies of scale by making it the second largest player in the region with production of about 500,000 barrels of oil equivalent per day. Related Coverage Total set to raise cost savings target after Maersk Oil deal The move illustrates Total''s strategy of using a strong balance sheet to acquire attractive assets from struggling competitors having emerged from the prolonged oil downturn stronger than some of its rivals. "It was time for us to do what a real oil and gas company would do in a period such as this when prices are lower and costs are down. Either launch new projects or acquire new reserves at attractive prices," Total Chief Executive Patrick Pouyanne told reporters. The purchase also signals some oil majors are prepared to invest to replenish reserves and boost production, anticipating an oil price recovery. With current prices of $50 per barrel most majors are simply struggling to balance their books. ALTERNATIVE TO FLOAT General view of the Total oil refinary in Leuna, November 19, 2014. Axel Schmidt Pouyanne said that Total had proposed a deal to Maersk as an alternative to floating the business. "There was a debate within Maersk and they finally accepted given that it was attractive and also the fact that an IPO in a tense oil market would not be a right move," he said, adding that no other oil major was bidding for the assets. Under the terms of the deal, A.P. Moller Maersk will get $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil''s debt. Slideshow (2 Images) Maersk said it plans to return a "material portion of the value of the received Total S.A. shares" to shareholders in 2018 and 2019 in the form of extraordinary dividend, share buyback or distribution of shares in Total. Analysts from Raymond James said the value of the deal appeared fair with Total paying $13.4 per barrel of reserves – in line with what Royal Dutch/Shell paid to acquire its rival BG in the biggest oil transaction of the past decade in 2015. Soren Skou, who took charge of Maersk last year, has embarked on a major restructuring to concentrate on its transport and logistics businesses and separate its energy operations in the face of a drop in income. Consultancy Wood Mackenzie said Total was also rebalancing its exposure to industrialised countries after having gone heavy on investments in higher risk regions such as Iran or Qatar. "It will further shift Total''s weighting towards OECD regions, a core strategic driver for the company as it looks to balance the portfolio away from areas of high above ground risk," said a WoodMac director Valentina Kretzschmar. The Danish oil company has access to high-quality fields in the Norwegian and UK North Sea, which Pouyanne said would help boosts Total''s output to 3 million barrels of oil equivalent (boe) as soon as 2019 from 2.5 million boe now. AP Moller Maersk shares were up 2.8 percent by 1450 GMT while Total shares were little changed. Additional reporting by Sudip Kar-Gupta, Karolin Schaps and Stine Jacobsen Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-total-maersk-idUKKCN1B10IU'|'2017-08-21T10:30:00.000+03:00'
'172b0bc24625dee19200745031a228fe25dd1ae4'|'PRESS DIGEST- New York Times business news - Aug 21'|'Aug 21 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Prodigy Finance, the lender that makes loans to international postgraduate students, said on Sunday that it had raised $40 million in new equity financing. It also said it had secured a $200 million credit line from an undisclosed bank. nyti.ms/2vVs7pL- Preservation Foundation of Palm Beach and the Palm Beach Zoo and Conservation Society became the latest nonprofit groups to cancel galas at President Donald Trump''s Mar-a-Lago Club in Palm Beach, Florida. nyti.ms/2xhMUmZ- Apple Inc, Facebook Inc and Google have signaled to Hollywood that they are serious about entering a television landscape that Netflix Inc and Amazon.com Inc shook up just a few years ago. Their arrival will make an already hypercompetitive industry even more ferocious. nyti.ms/2x5brvZ- For the past five months, a group of litigants has been trying to hold Andrew Anglin, the founder of the neo-Nazi website the Daily Stormer, to account for some of his actions. Serving him papers has been a daunting task. nyti.ms/2fXZbcG- Marketing specialists and risk management consultants predict that it would be difficult for Tiki to move past the perception that it had been embraced by racist organizations after bamboo torches produced by Tiki Brand were used to light the way by white nationalists protesting the removal of a statue of Robert E. Lee in Charlottesville, Virginia. nyti.ms/2fWTRq9 (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1L7253'|'2017-08-21T08:29:00.000+03:00'
'f4d926514ebad855cff60aa6cd501d273dae8f22'|'Nikkei skids on US political woes but Yusen climbs on possible dividend resumption'|' 40 AM / 12 minutes ago Nikkei skids on US political woes but Yusen climbs on possible dividend resumption Reuters Staff * Topix volume and turnover subdued * U.S. political woes, U.S.-South Korea drills keep markets jittery * Nippon Yusen outperforms on report it will offer payouts this FY By Ayai Tomisawa TOKYO, Aug 21 (Reuters) - Japanese stocks fell to a fresh 3-1/2-month low on Monday as global investors remained cautious amid worries over whether the Trump administration will be able to implement growth boosting measures. The Nikkei ended down 0.4 percent at 19,393.13 points, its lowest closing level since May 1. The dollar was at 109.20 yen, not far from Friday''s four-month low of 108.605. The broader Topix dropped 0.1 percent to 1,595.19, the lowest closing level since June 15. Volume hit a three-month low of 1.40 billion shares, while turnover dropped to a two-month low of 1.753 trillion yen. In the latest shakeup, the White House said U.S. President Donald Trump on Friday fired chief strategist Steve Bannon, known as an economic nationalist and an advocate of "America First" policies. Critics have accused him of harboring anti-Semitic and white nationalist sentiments. "There is something every day that''s worrying the market... People are risk averse as various risks are coming from the United States now," said Hikaru Sato, a senior technical analyst at Daiwa Securities. He also added that the market remains jittery as the United States and South Korea will go ahead with joint military drills this week. Financial stocks such as banks, securities and insurers underperformed, with Mitsubishi UFJ Financial Group dropping 1.3 percent, Nomura Holdings sliding 1.9 percent and Dai-ichi Life Holdings falling 1.6 percent. Bucking the weaker broader trend, mining shares rose, with Inpex Corp advancing 1.5 percent and Japan Petroleum Exploration Co adding 0.6 percent after oil prices held on to Friday''s big gains. Japan''s major maritime shipper Nippon Yusen KK soared 1.9 percent after the Nikkei business daily reported that the company is preparing to resume dividend payments for the current fiscal year, after no payouts were offered last year. The company secured cash by transferring funds from capital surplus to retained earnings in June, the Nikkei said. (Editing by Kim Coghill) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1L72G6'|'2017-08-21T09:40:00.000+03:00'
'e90c7233b7c01bad4644b062786752669f80a729'|'China''s Great Wall interested in acquiring Fiat Chrysler: Great Wall official'|'A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. Giorgio Perottino SHANGHAI (Reuters) - China''s Great Wall Motor ( 601633.SS ) is interested in acquiring Fiat Chrysler Automobiles (FCA) ( FCHA.MI ), a Great Wall official told Reuters on Monday."With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," the company official in Great Wall''s press relations department, who declined to give his name, told Reuters over phone.Reuters reported earlier, citing sources, that Great Wall had asked for a meeting with FCA with the aim of making an offer for all or part of the Italian-American auto group.In a separate report also published on Monday, Automotive News said that Great Wall had contacted FCA to express an interest specifically in its Jeep brand, citing an email from Great Wall President Wang Fengying.Reporting by Brenda Goh and SHANGHAI Newsroom; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fiat-chrysler-m-a-great-wall-motor-co-idINKCN1B10OB'|'2017-08-21T06:01:00.000+03:00'
'0d571ec96b112163cf5fe24c031d7766c6955e9d'|'Sempra Energy to buy Oncor for $9.45 billion in cash'|'August 21, 2017 / 7:05 AM / 30 minutes ago Sempra Energy to buy Oncor for $9.45 billion in blow for Berkshire Reuters Staff 3 Min Read The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake (Reuters) - Sempra Energy ( SRE.N ) said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ). San Diego-based Sempra expects to own about 60 percent of a reorganized Energy Future after the transaction that is valued at $18.8 billion, including Dallas-based Oncor''s debt, it said late on Sunday. The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators. In July, the energy unit of Berkshire Hathaway agreed to buy Oncor for $9 billion, but the deal ran into trouble after Energy Future''s biggest creditor Elliott Management Corp opposed the sale arguing it undervalued Oncor. Elliott also tried to put together its own bid for $9.3 billion to buy Oncor. Separately, Berkshire said last week it would not be raising its offer for Oncor, which delivers power to more than 3.4 million homes and businesses. "Elliott is supportive of the proposed Sempra transaction, which provides substantially greater recoveries to all creditors of Energy Future than the proposed Berkshire transaction," a spokesman for Elliott said in an email to Reuters. Berkshire, which made the offer to Oncor in order to step up its pursuit of steady profits from utilities and infrastructure deals, did not immediately respond to a request for comment. Sources told Reuters earlier that Sempra had decided to make an offer for Oncor in the last three weeks, after seeing the opposition that Berkshire faced from Elliott. Energy Future''s board favored Sempra''s bid after it also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a U.S. bankruptcy judge, the sources said. Sempra Energy said it expects the deal to be completed in the first half of 2018 and to add to earnings beginning next year. Allen Nye, who is currently Oncor''s general counsel, will succeed Bob Shapard as the company''s CEO. Shapard will be named executive chairman of Oncor. Lazard and Morgan Stanley were financial advisors to Sempra Energy and, White & Case LLP, acted as its legal advisor. Reporting by Rama Venkat Raman in Bengaluru; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-oncor-m-a-sempra-ener-idUSKCN1B10J2'|'2017-08-21T10:06:00.000+03:00'
'0529bffaa916a45a2f458ed567a48481a2c179c4'|'FTSE teeters close to three-month low as financials fall'|'August 21, 2017 / 9:16 AM / 2 hours ago FTSE teeters close to three-month low as financials fall 3 Min Read Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - UK shares dipped on Monday and were close to revisiting a three-month low as financial stocks fell on geopolitical jitters, though metal prices propped up the heavyweight mining sector. The blue chip FTSE 100 .FTSE ended down 0.1 percent at 7,318.88 points, suffering its third straight session of losses, in line with a broader "risk-off" move among European bourses. Financials were among biggest weights with HSBC ( HSBA.L ) and Barclays ( BARC.L ) down 0.3 percent and 1.2 percent respectively. The financial sector has been hit particularly hard by a global move to dump risk assets as geopolitical tensions between the United States and North Korea have bubbled up over the past fortnight. "Gains across the board for commodities are looking like the main driver," Henry Croft, research analyst at Accendo Markets, said. "It''s definitely the risk assets that do get hit when you see geopolitical tensions rise. Alongside that you have a mixed overview for British banks, what''s going to happen in the future - it''s looking less and less likely that we''re going to see a Bank of England rate hike," Croft added. Provident Financial ( PFG.L ), down 5.8 percent, was the biggest blue chip faller following a report in the Sunday Times that some hedge funds had built up short positions. Shire ( SHP.L ) fell more than 4 percent after the drugmaker said its finance head will step down. Mining stocks were a bright spot, however, with shares in Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ), and Anglo American ( AAL.L ) up between 0.6 percent and 1.2 percent. The sector was helped by a rise in metal prices, with copper up 1 percent and zinc hitting its highest in a decade as investors piled into metals used by China''s steel sector. [MET/L] Miners are among some of the biggest gaining FTSE stocks this year, with Antofagasta ( ANTO.L ) up more than 41 percent and Glencore ( GLEN.L ) up over 24 percent. British Land Company''s ( BLND.L ) shares declined 0.9 percent, under pressure after broker HSBC cut its rating on the real estate company to "hold" from "buy". "The large UK-proxy property companies are particularly prone to UK-centric economic and political events, which has evidently left them devoid of any re-rating impetus, underscored by a declining UK GDP growth trajectory," analysts at HSBC said in a note. Reporting by Kit Rees; Editing by Mark Potter and Pritha Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B10UP'|'2017-08-21T12:30:00.000+03:00'
'6082583d123f238e1ce7fa33f6ba68132131c37f'|'Hudson''s Bay says president of international business to leave'|' 38 PM / 14 minutes ago Hudson''s Bay says president of international business to leave Reuters Staff 1 Min Read Aug 24 (Reuters) - Canadian retailer Hudson''s Bay Co said on Thursday that the head of its international business, Don Watros, would leave the company at the end of September, but did not name his successor. Watros has been with the company for 11 years and led its expansion into Europe, Hudson''s Bay said. He has also served as chief operating officer of the company. The news of his move comes after U.S. activist investor Jonathan Litt warned he would consider a push to remove some of the company''s directors unless it took steps to make more money off its assets. Large retailers such as Hudson''s Bay has been struggling to reinvent themselves to remain relevant as shoppers increasingly move their purchases online. Former J.C. Penney Co Inc executive Edward Record will start as chief financial officer of Hudson''s Bay on Monday. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/hudsons-bay-moves-idUSL4N1LA4NW'|'2017-08-24T16:37:00.000+03:00'
'e04f154ca51dea8917572833beab163c0dd43b62'|'CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion'|'August 24, 2017 / 6:50 AM / 4 hours ago CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion Padraic Halpin 4 Min Read DUBLIN (Reuters) - Irish building materials firm CRH ( CRH.I ) has sold its U.S. distribution business to Beacon Roofing Supply Inc. ( BECN.O ) for $2.63 billion in cash and will use the proceeds to continue an acquisition spree elsewhere, it said on Thursday. At the same time as announcing the sale, CRH said it was buying German lime and aggregates producer Fels for 600 million euros ($708 million), a business its chief executive said it tried to purchase on three other occasions in the last 20 years. Added to the 632 million euros the company spent on buying 13 other smaller businesses in the first half of the year, that purchase signals a ramping up of acquisitions to a pace chief executive Albert Manifold said he expected to continue. "When we look at the value we could crystallize through this transaction, no way could we create that value for our shareholders if we were to hang onto the business," Manifold said of the U.S. sale in a telephone interview. "We will redeploy that (cash) in the years ahead into higher growth and better opportunities. It doesn''t change the strategy of CRH overall, our U.S. distribution accounted for 5 percent of group EBITDA, it doesn''t shift the needle." Shares in CRH, the world''s third-biggest building materials supplier, were up 3.7 percent at 30.15 euros at 0735 GMT. The company said it sold the Allied Building Products business in the United States for 16 times its earnings before interest, tax, depreciation and amortization (EBITDA). It bought Fels for 7 times EBITDA. Beacon, North America''s largest listed roofing and building products distributor, said the deal would take it into new local markets, including New York, New Jersey and the upper Midwest. It said it would immediately boost earnings and expected the combined company to achieve a run-rate of $110 million in annual synergies within two years. The acquisition will be mostly financed through debt, it added. New Jersey-headquartered Allied, which CRH bought in 1996 for $121 million, makes roofing, windows and insulation. Since entering the United States in the late 1970s - where it is now the biggest producer of asphalt for highway construction - CRH has grown into a company employing over 87,000 people through decades of acquisitions. The recent activity meant it spent more in the first six months than in any calendar year for the past decade, apart from 2015 when it spent 8 billion euros on two major deals. CRH also said its first half EBITDA rose 5 percent year-on-year to 1.175 billion euros on rising sales in the United States and Europe, and forecast continued momentum in both markets. "CRH''s on-going commitment to profitable growth and structural improvement in returns is amply demonstrated (in these deals)," Davy Stockbrokers wrote in a note, reiterating an ''outperform'' recommendation on the stock. "This, combined with a reiteration of its positive outlook for full year profits, highlights compelling value in the current share price." Citi advised Beacon on the deal and J.P. Morgan advised CRH. ($1 = 0.8477 euros) Reporting by Padraic Halpin; Editing by Mark Potter 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-crh-m-a-beacon-us-idINKCN1B40I0'|'2017-08-24T04:50:00.000+03:00'
'adb2e1cd968f70a8b43b93828b9a7844a3f0434e'|'Financial-market index-makers are growing in power'|'IT WAS in 1896 that Charles Dow, co-founder of Dow Jones & Company, created the index that still bears his name. Today, indices such as the Dow Jones Industrial Average and the S&P 500 (for shares listed in New York), or the FTSE 100 (for London), are among the best-known brands in financial markets. The role they play has expanded massively in recent years. Index-makers have become finance’s new kingmakers: arbiters of how investors should allocate their money.Stockmarket indices were devised as a measure of the overall market, against which those trading in shares could compare their performance. At first they were concocted by the press or by exchanges themselves. For bonds, indices were compiled by the banks that traded them. Except for a few of the very earliest indices, such as the Dow, which is weighted by share price, nearly all are weighted by market capitalisation or, in the case of bond indices, by the volume of debt outstanding.  9   Three large firms—FTSE Russell, MSCI and S&P Dow Jones Indices—dominate equity index-making. The amounts of money they influence are staggering. S&P Dow Jones reckons $4.2trn in assets are invested in “passive” funds that track its indices, with $3trn assigned just to the S&P 500. Another $7.5trn in actively managed assets use its indices as “benchmarks”: that is, they measure their performance against them. The two other big index-providers command similarly vast sums: $15trn in active and passive money follows FTSE Russell’s indices, and $11trn hug MSCI’s.Index-makers insist they are less powerful than they look. Alex Matturri, head of S&P Dow Jones, points out that even though assets in exchange-traded funds (ETFs), virtually all of which are passive, have reached $4trn globally, that is only a “small part of the global investable universe” (estimated at around $300trn). Mr Matturri also emphasises the transparency and “rules-driven approach” of index construction and governance. Big changes are made only after consulting the market.Moreover, argues Mark Makepeace, chief executive of FTSE Russell, index-making remains very competitive. Some smaller providers, such as Morningstar, give away data on most of their indices (on the weightings of their components, for example). They charge a fee only if a passive fund wants to track an index and use their brand. The big three charge both for access to data and for the use of their indices in passive funds.Regulation also constrains the firms. From January 2018 index-makers in Europe will be directly regulated under the EU’s “Benchmarks Regulation”, which includes requirements such as an annual external audit for benchmarks deemed “critical”, and direct oversight by the EU regulator.Nevertheless, index-makers’ power is considerable. It is boosted by the rise of passive investing. In America, for instance, three-tenths of assets are now in passive funds. And though some smaller competitors survive, the index industry is becoming more concentrated. Many banks have quit the bond-index business, selling their brands. Bloomberg acquired Barclays’ indices last year; FTSE Russell has nearly completed the purchase of Citigroup’s.Despite harping on the objectivity and transparency of their rules, moreover, many of the decisions that index providers make are, ultimately, subjective. Take the decision in June by MSCI to include Chinese shares in its emerging-markets equity index (followed by around $1.6trn in assets). Shares listed in mainland China had been excluded because of the opacity of China’s capital markets, and the restrictions foreigners face there. China’s capital controls remain in place, but, after consulting market participants, MSCI decided to include the shares—albeit at a weighting of only 0.73% (and even that in two phases) so as not to disrupt the index’s composition too quickly.Snap slappedSimilarly, both FTSE Russell and S&P, in the wake of Snap’s listing on the New York Stock Exchange in March, chose to alter their rules to exclude companies that list only non-voting shares (as the tech firm did). This stemmed partly from pressure from investors such as Norway’s sovereign-wealth fund. FTSE Russell said that the majority of asset managers it consulted wanted a company’s shares to be included in an index only if the voting power of stockmarket investors passed a threshold of 25%, but the index-maker opted for a lower minimum of 5% and a gradual phase-in, again to avoid disruption.The composition of bond indices has also come under scrutiny. Earlier this year, J.P. Morgan faced calls to exclude Venezuelan bonds from its emerging-market bond index (EMBI) in protest at the misdeeds of the government in Caracas. But index-makers are less mighty in the world of fixed income. Passive investment is less prevalent in bonds than in equities. Moreover, with so many bonds available, fund managers can replicate indices while maintaining some flexibility in the exact choice of assets. A bigger concern with bond indices is their weighting by volume: those who track them end up most exposed to the most indebted borrowers.Index-makers enjoy the prestige that comes from compiling a market’s most recognised benchmark. But they are keener to discuss their work in developing new and different sorts of indices (S&P says it now has over 1m), including for other asset classes. For example, a few indices are starting to provide reliable benchmarks for opaque asset classes like private equity (see box).Other new indices slice up the universe of stocks and bonds in varied ways, such as whether the share prices are undervalued, whether firms are socially responsible or whether they are exposed to specific risks. Kensho, a startup, compiles share indices around trendy themes such as nanotechnology or drones. Some new products bear little resemblance to conventional indice. S&P Dow Jones’s new STRIDE index encompasses different asset classes whose weighting varies over time, to suit the needs of a worker preparing to retire. A few verge on the absurd. This week S&P announced an index containing only companies from which the Indian government wants to divest.For as long as indices have acted as shorthand for the markets they seek to capture, index-makers have received attention. Their importance has grown to match their profile. Being the source of “authoritative guidance” on what should even count as an asset class (as Norway’s sovereign-wealth fund puts it) brings new responsibilities. Index-makers will have to get used to ever more scrutiny.  Finance and economics   "Big fingers"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727090-their-role-facing-greater-scrutiny-result-financial-market-index-makers-are?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'7039ca815b68821f04a0e92134c6bce8d0b84d6d'|'Trade body wants English courts to rule on European swaps after Brexit'|'August 21, 2017 / 12:26 PM / 6 hours ago Trade body wants English courts to rule on European swaps after Brexit Huw Jones 3 Min Read FILE PHOTO: An EU flag flies above Parliament Square during a Unite for Europe march, in London, Britain March 25, 2017. Peter Nicholls/File Photo - RTX38QBA LONDON (Reuters) - English courts should continue to rule on disputes over cross-border derivatives contracts after Brexit to avoid clogging up a $483 trillion global market, a trade body said on Monday. The International Swaps and Derivatives Association (ISDA), which helps to run the market by setting out basic contract terms, said the vast majority of cross-border trades in Europe are currently governed by English law. This means that adjudication between two sides of a trade takes place in an English court as European Union rules allow market participants such as banks and companies to choose which national court they want to rule on disputes. But Britain leaves the EU in March 2019, raising legal uncertainty over existing and future contracts which can span years, ISDA said in a statement on Monday. "It is currently uncertain whether the choice of English law and jurisdiction made prior to Brexit will be recognised once the UK leaves," ISDA said. "This makes it difficult to establish commercial relationships, as these arrangements are commonly made at the outset." Swaps are used by companies to "insure" themselves against unexpected moves in interest rates and currencies, and the price of raw materials to limit the risks faced by those running a business. "ISDA urges both the UK and EU to agree on post-Brexit transitional provisions for contracts under English law to reduce complexity and costs for all market participants," ISDA said. The bulk of swaps are written by banks in London, where they are also largely cleared or passed through a third party to ensure a contract''s completion, even if one side goes bust. Some EU policymakers want the clearing of swaps denominated in euros shifted from London to the euro zone, a step ISDA said on Monday has never been tried before on such a huge scale. The bloc''s executive European Commission has proposed that the EU would help supervise clearing houses like LCH ( LSE.L ) in London after Brexit, with forced relocation of clearing to a euro zone rival such as Eurex ( DB1Gn.DE ) only a last resort. ISDA said joint oversight and regulatory cooperation would avoid splitting up the clearing market, a step that would bump up costs for euro zone users in particular. Having to connect to a new clearing house would also be a "time consuming and labour intensive process" which could create a bottleneck, ISDA said. Reporting by Huw Jones, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-derivatives-idUKKCN1B11DX'|'2017-08-21T15:26:00.000+03:00'
'27de985c69e5e4dd25d07d57e7e411e372db0829'|'Shares barely budge amid uncertainty over Trump''s economic agenda'|'August 21, 2017 / 1:13 AM / an hour ago Shares barely budge amid uncertainty over Trump''s economic agenda Hideyuki Sano 4 Min Read People walk past an electronic board showing Japan''s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Asian shares were tentative in early Monday trade as investors remained unconvinced about U.S. President Donald Trump''s ability to fulfil his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.07 percent while Japan''s Nikkei .N225 was off 0.4 percent. S&P Mini futures ESc1 were flat at 2,427, not far from its one-month low of 2,419.5 touched on Friday. Wall Street shares got only a short-lived boost on Friday after Trump fired White House chief strategist Steve Bannon. "Markets seem to think that the administration will remain fragile and its ability to carry out its policies will be hampered even after Bannon''s departure," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Although Bannon''s departure removes a major source of friction within the White House, Trump''s attacks on fellow Republicans following violence in Virginia earlier this month isolated him, prompting some Republicans to beginning questioning Trump''s capacity to govern. Investors were also wary of any flare-up of tensions between North Korea and United States as U.S. troops and South Korean forces will start a joint exercise on Monday. Tech-heavy Korean shares - one of the best performers globally for much of this year - have lost momentum since last month, partly on worries about escalating tensions in the Korean Peninsula. In the currency market, the dollar was also hampered by political uncertainty in Washington. Against the yen, the dollar fetched 109.22 yen JPY= , not far from Friday''s four-month low of 108.605. The euro stood at $1.1715 EUR= , stuck in its rough $1.17-$1.18 range in the past two weeks, as investors look to European Central Bank chief Mario Draghi''s comments later this week at a meeting of the world''s central bankers in Jackson Hole. Federal Reserve Chair Janet Yellen''s keynote speech at the Jackson Hole symposium will also be a main attraction for markets. Comments last week from Fed officials suggested the stock market''s steady rise, still low long-term bond yields and a sagging dollar are girding the Fed''s intent to raise interest rates again this year despite concerns about weak inflation. "People focus on inflation but in the Fed''s minutes policymakers spend a lot of time discussing whether bond yields are too low or asset prices are too high. If Yellen questions market stability, markets will expect a tighter policy," Hiroko Iwaki, senior bond strategist at Mizuho Securities. The 10-year U.S. Treasuries yield US10YT=RR slipped to as low as 2.162 percent on Friday - its lowest since late June - and last stood at 2.203 percent. Oil prices held their big gains made on Friday on the back of a fall in U.S. drillers'' rig counts. U.S. crude futures CLc1 were unchanged at $48.48 per barrel while Brent futures LCOc1 were down slightly at $52.60 per barrel. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1B101Z'|'2017-08-21T04:13:00.000+03:00'
'ab9ac78bcde4025c05d53320aa086fcd563e40be'|'Poland''s Eurocash mulls buying smaller retailer Mila'|'August 22, 2017 / 5:55 AM / 11 minutes ago Poland''s Eurocash mulls buying smaller retailer Mila Reuters Staff 1 Min Read WARSAW (Reuters) - Polish retail and wholesale group Eurocash said on Tuesday it signed a letter of intent to buy its smaller rival Mila. Eurocash said exclusive talks with Mila sellers, which include Argus Retail Holding Ltd, will last until Sept. 8 and that an initial deal might be signed by then. Mila''s revenues amounted to 1.49 billion zlotys (318.9 million pounds) in 2016 with EBITDA or earnings before interest, tax, depreciation and amortisation at around 4.8 million zlotys. Mila had 188 shops as of end 2016. Reporting by Agnieszka Barteczko; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mila-m-a-eurocash-idUKKCN1B20EE'|'2017-08-22T08:54:00.000+03:00'
'b76b7c50da307309ba2a851d00024678dc82a6e0'|'Stada says no larger deals on cards over next 2-3 years'|'FRANKFURT (Reuters) - Stada''s ( STAGn.DE ) chief executive said he was in agreement with the German generic drugmaker''s new private-equity owners that larger acquisitions would not be on the cards for Stada over the next two to three years."Bain and Cinven say that they will firstly focus on the basis of the company, the European generics and branded products business, to make it stronger and more efficient," Chief Executive Engelbert Coster Tjeenk Willink told journalists during a media call on Monday."Larger takeovers would be something to consider in two to three years'' time," he said, adding that he had the same strategic outlook as Bain and Cinven.When asked about any interest in Sanofi''s ( SASY.PA ) European generics business, which the French drugmaker will put up for sale later this year, Willink said he would not rule out or confirm any targets in detail because strategic discussions with the new owners were at an early stage.Bain and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.2 billion) bid for the generic drugmaker, in the largest takeover of a listed German company by buyout firms.Sources have said that the buyout groups would look to fund deals to strengthen Stada.Reporting by Ludwig Burger; Editing by Victoria Bryan'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-stada-arzneimitt-m-a-acquisitions-idUSKCN1B10WX'|'2017-08-21T17:31:00.000+03:00'
'5aa500ef2422da2c73ac2d6ea24c6b25d9578441'|'Exclusive - Hyundai Motor Group faces govt calls to address ''big governance risk'''|'August 20, 2017 / 10:40 PM / 42 minutes ago Exclusive: Hyundai Motor Group faces government calls to address ''big governance risk'' Soyoung Kim and Hyunjoo Jin 6 Min Read FILE PHOTO - Hyundai Motor Group Chairman Chung Mong-koo speaks at the company''s new year ceremony in Seoul January 2, 2015. Kim Hong-Ji SEOUL (Reuters) - South Korea''s new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders. Kim Sang-jo, appointed to head the Korea Fair Trade Commission by President Moon Jae-in, told Reuters that Hyundai''s web of cross shareholdings among its group affiliates has resulted in a "big governance risk" for South Korea''s second-largest conglomerate, which is run by its 79-year-old chief, Chung Mong-koo. "Many people, including me, are telling Hyundai that they shouldn''t waste more time before dissolving cross shareholding," said Kim, who has been nicknamed "chaebol sniper" for his shareholder activist campaigns targeting South Korea’s powerful family-run conglomerates. "I''m in ongoing conversations with Hyundai." In his first interview with foreign media since taking office in June, Kim also said South Korea''s antitrust watchdog is looking into competition issues regarding Google''s Android mobile operating system, and has had conversations with the European Commission. The European Commission last year charged Alphabet''s ( GOOGL.O ) Google for using its dominant Android system to shut out rivals, and is weighing a record fine that could come by the end of the year, Reuters reported in July. In South Korea, the Android operating system has a 74 percent market share, and industry officials have questioned whether Google used its mobile dominance to prevent South Korean companies such as Samsung Electronics ( 005930.KS ) from developing their own operating systems. The South Korean regulator, which in December fined Qualcomm Inc ( QCOM.O ) 1.03 trillion won ($854 million) for what it called unfair business practices in patent licensing and modem chip sales, is also cooperating with its European counterpart on its own investigation into Qualcomm over related issues, Kim said. Hyundai did not have immediate comment outside business hours on Sunday. Qualcomm declined to comment while the European Commission and Google could not immediately be reached for comment. LAST MAN STANDING Kim is the architect of chaebol reform pledges made by Moon, who was elected in a snap election in May to replace Park Geun-hye, impeached over a corruption scandal that exposed the cosy ties between government and chaebol such as Samsung Group. At the heart of the governance conundrum are the interlocking shareholdings among group companies held by their founding families, which mean that if one affiliate goes insolvent, another affiliate will often be forced to come to the rescue. It has been cited as a major factor behind the so-called "Korea Discount" - meaning their shares are typically undervalued in comparison to global peers. In Hyundai''s case, its chairman, Chung, controls the sprawling conglomerate with only small stakes in key affiliates including the automaker Hyundai Motor ( 005380.KS ) and parts supplier Hyundai Mobis ( 012330.KS ). Kim said that Hyundai has stayed put even as many of South Korea''s top conglomerates have moved to unwind cross shareholdings in recent years. "I can tell you clearly that Hyundai recognizes it can''t live with its current circular shareholding structure forever," he said. "It won''t be done overnight, but the company is currently trying to find solutions." He added: "Hyundai would be stupid if it didn''t know the expectations of the market and the government." The chaebols, which have long dominated Asia''s fourth-largest economy, have also come under scrutiny over intra-group business deals that favor affiliates owned by family members at the expense of third-party competitors. Kim said his agency had recently identified "several" chaebol group companies for abusing intragroup deals, and planned to launch formal investigations into some of them. Hyundai Glovis ( 086280.KS ), a logistics affiliate of Hyundai Motor, is one of a handful of companies found to have frequently used intra-group transactions, Kim said, declining to provide other names. TROUBLES AT SAMSUNG Kim recently testified as an expert witness for prosecutors in their bribery case against the Samsung Group leader Jay Y. Lee, who has been jailed since February on charges that he bribed Park, the former president. Lee, who faces a court ruling on Friday, denied any wrongdoing as prosecutors sought a 12-year jail term this month on charges that include embezzlement and perjury. Kim expects Lee''s troubles will paralyse group-wide decision-making and create "serious problems" for ailing affiliates, such as the struggling shipbuilder Samsung Heavy ( 010140.KS ), although the impact may be limited on crown jewel Samsung Electronics ( 005930.KS ). "The verdict will have significant implications for Samsung''s future," he said. Samsung declined to comment. Kim said he would focus on stricter enforcement of existing laws, such as using his agency''s investigation powers, rather than pursuing drastic legislative changes that could fail in parliament where Moon''s ruling party does not have the majority. "President Moon is taking a lesson out of the failure of chaebol reforms under the former liberal administration," Kim said, referring to the unsuccessful reform efforts under the administration of Roh Moo-hyun, who served as president between 2003 and 2008. Additional reporting by Choonsik Yoo, Yuna Park in SEOUL, Stephen Nellis in San Francisco and Foo Yun Chee in Brussels; Editing by Philip McClellan and Mary Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-southkorea-antitrust-exclusive-idUKKCN1B00UM'|'2017-08-21T02:12:00.000+03:00'
'b7cc660b101ca97f15106e9685cffbea978b5c63'|'Hyundai Merchant Marine in talks with BlackRock about potential investment'|'August 21, 2017 / 2:40 AM / 4 minutes ago Hyundai Merchant Marine in talks with BlackRock about potential investment Reuters Staff 1 Min Read People fish in front of a Hyundai Merchant Marine container ship at Kaohsiung Port, Taiwan August 7, 2017. Tyrone Siu SEOUL (Reuters) - South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) ( 011200.KS ) is in talks with BlackRock Inc ( BLK.N ) about a potential investment but details have yet to be discussed, a HMM spokesman said on Monday. BlackRock is in talks with HMM to invest up to 1 trillion won ($880 million) in the nation''s largest shipper, the Korea Economic Daily reported on Monday, citing unidentified investment banking and shipping industry sources. A BlackRock spokeswoman could not be immediately reached for comment. HMM shares were up 1.2 percent in morning trade, compared to a 0.2 percent fall for the wider market .KS11 . ($1 = 1,137.0000 won) Reporting by Joyce Lee; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-hyundai-marine-m-a-blackrock-idUKKCN1B104Z'|'2017-08-21T05:37:00.000+03:00'
'e4c895915909255b3f75db3c57c18fbf6703c9e7'|'Linde management, supervisory boards recommend Praxair deal'|'The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - The leadership of German industrial gases group Linde ( LING.DE ) on Monday urged shareholders to accept a proposed $74 billion merger with U.S. peer Praxair ( PX.N )."The Executive Board and the majority in the Supervisory Board are of the opinion that the business combination is in the best interest of Linde AG, its shareholders and other stakeholders," Linde said in a statement.The acceptance period for the deal runs through Oct. 24, Linde said earlier this month. The group will need 75 percent of its shareholders to tender their stock to the new company.Reporting by Christoph Steitz; Editing by Tom Sims'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-linde-m-a-praxair-idINKCN1B118S'|'2017-08-21T09:35:00.000+03:00'
'248448ad15aaae53b94a8a44bd77460705d0cbf9'|'Brazil court freezes Petrobras''s sale of TermoBahia stake to Total'|'SAO PAULO (Reuters) - A Brazilian federal court on Monday temporarily halted the sale by Petroleo Brasileiro SA ( PETR4.SA ) of its 50 percent stake in thermal power station operator TermoBahia to Total Brasil E & P, part of France''s Total ( TOTF.PA ), following a lawsuit, according to a document seen by Reuters.The sale was part of a $2.2 billion deal signed in December which included the sale of stakes in oilfields by Petrobras to the French firm.Reporting by José Roberto Gomes'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-petrobras-total-idINKCN1B11YJ'|'2017-08-21T14:41:00.000+03:00'
'1520eb91ed9cda28dc0464ef00c0fc6479e117c3'|'Emerging economies await end to ECB largesse with record euro debt'|'August 21, 2017 / 3:21 PM / 3 hours ago Emerging economies await end to ECB largesse with record euro debt Marc Jones and Sujata Rao 8 Min Read FILE PHOTO: A Bank Indonesia employee counts damaged or worn rupiah bank notes exchanged for new ones at the bank''s headquarters in Jakarta, Indonesia December 16, 2015. Darren Whiteside/File Photo LONDON (Reuters) - Emerging economies'' debt in euros has shot to record highs thanks to European Central Bank largesse, and yet an approaching end to this generosity won''t necessarily inflict the kind of pain that markets once suffered at the hands of the U.S. Fed. The ECB''s intention to start winding up its 60 billion-euro (55 billion pounds) a month stimulus programme for the euro zone economy has revived bad memories of when the Federal Reserve tried to signal something similar in 2013. That led to the ''taper tantrum'' when investors took fright at the prospect that the ultra-cheap dollar funding they had grown used to would taper away. While the ECB will doubtless proceed cautiously with its own tapering process, the risk is that it could derail an emerging market (EM) rally. UBS strategist Manik Narain, however, argues that withdrawing quantitative easing (QE) in the euro zone won''t hurt so much as the dollar process. "ECB tapering will have an impact but it''s definitely the lesser of the two evils," he said. While governments, companies and consumers in emerging economies have binged on cheap euro borrowing for the past 2-1/2 years, the total remains modest compared with their dollar debts, Narain pointed out. No central bank is finding it easy to withdraw policies that helped to keep Western economies afloat after the global financial crisis. Investors are awaiting word from ECB President Mario Draghi, who will speak at a central bankers'' meeting in the United States this week, on how he proposes to engineer a gradual end to the era of mass bond buying and negative interest rates. The important thing is to avoid a repeat of the taper tantrum of four years ago. This wiped half a trillion dollars off MSCI''s emerging equity index .MSCIEF in three months, raised countries'' borrowing costs by an average 1 percentage point .JPMEGDR and pushed some emerging currencies down by as much as 20 percent against the dollar. BRLUSD=R TRYUSD=R ZARUSD=R Now it is the ECB''s turn. Draghi will deliver no new policy messages during this week''s conference at Jackson Hole, sources say. However, expectations are high that he will tackle the issue at one of the ECB''s policy meetings next month or in October.. Under Draghi, the ECB has pumped more than 2 trillion euros ($2.35 trillion) into the global financial system. His first hint in June that tapering might be coming pushed the MSCI''s emerging equity index down 2 percent over the following week. On currency markets, Turkey''s lira and South Africa''s rand fell sharply, not only against a broadly stronger euro but also the dollar. Investors were unsettled by the prospect of higher euro zone bond yields dragging up U.S. borrowing costs in their wake. STELLAR GAINS Emerging markets have achieved stellar gains this year but investors using the euro have largely missed out due to the currency conversion. The dollar has fallen 5 percent versus a basket of emerging currencies tracked by UBS, but the euro is up 6 percent. Only four emerging currencies - those of Poland, the Czech Republic, Hungary and Mexico - have strengthened against the euro this year: reut.rs/2fbnVOo . Developing economies are more exposed to the euro than any other time in history. Their euro-denominated debt - including bonds and bank loans - has ballooned by almost 100 billion euros over the last seven years to around 250 billion, according to data from the Bank for International Settlements. In Mexico alone, debt in euros has quadrupled since 2010 to over 42 billion euros: reut.rs/2fp2UQ8 But even then overall emerging borrowers'' euro debt is dwarfed by the $1.7 trillion they owe in dollars. So they are much more susceptible to movements in U.S. government bond yields than those on the euro zone benchmark, German Bunds. "The bulk of EM external debt is in dollars rather than euro and the EM corporate sector gravitates towards dollar funding... so a 50 basis-point move in Treasuries matters a lot more than 50 bps move in Bunds, other things being equal." LIMITED HOLDINGS FILE PHOTO: People look at an electronic board showing the graph of the recent fluctuations of market indices at the floor of Brazil''s BM&F Bovespa Stock Market in downtown Sao Paulo, Brazil, January 7, 2016. Paulo Whitaker/File Photo European exposure to emerging stocks and bonds also lags the United States. UBS research suggests more than 60 percent of EM carry trades - borrowings in cheap developed economy currencies invested in higher-yielding emerging currencies - are denominated in dollars, Narain said. As of June 2016, euro zone investors held about 407 billion euros'' worth of emerging currency-denominated debt, according to calculations by Bank of America Merrill Lynch (BAML). But this is little changed from December 2013. David Hauner, head of emerging markets cross-asset strategy at BAML, says European investors do not appear to have moved heavily into emerging debt during the ECB''s quantitative easing (QE) years. In fact, most moves happened during the Fed''s own bond-buying from 2009 onwards and when the ECB started its earlier programme of showering banks with unlimited, ultra-cheap funding. A quarter of this money was invested in Polish, Hungarian and Czech debt, the data shows. Turkey accounts for another 42 billion euros, while Brazil and Mexico had 39 billion and 74 billion respectively. Analysis from the Institute of International Finance supports that view. It estimates $200-$300 billion flowed to emerging stocks and bonds annually during the peak years of the Fed''s bond buying in 2012-2013. But by last year, when the ECB''s QE peaked, flows declined to $100 billion. The view that emerging market investing remains a dollar story is supported by a Deutsche Bank study of an equally weighted euro-dollar basket versus 12 emerging currencies. This showed that emerging currencies tended to fall an average 0.6 percent in months when the dollar strengthened, whereas they rose by 0.4 percent against the basket during times of euro strength. "These results suggest that if external conditions remain relatively benign, the current emerging currency appreciation cycle has more room to run," Deutsche''s Gautam Kalani added. At BAML, Hauner says euro-based investors earn a better yield premium by investing in emerging markets than those using the dollar. "Unless dollar strength is extreme, euro-based investors do better in EM than dollar-based investors, as euro/dollar removes much of the volatility in emerging currencies," he said. "In a nutshell we are not very concerned about this." < Emerging market currencies basket in 2017 reut.rs/2fsuv32 EM dollar and euro debt reut.rs/2hGiTdC EM euro debt by country reut.rs/2fp2UQ8 Emerging market currencies vs dollar and euro (static for in line) reut.rs/2fbnVOo Euro investors'' emerging debt holdings reut.rs/2idbJ0H > Reporting by Marc Jones and Sujata Rao; editing by David Stamp 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-emerging-markets-currencies-analysis-idUKKCN1B11T5'|'2017-08-21T18:21:00.000+03:00'
'6bb11dfef7e1a25846334a1ac63c51e1f7ae2e92'|'Oil stable as market conditions tighten despite rising U.S. output'|'August 21, 2017 / 2:05 AM / 5 minutes ago Oil dips on rising U.S. output, but drilling activity slows Henning Gloystein 3 Min Read FILE PHOTO - A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. Jo Yong-Hak/File Photo SINGAPORE (Reuters) - Oil dipped on Monday, weighed down by rising U.S. output although a 13 percent fall in U.S. crude inventories since March indicated a gradually tightening market. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.64 per barrel at 0639 GMT, down 8 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.47 a barrel, down 4 cents, or 0.1 percent. The moves follow a sharp 3 percent jump in prices on Friday. Traders said the market was dampened by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015. C-OUT-T-EIA "U.S. oil production is forecast to grow by almost 1 million barrels per day in 2018 and by 850,000 barrels per day from May through year-end," Barclays bank said on Monday. But there are indicators that U.S. output may soon slow, as energy firms cut rigs drilling for new oil for a second week in three, the Baker Hughes energy services firm reported on Friday. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said. RIG-OL-USA-BHI "The rig count suffered its biggest fall since January, adding to signs that the market is tightening," ANZ bank said on Monday. Also, U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels. C-STK-T-EIA Analysts said that falling crude inventories, despite rising output, indicate the market is already tightening. "The rebalance of the oil market is well under way according to inventory data, however the market is heavily focused on the fact that shale supply continues to increase," said William O''Loughlin, investment analyst at Australia''s Rivkin Securities. "The trajectory of crude inventories is clearly down and it will be surprising if the market will be able to ignore continued drawdowns," he added. Outside the United States, an outage of the Sharara oilfield in Libya might dampen flows in the short-term, traders said. Although there was strong support to prevent prices falling, analysts said there was little to drive oil higher. "While the bearish sentiment has finally turned, investor positioning does not look stretched to the long side either, suggesting no strong conviction in oil markets currently," U.S. bank Citi said in a note to clients. Reporting by Henning Gloystein; Editing by Kenneth Maxwell and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B103R'|'2017-08-21T04:52:00.000+03:00'
'b449607e8874fdcf4bbc61502c3b5886040c9917'|'Stada says no larger deals on cards over next 2-3 years'|'FRANKFURT (Reuters) - Stada''s ( STAGn.DE ) chief executive said he was in agreement with the German generic drugmaker''s new private-equity owners that larger acquisitions would not be on the cards for Stada over the next two to three years."Bain and Cinven say that they will firstly focus on the basis of the company, the European generics and branded products business, to make it stronger and more efficient," Chief Executive Engelbert Coster Tjeenk Willink told journalists during a media call on Monday."Larger takeovers would be something to consider in two to three years'' time," he said, adding that he had the same strategic outlook as Bain and Cinven.When asked about any interest in Sanofi''s ( SASY.PA ) European generics business, which the French drugmaker will put up for sale later this year, Willink said he would not rule out or confirm any targets in detail because strategic discussions with the new owners were at an early stage.Bain and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.2 billion) bid for the generic drugmaker, in the largest takeover of a listed German company by buyout firms.Sources have said that the buyout groups would look to fund deals to strengthen Stada.Reporting by Ludwig Burger; Editing by Victoria Bryan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-stada-arzneimitt-m-a-acquisitions-idINKCN1B10WX'|'2017-08-21T07:30:00.000+03:00'
'6ade9122354c66a9fddc04b01bfa4eba7a5b89cc'|'Investors want former CEO Nandan Nilekani to return to Infosys board'|'August 23, 2017 / 1:27 PM / 7 hours ago Investors want former CEO Nandan Nilekani to return to Infosys board Reuters Staff 3 Min Read Nandan Nilekani speaks to the media at the Infosys campus in Bengaluru, January 11, 2007. Jagadeesh NV/Files MUMBAI (Reuters) - A group of 12 major institutional investors in Infosys Ltd has asked the Indian IT services company to bring former CEO Nandan Nilekani back on to its board to try to resolve a feud with the company''s founders. The Infosys board has been locked in a public dispute since February with the founders, led by former chair Narayana Murthy, who have accused the directors of governance lapses. The differences prompted its Chief Executive Vishal Sikka to resign on Friday, sparking a sell-off that has wiped over $4.5 billion from Infosys'' market capitalization over the last four trading sessions. "The recent developments are very concerning to each one of us," the investors, comprising large mutual funds and insurance companies, said in their letter, adding Infosys should consider inviting Nilekani to the board in a "suitable capacity." Nilekani, one of the company''s co-founders, who served as its CEO from 2002 to 2007, could not be reached for comment. The investors, which include HDFC Asset Management, ICICI Prudential Asset Management and Birla SunLife Asset Management, among others, added that Nilekani''s return would be welcomed as he enjoys the confidence of clients, shareholders and employees. "Given his credentials, we feel, that his joining the board at this stage, will restore confidence of stakeholders in the company and also facilitate resolution of the contentious issues that Infosys is facing presently," said the funds in a letter, the contents of which were reviewed by Reuters. The group of institutions, who have signed the letter to the Infosys board, together own roughly 10 percent of the company''s shares, according to Thomson Reuters data. Separately, local business news channel CNBC TV18 citing unnamed sources, reported on Wednesday that Nilekani was set to return to Infosys, without providing specific details. Shares in Infosys which had fallen nearly 15 percent in the first two days following Sikka''s exit rallied 2 percent on Wednesday following news that Nilekani may return -- a move that could well bring the acrimonious dispute to a close. The retired founder executives and their families together own about 12.75 percent of Infosys'' shares. On an investor call last week, Infosys repeatedly assured shareholders and analysts that it would work to end the dispute soon and ensure that its new permanent CEO, when named, would not be distracted by the issue. "It cannot continue in this fashion. I''m always an optimist, and I believe that in the coming weeks we''ll have to find ways to put this decisively to bed," said Infosys Co-chairman Ravi Venkatesan on Friday''s call. Reporting by Savio Shetty and Abhirup Roy; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/infosys-investors-nilekani-idINKCN1B31J1'|'2017-08-23T11:27:00.000+03:00'
'bdd6d0e5869210efa426efb992d93eb12503afcd'|'CANADA STOCKS-TSX up as RBC earnings boost banks, energy stocks jump with oil'|'TORONTO, Aug 23 (Reuters) - Canada''s main stock index ended higher on Wednesday, boosted by a sharp jump in banking stocks after Royal Bank of Canada reported earnings and as a jump in oil prices helped energy companies.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 78.20 points, or 0.52 percent, at 15,063.16. (Reporting by Alastair Sharp; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-close-idUSL2N1L91OO'|'2017-08-24T04:16:00.000+03:00'
'e6708786ff6b2b7eb0d47c73992202d548693e1e'|'China''s COFCO considers sale of Nidera in divestment effort: sources'|'The company logo of China Oil and Foodstuffs Corporation (COFCO) is seen at its headquarters in Beijing, China, November 3, 2016. Picture taken November 3, 2016. Thomas Peter HONG KONG (Reuters) - After paying hundreds of millions of dollars for Dutch-based grains trader Nidera in a three-year takeover completed just months ago, Chinese state-owned food group COFCO is considering selling the troubled business, according to people familiar with its plans.Aiming to become a stronger global player, COFCO had hoped to combine Nidera with Noble Agri, a unit of Singapore-listed trading house Noble Group, which it also began buying in 2014.Any sale would mark an abrupt change in strategy, as COFCO looks to restructure its business as part of wide-ranging reforms of China''s state-owned companies.Two sources say COFCO has tapped investment bank Morgan Stanley to work on plans to sell.Unforeseen losses racked up by Nidera, and accounting irregularities unearthed last year in its Latin American operations have helped persuade COFCO''s management to look at ways to divest."Nidera''s continued losses have been worse than COFCO''s expectation," said one of the sources. "And the accounting issue in Nidera''s Brazil business helped accelerate the sale."It is unclear how much the business would be valued at, as the process is at an early stage, said one source. While another said COFCO could opt for either an outright or partial sale, and it is unknown whether COFCO would sell the physical assets that helped build a global grains supply chain.The sources declined to be named as COFCO has not made public that it is considering selling Nidera.Neither COFCO or Morgan Stanley offered any immediate response to Reuters'' requests for comment. COFCO International, the unit now running Nidera, did not immediately respond to requests for comment either.JOINING THE GIANTS COFCO''s buying binge over the past few years had established the firm as a significant rival to the so-called "ABCD" quartet of global agricultural trading giants - Archer Daniels Midland ( ADM ), Bunge ( BG ), Cargill and Louis Dreyfus Company.But the expense and trouble incurred integrating Nidera and Noble Agri sapped COFCO''s ability and appetite for any subsequent deals.The prices paid by the Chinese grains-to-real estate conglomerate for stakes in the two companies had raised analysts'' eyebrows, along with doubts about the challenge of integrating firms with very different cultures.COFCO''s then chairman Ning Gaoning spoke of ambitions of listing the combined entity - but he left last year to head another state-owned company, Sinochem.COFCO paid around $1.5 billion for a 51 percent stake in Noble Agri in 2014 and then another $750 million for the remaining shares in December 2015.In February, COFCO became the sole owner of Nidera, having gradually raised its stake since 2014. Financial details have not been disclosed, but analysts estimate that COFCO paid hundreds of millions of dollars for Nidera.In April, COFCO combined the two businesses under a newly established division, COFCO International.But the problems at Nidera were already all too apparent.Nidera Capital BV - the holding company owned by COFCO - posted a full-year loss of $266.6 million in 2016 versus a loss of $65.9 million in the 15 months ended in December 2015.COFCO unearthed a $150 million hole in the accounts of Nidera''s Latin American operations last year, caused by accounting irregularities and rogue trading in biofuels, which led to an overhaul of its business in Brazil.Reporting by Kane Wu and Julie Zhu in Hong Kong; Additional reporting by Anshuman Daga and Gavin Maguire in Singapore; Editing by Simon Cameron-Moore'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-cofco-m-a-idINKCN1B31GV'|'2017-08-23T10:59:00.000+03:00'
'a68b0225336679500a3ae0e2becfe97d9428dede'|'Playtech to buy some ACM Group assets to grow financials unit'|'August 23, 2017 / 6:51 AM / 22 minutes ago Playtech to buy some ACM Group assets to grow financials unit Reuters Staff 2   Playtech Plc ( PTEC.L ) will buy technology, intellectual property and some customer assets from ACM Group as the gambling technology company looks to build on its financials division. Playtech, whose products include casino, poker, bingo, sports betting and social gaming, said the deal terms included an initial up-front payment of $5 million and additional payments, with the total value capped at $150 million (117.04 million pounds). The company, which calls itself the largest online gaming software supplier traded on London''s main market, said a team from the UK-based B2B market maker, dealer and broker would join the TradeTech Group, Paytech''s financials division. "The acquisition ... will significantly deepen our expertise in trading and risk management, allowing TradeTech Group to offer a full turnkey solution to B2B clients across the industry," said Ron Hoffman, CEO of the unit. Playtech, founded in 1999 in Estonia by entrepreneurs from the casino, software engineering and multimedia industries, expects to complete the deal by the end of September. Reporting by Noor Zainab Hussain   Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-acm-group-m-a-playtch-idUKKCN1B30JE'|'2017-08-23T09:51:00.000+03:00'
'9ff9d6eb3e3260cbf88738aacb5423995de1dc48'|'Chinese court awards New Balance $1.5 million in trademark case'|'People walk past a New Balance store in Wuhan, Hubei province, China April 12, 2014. Stringer/Files BEIJING (Reuters) - A Chinese court has ordered three domestic shoemakers to pay more than 10 million yuan ($1.5 million) to New Balance in damages for infringing the U.S. sportswear company''s signature slanting logo.The amount of compensation, though small by international standards, is according to lawyers one of the highest to be awarded to foreign companies in trademark disputes in China.The ruling follows a speech by President Xi Jinping last month in which he vowed to punish intellectual property (IP) infringers. U.S. President Donald Trump recently authorized an inquiry into China''s IP practices amid estimates that IP theft by the country could be as high as $600 billion.An intermediate court in coastal industrial town Suzhou said in its ruling last week that three defendants - including an individual who registered a company in Colorado as New Bai Lun -should stop infringing the American company''s iconic trademark and their deceiving promotion of products."Although this sort of decision is still rare, it sends a strong and powerful message that should make it easier for foreign brands doing business here," said Carol Wang, a lawyer at Lusheng Law Firm, which represented New Balance.The court ruling document first appeared on social media on Tuesday and was later confirmed by the law firm to Reuters."The winning of this case has given us confidence to continue our proactive brand protection strategy in China," Angela Shi, brand protection manager of New Balance, said in a statement to Reuters.The three Chinese defendants - Zheng Chaozhong, Xin Ping Heng Sporting Goods Limited Company and Bo Si Da Ke Trading Limited - could not be reached for comment.New Balance, which entered China in 2003 and has more than 2,000 stores in the country, has been dragged into protracted litigation battle in the mainland where hundreds of trademarks in variations identical to its "N" logo are registered.Last year, it was dealt a blow when a Chinese court ruled against it for trademark infringements and ordered it to pay 5 million yuan in compensation to a local company.In the past, local courts were hesitant to rule in favour of foreign companies in similar cases as they had to take multiple factors into account, including local stability and employment, said Wang Xiang, a Beijing-based lawyer at Orrick Herrington & Sutcliffe, who has no connection to the latest trademark case."It''s about time for the government to enhance intellectual property protection enforcement, as many IPs now will be owned by Chinese companies," he said.Reporting by Pei Li; Editing by Himani Sarkar'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/new-balance-china-trademark-idINKCN1B317V'|'2017-08-23T09:47:00.000+03:00'
'cc3a91bb3d4847f061c29f3ad82d439c24a3095e'|'Toll''s average price to fall as millennials buy cheaper homes'|'A Toll Brothers residential development is shown in Carlsbad, California, U.S., May 24, 2017. Mike Blake (Reuters) - Toll Brothers Inc''s ( TOL.N ) falling average selling price (ASP) signals a new normal for luxury homebuilders in the United States as they sell more, but lower-priced homes, to thrifty millennials.Toll reported its third straight quarter of ASP declines on Tuesday and forecast its first annual drop in home prices in seven years."We have to work harder to sell larger units at higher price points although we are not competing in the super tall or super expensive condominium product," Toll CEO Douglas Yearley said, talking about the company''s City Living Urban condominium unit.Toll, which typically makes homes that cost nearly $1 million, introduced a range of homes starting from $330,000 earlier this year, aimed at young and affluent first-time buyers. The cheapest Toll home costs upward of $200,000."The biggest opportunity right now is in the more affordable market where perhaps margins are little bit smaller but there is extraordinary demand," said Aaron Terrazas, senior economist at online real estate marketplace Zillow.Nearly a quarter of Toll''s orders this year were from millennial households where one buyer was 35 years of age or younger.Toll''s predicament is indicative of the changing mindset of millennials, who are fiscally prudent, and either want to buy cheaper homes, or rent."What we have seen is that some life events such as getting married and having children - a lot of millennials are postponing some of those and ... want to stay close to the city so their are looking for more affordable products," said Robert Rulla, a director at Fitch Ratings.Homebuilders including D.R. Horton Inc ( DHI.N ), the country''s biggest, and Meritage Homes Corp ( MTH.N ) have also introduced cheaper homes in the past few years.VOLUME GAME Toll''s third-quarter ASP fell 6 percent fell but volumes rose 26 percent. The company expects ASP to range between $800,000 to $825,000 in the fiscal year ending October, down from $847,700, a year earlier, and volumes to rise 15 percent to 20 percent.The trend of homebuilders selling more lower-priced homes is likely to continue in the near future even as average prices of new homes in the United States touch record highs, industry experts said.The median price for new homes sold rose to $316,200 in 2016 from $246,500 in 2006, according to the U.S. Census Bureau.Lower-priced homes come with smaller margins, but have quicker delivery times because they are easier to build."I think most homebuilders are going to take a hit on the margins and sell lower priced homes. It is going to be a volume game going forward," said Tania Onbek, owner of Connecticut-based mortgage broker On Deck Mortgage Services."Millennials are now thinking twice before splurging on buying a plush home ... and investors in the homebuilding industry should get used to this."Reporting by Arunima Banerjee and Yashaswini Swamynathan in Bengaluru; Additional reporting by Ankit Ajmera, Rachit Vats and Sweta Singh; Editing by Sayantani Ghosh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-toll-brothers-results-prices-idUSKCN1B32GG'|'2017-08-24T04:26:00.000+03:00'
'c57362929f6a24d8f570a2df26dbe9875488bacd'|'France''s Macron calls labour rules a betrayal of EU principles'|'August 23, 2017 / 2:09 PM / 24 minutes ago France''s Macron gains eastern foothold on EU ''posted workers'' Francois Murphy 4 Min Read French President Emmanuel Macron and Austrian Chancellor Christian Kern speak to the media at a press conference in Salzburg, Austria, August 23, 2017. SALZBURG, Austria (Reuters) - French President Emmanuel Macron on Wednesday won the support of two eastern European states in his campaign against EU rules on the employment abroad of workers from low-pay countries, calling the current system a "betrayal" of European values. Macron has pledged to overhaul a system under which "posted" workers can be sent to other European Union states on contracts that must guarantee the host country''s minimum wage, but under which taxes and social charges are paid in the home nation. He says the system creates unfair competition in wealthier nations like France and Austria, a country that borders four eastern European countries and where on Wednesday he met Chancellor Christian Kern, an ally on this issue. "The single European market and the free movement of workers is not meant to create a race to the bottom in terms of social regulations," Macron told reporters after meeting Kern in the city of Salzburg. Macron is on a three-day tour of central and eastern Europe that he hopes will help break a deadlock between western nations and poorer eastern European states that has lasted for years. "The posted workers'' directive as it currently functions is a betrayal of the European spirit in its essence," he added. Related Coverage Macron and Kern later held a meeting with the Czech and Slovak prime ministers, after which all four said they had agreed to try to reach a deal by a European leaders'' summit in October. Estonia, which holds the EU''s rotating presidency, is due to table a new proposal in September. "We are very close to agreement. We see October 2017 as a realistic date by which we could reach an agreement," Slovak Prime Minister Robert Fico told a joint news conference after the meeting. French President Emmanuel Macron speaks to the media at a press conference in Salzburg, Austria, August 23, 2017. Heinz-Peter Bader COLD SHOULDER By enlisting the Czech and Slovak leaders, Macron was co-opting half of the four-nation Visegrad group, which has opposed western European countries on issues including migrants and reform of the posted workers'' directive. Macron is shunning the two other, more hardline Visegrad countries - Poland and Hungary - on his trip, which will take him to Romania and Bulgaria. A senior French diplomat said that was a deliberate signal to Warsaw and Budapest. Slideshow (8 Images) "We, and I think the Czech prime minister agrees, will make a maximum effort so that the V4 agrees on this issue," Fico said, referring to the Visegrad group. The four leaders in Salzburg backed Macron''s call for workers to be paid the same amount for the same work in the same place. But they stopped short of supporting Macron''s plan to limit the duration of these contracts to one year rather than two under a new European Commission proposal. "We have an understanding here that it should be less than the originally proposed 24 months," Kern said, adding that they had also agreed to cooperate more closely in policing the rules. It was not clear whether concessions were made in other areas to win over the Czech and Slovak leaders. They and other eastern European countries are particularly opposed to accepting quotas of asylum-seekers who would be redistributed around the bloc. They also said they wanted any moves towards faster integration by countries in the "core" of the EU to be available to all member states. Macron wants to harmonise fiscal rules, build up a common European investment capacity and a euro zone budget. "The posted workers'' directive solves a certain problem but we have to also solve the fundamental issue, which is the huge differences in living standards in individual parts of the EU," Czech Prime Minister Bohuslav Sobotka told the news conference. Additional reporting by Michel Rose and Jean-Baptiste Vey in Paris, Tatiana Jancarikova in Bratislava and Jan Lopatka in Prague; Editing by Richard Lough and Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-france-centraleurope-idUKKCN1B31OG'|'2017-08-23T17:08:00.000+03:00'
'fbd67d476e0d4054fdf02256a821342fe853552b'|'Ferrari unveils its new entry-level model - the Portofino'|'Reuters TV United States August 23, 2017 / 10:55 AM / an hour ago Ferrari unveils its new entry-level model: the Portofino Reuters Staff 1 Min Read The Ferrari logo on a car at a dealership in Singapore June 1, 2017. Thomas White MILAN (Reuters) - Italian luxury sportscar maker Ferrari ( RACE.MI ) on Wednesday unveiled the Ferrari Portofino, its new entry level model that will replace the California. The Portofino, named after a picturesque village on the Italian coastline, will be powered by an eight cylinder GT engine and can reach maximum speeds of over 320 km per hour. With a maximum power output of 600 cv, it can sprint from 0 to 100 km per hour in 3.5 seconds, Ferrari added. The convertible model will make its world debut at the Frankfurt auto show in September. Reporting by Agnieszka Flak, editing by Giulia Segreti 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ferrari-portofino-idUKKCN1B314Z'|'2017-08-23T13:54:00.000+03:00'
'cc7524366f6574c58f58a83561174579a54512b5'|'Mutual funds mark down investments in Uber by up to 15 pct -WSJ'|'Aug 22 (Reuters) - Four mutual fund companies have marked down their investments in Uber Technologies Inc by as much as 15 percent following the ride-hailing company''s scandal-ridden year, The Wall Street Journal reported on Tuesday.Three of the investors, Vanguard Group, Principal Funds and Hartford Funds, all marked down their shares by 15 percent to $41.46 a share for the quarter ended June 30, according to the fund companies'' latest disclosure documents, the Journal reported.A fourth investor, T. Rowe Price Group Inc, cut the estimated price of its Uber shares by about 12 percent to $42.70. Another investor, Fidelity Investments, maintained its estimate of $48.77 as of June 30, The Wall Street Journal reported. graph ( on.wsj.com/2vmSe6T )Representatives of Uber and the five fund companies could not be reached immediately for comment.Uber has suffered a series of setbacks in recent months, including a federal probe into the company''s use of technology to evade regulators in certain cities and a trade secrets lawsuit filed by Alphabet Inc''s self-driving unit, Waymo. In addition, its chief executive Travis Kalanick resigned, also pressured by accounts of a culture of sexism and bullying at Uber.The ride-hailing company grew to a valuation of $68 billion in seven years amid non-stop controversy. It has upended the tightly regulated taxi industry in many countries and changed the transportation landscape. (Reporting by Laharee Chatterjee; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/uber-mutual-funds-idINL2N1L901G'|'2017-08-22T23:19:00.000+03:00'
'5a8d6c9252c9b7c48857a097563a3d2f613d78fe'|'CEE MARKETS-Forint tests 27-month high'|'* Hungarian central bank makes no effort to talk down forint * Regional central banks await rate clues from Fed, ECB By Sandor Peto BUDAPEST, Aug 23 (Reuters) - Hungary''s forint tested 27-month highs against the euro on Wednesday after Central Europe''s most dovish central bank made no attempt to talk it down after its meeting on Tuesday. More than five years since the previous central bank rate increase within the European Union, the Czech central bank (CNB) this month lifted its record-low main rate. Other banks in the east of the bloc are unlikely to follow the CNB''s move any time soon, however. The CNB had the lowest inflation target in the region at 2 percent and the jury is still out on whether inflation targets across the region are threatened by generally robust growth. Tuesday''s statement from the National Bank of Hungary (NBH), which analysts expect to keep rates on hold for years, left some market participants puzzled over the course of the forint. Without any NBH efforts to talk it down from its recent strong levels, the currency firmed to 303.06 against the euro early on Wednesday before retreating to 303.27 by 0837 GMT. Nomura analyst Peter Attard Montalto said in a note that subtle changes in the language of Tuesday''s NBH statement may herald further monetary loosening at its next meeting in September when it also releases quarterly economic forecasts. The central bank notred that good macroeconomic data had generally strengthened Central European currencies. "But they know that a firming in the summer time is a temporary, though natural, process, with markets illiquid," said ING analyst Peter Virovacz. "They will wait for their Sept. 19 meeting. By then the Fed and the ECB may shed more clarity on their intentions." The analyst added that a cut in the bank''s overnight deposit rate, which stands at -0.05 percent, could be a sufficiently strong response if the forint firms towards the 300 line. Central European assets were rangebound across the board in thin trade. The crown firmed 0.1 percent to 26.084 against the euro, but Monday''s announcement that the government will not sell Treasury bills in September could herald a crown weakening, Raiffeisen analyst Stephan Imre said in a note. Big Treasury bill expiries in the coming weeks may cause a crown sell-off by foreign investors who bought huge amounts of the Czech currency before the CNB in April removed a cap that had kept the crown weaker than 27 against the euro for years. "Thursday''s T-bills auction might become the last possibility for T-bill investments in Q3 and should therefore meet healthy demand," Imre said. CEE MARKETS SNAPSH AT 1037 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.084 26.104 +0.08 3.54% 0 5 % Hungary 303.27 303.34 +0.02 1.83% forint 00 50 % Polish zloty 4.2759 4.2758 +0.00 2.99% % Romanian leu 4.5846 4.5855 +0.02 -1.08% % Croatian 7.4030 7.4045 +0.02 2.05% kuna % Serbian 119.23 119.41 +0.15 3.46% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1035.0 1033.7 +0.13 +12.3 4 3 % 1% Budapest 37512. 37622. -0.29% +17.2 90 47 2% Warsaw 2388.1 2387.2 +0.04 +22.6 8 4 % 0% Bucharest 8341.6 8351.5 -0.12% +17.7 5 8 4% Ljubljana 815.96 816.59 -0.08% +13.7 1% Zagreb 1898.9 1901.6 -0.14% -4.81% 7 7 Belgrade 724.04 722.78 +0.17 +0.93 % % Sofia 722.12 719.67 +0.34 +23.1 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.011 0.037 +072b +3bps ps 5-year 0.077 0.045 +035b +3bps ps 10-year 0.902 0.02 +049b +1bps ps Poland 2-year 1.775 0 +249b -1bps ps 5-year 2.663 0.011 +294b -1bps ps 10-year 3.343 0.019 +293b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.7 0.8 0 IBOR=> Hungary <BU 0.22 0.275 0.34 0.15 BOR=> Poland <WI 1.77 1.81 1.86 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L922C'|'2017-08-23T07:57:00.000+03:00'
'813cc56d7489556786db568b87b8ed9cdb2cbc17'|'U.S. dollar stores stand their ground in escalating retail price war'|'A man enters a Dollar Tree discount store in Garden City, New York, U.S., May 23, 2016. Shannon Stapleton/File Photo U.S. dollar stores have not become collateral damage, as feared, in a price war among big retailers including Wal-Mart Stores Inc ( WMT.N ) and Kroger Co ( KR.N ), which has pushed down prices of key items such as eggs and laundry detergent. Dollar Tree Inc ( DLTR.O ) and Dollar General Corp ( DG.N ), which together operate more than 28,000 stores across the United States, have said they don''t need to keep cutting prices to stay competitive. Both companies lost some sales to Wal-Mart last year, right after the retail giant started slashing prices and gave up margins to grab market share. But they have recuperated considerably, though sales growth is expected to remain pressured in the short term as bigger retailers win customers by matching their prices. Their popularity with price-conscious shoppers who want to avoid big stores that typically stock large packs of supplies and more expensive national brands, largely shield them from competition, analysts said. Well-to-do millennials who faced the recession and have found prudence in curtailing family budgets, are also increasingly shopping from dollar stores, mostly for quick fill-in trips or store-branded toiletries and party supplies. "The big advantage that dollar stores have is that, given their store footprint and the real estate they need, they can exist ... in small towns where Wal-Mart or supermarkets are not going to go," said Euromonitor analyst Jared Koerten. Dollar General forecast net sales to increase by about five percent to seven percent for the year ending Feb. 2, just short of the 7.8 percent average growth it reported over the past two fiscal years. Dollar Tree expects net sales for the year ending January to rise 5.9 percent to 7.4 percent. The company reported an average growth rate of 8.6 percent in the past two years, excluding sales from Family Dollar, which it bought in 2015. FILE PHOTO: A sign is seen outside a Dollar General store in Chicago, Illinois, U.S. May 23, 2016. Jim Young/File Photo In contrast, Wal-Mart and Kroger expect low single-digit growth. MORE COMPETITION Dollar stores, which operate on razor-thin margins, are doing their bit to draw in customers: sprucing up stores, stocking more national brands such as Tide, selling food and fresh produce, and are opening more stores. A customer walks out of a Dollar Tree discount store in Austin, Texas, U.S., February 27, 2017. Picture taken February 27, 2017. Mohammad Khursheed But this also sets them up for more competition with deep-pocketed retailers who continue to offer huge discounts and spend more to revamp stores, pay higher wages and improve their online business to compete against Amazon.com Inc ( AMZN.O ). Dollar General''s shares are flat so far this year, while Dollar Tree''s shares are down 3.7 percent. The S&P 500 Consumer Discretionary index .SPCOMD is up 8.8 percent in the same period. Both companies declined to comment. Another longer-term concern could be retailers such as Aldi and new entrant Lidl, which are more like dollar stores in size and location of shops and have announced expansion plans, but analysts aren''t worried yet. "Dollar stores are a convenience play. They are not grocery stores," said Moody''s analyst Mickey Chadha. "They offer a lot of consumables that are not all private label, but also offer home products, seasonal products, electronics, apparel and accessories that are higher margin." Reporting by Sruthi Ramakrishnan in Bengaluru; Additional reporting by Siddharth Cavale; Editing by Sayantani Ghosh'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-retail-dollarstores-idUSKCN1AY1XY'|'2017-08-19T00:37:00.000+03:00'
'8b84d3f305767c3fcfad4dc3e46acee5664891e3'|'Barcelona attack dents travel stocks as global sell-off spreads to Europe'|'August 18, 2017 / 7:32 AM / 15 minutes ago Barcelona attack dents travel stocks as global sell-off spreads to Europe Reuters Staff 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 14, 2017. Staff/Remote LONDON (Reuters) - European travel stocks fell sharply in early trading on Friday after a deadly attack in tourist hotspot Barcelona, with investors also increasingly concerned the Trump administration was fraying at the seams. As a global sell-off spread, the pan-European STOXX 600 was down 0.9 percent by 0725 GMT, with blue-chips .STOXX50E down 1 percent, following falls in Asian and U.S. stocks overnight. Travel and leisure stocks .SXTP led sector losers, down 1.4 percent, with airlines the worst-performing as investors dropped stocks exposed to tourist flows. Easyjet ( EZJ.L ), Ryanair ( RYA.I ), British Airways owner IAG ( ICAG.L ) and Lufthansa ( LHAG.DE ) were down 2.3 to 3.2 percent. Spanish airport company AENA ( AENA.MC ) fell 2 percent after Thursday''a attack, in which a suspected Islamist militant drove a van into crowds in central Barcelona, killing 13 people. The risk-off moves also hit banks .SX7P, down 1.2 percent, with Deutsche Bank ( DBKGn.DE ) and BNP Paribas ( BNPP.PA ) among the worst performers. Though company news was thin on the ground, earnings drove some moves. Dutch storage firm Vopak ( VOPA.AS ) fell 4.5 percent after it said profit would be 5 to 10 percent lower this year than last due to lower occupancy rates. Fiat Chrysler ( FCHA.MI ) fell 1.5 percent after Guangzhou Automobile denied it was planning to take over the Italian carmaker. Speculation over a potential Chinese buyer sent its shares soaring this week. The European earnings season was drawing to a close, with 86 percent of second-quarter company reports through. Some 60 percent of these have beaten or met expectations, and earnings estimates were trending up, though they were still negative overall after being revised down sharply since the start of earnings season due to concerns about a stronger euro. Reporting by Helen Reid; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1AY0OB'|'2017-08-18T10:35:00.000+03:00'
'2ac90ef15dc83fad821ca990a0ccec6cddd56753'|'Customers feeling pinch take comfort in old-fashioned puds and pies - Business'|'The Observer Customers feeling pinch take comfort in old-fashioned puds and pies Demand for hot desserts, such as tarts and sponge puddings, up by 10% as shoppers stick to treats they know everyone will love Ready-made sponge puddings in particular boosted sales of hot desserts. Photograph: Sarah Lee for the Guardian The Observer Customers feeling pinch take comfort in old-fashioned puds and pies Demand for hot desserts, such as tarts and sponge puddings, up by 10% as shoppers stick to treats they know everyone will love View more sharing options Rebecca Ratcliffe Sunday 20 August 2017 00.05 BST Demand for sweet pies, tarts and flans grew by almost 10% last year as shoppers filled their baskets with comfort foods. Sales of hot desserts were up £2.6m, according to analysts at Kantar Worldpanel, which found more people buying hot puddings, and doing so more frequently. “Asda’s Baker’s Selection range has witnessed 151% growth, helping to drive strong performance in the sponge pudding and chilled pancake sectors,” Kantar analyst Fridaos Abdulrauf told the Grocer . “The Aldi Specially Selected range has also performed very well, seeing 67.2% growth, mainly driven by sponge puddings. Waitrose’s addition of Bramley apple crumble two-packs helped boost performance.” Aldi and the Co-op had the strongest performance, with pudding sales growing 22.1% and 19.9% respectively. Many big brands have lost out, according to grocery market analyst IRI. It found Premier Foods’ Ambrosia brand was down £3.4m, Aunt Bessie’s down £2.7m and Gü down £504,000. Last month the Grocer revealed that Gü had shrunk the weight of its twin-pack deserts, while keeping prices the same – a move driven by the increased cost of ingredients. One brand name that has enjoyed sweet success is Mary Berry. Sales of her Summer Fruit and Belgian Chocolate Brownie puddings in Tesco, Waitrose and Ocado were worth £1.2m. Jem Hodson, marketing manager at Hain Daniels, which produces the Mary Berry desserts, told the Grocer that cautious shoppers, with less money to spend, are sticking to familiar foods. “We are seeing less growth in truly new ideas, and more in products that are safe but with a twist, reducing the risk of consumers spending money on something they may not like,” says Hodson. Another steady performer is the Christmas pudding. A growing number of retailers are expected to offer premium revamps of the dessert this Christmas, including a Pedro Ximénez sherry and pear pudding at Morrisons and a gluten-free pudding at Lidl. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/19/sweet-pies-and-puddings-sales-up-comfort-buying'|'2017-08-20T07:05:00.000+03:00'
'3457abae546c533a1e006fa279c97d84fe15817d'|'Global investors look to Jackson Hole for signs of how QE will end'|'It was at Jackson Hole in 2014 that Mario Draghi prepared the ground for the European Central Bank’s massive bond-buying programme to help rescue the economies of the eurozone, embattled from years of sovereign debt crises.The annual event, held at the Wyoming fishing retreat by the Federal Reserve Bank of Kansas City since 1978, takes place from 24 to 26 August. And it could provide the backdrop for the ECB president to signal the eventual withdrawal from loose monetary policy by the central bank.Pressure is mounting on the world’s central bankers to give more clues about how they intend to exit huge stimulus packages unfurled to dig the global economy out of a hole after the financial crisis. After a decade of low-interest rates and bond buying, a process known as quantitative easing , the Jackson Hole summit could be a platform to convince markets they can safely wean the world off cheap money. “It’s an important event because we’re at a critical crossroads for many central banks, especially, I would say, for the ECB. The global economy, many economies, still need expansionary policy – but I don’t think we need this extreme form of monetary policy,” said Robert Bergqvist, chief economist at Swedish bank SEB.The ECB is spending €2.3tn (£2.1tn) on its QE policy, while the Bank of England injected £435bn into buying gilts. The Federal Reserve, which is further ahead thanks to a faster recovery in the US, started raising interest rates in December and has bought more than $4.5tn of assets (£3.5tn). Still, normalisation may not be the easiest path for central bankers, with fragile economies, inflation not taking off as expected and the potential for roiling the financial markets with sudden changes.“The rollback of QE is an experiment that has never been tried before and it is not clear how markets will react,” said economists at fund manager Intermediate Capital Group. “Their ownership of the market is significant. As markets anticipate Fed balance-sheet reduction and reduced ECB buying in 2018, the risk of market disruptions will increase.”The Fed chair, Janet Yellen , is the first leading figure to speak at the event on Friday, followed by Draghi later that day. The Bank of England’s deputy governor for monetary policy, Ben Broadbent, is expected to attend the symposium but is not scheduled to speak publicly. The meeting risks being overshadowed by political events, after posturing from Donald Trump and Kim Jong-un rattled markets this month and the US president became embroiled in a bitter row over his failure to denounce far-right extremism after the death of a counter-demonstrator at a rally attended by neo-Nazis in Charlottesville. Yellen said in June that the Federal Reserve would begin to reduce the size of its balance sheet “relatively soon” , leading to speculation the central bank could start to reduce reinvestments of maturing securities it holds this year. “Yellen could say the Fed is going from ‘relatively soon’ to ‘soon’. If she wants to implement this in October, she could announce it in September,” said Kathy Bostjancic, head of US macro investor services at Oxford Economics .Central banks are ending policies like QE – but they''ll be back - Nouriel Roubini Read more Draghi may not want to use Jackson Hole to signal the end of the ECB’s bond buying, according to David Meier, an economist at Julius Baer. The governor may instead look to “downplay as much as possible the effects of monetary policy normalisation in order to keep financial markets calm”, he said. Instead, Draghi could repeat a message he gave in June at the ECB forum in Sintra, near Lisbon, when he expressed confidence in the eurozone economic recovery and reminded investors the ECB’s exit from QE would be contingent on calm conditions on the financial markets, according to Mark Wall, chief economist at Deutsche Bank. While Draghi is not expected to set expectations for the timing of a decision on QE, he could “still make a throwaway comment” on currency exchange rates that would pique the markets’ interest, Wall said.Although the Jackson Hole is billed as a get-together for central bankers and academics to discuss topics not necessarily of immediate concern, looking instead at emerging issues and trends, the meeting has become a key item watched by global investors and others for signs of their thinking. The Financial Times last week found six central banks – the Federal Reserve, ECB, Bank of Japan, Bank of England and the Swiss and Swedish central banks – now hold more than $15tn of assets , more than four times the pre-crisis level, following their policy interventions.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/20/global-investors-look-to-jackson-hole-for-signs-of-how-qe-will-end'|'2017-08-20T20:03:00.000+03:00'
'0af5f77fa5114d235e0573f9425f0454d99dcd39'|'IKEA to invest $212 million to build regional supply center in Malaysia: government'|'August 22, 2017 / 10:00 AM / 2 hours ago IKEA to invest $212 million to build regional supply center in Malaysia: government Reuters Staff 2 Min Read The logo of IKEA is seen above a store in Voesendorf, Austria, April 24, 2017. Heinz-Peter Bader KUALA LUMPUR (Reuters) - Netherlands-headquartered furniture retailer IKEA will invest 908 million ringgit ($212.10 million) to set up one of its largest regional distribution and supply chain centers in Malaysia, the Southeast Asian country said. The supply chain center will manage an inventory worth 6.6 billion ringgit annually, catering to IKEA''s growth in the ASEAN region, the Malaysian Investment Development Authority (MIDA) said in a statement on Tuesday. The new 100,000 square meter warehouse will supply to 12 existing retail stores in the region. IKEA plans to grow its number of stores in ASEAN to 20 by 2026. IKEA did not immediately respond to a request for comment. Malaysia is a significant market for IKEA, with retail stores in the country being among IKEA''s most visited globally. "The establishment (of the warehouse) also adds momentum toward making Malaysia a regional distribution hub and preferred logistics gateway to Asia as outlined in the National Logistics and Trade Facilitation Masterplan and National E-Commerce Strategic Roadmap," Minister of International Trade and Industry Mustapa Mohamed said. Malaysia has been encouraging large local conglomerates and multi-national companies to use the country as a gateway to the region through various initiatives, including the principal hub scheme that allows companies to centralize their global activities such as procurement and distribution. The web of companies that make up IKEA has recently focused ownership of retail operations, which also include shopping centers and food retail, on IKEA Group. Supply chain management and design has transferred to brand owner and franchiser Inter IKEA. Reporting by Liz Lee; Editing by Himani Sarkar 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-malaysia-investment-ikea-idUSKCN1B20ZG'|'2017-08-22T12:59:00.000+03:00'
'2fc983883e2d32d79426b7ba3fbbf8b4706078bd'|'China Construction Bank raising $15 billion in funding for Belt and Road deals: sources'|'A customer waits at a counter of a branch of China Construction Bank Corp (CCB) at its headquarters in Beijing, China, March 31, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China Construction Bank Corp (CCB) ( 0939.HK ) is raising at least 100 billion yuan ($15 billion) for a fund to finance investments related to Beijing''s Belt and Road initiative, people familiar with the matter told Reuters.The people said China''s second-biggest bank by assets was raising cash onshore and offshore, and has already been running roadshows with prospective investors. They could not be identified as they are not authorized to speak to the media.CCB did not immediately respond to a Reuters request for comment.Chinese President Xi Jinping in May pledged a $124 billion funding boost to help his plan to build a modern Silk Road, connecting China with new and old trading partners. He also said China would encourage financial institutions to expand their overseas yuan fund businesses.Beijing is trying to contain overseas deals after some extravagant purchases in recent years, but acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, totaling $33 billion as of mid-August. That compares with a $31 billion tally for all of 2016, showed Thomson Reuters data.The people said CCB would raise U.S. dollars for the offshore portion of the fund and yuan from onshore investors. Some of the onshore capital could be used for Belt and Road deals overseas, two of the people said.($1 = 6.6576 Chinese yuan renminbi)Reporting by Julie Zhu and Kane Wu; Editing by Christopher Cushing'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ccb-fundraising-idINKCN1B20ER'|'2017-08-22T04:01:00.000+03:00'
'eabfd8070ab0af16c23a3ba30a3d2fa5b82662cf'|'Japan Tobacco to buy Philippine cigarette maker Mighty for $936 million'|'August 22, 2017 / 6:30 AM / 30 minutes ago Japan Tobacco to buy Philippine cigarette maker Mighty for $936 million Reuters Staff 1 Min Read TOKYO (Reuters) - Japan Tobacco Inc ( 2914.T ) said on Tuesday it would buy the tobacco business of the Philippines'' Mighty Corp for about $936 million (726 million pounds) as it aims to gain a foothold in the market. The transaction is expected to be completed in the third quarter following regulatory clearance, the company said in a statement. Facing a shrinking smoking population at home, Japan Tobacco has been on a buying spree in emerging Asian markets. This month it agreed to buy an Indonesian maker of "kretek" tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world''s second-largest tobacco market. Reporting by Chang-Ran Kim; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-tobacco-mighty-idUKKCN1B20H1'|'2017-08-22T09:30:00.000+03:00'
'32631c84bc52a9b49e3004b2a4c182a7840baa15'|'South Korea, U.S. at odds over next steps on free trade deal revisions'|'August 22, 2017 / 3:51 AM / 25 minutes ago South Korea, U.S. at odds over next steps on free trade deal revisions Jane Chung 3 Min Read United States Trade Representative Robert Lighthizer speaks at a news conference prior to the inaugural round of North American Free Trade Agreement renegotiations in Washington, U.S., August 16, 2017. Aaron P. Bernstein SEOUL (Reuters) - South Korean and U.S. officials failed to agree on Tuesday on how to move forward on discussions over their five-year-old free trade agreement that Washington is seeking to change to help cut its trade deficit with Asia''s fourth-largest economy. A one-day video-conference between U.S. Trade Representative Robert Lighthizer, South Korean Trade Minister Kim Hyun-chong and the trade pact''s joint steering committee ended without a decision on the next steps for possible revisions. "We have found the two sides have different views on the free trade agreement and have not reached any agreement," Kim told a news conference after the meeting. A USTR spokeswoman said proposals were exchanged and conversations on the topic will continue. U.S. President Donald Trump told Reuters in April that the agreement known as KORUS was a "horrible deal" and pledged to renegotiate or terminate the accord. In a statement issued in Washington, Lighthizer said that since KORUS went into effect in 2012, the U.S. trade deficit with South Korea has more than doubled to $27.6 billion last year, and that Seoul''s non-tariff barriers to U.S. goods were a problem. "Unfortunately, too many American workers have not benefited from the agreement," Lighthizer said. "USTR has long pressed the Korean government to address burdensome regulations which often exclude U.S. firms or artificially set prices for American intellectual property. This negotiation offers us an opportunity to resolve these and other barriers." Kim said Seoul had stressed that the U.S. trade deficit with South Korea was not the result of the bilateral trade deal and proposed a joint study to examine the effects of the agreement. The trade minister said the U.S. side had not brought up the possibility of terminating the trade pact during the talks, adding that South Korea would wait for the U.S. review of Tuesday''s discussions and its proposals. The United States has been keen to address trade imbalances with South Korea, particularly for U.S.-produced vehicles, since President Trump has emphasized the imbalance in auto trade. In 2016, South Korea''s car exports to the United States stood at $16.2 billion, while its imports of U.S. cars were $1.74 billion, a trade ministry official said based on data from the Korea Trade International Association. Seoul maintains that the deal has been mutually beneficial, with exports of American beef to South Korea rising, saying last month that it would not necessarily renegotiate terms. Additional reporting by David Lawder; Editing by Jacqueline Wong and Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-southkorea-usa-trade-idUKKCN1B209O'|'2017-08-22T20:32:00.000+03:00'
'14165cb2c7b2ad4f1be9c849afc905b33b184c11'|'Swiss stocks - Factors to watch on Aug 22'|'ZURICH, Aug 22 (Reuters) - Here are some of the main factors that may affect Swiss stocks on Tuesday:COMPANY STATEMENTS * Roche unit Chugai Pharmaceutical Co Ltd aims to increase its core operating profit to more than 100 billion yen ($920 million) in the year ending December 2019 - Nikkei* Züblin Immobilien Holding AG clears 56 million euros from sale of German real estate portfolio* Swiss Finance & Property Investment AG H1 net profits excluding revaluation effects and latent taxes fall to CHF 4.15 mio (2016: chf 10.46 mio.); H1 rental income seen up by 12.7 percent* Kudelski unit SmarDTV SA announced the commercial availability of a new Cardless CAM product embedding Conax content protection. The new CAM is designed to reduce subscriber acquisition costs, letting subscribers instantly access pay-TV services by inserting the CAM in the TV* Orior AG says H1 revenues up 17.4 percent to CHF 281.3 million; net profit rose 22.3% to CHF 14.8 million* Schlatter Industries AG posted an order intake of chf 49.1 million in first half of 2017 versus chf 65.3 million in h1 2016* Luzerner Kantonalbank AG H1 net profit up 8 pct at CHF 96.2 mln* VP Bank AG - H1 net profit CHF 31.5 mln vs CHF 24.4 mln yr ago; H1 net new money CHF 1.1 blnECONOMY Trade data for July due at 0600 GMT (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-swiss-stocks-idINL8N1L730P'|'2017-08-22T02:46:00.000+03:00'
'bc33952b3ca1280e9f344034f1ad3f3ac09ef7b2'|'Former French presidential candidate joins investment fund Tikehau'|'August 22, 2017 / 7:09 PM / an hour ago Former French presidential candidate joins investment fund Tikehau Reuters Staff 2 Min Read FILE PHOTO: Francois Fillon, former French prime minister, member of the Republicans political party and 2017 French presidential election candidate of the French centre right, attends a news conference at his campaign headquarters in Paris, France April 21, 2017. Christian Hartmann/File Photo PARIS (Reuters) - Former French prime minister Francois Fillon, whose bid for the presidency this year was derailed by scandal, will join French investment firm Tikehau Capital as a partner, the company said on Tuesday. An early favourite to win the presidency, the conservative saw his lead in the polls evaporate after he was hit by allegations of paying his wife and children public funds for work they had not properly carried out. The allegations, which he denied, dented the wholesome image he had cultivated and knocked his credibility as he was proposing deep cuts in public sector jobs and spending. Ignoring calls from some allies to stand down, Fillon crashed out of the election in a first round of the presidential vote, which centrist Emmanuel Macron went on to win against far-right leader Marine Le Pen in a May 7 runoff. Fillon, who remains under investigation over the allegations, will join Tikehau on Sept. 1, bringing the number of partners to 30, the firm said in a statement. "With international expansion being one of the company’s strategic priorities, his international experience combined with his in-depth knowledge of French and European economic issues will bring real added value," the statement said. Tikehau, which aims to double its assets under management by 2020, raised 702 million euros (643.27 million pounds) in fresh capital last month through a rights issue, which it said at the time would help pursue "organic and external" growth opportunities in a consolidating sector. Reporting by Leigh Thomas; Editing by Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-france-politics-tikehau-idUKKCN1B2289'|'2017-08-22T22:09:00.000+03:00'
'7b19245561e9b0d3225ef56aa73e7fa8a42eba4e'|'China''s Great Wall interested in acquiring Fiat Chrysler: Great Wall official'|'August 21, 2017 / 8:01 AM / 18 minutes ago China''s Great Wall interested in acquiring Fiat Chrysler: Great Wall official Reuters Staff 1 Min Read A Haval H6 Coupe from Great Wall Motors is displayed at Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. Aly Song SHANGHAI (Reuters) - China''s Great Wall Motor is interested in acquiring Fiat Chrysler Automobiles (FCA), a Great Wall official told Reuters on Monday. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," the company official in Great Wall''s press relations department, who declined to give his name, told Reuters over phone. Reuters reported earlier, citing sources, that Great Wall had asked for a meeting with FCA with the aim of making an offer for all or part of the Italian-American auto group. In a separate report also published on Monday, Automotive News said that Great Wall had contacted FCA to express an interest specifically in its Jeep brand, citing an email from Great Wall President Wang Fengying. Reporting by Brenda Goh and SHANGHAI Newsroom; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-fiat-chrysler-m-a-great-wall-motor-co-idUKKCN1B10OD'|'2017-08-21T11:01:00.000+03:00'
'3aae2147fb299755b10e1a70ac157c8863872258'|'Shire''s CFO resigns to join plant technology start-up'|'August 21, 2017 / 1:58 PM / 11 minutes ago Shire''s CFO resigns to join plant technology start-up Reuters Staff 1 Min Read LONDON, Aug 21 (Reuters) - Pharmaceutical company Shire said its chief financial officer Jeff Poulton will stand down at the end of the year to join Indigo Ag, a Boston-based start-up that seeks to improve agricultural productivity. Poulton, who joined Shire in 2003, has been CFO since January 2015, a period that saw Shire make its largest acquisition with the $32 billion purchase of Baxalta last year. He said on Monday that it was a difficult decision to leave the rare disease drugs specialist, but he wanted to join a smaller organization where he could play a role in building a new company. "As Shire finalises the integration of Baxalta and focuses on paying down debt, this also presents a perfect time for me to begin this transition," he said. Shire''s Chief Executive Flemming Ornskov said Poulton would lead the finance team through the third-quarter reporting period and would play an active role in the search for his successor Reporting by Paul Sandle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/shire-moves-cfo-idUSL8N1L73B4'|'2017-08-21T16:57:00.000+03:00'
'a1313d6be016c7356b8951fd7d9b6e424f798054'|'Herbalife starts buybacks after going-private talks fall through'|'An Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. Robert Galbraith/File Photo (Reuters) - Herbalife Ltd ( HLF.N ) said it had started buying back up to $600 million of its shares in a modified Dutch tender offer, after talks with an investor to take the company private fell through.The nutrition and supplements maker''s shares were up 9.3 percent at $67.70 in morning trading on Monday.Herbalife said it would buy back shares for $60-$68 per share to "provide tendering shareholders with some protection" in case the company was taken private within two years for a higher price.The self-tender offer includes a cash payment and a contingent value right (CVR) that would pay out another cash payment should Herbalife be taken private.Herbalife held talks with a "major" private equity firm, CNBC''s Scott Wapner tweeted, citing people familiar with the conversation who also said talks could resume.The company''s share buyback comes a week after a Chinese government regulator announced a three-month campaign against recruitment by pyramid schemes.While China''s State Administration for Industry and Commerce did not name the companies in the report, the news sent the shares of Herbalife and other multi-level marketing companies, who have businesses in China, tumbling.Herbalife''s tender is a show of confidence that its China business will not be impacted, Renaissance Macro Research analyst April Scee wrote in a note.It also addresses investors'' disappointment in the cadence of its repurchase program which has been moving at a slow pace, Scee said.The company, which announced a three-year $1.5 billion share buyback in February, had bought back only about 4.6 million shares till July.Herbalife said its largest shareholder Carl Icahn, who has an about 24 percent stake, had agreed not to raise his ownership above 50 percent of Herbalife''s outstanding shares for two years.Icahn and executives of Herbalife will not be tendering shares in this offer, the company said.Activist investor William Ackman, who disclosed a $1 billion short position against the company in December 2012 alleging the company was operating a pyramid scheme, declined to comment on the matter.Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-herbalife-m-a-idUSKCN1B11J4'|'2017-08-21T21:08:00.000+03:00'
'8674454c2463adca0217f7d6919be34241f933ab'|'Nikkei skids to 3-1/2-month low as US political woes weigh'|'* U.S. political woes, U.S.-South Korea drills keep markets jittery* Nippon Yusen outperforms on report it will offer payouts this FYBy Ayai TomisawaTOKYO, Aug 21 (Reuters) - Japan''s Nikkei share average fell to a fresh 3-1/2-month low on Monday as global investors remained cautious amid worries over whether the Trump administration will be able to implement growth boosting measures.The Nikkei fell 0.3 percent to 19,406.40 points by midmorning trade, after opening slightly higher.The dollar was at 109.22 yen, not far from Friday''s four-month low of 108.605.In the latest shakeup, the White House said U.S. President Donald Trump on Friday fired chief strategist Steve Bannon, known as an economic nationalist and an advocate of "America First" policies. Critics have accused him of harboring anti-Semitic and white nationalist sentiments."There is something every day that''s worrying the market... People are risk averse as various risks are coming from the United States now," said Hikaru Sato, a senior technical analyst at Daiwa Securities.He also added that the market remains jittery as the United States and South Korea will go ahead with joint military drills this week.Such financial stocks as banks, securities and insurers underperformed, with Mitsubishi UFJ Financial Group, Nomura Holdings sliding 1.6 percent and Dai-ichi Life Holdings falling 1.5 percent.Bucking the weaker broader trend, mining shares rose, with Inpex Corp advancing 1.1 percent and Japan Petroleum Exploration Co adding 0.5 percent after oil prices held on to Friday''s big gains.Japan''s major maritime shipper Nippon Yusen KK soared 3.0 percent after the Nikkei business daily reported that the company is preparing to resume dividend payments for the current fiscal year, after no payouts were offered last year.The company secured cash by transferring funds from capital surplus to retained earnings in June, the Nikkei said.The broader Topix dropped 0.2 percent to 1,593.49. (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-stocks-midday-idINL4N1L71HC'|'2017-08-21T00:45:00.000+03:00'
'e16e8110270098f3a42d867216f5f1fbeb1abaac'|'UPDATE 1-UK Stocks-Factors to watch on Aug 21'|'(Adds company news item and futures)Aug 21 (Reuters) - Britain''s FTSE 100 index is seen opening down 20 points at 7,303.9 on Monday, according to financial bookmakers, with futures down 0.4 percent ahead of the cash market open.* TBC BANK: TBC Bank Group Plc, Georgia''s largest retail bank, reported a 37.2 percent jump in second-quarter underlying net profit, as economic growth and a stable currency boosted lending.* BT: BT Group Plc''s EE is planning to threaten the telecoms regulator Ofcom with a High Court challenge on Monday, over its planned auction of mobile spectrum.* SHELL: Royal Dutch Shell has lifted a cargo of 600,000 barrels of crude oil from Libya''s Zueitina port, its first from the war-torn north African country in 5 years, two industry sources told Reuters on Saturday.* HIKMA: Hikma Pharmaceuticals Plc''s U.S. subsidiary has raised the price of a common diarrhea drug by more than 400 percent and is charging more for five other medicines as well, the Financial Times reported on Sunday.* SHELL: The large crude distillation unit at Royal Dutch Shell Plc''s 325,700 barrel-per-day (bpd) joint-venture Deer Park, Texas, refinery may be shut for up to two weeks of repairs from a Thursday fire, sources familiar with plant operations said on Friday.* RATHBONE BROTHERS: British wealth manager Rathbone Brothers said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all-share merger.* OIL: Oil markets were stable on Monday, largely holding on to Friday''s big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March.* The UK blue chip FTSE 100 index closed down 0.9 percent at 7,323.98 points on Friday, as top share came under pressure from falls among consumer giants, financials and airline stocks, caught up in a broader risk-off move following the attack in Spain.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L72FL'|'2017-08-21T09:32:00.000+03:00'
'e525c6e1512d9cb76d7e02848cf77d83695c20c4'|'Oil prices fall 2 percent after end-of-week rally'|'August 21, 2017 / 1:53 AM / 30 minutes ago Oil prices fall 2 percent after end-of-week rally David Gaffen 3 Min Read FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. Kham/File Photo NEW YORK (Reuters) - Oil prices fell nearly 2 percent ahead of monthly contract expiration on Monday, pulling back from last week''s rally built on signs the global market is starting to rebalance from chronic oversupply. Brent crude futures LCOc1 settled down 2 percent, or $1.06 at $51.66 a barrel, while U.S. West Texas Intermediate crude futures CLc1 ended down $1.14 a barrel, or 2.4 percent, at $47.37 a barrel ahead of the September contract''s expiration on Tuesday. Both contracts had risen 3 percent on Friday, and traders said the day''s action was marked by profit-taking. "Oil prices are experiencing some late summer chop with low trading volume and not much news. I think we are going to be stuck in a neutral for the next two weeks without big moves in either direction," said Joe McMonigle, senior energy analyst at Hedgeye. U.S. hedge funds and money managers have reduced bets on rising prices in recent weeks, Commodity Futures Trading Commission data showed on Friday. U.S. oil prices have been on the upswing since bottoming out near $43 a barrel in mid-June, though the market has not been able to sustain a rally above $50. Despite the selloff, the market remains in its recent range, said Phil Flynn, analyst at Price Futures Group in Chicago. The world remains awash with oil despite a deal struck by some of the world''s biggest producers to rein in output. Rising U.S. production has been a major factor keeping supply and demand from balancing. U.S. output may soon slow, as energy companies cut rigs drilling for oil for a second week in three, energy services firm Baker Hughes said on Friday. RIG-OL-USA-BHI Crude stockpiles are forecast to have declined by 3.4 million barrels for the week to Aug. 18, according to a Reuters survey, which would be the eighth straight week of declines. U.S. commercial crude inventories have fallen almost 13 percent from their March peaks to 466.5 million barrels. C-STK-T-EIA The oil minister of Kuwait, which is participating in OPEC-led production cuts, said U.S. crude stocks were falling more than expected because output cuts were taking effect. Azerbaijan, not an OPEC member but one of the countries which has committed to production cuts, remains committed to reducing output, the head of state oil company SOCAR told Reuters. Libya''s National Oil Corp declared force majeure on loadings of Sharara crude from the Zawiya oil terminal on Sunday. Additional reporting by Karolin Schaps in Amsterdam and Henning Gloystein in Singapore; Editing by Marguerita Choy 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1B1035'|'2017-08-21T22:45:00.000+03:00'
'be360a2f9863666c92e7a9be35e0978815e3e7a4'|'China Poly Group to merge with Sinolight, China National Arts and Crafts Group'|'BEIJING (Reuters) - China Poly Group Corp., a real estate developer, will merge with Sinolight Corp. and China National Arts and Crafts Group, the state asset regulator said on Monday, part of China''s ongoing efforts to slim down its bloated state sector.China''s cabinet had already approved the merger plan, which will make Sinolight and China National Arts and Crafts Group subsidiaries of China Poly Group, the State Asset Supervision and Administration Commission (SASAC) said in a notice.In late June, SASAC announced the merger of the China National Machinery Industry Corp (Sinomach) and the China High-Tech Group.Reporting by Beijing Monitoring Desk; Editing by Nick Macfie'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-soe-m-a-idINKCN1B10X7'|'2017-08-21T07:31:00.000+03:00'
'c011d046148b36f36641f57c103ff133789c286a'|'Toshiba prioritises talks with Western Digital on chips business - Nikkei'|'The logo of Toshiba is seen as shareholders arrive at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s Toshiba Corp is prioritising talks with Western Digital to sell its memory chip business, as negotiations with a previously preferred bidder have stalled, the Nikkei business daily reported on Wednesday.Shares in the conglomerate, which is scrambling to sell its flash memory unit for around $18 billion to cover losses from its bankrupt U.S. nuclear business Westinghouse, rose 4.6 percent to 316 yen by the end of morning trade as the report lifted hopes of an imminent deal.In June, Toshiba picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as the preferred bidder for the prized unit.But the talks stalled after Western Digital, a partner in Toshiba''s main chip plant, took Toshiba to court, arguing it needs to consent to a sale. A subsequent legal battle between the two companies unnerved the state-backed funds, which demanded that Toshiba resolve the conflict before the sale.Sources previously told Reuters that Toshiba had begun talks with Western Digital as well as Taiwan''s Foxconn, whose official name is Hon Hai Precision Industry Co, in an attempt to revive the stalled auction process.The Nikkei, without citing sources, said Toshiba CEO Satoshi Tsunakawa told lenders that it would focus on negotiating with Western Digital with the aim of agreeing to a deal by the end of the month.A Toshiba spokesman declined to comment on the Nikkei report.Sources have said Western Digital was offering around 2 trillion yen ($18 billion) and would form an alliance with U.S. private equity firm KKR & Co as well as the two Japanese government funds that are part of the preferred bidder group.Western Digital plans to initially invest in the chip unit through debt financing and eventually take a stake of less than 20 percent, the sources said, requesting anonymity because they were not authorised to speak with media.The sources have also said a deal could be difficult, however, as Toshiba''s chips business executives were wary of a deal with the U.S. company given the animosity between the two groups.Ties between the two companies soured quickly after Western Digital bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year as they failed to agree on terms of a new joint venture contract.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth - liabilities exceeding assets - for a second year running. Back-to-back years of negative net worth would result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take over six months, the company has been hoping to reach a deal by the end of the month to ensure it can close the sale by end-March.($1 = 109.6700 yen)Reporting by Makiko Yamazaki and Ritsuko Ando; Editing by Stephen Coates and Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/toshiba-accounting-idINKCN1B22LQ'|'2017-08-23T02:27:00.000+03:00'
'40f0686fbc1ef8896c9f4b9ce2e2c33cf4d86252'|'Brazilian tech coworking space Cubo to quadruple in size'|'August 23, 2017 / 5:11 PM / 10 minutes ago Brazilian tech coworking space Cubo to quadruple in size Reuters Staff 2 Min Read SAO PAULO, Aug 23 (Reuters) - Latin America''s largest hub for technological entrepreneurship, Cubo coworking Itaú, will quadruple its office space in São Paulo, underscoring the growth in technology and mobility solutions activity in the country. Itaú Unibanco Holding SA and venture capital firm Redpoint eventures said Cubo''s move to a 12-floor building in São Paulo''s financial district will take place by June 2018. Cubo hopes to house more and larger startups and offer more logistic and networking support to non-resident startups. The new facilities could have 2,000 daily visitors, house as many as 210 resident companies and partners, and more than 1,250 workers. "This expansion is driven by the need to increase the scale of the positive impact that Cubo has had on the ecosystem, both in domestic and international environments," a statement said. Cubo''s current space houses 52 startups. Itaú, Latin America''s largest bank by assets, conceived Cubo as a venture to bring the culture of Silicon Valley to Brazil, where the number of operating tech startups has surged in recent years. A bigger coworking space should help connect "entrepreneurs, mentors, investors, universities and corporations in a single location," the statement said. The São Paulo-based bank has yet to invest in any of the startups housed in Cubo, although some are suppliers and contractors. Apart from Itaú and Redpoint, Cubo''s partners include AES Corp, steelmaker Gerdau SA and Cie de Saint-Gobain SA and local and international firms. More partners will be able to join Cubo after the relocation to bigger and more modern offices, the statement said. (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/itau-unibco-hldg-tech-cubo-idUSL2N1L917V'|'2017-08-23T20:09:00.000+03:00'
'210f55c1aff831c9dedf682b915135ac14238973'|'Trump government shutdown threat rattles markets'|'August 23, 2017 / 4:20 PM / an hour ago Trump government shutdown threat rattles markets Chuck Mikolajczak and Doina Chiacu 6 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2017. Brendan McDermid NEW YORK/WASHINGTON (Reuters) - President Donald Trump''s threat to shut down the U.S. government to secure funding for a wall along the Mexican border rattled markets on Wednesday and cast a shadow over coming efforts in Congress to agree to raise the country''s debt ceiling and pass spending bills. Wall Street analysts estimate Congress has just 12 working days when it returns from its summer recess on Sept. 5 to raise the debt ceiling before the U.S. Treasury exhausts the last of its options to remain current on all of the federal government''s obligations. With that deadline looming in early October and Trump raising the prospect of a government shutdown in a speech on Tuesday evening if Congress does not agree to fund the wall, U.S. stocks and the dollar weakened, and investors pivoted to the safety of U.S. Treasury securities on Wednesday. The Dow Jones Industrial Average .DJI fell about 0.3 percent, the S&P 500 .SPX dropped 0.25 percent and the Nasdaq Composite .IXIC slid 0.32 percent. The benchmark S&P also fell below its 50-day moving average again on Wednesday, a key level it has struggled to maintain since falling below on Aug. 10. Credit ratings agency Fitch said on Wednesday that if the debt ceiling is not raised in a timely manner, it would review the U.S. sovereign debt rating, which is its measure of confidence in the soundness of the U.S. economy. Trump made building a border wall to deter illegal immigration a central part of his 2016 election campaign but the issue of funding it has not gained traction as many lawmakers question whether it is necessary. "If we have to close down our government, we''re building that wall," Trump said at a rally in Phoenix. "We''re going to have our wall. The American people voted for immigration control. We''re going to get that wall." The debt ceiling will be among the first order of business for Congress when lawmakers return from their summer break next month. Republicans control both chambers of Congress as well as the White House but have yet to pass any significant legislation this year. In addition to raising the ceiling on the amount the United States may borrow, they want to pass a budget blueprint for the fiscal year beginning on Oct. 1. DOESN''T INSPIRE CONFIDENCE “Trump saying he would be willing to shut down the government over the wall obviously doesn’t really inspire much confidence in anyone," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "Even if it is just a negotiating tactic, the overwhelming majority of the country and definitely most people in financial markets don’t think that is an issue worth shutting the government down over." Democrats also slammed Trump for his threat about the wall funding. Senate Minority Leader Chuck Schumer speaks during a press conference for the Democrats'' new economic agenda on Capitol Hill in Washington, U.S., August 2, 2017. Aaron P. Bernstein “If the president pursues this path, against the wishes of both Republicans and Democrats, as well as the majority of the American people, he will be heading towards a government shutdown which nobody will like and which won’t accomplish anything,” Senate Democratic Leader Chuck Schumer said in a statement. Even before Trump''s comments on wall funding, Republican lawmakers faced the hurdle of reconciling traditional party divisions between hard-line fiscal conservatives and more moderate figures. The Trump administration has asked Congress to extend the federal borrowing capacity to meet U.S. payment obligations with a "clean" bill that does not include any other provisions, something that Republicans who seek conditions to rein in spending may well balk at. DISTRACTIONS U.S. President Donald Trump speaks at a campaign rally in Phoenix, Arizona, U.S., August 22, 2017. Joshua Roberts U.S. stocks, cheered by Trump''s election in November and his promises of a business-friendly agenda that includes tax cuts, have stumbled in recent weeks as a result of turmoil in Washington, with the Trump administration repeatedly distracted by controversies and tensions with North Korea. "The bottom line is the administration and Congress have proven incapable of passing anything and getting anything done," said O''Rourke of JonesTrading. Notably, one corner of the Treasury market was not benefiting from investors seeking safe haven in that area on Wednesday. Treasury bills maturing on or near the perceived deadline for the debt ceiling to be raised were under pressure, with their yields rising even as longer-dated Treasury yields fell. This reflected a modest but growing concern that should Congress fail to raise the ceiling, the U.S. government might be considered to be in technical default as it could be forced to prioritise payments to creditors. Trump''s Phoenix rally was part of an early re-election campaign effort. His campaign sent out an email on Wednesday asking recipients to sign a petition to senators to approve wall funding. Past episodes when the debt ceiling has become a political football have triggered rough spells for the market, and a standoff in August 2011 famously cost the United States its top-notch bond rating from credit rating agency Standard & Poor''s. Then, the political jostling between congressional Republicans and the Obama administration as the debt ceiling deadline approached resulted in the most jarring two weeks financial markets have endured since the 2007-2009 global financial crisis. The S&P 500 fell nearly 17 percent in 11 trading days and benchmark 10-year Treasury note US10YT=RR yields plunged nearly a full percentage point in the same period. Although lawmakers came to a last-minute agreement to stave off default, S&P followed through with its threat to downgrade the U.S. credit rating, lowering it from "AAA" to "AA+." Reporting by Chuck Mikolajczak in New York and Doina Chiacu in Washington; Additional reporting by Karen Brettell, Dion Rabouin, Sinead Carew, Sam Forgione and Richard Leong in New York; Tim Ahmann in Washington; Writing by Dan Burns and Frances Kerry; Editing by Bill Trott 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-trump-budget-idUKKCN1B320Y'|'2017-08-23T19:19:00.000+03:00'
'babe0d6d51e25c108f2603eae56e291d5db6c13f'|'RPT-Tokyo Stock Exchange hopes new entrants can revive stagnant solar trust markets - Reuters'|'(Repeats earlier story for wider readership with no change to text.)* TSE struggles to attract investors to solar power trusts* Two of the three trusts trade below IPO price* Institutional investors prefer private fundsBy Junko FujitaTOKYO, Aug 18 (Reuters) - The Tokyo Stock Exchange''s (TSE) two-year old infrastructure market hopes to get a badly needed boost for its listed solar power trusts as two new entrants plan to start up as early as this year.The Tokyo Stock Exchange''s (TSE) solar power trust market has so far drawn little interest as investors prefer private funds because the public trusts'' tax benefits are limited.Since the TSE created its infrastructure market in 2015, only three solar power trusts have listed with a combined value of $180 million."We don''t have a wider range of investors in the market," said Takumi Hayase, vice president of the TSE''s new listings. "The market needs to be much bigger for institutional investors."Now, TSE is hoping that two new trusts will bring fresh capital.The Japanese unit of Canadian Solar Inc and electricity wholesaler Itochu Enex Co, have set up asset management firms in preparation to list investment trusts packaging their assets, according to a document from Japan''s land ministry.Officials from both Canadian Solar and Itochu Enex declined to comment on their listing plans.The lack of interest in the solar trusts is at odds with Japan''s soaring solar power capacity, which has soared from virtually zero at the start of the decade to over 40,000 gigawatt-hours.The country plans to generate 24 percent of its power from renewables by 2030, up from 14.6 percent in 2015, according to the Ministry of Economy, Trade and Industry.TAX RULES The sluggish interest in its solar trusts are linked to its tax rules, investors said.The trusts are exempt from corporate taxes for 20 years. In return, they are required to pay 90 percent of their profits to investors, resulting in higher dividends than ordinary stocks.However, a Tokyo-based fund manager, who did not want to be named because he was not authorized to speak to the media, said it was risky to invest in solar trusts because profits could drop significantly after the tax perk expires."Various restrictions on the tax system is one of the factors that is limiting the growth of infrastructure trusts," said Masanori Sato, head of the banking and structured finance group at law firm Mori Hamada & Matsumoto.So far, the three solar trusts that have listed on the TSE market - Takara Leben Infrastructure Fund Inc, Ichigo Green Infrastructure Investment Corp, and Renewable Japan Energy Infrastructure Fund Inc - have mainly drawn interest from individual investors.Two of the trusts are trading below their initial public offering prices, while Ichigo Green is trading 0.5 percent above the IPO price as of Friday.Many investors like solar projects because they offer stable long-term returns and benefit from government subsidies, so-called feed-in tariffs that guarantee revenues."Pension fund managers want to secure stable returns, so we hold assets long-term and we do not need to seek a liquid market," said Takeshi Ito, a senior portfolio manager for Aisin Employees’ Pension Funds.Yet so far, investors like Nippon Life Insurance have preferred buying into private funds that not only offer annual dividends but will also typically repay the initial investment once the fund matures.Nippon Life in June pledged 10 billion yen ($91.50 million) to a fund that General Electric is raising to invest in solar power plants in Japan.Akitoshi Yamada, deputy general manager for Nippon Life''s alternative investment department, said that GE''s fund would deliver 5.5 percent annual returns over the next 25 years."We have not considered investing in public trusts trading on the TSE yet because for now we seek lower correlations with the stock and bond market when we invest in infrastructure," said Yamada. ($1 = 109.2900 yen)Reporting by Junko Fujita; Editing by Henning Gloystein and Christian Schmollinger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-solar-idINL4N1L42KE'|'2017-08-20T20:00:00.000+03:00'
'4297530b8c3b4dd5fecb79d85060752418ef518c'|'China Poly Group to merge with Sinolight, China National Arts and Crafts Group'|' 31 AM / 19 minutes ago China Poly Group to merge with Sinolight, China National Arts and Crafts Group Reuters Staff 1 Min Read BEIJING (Reuters) - China Poly Group Corp., a real estate developer, will merge with Sinolight Corp. and China National Arts and Crafts Group, the state asset regulator said on Monday, part of China''s ongoing efforts to slim down its bloated state sector. China''s cabinet had already approved the merger plan, which will make Sinolight and China National Arts and Crafts Group subsidiaries of China Poly Group, the State Asset Supervision and Administration Commission (SASAC) said in a notice. In late June, SASAC announced the merger of the China National Machinery Industry Corp (Sinomach) and the China High-Tech Group. Reporting by Beijing Monitoring Desk; Editing by Nick Macfie 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-soe-m-a-idUKKCN1B10X7'|'2017-08-21T12:29:00.000+03:00'
'7991ce8de02dc5cc5bcb4e8aaa5e99b58417c9e6'|'Putting the fun in functional: will Arket revitalise the high street? - Fashion'|'W alk through the door of Arket, the hotly anticipated fashion-and-lifestyle brand that opens its first store on Regent Street in London this Friday , and the first thing that strikes you is the generous expanse of empty space. The tables are laid with individual items, rather than stacked with teetering piles. (Further available colours are stacked unobtrusively in cubes, labelled by size.) The flecked floor resembles cobbles or gravel, while the cabinets and paintwork are in a soft cloud-grey that makes the building feel almost invisible from within. The effect is more like wandering through an open-air market than a fast-fashion hothouse.Arket calls itself “a modern-day market”. This is not a reference only to the mix of clothes and homeware, of decorative and functional (department stores have been doing that for centuries), but also to the spirit of market shopping. No longer demoralised by the rise of online retail, the high street is on a mission to bring back the joys of the shopping trip.Facebook Twitter Pinterest ‘The 21st-century shopping trip is a new and improved version of what online shoppers left behind’ ... Arket’s flagship UK store on Regent Street. Photograph: Ray Tang/Rex/Shutterstock The 21st-century shopping trip is a new and improved version of what online shoppers left behind when they retreated to their laptops. Experience is the new high-street mantra, but this is nothing to do with dodging the fragrances being squirted as you walk through the beauty hall, nor with the anxiety of trying to remember the names of overly attentive assistants who insist on introducing themselves to you when all you want is to look idly at shoes. Instead, think of the virtual-reality waterslide that Topshop installed to mark the start of summer and John Lewis’s recent announcement that its customers will be able to spend the night in store to test a mattress before deciding whether to buy it. (“We are not just selling you a mattress, we are selling you a perfect night’s sleep,” said Paula Nickolds, the company’s managing director.)Facebook Twitter Pinterest Pink jeans, £55. Rather than fighting against online retail, the high street is bringing shopping to life, offering an interactive, fully realised version of what drew consumers to digital. Consumers who love the speed and efficiency of online shopping are being targeted by Arket’s reference-number system: if you buy a navy sweater and wish to replace it two years later, enter the digits from the care label into a terminal in the store (or online) and it will direct you to current versions of the garment and explain any differences in fabrication and construction. The fiercely independent modern shopper who considers brand loyalty archaic will be pleased by Arket’s inclusion of other brands alongside its own products (you can find RM Williams leather boots in the menswear department and Bordallo Pinheiro cabbage crockery in homeware).The Instagram addicts who live urban lives but feel their spiritual home is a sunny village market – recognise them by their straw baskets and drawstring blouses – are seduced by the airy aesthetics of Arket. Perhaps it is not a coincidence that the focal point of John Lewis’s experiential shopping strategy is an open-air “gardening society” on the rooftop of its Oxford Street store . This currently houses a taco pop-up and offers morning exercise classes; last summer, it welcomed 171,000 visitors .Facebook Twitter Pinterest Tab-back silk camisole dress, £59. Arket is aimed at the style-conscious, sustainability-aware, minimalist consumer who is already shopping at Cos, which is owned by Arket’s parent company, H&M. During my pre-opening store tour, the team were much in evidence, putting finishing touches to the store, and their look was distinctive: curated facial hair and slightly cropped trousers for the men; messily topknotted Scandi-blond locks and interesting shirting for the women. Menswear is given the prime location – almost the entire ground floor – with Arket creative director Ulrika Bernhardtz describing womenswear as “an evolution of classic pieces from the men’s wardrobe interpreted for women by adding softer textures and elements such as pointelle, embroidery, pleats and gatherings”.In other words, if you are a slogan T-shirt, glittery dress sort of woman, this is not the shop for you. However, if a rustic knitted sweater in dusty pink, a simple cream silk blouse or a deconstructed black matt-silk jumpsuit are your sort of thing, you will be in heaven. Bernhardtz, who says “a well-fitted pair of trousers represent luxury to me”, describes the womenswear aesthetic as “assertive and easy to wear”.Facebook Twitter Pinterest Floral dress, £125. The style credentials are equally evident in the tiny cafe. “Food offers another mode for expressing our values,” says Bernhardtz. The Arket chef is Martin Berg, a proponent of the new Nordic food manifesto , which is about “quality ingredients and healthy living”. The cafe can do you a salad of goat’s cheese, peas, avocado and mint to eat in, or sell you an elegantly packaged olive oil – to give as a chic hostess gift, perhaps – or a single-origin coffee to take away (I can vouch for the flat white).Arket’s innovation is its emphasis on functionality. This taps into a deep level of connoisseurship among consumers. Every hardcore retail lover has a soft spot for a haberdashery department, after all. T-shirts come in three weights of cotton, allowing the purist to select a fine layering piece or one with a sturdier shape. Outerwear is sold in interlocking layers, so that a waterproof parka can be teamed with a liner, with or without sleeves, for warmth.Facebook Twitter Pinterest Cardigan in recycled wool, £59; alpaca blend roll neck, £69. Perhaps Arket’s greatest charm is found in its childrenswear. An oversized fabric name label with the legend “Please Hand Down When Outgrown’” has five rows, with space for a name and a year, to honour the ritual of passing down clothes to siblings, cousins and friends. Alongside the aforementioned Nordic salad, the menu features a kids’ peanut butter and jelly sandwich. Because a shopping trip is supposed to be a treat, remember?Best picks for men by menswear editor Helen Seamons Facebook Twitter Pinterest Ribbed cotton crew neck jumper, £135. Facebook Twitter Pinterest Alpaca blend crew neck jumper, £79. Facebook Twitter Pinterest Striped shirt, £55. Facebook Twitter Pinterest Two-in-one fishtail parka, £250. Facebook Twitter Pinterest Crew neck T-shirt, £17.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/fashion/2017/aug/23/fun-functional-arket-revitalise-high-street-online-retail-shopping-hm-nordic'|'2017-08-23T03:00:00.000+03:00'
'3cfcabbac990ce890c7d7cbee3375b76c9f53791'|'China automaker Chery plans to grow overseas sales, but not via M&A: CEO'|'August 23, 2017 / 6:13 AM / 10 hours ago China automaker Chery won''t take M&A route for planned overseas growth: CEO Brenda Goh 4 Min Read Chery Automobile Co., Ltd. CEO Chen Anning gives an interview for Reuters in Shanghai, China August 23, 2017. Aly Song SHANGHAI (Reuters) - Chinese state-owned Chery Automobile Co [CHERY.UL] aims to rely only on organic means to grow its international sales, its CEO said, underlining a strategy that is different from its private sector rivals who have either made or are considering acquisitions. CEO Chen Anning told Reuters in an interview on Wednesday that Chery, best known at home for its Arrizo sedans, plans to raise the share of overseas sales to a third of total sales from a quarter now. And while the company was open to forms of cooperation such as joint ventures, it was not actively looking for mergers and acquisitions in its bid to crack markets such as Western Europe, Chen said. "We''re today not active in the merger and acquisitions market, in the big deals so to speak. We are open for cooperation as always, but fundamentally, we have consistently organically grown our markets by our own capability and sometimes with cooperation," he said. Chen''s comments come as the industry has been riveted by a direct overture made this week by Chery''s local rival Great Wall Motor Co to Fiat Chrysler Automobiles NV (FCA) this week, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram vehicle brands. Automaker Geely group bought Swedish car maker Volvo in 2010, and is reaping the gains of that deal, with Geely Automobile Holdings scoring its fastest earnings growth in eight years in the first half of 2017. "Down the road, if there''s a feasible and valuable opportunity that exists, we may look into it, but that''s not the fundamental motivation of us going to the international market, we''ve been doing this through dealers in over 16-18 markets," Chen said. He did not give a time-frame or the investments needed to attain his overseas growth target. Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said growing through organic means was less risky than acquisitions but slower and could make it harder for Chery to enter developed markets. Chery Automobile Co., Ltd. CEO Chen Anning gives an interview for Reuters in Shanghai, China August 23, 2017. Aly Song With respect to Chery''s stance on mergers or acquisitions, "risk is possibly one consideration for them but they are a mid-sized state-owned enterprise, so I feel that they may not have sufficient funds," he said. EYE ON WESTERN EUROPE Chery sells electric and gasoline vehicles and also has joint ventures with Jaguar Land Rover Ltd [TAMOJL.UL] and Kenon Holdings. Chery Automobile Co., Ltd. CEO Chen Anning gives an interview for Reuters in Shanghai, China August 23, 2017. Aly Song It says on its website ( www.cheryinternational.com/ ) that it is the most popular Chinese automobile brand overseas, having exported 88,081 units in 2016. Chen said that its aim was to enter "more stable, more important" markets such as Western Europe where he said customers were open to new brands and demand was high for clean energy products. At next month''s Frankfurt Auto Show, the company plans to launch a line-up of vehicles with a new name plate that will be more premium and priced higher than its current product portfolio but will remain affordable and contain connectivity features, he said. Chery currently has a global distribution network of over 1,100 outlets with showrooms in countries such as Turkey, Morocco, Brazil and Argentina. It also has 14 manufacturing bases abroad, including in Brazil, Iran and Venezuela. Chen said that the company was cautious on North America, citing uncertain political and economic policy winds. "I think we will have to wait a few years to see stabilization in the economic policies and political strategies. And we may decide to start in North America but today is too early and we''re cautious." Reporting by Brenda Goh and David Lin; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-chery-automobile-strategy-idINKCN1B30GT'|'2017-08-23T04:13:00.000+03:00'
'a43d987793db73c9a4245d8bf7a8e04d1242058c'|'Toshiba prioritizes talks with Western Digital on chips business sale: Nikkei'|'FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s Toshiba Corp is prioritizing negotiations with Western Digital to sell its memory chip business after talks stalled with a previously preferred bidder, sources familiar with the matter said on Wednesday.The conglomerate is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse.In June, it picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as the preferred bidder for the prized unit.But the talks stalled after Western Digital, a partner in Toshiba''s main chip plant, took Toshiba to court, arguing it needs to consent to a sale. A subsequent legal battle between the two companies unnerved the state-backed funds, which demanded Toshiba resolve the conflict before a sale.Western Digital was offering around 2 trillion yen ($18 billion) and plans to form an alliance with U.S. private equity firm KKR & Co as well as the two Japanese state-backed funds that were part of the preferred bidder group, sources said, adding Western Digital was likely to take a stake of around 15 percent in the chip business.The other consortium including Bain and SK Hynix lost its preferred status at the end of July, the sources added, requesting anonymity because they were not authorized to speak with media.A Toshiba spokesman declined to comment on details of the negotiations.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take more than six months, the company has been hoping to reach a deal by the end of the month to ensure it can close the sale in time.Sources have also said a deal with Western Digital could be difficult, however, as Toshiba''s chip business executives were wary of a deal with the U.S. company given previous animosity between the two sides.Ties between the two companies soured quickly after Western Digital bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year as they failed to agree on terms of a new joint venture contract.($1 = 109.6700 yen)Additional reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Muralikumar Anantharaman and David Holmes'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-idINKCN1B22LE'|'2017-08-22T21:23:00.000+03:00'
'ee1cb27a4fc89a9e8c5120b6d93f8f68ccf8e59a'|'What are your experiences of the housing market as a BME person? - Money - The Guardian'|'Money What are your experiences of the housing market as a BME person? We’d like to understand the factors affecting you and explore statistics showing people from BME backgrounds are less likely to own their home Whatever your circumstances, we’d like to hear from you. Photograph: Bloomberg/Bloomberg via Getty Images Money What are your experiences of the housing market as a BME person? We’d like to understand the factors affecting you and explore statistics showing people from BME backgrounds are less likely to own their home View more sharing options   15.33 BST Last modified   17.56 BST House prices are still going up around the UK , and despite low mortgage rates increasing numbers of people are locked out of the property market. The problem is particularly acute for ethnic minorities, with figures showing those from BME backgrounds are much less likely to be homeowners than white Britons. We would like to hear from people from BME backgrounds about their experiences of the housing market, whether they are thinking of buying or not and whatever their personal circumstances. Share your experiences Do you or your family hope to buy a home in the future? Are you a homeowner already or have you been put off? What particular challenges do you face? What do you think are the reasons for the statistics mentioned above? Share your experiences in the form below – anonymously if you prefer – and we’ll use a selection in our reporting. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/23/what-are-your-experiences-of-the-housing-market-as-a-bme-person'|'2017-08-23T22:33:00.000+03:00'
'96a32992f29315aa414e305e2ad4d2765aa31e75'|'UPDATE 1-Lowe''s misses earnings estimates, cuts profit margin forecast'|'(Adds details, background and shares)Aug 23 (Reuters) - U.S. home improvement retailer Lowe''s Companies Inc reported lower-than-expected quarterly earnings and slashed its forecast for profit margins, as it spends more on marketing and longer employee shifts to boost sales.Lowe''s shares dipped 5.1 percent to $71.91 in premarket trading on Wednesday.The company said it now expects operating margin to rise 80 to 100 basis points in the year ending Feb. 2, down from an earlier forecast for a 120-basis-point increase.Lowe''s investments to drive sales include "amplifying our consumer messaging and incremental customer-facing hours in our stores," Chief Executive Robert Niblock said in a statement.Mooresville, North Carolina-based Lowe''s results contrast with those of larger rival Home Depot Inc, which reported better-than-expected earnings last week, driven by higher consumer spending on home improvement.Lowe''s net income rose to $1.42 billion, or $1.68 per share in the second quarter ended Aug. 4, from $1.17 billion, or $1.31 per share, a year earlier.Excluding one-time items, the company earned $1.57 per share, missing analysts'' average estimate of $1.61, according to Thomson Reuters I/B/E/S.Net sales climbed 6.8 percent to $19.50 billion. Analysts had expected $19.53 billion.Sales at Lowe''s stores open for more than 12 months rose 4.5 percent, edging past the 4.3 percent expected by analysts on average, according to research firm Consensus Metrix. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/lowes-results-idINL4N1L93MO'|'2017-08-23T08:38:00.000+03:00'
'f7c81ddf16f45e8f04ad740c50c454524bd0ef5e'|'Platinum founder''s lawyers appeal order barring contact with witnesses'|' 24 PM / an hour ago Platinum founder''s lawyers appeal order barring contact with witnesses Brendan Pierson 3 Min Read Mark Nordlicht, Platinum Partners founding partner and chief investment officer, exits after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., January 12, 2017. Brendan McDermid NEW YORK (Reuters) - Lawyers defending Platinum Partners founder Mark Nordlicht in a $1 billion fraud case have asked a U.S. appeals court to allow them to communicate with potential government witnesses, calling a judge''s order blocking them from doing so unconstitutional. In a brief filed on Wednesday in the 2nd U.S. Circuit Court of Appeals, Nordlicht''s lawyer said U.S. District Judge Dora Irizarry''s ban on communicating with potential government witnesses was "unprecedented" and "inconsistent with the most basic principles of impartiality and fairness." Without being allowed to contact potential witnesses or their lawyers, the brief said, Nordlicht''s lawyers could not prepare an adequate defense for him. Prosecutors in December charged Nordlicht and six other executives at the hedge fund firm with running a $1 billion "Ponzi-like" fraud in which they overvalued assets and selectively paid some investors ahead of others. All pleaded not guilty. The company''s funds have been placed under the control of a court-appointed receiver. Platinum was known for producing exceptionally high returns - about 17 percent annually in its largest fund. Irizarry ordered the ban on witness contact at a hearing in Brooklyn federal court last Friday, saying she believed Nordlicht''s lawyers had tried to intimidate a potential witness. William Burck, a lawyer for Nordlicht, denied that. A spokesman for U.S. prosecutors in Brooklyn declined to comment on Friday. Irizarry''s order stemmed from a letter in which Nordlicht''s lawyers expressed their understanding that a former Platinum employee was a key government witness, identified in other court papers only as "CW-1." In the letter, addressed to the former employee''s lawyer, Nordlicht''s lawyers said they doubted an FBI agent''s claim that the witness told him Platinum was engaged in fraud. The agent relied on that statement in seeking a warrant to search Platinum''s office last year. Nordlicht''s lawyers said if the employee really made such a self-incriminating statement, he must have reached a deal with prosecutors. His new employer would have been required to disclose such a deal to investors but never did, Nordlicht''s lawyers said. In an Aug. 9 court filing, prosecutors called the letter an attempt to confirm that the former Platinum employee was CW-1, and a "veiled threat" to contact his subsequent employer. In a filing the following day, Nordlicht''s lawyers said they wanted only to find out what CW-1 really told the FBI agent, so they could move to suppress evidence from the search if the agent''s account was wrong. Reporting by Brendan Pierson in New York; Editing by Matthew Lewis'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-platinum-partners-court-idUSKCN1B52AX'|'2017-08-25T21:23:00.000+03:00'
'c3c0e5878775ad792fba0d31cb7799a2ae63ab2c'|'Identity fraud reaching epidemic levels, new figures show'|'Identity theft has reached epidemic levels in the UK, with incidents of this type of fraud running at almost 500 a day, according to the latest figures.During the first six months of this year there were a record 89,000 cases of identity fraud, which typically involves criminals pretending to be an individual in order to steal their money, buy items or take out a loan or car insurance in their name.The fraud prevention service Cifas, which issued the data, said these crimes were taking place almost exclusively online, and that the vast amount of personal data available on the internet and as a result of data breaches “is only making it easier for the fraudster”.I have evidence of fraud but Santander won’t act Read moreSimon Dukes, the Cifas chief executive, said: “We have seen identity fraud attempts increase year on year, now reaching epidemic levels, with identities being stolen at a rate of almost 500 a day … Criminals are relentlessly targeting consumers and businesses, and we must all be alert to the threat and do more to protect personal information.”Identity fraud is one of the fastest-growing types of cybercrime, and experts say criminals are using increasingly sophisticated tactics. Fraudsters have increasingly been hacking into email accounts and then posing as a builder, solicitor or other tradesperson that the consumer has legitimately employed. Some customers have lost considerable sums after being duped into sending money to the bank accounts of criminals.In many cases, victims do not even realise they have been targeted until a bill arrives for something they did not buy, or they experience problems with their credit rating when applying for a mortgage or loan.To carry out this kind of crime successfully, fraudsters need access to their victim’s personal information such as name, date of birth, address and bank. Fraudsters get hold of this in a variety of ways, from stealing letters and hacking emails to obtaining data on the “dark web”, and exploiting some people’s willingness to share every detail of their life on social media.There have been cases of people being targeted after posting a photo of their new debit or credit card on Facebook, Twitter or Instagram – which means their 16-digit number, expiry date, cardholder name, account number and sort code are all on display, giving a fraudster much of what they need to steal that individual’s identity.The 89,000 identity frauds recorded – which may underestimate the true situation, as some people are too embarrassed to report incidents and may decide to write off any loss – is up 5% on the same period last year.While more than half of all identity fraud cases involve bank accounts and plastic cards, the latest figures show a sharp rise in incidents involving motor insurance: 2,070 during the latest six months, compared with 20 during the same period in 2016.The Insurance Fraud Bureau said it believed most of these cases were likely to involve people taking out fake motor policies – typically bought online from illegal “ ghost brokers ” – in order to avoid having to buy a genuine policy.Cifas data is included in official crime statistics, and every day it sends about 800 fraud cases to the City of London police for potential investigation.Its advice to consumers includes:• Set privacy settings across all social media channels, and think twice before sharing details such as full date of birth.• Password protect devices. Keep passwords complex by picking three random words, such as “roverducklemon,” and add or split them with symbols, numbers and capitals.• Install anti-virus software on laptops and any other personal devices and keep it up to date.• Download updates to software when prompted to – they often add enhanced security features.Topics Identity fraud Consumer affairs Cybercrime Internet Banking Financial sector news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/23/identity-fraud-figures-cifas-theft'|'2017-08-23T07:01:00.000+03:00'
'ce91155d2f77ad695bfb4d849e5f26df4f887f82'|'MIDEAST STOCKS-Small caps support Saudi; Egypt falls amid U.S. aid denial'|'* REITs, Al Rajhi strong in Saudi* Wafa rebounds after central bank approval to sell policies* Property developers support Dubai* Blue chips buoyant in Abu Dhabi* Egypt is worst performer in regionBy Celine AswadDUBAI, Aug 23 (Reuters) - Stock markets in the Middle East were mixed on Wednesday with Saudi Arabia finding support from smaller companies while property developers were strong in Dubai.The Riyadh index edged up 0.1 percent. Nine-tenths of the top 20 gainers were small to mid-sized stocks including Saudi Indian Co for Cooperative Insurance (Wafa), which added 1.6 percent after saying it had received "temporary and conditional" approval from the central bank to sell some of its professional liability insurance policies.Shares of Wafa had suffered heavy losses since Sunday when the company, along with three other insurers, was slapped by the central bank with a temporary ban on selling motor vehicle policies because of irregular practices.Al Maather REIT, which listed on Tuesday, surged its 10 percent daily limit for a second straight day, while Al Jazira Mawten REIT gained 3.3 percent. Real estate investment trusts have been heavily traded this week as local investors have been lured by the sudden surge in activity."The trend is your friend - retail investors are just piling into shares because of headline news, as there is a lack of news in any other sector," said a Jeddah-based broker.Al Rajhi added 1.7 percent to 66.90 riyals. The stock is up almost 8 percent since the start of the month; it has an average fair value of 70.32 riyals with an expected dividend yield of 4.17 percent in 2017 and 4.60 percent for 2018, according to Thomson Reuters data.Property developers helped lift Dubai''s index 0.4 percent; heavyweight Emaar Properties added 1.2 percent and DAMAC Properties added 0.5 percent.In Abu Dhabi, the index edged up 0.3 percent in very thin trade as three of the five most valuable companies rose; developer Aldar Properties advanced 0.9 percent.Qatar''s index edged down 0.1 percent as most banking shares declined; Commercial Bank fell 1.6 percent to 29.90 riyals.Egypt''s index lost 0.9 percent to 12,996 points, making it the worst performer in the region. All but one of the 30 most valuable shares fell, with investment bank EFG Hermes dropping 2.1 percent to a fresh closing low for this year.U.S. sources familiar with the matter told Reuters on Tuesday that Washington had decided to deny Egypt $95.7 million in aid and to delay a further $195 million because of its failure to make progress on respecting human rights and democratic norms.The Egyptian index has been technically bearish since last week, when breaks below its July low of 13,261 points and its 100-day average triggered a head and shoulders pattern formed by the highs and lows since June, which points down to about 12,650 points.HIGHLIGHTS SAUDI ARABIA * The index rose 0.1 percent to 7,264 points.DUBAI * The index added 0.4 percent to 3,625 points.ABU DHABI * The index increased 0.3 percent to 4,487 points.QATAR * The index lost 0.1 percent to 9,054 points.EGYPT * The index fell 0.9 percent to 12,996 points.KUWAIT * The index declined 0.1 percent at 6,922 points.BAHRAIN * The index fell 0.2 percent to 1,305 points.OMAN * The index lost 0.3 percent to 4,955 points. (Editing by Andrew Torchia and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL8N1L93KK'|'2017-08-23T12:07:00.000+03:00'
'2e82966d77fcfc6c06138ce2bf3aff6c7c3b8127'|'ECB faces gaps in understanding new realities - Draghi'|'August 23, 2017 / 7:46 AM / an hour ago Unconventional policy a success but knowledge gaps remain, Draghi says Reuters Staff 1 Min Read FILE PHOTO - European Central Bank (ECB) President Mario Draghi is seen after a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - Unconventional monetary policy has been a success on both sides of the Atlantic, but gaps in understanding the relatively new tools remain, requiring rigorous research, European Central Bank President Mario Draghi said on Wednesday. "Policy actions undertaken in the last 10 years in monetary policy and in regulation and supervision have made the world more resilient. But we should continue preparing for new challenges," Draghi said in Lindau, Germany. "A large body of empirical research has substantiated the success of these policies in supporting the economy and inflation, both in the euro area and in the United States," Draghi said. Reporting by Balazs Koranyi, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ecb-policy-draghi-idUKKCN1B30NV'|'2017-08-23T11:45:00.000+03:00'
'bb942023ac88ca1ae7c3fc4ce90c44c40afa984e'|'China Unicom Shanghai unit says to raise $9.25 billion, less than flagged - Reuters'|'FILE PHOTO - China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China United Network Communications Ltd ( 600050.SS ), the Shanghai-listed unit of telecoms group China Unicom, said it plans to raise 61.73 billion yuan ($9.25 billion) in a private placement, more than $2 billion less than previously announced.The company made the announcement in a statement to the Shanghai stock exchange late on Sunday. It gave no reason for the change in the value of the placement.On Monday, China Unicom Hong Kong Ltd ( 0762.HK ), the Hong Kong unit of the group, said trade in its shares would resume.The state-owned group had announced on Wednesday it was raising the funds via its Shanghai-listed unit from more than a dozen investors, including tech giants Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ), and Baidu ( BIDU.O ).Reporting by Donny Kwok; Editing by Edwina Gibbs'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-unicom-sale-idINKCN1B101N'|'2017-08-20T22:54:00.000+03:00'
'a42d70ff394b1518b4a564669ed680103d88fcd4'|'India''s Essar closes sale of refining arm to Rosneft led consortium'|'August 21, 2017 / 8:14 AM / an hour ago Rosneft seals first Asian refinery deal with Essar Oil purchase 5 Min Read The logo of Essar group is seen at its headquarters in Mumbai, India August 21, 2017. Danish Siddiqui MUMBAI (Reuters) - Russian oil major Rosneft and partners closed their $12.9 billion purchase of Indian refiner Essar Oil on Monday, giving them a foothold in one of the world''s fastest growing oil users. The deal is the first foray by Rosneft into Asia''s refining sector and the biggest foreign acquisition ever in India, as well as Russia''s largest outbound one. It also deepens Russian and Indian economic ties that stretch back to the Soviet era. Kremlin-controlled Rosneft ( ROSN.MM ) and its partners - global trader Trafigura and Russian fund UCP - purchased a 98.26 percent stake in Essar Oil in a deal announced in October. The rest of Essar will be held by retail investors. "(Rosneft) has entered the high-potential and fast-growing Asia Pacific market," Rosneft’s Chief Executive Officer Igor Sechin said in a statement. The deal will enable Rosneft to improve the efficiency of fuel supplies to other nations in Asia, he added. India''s oil demand is expected to rise by an average of 5.9 percent a year through 2020, among the fastest in the world, according to a report last month by Goldman Sachs. To capitalise on that, Rosneft and its partners are acquiring Essar''s oil refinery in Vadinar that can process 400,000 barrels a day of crude. The refinery is in the western Indian state of Gujarat and the deal includes a port, a power plant and 3,500 fuel stations. Related Coverage Rosneft says India''s Essar Oil refinery to double throughput OUTLET FOR OIL Rosneft has previously announced deals to invest in downstream assets in China and Indonesia, but none of these facilities are yet functional. "The deal will give the consortium a strategic foothold into Asia and opens hitherto unserved markets. Entry into the Indian refining sector will help Rosneft secure a stable outlet for its oil," said Tushar Tarun Bansal, director at consultancy Ivy Global Energy. The Russian major''s stake in Venezuelan upstream assets and oil purchase contracts with state-owned PDVSA will help to improve the economics of the Indian refinery, Rosneft said. Prashant Ruia, Director, Essar Capital attends a news conference at the company''s headquarters in Mumbai, India August 21, 2017. Danish Siddiqui Reuters last year reported that Rosneft planned to supply Venezuelan oil to the Vadinar refinery. "Rosneft can swap its Venezuelan oil with sources near to India to improve the refinery''s profitability. This also indicates that Rosneft is expanding its global footprint despite U.S. sanctions," said Bansal, referring to restrictions placed on Rosneft and some other Russian entities following Moscow''s 2014 annexation of Crimea from Ukraine. Rosneft recently signed a deal to explore and develop five fields in Iraq''s Kurdistan as part of its global expansion, and also wants to open a trading arm in Singapore. Tony Fountain, the chairman of Essar Oil under its new owners, said the company would increase its number of fuel stations to 6,000. Rosneft also plans to double Vadinar''s refining capacity and build petrochemical facilities. Trafigura [TRAFG.UL] and Rosneft are the latest international companies after Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) to enter the Indian fuel retailing market. EASING DEBT PAINS The deal also reduces some of the strain on Essar Group, which is controlled by the billionaire Ruia brothers. The group, with a presence in oil and gas, steel, ports and power, has been under pressure to reduce its debt. Essar Capital director Prashant Ruia told a news conference the transaction would cut Essar Group''s debt by about $11 billion. Of that, $6 billion will be transferred to the new entity controlled by Rosneft, while $5 billion will be paid off. Essar Oil''s new owners will repay $600 million of the debt it is taking on to Indian lenders, and will also settle over 2 billion euros ($2.4 billion) owed to Iran for past oil purchases. "The deal augurs well for more such cross border transactions where foreign capital can flow into potentially stressed assets of India, which will eventually help the banking sector," said Pramod Kumar, Managing Director & Co-Head of Banking at Barclays. Chanda Kochhar, managing director and chief executive of India''s ICICI Bank ( ICBK.NS ), said the deal would reduce ICICI Bank''s exposure to the Essar Group by about 50 percent, without elaborating. ($1 = 0.8491 euros) Writing by Nidhi Verma; Editing by Christian Schmollinger and Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-india-essar-rosneft-idUKKCN1B10PL'|'2017-08-21T10:59:00.000+03:00'
'c616bf614690f7a1bd8c4b62025402653f81ade7'|'Maersk, miners help limit losses in European shares as risk-off moves continue'|'LONDON, Aug 21 (Reuters) - European stocks fell further in early deals on Monday as geopolitical jitters on the Korean peninsula trickled over from Asian trading, though shipping company Maersk and strong mining stocks helped limit losses.The pan-European STOXX 600 fell 0.2 percent, starting the week on the back foot, with euro zone stocks and blue-chips down 0.2 to 0.3 percent.The risk-off move hit banks the hardest, with RBS and Barclays among top losers, along with French lenders Societe Generale, BNP Paribas and Credit Agricole.After recent losses, the STOXX 600 was down 6 percent from its mid-May 20-month peak.Strong metals prices helped cap benchmark losses, however, with mining stocks jumping 1 percent after London zinc rose to its highest in a decade on robust Chinese demand for steel.Rio Tinto, BHP Billiton and Anglo American were among the top gainers.Deal-making also boosted a few of the best-performing stocks.Maersk jumped 5 percent to lead European gainers after the firm agreed to sell Maersk Oil to French oil major Total for $7.45 billion.Fiat Chrysler shares jumped 3.5 percent after Chinese carmaker Great Wall asked for a meeting with the Italian carmaker with the aim of making an offer for all or part of the Italian-American auto group.Fiat''s gains helped the auto and parts sector up 0.2 percent.With the second-quarter European reporting season drawing to a close, 60 percent of companies have either beaten or met expectations, though share price reactions have been muted overall.Reporting by Helen Reid, editing by Kit Rees'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/europe-stocks-idUSL8N1L70EG'|'2017-08-21T10:25:00.000+03:00'
'd20107cca9c3a95000696ef88c4f02f48281229c'|'Brazil''s Renobrax picks CELA as adviser for sale of power projects'|'SAO PAULO (Reuters) - Renobrax Energias Renováveis Ltda, a renewable energy developer in Brazil, has hired Clean Energy Latin America (CELA) as its exclusive adviser for the sale of two power projects, the companies said late on Tuesday.Renobrax is developing a solar project in the northern Piaui state, with a capacity to generate 288 megawatts, and a wind farm project in the southern state of Rio Grande do Sul, which is designed to produce 220 megawatts.The companies said plans call for submitting the projects for participation in auctions the government will hold in December to award operating licenses and long-term electrical supply contracts for solar and wind power generators.These auctions would be the first for Brazilian wind and solar projects since 2015.Last year the government did not grant licenses for the building of new projects to generate electricity due to the oversupply of power amid a severe recession.Reporting by Marcelo Teixeira; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-renobrax-cela-idINKCN1B31Q1'|'2017-08-23T12:24:00.000+03:00'
'8fce5f9ead6b9947ee48ed9de47a834e6ad3ba0b'|'EU Commission starts in-depth probe of Bayer, Monsanto deal'|'August 22, 2017 / 1:06 PM / 14 minutes ago EU Commission starts in-depth probe of Bayer, Monsanto deal Reuters Staff 2 Min Read FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. Ina Fassbender/File Photo BRUSSELS (Reuters) - The European Commission said on Tuesday it had started an in-depth investigation of Bayer''s ( BAYGn.DE ) planned $66 billion takeover of U.S. seeds group Monsanto ( MON.N ), saying it was worried about competition in pesticide and seeds markets. The deal between the two companies would create the world''s largest integrated pesticides and seeds company, the Commission said, adding this limited the amount of competitors selling herbicides and vegetable seeds in Europe. "The Commission has preliminary concerns that the proposed acquisition could reduce competition in a number of different markets resulting in higher prices, lower quality, less choice and less innovation," the European Commission said in a statement. Bayer had previously submitted commitments aimed at easing the EU''s antitrust concerns over the deal with Monsanto, but the company declined to say what was offered. If approved, the deal would be the third large tie-up in the agrochemicals sector but other companies also had to offer concessions to get regulators on board. Dow ( DOW.N ) only secured regulatory clearance to acquire DuPont ( DD.N ) after pledging to sell key research and development activities and other major assets. And ChemChina CNNCC.UL had to sell a large chunk of its subsidiary Adama''s pesticide, herbicides and insecticides business, its seed treatment products for cereals and sugar beet and a substantial part of its plant growth regulator business for cereals to win EU approval to buy Syngenta ( SYNN.S ). Reporting by Robert-Jan Bartunek, editing by Julia Fioretti 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-monsanto-m-a-bayer-eu-idUKKCN1B21GQ'|'2017-08-22T16:06:00.000+03:00'
'75f4a48a2798f5d83dea2e55b546d56f2251c1b9'|'CANADA STOCKS-TSX gains as oil price rise supports energy stocks'|'(Adds analyst comment, details)* TSX ends up 33.08 points, or 0.22 percent, at 14,984.96* Eight of TSX''s 10 main industry groups move higherBy Alastair SharpTORONTO, Aug 22 (Reuters) - Canada''s main stock index rose on Tuesday as higher oil prices lent support to its energy sector, while investors trimmed exposure to some of the country''s big banks ahead of their earnings season next week.Gold miners also weighed as the precious metal eased on a strengthening U.S. dollar.The energy group climbed 0.5 percent as oil prices pushed higher, with pipeline operator Enbridge Inc adding 1.6 percent to C$50.18 and rival TransCanada up 1.1 percent to C$62.61. Major producer Suncor Energy Inc rose 0.4 percent to C$39.04.The energy sector, which accounts for one-fifth of the index, has weighed heavily on it so far this year, having fallen almost 25 percent."We''re seeing some negative rotation outgoing from banks, surprisingly finding some homes in the energy complex," said Sid Mokhtari, market technician and director of institutional equity research at CIBC World Markets. "Going into its earnings season investors are nervous about banks."Toronto-Dominion Bank slipped 0.2 percent to C$64.28 and Bank of Montreal came off 0.2 percent to C$91.63. TD said its investment banking would expand in Dublin in response to uncertainty triggered by Brexit.Mokhtari said he expects banks to dip further with uninspiring earnings, due next week, and would look to buy into the sector at that point.The Toronto Stock Exchange''s S&P/TSX composite index ended up 33.08 points, or 0.22 percent, at 14,984.96.Eight of the index''s 10 main groups were in positive territory.Consumer discretionary stocks gained 0.8 percent overall, as Statistics Canada reported that retail sales hit a record C$48.99 billion in June and were up in six of the 11 sectors. They grew by 1.1 percent when weak auto sales and lower gasoline prices were excluded.Fast food company Restaurant Brands International rose 2.4 percent to C$78.06 and auto parts maker Magna International Inc added 1.7 percent to C$59.36.The materials group, which includes base and precious metal miners as well as fertilizer companies, lost 0.5 percent overall as gold prices fell.Wheaton Precious Metals Corp was down 1.6 percent at C$23.75, and Kinross Gold Corp lost 2.4 percent to C$5.24, while fertilizer company Agrium Inc shed 1.2 percent to C$121.31 and Potash Corp of Saskatchewan fell 1 percent to C$21.59. (Reporting by Alastair Sharp; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1L81O8'|'2017-08-23T00:02:00.000+03:00'
'ea380aee2e7b38a0a266c080de0fd101edd68cda'|'Special Report - Refiner Valero''s secret campaign against U.S. biofuels mandates'|'August 21, 2017 / 11:06 AM / 13 minutes ago Special Report: Refiner Valero''s secret campaign against U.S. biofuels mandates Chris Prentice 15 Min Read FILE PHOTO: Corn is seen in a field in Indiana, U.S. September 6, 2016. To match USA-BIOFUELS/VALERO Jim Young/File Photo (Reuters) - U.S. biofuels regulations, which mandate mixing corn-based ethanol into gasoline, have lately drawn together a diverse cast of political opponents. They include an upstart gas station owners'' trade group, a former Obama administration environmental adviser and billionaire activist investor Carl Icahn, who owns a refiner and served as U.S. President Donald Trump''s special advisor on business regulation - until he resigned Friday amid allegations of a conflict of interest. Even the Renewable Fuels Association (RFA), a leading biofuels industry group, recently dropped its opposition to policy changes sought by this ad hoc coalition. These players would seem to have few shared interests, but they share one key connection – close ties to Valero Energy Corp. ( VLO.N ), America''s largest oil refiner. As part of an extensive behind-the-scenes lobbying campaign, Valero played a key role in bringing these people and groups together around a policy proposal that could save the refiner hundreds of millions of dollars each year in regulatory costs, according to two former Valero executives with knowledge of the firms'' lobbying strategy. Valero is a big loser under current regulations, which require refiners to either blend biofuels into their gasoline and diesel or buy government-issued credits from firms that do such mixing. After selling off much of its ethanol-blending operations in cash-raising deals in 2006 and 2013, Valero was forced to spend $750 million last year alone buying the credits, according to Valero''s securities filings. The policy overhaul favored by Valero would free refiners from the obligation to blend biofuels or buy credits, shifting that burden to firms further down the supply chain toward retailers. Such a change would amount to a multi-billion-dollar transfer of wealth to Valero. It would also benefit Icahn''s refining company, CVR Energy ( CVI.N ), and a handful of other refiners that lack blending operations. Top Valero officials wanted others to act as the public face of the push to upend renewable fuels policy, the former Valero executives told Reuters. "There was an effort to line up people who would support us who were more palatable to decision makers," said one of the former executives. "It''s easier to support a small business than a big refining company." In response to Reuters'' inquiries, Valero stressed that it has publicly criticized current regulations. Spokeswoman Lillian Riojas called the rules harmful to "workers, small business retailers, consumers, the refining base, energy security and even the drive for more biofuels blending." Valero has joined petitions to change the law, sued the EPA, and sent executives to challenge the policy at industry conferences. But its more extensive and less visible lobbying through proxies served a purpose – to create a perception of broader support for a change that would primarily benefit Valero and a small number of other refiners. The push to change the so-called "point of obligation" for biofuels blending is opposed by most ethanol producers and large integrated oil companies with blending facilities. They argue the shift would rope in thousands of additional companies - from gasoline retailers to shippers such as FedEx - and undermine the program by complicating enforcement. The Trump administration has said it is considering the regulatory changes, but it has not announced a decision. In early August, three sources familiar with the administration''s biofuels policy deliberations told Reuters that the Environmental Protection Agency (EPA) was preparing to reject proposals for the change. The White House declined comment and referred questions to the EPA, which did not respond to requests for comment. Valero strategists viewed Icahn as a better public advocate to change biofuels policy despite his majority ownership of a small refinery, the two Valero executives said. That''s because the famous Wall Street investor has a diverse array of business interests and unique access to Trump, a longtime friend. "Our folks wanted to get him involved," said one of the Valero executives, who was regularly involved in company discussions on biofuels lobbying. When Icahn wrote the EPA in August of 2016 to push for the policy change - arguing current rules create a "rigged market" - representatives from Valero helped him craft the letter, the executive said. Valero declined to comment on its role in crafting Icahn''s proposal. Jesse Lynn, a lawyer for Icahn, said the billionaire "sought input from a number of people" on the letter but declined to name them. Shortly after being elected, Trump named Icahn his special advisor on regulation, an informal role. Icahn stepped down from the post on Friday after facing criticism that he was advising Trump on policy changes that would enrich his refining business. Icahn denied any conflicts of interest late Friday in an open letter to Trump. "I never sought any special benefit for any company with which I have been involved, and have only expressed views that I believed would benefit the refining industry as a whole," he wrote. The White House has said there is no conflict of interest between Icahn''s refining business and his biofuels policy advocacy because he was not paid as a presidential advisor. ''REGULATORY HAIL MARY’ The Renewable Fuel Standard (RFS) was adopted in 2005 during the presidency of Republican George W. Bush as a way to bolster U.S. energy independence, reduce pollution and support Midwest corn farmers. Today, about 10 percent of U.S. motor fuel comes from vegetation. The law''s critics - which cover a broad ideological spectrum, from fossil-fuel firms to environmentalists - argue variously that it is essentially a farming subsidy; that ethanol hurts gas mileage and does little to help the environment; and that its impact in reducing foreign oil dependence has been dwarfed by booming U.S. oil production. Jack Lipinski, chief executive of Icahn''s CVR Energy, told Reuters that the current rules create a "contrived and manipulated marketplace." The law provides a windfall to major integrated oil companies - who profit from selling the credits - and unfairly punishes certain refiners for not investing in costly biofuels blending facilities, he said. Lobbying against the mandates became more urgent for CVR and Valero in 2013, when prices for biofuels credits soared as energy firms worried about an impending increase in required biofuels blending volumes. By then, major refiners such as Tesoro Corp TSO.N and Marathon Corp ( MPC.N ) were investing in blending facilities to lower regulatory costs. But Valero, looking to focus on its core refining business, had been selling off its already limited blending operations as part of larger deals. It sold a pipeline and logistics unit in 2006 to raise $880 million and spun off its retail unit in 2013 in transactions that brought it $1.4 billion. Valero has said it now has little ability to blend ethanol and biodiesel into the more than 2 million barrels of petroleum products it produces each day in the United States. As a result, the firm is forced to spend hundreds of millions of dollars annually on biofuels credits. By 2015, Valero CEO Joseph Gorder was convinced that lobbying the EPA to change regulations was a better strategy than operating blending facilities, one of the former Valero executives told Reuters. The second former Valero executive described the tactic as a "regulatory Hail Mary". SIGNING UP AN OBAMA ENVIRONMENTAL ADVISOR In 2015, Valero''s external lobbying firm - Bracewell LLP, a Houston-based law and government relations outfit - hired Ron Minsk, a former advisor to President Barack Obama on energy and the environment, as a consultant. Bracewell never announced the high-profile hire, made months after Minsk left the White House, and Minsk never registered as a lobbyist, according to U.S. Congressional disclosures. In February 2016, Minsk testified before Congress as an expert on biofuels regulation, citing his experience as an Obama advisor and arguing in favor of a shift in the point of obligation for blending. Minsk did not disclose his relationship with Valero in his written testimony but acknowledged it when a lawmaker pressed him about industry ties. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York February 11, 2014. To match Special Report USA-BIOFUELS/VALERO Brendan McDermid/File Photo "I have been retained by a law firm to consult on issues related to the RFS, and Valero Energy Corporation is one of their clients," Minsk said, referring to Bracewell. Asked why he didn''t disclose the Valero connection before testifying, Minsk told Reuters: "I was sharing my own views, and not anyone else''s." Minsk also filed public comments to EPA in February 2017, urging the same policy change – again without noting his Valero connection. Scott Segal, a Bracewell partner in Washington, said in a statement that Minsk "provides technical advice to us on a variety of topics" and that he was "certainly not testifying or writing on behalf of the firm or its clients." ''RETAILER OF THE YEAR'' Throughout 2016, Valero cultivated allies that would ultimately mobilize around the same policy proposal to the White House. The refiner helped one of its retailers, Bill Douglass, launch a grassroots organization of small gas station owners that would argue biofuels mandates hurt their mom-and-pop businesses. Douglass said he contacted all of his fuel suppliers for help in starting the organization, but only Valero provided assistance, giving him a list of its retailers to recruit. Bracewell helped connect the fledgling Small Retailers Coalition with a website developer, the firm said. The site is devoted largely to arguing for the same regulatory changes Valero supports. Douglass also sent a letter to the EPA and spoke personally with an EPA official to urge adoption of the policy. Bracewell was happy to help a political ally of its client Valero, Segal said. "It should come as no surprise that groups with which we are allied, we help," Segal said, while noting the firm did not control the website''s content. "We share information and frankly we''re glad to do it. We are not opposed to providing assistance when it''s appropriate." Valero''s spokeswoman denied the company had played a significant role in setting up the SRC and declined further comment on the firm''s relationship to the group. FILE PHOTO: Corn is seen in a field in Indiana, U.S. September 6, 2016. To match USA-BIOFUELS/VALERO Jim Young/File Photo Valero did, however, name SRC founder Douglass its "Retailer of the Year" in 2016. For a graphic on Valero''s $750 million bill for biofuels credits click tmsnrt.rs/2i9w5Yx ''TRYING TO SPLIT THE INDUSTRY'' Valero also sought to join biofuels industry groups and persuade them to back its policy position, according to the former Valero executives and three biofuels industry sources. Valero had reason to join one of those groups. Although it lacked sufficient ethanol-blending facilities, it was one of the nation''s top five ethanol producers. Still, Valero was seen as an outsider by many biofuels producers because the refiner had opposed regulations they supported, two oil and four biofuels industry sources told Reuters. Michael McAdams, President of the Advanced Biofuels Association, said he received a phone call in May or June of 2016 from Valero''s Richard Walsh – a senior vice president and corporate counsel who led the refiner''s push to change biofuels policy, the former Valero executives said. Walsh said Valero wanted to join the biofuels organization - but first wanted the chance to convince the group to support its proposed regulatory change. "My board said, ''No, thank you. We can''t align with you,''" McAdams said, adding that it seemed Valero was "trying to split” the biofuels industry, McAdams said. Walsh did not respond to requests for comment. NEUTRALIZING AN OPPONENT The refiner, however, did end up joining the Washington-based Renewable Fuels Association (RFA), among the most prominent biofuels producer groups and a powerful lobbying force. The RFA had previously criticized proposals to shift the biofuels blending point of obligation, arguing it would discourage production of blends with higher ethanol content and complicate enforcement. Valero and RFA President Bob Dinneen declined to discuss how and why Valero came to join the group but said it had nothing to do with the RFA''s position on the refiner''s policy priorities. The RFA, however, ultimately did agree to drop its opposition to the policy change sought by Valero – a clear victory for the refiner. In February, Valero representatives and Icahn held a meeting with the RFA''s Dinneen. Icahn told Dinneen he believed Trump would support the refiners'' biofuels policy proposal – and that the RFA should lend its political support. Dinneen told Reuters at the time that the RFA decided not to oppose what it believed was a done deal. He also said Icahn assured the group that it could win concessions from the Trump Administration in return, including support for a different regulatory change that would encourage production of fuel blends with higher ethanol content. Other biofuel industry groups slammed the RFA''s policy shift. Fuels America, a coalition of renewable fuel and farm groups, dropped the RFA as a member of their alliance in response. LOBBYING A LOBBYIST AT THE WHITE HOUSE In March, Valero''s Walsh, CVR''s Lipinski and representatives from other refiners went to the White House to pitch their case to Trump''s top aide on domestic energy policy, Michael Catanzaro, a former energy industry lobbyist. Trump had banned former lobbyists hired by his administration from participating in issues on which they lobbied for two years – but the White House later granted Catanzaro a waiver from that rule. Catanzaro is advising on the same issues that were recently the focus of his lobbying for clients such as Koch Industries - a diversified conglomerate with major energy assets - and groups including the American Fuel and Petrochemical Manufacturers, which petitioned the EPA for the biofuels change last year. Catanzaro declined to comment. Valero''s Walsh invited Douglass to join the meeting to represent the Small Retailers Association, Douglass said. As in other forums, Valero representatives let others take the lead in carrying the message, mainly Douglass and a union representative for workers at a Philadelphia refinery. "They let me do most of the speaking," Douglass said. "They let me hold the floor because I think they regard my dilemma as being more critical." Additional reporting by Erwin Seba in Houston; Editing by Richard Valdmanis and Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-biofuels-valero-specialreport-idUKKCN1B115D'|'2017-08-21T14:08:00.000+03:00'
'fd57655185da08fd8fcee129c4b1b3009279eacd'|'EMERGING MARKETS-Emerging stocks rise, dollar beats back EM FX'|'LONDON, Aug 21 (Reuters) - Emerging equities rose on Monday but currencies such as the rand and rouble struggled in the face of a stronger dollar as investors awaited the U.S. Federal Reserve''s annual central banking symposium in Jackson Hole later this week.MSCI''s benchmark emerging stocks index gained 0.2 percent, with the biggest gains in Asian markets. Hong Kong shares gained 0.4 percent and mainland Chinese stocks rose 0.6 percent after Shanghai posted its strongest weekly gain in four months last week.Emerging Europe delivered a more modest performance, with Moscow and Polish shares up around 0.2-0.3 percent.Koon Chow, emerging macro and FX strategist at UBP, said riskier assets had been given a bit of a lift following Friday''s departure of White House chief strategist Steve Bannon, adding this was important now NAFTA talks had begun.Bannon was instrumental in some of U.S. President Donald Trump''s most contentious policy moves, including tearing up international trade agreements and cracking down on illegal immigration. He also said the U.S. was in an "economic war" with China."If Trump is turning to more conservative advisers, it could lead to some progress on the tax and debt ceiling negotiations," Chow said. "That sacking on Friday provided a lift into the close for U.S. equities and we have a bit of a spill over into this week."The market is now awaiting a speech from U.S. Federal Reserve chair Janet Yellen at the Jackson Hole meeting for any clues on the timing of the Fed''s balance sheet reduction and the next rate rise."She could support confidence by saying we will have the roll off (of the balance sheet in September) but the next hike may not be in December – if she said that, it would be quite bullish for risk and neutral for the dollar," Chow said.Emerging currencies such as the South African rand and the Russian rouble were on the backfoot, slipping around 0.4-0.5 percent against the dollar.Emerging European currencies also failed to make headway against the euro, with the Czech crown slipping 0.2 percent after last week''s rally.The Hungarian forint was flat near three-week highs a day ahead of the central bank''s rate-setting meeting on Tuesday. The bank is expected to keep its base rate on hold at a record low of 0.9 percent according to a Reuters poll."The main question remains ... when and to what extent this strong wage growth will translate into higher consumption. Even with the rise of wages and core inflation, the rate setting meeting is expected to be a non-event on the interest rates front," ING analysts said in a note.Ratings agency Moody''s downgraded Azerbaijan''s rating to BA2 late on Friday, citing the significant and long-lasting weakening of the country''s fiscal and economic strength. Fitch and S&P Global also have Azerbaijan in sub-investment grade territory. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1061.88 +2.34 +0.22 +23.15Czech Rep 1030.38 -2.66 -0.26 +11.80Poland 2367.39 +7.52 +0.32 +21.53Hungary 36978.71 +9.56 +0.03 +15.55Romania 8330.30 +27.44 +0.33 +17.58Greece 827.80 +2.95 +0.36 +28.61Russia 1031.85 +4.00 +0.39 -10.46South Africa 49137.96 +208.09 +0.43 +11.93Turkey 07280.74 +78.31 +0.07 +37.30China 3287.32 +18.60 +0.57 +5.92India 31389.91 -134.77 -0.43 +17.89Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.08 26.04 -0.15 +3.56Poland 4.27 4.27 -0.05 +3.07Hungary 303.45 303.40 -0.02 +1.77Romania 4.59 4.59 +0.02 -1.11Serbia 119.27 119.31 +0.03 +3.42Russia 59.09 58.90 -0.33 +3.67Kazakhstan 332.70 333.26 +0.17 +0.29Ukraine 25.44 25.46 +0.08 +6.13South Africa 13.21 13.15 -0.49 +3.93Kenya 103.00 103.05 +0.05 -0.61Israel 3.63 3.62 -0.23 +6.21Turkey 3.52 3.52 -0.03 +0.24China 6.67 6.67 -0.00 +4.09India 64.05 64.09 +0.06 +6.08Brazil 3.15 3.15 -0.02 +3.38Mexico 17.74 17.70 -0.21 +16.77Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 327 1 .01 7 95.80 1Reporting by Claire Milhench; Editing by Janet Lawrence'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-idINL8N1L7162'|'2017-08-21T06:56:00.000+03:00'
'8fb0eaab1a9ff28191071ea07a564f403bd0fc5d'|'Sempra snatches Oncor from Buffett with $9.45 billion bid - sources'|'The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake/Files (Reuters) - Sempra Energy said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett''s Berkshire Hathaway Inc.San Diego-based Sempra expects to own about 60 percent of a reorganized Energy Future after the transaction that is valued at $18.8 billion, including Dallas-based Oncor''s debt, it said late on Sunday.The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators.In July, the energy unit of Berkshire Hathaway agreed to buy Oncor for $9 billion, but the deal ran into trouble after Energy Future''s biggest creditor Elliott Management Corp opposed the sale arguing it undervalued Oncor.Elliott also tried to put together its own bid for $9.3 billion to buy Oncor.Separately, Berkshire said last week it would not be raising its offer for Oncor, which delivers power to more than 3.4 million homes and businesses."Elliott is supportive of the proposed Sempra transaction, which provides substantially greater recoveries to all creditors of Energy Future than the proposed Berkshire transaction," a spokesman for Elliott said in an email to Reuters.Berkshire, which made the offer to Oncor in order to step up its pursuit of steady profits from utilities and infrastructure deals, did not immediately respond to a request for comment.Sources told Reuters earlier that Sempra had decided to make an offer for Oncor in the last three weeks, after seeing the opposition that Berkshire faced from Elliott.Energy Future''s board favored Sempra''s bid after it also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a U.S. bankruptcy judge, the sources said.Sempra Energy said it expects the deal to be completed in the first half of 2018 and to add to earnings beginning next year.Allen Nye, who is currently Oncor''s general counsel, will succeed Bob Shapard as the company''s CEO. Shapard will be named executive chairman of Oncor.Lazard and Morgan Stanley were financial advisors to Sempra Energy and, White & Case LLP, acted as its legal advisor.Reporting by Rama Venkat Raman in Bengaluru; Editing by Biju Dwarakanath'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oncor-m-a-sempraenergy-idINKCN1B10B3'|'2017-08-21T02:34:00.000+03:00'
'37297c0353cd7be24420973f4733e216a158674d'|'CANADA STOCKS-TSX inches up as miners gain on higher commodity prices'|'TORONTO, Aug 21 (Reuters) - Canada''s main stock index turned slightly higher in early trade on Monday as gains for gold and base metal miners on the back of higher gold and copper prices offset losses for heavyweight energy stocks.The Toronto Stock Exchange''s S&P/TSX composite index was up 1.64 points, or 0.01 percent, at 14,953.97 shortly after opening in negative territory. (Reporting by Alastair Sharp; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1L70EF'|'2017-08-21T16:41:00.000+03:00'
'b02366a62612dae931f36d1dc579e3a47d667c67'|'Czechs may seek observer seat at beefed-up euro group to keep information flow'|'August 21, 2017 / 1:49 PM / 29 minutes ago Czechs may seek observer seat at beefed-up euro group to keep information flow Reuters Staff 2 Min Read FILE PHOTO: Lubomir Zaoralek, Minister for Foreign Affairs of the Czech Republic, addresses the 69th session of the United Nations General Assembly at the U.N. headquarters in New York, September 27, 2014. Ray Stubblebine/File Photo PRAGUE (Reuters) - The Czech Republic may try to get an observer seat at the euro group of euro zone finance ministers if its decision-making powers are boosted under plans to reshape the European Union, the foreign minister said on Monday. European leaders are pondering reforms in response to Brexit, a process that could pick up speed after the election of Emmanuel Macron as French president, and after German election in September. Fostering more integration between euro zone countries could mean those outside of the single currency zone would have no seat at the decision-making table, while still having to live with consequences affecting the whole union. For the Czechs, who do not use the euro and have no intention of adopting it soon, this would risk them being left in the dark on some key decisions. Being at the table while not joining the euro fully at least for the time being could limit that downside. "I support having an observer status in the euro zone," Foreign Minister Lubomir Zaoralek said in emailed comment to Reuters after the plan was reported by Czech weekly Respekt on Monday. "It is undoubtedly beneficial for us to have the possibility to take part in their meetings and thus have a direct insight into the governance of the euro zone." A Czech government source said the idea was part of a Czech position paper on EU reform. It said Czech diplomats would be asked to sound out EU partners, including non-euro members such as Sweden, about the idea. The Czech Republic has an obligation to eventually adopt the euro, but it does not have a concrete plan on when it will do so and opinion polls show a solid majority of the public is against joining. Prime Minister Bohuslav Sobotka has spoken in favour of preparing an adoption plan after an election due in October but the favourite to win, the ANO movement, has in the past months spoken against euro adoption. Reporting by Jan Lopatka; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-czech-eu-idUKKCN1B11LU'|'2017-08-21T16:49:00.000+03:00'
'4b7c0e0310b7fe0f79e9e551e0a157cadfd9cdf8'|'Dutch bank NIBC considering ''strategic alternatives'', IPO'|'AMSTERDAM (Reuters) - Dutch bank NIBC [NIBCAP.UL] said on Wednesday it is reviewing its strategic options, which include a possible initial public offering of shares.Owned by private equity firm J.C. Flowers, the Hague-based bank also reported a 37 percent rise first-half operating income to 226 million euros ($266 million) from 165 million euros in the same period a year ago, amid a thriving Dutch economy.NIBC attributed the rise to a 19 percent increase in interest income, "strong fee and investment income on the corporate client side, increased mortgage volumes and lower funding spreads."NIBC is mainly active in mortgages and loans to small and medium-sized companies in the Netherlands, Germany and Britain."Backed by our current shareholder, we have recently commenced a review of our strategic alternatives, which may include a potential Initial Public Offering," said CEO Paulus de Wilt in a statement. "The review is still in a preliminary stage and a final decision will only be made at a later date and be dependent upon market circumstances."NIBC''s book value at the end of the first half stood at just over 2 billion euros, an indication of its potential market value in an IPO or sale.JC Flowers paid 1.8 billion euros when it bought the bank from Dutch pension funds in 2005.The American investment firm prepared NIBC for an IPO a decade ago but had to change course when the financial crisiscrippled the bank, which had made large bets on U.S. subprimemortgage loans.NIBC was the first in a number of Dutch banks, including ING( INGA.AS ) and ABN Amro ( ABNd.AS ), to need state support tosurvive the financial crisis. It paid off the last of itsdebt to the government in 2014.NIBC has undertaken a major overhaul since the crisis, adding retail services such as mortgage loans and savings accounts.($1 = 0.8508 euros)Reporting by Toby Sterling, editing by Louise Heavens'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nibc-bank-ipo-idINKCN1B30IU'|'2017-08-23T04:44:00.000+03:00'
'e3ccb43eefa27aeb3f1c8746198be918208a29b7'|'Oil prices fall on concerns of oversupply, low investment'|' 14 AM / 20 minutes ago Oil prices fall on concerns of oversupply, low investment 3 Min Read Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. Thomas White/Illustration SINGAPORE (Reuters) - Oil prices fell early on Wednesday, squeezed between concerns of oversupply, sparked by rising Libya output, and fears of reduced future investment in the industry. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.61 per barrel at 0105 GMT, down 26 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.63 a barrel, down 20 cents, or 0.4 percent. Bernstein Research warned that low prices and ample supplies were resulting in low oil industry investment levels. "We see (oil and gas)...order intake activity at almost the same low level as in 2016...For now, we remind investors that contract levels appear to still be insufficient to drive recovery in earnings," Bernstein Research said. Libya''s Sharara oil field, the country''s largest, was gradually restarting on Tuesday after a shutdown. Sharara recently reached output of 280,000 barrels per day (bpd), but closed earlier this month due to a pipeline blockade. Its production is key to Libya''s oil output, which surged above 1 million bpd in late June, about four times'' its level last summer. Libya''s rising output is a headache for the Organization of the Petroleum Exporting Countries (OPEC), which together with non-OPEC producers including Russia has pledged to hold back around 1.8 million bpd of supplies between January this year and March 2018 in order to tighten supplies. However, OPEC has so far fallen short off its pledge, in part due to Libya''s strong output. The OPEC-member has been exempt from cuts. "Sentiment towards oil remains bearish amid oversupply fears and the possible threat of OPEC''s supply cut deal falling apart," said Lukman Otunuga, analyst at futures brokerage FXTM. The next meeting of a ministerial committee of OPEC and non-OPEC states to discuss their production pact has been proposed for Sept. 22. In the United States, crude inventories fell by 3.6 million barrels in the week to Aug. 18 to 465.6 million, industry group the American Petroleum Institute said Tuesday. However, gasoline stocks rose by 1.4 million barrels, compared with analysts'' expectations in a Reuters poll for a 643,000-barrel decline. Official inventory data by the U.S. Energy Information Administration is due to be released late on Wednesday. Reporting by Henning Gloystein; Editing by Kenneth Maxwell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B303A'|'2017-08-23T04:10:00.000+03:00'
'13b0ce1e08b89ca7381b8fdf96ffdc7b99dc709a'|'Brazil lower house approves main text of new BNDES benchmark rate'|'BRASILIA, Aug 24 (Reuters) - Brazil''s lower house of Congress on Thursday approved the main text of a bill creating a market-based benchmark rate for state lender BNDES, in a major victory for President Michel Temer.The proposal is one of Temer''s top priorities to fix the country''s long-term public finances and pave the way for lower interest rates as it reduces the scope for discretionary subsidies through BNDES lending. (Reporting by Silvio Cascione)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brazil-economy-bndes-idINE4N1IY00Z'|'2017-08-24T14:27:00.000+03:00'
'38161f260b0cb74d7a88d194be3aaa5017afbe9b'|'Britain appoints syndicate to manage sale of 2065 gilt'|'LONDON, Aug 25 (Reuters) - Britain''s Debt Management Office said on Friday it had appointed four banks to manage a sale via syndication of the 2.5 percent conventional gilt due in 2065 .HSBC, Morgan Stanley, NatWest Markets and Scotiabank will act as joint bookrunners. The sale will take place during the week starting Sept. 4. (Reporting by Andy Bruce; Editing by Alistair Smout) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-bonds-2065-idINL4N1LB2ZO'|'2017-08-25T05:45:00.000+03:00'
'1579297d9815c7fbe11768b085090ec457abdede'|'Europe faces Christmas butter crisis, dairy producer warns'|'August 25, 2017 / 1:53 PM / 20 minutes ago Europe faces Christmas butter crisis, dairy producer warns Teis Jensen 3 Min Read COPENHAGEN (Reuters) - Milk prices are set to rise in Europe as the continent faces a shortage of milk, cream and butter by Christmas, the head of one of the world''s biggest dairy companies said on Friday. Global milk prices, which are up about 28 percent from 12 months ago after producers cut output, have stabilised in recent months but Peder Tuborgh, CEO of Danish-based dairy co-operative Arla Foods [ARLAF.UL], said world milk stocks were very low. "There has been a scarcity of milk in the whole world after the very low prices last year," he told Reuters. "There is a big lack of fat, cream and butter products everywhere in Europe. It will not at all be possible to meet demand up to Christmas. It is those forces that are dragging up the prices significantly," Tuborgh said. Milk prices rallied earlier this year after European producers cut output last year following the scrapping of European Union milk quotas in 2015, which had led to a sharp fall in prices. Arla, a co-operative owned by 12,500 farmers in Denmark, Sweden, Germany, the UK, Luxembourg, the Netherlands and Belgium, said on Friday it would increase the price it pays for milk from its farmer owners for a third consecutive month in September, by one euro cent per kilo to 38.3 euro cents per kilo, and could raise it again before the end of the year. "After that we might increase it one more time this year, but that is a bit uncertain," he said. The coming spring season in New Zealand will be key to further price moves in the global milk market, analysts have said. In the first half of this year, Arla increased the price it paid its farmer-owners by 19 percent. "I think we''ve already had the main part of the price increases we''ll see this year," Tuborgh said. He predicted that milk production would catch up next year and grow by 2-3 percent. STRONG GROWTH IN ASIA AND AFRICA Arla, the world''s seventh-largest dairy company in terms of turnover, continues to expand outside of its main North European markets. Sales from outside Europe grew by 10 percent in the first half of this year to 792 million euros, or 16 percent of total revenue, it said. Sales to Asia jumped 36 percent from a year earlier while sales to sub-Saharan Africa rose 32 percent. "I would have been satisfied with growth rates of around 20 percent, and I think that is probably a more viable level long term," Tuborgh said. Reporting by Teis Jensen; Editing by Jacob Gronholt-Pedersen and Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dairy-milk-arla-idUKKCN1B51OQ'|'2017-08-25T16:53:00.000+03:00'
'8b07f91942b87ec56e8fe286f2c87e59e4614f3e'|'GMH says owner is no supporter of plan for German steel champion'|'August 24, 2017 / 9:15 AM / 2 hours ago GMH says owner is no supporter of plan for German steel champion Reuters Staff 3 Min Read DUESSELDORF/FRANKFURT (Reuters) - Juergen Grossmann, owner of German steel firm Georgsmarienhuette (GMH) and a former CEO of utility RWE ( RWEG.DE ), has distanced himself from a report saying his group could play a key role in the country''s steel sector consolidation, a spokeswoman said. German business daily Handelsblatt reported earlier that Grossmann was exploring plans to form a "German Steel AG" to prevent a potential merger of Thyssenkrupp''s ( TKAG.DE ) European steel activities with those of Tata Steel ( TISC.NS ). Thyssenkrupp has been in talks with Tata Steel over the deal for more than a year, with progress expected to be made soon, after the Indian group has struck a deal to cut its UK pension scheme liabilities earlier this month. "Mr Grossman has told the Handelsblatt that he is not a supporter of a German Steel AG," a spokeswoman for GMH told Reuters on Thursday. Handelsblatt had said such a German steel champion could consist of Grossmann''s GMH, Thyssenkrupp''s steel unit and, possibly at some point in the future, Salzgitter ( SZGG.DE ), citing company sources. A spokesman for Salzgitter said the group rejected the idea of a German Steel AG. A spokeswoman for Lower Saxony, which owns a 25 percent stake in Salzgitter, said there were no plans to merge Salzgitter with either Thyssenkrupp or Georgsmarienhuette. "The government would also not look favourably upon such plans in any way and would not support such an approach," she said. Thyssenkrupp declined to comment. Shares in Thyssenkrupp and Salzgitter were 0.3 percent and 0.4 percent lower, respectively, slightly underperforming a 0.3-percent rise in the German benchmark index .GDAXI . A Frankfurt-based trader described the report as "pre-election noise as politicians oppose a Tata deal due to job cut fears, as the labour unions already do." Reporting by Tom Kaeckenhoff and Christoph Steitz; Editing by Maria Sheahan 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-germany-steel-georgsmarienhuette-idINKCN1B40W1'|'2017-08-24T07:15:00.000+03:00'
'9177dcdfbe2a1489918ff04f3c3cfa697bd99dd1'|'Flying water taxis highlight French startup frustrations'|'August 24, 2017 / 5:18 AM / 9 hours ago Flying water taxis highlight French startup frustrations Mathieu Rosemain and Gwénaëlle Barzic 6 Min Read The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson PARIS (Reuters) - French yachtsman Alain Thebault wants to turn a boat design he used to break a world speed sailing record in 2009 into a clean, fast taxi service for the waterways of major cities. The SeaBubble won the backing of private investors - Thebault expects to raise between 50 to 100 million euros by the end of September. Emmanuel Macron, France''s pro-business president who wants to create a "startup nation", even championed the idea when he was economy minister. His office did not respond to requests for a comment about whether he still backed the project. SeaBubbles faces specific regulatory hurdles, not least trying to convince Parisian authorities to raise the speed limit of the River Seine. But like other startups, he fears his company will be held back by administrative bureaucracy if the idea takes off and he needs to grow fast. “It’s a road full of obstacles for two seabirds like Anders (Bringdal) and me,” he said of his business partner, a Swedish windsurfing champion. “If it’s getting too complicated… we’ll go where it’s the easiest.” He said it took two months for SeaBubbles to arrange a contract to lease two cars and a month for lawyers to register the company, a job he said could have been done in a few hours in some other countries. The SeaBubbles prototype preserves its battery by rising out of the water on legs at speed. Paris mayor Anne Hidalgo gave support to the idea with a ride up the River Seine in June. But the Bubble only has a chance of running in Paris if the authorities raise the Seine speed limit so it can go fast enough to rise out of the water, a request they have rejected so far. Hidalgo''s office did not respond to a request for comments on the project, including whether she thought the Paris speed limit should be changed. And while he got some initial funding from the state investment bank, it was demoralizing when two applications for 200,000 euros in government subsidies were turned down. A spokeswoman said the money could only go to companies with a "proven business case". Thebault says "about 5" cities from around the world are interested in exploring whether the SeaBubble could become part of their public transport systems but he declined to name them. "PLENTY OF MONEY" The state investment bank Bpifrance, has been one of the driving forces behind the bursting startup scene with investments of 191 million euros in 2016. There are also private initiatives such as Station F, a 34,000 square-meter (366,000 sq ft) startup mega-campus in Paris that opened its doors at the end of June after a 250 million-euro investment by billionaire Xavier Niel. [nL8N1JQ63D] Growing investor confidence after this year''s election of Macron who has portrayed himself as a business-friendly president, has also helped. The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson At the current pace, 2017 is on track to reach more than 700 deals by the end of the year, a jump of around 40 percent over 2016, according to venture tracking firm CB Insights. About $2.03 billion was invested in the first-half of the year compared with $2.1 billion for all of 2016. That makes France the second best-funded tech start-up scene after Britain, CB Insights said. Investors say startups are not being held up by financial concerns, rather by bureaucracy and labor laws that are designed to protect employees but can be cumbersome and expensive for businesses as they get going. “It’s not a matter of money. There’s plenty, plenty, plenty of money,” said Romain Lavault, a partner at Partech Ventures, a venture capital fund that also invested in SeaBubbles. HIRING AND FIRING France ranks 21st in this year’s World Economic Forum’s competitiveness report based on business sophistication, technology and innovation readiness. Slideshow (8 Images) But it ranked 115 out of total of 138 countries in terms of the “burden of government regulation” and holds the 129th position for hiring and firing practices, based on 2015 data. "It''s more complicated to create a company in France," said Charles Gorintin, the co-founder of successful Paris-based digital insurance startup Alan. Restrictive labor laws are at the top of investors'' list of complaints. Any France-based company with 50 employees or more has to create a works council, organize labor unions elections and go through regular structured regulations with workers. Redundancies and layoffs can be expensive. Macron has promised changes. Very few French startups, have become a “unicorn," or a company valued $1 billion or more. Criteo ( CRTO.O ), a French startup currently listed on the Nasdaq stock exchange, is now worth $3.4 billion. “In France, even today, when you build a company, people tell you: it’s great, but you’re taking a huge risk,” said Jean-Baptiste Rudelle, its chief executive. “Silicon Valley has been around for 50 years. We’ll need at least 10 to 15 years before the French (startup) ecosystem can compete with it.” Nevertheless, Criteo is still based in Paris. Rudelle stays out of loyalty to the country where his business grew and because it produces top engineers, has a developing startup scene and good living standards. “Every single week I receive a resume from an American who wants to settle in Paris,” said Partech''s Lavault. “I''ve never seen so much interest before." Editing by Anna Willard'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-france-tech-idUSKCN1B40BO'|'2017-08-24T08:00:00.000+03:00'
'2188c40eea65aefeca50d32daeb3aa1dcb363ed9'|'Exclusive: Platform Specialty abandons agrochemicals unit sale - sources'|'(Reuters) - Platform Specialty Products Corp ( PAH.N ) has decided to abandon the sale of its agrochemicals business after the offers it attracted failed to meet its valuation expectations of more than $4.5 billion, people familiar with the matter said on Thursday.Platform Specialty may now pursue an initial public offering or spinoff of the agrochemicals business, said the sources, who asked not to be identified because the deliberations are confidential.Platform Specialty did not immediately respond to a request for comment.Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Matthew Lewis'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-platform-splty-agrochemicals-exclusiv-idINKCN1B42ET'|'2017-08-24T17:10:00.000+03:00'
'2022a8a00c83f756b6ed5b47c723c09c9936ebfc'|'RPT-European companies seek help dealing with activist investor threat'|'(Repeats story sent Aug 23, no change to text)By Clara Denina , Ben Martin and Maiya KeidanLONDON, Aug 23 (Reuters) - European companies are being told by their advisers to open up and engage more with existing shareholders to fend off the increasing threat from activist investors, who force strategy changes to push up a target''s share price.Activist investors are mostly hedge funds managing tens of billions of dollars of capital. The largest ones are from the U.S. and, having had success in North America and benefiting from a stronger dollar, they are flush with cash and looking for opportunities further afield.According to JP Morgan, activist investors have launched 119 campaigns in Europe in the 12 months to June 2017, compared to 100 a year earlier and 62 five years ago.That has pushed corporate management teams across Europe to ask investment bankers for help preparing defences in case an activist crops up on their shareholder register."We have seen a significant increase in calls from clients seeking our advice on how to prepare for when these investors knock on the door, especially after the activists'' stakes in Nestle and Clariant-Huntsman became public," said Hernan Cristerna, co-head of global M&A at JP Morgan.New York-based fund Corvex is pushing for Swiss chemicals company Clariant to abandon its proposed merger with U.S. peer Huntsman. Third Point, led by billionaire hedge fund manager Dan Loeb, took a $3.5 billion stake in Nestle in July and has started calling for an overhaul.Though there are several well-known European activists, such as TCI Fund Management and Cevian, most of the world''s largest funds such as Third Point, Elliott Management and ValueAct are American. Their success has crowded the U.S. market.Europe is seen as tempting as financial and political uncertainties have diminished. UK companies are thought to be particularly attractive targets due to corporate governance rules which give shareholders more influence, and the often large number of minority investors.Anglo-Australian miner BHP Billiton has spent the past five months trying to fend off demands for a shake-up by Elliot Management.On Tuesday, BHP said it was looking at options to exit its U.S. onshore shale business, conceding to one of Elliott''s demands.TACTICS Often activist investors initially engage with target companies quietly, discussing possibly strategy changes with them. Some firms welcome them, as they can help secure wider support from shareholders or insiders for major change.But mostly the funds are seen as a threat, especially when they start publicly calling for changes and criticising companies who will not adopt their recommendations."More companies in Europe feel the need to have a discussion with their advisers on activism - no one wants to fend off an activist attack in the public eye," JPM''s Cristerna added.Bankers said they advise clients to engage with existing shareholders to potentially dissuade them from supporting an activist attack. They also look at companies'' assets and advise them if any could be sold to improve shareholder returns.These pre-emptive moves might explain why the success rate of activist campaigns in Europe has been falling since 2014. According to data from industry tracker Activist Insight in 2017 just 32.8 percent of campaigns have been "at least partially successful", compared to 43.2 percent in 2016.Among those that emerged as clear victors this year in Europe is Nordic hedge fund Accendo Capital Managers, which became the largest shareholder in fibre optic manufacturer Hexatronic Group and whose stock has risen almost 80 percent since the initial investment.Others have achieved a more complicated victory, such as British hedge fund TCI, which became embroiled in aero engine maker Safran''s offer for Zodiac Aerospace. "We got most of what we asked for," TCI partner Jonathan Amouyal told Reuters in May after Safran cut its offer.At the same time, TCI has yet to make any tangible impact at Volkswagen where it is pushing for change. Volkswagen stock has fallen 2.14 percent since the hedge fund launched its activist campaign.CULTURAL DIFFERENCE U.S. bankers said that as campaigns targeting European firms increase, they are looking to cash in on advisory work."European institutional investors are less comfortable with the concept of activism from a cultural perspective, particularly when it''s a U.S. hedge fund coming over," said Chris Young, head of contested situations at Credit Suisse in New York."In the U.S., activists are often treated like rock stars, they get a lot of favourable press coverage and that''s not the case in Europe," he added.Citigroup this week announced it had hired Muir Paterson to head the bank''s global team of bankers advising companies on activist shareholders."We had teams in the U.S. dealing with activist issues and we also have now people in Europe, working closely with their U.S. colleagues because more often than not, these activists are the same," Severin Brizay, head of EMEA M&A at UBS said.For the funds themselves, this can also bring benefits.Harlan Zimmerman, a senior partner at Anglo-Swedish activist firm Cevian Capital, said some European companies are becoming more willing to engage with activist investors."With the proliferation of activism, companies and their advisers have gained a much better understanding of the spectrum of activism and how to engage with activists of all sorts," he said."There''s no longer a stigma from having certain activists involved and on a board. In fact some boards see it as a validation and helpful to realising their own objectives for the companies." (Editing by Rachel Armstrong and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/investor-activism-europe-idINL8N1L94XM'|'2017-08-24T06:00:00.000+03:00'
'ee4b962cdb90428b75feb1a1fed4052fab9b6946'|'Hershey Trust to sell 4.5 million shares of Hershey Co'|'Reuters TV United States August 23, 2017 / 11:58 PM / 6 hours ago Hershey Trust to sell 4.5 million shares of Hershey Co Reuters Staff 2 Min Read Hershey''s chocolate bars are shown in this photo illustration in Encinitas, California January 29, 2015. Mike Blake/File Photo (Reuters) - Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co ( HSY.N ), said on Wednesday it would sell 4.5 million shares of Hershey''s common stock. The trust said it would sell 3 million Hershey''s shares to Morgan Stanley ( MS.N ) and an additional 1.5 million shares to Hershey Company. Hershey, the maker of Reese''s Peanut Butter Cups and Hershey''s Kisses, said in a separate statement that it will buy the 1.5 million stock from the trust for $106 per share, or about $159 million. Hershey''s stock closed at $107.44 on Wednesday. Hershey rejected a $23 billion bid last summer from Oreo cookie owner Mondelez ( MDLZ.O ), as the Hershey Trust, which can veto a deal, was embroiled in a row with its overseer that resulted in departures at the trust and Hershey''s board. Earlier this year, The Hershey Trust added former Goldman Sachs partner James Katzman to its ranks. The trust had also added Melissa Peeples-Fullmore, a Milton Hershey School alumnus and education professional, and Jan Loeffler Bergen, a trained social worker and chief executive officer of non-profit health provider Lancaster General Health as Hershey trustees. Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hersheyco-stake-hershey-trust-idUKKCN1B32T3'|'2017-08-24T02:54:00.000+03:00'
'c9b05c644e9b471243af1de2bf0e343520bc3cba'|'UPDATE 1-Wells Fargo names new head of cards and retail services'|'(Adds details throughout)By Dan FreedAug 24 (Reuters) - Wells Fargo & Co on Thursday named Beverly Anderson head of its cards and retail services unit, the latest management change at a bank still struggling to repair its reputation nearly a year after a sales scandal.Anderson has been interim leader of the unit since March, replacing Shelley Freeman, who was fired in February following an internal investigation by the third-largest U.S. lender''s board.The scandal at Wells erupted nearly a year ago with the discovery that the bank opened as many as 2.1 million accounts without customer authorization to boost sales figures. It has grown to include other areas, such as auto insurance.Wells Fargo''s credit card business is smaller than those of rivals like JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc. The bank said at its investor day in May that applications had declined following the scandal.Anderson''s responsibilities include Wells Fargo-branded cards as well as "private label" ones, which are partnerships with retailers and other companies.Anderson previously led the bank''s consumer credit card business. Before joining Wells Fargo in 2012, she developed consumer and small business product portfolios for companies including American Express Co. (Reporting by Dan Freed in New York; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/wells-fargo-moves-idINL4N1LA4RQ'|'2017-08-24T12:52:00.000+03:00'
'd7856fb58318828d8641a6a0b0d9b7a31bd9c26b'|'UPDATE 1-Canadian lender CIBC posts better than expected quarterly earnings'|'* Q3 EPS C$2.77 vs forecast C$2.66* Net income up 9 percent to C$1.17 billion* Dividend up C$0.03 to C$1.30 (Adds analyst comment)By Matt ScuffhamTORONTO, Aug 24 (Reuters) - Canadian Imperial Bank of Commerce on Thursday posted a rise in quarterly profit, beating analysts'' estimates, as a strong performance from its retail business offset a weaker showing at its capital markets division.Canada''s fifth-biggest lender said net income, excluding one-off items, climbed 9 percent to C$1.17 billion ($934 million) in the third quarter which ended on June 30.Earnings per share increased to C$2.77 from C$2.67 a year ago. Analysts had on average forecast earnings of C$2.66 per share, according to Thomson Reuters I/B/E/S data.The bank, which acquired Chicago-based PrivateBancorp in a $5 billion deal in June, has been looking to diversify outside of Canada. Of the country''s major banks, CIBC is the most exposed to the domestic economy."Our strong results this quarter reflect solid contributions from our strategic business units, as well as our (PrivateBancorp) acquisition," Chief Executive Victor Dodig said in a statement.Net income at its personal and business banking operations rose to C$720 million from C$667 million and increased to C$136 million from C$124 million at its domestic wealth management business.However, it fell to C$252 million from C$281 million at its capital markets division. The bank said that reflected lower equity derivatives and interest rate trading and a decline in equity underwriting revenue.The bank''s core Tier 1 ratio, a key measure of its financial strength, fell to 10.4 percent on June 30 from 12.2 percent three months earlier, due to the cost of buying PrivateBancorp.CIBC reported a quarterly dividend increase of 3 Canadian cents per share to C$1.30.Barclays analyst John Aiken said he expected a "lukewarm reception" to the results in the market."Although the dividend increase is an incremental positive and suggests confidence in the contribution from PrivateBancorp going forward and the bank''s ability to rebuild its capital ratios, it was largely expected," he said.Royal Bank of Canada, the country''s biggest lender, on Wednesday reported a rise in quarterly profit, helped by double-digit growth at its wealth management business which helped outweigh weaker results at its capital markets unit.$1 = 1.2533 Canadian dollars Reporting by Matt Scuffham; Editing by David Goodman, Mark Potter and W Simon'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/cibc-results-idINL8N1LA2R9'|'2017-08-24T07:51:00.000+03:00'
'3ff9f81155fbd4d9a8dcc2fb804670b03a7f7481'|'U.S. muni bond issuers should break out bank loans -rulemaker'|'NEW YORK, Aug 23 (Reuters) - Municipal bond issuers should have to report their direct bank loans separately from other kinds of debt on their financial statements, according to the head of the group that sets disclosure standards for U.S. state and local governments.That requirement would help "separate those disclosures and give the reader a perspective," David Vaudt, chairman of the Governmental Accounting Standards Board (GASB), told Reuters in an interview on Wednesday.GASB in June proposed changes to the way states and cities report direct loans and private bond placements. By reporting such information separately in financial notes, readers can more easily identify and evaluate the controversial forms of borrowing that can pose risks to bondholders and credit ratings.Investors in the $3.8 trillion municipal bond market have become increasingly concerned as the use of direct loans and private bond placements has grown in recent years.Such direct debt is not always disclosed. When it is, the terms can be cumbersome for investors and taxpayers to discover.Direct debt could also contain terms that potentially put a bank at the front of the line for repayment, ahead of bondholders.Issuers use direct debt because the loans can be faster to accomplish than traditional public bond offerings, which usually require long, costly bond documents laden with financial disclosures. Sometimes, direct debt provides cheaper financing and fast liquidity.But if a state or city violates the terms of a direct loan, it is easier for a single entity, like a bank, to call the loan or pursue some other remedy, Vaudt said."It''s much more difficult to go to all the bondholders and get some type of action taken," he said.The state of Arkansas disputed the idea that direct debt should be separated from public bond offerings on financial statements."Some may argue that direct placement bonds may have different terms but this could be true of any debt, regardless of the means by which the debt was incurred," the state wrote in comments about the suggested rules. "The means of incurring debt does not alter the basic construction of the obligation."The deadline for comments is Sept. 15. (Reporting by Hilary Russ in New York; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-municipals-loans-idINL2N1L91HY'|'2017-08-23T18:54:00.000+03:00'
'a76d9a4885e7c42cce01b827ca749c36c1cc57d2'|'Daimler plans new holding structure for 2019 - Manager Magazin'|' 18 AM / 5 minutes ago Daimler plans new holding structure for 2019 - Manager Magazin Reuters Staff 2   A sign showing the name of German truck maker Daimler is pictured at the IAA truck show in Hanover, September 22, 2016. Fabian Bimmer/File   German car and trucks maker Daimler ( DAIGn.DE ) is working on a corporate holding structure which could be ready by the company''s annual general meeting on April 5, 2019, Manager Magazin said on Thursday. The magazine said Chief Executive Dieter Zetsche and Chief Financial Officer Bodo Uebber have made a preliminary plan to split the company into three separate entities, a process which would unlock the value of the individual businesses. Mercedes-Benz cars and vans, Mercedes-Benz trucks and buses, and Mercedes-Benz financial services will separated, the magazine said, adding that new mobility services such as ride-hailing will be added to the financial services arm. Bodo Uebber may end up as head of the corporate holding structure, given that Dieter Zetsche is close to retirement, Manager Magazin said. When asked about the 2019 date for presenting a new company structure, the company told Reuters: "Daimler is continually reviewing its optimal strategic positioning and structural set up so that it can respond to a changing competitive landscape and market." In July, Daimler said it might split parts of its business into separate legal entities in a strategy overhaul. Legally separating the divisions may allow for a partial listing, a way to raise funds to invest in new services such as autonomous and electric cars. Analysts at Evercore ISI earlier this month said separating Daimler''s divisions could unlock value, with trucks and buses on their own worth 31 billion euros ($36 billion). The German company''s total market capitalisation is around 64.8 billion euros, according to Thomson Reuters data. Reporting by Edward Taylor. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-daimler-structure-2019-idUKKCN1B4198'|'2017-08-24T14:18:00.000+03:00'
'69db2a0aae5d0646ad05f3405c777df18b83d2a1'|'Total overtakes Shell in North Sea where appetite for assets remains high'|'August 22, 2017 / 1:14 PM / 21 minutes ago Total overtakes Shell in North Sea where appetite for assets remains high Dmitry Zhdannikov 3 Min Read FILE POTO: The logo for oil giant Total is seen at a petrol station in London, Britain, February 12, 2008. Stephen Hird/File Photo LONDON (Reuters) - French oil major Total ( TOTF.PA ) has overtaken rival Royal Dutch Shell ( RDSa.L ) to become the second-largest producer in the North Sea with its acquisition of Maersk''s ( MAERSKb.CO ) Norwegian and UK producing assets. The $7.45 billion deal by Total was welcomed by the market, with analysts saying it helped the French company rebalance its portfolio by adding assets in developed countries after going for projects in riskier places such as Iran and Russia. The deal boosts the share of eight global oil majors in the North Sea - Statoil, Total, Shell, Exxon Mobil ( XOM.N ), Conoco ( COP.N ), ENI <ENI.MI, BP ( BP.L ) and Chevron ( CVX.N ) - to back above three quarters of total output. Several oil majors have been actively looking to divest fields in the North Sea - one of the most mature global oil provinces where future developments will be complicated by high decommissioning costs of old infrastructure. Some assets have been bought by private equity firms which have expanded significantly in the region, with companies such as Chrysaor and Siccar acquiring fields from Shell, Austria''s OMV and France''s Engie. But despite around $10 billion worth of deals in the North Sea over the past two years, private equity firms remain fairly small players with their total share still below 10 percent. On Tuesday, UBS analysts upgraded Total to "Buy" from "Neutral" after the Maersk deal, saying Total bought the assets at an average price of $7.3 per barrel of oil resources, implying a long-term Brent price of $62 per barrel. "In the context of a global asset market dominated by U.S. unconventional and Canadian oil sands transactions this year, a conventional offshore deal stands out as an anomaly," UBS said. It said that opportunities for inorganic growth in the North Sea were beginning to diminish because EU utilities have fully divested of the upstream sector while oil majors have also largely sold out their non-core portfolios. "The sale of another North Sea focussed portfolio that was on the market, combined with Total''s clear commitment to the basin, emphasises that competition for assets could remain high in spite of depressed oil prices," UBS said. For graphic on Total-Maersk deal boosts majors'' share in the North Sea, click - reut.rs/2g1Wzuq Reporting by Dmitry Zhdannikov; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-northsea-total-idUKKCN1B21H2'|'2017-08-22T16:14:00.000+03:00'
'c1e1dae067807767a6c6cad5c3cbdcb1fd618cec'|'Noble Energy pulls non-essential staff from U.S. Gulf ahead of Harvey'|' 08 PM / 9 minutes ago Noble Energy pulls non-essential staff from U.S. Gulf ahead of Harvey Reuters Staff 1 Min Read HOUSTON, Aug 24 (Reuters) - Noble Energy Inc said on Thursday it has evacuated non-essential personnel from its U.S. Gulf of Mexico facilities ahead of Hurricane Harvey, though oil production has not been affected. "We are keeping the situation under close review," Noble Energy spokeswoman Reba Reid said. (Reporting by Ruthy Munoz; Editing by Chris Reese) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-noble-energy-idUSL2N1LA1Y3'|'2017-08-25T00:08:00.000+03:00'
'5aee6f9c5203bb4f1cbaff88a922f0f907152260'|'How the shape of global banking has turned upside down'|'IN THE 1980s, when Citicorp was America’s largest bank and pursuing every avenue for international expansion, John Reed, the bank’s boss, would muse about moving its headquarters to a neutral location, notably the moon. Such sentiments are inconceivable today. Jamie Dimon, boss of JPMorgan Chase, Citi’s successor atop the league tables, recently said he is an American “patriot” first, head of a bank second. His strategy, though hardly shunning international markets, reflects this.Mr Dimon turned down several big foreign acquisitions before and during the financial crisis. His stellar reputation may rest as much on those undone deals as on those completed. Citi, meanwhile, has been lopping off foreign affiliates. It has retail operations in just 19 countries, down from 50 in 2007. Further contraction may be in the offing. Bank of America has long chosen to live down to its name, as an almost entirely domestic bank. The same process is under way in western Europe. Visible retrenchments by leading banks in each country reflect even deeper ones that are harder to see. On August 22nd McKinsey, a consultancy, released a trove of statistics showing how the map of global banking has changed over the past ten years. According to its analysis of the leading banks in each country, foreign claims (including loans, guarantees, etc) have contracted by a third for Swiss and British institutions and by half for those in the rest of Europe. Even the volume of foreign-exchange trading, after a long history of expansion, is falling.The downward trend is particularly sharp, and significant, in “correspondent” banking, traditionally seen as the first level of financial support for world trade (see chart). The correspondent ties between banks in different countries have mattered particularly for companies in places without global banks that can finance imports and exports. The number of correspondent relationships has been declining since 2011, according to McKinsey.Why this has occurred is no mystery. Correspondent relationships used to be seen as a responsible way for a bank to transact business in a country it did not know well. It has become a source of vulnerability: a bank may be held accountable for any transaction even if only as a link in a long chain. The rising cost of complying with regulations on money-laundering, economic sanctions and terrorism-financing has had the predictable consequence of prompting a broad pullback.Harder to understand is work by the Bank of England and America’s National Bureau of Economic Research, showing a long-term correlation between growth in capital requirements and declines in cross-border lending. McKinsey notes that rules passed to ensure liquidity, particularly in a crisis, may be easier to satisfy if money is close to home.American and European retrenchment has been partially offset by expansion elsewhere. Canadian banks, which sailed through the financial crisis, now have half their assets offshore, up from 38% a decade ago. Chinese banks, having had negligible foreign assets a decade ago, now have more than $1trn. Strong domestic growth means that this sum is still just a tiny fraction of their balance-sheets. Banks in Japan, India and Russia are also expanding internationally at a strong pace.This geographic shift could continue for many years to come. Similar trends, however, have been seen in the past only to go abruptly into reverse. The Chinese government has recently signalled its concern at some Chinese firms’ foreign acquisitions, suggesting there may be problems percolating. Whether Western banks stir from their recent quiescence may also depend on the regulators. Over correspondent banking, for example, there is a debate in government. The State Department wants America’s banks to bring other countries, especially poor ones, into the global financial system. The Treasury, focused on checking untoward activity and holding banks to account, is more cautious. Banks would like to stay out of the crossfire. Finance and economics "Changing maps"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727088-american-and-european-banks-stay-more-home-chinese-ones-extend-their-reach-how?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'93d637a565daf16bc242ac76600d1977f7ae20eb'|'Britain heads back to the Brexit table, plans in hand, economy in decline'|'FILE PHOTO: An official carries a Union Jack flag ahead of a news conference by Britain''s Secretary of State for Exiting the European Union David Davis and European Union''s chief Brexit negotiator Michel Barnier in Brussels, Belgium July 20, 2017. Francois Lenoir/File Photo LONDON (Reuters) - Britain''s economy is beginning to feel the Brexit pinch, or perhaps given the strong performance of the rest of the world economy, it should be punch.After a prolonged period of relatively benign economic numbers following last year''s vote to leave the European Union, there are now signs of a potentially serious slow down.They stretch from retrenching households to hesitant businesses, from a widening trade deficit to lacklustre manufacturing. They also come just as the EU and Britain return to the negotiating table, the latter with a handful of new post-Brexit position papers.Since mid-August, London has been releasing official papers on issues such as trade, customs, the European Court of Justice, and what the province of Northern Ireland''s future border with EU member Ireland will look like.The performance of Britain''s pound over that period suggests few people were impressed enough with them -- or with the likelihood they will come to pass -- to overcome the economic signs.Running through the release of five official Brexit papers, the pound has lost more than 1.4 percent against the dollar since Aug 14 and the euro has gained the same against sterling.While the pound weakness is not directly linked to the papers, their release has clearly done nothing to improve confidence in the currency.That is at least in part because the UK economy is starting to feel the impact of Brexit."Economic momentum looks uncertain. Monthly factory orders this year suggest that the sector is failing to capitalise from a weaker sterling and a pick-up in global trade," Jaisal Pastakia, investment manager at Heartwood Investment Management, said in note.Elsewhere, second quarter economic growth figures showed consumer spending slumping to a two and a half year low of just 0.1 percent quarter-on-quarter.Business investment was also at a standstill. Barclays said this was "highlighting just how much businesses are holding back investment in the face of high levels of uncertainty regarding the outlook for business conditions."Add to that a warning from Britain''s heavyweight food supply industry that EU workers it relies on are already leaving or considering doing so.BACK TO THE TABLE It is not completely linear, of course. Car manufacturing bounced back in July and the unemployment rate is falling.Last month''s purchasing managers indexes also pointed to steady -- albeit sluggish -- economic growth over the coming months.So the wheels have not come off.But the backdrop for Britain as it returns to the table on Monday is nonetheless a stark contrast to what the other side is experiencing.The euro zone, which comprises 19 of what will be the remaining 27 EU members, is flying high.The latest data shows annual growth at 2.2 percent, the highest for more than six years; economic sentiment is cruising at levels last seen before the financial crisis; even the bloc''s notoriously high unemployment rate is falling.Improvement is fairly widespread among euro zone countries, meanwhile.Florian Hense, an economist with Berenberg bank, notes the euro zone has now had 17 consecutive quarters of growth."And most countries of the currency union were at the party," he said in a note. "Countries that have for a very long time... struggled do get a stable footing, are beginning to recover, too."Whether this continues or is peaking may become clearer in the coming week when various sentiment indicators, unemployment and manufacturing reports are released.The flash composite purchasing manager index has already shown the bloc to be well in expansion mode with no sign of an August slowdown.Inflation too will be on the agenda. It is expected to be 1.4 percent year-on-year, too far below the European Central Bank''s near 2 percent target to impact rates decisions on its own.But the growth picture is enough to have the ECB at least thinking about tapering its quantitative easing bond-buying programme.Some have taken to calling that QExit.Reporting by Jeremy Gaunt; Editing by Toby Chopra '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/global-economy-outlook-idINKCN1B512R'|'2017-08-25T07:56:00.000+03:00'
'a598b6963cf8ec90a2bd3b61a5974322ea400ed6'|'Intesa Sanpaolo seals deal to buy Swiss private bank Banque Morval'|'FILE PHOTO: The Intesa Sanpaolo logo is seen outside the bank in downtown Milan, Italy January 18, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Italy''s largest retail bank Intesa Sanpaolo ( ISP.MI ) said on Wednesday it had reached an agreement to buy Switzerland''s Banque Morval."The agreement is part of Intesa Sanapolo''s strategy to reinforce its presence on international markets in the private banking business," a statement by the lender said, without disclosing the value of the acquisition.Earlier this month a source told Reuters the deal was worth between 150-200 million euros ($177-236 million).The statement added that the Zanon di Valgiurata family, owners of the Swiss private bank, would remain a minority shareholder and that its members would continue to hold relevant managerial positions.($1 = 0.8487 euros)Reporting by Giulia Segreti; editing by Agnieszka Flak'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-banquemorval-m-a-intesa-sanpaolo-idINKCN1B30XK'|'2017-08-23T07:36:00.000+03:00'
'18fb2c9f1670da548a36ff84b9e1c5b3fdf30783'|'China Coal Energy''s H1 profit soars on rising demand, prices'|'(Reuters) - China Coal Energy, the country''s second-largest coal producer, posted a 175 percent rise in first-half net profit on robust demand from utilities and government moves to curb oversupply and improve mine safety.Net profit rose to 1.7 billion yuan ($255.14 million) from 616 million yuan a year earlier, it said in a filing on the Shanghai stock exchange on Wednesday."We expect coal market to see stable supply and demand in the near future. Coal prices will remain within a reasonable range," China Coal President Li Yanjiang said in a statement.Thermal coal prices shot to record highs this year as people cranked up air conditioners due to a prolonged heatwave in China, hydropower cuts in the south and a crackdown on mine safety.Coal futures prices have risen more than 40 percent since the start of this year to 591 yuan ($88.71) on Wednesday, which is expected to boost earnings of other major suppliers, such as China Shenhua Energy Co Ltd and Inner Mongolia Yitai Coal Co Ltd.Shenhua Energy, whose first-half results are also due this month, said in late July it expected net profit to jump by almost 150 percent.($1 = 6.6623 Chinese yuan renminbi)Reporting by Meng Meng; Editing by Susan Thomas'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/china-chinacoal-results-idINKCN1B315D'|'2017-08-23T09:02:00.000+03:00'
'abc31537afd0f49439c45d3918555908d2c84692'|'UK pension regulator to prosecute former BHS owner Chappell'|'LONDON, Aug 22 (Reuters) - Britain''s Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents requested during an investigation into the sale of department store chain BHS to him by retail tycoon Philip Green, it said on Tuesday.Green sold the loss-making 180-store chain to Chappell''s Retail Acquisitions Ltd vehicle for 1 pound ($1.28) in 2015.Chappell was a serial bankrupt with no retail experience.BHS fell into administration in 2016 with a pension deficit of 571 million pounds - the biggest collapse in the British retail industry since Woolworths in 2008. Some 11,000 jobs were lost.The Pensions Regulator (TPR) said it was prosecuting Chappell for failing to comply with three notices it issued.He has been summonsed to appear at Brighton Magistrates’ Court, southern England, on Sept. 20 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004.Chappell could not be immediately reached for comment.In February, Green helped to plug the BHS pension hole in a 363 million pounds settlement deal with TPR.$1 = 0.7789 pounds Reporting by James Davey; Editing by Mark Potter'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/britain-retail-bhs-pensions-idUSL8N1L82EV'|'2017-08-22T18:32:00.000+03:00'
'4ad2a39254f28d02534e0ee6f362d2d095193e70'|'Oil major Total''s shares rise as analysts welcome Maersk Oil deal'|'General view of the Total oil refinary in Leuna, November 19, 2014. Axel Schmidt PARIS (Reuters) - Shares in Total ( TOTF.PA ) rose on Tuesday on the back of upbeat analyst comments regarding the French oil major''s $7.45 billion takeover of Maersk Oil ( MAERSKb.CO ).Total was up 0.8 percent in early session trading, among the top performers on France''s benchmark CAC-40 index .FCHI ."The credentials of this deal, and the deals in Brazil and Uganda last year, suggest that Total is able to realign the portfolio in a manner that is not value-destructive," Citigroup analysts said in a research note.Related Coverage Total overtakes Shell in North Sea where appetite for assets remains highOver the last year, Total has expanded its holding in Uganda''s Lake Albert oil project by snapping up most of Tullow Oil''s ( TLW.L ) stake, and has agreed to buy some assets in Brazil from Petroleo Brasileiro ( PBR.N ).Citigroup kept a "buy" rating on Total, while UBS increased its rating on Total to "buy" from "neutral".Ion-Marc Valahu, a fund manager at Geneva-based firm Clairinvest said he thought the price paid for Maersk Oil was a reasonable one for Total."I think it''s positive. It''s not too expensive," said Valahu, whose firm owns some Total shares.Total''s shares remain down by around 10 percent since the start of 2017, impacted by pressure on crude oil prices. [O/R]Yet Total expects Maersk Oil - its biggest oil deal since buying Elf in 2000 - to generate financial synergies of more than $400 million per year, in particular by combining assets in the North Sea. It also said the acquisition would boost earnings and cash flow.Deutsche Bank analysts also gave a positive reception to the Maersk Oil takeover, nudging up their price target on Total to 51 euros from 50, and keeping a "buy" rating on the stock."This looks a good deal. The addition of material production offering modest 5-year growth, with scope for sizeable synergies, at a price which is both accretive to annual free cash flow and earnings shouldn''t be scoffed at," they wrote.Additional reporting by Blandine Henault; Reporting by Sudip Kar-Gupta; Editing by Louise Heavens and David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-total-stocks-idINKCN1B20L4'|'2017-08-22T05:17:00.000+03:00'
'4dce18853357e070bdd2982e620ef02a1cc168da'|'U.S. trade panel begins patent probe against Caterpillar'|'August 22, 2017 / 3:24 PM / 3 hours ago U.S. trade panel begins patent probe against Caterpillar Reuters Staff 1 Min Read FILE PHOTO: The logo of the company of machinery Caterpillar (CAT) is seen at the site of a future urban project in Vina del Mar, Chile May 23, 2017. Rodrigo Garrido/File Photo WASHINGTON (Reuters) - The U.S. International Trade Commission said on Tuesday it would begin a patent infringement probe of road milling equipment by Caterpiller ( CAT.N ) and several subsidiaries after a complaint by Wirtgen America, the U.S. subsidiary of a German firm. The machinery under scrutiny is used to mill asphalt and concrete pavement to create a base for a new road surfaces, the USITC said in a statement. Wirtgen America is the subsidiary of Wirtgen Beteiligungs GMBH, a privately held German firm that manufactures construction equipment. Reporting by David Alexander '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-caterpillar-wirtgen-america-idUSKCN1B21SC'|'2017-08-22T18:22:00.000+03:00'
'dcc2f9937aaa33fb848beeb679ad509942cf99da'|'Nestle, Unilever, Tyson and others team with IBM on blockchain'|'August 22, 2017 / 12:02 PM / 3 hours ago Nestle, Unilever, Tyson and others team with IBM on blockchain 3 Min Read Fresh mangos are displayed at the Asda superstore in High Wycombe, Britain, February 8, 2017. Eddie Keogh - RTX305IZ CHICAGO/NEW YORK, (Reuters) - Nestle SA ( NESN.S ), Unilever Plc ( ULVR.L ), Tyson Foods Inc ( TSN.N ) and other large food and retail companies have joined IBM''s ( IBM.N ) project to explore how blockchain technology can help track food supply chains and improve safety, the companies said in a joint statement on Tuesday. Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared record of data maintained by a network of computers, rather than a trusted third party. A total of 10 companies said they will share data and run trials with IBM, including Kroger Co ( KR.N ), Dole Food Company Inc [DFCI.UL], McCormick & Company Inc ( MKC.N ), Golden State Foods Corp [GSFDP.UL], Driscoll''s Inc and Berkshire Hathaway''s ( BRKa.N ) McLane Co. Wal-Mart Stores Inc ( WMT.N ) also is participating and has worked with IBM since October to track the movement of food products. "It is not just about building the technology, it is about building the ecosystem," Brigid McDermott, vice president for blockchain business development at IBM, said. Wal-Mart said in June that blockchain trials had helped it narrow the time it took to trace the movement of mangoes to 2.2 seconds from about seven days. The logo of IBM is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. Lucy Nicholson/File Photo A single recall could cost anything from tens of thousands to millions of dollars in lost sales, Wal-Mart''s head of food safety, Frank Yiannas, told Reuters last month. Skeptics have warned that the technology is still in its early days and it may take years before companies reap benefits. Retailers also are fiercely competitive and have a poor track record for collaboration, notably the demise of mobile payment app CurrentC, another highly anticipated industry venture. "Yes, the industry is cautious because this could be the next best thing since sliced bread but you wouldn''t say everything was fine and dandy after a trial you had with just two suppliers," Kroger''s head of food safety Howard Popoola told Reuters. "The key right now is to involve suppliers and retailers and see how well we can share data to oil the IBM blockchain machine," he said. "This is an opportunity for us to speak with one voice and say to the world that food safety is not going to be a competitive issue." IBM also said it was launching a blockchain platform that could make it easier for large companies to develop applications using the technology. Because blockchain can quickly trace the hundreds of parties involved in the mass production and distribution of food, it is expected to make it easier to identify the source of potential contamination during food safety scares. Reporting by Richa Naidu in Chicago and Anna Irrera in New York; Editing by Lisa Shumaker and Bill Trott 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ibm-retailers-blockchain-idUKKCN1B21B1'|'2017-08-22T15:09:00.000+03:00'
'0a8afa873554b761acb71704f9a1b402906e02e7'|'Berkshire Hathaway no longer faces risk of S&P downgrade'|'FILE PHOTO: Warren Buffett, chief executive officer and chairman of Berkshire Hathaway Inc, arrives at a National Auto Dealers Association event in New York March 31, 2015. Brendan McDermid/File Photo (Reuters) - Warren Buffett''s failure to clinch a $9 billion takeover of the Texas utility Oncor prompted S&P Global Ratings on Tuesday to say the billionaire''s Berkshire Hathaway Inc ( BRKa.N ) is no longer at risk of a credit rating downgrade.S&P affirmed Berkshire''s "AA" rating, its third-highest grade, with a "stable" outlook after Sempra Energy ( SRE.N ) struck an agreement with Oncor''s bankrupt parent Energy Future Holdings Corp on a $9.45 billion purchase.The rating agency had put Berkshire on review for a possible downgrade on July 7, reflecting concern about how adding Oncor would affect leverage.It said the stable outlook reflects Berkshire''s solid profitability and significant cash flow, the strong competitive position of many business units, and Buffett''s focus on boosting operating profit, which totalled $17.58 billion last year.Few U.S. companies have credit ratings as high as Berkshire''s, which itself carried a "triple-A" rating from S&P as recently as February 2010. Moody''s Investors Service rates Berkshire "Aa2," equivalent to S&P''s rating.Barclays Capital analyst Jay Gelb said in a research report that the loss of Oncor leaves Berkshire with about $80 billion of cash for acquisitions, while leaving Buffett the cushion he wants for such things as payouts by Berkshire insurance units.At Berkshire''s annual meeting in May, Vice Chairman Charlie Munger suggested that the Omaha, Nebraska-based conglomerate might be capable of a $150 billion acquisition.Buffett responded that he was more "conservative," though he has long expressed a preference for buying whole businesses over making smaller investments. He turns 87 on August 30.Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/berkshire-hatha-rating-idINKCN1B228L'|'2017-08-22T22:18:00.000+03:00'
'1fcab32de0724385fcc557ae3e5514ea06ede03c'|'GLOBAL MARKETS-Stocks mixed in low eclipse volume, metals mine peaks'|'* Metals surge, zinc at highest in a decade* U.S. political uncertainty weighs on stock prices* Dollar falters as N.Korea weighs; Jackson Hole meeting in focus* Investors wary as U.S., South Korea begin military drills (Updates to close of U.S. markets)By Dion RabouinNEW YORK, Aug 21 (Reuters) - A gauge of world stock indexes edged up after touching a 5-1/2-week low on Monday as geopolitical uncertainty kept gains in check but metals prices dazzled, helped in part by Chinese demand.Zinc rose to its highest in a decade, copper hit a nearly three-year peak and iron ore rose to gain nearly 15 percent in the last three sessions.U.S. stocks were mixed as tensions simmered between the United States and North Korea. Doubts also lingered about the ability of U.S. President Donald Trump''s administration to push through a pro-business agenda of tax cuts and infrastructure spending, and lower oil prices dragged on the market.The Dow Jones Industrial Average rose 29.24 points, or 0.13 percent, to 21,703.75, the S&P 500 gained 2.82 points, or 0.12 percent, to 2,428.37 and the Nasdaq Composite dropped 3.40 points, or 0.05 percent, to 6,213.13.Stock futures trading volume fell in the United States during the two hours that traders left their offices to get a glimpse of the first total solar eclipse to unfold across the country in nearly a century.About 174,000 S&P 500 e-mini futures futures changed hands over the two-hour period ending 3:30 p.m. ET on Monday, down about 46 percent for the comparable period last year.European stocks closed lower as bank shares dropped in risk-off trading. The losses trickled over from Asian trading with investors shedding risky assets as joint U.S. and South Korean military drills began.Analysts said market participants were also awaiting an upcoming speech from Trump on U.S. strategy in Afghanistan later in the evening."Some people are a little apprehensive and not sure what’s going to be said," said Ian Winer, head of equities at Wedbush Securities in Los Angeles.Additionally, Winer said, without much in the way of U.S. economic data or other headlines, "it’s a quiet Monday and people are still feeling the effects of last week. Now that earnings are over there’s just not a whole lot of catalysts."MSCI''s all-country world index rose 0.09 percent after earlier touching its lowest since July 12.Chinese and emerging market shares rose, boosted by mainland China shares, which added to gains following the Shanghai stock index''s biggest weekly advance in four months last week.Hopes for Chinese infrastructure spending and a potential demand boost down the road from electric cars helped zinc hit its highest since October 2007 at $3,180.50 a tonne.Copper rallied to its highest since November 2014 and China''s iron ore futures soared more than 4 percent.Gold prices turned higher.The geopolitical fears also helped boost the Japanese yen against the dollar. The U.S. currency has fallen for four straight sessions against the safe-haven yen, which is sought for its liquidity in times of market stress.The dollar was last down 0.25 percent against the yen at 108.91 yen.U.S. Treasury yields were little changed ahead of the Federal Reserve''s conference in Jackson Hole, Wyoming, at the end of the week.Investors were looking to European Central Bank chief Mario Draghi''s comments at the event, although sources told Reuters last week he would not deliver any fresh policy messages.Fed Chair Janet Yellen''s keynote speech will also be scoured for clues on the U.S. central bank''s next move."We''re hopefully getting a couple of more data points to see where the Fed takes their temperature on where they''re feeling the economy is at this juncture so that we can anticipate if something happens in the fourth quarter or not," said Wayne Wicker, chief investment officer at ICMA-RC in Washington, D.C.The benchmark U.S. 10-year Treasury note rose 3/32 in price to yield 2.18 percent.Oil prices fell after big gains on Friday, which had been triggered by data showing U.S. drillers cut the number of oil rigs.U.S. crude futures fell to $47.38 per barrel, while Brent futures slipped to $51.61 per barrel.Editing by Meredith Mazzilli and Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets-idUSL2N1L7151'|'2017-08-21T23:50:00.000+03:00'
'b2d8dfc0a3f831a578bb1c7817f62953699e209e'|'Energy Future drops Oncor deal with Buffett in favour of $9.45 billion Sempra bid - sources'|'August 21, 2017 / 1:59 AM / 2 hours ago Sempra Energy to buy Oncor for $9.45 billion in cash Reuters Staff 1 Min Read The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake (Reuters) - Sempra Energy said it will buy power transmission company Oncor, 80 percent owned by Energy Future Holdings Corp, for $9.45 billion (7.34 billion pounds) in cash, resolving the Texas utility''s long-standing bankruptcy case. San Diego-based Sempra expects to own about 60 percent of the reorganized holding company after the transaction that is valued at $18.8 billion, including Oncor''s debt, it said late on Sunday. Energy Future''s board on Sunday favoured Sempra''s offer over Berkshire Hathaway $9 billion deal to buy Oncor, sources told Reuters, after Sempra also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a U.S. bankruptcy judge. The deal represents a rare blow for Buffett, who avoids bidding wars and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators. Berkshire said last week it would not be raising its offer for Oncor. Reporting by Rama Venkat Raman in Bengaluru; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oncor-m-a-sempraenergy-idUKKCN1B103D'|'2017-08-21T04:58:00.000+03:00'
'8be88a537d1a95fdf9d73b769ebce297d5d6b7ce'|'McDonald''s to shut 169 outlets in India''s north and east'|'August 21, 2017 / 3:16 PM / 3 hours ago McDonald''s to shut 169 outlets in India amid dispute with local partner 2 Min Read Diners leave a McDonalds Restaurant in New Delhi March 8, 2002. Kamal Kishore/Files NEW DELHI (Reuters) - Fast food chain McDonald''s said on Monday it planned to shut all 169 of its restaurants in India''s northern and eastern regions, escalating a dispute with its local partner and potentially putting thousands of workers out of jobs. The U.S. company said it was "compelled" to take the action because its partner Connaught Plaza Restaurants Pvt Ltd (CPRL) had breached the terms of their franchise agreements. Vikram Bakshi, managing director of CPRL, told Reuters the decision came as a "big shock" and the company was studying all its legal options. The move by McDonald''s India follows a protracted legal dispute with CPRL that started in 2013, when McDonald''s said Bakshi''s term as managing director had ended - a decision Bakshi challenged in the courts. "They fell out because McDonald’s thought that Mr Bakshi was involved in irregular siphoning activities, so they wanted him to go," said A.S. Chandiok, a lawyer representing Bakshi, who added that his client denied the allegations. McDonald''s did not comment on the court dispute in its statement on Monday, but said it would try to mitigate the impact on employees, suppliers and landlords affected by the closure of the outlets. The decision will likely lead to thousands of job losses and further dent McDonald''s share of India''s booming quick service restaurants market, where it has already been losing ground to rivals like Domino''s Pizza. The north and east Indian outlets under the McDonalds-CPRL franchise employ 6,500 people directly and many more indirectly, said Madhurima Bakshi, a member of CPRL''s board. All those restaurants will have to stop using McDonald''s name, trademarks, designs, branding, and recipes within 15 days of the termination notice, McDonald''s said. It added, though, that it remained committed to northern and eastern India and had started looking for a new partner. "It will take time to bring the current situation to a final resolution," McDonald''s said. Reporting by Zeyad Masroor Khan; Writing by Zeba Siddiqui; Editing by Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/mcdonalds-india-outlets-idINKCN1B11SN'|'2017-08-21T18:13:00.000+03:00'
'37d1fb7390e0d6c38f91bcffc9c9786b09e0a972'|'Total set to raise cost savings target after Maersk Oil deal'|'FILE PHOTO: A view shows the Total Tower, French oil giant Total headquarters, at La Defense business and financial district in Courbevoie near Paris, France, February 25, 2016. Jacky Naegelen/File Photo PARIS (Reuters) - Total ( TOTF.PA ) is set to increase its target for $4 billion of cost savings by 2018 in the light of its planned acquisition of Maersk Oil, Chief Executive Patrick Pouyanne said on Monday.Overlap between the UK operations of the two companies means some jobs could be at risk there, he added.Total has offered to buy the oil and gas business of Denmark''s A.P. Moller Maersk ( MAERSKb.CO ) in a $7.45 billion deal which the French energy major said would strengthen its operations in the North Sea and boost earnings and cash flow.Total said the deal was expected to generate operational, commercial and financial synergies of more than $400 million per year, in particular by combining assets in the North Sea."At least $200 million are costs synergies, so we target cutting costs by $200 million out of this combination on top of what Total has already done, and it will be a part of our new target for cost savings," Pouyanne told journalists.Total previously planned to cut costs by $4 billion by end 2018, adjusting to lower oil prices."By mid September we will revise this target, we will upgrade the target," he said. The company will hold an investor day in September.Pouyanne said the North Sea was one of the areas where the company would have to go further in cost savings to remain competitive, and the Maersk Oil deal offers it the opportunity to do so."In the UK in particular, we have two operations of similar size. There are 700 staff on both sides in Total UK and Maersk UK with more or less same size of assets," he said."Obviously we''ll merge these two subsidiaries. At the end of the day, we will have the opportunity to do some rationalization," Pouyanne said.Reporting by Bate Felix; Editing by Keith Weir'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-maersk-oil-m-a-total-costs-idUSKCN1B114A'|'2017-08-21T18:52:00.000+03:00'
'1079640229394c7f4e53401917ced8331e15a1d6'|'MOVES-Aberdeen Standard Investments, Aviva, Nomura, Hargreave Hale'|'August 21, 2017 / 2:51 PM / 10 minutes ago MOVES-Aberdeen Standard Investments, Aviva, Nomura, Hargreave Hale Reuters Staff 1 Min Read Aug 21 (Reuters) - The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. ABERDEEN STANDARD INVESTMENTS Asset manager Aberdeen Standard Investments on Monday named Amy Wang head of its China business. AVIVA PLC The asset management arm of Aviva Plc on Monday named Sunil Krishnan head of multi-asset funds and Gavin Counsell manager on the Aviva Investors Multi Strategy target income fund. NOMURA HOLDINGS INC Global investment bank Nomura Holdings Inc said on Monday it appointed Andrey Chuprin as managing director and head of global markets sales for Russia and CIS. HARGREAVE HALE British investment management firm Hargreave Hale on Monday named Doug Jones as an investment manager at its Lancaster office. (Compiled by Tamara Mathias in Bengaluru) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/financial-moves-idUSL4N1L74C5'|'2017-08-21T17:51:00.000+03:00'
'a17852a2bbd5e4a42f4210aa0772dc6846a81559'|'UPDATE 1-Turkish discount retailer Sok plans 2018 IPO -sources'|'(Adds details and background)By Ebru Tuncay and Ceyda CaglayanISTANBUL, Aug 21 (Reuters) - Turkish discount retailer Sok is planning an initial public offering in 2018, two sources familiar with the matter told Reuters, the latest sign that Turkey''s once-moribund IPO market may be coming back to life.Sok, which has more than 4,700 stores and 21,000 employees, is one of Turkey''s biggest discount retailers, selling groceries, fresh produce and household items.It is 39 percent owned by Gozde Girisim, the investment arm of food giant Yildiz Holding, and half owned by a Netherlands-based investor consortium. A private equity fund run by Templeton Asset Management also holds 10 percent."If the markets are in a good condition, the Sok public offering is planned for 2018, and the work has begun," said one of the sources, declining to be identified because the information is not yet public.Other substantial public offerings are also expected in the future, the source said.An official for Yildiz declined to comment on the timing of the listing. "While a public offering is one of Sok''s future targets, a specific date has not yet been set," the official said.Yildiz also declined to comment on Sok''s financial performance, although analysts estimate that Sok achieved sales of 6 billion lira ($1.71 billion) in 2016 and is expected to reach 8 billion lira this year.It was not immediately clear how much of the company would be up for sale - or how large the listing would be. Gozde and its partners acquired Sok for $342 million in 2011 from rival retailer Migros.Turkey''s IPO market stalled after last year''s failed coup, hit by concerns about security and the weakening lira currency.However, there are signs it may be recovering. Jeans retailer Mavi Giyim raised $334 million in June, one of the highest profile listings in recent memory.Turkven, one of Turkey''s leading venture capital firms, said last week it was planning an IPO or block sale of its majority stake in the Medical Park hospital group. ($1 = 3.5038 liras) (Writing by Daren Butler; Editing by David Dolan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/turkey-sok-ipo-idINL8N1L72WK'|'2017-08-21T10:30:00.000+03:00'
'31c3f65ea3c5e09b7a21db9d826b81a0e109d2e8'|'Axis Capital raises bid for Lloyd''s of London insurer Novae, shares rise'|' 48 AM / 18 minutes ago Axis Capital raises bid for Lloyd''s of London insurer Novae, shares rise Reuters Staff 3 Min Read (Reuters) - Shares in Novae Group ( NVA.L ) rose about 2 percent on Friday after Axis Capital ( AXS.N ), a Bermuda-based speciality insurer and reinsurer, raised its takeover offer for the Lloyd''s of London insurer to about 477.6 million pounds. Last month, Novae Group had agreed to be taken over by Axis Capital for 467.6 million pounds in cash, representing a 700 pence per share offer with a hefty premium to the London-based insurer''s closing price from a day before the announcement. However, the two companies said in a joint statement that they had agreed on a raised 715 pence per share offer. "By offering Novae shareholders an improved cash offer, Axis aims to bring certainty to the transaction," Axis Capital said in the statement, which was made after London markets closed on Thursday. Novae''s shareholder Neptune had said in July that the offer undervalued the company, and a fair offer would be at least 5 or 6 percent higher than Axis Capital''s initial bid. Neptune said Axis Capital had bid after a "torrid" nine months for Novae, which has been hurt by lower than expected underwriting contributions and changes to Britain''s Ogden rule, a tool for calculating personal injury and accident claims. Novae''s board had unanimously recommended the sweetened offer to its shareholders, Axis Capital said on Thursday. "Although this move is likely to lead to speculation that a counter-bid may be possible, we remain of the view that this is unlikely," Eamonn Flanagan analyst at Shore Capital, said. The acquisition of Novae, which covers property, casualty, marine, aviation and political risk, would create a roughly $2 billion player in the London speciality market. Novae''s shares have risen 20 percent since Axis Capital''s first offer. Insurers have been preparing for a wave of mergers and acquisitions, as valuations in the Lloyd''s insurance market became more attractive to overseas buyers due to a fall in the value of the pound after Britain voted to leave the European Union. Lloyd''s companies such as Hiscox ( HSX.L ), Lancashire ( LRE.L ) and Beazley BEZG.L have long been seen as acquisition targets, and insurers Amlin, Brit and Catlin have all been snapped up by overseas insurers in recent years. Novae shares were trading at 710.4 pence at 0720 GMT.   Bengaluru; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-novae-group-m-a-axis-capital-idUKKCN1B50RT'|'2017-08-25T10:47:00.000+03:00'
'f568e0a9379e7bca35467e9408e14ef408793a5b'|'Oil markets volatile as industry prepares to be hit by Hurricane Harvey'|'August 25, 2017 / 1:01 AM / 2 hours ago Oil prices rise as U.S. petroleum industry braces for Hurricane Harvey Henning Gloystein 3 Min Read Pump jacks are seen at the Ashalchinskoye oil field owned by Russia''s oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. Sergei Karpukhin SINGAPORE (Reuters) - Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which has grown into what may become the biggest storm to hit the U.S. mainland in more than a decade. Harvey has rapidly intensified since Thursday, spinning into potentially the biggest hurricane to hit the U.S. mainland in 12 years, and expected to the coast of Texas between Houston and Corpus Christi. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.83 a barrel at 0703 GMT, up 40 cents, or 0.8 percent, from their last settlement. International Brent crude futures LCOc1 were at $52.53 per barrel, up 49 cents, or 0.9 percent, from their last close. Prices rose as production in the affected area shut down in preparation for the hurricane, and on expectations that closures could last if the storm causes extensive damage. "Damage and flooding to refineries and shale fields, disrupted production in the Gulf of Mexico and infrastructure damage are unlikely to be bearish for WTI," said Jeffrey Halley, senior market analyst at futures brokerage OANDA. Traders said U.S. imports could also be affected due to interrupted shipping. U.S. gasoline prices RBc1 have shot up by almost 10 percent since Wednesday to $1.73 per gallon, their highest level since April as refiners shut down in preparation to the storm. The Port of Corpus Christi, Texas, was closed to vessel traffic, a spokeswoman for the city''s Port Authority said on Thursday. Oil refineries in the city operated by Citgo Petroleum, Valero Energy Corp and Flint Hills Resources also began shutting down ahead of the storm. Beyond the storm''s potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production in order to prop up prices. OPEC, together with non-OPEC producers including Russia, has pledged to cut output by around 1.8 million barrels per day (bpd) this year and during the first quarter of 2018. However, not all producers have lived up to their pledges and supplies remain high, resulting in the ongoing low prices. A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided. Part of the reason for the crude glut has been rising U.S. production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015. C-OUT-T-EIA Because of soaring U.S. output, the discount of WTI crude to Brent on Friday rose to its widest in almost two years at 4.69 per barrel. CL-LCO1=R Deeply discounted WTI makes U.S. crude exports attractive, and Thomson Reuters Eikon data shows shipments to Asia and Europe hit a combined record of over 450,000 bpd during the first half of the year. Reporting by Henning Gloystein; Editing by Christian Schmollinger and Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B503E'|'2017-08-25T03:51:00.000+03:00'
'43c46f544ee8bad3f0b262737b66585927f4a777'|'Japan automaker Subaru to book $741.5 million special loss over Takata recall'|'August 25, 2017 / 4:06 AM / 6 hours ago Japan automaker Subaru to book $741.5 million special loss over Takata recall Reuters Staff 1 Min Read FILE PHOTO: A Subaru insignia is seen on a car In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo TOKYO (Reuters) - Subaru Corp on Friday said it would book a special loss of 81.3 billion yen ($741.45 million) in the first half as it expects increased expenses related to the global recall of airbag inflators made by Takata Corp after the air bag maker filed for bankruptcy in June. As a result, the Japanese automaker said it expected full-year net profit to come in at 228.5 billion yen (1.6 billion pounds), down from a previous forecast for 285 billion yen and lower than last year''s 282.35 billion yen. In May, Subaru said that as of March, it had accrued expenses of around 73.5 billion yen related to the recall of Takata inflators, but later said the bankruptcy filing by the auto parts maker would create uncertainty over whether it could claim compensation from Takata to recoup these costs. Reporting by Naomi Tajitsu '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-subaru-airbags-idUKKCN1B50BP'|'2017-08-25T07:05:00.000+03:00'
'5e4332c9226af32eaf758c7dc4069322f9a018c3'|'Drowning in debt, Connecticut faces budget crunch'|'HARTFORD, Aug 23 (Reuters) - Connecticut, home to hedge fund billionaires alongside cities mired in poverty, is racing against the clock to pass a budget or face further spending cuts to education and municipal aid across the state.Nearly two months without a budget, Connecticut is getting crushed by a burdensome debt load that has squeezed spending and amplified legislative discord.State lawmakers must agree on a biennial budget soon or else Governor Dannel Malloy''s executive order to slash state aid to municipalities and eliminate school funding for some districts will go into effect in October. The state faces a $3.5 billion deficit over the next two years.Among the wealthiest in the United States, Connecticut has been strained by already high taxes, outmigration, falling revenues and $50 billion of unfunded pension liabilities.Some $23 billion of outstanding municipal debt has also constrained spending. Bondholders must be paid ahead of most other expenses like non-essential services and payments to vendors.The $2.85 billion of principal and interest the state paid on its bonds in fiscal 2017 was the highest in six years, according to preliminary unaudited information from State Treasurer Denise Nappier''s office that has not yet been published."The state invested in the wrong things for a period of time. It allowed its higher educational institutions to suffer while it sought to placate communities with respect to other forms of local reimbursement," Malloy told Reuters during an interview in his office on Thursday."We built too many prisons, which we''re still paying off even while we''re closing them," he said. The Democrat took office in 2011 and is not seeking a third term.Further, the state''s budget crunch is threatening its cities including the state capital of Hartford, which is considering bankruptcy due, in part, to its dependence on state aid.Connecticut has borrowed for decades to fund school construction, whereas nearly all other states typically borrow at the local level for those projects.Lack of county governments means some other local costs are picked up by the state, including for all of its detention facilities.Connecticut has piled on debt to bolster its public pensions, selling $2.3 billion of bonds in April 2008.And again in December 2009, the state sold $916 million of economic recovery notes to close a budget deficit after depleting its rainy day fund during the Great Recession.By many measures, Connecticut''s debt levels are the worst of the 50 U.S. states.It has the most net tax-supported state debt per capita in the nation at $6,505, versus a median of $1,006, according to Moody''s Investors Service.It has the highest debt service costs as a portion of state revenues, as well as debt relative to gross domestic product, Moody''s said.Connecticut was downgraded by all three major Wall Street credit rating agencies in May.Both Republicans and Democrats in the state legislature have proposed solutions, including a hard cap on annual bond sales.Democratic legislators met with Millstein & Co., the same restructuring firm that advised Puerto Rico over its suffocating debt burden, according to The Connecticut Mirror newspaper.Nappier proposed a new tax-secured revenue bond program in lieu of general obligation debt, which she says will lower borrowing costs and boost reserves.But until lawmakers craft a budget, the state''s fiscal uncertainty is causing havoc among municipalities. Some are considering whether to delay the start of school or dip into reserves.And for Hartford, the longer the state goes without a budget, the closer the city comes to a possible bankruptcy filing, said Hartford Mayor Luke Bronin, a 38-year-old former U.S. Treasury official."The lack of a state budget... makes a liquidity challenge come that much faster," he said.Reporting by Hilary Russ in Hartford; Editing by Daniel Bases and Diane Craft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/connecticut-debt-idINL1N1KT1HB'|'2017-08-23T09:04:00.000+03:00'
'f22cd9be92395c19334846f44fedf1f832fa7fdb'|'U.S. business borrowing for equipment rises 12.9 percent in July - ELFA'|'Dollar banknotes are seen in this picture illustration taken June 13, 2017. Dado Ruvic/Illustration (Reuters) - U.S. companies'' borrowing to spend on capital investment rose 12.9 percent in July from a year earlier, the Equipment Leasing and Finance Association (ELFA) said.Companies signed up for $7.9 billion in new loans, leases and lines of credit last month, up from $7.0 billion a year earlier. However, their borrowing fell 19.4 percent from June."Business fundamentals appear solid, with low unemployment, continued low interest rates and an active equities market buoying the economy," ELFA President and CEO Ralph Petta said.Washington-based ELFA, a trade association that reports economic activity for the $1 trillion equipment finance sector, said credit approvals totalled 76 percent in July, relatively unchanged from 75.9 percent in June.ELFA''s leasing and finance index measures the volume of commercial equipment financed in the United States. It is designed to complement the U.S. Commerce Department''s durable goods orders report, which it typically precedes by a few days.ELFA''s index is based on a survey of 25 members that include Bank of America Corp ( BAC.N ), BB&T Corp ( BBT.N ), CIT Group Inc ( CIT.N ) and the financing affiliates or subsidiaries of Caterpillar Inc ( CAT.N ), Deere & Co ( DE.N ), Verizon Communications Inc ( VZ.N ), Siemens AG ( SIEGn.DE ), Canon Inc ( 7751.T ) and Volvo AB ( VOLVb.ST ).The Equipment Leasing & Finance Foundation, ELFA''s non-profit affiliate, said its confidence index was 64.4 for August, up from 63.5 in the last two months.A reading of above 50 indicates a positive outlook.Reporting by Pranav Kiran in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-economy-idINKCN1B32CQ'|'2017-08-23T17:38:00.000+03:00'
'6b05749d1f8f3937721e9ee63652a7e4dd47164c'|'Big firms in India face new competition'|'IF YOU run a big firm in India you must straddle different worlds. The country’s leading bosses can wax lyrical about artificial intelligence and debate returns on capital with foreign fund managers. But they have also mastered India’s poor infrastructure and huge informal economy. Shiny campuses sit beside open sewers. Millions of customers can be reached only by dirt tracks. Suppliers and distributors often operate in the shadows. In a typical month an Indian boss might have wheatgrass shots in Silicon Valley, slug bootlegged single malt with a local politician and sip masala chai from clay cups with villagers.India’s gross domestic product (GDP) is the world’s seventh-largest and its stockmarket the ninth-biggest, but the country is like no other major economy. The informal sector accounts for about 50% of output, 80-90% of jobs and at least 90% of firms. Red tape and bad roads mean the country comes 130th in the World Bank’s ease-of-doing-business rankings. However, firms that overcome these challenges are exceptionally profitable. Since 2001 the return on equity (ROE) of listed Indian firms has averaged 19%, eight percentage points above the figure for companies in rich markets and five percentage points above those in emerging ones.India is a terrible and brilliant place to do business. Just as investors talk about a “Korea discount”, to describe chaebols ’ lousy profits, so there is an “India premium”. The leading private lender, HDFC Bank, has an 18% ROE, ranking tenth among the top 100 global lenders. Hindustan Unilever, a consumer-goods firm, has a 77% ROE, over twice that of its parent, Unilever. Even in basic industries, such as cement, returns have been relatively high.This record reflects good management: most firms know how to allocate capital well, unlike their profligate Chinese peers. But India’s informality and bad infrastructure also create obstacles for new entrants. Inputs such as capital, land and energy can be nightmarishly hard to secure. It takes 10-20 years to build dense national supply chains and distribution networks. For example, Maruti-Suzuki, the biggest car firm (with a 22% ROE), has over three times more dealerships than its nearest competitor.Now, a quarter of a century after India first liberalised, the pace of formalisation is picking up. A breakthrough came in 2012, when the courts began to crack down on crony capitalists, especially firms that used graft to get access to natural resources and land. Now a new stage is in full swing, says Sanjeev Prasad of Kotak, a bank (14% ROE). A new value-added tax, known as the GST, requires firms to reconcile their tax returns with those of their suppliers and customers, forcing millions of companies into the tax net. The GST is complex but replaces a patchwork of local taxes, helping to create a single national market. A government decision to retire old bank notes at the end of 2016 has made it riskier to hoard illicit cash. E-commerce accounts for only 3% of retail sales but provides a new way to distribute products. New digital identities for all Indians mean that more can open bank accounts.Measuring the share of economic activity that is informal is tricky. Still, the signs are encouraging. In the past year there has been a 13% increase in formal savings such as bank deposits, life-insurance policies and mutual funds. Cash in circulation has fallen from 12% of GDP to 10%. The value of digital payments have risen by over 40% and the number of taxpayers has almost doubled.Make no mistake: parts of India are in a time warp. The north and east of the country lag behind. Courts have a backlog of 30m cases. Nonetheless, formalisation is happening. Firms of all sizes are responding to the GST: one fund manager recalls meeting a huge poultry business hidden away in Chhattisgarh, a remote state, which is planning to come into the tax net.For tens of millions of informal firms—shoe factories, plywood manufacturers, drinks wholesalers supplying roadside stalls—tough times are ahead. If they stay in the shadows they will be cut out of formal firms’ supply chains. If they enter the formal economy, their tax costs will climb. Some will fail, causing unemployment to rise. Others will consolidate. For example, the fragmented haulage industry could merge into a few big firms that take advantage of a single national market. They may also take out more formal loans to lease trucks.For big companies, formalisation could boost profits in the short term. They may take business from smaller firms: at least 40% of India’s tea, 85% of its jewellery and 70% of its dairy products are sold in the grey economy. Tata Steel, a metals producer, has said it expects to gain market share from informal smelters.However the risk is that the “India premium” eventually crumbles along with long-standing barriers to entry. The assault on crony capitalism, along with lower commodity prices, has already reduced the ROE of listed Indian firms from 26% in 2006 to 13% (this is still well above the 11% global average). At least half of this fall is due to a slump at firms with reputations for graft, which often operate in the basic-materials, infrastructure, property and energy sectors—and the state-owned banks that financed them.An uncomfortable seat in the premium economyIn most consumer-facing industries, returns remain high. But in the long run big Indian firms may be hurt by better-functioning markets for capital, land and natural resources, as well as more efficient supply and distribution chains. The advantages that they have assembled over years could be eroded. To maintain high profits, they may have to spend more on innovation.Investors don’t seem to be thinking about this much. India’s stockmarket is valued at three times book value. That makes it the dearest big market in the world and implies, roughly, that long-term ROEs will be 17-20%. India’s consumer-facing firms trade on higher multiples of their profits than Facebook or Alibaba, and its best banks are not far behind. Formalisation is a giant step forward for India’s economy, but investors could be in for a shock. "Making money in India"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727065-it-gets-easier-do-business-it-will-get-harder-earn-huge-profits-big-firms-india?fsrc=rss%7Cbus'|'2017-08-24T22:45:00.000+03:00'
'e8e275ef06b7290fef0435e62569195103903066'|'HP Inc posts fourth straight rise in quarterly revenue'|'August 23, 2017 / 8:18 PM / 20 minutes ago HP Inc posts fourth straight rise in quarterly revenue Reuters Staff 1 Min Read The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. Jim Young/File Photo (Reuters) - HP Inc, which houses the hardware business of former Hewlett-Packard Co, reported a fourth straight rise in quarterly revenue, helped by higher demand for its personal computers. The company said revenue rose 10 percent to $13.1 billion in the third quarter ended July 31, from $11.89 billion a year earlier. However, net earnings from continuing operations fell to $696 million, or 41 cents per share, in the quarter, from $843 million, or 49 cents per share, a year earlier. Reporting by Anirban Paul in Bengaluru; Editing by Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-hpinc-results-idUKKCN1B32FK'|'2017-08-23T23:15:00.000+03:00'
'93aa12100c4df55a0170bbc0c6a5c1766994170e'|'PRESS DIGEST- Financial Times - Aug 23'|'Aug 23 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines- Britain softens Brexit stance on EU court on.ft.com/2g3mq50- UK public finances enjoy July surplus for first time in 15 years on.ft.com/2g2uQtE- Donald Trump sanctions Russian and Chinese companies over North Korea on.ft.com/2iplSam- EU launches in-depth probe into Bayer-Monsanto deal on.ft.com/2inBRpDOverviewBritain will outline its plans on Wednesday to escape the "direct jurisdiction" of the European Court of Justice after Brexit.Britain posted a budget surplus in July for the first time in 15 years, according to data from the Office for National Statistics on Tuesday.The United States imposed new North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang''s weapons programs.The European Commission has started an in-depth investigation of Bayer AG''s planned $66 billion takeover of U.S. seeds group Monsanto Co, saying it was worried about competition in various pesticide and seeds markets. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft-idUSL4N1L85JJ'|'2017-08-23T02:30:00.000+03:00'
'4d5b899f5c7914fccdd602fdb8ebdb57b2e7ff8e'|'CEE MARKETS-Forint eases, central bank seen pushing for weakening'|'August 22, 2017 / 9:58 AM / a minute ago CEE MARKETS-Forint eases, central bank seen pushing for weakening Reuters Staff 7 Min Read * Forint eases, but stays near strongest level since May 2015 * Hungarian central bank seen keeping interest rates on hold * CEE bonds rangebound, equities mostly rise By Sandor Peto BUDAPEST, Aug 22 (Reuters) - The forint touched its weakest levels this week against the euro on Tuesday before a central bank rate meeting which some market players expect to call for a weaker currency. While most Central European currencies remained rangebound, the forint eased 0.2 percent versus the single currency, to trade at 303.85 at 0837 GMT, still near its strongest levels since May 2015. "It is still firmer than the central bank probably wants to see it," one Budapest-based dealer said. The dealer said he would be looking for some hints in the bank''s regular statement after the meeting about the forint, which has been supported by sound macroeconomic fundamentals. Another dealer did not rule out some kind of comments to talk down the currency. But he said only further interest rate cuts could weaken the forint. The bank has pledged to keep the benchmark base rate unchanged at 0.9 percent for a sustained period. June Hungarian gross wages figures released on Tuesday showed an annual rise of 14.4 percent, maintaining the fastest pace since 2005 and one of the fastest growth rates in Central Europe. The Hungarian wage surge is still unlikely to lift annual average inflation above the central bank''s 3-percent target before 2019, a Reuters poll of analysts showed last week. Germany''s 10-year Bund yield was marginally higher on Tuesday, though near one-week lows. Hungarian bonds were slightly firmer, with the yield of the 10-year bond dropping 1 basis point to 3.05 percent. The corresponding Polish yield rose marginally from four-week lows to 3.3 percent. Hungary sold 3-month Treasury bills at an average yield of zero on Tuesday for the first time ever. Central European stock indices mostly tracked a rise of Western European shares, led by 0.5 percent rise in Budapest . Bucharest''s main stock index hovered in the past two weeks'' narrow ranges. The bourse shrugged off a threat from Prime Minister Mihai Tudose, reported by the daily Ziarul Financiar, that unless banks became fair and reported profits, the government would feel bound to make a list of banks where Romanians'' deposits were at risk. The remarks reflected a desire to generate more taxes from banks, like Hungary and Poland. But tax policies have been changeable in Romania, and the country''s banking system has been solid. The comments did not immediately affect the shares of Banca Transilvania, though the stocks eased 0.4 percent in late morning trade. CEE MARKETS SNAPSH AT 1037 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.111 26.084 -0.10% 3.43% 0 5 Hungary 303.85 303.31 -0.18% 1.64% forint 00 50 Polish zloty 4.2760 4.2750 -0.02% 2.99% Romanian leu 4.5870 4.5871 +0.00 -1.13% % Croatian 7.4010 7.4035 +0.03 2.08% kuna % Serbian 119.34 119.38 +0.03 3.36% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1034.6 1032.0 +0.25 +12.2 0 4 % 6% Budapest 37299. 37097. +0.54 +16.5 48 85 % 5% Warsaw 2378.2 2377.2 +0.04 +22.0 4 8 % 9% Bucharest 8308.1 8317.9 -0.12% +17.2 8 5 6% Ljubljana 811.06 809.00 +0.25 +13.0 % 3% Zagreb 1901.9 1898.4 +0.18 -4.66% 1 0 % Belgrade 721.68 723.00 -0.18% +0.60 % Sofia 719.06 720.71 -0.23% +22.6 2% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.026 -0.026 +068b -3bps ps 5-year 0.063 -0.014 +034b -2bps ps 10-year 0.915 0.032 +050b +2bps ps Poland 2-year 1.772 -0.004 +248b -1bps ps 5-year 2.633 0.003 +291b +0bps ps 10-year 3.311 0.004 +290b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.7 0.8 0 IBOR=> Hungary <BU 0.22 0.285 0.35 0.15 BOR=> Poland <WI 1.765 1.791 1.834 1.73 BOR=> Note: FRA are for ask quotes prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/easteurope-markets-idUSL8N1L81QU'|'2017-08-22T12:56:00.000+03:00'
'8870276422b7cdba5b22b793a7f0972a835ca715'|'Wood Group half-year profit falls 86.7 percent on exceptional costs'|'August 22, 2017 / 6:31 AM / 6 minutes ago Wood Group half-year profit falls 86.7 percent on exceptional costs Reuters Staff 2 Min Read (Reuters) - Oilfield services company John Wood Group Plc reported an 86.7 percent fall in half-year profit, due to an exceptional charge and as weak oil prices hurt demand for its services. Wood Group, like its rivals, has seen muted demand for its services after oil producers cut their budgets in a weak crude price environment. Though globally-traded Brent crude rose about 28 percent, it still hovers around $50 a barrel, well below the peak of $115.06 touched in mid-2014. The company, which is taking over smaller rival Amec Foster Wheeler Plc, avoided an in-depth investigation by UK''s market regulator earlier this month by proposing a sale of Amec''s North Sea operations. The company, founded in 1912 as a ship repair and marine engineering firm, said should the remedy proposed by the Competition and Markets Authority be accepted and implemented, pretax synergies of about 25 million pounds would not be achieved. Profit fell to 6 million pounds for the year ended June 30 from 45 million pounds last year, impacted by exceptional costs of $47.6 million, including a $25.2 million charge related to the Amec Foster deal. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-johnwood-results-idUKKCN1B20H9'|'2017-08-22T09:31:00.000+03:00'
'45a4dc789a5e24dd361f250e8df815cb705754d4'|'ECB policy may temporarily ease Europe''s inequality'|'August 22, 2017 / 12:59 PM / 4 hours ago ECB policy may temporarily ease Europe''s inequality Reuters Staff 1 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank''s ultra-easy monetary policy may actually reduce income inequality in Europe, ECB Vice President Vitor Constancio said on Tuesday, rejecting the argument that asset buys disproportionately benefit the wealthy. Constancio said the ECB''s stimulus measures lower unemployment and thus increase disposable income for Europe''s poorest, compressing inequality, at least in the short term. "This result confirms that, from the distributional perspective, the main impact of expansionary monetary policies is on the reduction of unemployment with positive effects on the reduction of inequality," Constancio said in Lisbon. "(Monetary policy) measures can improve their welfare and contribute toward reducing income disparities, at least in the short-term." But he added that such steps are likely to be temporary with the "hollowing out of the middle class" and the increasing polarisation of incomes likely continuing over the longer term. Reporting by Balazs Koranyi; Editing by Robin Pomeroy 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/ecb-policy-constancio-idINKCN1B21FW'|'2017-08-22T15:58:00.000+03:00'
'e021e41c8cf9cab7749ed501f79a6fd2931d1769'|'FDA clears Novo Nordisk''s diabetes drug to treat heart diseases'|'Novo Nordisk logo is seen in Bagsvaerd outside of Copenhagen, Denmark February 1, 2017. Scanpix Denmark/Liselotte Sabroe via REUTERS (Reuters) - Novo Nordisk said on Friday the U.S. Food and Drug Administration (FDA) approved an expanded use of its diabetes drug to reduce the risk of cardiovascular events such as heart attack and stroke.This is the first time the FDA has cleared a diabetes drug for reducing heart-related risks in patients with type 2 diabetes, the company said in a statement.The drug, Victoza, which was approved in 2010 to treat patients with type 2 diabetes, brought in 11.5 billion Danish crown ($1.84 billion) in the first six months of 2017.Type 2 diabetes, closely linked to obesity, accounts for more than 90 percent of all diabetes cases, the company said.Victoza''s expanded label follows a successful trial that showed the drug significantly reduced the risk of cardiovascular death, non-fatal heart attack or non-fatal stroke by 13 percent when compared to a placebo.Heart disease is the leading cause of death in the United States, killing about 610,000 people every year, according to the Centers for Disease Control and Prevention.Adults with type 2 diabetes are up to four times more likely to develop cardiovascular disease, the company said.U.S.-listed shares of Novo Nordisk were up 1.2 percent at $46.15 in afternoon trading on the New York Stock Exchange.Reporting by Tamara Mathias in Bengaluru; Editing by Anil D''Silva '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-novo-nordisk-fda-idUSKCN1B5280'|'2017-08-25T20:42:00.000+03:00'
'fafb275cca822749d5c1a1f7cca13144bfc17ea3'|'GM says small number of Chevy Bolts face battery issue'|'August 25, 2017 / 3:40 PM / 5 hours ago GM says small number of Chevy Bolts face battery issue Reuters Staff 1 Min Read FILE PHOTO: A 2018 Chevrolet Bolt EV is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. Rebecca Cook/File Photo (Reuters) - General Motors Co said on Friday it had informed a small number of owners of its Chevrolet Bolt electric cars about a battery problem that could cause a loss of propulsion. Some early Bolt models may incorrectly report remaining range at low states of charge due to lower battery voltage, resulting in the car halting abruptly. The company said under 1 percent of the more than 10,000 Bolts sold to date were facing the problem. GM said it would arrange for service of the affected cars. The Bolt is the first electric car in the U.S. market to offer more than 200 miles of driving range per charge at a starting price of around $35,000. Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-gm-bolt-battery-idUSKCN1B51YG'|'2017-08-25T18:39:00.000+03:00'
'70863e3589b71130274e47ada4e51a14a980dcfc'|'Air Berlin creditors meet as bidders jockey for position'|'August 23, 2017 / 8:50 AM / an hour ago Lufthansa eyes Air Berlin''s Niki as bidders jostle for position Ilona Wissenbach and Victoria Bryan 3 Min Read German carrier Air Berlin aircrafts are pictured at Tegel airport in Berlin, Germany, June 14, 2017. Hannibal Hanschke/File Photo FRANKFURT/BERLIN (Reuters) - Lufthansa ( LHAG.DE ) has submitted a letter of interest in Air Berlin''s Niki unit and other parts of the insolvent carrier, a source familiar with the talks said on Wednesday. Air Berlin, which is being kept in the air thanks to a 150 million euro ($177 million) government loan, has been in talks with interested parties since last week, when it filed for insolvency after major shareholder, Gulf carrier Etihad, said it would no longer provide funding. Part of Air Berlin''s appeal to bidders lies in its access to take-off and landing slots at airports such as Duesseldorf, in Germany''s most populous region. As part of a restructuring earlier this year, Air Berlin transferred leisure routes to tourist destinations in Spain and Greece to its Austria-based unit Niki, founded by former F1 driver Niki Lauda. Analysts at Goodbody said buying Niki would strengthen Lufthansa''s position against Ryanair ( RYA.I ) on such routes. For 2017, Lufthansa Group, including budget unit Eurowings, has a market share of about 22.4 percent on Germany-Spain routes, against 16.4 percent for Ryanair. Lufthansa is unlikely to be able to buy all of Air Berlin for competition reasons. Together the two would control around 95 percent of German domestic routes, for example. Ryanair CEO Michael O''Leary told Reuters on Tuesday he would be interested in a bid for Air Berlin as a whole, but complained Ryanair hadn''t been invited to the process, which he sees as heavily favouring Lufthansa. German aviation investor Hans Rudolf Woehrl, who wants to buy Air Berlin as a whole, has also criticised the process, saying he was not invited to bid. Another source familiar with the matter said Thomas Cook''s German airline Condor is also part of the negotiations. It was not immediately clear which assets Condor was interested in. EasyJet ( EZJ.L ) is also said to be weighing up Air Berlin''s assets. TUI ( TUIT.L ) said it was involved but only in those talks that relate to 14 planes that its TUIfly unit rents to Air Berlin. TUI has been seeking options for TUIfly since plans to put it into a leisure-oriented venture with Niki and Etihad collapsed in June. Thomas Cook ( TCG.L ), Lufthansa and easyJet declined to comment. Any sale will be decided by a creditor committee, which met for the first time on Wednesday and includes representatives from Air Berlin, the federal labour office which is paying staff wages, Commerzbank, and Eurowings. Reporting by Victoria Bryan, Ilona Wissenbach, Alexander Huebner and Klaus Lauer; Editing by Edmund Blair and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-idUKKCN1B30TC'|'2017-08-23T11:48:00.000+03:00'
'4403a715852203c4a81fa65b4d0bfe6d0e9bcf89'|'Brazil appeals court upholds Odebrecht unit''s asset freeze'|'SAO PAULO (Reuters) - A Brazilian appeals court upheld a prior ruling that froze assets held by Construtora Odebrecht SA, a unit of the Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] that has been ensnared in a massive corruption probe, dubbed "Operation Car Wash."A group of judges at the Regional Federal Tribunal of the 4th Region said in a statement on Tuesday that the freeze was due to the existence of "voids" in a leniency accord that Construtora Odebercht signed with Brazilian prosecutors at the end of last year.Odebrecht declined to comment.The freeze had been overruled once the leniency accord was signed late last year, but the federal government''s Attorney General''s Office sought in May to reverse the decision. According to the statement, while the validity of the leniency accord is under no risk, "terms of it might have to be revisited."The situation underscores the legal uncertainty surrounding plea deal and leniency agreements between large companies and government bodies.Odebrecht agreed to pay 3.9 billion reais (US$1.2 billion) in fines after admitting to paying bribes for state contracts.Reporting by Guillermo Parra-BernalOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-brazil-corruption-odebrecht-idUSKCN1B22IK'|'2017-08-23T01:10:00.000+03:00'
'a786ae06a64e35176f0034332693685c021af790'|'UPDATE 1-UK Stocks-Factors to watch on Aug 23'|'(Adds company news items and futures)Aug 23 (Reuters) - Britain''s FTSE 100 index is seen opening down 7 points on Wednesday, according to financial bookmakers, with futures down 0.2 percent ahead of the cash market open.* WPP: WPP, the world''s largest advertising group, cut its full-year net sales outlook on Wednesday after it missed first-half targets due to a drop in demand from consumer goods clients and weak trading in the United States.* VEDANTA RESOURCES: Diversified miner Vedanta Resources said its quarterly core earnings jumped about 48 percent as zinc production at its Indian unit nearly doubled.* ENQUEST: North Sea-focused oil producer EnQuest cut its full-year production forecast on Wednesday as prolonged commissioning of its Kraken production storage unit led to lower-than-expected efficiencies.* HANSTEEN: Property group Hansteen Holdings plans to return 580 million pounds ($744 million) to shareholders by the end of this year, as it looks to hand back the proceeds of the sale of its German and Dutch industrial property portfolios.* BHP: Global miner BHP Billiton on Wednesday unveiled a board shakeup that will see controversial director Grant King step down six months after joining the company amid concerns among investors over oil investments.* VODAFONE: Vodafone is in talks with BT''s network subsidiary Openreach about a joint investment in ultrafast UK broadband, The Telegraph reported on Tuesday.( bit.ly/2g3KZyL )* GVC HOLDINGS: British online gambling company GVC Holdings recently held talks about a takeover of bookmaker Ladbrokes Coral but discussions ended without a deal, two sources familiar with the matter said.* OIL: Oil prices fell on Wednesday, weighed down by concerns of oversupply as Libyan output improves and as U.S. gasoline inventories rose despite the peak summer driving season.* The UK blue chip FTSE 100 index closed 0.9 percent up at 7,381.74 points on Tuesday, underpinned by mining shares and gains in almost all stocks.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L92MD'|'2017-08-23T09:42:00.000+03:00'
'e8923e5191d9fe41356e1bf3a7b30ee6e9acd8a0'|'Secoo Holding Ltd files for U.S. IPO of upto $100 mln'|'Aug 25 (Reuters) -* Secoo Holding Limited files for U.S. IPO of upto $100 million - SEC filing* Secoo Holding Limited says have applied to list adss on the nasdaq global market under the symbol "SECO"* Secoo Holding Limited says Jefferies are acting as underwriters for the IPO Source text: ( bit.ly/2vdBVhK ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-secoo-holding-ltd-files-for-us-ipo-idINFWN1LB0QO'|'2017-08-25T18:57:00.000+03:00'
'8a8f4685efc0c05224dec0e1ea5c0f0b68fb3f25'|'Persimmon''s $1 Billion Pay Party'|'Persimmon Plc caters to the lower end of the U.K. housing market -- its average selling price is a very reasonable 213,000 pounds ($273,000). The rewards the homebuilder is doling out to management and shareholders are rather more lavish.Under a long-term incentive plan agreed in 2012, about 150 senior executives stand to receive shares equivalent to up to 10 per cent of the company’s issued share capital. The stock has more than trebled since the plan was opened, meaning those options are now worth just less than 780 million pounds. 1 A good chunk of them can be exercised from the end of this year.Because the management is on track to meet the LTIP’s target for returning cash to shareholders, CEO Jeff Fairburn is sitting particularly pretty: his awards alone are currently worth about 105 million pounds.Given the sensitivity that surrounds executive pay in the U.K., as well as the concern about the country’s dysfunctional housing market, it’s remarkable how little fuss the out-sized awards have caused.Persimmon’s chairman reiterated on Tuesday that he has no intention of retroactively amending the remuneration policies. Little wonder: the vast majority of the developer&apos;s investors voted to approve the company’s pay policy at its recent annual meeting.Doubtless investors remain pretty relaxed because they too are profiting handsomely. Persimmon has returned more than 1.5 billion pounds to shareholders since the start of the LTIP, and its first-half results suggest there’s scope to increase pay-outs still further.The London housing market might be slowing, but Persimmon focuses on the rest of the country, and its order book remains buoyant. The operating margin widened by almost 4 percentage points to 27.6 percent in the six months to June 30, which help lift its net cash position to more than 1.1 billion pounds.There&apos;s no question Fairburn is doing a decent job -- the company has a knack for acquiring land on the cheap and for keep build costs down, which boosts return on capital employed (this metric rose to a remarkable 47 percent in the latest six-month period.) 2 With management and investor interests closely aligned, what’s not to like?My discomfort stems from the fact that Persimmon has also enjoyed a massive stroke of luck. The government’s Help to Buy shared equity policy, launched in 2013, has spurred a big jump in new home sales, as intended. Today about half of the developer&apos;s customers make use of it.There’s no question Help to Buy has helped the homebuilder expand sales, and it may also be inflating its margins. Thanks to the government’s help, buyers are able to afford larger homes and Persimmon isn’t under as much pressure to offer sales incentives to buyers . 3Persimmon&apos;s Christmases have all come at once, and there&apos;s nothing to suggest the company’s good fortune won’t continue for a while yet -- the Help to Buy policy has cross-party support and won’t expire until at least 2021.If the New Year celebrations in Persimmon&apos;s hometown of York seem particularly raucous this year, you&apos;ll know why.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Some employees have a higher strike price, so the amount will be slightly lower.That&apos;s according to the company&apos;s definition of ROCE, which differs from Bloomberg&apos;s.Persimmon insists there’s no difference between selling prices for those using the plan and those who don’t.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-22/persimmon-s-1-billion-pay-party'|'2017-08-22T16:15:00.000+03:00'
'69b400eaa72f138840b153ac16f2d6d6b32751fa'|'METALS-Metals slip from peaks, but iron ore rally supports'|'MELBOURNE, Aug 22 (Reuters) - London copper edged down on Tuesday from three-year highs touched the session before, but the resumption of a rally in iron ore prices offered support to the sector. FUNDAMENTALS * LONDON COPPER: London Metal Exchange copper had slipped 0.3 percent to $6,567 a tonne by 0153 GMT. That followed 1.5-percent gains the previous session, when prices hit their highest since November 2014 at $6,623 a tonne. * SHANGHAI COPPER: Shanghai Futures Exchange copper was holding 0.6-percent gains at 51,500 yuan ($7,737), having struck its strongest since March 2013 at 52,130 yuan a tonne overnight. * OTHER METALS: ShFE nickel trimmed early gains to hold up 1.7 percent, while zinc and lead sagged by 0.8 and 2.5 percent respectively. * CHINA STEEL: China''s steel sector offered some support, with rebar flat and Dalian iron ore up 3 pct. * PRICE OUTLOOK: "Maybe we have seen the high of this year, prices could consolidate a bit towards Q4," said one trader in Singapore. "I think medium term is still bullish on commodities (but) I am not too bullish for the short term. (Still), not a good time to short, even though looks high now." * CHINA DEBT: Rising corporate profits are providing Chinese policymakers with room to do more to tackle the country’s growing debt problems without inflicting major damage on the economy. * BHP: Global mining giant BHP Billiton posted a surge in annual underlying profit to $6.7 billion on Tuesday, but missed forecasts, and said it was putting its U.S. shale assets up for sale. * GERMANY ECONOMY: The German economy could grow faster this year than earlier expected on the back of exceptionally strong industrial production, exports and consumption, the Bundesbank said in a monthly report on Monday. * SHANGHAI FEES: The ShFE said on Monday it would adjust transaction fees for zinc futures for delivery in October and November and would limit the volumes non-members could trade each day from Aug. 23. * CHILE: The Chilean government rejected on Monday a controversial $2.5-billion copper and iron project proposed by privately-held Andes Iron, though the company vowed to appeal. * MINMETALS: China Minmetals Corp (CHMIN.UL) plans to invest 10 billion yuan ($1.50 billion) to upgrade its copper, lead and zinc smelting facilities Hunan province, a spokesman confirmed on Monday, after a recent rebuke from the Ministry of Environmental Protection (MEP). * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares edged higher on Tuesday, taking solace from modest gains on Wall Street even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week. DATA/EVENTS 0830 U.K. Public finances Jul 0900 Germany Economic sentiment index (ZEW) Aug 1300 U.S. Home prices (FHFA) Jun 1400 U.S. Richmond Fed manufacturing index Aug PRICES BASE METALS PRICES 0142 GMT Three month LME copper 6568 Most active ShFE copper 51530 Three month LME aluminium 2070 Most active ShFE aluminium 16310 Three month LME zinc 3110.5 Most active ShFE zinc 26095 Three month LME lead 2329.5 Most active ShFE lead 19155 Three month LME nickel 11295 Most active ShFE nickel 91510 Three month LME tin 20430 Most active ShFE tin 144360 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 542.59 LME/SHFE ALUMINIUM LMESHFALc3 315.17 LME/SHFE ZINC LMESHFZNc3 1304.28 LME/SHFE LEAD LMESHFPBc3 340.99 LME/SHFE NICKEL LMESHFNIc3 1795.98 ($1 = 6.6563 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1L819E'|'2017-08-22T00:18:00.000+03:00'
'ae057d1a604daee1c80fc236781155e2ebf83167'|'Bank of Japan price goal a tall order, but Japan Inc not interested in more easing'|'August 21, 2017 / 11:44 PM / 7 hours ago Bank of Japan price goal a tall order, but Japan Inc not interested in more easing Tetsushi Kajimoto 5 Min Read FILE PHOTO - A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan June 16, 2017. Toru Hanai/File Photo TOKYO (Reuters) - A vast majority of Japanese firms do not want any further radical monetary easing, even though they believe the central bank''s inflation goal will either take more than three years to achieve or is an impossible target, a Reuters poll showed. Deflation - where consumers believe declining prices are here to stay, restraining their spending - has hobbled Japan''s economy for nearly two decades, bedevilling policymakers despite drastic measures aimed at engineering a sustainable recovery. The results of the Reuters Corporate Survey underscore the view that authorities may not have the means to bring about an escape to deflation, with respondents noting it has become too entrenched and that the mindset of a rapidly ageing but mostly middle-class population worried about pensions hinders any exit. "Given that Japanese people are generally satisfied with the material goods they have, we have no choice but cut prices to sell more goods," a manager at an electrical machinery maker wrote in the survey. "This trend needs to wane in order to beat deflation, but it''s impossible as long as people are satisfied materially." Despite the introduction of negative interest rates and a new approach that seeks to control the yields of government bonds, the central bank just last month delayed for a sixth time its target for reaching 2 percent inflation - this time not until the fiscal year ending March 2020. Even so, two-thirds of respondents in the August 1-16 survey saw the inflation goal as unrealistic, with 37 percent saying the target would take more than three years to achieve and 31 percent saying it was not feasible at all. Compared to October when the same question was asked in the monthly survey, the number of firms believing it was impossible saw a 5 percentage point uptick although the number saying it was achievable within three years also saw a 5 percentage point rise. Pessimism about the inflation goal notwithstanding, only 14 percent of firms want the Bank of Japan to go further with monetary easing. FILE PHOTO - Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan July 20, 2017. Issei Kato/File Photo Forty-six percent want it to stand pat with current policy while 40 percent said they would prefer that the central bank sought some sort of exit from its ultra-easy stance. "Under the current circumstances where effective demand is declining, pursuing an ultra-easy monetary policy including negative interest rates hardly produces positive effects. Instead it causes side effects to materialise," wrote a manager at another electrical machinery maker. Potential side effects could include the encouragement of speculative moves in financial markets that cause bubbles. Firms were split when asked about their overall satisfaction with the central bank''s policies to date, with 52 percent of saying they were satisfied and remainder saying they were unhappy. On the 2 percent inflation goal itself, 53 percent said it should be maintained, while 20 percent believed it should be lowered and 24 percent said it should be ditched altogether. Further highlighting the struggle with deflation, the survey showed three-quarters of firms had no plans to lift prices of their main goods and services this financial year. That comes despite two-thirds saying their labour costs rose in the past year. Of those, 60 percent said labour costs had risen 1-5 percent, while 5 percent said they had climbed 6-10 percent. When asked about how they planned to cope with higher labour costs, the most popular option - picked by 42 percent of firms - was "doing nothing in particular" - a choice that could squeeze profits. Thirty percent said they planned to invest in labour-saving technologies, and 27 percent said they would review their corporate structure and employee training. Only 15 percent opted for price hikes of their goods and services. Respondents were allowed multiple responses to the question. The survey, conducted for Reuters by Nikkei Research, polled 548 big and mid-sized firms that reply on condition of anonymity. Some 244-250 companies answered questions about BOJ policy. Reporting by Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Malcolm Foster and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-companies-boj-idUKKCN1B12KB'|'2017-08-22T02:44:00.000+03:00'
'f3be9b09f932e13141478ec334b9715da5f4786c'|'Qatar deposits $6.9 billion in banks in July to offset crisis outflows'|'A view shows the Qatar Petroleum headquarters (L), which is under construction, in Doha April 8, 2013. Fadi Al-Assaad DUBAI (Reuters) - Qatar''s government deposited nearly $7 billion in the local banking system during July to offset a pull-out of funds by banks from other Arab states due to the region''s diplomatic crisis, Qatari central bank data showed on Tuesday.Foreign customers'' deposits at banks in Qatar - the vast majority in the form of foreign-currency deposits - shrank to 157.2 billion riyals ($43.2 billion) last month from 170.6 billion riyals in June. The rate of decline was roughly the same as in June, when the crisis began.But total deposits at banks in Qatar rose during July, to 772.5 billion riyals from 770.7 billion riyals, because of a $6.9 billion jump in the Qatari public sector''s foreign currency deposits, the data showed. That followed a $10.9 billion injection by the government in June.Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism, which Doha denies.Banks and other institutions from the four countries quickly began pulling deposits from Qatar - a threat to the stability of the banking system, which has relied heavily on foreign money to fuel its rapid growth in the last few years.Doha responded by having its sovereign wealth fund, the Qatar Investment Authority (QIA), deposit fresh funds in its banks - a strategy which seems to be working as interbank money rates, which jumped half a percentage point in the initial weeks of the crisis, have now stabilised.Fund outflows could continue into next year as Arab banks pull out maturing time deposits, bankers believe. Fifty-five percent of cross-border deposits in Qatar''s banks last year were from other nations in the Gulf Cooperation Council.This implies around 50 billion riyals of remaining Saudi, UAE and Bahraini deposits may flow out in coming months, in addition to a smaller amount of cross-border loans; Qatari banks have been borrowing more from Europe than from the GCC.Qatar looks likely to be able to cope with such outflows. The QIA''s liquid assets are estimated at around $180 billion or more, and its banks can replace some of the lost money with deposits or loans from Asia - a big consumer of Qatar''s natural gas exports - and Turkey, a diplomatic ally.Nevertheless, the crisis appears to be causing Qatari banks to rein in their business abroad. Their claims on banks outside the country shrank to 83.9 billion riyals in July from 93.8 billion riyals in June and 102.2 billion riyals in May.A unit of Qatar''s Doha Bank is seeking to sell some of its assets in the UAE, banking sources told Reuters in early August, a sign that Qatari lenders are reducing exposure to the Gulf''s main financial centre because of the political uncertainty.So far, however, Qatari banks do not appear to be cutting their domestic business. Total domestic credit facilities extended by the banks rose to 795.8 billion riyals last month from 779.7 billion riyals.Reporting by Andrew Torchia, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/gulf-qatar-deposits-idINKCN1B21G7'|'2017-08-22T16:05:00.000+03:00'
'75473a80016122f63a5af56b38e97a655d6a4e72'|'Fire breaks out at Exxon''s refinery in Rotterdam, Netherlands'|'  15 minutes ago Fire breaks out at Exxon''s refinery in Rotterdam, Netherlands Reuters Staff 2 Min Read (Reuters) - Exxon Mobil Corp ( XOM.N ) said on Monday a fire broke out at its refinery in Rotterdam but that there were no injuries and most of the facility remained operational. The fire erupted in the powerformer unit of the complex and some flaring occurred to reduce pressure, Exxon said, adding it was cooperating with local emergency personnel. The complex can process about 190,000 barrels per day and the rest of the refining units and a connected chemical plant were still online, Exxon said. "We regret the incident and any inconvenience caused to the community," Exxon spokeswoman Ellen Ehmen said in an emailed statement. The fire came the same day that a blaze broke out at a Royal Dutch Shell ( RDSa.L ) refinery in the Netherlands. That fire was quickly contained. Exxon last year started a $1 billion, three-year expansion of the Rotterdam refinery to boost production of lubricants and other chemicals. According to a proposal for the expansion filed with Dutch authorities, hydrocracking capacity at the plant would increase by 40 percent to about 70,000 barrels per day. Shares of Exxon Mobil were unchanged on the New York Stock Exchange in after-hours trading after closing at $76.38. Reporting by Libby George in London and Ernest Scheyder in Houston; Editing by Diane Craft and Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-refinery-operations-exxon-mobil-botle-idUKKCN1B12J4'|'2017-08-22T02:18:00.000+03:00'
'ae47312f7ac4d304e997a4484c75bebe33bde048'|'Israel''s Meitav Dash pulls out of buyout deal with London-based XIO'|'JERUSALEM (Reuters) - Meitav Dash, Israel''s second-largest investment house, pulled out of a deal to be bought out by London-based private equity firm XIO, saying XIO had changed the terms from the initial offer.The two sides in late 2016 signed a deal in which XIO would buy Meitav Dash, which manages more than $35 billion in assets, in an all-cash deal worth some 1.48 billion shekels ($409 million).In a statement to the Tel Aviv Stock Exchange on Tuesday announcing it was cancelling the deal, Meitav Dash took issue with the proposed structure of the company."The control structure presented by XIO deviates significantly from the new control structure and constitutes a breach of the agreements reached between the parties," it said.Meitav Dash also said XIO also failed to submit applications for Israeli regulatory approvals by an Aug. 20 deadline.As a result, "On Aug. 21, the company''s board convened and decided to cancel the merger agreement," it said.BRM Group owns 28.2 percent of Meitav Dash and businessman Zvi Stepak holds 27.1 percent. Both had committed to voting in favor of the deal. Some 38 percent of Meitav Dash is floated.($1 = 3.6188 shekels)Reporting by Steven Scheer, editing by Louise Heavens'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-meitavdash-m-a-xio-idUSKCN1B20VZ'|'2017-08-22T17:32:00.000+03:00'
'89c83f9b5b400a4b97e4017bffceb6eb2a6ba871'|'Great Wall Motor says it has not contacted Fiat Chrysler''s board'|'August 22, 2017 / 12:19 PM / 5 hours ago Great Wall says watching Fiat Chrysler; no talks yet Meg Shen and Brenda Goh 4 Min Read A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the   New York, U.S., March 8, 2017. Brendan McDermid HONG KONG/SHANGHAI (Reuters) - Chinese automaker Great Wall Motor Co Ltd ( 601633.SS ) reiterated its interest in Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker. China''s largest sport utility vehicle (SUV) manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically. Those comments sent FCA shares higher - but also raised questions over the ability of China''s seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA. Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid. "The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing. It did not give further detail. Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended. Fiat Chrysler declined to comment on Great Wall''s statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan. FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China''s love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA''s 2016 revenue of 111 billion euros ($130.6 billion). Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control. One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion. Ultimately, politics could be the clincher. Any bid now - and it would potentially be one of China''s largest ever overseas deals - would come at a time when Beijing is trying to limit extravagant Chinese purchases abroad, and when the political environment has cooled in the United States. China''s cabinet on Friday issued rules on overseas acquisitions for the first time. And the autos sector would also prove sensitive in both Europe and the United States, analysts said. For FCA, for now, Great Wall''s approach may be more about flushing out rival interest. European bankers said Fiat would likely consider doing a deal with a Chinese firm only if they could pay cash and bid for the whole company. "FCA ... is very much expected to use Great Wall’s interest to get to speak to all major EU car makers and ''offer'' them a chance to get involved in the consolidation game," said one banker, who asked not to be named. Reporting by Meg Shen in HONG KONG and Brenda Goh in SHANGHAI; Additional reporting by Agnieszka Flak in MILAN and Pamela Barbaglia in LONDON; Writing by Clara Ferreira Marques; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-great-wall-motor-fiat-chrysler-idUSKCN1B21C9'|'2017-08-22T15:18:00.000+03:00'
'9d49871d343b9b3e4a7f4a4a665aca3601a8aaa4'|'Fed''s Kaplan counsels patience on rates, speed on balance sheet'|'August 25, 2017 / 1:46 PM / in 4 hours Fed''s Kaplan counsels patience on rates, speed on balance sheet Reuters Staff 1 Min Read Dallas Federal Reserve Bank President Robert Kaplan smiles during the True Economic Talks event in Mexico City, Mexico, July 14, 2017. Edgard Garrido/Files (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan repeated on Friday his call for patience on raising interest rates any further, but speed on starting the reduction of the Fed''s $4.5 trillion balance sheet. The U.S. economy is closer to its so-called "neutral rate" than many think, and investors have become used to the idea that because of any aging population and other factors, rates will stay lower for longer, Kaplan said. With that in mind, he said, the central bank should be "patient" on rate hikes but should begin trimming its portfolio of bonds "as soon as possible." Reporting by Ann Saphir; Editing by Chizu Nomiyama '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-fed-kaplan-idINKCN1B51NE'|'2017-08-25T11:46:00.000+03:00'
'c0914d14ba107c03d30a15ace58d29dda450fd51'|'Are men more irrationally exuberant than women?'|'WOULD more women on the trading floor inject a dose of sanity into the world’s financial markets? This question gained prominence after the 2007-08 crisis. As Christine Lagarde, then France’s finance minister and now head of the IMF, quipped, had Lehman Brothers been Lehman Sisters, history would have been different. Many studies support this idea, showing that testosterone-laden men are prone to overconfidence in trading. Women are more cautious.But things may not be so simple. Previous research has mostly used evidence from the West. To test if the conclusions apply universally, Wang Jianxin of China’s Central South University, Daniel Houser of George Mason University and Xu Hui of Beijing Normal University looked at both America and China. And they found that in China’s markets, women can be just as manic as men.  9   The economists arranged for 342 students to form experimental markets. They were allocated dividend-paying shares and tokens (in lieu of cash), and given 15 rounds to trade within gender-based groups. Participants could, in theory, calculate fair value of the shares in any given round but few did so.In America, the outcomes matched past experiments. Shares quickly inflated to a bubble in male-only trading groups, before crashing. Women-only groups traded the shares at a discount for much of the time. In China male-only markets were just as unhinged. But so were the female-only markets, going from bubble to bust just like the male-only ones.Critics will object that this was just an experiment. However, there is a long history of using such devices to study investment behaviour. Anecdotally, women have played a part in China’s market manias. In trading halls full of elderly day-traders, white-haired ladies sit alongside wizened men. Over the past two years women have also been on the front lines of protests after a series of online investment schemes collapsed.Why China’s women might be as bold—and reckless—as men is open to debate. Other research highlights Communist Party policies promoting equality. But in practice women in China are woefully underrepresented in the financial sector. Only when that changes will it be possible to judge if China truly has gender parity in irrational exuberance.  Finance and economics   "Half the sky"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727095-women-are-often-more-cautious-men-trading-not-china-are-men-more?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'8ce3a007412dafdf32f75f5b4765e5646b7e9b0b'|'AirAsia CEO says leasing unit sale is ''imminent'''|'An AirAsia plane prepares for take off at Don Mueang International Airport in Bangkok, Thailand, June 29, 2016. Chaiwat Subprasom/File Photo MONTREAL (Reuters) - AirAsia Bhd ( AIRA.KL ) Chief Executive Tony Fernandes said on Thursday that the planned sale of the Malaysia-based carrier''s leasing unit to a South Korean group was "imminent" and there were no "roadblocks" to the sale.Fernandes also said AirAsia was considering the purchase of Bombardier Inc''s ( BBDb.TO ) CSeries narrowbody jets. His comments to reporters followed a news conference at Montreal-headquartered training specialist CAE Inc ( CAE.TO ).Reporting by Allison Lampert in Montreal, writing by Susan Taylor in Toronto; Editing by'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/airasia-ceo-idINKCN1B42GL'|'2017-08-24T17:45:00.000+03:00'
'a4ff2b0c64a8fb8142530ff096bff3317eb43cbb'|'Globalisation''s castaways haunt central bankers'|'August 24, 2017 / 5:10 AM / 8 minutes ago Globalisation''s castaways haunt central bankers Jonathan Spicer and Howard Schneider 7 Min Read Shoppers enter the mostly vacant St. Lawrence Centre Mall in Massena,   19, 2017. Photo taken June 19, 2017. Jonathan Spicer MASSENA, New York/JACKSON HOLE, Wyoming (Reuters) - After a turbulent year of anti-globalisation backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalisation can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalisation, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors car factory, an aluminium plant, and the Sears department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labour markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalised, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalisation and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. (Graphic: tmsnrt.rs/2g7Wky9 ) They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Thomas Jenison, Chairman of the St. Lawrence County Republicans, stands outside the party''s local office in Canton,   20, 2017. REUTER/Jonathan Spicer Recognising the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focussed on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Fed’s bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. A clock tower is seen in the mostly vacant St. Lawrence Centre Mall in Massena,   19, 2017. Photo taken June 19, 2017. Jonathan Spicer “If we can keep people from being lost permanently, boy that’s a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighbouring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburgh attended by New York Fed President William Dudley. Plattsburgh, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier, and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career centre in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." (This story corrects spelling of Plattsburgh in paragraph 3,4 of 3rd section.) Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-fed-globalization-insight-idUKKCN1B40BV'|'2017-08-24T16:57:00.000+03:00'
'3de3b3ec644369e13e303d577940a301f86d2f48'|'Eager for red-hot cobalt gains, investors think small'|'VANCOUVER, Aug 24 (Reuters) - Institutional investors hoping to profit from cobalt, this year''s high-flying metal, are buying into companies that are smaller than their usual fare to gain exposure to an industry supplying the burgeoning electric car market.Prices for cobalt, a key ingredient in lithium-ion batteries for electric vehicles, have spiked 83 percent this year on forecasts that demand will double in the next decade as consumers switch to less-polluting cars.Nearly all cobalt, which prolongs battery life, is mined as a by-product of copper and nickel, making it difficult for investors to get direct exposure.Much like the recent boom in lithium, another battery ingredient, cobalt''s surge has resulted from heady forecasts for ownership of electric vehicles. UBS in May said it expected them to account for 3.1 percent of global car sales in 2021 and 13.7 percent in 2025, up from 1 percent this year.In response, small cobalt-focused companies are mushrooming, mostly in Canada, a long-time hub for mining start-ups, but only one, Cobalt 27 Capital Corp, concentrates entirely on the mineral."To gain exposure to the cobalt theme in any pure way, you almost have to go down the market capitalization spectrum," said portfolio manager Ben Cleary of Sydney-based Tribeca Investment Partners.Institutions are often wary of small-cap stocks, which can be volatile and difficult to sell because of their small number of investors.Tribeca, which manages A$2.5 billion ($2 billion), owns shares of Canada''s Ecobalt Solutions Inc, which is building a cobalt mine in Idaho. It also has stock in small Australian miner Cobalt One, which is being acquired by Canada''s First Cobalt in a three-way tie up to expand its exploration land in the province of Ontario.COBALT LISTINGS SURGE At the end of July, 110 companies mining or exploring for cobalt were on the Toronto Stock Exchange and TSX Venture Exchange, a market for smaller-capitalization stocks, compared with fewer than 30 in 2015, according to SNL Financial.Some of the optimism is already built into cobalt stocks. Cobalt One has surged 30 percent this year, First Cobalt has nearly doubled, and Ecobalt has jumped 144 percent.Some junior miners point out that their projects are in more politically stable regions than the Democratic Republic of Congo, where more than half the world''s cobalt is produced. Last year Amnesty International said some mines there were using child labor."(Tesla Inc Chief Executive Officer) Elon Musk and others are saying: ''Where do I get my cobalt if I don''t want to go to the Congo?''" said First Cobalt CEO Trent Mell.Tesla has said it would like to source raw materials for its "Gigafactory" battery plant in North America.At least two more cobalt explorers with Ontario projects are planning listings on the Toronto Stock Exchange in coming months, an industry source said, requesting anonymity because the information is not public.That would follow the June listing of Cobalt 27, which raised C$200 million ($159.21 million) in the market''s biggest mining initial public offering since 2012.BlackRock Inc, the world''s largest asset manager, bought Cobalt 27 shares, it said in a June 30 securities filing.Cobalt 27, which owns about 2,200 tonnes of cobalt and is not a miner or explorer, was created specifically to give institutions direct access to investing in the metal without the exploration and development risks facing miners, said CEO Anthony Milewski."It is really the only pure play that exists," Milewski said.($1 = 1.2661 Australian dollars)$1 = 1.2562 Canadian dollars Reporting by Nicole Mordant in Vancouver; Editing by Lisa Von Ahn'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mining-cobalt-canada-idINL2N1L016Y'|'2017-08-24T14:12:00.000+03:00'
'094b6c9706f22b1a4ed6d537ac01179bf51e51b1'|'Japanese insurer Mitsui Sumitomo to buy First Capital for $1.6 billion from Canada''s Fairfax'|'Logos of Mitsui Sumitomo Insurance Company are seen at the company''s headquarters in Tokyo, Japan, May 19, 2016. Toru Hanai/File Photo SINGAPORE (Reuters) - Mitsui Sumitomo Insurance Company Ltd has agreed to buy Singapore-based non-life insurer First Capital Insurance Ltd from Canada''s Fairfax Financial Holdings ( FFH.TO ) for $1.6 billion, underscoring growing appetite among Japanese insurers to expand outside their home markets.Mitsui Sumitomo Insurance, the core firm of MS&AD Insurance Group Holdings ( 8725.T ), and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, Fairfax said in a statement on Thursday.It said the all-cash purchase will result in a realized net investment gain of approximately $900 million after tax.First Capital, the largest non-life insurer in Singapore, writes both personal and commercial lines of non-life insurance business across various classes such as fire, marine hull, marine cargo, motor and personal accident.The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year.Reporting by Anshuman Daga in SINGAPORE and Kanishka Singh in BENGALURU; Editing by Edwina Gibbs'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/fairfax-fin-sale-mitsui-sumitomo-idINKCN1B32RJ'|'2017-08-23T21:28:00.000+03:00'
'5deb1713243a3ee6b3e2a103b93f486dbbd95057'|'BRIEF-Net 1 UEPS Technologies Q4 GAAP shr $0.20'|'August 24, 2017 / 8:28 PM / 12 minutes ago BRIEF-Net 1 UEPS Technologies Q4 GAAP shr $0.20 Reuters Staff Aug 24 (Reuters) - Net 1 UEPS Technologies Inc: * Net 1 UEPS Technologies Inc qtrly GAAP earnings per share $0.20 * Net 1 UEPS Technologies, Inc. Reports fourth quarter and full year 2017 results * Q4 revenue $155 million'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-net-1-ueps-technologies-q4-gaap-sh-idUSL8N1LA6C6'|'2017-08-24T23:26:00.000+03:00'
'3a09b717b9e75b4dda85366d24d40ecd17b0d082'|'Chile''s Cencosud to sell $1 billion in assets to cut debt, spur growth'|'SANTIAGO (Reuters) - Chile''s Cencosud SA CEN.SN, one of Latin America''s largest retailers, plans to sell up to $1 billion in non-strategic assets in the next 12-18 months to cut debt and accelerate growth, the company said on Friday.The decision comes a day after Cencosud reported a second-quarter net profit that came in below market expectations. The results raised concerns among some analysts about the retailer''s debt levels.Cencosud disclosed its plan to sell some assets in a letter to Chile''s regulator."The resulting funds from said plan will be used to reduce company debt and accelerate organic growth in the region," the company said in the letter. It did not specify which assets would be sold.Cencosud, which also has units in Argentina, Brazil, Colombia and Peru, on Thursday reported that second-quarter net profit fell 73 percent in yearly terms amid regional economic weakness and a high base of comparison.In a phone call with journalists on Friday, Cencosud''s chief financial officer, Rodrigo Larrain, said the group would be more comfortable with a ratio of debt to earnings before interest, taxes, depreciation and amortization of around three, rather than its current level of about four.Cencosud shares on the Santiago bourse were down 0.62 percent at 3:32 p.m. local time (1832 GMT) after volatile trading.Reporting by Felipe Iturrieta; Writing by Luc Cohen and Gram Slattery; Editing by Leslie Adler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cencosud-divestiture-idINKCN1B52DX'|'2017-08-25T17:02:00.000+03:00'
'74c974d954099ca9b96a5739cf57ca5986f30f3c'|'Low world inflation dogs central bankers, even as economies grow'|'August 25, 2017 / 3:25 AM / 42 minutes ago Low world inflation dogs central bankers, even as economies grow Howard Schneider and Jonathan Spicer 5 Min Read A woman chooses clothes at a shop in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. Kim Kyung-Hoon/Files JACKSON HOLE, Wyo. (Reuters) - The world''s top central bankers gather in Jackson Hole, their confidence bolstered by a sustained return to economic growth that may eventually allow the European Central Bank and the Bank of Japan to follow the Federal Reserve in winding down their crisis-era policies. Yet in one key area, none of the world''s central banks has found the answer. Inflation remains well below their two percent targets, stoking a debate about whether they are missing signals of a less than healthy economy and the need for a slower path of "rate normalization", or that they simply don''t understand how inflation works in a globalised world. In Japan, officials have researched behavioural causes, wondering whether businesses and families are just slower to react to economic signals than thought. European officials have blamed slow-moving union wage contracts and online shopping, while U.S. policymakers have cited a lengthy sequence of "one-offs" in pricing from oil to cellphones to prescription drugs. In each case the response of policymakers has been the same: wait it out and talk confidently about inflation''s return, as the Fed has put it since 2013, over "the medium term". Within the Fed, policymakers are debating the causes of low inflation. "Inflation is a little bit below target and it''s kind of a mystery," Fed Governor Jerome Powell said on Friday in Jackson Hole, adding that the Fed could be "patient" about raising rates. [W1N1DA02R] Cleveland Fed President Loretta Mester said she was convinced the problem is not a weakening economy. She pointed to changes in how businesses set prices - a supply side issue she says leaves her comfortable pressing ahead with slow but steady interest rate increases. Concerns over a recent slide in inflation have renewed questions about whether a global tightening of monetary policy can proceed, with U.S. investors betting the Fed will have to hold off on more rate changes until later next year. Fed Chair Janet Yellen did not address the issue in a speech on Friday that focussed on financial regulation. European Central Bank President Mario Draghi, who is laying plans to scale back some of the bank''s crisis-era programs even as expected progress on inflation has receded into 2018 and 2019, is also due to speak in Jackson Hole. The Bank of Japan''s horizon for meeting its inflation target is around 2020. Fed officials have not yet caved on inflation even though pricing in financial markets has shifted expectations of the next rate hike back to the middle of 2018 versus Fed forecasts of another increase this year. "But the debate has grown more active of late and uncertainty is elevated," TD Securities said of the outlook for inflation in a report ahead of Jackson Hole. "The risks are for a slower pace.” WHAT TARGET? The use of inflation targeting has been an important innovation in central banking, rooted in theories of how public expectations, central bank communication and other factors shape economic behaviour. It was a recognition that how policymakers talked about inflation, and what households believed, would in part determine the outcome. But the developed world''s alignment around a two percent target has become a headache as much as a policy guide, with central banks trying to estimate and regulate something they acknowledge they don''t fully understand. Bank of Japan consultants have puzzled over whether people shop and save as if they fully see the future, or whether they look at the past and only slowly adapt to change. If the latter, then what central banks say is less important. Have a globalised supply chain, globalised wage rates, and frictionless markets anchored inflation for good? If so, then Fed officials relying on tight labour markets to lift wages and prices through resource competition will be disappointed. Failure to meet inflation targets has prompted calls for an overhaul of policy, with suggestions of a new goal linked to growth in gross domestic product, for example. Fed researchers recently conjectured the central bank should convince the public it was shooting for 3 percent in order to get two percent. Others like San Francisco Fed President John Williams have suggested just raising the target. For the moment, though, the current target looks likely to stick -- and the global waiting game to continue. "Look, inflation is hard to forecast," Mester said in an interview with Reuters, noting that the most elaborate models don''t do much better than simply saying inflation will be two percent and leaving it at that. Additional reporting by Balazs Koranyi in Frankfurt and Leika Kihara in Tokyo; Editing by David Chance and Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-inflation-idINKCN1B50A1'|'2017-08-25T06:25:00.000+03:00'
'7178513cd13ae4f9c6657d125880e8ea2bc01109'|'China regulator hints at no more special treatment after Unicom deal'|' 05 AM / 22 minutes ago China regulator hints at no more special treatment after Unicom deal Reuters Staff 2 Min Read FILE PHOTO - Company logos of China Unicom are displayed at a news conference during the company''s announcement of its annual results in Hong Kong, China March 16, 2016. Bobby Yip/File Photo SHANGHAI (Reuters) - China''s securities regulator said that company ownership reform plans must strictly abide by existing regulations, hinting there will be no repeat of the special treatment given to China Unicom ( 600050.SS ) in its $11.7 billion restructuring. The China Securities Regulatory Commission (CSRC) said in a statement on Friday that it would "continue to support mixed-ownership reforms" of state-owned firms. However, it warned major shareholders that "any items related to the capital markets must strictly stick to existing laws, regulations and rules published by the securities regulator". China Unicom recently unveiled plans to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that some observers saw as a model case for revitalizing Chinese state firms with private capital. The deal immediately raised eyebrows among Chinese media and investors, who suspected it may have violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February. The CSRC reiterated on Friday that the deal was being treated as an exceptional case, due to the "major significance" of China Unicom''s reforms. The deal, in which Unicom''s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ) and Baidu ( BIDU.O ), for funds, caused confusion among investors when it was announced this month. Reporting by Samuel Shen and John Ruwitch; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-unicom-regulator-idUKKCN1B5196'|'2017-08-25T14:01:00.000+03:00'
'a94dfd4eef69d29872097f7d3ded64d9be597c72'|'Premier Oil lifts production guidance as fields exceed expectations'|' 26 AM / 23 minutes ago Premier Oil lifts production guidance as fields exceed expectations Reuters Staff 1 Min Read (Reuters) - North Sea-focused Premier Oil ( PMO.L ) has raised its 2017 production forecast by up to 7 percent on the back of a forecast-beating performance at its fields that also improved its cash flow and helped it pay down debt. The producer lifted its full-year production guidance to 75,000-80,000 barrels of oil equivalent per day (boepd), up from 75,000 previously. Stronger output from its fields more than doubled cash flow year on year in the first half to $292 million, up from $109 million a year earlier, the company said on Thursday. It further reduced debt, which had been rising during the oil market downturn as the producer was borrowing money to spend on new fields, with net debt down to $2.74 billion at the end of June from $2.77 billion at the end of 2016. Reporting by Karolin Schaps; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-premier-oil-results-idUKKCN1B40GX'|'2017-08-24T09:25:00.000+03:00'
'bc643acb54bd7324ce58389d1fd57cd97767861d'|'U.S. 30-year mortgage rates fall to 9-month low - Freddie'|' 30 PM / 11 minutes ago U.S. 30-year mortgage rates fall to 9-month low - Freddie   NEW YORK, Aug 24 (Reuters) - Interest rates on U.S. 30-year mortgages fell for a fourth straight week to their lowest level since early November in step with lower Treasury yields, Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.86 percent in the week ended Aug. 24, the lowest since the week of Nov. 10 when it was 3.57 percent. Last week, 30-year mortgage rates averaged 3.89 percent, the mortgage finance agency said. (Reporting by Richard Leong; Editing by Chizu Nomiyama) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-mortgages-freddie-idUSN9N1IS02C'|'2017-08-24T17:29:00.000+03:00'
'8ceb080c2999cfbe2c0e402906f3304a58412bd1'|'Smartphone maker HTC exploring strategic options - Bloomberg'|'August 24, 2017 / 4:44 PM / 4 minutes ago Smartphone maker HTC exploring strategic options: Bloomberg Reuters Staff 2 Min Read The logo of HTC is seen at its store, in Taipei, Taiwan August 1, 2017. Tyrone Siu (Reuters) - Smartphone maker HTC Corp ( 2498.TW ) is exploring options that could range from spinning off its virtual reality (VR) business to selling itself, Bloomberg reported on Thursday, citing people familiar with the matter. The Taiwanese firm is working with an adviser as it considers bringing in an investor or selling its Vive VR headset business, according to the Bloomberg report. ( bloom.bg/2iu4j9r ) A full sale of the company is less likely as it does not fit obviously with one buyer, Bloomberg reported. HTC''s market value has fallen almost 75 percent to $1.78 billion in the last five years as its smartphone business has suffered heavily. The company has been trying to turn around its business by focusing on high-end VR headsets. HTC has a 8.4 percent share of the AR/VR headset market, as of the first quarter of 2017, according to research firm IDC. Earlier in June, HTC said its VR headset will be compatible with Apple Inc''s ( AAPL.O ) High Sierra operating system, which is scheduled for release later this year. HTC competes with Sony Corp''s ( 6758.T ) PlayStation VR headset and Oculus'' Rift headset which retails in the same price range. HTC did not immediately respond to a request for comment, outside regular business hours. Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar and Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-htc-divestiture-idUSKCN1B423A'|'2017-08-24T19:39:00.000+03:00'
'482cc8ddc1aeda994dbe95f3509c5847df98c905'|'UK shop sales slide unexpectedly in August, retailers'' mood downbeat - CBI'|'August 24, 2017 / 10:21 AM / 7 hours ago UK shop sales slide unexpectedly in August, retailers'' mood downbeat - CBI Reuters Staff 2 Min Read Customers shop and an employee works around a chiller aisle at a Sainsbury''s store in northwest London, Britain October 23, 2015. Suzanne Plunkett LONDON, (Reuters) - British retail sales growth slowed in August at the fastest pace in more than a year as the squeeze on consumers from rising prices continued, according to a survey on Thursday. The Confederation of British Industry''s (CBI) monthly retail sales balance slid to -10 in August from +22 last month, its lowest since July 2016 - just after Britons voted to leave the European Union. The reading was far below even the lowest forecast in a Reuters poll of economists, all of whom expected only a modest slowdown in growth. While retailers expected sales to pick up again next month, they were downbeat about the current business situation. Quarterly figures from the CBI showed retailers reduced staff at the fastest pace since 2009 and they did not expect an improvement soon. "Despite the warmer weather at the start of the month, retail sales have cooled as higher inflation continues to squeeze consumers'' pockets," CBI economist Anna Leach said. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers'' disposable income this year. Official data earlier on Thursday showed British household spending grew at its weakest pace since late 2014 during the second quarter, underlining the strain on households and retailers. Reporting by Andy Bruce, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-retail-idUKKCN1B412N'|'2017-08-24T13:20:00.000+03:00'
'9cdb64a01d5757e40a2a4be9ef04137f727ff530'|'Ford poaches Key Safety CEO to head its China operations'|'August 24, 2017 / 3:43 AM / 14 minutes ago Ford poaches Key Safety CEO to head its China operations Brenda Goh 2 Min Read FILE PHOTO - Key Safety Systems Chief Executive Officer Jason Luo poses for a photograph during an interview with Reuters in Tokyo, Japan October 5, 2016. Issei Kato/FIle Photo SHANGHAI (Reuters) - Ford Motor Co ( F.N ) said the new head of its China operations will be Jason Luo, the CEO of auto parts maker Key Safety Systems with wide experience in M&A - an appointment that comes as Ford embarks on range of initiatives in the world''s biggest car market. The U.S. automaker announced last week it is looking at setting up a venture with Anhui Zotye Automobile Co ( 000980.SZ ) to build electric passenger vehicles in China under a new brand, a response to Beijing''s plans to set ambitious quotas for electric and plug-in hybrid cars. Its Lincoln luxury unit also recently said it would start producing luxury SUVs in the country by 2019, while Ford is also moving some production of its Focus small car to China. Luo has spent the last decade at the helm of the Michigan-based supplier, overseeing its $920 million sale to China''s Ningbo Joyson Electronic Corp ( 600699.SS ) and most recently the $1.6 billion purchase of the healthier assets of bankrupt Japanese airbag maker Takata Corp. Born in China and fluent in Mandarin, he achieved significant revenue growth in China for Key Safety Systems, Ford said in a statement. Luo has a bachelor of science degree in Mechanical Engineering from Beijing Institute of Technology, China and master degrees from U.S. universities. The appointment will be effective Sept. 1. Reporting by Brenda Goh; Additional reporting by Parikshit Mishra in Bengaluru; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ford-motor-management-china-idUKKCN1B408L'|'2017-08-24T06:42:00.000+03:00'
'7c6e8359ff82f8edfd052455177f316aa55e2de3'|'BHP misses annual profit forecast; focus on paying down debt'|'August 21, 2017 / 10:38 PM / 3 hours ago BHP to quit U.S. shale business as annual profit surges James Regan 5 Min Read BHP Billiton Chief Executive Andrew Mackenzie poses for a photograph in the company''s Melbourne office in Australia, August 22, 2017. AAP/Joe Castro/via REUTERS SYDNEY (Reuters) - BHP Billiton, the world''s largest miner, reported a surge in underlying full-year profit on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who called for a sale. The Anglo-Australian mining giant, which is under pressure from U.S. hedge fund Elliott Management to rethink its investment in oil and boost shareholder returns, was buoyed by a recovery in industrial commodities markets. It generated more cash than even in some years of the mining boom, slashed net debt by nearly $10 billion to $16.3 billion and tripled its final dividend to $0.43 a share. Underlying profit of $6.7 billion was below expectations for $7.4 billion, according to Thomson Reuters I/B/E/S, but the market focussed on the lower debt and the company''s determination to exit U.S. shale, pushing its London-listed shares up 2.4 percent by 1354 GMT. "Net debt looks very impressive ... so the cash looks like it was applied to deleveraging versus extra dividends," Shaw and Partners analyst Peter O''Connor said. BHP joined other miners that have boosted payouts in the current earnings season to reward shareholders following a resurgence in commodity prices. Rio Tinto and iron ore miner Fortescue Metals both paid record dividends, while Anglo American reinstated its dividend. Facing calls from some shareholders to dispose of the shale business it acquired at the height of the oil boom, the miner said it was working on an exit over the next two years. Chief Executive Andrew Mackenzie said the preference would be a small number of trade sales. Other options could include a demerger or asset swaps. Related Coverage BHP says Escondida mine output normal, wage talks may resume "We certainly have plenty of people interested in taking a look," Mackenzie said on a media call. "Our determination to exit means that we have other ways to exit that do not necessarily depend on ... a competitive set of willing buyers." Fund managers including Elliott and Tribeca have been agitating for shale''s divestment, along with higher shareholder returns and the elimination of dual-structured Australia and London stock listings. Tribeca welcomed BHP''s comments that shale was no longer core to the company. "That was our approach. We didn''t see it fitting strategically in BHP. We think they can realise value ahead of market expectations for the U.S. onshore business," Tribeca analyst James Eginton said. FILE PHOTO - Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. Elliott, which last week raised its stake in the miner''s London-listed arm to 5 percent, declined to comment. COMMODITY SURGE BHP''s underlying profit surged from $1.2 billion a year ago as it benefited from a 32 percent rise in iron ore pricing in fiscal 2017, owing to greater demand from Chinese steelmakers, which buy the bulk of its ore. Prices for copper, oil, coal, nickel and other commodities were also up, with only liquefied natural gas weaker. "Strong momentum will be carried into the 2018 financial year, with volume growth of 7 percent and further productivity gains expected," Mackenzie said. He reiterated BHP''s commitment to its conventional petroleum business that includes operations in the Gulf of Mexico, saying there were opportunities to make money over the next couple of decades. In response to disappointment from some analysts at the size of the dividend, Chief Financial Officer Peter Beaven said BHP''s bias was towards further strengthening the balance sheet, but any further accumulation of cash, once a target of cutting debt to $10 billion-$15 billion was met, would go to shareholders. Capital expenditure would be no more than $8 billion per year, he said. At the bottom line, BHP swung to an attributable profit of $5.89 billion from a record loss of $6.39 billion a year ago. In fiscal 2016, the bottom line was hit by $7.7 billion in write-downs, with Mackenzie vowing they would not be repeated in 2017. Elliott''s other criticisms have focussed on BHP''s development of its Jansen potash mine in Canada. "It''s no different from any other asset. It needs to pass through our capital allocation framework. In other words, the risk return needs to be sufficiently attractive," CFO Beaven said. "Until it passes that, it won''t go forward." Reporting by James Regan,; Additional reporting by Barbara Lewis in London, Sonali Paul in Melbourne and Anusha Ravindranath in Bengaluru; Editing by Richard Pullin and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-bhp-billiton-results-idUKKCN1B12GW'|'2017-08-22T01:38:00.000+03:00'
'a993798e06c29293ce3807e3c4213a26b6181548'|'European companies seek help dealing with activist investor threat'|'August 23, 2017 / 5:30 PM / 31 minutes ago European companies seek help dealing with activist investor threat Clara Denina , Ben Martin and Maiya Keidan 7 Min Read (L-R) Richard Brand, Partner at Cadwalader, Zach Oleksiuk, Head of Americas Investment Stewardship at BlackRock, Paul Hilal, founder and CEO of Mantle Ridge LP and Jeffrey Ubben, Founder & CEO at ValueAct Capital, speak during the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017. Andrew Kelly LONDON (Reuters) - European companies are being told by their advisers to open up and engage more with existing shareholders to fend off the increasing threat from activist investors, who force strategy changes to push up a target''s share price. Activist investors are mostly hedge funds managing tens of billions of dollars of capital. The largest ones are from the U.S. and, having had success in North America and benefiting from a stronger dollar, they are flush with cash and looking for opportunities further afield. According to JP Morgan, activist investors have launched 119 campaigns in Europe in the 12 months to June 2017, compared to 100 a year earlier and 62 five years ago. That has pushed corporate management teams across Europe to ask investment bankers for help preparing defences in case an activist crops up on their shareholder register. "We have seen a significant increase in calls from clients seeking our advice on how to prepare for when these investors knock on the door, especially after the activists'' stakes in Nestle and Clariant-Huntsman became public," said Hernan Cristerna, co-head of global M&A at JP Morgan. New York-based fund Corvex is pushing for Swiss chemicals company Clariant ( CLN.S ) to abandon its proposed merger with U.S. peer Huntsman ( HUN.N ). Third Point, led by billionaire hedge fund manager Dan Loeb, took a $3.5 billion stake in Nestle ( NESN.S ) in July and has started calling for an overhaul. Though there are several well-known European activists, such as TCI Fund Management and Cevian, most of the world''s largest funds such as Third Point, Elliott Management and ValueAct are American. Their success has crowded the U.S. market. Europe is seen as tempting as financial and political uncertainties have diminished. UK companies are thought to be particularly attractive targets due to corporate governance rules which give shareholders more influence, and the often large number of minority investors. Anglo-Australian miner BHP Billiton ( BLT.L ) has spent the past five months trying to fend off demands for a shake-up by Elliot Management. On Tuesday, BHP said it was looking at options to exit its U.S. onshore shale business, conceding to one of Elliott''s demands. TACTICS Often activist investors initially engage with target companies quietly, discussing possibly strategy changes with them. Some firms welcome them, as they can help secure wider support from shareholders or insiders for major change. But mostly the funds are seen as a threat, especially when they start publicly calling for changes and criticizing companies who will not adopt their recommendations. "More companies in Europe feel the need to have a discussion with their advisers on activism - no one wants to fend off an activist attack in the public eye," JPM''s Cristerna added. Bankers said they advise clients to engage with existing shareholders to potentially dissuade them from supporting an activist attack. They also look at companies'' assets and advise them if any could be sold to improve shareholder returns. These pre-emptive moves might explain why the success rate of activist campaigns in Europe has been falling since 2014. According to data from industry tracker Activist Insight in 2017 just 32.8 percent of campaigns have been "at least partially successful", compared to 43.2 percent in 2016. Among those that emerged as clear victors this year in Europe is Nordic hedge fund Accendo Capital Managers, which became the largest shareholder in fibre optic manufacturer Hexatronic Group ( HTRO.ST ) and whose stock has risen almost 80 percent since the initial investment. Others have achieved a more complicated victory, such as British hedge fund TCI, which became embroiled in aero engine maker Safran''s ( SAF.PA ) offer for Zodiac Aerospace ( ZODC.PA ). "We got most of what we asked for," TCI partner Jonathan Amouyal told Reuters in May after Safran cut its offer. At the same time, TCI has yet to make any tangible impact at Volkswagen ( VOWG_p.DE ) where it is pushing for change. Volkswagen stock has fallen 2.14 percent since the hedge fund launched its activist campaign. CULTURAL DIFFERENCE U.S. bankers said that as campaigns targeting European firms increase, they are looking to cash in on advisory work. "European institutional investors are less comfortable with the concept of activism from a cultural perspective, particularly when it''s a U.S. hedge fund coming over," said Chris Young, head of contested situations at Credit Suisse in New York. "In the U.S., activists are often treated like rock stars, they get a lot of favourable press coverage and that''s not the case in Europe," he added. Citigroup ( C.N ) this week announced it had hired Muir Paterson to head the bank''s global team of bankers advising companies on activist shareholders. "We had teams in the U.S. dealing with activist issues and we also have now people in Europe, working closely with their U.S. colleagues because more often than not, these activists are the same," Severin Brizay, head of EMEA M&A at UBS said. For the funds themselves, this can also bring benefits. Harlan Zimmerman, a senior partner at Anglo-Swedish activist firm Cevian Capital, said some European companies are becoming more willing to engage with activist investors. "With the proliferation of activism, companies and their advisers have gained a much better understanding of the spectrum of activism and how to engage with activists of all sorts," he said. "There''s no longer a stigma from having certain activists involved and on a board. In fact some boards see it as a validation and helpful to realizing their own objectives for the companies." Editing by Rachel Armstrong and Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-investor-activism-europe-idUKKCN1B325P'|'2017-08-23T20:29:00.000+03:00'
'05de8fa7ddcfe1bab44c57a3afa8fd57b61a1483'|'GRAPHIC-Take Five: World markets themes for the week ahead'|'LONDON, Aug 25 (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.1/ CLIFF EDGE? Investors are once again starting to get the ‘debt-ceiling jitters’ as the deadline approaches for the U.S. Congress to lift the limit on the federal government’s borrowing authority amid persistent bickering between lawmakers and the Trump administration. While still weeks away, some corners of the Treasury market are showing signs of strain, and market participants predict a choppy September for stocks and bonds as the debate heats up in Washington. The last major standoff over lifting the debt ceiling occurred in mid-2011 and ultimately cost the United States its prized triple-A credit rating from Standard & Poor’s. It also came close to tipping U.S. stocks into a bear market, defined as a sustained decline of 20 percent or more. During the 11 trading days that marked the height of the crisis, the S&P 500 fell 16.7 percent, which still stands as its sharpest decline over any comparable period since the 2007-2009 financial crisis.* Fellow Republicans rebuke Trump over government threat* FACTBOX-Trump''s government shutdown threat, looming debt ceiling2/ CLIFF TO CLIMB? UK Brexit minister David Davis has a hill to climb next week to generate the "significant progress" London needs to trigger a swift start to trade talks and it seems no coincidence that the accumulated noise around the discussions has the pound hinting at another major slide. Record short positions, seen as a big barrier to more sales of the currency since last autumn, are a quarter of what they were. So, if the big speculative players want to, there is plenty of room to attack and a number of major banks calling for more weakness. But the picture is not totally one-sided. Others argue that the 20 percent fall in sterling against the euro over the past year puts it way past any idea of fair value. Sterling is 8 cents from $1.20 - widely considered the key long-term low from last year - but only 1.2 percent off record lows against the BoE''s currency basket. The latter might be threatened quickly if there is a more dramatic split around the talks.* Slow divorce risks leaving future Britain-EU ties in limbo* EXCLUSIVE-UK finance sector proposes "ambitious" post-Brexit trade pact3/ SOLD Amazon is ramping up the competition in the food retail space at home and in Europe after Thursday’s announcement that the online giant will cut prices at Whole Foods Market, the bricks-and-mortar supermarket it is set acquire on Monday. The prospect of more aggressive pricing adding to the litany of structural challenges facing the sector has dented share prices, with Dutch food retailer Ahold Delhaize, which sources around half of its revenue from the United States, tumbling to its lowest level since January 2015 on Friday. Ahold’s shares have already lost more than 22 percent so far this year, the worst in European retail followed by Carrefour, Tesco and Morrisons. The deal also threw M&A in the food retail sector back into the spotlight, with some analysts speculating British online grocer Ocado was an acquisition target, and that Kroger could be eyeing up Ahold.* Amazon goes shopping: a Stocks Buzz roundup* Amazon to cut Whole Foods prices, escalating grocery turf war* Amazon/Whole Foods deal piques U.S. interest in Ocado4/ ASIA FX LESS JUICY After rising between 6 to 7 percent each against the declining dollar in the first six months of the year, the currencies of Thailand, Indonesia, Taiwan, South Korea, Singapore and elsewhere in Asia have plateaued. Analysts suspect many of the region’s central banks are intervening, both to prevent excessive currency strength and to build up FX reserves. Malaysia’s FX reserves climbed above the $100 billion mark for the first time in two years this month and Thai authorities, loath to draw the ire of U.S. Treasury authorities with any overt intervention, are considering measures such as curtailing bond sales to rein in the baht. Meanwhile, the possibility of little to no appreciation in the currency is reducing the attractiveness of local currency bonds for foreign investors. Data from central banks and local bond market associations in India, Indonesia, Thailand, Malaysia and South Korea showed foreigners bought $5.5 billion in these bond markets in July, which is the lowest in four months.* GRAPHIC-Foreign money flows into Asian bonds slow in July –* Thai c.bank considers measures to limit FX speculation–* Malaysia''s c.bank reserves rise to $100.4 bln as of Aug 15 -5/ PRICING POWER Euro zone inflation data on Thursday will show whether the strength of the single currency has held down prices in the bloc as imports become cheaper. Investors and the European Central Bank - which is eyeing the end of its ultra-easy monetary policy - appear unfazed by the euro gaining more than 12 percent against the dollar so far this year. Over the last few months, a key gauge of financial markets'' long-term inflation expectations has held relatively stable despite the euro''s gains. Analysts say the reason for this is a firmer belief in underlying economic conditions and what they mean for the inflation outlook. Core inflation in the bloc, which strips out volatile food and energy prices, has risen to its highest level in nearly four years. Economists are expecting a slight dip in the core rate this week, but a rise in the headline rate which should comfort ECB policymakers ahead of a key meeting next month.* Low world inflation dogs central bankers, even as economies growCompiled by Nigel Stephenson; Editing by Toby Chopra '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets-themes-idUSL8N1LB487'|'2017-08-25T18:57:00.000+03:00'
'897023f0e975674adc88ec003d615770a0506935'|'Oil markets volatile as industry prepares to be hit by Hurricane Harvey'|'August 25, 2017 / 12:52 AM / 12 minutes ago Oil rises as dollar falls, U.S. Gulf Coast braces for hurricane Julia Simon 4 Min Read FILE PHOTO - An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. Ernest Scheyder/File Photo NEW YORK (Reuters) - Oil prices rose on Friday as the dollar fell and as U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. The dollar .DXY, in which oil is priced, fell after Federal Reserve Chair Janet Yellen made no reference to U.S. monetary policy in her speech at the annual central bank research conference in Jackson Hole, Wyoming. Harvey became a Category 2 storm as it crossed the Gulf of Mexico with winds of 110 mph (175 kph), 145 miles (235 km) off Port O''Connor, Texas, the National Hurricane Center said. Refineries, terminals, onshore and offshore production operations and other infrastructure have shut or begun storm preparations with Harvey set to make landfall on the Texas coast on Friday night or early on Saturday as a Category 3 hurricane. The NHC, which has warned that catastrophic flooding was expected across portions of southern and southeastern Texas, expects Harvey to move slowly and linger over Texas for days. Some tracking models show the storm could circle back out over Gulf waters after making landfall, and then take aim at Houston midweek, giving the nation''s four most populous city a double dose of rain and wind. U.S. crude futures CLc1 were up 30 cents, or 0.6 percent, at $47.73 a barrel by 1:58 p.m. EDT (1758 GMT). Brent crude LCOc1 was 19 cents higher at $52.23. U.S. crude''s discount to Brent WTCLc1-LCOc1 widened to its biggest in two years. Both benchmarks were on track to fall on the week with Brent down 1.1 percent and U.S. crude off 1.8 percent. Gasoline futures RBc1 were up 0.6 percent after hitting their strongest levels in four months and were the highest in two years for this time of year. U.S. gasoline crack spreads, a key measure of margins, RBc1-CLc1 were at strongest in five years for this time of year. The front-month gasoline spread RBc1-RBc2 rallied to the highest level in two years. Gulf Coast conventional cash gasoline prices RU-DIFF-USG for shipment on the Colonial Pipeline were seen hitting a near three-year high. "The inmates are running the asylum in gasoline and distillate with cracks and spreads up strongly as the latest forecasts show 20 inches (51 cm) of rain for the Corpus to Houston area of Texas," said Scott Shelton, broker at ICAP in Durham, North Carolina. "Wind and rain and the unknown effects of both generate a ''Get me flat'' mentality in futures and the cash markets which has resulted in strength in both." Energy companies have pulled workers from offshore oil platforms and halted onshore drilling in south Texas. A little less than 10 percent of offshore U.S. Gulf of Mexico crude output capacity and nearly 15 percent of natural gas production had been halted by midday on Thursday, government data showed. Three refineries in Corpus Christi and one farther inland at Three Rivers were shutting down ahead of the storm. Two others reduced output as ports were closed. Texas is home to 5.6 million barrels per day of refining capacity, and Louisiana has 3.3 million barrels. Beyond the storm''s potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production to prop up prices. A joint OPEC and non-OPEC monitoring committee said an extension to the supply pact beyond March was possible, though not yet decided. Part of the reason for the crude glut has been a 13 percent jump in U.S. output since mid-2016 to 9.53 million bpd, close to the record 9.61 million bpd hit in June 2015.C-OUT-T-EIA U.S. energy firms cut oil rigs for a second week in a row according to Friday data from Baker Hughes. Drillers cut four oil rigs in the week to Aug. 25, bringing the total count down to 759.   Devika Krishna Kumar in New York, Christopher Johnson in London, Henning Gloystein in Singapore and Ahmad Ghaddar in London; Editing by Marguerita Choy and David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1B5037'|'2017-08-25T03:51:00.000+03:00'
'3e17a681e3240b743ea450c5144b366e93f84c9f'|'UPDATE 4-Florida executes man with drug not previously used in lethal injections'|'(Adds background on new drug)By Bernie WoodallFORT LAUDERDALE, Fla., Aug 24 (Reuters) - A 53-year-old man convicted of killing two men in 1987 was executed by Florida on Thursday evening with a lethal injection that included a drug never before used in a U.S. execution, state officials said.The execution was carried out at 6:22 p.m. (2222 GMT) at the Florida State Prison in Bradford County, about 50 miles (80 km) southwest of Jacksonville, where the two murders took place.Mark James Asay was the first white man to be put to death in Florida for killing a black man since the state reinstated the death penalty in 1979.Asay was sentenced to death in 1988 for killing two men in separate incidents on the same day a year earlier. After using a racial slur during an argument, Asay shot Robert Lee Booker in the belly. He killed Robert McDowell by shooting him multiple times in the chest. Asay said later he believed McDowell had cheated him out of $10.Booker was black and McDowell was white.Asay''s last meal consisted of his requested fried ham, fried pork chops, french fries, vanilla swirl ice cream and a can of Coca-Cola, said Ashley Cook, spokeswoman for the Florida Department of Corrections.Asay is the 93rd person to have been executed in Florida since the U.S. Supreme Court reinstated the death penalty in the country in the mid-1970s, according to the Death Penalty Information Center. That includes 91 men and two women.Only Texas, Virginia and Oklahoma have put more people to death in that span, the Center said. As of April 2017, Florida had 386 people on death row, behind only California, with 744, the Center showed.Florida had not killed an inmate on its death row since January 2016, when the U.S. Supreme Court ruled the state''s death penalty process was unconstitutional because it gave powers to judges that should be reserved for juries.Florida''s legislature has since altered the state''s death penalty law so that only a unanimous vote of a jury can condemn someone.Florida prison officials said the drug etomidate was used in Asay''s execution. It had not been used in a U.S. execution before.Use of etomidate was a factor in the lone dissent from a Florida Supreme Court ruling earlier this month denying a stay of execution. Justice Barbara Pariente wrote that Asay was being treated as "the proverbial guinea pig" for the untested death penalty drug, etomidate, which she said would violate the constitutional protection against cruel and unusual punishment.The court''s majority cited a U.S. Supreme Court decision from two years ago that said because the death penalty was constitutional, there must be a way to carry out executions and that eliminating all pain during them was not workable.Florida, along with other states, had to find a replacement for drugs that became unavailable when drugmakers stopped distributing them because of their stands against the death penalty. In Florida, etomidate replaced midazolam, which Pfizer Inc stopped making last year to keep it from being used in executions.Etomidate, an anesthesia invented in Belgium in the 1960s by Janssen, now a division of U.S.-based Johnson & Johnson, is off patent and more readily available than midazolam and produced by others as a generic drug. Janssen stopped making the drug last year, after never selling it in the United States."We do not condone the use of our medicines in lethal injections for capital punishment," Janssen said in an emailed statement. (Reporting by Bernie Woodall; Editing by Dan Grebler and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/florida-execution-idINL2N1LA1VD'|'2017-08-24T19:00:00.000+03:00'
'ec7c8f23db65000f396b9ed828ba52540b60d876'|'China to shut 6,000 non-coal mines by 2020 to improve safety'|'August 26, 2017 / 9:43 AM / 3 minutes ago China to shut 6,000 non-coal mines by 2020 to improve safety Reuters Staff 1 Min Read BEIJING (Reuters) - China will shut 6,000 non-coal mines in an effort to reduce mining accidents and deaths by 2020, the State Administration of Work Safety said in a five-year plan. Beijing will seek to reduce major accidents by 15 percent by 2020 from 2015 levels in the non-coal mining sector, the work safety body said in a statement on Friday. More than 500 people died in non-coal mining accidents in 2015. The toll has fallen by more than 50 percent since 2010. "While mining companies are under transformation, some of them don''t have sufficient funding and manpower to keep safety running in mines, which leaves high safety risks," the work safety body said in a statement on Friday. Under the plan, China will improve safety legislation and intensify mine inspections. Authorities say there were some 37,000 illegal non-coal mines in 2015. China has vowed to accelerate closing small-scale coal mines with an annual production capacity of 90,000 tonnes or less. Reporting by Muyu Xu and Beijing Newsroom; Editing by Michael Perry'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-mining-safety-idUKKCN1B60AH'|'2017-08-26T12:42:00.000+03:00'
'2eccdcf97c07f99f5c3b52b867e82a5478944bbc'|'Tesla''s sales head to get $700,000 payout on meeting targets'|'FILE PHOTO - The logo of Tesla is seen in Taipei, Taiwan on August 11, 2017. Tyrone Siu/File Photo (Reuters) - Electric carmaker Tesla Inc said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017.Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars.Under his incentive compensation plan, McNeill will receive the amount if he meets vehicle delivery target during the third and fourth quarters of 2017, Tesla said in a filing.The payout will also take into account operational and financial metrics relating to vehicle service performance, as well as costs and customer satisfaction scores during 2017, the company said. ( bit.ly/2vpUlqz )The compensation will be made in cash, stock options or restricted stock units, Tesla said.Musk had warned earlier this month that Tesla would face months of "manufacturing hell" as it increases production of Model 3.The company faces a big challenge as it ramps up service for all new cars while continuing to produce its earlier models, Model S and Model X.Reporting by Anirban Paul in Bengaluru; Editing by Anil D''SilvaOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-tesla-payout-idUSKCN1B32OV'|'2017-08-24T01:49:00.000+03:00'
'9ffd13358f11c8d7df3b40451bdda552f91bc0a6'|'Australia''s Seven Group to sell Chinese mining machinery business'|'SYDNEY (Reuters) - Australia''s Seven Group Holdings ( SVW.AX ) said on Tuesday it would sell its Chinese mining machinery division WesTrac China to Chinese firm Lei Shing Hong Machinery for A$540 million ($428 million).Lei Shing Hong Machinery is a subsidiary of Chinese conglomerate Lei Shing Hong Ltd ( 0238.HK ) which distributes Caterpillar ( CAT.N ) earthmoving, mining and construction equipment throughout eastern China and Taiwan.The Chinese government must approve the deal with the Australian media and mining company, Seven Group said in a statement to the Australian Securities Exchange.The deal allows Seven Group, which is 73 percent owned by Australian entrepreneur Kerry Stokes, to focus on supplying an infrastructure boom in the east coast Australian states, which the company expects to peak by 2021.Seven Group Chief Executive Ryan Stokes told Reuters in a phone interview the opportunity was timely to realize value and redeploy capital.The company reported a 10 percent rise in underlying profit on Tuesday to A$187.1 million, helping to boost its share price 6 percent by afternoon trade to a record high.Annual profit fell 77 percent to A$44.5 million, due in part to impairments against its media business.Seven Group Holdings was created from a A$3 billion merger of the Seven and WesTrac businesses in 2010. It also has a 35 percent holding in broadcaster and publisher Seven West Media ( SWM.AX ).Reporting by Alison Bevege in SYDNEY; Editing by Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-seven-group-m-a-lei-shing-hong-idINKCN1B12KW'|'2017-08-21T21:56:00.000+03:00'
'f3e47a085da45edcbff4a614b4d46b91e4d35977'|'Vedanta''s quarterly core earnings rise about 48 percent'|'Reuters TV United States  24 AM / 6 minutes ago Vedanta''s quarterly core earnings rise about 48 percent Reuters Staff 1 Min Read (Reuters) - Diversified miner Vedanta Resources said its quarterly core earnings jumped about 48 percent as zinc production at its Indian unit nearly doubled. The company, which mines zinc in the western Indian state of Rajasthan, said earnings before interest, tax, depreciation and amortization rose to $777.8 million in the first quarter ended June 30, from $527.1 million a year earlier. The company said revenue rose 32 percent to $3.08 billion. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-vedanta-res-plc-results-idUKKCN1B30H9'|'2017-08-23T09:16:00.000+03:00'
'64062614b0d3a647b9b6392ef7319ea96e86b263'|'UPDATE 1-New Singapore bourse eyes metals, rubber after palm olein launch - sources'|'August 25, 2017 / 8:09 AM / 44 minutes ago UPDATE 1-New Singapore bourse eyes metals, rubber after palm olein launch - sources Reuters Staff * Apex to list palm olein contracts in Q4 2017 * Is considering launching rubber and metals contracts (Update with MAS comment in fifth paragraph.) By Emily Chow KUALA LUMPUR, Aug 25 (Reuters) - Asia Pacific Exchange Pte (Apex), Singapore''s newest derivatives bourse, is targeting a fourth quarter 2017 launch for its palm olein contract and is considering rubber and metals contracts for future listings, according to two sources closely linked with Apex. The company recently received in-principle approval from the Monetary Authority of Singapore (MAS) to form Singapore''s third derivatives exchange after Singapore Exchange Ltd and Intercontinental Exchange. Apex is backed by Chinese investors and plans to offer a range of products "related to the Chinese economy," according to a source with direct knowledge of the matter. "Apex is targeting international traders who want exposure which is correlated to China''s economy, and also Chinese traders who face restrictions when trading onshore," said the source. All products will be denominated in U.S. dollars and offer physical delivery. Eugene Zhu Yuchen, a former chief executive officer of the Dalian Commodity Exchange and president of the China Financial Futures Exchange, is listed as an officer of Apex in Singapore corporate filings. Apex officials in Singapore declined to comment. MAS said in a statement it does not comment on its dealings with individual parties. Apex aims to launch palm olein contracts before the end of 2017, with physical delivery in Malaysia or Indonesia, according to the source. Apex on Aug. 17 changed its name from Asia Investment Pte Ltd. Palm oil comprises more than 70 percent of China''s edible oil imports of about 5 million tonnes a year. The country is the world''s second-largest palm oil buyer after India. The tropical oil is the world''s most consumed edible oil, and is used to produce everything from food products and cosmetics to biodiesel. When crude palm oil is refined it forms palm olein, a liquid edible oil, and palm stearin, a solid fat. Crude palm oil futures are most widely traded on the Bursa Malaysia Derivatives Exchange, and those prices are considered the global benchmark. Indonesia and Malaysia account for over 85 percent of the world''s palm oil production. The Apex exchange would consider rubber futures as well as metals products after launching the palm olein contract, the source said, asking not to be identified as he was not authorised to speak to the media. Aside from Zhu, other Apex officers listed include Wong Chong Fatt, former head of CME Group Inc Asia, and Tan Tock Siong, formerly with the Singapore Mercantile Exchange which was acquired by ICE in early 2014. Shareholders include Asia Pacific Holdings Pte Ltd and Chaos Investment Ltd, a hedge fund and futures brokerage with offices in Shanghai and Hong Kong. (Reporting by Emily Chow; Editing by Gavin Maguire and Kenneth Maxwell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/singapore-exchange-idUSL4N1LB331'|'2017-08-25T11:08:00.000+03:00'
'c2faaf73bf91d48f21ef7477e974f9e41aa6cc74'|'METALS-Metals ease from peaks, but iron ore rally supports'|'(Updates prices) MELBOURNE, Aug 22 (Reuters) - London copper steadied on Tuesday from three-year highs touched the session before, as the resumption of a rally in iron ore prices offered support to the sector. "The wider sector continues to benefit from an increasingly positive sentiment as economic growth betters expectations amid a (broadly) weaker USD," said ANZ in a report. The dollar however inched higher against a basket of currencies on Tuesday capping metals, with traders focusing on the annual central banking conference in Jackson Hole this week for insights into the outlook for monetary policy. FUNDAMENTALS * LONDON COPPER: London Metal Exchange copper pared early losses to trade little changed at $6,593 a tonne by 0535 GMT. That followed 1.5-percent gains the previous session, when prices hit their highest since November 2014 at $6,623 a tonne. * SHANGHAI COPPER: Shanghai Futures Exchange copper climbed 1.1 percent to 51,740 yuan ($7,771) having struck its strongest since March 2013 at 52,130 yuan a tonne overnight. * OTHER METALS: ShFE nickel trimmed early gains to be up 2.2 percent, while zinc and lead sagged by 0.6 and 1.8 percent respectively. * CHINA STEEL: China''s steel sector offered some support, with rebar flat and Dalian iron ore up 3 pct. * PRICE OUTLOOK: "Maybe we have seen the high of this year, prices could consolidate a bit towards Q4," said one trader in Singapore. "I think medium term is still bullish on commodities (but) I am not too bullish for the short term. (Still), not a good time to short, even though looks high now." * CHINA DEBT: Rising corporate profits are providing Chinese policymakers with room to do more to tackle the country''s growing debt problems without inflicting major damage on the economy. * BHP: Global mining giant BHP Billiton posted a surge in annual underlying profit to $6.7 billion on Tuesday, and said it was putting its U.S. shale assets up for sale. * SHANGHAI FEES: The ShFE said on Monday it would adjust transaction fees for zinc futures for delivery in October and November and would limit the volumes non-members could trade each day from Aug. 23. * CHILE: The Chilean government rejected on Monday a controversial $2.5-billion copper and iron project proposed by privately-held Andes Iron, though the company vowed to appeal. * MINMETALS: China Minmetals Corp (CHMIN.UL) plans to invest 10 billion yuan ($1.50 billion) to upgrade its copper, lead and zinc smelting facilities Hunan province, a spokesman confirmed on Monday, after a recent rebuke from the Ministry of Environmental Protection (MEP). * COMING UP: U.S. Home prices (FHFA) for Jun at 1300 GMT * For the top stories in metals and other news, click or PRICES BASE METALS PRICES 0533 GMT Three month LME copper 6592 Most active ShFE copper 51750 Three month LME aluminium 2075.5 Most active ShFE aluminium 16375 Three month LME zinc 3122 Most active ShFE zinc 26180 Three month LME lead 2343.5 Most active ShFE lead 19290 Three month LME nickel 11335 Most active ShFE nickel 91890 Three month LME tin 20435 Most active ShFE tin 144170 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 575.76 LME/SHFE ALUMINIUM LMESHFALc3 327.08 LME/SHFE ZINC LMESHFZNc3 1283.3 LME/SHFE LEAD LMESHFPBc3 352.61 LME/SHFE NICKEL LMESHFNIc3 1537.92 ($1 = 6.6579 (Reporting by Melanie Burton; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1L820S'|'2017-08-22T03:53:00.000+03:00'
'c874f30816036633b6fcddf545e523519e52cd1d'|'U.S. regulators propose delaying stricter rules for smaller banks'|' 11 PM / 2 minutes ago U.S. regulators propose delaying stricter capital rules for smaller banks Pete Schroeder 2 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly WASHINGTON (Reuters) - U.S. bank regulators proposed on Tuesday holding off on implementing stricter capital rules for smaller banks while the agencies review ways to simplify requirements for less complex institutions. Banks with less than $250 billion in assets and less than $10 billion in foreign exposure would be permitted to continue complying with simpler temporary capital rules beyond the beginning of 2018. Large banks would still face stricter capital requirements, beginning on Jan. 1, 2018. Regulators had previously announced plans to simplify capital rules for smaller banks, and now are taking steps to ensure the fully phased-in capital requirements do not take effect for institutions where regulators want to lighten the regulatory load. The Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency signed off on the action. FDIC Vice Chairman Thomas Hoenig urged regulators to go even further in easing rules for less complicated banks. "Community banks engaging in traditional activities deserve meaningful relief from risk-based capital rules," he said in a statement. Specifically, smaller banks will now be able to continue to rely on temporary rules regarding capital for several financial products, including mortgage servicing assets, certain deferred tax assets, and investments in the capital instruments of unconsolidated financial institutions. In March, the regulators announced that they would launch an effort to ease regulations for smaller institutions, as part of a mandatory requirement to review all existing rules every 10 years. Simplifying capital rules for community banks was identified as a priority following that review, but regulators have not said when they will release those new rules. Reporting by Pete Schroeder; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-banks-capital-idUSKCN1B22B7'|'2017-08-22T23:10:00.000+03:00'
'804c7e4f04032cbfc27fbfb3c1514d9e175daaed'|'Lidl overtakes Waitrose to become UK''s No. 7 supermarket - Kantar Worldpanel'|'August 22, 2017 / 7:28 AM / 8 hours ago Lidl overtakes Waitrose in Britain''s supermarket wars 4 Min Read A sign is seen outside a LIDL supermarket in Cricklewood, London January 21, 2009. Stephen Hird LONDON (Reuters) - Discounter Lidl [LIDUK.UL] has leapfrogged upmarket Waitrose [JLP.UL] in Britain''s competitive food retail market, industry data showed on Tuesday, a sign that cash-strapped shoppers are still having to count their pennies. Lidl and rival German discounter Aldi [ALDIEI.UL] have steadily cut into the market shares of Britain''s big four supermarket chains - leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ) - with aggressive store openings fuelling their sales growth. The two discounters started opening stores in Britain in 1994 and 1990 respectively, but their big breakthrough came when the economic crisis hit in 2008 and more British shoppers were prepared to give them a go. In February, Aldi overtook the Co-operative ( 42TE.L ) to become Britain''s fifth largest supermarket and on Tuesday Lidl recorded a market share of 5.2 percent becoming the No. 7, market researcher Kantar Worldpanel said, usurping Waitrose. Waitrose has a loyal middle class clientele but even it has felt the effect of Aldi and Lidl, who have pushed prices down across the sector. Kantar Worldpanel said Lidl''s sales rose 18.9 percent year-on-year in the 12 weeks to Aug. 13, while Aldi''s sales rose 17.2 percent, giving it a market share of 7 percent. "Ten million households visited (Lidl''s) expanding network of stores during the past 12 weeks, with alcohol and fresh produce performing particularly well," said Kantar Worldpanel''s Fraser McKevitt. He said that Aldi attracted 1.1 million more shoppers through its doors than this time last year. “Rising food price inflation continues to stretch household budgets and as a result consumers are increasingly focussing on the price that they pay at the till," Matthew Barnes, CEO Aldi UK and Ireland, said. LOSING MARKET SHARE Though all of the big four increased sales for the fifth consecutive period - a run of success not seen since 2013 - it partly reflected grocery price inflation and they still all lost market share to the discounters. The big four now account for 69.3 percent of the UK grocery market, down from 76.3 percent five years ago. "That looks set to fall further in the coming months," said McKevitt. Tesco was the strongest performer among the big four, with a sales increase of 3 percent, sending its shares as much as 3.9 percent higher. Overall UK supermarket sales rose 4 percent year-on-year. Like-for-like grocery inflation increased slightly to 3.3 percent after holding steady at 3.2 percent for the past two months. The inflation has been fuelled by the fall in sterling since last year''s Brexit vote. At the current rate, price increases could add a further 138 pounds ($177.3) to the average UK household’s annual grocery bill, with the price of butter and fish most affected, Kantar Worldpanel said. Overall, British retail sales growth slowed in July, adding to worries about a fall in consumer demand, official data showed last week. Reporting by James Davey; Editing by Susan Fenton and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKCN1B20M8'|'2017-08-22T10:29:00.000+03:00'
'9a032a2895c289a05a340ed9b76efe4847aa8078'|'Asian shares edge up, bolstered by modest gains on Wall Street'|'August 22, 2017 / 12:56 AM / 23 minutes ago Miners, tech lift stocks, crude rebounds on supply Herbert Lash 5 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 16, 2017. Brendan McDermid NEW YORK (Reuters) - Global equity markets rose on Tuesday, lifted by mining companies in Europe and technology shares on Wall Street, while crude oil rebounded on indications supply is gradually tightening, especially in the United States. U.S. Treasury and gold prices fell ahead of an annual meeting this week of central bankers in Jackson Hole, Wyoming, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are due to speak. A broadly resurgent U.S. dollar prompted investors to square positions in a thin market before the central bank conference begins on Thursday. With investors caught between a generally benign economic backdrop that prevents too much of a sell-off but lacks a catalyst for new highs, "we do seem to be settling into more of a range-bound market," said Larry Hatheway, chief economist at asset manager GAM. A gauge of global equity markets, MSCI''s all-country world stock index<.MIWD PUS) rose 0.59 percent, while its emerging markets index .MSCIEF gained 0.82 percent. Stocks on Wall Street rallied, lifted by 1.3 percent gain in information technology shares .SPLRCT and 1 percent surges in materials .SPLRCM and healthcare .SPXHC. The Dow Jones Industrial Average .DJI rose 166.49 points, or 0.77 percent, to 21,870.24. The S&P 500 .SPX gained 20.68 points, or 0.85 percent, to 2,449.05 and the Nasdaq Composite .IXIC added 75.78 points, or 1.22 percent, to 6,288.91. European shares snapped a three-day losing streak as the FTSEurofirst 300 index .FTEU3 of leading European shares rose 0.9 percent. British subprime lender Provident Financial ( PFG.L ) tumbled 66 percent, its biggest ever daily drop, after it issued its second profit warning in two months, canceled its dividend and said its chief executive was leaving. A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo Still, the overall blue-chip FTSE 100 equity index .FTSE closed up 0.94 percent, lifted by a rally in base metals that pushed copper to a three-year high and nickel to its strongest in eight months on the London Metal Exchange. Copper CMCU3 rose to $6,642.50 a ton, the highest since November 2014, before paring gains to trade little changed at $6,584.00, while three-month nickel CMNI3 was bid up 1.2 percent at $11,445 a ton. "There''s nothing really fundamental to drive things onwards from here, so I think it''s a bit of misplaced euphoria and trend-following buyers jumping on the bandwagon," said Robin Bhar, head of metals research at Societe Generale in London. Europe''s basic resources sector .SXPP enjoyed a second session of gains and was the top-gaining sector, supported by a rally in iron ore prices. Benchmark 10-year U.S. Treasury notes US10YT=RR were last down 9/32 in price to yield 2.2131 percent. In European debt markets, Italian government bond yields jumped, stretching the gap with German bunds to a five-week high, in the wake of proposals to introduce a parallel currency in Italy that have upped the ante for elections due next year. Italy''s 10-year bond yield, which moves inversely to the price, climbed 8 basis points to a three-week high at 2.11 percent IT10YT=TWEB, its biggest daily rise in a month. Oil prices rose. Benchmark Brent crude LCOc1 was up 1 cent at $51.67 a barrel, while U.S. light, sweet crude CLc1 was 17 cents higher at $47.54 a barrel. "U.S. crude oil stocks have been falling consistently in recent weeks," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. The dollar rallied after falling for two straight days, benefiting from the euro''s decline following weaker-than-expected euro zone data as well as investors adjusting positions ahead of the central bankers'' conference in Jackson Hole. The dollar index .DXY rose 0.46 percent against a trade-weighted basket of its currencies to 93.524. The euro EUR= , meanwhile, slid 0.50 percent against the greenback to $1.1755, retracing most of its overnight gains when it posted its biggest single day rise so far this month. Spot gold XAU= was down 0.42 percent at $1,285.40 an ounce. Reporting by Herbert Lash; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-markets-idUSKCN1B202R'|'2017-08-22T03:56:00.000+03:00'
'60a6bfca06bfc098c111c6495efa0e7e3a52ccd5'|'Deutsche Post sells British unit Williams Lea to Advent'|'FRANKFURT, Aug 24 (Reuters) - Deutsche Post DHL has agreed to sell its British outsourcing subsidiary Williams Lea Tag to private equity group Advent International to focus on its core logistics service business, the two companies said on Thursday.They did not say how much Deutsche Post was getting for it.A person familiar with the matter had told Reuters in April that Deutsche Post was seeking a buyer for Williams Lea, which it bought in 2006. Media reports said at the time the business could sell for several hundred million euros.The company made revenue of 1.41 billion euros ($1.7 billion) in 2014, the last year for which Deutsche Post broke out separate figures for the business.Deutsche Post said on Thursday it expected Williams Lea to transfer to Advent by the fourth quarter of this year.Advent was advised by Rothschild, Weil, Gotshal & Manges LLP, Bain & Company and Ernst & Young on the deal.$1 = 0.8469 euros Reporting by Maria Sheahan; Editing by Ludwig Burger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deutsche-post-williams-lea-advent-idINL8N1LA43V'|'2017-08-24T10:22:00.000+03:00'
'702526b948eae0aaa7f193227499a29f41f0ea1a'|'Investor Benchmark claims ex-Uber CEO is a ''corrosive influence'''|'August 24, 2017 / 7:20 PM / 21 minutes ago Investor Benchmark claims ex-Uber CEO is a ''corrosive influence'' Heather Somerville 4 Min Read FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. Shu Zhang/File Photo SAN FRANCISCO (Reuters) - Benchmark Capital called ousted Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick a "corrosive influence" on the ride-services company in a court filing on Thursday, the latest salvo in a battle between the two over Kalanick''s presence on Uber''s board. The dispute could determine who wields power at Uber as the world''s largest venture-backed company looks for a new CEO to help it overcome a year of scandals, rebuild its tarnished image and turn it into a profitable business. Legal hostilities started two weeks ago when Benchmark sued Kalanick in Delaware''s Chancery Court to force him off Uber''s board and rescind his ability to fill three board seats. (tmsnrt.rs/2hPzxYj) Last week Kalanick dismissed Benchmark''s lawsuit in a court filing as "a public and personal attack" without merit and called for the dispute to be moved to arbitration. Benchmark, an early Uber investor with a representative on the board, replied to that with its own filing on Thursday, ramping up its criticism of Kalanick and arguing that a Delaware court should decide Kalanick''s future on the Uber board, not arbitrators. Removing Kalanick from the board was necessary "to ensure Uber is protected from Mr. Kalanick''s corrosive influence and can promptly obtain the new leadership it needs to move forward," Benchmark''s court filing said, referring to Uber''s search for a new CEO. FILE PHOTO - An Uber sign is seen in a car in New York, U.S. June 30, 2015. Eduardo Munoz/File Photo A spokesman for Kalanick said Benchmark''s latest court filing relies on meritless personal attacks against Kalanick with no legal basis. "Benchmark’s shameful tactics and unfounded claims punish Uber, its employees and its investors at a critical time when the company most needs stability and leadership,” the spokesman said. Kalanick was forced to resign as Uber CEO in June, when shareholders representing about 40 percent of the company''s voting power signed a letter asking him to step down, following a succession of scandals at the company ranging from sexual harassment to evading regulation by some local authorities. Kalanick remains on the board and is involved in the company''s search for a new CEO. Benchmark''s Aug. 10 lawsuit says Kalanick "committed fraud" by concealing a range of misdeeds from the board when last year he requested that the board add three seats that he would have the sole right to appoint. Board members, including Benchmark, approved. The lawsuit says the firm never would have approved the request had it known certain things that it believes the CEO was hiding at the time, including details of an alleged theft of trade secrets that has led to a high-stakes legal fight with Alphabet Inc''s Waymo self-driving car unit. As a key shareholder, Benchmark''s approval was necessary to passing the board amendment. Benchmark owns 13 percent of Uber and controls 20 percent of the voting power. After an initial investment of $12 million (9.38 million pounds), its stake in Uber is now worth almost $9 billion. Kalanick holds about 10 percent of Uber stock and about 16 percent of its voting power. Reporting by Heather Somerville; Additional reporting by Dan Levine; Editing by Bill Rigby 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-benchmark-lawsuit-idUKKCN1B42FP'|'2017-08-24T22:16:00.000+03:00'
'146bbf1091ba48799b185bbdb0e0d5d0c6930367'|'Bradesco sees credit as way to help Brazil reduce idle capacity'|'SAO PAULO (Reuters) - Demand as well as disbursements for working capital and other short-term loans are growing at Banco Bradesco SA ( BBDC4.SA ), signaling that factory and services activity in Brazil are poised to recover gradually, Chief Executive Officer Luiz Carlos Trabuco said on Thursday.Trabuco told investors at an event in São Paulo that the country''s return to growth is matter of "when, not if." He noted that loan origination has improved recently, helped by payroll and mortgage credit.Reporting by Gabriela Mello, writing by Guillermo Parra-Bernal, editing by G Crosse'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-banco-bradesco-outlook-loans-idUSKCN1B42QA'|'2017-08-25T06:25:00.000+03:00'
'851b1e50b2d5114fe02c1eea4946fabe139f7568'|'Statoil to explore for shale oil, gas in Argentina'|' 59 PM / 9 minutes ago Statoil to explore for shale oil, gas in Argentina Reuters Staff 2 Min Read OSLO, Aug 25 (Reuters) - Norway''s Statoil has signed a deal with Argentina''s leading energy company YPF to jointly explore for onshore shale oil and gas resources in the Vaca Muerta formation, the company said on Friday. Statoil and YPF will each hold 50 percent in the Bajo del Toro exploration block, it said. Statoil will recognise YPF''s past costs in the block and will finance 100 percent of the costs of some activities, it added. "This is a light oil exploration project in a world-class unconventional resource play, the Vaca Muerta formation," Statoil''s exploration chief Tim Dodson said. One of the world''s largest shale gas formations, roughly the size of Belgium, Vaca Muerta has remained mostly undeveloped so far due to high production costs and lack of labour flexibility. Argentinian President Mauricio Macri reached a deal this year with unions and oil companies, including Chevron and Royal Dutch Shell to support the development. The Bajo del Toro exploration permit covers an area of 157 square km in the Neuquen Basin in the west-central part of Argentina. The agreements with YPF have to be approved by the Neuquen provincial authorities, Statoil said. (Reporting by Nerijus Adomaitis and Gwladys Fouche; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/statoil-argentina-idUSL8N1LB37I'|'2017-08-25T15:58:00.000+03:00'
'31e912654f1b66218bc00290f1ba1dc1ae2ce711'|'Behind glitz of casinos, typhoon exposes Macau''s infrastructure woes'|' 36 AM / 5 minutes ago Behind glitz of casinos, typhoon exposes Macau''s infrastructure woes Farah Master 6 Min Read A woman covers her nose as she walks past debris after Typhoon Hato hits in Macau, China August 25, 2017. Tyrone Siu MACAU (Reuters) - The glitzy exterior of Macau crumbled after a super typhoon steamrolled through the gambling center, exposing critical infrastructure flaws and overwhelmed emergency services. Macau, a former Portuguese colony until 1999, was battered this week by Typhoon Hato, one of the strongest on record. At least nine people died, many are still missing and half the city remains without water and power. Once a sleepy enclave, the Chinese special administrative region over the past decade has seen opulent gambling palaces like the Venetian and Wynn Macau multiply, but critical public infrastructure has failed to keep pace, residents said. "It''s a long-time story of incompetence and a lack of caring to find a solution," said Jose Coutinho, a lawmaker in the Macau legislature, referring to lack of progress in tackling infrastructure problems. He added that with casino revenues booming, there was little pressure to do anything different. Sewage and power systems were still paralyzed Friday, more than 48 hours after the typhoon hit Wednesday, as the city sweltered in temperatures that hit 31 degrees Celsius. At Macau''s only public hospital, Conde S. Januário Hospital, airconditioning was limited to sections. Queues of people could be seen in the main reception area while the emergency ward was packed with patients, particularly the elderly. "The situation is very urgent" said Jeffery Hong, who had volunteered to help out at the hospital, as he donned gloves and a mask outside the emergency ward. The overburdened hospital, with its cracked white walls, contrasts sharply with the glitz of the city''s 37 casinos, particularly the Grand Lisboa, located a short walk away, which were also struggling to get up and running Friday. A new public hospital for Macau is in the planning stages but authorities have given no concrete timeline for completion. Other developments, meanwhile, like a light rail service for the teeming city are massively delayed and over budget. Furious residents also said that Macau, home to 600,000 people, was woefully underprepared for the storm and that the government acted too late in issuing warnings about the typhoon. On Friday, Chinese soldiers made a rare trip out of their barracks to help bolster Macau''s relief efforts, with much of the city still reeling. Some 500 residents also turned out to help clean up the city and streets, which were clogged with toppled trees and debris. At Macau''s main ferry terminal, no flushing water was available in the toilets. Outside, where tourists waited for buses to take them to the casinos, a car with its windscreen shattered had tipped off the end of an overpass into a flooded street. Traffic light and a replica of the Eiffel Tower are seen outside the Parisian Macao, during a power outage, after Typhoon Hato hit in Macau, China August 24, 2017. Tyrone Siu "Many old people who work on the streets are in hospital so we need to help clean up," said Hong, the volunteer at the hospital. Macau''s public facilities need a desperate upgrade, said Sophie Lei, founder of the KW Charity Association, as she lamented deaths that she said were easily avoidable. "I am so shocked that people drowned inside a carpark and this happened in one of the richest places," she said, referring to several people drowned while trying to rescue their cars. Macau''s government, flush with tax revenues from the gaming industry, has accumulated a massive budget surplus and doles out an annual cash handout to residents. Expenditure on public infrastructure has been less than half of government revenues, however, and economists have been calling for higher public spending. Corruption and inefficiency has also dogged the government. In 2007 the former secretary for transport and public works, Ao Man-Long, was jailed for bribery, money laundering and abuse of power. In July, Ho Chio Meng, the territory''s chief public prosecutor until 2014 was jailed over the illegal awarding of 2,000 public contracts. That has made many residents cynical about the reasons for the disastrous aftermath of the typhoon. Wong Kit-wah, who came to Macau in the 1970s and now works as a construction contractor, blamed corruption for the territory''s lack of preparation for the storm. "Although this is a natural disaster the losses shouldn''t be so massive," he said. Raimundo Rosario, secretary for transport and public works and one of a new slate of government officials put in place in 2014, has been struggling to complete all the new infrastructure planned by the government previously scheduled for 2019. Casinos in Macau, which have been relying on back up generators, were trying to get back to business Friday. At the Grand Lisboa, the airconditioning had started to work but most restaurants remained shut. Some hotels had stopped checking in new guests due to a lack of power and water. "Its like we have gone back to the stone age," said a casino executive who declined to be named due to company policy. "People have to queue on the street for water? It is unbelievable to have no power and water more than 48 hours after," the executive said. "How can the government claim we are a first world city?" Reporting by Farah Master; additional reporting by Venus Wu'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-macau-economy-infrastructure-idUKKCN1B5176'|'2017-08-25T13:21:00.000+03:00'
'1092aa61730857bf5d830c216f89d48c2f2fdd3e'|'Does ageing explain America’s disappointing wage growth?'|'WHEN America’s unemployment was last as low as it has been recently, in early 2007, wages were growing by about 3.5% a year. Today wage growth seems stuck at about 2.5%. This puzzles economists. Some say the labour market is less healthy than the jobless rate suggests; others point to weak productivity growth or low inflation expectations. The latest idea is to blame retiring baby-boomers.The thinking goes as follows. The average worker gains skills and seniority, and hence higher pay, over time. When he retires, his high-paying job will vanish unless a similarly-seasoned worker is waiting in the wings. A flurry of retirements could therefore put downward pressure on average wages, however well the economy does. The first baby-boomers began to hit retirement age around 2007, just as the financial crisis started. And since 2010, the first full year of the recovery, the number of middle-aged workers has shrunk considerably. They have been replaced partly by lower-earning youngsters (see chart). Researchers at the Federal Reserve Bank of San Francisco think this could explain disappointing wage growth over that period. They split earnings growth into the portion caused by pay rises, and the portion caused by people joining or leaving the workforce. From mid-2012 until recently, changes to labour-force composition have reduced income growth by about two percentage points. By comparison, in early 2007 the drag was less than one percentage point. For those in work continuously, pay is rising just as fast as it was then.Does that mean the labour market is running hot? Not so fast, says Adam Ozimek of Moody’s Analytics. He points out that the number of workers aged over 55 is growing, not shrinking, as a fraction of the workforce. What is more, statistically controlling for ageing barely changes estimates of aggregate wage growth, according to his model.So what is going on? The San Francisco Fed’s researchers also note that many low earners have recently joined the labour force (such workers are usually the last to benefit from economic expansions). Growth in low-skilled jobs can hold back average wage growth. But this explanation does not imply that the labour market has fully recovered, because more people may yet be tempted to look for a job. In fact, Mr Ozimek denies there is a wage puzzle to begin with. Replace the unemployment rate, which counts only those who are seeking work, with the fraction of 25-to-54-year-olds who are jobless, and wage growth is exactly where you would expect it to be (at least according to Mr Ozimek’s preferred measure of pay and benefits).Another problem with the ageing explanation is that it is not just wage growth that has been disappointing. Inflation, too, has been puzzlingly low this year: the core consumer-price index, which excludes food and energy, has undershot forecasts for five consecutive months. Ageing cannot easily explain low inflation. True, retiring baby-boomers reduce firms’ wage bills. But if older workers earn their high pay through high productivity then firms’ unit costs should not fall as retirements rise.Ageing is too often overlooked as an explanation for economic trends—politicians routinely promise that the economy will grow as fast as it did before baby-boomers started retiring and the workforce began to shrink. Yet when it comes to wage growth, the effect of ageing is probably modest. Policymakers should not hide behind it. Despite low unemployment, the labour market is not yet simmering. Finance and economics "Retirement accounts"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727098-economists-debate-effects-baby-boomer-retirements-does-ageing-explain?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'234fc3faed222797d6cbd310c105ceb5a6608ce3'|'Fiat Chrysler says will always evaluate deal inquiries'|'August 25, 2017 / 6:51 AM / 3 hours ago Fiat Chrysler says will always evaluate deal inquiries Reuters Staff 1 Min Read A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. Giorgio Perottino MILAN (Reuters) - Fiat Chrysler (FCA) ( FCHA.MI ) said on Friday it would evaluate any inquiries about potential transactions, but did not have anything to add to its previous comments on reported interest from China''s Great Wall Motor ( 601633.SS ) in its Jeep brand. Responding to requests from Italian market regulator Consob, FCA said: "From time to time, FCA may receive inquiries about potential strategic transactions and will evaluate such inquires consistent with its duties to stakeholders." FCA "does not comment on market rumors and therefore does not intend to comment further on any inquiries," it added. The carmaker said on Monday it had not been approached by Great Wall, and was implementing its current business plan. Great Wall reiterated its interest in FCA on Tuesday but said it had not held talks or signed a deal with executives at the Italian-American automaker. Reporting by Giulia Segreti; Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fiatchrysler-m-a-idINKCN1B50LJ'|'2017-08-25T04:51:00.000+03:00'
'31f1d43f904ffa5e219fc4967e81c3beef62237d'|'Investor activism is surging in continental Europe'|'LEAVE it to the Americans to besiege European companies in August, when the entire continent is on holiday. It emerged this month that Corvex Management, an American hedge fund, had built up a $400m position in Danone, a French food giant. AkzoNobel, a Dutch paints-and-chemicals firm which has been under heavy fire from Elliott Advisors, a subsidiary of another American activist fund, agreed to appoint three new directors to its board. An even bigger skirmish is under way in Switzerland, where Third Point, an American fund run by Daniel Loeb, is seeking to shake up Nestlé, the world’s biggest food company. Ulf Mark Schneider, Nestlé’s new boss, is under pressure to present bold plans to investors in September.Such tussles used to be relatively rare in Europe. But shareholder activism is on the rise, with restive investors demanding corporate overhauls. Armand Grumberg, a mergers lawyer in Paris, last year counted 70 such campaigns in continental Europe. He expects this year to be even livelier. “It is the new normal,” he says.  7   10   15   The surge in activism has several causes. As American activist funds jostle to find targets at home, some are seeking less well-trodden hunting grounds abroad. Relatively cheap European firms are tempting prey. Many Americans also see continental models of corporate governance as ripe for disruption. Americans (and Britons) think that boards must prioritise shareholders’ interests; Europeans, backed by courts, insist boards should also take the interests of staff, creditors and suppliers into account.It is not just Americans who have sprung into action. A London-based group, The Children’s Investment Fund, recently led a successful campaign to urge Safran, a French maker of aeronautical parts, to lower its offer price for Zodiac, a poorly run French producer of aeroplane seats and toilets. On the other side of the deal, a French fund called CIAM had invested in Zodiac and sought the Safran takeover.CIAM’s profile has risen in recent years. In 2013 it opposed a sale of Club Med, a tourism company in which it held a stake; that allowed a Chinese buyer, Fosun International, to step in with a higher bid. CIAM also campaigned for Disney to pay more to minority investors in Euro Disney, a subsidiary that was taken private in June. Anne-Sophie d’Andlau of CIAM calls such activism “new in France”, but says the trend is picking up. Activists previously struggled even to meet asset managers, for instance in Paris, says Ms d’Andlau. Now investors listen when she explains an idea.In Germany a new corporate-governance code, modelled on a British one, is emboldening activists, too: the latest version says that institutional investors “are expected to exercise their ownership rights actively”. Cevian Capital, a big Swedish activist group, has built up a holding in ThyssenKrupp, a German steelmaker. Knight Vinke, yet another active investor, has been trying to dismantle E.ON, a German energy conglomerate. A German-led investment fund, Active Ownership Capital (AOC), last year built a 7% stake in Stada, a maker of generic drugs near Frankfurt, eventually forcing changes to its board, managers and strategy. AOC was vindicated this month: two private-equity firms said on August 18th that they had acquired enough shares to complete a €4.1bn ($4.8bn) takeover of Stada. It will be Europe’s biggest such deal in four years.Many more campaigns are conducted behind the scenes, as funds work amicably with companies. For instance, the founders of Teleios Capital Partners, a Switzerland-based activist fund, say that in the past three years they have urged shake-ups at about two dozen companies. Of these, only three turned sufficiently adversarial to draw public attention.Some fights do inevitably spill into the open. When they do, Europeans usually try to avoid the rough-and-tumble approach associated with their American peers; it is crucial not to be seen as “aggressive” or like “cowboy Americans”, sniff local activists. A cautious approach makes it easier to win backing from other investors. Teleios recently set its sights on Kongsberg Automotive, a big, lumbering Norwegian car-parts maker. Founders of Teleios describe being chided at first in Norway, for example by local pension funds, for using methods “that were not how things were done”. By laying out detailed plans for Kongsberg and showing “humility”, they won enough allies to support big changes.If activists find Europe more fertile ground than they once did, they still face difficulties.In many countries corporate-governance rules remain a thicket. In the Netherlands foundations control some companies and may appoint directors or issue new stock. In Germany two tiers of boards govern firms, so an investor might win a seat on a supervisory board yet find no influence over a management board. In France long-term shareholders can claim double voting rights.Yet investors familiar with European ways can also benefit from such peculiarities. Kay Bommer of DIRK, a lobby group that represents over 300 listed companies in Germany, says that some clever activists try to exploit differences of opinion between supervisory and management boards of German firms. In France, activists with long-term horizons can make use of double voting rights themselves.Ms d’Andlau says her fund has no shortage of tempting targets, especially among firms worth €1bn-5bn in Germany, Italy, Spain and Switzerland. AOC sees “around 1,000” possible targets in Germany, Scandinavia and the Benelux countries. European bosses may be on holiday, but they cannot properly relax.  "Call to action"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727086-third-point-corvex-and-elliott-are-just-beginning-investor-activism-surging?fsrc=rss%7Cbus'|'2017-08-24T22:45:00.000+03:00'
'f544a3093ccdac3d0057f5f59a8dc14376dba8fc'|'Banco do Brasil to book $65 mln gain with Neoenergia M&A'|'SAO PAULO, Aug 24 (Reuters) - State-controlled Banco do Brasil SA plans to book a 205 million-real ($65 million) non-recurring gain this quarter after an increase in the value of an investment.In a Thursday securities filing, Banco do Brasil said that the gain will be related to Neoenergia SA''s acquisition of rival Elektro Eletricidades & Serviços SA, which was concluded earlier in the day. Banco do Brasil''s investment-banking unit has 9.3 percent of the combined entity, which will remain known as Neoenergia.Reuters reported on July 14 that Neoenergia, Brazil''s No. 1 power utility by customers served, has plans for a dual initial public offering in São Paulo and New York that could value it at around 35 billion reais. The IPO could be launched as early as September.$1 = 3.1475 reais Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/banco-do-brasil-outlook-neoenergia-idINL2N1LA23O'|'2017-08-24T20:13:00.000+03:00'
'749aa33708b1f367c6609f37099673bc80e8c535'|'Apache sees no ''material implications'' from Hurricane Harvey'|'August 24, 2017 / 8:03 PM / 4 minutes ago Apache sees no ''material implications'' from Hurricane Harvey Reuters Staff 1 Min Read HOUSTON, Aug 24 (Reuters) - U.S. oil producer Apache Corp said on Thursday it does not expect any ''material implications'' to its onshore operations from Hurricane Harvey. The company operates in the Eagle Ford shale region of Texas, parts of which are expected to be affected by the storm. "We are taking precautions, but do not expect any material implications," Apache spokesman Joe Brettell said. (Reporting by Ernest Scheyder; editing by Diane Craft) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-apache-idUSL2N1LA1Q7'|'2017-08-24T23:03:00.000+03:00'
'd996e3afe2bc552932215b205f58330edeaa2d3a'|'Labour shortages show promise of reviving inflation - OECD'|' 49 PM / 31 minutes ago Labor shortages show promise of reviving inflation: OECD Reuters Staff 2 Min Read BANGKOK (Reuters) - Localized labor shortages, notably in Japan and the United States, are finally bringing the promise of higher inflation but only stronger growth will really drive it higher, OECD Secretary General Angel Gurria said on Thursday. The Paris-based Organisation for Economic Cooperation and Development had said in June the global economy was on course this year for its fastest growth in six years, but a resurgence in inflation has yet to materialize. "You''re getting to a point where you are starting to see localized labor shortages and a natural reaction, finally," Gurria told Reuters in Bangkok. "It’s good but normally you would have expected that you would have gotten positive signs of wage increases a long time before you are almost at full employment." Gurria said that European and Japanese central banks in particular would need to keep monetary policy "on the lax side" for some time to encourage higher growth at a time of uncertainty. "Inflation is the manifestation, it’s not the problem, it’s growth that is the problem," he said, pointing to weak demand, consumption and investment because people lacked confidence about the future. The possibility of a shutdown in the U.S. government after a threat by President Donald Trump over funding for a border wall with Mexico could bring added uncertainty but would ultimately be resolved, he said. "In the meantime there is stress and ideally you’d choose not to have it," said Gurria, a Mexican economist. He said it was too early to judge the impact of Trump''s "America First" trade policy amid fears of protectionism as the United States starts renegotiating the North American Free Trade Agreement and promises to tackle its big trade deficits. "There’s a lot more in the speeches than there has been in the policy decisions simply because the processes are only just beginning. It’s a little early," said Gurria, in Thailand for the setting up of an OECD programme. Reporting by Matthew Tostevin; Editing by Nick Macfie 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-economy-oecd-idUKKCN1B41JA'|'2017-08-24T15:45:00.000+03:00'
'76379146b534ae862860e996f0c8f4c47f527187'|'TREASURIES-Yields rise as central bank speeches in focus'|'* Fed''s Yellen, ECB''s Draghi to speak on Friday * Investors seek signals ECB is close to paring bond purchases * Some Treasury bill yields rise on concerns about debt ceiling By Karen Brettell NEW YORK, Aug 24 (Reuters) - U.S. Treasury yields edged higher on Thursday in light volumes as investors waited on central bank speeches in Jackson Hole on Friday for any new indications on monetary policy. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to speak at the central bank conference in Wyoming on Friday. “We’re waiting to see if anything comes out of Jackson hole, I don’t think anyone is putting any big positions on here,” said Lou Brien, a market strategist at DRW Trading in Chicago. Market participants will be watching for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will not deliver any new policy message at the event. The Fed is widely expected to announce a plan to reduce its balance sheet at its September meeting. Benchmark 10-year notes fell 5/32 in price to yield 2.19 percent, up from 2.17 percent on Tuesday. Benchmark yields have held in a tight range since falling to almost two-month lows on Friday on concerns about political discord in Washington and tensions between the United States and North Korea. Yields on Treasury bills due in early October rose on concerns that payments on the debt could be delayed if lawmakers fail to raise the debt ceiling before the government runs out of funds, which is expected in late September. Concerns about the debt ceiling have increased since U.S. President Donald Trump said late on Tuesday that he would be willing to risk a government shutdown to secure funding for a border wall. Yields on Treasury bills due on Oct. 5 rose to 1.17 percent, the highest since Aug. 10. Republicans including Paul Ryan, however, said they did not agree that a government shutdown is desirable. Fitch Ratings said on Wednesday that a failure by U.S. officials to raise the federal debt ceiling in a timely manner would prompt it to review the U.S. sovereign rating, "with potentially negative implications." (Editing by Nick Zieminski) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LA0ND'|'2017-08-24T11:30:00.000+03:00'
'4f8833ab3fc7020421bb37ffec8ed19ead882a51'|'UPDATE 1-MOVES-Credit Suisse hires two technology bankers from Barclays'|'(Recasts with confirmation from memo, adds details)By Liana B. BakerAug 23 (Reuters) - Credit Suisse Group AG has hired Kirk Kaludis and Owen Bittinger, two technology investment bankers from Barclays Plc in San Francisco, according to a memo the Swiss bank sent out on Wednesday.Kaludis and Bittinger will start at Credit Suisse in late November, the memo said.A Credit Suisse spokeswoman confirmed the contents of the memo. Barclays declined to comment.Kaludis will become Credit Suisse''s co-head of Americas technology investment banking, along with a New York-based banker, Brian Gudofsky. They will report to the head of global technology banking at Credit Suisse, David Wah, who was promoted to be a co-head of investment banking and capital markets in May.Bittinger will be a managing director in the global technology group and help cover software and infrastructure for the bank.Credit Suisse also named David Goldstein a vice chairman of the global technology group, reporting to Wah. Goldstein, based in New York, had previously been running the technology services and fintech business.Kaludis was most recently a vice chairman of technology investment banking at Barclays. He was responsible for Barclays'' relationships with some of the largest technology companies including Apple, Cisco, Oracle, Tesla, Uber and Airbnb, according to his LinkedIn page.Kaludis and Bittinger joined Lehman Brothers in 2000 and 2007, respectively. Barclays acquired Lehman in 2008.Barclays has seen several departures of technology investment bankers in recent months, including managing directors Richard Sherlund, William Bowmer and Mark Garcia.Sherlund, a former research analyst turned software investment banker, went to boutique investment bank Perella Weinberg Partners last month. Garcia, a banker who focuses on semiconductors, was hired by Citigroup Inc.Bowmer will be opening a San Francisco office for Lincoln International, a Chicago-based advisory firm focused on middle market mergers and acquisitions.To be sure, Barclays has also been hiring. Earlier this year it poached software banker Ben Freeland from UBS Group AG , according to the sources. He will start working for Barclays later this year in Menlo Park, California.The changes at Barclays come after the bank''s former global head of technology, media and telecommunications, Laurence Goldberg, retired from the bank earlier this year and joined Canadian private equity firm Onex Corp. (Reporting by Liana B. Baker in San Francisco; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/credit-suisse-gp-barclays-moves-idINL2N1L91XT'|'2017-08-23T20:20:00.000+03:00'
'821ebeb84f9efe78d0337c775225c43c233bf0d3'|'US STOCKS-Wall St slips as focus shifts to Jackson Hole'|'August 24, 2017 / 4:55 PM / 2 minutes ago US STOCKS-Wall St slips as focus shifts to Jackson Hole Reuters Staff * Yellen to speak on Friday, no new policy view expected * Dollar Tree, Signet rise on strong earnings reports * Hormel, JM Smucker fall after disappointing results * Oil slips 1.75 pct as dollar gains ahead of Jackson Hole * Indexes down: Dow 0.06 pct, S&P 0.14 pct, Nasdaq 0.29 pct (Updates to early afternoon) By Sruthi Shankar Aug 24 (Reuters) - U.S. stocks were mostly lower in early afternoon trading on Thursday, with investors cautious as they await comments on monetary policy from central bankers gathered for their annual meet in Jackson Hole, Wyoming. Speeches from Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi on Friday will be scrutinized for hints on the path of monetary policy, but neither of them are expected to give fresh guidance. The central bankers'' views will be a change from the past two weeks, when the stock market was roiled by concerns over geopolitics, mayhem in Washington, and President Donald Trump''s controversial comments. Trump on Wednesday threatened to shut down the government if funds were not secured to build a Mexico border wall, comments that came as a late-September deadline looms for U.S. officials to raise the debt ceiling or risk a default. "Political uncertainties remain ongoing, valuations are full and, technically, there is some signs of deterioration (in the stock market)," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis. "The backdrop seems favorable for equities to do what we''re seeing this morning and that is sideways trending." At 12:40 p.m. ET (1640 GMT), the Dow Jones Industrial Average was down 13.83 points, or 0.06 percent, at 21,798.26 and the S&P 500 was down 3.38 points, or 0.14 percent, at 2,440.66. The Nasdaq Composite was down 18.40 points, or 0.29 percent, at 6,260.01. Oil prices slipped about 1.75 percent as the dollar strengthened ahead of the Jackson Hole meeting. Seven of the 11 major S&P sectors were lower, led by a 0.55 percent drop in the consumer staples index. Shares of Dollar Tree rose more than 10 percent, on course to record its best day in more than a year, after the retailer reported profit and comparable sales that beat estimates. Signet Jewelers surged about 20 percent after the company issued its results and said it would buy an online jeweler. While these two stocks were the top percentage gainers on the S&P, Hormel Foods and J.M. Smucker brought up the rear, falling about 6 percent and 7.5 percent, respectively, after their weak quarterly results and forecast cuts. Even economic data on the day was a mixed bag: while the number of Americans filing for unemployment benefits rose less than expected last week, home resales unexpectedly fell in July to their lowest monthly level of the year. Advancing issues outnumbered decliners on the NYSE by 1,597 to 1,154. On the Nasdaq, 1,614 issues rose and 1,141 fell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D''Souza) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL4N1LA50P'|'2017-08-24T19:55:00.000+03:00'
'380e8488ffaae4665de710447bb552510457ac84'|'Morning News Call - India, August 24 - Reuters'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: COAI Director General Rajan Mathews, BSNL Chairman A. Shrivastava, MTNL Chairman P.K. Purwar, Bharti Airtel Executive Shaym Mardikar at Wi-Fi India Summit and awards event in New Delhi. 10:30 am: Coal India Chairman S. Bhattacharya, International Solar Alliance Director General Upendra Tripathy, PTC India Chairman D. Amitabh at Environment and Energy Conclave in Kolkata. 11:30 am: Aviation Minister P. Ashok Gajapathi Raju and Junior Minister Jayant Sinha to brief media on second round of bidding under RCS-Udan in New Delhi. 3:00 pm: Larsen & Toubro Infotech annual general meeting in Mumbai. 5.00 pm: Finance Minister Arun Jaitley, NITI Aayog Vice Chairman Arvind Panagariya and CEO Amitabh Kant at release of Action Agenda for three years in New Delhi. TRADING INDIA FORUM: FUTURE OF INDIAN CHESS Vishwanathan Anand was India''s first chess Grandmaster and has since trailblazed a path for most Indian chess players. While still on the playing circuit, ''Vishy'' has managed to carve out a stellar playing career being the undisputed world champion in all three formats. He also was the first recipient of the Rajiv Gandhi Khel Ratna and India''s second highest civilian award, the Padma Vibhushan. We speak to Vishy on his learnings from the game and the future of Indian chess at noon IST. To join the conversation, click on the link: here LIVECHAT: COMMODITIES FOCUS Reuters Asia commodities and energy columnist Clyde Russell will share his insights on the outlooks of yellow metal, iron ore, coal, oil and many more at 9:30 am IST. To join the conversation, click on the link: here LIVECHAT: G7 FX CHARTING TrendsetterFX''s chief market strategist and GMF regular guest Wilson Leung will highlight short-term key levels to watch for G7 currencies from a technical analysis perspective on Friday at 9:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • India to speed up state bank mergers for broader economic revival India approved a proposal on Wednesday to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth. • India''s proposed pharma marketing rules hit legal roadblock India''s plan to bring in marketing rules to curb unethical promotional practices in the country''s drug industry faces an indefinite delay after it hit a legal roadblock, marking a setback for public health groups. • At least 42 injured in rail accident in northern India A passenger express train derailed after hitting a truck in northern India on Wednesday, injuring 42 people, some critically, in the country''s fifth major rail accident in the past year. • Sterlite to invest $1 billion annually in Brazil power lines -source India''s largest power transmission company Sterlite Power Grid Ventures will invest around $1 billion per year in the next few years to build power lines in Brazil, a source with direct knowledge of the plan told Reuters on Wednesday. GLOBAL TOP NEWS • ANALYSIS- Ahead of Lee verdict, Samsung Group lacks leadership ''Plan B'' Samsung Group, South Korea''s leading conglomerate, has no ''Plan B'' for taking big decisions if its billionaire de facto leader Jay Y. Lee is jailed for corruption, people familiar with the matter said. • Fellow Republicans rebuke Trump over government shutdown threat President Donald Trump''s fellow Republicans rebuked him on Wednesday after his threat to shut down the U.S. government over funding for a border wall rattled markets and cast a shadow over congressional efforts to raise the country''s debt ceiling and pass spending bills. • Amazon deal for Whole Foods wins U.S. regulatory, shareholder approvals Amazon.com on Wednesday cleared two of the biggest hurdles it needed to close its $13.7 billion acquisition of Whole Foods Market, with approvals from a U.S. regulator and the grocery chain''s shareholders. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures was trading at 9,867.50, up 0.14 percent from its previous close. • Indian government bonds are likely to trade little changed as investors await a fresh supply of debt via auctions today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52 percent-6.57 percent band. • The Indian rupee will likely edge higher, tracking an overnight selloff in the greenback amid U.S. President Donald Trump’s threats to shut down the government and scrap the free trade agreement with Mexico and Canada. GLOBAL MARKETS • U.S. stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall. • Asian stocks edged up, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump''s threat to shut down the government, though the dollar remained sluggish. • The dollar inched higher, paring some of the losses it suffered after U.S. President Donald Trump suggested a shutdown of the government was possible and threatened to terminate the North American Free Trade Agreement. • U.S. Treasury yields fell on safety buying on Wednesday after President Donald Trump said that he would be willing to risk a government shutdown to secure funding for a border wall, raising fears that a battle to raise the debt ceiling could delay payments on some bonds. • Oil prices were little changed, holding most of their gains from the previous session after another fall in U.S. crude inventories which is seen as a sign of a tighter market. • Gold nudged lower, giving up some of its gains made after U.S. President Donald Trump''s threat of a government shut down, while investors began to focus on a major central bankers conference in Jackson Hole. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.11/64.14 August 23 -$180.67 mln $27.45 mln 10-yr bond yield 6.8 pct Month-to-date -$1.87 bln $1.55 bln Year-to-date $7.10 bln $22.69 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.0400 Indian rupees) (Compiled by Nivedita Balu in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1LA1N2'|'2017-08-24T01:15:00.000+03:00'
'ca1fa48ff961ae1c912ddc4c76060f62fee2b1a3'|'Exclusive - In China, the Party’s push for influence inside foreign firms stirs fears'|'August 24, 2017 / 7:09 AM / 6 hours ago Exclusive: In China, the Party’s push for influence inside foreign firms stirs fears Michael Martina 7 Min Read FILE PHOTO - A general view shows delegates raising their hands as they take a vote at the closing session of the 18th National Congress of the Communist Party of China at the Great Hall of the People in Beijing November 14, 2012. Carlos Barria/File Photo BEIJING (Reuters) - Late last month, executives from more than a dozen top European companies in China met in Beijing to discuss their concerns about the growing role of the ruling Communist Party in the local operations of foreign firms, according to three people with knowledge of the discussions. President Xi Jinping''s efforts to strengthen the party''s role throughout Chinese society have reached the China operations of foreign companies, and executives at some of those entities don''t like the resulting demands they are facing. The presence of party units has long been a fact of doing business in China, where party organizations exist in nearly 70 percent of some 1.86 million privately owned companies, the official China Daily reported last month. Companies in China, including foreign firms, are required by law to establish a party organization, a rule that had long been regarded by many executives as more symbolic than anything to worry about. One senior executive whose company was represented at the meeting told Reuters some companies were under "political pressure" to revise the terms of their joint ventures with state-owned partners to allow the party final say over business operations and investment decisions. He said the company''s joint venture partner was pushing to amend their agreement to include language mandating party personnel be "brought into the business management organization", that "party organization overhead expenses shall be included in the company budget", and that posts of board chairman and party secretary be held by the same person.Changing joint venture agreement terms is the main concern, the executive said, noting that his company had thus far resisted. "Once it is part of the governance, they have direct rights," he said. The State Council Information Office (SCIO), which doubles as the party spokesman''s office, told Reuters in a faxed statement that there is no interference by party organizations in the normal operating activity of joint venture or foreign-invested companies. However, it added, "company party organizations generally carry out activities that revolve around operations management, can help companies promptly understand relevant national guiding principles and policies, coordinate all parties’ interests, resolve internal disputes, introduce and develop talent, guide the corporate culture, and build harmonious labor relations." "They are widely welcomed within companies," the SCIO said. MAJOR DECISIONS Of the 13 executives, all from different foreign companies, Reuters interviewed for this story, 8 expressed concerns about increasing demands from the party or noted increased activity from party groups. They all spoke on the condition that they and their companies not be identified given the sensitivity of discussing relations with the party. FILE PHOTO - A hostess wears a pin of China''s Communist Party flag ahead of the closing ceremony of National People''s Congress (NPC) at the Great Hall of the People in Beijing, China, March 16, 2016. Damir Sagolj/File Photo Just two of 20 major multinationals queried by Reuters - Samsung Electronics Co Ltd ( 005930.KS ) and Nokia NOKA.HE - confirmed having party units in their China operations. Most did not respond to questions on the subject. Only German chemicals giant Bayer AG acknowledged participating in the meeting organized by the European Union Chamber of Commerce in China, but declined to comment on what was discussed. Carl Hayward, general manager and director of communications at the European Chamber''s Beijing chapter, acknowledged the meeting was held to "understand from our members if party structures are being formally introduced into the governance of joint ventures." "We have not noted any formal change of policy that reflects this. This is as we would expect since such a change would act as a deterrent to foreign investment in China," he said. "REAL MUSCLE" Under Xi, the party has sought to address the "weakening, watering down, hollowing out and marginalisation" of party leadership at state enterprises, the party''s official People''s Daily wrote in June. The paper cited an official with state-owned oil giant Sinopec as saying the company had demanded all its foreign joint venture partners "specify the requirement for party-building work" in their articles of association. While plans to expand party organizations in foreign companies have been a quiet concern for several decades, only under Xi has "some real muscle" been put behind the goal, said Jude Blanchette, who studies the party at The Conference Board''s China Center for Economics and Business in Beijing. A significant number of major foreign companies operate in China through joint ventures with state enterprises. Foreign business groups have complained that their members are forced to allow Chinese partners access to their technology or risk losing market access. Many Chinese state enterprises listed on the Hong Kong stock exchange have this year altered their articles of association to give an explicit role to internal party committees. One country head at a major European manufacturer with a southern China joint venture said that late last year it allowed a party unit to meet on company premises – after hours. The party unit asked for overtime pay to hold the meeting, which the company rebuffed. But then it also demanded the company hire more party members, and even tried to weigh in on investment decisions. "That''s when we said this is a no-go zone. We didn''t anticipate that they would discuss investment decisions," the manager told Reuters. A sales and marketing head in China for a major U.S. consumer goods firm said its party cell had recently become more active, and had pushed for locating a new facility in a district where the local government was promoting investment, a move the company made. Still, several executives with foreign companies in China said that the role of party units was benign and could help to resolve issues with officials. A party member at a U.S.-based Fortune 500 company in Shanghai said her firm''s unit was not involved in business matters and instead engaged in activities such as planting trees and sponsoring children. "They will give you some tickets to see movies together. When the State Council has a meeting and there''s some news they will send bullet points by email," she said. Additional reporting by John Ruwitch, Adam Jourdan, David Stanway, and Brenda Goh in Shanghai, Jiang Sijia in Hong Kong, and Matthew Miller and Chen Aizhu in Beijing; Editing by Tony Munroe and Martin Howell 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-congress-companies-idUKKCN1B40JU'|'2017-08-24T10:13:00.000+03:00'
'76cf0a926b314b63a0002a54fe3e3e0b43e588b9'|'Big firms in India face new competition'|'IF YOU run a big firm in India you must straddle different worlds. The country’s leading bosses can wax lyrical about artificial intelligence and debate returns on capital with foreign fund managers. But they have also mastered India’s poor infrastructure and huge informal economy. Shiny campuses sit beside open sewers. Millions of customers can be reached only by dirt tracks. Suppliers and distributors often operate in the shadows. In a typical month an Indian boss might have wheatgrass shots in Silicon Valley, slug bootlegged single malt with a local politician and sip masala chai from clay cups with villagers.India’s gross domestic product (GDP) is the world’s seventh-largest and its stockmarket the ninth-biggest, but the country is like no other major economy. The informal sector accounts for about 50% of output, 80-90% of jobs and at least 90% of firms. Red tape and bad roads mean the country comes 130th in the World Bank’s ease-of-doing-business rankings.  7   10   15   However, firms that overcome these challenges are exceptionally profitable. Since 2001 the return on equity (ROE) of listed Indian firms has averaged 19%, eight percentage points above the figure for companies in rich markets and five percentage points above those in emerging ones.India is a terrible and brilliant place to do business. Just as investors talk about a “Korea discount”, to describe chaebols ’ lousy profits, so there is an “India premium”. The leading private lender, HDFC Bank, has an 18% ROE, ranking tenth among the top 100 global lenders. Hindustan Unilever, a consumer-goods firm, has a 77% ROE, over twice that of its parent, Unilever. Even in basic industries, such as cement, returns have been relatively high.This record reflects good management: most firms know how to allocate capital well, unlike their profligate Chinese peers. But India’s informality and bad infrastructure also create obstacles for new entrants. Inputs such as capital, land and energy can be nightmarishly hard to secure. It takes 10-20 years to build dense national supply chains and distribution networks. For example, Maruti-Suzuki, the biggest car firm (with a 22% ROE), has over three times more dealerships than its nearest competitor.Now, a quarter of a century after India first liberalised, the pace of formalisation is picking up. A breakthrough came in 2012, when the courts began to crack down on crony capitalists, especially firms that used graft to get access to natural resources and land. Now a new stage is in full swing, says Sanjeev Prasad of Kotak, a bank (14% ROE). A new value-added tax, known as the GST, requires firms to reconcile their tax returns with those of their suppliers and customers, forcing millions of companies into the tax net. The GST is complex but replaces a patchwork of local taxes, helping to create a single national market. A government decision to retire old bank notes at the end of 2016 has made it riskier to hoard illicit cash. E-commerce accounts for only 3% of retail sales but provides a new way to distribute products. New digital identities for all Indians mean that more can open bank accounts.Measuring the share of economic activity that is informal is tricky. Still, the signs are encouraging. In the past year there has been a 13% increase in formal savings such as bank deposits, life-insurance policies and mutual funds. Cash in circulation has fallen from 12% of GDP to 10%. The value of digital payments have risen by over 40% and the number of taxpayers has almost doubled.Make no mistake: parts of India are in a time warp. The north and east of the country lag behind. Courts have a backlog of 30m cases. Nonetheless, formalisation is happening. Firms of all sizes are responding to the GST: one fund manager recalls meeting a huge poultry business hidden away in Chhattisgarh, a remote state, which is planning to come into the tax net.For tens of millions of informal firms—shoe factories, plywood manufacturers, drinks wholesalers supplying roadside stalls—tough times are ahead. If they stay in the shadows they will be cut out of formal firms’ supply chains. If they enter the formal economy, their tax costs will climb. Some will fail, causing unemployment to rise. Others will consolidate. For example, the fragmented haulage industry could merge into a few big firms that take advantage of a single national market. They may also take out more formal loans to lease trucks.For big companies, formalisation could boost profits in the short term. They may take business from smaller firms: at least 40% of India’s tea, 85% of its jewellery and 70% of its dairy products are sold in the grey economy. Tata Steel, a metals producer, has said it expects to gain market share from informal smelters.However the risk is that the “India premium” eventually crumbles along with long-standing barriers to entry. The assault on crony capitalism, along with lower commodity prices, has already reduced the ROE of listed Indian firms from 26% in 2006 to 13% (this is still well above the 11% global average). At least half of this fall is due to a slump at firms with reputations for graft, which often operate in the basic-materials, infrastructure, property and energy sectors—and the state-owned banks that financed them.An uncomfortable seat in the premium economyIn most consumer-facing industries, returns remain high. But in the long run big Indian firms may be hurt by better-functioning markets for capital, land and natural resources, as well as more efficient supply and distribution chains. The advantages that they have assembled over years could be eroded. To maintain high profits, they may have to spend more on innovation.Investors don’t seem to be thinking about this much. India’s stockmarket is valued at three times book value. That makes it the dearest big market in the world and implies, roughly, that long-term ROEs will be 17-20%. India’s consumer-facing firms trade on higher multiples of their profits than Facebook or Alibaba, and its best banks are not far behind. Formalisation is a giant step forward for India’s economy, but investors could be in for a shock.  "Making money in India"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727065-it-gets-easier-do-business-it-will-get-harder-earn-huge-profits-big-firms-india?fsrc=rss%7Cbus'|'2017-08-24T22:45:00.000+03:00'
'8c551340779a822a5b611be35300e85a8f35bca4'|'Asia joins global stocks rally, dollar buoyant before Jackson Hole - Reuters'|'People walk past an electronic board showing Japan''s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. Kim Kyung-Hoon/File Photo NEW YORK (Reuters) - Stocks on Wall Street fell, the dollar sagged and rates on Treasury debt slipped on Wednesday after U.S. President Donald Trump''s threat to shut down the government and nix a trade accord with Canada and Mexico rankled investors.European equities shrugged off a survey that showed euro zone manufacturing businesses in August had their best month of growth in six and a half years.The upbeat survey was the latest sign of economic recovery in the single currency bloc, which could encourage the European Central Bank to start scaling back its stimulus program.Trump''s comments at a rally in Phoenix on Tuesday came as lawmakers face a deadline in late September to raise the U.S. debt ceiling or risk defaulting on debt payments.Fitch Ratings said a failure to raise the federal debt ceiling in a timely manner would prompt the credit ratings agency to review the U.S. sovereign rating "with potentially negative implications."How much emphasis to put on Trump''s remarks is hard to say, said John Canavan, market strategist at Stone & McCarthy Research Associates in New York."It''s largely dependent on Congress to keep the government open. You can''t entirely discount his comments, but based on the history of his off-the-cuff comments, you can''t take them as policy stance," Canavan said.MSCI''s gauge of stocks across the globe shed 0.08 percent and the pan-European FTSEurofirst 300 index closed down 0.51 percent. Stocks closed higher in Asia.On Wall Street, the Dow Jones Industrial Average fell 72.39 points, or 0.33 percent, to 21,827.5. The S&P 500 lost 7.8 points, or 0.32 percent, to 2,444.71 and the Nasdaq Composite dropped 18.73 points, or 0.3 percent, to 6,278.75.Oil prices rose after U.S. crude inventories declined for the eighth straight week and U.S. crude production increased only slightly.Brent crude futures rose 70 cents to settle at $52.57 a barrel, while U.S. West Texas Intermediate crude futures settled at $48.41, up 58 cents.Dovish comments by ECB chief Mario Draghi had little market impact though investors were keeping a close eye on monetary policy a day before the start of a central bank symposium in Jackson Hole, Wyoming.Neither Yellen or Draghi is going to tip their hand on the future of monetary policy tightening in their speeches, said Michael Arone, chief investment strategist at State Street Global Advisors."It''s going to be somewhat of a non-event, even though we''ll all have our eyes glued to what comes out of there," Arone said. "The most exciting thing about Jackson Hole this week is probably going to be the fishing."The dollar fell 0.50 percent to 109.01 yen, with the dollar index slipping 0.37 percent to 93.199.The euro was propped up by strong German and French PMI survey readings, though analysts warned its gains could be short-lived due to concerns about heavy one-sided bets.The euro rose 0.43 percent to $1.1810 and hit a fresh 10-month peak against the British pound, above 92 pence.Sterling fell below $1.28 for the first time since late June. Concerns about Britain''s economic prospects and the Brexit process encouraged investors to push the pound lower.Benchmark 10-year Treasury notes were last up 11/32 in price to yield 2.1747 percent."To the extent that equities are reacting to last night''s speech … you can say that''s bleeding now into fixed-income," said Jim Vogel, an interest rate strategist at FTN Financial in Memphis.Reporting by Herbert Lash, additional reporting by Sam Forgione and Richard Leong in New York; Editing by Nick Zieminski'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/global-markets-idINKCN1B302C'|'2017-08-22T22:45:00.000+03:00'
'3322c08c621d2b268e707ae5ba390c049eaf2a39'|'Trump''s comments dents U.S. stock futures'|'August 23, 2017 / 11:37 AM / 13 minutes ago Wall Street falls as Trump threatens government shutdown Kimberly Chin 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall. Stocks managed to briefly pare losses after comments from U.S. House Speaker Paul Ryan calling a government shutdown unnecessary. Yet that was not enough to calm nerves as the deadline to approve spending measures draws near and a fight looms over raising the cap on government borrowing. Congress will have about 12 working days when it returns from its summer recess on Sept. 5 to raise the debt ceiling before the U.S. Treasury exhausts the last of its options to remain current on all of the federal government''s obligations. Credit ratings agency Fitch Ratings said a failure to raise the ceiling in a timely manner would prompt it to review its rating on U.S. sovereign debt, "with potentially negative implications." "What we’ve seen over this last week or so in financial markets has been a bit of wiggling around regarding the U.S. political situation," said Paul Eitelman, multi-asset investment strategist at Russell Investments in Seattle. "Ultimately, I don’t think markets care that much about the noise coming out of Washington, D.C., but they''re trying to translate what that noise means for the potential for tax reform." Trump''s comments also affected the bond and currency markets, with the dollar index slipping 0.4 to 93.14 and 10-Year U.S. Treasury yields falling a touch below 2.17 percent on safety buying. Investors have grown increasingly concerned about Trump''s ability to legislate his pro-growth agenda given the near-constant political turbulence in the White House. The Dow Jones Industrial Average .DJI fell 87.8 points, or 0.4 percent, to 21,812.09, the S&P 500 .SPX lost 8.44 points, or 0.34 percent, to 2,444.07 and the Nasdaq Composite .IXIC dropped 19.07 points, or 0.3 percent, to 6,278.41. The CBOE Volatility index .VIX, a widely-followed measure of market anxiety, increased 6.0 points to 12.03, its first rise in four days. Investors looked towards a speech by Federal Reserve Chair Janet Yellen at a meeting of central bankers in Jackson Hole, Wyoming, on Friday, which will be scrutinized for clues on the U.S. central bank''s monetary policy. Also weighing on sentiment was data showing sales of new U.S. single-family homes unexpectedly fell in July to a seven-month low. "It seems like the story there is the affordability for housing is really what is weighing on the new-home market," said Lindsey Bell, investment strategist at CFRA Research in New York. The consumer discretionary .SPLRCD index ended down 0.8 percent, dragged lower by a 3.71-percent decline in Lowe''s Companies ( LOW.N ) after disappointing results and forecast. Bigger rival Home Depot ( HD.N ) dropped 0.54 percent to $149.10. Shares of advertising firm Omnicom ( OMC.N ) dropped more than 6.94 percent to $72.71, while Interpublic Group ( IPG.N ) fell 6.32 percent to $72.71 after WPP ( WPP.L ) cut its sales forecast after consumer goods giants curbed spending. WPP''S U.S.-listed shares ( WPPGY.O ) sank 11.49 percent.. Advancing issues outnumbered declining ones on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored decliners. The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 98 new highs and 85 new lows. About 5.04 billion shares changed hands in U.S. exchanges, below the 6.2 billion daily average over the last 20 sessions. Additional reporting by Chuck Mikolajczak in New York and Sruthi Shankar in Bengaluru; Editing by James Dalgleish and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-stocks-idUSKCN1B319M'|'2017-08-23T14:35:00.000+03:00'
'bc4157738e8aaf161cce7499e8c3408b19c3c84d'|'Exclusive - Hudson''s Bay to review options after activist pressure: sources'|'(Reuters) - Hudson''s Bay Co ( HBC.TO ), the owner of the Saks Fifth Avenue and Lord & Taylor retail chains, is seeking to carry out a review of its options, including going private, following pressure from an activist shareholder, people familiar with the matter said.Hudson''s Bay, which is already working with an investment bank to defend itself against activist hedge fund Land and Buildings, has been seeking to hire another financial adviser to carry out the review, the people said this week.The review will consider all available options, from the possibility of the company going private to potential sales of retail assets and real estate, the sources said, cautioning that no transaction is certain.The sources asked not to be identified because the deliberations are confidential. Hudson''s Bay did not immediately respond to a request for comment.Reporting by Carl O''Donnell and Lauren Hirsch in New York; Additional reporting by Greg Roumeliotis and Michael Flaherty in New York; Editing by Meredith Mazzilli '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hudson-s-bay-m-a-exclusive-idINKCN1B52DZ'|'2017-08-25T17:02:00.000+03:00'
'7d8a60449b950ddcd1a125ccecb874c551ea8263'|'Canadian lender CIBC posts better than expected quarterly earnings'|'A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. Chris Wattie TORONTO (Reuters) - Canadian Imperial Bank of Commerce ( CM.TO ) said on Thursday it was prepared to keep expanding its market share in mortgages, shrugging off concerns over a possible sharp fall in house prices which have prompted rivals to curb lending to homebuyers.CIBC said its residential mortgage book had risen to C$197 billion ($157 billion) at the end of June, up 13 percent from a year earlier, with the bank seeing its growing home loan portfolio as a means through which it can cross-sell other products."We''re very comfortable with our mortgage growth. We''ve been growing faster than the market and that may continue for a little while longer," Chief Financial Officer Kevin Glass said in an interview after CIBC, Canada''s fifth-biggest bank, reported better-than-expected third-quarter results.Canada''s bank index .GSPTXBA has retreated since the start of the year on concerns that the red-hot housing markets in Toronto and Vancouver could decline, exposing lenders to losses on loans that turn bad.Top Canadian bankers back policies to cool the housing market to bring about a "soft landing," where prices stabilize gradually. Recent measures include taxes on foreign buyers, and the central bank has proposed tougher rules on mortgage lending."We are not at this point anticipating any sort of hard landing. I think there may be some moderation," said Glass.CIBC has decided to ramp up its internal mortgage sales force instead of using outside brokers, he added, noting a bigger mortgage portfolio helps it sell other financial services to borrowers.Canada''s total residential mortgage market is worth about C$1.4 trillion.Shares of CIBC, which has the biggest exposure to the domestic housing market among Canadian banks, fell 1.5 percent to $106.03. They are down 3.3 percent in 2017.CIBC reported a 9 percent rise in net income, excluding one-off items, to C$1.17 billion, as a strong performance from its retail business offset a weaker showing at its capital markets division.Earnings per share increased to C$2.77 from C$2.67 a year ago. Analysts had on average forecast an EPS of C$2.66, according to Thomson Reuters I/B/E/S data.However, Barclays analyst John Aiken said the beat will "likely be viewed as low quality from investors" having been driven by increased revenues from its corporate business which will be difficult to repeat."We do not believe that the market will view this uptick as wholly sustainable," he said.Reporting by Matt Scuffham; Editing by David Goodman, Mark Potter and W Simon'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-cibc-results-idUSKCN1B4103'|'2017-08-24T17:48:00.000+03:00'
'a806e48419f60560944f362afba7e94a52a32501'|'Wall Street set to open higher as investors go bargain hunting'|'August 22, 2017 / 12:59 PM / a minute ago Wall St rises on hopes for tax reform Reuters Staff 1 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers'' comments on tax reform and the debt ceiling boosted investor optimism. The Dow Jones Industrial Average .DJI rose 196.21 points, or 0.9 percent, to 21,899.96, the S&P 500 .SPX gained 24.11 points, or 0.99 percent, to 2,452.48 and the Nasdaq Composite .IXIC added 84.35 points, or 1.36 percent, to 6,297.48. Reporting by Chuck Mikolajczak; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKCN1B21FS'|'2017-08-22T15:56:00.000+03:00'
'57a792c1ee67a9d525df2fbbbed266a2426f9348'|'Air Berlin frequent flyer programme files for insolvency'|'August 25, 2017 / 11:38 AM / 27 minutes ago Air Berlin frequent flyer programme files for insolvency Reuters Staff 2 Min Read FILE PHOTO:Airberlin sign is seen at Munich airport, Germany August 3, 2017. Picture taken August 3, 2017. Michaela Rehle/File Photo BERLIN (Reuters) - Air Berlin''s ( AB1.DE ) frequent flyer programme filed for insolvency on Friday, bad news for members with points on their accounts, which they can no longer use. The frequent flyer programme Top Bonus had already stopped members from using and collecting points amid uncertainty about its future after Air Berlin itself filed for insolvency last week. "Because of the situation with Air Berlin and the direct connection with the frequent flyer programme, Top Bonus had no other choice than to take this step," Top Bonus said in a brief statement on Friday. Air Berlin was forced to file for insolvency after major shareholder Etihad pulled the plug on further funding, although it is still flying thanks to a 150 million euro ($177 million)loan from the German government. Etihad bought a 70 percent stake in Top Bonus for 184 million euros in 2012, and the proceeds helped Air Berlin turn a net profit that year, the only time it has done so over the past decade. Bidders are currently jostling for the assets of Air Berlin, Germany''s second largest carrier. Lufthansa ( LHAG.DE ), Thomas Cook''s ( TCG.L ) Condor, easyJet ( EZJ.L ) and Ryanair ( RYA.I ) are among airlines interested in the carrier''s business or parts of it, while German aviation investor Hans Rudolf Woehrl is also working on a bid. Reporting by Victoria Bryan; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-frequent-flyer-idUKKCN1B51DD'|'2017-08-25T14:38:00.000+03:00'
'4fca3e28a4e5f1a0dfad863cdd2325a84f2b6647'|'Hurricane Harvey poised to deliver gut punch to growing oil hub'|'August 26, 2017 / 12:42 AM / in 12 hours Hurricane Harvey poised to deliver gut punch to growing oil hub Liz Hampton 4 Min Read HOUSTON (Reuters) - The first major hurricane in 18 years to take aim at Corpus Christi, Texas, could deliver a gut punch to a city booming from chemicals and energy exports driven by the shale revolution. Hurricane Harvey was approaching the city on Friday with winds of up to 130 miles an hour (215 kph), the National Weather Service said. The city of 325,000 people has not had a direct hit by a major storm since Hurricane Celia in 1970. The National Weather Service said the storm surge around the city, which is less than 7 feet (2.13 m) above sea level, could be between 6 feet and 13 feet (1.83 meters and 4 meters)when Hurricane Harvey arrives. The port is better "prepared for these events now," said Sean Strawbridge, chief operating officer of the Port of Corpus Christi, the nation''s largest handler of crude oil exports. There are emergency bunks and food stores, backup generators and improved communications, he said. The south Texas city, long home to several major refineries and ports, is in the midst of an investment boom bringing billions of dollars in pipeline and chemical projects. Its workforce is up more than 6 percent in the last six years, to 197,000 people, according to U.S. Bureau of Labor statistics. "Corpus Christi has benefited from the shale boom and is likely to continue benefiting in the future," said Michael Plante, a senior research economist for the Federal Reserve Bank of Dallas. A gas pump is covered with an out of service message as fuel ran out ahead of Hurricane Harvey''s arrival near the Texas coastal area, in Houston, Texas, U.S., August 25, 2017. Ernest Scheyder Its port operations are benefiting from rising oil exports since the U.S. lifted its decades old ban on exporting domestic crude nearly two years ago. Through the first six months this year, the port has exported an average 217,000 barrels per day(bpd), according to cargo tracking service Kpler. Its exports hit a record of 279,000 bpd in April, Kpler said. Pipeline and fuel storage companies, including Magellan Midstream Partners ( MMP.N ), Buckeye Partners ( BPL.N ), and NuStar Energy ( NS.N ), have suspended operations ahead of the storm, while four refineries in the region have shut production. "The ''hangover'' from the storm could be longer than people think," said Sandy Fielden, director of commodities and energy research at Morningstar in Austin, Texas. The last storm to hit Corpus directly was Celia, a lesser, category 3 with 125 mile per hour winds. It left 11 dead and caused $500 million in damages. Corpus Christi''s proximity to major energy producing regions means its importance is unlikely to diminish. Pipeline operators Enterprise Products Partners ( EPD.N ) and Kinder Morgan ( KMI.N ) are considering new natural gas pipelines from the Permian Basin shale field to Corpus Christi in the next few years. NAmerico Partners and Permico Energia LLC, also have proposed natural gas and natural gas liquids lines along the same route. Exxon Mobil ( XOM.N ) and Saudi Basic Industries Corp (SABIC) are planning an about $10 billion petrochemical complex near Corpus Christi capable of producing 1.8 million tonnes of ethylene per year. Reporting by Liz Hampton; Editing by Gary McWilliams and Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/storm-harvey-corpuschristi-idINKCN1B6014'|'2017-08-26T03:43:00.000+03:00'
'6f6721c70ed4eefa52e9de8af9263bc3f5778501'|'Harvey barrels into Texas as Category 4 hurricane'|'* Category 4 hurricane hits Texas coast Friday night* Residents flee most powerful storm on U.S. mainland since 2005* Residents told to take cover from wind, unprecedented flooding* First Category 4 to hit Texas since Carla in 1961By Brian ThevenotCORPUS CHRISTI, Texas, Aug 26 (Reuters) - Hurricane Harvey slammed into the Texas coast as a Category 4 storm on Friday, bringing life-threatening winds and the likelihood of catastrophic flooding as the most powerful storm in over a decade to hit the mainland United States.The hurricane made landfall northeast of Corpus Christi around 10 p.m. CDT (0300 GMT) with maximum winds of 130 miles per hour (209 km per hour). The storm is expected to move slowly over the Texas and Louisiana coasts for days, with forecasts for storm surges of up to 13 feet (4 meters) and over 3 feet (90 cm) of rain.The town of Rockport appeared to be one of the hardest hit by Harvey''s punch, hours after the mayor told anyone staying to write their names on their arms for identification in case of death or injury.A high school, hotel, senior housing complex and other buildings in the town of 10,000 suffered structural damage, according to emergency officials and local media. Some were being used as shelters.As many as 6 million people were believed to be in Harvey''s path, as is the heart of America''s oil refining operations. The storm''s impact on refineries has already pushed up gasoline prices while the U.S. Environmental Protection Agency lifted some rules on gasoline to reduce shortages.Donald Trump, facing the first large-scale natural disaster of his presidency, said on Twitter he signed a disaster proclamation which "unleashes the full force of government help" shortly before Harvey made landfall.Fueled by the warm waters in the Gulf of Mexico, Harvey became the first Category 4 hurricane to wallop the United States since Charley in 2004 and the first to hit Texas since Carla in 1961.About 30 miles (45 km) from Corpus Christi and moving northwest, Harvey caused scattered power outages both on the coast near Galveston and 100 miles (160 km) inland.While thousands fled the expected devastating flooding and destruction, many residents defied mandatory evacuation orders and stocked up on food, fuel and sandbags, drawing the ire of local authorities."We’re suggesting if people are going to stay here, mark their arm with a Sharpie pen with their name and Social Security number," Rockport Mayor Pro Tem Patrick Rios told reporters Friday, according to media reports. "We hate to talk about things like that. It''s not something we like to do but it’s the reality. People don’t listen."EVACUATIONS As a Category 4 hurricane on the Saffir-Simpson scale, Harvey could uproot trees, destroy homes and disrupt utilities for days. It is the first major hurricane, of Category 3 or more, to hit the mainland United States since Hurricane Wilma struck Florida in 2005.Harvey''s size and strength also dredged up memories of Katrina, the 2005 hurricane that made a direct hit on New Orleans as a Category 3 storm, causing levees and flood walls to fail in dozens of places. About 1,800 died in the disaster made worse by a slow government emergency response.Corpus Christi, a city of 320,000, was under voluntary evacuation for Harvey. As the storm churned toward land, high winds rocked the few remaining cars circulating, littered streets palm tree debris and rocked sailboats in their docks.About 85 miles (137 km) north in Victoria, Mayor Paul Polasek told CNN he estimated that 60 percent to 65 percent of the town’s 65,000 residents defied the mandatory evacuation order.Jose Rengel, a 47-year-old who works in construction, said he was one of the few people in Jamaica Beach in Galveston that did not heed a voluntary evacuation order.“All the shops are empty,” he said as the sky turned black and rain fell. “It’s like a tornado went in and swept everything up.”With the hurricane lashing the Texas coast, at least three cruise ships operated by Carnival Corp with thousands of passengers aboard were forced to change their plans to sail for the Port of Galveston.Two of them headed New Orleans to pick up fresh supplies, while the third delayed its departure from Cozumel, Mexico.Louisiana and Texas declared states of disaster, authorizing the use of state resources to prepare.The NHC''s latest tracking model shows the storm sitting southwest of Houston for more than a day, giving the nation''s fourth most populous city a double dose of rain and wind.The city warned residents of flooding from close to 20 inches (60 cm) of rain over several days.GASOLINE PRICES SPIKE Gasoline stations on the south Texas coast were running out of fuel as thousands of residents fled the region. U.S. gasoline prices spiked as the storm shut down 22 percent of Gulf of Mexico oil production, according to the U.S. government.More than 45 percent of the country''s refining capacity is along the U.S. Gulf Coast, and nearly a fifth of the nation''s crude oil is produced offshore. Ports from Corpus Christi to Texas City, Texas, were closed to incoming vessels and Royal Dutch Shell Plc, Anadarko Petroleum Corp, Exxon Mobil Corp and others have evacuated staff from offshore oil and gas platforms.Concern that Harvey could cause shortages in fuel supply drove benchmark gasoline prices to their highest in four months, before profit taking pulled back prices. Meanwhile, U.S. gasoline margins RBc1-CLc1 hit their strongest levels in five years for this time of year.The U.S. government said it would make emergency stockpiles of crude available if needed to plug disruptions. It has regularly used them to dampen the impact of previous storms on energy supplies.Reporting by Brian Thevenot; Brendan O''Brien in Milwaukee and York; Writing by Lisa Shumaker; Editing by Mary Milliken '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-idINL2N1LC074'|'2017-08-26T03:30:00.000+03:00'
'446fbfd3944f3c97bb5dca83a2cdf00f6e0a74b3'|'Management turmoil at Infosys is particularly ill-timed'|'THE quickest way to start a Mexican wave in India is to head to the campus of Infosys, an IT outsourcing firm based in Bangalore, and ask all those who think they should be in charge to raise their hands. On August 18th the company’s chief executive, Vishal Sikka (pictured), resigned unexpectedly. But he still serves as executive vice-chairman. Now a chairman, a co-chairman, the interim chief executive who succeeded Mr Sikka, the board of directors and a retired founder all seem to think they should be running the show. The stalemate risks leaving the firm without a leader just as it had started the urgent work of overhauling its business.The company’s management crisis is surprising. As one of only a few Indian IT firms that multinational companies trust to build and maintain their computer systems, Infosys has long sought to exude an aura of professionalism bordering on the dull. But clashing egos at the top now make it seem anything but. In 2014 Mr Sikka became the first person outside a cluster of co-founders to become chief executive. This month he quit after months of incessant heckling from the firm’s principal founder, Narayana Murthy. Shares promptly tanked, dropping by 15%.  Mr Murthy has not received much in the way of gratitude for driving out Mr Sikka. Corporate-governance experts decried his method—notably a whispering campaign that suggested, but fell well short of proving, that Mr Sikka had profited from an acquisition Infosys made under his watch. Mr Murthy’s right to complain is also shaky. Though he is admired as a godfather of the tech scene, having pioneered the outsourcing model that has since become a major industry in India, he is a tiny shareholder in Infosys, owning just 0.38% of the company (his relatives own another 3% or so).The board of directors has made it clear that it sides with Mr Sikka. Soon after his resignation, it denounced Mr Murthy’s “misguided campaign” and pointed to independent audits that found no wrongdoing by the outgoing boss. An enraged Mr Murthy is now said to be seeking support among shareholders—mainly foreign and domestic institutional investors—to evict directors who oppose him.Mr Murthy’s defenders paint him as a catalyst for change in the mould of activist investors. His critics denounce him as a bully who cannot accept that Infosys is no longer his to run (he returned to the helm once before, in 2013). Either way, his campaign is ill-timed. Whatever Mr Sikka’s flaws—a propensity for grandiose “thought leadership”, a penchant for private jets—he communicated a clear vision of how Infosys must transform its business model. On this he convinced nearly everyone: there is an obvious need for Infosys to change. The trick Mr Murthy and his co-founders perfected, of persuading Western firms to replace their expensive local IT staff with Indian engineers earning $5,000 a year, has largely played out.Shipping Indian engineers to work at customers’ premises in America, the company’s biggest market, may become harder under the presidency of Donald Trump. Even without any new restrictions on immigration into America, growth at India’s outsourcing firms has slowed markedly. More corporate IT spending is going into mobile apps, analytics and other snazzy offerings, a far cry from the routine codedebugging that made Indian firms rich (remember Y2K?).Much of the drudge work Infosys staff do can increasingly be carried out by machines; Mr Sikka said as much in a recent letter to staff, warning them of a looming “tidal wave of automation” that threatens to engulf the industry. Margins have been dropping in recent quarters. So Mr Sikka had planned to invest in order to develop more innovative services for clients and to use automation to become more productive, offering workers training in machine learning.Few expect Infosys to reverse efforts to rejig its business. Rivals such as Tata Consultancy Services and Wipro are doing much the same. But if the company’s clients fret about instability among management, Infosys will struggle to retain the legacy mainframe-maintenance contracts it still depends on for most profits. Staff can also jump ship. The sooner all sides agree on who is running Infosys, the better.This article appeared in the Business section of the print edition under the headline "Founder’s folly"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21727083-tussle-comes-company-tries-reinvent-itself-management-turmoil-infosys?fsrc=rss'|'2017-08-26T08:00:00.000+03:00'
'17f69e73b56e24373cd9195052ceb4bd0917978c'|'Islamic banking grows in Bangladesh, no thanks to the authorities'|'IN MOTIJHEEL, the main business district in Bangladesh’s capital, Dhaka, an iron fence and terrible traffic divide two branches of the country’s oldest private bank—a “conventional” one and an Islamic one. Abdus Sattar, manager of the Islamic one, says that when he joined AB Bank, in 2005, his was “a loser branch”. Today, like most Islamic banks in the country, it is more profitable and better run than its conventional peers. Islamic banking’s future in the country, however, remains murky.Bangladesh has eight full-fledged Islamic banks; a handful of orthodox banks, like AB, also offer Islamic-banking services alongside others. Islami Bank Bangladesh, founded in 1983 by Saudi and Kuwaiti investors, commands 90% of Islamic-banking assets and deposits. It is also the biggest private lender overall, with 14,000 staff, 12m depositors and a balance-sheet of $10bn. Its success was built on the “two Rs”: remittances and ready-made garments. Islami Bank was a pioneer in financing Bangladesh’s rise as the apparel industry’s main production base outside China. It also runs the world’s biggest Islamic microfinance scheme.  13   Azizul Huq, a former vice-chairman of Islami Bank, thinks sharia -compliant banking will eventually outgrow the conventional kind (at present it controls just 20% of deposits). The population of 170m is 90% Muslim. The World Bank reports that only one in three Bangladeshis has a bank account. The government’s own polls show that Islamic banking is wildly popular, especially in the cities and among the young. Overall, 84% “approve” of it.Ahsan Mansur, the executive director of Policy Research Institute (PRI), a think-tank in Dhaka, says Islami was the only bank where “bribery was not institutionalised”. At conventional banks bad loans to politically connected businesses have been piling up. Politicians seem to be encouraging nepotism: a new banking law will allow directors to stay on boards for nine years (up from six); and allow controlling families four members (up from two).This month the central bank reported that net profits at conventional banks rose by just 4.9% over the year to June. Non-performing loans (NPLs) stood at 9.2%, compared with just 4.3% at Islamic ones. At nine of the country’s 57 banks, over 20% of loans were non-performing. The bad-loan problem may yet worsen as business struggles with stagnant exports: in the 12 months to June, garment exports expanded by 1.7% year on year, the slowest pace in 15 years. The central bank’s stress tests show that if the three biggest borrowers defaulted, 23 banks would fail.In this context, Islamic banking might expect some official help. Far from it. The central bank has been sitting for years on applications from eight banks to change to an Islamic business model. It is yet to write rules for new sharia -compliant financial instruments, such as a sovereign sukuk , or Islamic bond. Islamic banks have no role in financing government projects.Resistance comes from both the financial and political establishments. The central bank adheres to economic orthodoxy and is wary of a form of banking in which interest rates are nominally abolished. And the government of Sheikh Hasina, the prime minister, has long identified Islamic banking with the political opposition.In January the government in effect instigated a boardroom coup at Islami Bank, which had been run by members of the biggest Islamic party. Ownership is now in the hands of those close to the prime minister’s family. This, too, may stunt Islamic banking. Bangladesh’s biggest successes —garments, microfinance and telecoms—are in industries where the government took a back seat. Since the takeover, the bank’s biggest institutional investor, the Jeddah-based Islamic Development Bank, has reduced its stake from 7.5% to 2.1%.Mr Mansur of PRI notes that the takeover “clearly signals that assets in Bangladesh may not be safe in the future”. Islami Bank’s chairman, Arastoo Khan, insists it will bounce back, despite a record low 10% dividend in 2016 compared with a historic average of 21%, and rising NPLs. The future of Islamic banking in Bangladesh may hinge on whether he is right.  Finance and economics   "Against the odds"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727084-government-and-central-bank-are-both-suspicious-islamic-banking-grows?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'81c7db08c43e09d82ac4c4aa6b15078092bc71cf'|'GMH says owner is no supporter of plan for German steel champion'|'DUESSELDORF (Reuters) - Juergen Grossmann, owner of German steel firm Georgsmarienhuette (GMH) and a former CEO of utility RWE ( RWEG.DE ), has distanced himself from a report saying his group could play a key role in the country''s steel sector consolidation, a spokeswoman said.German business daily Handelsblatt reported earlier that Grossmann was exploring plans to form a "German Steel AG" to prevent a potential merger of Thyssenkrupp''s ( TKAG.DE ) steel activities with those of Tata Steel ( TISC.NS )."Mr Grossman has told the Handelsblatt that he is not a supporter of a German Steel AG," a spokeswoman for GMH told Reuters on Thursday.Handelsblatt had said such a German steel champion could consist of Grossmann''s GMH, Thyssenkrupp''s steel unit and, possibly at some point in the future, Salzgitter ( SZGG.DE ), citing company sources.A spokesman for Salzgitter, which is a quarter-owned by the German state of Lower Saxony, said the group rejected plans for a German Steel AG.Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-germany-steel-georgsmarienhuette-idUSKCN1B40W1'|'2017-08-24T17:13:00.000+03:00'
'527f684af4cb4e3bcffc65317ea55505b6ca74bd'|'Private-equity returns can be replicated with public shares'|'IT IS hard for individual investors to match the returns achieved by private-equity funds. But what if their success in outperforming the public markets could be tracked and replicated? A few pioneering firms claim to have done just that. DSC Quantitative Group, a Chicago-based fund, and State Street, an asset manager, both offer “investable” indices, launched in 2014 and 2015 respectively, that allow investors to mimic the performance of American private equity.Both firms needed a measure of the industry’s returns. DSC teamed up with Thomson Reuters, a data firm, to compile an index; State Street had been making one since 2004, using data it gleans as a custodian of private-equity assets.  14   They then match the private-equity risk-and-return profile with a basket of public assets. DSC’s index first matches the sector weights of the private portfolio with equivalent public companies, and adds a modest amount of debt (around 25%) unevenly across the sectors—all using predictive modelling, as the reference index of private transactions is published only after a delay. State Street’s investable index does not include any debt and only matches sector weights, although some clients opt to borrow so that their investment more closely resembles a typical private-equity fund’s leverage of 35%.The performance, particularly of the DSC Thomson Reuters index, seems alluring, even over the long term (both indices have been back-calculated for a number of years—see chart). Of course, an individual private-equity fund may well do much better. But such funds have their downsides: they often require investors to lock up their money for a decade or more; and they charge sky-high fees. Jeff Knupp of DSC claims that his one achieves private-equity returns for its clients for only 20% of the usual cost.Private equity may be just the start. The index-makers are looking at other asset classes. DSC already offers a similar product for venture capital, and State Street wants to broaden its indices to other opaque sectors such as property or infrastructure. Index-makers do not just follow markets; they also expand them.  Finance and economics   "Replicating success"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727085-few-pioneers-have-developed-indices-using-public-shares-track-asset?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'e9a0e93f3226a081918c8e92e5983ed432ec0253'|'Flying water taxis highlight French startup frustrations'|'August 24, 2017 / 5:19 AM / 6 hours ago Flying water taxis highlight French startup frustrations Mathieu Rosemain and Gwénaëlle Barzic 6 Min Read The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson PARIS (Reuters) - French yachtsman Alain Thebault wants to turn a boat design he used to break a world speed sailing record in 2009 into a clean, fast taxi service for the waterways of major cities. The SeaBubble won the backing of private investors - Thebault expects to raise between 50 to 100 million euros by the end of September. Emmanuel Macron, France''s pro-business president who wants to create a "startup nation", even championed the idea when he was economy minister. His office did not respond to requests for a comment about whether he still backed the project. SeaBubbles faces specific regulatory hurdles, not least trying to convince Parisian authorities to raise the speed limit of the River Seine. But like other startups, he fears his company will be held back by administrative bureaucracy if the idea takes off and he needs to grow fast. “It’s a road full of obstacles for two seabirds like Anders (Bringdal) and me,” he said of his business partner, a Swedish windsurfing champion. “If it’s getting too complicated… we’ll go where it’s the easiest.” He said it took two months for SeaBubbles to arrange a contract to lease two cars and a month for lawyers to register the company, a job he said could have been done in a few hours in some other countries. The SeaBubbles prototype preserves its battery by rising out of the water on legs at speed. Paris mayor Anne Hidalgo gave support to the idea with a ride up the River Seine in June. But the Bubble only has a chance of running in Paris if the authorities raise the Seine speed limit so it can go fast enough to rise out of the water, a request they have rejected so far. Hidalgo''s office did not respond to a request for comments on the project, including whether she thought the Paris speed limit should be changed. And while he got some initial funding from the state investment bank, it was demoralizing when two applications for 200,000 euros in government subsidies were turned down. A spokeswoman said the money could only go to companies with a "proven business case". Thebault says "about 5" cities from around the world are interested in exploring whether the SeaBubble could become part of their public transport systems but he declined to name them. "PLENTY OF MONEY" The state investment bank Bpifrance, has been one of the driving forces behind the bursting startup scene with investments of 191 million euros in 2016. There are also private initiatives such as Station F, a 34,000 square-meter (366,000 sq ft) startup mega-campus in Paris that opened its doors at the end of June after a 250 million-euro investment by billionaire Xavier Niel. [nL8N1JQ63D] Growing investor confidence after this year''s election of Macron who has portrayed himself as a business-friendly president, has also helped. The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson At the current pace, 2017 is on track to reach more than 700 deals by the end of the year, a jump of around 40 percent over 2016, according to venture tracking firm CB Insights. About $2.03 billion was invested in the first-half of the year compared with $2.1 billion for all of 2016. That makes France the second best-funded tech start-up scene after Britain, CB Insights said. Investors say startups are not being held up by financial concerns, rather by bureaucracy and labor laws that are designed to protect employees but can be cumbersome and expensive for businesses as they get going. “It’s not a matter of money. There’s plenty, plenty, plenty of money,” said Romain Lavault, a partner at Partech Ventures, a venture capital fund that also invested in SeaBubbles. HIRING AND FIRING France ranks 21st in this year’s World Economic Forum’s competitiveness report based on business sophistication, technology and innovation readiness. Slideshow (8 Images) But it ranked 115 out of total of 138 countries in terms of the “burden of government regulation” and holds the 129th position for hiring and firing practices, based on 2015 data. "It''s more complicated to create a company in France," said Charles Gorintin, the co-founder of successful Paris-based digital insurance startup Alan. Restrictive labor laws are at the top of investors'' list of complaints. Any France-based company with 50 employees or more has to create a works council, organize labor unions elections and go through regular structured regulations with workers. Redundancies and layoffs can be expensive. Macron has promised changes. Very few French startups, have become a “unicorn," or a company valued $1 billion or more. Criteo ( CRTO.O ), a French startup currently listed on the Nasdaq stock exchange, is now worth $3.4 billion. “In France, even today, when you build a company, people tell you: it’s great, but you’re taking a huge risk,” said Jean-Baptiste Rudelle, its chief executive. “Silicon Valley has been around for 50 years. We’ll need at least 10 to 15 years before the French (startup) ecosystem can compete with it.” Nevertheless, Criteo is still based in Paris. Rudelle stays out of loyalty to the country where his business grew and because it produces top engineers, has a developing startup scene and good living standards. “Every single week I receive a resume from an American who wants to settle in Paris,” said Partech''s Lavault. “I''ve never seen so much interest before." Editing by Anna Willard '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-france-tech-idUKKCN1B40BO'|'2017-08-24T08:13:00.000+03:00'
'b87a873ce228ff533337946bc960c971cd463405'|'Fintech startup AutoFi raises $10 mln'|'Aug 24 (Reuters) - AutoFi Inc, a financial technology startup catering to the auto industry, said on Thursday it raised $10 million in series A funding, bringing the total amount of equity funding to $17 million.The funding round included existing investors such as Crosslink Capital, Ford Motor Credit Co LLC and Lerer Hippeau Ventures.AutoFi''s platform helps prospective car buyers purchase and finance vehicles from a dealership''s website by connecting them to a network of lenders to complete the car-buying process.Currently, Ford Motor Credit Co, the lending arm of Ford Motor Co, uses the company''s software. The company also provides the technology to used-car buyers.AutoFi said it planned to use the funds to grow beyond Ford Credit and expand into international markets.The company will make announcements over the next few months around some national lenders joining its network, Chief Executive Kevin Singerman told Reuters.AutoFi also entered into a partnership with Tricor Automotive Group on Thursday to expand into Canada in the beginning of next year.Tricor is owned by Canadian automotive dealers and provides finance and insurance products to its shareholder-owned dealerships. (Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/autofi-funding-idINL4N1L85GH'|'2017-08-24T03:04:00.000+03:00'
'aac33e810430ae63f9544db8a28b688a1f0de04c'|'China says will use all necessary means to defend interests against U.S. trade probe'|'August 24, 2017 / 2:49 AM / 21 minutes ago China says will use all necessary means to defend interests against U.S. trade probe Reuters Staff 1   A man rides his motorcycle past shipping containers at the Port of Shanghai February 14, 2011. Aly Song/File Photo BEIJING (Reuters) - China will use all necessary means to defend the interests of the country and Chinese companies against a U.S. trade investigation, a spokesman for the Ministry of Commerce said on Thursday. The U.S. Trade Representative formally announced the investigation on Friday into China''s alleged theft of U.S. intellectual property. Reporting by Yawen Chen; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-economy-trade-idUKKCN1B406X'|'2017-08-24T05:47:00.000+03:00'
'5aadea01f0985b60af52bb19cd86d2674c47c42b'|'Exclusive: Small UK companies complain after HSBC accounts frozen'|'August 24, 2017 / 3:48 PM / 4 hours ago Exclusive: Small UK companies complain after HSBC accounts frozen Lawrence White 5 Min Read FILE PHOTO: People walk past a branch of HSBC bank in central London, Britain June 09, 2015. Neil Hall/File Photo LONDON (Reuters) - An avocado importer, an e-cigarette seller and a toilet-cleaning gun maker are among British companies that have had accounts closed or frozen by HSBC in the last two months, unintended casualties of a crackdown by the bank on illicit money flows. Dozens of companies have been affected, with some unable to pay staff and suppliers, and others suffering financial losses they fear could force them to close. The number is a tiny percentage of all business accounts at HSBC, but those affected are in the small business sector which the government has said it wants to encourage and hopes will thrive after Britain leaves the European Union. HSBC told Reuters there may have been "an issue with how we''ve been communicating" and that it would put right "any case where we have done something wrong". It unfroze the accounts of at least three companies whose cases were brought to the bank''s attention by Reuters. "Inhibiting an account is always a last resort, so to get to that stage we will have done everything we can to contact the customer and get the information we need," said Amanda Murphy, head of commercial banking for HSBC UK. Fourteen companies told Reuters in interviews they had lost access to their accounts after answering questions from HSBC as part of a review of customers. The bank is trying to tighten checks on clients following a $1.9 billion fine in 2012 for allowing itself to be used to launder drug money from Mexico. More than 30 companies have lodged complaints with HSBC about their accounts being closed or frozen, according to sources with knowledge of the complaints and social media postings by the affected companies. David Johnston, whose company Interbrands (Europe) imports frozen avocados, said he received a letter on Aug 10 saying HSBC would freeze his foreign currency accounts on Aug 11, leaving him unable to pay his Mexican suppliers and a shipment stranded. More than two weeks later, the bank told him it had "no set timeline" for resolving the problem and that meanwhile he would be unable to make overseas payments, according to emails seen by Reuters. Johnston said HSBC had told him on Thursday it would unblock his account after Reuters'' inquiries. Agustin Larocca, whose firm Bellmonte supplies luxury e-cigarettes, said his account was also unfrozen after being blocked for nearly seven weeks because of the Reuters'' inquiries. A third company, MHL Consulting Engineers, said its account had also been unblocked. Anti-money laundering regulations prevent banks from informing customers why their accounts are being closed or suspended where such activity is suspected. In some cases, HSBC may be powerless to tell customers why they are suffering. FILE PHOTO: A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. Stefan Wermuth/File Photo "ROUTINE CHECK" The problems of many of the businesses interviewed by Reuters date back to September 2015, when they received a questionnaire presented by the bank as a routine check. This followed HSBC''s launch of a programme called Safeguard after the 2012 fine to glean more information about customers. FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. Reinhard Krause/File Photo HSBC, which has a 10 billion pound ($12.8 billion) fund to support small businesses in Britain, started taking action in earnest this year. Some companies that had their accounts closed in July or this month said they had been under the impression they had provided all the information needed. Calan Horsman, whose company Loogun makes a hand-held water gun for toilet cleaning, said he was left in default to suppliers, with stock stuck in China and the company unable to pay staff, after his account was frozen. "My business ground to a halt. I had to unload a container of product that was stuck in a port. We''ve lost a month in our production timeline," Horsman said. Like most of the other companies affected, Martyn Fisher''s company Fisher Fabrics does business abroad. It supplies customers in Asia from suppliers in China and South Korea. "I should be the ideal business post-Brexit. I do nothing within the EU. I''m doing deals with all these countries that are supposed to be our trade partners after Brexit," he said after his company had its account frozen. Banks worldwide have in recent years shut thousands of customer accounts as they seek to avoid fines from U.S. authorities for abetting money laundering and sanctions-busting. More than 300 charities based in Britain have had their bank accounts closed in the last two years after being caught up in the crackdown, Reuters reported last month. ($1 = 0.7812 pounds) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-hsbc-smallmid-idUSKCN1B41YO'|'2017-08-24T18:47:00.000+03:00'
'a8ab5e841f55daa4c960a23835ee318d76f03904'|'FTSE 100 gains but Dixons Carphone weighs on British mid-caps'|'August 24, 2017 / 9:23 AM / 44 minutes ago FTSE 100 gains but Dixons Carphone feels the pain Kit Rees 3 Min Read A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - FTSE 100 rose on Thursday as shares in Provident Financial ( PFG.L ) and WPP ( WPP.L ) rallied, but a profit warning sent Dixons Carphone ( DC.L ) tumbling. The blue-chip FTSE 100 .FTSE index closed up 0.3 percent at 7,407.06 points, in line with broader gains on European equity markets. Britain''s mid-caps weren''t as bouncy. The FTSE 250 .FTMC was down 0.2 percent, as electronics retailer Dixons Carphone sank more than 23 percent after cutting its full-year profit forecast. The shares posted their biggest daily loss since January 2012. "Dixons Carphone stoked fresh fears about the health of the UK retail sector with a profits warning amid a tough mobile phone market and lower earnings from its software division," Neil Wilson, senior market analyst at ETX Capital, said in a note. "After the Provident Financial collapse, another profits warning is probably the last thing the City needs right now," Wilson said. Among blue chips, subprime lender Provident Financial led gains with a 13 percent rise. It had plunged more than 66 percent on Tuesday after issuing a profit warning and saying its CEO was leaving. The stock has regained some ground over the past two sessions but remains down around 74 percent year to date and is still trading at November 2010 lows. British stocks have seen some big individual declines over the past few sessions, with advertiser WPP ( WPP.L ) plunging nearly 11 percent on Wednesday after cutting its sales target for the second time in six months. WPP shares clambered back 3 percent on Thursday, holding up after several brokers cut their target prices for the stock. "U.S. ad spend might come back if Trump growth hopes are delivered, and consumer goods companies may increase spend again, but structural concerns remain," analysts at Investec said in a note. Gains among consumer product makers such as British American Tobacco ( BATS.L ) and Reckitt Benckiser ( RB.L ) also helped prop up the blue-chip benchmark, along with financials and mining companies. Budget airline easyJet ( EZJ.L ) brought up the rear with a 4.4 percent fall, hit by a downgrade to "underperform" from Exane BHP Paribas, as well as by news that Germany''s Lufthansa ( LHAG.DE ) had submitted a letter of interest for taking over parts of insolvent Air Berlin ( AB1.DE ). Reporting by Kit Rees; Editing by Larry King and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B40XQ'|'2017-08-24T12:24:00.000+03:00'
'035f52d52d1cd2f808ef36853ba88d6deeda4c95'|'''End-of-the-world'' factories struggle to adapt to Macri''s Argentina'|'August 24, 2017 / 5:19 AM / an hour ago ''End-of-the-world'' factories struggle to adapt to Macri''s Argentina Luc Cohen 8 Min Read An employee works at Newsan SA electronics and appliances manufacturing plant in Rio Grande, Tierra del Fuego, Argentina July 26, 2017. Luc Cohen RIO GRANDE, Argentina (Reuters) - On a recent morning, workers wearing blue shirts and black gloves assembled digital TV set-top boxes inside one of the world''s most unlikely factory towns. Their employer, BGH SA, for nearly 40 years has been manufacturing consumer electronics here in Rio Grande, a city in the chilly island province of Tierra del Fuego, located at the far southern tip of Argentina. Like dozens of factories that have taken root in this sparsely populated land of penguins and glaciers, BGH owes its survival to government tinkering. Special tax breaks and high trade barriers have turned this remote outpost into the source of 90 percent of the air conditioners, cell phones, TVs and microwaves sold in Argentina. Now, it has perhaps the most to lose as President Mauricio Macri works to modernize Argentina''s closed economy. The former businessman has already lifted some import restrictions and began unwinding costly subsidies for electricity and other utilities, hitting electronics sales. Tierra del Fuego, home to just 150,000 people, is feeling the sting. Amid a deep recession, it shed 6,000 jobs last year, a 13 percent drop that was the sharpest for any province. Output has plunged at many of the area''s factories, including BGH. The Argentine company''s TV set-top box business has dwindled to a single assembly line, down from five a few years ago. Its laptop unit closed last year, and the air conditioner lines run a single shift per day, down from two earlier this year. The company''s woes are emblematic of the pain rippling across Argentina''s wider industrial sector, where employment shrank by 4.6 percent, or 58,000 jobs, between November 2015 and May 2017, according to Buenos Aires consultancy Elypsis. The losses carry risks for Macri, whose 2015 presidential victory ended 12 years of populist rule. Former President Cristina Fernandez''s welfare spending, electricity subsidies and industry protections were applauded by many poor and working class Argentines, but the measures generated inflation and pummeled public finances. Macri has won plaudits from investors by winding down those distortions. But the policy shifts have generated some losers in the near-term, including factory workers left without jobs and families saddled with higher power bills. Whether Argentines feel the economic recovery that is underway will be crucial to the performance of Macri''s market-friendly "Let''s Change" coalition in October''s mid-term legislative elections. "The government changed the rules of the game," said Diego Teubal, executive director of BGH''s consumer division. Emboldened by trade protections under the leftist Fernandez, the company invested in new equipment and doubled its Rio Grande workforce to nearly 2,600 people. Under Macri, BGH has slashed its payroll to just over 1,000 workers and begun importing some electronics from China. "The idea that at some point that could change is always in the back of your mind," Teubal said. A PRICEY LABEL Nowhere are decades of interventionist policies more evident than in Tierra del Fuego, a mountainous, wind-swept archipelago often referred to as the "end of the world." Cut off from the mainland by the frigid Strait of Magellan, the region is divided between Argentina and Chile. Worried about the military designs of its neighbor, Argentina in 1972 turned its portion of the main island into a special economic zone free of many taxes to lure people and businesses to settle there. (For a graphic of Tierra del Fuego, see tmsnrt.rs/2iqAoPp ) The region boomed under Fernandez, who slapped taxes on imported electronics and used import permit requirements to freeze trade. Foreign firms such as China''s Huawei Technologies Co Ltd and Canada''s Blackberry Ltd hired local Argentine factories to produce their products. A woman works at Newsan SA electronics and appliances manufacturing plant in Rio Grande, Tierra del Fuego, Argentina July 26, 2017. Miguel Lo Bianco But the Made-in-Tierra-del-Fuego label is a pricey one. To attract workers, factory salaries are three times higher than the national average. Shipping costs are exorbitant. Foreign-made parts first land in Buenos Aires, where they are loaded onto trucks for the 1,800 mile journey south. Once assembled, the finished goods head back the way they came. The upshot is that Argentines pay dearly for almost anything they buy. A Samsung Galaxy S8 smartphone made in Tierra del Fuego sells for $1,215. That''s more than double what an Asian-made model sells for in the United States. "I don''t think it has much future," said Gabriel Zelpo, chief economist at Elypsis, regarding the province''s electronics industry. "Industries that were completely protected are now dismantling." But residents in Rio Grande and the provincial capital Ushuaia are fiercely attached to a way of life that some say is being threatened by Macri''s policies. "Ushuaia was a city of low unemployment, a city of opportunity where many people from all over Argentina came to find a well-paying job," said Malena Teszkiewicz, the city''s secretary of social, health and human rights policies. "We''re starting to feel that situation changing." Slideshow (8 Images) TRADEOFFS Since taking office in December 2015, Macri has eliminated currency controls, gotten rid of the import permit requirements and lowered tariffs on some foreign-made products. All were measures his government said were necessary to boost trade and lower consumer prices. But reforming Argentina''s factory sector is one of his trickiest challenges. Nearly one-fifth of the workforce is employed in manufacturing. Powerful unions and their political allies often take to the streets to demand wage increases or protest layoffs and plant closures. Workers were outraged in April when Macri made good on a promise to remove a 35 percent tariff on foreign-made computers. The fallout has been swift and painful. Cheap imported laptops and notebooks have flooded the market. Lucas Silva was one of 150 workers to lose his job in December when BGH shuttered its laptop unit ahead of the tariff reduction and began importing Chinese-made machines. His salary of 27,000 pesos ($1,568) per month put him among the top 10 percent of the country''s earners. Now collecting unemployment benefits, the 33-year-old said he sold his children''s musical instruments to help make ends meet. "I don''t know what to do. You can''t find a job anywhere, there are so many people looking for work," Silva said. Macri''s administration has launched some initiatives to help ease the pain. The government is assisting workers laid off from computer factories find jobs in other industries. It has also forged deals between unions and companies in troubled sectors such as auto manufacturing and textiles to lower labor and other costs. Tierra del Fuego''s electronics sector has begun talks with the government on reaching a similar accord, according to Federico Hellemeyer, the head of a local electronics trade group. "The idea is for the workers to be content...but for the industry to be competitive," Hellemeyer said. How long Tierra del Fuego''s factories can keep humming remains to be seen. The province''s special tax breaks expire in 2023. Dante Sica, director of Buenos Aires consultancy Abeceb, said the government should promote industries linked to natural resources, such as fishing and gas exploration, rather than prop up electronics manufacturing at the end of the world. "There has to be a debate about whether it''s convenient, profitable or efficient," Sica said. ($1 = 17.2200 Argentine pesos) Reporting by Luc Cohen; Editing by Marla Dickerson 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-argentina-economy-manufacturing-analy-idUKKCN1B40BG'|'2017-08-24T08:16:00.000+03:00'
'013ae2b7ad320129a6a2c8c8ba5ca98b1fe7506e'|'Flying water taxis highlight French startup frustrations'|'The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson PARIS (Reuters) - French yachtsman Alain Thebault wants to turn a boat design he used to break a world speed sailing record in 2009 into a clean, fast taxi service for the waterways of major cities.The SeaBubble won the backing of private investors - Thebault expects to raise between 50 to 100 million euros by the end of September.Emmanuel Macron, France''s pro-business president who wants to create a "startup nation", even championed the idea when he was economy minister. His office did not respond to requests for a comment about whether he still backed the project.SeaBubbles faces specific regulatory hurdles, not least trying to convince Parisian authorities to raise the speed limit of the River Seine.But like other startups, he fears his company will be held back by administrative bureaucracy if the idea takes off and he needs to grow fast.“It’s a road full of obstacles for two seabirds like Anders (Bringdal) and me,” he said of his business partner, a Swedish windsurfing champion. “If it’s getting too complicated… we’ll go where it’s the easiest.”He said it took two months for SeaBubbles to arrange a contract to lease two cars and a month for lawyers to register the company, a job he said could have been done in a few hours in some other countries.The SeaBubbles prototype preserves its battery by rising out of the water on legs at speed. Paris mayor Anne Hidalgo gave support to the idea with a ride up the River Seine in June.But the Bubble only has a chance of running in Paris if the authorities raise the Seine speed limit so it can go fast enough to rise out of the water, a request they have rejected so far. Hidalgo''s office did not respond to a request for comments on the project, including whether she thought the Paris speed limit should be changed.And while he got some initial funding from the state investment bank, it was demoralizing when two applications for 200,000 euros in government subsidies were turned down. A spokeswoman said the money could only go to companies with a "proven business case".Thebault says "about 5" cities from around the world are interested in exploring whether the SeaBubble could become part of their public transport systems but he declined to name them."PLENTY OF MONEY" The state investment bank Bpifrance, has been one of the driving forces behind the bursting startup scene with investments of 191 million euros in 2016.There are also private initiatives such as Station F, a 34,000 square-meter (366,000 sq ft) startup mega-campus in Paris that opened its doors at the end of June after a 250 million-euro investment by billionaire Xavier Niel. [nL8N1JQ63D]Growing investor confidence after this year''s election of Macron who has portrayed himself as a business-friendly president, has also helped.The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson At the current pace, 2017 is on track to reach more than 700 deals by the end of the year, a jump of around 40 percent over 2016, according to venture tracking firm CB Insights. About $2.03 billion was invested in the first-half of the year compared with $2.1 billion for all of 2016. That makes France the second best-funded tech start-up scene after Britain, CB Insights said.Investors say startups are not being held up by financial concerns, rather by bureaucracy and labor laws that are designed to protect employees but can be cumbersome and expensive for businesses as they get going.“It’s not a matter of money. There’s plenty, plenty, plenty of money,” said Romain Lavault, a partner at Partech Ventures, a venture capital fund that also invested in SeaBubbles.HIRING AND FIRING France ranks 21st in this year’s World Economic Forum’s competitiveness report based on business sophistication, technology and innovation readiness.Slideshow (8 Images) But it ranked 115 out of total of 138 countries in terms of the “burden of government regulation” and holds the 129th position for hiring and firing practices, based on 2015 data."It''s more complicated to create a company in France," said Charles Gorintin, the co-founder of successful Paris-based digital insurance startup Alan.Restrictive labor laws are at the top of investors'' list of complaints. Any France-based company with 50 employees or more has to create a works council, organize labor unions elections and go through regular structured regulations with workers. Redundancies and layoffs can be expensive.Macron has promised changes.Very few French startups, have become a “unicorn," or a company valued $1 billion or more.Criteo ( CRTO.O ), a French startup currently listed on the Nasdaq stock exchange, is now worth $3.4 billion.“In France, even today, when you build a company, people tell you: it’s great, but you’re taking a huge risk,” said Jean-Baptiste Rudelle, its chief executive.“Silicon Valley has been around for 50 years. We’ll need at least 10 to 15 years before the French (startup) ecosystem can compete with it.”Nevertheless, Criteo is still based in Paris. Rudelle stays out of loyalty to the country where his business grew and because it produces top engineers, has a developing startup scene and good living standards.“Every single week I receive a resume from an American who wants to settle in Paris,” said Partech''s Lavault. “I''ve never seen so much interest before."Editing by Anna Willard'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-france-tech-idINKCN1B40BO'|'2017-08-24T03:19:00.000+03:00'
'dae9d45d4c44bf0b1a0f08791f545abc01ab51cd'|'OneSavings Bank reports 20 percent jump in first-half profit'|' 29 AM / 28 minutes ago OneSavings Bank reports 20 percent jump in first-half profit Reuters Staff 2 Min Read (Reuters) - OneSavings Bank Plc ( OSBO.L ) reported a 20 percent jump in first-half underlying pretax profit and said the impact of regulation, including additional requirements for specialist underwriting, would shift buy-to-let activity towards the lender''s target market. OneSavings, one of the banks aiming to challenge Britain''s "Big 5" lenders, said underlying pretax profit rose to 78.4 million pounds in the six months ended June 30, from 65.3 million pounds a year earlier. The lender said its loan book grew 10 percent, driven by a 26 percent jump in gross organic origination to 1.23 billion pounds. OneSavings said it expects full-year net loan book growth of at least a high-teens percentage, with net interest margin broadly in line with 2016 and cost to income ratio mirroring the 28 percent it reported for the first half. "We are mindful of the macroeconomic environment, primarily driven by uncertainties surrounding the outcome of Brexit negotiations and the potential impact on the UK economy, including some easing of house price inflation, particularly in London," OneSavings said. Reporting by Noor Zainab Hussain in Bengaluru, Editing by Lawrence White 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-onesavings-bk-results-idUKKCN1B40HA'|'2017-08-24T09:28:00.000+03:00'
'63408ef47fbdaaae78038c2a00263d0668a5ec93'|'HelloFresh still open to autumn flotation despite Blue Apron slump'|'August 24, 2017 / 1:25 PM / 4 hours ago HelloFresh still open to autumn flotation despite Blue Apron slump Reuters Staff 2 Min Read FRANKFURT (Reuters) - A September stock market listing remains an option for German meal kit delivery company HelloFresh, its chief executive told Manager Magazin, saying he was not swayed by the plunge in U.S. rival Blue Apron''s ( APRN.N ) shares. "We are keeping all options open," CEO Dominik Richter was quoted as saying by the monthly magazine on Thursday when asked about the possibility of a September flotation. Blue Apron ( APRN.N ) shares have lost almost half their value since the June initial public offering amid worries about costs and competition from e-commerce giant Amazon.com. "The Blue Apron IPO has only limited relevance for us. We play in a different league," Richter said, citing an established business in nine countries on three continents, generating faster growth and fewer losses than Blue Apron in the first half of this year. He added that longer term valuation was more important to him than what investors were willing to pay for shares in the company, which is controlled by Rocket Internet ( RKET.DE ), in the short term. "That also goes for the price in a possible IPO. It''s much more important to us what we are worth in three or five years," the 30-year old CEO was quoted as saying. Sources told Reuters in May that HelloFresh was preparing for a stock market flotation as early as autumn. It narrowed losses in the second quarter as faster revenue growth offset heavy spending on marketing to attract new customers. HelloFresh, which delivers meal ingredients and recipes, was valued at valued at 2 billion euros ($2.2 billion) in a funding round in December. Reporting by Ludwig Burger '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-hellofresh-ipo-idINKCN1B41MR'|'2017-08-24T11:25:00.000+03:00'
'3fd615b1813beab2920ac9a3a0f5b27dc89406a4'|'Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge'|'August 24, 2017 / 7:31 PM / 22 minutes ago Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge 7   Tesla Supercharger station are seen in Taipei, Taiwan August 11, 2017. Tyrone Siu SAN FRANCISCO (Reuters) - Tesla Inc next month plans to unveil an electric big-rig truck with a working range of 200 to 300 miles, Reuters has learned, a sign that the electric car maker is targeting regional hauling for its entry into the commercial freight market. Chief Executive Elon Musk has promised to release a prototype of its Tesla Semi truck next month in a bid to expand the company''s market beyond luxury cars. The entrepreneur has tantalized the trucking industry with the prospect of a battery-powered heavy-duty vehicle that can compete with conventional diesels, which can travel up to 1,000 miles on a single tank of fuel. Tesla’s electric prototype will be capable of travelling the low end of what transportation veterans consider to be “long-haul” trucking, according to Scott Perry, an executive at Miami-based fleet operator Ryder System Inc. Perry said he met with Tesla officials earlier this year to discuss the technology at the automaker’s manufacturing facility in Fremont, California. Perry said Tesla’s efforts are centred on an electric big-rig known as a “day cab” with no sleeper berth, capable of travelling about 200 to 300 miles with a typical payload before recharging. “I’m not going to count them out for having a strategy for longer distances or ranges, but right out of the gate I think that’s where they’ll start,” said Perry, who is the chief technology officer and chief procurement officer for Ryder. Tesla responded to Reuters questions with an email statement saying, "Tesla’s policy is to always decline to comment on speculation, whether true or untrue, as doing so would be silly. Silly!” Tesla''s plan, which could change as the truck is developed, is consistent with what battery researchers say is possible with current technology. Tesla has not said publicly how far its electric truck could travel, what it would cost or how much cargo it could carry. But Musk has acknowledged that Tesla has met privately with potential buyers to discuss their needs. Reuters reported earlier this month that Tesla is developing self-driving capability for the big rig. Musk has expressed hopes for large-scale production of the Tesla Semi within a couple of years. That audacious effort could open a potentially lucrative new market for the Palo Alto, California-based automaker. Or it could prove an expensive distraction. Musk in July warned that the company is bracing for “manufacturing hell” as it accelerates production of its new Model 3 sedan. Tesla aims to produce 5,000 of the cars per week by the end of this year, and 10,000 per week some time next year. Tesla shares are up about 65 percent this year. But sceptics abound. Some doubt Musk''s ability to take Tesla from a niche producer to a large-scale automaker. About 22 percent of shares available for trade have been sold "short" by investors who expect the stock to fall. Musk, a quirky billionaire whose transportation ambitions include colonizing the planet Mars, has long delighted in defying conventional wisdom. At Tesla’s annual meeting in June, he repeated his promise of a battery-powered long-haul big rig. "A lot of people don''t think you can do a heavy-duty, long-range truck that''s electric, but we are confident that this can be done," he said. While the prototype described by Ryder’s Perry would fall well short of the capabilities of conventional diesels, Musk may well have found a sweet spot if he can deliver. Roughly 30 percent of U.S. trucking jobs are regional trips of 100 to 200 miles, according to Sandeep Kar, chief strategy officer of Toronto-based Fleet Complete, which tracks and analyses truck movement. A truck with that range would be able to move freight regionally, such as from ports to nearby cities or from warehouses to retail establishments. "As long as (Musk) can break 200 miles he can claim his truck is ''long haul'' and he will be technically right," Kar said. Interest in electric trucks is high among transportation firms looking to reduce their emissions and operating costs. Electric motors require less maintenance than internal combustion engines. Juice from the grid is cheaper than diesel. But current technology doesn’t pencil when it comes to powering U.S. trucks across the country. Experts say the batteries required would be so large and heavy there would be little room for cargo. An average diesel cab costs around $120,000 (93,757.32 pounds). The cost of the battery alone for a big rig capable of going 200 to 400 miles carrying a typical payload could be more than that, according to battery researchers Shashank Sripad and Venkat Viswanathan of Carnegie Mellon University. Battery weight and ability would limit a semi to a range of about 300 miles with an average payload, according to a paper recently published by Viswanathan and Sripad. The paper thanked Tesla for "helpful comments and suggestions." Tesla did not endorse the work or comment on the conclusions to Reuters. A range of 200 to 300 miles would put Tesla at the edge of what the nascent electric truck industry believes is economically feasible, the researchers and industry insiders said. Transportation stalwarts such as manufacturer Daimler AG and shipping company United Parcel Service Inc, said they are focussing their electric efforts on short-haul trucks. That’s because smaller distances and lighter payloads require less battery power, and trucks can recharge at a central hub overnight. Daimler, the largest truck manufacturer in the world by sales, will begin production this year on an electric delivery truck. The vehicle will have a 100-mile range and be capable of carrying a payload of 9,400 pounds, about 1,000 pounds less than its diesel counterpart, according to Daimler officials. Daimler has been joined by a handful of startups such as Chanje, a Los Angeles-based manufacturer that has a partnership with Ryder to build 100-mile-range electric trucks for package delivery. Ryder and its customers believe electric trucks could cost more to buy but may be cheaper to maintain and have more predictable fuel costs. As batteries become cheaper and environmental regulation increases, the case for electric trucks could strengthen. "This tech is being seen as a major potential differentiator. Everyone wants to understand how real it is," said Perry, the chief technology officer. Reporting by Marc Vartabedian;   Alexandria Sage and Eric Johnson; Editing by Peter Henderson and Marla Dickerson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tesla-trucking-exclusive-idUKKCN1B42G4'|'2017-08-24T22:56:00.000+03:00'
'8fce6d1045015159e0ae6243733284fd40ca6292'|'Statoil evacuating Eagle Ford shale staff ahead of Hurricane Harvey'|'August 24, 2017 / 5:33 PM / 8 minutes ago Statoil evacuating Eagle Ford shale staff ahead of Hurricane Harvey Reuters Staff 1 Min Read HOUSTON, Aug 24 (Reuters) - Statoil ASA said on Thursday it is evacuating staff from the Eagle Ford shale region as Hurricane Harvey moves closer to the Texas coast. The Norway-based oil producer is securing its two drilling rigs in the shale region and will close wells on a case-by-case basis depending on flooding risk, though the company''s goal would be to not close a well, said spokesman Erik Haaland. (Reporting by Ernest Scheyder; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-statoil-idUSL2N1LA190'|'2017-08-24T20:32:00.000+03:00'
'4a2158729944ec2cf7b920681af714e1cdb481dd'|'It’s the post-Rupert era at 21st Century Fox - but don’t cheer too loudly - Media'|'James Murdoch is behaving like a normal boss – rejecting the far right, listening to shareholders, eschewing dad-style power-mongering. But when Rupert is no more, who will fight print’s corner? View more sharing options Close Sunday 27 August 2017 07.00 BST H ere are a couple of mighty portents. James Murdoch, chief executive of 21st Century Fox, gives a million dollars to the Anti-Defamation League . He tells his staff that “standing up to Nazis is essential; there are no good Nazis”. (Thank you and goodnight, President Trump.) Meanwhile, News Corp, the residual newspaper wing of the old Rupert empire, records losses of $817m for the year. James Murdoch is doing what most high-profile bosses around the US have been doing since Donald Trump blundered into his Charlottesville quagmire of grotesque equivalences: he’s manifesting disgust and rowing for the shore. News Corp, preparing more layoffs in Australia and belt-tightenings everywhere it operates, is doing something rather more amazing. It is behaving like a normal company: dancing to the tune of the balance sheet and shareholder pressure, not to the whim of an 86-year-old tycoon. There was always going to be a moment, in a long line of triumphs and humiliations, when the conglomerate Rupert Murdoch built, almost from scratch, would find itself locked in make-or-break transition, when the problems of any family business – succession, aptitude, relationships – would have to be tackled. That moment is arriving fast. On one level, James and his elder brother, Lachlan, are taking control. Dad no longer prescribes far-reaching policies (as he did until relatively recently – ordaining, for instance, that News Corp news be sheltered behind a paywall – until it wasn’t). Nor is dad welcome any longer in the chaotic stew of Fox News , swimming in payoffs for sexual molestation claims past. But cleaning a stable long subcontracted to Roger Ailes RIP isn’t easy. There’s an ideological tug-of-war as a flimsy, tainted story – about murdered Democratic aide Seth Rich, allegedly leaking Hillary Clinton emails – disintegrates so fast it has to be apologised for (though not all Fox’s “friends” accept that). There’s difficulty in shifting from Trump too quickly because the audience won’t follow, leaving Fox News cashflow exposed. And there is, naturally, a question of leadership after Ailes. You don’t have to be particularly cynical to see this pile of ordure as a threat to a full Murdoch takeover of Sky in Britain and Europe. The “fit and proper persons” needed to run Sky over here have their own huge problems back in Manhattan. But don’t stretch cynicism too far. This is the post-dad era. James Murdoch is, perforce, trying to turn 21st Century Fox into an orderly business that acknowledges ordinary corporate rules. Rupert the Sun King won’t be around much longer. His brand of power-mongering is way out of time – blown apart at the last British general election, terminally damaged by cuddling too close to Trump. In the brave new world of Amazon and Google, Facebook and Netflix, Fox can seem relatively puny. This is a world in which noisy “talent” and chaotic chums no longer fit. This is the world of clean up your act or quit. Which is where that second portent comes in. When, in the wake of the phone-hacking scandal, the old empire was cut in two, all the newspapers (plus Australian TV and a few other business interests to keep cash flowing) were lumped into a new version of News Corp and required to keep investors happy. No more Rupert paying way over the odds for the Wall Street Journal and shuffling print outlets like a deck of cards. Lachlan, with added discipline, took over. You can see much of the outcome in the latest accounts. The notional values of the group’s print papers are slashed. Its three big Australian papers are suddenly worth 40% less. Its British papers have shed $360m. More significantly, the book value of Foxtel, the Australian TV company, has also taken a $290m cold bath. The big picture figures aren’t very imposing either. Total revenue $8.14bn, down 2% from $8.29bn last year. Revenue in the UK down to $1.04bn – compared with $1.28bn a year before. Advertising, again, taking the biggest hits; cover price rises – temporary salvation by attrition – taking the strain. There is, to be sure, a keen irony to the UK situation. Some $96m went west with the collapse of sterling after Brexit. “While the impact of Brexit is difficult to predict, it could significantly affect the fiscal, monetary and regulatory landscape, lead other member countries to consider leaving the European Union, result in additional volatility and disruption in the financial and other markets and have an adverse impact on the company’s businesses,” says the annual report, without delving into regions of self-harm or revealing the slightest acquaintance with Sun policy. Too gloomy overall? Digital revenues – up 3% to an overall 25% level – bring a touch of optimism. The Times , in particular, is putting up a good print fight. There is clearly further room for “efficiencies” that will keep the cost base under control. Other disparate enterprises under the group umbrella have a better growth potential. But it will all be a struggle, the kind of struggle that newspapers outside the Rupert realm have been facing for years. There’s now much more of a level playing field. The Sun is a problem: 9.4% down year on year in print sales. A benign Murdoch can’t fly to the rescue. Loss makers such as the New York Post must be under severe threat again. The Wall Street Journal needs a big lift, steering it clear of hapless Trumpism. There are challenges, challenges everywhere. In short, we are heading ever deeper into a media landscape where the stability of the Murdoch transition from one generation to the next is under searching question. Hurrah! shout all those who have made roasting Rupert part of their life’s work. Hurrah! add students of corporate morality and simple organisation – the squeeze of normality is on, the future beginning to take shape. But don’t, perhaps, expect adulation unalloyed. Dad’s buccaneering devotion to print has been one of the props of the press worldwide for at least two decades. Expect some horrid, all-too-normal collapses if it’s gone. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/aug/27/post-rupert-era-at-21st-century-fox-but-dont-cheer'|'2017-08-27T03:00:00.000+03:00'
'600ffbb9e457a60e7683b9747395a1294d205ed2'|'South Korea''s CJ buys Brazil soy protein maker from Chile''s Corpesca'|' 55 PM / 2 minutes ago South Korea''s CJ buys Brazil soy protein maker from Chile''s Corpesca Reuters Staff 2 Min Read SAO PAULO (Reuters) - Brazilian soy protein maker Selecta said its owners had sold a 90 percent stake to South Korea''s CJ CheilJedang Corp ( 097950.KS ) for 450 million reais ($143 million). CJ Chief Executive Officer Chul Ha Kim on Friday will host an event in Goiania, where Selecta is based, to provide additional details on its investment plans for Brazil. Chile''s Corpesca SA PES.SN sold its 60 percent stake, according to a statement from Selecta, one of the world''s largest producers of soy protein concentrate, which is used to produce animal feed. Minority shareholders also agreed to sell 30 percent of the company, which reports $360 million in annual revenue. Brazil''s agricultural sector has been a bright spot for an economy recovering from a brutal recession. Selecta said its name would change to CJ Selecta and that CJ had the option to acquire the remaining 10 percent stake in the next two years. The contract marks CJ''s debut in Brazil''s soy protein concentrate industry, where it already runs logistics, soy trading and bioscience businesses, Selecta said. The company, whose current soy processing capacity is 700,000 tonnes, said it expected to ramp up production by 50 percent with investments promised by the new owner. Reporting by Ana Mano; Editing by Lisa Von Ahn'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-selecta-m-a-cj-cheiljedang-idUSKCN1B5296'|'2017-08-25T20:48:00.000+03:00'
'4ae280a5d5179e80c3f9d91fb8351050b749a794'|'U.S. Cheniere Energy says Train 3 at Sabine Pass LNG export plant down'|'(Corrects Quote: in last paragraph to read maintenance not outage)LONDON, Aug 25 (Reuters) - Production from train three at Cheniere Energy''s Sabine Pass liquefied natural gas (LNG) export plant has been suspended for maintenance, a spokesman for the U.S. firm said on Friday.The spokesman did not provide further details about the cause or impact of the outage, only adding that maintenance was a routine aspect of plant operations."We continue to meet our obligations to customers," he said.Traders variously speculated about the duration of the shutdown, ranging from three weeks to six months.The off-taker of volumes from Train 3 is Korea Gas Corp but deliveries have so far not shown any sign of being disrupted, a trader said."They are using production from other trains to compensate for the maintenance," he added.Reporting by Oleg Vukmanovic; Editing by Edmund Blair '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cheniere-energy-lng-outages-idUSL8N1LB4BX'|'2017-08-25T18:47:00.000+03:00'
'3a41773091101778be79de1ba8842ff6fc1b0087'|'REFILE-RPT-INSIGHT-Globalization''s castaways haunt central bankers'|'August 24, 2017 / 11:03 AM / 7 minutes ago REFILE-RPT-INSIGHT-Globalization''s castaways haunt central bankers Reuters Staff (Corrects spelling of Plattsburgh in paragraph 3,4 of 3rd section) By Jonathan Spicer and Howard Schneider MASSENA, New York/JACKSON HOLE, Wyoming, Aug 24 (Reuters) - A fter a turbulent year of anti-globalization backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalization can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalization, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors car factory, an aluminum plant, and the Sears department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labor markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalized, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalization and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. (Graphic: tmsnrt.rs/2g7Wky9 ) They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Recognizing the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focused on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Fed’s bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. “If we can keep people from being lost permanently, boy that’s a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighboring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburgh attended by New York Fed President William Dudley. Plattsburgh, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier , and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career center in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-fed-globalization-idUSL2N1L921V'|'2017-08-24T16:54:00.000+03:00'
'c1283e8c3b40e09e488e9cf1e73f6af1ab05eafc'|'VW manager told CEO about U.S. ''cheating'' in July 2015 - media'|'August 25, 2017 / 11:34 AM / 29 minutes ago VW manager told CEO about U.S. ''cheating'' in July 2015 - media Reuters Staff 3 Min Read Snowflakes are seen on the grille and emblem of a Volkswagen car in Warsaw, Poland December 17, 2016. Kacper Pempel FRANKFURT/HAMBURG (Reuters) - A former senior quality manager at Volkswagen ( VOWG_p.DE ) has told investigators he informed then-CEO Martin Winterkorn on July 27, 2015, that the carmaker had "cheated" during emissions tests in the United States, German media reported on Friday. Volkswagen (VW) has said its executive board did not learn about the severity of emissions test cheating using illegal software until late August 2015. VW has acknowledged it installed software that deactivated pollution controls on more than 11 million diesel vehicles sold worldwide, damaging its global business, leading to billions of dollars in fines, and prompting the departure of Winterkorn. But questions linger over who knew the software was illegal, and when they found out. The timing is important because VW is being sued by investors for holding back market sensitive information - an allegation it denies. According to a report by German daily Sueddeutsche Zeitung and broadcasters NDR and WDR published on Friday, the unidentified quality manager told German and U.S. investigators that Winterkorn phoned him on July 27 to enquire about problems with the certification of new models in the United States. He says he then told the CEO that VW had "cheated" in the United States, the report said. VW declined to comment on the report. Winterkorn''s lawyer was not immediately available for comment. Winterkorn in January declined to tell German lawmakers when he first learned about systematic exhaust emissions cheating but said it was no earlier than VW had officially disclosed. In a settlement with U.S. authorities, VW said a meeting with senior managers took place in late July after U.S. regulators threatened not to certify VW model year 2016 vehicles for sale. "VW AG supervisors requested a briefing on the situation in the United States. On or about July 27, 2015, VW AG employees presented to VW AG supervisors," the plea agreement, which VW filed with the U.S. District court, Eastern District of Michigan, said. But VW has said managers'' assessment at the time was that its violation of U.S. environmental rules could be resolved amicably, and potential penalties would not be dissimilar to those received by rival manufacturers, and therefore manageable. The Notice of Violation issued by the U.S. Environmental Protection Agency on Sept. 18, 2015, which brought the scandal into the open, came as a "surprise" to VW and "presented the situation in a completely different light," the company said in an annual report. Reporting by Ilona Wissenbach and Jan Schwartz; Writing by Maria Sheahan and Edward Taylor; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-emissions-timeline-idUKKCN1B51C1'|'2017-08-25T14:33:00.000+03:00'
'a29c5e6edc19257939238dc5b4d66b13770bd348'|'Cyclical strength cements FTSE gains; retailers wilt on Amazon threat'|'August 25, 2017 / 9:21 AM / 2 minutes ago Retailers wilt on Amazon threat as FTSE inches lower 3 Min Read Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s leading share index edged lower on Friday as strength in banks and energy firms was not enough to offset a drop in retailers, which fell back as concern over competition from Amazon ( AMZN.O ) reared its head again. Britain''s FTSE 100 .FTSE ended the week 0.1 percent lower at 7,401.46 points as sterling rose towards the end of the session, but the blue chips still posted a 1.1 percent gain and was on course for a 1.1 percent gain on the week. Subprime lender Provident Financial ( PFG.L ) jumped 22.5 percent, recovering some of the heavy losses sustained on Tuesday after its second profit warning in as many months. The company said on Friday it was reorganising its beleaguered home credit business, replacing its head with immediate effect. Provident shares were still down 50 percent on the week. Energy stocks and financials combined added 7 points to the index, while miners Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ) cemented gains as copper prices hit a three-year high on a brightening outlook for demand from China. Cyclical sectors such as miners, which benefit from their high dollar exposure in a weaker sterling environment, have been supporting benchmarks and the FTSE 350 mining index .FTNMX1770 hit its highest in three years on Friday. Retailers, however, limited index gains after Amazon said it would cut prices at Whole Foods Market ( WFM.O ), the food chain it acquired in June, reigniting fears of aggressive price competition for Europe''s supermarkets. Supermarket chains Tesco ( TSCO.L ), Morrisons ( MRW.L ), Marks & Spencer ( MKS.L ) and Sainsbury''s ( SBRY.L ) were among top fallers, down by 0.4-1.7 percent and tracking a broader slide in European retail stocks. With the earnings season coming to a close, analysts said that British companies'' performance had been solid. "Numbers have been pretty good in August, having had a couple of soft months in June and July," said Ian Williams, Peel Hunt strategist, adding that there were more upgrades than downgrades in analysts'' earnings revisions. Drugmaker Shire ( SHP.L ) was also among the biggest gainers, rising 1.5 percent after Kepler Cheuvreux gave the stock a "buy" rating. Among mid-caps, Computacenter ( CCC.L ) jumped 15.6 percent and posted its best day in more than eight years as investors cheered half-year results that showed revenue growth and increased shareholder returns. Reporting by Helen Reid and Kit Rees; Editing by Matthew Mpoke Bigg'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B5107'|'2017-08-25T12:23:00.000+03:00'
'8e2668b2ac039a8d5ff4743fb760e98ba4fc2deb'|'Bradesco''s HSBC Brasil deal to generate $1.1 billion pre-tax savings'|'FILE PHOTO: The logo of Banco Bradesco is seen on a branch in Osasco financial centre, Brazil, August 3, 2015. Paulo Whitaker/File Photo SAO PAULO (Reuters) - Banco Bradesco SA''s acquisition of HSBC Bank Brasil Banco Múltiplo SA will have generated as much as 3.5 billion reais ($1.11 billion) in cost savings and synergies by the end of next year, Chief Financial Officer Alexandre Glüher said on Thursday.Bradesco ( BBDC4.SA ), Brazil''s No. 3 listed bank by assets, expects to end capturing synergies from the purchase of the HSBC Holdings Plc''s subsidiary by the end of next year, Glüher said at an event with investors. The estimate for synergies is before taxes, Glüher added.Bradesco paid about 16 billion reais for HSBC Bank Brasil, whose purchase was announced two years ago.Reporting by Gabriela Mello; Writing by Guillermo Parra-Bernal; Editing by James Dalgleish'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-banco-bradesco-outlook-idINKCN1B42E9'|'2017-08-24T17:00:00.000+03:00'
'528442be3daed8cb35361048bad81d1eca0bdcf0'|'German factories drive solid private sector growth in August - PMI'|' 36 AM / 8 minutes ago German factories drive solid private sector growth in August - PMI Reuters Staff 3 Min Read FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. Ina Fassbender/File Photo BERLIN (Reuters) - Germany''s private sector grew at a faster pace in August as humming factories shifted into a higher gear, a survey showed on Wednesday, suggesting that Europe''s biggest economy is likely to continue its robust upswing in the third quarter. Markit''s flash composite Purchasing Managers'' Index (PMI), which tracks the manufacturing and services sectors that together account for more than two-thirds of the economy, rose to 55.7 from its 10-month-low of 54.7 in the previous month. This beat the consensus forecast in a Reuters poll of economists, who had expected a stable reading. It was also well above the 50 mark that separates growth from contraction. The stronger-than-expected headline figure showed that underlying growth remains strong, IHS Markit Associate Director Andrew Harker said, adding that he expected a quarterly growth rate of roughly 0.5 percent for the July-September period. The German economy expanded by 0.7 percent in the first quarter and by 0.6 percent in the second, driven by soaring private consumption, increased state spending and higher industrial output. Harker said Markit was likely to raise its growth forecast for 2017 from its latest projection of 2.0 percent. The German economy grew by 1.9 percent last year. Growth in manufacturing accelerated to 59.4 in August, the third-highest reading in more than six years, the survey showed. Analysts had expected the sector to lose some steam. Services business activity also increased, with Markit''s sub-index for the sector rising to 53.4. This was slightly better than analysts had predicted. New export orders at goods-producing companies jumped by the sharpest rate in more than seven years, with survey panellists pointing to especially strong demand from Asia, Markit said. "The recent appreciation of the euro doesn''t seem to have an impact on German exports," Harker said, adding that this also applied to the emissions scandal engulfing German car makers. Another survey published by the ZEW research institute on Tuesday showed that the mood among German investors fell for the third month running, amid concern that the emissions scandal could damage the economy in the medium term. The sentiment surveys from ZEW and Markit will be followed by the closely watched Ifo business climate index on Friday. Analysts expect the indicator to fall after it reached successive record highs from May to July. Reporting by Michael Nienaber, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-economy-pmi-idUKKCN1B30N2'|'2017-08-23T10:36:00.000+03:00'
'8686c573a18aa880a8d53f763d6b926fb5055ad6'|'North American exodus at PetroChina sparks speculation of company shift'|'August 22, 2017 / 11:55 PM / 10 minutes ago North American exodus at PetroChina sparks speculation of company shift Catherine Ngai 4 Min Read FILE PHOTO - PetroChina''s logo is seen at its petrol station in Beijing, China, March 21, 2016. Kim Kyung-Hoon/File Photo NEW YORK (Reuters) - A flurry of departures across the U.S. and Canadian units of Chinese state energy firm PetroChina Co Ltd ( 601857.SS ) have sparked speculation that the oil trader is reducing its presence in North America, even though the company says it is committed to the region. More than 30 people in its Houston and Calgary offices have left PetroChina since 2016, including heads of desks in crude, financial, natural gas and chemical trading, the company confirmed to Reuters. Sources say that PetroChina had approximately 150 to 200 people at its peak two to three years ago, and now has between 100 and 150. Nearly a dozen sources in New York, Calgary, Houston and Singapore, including current and former employees, told Reuters the departures suggest a shift in mindset among firm management, and there are concerns about a broad pullback from its presence in North America. The sources interviewed, which also includes several who do business with the firm, said North American offices may have expanded too quickly. PetroChina spokesman Mark Jensen is committed to business throughout the Americas. He previously said the company and its subsidiaries have restructured the organisation where necessary over the last several months, and that the departures do not represent a change in strategy in the region. In the last several years, PetroChina built itself into one of the largest oil traders in North America, hiring top talent with the goal to compete with trading giants Vitol SA [VITOLV.UL], Trafigura and Mercuria Energy Group, industry participants said. The departures have been notable ones, including John Mee, director of financial crude trading; Jie Wang, president in Calgary; and Eric Dixon, domestic head of physical crude onshore, among others. The company has also lost a number of key staff in other departments, including in legal and accounting. One source said that the company is not currently looking to replace the majority of those positions. Sources interviewed said management''s mindset over the last year has shifted toward tightening credit limits and shifting away from sources of activity common among oil traders operating in North America. For instance, PetroChina appears to be shifting away from trading volumes on pipelines - which accounts for the lion''s share of crude trading in the United States - and favouring more vessel-based cargo trading, two sources familiar with PetroChina said. In Houston, there are no longer any proprietary traders, according to two of the sources Reuters interviewed. The company did not respond to a specific request for comment regarding the shift to waterborne trading or proprietary trading. The departures come after major losses in commodities markets in the first half of 2017, as hedge funds and banks saw some of their worst results in years due to a lack of overall volatility and an unexpected sell-off in crude. The firm has gotten rid of individual bonuses and is now using a team bonus plan across Canada, the United States and China, according to two of the sources spoken to by Reuters. The company did not respond to a request for comment on this. PetroChina is not set for a full retreat from the region, sources say. The company has certain commitments in the region, including a long-term contract on Royal Dutch Shell Plc''s ( RDSa.L ) Zydeco pipeline through 2019. In addition, PetroChina''s parent, China National Petroleum Corp [CNPET.UL], will need to keep its options open to import U.S. crude oil, sources said. Reporting by Catherine Ngai in New York; Additional reporting by Florence Tan in Singapore, Aizhu Chen in Beijing and Devika Krishna Kumar in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-petrochina-oil-trading-idUKKCN1B22N4'|'2017-08-23T02:55:00.000+03:00'
'c2d70ca62e2c7ceb7a0f1c8a773bbba50cdc5fd3'|'UPDATE 1-AirAsia CEO says leasing unit sale is ''imminent'''|'(Adds background on leasing unit sale, AirAsia deal with CAE, and CSeries)By Allison LampertMONTREAL, Aug 24 (Reuters) - AirAsia Bhd Chief Executive Tony Fernandes said on Thursday that the Malaysia-based carrier''s expected sale of its leasing unit to a South Korean group was "imminent," with no roadblocks to the transaction.AirAsia, the largest low-cost carrier in Asia, is also considering the purchase of Bombardier Inc''s 110- to 130-seat narrowbody CSeries jets, Fernandes told reporters following a news conference at Montreal-headquartered training specialist CAE Inc.Asked whether AirAsia''s reported talks to sell the unit have hit any obstacles, Fernandes said there were no "roadblocks" and added "it is imminent." He did not specify whether an announcement would be made when the carrier reports quarterly earnings next week.Privately-owned KOTAM, or Korea Transportation Asset Management, is said to be negotiating the final terms to acquire AirAsia''s fully-owned unit, Asia Aviation Capital. Reuters first reported on the deal in March.KOTAM is part of Kukje Maritime Investment Corp, known as KMarin, which was founded in 2005.Fernandes was in Montreal to announce the sale of the budget carrier''s 50-percent share of the Asian Aviation Centre of Excellence to CAE, the world''s largest commercial aviation training company.Under the deal, CAE will remain AirAsia Group’s training partner until 2036.After flying on the CSeries on Thursday, Fernandes said he was "very impressed with the aircraft," which he said would be considered for regional markets in Asia.In June, he said the carrier''s core strategy lies in connecting Asia''s secondary and tertiary cities, with a particular focus on China and India."It''s early days," he said of the talks with Bombardier. "We''ve started the romance so let''s see where it takes us."Montreal-headquartered Bombardier is coming under pressure to announce new orders for the fuel-efficient CSeries jets, after failing to secure any substantial orders in more than a year. (Reporting by Allison Lampert in Montreal; Writing by Susan Taylor in Toronto; Editing by Tom Brown)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/airasia-ceo-idUSL2N1LA1N1'|'2017-08-25T00:06:00.000+03:00'
'58c8e2be924836d4b7878b3826a5acce5085e9c2'|'Lufthansa offers low hundred-million-euro sum for Air Berlin assets - source'|'August 24, 2017 / 12:08 PM / 37 minutes ago Lufthansa offers low hundred-million-euro sum for Air Berlin assets - source Reuters Staff 1 Min Read An Air Berlin sign is seen at an Air Berlin storage hall in Berlin, Germany, August 15, 2017. Axel Schmidt FRANKFURT (Reuters) - Lufthansa''s ( LHAG.DE ) proposal for the carve-up of Air Berlin ( AB1.DE ) would see it taking over the insolvent carrier''s Austria-based leisure airline Niki and other planes, a source familiar with the negotiations said on Thursday. Its proposal is in the low hundreds of millions of euros, the person said. In total, it wants to take on up to 90 planes, which would include the 38 crewed aircraft Lufthansa already leases from Air Berlin, the source said. Lufthansa declined to comment. The German flagship carrier on Wednesday said it had put forward a concept for an acquisition of parts of Air Berlin, but did not provide further details. Reporting by Ilona Wissenbach; Writing by Victoria Bryan; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-offer-idUKKCN1B41EP'|'2017-08-24T15:08:00.000+03:00'
'20131e21b05da1c52930fe5e2ea7148324037e08'|'Insight: Globalization''s castaways haunt central bankers'|'August 24, 2017 / 5:24 AM / 7 hours ago Insight: Globalization''s castaways haunt central bankers Jonathan Spicer and Howard Schneider 8 Min Read Shoppers enter the mostly vacant St. Lawrence Centre Mall in Massena, New York, U.S., June 19, 2017. Jonathan Spicer/Files MASSENA, New York/JACKSON HOLE, Wyoming (Reuters) - After a turbulent year of anti-globalization backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalization can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalization, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors ( GM.N ) car factory, an aluminum plant, and the Sears ( SHLD.O ) department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labor markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalized, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalization and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. Infographic ID: ''2g7Wky9'' They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. A clock tower is seen in the mostly vacant St. Lawrence Centre Mall in Massena, New York, U.S., June 19, 2017. Jonathan Spicer/Files Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Recognizing the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focused on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Fed’s bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. “If we can keep people from being lost permanently, boy that’s a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighboring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburg attended by New York Fed President William Dudley. Plattsburg, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier ( BBDb.TO ), and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career center in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-globalization-idINKCN1B40C0'|'2017-08-24T08:19:00.000+03:00'
'167d9625a726b2f34667a420878d1b4e37bf6c05'|'Britain says to rule on Fox-Sky advice as soon as possible'|'LONDON, Aug 25 (Reuters) - Britain said on Friday it had received the additional advice it had requested on Rupert Murdoch''s bid to buy broadcaster Sky, and it would decide whether to refer the deal for an in-depth review as soon as possible.Regulator Ofcom was asked to look again at the deal earlier this month after opponents lobbied Minister Karen Bradley, who was already deciding whether to refer Twenty-First Century Fox''s bid for a wide-ranging investigation."The Secretary of State will now carefully consider that advice before making her decision on referral on the basis of all the evidence before her, and will do so as soon as is reasonably practicable," the Department for Digital, Culture, Media and Sport said.The government''s request to Ofcom came amid criticism from politicians worried about the U.S. company''s broadcasting standards.Reporting by Paul Sandle; editing by Kate Holton '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sky-ma-fox-idINL8N1LB3HY'|'2017-08-25T11:41:00.000+03:00'
'58369dc840a8ef3d16dda752bebea2c18c9c6375'|'''Wow, no cow'': the Swedish farmer using oats to make milk - Guardian Sustainable Business'|'Saturday 26 August 2017 07.00 BST Last modified on Saturday 26 August 2017 07.36 BST Adam Arnesson, 27, is not your usual milk producer. For starters, he doesn’t have any dairy cattle. Our first photo opportunity is in the middle of one of his fields of oats. Until last year all these oats went into animal feed, either sold or fed to the sheep, pigs and cows he rears on his organic farm in Örebro county, central Sweden. With the support of Swedish drinks company Oatly, they are now being used to produce an oat milk drink – tapping into the growing market for dairy alternatives across the country. Dairy wars: when a glass of milk is really a glass of m*lk Read more Livestock still provides most of the income of the 80ha farm Arnesson runs in partnership with his parents. But he wants that to change. “The natural thing for us would be to increase our livestock numbers, but I don’t want a factory,” he says. “The number of animals has to be emotionally right so I know each of them.” Instead, Arnesson wants to grow more protein crops, such as oats, and sell them for human consumption rather than for feeding to livestock to produce meat and dairy. The rearing of livestock and meat consumption accounts for 14.5% of global greenhouse gas (GHG) emissions. Alongside carbon emissions from deforestation (for pasture or crops to feed animals), the livestock sector is also the single biggest human-related source of methane (from cattle) and nitrous oxide emissions (from fertiliser and manure ), two particularly potent greenhouse gases. On current trends, by 2050 we will be growing more crops to feed directly to animals than ourselves. Even small shifts to feeding crops to humans instead of livestock would lead to significant increases in food availability. One company promoting itself heavily on the back of its claim to be tackling this issue has been Oatly. It has been causing controversy – and has even been the target of legal action from a Swedish dairy trade group – with its outspoken attacks on the dairy sector and its related climate emissions. Ditch the cows, drink oat milk and save the planet, has been the gist of its marketing messaging, which has included a promotional video of CEO Toni Petersson singing “Wow, no cow’ in a field of oats. Petersson says the company is just “telling people what the science tells us about the need to consume more plant-based foods”. Arnesson’s drink was branded as “Gammeldags Hafvredryck” (Swedish for old-fashioned oat drink) because of his use of a less commonly grown oat variety. Photograph: Tom Levitt for the Guardian The Swedish Food Agency – while it highlights the benefit of grazing animals for producing a “rich agricultural landscape” in the country – warns people against consuming too many dairy products, due to the climate impact of methane gas emissions from cows. However, Arnesson says many farmers in Sweden believe Oatly is demonising dairy farmers. “I had a lot of arguments on social media with other farmers, because I thought what Oatly was doing could bring better opportunities to our sector,” says Arnesson, who decided to contact the company in 2015 to see if they could help him switch away from livestock. For Oatly, the timing was ideal. It buys its oats from a wholesaler as it says it does not have the scale to mill and process itself, but saw Arnesson as an opportunity to demonstrate how it could help transition farmers away from livestock farming. Do cows get seasick? Welcome to Rotterdam''s floating dairy farm Read more By late 2016, Arnesson had his own limited edition range of Oatly-branded oat milk complete with a national video campaign. “Quite a lot of farmers had a bad image and perhaps even hated us,” says Cecilia Sjöholm, head of communications at Oatly. “But we’re very much pro-farmer.” Petersson adds: “We want to be a catalyst company. We can help farmers move away from animals to plant production.” So far, Arnesson says, he has faced little hostility from his neighbours for collaborating with Oatly. “It was kind of surprising but other dairy farmers have been to my [farm] shop and like the oat milk. One came and said he likes cow’s milk and oats too. It’s a Swedish thing to eat oats. The anger is not as strong as it seems on Facebook.” The company played upon the heritage of oats in the Swedish diet by branding Arnesson’s limited edition range as “Gammeldags Hafvredryck” (Swedish for old-fashioned oat drink) because of his use of a less commonly grown oat variety. After the first year of producing oats, analysis by researchers at the Swedish University of Agricultural Sciences found that Arnesson’s farm was producing double the amount of calories for human consumption per hectare and had halved the climate impact of each calorie produced. At present, Arnesson admits that growing the oats for milk is only viable with Oatly’s support of a guaranteed market. But with the growth of the company – it produced 28m litres of oat milk in 2016 and plans to have a capacity of 100m by 2020 – he hopes that changes in the near future. “I don’t want to take pride from having a tractor or producing 10 tonnes of wheat or a sow with 10 piglets, but in feeding and preserving the planet – that is one of the big things I want as a farmer to be involved in changing,” says Arnesson. Oatly said it plans to work with three more farmers to demonstrate the environmental benefits of switching from livestock to more crop production. But Arnesson says livestock farmers need government support in order to do so in large numbers. “Converting to growing oats won’t be viable for everyone and not for those dairy farmers that have built up a large farm business. But we need to start talking about farming in a different way. About the opportunities and not just the problems,” he says. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/aug/26/wow-no-cow-swedish-farmer-oats-milk-oatly'|'2017-08-26T14:00:00.000+03:00'
'3d2b5f8285878fe2e0fbd8a675edd99bbeaedb48'|'Regulator, Airbus issue software fix for A350 on explosion risk'|'Reuters TV United States August 24, 2017 / 7:59 AM / 2 minutes ago Regulator, Airbus issue software fix for A350 on explosion risk Reuters Staff 2 Min Read A landing signal officer guides an Airbus A350-900 to be parked for the ILA Berlin Air Show in Selchow near Schoenefeld south of Berlin May 19, 2014. Tobias Schwarz BERLIN (Reuters) - European aviation safety authorities have issued an emergency directive for operators of the Airbus ( AIR.PA ) A350-900 long-haul aircraft to upload a software fix to prevent potential overheating of the hydraulic system and a risk of explosion. Airbus has delivered over 100 of the aircraft so far, which is flown by airlines including Lufthansa ( LHAG.DE ), Singapore Airlines ( SIAL.SI ), Cathay Pacific ( 0293.HK ) and Qatar Airways. In the directive, the European Aviation Safety Agency (EASA) said that an overheat failure mode of the hydraulic engine driven pump had been found, which could cause the temperature of the hydraulic fluid to rise fast. If that is not noticed and corrected, it could, if combined with an inoperative fuel tank inerting system, lead to the fluid overheating uncontrollably, which could then in turn lead to the fuel-air mixture in the affected fuel tank igniting, EASA said. Airbus said it had informed operators of the short-term software fix and was investigating whether further action was needed. A spokesman for Lufthansa said the German flagship carrier was complying with the directive and did not expect any impact on its A350 fleet or operations. Reporting by Victoria Bryan; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-airbus-a350-safety-idUKKCN1B40OX'|'2017-08-24T10:52:00.000+03:00'
'80fca42508f0d27e580edbc62689139ef3a43196'|'METALS-China nickel futures near half-yr peak on supply woes'|'SYDNEY, Aug 24 (Reuters) - Chinese nickel futures surged on Thursday to a near six-month high on the back of strong gains in overnight London Metal Exchange prices amid supply concerns and declining inventories. The metal used in making stainless steel was buoyed worries over exports from the Philippines, after data showed output fell 24 percent in the first half of the year amid an environmental crackdown that has seen at least eight nickel mines suspended since last year.FUNDAMENTALS * Three-month nickel on the London Metal Exchange gained 0.9 percent to $11,770.00 a tonne by 0125 GMT, after touching $11,825 overnight, the highest since last November.* The most-traded nickel contract on the Shanghai Futures Exchange rose 2.62 percent to 94,500 yuan ($14,195) a tonne, the highest since early March.* NICKEL STOCKS: Prices were supported by a fall in on-warrant stockpiles of nickel at LME-registered warehouses to the lowest since January after 5,682 tonnes of cancellations. MNISTX-TOTAL* LONDON COPPER: LME copper was up 0.3 percent to $6,584.50 a tonne, reversing losses from the previous session.* SHANGHAI COPPER: Shanghai Futures Exchange copper was largely flat at 51,670 yuan a tonne.* SHANGHAI ZINC: ShFE zinc was modestly higher, while LME zinc was 0.3 percent higher at $3,105.50 a tonne.* STOCKS: COMEX copper stocks rose by a net 271 tonnes on Monday. There was some light two-way action at New Orleans and arrivals at both Tucson and Salt Lake City.* NEW COPPER MINE: OZ Minerals Ltd said it would begin construction of its Carrapateena copper mine in Australia, the country''s largest undeveloped copper project, which it estimated would cost A$916 million ($724 million).* SOUTH32 GAINS: Australian-based miner South32 Ltd S32.AX posted an eight-fold rise in its annual underlying earnings on Thursday, as a broad recovery in metal prices offset disruptions to its coal business.* VEDANTA UP: Diversified miner Vedanta Resources'' first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China.* For the top stories in metals and other news, click orMARKETS NEWS * Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump''s threat to shut down the government, though the dollar remained sluggish.DATA AHEAD (GMT) 0645 France Business climate Aug 0830 Britain GDP 2nd release Q2 1230 U.S. Weekly jobless claims 1400 U.S. Existing home sales JulPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6569 Chinese yuan renminbi)Reporting by James Regan; Editing by Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1LA1AN'|'2017-08-23T23:56:00.000+03:00'
'375a5c2098d7b77d3c54d9ad948251179fc84f8e'|'Hershey Trust to sell 4.5 million shares of Hershey Co'|'Hershey''s chocolates are pictured for sale on a store shelf in the Manhattan borough of New York City, New York, U.S. July 19, 2017. Carlo Allegri (Reuters) - Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co ( HSY.N ), said on Wednesday it would sell 4.5 million shares of Hershey''s common stock.The trust said it would sell 3 million Hershey''s shares to Morgan Stanley ( MS.N ) and an additional 1.5 million shares to Hershey Company.Hershey, the maker of Reese''s Peanut Butter Cups and Hershey''s Kisses, said in a separate statement that it will buy the 1.5 million stock from the trust for $106 per share, or about $159 million.Hershey''s stock closed at $107.44 on Wednesday.Hershey rejected a $23 billion bid last summer from Oreo cookie owner Mondelez ( MDLZ.O ), as the Hershey Trust, which can veto a deal, was embroiled in a row with its overseer that resulted in departures at the trust and Hershey''s board.Earlier this year, The Hershey Trust added former Goldman Sachs partner James Katzman to its ranks.The trust had also added Melissa Peeples-Fullmore, a Milton Hershey School alumnus and education professional, and Jan Loeffler Bergen, a trained social worker and chief executive officer of non-profit health provider Lancaster General Health as Hershey trustees.Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hersheyco-stake-hershey-trust-idINKCN1B32TI'|'2017-08-23T21:58:00.000+03:00'
'2eb6c1c62bda71c107aa38730dee82730f6e6dc1'|'Playtech revenue rises on strong gaming division performance'|' 27 AM / 32 minutes ago Playtech revenue rises on strong gaming division performance Reuters Staff 1 Min Read (Reuters) - Gambling technology company Playtech ( PTEC.L ) reported half-year revenue up nearly 25 percent on a strong performance by its flagship Casino offering and benefits from recent acquisitions. Playtech, which provides software for sports betting and online casino and poker games, said that gaming revenue rose 22.8 percent to 376.5 million euros (347.43 million pounds). Total revenue for the six months to June 30 was 421.6 million euros, up from 337.7 million euros in the same period last year. Reporting by Rahul B in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-playtch-results-idUKKCN1B40H4'|'2017-08-24T09:27:00.000+03:00'
'8efde42065c930f6fc2cc5eb7412200da2e424c7'|'Hershey Trust to sell 4.5 mln shares of Hershey Co'|'Hershey''s chocolate bars are shown in this photo illustration in Encinitas, California January 29, 2015. Mike Blake/File Photo (Reuters) - Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co ( HSY.N ), said on Wednesday it would sell 4.5 million shares of Hershey''s common stock.The trust said it would sell 3 million Hershey''s shares to Morgan Stanley ( MS.N ) and an additional 1.5 million shares to Hershey Company.Hershey, the maker of Reese''s Peanut Butter Cups and Hershey''s Kisses, said in a separate statement that it will buy the 1.5 million stock from the trust for $106 per share, or about $159 million.Hershey''s stock closed at $107.44 on Wednesday.Hershey rejected a $23 billion bid last summer from Oreo cookie owner Mondelez ( MDLZ.O ), as the Hershey Trust, which can veto a deal, was embroiled in a row with its overseer that resulted in departures at the trust and Hershey''s board.Earlier this year, The Hershey Trust added former Goldman Sachs partner James Katzman to its ranks.The trust had also added Melissa Peeples-Fullmore, a Milton Hershey School alumnus and education professional, and Jan Loeffler Bergen, a trained social worker and chief executive officer of non-profit health provider Lancaster General Health as Hershey trustees.Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-hersheyco-stake-hershey-trust-idUSKCN1B32T3'|'2017-08-24T02:51:00.000+03:00'
'c417dd5d76edeb510ccfea00faed1c80cc3f69a4'|'Brazil''s Previ has no timetable for Vale stake sale, eyes upcoming IPOs'|'SAO PAULO (Reuters) - Previ Caixa de Previdência [PREVI.UL] has yet to decide when it will reduce a majority stake in Vale SA and other companies in which it is a relevant shareholder, as Brazil''s biggest pension fund aims to have less concentrated equity holdings, a senior executive said.Chief Investment Officer Marcus Moreira said a reduction of Previ''s 15.7 percent stake in Vale ( VALE3.SA ) comes in tandem with a plan to reduce large equity holdings in a few companies. Previ can sell up to one-third of the Vale stake from February, under rules of the mining company''s corporate reorganization.The strategy involves investing in smaller Brazilian companies, much of them stock market debutantes, Moreira said. A wave of domestic initial public offerings, Brazil''s busiest in four years, should allow Previ to diversify stockholdings. Currently 45 percent of Previ''s flagship fund is made of equity holdings in about 30 companies, he said."We can take advantage of the current IPO cycle to have smaller stakes in a larger number of listed firms," Moreira said in a phone interview late on Wednesday.His remarks underscore how Brazilian pension funds, which underwent heavy losses in recent years because of erratic investment decisions and heavy state pressure to invest in low-return activities, gear up for a prolonged period of lower interest rates.Previ oversees 140 billion reais ($45 billion) of retirement money for workers of parent Banco do Brasil SA ( BBAS3.SA ), Brazil''s largest state-controlled lender.Brazil''s benchmark Bovespa stock index .BVSP this week touched the 70,000-point mark for the first time in almost seven years, as investors cheered a government plan to end voting control of a power utility. Lower rates have also increased the allure of stocks and other riskier investments, in contrast to steady government debt yields.The fund will also increase holdings of credit products as part of an effort to bolster returns, he said. Previ is working to reduce an accumulated shortfall that last year reached 14 billion reais while preparing for a long cycle of redemptions in coming years, Moreira added.Writing and additional reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-previ-equity-holdings-idINKCN1B41DZ'|'2017-08-24T10:05:00.000+03:00'
'022a6226d98eb3e19fea6e4660fb5c2704f511f5'|'The “free” economy comes at a cost'|'FACEBOOK, whose users visit for an average of 50 minutes a day, promises members: “It’s free and always will be.” It certainly sounds like a steal. But it is only one of the bargains that apparently litter the internet: YouTube watchers devour 1bn hours of videos every day, for instance. These free lunches do come at a cost; the problem is calculating how much it is. Because consumers do not pay for many digital services in cash, beyond the cost of an internet connection, economists cannot treat these exchanges like normal transactions. The economics of free are different.Unlike conventional merchants, companies like Facebook and Google have their users themselves produce value. Information and pictures uploaded to social networks draw others to the site. Online searches, selections and “likes” teach algorithms what people want. (Now you’ve bought “The Communist Manifesto”, how about a copy of “Das Kapital”?)  13   The prevalence of free services is partly a result of history. In the early years of the internet, consumers became used to getting stuff for nothing. They have little idea of how much their data are worth; since digital companies have access to billions of people, the value of one person’s data is tiny anyway. More fundamentally, scarcity is not a constraint in the digital world as it is in the physical one. Data are both inexhaustible and super-cheap to transport. In 1993 MCI Mail was charging people 50 cents for the first 500 characters of a digital message, increasing by ten cents for each extra 500. The internet slashed that price to zero. Charging would have been impractical, so small is the marginal cost.Users may pay nothing, but companies like Google and Facebook have fixed costs to cover: engineers, data centres, etc. To make money, they squeeze their users indirectly, by charging companies to put appropriate advertisements in front of captive eyeballs. In the second quarter of 2017, Facebook eked an average of $4.65 out of each of its users by peppering screens with ads and promoted posts. (By comparison, just eight cents came from payments and other fees, mainly from people paying for stuff within virtual games.)In the absence of prices, economists struggle to work out what people are getting back when they barter their data and attention for digital services. Some evidence suggests that they are doing rather well. A recent study by Erik Brynjolfsson, Felix Eggers and Avinash Gannameneni of the Massachusetts Institute of Technology offered people different cash amounts in exchange for giving up Facebook for a month. Based on the responses, they then estimated its average annual value to the consumer at around $750. A simpler survey in the same study (without real cash offers) suggested that on average people value free search engines at $16,600 per year, maps at $2,800 and video at $900.This sounds like a wonderful deal for the consumer, but it generates problems elsewhere. Take taxes. Professionals are not allowed to evade tax by selling their services for benefits in kind, so why should consumers not be taxed if they are paid for their data in the form of services? Statisticians also struggle in a post-price world. GDP is mostly measured by transactions at market prices. A recent study by Leonard Nakamura of the Federal Reserve Bank of Philadelphia and Jon Samuels and Rachel Soloveichik of the Bureau of Economic Analysis used the amount spent on advertising to estimate uncounted output, and calculated that in 2013 American GDP should have been $19bn higher than reported.Privacy activists also worry. Consumers tend to respond much more strongly to “free” offers than to prices that are only fractionally higher than zero. When Amazon first offered free shipping in European countries, orders surged—but not in France, where by mistake it charged around ten cents. The activists’ concern is that the “free” label fosters poor decisions, making people, for example, reveal more about themselves than they would in a more formal exchange. Researchers talk of the “privacy paradox”: when asked, people say that they care much more about their privacy than their actions would suggest.The free economy also troubles competition authorities. Excessive market power can be defined as the ability to raise prices above what would be charged in a competitive market. With no prices to compare, and other options only a click away, companies such as Google seem to operate in an environment of cut-throat competition. It is naive to think so. Consumers are more captive than the low cost of switching might imply. Google, for example, commands a market share for internet search of over 90% in most countries in the European Union, where antitrust authorities in June fined it €2.4bn ($2.7bn) for promoting its own comparison shopping services above its competitors’. Its services may have been free, but the trustbusters judged that its market power was curbing consumers’ choices. In the absence of prices, lack of competition will show up in other ways: demanding more information from users than they want to give, for example; or irritating them by stuffing their service chock-full of adverts.No such thing as a free exchangeOpinion is divided on whether the free economy needs fixing, and if so, how. In his book “Who Owns the Future?”, Jaron Lanier suggests that tiny payments for digital contributions might correct yet another problem, a misallocation of labour. If companies paid people for useful data, rather than mopping up what they leave behind as they use online services, then prices could nudge people towards more productive online activity. Others advocate tougher regulation, mandating that consumers have the option of paying for a version of their social-media platforms free of advertisements and digital profiles. Neither seems imminent, and each comes with its own problems. But both would at least force people to start counting the cost of that priceless lunch.Visit our Free exchange economics blog   Finance and economics   "Priceless"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727073-economists-struggle-work-out-how-much-free-economy-comes-cost?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'70044d99ed609af87d2830069a8ecc94b727d54e'|'RPT-COLUMN-COMEX copper stocks are at 13-year highs, and rising: Andy Home'|'...OR THE SCRAP EFFECT? The only problem with that explanation is the location of the stock increases. COMEX has just seven delivery points, only five of which hold any copper at all and only three of which have been recently active. And only one of those, New Orleans, is a physical arbitrage point. Not only is it a major international transit port but the city is also host to LME warehouses, albeit sitting in duty-free zones. If the Trump Effect has stimulated physical flows from international market to U.S. domestic market, New Orleans is where you''d expect to see the impact. There was a noticeable rise in New Orleans stocks in the first quarter of this year. But the inflow has since fizzled out and the port has, on a net basis, accounted for only 11,091 tonnes of the overall 108,160-tonne increase since November. Rather, most of the inflows have taken place at Tucson in Arizona, where stocks have risen by 34,820 tonnes, and Salt Lake City in Utah, where they are up by 62,313 tonnes. Both are not only land-locked but also bereft of any LME warehouses, suggesting that arbitrage, even by displacement, is not the only reason for higher COMEX stocks. Another displacement effect may be at work in what appears to be a chronically over-supplied regional market, namely copper scrap. The sharp price rally of late 2016 generated a surge in scrap availability this year, including in the United States. U.S. discounts for all types of copper scrap blew wider as higher prices incentivised dealers to release material that had been loss-making at lower prices. The price of higher-grade "bare bright" scrap, for example, flexed out from flat with CME copper in June 2016 to a 10-cent per lb discount in February 2017, according to S&P Global Platts. Just when the scrap pricing structure appeared to be normalising, this month''s sharp rise in copper prices has caused renewed widening in discounts. The Platts-assessed discount for "bare bright" had narrowed to just five cents in June. As of last week it was back out at 12 cents, suggesting another potential scrap surge is on its way. ACCEPTED WISDOM This seemingly inexorable rise in COMEX stocks is a bear signal in an increasingly bullish global copper market. The Trump arbitrage effect doesn''t completely explain either the geography or scale of the increases. What is a U.S. physical delivery system must also be saying something about the broader state of the U.S. copper market. But rising COMEX inventory poses questions not just about the copper price but the way copper is priced, in particular the relationship between CME and LME copper markets. The accepted market wisdom is that the latter is where the heavy-weight industrial and financial players do their business, leaving the smaller, speculative activity to the CME. But the recent sharp jumps in both trading and open interest on the U.S. contract, coupled with declining volumes on the LME, have started to chip away at this collective tenet. Throw rising inventory into that mix and things start to look even more interesting. One impact of rising stocks on the CME contract has been a widening of the forward contango structure relative to the LME. It''s not quite reached a point where stocks financiers will pounce but it''s a lot closer than the LME structure. That creates the potential for the sort of "industrial" activity that characterises the London market to cross the Atlantic. It may seem an unlikely outcome but, for now, keep an eye on those COMEX stocks. They''re getting more relevant to both copper price and copper pricing by the day. Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/comex-copper-ahome-idUSL8N1LA2O0'|'2017-08-24T17:34:00.000+03:00'
'92007dd4c1dab20d4af24aaa7fbbbb794033f335'|'UK consumer morale edges up but gloom over finances deepens - YouGov/Cebr'|'August 24, 2017 / 11:04 PM / 38 minutes ago UK consumer morale edges up but gloom over finances deepens - YouGov/Cebr Reuters Staff 2 Min Read FILE PHOTO - Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. Neil Hall LONDON (Reuters) - British consumer morale improved slightly in August but remained subdued overall as households became gloomier about their finances, a survey showed on Friday. The monthly consumer confidence index from pollster YouGov and consultancy Cebr rose to 107.6 from 107.2 in July, aided by an increase in its measures of job security and house prices. But consumers'' perception of household finances worsened for a fifth month in a row, the longest run since YouGov records started eight years ago. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers'' disposable income this year. A national election this year in which Prime Minister Theresa May gambled away a parliamentary majority has added to a sense of uncertainty among the British public. "Although this month''s consumer confidence figures bring good news, they have to be placed in context – they have not yet returned to where they were ahead of the election," YouGov analyst Stephen Harmston said. Other measures of consumer confidence have also fallen this year. While the Bank of England expects trade and business investment to largely counter the slowdown in consumer confidence, neither of these things contributed to Britain''s economic growth in the second quarter. The Office National Statistics confirmed on Thursday the economy grew 0.3 percent in the second quarter after 0.2 percent in the first -- adding up to the slowest growth for any major advanced economy since the start of 2017. Reporting by Andy Bruce; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKCN1B42SO'|'2017-08-25T02:03:00.000+03:00'
'397064ec1f247b929269041d66110cdb5cb8e65c'|'Weak pound pushes UK household spending growth to slowest since 2014'|'August 24, 2017 / 8:49 AM / 3 minutes ago Weak pound pushes UK household spending growth to slowest since 2014 Reuters Staff 3 Min Read FILE PHOTO: Shoppers carry bags in London, Britain August 25, 2016. Neil Hall/File Photo (Reuters) - British household spending grew at its weakest pace since late 2014 in the three months to June as the effect of a weaker pound since last year''s Brexit vote weighed on Britons'' spending power, official statistics showed on Thursday. Year-on-year spending growth dropped to 2.0 percent from 2.6 percent after expanding just 0.1 percent in the second quarter, the Office for National Statistics said. Overall growth in gross domestic product was unrevised from an earlier estimate at 0.3 percent on a quarterly basis and 1.7 percent annually, the ONS added - representing the weakest start to any year since 2012. "GDP growth has slowed markedly in the first half of the year," ONS statistician Darren Morgan said. "Household spending grew weakly, with the lower-value pound hitting household budgets," he added. Sterling has fallen by around 15 percent on a trade-weighted since June 2016''s vote to leave the European Union, pushing consumer price inflation to its highest in nearly four years in May, and added to its losses after the latest data. FILE PHOTO: A shopper checks her shopping list in a supermarket in London, Britain April 11, 2017. Neil Hall/File Photo Thursday''s figures also showed that year-on-year business investment growth slowed to zero from 0.7 percent in the first quarter, while net trade dragged down the annual growth rate by 0.5 percent. Britain''s economy grew 1.8 percent last year, one of the fastest rates among the world''s seven largest advanced economies, capped by growth of 0.7 percent in the last three months of the year. A food seller holds a new polymer five pound note at Whitecross Street Market in London, Britain September 13, 2016. Stefan Wermuth But that growth relied heavily on robust consumer spending, which this year has come under increased pressure from rising inflation as stores push up prices in response to sterling''s sharp fall after the Brexit vote. The Bank of England said earlier this month that it expected the economy to grow 1.6 percent this year - slower than it had previously forecast but in line with the average expectation of economists polled by Reuters. While it expects growth in household consumption to slow to 1.75 percent this year as inflation approaches 3 percent, it forecast export volumes would rise by 3.5 percent and business investment would rise by 1 percent. Few economists expect the BoE to raise interest rates before 2019 as inflation is forecast to fall next year once the impact of sterling''s weakness fades, while uncertainty during two years of Brexit talks is predicted to drag on growth. 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-idUKKCN1B40TM'|'2017-08-24T11:49:00.000+03:00'
'6af6f1a9c74a43faab405ab770ef65e115850d21'|'Qatar banks seek Asian, European funding as diplomatic crisis bites'|'* Qatar banks look to Asia for funds, Europe also attractive* More private placements, bilateral loans likely* Public bond, sukuk markets ruled out for now* Cost of funding to riseBy Tom ArnoldDUBAI, Aug 24 (Reuters) - Qatari banks are turning to Asia and Europe for funding after clients from other Arab states pulled billions of dollars from their accounts following a regional diplomatic rift.While the Qatari government has placed large deposits in its lenders to help offset the outflows, banks are trying to find new private funding as analysts warn there are likely to be more heavy withdrawals in the coming months.Two sources told Reuters that Qatar National Bank (QNB) has held talks, arranged by banks including Standard Chartered, with investors in Taiwan about a private placement of Formosa bonds - debt sold there by foreign issuers and denominated in currencies other than the Taiwan dollar.One of the sources added that QNB, which is the Middle East''s largest bank, was also considering private placements in other Asian markets.The lender has around $6 billion in bonds and medium term notes maturing between now and mid-2018, much of which it is likely to aim to refinance, the source said, adding that this was most efficient step in light of the rift.Qatar Islamic Bank, the country''s largest Islamic lender, has recently raised funds through private placement deals in Japanese yen and Australian dollars.It is now exploring more such deals in Europe and Asia, as well as a certificate of deposit programme and a Murabaha - a cost-plus-profit Islamic facility - to raise cash, according to an international banker.The bank did not respond to a Reuters request for comment.A spokesman for Qatar National Bank said: "We have several proposals for a Formosa issue from several international banks dealing in that part of the world."However, he added that nothing had yet been agreed or decided on the timing of the issue or the choice of advisers."It is natural for QNB to regularly tap the different international markets maintaining close relations with its investor base as a frequent issuer. This is part of the overall QNB''s wholesale funding strategy agreed before the regional diplomatic rift," he said.Many Qatari banks are facing greater urgency to secure funding since June when the United Arab Emirates, Saudi Arabia, Egypt and Bahrain imposed a diplomatic and commercial boycott on Qatar, accusing it of funding terrorism. Qatar denies the allegations.The crisis has led to an outflow of around $7.5 billion in foreign customers'' deposits and a further $15 billion in foreign interbank deposits and borrowings, believed to be mainly from those four Arab countries, Qatari central bank data shows.Analysts estimate a further $3 to $4 billion could leave in the coming months. In response, Qatar''s government deposited nearly $18 billion with local banks in June and July, according to the same data.The exodus of cash was a threat to liquidity and likely to increase competition among Qatari banks for deposits, pushing up funding costs and squeezing margins, Fitch Ratings warned on Wednesday.ON THE RICH SIDE Before the crisis, Europe was the largest source of total funding, including deposits and wholesale funding, for Qatari banks. This was slightly ahead of clients in member states of the six-nation Gulf Cooperation Council, of which Qatar remains a member.After a fall in government deposits in Qatar''s banking system in 2016, banks reacted by attracting costlier non-resident deposits and increasing wholesale funding to sustain their growth. Deposits represent 75 percent of Qatari banks'' non-equity funding, according to Fitch. Foreign customer deposits accounting for around a quarter of total deposits.One Asian banker said Asian investors were attracted by the high ratings of Qatari banks, but that European investors might find the price of Qatar debt on the "rich side", particularly as it could be tricky to trade in the secondary market if the rift continues for long.Qatari bankers say they have received a stream of phone calls and visits from many international banks in recent weeks, proving they''ve kept faith with the Gulf state.One Qatar-based source said an Asian bank chief executive had recently visited certain Qatari banks to reassure them that it would support them, while an unnamed Singapore-based lender was also in talks with a Qatari bank about providing a bilateral credit facility.QNB, the Qatari bank with the most diversified funding sources, has also been the most active in Asia and last year issued a $1.10 billion Formosa bond via private placement.Many other Qatari banks are likely to seek similar deals either through private placement bonds or sukuk or bilateral loans from relationship banks, sources said."There has been an increase in private placements, as these are easier to conclude in more uncertain times, but we understand a number of these are with international investors," said Redmond Ramsdale, senior director of financial institutions at Fitch. "The international bond markets are open to the Qatari banks, but higher perceived risk is resulting in higher required yields."The Asian banker estimated top-tier Qatari banks could pay an extra 40 to 50 basis points on private placement bond deals compared with before the rift, with more for smaller lenders.The same banker also expressed scepticism whether private placements and bilateral loans would be enough to cover all of the banks'' funding needs. "They already had liquidity needs before the crisis, so it''s difficult to know whether they will be able to do that in the volumes they need to compensate for loss of liquidity," the banker said.Amid the rift, public bond markets appear unattractive for Qatari banks. Many are nervous about having to offer a higher yield and about the level of investor appetite, given that the smaller lenders particularly have historically relied on demand from Gulf banks, especially those from the UAE.The situation appears especially acute for Islamic banks, with investors from Saudi Arabia, the UAE and Bahrain among the largest investors in the international sukuk market.Qatar International Islamic Bank remains uncertain when it will issue a planned U.S. dollar-denominated sukuk, sources told Reuters. It appointed banks in May for the potential issue, Reuters reported at the time.The bank declined to comment when contacted by Reuters. ($1 = 3.6414 Qatar riyals) (Reporting by Tom Arnold; editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/gulf-qatar-banks-idINL8N1L02HJ'|'2017-08-24T06:10:00.000+03:00'
'2b424d16fbd7ad383c151a58d874f1b7c348c50c'|'SoftBank invests additional $3 billion in shared-office startup WeWork'|'August 24, 2017 / 6:50 PM / 5 hours ago SoftBank invests additional $3 billion in shared-office startup WeWork Reuters Staff 2 Min Read FILE PHOTO: A mug bears the name of WeWork is seen at its flagship location in Hong Kong, China February 23, 2017. Bobby Yip/File Photo (Reuters) - WeWork Cos said on Thursday it received an additional $3 billion investment from Japan''s SoftBank Group ( 9984.T ) and its Vision Fund, helping the shared-office startup ramp up its expansion globally. SoftBank''s investment will be through new shares and the acquisition of existing shares of the startup''s parent company, WeWork said in a statement New York-based WeWork said SoftBank''s Director and Vice Chairman Ronald Fisher and External Director Mark Schwartz will join the company''s board. SoftBank has already made a $1.4 billion investment in the company to fund the group''s expansion in China, Japan, South Korea and elsewhere in southeast Asia. Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son''s SoftBank and Saudi Arabia''s main sovereign wealth fund. WeWork leases office space and rents it out to individuals and small companies, namely startups. Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D''Silva 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-wework-softbank-group-idUSKCN1B42DX'|'2017-08-24T21:49:00.000+03:00'
'97eb7e3a844fcd483a656ab19943844b2b5c96d6'|'Exclusive - Small UK companies complain after HSBC accounts frozen'|'August 24, 2017 / 3:50 PM / 7 hours ago Exclusive: Small UK companies complain after HSBC accounts frozen Lawrence White 5 Min Read FILE PHOTO: People walk past a branch of HSBC bank in central London, Britain June 09, 2015. Neil Hall/File Photo LONDON (Reuters) - An avocado importer, an e-cigarette seller and a toilet-cleaning gun maker are among British companies that have had accounts closed or frozen by HSBC in the last two months, unintended casualties of a crackdown by the bank on illicit money flows. Dozens of companies have been affected, with some unable to pay staff and suppliers, and others suffering financial losses they fear could force them to close. The number is a tiny percentage of all business accounts at HSBC, but those affected are in the small business sector which the government has said it wants to encourage and hopes will thrive after Britain leaves the European Union. HSBC told Reuters there may have been "an issue with how we''ve been communicating" and that it would put right "any case where we have done something wrong". It unfroze the accounts of at least three companies whose cases were brought to the bank''s attention by Reuters. "Inhibiting an account is always a last resort, so to get to that stage we will have done everything we can to contact the customer and get the information we need," said Amanda Murphy, head of commercial banking for HSBC UK. Fourteen companies told Reuters in interviews they had lost access to their accounts after answering questions from HSBC as part of a review of customers. The bank is trying to tighten checks on clients following a $1.9 billion fine in 2012 for allowing itself to be used to launder drug money from Mexico. More than 30 companies have lodged complaints with HSBC about their accounts being closed or frozen, according to sources with knowledge of the complaints and social media postings by the affected companies. David Johnston, whose company Interbrands (Europe) imports frozen avocados, said he received a letter on Aug 10 saying HSBC would freeze his foreign currency accounts on Aug 11, leaving him unable to pay his Mexican suppliers and a shipment stranded. More than two weeks later, the bank told him it had "no set timeline" for resolving the problem and that meanwhile he would be unable to make overseas payments, according to emails seen by Reuters. Johnston said HSBC had told him on Thursday it would unblock his account after Reuters'' inquiries. Agustin Larocca, whose firm Bellmonte supplies luxury e-cigarettes, said his account was also unfrozen after being blocked for nearly seven weeks because of the Reuters'' inquiries. A third company, MHL Consulting Engineers, said its account had also been unblocked. Anti-money laundering regulations prevent banks from informing customers why their accounts are being closed or suspended where such activity is suspected. In some cases, HSBC may be powerless to tell customers why they are suffering. FILE PHOTO: A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. Stefan Wermuth/File Photo "ROUTINE CHECK" The problems of many of the businesses interviewed by Reuters date back to September 2015, when they received a questionnaire presented by the bank as a routine check. This followed HSBC''s launch of a programme called Safeguard after the 2012 fine to glean more information about customers. FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. Reinhard Krause/File Photo HSBC, which has a 10 billion pound ($12.8 billion) fund to support small businesses in Britain, started taking action in earnest this year. Some companies that had their accounts closed in July or this month said they had been under the impression they had provided all the information needed. Calan Horsman, whose company Loogun makes a hand-held water gun for toilet cleaning, said he was left in default to suppliers, with stock stuck in China and the company unable to pay staff, after his account was frozen. "My business ground to a halt. I had to unload a container of product that was stuck in a port. We''ve lost a month in our production timeline," Horsman said. Like most of the other companies affected, Martyn Fisher''s company Fisher Fabrics does business abroad. It supplies customers in Asia from suppliers in China and South Korea. "I should be the ideal business post-Brexit. I do nothing within the EU. I''m doing deals with all these countries that are supposed to be our trade partners after Brexit," he said after his company had its account frozen. Banks worldwide have in recent years shut thousands of customer accounts as they seek to avoid fines from U.S. authorities for abetting money laundering and sanctions-busting. More than 300 charities based in Britain have had their bank accounts closed in the last two years after being caught up in the crackdown, Reuters reported last month. ($1 = 0.7812 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hsbc-smallmid-idUKKCN1B41YO'|'2017-08-24T18:58:00.000+03:00'
'0794c5b40638317cb4e61c1d6d21f83945c43eaf'|'Brazil lower house approves main text of new BNDES benchmark rate'|'August 24, 2017 / 4:30 PM / 14 minutes ago Brazil lower house approves main text of new BNDES benchmark rate Reuters Staff 1 Min Read BRASILIA, Aug 24 (Reuters) - Brazil''s lower house of Congress on Thursday approved the main text of a bill creating a market-based benchmark rate for state lender BNDES, in a major victory for President Michel Temer. The proposal is one of Temer''s top priorities to fix the country''s long-term public finances and pave the way for lower interest rates as it reduces the scope for discretionary subsidies through BNDES lending. (Reporting by Silvio Cascione) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-economy-bndes-idUSE4N1IY00Z'|'2017-08-24T19:28:00.000+03:00'
'7d7b5c58279fdd48135246b0b4acaeb28fedfbed'|'UPDATE 1-South Carolina utility CEO steps down after nuclear project nixed'|'(Reuters) - The chief executive officer of South Carolina''s state-owned electric utility announced his resignation on Friday, less than a month after the utility abandoned a nuclear project that was stymied by delays and billions of dollars in cost overruns.Lonnie Carter will step down from his post as CEO and president of utility Santee Cooper, ending more than 13 years in the position and more than three decades with the utility, Carter and Santee Cooper''s board of directors said at a specially convened meeting.Carter''s resignation comes amid calls by state politicians for further management shake-up and legislative investigations on what caused the nuclear expansion project known as V.C. Summer to fail after roughly a decade in the making.The Santee Cooper board of directors voted on July 31 to halt construction on the project, once considered the start of a U.S. nuclear power renaissance. Soon after the decision, 5,000 workers on the site were laid off, leaving behind two unfinished nuclear reactors.Santee Cooper owns 45 percent of the project, with 55 percent owned by a unit of SCANA Corp.About $9 billion had been spent on construction when V.C. Summer was canceled. Costs were estimated to soar 75 percent over the initial budget, to as much as $24 billion, before completion.The South Carolina Senate and House of Representatives earlier this month created special committees to investigate V.C. Summer’s demise.During questioning at the inaugural session of the senate subcommittee on Tuesday, Carter said inefficiency and secrecy by the project''s former lead contractor was largely to blame.A plunge in oil prices over the past decade, rollback of federal environmental incentives and a decline in Santee Cooper''s customer base also hurt the project, he said.Santee Cooper on Friday did not name a replacement for Carter, who said he would "fade away over the next few days."Uncertainty over management could hurt Santee Cooper''s bond credit, which has already suffered downgrades in recent months as V.C. Summer''s viability was increasingly called into question, analysts said.“During this difficult time for Santee Cooper, without an orderly management transition, credit pressure could rise as the utility looks to move past its Summer nuclear project,” said Dan Aschenbach, a senior vice president at Moody’s Investors Service.Moody''s rates the utility A1, while Fitch Ratings and S&P Global ratings have it at A-plus. All three give it a negative outlook.Reporting by Laila Kearney; Editing by Bernadette Baum and Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-nuclear-south-carolina-santeecooper-idUSKCN1B51YS'|'2017-08-25T19:03:00.000+03:00'
'ab01941e017914868132f1751a14100371c282a9'|'Chevron does not expect Harvey to affect its Gulf production'|'HOUSTON, Aug 25 (Reuters) - Chevron Corp said on Friday it does not expect Hurricane Harvey to affect its U.S. Gulf of Mexico production.The company, which pumped on average about 128,000 barrels of oil per day from the Gulf last year, has not evacuated any staff, spokesman Morgan Crinklaw said.Most of Chevron''s Gulf offshore operations are east of Harvey and are not being inundated with major wind or waves. (Reporting by Ernest Scheyder; Editing by Paul Simao) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-chevron-idUSL2N1LB162'|'2017-08-25T20:12:00.000+03:00'
'564d633cc0aacb23d1d200eec69ab86811cba9cb'|'Private-equity returns can be replicated with public shares'|'IT IS hard for individual investors to match the returns achieved by private-equity funds. But what if their success in outperforming the public markets could be tracked and replicated? A few pioneering firms claim to have done just that. DSC Quantitative Group, a Chicago-based fund, and State Street, an asset manager, both offer “investable” indices, launched in 2014 and 2015 respectively, that allow investors to mimic the performance of American private equity.Both firms needed a measure of the industry’s returns. DSC teamed up with Thomson Reuters, a data firm, to compile an index; State Street had been making one since 2004, using data it gleans as a custodian of private-equity assets. They then match the private-equity risk-and-return profile with a basket of public assets. DSC’s index first matches the sector weights of the private portfolio with equivalent public companies, and adds a modest amount of debt (around 25%) unevenly across the sectors—all using predictive modelling, as the reference index of private transactions is published only after a delay. State Street’s investable index does not include any debt and only matches sector weights, although some clients opt to borrow so that their investment more closely resembles a typical private-equity fund’s leverage of 35%.The performance, particularly of the DSC Thomson Reuters index, seems alluring, even over the long term (both indices have been back-calculated for a number of years—see chart). Of course, an individual private-equity fund may well do much better. But such funds have their downsides: they often require investors to lock up their money for a decade or more; and they charge sky-high fees. Jeff Knupp of DSC claims that his one achieves private-equity returns for its clients for only 20% of the usual cost.Private equity may be just the start. The index-makers are looking at other asset classes. DSC already offers a similar product for venture capital, and State Street wants to broaden its indices to other opaque sectors such as property or infrastructure. Index-makers do not just follow markets; they also expand them. Finance and economics "Replicating success"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727085-few-pioneers-have-developed-indices-using-public-shares-track-asset?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'cb3b915329087711fc4d266277350afee2448ebe'|'Islamic banking grows in Bangladesh, no thanks to the authorities'|'IN MOTIJHEEL, the main business district in Bangladesh’s capital, Dhaka, an iron fence and terrible traffic divide two branches of the country’s oldest private bank—a “conventional” one and an Islamic one. Abdus Sattar, manager of the Islamic one, says that when he joined AB Bank, in 2005, his was “a loser branch”. Today, like most Islamic banks in the country, it is more profitable and better run than its conventional peers. Islamic banking’s future in the country, however, remains murky.Bangladesh has eight full-fledged Islamic banks; a handful of orthodox banks, like AB, also offer Islamic-banking services alongside others. Islami Bank Bangladesh, founded in 1983 by Saudi and Kuwaiti investors, commands 90% of Islamic-banking assets and deposits. It is also the biggest private lender overall, with 14,000 staff, 12m depositors and a balance-sheet of $10bn. Its success was built on the “two Rs”: remittances and ready-made garments. Islami Bank was a pioneer in financing Bangladesh’s rise as the apparel industry’s main production base outside China. It also runs the world’s biggest Islamic microfinance scheme. Azizul Huq, a former vice-chairman of Islami Bank, thinks sharia -compliant banking will eventually outgrow the conventional kind (at present it controls just 20% of deposits). The population of 170m is 90% Muslim. The World Bank reports that only one in three Bangladeshis has a bank account. The government’s own polls show that Islamic banking is wildly popular, especially in the cities and among the young. Overall, 84% “approve” of it.Ahsan Mansur, the executive director of Policy Research Institute (PRI), a think-tank in Dhaka, says Islami was the only bank where “bribery was not institutionalised”. At conventional banks bad loans to politically connected businesses have been piling up. Politicians seem to be encouraging nepotism: a new banking law will allow directors to stay on boards for nine years (up from six); and allow controlling families four members (up from two).This month the central bank reported that net profits at conventional banks rose by just 4.9% over the year to June. Non-performing loans (NPLs) stood at 9.2%, compared with just 4.3% at Islamic ones. At nine of the country’s 57 banks, over 20% of loans were non-performing. The bad-loan problem may yet worsen as business struggles with stagnant exports: in the 12 months to June, garment exports expanded by 1.7% year on year, the slowest pace in 15 years. The central bank’s stress tests show that if the three biggest borrowers defaulted, 23 banks would fail.In this context, Islamic banking might expect some official help. Far from it. The central bank has been sitting for years on applications from eight banks to change to an Islamic business model. It is yet to write rules for new sharia -compliant financial instruments, such as a sovereign sukuk , or Islamic bond. Islamic banks have no role in financing government projects.Resistance comes from both the financial and political establishments. The central bank adheres to economic orthodoxy and is wary of a form of banking in which interest rates are nominally abolished. And the government of Sheikh Hasina, the prime minister, has long identified Islamic banking with the political opposition.In January the government in effect instigated a boardroom coup at Islami Bank, which had been run by members of the biggest Islamic party. Ownership is now in the hands of those close to the prime minister’s family. This, too, may stunt Islamic banking. Bangladesh’s biggest successes —garments, microfinance and telecoms—are in industries where the government took a back seat. Since the takeover, the bank’s biggest institutional investor, the Jeddah-based Islamic Development Bank, has reduced its stake from 7.5% to 2.1%.Mr Mansur of PRI notes that the takeover “clearly signals that assets in Bangladesh may not be safe in the future”. Islami Bank’s chairman, Arastoo Khan, insists it will bounce back, despite a record low 10% dividend in 2016 compared with a historic average of 21%, and rising NPLs. The future of Islamic banking in Bangladesh may hinge on whether he is right. Finance and economics "Against the odds"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727084-government-and-central-bank-are-both-suspicious-islamic-banking-grows?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'e3d0e038f189d3255fb15a24d70131ef301403b0'|'French insurer AXA to cut about 250 technology jobs in Hong Kong -sources'|'The AXA logo is seen at its headquarters in Melbourne May 31, 2010. Mick Tsikas/Files HONG KONG (Reuters) - French insurer AXA SA is cutting about 250 jobs from its information technology (IT) operations unit in Hong Kong, as part of a cost reduction exercise, according to two people with knowledge of the matter.Under the restructuring programme, AXA is setting up one IT centre each in Manila and Kuala Lumpur, said the sources.AXA plans to hire a total of about 400 people for these two new centres, according to one of the sources and a staff memo from the AXA Asia CEO. Currently, AXA''s Asia IT operations are managed entirely out of Hong Kong, the source added.The sources declined to be named as they were not authorised to speak to media about the internal restructuring."AXA Asia constantly reviews its business practices to improve our product offering and service to customers," Europe''s No.2 insurer said in an emailed statement to Reuters."We have built a strong Asia technology platform and are working on improving those capabilities, which will involve the rebalancing of some roles in the region."The insurer, however, did not confirm the job cuts.The restructuring of AXA''s IT operations in Asia and the related job cuts were announced by its regional Chief Operations Officer Marc Blottiere in a staff townhall in Hong Kong on Thursday, said the sources.Separately, AXA Asia CEO Doina Palici-Chehab said in a staff memo that the company had taken the decision to progress on transforming the regional IT operations by setting up "shared services centres" in Manila and Kuala Lumpur.AXA plans to have 300 staff at the IT centre in Manila and 110 in Kuala Lumpur by the end of next year, she said in the memo, a copy of which was seen by Reuters."This move is critical to our transformation because it will enable us to increase our internal technology capability at an affordable cost for our entities," she said.AXA this month said it was confident of achieving its 2020 targets that involve 2.1 billion euros ($2.48 billion) in cost savings over 2016-2020, after reporting a stronger-than-expected rise in net profit for the first half of the year.($1 = 0.8477 euros)Reporting by James Pomfret and Sumeet Chatterjee; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/axa-sa-asia-redundancies-idINKCN1B517A'|'2017-08-25T13:39:00.000+03:00'
'31f15a7fce47e65bf3d93b991b2722bdc0db87d4'|'CANADA STOCKS-TSX rises, Tahoe plunges as court backs mine suspension'|'TORONTO, Aug 25 (Reuters) - Canada''s main stock index rose early on Friday as miners, financials and railways broadly gained, while Tahoe Resources Inc plunged after a Guatemalan court upheld the suspension of its license to operate one of the world''s largest silver mines.The Toronto Stock Exchange''s S&P/TSX composite index was up 18.22 points, or 0.12 percent, at 15,094.38 shortly after the open. It is on track for a 1 percent gain on the week. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1LB0NJ'|'2017-08-25T16:39:00.000+03:00'
'1770bcf8f28111c20392e9f78a172abaf8e238b8'|'ECB''s Draghi warns of threat to global trade, openness'|'August 25, 2017 / 7:32 PM / 18 minutes ago ECB''s Draghi warns of threat to global trade, openness Reuters Staff 1 Min Read European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. Arnd Wiegmann (Reuters) - Global trade and cooperation is under threat, a risk to productivity and ultimately growth in advanced economies, European Central Bank President Mario Draghi said on Friday. Speaking at the U.S. Federal Reserve''s annual policy conference in Jackson Hole, Wyoming, Draghi added that the current environment of easy monetary policy makes a major relaxation of financial regulation dangerous. "Given the large collective costs that we have observed, there is never a good time for lax regulation," Draghi said in a speech that did not discuss current monetary policy. "But there are times when it is especially inopportune." "Specifically, when monetary policy is accommodative, lax regulation runs the risk of stoking financial imbalances," he added. Reporting by Balazs Koranyi; Editing by Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ecb-policy-draghi-idUKKCN1B52F3'|'2017-08-25T22:19:00.000+03:00'
'c8e979376896d71ad42893d0283cdec93e0689d7'|'Indonesian Energy Minister Jonan expects mining deal with Freeport this month'|'August 22, 2017 / 11:10 PM / 6 hours ago Indonesian Energy Minister Jonan expects mining deal with Freeport this month Ed Davies 4 Min Read Indonesia''s Energy and Mineral Resources Minister Ignasius Jonan smiles during an interview with Reuters at his office in Jakarta, Indonesia August 22, 2017. Darren Whiteside JAKARTA (Reuters) - Indonesia expects to strike an agreement this month to allow Freeport McMoRan Inc ( FCX.N ) to keep operating its huge copper mine in Papua in the coming decades, the country''s mining and energy minister said on Tuesday. The U.S. mining giant has been locked in a lengthy dispute with the government over the rights to mine at Grasberg, the world''s second-biggest copper mine, costing both sides hundreds of millions of dollars. "I expect to have a conclusion this month," Minister for Energy and Mineral Resources Ignasius Jonan said in an interview with Reuters, when asked about the status of the negotiations. Last month, Freeport Chief Executive Richard Adkerson also said he was confident about reaching a deal on a special mining permit before October when the company''s temporary permit allowing copper exports is due to expire. Jonan said that once an agreement was finalised, Freeport would be allowed to apply for two 10-year permit extensions to mine at Grasberg beyond 2021. Revised rules in Indonesia require miners to divest a 51 percent stake, relinquish arbitration rights and pay new taxes and royalties. Freeport insists on getting the same fiscal and legal protection as in its current contract. Asked if Freeport had accepted the 51 percent divestment, Jonan said: "Well if they don''t, they can go. We don''t negotiate that." Relations between the sides hit a low earlier this year when Freeport said talks were at an "impasse" and warned it could take the dispute to arbitration and seek damages. The government responded by warning it could also take the matter to court. Jonan said while there was scope to negotiate on issues such as royalties and tax as well as contributions to the Papuan government, stipulations such as the amount of the divestment and a requirement to build a second smelter were sacrosanct. Indonesia''s Energy and Mineral Resources Minister Ignasius Jonan reacts during an interview with Reuters at his office in Jakarta, Indonesia August 22, 2017. Darren Whiteside "We will listen. We will accommodate as much as we can, but we cannot accommodate something that is clearly written in the law," he said. Freeport Indonesia spokesman Riza Pratama said on Monday that negotiations with the government were ongoing, including on the compulsory divestment of a majority stake. "(The) four issues in the negotiations are one package deal. Divestment is one of the four issues," Pratama said. Fair valuation for the divestment, a sticking point in the past, could be resolved by a listing on the Indonesia Stock Exchange, Freeport''s Adkerson said last month. Adkerson is personally involved in the negotiations. Jonan said a stock listing was an option and that a negotiating team for the divestment would be formed to execute this and financial advisers would likely be appointed. "The issue we now discuss is how to execute to give stability to the operations of Freeport," he said, adding that the negotiations could be a test case for other companies whose contracts of work were expiring. On the issue of taxes and royalties, Jonan said he expected Freeport and the finance ministry to hold joint talks before the end of August. Following restrictions related to the export permit dispute, Freeport Indonesia, which employs more than 32,000 staff and contractors, furloughed about 3,000 workers earlier this year. This prompted a strike and high levels of absenteeism, as well as a violent demonstration this weekend. Asked about whether he was concerned the unrest could escalate in Papua, he said: "I don''t think so ... it''s an internal labour issue inside Freeport''s operations." Editing by Christian Schmollinger '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-indonesia-mining-idUKKCN1B22KN'|'2017-08-23T02:09:00.000+03:00'
'dea96572e428b34ae9332fe0af03bfa25db32b31'|'Microflats attract investor cash as millennials embrace co-living'|'August 23, 2017 / 8:00 AM / 7 minutes ago Microflats attract investor cash as millennials embrace co-living Reuters Staff * Young professionals rent in co-living developments * Microflats can earn higher rents than traditional properties * Planning restrictions may hold back growth By Esha Vaish Aug 23 (Reuters) - Millennials priced out of London''s traditional housing market are opting to rent tiny apartments in so-called "co-living" developments, a fast-growing area that private investors and venture capital are eager to tap into. Investors have put more than 1 billion pounds ($1.28 billion) into "microflats", where residents share facilities such as dining areas, lounges, work spaces, laundry rooms and gyms, and the investors are looking to do more. The Collective, a property company founded in 2010, is one of London''s major co-living developers. Its Old Oak co-living apartment building in west London is the world''s largest, with 546 people living across 10 floors, according to its website. Reza Merchant, chief executive of The Collective, said: "There''s a complete lack of affordable and good quality accommodation for young working people." Merchant said The Collective was looking to secure more sites across London as well as in other major global cities. Microflats - which typically range from 200 square feet (about 20 square metres) to 350 square feet for a studio apartment - are already being built across the world, from Hong Kong to New York. The Collective says tenants at Old Oak have a median age of 28 and a median income of 32,000 pounds per year. They pay 230 pounds to 360 pounds per week, including bills. "For people at certain stages of their career ... it definitely makes a lot of sense," Ivan Soto-Wright, a 27-year-old resident of The Collective Old Oak, told Reuters. The co-living microflats market now accounts for 5 to 10 percent of Britain''s 25 billion pound build-to-rent private rental sector, made up of institutionally-backed blocks of flats built for families to rent, James Mannix, head of residential capital markets at property group Knight Frank, said. Investors say the micro-units create more attractive income streams as the more efficient use of space means the rent per square foot in each flat is 10-15 percent more than for traditional rentals. "This strategy will provide us with an investment that has long-term, defensive characteristics," said Arron Taggart of hedge fund Cheyne Capital Management, which has invested in one of The Collective''s schemes. PLANNING AHEAD Although investors say they expect demand for microflats to grow, planning restrictions could become an issue because specific local authority permission is needed for new builds. Native Finance, backed by venture capital firm Passion Capital, is seeking to get London''s local authorities on board. Native''s co-founder Prasanna Kannan said by working with local authorities it can be possible to build more of these innovative schemes. But large property investors in Britain''s private rental market have tended to focus instead on developing more traditional apartment blocks designed for families to rent. And others in the industry see limits to co-living developments as an investment class. "While it is hugely socially encompassing, it does have its drawbacks from an operational perspective. You might have high voids, it costs a lot to run," Toby Nicholson, a director in property company Colliers'' private rental sector team, said. "It is going to be relevant, but it''s not going to overtake or outweigh the traditional approach to residential in terms of studios, one and two bedroom regular flats," Nicholson said. In central London, small apartments now make up a big chunk of the rental market. In the year to July 31, 42 percent of the flats let in prime central London have been studios and one bedroom units, as single people and couples opt for location over size, property investment fund London Central Portfolio said. Residents like Soto-Wright said the benefits of micro-flats outweighed any drawbacks. "The spaces are definitely small ... (but) as an entrepreneur you really want to bootstrap and be smart around your expenses." But size remains an issue. "On the micro-sites ... people are starting to rethink how small should they be going," Roger Southam, a director in Savills'' property management team, said. People do not want to stay in another format of student accommodation when they are starting their journey into business life, he added. The Collective''s new schemes will have slightly bigger apartments. "I think slightly larger units is driven by the fact that we want to create more longevity in our product," Merchant said. And in the market for residential sales, small size can be a drawback in terms of sale prices. A survey published this month by consumer group Which? found that in terms of sale prices, smaller residential properties did not perform as well as larger ones. Price growth for apartments smaller than 37 square metres was 6.9 percent, while larger properties achieved growth of 8.7 percent, the Which? survey said. Britain''s minimum standard size for a studio apartment is 37 square metres. GENERATING YIELD In terms of yield, microflats have a net initial yield of 50-100 basis points above a traditional build-to-rent private rental sector project, Adam Challis, head of UK residential research at property consultant JLL, said. Property group Savills said a traditional build-to-rent private development in London has a 3.5-4 percent net yield. Knight Frank puts comparable prime central London yields at 3-3.25 percent. A microflats project being developed at London Bridge in central London by property group Spaces is expected to have 172 units and be worth about 80 million pounds, delivering a net yield of 4-4.5 percent, Jatin Ondhia, CEO of Shojin Property Partners, which has invested in the project, said. Shojin and its investors have provided most of the equity for the Spaces'' project and Ondhia said they were keen to fund other projects and will launch an online crowd-funding platform on Sept. 1. Spaces, which has previously used private investors and some senior debt to fund developments, is now in "advanced discussions" with a few large institutional backers. "They''re willing to back us from a strategic perspective so we''ve got the ability to deploy capital quite aggressively and quite quickly and bid effectively on land opportunities," Spaces Development Partner Zafar Bhunnoo said. A litmus test of institutional interest will come with the outcome of the sale of The Collective''s Old Oak scheme, property consultants said. The development was put on the market earlier this year. $1 = 0.7797 pounds Reporting by Esha Vaish in Bengaluru; editing by Alexander Smith and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-property-microflats-idUSL4N1L24EK'|'2017-08-23T11:00:00.000+03:00'
'32514ad194cc953d959a7b11a0907edc69969907'|'Norway PM says time for government spending to "take a step back"'|'August 23, 2017 / 7:14 AM / 14 minutes ago Norway PM says time for government spending to "take a step back" Reuters Staff 2 Min Read Norway’s Prime Minister Erna Solberg at the Chancellery in Berlin, Germany June 29, 2017. Hannibal Hanschke OSLO (Reuters) - Norway''s economic growth will exceed its historical average in 2018, and the government should "take a step back" on fiscal spending, Prime Minister Erna Solberg said on Wednesday. The economy of western Europe''s top producer of oil and gas was hit by a sharp fall in the price of crude from 2014 to 2016, but growth has since picked up along with a partial recovery in oil prices. "It was right to spend more money when that was needed, but now it''s time to take a step back," Solberg told a news conference ahead of a two-day government budget conference. "Next year we expect the mainland economy to grow more rapidly than its historical average," she added. The annual spending of cash from the country''s $975 billion sovereign wealth fund, the world''s largest, should stay at three percent or below, Solberg said. With less than three weeks to go before parliamentary elections, opinion polls show the minority right-wing government and its centrist backers are locked in a too-close-to-call race with the centre-left opposition. Reporting by Joachim Dagenborg and Camilla Knudsen, writing by Terje Solsvik, editing by Gwladys Fouche 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-norway-election-economy-idUKKCN1B30LJ'|'2017-08-23T10:14:00.000+03:00'
'a8d6c394386ddd417c92babfb9c6bcff06c745f1'|'Media stocks weigh on hesitant European shares as WPP sinks'|'Reuters TV United States  41 AM / a few seconds ago Media stocks weigh on hesitant European shares as WPP sinks Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 22, 2017. Staff/Remote LONDON (Reuters) - Unloved media stocks weighed on European shares on Wednesday, with sharp losses from advertising giant WPP after it cut sales forecasts on weakening demand. Benchmarks made timid gains as investors'' eyes were firmly glued on monetary policy with the Jackson Hole central banker pow-wow beginning in a day, and a speech expected from European Central Bank chief Mario Draghi later in the morning. The pan-European STOXX 600 rose 0.1 percent while euro zone stocks and blue-chips .STOXX50E gained 0.3 percent. WPP ( WPP.L ) shares fell as much as 11 percent after the world''s largest advertising group cut its full-year sales outlook after missing first-half targets due to a drop in demand from consumer goods clients. The ad agency has been among the worst-performing in the media sector which itself has declined 4.8 percent this year against a buoyant European stock market. The sector index .SXMP fell 1.7 percent on the day, with WPP''s French peer Publicis ( PUBP.PA ) also down 2.1 percent. Potash miner K+S ( SDFGn.DE ) was a bright spot, jumping more than 4 percent after a report of interest from hedge fund Elliott. Utilities .SX6P made the biggest gains as investors reached for the defensive sector with monetary policy uncertainty weighing. Earnings for the STOXX 600 are set to grow 15.3 percent in the second quarter year-on-year, Thomson Reuters data showed. Nine of the ten sectors were expected to see an improvement in earnings in what analysts have called a “good, but not great” earnings season after the record-breaking first quarter. Reporting by Helen Reid, editing by Kit Rees 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1B30NK'|'2017-08-23T10:32:00.000+03:00'
'cd2cedba25e49c28150add0e4b6b7a8cf50f2029'|'Samsung seeks to bury fiery past with Galaxy Note 8 launch'|'August 23, 2017 / 3:04 PM / 22 minutes ago Samsung seeks to bury fiery past with Galaxy Note 8 launch Joyce Lee 3 Min Read The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji SEOUL (Reuters) - Samsung Electronics Co Ltd set out to wipe the slate clean in New York on Wednesday with a new Galaxy Note 8 phablet, hoping features such as dual rear cameras and its biggest-ever screen will extinguish memories of its fire-prone predecessor. The world''s largest smartphone maker by market share has put safety at the centre of a phone-cum-tablet that is likely to compete for pre-holiday season sales with a widely expected 10th anniversary iPhone from U.S. rival Apple Inc. The unveiling comes five months after the release of the Galaxy S8 smartphone. Analysts said brisk sales of that device indicate recovery in Samsung''s standing, after battery fires prompted the October withdrawal of the Galaxy Note 7 just two months into sales at an opportunity cost of $5.48 billion. The fires briefly lost Samsung its number one rank, showed data from researcher Counterpoint. It has since regained ground, with Strategy Analytics putting its April-June share at 22 percent - more than Apple and China''s Huawei Technologies Co Ltd [HWT.UL] combined. Cumulative sales of the S8 and S8+, released in the period, were 15 percent over those of the S7, Samsung said in July. Samsung''s Note series usually sport bigger screens than the S series and come equipped with a removable stylus. The trademark curved screen of the latest incarnation measures 6.3 inches corner to corner, a mere 0.1 inch bigger than the S8+. The South Korean firm has been a principle driver of growth in handsets with 6 inch-plus screens, a category which Strategy Analytics expects to grow 10 times faster than the overall market next year. Samsung has also installed dual rear cameras on a handset for the first time, adding the Note 8 to a trend which promises improved photographic control and picture quality. Other features include security technology, such as facial recognition and fingerprint and iris scanning, and artificial intelligence in the form of Samsung''s Bixby voice-command assistant. The Note 8 will be sold from mid-September, Samsung said, without elaborating on place or price. Reporting by Joyce Lee; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-samsung-elec-smartphones-idUKKCN1B31UN'|'2017-08-23T18:04:00.000+03:00'
'16da4d6f8c07dd3bb483d5418769e0bb2090de5e'|'UPDATE 1-SAC''s Martoma fails to overturn U.S. insider trading conviction'|'(Adds details from decision, comments, background)NEW YORK, Aug 23 (Reuters) - A divided federal appeals court on Wednesday upheld the 2014 conviction of former SAC Capital Advisors LP portfolio manager Mathew Martoma for insider trading, after the U.S. Supreme Court made such cases easier to pursue.In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan rejected Martoma''s argument that the jury instructions were defective, and said prosecutors presented "overwhelming" evidence that at least one tipper received a financial benefit from giving Martoma confidential information.Martoma, 43, who worked at SAC''s CR Intrinsic Investors unit, was convicted of receiving confidential tips from a Michigan doctor in 2008 about an Alzheimer''s drug trial, and netting $275 million of illegal gains from subsequent trades. He is serving a nine-year prison sentence.Paul Clement, who argued Martoma''s appeal, was not immediately available for comment. A spokeswoman for Joon Kim, the acting U.S. Attorney in Manhattan, had no immediate comment.Now known as Point72 Asset Management, SAC is the former hedge fund of billionaire Steven A. Cohen.In 2013, SAC pleaded guilty to fraud in connection with alleged insider trading, including Martoma''s, and paid $1.8 billion in criminal and civil settlements with U.S. authorities. Cohen was not criminally charged.Martoma''s February 2014 conviction predated two major insider trading rulings, leading to an unusual May reargument of his appeal.The 2nd Circuit had said in a December 2014 ruling, U.S. v. Newman, that prosecutors needed to show tippers received a tangible benefit for providing insider information.But last December, the U.S. Supreme Court decided, in U.S. v. Salman, the passing of such a benefit was not a necessity.The logic of that decision "abrogated Newman''s ''meaningfully close personal relationship'' requirement" for insider trading, Chief Judge Robert Katzmann wrote for Wednesday''s majority. (Reporting by Jonathan Stempel in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sac-insidertrading-martoma-idINL2N1L90SJ'|'2017-08-23T12:52:00.000+03:00'
'7f37fe4eb6f4e2d96060e166e797a9a2185308ff'|'Brazil needs 17 new platforms to hike oil output by 2 mln bpd in 2027'|' 17 PM / 3 minutes ago Brazil needs 17 new platforms to hike oil output by 2 mln bpd in 2027   RIO DE JANEIRO, Aug 25 (Reuters) - Brazil needs 17 additional platforms to boost oil output by 2 million barrels per day in 2027, Decio Oddone, the chief of Brazil''s oil regulator ANP, said on Friday. Reporting by Rodrigo Viga'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-oil-idUSE5N1JN011'|'2017-08-25T19:15:00.000+03:00'
'aacc05fb572ae0e8905377e221b5c822906979e0'|'Sports Direct owner Mike Ashley to skip AGM next month'|'August 25, 2017 / 5:02 PM / 35 minutes ago Sports Direct owner Mike Ashley to skip AGM next month Reuters Staff 2 Min Read FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, arrives at the company''s AGM, at the company''s headquarters in Shirebrook, Britain, September 7, 2016. Darren Staples/File Photo (Reuters) - Mike Ashley, the billionaire chief executive of Sports Direct ( SPD.L ), which has been heavily criticised for its treatment of workers and poor corporate governance, will skip the British retailer''s annual general meeting next month. The company said Chairman Keith Hellawell will preside over the Sept. 6 meeting at the company''s headquarters in Shirebrook, in the East Midlands. "...Mike Ashley recently hosted a detailed and constructive Q&A session with stakeholders in July, and due to conflicting demands for his time in other areas of the business, with the agreement of the Board he will not be required to attend this year''s AGM," the sportswear chain said in a statement on Friday. Hellawell has also faced criticism, with investors blaming him for a number of management and governance failures at the sportswear group, and he only kept his job at the annual meeting last September with the help of Ashley''s majority control. Sports Direct reported a 29 percent drop in annual earnings in July as a slide in sterling''s value made it more costly for the firm to source its branded goods from Asia. It has also drawn criticism from British lawmakers and investors over poor working conditions and corporate governance. Reporting by Rahul B in Bengaluru; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-sports-direct-agm-idUKKCN1B525H'|'2017-08-25T20:06:00.000+03:00'
'd375b93fec27065d3ee424fdce08dfc647b8c70b'|'ECB''s Draghi warns of threat to global trade, openness'|'August 25, 2017 / 7:19 PM / 40 minutes ago ECB''s Draghi warns of threat to global trade, openness Reuters Staff 1 Min Read FILE PHOTO - European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. Arnd Wiegmann (Reuters) - Global trade and cooperation is under threat, a risk to productivity and ultimately growth in advanced economies, European Central Bank President Mario Draghi said on Friday. Speaking at the U.S. Federal Reserve''s annual policy conference in Jackson Hole, Wyoming, Draghi added that the current environment of easy monetary policy makes a major relaxation of financial regulation dangerous. "Given the large collective costs that we have observed, there is never a good time for lax regulation," Draghi said in a speech that did not discuss current monetary policy. "But there are times when it is especially inopportune." "Specifically, when monetary policy is accommodative, lax regulation runs the risk of stoking financial imbalances," he added. Reporting by Balazs Koranyi; Editing by Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKCN1B52EV'|'2017-08-25T22:19:00.000+03:00'
'89b513d7f6762f5cea442a47ece6c6ef44f79d2a'|'Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge'|'August 24, 2017 / 7:31 PM / 4 minutes ago Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge 7 Min Read FILE PHOTO - Tesla Supercharger station are seen in Taipei, Taiwan August 11, 2017. Tyrone Siu SAN FRANCISCO (Reuters) - Tesla Inc next month plans to unveil an electric big-rig truck with a working range of 200 to 300 miles, Reuters has learned, a sign that the electric car maker is targeting regional hauling for its entry into the commercial freight market. Chief Executive Elon Musk has promised to release a prototype of its Tesla Semi truck next month in a bid to expand the company''s market beyond luxury cars. The entrepreneur has tantalized the trucking industry with the prospect of a battery-powered heavy-duty vehicle that can compete with conventional diesels, which can travel up to 1,000 miles on a single tank of fuel. Tesla’s electric prototype will be capable of travelling the low end of what transportation veterans consider to be “long-haul” trucking, according to Scott Perry, an executive at Miami-based fleet operator Ryder System Inc. Perry said he met with Tesla officials earlier this year to discuss the technology at the automaker’s manufacturing facility in Fremont, California. Perry said Tesla’s efforts are centred on an electric big-rig known as a “day cab” with no sleeper berth, capable of travelling about 200 to 300 miles with a typical payload before recharging. “I’m not going to count them out for having a strategy for longer distances or ranges, but right out of the gate I think that’s where they’ll start,” said Perry, who is the chief technology officer and chief procurement officer for Ryder. Tesla responded to Reuters questions with an email statement saying, "Tesla’s policy is to always decline to comment on speculation, whether true or untrue, as doing so would be silly. Silly!” Tesla''s plan, which could change as the truck is developed, is consistent with what battery researchers say is possible with current technology. Tesla has not said publicly how far its electric truck could travel, what it would cost or how much cargo it could carry. But Musk has acknowledged that Tesla has met privately with potential buyers to discuss their needs. Reuters reported earlier this month that Tesla is developing self-driving capability for the big rig. Musk has expressed hopes for large-scale production of the Tesla Semi within a couple of years. That audacious effort could open a potentially lucrative new market for the Palo Alto, California-based automaker. Or it could prove an expensive distraction. Musk in July warned that the company is bracing for “manufacturing hell” as it accelerates production of its new Model 3 sedan. Tesla aims to produce 5,000 of the cars per week by the end of this year, and 10,000 per week some time next year. Tesla shares are up about 65 percent this year. But sceptics abound. Some doubt Musk''s ability to take Tesla from a niche producer to a large-scale automaker. About 22 percent of shares available for trade have been sold "short" by investors who expect the stock to fall. Musk, a quirky billionaire whose transportation ambitions include colonizing the planet Mars, has long delighted in defying conventional wisdom. At Tesla’s annual meeting in June, he repeated his promise of a battery-powered long-haul big rig. "A lot of people don''t think you can do a heavy-duty, long-range truck that''s electric, but we are confident that this can be done," he said. While the prototype described by Ryder’s Perry would fall well short of the capabilities of conventional diesels, Musk may well have found a sweet spot if he can deliver. Roughly 30 percent of U.S. trucking jobs are regional trips of 100 to 200 miles, according to Sandeep Kar, chief strategy officer of Toronto-based Fleet Complete, which tracks and analyses truck movement. A truck with that range would be able to move freight regionally, such as from ports to nearby cities or from warehouses to retail establishments. "As long as (Musk) can break 200 miles he can claim his truck is ''long haul'' and he will be technically right," Kar said. Interest in electric trucks is high among transportation firms looking to reduce their emissions and operating costs. Electric motors require less maintenance than internal combustion engines. Juice from the grid is cheaper than diesel. But current technology doesn’t pencil when it comes to powering U.S. trucks across the country. Experts say the batteries required would be so large and heavy there would be little room for cargo. An average diesel cab costs around $120,000 (93,757.32 pounds). The cost of the battery alone for a big rig capable of going 200 to 400 miles carrying a typical payload could be more than that, according to battery researchers Shashank Sripad and Venkat Viswanathan of Carnegie Mellon University. Battery weight and ability would limit a semi to a range of about 300 miles with an average payload, according to a paper recently published by Viswanathan and Sripad. The paper thanked Tesla for "helpful comments and suggestions." Tesla did not endorse the work or comment on the conclusions to Reuters. A range of 200 to 300 miles would put Tesla at the edge of what the nascent electric truck industry believes is economically feasible, the researchers and industry insiders said. Transportation stalwarts such as manufacturer Daimler AG and shipping company United Parcel Service Inc, said they are focussing their electric efforts on short-haul trucks. That’s because smaller distances and lighter payloads require less battery power, and trucks can recharge at a central hub overnight. Daimler, the largest truck manufacturer in the world by sales, will begin production this year on an electric delivery truck. The vehicle will have a 100-mile range and be capable of carrying a payload of 9,400 pounds, about 1,000 pounds less than its diesel counterpart, according to Daimler officials. Daimler has been joined by a handful of startups such as Chanje, a Los Angeles-based manufacturer that has a partnership with Ryder to build 100-mile-range electric trucks for package delivery. Ryder and its customers believe electric trucks could cost more to buy but may be cheaper to maintain and have more predictable fuel costs. As batteries become cheaper and environmental regulation increases, the case for electric trucks could strengthen. "This tech is being seen as a major potential differentiator. Everyone wants to understand how real it is," said Perry, the chief technology officer. Reporting by Marc Vartabedian; Additional reporting by Alexandria Sage and Eric Johnson; Editing by Peter Henderson and Marla Dickerson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tesla-trucking-idUKKCN1B42G4'|'2017-08-24T22:31:00.000+03:00'
'e2cc48522fb36219185f7204a97a31f517045e1e'|'Amazon to cut Whole Foods prices, escalating grocery turf war'|'August 24, 2017 / 6:10 PM / 3 hours ago Amazon to cut Whole Foods prices, escalating grocery turf war David Shepardson and Lisa Baertlein 5 Min Read (Reuters) - Amazon.com Inc ( AMZN.O ) said it will cut prices on a range of popular goods as it completes its acquisition of Whole Foods Market Inc ( WFM.O ), sending shares of rival grocers tumbling on fears that brutal market share battles will intensify. Amazon''s $13.7 billion purchase of Whole Foods, which will be completed on Monday, has been hanging over a brick-and-mortar retail sector unsure of how to respond to the world''s biggest online retailer. Shares of Kroger Co ( KR.N ), the biggest U.S. supermarket operator, closed down 8 percent, while Wal-Mart Stores Inc ( WMT.N ), the biggest U.S. food seller, closed down 2 percent. Amazon also said it will start selling Whole Foods brand products on its website, a move that sent down shares of packaged food sellers including Kellogg Co ( K.N ). The S&P 500 Food Retail index closed down almost 5 percent as more than $10 billion was wiped off the market value of big food sellers. Amazon said members of its $99-per-year Prime shopping club would eventually be rolled into Whole Foods'' customer rewards program and be eligible for special offers and discounts. "There was never any doubt that Amazon would lower prices, and even offer further discounts in-store to Prime members," said Baird Equity Research analyst Colin Sebastian. ''LAND GRAB'' Amazon said that starting on Monday it will cut prices on organic grocery staples such as bananas, avocados, brown eggs, farmed salmon and tilapia, baby kale and lettuce, some apples, butter and other products. "It does not look like they will go kamikaze on pricing," said Roger Davidson, president of consulting firm Oakton Advisory Group and a former retail executive. "They will lower prices on consequential items to drive traffic and sales but not do a whole store price reduction which could really damage gross margin and potentially wipe out operating margin." A customer enters the Whole Foods Market in Superior, Colorado United States July 26, 2017. Rick Wilking Lowering prices could stem defections by price-sensitive Whole Foods shoppers, and help the grocer shed its "Whole Paycheck" reputation for high prices that are generally 15 to 25 percent above rivals. It could also bring in new consumers who can then be urged to shop for food and other products online. "It''s ultimately a nice land grab," said Bill Bishop of retail consultancy Brick Meets Click, and a way to get customers "thinking about buying healthy food from Amazon." FAT PROFITS The planned price cuts would have been a tough sell to Whole Foods'' investors, who had grown used to fat profits from the upscale chain, but are more in line with Amazon''s broader strategy of sacrificing short-term profit for long-term market dominance. The logo of the web service Amazon is pictured in this June 8,   Carlos Jasso/Illustration "Amazon is more focused on driving volume and improving service at the expense of profit margins," said Sebastian. "Long-term, this strategy works because the absolute profit dollars can still be significant." Amazon''s willingness to take lower profit margins ups the ante in the increasingly costly grocery price war. "In some cases grocery retailers have had to invest between $500 million to $1 billion in order to reduce prices to a level that retained customers and resulted in a net increase in customers," said Brittain Ladd, who until earlier this year was a senior manager working to globally roll out AmazonFresh, Amazon''s grocery delivery service. Adding Whole Foods benefits should help Amazon attract more shoppers to its successful Prime scheme, which features two-day shipping for eligible purchases and unlimited streaming of movies and TV shows. Amazon has more than 60 million Prime members, according to analyst estimates. Whole Foods has rolled out a loyalty program at its smaller, lower-priced 365 by Whole Foods chain, which offers members 10 percent off more than 100 items in the stores. The program is still being tested in the main Whole Foods chain. Beyond that, some Whole Foods stores will get Amazon Lockers, where customers can receive online orders and make returns. John Mackey will remain chief executive of Whole Foods and the company will operate as a subsidiary and continue to be headquartered in Austin, Texas, the companies said on Thursday. Reporting by David Shepardson in Washington, Lisa Baertlein in Los Angeles;   Jeffrey Dastin in San Francisco; Editing by Bill Rigby and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-whole-foods-m-a-amazon-idUKKCN1B42AJ'|'2017-08-25T02:11:00.000+03:00'
'934cf3533ccd220e4dcadb6a3486888db0839a21'|'EMERGING MARKETS-LatAm currencies firm after Yellen avoids discussing policy'|'By Bruno Federowski SAO PAULO, Aug 25 (Reuters) - Latin American currencies strengthened on Friday after U.S. Federal Reserve Chair Janet Yellen refrained from commenting on monetary policy in a speech, easing concerns of investors who had braced for a hawkish signal. At a conference in Jackson Hole, Wyoming, Yellen said regulations put in place after the 2007-2009 financial crisis had strengthened the financial system without impeding economic growth, and any future changes should remain modest. "Maybe Yellen didn''t comment on the economy because she''s not very confident on the outlook," a New York-based portfolio manager said. A batch of mixed U.S. economic figures have cast a shadow on the nation''s economic recovery, driving some investors to dial back bets on an interest rate increase this year. A slower path of U.S. rate hikes could drive up demand for high-yielding assets, benefiting currencies from emerging-market economies. Currencies in Latin American strengthened between 0.1 percent and 1.2 percent, tracking a global decline in the U.S. dollar. Stock markets, however, were mixed, following a recent stretch of gains. Mexico''s S&P/BVM IPC index was nearly flat, while Brazil''s benchmark index slipped 0.2 percent. Shares of meatpacker JBS SA jumped after an anti-corruption division within the Brazilian prosecutor general''s office on Thursday approved a leniency deal with its controlling shareholder, J&F Investimentos SA. Also fostering appetite for JBS shares was a Reuters report that state development bank BNDES is doing all it can to remove Chief Executive Officer Wesley Batista, who is at the center of a corruption scandal, from the company. Key Latin American stock indexes and currencies at 1520 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1086.99 0.42 25.53 MSCI LatAm 2890.79 0.04 23.46 Brazil Bovespa 70965.25 -0.24 17.83 Mexico S&P/BVM IPC 51467.08 -0.01 12.76 Chile IPSA 5169.41 0.32 24.52 Chile IGPA 25808.53 0.32 24.47 Argentina MerVal 23513.82 0.52 38.99 Colombia IGBC 10899.23 -0.26 7.61 Venezuela IBC 201173.22 0.71 534.51 Currencies daily % YTD % change change Latest Brazil real 3.1430 0.10 3.38 Mexico peso 17.6300 0.55 17.66 Chile peso 636.12 0.23 5.44 Colombia peso 2926.32 1.15 2.57 Peru sol 3.236 0.03 5.50 Argentina peso (interbank) 17.2150 -0.03 -7.78 Argentina peso (parallel) 18.23 0.16 -7.73 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL2N1LB0XL'|'2017-08-25T13:44:00.000+03:00'
'a462cb4c12fa8144cb2bb063eeac9c9005375428'|'ConocoPhillips halts Eagle Ford production due to Harvey'|'HOUSTON (Reuters) - ConocoPhillips said on Friday it has suspended all operations and shut-in production in the Eagle Ford shale region of Texas due to Hurricane Harvey.The company sent non-essential personnel home and closed its office in Kenedy, Texas, about 120 miles (193 km) north of the U.S. Gulf of Mexico, said spokeswoman Romelia Hinojosa.Offshore, ConocoPhillips has evacuated some personnel from platforms, but does not expect any impact on production from the storm, Hinojosa said.Reporting by Ernest Scheyder '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-conocophillips-idUSKCN1B524K'|'2017-08-25T19:47:00.000+03:00'
'8daaedac6629dd6a366be82b6ad34c878771d98f'|'American bosses continue to lobby, more quietly'|'IN CORPORATE America, “Trump” seems to be a dirty word, at least in public. After President Donald Trump seemed to equate the actions of white supremacists and their opponents in Charlottesville earlier this month, dozens of chief executives abandoned his advisory councils. Several organisations cancelled fundraising galas booked at Mr Trump’s Mar-a-Lago resort in Florida. Lloyd Blankfein, the boss of Goldman Sachs, an investment bank, compared Mr Trump to the dark shadow cast over parts of America by a solar eclipse: “We got through one, we’ll get through the other.”Look past the public repudiation, though, and the schism is less stark. As Jason Furman of Harvard University’s Kennedy School, who led the White House Council of Economic Advisers during Barack Obama’s presidency, points out, the bosses’ public rejection of Mr Trump has done nothing to sap their appetite to guide policy. Lower-ranking executives from large firms continue to serve on informal working groups to help the Treasury and the Commerce Department with deregulation. Others are advising on trade policy, trying to steer the administration away from its protectionist impulses. An insider at a trade association representing big business waves the Charlottesville furore aside, declaring: “The hard work of policymaking in Washington must continue.” One chief executive who left a White House advisory council explains that firms are still keen to work with the administration, albeit quietly: “Executive action will continue, so corporate working groups will continue.”They have already made progress. Under Mr Obama, the cost of new federal rules issued each year grew significantly from the levels of George W. Bush’s presidency, according to the American Action Forum, a conservative think-tank (see chart). The early months of the Trump era have already seen that trend reverse.But the big prize for firms remains tax reform. The chances of that are hurt by Mr Trump’s divisiveness, the Republicans’ slim majority in Congress, and by the need for tricky negotiations over funding the government and raising the debt ceiling, which will delay debate on taxes. Yet many business leaders still reckon that this is the best chance at tax reform since the sweeping Reagan-era overhaul of 1986.That is enough for some executives to stay close to the administration. “The president is not ultimately that powerful,” says another boss who left a White House advisory council. “Things get done in the Cabinet departments and various agencies.” Such optimism may be misplaced, according to William Galston of the Brookings Institution, a centre-left think-tank. “Business interest in reform is not diminished,” he says, “but the ability of the White House to get its way is diminished.” "Private interests"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727096-even-they-repudiate-president-publicly-american-bosses-favour-his-pro-business?fsrc=rss%7Cbus'|'2017-08-26T08:00:00.000+03:00'
'fb827447f43530fa5165da3a765bdb5076a1064c'|'German chemical industry warns of disruption after rail closure'|'August 25, 2017 / 4:27 PM / in 9 minutes German chemical industry warns of disruption after rail closure Reuters Staff 2 Min Read FRANKFURT (Reuters) - The closure of a busy rail line in southern Germany due to a construction project is creating supply shortages and boosting transport costs for Germany''s vast chemicals industry, a trade body said on Friday. Major chemical sites of companies including BASF, Evonik, Covestro, Lanxess and British-owned Ineos are linked up to the rail line further north of the construction site, which is near the city of Karlsruhe. "There is already now a bottleneck of specialty equipment like tank containers and cooling trucks," Andrea Heid, in charge of transport issues at industry association VCI, said in a statement. On Aug. 12, the ground sagged above part of a new tunnel that government-owned rail firm Deutsche Bahn was drilling in Rastatt, south of Karlsruhe, causing the track to subside and forcing the operator to close the line for major repair work. The chemical industry lobby called on Deutsche Bahn to better prepare for line closures to prevent chemical groups from permanently moving shipments to other modes of transport. In response, Deutsche Bahn said it was working with counterparts in Switzerland, France and Austria to put on additional trains and drivers on alternative routes via France and Austria. It said it was also considering adding a shuttle service for goods trains between Kornwestheim, to the north of Stuttgart, and Zurich. VCI said about half of raw material shipments to chemicals plants and the plants'' products to customers could be diverted via alternative rail routes, but the rest would have to be transported by truck or ship instead. It did not quantify the volume of shipments affected. Deutsche Bahn has said that Rhine Valley Railway line would remain closed until Oct. 7. Other major foreign producers with sites in Germany, Europe''s largest chemical producing nation, are Dow Chemical, DuPont and LyondellBasell. Reporting by Maria Sheahan and Ludwig Burger; Additional reporting by Victoria Bryan; Editing by Edmund Blair and Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/germany-chemicals-railway-idINKCN1B5226'|'2017-08-25T19:25:00.000+03:00'
'e362fc8b0f3965c7e7407aafb702c1d57965bbb4'|'Sears posts loss in second quarter'|'FILE PHOTO: A Sears department store is shown in El Cajon, California, U.S., August 8, 2017. Mike Blake/File Photo (Reuters) - Struggling U.S. retailer Sears Holdings Corp ( SHLD.O ) reported a quarterly loss on Thursday as fewer customers visited its stores and as the company offered more discounts amid intense industry competition.The retailer also said it would close 28 Kmart stores later this year, in addition to the 150 Sears and Kmart stores it plans to close by the end of its third quarter.Sears said sales at stores open for at least a year fell 11.5 percent in the second quarter ended July 29.Total revenue fell 22 percent to $4.37 billion, mainly due to store closures, which shaved off $770 million of revenue, the company said.Once the largest U.S. retailer, Sears has struggled with years of losses and declining sales as shoppers shift from the mall to the web. In February, the company said it would cut at least $1 billion in costs this year, mainly by monetizing its real estate.Sears, controlled by billionaire investor Eddie Lampert, said it earned $460 million in cash from real estate deals in the second quarter.Net loss attributable to Sears narrowed to $251 million, or $2.34 per share in the second quarter ended July 29, from $395 million or $3.70 per share, a year earlier.The company also said it had signed a deal with MetLife ( MET.N ) to reduce its pension liabilities.The agreement will annuitize an additional $512 million of Sears'' pension liabilities, with MetLife paying future pension benefits to about 20,000 retirees.Reporting by Siddharth Cavale Sai Sachin Ravikumar'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-searsholdings-results-idUSKCN1B412D'|'2017-08-24T13:15:00.000+03:00'
'7e595ca4f272890b4106be68a4406b3c69f194e2'|'EMERGING MARKETS-Brazil stocks up on gov''t asset-sale plan'|'August 24, 2017 / 8:05 PM / 2 minutes ago EMERGING MARKETS-Brazil stocks up on gov''t asset-sale plan Reuters Staff 5 Min Read (Updates prices) By Bruno Federowski SAO PAULO, Aug 24 (Reuters) - Brazilian stocks rose on Thursday after a government council announced a massive sale of state assets, fueling bets that the government will manage to rein in the growth of public debt and cut a widening budget gap. Brazil intends to sell stakes in some of the country''s busiest airports as well as oil exploration, highway and power dam licensing rights as President Michel Temer seeks to reduce state involvement in the economy. The announcement followed a surprise move on Tuesday to privatize state-controlled power utility Centrais Elétricas Brasileiras SA, which triggered a market-wide rally. Brazil''s benchmark Bovespa stock index rose about 1 percent to a new six-year high, with shares of Eletrobras , as the power utility is known, among the biggest gainers. Also helping fuel optimism was a decision by the lower house of Congress to approve the main text of a bill creating a new market-based lending benchmark for state development bank BNDES that would greatly reduce discretionary subsidies. "Coupled with well-behaved inflation, this sets the stage for the central bank to cut interest rates even more," analysts at the Magliano brokerage wrote in a client note. The Mexican peso traded nearly flat, down about .2 percent, after Mexico and Canada dismissed U.S. President Donald Trump''s threats to scrap NAFTA, which had wreaked havoc in local markets the day before, as a negotiating tactic. Yields paid on Mexican interest-rate futures rose after minutes from the central bank''s last rate-setting meeting showed policymakers remained cautious with rising inflation, suggesting rate cuts may be farther off than expected. "The discussion among directors was biased toward the need to remain vigilant and ready to protect the integrity of the inflation targeting framework, rather than laying out the case for near-term rate cuts," Goldman Sachs'' economists wrote in a report. Mexican inflation was higher than expected in the first half of August, keeping pressure on the central bank to maintain high borrowing costs. Key Latin American stock indexes and currencies at 1938 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1082.53 0.64 24.74 MSCI LatAm 2886.84 0.95 22.18 Brazil Bovespa 71158.88 0.97 18.15 Mexico IPC 51456.80 0.34 12.74 Chile IPSA 5152.80 0.49 24.12 Chile IGPA 25725.99 0.44 24.08 Argentina MerVal 23366.89 0.45 38.12 Colombia IGBC 10892.63 -0.75 7.55 Venezuela IBC 199748.94 0.8 530.02 Currencies daily % YTD % change change Latest Brazil real 3.1447 -0.11 3.32 Mexico peso 17.7230 -0.22 17.05 Chile peso 637.6 0.40 5.19 Colombia peso 2960.05 0.67 1.40 Peru sol 3.237 0.00 5.47 Argentina peso (interbank) 17.1900 0.29 -7.65 Argentina peso (parallel) 18.21 0.49 -7.63 (Reporting by Bruno Federowski; Editing by Sandra Maler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1LA1N5'|'2017-08-24T23:05:00.000+03:00'
'ef59fc7cc2ae5e225a4bfd19edb6e028a27ddc32'|'Saudis may seek funding in Chinese yuan'|'Saudi Arabia''s King Salman bin Abdulaziz Al Saud meets with Chinese Vice Premier Zhang Gaoli, in Jeddah, Saudi Arabia, August 24, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS JEDDAH, Saudi Arabia (Reuters) - Saudi Arabia is willing to consider funding itself partly in Chinese yuan, a senior Saudi official said on Thursday, raising the possibility of closer financial ties between the two countries.The Saudi government has started borrowing tens of billions of dollars abroad in the past year to cover a big budget deficit caused by low oil prices, but its foreign bond issues and loans have been denominated entirely in U.S. currency.Obtaining some funds in yuan could give Riyadh more financial flexibility and would mark a success for China, the biggest market for Saudi oil, in its drive to make the yuan a top international currency."One of our main objectives is to diversify the funding basis of Saudi Arabia," Vice Minister of Economy and Planning Mohammed al-Tuwaijri told a Saudi-Chinese conference in Jeddah."We will do that through access to investors or bodies of liquidity in the markets. China is by far one of the top markets. We will also access other technical markets in terms of unique funding opportunities, private placements, panda bonds and others."Tuwaijri added, "We will be very willing to consider funding in renminbi and other Chinese products, and Industrial and Commercial Bank of China ( 601398.SS ) and other divisions have shown interest for us to do that."Panda bonds are yuan-denominated bonds from non-Chinese issuers which are sold within China. An Liyan, chief executive of ICBC International, an arm of ICBC, the biggest Chinese bank, told the conference that her bank was willing to sponsor Saudi issues of panda bonds.Tuwaijri said Riyadh was interested in raising money abroad not just to cover its budget deficit but also, more importantly, to finance major investment projects that would expand its economy and create jobs.Saudi Arabia''s King Salman bin Abdulaziz Al Saud shakes hands with Chinese Vice Premier Zhang Gaoli, in Jeddah, Saudi Arabia, August 24, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS "Ideally, we would be funding through project finance and bond markets and other means," he said.Saudi Energy Minister Khalid al-Falih told Reuters on the sidelines of the conference that Saudi Arabia and China planned to establish a $20 billion investment fund on a 50:50 basis."It is preliminary at this stage but the commitment from the top is there," Falih said. He said the fund would invest in sectors such as infrastructure, energy, mining and materials, but did not give further details of its strategy.China has announced plans to establish such joint investment funds around the world in recent years as a way to cement bilateral economic ties. In December 2015 Beijing said it would establish a $10 billion fund with the United Arab Emirates, and last October a plan for a fund with France was revealed.The Jeddah conference followed a visit to China by Saudi Arabia''s King Salman in March during which as much as $65 billion of business deals were signed in sectors including oil refining, petrochemicals, light manufacturing and electronics.Falih said on Thursday that he expected 11 business deals worth about $20 billion to be signed with China this week. He did not give details; some of the deals may be more detailed versions of agreements reached on the Asian tour, and some may be memorandums of understanding rather than concrete projects.Saudi Arabia is keen to attract Chinese investment to new industries, such as manufacturing and tourism, that it hopes to develop as part of efforts to diversify its economy beyond oil exports.But Riyadh is also eager to boost the profits of its main sovereign wealth fund, the Public Investment Fund, which is believed to have around $180 billion of assets. The PIF is looking at investment opportunities in China''s shipping and transport systems and other infrastructure, Tuwaijri said.Writing by Andrew Torchia; Editing by Richard BalmforthOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-saudi-china-idUSKCN1B413R'|'2017-08-24T13:33:00.000+03:00'
'1688f66c083f6090e3cc9e8c03f60709dd3872ba'|'Whole Foods shareholders approve sale to Amazon'|'A customer enters the Whole Foods Market in Superior, Colorado United States July 26, 2017. Rick Wilking LOS ANGELES (Reuters) - Whole Foods Market Inc on Wednesday said shareholders in the natural and organic grocery chain cleared the way for its proposed $13.7 billion sale to Amazon.com Inc.The companies expect to close the deal in the latter half of this year.Whole Foods declined further comment.Reporting by Lisa Baertlein in Los Angeles; Editing by Bill Rigby'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-whole-foods-m-a-amazon-com-idINKCN1B31W6'|'2017-08-23T13:19:00.000+03:00'
'8922e46f34dce7694d7cbc5d85ed762bdbcd1959'|'ECB faces gaps in understanding new realities - Draghi'|'August 23, 2017 / 8:44 AM / 4 hours ago ECB faces gaps in understanding new realities - Draghi Reuters Staff 3 Min Read European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. Arnd Wiegmann LINDAU, Germany (Reuters) - Unconventional monetary policy is a success, but gaps in understanding the relatively new tools remain, European Central Bank President Mario Draghi said on Wednesday, cautioning against hasty policy responses to the new reality. Emphasizing the need for rigorous research, Draghi said central banks need to carefully weigh their policy steps, giving up their defence of obsolete approaches while acknowledging gaps in their knowledge of how new policies work. Draghi''s comments come as the ECB is confronted by an economy where robust growth is accompanied by anaemic inflation. It is a combination that has raised questions about the validity of older doctrines on inflation, its relationship to employment, and central banks'' ability to affect price growth. "(John Maynard) Keynes is often quoted as saying, `When the facts change, I change my mind. What do you do, sir?''" Draghi said. "Well, for policymakers, it is not that simple, and research helps us to decide whether a change in the facts deserves a policy response or, as we say, we should look through it." "We must be aware of the gaps that still remain in our knowledge," Draghi said in Lindau, Germany, in a speech that did not discuss current monetary policy. European Central Bank (ECB) President Mario Draghi smiles as Countess Bettina Bernadotte, Council President of the Lindau Nobel Laureate Meetings stands beside him in Lindau, Germany August 23, 2017. Arnd Wiegmann The ECB is not alone. The minutes the U.S. Federal Reserve''s last meeting showed some policymakers were concerned about the validity of their models, since inflation was failing to accelerate despite near-full employment and growth above the economy''s potential. For Draghi, the dilemma will have to translate into concrete action this autumn. The ECB''s asset purchases, aimed at boosting inflation, will expire at the end of the year, requiring policymakers either to extend purchases or start winding them down. Economic growth is at its fastest since early 2011 and unemployment recently hit an eight-year low, but inflation looks set to undershoot the ECB''s target - just under 2 percent - at least through 2019. Draghi defended unconventional monetary policy, though, arguing that it has succeeded in the face of extreme shocks and proved that central banks remain potent even when interest rates bottom out. "Policy actions undertaken in the last 10 years in monetary policy and in regulation and supervision have made the world more resilient. But we should continue preparing for new challenges," Draghi said. "A large body of empirical research has substantiated the success of these policies in supporting the economy and inflation, both in the euro area and in the United States," Draghi said. Reporting by Angelika Gruber; Writing Balazs Koranyi; Editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKCN1B30SX'|'2017-08-23T12:24:00.000+03:00'
'82161969124a5575ffed7cf0156e7dadd1862883'|'How the shape of global banking has turned upside down'|'IN THE 1980s, when Citicorp was America’s largest bank and pursuing every avenue for international expansion, John Reed, the bank’s boss, would muse about moving its headquarters to a neutral location, notably the moon. Such sentiments are inconceivable today. Jamie Dimon, boss of JPMorgan Chase, Citi’s successor atop the league tables, recently said he is an American “patriot” first, head of a bank second. His strategy, though hardly shunning international markets, reflects this.Mr Dimon turned down several big foreign acquisitions before and during the financial crisis. His stellar reputation may rest as much on those undone deals as on those completed. Citi, meanwhile, has been lopping off foreign affiliates. It has retail operations in just 19 countries, down from 50 in 2007. Further contraction may be in the offing. Bank of America has long chosen to live down to its name, as an almost entirely domestic bank.  13   The same process is under way in western Europe. Visible retrenchments by leading banks in each country reflect even deeper ones that are harder to see. On August 22nd McKinsey, a consultancy, released a trove of statistics showing how the map of global banking has changed over the past ten years. According to its analysis of the leading banks in each country, foreign claims (including loans, guarantees, etc) have contracted by a third for Swiss and British institutions and by half for those in the rest of Europe. Even the volume of foreign-exchange trading, after a long history of expansion, is falling.The downward trend is particularly sharp, and significant, in “correspondent” banking, traditionally seen as the first level of financial support for world trade (see chart). The correspondent ties between banks in different countries have mattered particularly for companies in places without global banks that can finance imports and exports. The number of correspondent relationships has been declining since 2011, according to McKinsey.Why this has occurred is no mystery. Correspondent relationships used to be seen as a responsible way for a bank to transact business in a country it did not know well. It has become a source of vulnerability: a bank may be held accountable for any transaction even if only as a link in a long chain. The rising cost of complying with regulations on money-laundering, economic sanctions and terrorism-financing has had the predictable consequence of prompting a broad pullback.Harder to understand is work by the Bank of England and America’s National Bureau of Economic Research, showing a long-term correlation between growth in capital requirements and declines in cross-border lending. McKinsey notes that rules passed to ensure liquidity, particularly in a crisis, may be easier to satisfy if money is close to home.American and European retrenchment has been partially offset by expansion elsewhere. Canadian banks, which sailed through the financial crisis, now have half their assets offshore, up from 38% a decade ago. Chinese banks, having had negligible foreign assets a decade ago, now have more than $1trn. Strong domestic growth means that this sum is still just a tiny fraction of their balance-sheets. Banks in Japan, India and Russia are also expanding internationally at a strong pace.This geographic shift could continue for many years to come. Similar trends, however, have been seen in the past only to go abruptly into reverse. The Chinese government has recently signalled its concern at some Chinese firms’ foreign acquisitions, suggesting there may be problems percolating. Whether Western banks stir from their recent quiescence may also depend on the regulators. Over correspondent banking, for example, there is a debate in government. The State Department wants America’s banks to bring other countries, especially poor ones, into the global financial system. The Treasury, focused on checking untoward activity and holding banks to account, is more cautious. Banks would like to stay out of the crossfire.  Finance and economics   "Changing maps"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727088-american-and-european-banks-stay-more-home-chinese-ones-extend-their-reach-how?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'07c71914af1810dbdafba6a89df55b7d08548476'|'EU shoots down Berlusconi parallel currency proposal'|'August 23, 2017 / 7:28 PM / 20 minutes ago EU shoots down Berlusconi parallel currency proposal Reuters Staff 2 Min Read Former Italian Prime Minister Silvio Berlusconi arrives ahead of a memorial ceremony in honour of late former German Chancellor Helmut Kohl, at the European Parliament in Strasbourg, France, July 1, 2017. Arnd Wiegmann BRUSSELS (Reuters) - The European Commission on Wednesday rebuffed the idea of a parallel currency put forward by former Italian prime minister Silvio Berlusconi. It said there was only one legal currency within the euro zone. "There are no exceptions to this rule," a Commision spokesman said, replying to a request for a comment on the proposal. Berlusconi, who leads the center-right Forza Italia party, indicated his support for the introduction of a parallel currency in Italy in a newspaper interview over the weekend. The proposal highlights concerns about broader anti-euro sentiment in Italy, the euro zone''s third biggest economy, as it heads into elections due by May next year. Italy has two parties that are critical of the euro and European Union, the 5-Star Movement and Lega Nord. Any combination with Forza Italia could create a parliamentary majority. On Tuesday Italian government bond yields jumped to stretch the gap with German peers to a five-week high, with analysts citing the proposal as the cause of the sell-off. Reporting by Julia Fioretti, writing by Stephen Jewkes Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-italy-currency-berlusconi-commission-idUKKCN1B32BP'|'2017-08-23T22:24:00.000+03:00'
'41c60caddbb23ee6624caa2ff5ca55f3f9c422f8'|'UK finance sector to propose ''mutual access'' post-Brexit trade pact - document'|'August 23, 2017 / 4:10 PM / 9 minutes ago Exclusive - UK finance sector proposes ''ambitious'' post-Brexit trade pact Huw Jones and Andrew MacAskill 7 Min Read FILE PHOTO - Flags are seen at the EU Commission headquarters ahead of a first full round of talks on Brexit, Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman LONDON (Reuters) - The UK''s financial sector is seeking an "ambitious" trade pact between Britain and the European Union to try to prevent a costly shift of jobs and business to the continent once the country leaves the bloc, according to a draft report seen by Reuters. Unless Britain negotiates new trading relations with the EU, banks, insurers and fund managers in Britain could be locked out of the bloc''s markets when it leaves the EU in March 2019. The International Regulatory Strategy Group (IRSG) said in the draft report, to be submitted to the British government in September, that such a trade pact would allow UK firms to operate in the EU without the cost of having a local licence. "The proposals in the report are intended to achieve a level of mutual access for EU and UK firms, which is as close as possible to the current levels of access that exist for such firms within the EU framework," the report said. It admitted negotiating such a pact could be challenging. Other EU capitals have been vying to attract London''s financial businesses since the Brexit vote. Currently, banks authorised in London can "passport" or offer their services to customers across the EU without the need for a licence in each country, but this will end when Britain leaves, forcing the country to agree new trading terms. Initially, the financial sector called for continued full passporting rights after Brexit, which is being negotiated over two years since Britain triggered the process in March, following a referendum vote in June last year. The new proposals mark a departure from that stance, a recognition that the EU is likely to rule out future passporting. The IRSG is sponsored by the City of London Corporation, home to London''s "Square Mile" financial district, and TheCityUK, Britain''s most powerful financial lobby. Its report sets out how a trade pact for financial services could be structured and policed by a new dispute resolution body with powers to sanction breaches. Punishment could include withdrawal of mutual access rights, the payment of "compensation" in the form of offsetting trade benefits, or retaliatory steps, such as measures that affect an equivalent value of trade, the report said. No such trade pact in financial services has been tried before and the report said it was "ambitious in its intent". "The IRSG is aware that there will be challenges associated with developing the EU/UK Agreement... and require the parties to reach agreement on a number of novel issues – in particular, with regard to allowing a firm from the other party to have access to their markets without having to obtain a local licence." The report said it may be "appropriate to have a lighter touch regime" for wholesale financial business between banks, but this would not be appropriate when retail customers are involved. Recent EU proposals to supervise clearing houses in Britain after Brexit or move them to the EU because they clear large amounts of euro denominated derivatives raise "potential complication", the report said. Britain and the EU could also create a "Financial Services Forum" to encourage "continuing alignment" by sharing information, and participating in the development of new laws and regulations. FILE PHOTO: Flags are arranged at the EU Commission headquarters ahead of a first full round of talks on Brexit, Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/File Photo The financial sector published an overview of mutual recognition in April, but the follow-up makes specific proposals. Britain''s finance ministry did not respond to a request for comment. TheCityUK Chief Executive Miles Celic told Reuters he has already been making the case for mutual recognition during visits to Brussels and other European capitals. "The general response has been that while ambitious, it is not unrealistic," he said. The future of London as Europe''s financial centre is one of the biggest issues in Brexit talks because it is Britain''s largest export sector and biggest source of tax with rival cities battling to draw highly-paid banking jobs and the revenue that they bring with it. Few banks and insurers believe such a trade pact can be in place by March 2019, and some have already announced they are opening locally licensed subsidiaries in the EU to avoid being cut off from customers on the continent. DIFFICULT LIFT The proposal comes as the financial sector is running out of time to shape government strategy; in October, Britain wants its divorce talks with Brussels to shift focus from exit bills to the future shape of trade relations. Given its novelty, the trade pact could take years to negotiate even if there is goodwill in the bloc, bankers said. But the proposals mark a formal rejection of relying on "equivalence", the EU''s existing system of market access for companies from outside the bloc. Equivalence in an adapted form is being promoted by Barney Reynolds, a lawyer at Shearman & Sterling, but dismissed by banks as too politicised and unpredictable. "I don''t fault them for asking, but a mutual recognition trade deal will be a difficult lift. It requires potential unanimity among EU states, while my proposal is executable and gets to the same place," Reynolds said. Anthony Belchambers, a founder of the Legatum Financial Services Forum which researches Brexit''s impact on the sector, said TheCityUK initiative is "both important and timely". "But", he added, "we must be careful to ensure that the inevitable ''price'' that will be exacted by Brussels for continued market access is justifiable and does not constrain UK sovereignty." Some member states may baulk at a trade pact which reduces the need for banks, insurers and fund managers to shift staff to the bloc after Brexit, Belchambers added. EU regulators have already warned that financial firms in Britain must sufficiently staff their new units in the bloc. Bank of England Governor Mark Carney and Financial Conduct Authority Chief Executive Andrew Bailey have mooted a similar pact. But bankers involved say it might be hard to pull off as it has never been done before in financial services on such a scale. "This is all new and this is our problem," a banker involved in the proposal said. "We are offering a new paradigm and it will be difficult." Reporting by Huw Jones and Andrew MacAskill; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-banks-idUKKCN1B3202'|'2017-08-23T19:10:00.000+03:00'
'406b8892784fcccdc2e1b36a9744e6b1c7aef81d'|'Fired Google engineer James Damore hires prominent Republican lawyer'|'Fired engineer: Google a ''psychologically unsafe environment'' James Damore, the Google engineer who was fired after he wrote an explosive memo on diversity, has retained an attorney. Harmeet Dhillon, a California representative for the Republican National Committee, confirmed Tuesday that Damore is her client. She''ll represent Damore in proceedings related to a complaint he filed against Google with the National Labor Relations Board. Dhillon declined to comment as to whether a lawsuit is in the works. Damore gained infamy earlier this month when his 3,300 word memo on Google''s diversity policies were widely circulated. CEO Sundar Pichai ultimately condemned parts of the essay, which claimed women aren''t well represented in tech due to "biological" reasons. Dhillon is a trial lawyer who is well known for her work with the California GOP. She delivered a Sikh prayer at the Republican National Convention in 2016, and was reportedly under consideration to lead the civil rights division in President Trump''s Justice Department. Related: Former Google engineer: ''I do not support the alt-right'' Since he was fired, Damore has become a hero to many on the right thanks to his repeated assertion that Silicon Valley is hostile to conservatives. "Hopefully it will show there has been a lot of political discrimination in the workplace and that needs to stop," he said in an interview with CNN Tech on August 15. He also called Google ( GOOG ) a "psychologically unsafe environment." He added, however that he doesn''t support the alt-right, even though some of its affiliates support him. In a blog post , Dhillon''s law firm is asking Google employees who have "experienced illegal employment practices" related to their political views to reach out. "We are also engaging with several other Google employees or former employees who have suffered adverse employment actions at Google," Dhillon said in a news release. "We are exploring all potential legal avenues for these clients, and gathering facts about working conditions at Google, particularly for those whose views are inconsistent with Google''s political orthodoxy." We represent Google employees terminated for violating Google''s rigid PC codes. https://t.co/GwYcY21UYV — Harmeet K. Dhillon (@pnjaban) August 23, 2017 Google spokesman Ty Sheppard said the company has strong policies against workplace retaliation, harassment and discrimination. "We also strongly support the right of Googlers to express themselves," Sheppard said. " ... But like any workplace that doesn''t mean that anything goes." Dhillon is also representing the Berkeley College Republicans in a suit that claims that the University of California, Berkeley restricts the speech of conservative students. It was filed after the school canceled a speech by Ann Coulter. -- CNNMoney''s Sara Ashley O''Brien contributed reporting.   4:57 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/08/23/technology/james-damore-lawyer-harmeet-dhillon/index.html'|'2017-08-24T01:01:00.000+03:00'
'89114ba665de5643572a802d3404025c7b3e32ae'|'U.S. judge tosses lawsuits about labels on Parmesan cheese'|'August 24, 2017 / 6:00 PM / 16 minutes ago U.S. judge tosses lawsuits about labels on Parmesan cheese Tina Bellon 3 Min Read FILE PHOTO - A Heinz Ketchup bottle and a bottle of Kraft parmesan cheese are displayed in a grocery store in New York, U.S. on March 25, 2015. Eduardo Munoz/File Photo NEW YORK (Reuters) - A U.S. judge on Thursday dismissed lawsuits by consumers who had sued food manufacturers and retailers over their "100% grated Parmesan cheese" labels, alleging they were deceiving buyers because the products actually contained cellulose filling. Starting in early 2016, companies such as The Kraft Heinz Co ( KHC.O ), Target Corporation ( TGT.N ), Wal-Mart Stores Inc ( WMT.N ) and Supervalu Inc were hit with some 50 lawsuits, which were consolidated in a multidistrict litigation in federal court in Chicago. The lawsuits on behalf of consumers claimed the companies violated various state consumer protection statutes by labeling their products as being 100 percent cheese, when a list on the back of containers clearly showed other ingredients. But U.S. District Judge Gary Feinerman said the plaintiffs'' claims were doomed "by the readily accessible ingredient panels on the products that disclose the presence of non-cheese ingredients." The judge said reasonable consumers would know the grated cheese must contain some additives, given that it does not require refrigeration before the container is opened. "Cheese is a dairy product, after all," Feinerman said, "and reasonable consumers are well aware that pure dairy products spoil, grow blue, green, or black fuzz, or otherwise become inedible if left unrefrigerated for an extended period of time." The plaintiffs in their lawsuits pointed to the inclusion of cellulose as an ingredient and said the additive meant they were not getting what they bargained for, alleging financial injury. A safe and common food additive made of wood pulp, cellulose is described on the cheese ingredient lists as an additive "to prevent caking." Feinerman also said the 100 percent claims might be interpreted as other than an assertion that the product contained nothing but cheese. It could also be taken to mean 100 percent of the cheese was Parmesan or that the Parmesan cheese was 100 percent grated, he noted. Plaintiffs have until Sept. to amend their complaints and reassert their claims. "Kraft Heinz applauds the Court''s dismissal of plaintiffs'' complaints today and fully agrees that the labeling of our Parmesan cheese is not misleading," the company said in a statement. The other companies did not respond to a request for comment. Lawyers for the plaintiffs did not immediately return a request for comment. Reporting by Tina Bellon; Editing by Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-kraft-heinz-lawsuit-cheese-idUSKCN1B429G'|'2017-08-24T20:49:00.000+03:00'
'afe19cbbb380bcdb424a4ec36c124c72ace58303'|'Exclusive: U.S. steel executives appeal directly to Trump for import restrictions'|'August 24, 2017 / 5:30 PM / 6 minutes ago Exclusive: U.S. steel executives appeal directly to Trump for import restrictions David Lawder 4 Min Read U.S. President Donald Trump walks from Air Force One as he arrives at Joint Base Andrews, Maryland, U.S., August 23, 2017. Joshua Roberts WASHINGTON (Reuters) - American steel industry executives have appealed directly to President Donald Trump for immediate import restrictions in a letter seen by Reuters, as a U.S. Commerce Department steel national security probe languishes and steel imports surge back to 2015 levels. Senior executives from 25 U.S. steel and steel-related companies sent the letter to Trump late on Wednesday saying the industry was suffering the consequences of government inaction but this could change with his "bold leadership" and "America First" vision. "The need for action is urgent. Since the 232 investigation was announced in April, imports have continued to surge," the executives said in the letter. "Immediate action must meaningfully adjust imports to restore healthy levels of capacity utilization and profitability to the domestic industry over a sustained period," they wrote. The Commerce Department has delayed the release of its recommendations from a "Section 232" investigation into whether steel imports pose a threat to national security, which could lead to Trump imposing broad quotas or tariffs on steel imports. The American Iron and Steel Institute (AISI), an industry trade group, on Wednesday reported that total steel imports through July this year were up 22 percent from the same period a year ago, with imports taking 28 percent of the U.S. market. Imports captured 30 percent of the U.S. market in June, according to Commerce Department data compiled by the institute. Steel imports dipped briefly last year due to Commerce Department anti-dumping and anti-subsidy duties imposed on steel products from China and some other countries. Wednesday''s letter followed last week''s departure of White House chief strategist Steve Bannon, who had been a vocal advocate for steel tariffs and other trade protections in the administration''s internal debates over trade. The executives from companies including Nucor Corp ( NUE.N ) U.S. Steel ( X.N ), ArcelorMittal ( MT.AS ) and DTE Energy ( DTE.N ) said the sustained surge of steel imports into the United States had "hollowed out" much of the domestic steel industry and was threatening its ability to meet national security needs. "Your leadership in finding a solution to the crisis facing the steel industry is badly needed now. Only you can authorize actions that can solve this crisis and we are asking for your immediate assistance," they wrote. Under the Cold War-era law authorizing the steel national security probe, Trump would have 90 days to act once the Commerce Department submits its probe. AISI president Tom Gibson, who also signed the letter, told Reuters the industry was trying to keep the issue "front and center" while Trump administration officials deal with a lot of other issues from North Korea to fiscal policy. He said that domestic steel producers'' capacity utilization rate is hovering around 75 percent, as steelmakers from South Korea to Turkey target U.S. demand to soak up their excess output. "Over the long term, that is not a sustainable level," Gibson said. Reporting by David Lawder; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-trade-steel-idUSKCN1B427B'|'2017-08-24T20:29:00.000+03:00'
'a38fe97370efef4f5f512b0a073bb50244c10f5b'|'Amazon to complete acquisition of Whole Foods on Monday, cut some prices'|'August 24, 2017 / 6:09 PM / 31 minutes ago Amazon to complete acquisition of Whole Foods on Monday, cut some prices 2 Min Read A customer enters the Whole Foods Market in Superior, Colorado United States July 26, 2017. Rick Wilking (Reuters) - Amazon.com Inc ( AMZN.O ) said on Thursday it plans to complete its $13.7 billion (10.70 billion pounds) acquisition of Whole Foods Market Inc ( WFM.O ) on Monday after winning antitrust approval from U.S. regulators on Wednesday. The companies said in a joint statement that Whole Foods will offer lower prices starting on Monday "on a selection of best-selling grocery staples across its stores." Amazon also said that it will start selling Whole Foods brand products on its website. Amazon said Whole Foods Market will operate as a subsidiary and John Mackey will remain as CEO and Whole Foods Market''s headquarters will remain in Austin, Texas Some grocery store stocks fell after the news. Kroger Co ( KR.N ) was down 4.6 percent. Wal-Mart Stores Inc ( WMT.N ) was down 2.1 percent. Amazon said starting Monday it will cut prices on Whole Trade bananas, organic avocados, organic large brown eggs, organic farmed salmon and tilapia, organic baby kale and baby lettuce, some apples, butter, and other products. Amazon said its Prime members will eventually become part of Whole Foods Market''s customer rewards programme. Reporting by David Shepardson in Washington; Editing by Bill Rigby and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-whole-foods-m-a-amazon-idUKKCN1B42AL'|'2017-08-24T21:25:00.000+03:00'
'c95fb46a3513ba44468d6b4621b6c1bba6c12af4'|'Phoenix Group targets deals in bulk annuities market'|'August 24, 2017 / 6:45 AM / 19 minutes ago Phoenix Group targets deals in bulk annuities market Reuters Staff 2 Min Read (Reuters) - Life insurer Phoenix Group ( PHNX.L ) plans to compete "selectively on accretive" bulk annuity deals in response to the large number of portfolios on the market, it said on Thursday. Bulk annuity deals involve insurers taking over the management of a company''s final salary pension scheme and are becoming more common as businesses look to reduce their risks and insurers look for new sources of income. Phoenix specialises in running life assurance funds closed to new customers and said in June it was entering the bulk annuity market. The company said on Thursday, while reporting a doubling in first-half operating profit, it would also continue to look for deals in Britain''s 300 billion pound-plus "closed life" market. "The (bulk annuities) market has grown steadily in recent years and there is projected demand of 350 billion pounds over the next ten years, as pension trustees look to de-risk current pensioner and deferred liabilities," Phoenix said. "Recognising that Phoenix possesses both the skills and financial resources, the group intends to compete selectively on accretive transactions to generate incremental value." Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-phoenix-group-results-idUKKCN1B40HU'|'2017-08-24T09:44:00.000+03:00'
'6f44b5af91f7dff74690fb6f4b9cbbfc00c5665a'|'Thomas Cook''s Condor, Lufthansa eye Air Berlin planes -sources'|' 44 PM / 43 minutes ago Thomas Cook''s Condor, Lufthansa eye Air Berlin planes -sources Victoria Bryan and Ilona Wissenbach 3 Min Read People watch an aircraft operated by German carrier Air Berlin landing in Berlin''s Tegel airport, Germany, August 23, 2017. Fabrizio Bensch BERLIN/FRANKFURT (Reuters) - Thomas Cook''s ( TCG.L ) German leisure airline Condor and Lufthansa are interested in taking on a number of planes from insolvent Air Berlin ( AB1.DE ), sources familiar with the negotiations said on Thursday. Air Berlin, Germany''s second largest carrier, filed for insolvency last week after major shareholder Etihad pulled the plug on funding. The race is on for interested parties to agree a deal for parts of its business, including planes and crew, which would bring access to take-off and landing slots at airports such as Duesseldorf, Berlin Tegel, Munich and Hamburg. Condor is "in the process of preparing a concrete offer", one source said, adding Condor was interested in mainly short-haul routes, and also some long-haul ones. Lufthansa ( LHAG.DE ), which was first to talk with Air Berlin, on Wednesday said it had presented a term-sheet to the insolvent carrier, setting out its interest in taking over parts of the Air Berlin group. The German flagship carrier''s proposal for the carve-up of Air Berlin would see it taking over the insolvent carrier''s leisure airline unit Niki and other planes for a sum in the low hundreds of millions of euros, another source said. Those aircraft, up to 90, would include 38 crewed planes Lufthansa already leases from Air Berlin. The source further said a likely deal could be 80 planes for Lufthansa, 24 for Condor and 40 for easyJet. Air Berlin''s planes are currently being kept in the air thanks to a 150 million euro ($177 million) government loan. But if the money runs out and Air Berlin is grounded, the airport slots go into a pool where they will be divided up among airlines. Thomas Cook repeated an earlier statement that it stood ready to play an "active role". Its interest in a "double-digit" number of planes was first reported by Sueddeutsche Zeitung. EasyJet''s interest in up to 40 planes, with slots in Berlin and Hamburg, was reported by Handelsblatt. The British budget carrier declined to comment. Ryanair ( RYA.I ) has said it would be interested in a bid for the whole of Air Berlin, as has German aviation investor Hans Rudolf Woehrl, who said he had been invited to talks with Air Berlin next week. Meanwhile, Lufthansa''s budget unit Eurowings seemed to be making an early attempt to attract any Air Berlin staff keen to find a new job while negotiations are still ongoing. Eurowings on Wednesday announced a recruitment drive, saying it was seeking around 200 pilots and 400 cabin crew qualified to fly and crew A320 planes. It did not specifically mention Air Berlin in the announcement on its website. ($1 = 0.8481 euros) Editing by Mark Potter and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-thomas-cook-grp-idUKKCN1B41IO'|'2017-08-24T15:43:00.000+03:00'
'd591fcb57a3406830a9c70f66b8a491caa5495ad'|'INSIGHT-Globalization''s castaways haunt central bankers'|'August 24, 2017 / 5:12 AM / 2 hours ago Globalization''s castaways haunt central bankers Jonathan Spicer and Howard Schneider 7 Min Read MASSENA, New York/JACKSON HOLE, Wyoming (Reuters) - After a turbulent year of anti-globalization backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalization can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalization, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors ( GM.N ) car factory, an aluminum plant, and the Sears ( SHLD.O ) department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labor markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalized, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalization and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. (Graphic: tmsnrt.rs/2g7Wky9 ) They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. A clock tower is seen in the mostly vacant St. Lawrence Centre Mall in Massena, New York, U.S., June 19, 2017. Photo taken June 19, 2017. Jonathan Spicer Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Recognizing the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focused on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Fed’s bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. Slideshow (2 Images) At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. “If we can keep people from being lost permanently, boy that’s a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighboring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburgh attended by New York Fed President William Dudley. Plattsburgh, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier ( BBDb.TO ), and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career center in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-fed-globalization-insight-idUSKCN1B40BB'|'2017-08-24T08:00:00.000+03:00'
'c9f781820df8e0bb94fbf5bbb98f902a5b5b5050'|'HelloFresh still open to autumn flotation despite Blue Apron slump'|'August 24, 2017 / 1:25 PM / an hour ago HelloFresh still open to autumn flotation despite Blue Apron slump Reuters Staff 2 Min Read FILE PHOTO: The Blue Apron logo is pictured ahead of the company''s IPO on the New York Stock Exchange in   29, 2017. Lucas Jackson/File Photo FRANKFURT (Reuters) - A September stock market listing remains an option for German meal kit delivery company HelloFresh, its chief executive told Manager Magazin, saying he was not swayed by the plunge in U.S. rival Blue Apron''s ( APRN.N ) shares. "We are keeping all options open," CEO Dominik Richter was quoted as saying by the monthly magazine on Thursday when asked about the possibility of a September flotation. Blue Apron ( APRN.N ) shares have lost almost half their value since the June initial public offering amid worries about costs and competition from e-commerce giant Amazon.com. "The Blue Apron IPO has only limited relevance for us. We play in a different league," Richter said, citing an established business in nine countries on three continents, generating faster growth and fewer losses than Blue Apron in the first half of this year. He added that longer term valuation was more important to him than what investors were willing to pay for shares in the company, which is controlled by Rocket Internet ( RKET.DE ), in the short term. "That also goes for the price in a possible IPO. It''s much more important to us what we are worth in three or five years," the 30-year old CEO was quoted as saying. Sources told Reuters in May that HelloFresh was preparing for a stock market flotation as early as autumn. It narrowed losses in the second quarter as faster revenue growth offset heavy spending on marketing to attract new customers. HelloFresh, which delivers meal ingredients and recipes, was valued at valued at 2 billion euros (1.71 billion pounds) in a funding round in December. Reporting by Ludwig Burger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hellofresh-ipo-idUKKCN1B41N1'|'2017-08-24T16:25:00.000+03:00'
'588b3b5b6ed5038264746cb5c220b0de501b01bd'|'Provident Financial reorganises home credit unit after profit warning'|'August 25, 2017 / 7:26 AM / 19 minutes ago Provident Financial reorganises home credit unit after profit warning Reuters Staff 2 Min Read (Reuters) - Subprime lender Provident Financial ( PFG.L ), which has lost close to 60 percent of its market value this week after a second profit warning in quick succession, said on Friday that it had replaced the managing director of its beleaguered home credit business. The firm''s earnings have been hit by unresolved problems at its door-to-door lending business, with its woes compounded by an additional disclosure on Tuesday that its banking unit has halted sales of a loan repayment product pending an investigation by Britain''s financial watchdog. Newly appointed Chairman Manjit Wolstenholme announced changes to the consumer credit division''s management structure on Friday. Chris Gillespie, who had been managing director of Provident''s consumer credit division before leaving in 2013, is to rejoin the firm as managing director of the home credit business. He is replacing current business head Andy Parkinson with immediate effect. "Gillespie''s focus as the new managing director will be on re-establishing relationships with customers, bringing collections back to a normal level, and stabilising the operation of the business," Provident said. Luke Enock will take on the role of deputy managing director of the home credit business and Greg Cant, director of corporate finance and development at Provident will help with project management. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-provident-fin-restructuring-idUKKCN1B50PN'|'2017-08-25T10:26:00.000+03:00'
'13bc41431f48f284039555b64bbd2afe00a45840'|'China''s JD.com invests in Indonesia''s Go-Jek amid SE Asia push: sources'|'August 25, 2017 / 7:01 AM / in 6 hours China''s JD.com invests in Indonesia''s Go-Jek amid SE Asia push: sources Julie Zhu 3 Min Read FILE PHOTO: A sign of China''s e-commerce company JD.com is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. Aly Song/File Photo/ HONG KONG (Reuters) - JD.com Inc ( JD.O ) has invested in Indonesian ride-hailing startup Go-Jek, people familiar with the matter told Reuters, in the latest move by China''s second-largest e-commerce firm to tap growth in Southeast Asian mobile-based services. Go-Jek, whose investors include global private equity firms KKR & Co LP ( KKR.N ) and Warburg Pincus LLC [WP.UL] as well as venture capitalist Sequoia Capital, has raised about $100 million from JD.com, one of the people said. The startup is raising up to $1 billion from existing and new investors in its latest funding round and has a pre-money valuation of about $2.5 billion, the person said. The people declined to be identified as the financing plans are not public. JD.com and Go-Jek declined to comment. Indonesia currently accounts for almost all of JD.com''s investments outside China, which include an e-commerce platform and travel startup Traveloka. JD.com''s investment in Go-Jek follows that of Chinese social media and online entertainment firm Tencent Holdings Ltd ( 0700.HK ), which is also an investor in JD.com. Reuters reported last month that Tencent had invested $100 million to $150 million in Go-Jek. The people said Tencent is also in talks with Go-Jek for further investment as a strategic investor. FILE PHOTO: A Gojek driver rides his motorcycle through a business district street in Jakarta, June 9, 2015. Beawiharta/File Photo Tencent did not immediately respond to a request for comment. Investment in Southeast Asia by some of China''s largest tech firms point to ambitions to boost their presence in a region that many expect to produce the next batch of high-valued tech startups. Alibaba Group Holding Ltd ( BABA.N ) and Didi Chuxing, China''s largest ride-hailing firm, have also been investing in Southeast Asia, home to more than 600 million people and some of the world''s fastest-growing economies. Didi, along with Japan''s SoftBank Group Corp (9984.T), last month led a $2.5 billion financing round of Singapore-based Grab, one of Go-Jek''s biggest rivals in Southeast Asia. Go-Jek, which began as a ride-hailing app for motorcycle taxis, mainly operates in Indonesia, the region''s most populous country, which has grown to be a large potential market for Grab and Uber Technologies Inc [UBER.UL]. Amid fierce competition in ride-hailing, Go-Jek is also developing food delivery business that a separate person said yields a much higher margin than car-hailing. Its mobile payment business, Go-Pay, is growing rapidly as it is complementary with other Go-Jek offerings, the person said. People close to the matter previously told Reuters that Go-Jek aims to close the current funding round in the third quarter. Online technology newspaper The Information first reported JD.com''s Go-Jek investment earlier on Friday. Reporting by Julie Zhu; Additional reporting by Kane Wu; Editing by Christopher Cushing and Kim Coghill '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-go-jek-m-a-jd-com-idINKCN1B50MH'|'2017-08-25T05:01:00.000+03:00'
'28c7901cc6caae9d4cfc2635b2338aaad251be35'|'ECB needs fresh powers to intervene in bank failures, supervisor says'|'August 25, 2017 / 2:17 PM / 15 minutes ago ECB needs fresh powers to intervene in bank failures, supervisor says Reuters Staff 2 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, June 10, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - The European Central Bank needs fresh powers to freeze payments temporarily at banks heading towards failure, halting a potentially fatal outflow of liquidity, Daniele Nouy, the ECB''s top supervisor said on Friday. The ECB, which supervises the euro zone''s biggest banks, was tested in recent months when several top lenders failed in quick succession, including Spain''s Banco Popular, which collapsed when liquidity dried up in a matter of days. "In my view... the introduction of adequate moratorium power for authorities is needed in order to react with the needed flexibility, if the situation of a bank deteriorates rapidly," Nouy told a member of the European Parliament in a letter. "Given the potentially swift evolution of liquidity crises, a moratorium tool could be necessary to ensure there is adequate time for ensuring a credible solution," Nouy said, adding that the ECB will soon publish an opinion on this issue. Countries like Greece or Germany allow for such freezes but not Spain, and ECB wants uniform rules across the euro zone. Supervisors are also concerned that when a bank is near collapse but not yet legally deemed "failing or likely to fail", they lack the tool to intervene and prevent the death spiral. The moratorium tool could maintain some liquidity, allowing authorities to guide the bank either into orderly resolution or a rescue. The European Commission late last year proposed giving supervisors the authority to suspend some deposit withdrawals and payments obligations in exceptional circumstances. While the Commission proposal would excluded deposits under 100,000 euros, the Single Resolution Board has warned that significant amounts of cash could leave the bank if the moratorium was excessively narrow. Lawmakers since the Banco Popular failure have debated whether to include even smaller deposits in the moratorium. Reporting by Balazs Koranyi'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKCN1B51QY'|'2017-08-25T17:17:00.000+03:00'
'bda733a8f760b4c2f2564f64b87985af73955199'|'ECB''s asset buys do little for inflation: Bundesbank research'|' 28 AM / 38 minutes ago ECB''s asset buys do little for inflation: Bundesbank research Reuters Staff 2 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank''s 2.3 trillion euros worth of asset buys propped up growth but failed to boost inflation and may have actually increased risks to financial stability, research published by the Bundesbank on Friday showed. The conclusions of the paper support the long held views of the German central bank that bond purchases, commonly known as quantitative easing, were unnecessary and should be phased out without delay, ending the ECB''s biggest foray yet into unconventional monetary policy. "We find that ECB balance sheet policies, in the form of direct asset purchases, bring down financial stress for some periods after the shock," the paper concluded. "This positive effect is reversed thereafter as stress increases above its pre-shock level." "At the same time, asset purchase shocks have an expansionary effect on economic activity, while the effect on prices remains insignificant," said the authors, whose view does not necessarily represent the views of the Bundesbank. With the asset buys due to expire at the end of the year, policymakers will debate this autumn whether to extend bond purchases into 2018 or wind down the scheme. While stimulus has pushed growth above 2 percent, more than twice what is considered the euro area''s potential, inflation is still weak and will miss the ECB''s target of almost 2 percent for years to come, leaving policymakers with a dilemma. The Bundesbank has long argued that asset buys not only skirt the rules prohibiting central banks from financing budgets, they distort markets potentially leading to asset bubbles and do little for inflation. "Our analysis shows that, while output effects in the euro area and Germany are positive, there are indications of increasing risks to financial stability," the research added. The paper argued that given ample liquidity provided by the ECB, commercial banks reduce loan write-offs and engage in more risky lending, ultimately leading to higher financial stability risks. Reporting by Balazs Koranyi; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-bundesbank-idUKKCN1B516G'|'2017-08-25T13:27:00.000+03:00'
'943c5b41f6306b27754869a32bba845eba229ca1'|'Ad group WPP cuts sales forecast on weak client demand'|'August 23, 2017 / 6:11 AM / 27 minutes ago WPP suffers worst day since 1998 after consumer goods groups cut spending Kate Holton 5 Min Read LONDON (Reuters) - WPP, the world''s largest advertising group, cut its sales target for the second time in six months on Wednesday after consumer goods giants curbed spending, putting its shares on track for their worst day in 19 years. Facing its weakest underlying revenue growth since the financial crash in 2009, WPP saw its shares fall as much as 13 percent, wiping some $2.6 billion off its market value. Much of the problem stems from a move by packaged goods groups including Unilever, Nestle and Procter & Gamble to respond to weak growth by cutting back on advertising products such as washing powder, drinks and food. Like its rivals, WPP has also been hit by an ultra competitive environment in the United States where it lost two major contracts - VW and AT&T - meaning the group missed its first-half net sales target by some margin. "It is difficult," Chief Executive Martin Sorrell told Reuters. "Most of our shrinkage came in the second quarter and we couldn''t adapt fast enough for that. But we feel good about the way we''ve controlled the costs." Sorrell noted the growing influence of activist investors in the consumer goods sector, which he felt was adding to the pressure to rein in spending and boost margins. Consumer goods clients make up around a third of WPP''s revenue. Analysts at RBC said eight of the 10 consumer goods companies which detailed their marketing approach in the first half of the year reported a decline as a proportion of sales. Unilever, a WPP client which fought off a $143 billion takeover bid from Kraft Heinz in February, said it was looking to cut the number of adverts created by 30 percent. In the first half of the year, its spending with ad agencies fell by 17 percent. GLOBAL GIANT One of the best known businessmen in Britain, Sorrell built the advertising group from a two-man operation in a London office in 1985 to one that now dominates the industry with 205,000 people, including associates, working in 112 countries. It provides advertising, data analytics and consultancy work to brands including L''Oreal, IBM, AstraZeneca and Vodafone. While it outperformed its peers for several years after the financial downturn, it has been showing signs of strain in the last year as rivals fight for every dollar of ad spend. On Wednesday it reported first-half like-for-like net sales down by 0.5 percent, below a consensus of 0.7 percent growth. It cut its full-year underlying net sales growth target to between flat and 1 percent, from a previous forecast of 2 percent. Like peers Omnicom and IPG, net sales were particularly weak in the U.S.. French group Publicis, recovering from several years of subdued trading, is one of the few ad groups to fare better in the U.S., posting decent results in July. WORSE THAN FEARED While some analysts had forecast a weak set of results, the scale of the downturn took the market by surprise and the stock is now down 23 percent in the year to date. "As we feared, WPP''s results did indeed surprise negatively and the scale of the slowdown was more than feared," Citi analysts said in a note to clients. Brian Wieser, an analyst at Pivotal Research Group, said the shareprice reaction was overdone. "At a thematic level there is little that is different than anything management commented on at the time of the last quarter''s results," he said. Tight cost controls helped the group to reiterate its target for a 0.3 point improvement in its operating margin, and net new business billings were up against last year. WPP first rattled investors in March when it cut its 2017 sales forecast. From 3.1 percent net sales growth in 2016, it set a 2017 target of 2 percent to reflect "tepid" economic growth before it reduced it further on Wednesday. Challenges on the horizon include the strength of Google and Facebook in digital advertising. While some marketers work directly with the two giants, cutting out the middleman, the appearance of expensive ads alongside hate speech or extreme content has helped reinforce the need for traditional ad groups. Consultancies such as Accenture and Deloitte are also competing in the provision of data analytics. WPP said on Wednesday that Google and Facebook were major media clients, and that while the consultancies had acquired some small digital agencies, there was little evidence so far of them making major inroads. "The most significant pressures on client spending seems to be the impact of low growth and cheap money driving asset purchases, consolidation and zero-based budgeting," it said, in reference to the private-equity approach to cost control. Additional reporting by Martinne Geller; Editing by Paul Sandle and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-wpp-results-idUKKCN1B30GP'|'2017-08-23T09:25:00.000+03:00'
'b2410e58007cd321265ec181f9143bc04bd08fe3'|'Qatar banks seek Asian, European funding as diplomatic crisis bites'|' 27 AM / 19 minutes ago Qatar banks seek Asian, European funding as diplomatic crisis bites 7 Min Read FILE PHOTO: A view shows buildings at the Doha Cornich, Qatar, August 30, 2016. Naseem Zeitoon/File Photo DUBAI (Reuters) - Qatari banks are turning to Asia and Europe for funding after clients from other Arab states pulled billions of dollars from their accounts following a regional diplomatic rift. While the Qatari government has placed large deposits in its lenders to help offset the outflows, banks are trying to find new private funding as analysts warn there are likely to be more heavy withdrawals in the coming months. Two sources told Reuters that Qatar National Bank ( QNBK.QA ) (QNB) has held talks, arranged by banks including Standard Chartered, with investors in Taiwan about a private placement of Formosa bonds - debt sold there by foreign issuers and denominated in currencies other than the Taiwan dollar. One of the sources added that QNB, which is the Middle East''s largest bank, was also considering private placements in other Asian markets. The lender has around $6 billion in bonds and medium term notes maturing between now and mid-2018, much of which it is likely to aim to refinance, the source said, adding that this was most efficient step in light of the rift. Qatar Islamic Bank ( QISB.QA ), the country''s largest Islamic lender, has recently raised funds through private placement deals in Japanese yen and Australian dollars. It is now exploring more such deals in Europe and Asia, as well as a certificate of deposit programme and a Murabaha - a cost-plus-profit Islamic facility - to raise cash, according to an international banker. The bank did not respond to a Reuters request for comment. A spokesman for Qatar National Bank said: "We have several proposals for a Formosa issue from several international banks dealing in that part of the world." However, he added that nothing had yet been agreed or decided on the timing of the issue or the choice of advisers. "It is natural for QNB to regularly tap the different international markets maintaining close relations with its investor base as a frequent issuer. This is part of the overall QNB''s wholesale funding strategy agreed before the regional diplomatic rift," he said. Many Qatari banks are facing greater urgency to secure funding since June when the United Arab Emirates, Saudi Arabia, Egypt and Bahrain imposed a diplomatic and commercial boycott on Qatar, accusing it of funding terrorism. Qatar denies the allegations. The crisis has led to an outflow of around $7.5 billion in foreign customers'' deposits and a further $15 billion in foreign interbank deposits and borrowings, believed to be mainly from those four Arab countries, Qatari central bank data shows. Analysts estimate a further $3 to $4 billion could leave in the coming months. In response, Qatar''s government deposited nearly $18 billion with local banks in June and July, according to the same data. The exodus of cash was a threat to liquidity and likely to increase competition among Qatari banks for deposits, pushing up funding costs and squeezing margins, Fitch Ratings warned on Wednesday. FILE PHOTO: Cars drive past the building of Qatar Central Bank in Doha, Qatar, June 6, 2017. Naseem Zeitoon/File Photo ON THE RICH SIDE Before the crisis, Europe was the largest source of total funding, including deposits and wholesale funding, for Qatari banks. This was slightly ahead of clients in member states of the six-nation Gulf Cooperation Council, of which Qatar remains a member. After a fall in government deposits in Qatar''s banking system in 2016, banks reacted by attracting costlier non-resident deposits and increasing wholesale funding to sustain their growth. Deposits represent 75 percent of Qatari banks'' non-equity funding, according to Fitch. Foreign customer deposits accounting for around a quarter of total deposits. One Asian banker said Asian investors were attracted by the high ratings of Qatari banks, but that European investors might find the price of Qatar debt on the "rich side", particularly as it could be tricky to trade in the secondary market if the rift continues for long. Qatari bankers say they have received a stream of phone calls and visits from many international banks in recent weeks, proving they''ve kept faith with the Gulf state. One Qatar-based source said an Asian bank chief executive had recently visited certain Qatari banks to reassure them that it would support them, while an unnamed Singapore-based lender was also in talks with a Qatari bank about providing a bilateral credit facility. QNB, the Qatari bank with the most diversified funding sources, has also been the most active in Asia and last year issued a $1.10 billion Formosa bond via private placement. Many other Qatari banks are likely to seek similar deals either through private placement bonds or sukuk or bilateral loans from relationship banks, sources said. "There has been an increase in private placements, as these are easier to conclude in more uncertain times, but we understand a number of these are with international investors," said Redmond Ramsdale, senior director of financial institutions at Fitch. "The international bond markets are open to the Qatari banks, but higher perceived risk is resulting in higher required yields." The Asian banker estimated top-tier Qatari banks could pay an extra 40 to 50 basis points on private placement bond deals compared with before the rift, with more for smaller lenders. The same banker also expressed scepticism whether private placements and bilateral loans would be enough to cover all of the banks'' funding needs. "They already had liquidity needs before the crisis, so it''s difficult to know whether they will be able to do that in the volumes they need to compensate for loss of liquidity," the banker said. Amid the rift, public bond markets appear unattractive for Qatari banks. Many are nervous about having to offer a higher yield and about the level of investor appetite, given that the smaller lenders particularly have historically relied on demand from Gulf banks, especially those from the UAE. The situation appears especially acute for Islamic banks, with investors from Saudi Arabia, the UAE and Bahrain among the largest investors in the international sukuk market. Qatar International Islamic Bank ( QIIB.QA ) remains uncertain when it will issue a planned U.S. dollar-denominated sukuk, sources told Reuters. It appointed banks in May for the potential issue, Reuters reported at the time. The bank declined to comment when contacted by Reuters. Reporting by Tom Arnold; editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-gulf-qatar-banks-idUKKCN1B40QT'|'2017-08-24T12:26:00.000+03:00'
'4a4629e146778618fdaa7bf3e07831ca2b8a2e88'|'Does ageing explain America’s disappointing wage growth?'|'WHEN America’s unemployment was last as low as it has been recently, in early 2007, wages were growing by about 3.5% a year. Today wage growth seems stuck at about 2.5%. This puzzles economists. Some say the labour market is less healthy than the jobless rate suggests; others point to weak productivity growth or low inflation expectations. The latest idea is to blame retiring baby-boomers.The thinking goes as follows. The average worker gains skills and seniority, and hence higher pay, over time. When he retires, his high-paying job will vanish unless a similarly-seasoned worker is waiting in the wings. A flurry of retirements could therefore put downward pressure on average wages, however well the economy does. The first baby-boomers began to hit retirement age around 2007, just as the financial crisis started. And since 2010, the first full year of the recovery, the number of middle-aged workers has shrunk considerably. They have been replaced partly by lower-earning youngsters (see chart).  9   Researchers at the Federal Reserve Bank of San Francisco think this could explain disappointing wage growth over that period. They split earnings growth into the portion caused by pay rises, and the portion caused by people joining or leaving the workforce. From mid-2012 until recently, changes to labour-force composition have reduced income growth by about two percentage points. By comparison, in early 2007 the drag was less than one percentage point. For those in work continuously, pay is rising just as fast as it was then.Does that mean the labour market is running hot? Not so fast, says Adam Ozimek of Moody’s Analytics. He points out that the number of workers aged over 55 is growing, not shrinking, as a fraction of the workforce. What is more, statistically controlling for ageing barely changes estimates of aggregate wage growth, according to his model.So what is going on? The San Francisco Fed’s researchers also note that many low earners have recently joined the labour force (such workers are usually the last to benefit from economic expansions). Growth in low-skilled jobs can hold back average wage growth. But this explanation does not imply that the labour market has fully recovered, because more people may yet be tempted to look for a job. In fact, Mr Ozimek denies there is a wage puzzle to begin with. Replace the unemployment rate, which counts only those who are seeking work, with the fraction of 25-to-54-year-olds who are jobless, and wage growth is exactly where you would expect it to be (at least according to Mr Ozimek’s preferred measure of pay and benefits).Another problem with the ageing explanation is that it is not just wage growth that has been disappointing. Inflation, too, has been puzzlingly low this year: the core consumer-price index, which excludes food and energy, has undershot forecasts for five consecutive months. Ageing cannot easily explain low inflation. True, retiring baby-boomers reduce firms’ wage bills. But if older workers earn their high pay through high productivity then firms’ unit costs should not fall as retirements rise.Ageing is too often overlooked as an explanation for economic trends—politicians routinely promise that the economy will grow as fast as it did before baby-boomers started retiring and the workforce began to shrink. Yet when it comes to wage growth, the effect of ageing is probably modest. Policymakers should not hide behind it. Despite low unemployment, the labour market is not yet simmering.  Finance and economics   "Retirement accounts"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727098-economists-debate-effects-baby-boomer-retirements-does-ageing-explain?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'0d593e6943e7eba7870d534e801e4de55d699d6f'|'Investor activism is surging in continental Europe'|'LEAVE it to the Americans to besiege European companies in August, when the entire continent is on holiday. It emerged this month that Corvex Management, an American hedge fund, had built up a $400m position in Danone, a French food giant. AkzoNobel, a Dutch paints-and-chemicals firm which has been under heavy fire from Elliott Advisors, a subsidiary of another American activist fund, agreed to appoint three new directors to its board. An even bigger skirmish is under way in Switzerland, where Third Point, an American fund run by Daniel Loeb, is seeking to shake up Nestlé, the world’s biggest food company. Ulf Mark Schneider, Nestlé’s new boss, is under pressure to present bold plans to investors in September.Such tussles used to be relatively rare in Europe. But shareholder activism is on the rise, with restive investors demanding corporate overhauls. Armand Grumberg, a mergers lawyer in Paris, last year counted 70 such campaigns in continental Europe. He expects this year to be even livelier. “It is the new normal,” he says.  8   The surge in activism has several causes. As American activist funds jostle to find targets at home, some are seeking less well-trodden hunting grounds abroad. Relatively cheap European firms are tempting prey. Many Americans also see continental models of corporate governance as ripe for disruption. Americans (and Britons) think that boards must prioritise shareholders’ interests; Europeans, backed by courts, insist boards should also take the interests of staff, creditors and suppliers into account.It is not just Americans who have sprung into action. A London-based group, The Children’s Investment Fund, recently led a successful campaign to urge Safran, a French maker of aeronautical parts, to lower its offer price for Zodiac, a poorly run French producer of aeroplane seats and toilets. On the other side of the deal, a French fund called CIAM had invested in Zodiac and sought the Safran takeover.CIAM’s profile has risen in recent years. In 2013 it opposed a sale of Club Med, a tourism company in which it held a stake; that allowed a Chinese buyer, Fosun International, to step in with a higher bid. CIAM also campaigned for Disney to pay more to minority investors in Euro Disney, a subsidiary that was taken private in June. Anne-Sophie d’Andlau of CIAM calls such activism “new in France”, but says the trend is picking up. Activists previously struggled even to meet asset managers, for instance in Paris, says Ms d’Andlau. Now investors listen when she explains an idea.In Germany a new corporate-governance code, modelled on a British one, is emboldening activists, too: the latest version says that institutional investors “are expected to exercise their ownership rights actively”. Cevian Capital, a big Swedish activist group, has built up a holding in ThyssenKrupp, a German steelmaker. Knight Vinke, yet another active investor, has been trying to dismantle E.ON, a German energy conglomerate. A German-led investment fund, Active Ownership Capital (AOC), last year built a 7% stake in Stada, a maker of generic drugs near Frankfurt, eventually forcing changes to its board, managers and strategy. AOC was vindicated this month: two private-equity firms said on August 18th that they had acquired enough shares to complete a €4.1bn ($4.8bn) takeover of Stada. It will be Europe’s biggest such deal in four years.Many more campaigns are conducted behind the scenes, as funds work amicably with companies. For instance, the founders of Teleios Capital Partners, a Switzerland-based activist fund, say that in the past three years they have urged shake-ups at about two dozen companies. Of these, only three turned sufficiently adversarial to draw public attention.Some fights do inevitably spill into the open. When they do, Europeans usually try to avoid the rough-and-tumble approach associated with their American peers; it is crucial not to be seen as “aggressive” or like “cowboy Americans”, sniff local activists. A cautious approach makes it easier to win backing from other investors. Teleios recently set its sights on Kongsberg Automotive, a big, lumbering Norwegian car-parts maker. Founders of Teleios describe being chided at first in Norway, for example by local pension funds, for using methods “that were not how things were done”. By laying out detailed plans for Kongsberg and showing “humility”, they won enough allies to support big changes.If activists find Europe more fertile ground than they once did, they still face difficulties.In many countries corporate-governance rules remain a thicket. In the Netherlands foundations control some companies and may appoint directors or issue new stock. In Germany two tiers of boards govern firms, so an investor might win a seat on a supervisory board yet find no influence over a management board. In France long-term shareholders can claim double voting rights.Yet investors familiar with European ways can also benefit from such peculiarities. Kay Bommer of DIRK, a lobby group that represents over 300 listed companies in Germany, says that some clever activists try to exploit differences of opinion between supervisory and management boards of German firms. In France, activists with long-term horizons can make use of double voting rights themselves.Ms d’Andlau says her fund has no shortage of tempting targets, especially among firms worth €1bn-5bn in Germany, Italy, Spain and Switzerland. AOC sees “around 1,000” possible targets in Germany, Scandinavia and the Benelux countries. European bosses may be on holiday, but they cannot properly relax.  Business   "Call to action"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21727086-third-point-corvex-and-elliott-are-just-beginning-investor-activism-surging?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'25ec9d3700e20dd80da5bb12cfe1d4e5d64545b2'|'British Airways calls on UK to tackle long airport queues'|'August 26, 2017 / 12:21 PM / 8 hours ago British Airways calls on UK to tackle long airport queues Reuters Staff 2 Min Read Britain Cricket - India v New Zealand - ICC Champions Trophy Warm Up Match - The Oval - 28/5/17 A British Airways plane flies over the Oval Cricket ground Action Images via Reuters / John Sibley Livepic EDINBURGH (Reuters) - British Airways (BA) has called on UK border authorities to address "serious inefficiencies" causing long delays at airport immigration controls ahead of Britain''s exit from the European Union. BA said difficulties processing passengers after a new electronic gate system was introduced last year were causing long waits in queues, sometimes of more than an hour. During the busy holiday period this was made more frustrating by immigration gates being closed, the airline said. "With Brexit just round the corner, more than ever, the UK needs to show that it''s an easy place to travel to," it said in a statement. BA said it supported the interior ministry''s efforts to step up security, after a series of militant attacks earlier this year, but that more needed to be done. "It is a dreadful welcome for visitors to the UK to be faced with a packed immigration hall and the prospect of a frustrating delay to the start of their holiday or business trip. It adds insult to injury when you''re stuck in a queue but can see numerous gates which just aren''t being used." An interior ministry spokesman quoted by The Telegraph and other media accused BA of exaggerating. "This significantly misrepresents the experience of the vast majority of passengers arriving at Heathrow this summer," he was quoted as saying. "More than 99 percent of British and European passengers arriving at Heathrow are dealt with within 25 minutes. For passengers from outside the European Economic Area, 87 percent of passengers have been dealt with within 45 minutes," he said. Earlier this month, BA, owned by International Consolidated Airlines ( ICAG.L ) said Britain''s airports could see passenger numbers plunge by as much as 40 percent unless the government strikes an interim aviation deal with the EU by October 2018, according to an industry report seen by Reuters. Reporting by Elisabeth O''Leary; Editing by Helen Popper'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-iag-britishairways-delays-idUKKCN1B60F0'|'2017-08-26T15:21:00.000+03:00'
'201bd67b43ad0548828ca1efdbd40dc9bb49f510'|'China''s R&F Properties roars back into the spotlight on Wanda deals'|' 56 AM / 17 minutes ago China''s R&F Properties roars back into the spotlight on Wanda deals Reuters Staff * R&F involved in two property deals with Wang''s Dalian Wanda * Wang and R&F''s Li Sze Lim "long-term friends" - Li * Wanda targeted in Chinese clampdown on overseas investment * R&F now world''s largest owner of luxury hotels By Clare Jim HONG KONG, Aug 26 (Reuters) - Once the leader of the elite group of developers known as the "Five South China Tigers", Guangzhou R&F Properties gradually became overshadowed by bigger beasts, but it''s now back in focus even as many rivals shy from the limelight. The developer, with a market value of HK$52.5 billion ($6.7 billion), has grabbed international headlines over the past few weeks with two property deals linked to one of China''s richest men, Wang Jianlin, and his Dalian Wanda Group. On Tuesday, R&F said it had teamed up with China''s CC Land to buy Nine Elms Square in London in a 470 million pound ($606 million) deal. R&F stepped in after Wanda scrapped plans to buy the property, the latest setback for Wanda as Beijing tightens controls on overseas investment. The purchase came just weeks after R&F bought 77 hotels from Wanda for 19.9 billion yuan ($3 billion), as part of a $9 billion restructured deal. The pair of deals has prompted some analysts to suggest the Hong Kong-listed company is a white knight of billionaire Wang''s property to cinemas conglomerate. Wanda has become a target in China''s clampdown on capital outflows, and sources say Chinese banks have been told to stop providing funding for several of its overseas acquisitions in order to curb its appetite for offshore deals. "Wang Jianlin and I are long-time friends," R&F Chairman Li Sze Lim said at an earnings conference in Hong Kong on Tuesday. "We bumped into each other in an event in Beijing, and struck the deal after 20 to 30 minutes," he said, referring to the hotel purchase in July. Buying the hotels at a 40 percent discount showed Wang''s trust in R&F, he added. If indeed it took less than 30 minutes to strike a $3 billion deal, the pair must certainly be well-acquainted. Sources have told Reuters Wanda approached R&F about taking on some of the assets from the initial deal with Sunac China in order to speed up full payment. Wanda has declined to comment further on R&F, but Wang has told a press conference last month the hotel deal is a win for all parties, being a "rare chance in a hundred years" for R&F to acquire the portfolio at a discounted price. HOTEL POWERHOUSE A mathematics graduate, Li comes across as a modest and mellow businessman. Traditionally a low-profile tycoon, the 60-year old was born and grew up in Hong Kong. He made his fortune from China''s real estate market in the 1990s when he first ventured into the urban redevelopment projects and construction of low-end apartments in southern China''s Guangzhou city. Hong Kong was still a British colony when Li started the company in 1994 with his mainland Chinese partner Zhang Li, who is now co-chairman and CEO of R&F. Together with Country Garden, China Evergrande Group <3333.HK, Agile Group and Hopson Development , the five Guangzhou-based property developers are commonly known as the "Five South China Tigers" for their aggressive business style. In 2007, R&F ranked No.4 in terms of sales nationwide, but it slipped to 25th place in the first half of this year, trailing cross-town peers Country Garden and Evergrande, which ranked No.1 and No.3. R&F''s active investment in commercial property, in contrast with the other four, had helped the company expand by diversifying its income base during the boom years. But when the financial crisis hit in 2008, these assets weighed on R&F''s cashflow as their cash turnover is much slower than residential property. Partnering with luxurious hotel management groups such as Hyatt Hotels and InterContinental Hotels, R&F owned 34 high-end hotels across China prior to the deal with Wanda. Now, with 111 hotels in total, it has become the world''s biggest luxury hotel owner. "The London deal could be more related to Wanda rather than its overseas expansion strategy, because it had rarely talked about plans to flex its muscles overseas", said RHB Research analyst Toni Ho. "The hotel deal with Wanda was a surprise to the market too, though it''s a good buy given its long history and asset size in hotel business. The deal would help its expansion and profitability." Indeed, Li told reporters on Tuesday overseas business accounts for only "single digits" of the group to keep risk contained. The developer, which is awaiting a dual-listing in mainland China, has developments in Malaysia and Australia which accounted for 4 percent of R&F''s total contracted sales in the first six months of this year. R&F added its footprint in the U.K. earlier this year after snapping up Nestle Tower in south London for around 60 million pounds and Vauxhall Square for 157.77 million pounds. On Tuesday, the developer posted a 22 percent rise in core profit in the first six months to 2.1 billion yuan ($315.40 million), and it raised its full-year sales target to 80 billion yuan, 31 percent higher than the sales achieved last year. Moody''s Investors Service described the results as weak, highlighting persistently high debt leverage as consistent with its negative outlook on the company''s credit rating. ($1 = 7.8254 Hong Kong dollars) (Reporting by Clare Jim; Editing by Anne Marie Roantree and)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/rf-properties-profile-idUSL4N1LA22U'|'2017-08-26T08:54:00.000+03:00'
'eea1b9b72a21fd65864eb4ab9f7033f902d5cc3d'|'XTO Energy shutters some Eagle Ford wells ahead of Harvey'|'HOUSTON, Aug 25 (Reuters) - Exxon Mobil Corp''s XTO Energy unit said on Friday it has shut in some oil wells in the Eagle Ford shale region of Texas ahead of Hurricane Harvey."XTO has shut-in production in the direct line of the hurricane," spokeswoman Suann Guthrie said. "Personnel have been evacuated as appropriate." (Reporting by Ernest Scheyder; Editing by Chris Reese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-exxon-mobil-idUSL2N1LB1Z1'|'2017-08-26T00:42:00.000+03:00'
'e72b85fdc43f0fbf244ffb720c1de1893db94451'|'Management turmoil at Infosys is particularly ill-timed'|'THE quickest way to start a Mexican wave in India is to head to the campus of Infosys, an IT outsourcing firm based in Bangalore, and ask all those who think they should be in charge to raise their hands. On August 18th the company’s chief executive, Vishal Sikka (pictured), resigned unexpectedly. But he still serves as executive vice-chairman. Now a chairman, a co-chairman, the interim chief executive who succeeded Mr Sikka, the board of directors and a retired founder all seem to think they should be running the show. The stalemate risks leaving the firm without a leader just as it had started the urgent work of overhauling its business.The company’s management crisis is surprising. As one of only a few Indian IT firms that multinational companies trust to build and maintain their computer systems, Infosys has long sought to exude an aura of professionalism bordering on the dull. But clashing egos at the top now make it seem anything but. In 2014 Mr Sikka became the first person outside a cluster of co-founders to become chief executive. This month he quit after months of incessant heckling from the firm’s principal founder, Narayana Murthy. Shares promptly tanked, dropping by 15%. Mr Murthy has not received much in the way of gratitude for driving out Mr Sikka. Corporate-governance experts decried his method—notably a whispering campaign that suggested, but fell well short of proving, that Mr Sikka had profited from an acquisition Infosys made under his watch. Mr Murthy’s right to complain is also shaky. Though he is admired as a godfather of the tech scene, having pioneered the outsourcing model that has since become a major industry in India, he is a tiny shareholder in Infosys, owning just 0.38% of the company (his relatives own another 3% or so).The board of directors has made it clear that it sides with Mr Sikka. Soon after his resignation, it denounced Mr Murthy’s “misguided campaign” and pointed to independent audits that found no wrongdoing by the outgoing boss. An enraged Mr Murthy is now said to be seeking support among shareholders—mainly foreign and domestic institutional investors—to evict directors who oppose him.Mr Murthy’s defenders paint him as a catalyst for change in the mould of activist investors. His critics denounce him as a bully who cannot accept that Infosys is no longer his to run (he returned to the helm once before, in 2013). Either way, his campaign is ill-timed. Whatever Mr Sikka’s flaws—a propensity for grandiose “thought leadership”, a penchant for private jets—he communicated a clear vision of how Infosys must transform its business model.On this he convinced nearly everyone: there is an obvious need for Infosys to change. The trick Mr Murthy and his co-founders perfected, of persuading Western firms to replace their expensive local IT staff with Indian engineers earning $5,000 a year, has largely played out.Shipping Indian engineers to work at customers’ premises in America, the company’s biggest market, may become harder under the presidency of Donald Trump. Even without any new restrictions on immigration into America, growth at India’s outsourcing firms has slowed markedly. More corporate IT spending is going into mobile apps, analytics and other snazzy offerings, a far cry from the routine codedebugging that made Indian firms rich (remember Y2K?).Much of the drudge work Infosys staff do can increasingly be carried out by machines; Mr Sikka said as much in a recent letter to staff, warning them of a looming “tidal wave of automation” that threatens to engulf the industry. Margins have been dropping in recent quarters. So Mr Sikka had planned to invest in order to develop more innovative services for clients and to use automation to become more productive, offering workers training in machine learning.Few expect Infosys to reverse efforts to rejig its business. Rivals such as Tata Consultancy Services and Wipro are doing much the same. But if the company’s clients fret about instability among management, Infosys will struggle to retain the legacy mainframe-maintenance contracts it still depends on for most profits. Staff can also jump ship. The sooner all sides agree on who is running Infosys, the better. Business "Founder’s folly"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21727083-tussle-comes-company-tries-reinvent-itself-management-turmoil-infosys?fsrc=rss'|'2017-08-26T08:00:00.000+03:00'
'd887021b5ffca49e9b96a5b88fe90fdfdd4e42e7'|'Harvard researchers say Exxon misled public on climate science'|'August 23, 2017 / 2:54 PM / 3 hours ago Harvard researchers say Exxon misled public on climate science Emily Flitter 3 Min Read FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. Lucas Jackson/File Photo NEW YORK (Reuters) - Two Harvard University researchers said in a study published on Wednesday they had collected scientific data proving Exxon Mobil Corp made "explicit factual misrepresentations" in newspaper ads it purchased to convey its views on the oil industry and climate science. In an article in the journal Environmental Research Letters researchers, Geoffrey Supran and Naomi Oreskes, said they examined 187 documents, including internal memos, peer-reviewed papers by Exxon scientists and New York Times "advertorials" - paid advertisements in the style of opinion pieces. They said they used a social science analysis method to turn statements in the documents into data points that could be counted and compared to each other. Supran and Oreskes said that while, as early as 1979, Exxon scientists acknowledged burning fossil fuels was adding more carbon dioxide to the atmosphere and causing global temperatures to rise, the company''s position in newspaper ads remained significantly different by consistently asserting doubt about climate science. Exxon spokesman Scott Silvestri said the researchers'' study was "inaccurate and preposterous" and that their goal was to attack the company''s reputation at the expense of its shareholders. "Our statements have been consistent with our understanding of climate science," he said. In an interview on Tuesday, Oreskes said the impetus for the study came from Exxon''s responses to reports in InsideClimate News and the Los Angeles Times in September 2015 and October 2015, respectively, that Exxon''s scientists had long known of the dangers fossil fuels posed to the earth''s climate. "They accused the journalists of cherry-picking," Oreskes said of Exxon''s responses. "They also posted a collection of documents on their website. They said ''read the documents and make up your own mind.'' We thought that was an excellent opportunity." Oreskes and Supran pointed to ads such as a 1997 Mobil article that read "Let''s face it: The science of climate change is too uncertain to mandate a plan of action that could plunge economies into turmoil." A 2000 advertorial said a U.S. government report on climate change put the "political cart before the horse" and was "based on unreliable models." In his statement on Wednesday, Silvestri offered two examples from New York Times advertorials that Exxon bought, both published in the year 2000, which he said showed the company did not try to cast doubt on climate change. "Enough is known about climate change to recognize it may pose a legitimate long-term risk and that more needs to be learned about it," one statement read. Editing by Bill Trott'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-usa-climatechange-exxon-idINKCN1B31TR'|'2017-08-23T12:54:00.000+03:00'
'90e554c16d88c4aaa9f9bb1246b9149e75bc671f'|'Frankfurt''s international schools see Brexit bonus'|'* Frankfurt included schools in pitch to attract bankers * Schools consider expansion plans after deluge of calls * Uncertainty over Brexit causes caution * Paris, Dublin building new schools to compete * Finding the right school a top priority for families By Tom Sims FRANKFURT, Aug 23 (Reuters) - Frankfurt''s international schools see a bonus from Brexit after a deluge of calls from bankers who are set to be posted to Germany''s financial centre along with their children now that Britain has decided to leave the European Union. The city is the most popular place for banks to set up their new EU headquarters, prompting a surge of interest in its 12 international schools which teach in English and follow baccalaureate programmes. Paul Fochtman, head of the Frankfurt International School, said his usually quiet summer holiday was spent this year hosting planning calls three times a week to discuss Brexit. "There''s no question a number of people are coming here," Fochtman told Reuters on the 1,800-person campus on the edge of a hilly forest in one of Frankfurt''s affluent suburbs. Studies show as many as 10,000 jobs could move from London to Frankfurt over the next four years, according to Frankfurt Main Finance, a lobbying group that promotes the city as a financial hub, possibly bringing with them thousands of students. Among banks that announced plans to relocate some of their EU operations to Frankfurt are Citigroup , JPMorgan Chase , Morgan Stanley , and Standard Chartered . A number of Japanese banks have opted for Frankfurt including Daiwa , Sumitomo Mitsui Financial , Mizuho Financial , and Nomura Holdings . Although schools are keen on new business, they are cautious about the uncertainty surrounding Brexit, wary the influx of bankers could be lower than some lobby groups estimated or that some may commute while their children stay in London. Even though Brexit only becomes official in March 2019, schools are proving to be an early indicator of future moves given the importance that parents put on a child''s education, which is often paid for by the employer. NUMBER ONE BARRIER "School is often the No. 1 barrier to a move for families," said Fochtman, whose school is losing 50 pupils after General Motors reduced its workforce in Frankfurt following a takeover of its Opel unit by France''s PSA Group. Frankfurt''s Strothoff International School said it was looking to buy land to build a new campus which would double its student body. Paris and Dublin in their pitches to attract bankers leaving London also committed to providing new schools for bankers'' children. In December, about six months after the Brexit vote, Eric Menges, chief executive officer of FrankfurtRheinMain, another group that markets the city, asked school officials to examine how Brexit would affect the education sector. "Within 30 minutes of the banking district, there are 30 bilingual schools, 12 of which offer the classic international school degree," Menges said. Educators estimate about 10,000 international and bilingual students are currently enrolled. Schools have said they will need financial guarantees to fund any significant expansion. One executive of a U.S. bank said it was in discussion with schools in Frankfurt to secure places and was asked to pay money in advance. Fochtman, whose school serves 60 nationalities, was initially sceptical that Brexit would impact his school until senior bankers began knocking on the door. "LEFT HOLDING THE BAG" So far this year, Fochtman has hosted nine delegations from banks considering moving to Frankfurt. Delegations typically consisted of senior bankers and human resources executives. In the spring, Fochtman formed a taskforce to consider expansion but the school board decided to put on hold plans to build a new 1,800-person campus to focus on incremental growth until they have firmer signs the influx will be significant. Uncertainty surrounding Brexit was behind the caution. "We are left holding the bag" if the school builds for an additional 2,000 and fewer show up, Fochtman said. At Strothoff International School, south of Frankfurt, Bettina Otto, head of administration, said she was in contact with banks and was looking at "several options" for a new campus to grow the student body from 300 to 800. She has already raised teaching staff numbers by five to 60, partly due to Brexit. In Dublin, a new private international school catering for local and expatriate students aged between three and eighteen years is scheduled to open in September 2018 and is hoping to benefit from relocating bankers. As part of Paris'' charm offensive to net employees from the big banks, France has pledged to build three more international schools targeted at expatriates'' children in the greater Paris region by 2022. Tuition fees at Frankfurt International School for a 12th-grade student are about 22,100 euros. In comparison, a place for a 12th-grader in the British School of Brussels is around 34,000 euros. "It is also worth noting that the most expensive international school here (Frankfurt International School) would be considered to be in the lower price bracket compared to other international schools across Europe," said Menges of the FrankfurtRheinMain marketing team. (Reporting by Tom Sims; Additional reporting by Padraic Halpin in Dublin and Anjuli Davis in London, editing by Peter Millership)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-eu-education-idINL8N1L23J8'|'2017-08-23T03:00:00.000+03:00'
'b1abff0de388aa7d092a46ecbf32ccdcc4837fa4'|'Financial-market index-makers are growing in power'|'IT WAS in 1896 that Charles Dow, co-founder of Dow Jones & Company, created the index that still bears his name. Today, indices such as the Dow Jones Industrial Average and the S&P 500 (for shares listed in New York), or the FTSE 100 (for London), are among the best-known brands in financial markets. The role they play has expanded massively in recent years. Index-makers have become finance’s new kingmakers: arbiters of how investors should allocate their money.Stockmarket indices were devised as a measure of the overall market, against which those trading in shares could compare their performance. At first they were concocted by the press or by exchanges themselves. For bonds, indices were compiled by the banks that traded them. Except for a few of the very earliest indices, such as the Dow, which is weighted by share price, nearly all are weighted by market capitalisation or, in the case of bond indices, by the volume of debt outstanding. Three large firms—FTSE Russell, MSCI and S&P Dow Jones Indices—dominate equity index-making. The amounts of money they influence are staggering. S&P Dow Jones reckons $4.2trn in assets are invested in “passive” funds that track its indices, with $3trn assigned just to the S&P 500. Another $7.5trn in actively managed assets use its indices as “benchmarks”: that is, they measure their performance against them. The two other big index-providers command similarly vast sums: $15trn in active and passive money follows FTSE Russell’s indices, and $11trn hug MSCI’s.Index-makers insist they are less powerful than they look. Alex Matturri, head of S&P Dow Jones, points out that even though assets in exchange-traded funds (ETFs), virtually all of which are passive, have reached $4trn globally, that is only a “small part of the global investable universe” (estimated at around $300trn). Mr Matturri also emphasises the transparency and “rules-driven approach” of index construction and governance. Big changes are made only after consulting the market.Moreover, argues Mark Makepeace, chief executive of FTSE Russell, index-making remains very competitive. Some smaller providers, such as Morningstar, give away data on most of their indices (on the weightings of their components, for example). They charge a fee only if a passive fund wants to track an index and use their brand. The big three charge both for access to data and for the use of their indices in passive funds.Regulation also constrains the firms. From January 2018 index-makers in Europe will be directly regulated under the EU’s “Benchmarks Regulation”, which includes requirements such as an annual external audit for benchmarks deemed “critical”, and direct oversight by the EU regulator.Nevertheless, index-makers’ power is considerable. It is boosted by the rise of passive investing. In America, for instance, three-tenths of assets are now in passive funds. And though some smaller competitors survive, the index industry is becoming more concentrated. Many banks have quit the bond-index business, selling their brands. Bloomberg acquired Barclays’ indices last year; FTSE Russell has nearly completed the purchase of Citigroup’s.Despite harping on the objectivity and transparency of their rules, moreover, many of the decisions that index providers make are, ultimately, subjective. Take the decision in June by MSCI to include Chinese shares in its emerging-markets equity index (followed by around $1.6trn in assets). Shares listed in mainland China had been excluded because of the opacity of China’s capital markets, and the restrictions foreigners face there. China’s capital controls remain in place, but, after consulting market participants, MSCI decided to include the shares—albeit at a weighting of only 0.73% (and even that in two phases) so as not to disrupt the index’s composition too quickly.Snap slappedSimilarly, both FTSE Russell and S&P, in the wake of Snap’s listing on the New York Stock Exchange in March, chose to alter their rules to exclude companies that list only non-voting shares (as the tech firm did). This stemmed partly from pressure from investors such as Norway’s sovereign-wealth fund. FTSE Russell said that the majority of asset managers it consulted wanted a company’s shares to be included in an index only if the voting power of stockmarket investors passed a threshold of 25%, but the index-maker opted for a lower minimum of 5% and a gradual phase-in, again to avoid disruption.The composition of bond indices has also come under scrutiny. Earlier this year, J.P. Morgan faced calls to exclude Venezuelan bonds from its emerging-market bond index (EMBI) in protest at the misdeeds of the government in Caracas. But index-makers are less mighty in the world of fixed income. Passive investment is less prevalent in bonds than in equities. Moreover, with so many bonds available, fund managers can replicate indices while maintaining some flexibility in the exact choice of assets. A bigger concern with bond indices is their weighting by volume: those who track them end up most exposed to the most indebted borrowers.Index-makers enjoy the prestige that comes from compiling a market’s most recognised benchmark. But they are keener to discuss their work in developing new and different sorts of indices (S&P says it now has over 1m), including for other asset classes. For example, a few indices are starting to provide reliable benchmarks for opaque asset classes like private equity (see box).Other new indices slice up the universe of stocks and bonds in varied ways, such as whether the share prices are undervalued, whether firms are socially responsible or whether they are exposed to specific risks. Kensho, a startup, compiles share indices around trendy themes such as nanotechnology or drones. Some new products bear little resemblance to conventional indice. S&P Dow Jones’s new STRIDE index encompasses different asset classes whose weighting varies over time, to suit the needs of a worker preparing to retire. A few verge on the absurd. This week S&P announced an index containing only companies from which the Indian government wants to divest.For as long as indices have acted as shorthand for the markets they seek to capture, index-makers have received attention. Their importance has grown to match their profile. Being the source of “authoritative guidance” on what should even count as an asset class (as Norway’s sovereign-wealth fund puts it) brings new responsibilities. Index-makers will have to get used to ever more scrutiny. Finance and economics "Big fingers"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727090-their-role-facing-greater-scrutiny-result-financial-market-index-makers-are?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'a6a592cdca62e25bd2725e3e651661c594c6af14'|'Cyclicals boost European shares while Dixons Carphone plummets'|'August 24, 2017 / 7:32 AM / 19 minutes ago Cyclicals boost European shares while Dixons Carphone plummets Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 16, 2017. Staff/Remote LONDON (Reuters) - Gains by cyclical sectors helped push European stocks higher on Thursday, while heavy losses from Dixons Carphone after a profit warning dominated early trading. The pan-European STOXX 600 gained 0.3 percent, in line with euro zone stocks and blue-chips .STOXX50E . Dixons Carphone ( DC.L ) shares plummeted up to 29 percent after the mobile phone retailer downgraded expectations for full-year profit, reflecting tougher conditions in the mobile market as customers hold on to handsets for longer. Dixons Carphone was the worst-performing among European retail stocks .SXRP so far this year, even before today''s decline wiped a third off its market value. Results this quarter have seen investors punish companies that missed earnings expectations particularly harshly, analysts said. Cementing index gains, the world''s third-biggest materials supplier, CRH ( CRH.I ), jumped 4.3 percent after selling its U.S. distribution business to Beacon Roofing Supply ( BECN.O ). Sunrise Communications ( SRCG.S ) also gained 4.3 percent after its second-quarter net income more than doubled and Berenberg raised the stock to a "buy". And British sub-prime lender Provident Financial ( PFG.L ) recovered slightly from its sharp falls earlier in the week, up 2.7 percent. Simcorp ( SIM.CO ) dropped 13 percent, making it one of the worst-performing European stocks, after its second-quarter results missed expectations. The earnings season in Europe was drawing to a close, with almost nine of 10 MSCI Europe companies having reported. So far, 55 percent of results have beat forecasts and 39 percent have missed. By comparison, more than two-thirds of companies reporting in the United States topped expectations. Reporting by Helen Reid'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1B40N0'|'2017-08-24T10:37:00.000+03:00'
'99429aec233773902a84a0ac5243c36ef13646d3'|'Euro zone August business growth keeps up solid pace'|'August 23, 2017 / 10:57 AM / 4 hours ago Euro zone August business growth keeps up solid pace Shrutee Sarkar 4 Min Read A worker moves a new Audi R8 car body in the automotive welding and assembly lines hall of the German car manufacturer''s plant in Neckarsulm July 3, 2013. Michaela Rehle/Files (Reuters) - Euro zone business growth maintained a solid clip in August, driven by the best manufacturing performance in 6-1/2 years despite a strong euro, easily offsetting a mild slowdown in services growth, a key private sector survey showed on Wednesday. Taken together with a mild pickup in price pressures, the data is likely to support expectations that the European Central Bank will proceed later this year with making plans to scale back its multi-billion euro monthly asset purchases. The Flash Eurozone Composite Purchasing Managers'' Index (PMI), generally considered a good indicator of overall economic growth, edged up slightly to 55.8 in August from 55.7, beating the median Reuters Poll estimate of 55.5. The momentum was underpinned by strong manufacturing growth in both of the euro zone''s biggest economies, Germany and France, where manufacturing PMIs surged above even the most optimistic forecasts. Overall, the latest data suggest 0.5 percent economic growth in the 19-member single currency bloc during July-September, the survey''s compilers said, compared with 0.6 percent in the previous quarter. That was a slight downgrade from their assessment in July, but higher than the current 0.4 percent consensus among economists from the latest Reuters poll. "These numbers will not change the ECB''s fundamental assessments of the economy," noted Holger Sandte, chief European analyst at Nordea Markets. "The recovery is robust – good but old news. At the same time, core inflation is low and will most likely continue to pick up only very gradually." The euro bounced off session lows after the Germany PMI data were released, half an hour before the euro zone data, but later gave up its gains in very thin trading. What may be particularly encouraging to the ECB is the fact a 12 percent rise in the euro so far this year does not appear to have dented manufacturing. The PMIs also showed the strongest new export orders performance since February 2011. But services activity dipped to the weakest since the start of the year, along with a slowdown in orders growth. Business expectations across all industries slipped to their weakest since November. But apart from coming off a recent high in May, there was no reason given by the survey''s compilers for why sentiment had declined. Price pressures, while subdued, accelerated slightly to the highest since May. Hiring growth slowed slightly in services and manufacturing, but remained solid. The reaction from analysts was broadly positive. "Even though service sector growth has been somewhat weaker recently, the fundamentals for continued strength in the second half of 2017 are still there," said Bert Colijn, senior economist at ING. However, he played down the slight inflation pressure. "As businesses indicated faster increases in selling prices earlier in the year, this will not convince the ECB that faster price growth is imminent ahead of (ECB President Mario) Draghi’s speech in Jackson Hole on Friday. In fact, we think that improvements in inflation to above 1.5 percent are unlikely for the coming months, so look for a cautious Draghi at the end of the week." Writing by Ross Finley; Editing by Mark Trevelyan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/eurozone-economy-pmi-idINKCN1B313Y'|'2017-08-23T13:53:00.000+03:00'
'3bae55af439fe2d3f290b68e3d6579f472a52f8c'|'Benchmark JGBs steady, longer maturities edge down'|'TOKYO, Aug 23 (Reuters) - Benchmark Japanese government bonds were steady on Wednesday, while the prices of longer maturities edged down from their gains in the previous session following a solid 20-year auction.The 10-year cash JGB yield was flat at 0.035 percent, while the September 10-year JGB futures contract finished up 0.03 point at 150.77.But the 20-year JGB yield added one basis point to 0.550 percent, while the 30-year JGB yield was up half a basis point at 0.835 percent.On Tuesday, the bid-to-cover ratio at the Ministry of Finance''s 20-year sale rose to 4.51 from the previous auction''s 4.19, suggesting stronger demand for the bonds.In its regular JGB purchase operations on Wednesday, the Bank of Japan offered to buy JGBs in the same volume as previous offers, which included 280 billion yen ($2.56 billion) of one-year to three-year JGBs, 330 billion yen of three-year to five-year JGBs and 200 billion yen of 10-year to 25-year JGBs.$1 = 109.4600 yen Reporting by Tokyo markets team; Editing by Eric Meijer'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L92HO'|'2017-08-23T04:21:00.000+03:00'
'49c1c9a0caac927fddb52c22f619ea9645563519'|'TREASURIES-Yields fall as Trump signals possible government shutdown'|'(Adds comments, Quote: ; updates prices) * Trump comments on government shutdown prompt safety buying * Yields on T-bills due in early October rise * Central bankers'' Jackson Hole meeting in focus By Karen Brettell NEW YORK, Aug 23 (Reuters) - U.S. Treasury yields fell on safety buying on Wednesday after President Donald Trump said that he would be willing to risk a government shutdown to secure funding for a border wall, raising fears that a battle to raise the debt ceiling could delay payments on some bonds. Congress will have about 12 working days when it returns on Sept. 5 from its summer break to approve spending measures to keep the government from shutting down, and a deadline also is closing in for raising the cap on the amount the federal government may borrow. "The Trump remarks day by day are adding to a sense of uncertainty," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. "There''s a sense in the market that things might get worse on the government front better they get better." Trump made the comments at a rally late on Tuesday. U.S. House Speaker Paul Ryan said on Wednesday that a shutdown is unnecessary and not wanted by lawmakers in Congress. Fitch Ratings said on Wednesday that a failure by U.S. officials to raise the federal debt ceiling in a timely manner would prompt it to review the U.S. sovereign rating, "with potentially negative implications." Benchmark 10-year notes gained 12/32 in price to yield 2.17 percent, down from 2.22 percent on Tuesday. Yields on Treasury bills that are due near when the government is expected to run out of money also jumped. Yields on bills due Oct. 5 rose to 1.155 percent, the highest level since Aug. 10. Benchmark yields have held in a tight range since falling to almost two-month lows on Friday on concerns about political discord in Washington and tensions between the United States and North Korea. North Korean leader Kim Jong Un has ordered more solid-fuel rocket engines, state media reported on Wednesday. Investors are next focused on a central banking conference in Jackson Hole, Wyoming, which begins on Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to speak. Market participants will be watching for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will not deliver any new policy message at the event. The Fed is widely expected to announce a plan to reduce its balance sheet at its September meeting. (Additional reporting by Sam Forgione; Editing by Lisa Shumaker) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1L91FO'|'2017-08-23T16:55:00.000+03:00'
'a31b48e8c85798bd04eb78f50a7a90af8843fed0'|'FTSE 100 flat as WPP sinks'|'August 23, 2017 / 9:13 AM / 6 hours ago FTSE 100 flat as WPP sinks 3 Min Read Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s blue chip index was little changed on Wednesday as a sharp fall for advertiser WPP was offset by gain in miners, which extended a strong run, and a buoyant health sector. The FTSE 100 .FTSE was up 0.1 percent at 7,386.43 points by 0852 GMT, building on Tuesday''s gains. Shares in WPP ( WPP.L ) sank more than 11 percent, headed for their worst day in 19 years after the group cut its outlook for the full year as consumer goods clients trimmed spending. WPP''s shares were already down around 12 percent this year heading into these results as it had cut its 2017 sales forecasts back in March. "In the near term ... the poor trading momentum is likely to act as a continued drag on the stock until there is more evidence of a pick-up in sales growth," analysts at Patronus Partners said in a note. The drop in WPP followed a big fall by Provident Financial ( PFG.L ) in the previous session, tanking 66 percent after it issued a profit warning, saw its CEO quit, suspended its dividend and disclosed a regulatory probe. Provident''s shares fell as much as 8 percent on Wednesday in volatile trade, then recovered to trade 3.3 percent higher amid a broker scramble to slash target prices and ratings on the stock. "Downgrade risk is still present due to lack of visibility on timeline, measures to be put in place and how much further investment is required," analysts at Barclays said in a note. "With uncertainty over the FCA investigation and the size of the potential financial impact, we lack conviction and downgrade to (equal weight) from (overweight)." Among risers, the defensive health care sector added the most points to the index, with AstraZeneca ( AZN.L ), GlaxoSmithKline ( GSK.L ) and Shire <SHP.L gaining between 0.2 to 1 percent. Mining stocks extended gains .FTNMX1770, up 0.5 percent and holding at a six-month high. Mid-cap stocks .FTMC traded flat, led by a 5.6 percent gain in NMC Health''s ( NMC.L ) shares which rose after the firm reported a 34 percent rise in first-half revenue. Reporting by Kit Rees; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B30VU'|'2017-08-23T12:18:00.000+03:00'
'7d9549a6d60f411c134dfdeabed5dfd89c05a987'|'Oil prices fall on concerns of oversupply, low investment'|'Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. Thomas White/Illustration NEW YORK (Reuters) - Oil prices rose slightly Wednesday after U.S. crude inventories declined for the eighth straight week and U.S. crude production increased only slightly.Brent crude futures LCOc1 rose 19 cents to $52.06 a barrel by 10:37 a.m. EDT (1437 GMT), while U.S. West Texas Intermediate crude futures CLc1 were trading at $47.86, up 3 cents.U.S. crude inventories USOILC=ECI fell 3.3 million barrels last week, compared with analyst expectations for an decrease of 3.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell 503,000 barrels, the Energy Information Administration said. [EIA/S]"Oil inventories continue their downward trend despite a significant increase in crude oil imports this week," said Andrew Lipow, president of Lipow Oil Associates in Houston, Texas.Still he said, the market is shrugging off the inventory draws, which are approaching 75 million barrels since March, plus another 15 million in the U.S. Strategic Petroleum Reserve."It continues to wait to see more confirmation from around the world that inventories are indeed declining," Lipow said.Production from Libya''s Sharara oilfield, the conflict-riven country''s largest, has been seesawing. The field remained shut on Wednesday, two Libyan oil sources told Reuters. The field had restarted at least once on Tuesday amid conflicting reports about whether it had reopened."(The) flood of news reports makes it clear that the situation in Libya is still chaotic and that conditions in the country are still far from normal," Commerzbank analysts wrote.Sharara recently reached output of 280,000 barrels per day (bpd), but closed this week due to a pipeline blockade. Its production is key to Libya''s oil output, which surged above 1 million bpd in late June, about four times its level last summer.Libya''s rising output is a headache for the Organization of the Petroleum Exporting Countries, which together with non-OPEC producers including Russia has pledged to cut around 1.8 million bpd of supplies between January this year and March 2018 in an attempt to remove a global glut.Additional reporting by Henning Gloystein in Singapore and Karolin Schaps in Amsterdam; Editing by Dale Hudson and Marguerita Choy'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-oil-idINKCN1B303A'|'2017-08-23T04:09:00.000+03:00'
'14121a2165fe92e6066507b7e0f67d206c3f70cf'|'Switzerland''s Top Firms Ask Shareholders for $826 Million to Pay Big Bosses'|'Switzerland''s Top Firms Ask Shareholders for $826 Million to Pay Big Bosses But they’re coming under pressure as earnings, shares disappoint By @marabernath More stories by Mara Bernath Switzerland’s 10 best-paying companies requested more than 800 million francs ($826 million) to compensate board members and executives at 2017 shareholder meetings, almost unchanged from the previous year, according to corporate governance group Ethos. With firms including Credit Suisse Group AG coming under increased public scrutiny for paying bonuses despite disappointing stock performance and earnings, executives seeking a well-paying job in Switzerland might look beyond big banks or drugmakers to companies such as duty free operator Dufry AG or asset manager Partners Group Holding AG. Both make the ranking even with market values of well below 20 billion francs. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-24/switzerland-s-top-firms-ask-shareholders-for-826-million-to-pay-big-bosses'|'2017-08-24T17:20:00.000+03:00'
'9d4558480b0e2a65a880ebe7589f6e5a8bf07729'|'Infosys chairman''s priorities: Focus on CEO search, new board, strategy'|'August 25, 2017 / 11:27 AM / 5 hours ago New Infosys chairman Nandan Nilekani to focus on CEO search, strategy 5 Min Read Nandan M. Nilekani speaks to the media at the Infosys campus, in Bangalore, January 11, 2007. Jagadeesh NV/Files MUMBAI/BENGALURU (Reuters) - The new chairman of Infosys, Nandan Nilekani, said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm''s chief over a prolonged row with its founders. Nilekani, himself one of Infosys'' seven founders and a former CEO, was named chair on Thursday in a victory for the founders, who led by Narayana Murthy have waged an acrimonious battle with the board for months over alleged corporate governance lapses. Vishal Sikka, the first CEO of Infosys drawn from outside its founders, resigned last week blaming Murthy for creating an "untenable atmosphere", sparking a sell-off and wiping billions of dollars off Infosys''s market value. "I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges," Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed. Earlier in the day, he tweeted: "Joined @Infosys at 26, re-joined it at 62. Life does turn full circle!" Credited for increasing Infosys'' revenue to $2 billion from $500 million during his 2002-2007 stint as CEO, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside. India''s second largest software services firm has named recruitment firm Egon Zehnder to help find a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said. Nilekani, who said his inbox was already filling with names of potential applicants, stressed that not just competence, but cultural fit would be an important criteria, making internal candidates "very strong contenders." Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found. PEACE DEAL Disagreements between the founders, especially Murthy, and the board have centred around a rise in Sikka''s pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief. The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, April 13, 2017. Abhishek N. Chinnappa/Files The Infosys board, which has denied any wrongdoing and blamed Sikka''s resignation on Murthy''s continuous assault, offered a tacit apology to the founder on Friday, terming the differences of opinion with him as "unfortunate". "The board wishes to express that it was not its intention to cause Mr Murthy or any other affected person any personal distress or anguish while stating its point of view," Infosys said in a statement issued after a board meeting chaired by Nilekani. Nilekani, who addressed the media after the meeting, dodged questions on the board''s sudden u-turn over the course of the past week and on any future exits. He instead recounted Murthy''s contribution to Infosys and said he would work to resolve differences over corporate governance. "I personally will ensure Murthy gets the respect he deserves," Nilekani said. FUTURE STRATEGY The management reboot comes at a time when the broader IT services sector has been challenged by slowing growth. Nilekani, refrained from commenting on Infosys'' future strategy apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning. He said a committee of directors has been formed to work with the interim chief executive and management to review and refresh the company''s strategy by October. "I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on," Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors. Nilekani, who along with his family owns about 2.3 percent of Infosys and, according to Forbes, is worth $1.72 billion, also needs to tackle retention of top level executives critical to rolling out strategy. Infosys shares plumbed a more than three-year low on Monday but have risen since on expectations of Nilekani''s return. Indian markets were closed for a public holiday on Friday, but Infosys shares rose nearly 1 percent in early trading on the Nasdaq. Reporting by Sankalp Phartiyal and Aby Jose Koilparambil, additional reporting by Promit Mukherjee and Arnab Paul, writing by Aditi Shah; Editing by Euan Rocha and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/infosys-board-nilekani-idINKCN1B51BK'|'2017-08-25T12:07:00.000+03:00'
'0b7314826bf58128c988aa541b35b7bc3e0ca9e6'|'TREASURIES-Yields dip as Yellen avoids monetary policy in speech'|'(Recasts with Yellen''s speech, updates prices) * Yellen does not address monetary policy * ECB''s Draghi speech in focus * U.S. capital goods orders rise in July By Karen Brettell NEW YORK, Aug 25 (Reuters) - U.S. Treasury yields dipped slightly on Friday after Federal Reserve Chair Janet Yellen did not mention monetary policy in a highly anticipated speech, relieving some investors who thought she might make hawkish comments on the economy. At a conference in Jackson Hole, Wyoming, Yellen said that reforms put in place after the 2007-2009 financial crisis have strengthened the financial system without impeding economic growth, and any future changes should remain modest. “We’re seeing a little bit of a relief that (Yellen) wasn’t hawkish rally in Treasuries, but it’s minor,” said John Briggs, head of strategy for the Americas at NatWest Markets in Stamford, Connecticut. Benchmark 10-year notes gained 5/32 in price to yield 2.176 percent, down from 2.194 percent on Thursday. European Central Bank President Mario Draghi was also due to address the annual economic policy conference later on Friday. Investors will watch for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will also not deliver any new policy message at the event. Yields for benchmark bonds have held in a tight range since falling to almost two-month lows last Friday on concerns about political discord in Washington and tensions between the United States and North Korea. Data this Friday showed that new orders for key U.S.-made capital goods rose slightly more than expected in July and shipments surged, suggesting an acceleration in business spending early in the third quarter. (Additional reporting by Sam Forgione; Editing by Meredith Mazzilli) ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LB0ST'|'2017-08-25T12:41:00.000+03:00'
'bd2341320da94a04e3f69c621444c6012338e6b8'|'Media stocks weigh on hesitant European shares as WPP sinks'|'August 23, 2017 / 7:41 AM / 3 minutes ago Media stocks weigh on European shares as WPP sinks Helen Reid 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 22, 2017. Staff/Remote LONDON (Reuters) - Media stocks weighed on European markets on Wednesday, led lower by sharp declines in advertising giant WPP after it cut sales forecasts on weakening demand. Investors were keeping a close eye on monetary policy, a day ahead of the start of a central bank symposium in Jackson Hole, although dovish comments by European Central Bank chief Mario Draghi had little market impact. Markets also shrugged off a PMI survey showing euro zone manufacturing businesses had their best month of growth in six and a half years in August. "The last couple of weeks everyone has been sitting on the fence; there hasn''t been a big directional view and people are struggling to decide which way to get off," said Graham Secker, chief European equity strategist at Morgan Stanley. The pan-European STOXX 600 index and euro zone blue-chips .STOXX50E both dipped 0.5 percent. WPP ( WPP.L ) shares lost 10.9 percent after the world''s largest advertising group cut its full-year sales outlook after a drop in demand caused it to miss first-half targets. The agency has been among the worst-performing stocks in the media sector, which has declined 4.8 percent overall this year against a buoyant broader European market. "Deteriorating trading conditions are a concern and ...we are minded to trim our full year profit before tax forecasts by 4 to 5 percent," said Roddy Davidson, media analyst at Shore Capital. The sector index < .SXMP> fell 2.7 percent, with WPP''s French peer Publicis ( PUBP.PA ) down 3.2 percent. Potash miner K+S ( SDFGn.DE ) was a bright spot, jumping more than 4 percent after a report in German business newsletter Platow Brief that hedge fund Elliott could be interested in the company. Fiat Chrysler ( FCHA.MI ) ended up 5.8 percent at an all-time high on continued speculation about potential tie-ups. One day after China''s Great Wall Motor ( 601633.SS ) cooled down prospects of a possible deal with Fiat, Bloomberg reported that the Italian American automaker was considering options including a plan to spin off the upscale Maserati and Alfa Romeo brands. Belgian chemicals group Umicore ( UMI.BR ) fell 2.5 percent after Berenberg cut the stock to "hold" on valuation concerns. It has gained around 19 percent year-to-date, outperforming the chemicals sector. "Generating substantial upside to the current share price would require us to assume around 15 percent global pure electric vehicle sales penetration by 2025 (base case: 11 percent) or that Umicore captures over 60 percent of the global market for automotive grade NMC [batteries] by 2025," Berenberg analysts wrote. Earnings for the STOXX 600 were set to grow 15.3 percent in the second quarter year-on-year, Thomson Reuters data showed. Nine of the 10 sectors were expected to see an improvement in earnings in what analysts have called a “good, but not great” earnings season after a record-breaking first quarter. Energy stocks have seen the strongest earnings growth, at 47.8 percent, while pharmaceutical companies, whose high exposure to the U.S. has made the stronger euro a headache, saw the weakest earnings growth rate, at -3.4 percent. Reporting by Helen Reid and Danilo Masoni; editing by Kit Rees /Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks-idUSKCN1B30NK'|'2017-08-23T10:25:00.000+03:00'
'fbbb70eccc9ffed2024bc8118c488aaa14564ddc'|'Lowe''s second-quarter profit jumps 21.6 percent'|'August 23, 2017 / 10:15 AM / 5 hours ago Lowe''s misses earnings estimates, forecasts slower margins growth Sruthi Ramakrishnan 3 Min Read (Reuters) - Lowe''s Companies Inc ( LOW.N ) reported lower-than-expected quarterly earnings on Wednesday and warned of slower growth in profit margins as it spends more on marketing and staffing to take advantage of a robust home improvement market. Shares of the No.2 U.S. home improvement retailer dipped 6 percent to $71.27 in morning trading. Demand for lumber, appliances and other products has soared as many homeowners increasingly prefer to remodel homes rather than buy a new house, because of an uptick in home prices. A shortage of properties, along with higher costs faced by homebuilders, has kept home prices elevated and sidelined first-time buyers. Lowe''s said it would increase staffing during weekends and other high-traffic periods to improve customer experience and drive sales. The retailer is also keeping seasonal employees it hired temporarily for spring. Lowe''s will also offer more promotions to woo professional contractors, a clientele with deeper pockets than the company''s long-established do-it-yourself customer base. In fact, Lowe''s bigger rival Home Depot Inc''s ( HD.N ) sharper focus on contractors has helped it fare better than Lowe''s in recent quarters. As a result of the increased spending, Lowe''s now expects its operating margin to rise 80 to 100 basis points in the year ending Feb. 2, down from an earlier forecast for a 120-basis-point increase. A Lowe''s retail store is shown in Carlsbad, California, U.S., May 24, 2017. Mike Blake Lowe''s second-quarter earnings were dented by higher discounts as well as disruptions from changes made to its store staffing model, Chief Executive Robert Niblock said on a post-earnings call. ''PLAYING SECOND FIDDLE'' "While Lowe''s is benefiting from the more buoyant demand from a strong housing market and stable economy, it still plays second fiddle to Home Depot - which remains more of a ''go-to'' destination," Neil Saunders, managing director of GlobalData Retail, said. Mooresville, North Carolina-based Lowe''s marketing has been "slightly off-pitch" and has not resonated with consumers, Saunders said. Lowe''s net income rose 21.4 percent to $1.42 billion or $1.68 per share in the quarter ended Aug. 4. Excluding one-time items, it earned $1.57 per share, missing analysts'' average estimate of $1.61, according to Thomson Reuters I/B/E/S. Net sales climbed 6.8 percent to $19.50 billion but lagged analysts'' expectations of $19.53 billion. Sales at Lowe''s stores open for more than a year rose 4.5 percent, edging past the 4.3 percent expected by analysts polled by Consensus Metrix. With Wednesday''s move, shares of Lowe''s are only slightly higher since the beginning of the year, lagging Home Depot''s 10 percent increase. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-lowes-results-idUSKCN1B310O'|'2017-08-23T13:14:00.000+03:00'
'adb41f0469f386b4b27e32e2e05a61dfc684497a'|'Shell says taking steps to secure assets in western Gulf of Mexico'|'August 23, 2017 / 8:01 PM / 18 minutes ago Shell says taking steps to secure assets in western Gulf of Mexico Reuters Staff 1 Min Read FILE PHOTO - A Shell logo is seen on a fuel pump at a gas station In Warsaw, Poland June 1, 2017. Kacper Pempel/File Photo (Reuters) - Royal Dutch Shell Plc ( RDSa.L ) said it was taking steps to secure its assets in the western Gulf of Mexico in preparation for severe weather. There was no current impact to production, the company said in a statement on Tuesday, adding that it was continuing to monitor developments related to the remnants of former Tropical Storm Harvey. Harvey has regenerated into a tropical depression and could strengthen further into a hurricane on Friday, the U.S. National Hurricane Center said on Wednesday. Reporting by Karen Rodrigues in Bengaluru; Editing by Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-refinery-operations-shell-storm-idUKKCN1B32EG'|'2017-08-23T23:00:00.000+03:00'
'db92dbdfc6f0f61ba1ed0448776a86e90114a3ee'|'Wal-Mart to enter voice-shopping market via Google platform'|'August 23, 2017 / 4:10 AM / 13 minutes ago Wal-Mart to enter voice-shopping market via Google platform Richa Naidu 3 Min Read A clown sits inside a bus seen in front of a Wal-Mart store in Mexico City January 11, 2013. Edgard Garrido/File Photo CHICAGO (Reuters) - Wal-Mart Stores Inc is teaming up with Alphabet Inc''s Google to enter the nascent voice-shopping market, currently dominated by Amazon.com Inc, adding another front to Wal-Mart''s battle with the online megastore. Google, which makes the Android software used to run most of the world''s smartphones, will offer hundreds of thousands of Walmart items on its voice-controlled Google Assistant platform from late September, Walmart''s head of e-commerce, Marc Lore, wrote in a blog post on Wednesday. Lore, who joined the world''s largest retailer after it bought his e-commerce company Jet.com, said Wal-Mart would offer a wider selection than any retailer on the platform. Amazon, whose voice-controlled aide Alexa allows users to shop from the retailer, has the lion''s share of the U.S. voice-controlled device industry, with its Echo devices accounting for 72.2 percent of the market in 2016, far ahead of the Google Home gadget''s 22 percent, according to research firm eMarketer. Amazon has also dominated Wal-Mart and other brick-and-mortar retailers in online sales. Wal-Mart has begun pushing back aggressively, however, offering discounts to customers who buy online and pick up in-store, and free two-day shipping for purchases of $35 or more. The latter move even forced Amazon, which rarely imitates the competition, to lower its threshold for free shipping. Lore said in the blog post Wal-Mart was also integrating its quick reordering tool into Google''s same-day delivery service. "One of the primary-use cases for voice shopping will be the ability to build a basket of previously purchased everyday essentials," he said in an interview. He added that Wal-Mart has bigger plans for voice shopping next year that will involve capitalizing on its 4,700 U.S. stores to "create customer experiences that don''t currently exist within voice shopping anywhere else." Customers might be able to use voice shopping to pick up a discounted order in-store or buy fresh groceries across the country, he said. But while both Amazon and Google''s voice-controlled speakers are gaining in popularity, people still mainly use them for such basic tasks as placing phone calls or playing music. To boost voice purchases, Amazon has started offering Alexa-only shopping deals. "We''re still in early days, but shopping isn''t yet one of the big uses of the devices," Victoria Petrock, principal analyst at research firm eMarketer, said on Tuesday. "Obstacles to people using the devices to shop are cost and privacy. A little more than six in 10 people are concerned that these virtual assistants are spying on them." Additional reporting by Nandita Bose in Chicago; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-walmart-tech-google-idUKKCN1B30AB'|'2017-08-23T07:09:00.000+03:00'
'1d4fd1e0e54581d0b43f0a89f26b13ed871861d6'|'Petrobras to make $2 bln capital injection into fuel distribution arm'|'August 25, 2017 / 12:11 PM / 5 minutes ago Petrobras to make $2 billion capital injection into fuel distribution arm Reuters Staff 3 Min Read The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - Brazil''s state-run oil company Petroleo Brasileiro SA will inject 6.3 billion reais ($2 billion) of fresh capital into its fuel distribution arm, cleaning up its balance sheet in an effort to attract investors to an initial public offering. The money from the capital injection, approved by the board of the company and announced in a securities filing on Friday, will solve a long-standing problem with state-controlled power utility Centrais Eletricas Brasileiras SA. The capital injection solves the main hurdle to the initial public offering of the unit, Petrobras Distribuidora SA, according to a person with direct knowledge of the matter. After years of supplying fuel for thermal power plants held by the electricity holding, commonly called Eletrobras, the oil giant known as Petrobras has amassed overdue bills worth around 10.4 billion reais in different subsidiaries. Part of that debt will now be transferred to another Petrobras unit, Downstream Participações Ltda, which will later be consolidated by the parent company. Petrobras and Eletrobras can now sort out their obligations without involving BR Distribuidora, the source said, asking for anonymity due to a lack of authorization to discuss the matter publicly. Current fuel supply at Eletrobras power plants is being paid normally, the source added. The move comes after Brazil''s cash-strapped government floated a proposal on Monday to cede control of Eletrobras, the country''s biggest power utility, in its boldest privatization yet. The capital injection at Petrobras may finally free up its distribution unit for a planned IPO that has been stymied time and again since it was first proposed in 2015. Petrobras revived the BR Distribuidora IPO in June to cut debt and capital spending in low-return activities. The company is increasingly relying on asset sales and spinoffs to trim its $95 billion debt burden, the largest of any major oil company. Reuters reported earlier this month that Citigroup Inc and seven other banks would underwrite the IPO, which will likely occur in November. Petrobras said some of the operations announced on Friday are still subject to approval by shareholders and other stakeholders. Reporting by Luciano Costa, Tatiana Bautzer and Ana Mano in Sao Paulo; Writing and additional reporting by Alexandra Alper in Rio de Janeiro; Editing by Chizu Nomiyama and Alistair Bell'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-petrobras-capital-petrobras-distribui-idUSKCN1B51GD'|'2017-08-25T15:09:00.000+03:00'
'8acfa7f07016abdd867e9c49458cc52a53791835'|'Market signals big paper loss for Rome after Monte Paschi''s bank bailout'|'August 24, 2017 / 4:45 PM / 6 hours ago Market signals big paper loss for Rome after Monte Paschi''s bank bailout Giulio Piovaccari and Danilo Masoni 3 Min Read The Monte dei Paschi di Siena bank logo is pictured at the bank''s headquarters in Siena, Italy January 25, 2013. Stefano Rellandini/Files MILAN (Reuters) - The Italian government faces a paper loss of more than 30 percent on its 3.85 billion euros ($4.54 billion) rescue of troubled lender Monte dei Paschi di Siena, according to grey-market trading in the bank''s new shares. The world''s oldest lender has not formally traded on the Milan bourse since December when the bank failed to raise enough capital to remove the threat of collapse. In July, Rome bailed it out, paying 6.49 euros per share for a controlling stake. Traders and fund managers said on Thursday that Monte dei Paschi''s shares were fetching between 4.14 and 4.35 euros in the grey market, where shareholders can sell them over-the-counter ahead of the resumption of trade on the exchange. Italy''s fourth-largest lender has not set a date for lifting the trade suspension, but says it will be in the autumn. The bank was brought low by years of ill-judged acquisitions and mismanagement. A price of 4.14 euros would represent a paper loss of about 1.39 billion euros for Rome on the first phase of its bailout. It has pledged to later buy out retail holders of bank bonds for 1.5 billion euros, taking its stake to as much as 70 percent. The government, though, has said it plans to hold its shares with a long-term aim of making a profit on its investment. A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome, Italy, September 24, 2013. Alessandro Bianchi/Files However, some institutional investors are already looking to sell their stock on the grey market, hedging against the risk that its value could sink even further ahead of resumed trade. In the rescue, institutional investors who held subordinated bonds in Monte dei Paschi were forced to take losses. Their holdings were cancelled and instead they received shares. The grey-market share price is also supported by the credit default swap market, according to traders of default swaps. Monte dei Paschi last traded at 16.05 euros per share, having lost 90 percent of its market value in 2016. This last-traded price, however, cannot be compared to the grey market price given the bailout represents a complete overhaul of the bank''s balance sheet. ($1 = 0.8478 euros) Additional reporting by Massimo Gaia; Editing by Mark Bendeich 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/eurozone-banks-italy-monte-dei-paschi-idINKCN1B4232'|'2017-08-24T19:40:00.000+03:00'
'235537b85debb31e87122dd3c8b389e00ebb5010'|'Brazil''s Oi schedules Oct 9 creditor assembly to vote reorganization plan'|'SAO PAULO, Aug 25 (Reuters) - Oi SA, the Brazilian telephone carrier operating under bankruptcy court protection for 14 months, said on Friday creditors will assemble on Oct. 9 to vote on the company''s plan of reorganization.The Rio de Janeiro court supervising its bankruptcy proceedings confirmed the date in a ruling on Wednesday, according to a copy of the decision disclosed by the company in a securities filing. Oi is in talks with creditors to restructure about 65.4 billion reais ($20.85 billion) of debt. ($1 = 3.1365 reais) (Reporting by Ana Mano)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/oi-reorganization-idUSE6N1JV003'|'2017-08-25T15:24:00.000+03:00'
'ee5c635309a56af16b456d123da05e497a0e2cde'|'UPDATE 1-Statoil, YPF to explore shale oil, gas in Argentina'|'OSLO (Reuters) - Norway''s Statoil has signed a deal with Argentina''s leading energy company YPF to jointly explore for onshore shale oil and gas resources in the Vaca Muerta formation, the company said on Friday.Statoil and YPF will each hold 50 percent in the Bajo del Toro exploration block, it said. Statoil will recognize YPF''s past costs in the block and will finance 100 percent of the cost of some activities, it added."This is a light oil exploration project in a world-class unconventional resource play, the Vaca Muerta formation," Statoil''s exploration chief, Tim Dodson, said.The companies will invest between $300 million and $500 million, in line with previous partnerships between YPF and foreign oil majors in Vaca Muerta, according to a source familiar with the agreement who asked not to be identified because the deal was preliminary.One of the world''s largest shale gas formations, roughly the size of Belgium, Vaca Muerta has remained mostly undeveloped due to high production costs and lack of labor flexibility.Argentinian President Mauricio Macri reached a deal this year with unions and oil companies, including Chevron and Royal Dutch Shell to support the development.The Bajo del Toro exploration permit covers an area of 157 square km in the Neuquen Basin in the west-central part of Argentina.The agreements with YPF have to be approved by the Neuquen provincial authorities, Statoil said.Earlier this month, YPF Chairman Miguel Gutierrez told Reuters in an interview that more partnerships with oil majors could be announced.Reporting by Nerijus Adomaitis and Gwladys Fouche; Additional reporting by Walter Bianchi in Buenos Aires; Editing by Luc Cohen and Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-statoil-idUSKCN1B428R'|'2017-08-25T16:30:00.000+03:00'
'627c9970993751e28967254e4eb89731399ef350'|'Maersk agrees to sell oil unit to Total in $7.45 billion deal'|'August 21, 2017 / 7:15 AM / an hour ago Maersk agrees to sell oil unit to Total in $7.45 billion deal Reuters Staff 1 Min Read FILE PHOTO - Crew members look out from the world''s largest container ship, the MV Maersk Mc-Kinney Moller, as it berths during its maiden port of call at a PSA International port terminal in Singapore September 27, 2013. Edgar Su/File Photo COPENHAGEN (Reuters) - Denmark''s A.P. Moller-Maersk ( MAERSKb.CO ) said Monday it had agreed to sell its oil and gas division, Maersk Oil, to French oil major Total SA for $7.45 billion. Under the deal, Total will transfer 97.5 million shares, or about 3.8 percent of its equity, to Maersk, and will also take on short term debt of $2.5 billion, the company said. Maersk said it plans to return a "material portion of the value of the received Total S.A. shares" to shareholders in 2018 and 2019 in the form of extraordinary dividend, share buyback or distribution of shares in Total. The deal is expected to close in the first quarter of 2018. Maersk Oil has majority of its assets in the North Sea. Reporting by Jacob Gronholt-Pedersen, editing by Louise Heavens 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-maersk-oil-m-a-total-idINKCN1B10JL'|'2017-08-21T05:15:00.000+03:00'
'eb9ed048d750f578f50c0d3e2be3d8aaa88451d2'|'Hong Kong property investors go trophy hunting in London despite Brexit'|'August 21, 2017 / 6:00 AM / an hour ago Hong Kong property investors go trophy hunting in London despite Brexit Reuters Staff * China demand for UK commercial property touches new record * Weaker pound has made London skyscrapers cheaper * Need to diversify from home market helping drive demand * Tens of thousands protest in Hong Kong * GRAPHIC - Chinese investment in London: tmsnrt.rs/2fGKLh6 By Esha Vaish and Dasha Afanasieva LONDON, Aug 21 (Reuters) - Chinese investment in London commercial property has more than trebled since before Britain voted to leave the European Union, most of it channelled through Hong Kong at a time of heightened political uncertainty in the former British colony. While others have pulled back from British property following last year''s Brexit referendum, investors largely from Hong Kong are snapping up the British capital''s best-known skyscrapers including the "Cheesegrater" and "Walkie Talkie". In the first six months of 2017 Chinese investors spent 3.96 billion pounds ($5.10 billion) on London commercial property according to data from the CBRE real estate group, the highest amount on record and outpacing the 2.69 billion pounds spent in the whole of 2016. Hong Kong accounted for 92 percent of the Chinese investment, according to the Knight Frank agency. Hong Kong food conglomerate Lee Kum Kee is set to pay 1.28 billion pounds later this month for 20 Fenchurch Street - the 34 storey skyscraper known as the Walkie Talkie - a record for an office building in Britain. With Beijing cracking down on foreign deals by mainland companies, investors there are instead using Hong Kong as a conduit for overseas deals. China''s state planner announced on Friday that the country will strengthen rules to defuse risks for domestic companies investing abroad and curb "irrational" overseas investment. However, Hong Kong-based investors are more significant players. "Deals from mainland China already make up a smaller proportion of the activity from the region, with Hong Kong investors most active," said Anthony Duggan, head of capital markets research at Knight Frank. "We expect that Chinese investors will still look to make strategic real estate purchases that fit within their business plans." Hong Kong''s freedoms, including judicial independence, are constitutionally enshrined under a "one country, two systems" deal struck before Britain returned the territory to China in 1997. However, concerns have been rising in recent years and an appeals court jailed three leaders of Hong Kong''s democracy movement last week. Tens of thousands protested in Hong Kong on Sunday against the jailing of the young activists, with many demonstrators questioning the independence of the judiciary. Hong Kong''s legal chief has denied any "political motive" in seeking the prison terms. TAKING CONTROL "If you''re concerned that China is taking control of Hong Kong more and more and you need to take capital out of that jurisdiction, London is attractive," said Chris Brett, head of international capital markets at CBRE. Several factors are drawing the investment, including sterling''s 12 percent drop since the Brexit referendum against the U.S. dollar - to which the Hong Kong dollar is pegged. "Cheaper money, the rule of law, cultural familiarity and a need to diversify out of a home market is what''s driving Hong Kong demand in the UK," said James Beckham, head of central London investment at property consultant Cushman & Wakefield, which advised the Walkie Talkie''s buyers and Cheesegrater''s sellers. Record Hong Kong commercial and residential property prices, along with the political concerns are pushing investors to turn to overseas markets where rental yields are higher. The illiquidity of a building compared with other investments is also an attraction, should Beijing demand that funds be repatriated to China, Jefferies analyst Mike Prew said. The Brexit vote means some London-based financial jobs will shift to the continent or Ireland so that banks can continue selling to clients in the EU. But this negative factor for the office market is offset by the pound''s fall, which makes property cheaper for foreign investors, and the fact that the buildings sold have come with tenants signed up to leases of around 10-15 years. Real estate sources said other City of London landmarks, including 30 St Mary Axe - known as the Gherkin - and the Heron Tower are also attracting interest from Hong Kong investors. These prime "trophy" assets, like the Cheesegrater and Walkie Talkie, have well-known tenants and are in limited supply. Chinese pricing of UK commercial real estate has already established an "entry premium" of about 100 basis points on yields for platinum or top grade buildings, according to Prew. Capital from China and Hong Kong has accounted for a third of all investment in London commercial real estate this year, up from less than 10 percent before the referendum, according to CBRE. This stands in contrast to other investors. Money raised by UK property-focused private equity funds has fallen since the Brexit vote, with $2.9 billion raised in the first half of 2017 compared with $3.7 billion a year earlier, according to data from Prequin. That''s as the outlook for the London office market as a whole clouds before Britain''s EU exit in 2019. The amount of empty space has jumped since the referendum, with developers having to offer longer rent-free periods and lease breaks early into leases to secure tenants. Central London office developer Derwent London, which has a portfolio worth 4.8 billion pounds, forecast that 2017 rental values would be anything between down 3 percent to up 2 percent. SKY HIGH London''s skyscraper boom of the last decade reshaped the skyline, adorning it with unusually shaped silhouettes inspiring nicknames such as the Shard and the 24-storey Can of Ham, which is due to open next year. The largest chunk of cross-border Chinese real estate investment continues to be poured into the United States, but that proportion declined in the first half of the year while increasing in Britain. Buildings in London are cheaper per square foot than in Hong Kong, Tokyo, New York and San Francisco, but they offer higher rents than most other global centres of their stature, according to Knight Frank data. "(Chinese investors) want stable and good returns and trophy buildings generally look part of that," said Dan Norris, real estate head at Hogan Lovells, the second-largest law firm in China. Norris helped Chinese buyers in May to buy 20 Gresham Street, a seven-floor building near St Paul''s Cathedral, for around 300 million pounds. Asian investors were choosing to avoid development deals as they remained wary of riskier projects and were most keen on London offices, he added. Sales of trophy assets have been a prominent feature of the central London deal market for the past six months, resulting in 29 transactions of over 100 million pounds completing, up from 19 a year ago, according to data from BNP Paribas Real Estate. The most recently sold skyscrapers are also cheaper than the same calibre of building in Hong Kong: CBRE data show rental yields stand at about 3.4-3.5 percent for a top-tier London building versus 1 percent for a similar Hong Kong one. ($1 = 0.7770 pounds) Esha Vaish reported for this story from Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-property-china-idUSL5N1KW5P1'|'2017-08-21T09:00:00.000+03:00'
'94d3fa5883e6839ff11a18e2b4d78ddbc5b09cf3'|'U.S. farmers confused by Monsanto weed killer''s complex instructions'|'CHICAGO, Aug 21 (Reuters) - With Monsanto Co''s latest flagship weed killer, dicamba, banned in Arkansas and under review by U.S. regulators over concerns it can drift in the wind, farmers and weed scientists are also complaining that confusing directions on the label make the product hard to use safely.Dicamba, sold under different brand names by BASF and DuPont, can vaporize under certain conditions and the wind can blow it into nearby crops and other plants. The herbicide can damage or even kill crops that have not been genetically engineered to resist it.To prevent that from happening, Monsanto created a 4,550-word label with detailed instructions. Its complexity is now being cited by farmers and critics of the product. It was even singled out in a lawsuit as evidence that Monsanto''s product may be virtually impossible to use properly.At stake for Monsanto is the fate of Xtend soybeans, it largest ever biotech seed launch.Monsanto''s label, which the U.S. Environmental Protection Agency (EPA) reviewed and approved, instructs farmers to apply the company''s XtendiMax with VaporGrip on its latest genetically engineered soybeans only when winds are blowing at least 3 miles per hour, but not more than 15 mph.Growers must also spray it from no higher than 24 inches above the crops. They must adjust spraying equipment to produce larger droplets of the herbicide when temperatures creep above 91 degrees Fahrenheit. After using the product, they must rinse out spraying equipment. Three times."The restriction on these labels is unlike anything that''s ever been seen before," said Bob Hartzler, an agronomy professor and weed specialist at Iowa State University.The label instructions are also of interest to lawyers for farmers suing Monsanto, BASF and DuPont over damage they attribute to the potent weed killer moving off-target to nearby plants.A civil lawsuit filed against the companies in federal court in St. Louis last month alleged it might be impossible to properly follow the label. Restrictions on wind speed, for example, do not allow for timely sprayings over the top of growing soybeans, according to the complaint.The companies failed "to inform the EPA that their label instructions were unrealistic," the lawsuit said.Monsanto said that while its label is detailed, it is not difficult to follow."It uses very simple words and terms," Scott Partridge, Monsanto''s vice president of strategy, told Reuters. "They are not complex in a fashion that inhibits the ability of making a correct application."BASF and DuPont could not immediately be reached for comment on the lawsuit on Friday.Monsanto and BASF have said they trained thousands of farmers to properly use dicamba. Monsanto also said the crop damage seen this summer likely stemmed largely from farmers who did not follow label instructions.Those detailed instructions led some growers and professional spraying companies to avoid the herbicide altogether.Richard Wilkins, a Delaware farmer, abandoned plans to plant Monsanto''s dicamba-resistant soybeans, called Xtend, this year because a local company would not spray the weed killer."The clean-out procedure that you have to go through to ensure that you don''t have any residue remaining in the applicator equipment is quite onerous," he said.In Missouri, farm cooperative MFA Inc said it stopped spraying dicamba for customers last month partly because high temperatures made it too difficult to follow the label.STUDYING WIND, TEMPERATURES The EPA is reviewing label instructions following the reports of crop damage.Monsanto has a lot riding on the EPA review. The company''s net sales increased 1 percent to $4.2 billion in the quarter ended on May 31 from a year ago, partly due to higher U.S. sales of Xtend soybeans. Since January, the company has increased its estimate for 2017 U.S. plantings to 20 million acres from 15 million.One confusing requirement on its dicamba label, farmers said, prohibits spraying during a "temperature inversion," a time when a stable atmosphere can increase the potential for the chemical to move to fields that are vulnerable.To follow the rule, some growers used their smart phones to check weather websites for wind speeds and information on inversions."You have to be a meteorologist to get it exactly right," said Hunter Raffety, a Missouri farmer who believes dicamba damaged soybeans on his farm that could not resist the chemical. (Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-pesticides-labels-idINL1N1KX1CP'|'2017-08-21T08:00:00.000+03:00'
'0c29255d3038ad571d11e30502ade4f94ae3ab6c'|'Exclusive - New Russia sanctions disrupt major Intesa loan syndication'|'August 25, 2017 / 10:36 AM / 6 hours ago Exclusive: Russia sanctions disrupt Italian bank''s 5 billion euro loan deal Sandrine Bradley , Stephen Jewkes and Dmitry Zhdannikov 5 Min Read The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. To match Insight ITALY-BANKS/FUND Stefano Rellandini - RTX2A32V LONDON/MILAN (Reuters) - Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar''s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia. Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year. Intesa ( ISP.MI ) invited about 15 banks to join the loan when it opened the syndication in May. A loan of this size would normally take between four and six weeks to syndicate, though deals involving emerging markets can sometimes take a few weeks longer. The banking sources said their compliance departments needed to understand the new sanctions. They also said the syndication was complicated by a political stand-off between Qatar and Saudi Arabia. Banks are taking a more cautious approach to deals involving Qatar as they are wary of damaging their relations with Saudi Arabia and the other three Gulf nations embroiled in the dispute. "The syndication is stuck because of new U.S. sanctions on Russia. The new sanctions are so wide-reaching that they will surely impact all similar deals involving Russian state firms," said a London-based source with a large Western bank invited by Intesa to participate in the syndication. Intesa, Italy''s largest retail bank, declined to comment. The banking sources did not want themselves or their banks to be named because they were not cleared to speak about the deal and because talks between Intesa and the banks about the syndication are confidential. Last month, Washington imposed new sanctions on Russia in the strongest action against Moscow since 2014 following Russia''s annexation of Crimea and incursion in east Ukraine. The new round of sanctions was in part a response to conclusions by U.S. intelligence agencies that Russia meddled in the 2016 U.S. presidential election. The sanctions dashed hopes of a rapprochement between Moscow and Washington. The syndication was meant to spread the risk for Intesa which has so far lent all of the money. The loan helped commodities house Glencore ( GLEN.L ) and the Qatar Investment Authority buy 19.5 percent in Rosneft ( ROSN.MM ) to help the Russian government plug budget holes. The Italian government says the loan is compliant with the new sanctions. COMPLICATED Intesa, which ranks as a fairly small investment banking player but has good connections in Russia, invited several French, Dutch and U.S. banks as well as China''s Bank of China and ICBC to participate in the deal. A source said ICBC and Bank of China had indicated they would be willing to participate in the deal, though they are more wary now given the political problems hitting Qatar. An official at ICBC declined to comment and one at BOC did not immediately respond to a request for comment. Bankers said the syndication was always expected to be complicated. Rosneft, its boss Igor Sechin and Russia’s top state banks are all subject to sanctions imposed after Russia’s annexation of Crimea from Ukraine in 2014, and some banks had refused to consider the deal on these grounds from the start. In addition to that, Glencore and QIA never disclosed full details of the deal, prompting the bankers to question whether they could go ahead with the syndication without knowing all beneficiaries of the transaction. A spike in tensions between Qatar and its Gulf neighbors including Saudi Arabia also happened just as Intesa started syndicating the loan. "The regional dispute has not helped – it is tough," a London-based loan banker said. "Political tensions around Qatar slowed the deal somewhat. But a real problem came when the U.S. imposed new sanctions (on Russia) in July," another London-based banking source said. Back in 2014, U.S. and European sanctions made it impossible for Russian state-owned companies and many private ones to raise new capital but left loopholes for raising money. "With the new sanctions, I expect a lot of troubles with lending to projects led by Russian state firms... And possibly to many private ones," said one of the banking sources. ($1 = 0.8477 euros) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-intesa-loan-sanctions-idUKKCN1B5172'|'2017-08-25T13:33:00.000+03:00'
'c80900e78e200d37ee9959855e5ad40e8ae09f0e'|'Retail stocks lag quiet European market open on competition worries'|'August 25, 2017 / 7:33 AM / 13 minutes ago Retail stocks lag quiet European market open on competition worries Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 26, 2017. Staff/Remote MILAN (Reuters) - Fresh worries over competition hit Ahold ( AD.AS ) and other European retail stocks in opening deals on Friday as the broader market inched higher ahead of speeches by central bankers at the Jackson Hole gathering in the U.S. Ahold fell 5 percent after online giant Amazon.com ( AMZN.O ) said it will cut prices on a range of goods as it completes its acquisition of Whole Foods Market ( WFM.O ). The Dutch supermarket has a strong presence on the east coast of the U.S.. But gains among financials and a continued rally in Fiat Chrysler ( FCHA.MI ) shares on ongoing merger talk helped support the broader market, sending the pan-European STOXX 600 index up 0.2 percent by 0707 GMT. Britain''s FTSE .FTSE also rose by 0.2 percent. The retail index .SXRP fell 0.8 percent, leading sectoral fallers in the region. Elsewhere in the sector shares in French supermarkets Casino ( CASP.PA ) and Carrefour ( CARR.PA ) fell 0.9 percent and 1.4 percent respectively, while Tesco ( TSCO.L ) and Sainsbury ( SBRY.L ) were also lower. Provident Financial ( PFG.L ) led gainers on the STOXX, up 8.2 percent. The UK subprime lender, which has lost close to 60 percent of its market value this week after a second profit warning in quick succession, said it had replaced the managing director of its beleaguered home credit business. Reporting by Danilo Masoni'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1B50Q9'|'2017-08-25T10:32:00.000+03:00'
'399040cf93a6c0352ae02ab8e0ef5882827b775c'|'Uber reports losses of $645 mln in second quarter, ride bookings grow'|'SAN FRANCISCO, Aug 23 (Reuters) - Uber Technologies Inc narrowed its losses in the second quarter by 9 percent and boosted its ride bookings, the company said on Wednesday, but is still a long way from profitable.Uber said its net loss was $645 million, down from $708 million in the first quarter and $991 million in the fourth quarter of last year. The steady shrinking of losses signals Uber''s efforts to reign in its massive spending on subsidies and other competitive tactics and it battles rivals in tough markets like South Asia.Uber said its gross ride bookings for the three-month period reached $8.7 billion, up 17 percent from the previous quarter. The number of global trips on the app increased 150 percent over the previous year.News site Axios first reported Uber''s second-quarter earnings. (Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uber-profitability-results-idUSFWN1L90P2'|'2017-08-24T04:17:00.000+03:00'
'37f4c6c44d4242e1166e679d18ed406077e4de3c'|'Qatar food security project gets $440 mln bank financing'|'August 23, 2017 / 8:20 AM / 4 minutes ago Qatar food security project gets $440 mln bank financing Reuters Staff 2 Min Read DUBAI, Aug 23 (Reuters) - Qatar Islamic Bank signed to provide 1.6 billion riyals ($440 million) of financing to build a food processing and storage facility at the country''s Hamad Port, as Doha strengthens its resistance against sanctions by other Arab states. The 530,000 square metre facility, to be built by AlJaber Engineering in about two years, will include equipment to process and refine rice, raw sugar and edible oils, the bank said on Wednesday. It will also feature rice silos, warehouses and edible oil storage tanks. Some of the food processed by the facility may be exported regionally or globally, and waste products from the facility will be used to create animal feed. The government-backed project was planned before Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism, which it denies. But the facility has become more important to Qatar''s food security since the crisis began; the vast bulk of its food is imported, and the sanctions have halted transport of foodstuffs across the Saudi border while disrupting shipping routes. Because of the sanctions, Qatari food and beverage prices rose 4.2 percent from the previous month in July, their fastest increase in at least several years, government data shows. (Reporting by Andrew Torchia, editing by Louise Heavens) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/gulf-qatar-food-idUSL8N1L91C8'|'2017-08-23T11:16:00.000+03:00'
'68ab771f8d9bb8b557b15d2e98da1364836e2a49'|'China’s school dropouts a growing concern for economy in transition'|'August 25, 2017 / 6:06 AM / 33 minutes ago China''s school dropouts a growing concern for economy in transition Sue-Lin Wong 6 Min Read A woman walks past a boarded-up local medical centre in a village in rural Shaanxi province, China, June 11, 2017. Picture taken June 11, 2017. Sue-Lin Wong HUANGCHUAN VILLAGE, China (Reuters) - Every day after lunch, Qu Yexiu used to potter around her house in north west China doing housework and looking after her two-year-old grandson. Now, every day after lunch, Qu and her grandson visit the newly opened early-childhood development center in their village of Huangchuan in the mountains of Shaanxi province, where he can play with other toddlers. "Things are better now that we have this village center," said Qu, 56. She looks after her two grandchildren while their parents work and live in nearby Anhui province. The other grandchild attends a preschool. "My grandson has other kids to play with and I can chat to the other grandparents." Early-childhood development centers like the one in Huangchuan may be the answer to one of China''s biggest challenges - reducing the number of children who drop out of school in rural areas. Children in rural areas, where around half of the population lives, have far lower cognitive and social skills compared to their urban counterparts, setting them on a path of dropping out of school before they can even say their own name. Poor education was not such a problem for previous generations of Chinese who spent their lives on the farm or in factories but it could now have far-reaching consequences. The government wants to push the country up the value chain, so the world''s second-largest economy needs a higher-skilled labor force if it wants to transition to a higher-value economy. "This is the biggest problem that China faces that no one knows about. This is an invisible problem," said Scott Rozelle, co-director of the Rural Education Action Program (REAP), a research and policy organization based at Stanford University, which partners with Chinese universities. "China has the lowest levels of human capital (out of all the middle income countries in the world today). China is lower than South Africa, lower than Turkey. We think that''s related to when they were babies, they didn''t develop well," Rozelle said. China''s National Health and Family Planning Commission is working with economists like Rozelle and his colleagues to provide early childhood development opportunities to babies and toddlers in rural China. Seventy-six percent of China''s labor force did not attend high school, based on figures from the country''s last census in 2010, according to an academic paper co-authored by the Asian Development Bank and published last year in the China Quarterly, an academic journal. A man looks at a local government notice board in the settlement of Dajing in rural Shaanxi province, China, June 11, 2017. Picture taken June 11, 2017. Sue-Lin Wong The gap between rural and urban China is also big. Only 8 percent of rural Chinese in the labor force in 2010 had attended any high school, compared to 37 percent of urban Chinese, according to the China Quarterly article. The disposable income of a person living in rural China was 6,562 yuan in the first half of 2017, compared to 18,322 yuan for someone in an urban area, according to China''s statistics bureau. Data from China''s Ministry of Education shows 94.1 percent of students graduated from middle school and 92.5 percent of students graduated from high school in 2015. The Ministry of Education declined to comment immediately when asked about the differences between their statistics and those based on the 2010 census data. One factor slowing down a toddler''s development is the absence of their parents, education experts say. Millions of rural Chinese parents migrate to cities to live full time because they can earn much more than they could by staying in their home villages. That''s where early development centers in China could help. Under the program, there are 50 pilot centers in villages and towns in rural China where children from six months to three years old can experience books, play and interact with other children. Slideshow (8 Images) REAP thinks 300,000 centers are needed across China and the most appropriate entity to head this up would be the government. Cai Jianhua, a government official at China''s National Health and Family Planning Commission, wants the government to allocate 0.1 percent of its GDP - 70 billion yuan - to roll out these centers across the country. Cai says the government has not made a funding commitment, but it has stepped up investment in its youngest citizens in recent years with, among other things, free health checks and immunizations for babies. Unless China has a significant number of Chinese with "broad experiences and deep knowledge," China''s economy will struggle to develop. "The reality is we need smart people if we''re going to be competitive in the 21st century," said Cai. To be sure, there are many reasons for low numbers of students attending high school in China, according to the same academic paper published in the China Quarterly. These include restrictions on population flows because of China''s residency permit system, children who leave school early to work and support their family, and poor investment in rural healthcare, according to the paper. Closing the education gap between urban and rural China will help close the inequality gap, say economists who study education. If the gap isn''t reduced, it will be more difficult for President Xi Jinping to achieve his goal of eradicating poverty and turning China into a "moderately prosperous society" by 2020. Reporting by Sue-Lin Wong; Additional reporting by the Beijing newsroom; Editing by Neil Fullick'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-economy-labour-idUKKCN1B50HM'|'2017-08-25T09:08:00.000+03:00'
'9965b5a7ebfb50b71e6bcd820094f05cbd8d104f'|'China says will tighten controls over intellectual property theft'|'August 25, 2017 / 3:18 AM / 14 minutes ago China says will tighten controls over intellectual property theft Reuters Staff 1 Min Read BEIJING (Reuters) - China will tighten controls over intellectual property to provide better opportunities for foreign investors, the commerce ministry said on Friday. The government''s crackdown on intellectual property violations will focus on trademark registration abuse and business secret theft, Wang Shouwen, a vice commerce minister told a news conference in Beijing. Wang also said China''s IP protection was "not perfect" as a developing country. China expressed "strong dissatisfaction" on Monday with the U.S. launch of an investigation into China''s alleged theft of U.S. intellectual property, calling it "irresponsible". Reporting by Yawen Chen and Beijing Monitoring Desk; Editing by Jacqueline Wong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-trade-ip-idUKKCN1B509R'|'2017-08-25T06:17:00.000+03:00'
'38037deed0af713d0db68222f2d8c0c6ec0b639d'|'Chile''s Cencosud to sell $1 billion in assets to cut debt, spur growth'|'SANTIAGO (Reuters) - Chile''s Cencosud SA CEN.SN, one of Latin America''s largest retailers, plans to sell up to $1 billion in non-strategic assets in the next 12-18 months to cut debt and accelerate growth, the company said on Friday.The decision comes a day after Cencosud reported a second-quarter net profit that came in below market expectations. The results raised concerns among some analysts about the retailer''s debt levels.Cencosud disclosed its plan to sell some assets in a letter to Chile''s regulator."The resulting funds from said plan will be used to reduce company debt and accelerate organic growth in the region," the company said in the letter. It did not specify which assets would be sold.Cencosud, which also has units in Argentina, Brazil, Colombia and Peru, on Thursday reported that second-quarter net profit fell 73 percent in yearly terms amid regional economic weakness and a high base of comparison.In a phone call with journalists on Friday, Cencosud''s chief financial officer, Rodrigo Larrain, said the group would be more comfortable with a ratio of debt to earnings before interest, taxes, depreciation and amortization of around three, rather than its current level of about four.Cencosud shares on the Santiago bourse were down 0.62 percent at 3:32 p.m. local time (1832 GMT) after volatile trading.Reporting by Felipe Iturrieta; Writing by Luc Cohen and Gram Slattery; Editing by Leslie Adler '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-cencosud-divestiture-idUSKCN1B52DX'|'2017-08-26T03:02:00.000+03:00'
'63b362bcbd5a97f32b9c90bb23480ee4afbc687b'|'Brazil minister says Eletrobras privatization will not lift rates'|'August 25, 2017 / 3:52 PM / 8 minutes ago Brazil minister says Eletrobras privatization will not lift rates Reuters Staff 1 Min Read RIO DE JANEIRO, Aug 25 (Reuters) - The Brazilian government''s plan to privatize power holding company Centrais Eletricas Brasileiras SA will not lead to an increase in electricity prices, Mining and Energy Minister Fernando Coelho Filho said on Friday. In an interview with Reuters, the minister said a change in the quota system regulating generation at the company''s hydropower dams will take place over five or six years, avoiding the abrupt rate hikes forecast by regulator Aneel on Wednesday. (Reporting by Rodrigo Viga Gaier; Writing by Alexandra Alper)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eletrobras-privatization-rates-idUSE6N1K404O'|'2017-08-25T18:51:00.000+03:00'
'6f34e5538aa5e55c35a5a533b5b91c93e25a62f7'|'No end to British wage squeeze despite tumbling jobless rate'|'August 25, 2017 / 12:24 PM / 7 hours ago No end to British wage squeeze despite tumbling jobless rate David Milliken 7 Min Read Workers forge at manufacturers Kimber Mills in Cradley Heath, West Midlands, Britain May 15, 2015. Picture taken May 15, 2015. Russ Cockburn LONDON (Reuters) - Britain''s economy faces a paradox. Unemployment has fallen to its lowest since 1975 but no end is in sight to the longest squeeze on pay in more than 100 years. Businesses and trade unions think workers are unlikely to see the 3 percent increase in average earnings that the Bank of England predicts for next year, despite record employment levels and widespread reports of shortages of skilled workers. Wage growth has been weak in many countries over the past decade, but in Britain the break with what was the norm before the 2008-09 global financial crisis has been particularly acute. Shifting employment patterns have weakened workers'' ability to demand a greater slice of the pie from employers -- and the size of that pie is growing more slowly than before because of a slump in productivity growth. One top BoE official has even questioned whether Britain is returning to the wage stagnation that dogged the country for centuries before the 18th century Industrial Revolution. For Larry Joyce, chairman of metal foundry Kimber Mills, keeping a tight grip on wage costs is essential. Four percent annual pay rises were typical in Britain before the financial crisis. Now Joyce tries to raise wages by no more than the BoE''s inflation target of 2 percent. During the worst of the crisis, pay was frozen. In good years, most staff can expect a bonus from a profit sharing scheme. "But it''s for one year. So if things dip back down again, you are not saddled with a level of wages you can''t sustain," he explained. Weakness in British wages pre-dates last year''s vote to leave the European Union but concern about Brexit is among factors that make Joyce doubt wages will rise faster in future. Most British companies take a similar view. The Chartered Institute for Personnel and Development, a professional body for human resources staff, said 2 percent is the most common annual increase in basic pay in the private sector. In the public sector, pay rises have been capped at 1 percent since 2013 as part of government austerity measures. "Employers are not under pressure to raise wages," CIPD labour market analyst Gerwyn Davies said. The result is that after inflation is taken into account, average pay in Britain last year was 2.7 percent lower than at its peak in 2007, according to figures from the Paris-based Organisation for Economic Co-operation and Development (OECD) think tank. By contrast, average pay rose nearly 18 percent in real terms between 2000 and 2007. The 2.7 percent fall puts Britain in bottom place among the world''s seven largest advanced economies. In Europe only Greece and Portugal have fared worse. Britain''s shortfall looks set to worsen this year because of the pick-up in inflation since the Brexit vote. Pay grew 2.1 percent in the second quarter, but inflation was up 2.7 percent. Workers forge at manufacturers Kimber Mills in Cradley Heath, West Midlands, Britain May 15, 2015. Picture taken May 15, 2015. Russ Cockburn JOBS, BUT NOT AS YOU KNOW IT What makes Britain different to Greece and Portugal is that, on the surface, its labour market appears to be booming. Unemployment fell to 4.4 percent in the three months to June, its lowest rate since 1975. Unlike in the United States, where unemployment is similarly low, there are not large numbers of people who have given up looking for a job. However this masks a big fall in job security for many Britons, and a weaker bargaining position for others. The number of workers on "zero-hours" contracts, which offer no guaranteed work and in practice often tie them to a single employer, peaked at 905,000 late last year. One million part-time workers also want full-time work. "Workers do not feel confident enough to ask for a pay rise," said Kate Bell, a senior official at Britain''s Trades Union Congress. Bank of England data show rates of trade union membership are the lowest since the 1930s, while the proportion of British workers who are self-employed is the highest since records began in the mid-19th century. It was in this context that the BoE''s chief economist, Andy Haldane, highlighted similarities between the weak response of wages to falls in unemployment since 2013, and a much longer period of stagnation between 1500 and 1700. "Prior to the Industrial Revolution ... most workers were self-employed or worked in small businesses. There were no unions. Hours were flexible, depending on what work was needed to collect the crops, milk the cows or put bread on the table," he said in a speech in June. TURNING POINT? It is however possible Britain''s labour market is nearing a turning point, and some of the post-crisis factors bearing down on wages are beginning to ease. The number of workers on zero-hour contracts has fallen in the past six months, employers report increased skills shortages and some recruiters are finding they must offer big pay rises to tempt candidates. The effect of a weaker pound since the Brexit referendum in June 2016 and concerns about Britain leaving the EU make this a particular issue for sectors such as construction that rely on foreign workers. "We''ll advertise for people and unless we put these increased rates on the advert, people won''t reply," said Simon Noakes of Bespoke Recruitment, who now offers bricklayers 210 pounds ($269) a day, up from 160-170 pounds last year. But official data show wage growth in the construction sector as a whole is slowing, and CIPD analyst Davies said trends in recruiters'' day-rates and starting salaries did not give a good steer on future moves in average wages. Moreover, faster wage rises will not be sustainable until British productivity growth improves its dismal post-crisis trend. Output per hour has stagnated since 2008, compared with an average of 2 percent a year before the crisis, and is closely correlated with wage trends. "I can''t overstate the significance of this underlying factor behind disappointing (pay) growth," Davies said. "Investment is not increasing in terms of skills or capital and machinery. Until that happens ... employers won''t be able to afford the two percent plus pay increases that we all want." Editing by Timothy Heritage'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-wages-analysis-idUKKCN1B51HB'|'2017-08-25T15:23:00.000+03:00'
'ae138158c08062e04842cb32feec8ba027ec2446'|'UPDATE 1-Sterling dips below $1.28 for first time since June'|'August 23, 2017 / 8:45 AM / 6 minutes ago UPDATE 1-Sterling dips below $1.28 for first time since June Reuters Staff (Adds market comment) By Patrick Graham LONDON, Aug 23 (Reuters) - Sterling fell below $1.28 for the first time since late June on Wednesday while deepening its recent losses against the euro as gloom over Britain''s economic prospects and the Brexit process encouraged investors to push the pound lower. The government is striving to move forward the formal discussions on leaving the European Union with a series of position papers that have outlined potential compromises over some of the issues likely to block progress this year. Analysts again praised signs from another paper on Wednesday that Prime Minister Theresa May would give ground on the influence of EU courts, but markets have so far been unimpressed. In trade-weighted terms, the pound is down 3 percent since the start of August. "We believe that some cautiousness may be warranted, however, given that the latest bout of GBP-weakness has brought it into undervalued territory against both EUR and USD. On the day," Credit Agricole analysts wrote in a note to clients. "(But the euro has) hit yet another multi-month high with the recent price action suggesting that investors are still very comfortable being long the cross despite its lofty levels." By 0805 GMT sterling was trading at $1.2803 after touching a low of $1.2799 in early trades. Against the euro it fell a third of a percent to 92.05 pence, outside of a short-lived "flash crash" in October, its weakest in eight years. "We think it’s too early in the cycle for Brexit details to have a dramatic effect on the pound," said Bank of Montreal strategist Stephen Gallo. "But there hasn''t been any real progress from Brexit negotiators on shifting the discussions from exit conditions over to trade." (Reporting by Patrick Graham, Editing by Saikat Chatterjee and Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-sterling-idUSL8N1L91M7'|'2017-08-23T11:44:00.000+03:00'
'a1fc73cd3b950cbbadcdd15b60982289d676ad72'|'Risk of sharp currency moves drives investors into hedged ETFs'|'August 25, 2017 / 11:20 AM / 24 minutes ago Risk of sharp currency moves drives investors into hedged ETFs Helen Reid , Saikat Chatterjee and Trevor Hunnicutt 7 Min Read FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid/File Photo LONDON/NEW YORK (Reuters) - Investors have been piling into currency-hedged equity tracker funds, seeking protection against big moves in foreign exchange rates. Typically foreign investors buy un-hedged equities since share prices are usually negatively correlated to currencies. In fact, they offer a partial hedge against sharp moves in foreign exchange. But with most equity markets near record highs and major currencies notching up double-digit gains or losses this year, investors are taking no chances. Exchange-traded funds trade like stocks but track a wider range of securities more cheaply than buying the underlying assets. With a currency-hedged ETF, an investor pays an additional cost for hedging the foreign exchange risk, often using currency forwards or options. "ETFs are becoming a tool also to manage currency," said Simone Rosti, European head of passive and exchange-traded fund sales at UBS. Investors poured some $17 billion into currency-hedged equity ETFs globally to the end of July, a sharp turnaround from the $9.1 billion of outflows seen in the same period last year. Currency-hedged ETFs are relative newcomers and still just a drop in the ocean. They make up just $127 billion of the $3.3 trillion assets under management in equity ETFs as a whole, according to industry research group ETFGI. But their growing importance underlines the impact currency moves can have on portfolio returns. "The performance of an equity market relative to the global benchmark can be dominated by movements in the country''s currency," said Mark Richards of JPMorgan Asset Management. A U.S. investor holding an MSCI Europe tracker, for example, has enjoyed returns of 15.5 percent year-to-date in dollars, while the index has gained just 3.2 percent in euro terms. FX HEDGES ETF providers say flows into hedged products often increase just after a big swing in a currency or when market positioning shows a preponderance of investors betting a currency will move in one direction. For example, the euro has gained more than 12 percent so far this year and is the best performing G10 currency. Flows into currency-hedged ETFs tracking European equities in 2017 have far outpaced last year as brokers and investors have warned in recent weeks that the euro’s rise could start to threaten the bright outlook for profits of European companies. In the first seven months of this year investors poured $1.3 billion into these products, compared with $9.2 billion of outflows in the same period last year. FILE PHOTO: A screen displays trading information for German insurance firm Allianz on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid/File Photo "We''ve started to see many clients moving to euro-hedged products. We see this trend continuing in the next few months," said UBS’s Rosti. ETFs hedged to the single currency saw a dramatic increase in inflows in April as concerns around the French election faded. They drew in $638 million that month after managing just $6 million in March. Similarly, since the pound''s dramatic slide on the day after Britain''s Brexit vote in June 2016, the benchmark UK stock index .FTSE has hit record highs as the British-based companies with large global footprints benefited from favourable currency translation boosting earnings. Sterling fell to its lowest against the euro in eight years this week, barring a brief flash crash in October 2016 and analysts say investors are reaching for hedged ETFs to protect against a possible rebound in the pound. Deutsche Asset Management ETF strategist Eric Wiegand said ETFs hedged against sterling GBP=D3 are their best-selling product so far this year. TURNING FORTUNES While the cost of hedging foreign equity exposure can be substantial even for relatively low-cost ETFs, amounting to anything between 1 to 2 percent, investors say these products can offer valuable savings especially when markets lean towards consensus views. For example, at the end of last year, expectations that U.S. President Donald Trump’s fiscal plans would fuel a strong dollar and prompt the Federal Reserve to raise interest rates multiple times were very popular. But those expectations have been squashed in recent months and bets the greenback will weaken have multiplied. Inflows into currency-hedged ETFs exposed to the United States also ballooned this year, drawing in $5.9 billion so far – already ahead of the $5.3 billion net inflows for the full year 2016. "Is this really the time, now that the dollar has moved, that you want to go unhedged? I''d really question that," Schwartz said. DOUBLE HEDGING But some remain sceptical about the need for ETFs to hedge currency exposure when large multinational companies run sophisticated treasury operations that use a variety of instruments to protect themselves against currency swings. "Buying a hedged ETF hedges the currency exposure of companies that are already hedging," wrote Vincent Deluard, head of global macro strategy at INTL FCStone, a brokerage, in a note to clients. "Double-hedging achieves nothing other than generate extra fees and commissions." Though a hedge can drive outperformance during a currency shock, in the medium to long-term the performance differential between hedged and unhedged ETFs tracking the same index diminishes. Then there are other asset classes such as fixed income where investors see more value of an FX-hedged ETF to cushion the blows from a volatile currency on tiny but steady returns from coupon payments on bonds. "Right now, if we look at our asset split, the proportion of flows into currency-hedged ETFs is larger in the fixed income space," said Deutsche''s Wiegand. Some 37 percent of Deutsche Asset Management''s year-to-date net inflows in fixed income ETFs went into hedged products, while just 21 percent of their equity inflows were hedged. Reporting by Helen Reid, Saikat Chatterjee and Trevor Hunnicutt Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-etfs-hedging-idUKKCN1B51AY'|'2017-08-25T14:19:00.000+03:00'
'6c5f874955423da09b6882dd1ed787881e777715'|'VW engineer sentenced to 40-month prison term in diesel case'|'August 25, 2017 / 3:41 PM / 4 hours ago VW engineer sentenced to 40-month prison term in diesel case David Shepardson and Joseph White 4 Min Read FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. Mike Blake/File Photo WASHINGTON/DETROIT (Reuters) - A federal judge in Detroit sentenced former engineer James Liang to 40 months in prison on Friday for his role in Volkswagen AG''s ( VOWG_p.DE ) multiyear scheme to sell diesel cars that generated more pollution than U.S. clean air rules allowed. U.S. District Court Judge Sean Cox also ordered Liang to pay a $200,000 fine, 10 times the amount sought by federal prosecutors. Cox said he hoped the prison sentence and fine would deter other auto industry engineers and executives from similar schemes to deceive regulators and consumers. Liang was part of a long-term conspiracy that perpetrated a "stunning fraud on the American consumer," Cox said, as the defendant''s family looked on in the courtroom. "This is a very serious and troubling crime against our economic system." Liang pleaded guilty earlier this year to misleading regulators, and had cooperated with U.S. law enforcement officials investigating Volkswagen. Prosecutors last week recommended that Liang, 63, receive a three-year prison sentence, reflecting credit for his months of cooperation with the U.S. investigation of Volkswagen''s diesel emissions fraud. Liang could have received a five-year prison term under federal sentencing guidelines. Liang''s lawyers had asked for a sentence of home detention and community service. Liang can appeal the sentence, Cox said. Volkswagen pleaded guilty in March to three felony charges under an agreement with prosecutors to resolve the U.S. criminal probe of the company itself. It agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators and offered to buy back about 500,000 vehicles. Volkswagen has admitted that it used software to deceive regulators in the United States and Europe from 2006 to 2015. The ruse allowed the automaker to sell diesel-equipped cars and sport utilities without installing emissions control systems that could have compromised performance or posed an inconvenience to customers, prosecutors charged. Prosecutors said the deception lasted a decade and first impacted vehicles in the 2009 model year in the United States. The German automaker declined to comment on Liang''s sentence on Friday. "Volkswagen continues to cooperate with investigations by the Department of Justice into the conduct of individuals. It would not be appropriate to discuss personnel matters," the company said in a statement. Liang’s lawyer, Daniel Nixon, on Friday urged Cox to consider a sentence of house arrest, saying Liang was not a "mastermind" of the emissions fraud. Liang "blindly executed a misguided loyalty to his employer," Nixon said. Federal prosecutor Mark Chutkow countered that Liang was a "pivotal figure" in designing the systems used to make Volkswagen diesels appear to comply with U.S. pollution standards, when instead they could emit up to 40 times the allowed levels of smog-forming compounds in normal driving. A prison term "would send a powerful deterrent message to the rest of the industry,” Chutkow said. Liang is still employed by Volkswagen but no longer works as an engineer. U.S. prosecutors have charged eight current and former Volkswagen executives in connection with the diesel emissions cheating probe. Liang is one of the lowest-ranking executives charged so far. Another VW executive, Oliver Schmidt, has pleaded guilty and is scheduled to be sentenced in Detroit on Dec. 6. Under a plea agreement, Schmidt could face up to seven years in prison and a fine of between $40,000 and $400,000 after admitting to conspiring to mislead U.S regulators and violating clean air laws. Reporting by Joseph White in Detroit and David Shepardson in Washington; Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-volkswagen-emissions-sentencing-idUSKCN1B51YP'|'2017-08-25T18:33:00.000+03:00'
'df0db95dfdf00f6a48505f626ad16b2d149c97d4'|'Management turmoil at Infosys is particularly ill-timed'|'THE quickest way to start a Mexican wave in India is to head to the campus of Infosys, an IT outsourcing firm based in Bangalore, and ask all those who think they should be in charge to raise their hands. On August 18th the company’s chief executive, Vishal Sikka (pictured), resigned unexpectedly. But he still serves as executive vice-chairman. Now a chairman, a co-chairman, the interim chief executive who succeeded Mr Sikka, the board of directors and a retired founder all seem to think they should be running the show. The stalemate risks leaving the firm without a leader just as it had started the urgent work of overhauling its business.The company’s management crisis is surprising. As one of only a few Indian IT firms that multinational companies trust to build and maintain their computer systems, Infosys has long sought to exude an aura of professionalism bordering on the dull. But clashing egos at the top now make it seem anything but. In 2014 Mr Sikka became the first person outside a cluster of co-founders to become chief executive. This month he quit after months of incessant heckling from the firm’s principal founder, Narayana Murthy. Shares promptly tanked, dropping by 15%. Mr Murthy has not received much in the way of gratitude for driving out Mr Sikka. Corporate-governance experts decried his method—notably a whispering campaign that suggested, but fell well short of proving, that Mr Sikka had profited from an acquisition Infosys made under his watch. Mr Murthy’s right to complain is also shaky. Though he is admired as a godfather of the tech scene, having pioneered the outsourcing model that has since become a major industry in India, he is a tiny shareholder in Infosys, owning just 0.38% of the company (his relatives own another 3% or so).The board of directors has made it clear that it sides with Mr Sikka. Soon after his resignation, it denounced Mr Murthy’s “misguided campaign” and pointed to independent audits that found no wrongdoing by the outgoing boss. An enraged Mr Murthy is now said to be seeking support among shareholders—mainly foreign and domestic institutional investors—to evict directors who oppose him.Mr Murthy’s defenders paint him as a catalyst for change in the mould of activist investors. His critics denounce him as a bully who cannot accept that Infosys is no longer his to run (he returned to the helm once before, in 2013). Either way, his campaign is ill-timed. Whatever Mr Sikka’s flaws—a propensity for grandiose “thought leadership”, a penchant for private jets—he communicated a clear vision of how Infosys must transform its business model.On this he convinced nearly everyone: there is an obvious need for Infosys to change. The trick Mr Murthy and his co-founders perfected, of persuading Western firms to replace their expensive local IT staff with Indian engineers earning $5,000 a year, has largely played out.Shipping Indian engineers to work at customers’ premises in America, the company’s biggest market, may become harder under the presidency of Donald Trump. Even without any new restrictions on immigration into America, growth at India’s outsourcing firms has slowed markedly. More corporate IT spending is going into mobile apps, analytics and other snazzy offerings, a far cry from the routine codedebugging that made Indian firms rich (remember Y2K?).Much of the drudge work Infosys staff do can increasingly be carried out by machines; Mr Sikka said as much in a recent letter to staff, warning them of a looming “tidal wave of automation” that threatens to engulf the industry. Margins have been dropping in recent quarters. So Mr Sikka had planned to invest in order to develop more innovative services for clients and to use automation to become more productive, offering workers training in machine learning.Few expect Infosys to reverse efforts to rejig its business. Rivals such as Tata Consultancy Services and Wipro are doing much the same. But if the company’s clients fret about instability among management, Infosys will struggle to retain the legacy mainframe-maintenance contracts it still depends on for most profits. Staff can also jump ship. The sooner all sides agree on who is running Infosys, the better. "Founder’s folly"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727083-tussle-comes-company-tries-reinvent-itself-management-turmoil-infosys?fsrc=rss%7Cbus'|'2017-08-26T08:00:00.000+03:00'
'e649c1b9bbf16bddd49f4c7adf5bd13791bb9207'|'Without insurance, some vendors balk at stocking Sears’ shelves'|'August 25, 2017 / 5:11 AM / 4 hours ago Without insurance, some vendors balk at stocking Sears’ shelves Jessica DiNapoli and Richa Naidu 8 Min Read FILE PHOTO: A Sears department store is shown in El Cajon, California, U.S., August 8, 2017. Mike Blake/File Photo (Reuters) - U.S. department store operator Sears Holdings Corp is having trouble stocking shelves, as some vendors have fled while others are demanding stricter payment terms because of difficulties hedging against default risk. The strain in Sears'' supply chain is exacerbated by the scarcity and high cost of a type of vendor insurance known as accounts receivable puts, which ensure a supplier will be paid even if the retailer files for bankruptcy, according to interviews with Sears'' vendors and insurance brokers. "It''s too expensive," Michael Fellner, owner of Montreal-based women''s wear company Lori Michaels Apparel & Manufacturing Inc, said of the specialized vendor insurance. He said he stopped shipping to Sears in March, when his insurer stopped providing coverage. Two other small vendors told Reuters they stopped supplying Sears this year because they could not afford the insurance, whose cost spiked after Sears warned in March of "substantial doubt" over its ability to continue as a going concern. They asked not to be identified discussing confidential commercial arrangements. Sears'' vendors had previously benefited from support from Sears Chief Executive Eddie Lampert, who owns almost half of the company''s shares and is its largest lender. Through his hedge fund, ESL Investments Inc, Lampert invested in vendor insurance contracts worth $93.3 million in 2012, $234 million in 2013 and $80 million in 2014, according to filings with the U.S. Securities and Exchange Commission. (Graphic on how vendor insurance works tmsnrt.rs/2ieMsTG ) Sears’ regulatory filings show no investment by Lampert in vendor insurance contracts since 2015. A Sears spokesman said the 55-year-old billionaire is not currently investing in these contracts and declined to say why. As Sears'' financials deteriorated, other hedge funds such as Avenue Capital Group, and traditional credit insurance firms such as Euler Hermes Group SA, have also exited the insurance market, brokers and investors said. They did not specify the timing of their withdrawal. Avenue Capital and Euler Hermes declined to comment. The dearth of market participants has made the insurance contracts more expensive and harder to come by, putting pressure on Sears'' ability to maintain a robust inventory of goods. Merchandise inventory at Sears, once the largest U.S. retailer, fell to $3.4 billion as of July 29 from $4.7 billion a year ago, the company disclosed on Thursday. Sears has attributed the inventory decline to its transformation to an online-oriented business from bricks-and-mortar stores. “We continue to work to manage our vendor relationships in a constructive manner… we will continue to ensure that our vendors deliver on their obligations to Sears,” Sears said in its second-quarter earnings statement on Thursday. EXPENSIVE INSURANCE Sears and other mall-based retailers have struggled for years as shoppers migrated to Amazon.com Inc and other online stores. The storied American retailer, whose roots date back to 1886, has accumulated $7.7 billion in losses since 2013, and seen annual revenue fall 44 percent to $22.1 billion as of the end of 2016. On Thursday, Sears reported a second-quarter net loss of $251 million, down from $395 million a year ago, indicating that its plans to close more than 300 stores this year and slash costs further are helping stem some of the earnings challenges. Brokers and investors said that Sears insurance contracts for vendors are currently quoted at more than 4 percent of the value of the vendor''s shipment per month, making them uneconomical for many suppliers whose profit margins are in the single digits. Three years ago, the contracts were being quoted at about 3 percent per month. LG Electronics Inc, which makes Kenmore-branded washing machines and refrigerators as well as LG-branded appliances, told Reuters it has not bought vendor insurance in the past year because of the cost. Instead, LG said it negotiated shorter payment schedules to minimize the risk of not being paid by Sears. It declined to say how short the payment period was. The typical payment schedule in the industry is close to 90 days, though it can vary by item. Sears has promised to pay some suppliers within 15 days, according to a source familiar with the matter who requested anonymity to discuss confidential commercial arrangements. Sears declined to comment. A 15-day payment schedule gives a vendor priority for repayment in the event of a bankruptcy. This is because claims received within 20 days of a bankruptcy filing are typically repaid in full. Some vendors are so keen for this protection, that they have offered Sears a small discount of around 5 percent on their merchandise, the source said. However, quicker payouts erode a retailer''s working capital. William Danner, president of CreditRiskMonitor.com Inc, told Reuters that at the end of the second quarter, Sears would likely have used $587 million to boost working capital – mostly from asset sales – due to the decision by some vendors to not extend as much credit. Sears'' available liquidity at the end of July was $810 million. “Even for a huge company like Sears, finding this much more capital is a burden. This apparent loss of confidence in Sears by its vendors is greater now than it was at the end of 2016,” he said. A spokesman for Sears declined to comment on the impact the lack of vendor insurance has had on its relationships with suppliers. A spokesman for Lampert did not respond to several requests for comment. Lampert has complained on several occasions that vendors are trying to exploit Sears'' woes to negotiate better terms. He said last month that some of its vendors reduced their support, "thereby placing additional pressure" on Sears. Sears took the issue to court in June, when it sued Ideal Industries Inc after the maker of Craftsman-branded tools declined to fulfill purchase orders because of Sears'' "known fragile financial condition," according to court documents. Ideal Industries declined to comment. The flight of some vendors has presented an opportunity for others. United National Consumer Suppliers, a wholesale distributor of overstocked goods such as beauty products and toys, now ships to Sears on the condition that it is paid within 30 days. "We actually didn''t do business with Sears until they found themselves in their recent challenges," said CEO Brett Rose. "As long as they pay their bills, we''ll keep shipping to them." Lampert has continued to support Sears in ways other than vendor insurance. He held about $1.7 billion in debt mainly backed by the company''s real estate and inventory as of April 29, according to regulatory filings. Vendor insurance contracts, on the other hand, are not backed by any collateral. Last month, Lampert extended a $200 million 151-day credit line to Sears at an annual interest rate of 9.75 percent. While the market for specialized vendor insurance contracts is opaque, at least one investment firm, Blackstone Group LP''s credit arm GSO Capital Partners LP, is backing Sears contracts through December, according to sources with knowledge of these contracts. They did not disclose their value. GSO declined to comment. Reporting by Jessica DiNapoli in New York and Richa Naidu in Chicago; additional reporting by Nathan Layne in New York; Editing by Greg Roumeliotis and Edward Tobin '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-sears-vendors-insight-idUKKCN1B50E9'|'2017-08-25T08:05:00.000+03:00'
'7b7d0505e735c10bac65036982542ccdabbc4bb0'|'BHP explores $2 bln stake sale in Canada potash mine-sources'|'August 25, 2017 / 5:51 PM / 18 minutes ago BHP explores $2 billion stake sale in Canada potash mine: sources John Tilak and Greg Roumeliotis 4 Min Read Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. TORONTO/NEW YORK (Reuters) - Anglo-Australian mining giant BHP Billiton Ltd is considering selling a 25 percent interest in its Canadian potash mine project, a stake that could be worth close to $2 billion, people familiar with the matter told Reuters. The move comes as activist investor Elliott Management Corp has been pushing the company for changes. BHP is working with an investment bank for the potential stake sale in its partly built Jansen, Saskatchewan potash project, the sources said this week. For BHP, the move will help share the risk of developing the mine and reduce its exposure to the project, said the sources, who asked not to be identified because the deliberations are confidential. BHP laid out options for the Jansen project in an investor presentation dated Aug. 22, saying it could wait, find a partner, divest or optimize it. BHP spokeswoman Bronwyn Wilkinson said it was too early in the process for the company to have determined the size of a potential stake sale. "If you bring in a partner, you can share the capital and risk and, depending on who the partner is, help secure an off-take (supply agreement) or offer expertise," Wilkinson said. BHP, which will keep control of the mine, is not tied to the 25 percent, and the final stake sold could depend on offers, the people said. BHP''s 4-million tonne mine would cost about $8.5 billion to build, with more than half of that still uncommitted. The company does not need the cash either, so it is not in a hurry, the people said. The company''s underlying profit surged to $6.7 billion in the recent fiscal year. BHP''s U.S.-listed shares jumped, rising as much as 4.5 percent to hit a two-year high of $43.60. They were up 2.3 percent at $42.68 in afternoon trading in New York. The potash mine has become the latest front in the battle between BHP, the world''s top miner, and Elliott, a hedge fund that has challenged some of the world’s biggest companies. Elliott''s demands include getting BHP to spin off its U.S. oil and gas assets, doing away with its dual-listing structure, and improving shareholder returns. BHP earlier this week said it would exit the U.S. shale oil and gas business. In July, BHP potash analyst Paul Burnside made a case for potash, arguing that a counter-cyclical investment would help position the company for rising demand for the commodity over the next few decades. Elliott attacked BHP''s plans to enter the potash fertilizer market, which is facing over-supply and sluggish prices. Analysts are cautious about the sector. Global prices of potash, a crucial crop nutrient that helps corn and other crops withstand stress, are low due to a slump in farm prices and rapid expansion of mining capacity by producers. The company said this week it would not seek board approval in 2018 as expected for capital to finish building Jansen due to uncertainty in the potash market. Some analysts interpreted the comments as delaying the project. Production could start in the mid-2020s, BHP said. The potash asset is expected to attract interest from global players, including Indian and Chinese firms, the people said. Since India relies entirely on imports for potash, Indian fertilizer companies looking to sidestep price volatility could look to take advantage of attractive valuations. Indian Potash Ltd, IFFCO, Deepak Fertilisers and Petrochemicals Corp, Rashtriya Chemicals and Fertilizers Ltd, Coromandel International Ltd are some of the top potash players in India. Last month, Reuters reported that Indian agrochemicals producer UPL Ltd is exploring a bid of more than $4 billion for the agrochemicals business of Platform Specialty Products Corp, in a sign that Indian agriculture firms were actively scouting for North American assets. Reporting by John Tilak in Toronto, Greg Roumeliotis in New York,; Additional reporting by Rod Nickel in Winnipeg; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bhp-billiton-sale-idUSKCN1B528B'|'2017-08-25T20:45:00.000+03:00'
'1a7716e60bad85a3cb754392a33f6a264e063e2a'|'CEE MARKETS-Polish stocks hit multi-year high, Eurocash woes slow rally'|'* Warsaw''s bluechip stock index highest since May 2015 * Eurocash hit from tax fraud slows Polish stocks rally * Forint reverses fall after central bank talks it down By Sandor Peto BUDAPEST, Aug 25 (Reuters) - Polish stocks hit multi-year highs on Friday even though the rally was slowed by wholesale group Eurocash''s announcement it had been hit by tax fraud. Warsaw is Central Europe''s best performing stock exchange this year. Its bluechip index has gained more than 26 percent since 2016. Polish shares are picking up after underperforming regional peers last year when the policies of the conservative Law and Justice Party (PiS), which took power in late 2015, hit various sectors including banks. Its policies have become less painful to businesses, even though Polish assets repeatedly came under pressure this year from politics, including tension with Brussels over judiciary reform and a plan to help FX borrowers at the cost of banks. Central Europe''s robust economic performance still buoys its currencies and equities. Polish consumer confidence hit an all-time high in August according to late Thursday''s data. The healthy outlook has opened the way for more gains on the Polish bourse after the past few weeks'' global worries over tension between North Korea and the United States eased, analysts said. After a rally on Thursday, Warsaw''s bluechip index hit its highest level since May 2015 on Friday. The index which also takes dividends into account set a 10-year high. The .WIG20 stood higher by 0.2 percent at 0912 GMT at 2,461 points, driven off the day''s peaks by a retreat of some bank stocks and a 4 percent plunge of Eurocash . The wholesale group''s shares tumbled after it said that it had been cheated in a VAT fraud and might be obliged to refund tax to the state, reducing its profit by 114 million zlotys ($31.57 million). Hungarian stocks were treading water, after Budapest''s main equities index hit a record high on Thursday. The forint was steady at 304.29 against the euro, off Thursday''s two-week lows at 304.82, and Hungarian government bond yields rose 1-2 basis points after 10 basis point fall on Thursday. The forint plunged one percent on Thursday from 28-month highs of 301.72 after the Hungarian central bank flagged further monetary easing on comments to Reuters, which market participants said was verbal intervention to stem the gains of the forint. Dealers said the forint may resume it firming trend. "Has anything changed fundamentally?," one Budapest-based dealer said. "With the current domestic macroeconomic and international backdrop, a firming is natural... Possible exotic options barriers near the 300 level also keep people excited." CEE MARKETS SNAPSH AT 1112 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.098 26.106 +0.03 3.48% 0 5 % Hungary 304.29 304.42 +0.04 1.49% forint 00 50 % Polish zloty 4.2614 4.2622 +0.02 3.34% % Romanian leu 4.5890 4.5836 -0.12% -1.18% Croatian 7.3950 7.4135 +0.25 2.16% kuna % Serbian 119.13 119.26 +0.11 3.54% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1035.3 1034.1 +0.11 +12.3 0 5 % 4% Budapest 37996. 37954. +0.11 +18.7 01 41 % 3% Warsaw 2460.8 2456.2 +0.19 +26.3 4 7 % 3% Bucharest 8373.0 8348.7 +0.29 +18.1 8 6 % 8% Ljubljana 829.14 828.68 +0.06 +15.5 % 5% Zagreb 1902.5 1903.4 -0.05% -4.63% 1 7 Belgrade 722.11 722.78 -0.09% +0.66 % Sofia 717.18 718.44 -0.18% +22.3 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.021 0.005 +070b -1bps ps 5-year 0.087 0.047 +039b +3bps ps 10-year 0.902 -0.031 +050b -5bps ps Poland 2-year 1.74 -0.007 +247b -2bps ps 5-year 2.64 0.013 +294b +0bps ps 10-year 3.316 0.015 +292b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.71 0.81 0 IBOR=> Hungary <BU 0.19 0.25 0.31 0.15 BOR=> Poland <WI 1.764 1.79 1.84 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1LB29C'|'2017-08-25T08:08:00.000+03:00'
'ec6c177557eac0fc7fbcfdc599c79fb39bf1d302'|'China Paper mulls $5 billion bid for Brazil''s Eldorado: media'|'SAO PAULO (Reuters) - China Paper Holdings ( CPHL.SI ) has joined a group of companies competing to buy control of Brazilian pulpmaker Eldorado Brasil Celulose SA, Folha de S. Paulo newspaper reported on Wednesday.The Chinese state-run company would be prepared to pay 16 billion reais ($5.06 billion) for a 100 percent stake, Folha reported without stating the source of the information.That figure would top Indonesia''s Asia Pulp and Paper Group, which reportedly placed a 15 billion real bid, Folha said.J&F Investimentos SA, Eldorado''s owner, did not immediately respond to a request for comment. China Paper and Asia Pulp and Paper Group also did not respond to emailed requests for comment.Eldorado was put on the block after the family that controls it, ensnared in a corruption scandal, announced an asset sale plan that included meatpacking assets in South America, a cattle feedlot in the United States and a food company in Europe, all of which are operated by food company JBS SA ( JBSS3.SA )J&F started to receive new bids for Eldorado earlier this month, after the end of an agreement to negotiate exclusively with Chile''s Copec SA, owner of a business unit in Brazil known as Arauco.Since the end of the exclusive talks, Brazil''s Fibria SA ( FIBR3.SA ), an unidentified Asian buyer and Indonesia''s Asia Pulp placed bids.Reporting by Ana Mano; Editing by Bill Trott'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-eldorado-m-a-china-paper-idINKCN1B31P0'|'2017-08-23T12:14:00.000+03:00'
'd1b3a419b66f97d32dbc2c0242b5cb0f09bf604a'|'Philippines says will lift Uber suspension if hefty fine paid'|'Driver operators stand outside the Uber main office in Mandaluyong city, metro Manila, Philippines August 15, 2017. Dondi Tawatao MANILA (Reuters) - The Philippine transport regulator said on Friday it would lift a one-month suspension on Uber Technologies Inc [UBER.UL] if it paid a penalty of 190 million pesos ($3.7 million), a fine nearly 20 times greater than Uber had offered to pay. The Land Transportation Franchising and Regulatory Board, or LTFRB, said Uber also needed to collectively pay its drivers nearly 20 million pesos daily as financial assistance during the suspension period. There was no immediate comment from Uber on Friday. The regulator halted Uber''s operations for a month from Aug. 14 for disregarding a directive to stop accepting new driver applications. Uber, which said it did not process those applications, later told the LTFRB it could pay a fine of 10 million pesos to get the suspension lifted. The Uber freeze has attracted public attention because many Philippine commuters regard the ride hailing app as more reliable and competitive than mainstream transport services. Uber recently said it had nearly 67,000 Philippine drivers. The LTFRB said the penalty was calculated by "taking into consideration the number of days that (Uber) should be suspended in relation to the daily average income." Citing data submitted by Uber, the LTFRB said it had daily income of up to 10 million pesos from at least 150,000 trips. The fine took into account the remaining suspension period of 19 days, said LTFRB board member Aileen Lizada. "The lifting of suspension will depend on the payment of fine and remittance of financial assistance," Lizada told reporters in a text message. The dispute with the Philippine regulator is the latest setback this year to Uber, a firm valued at more than $60 billion. Its Philippines suspension caused a spike in demand for rival Grab, and long queues near offices and malls and some disgruntlement about reverting to using regular taxis. Senator Grace Poe, a prominent advocate for improving transport services, tried to bring Uber and LTFRB officials together to work out a compromise. An executive of Uber apologized for its "misunderstanding". Poe on Friday said the hefty fine should "make Uber rethink its actions and re-evaluate its strategy in testing the extent of government regulations." The LTFRB last year suspended applications for ride-share operators, to work out how best to regulate the industry. It said Uber was "irresponsible" for challenging that order. Editing by Martin Petty and Edmund Blair '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-uber-philippines-idUSKCN1B525A'|'2017-08-25T19:53:00.000+03:00'
'43d366f6cbd4f92e79437b2245979d07b9149b5c'|'Gold eases ahead of Jackson Hole central bankers meeting'|'Gold bars are seen at the Kazakhstan''s National Bank vault in Almaty, Kazakhstan, September 30, 2016. Mariya Gordeyeva/File Photo LONDON (Reuters) - Gold prices drifted lower on Thursday, pressured by a firmer dollar as investors awaited signals on interest rates from central bankers meeting in Jackson Hole.Losses were limited, however, after a threat by U.S. President Donald Trump to shut down the government unless he got funding for a border wall with Mexico.Key to the direction of the market were funds holding huge long positions in Comex gold futures, said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen."We''ve had two failed attempts at the upside this year which resulted in a flush out of longs, and the longer we stay here without breaking higher, the bigger the risk that these guys will start to get impatient," he said.Gold failed in April and June to break through the top of its broad $1,200-$1,300 range this year."But at the same time, there''s this threat to close down the U.S. government by Trump if he doesn''t get his wall so that''s providing some underlying support. It''s well and truly wait and see."Spot gold was down 0.1 percent at $1,288.91 an ounce by 1400 GMT, after gaining 0.4 percent in the previous session.U.S. gold futures slipped 0.03 percent to $1,294.30 per ounce."The market is pricing in the Federal Reserve''s actions at the Jackson Hole meeting and people are expecting some kind of tightening going on in that space," said Richard Xu, a fund manager at China''s biggest gold exchange-traded fund, HuaAn Gold.Markets were focused on an annual meeting of central bankers in Jackson Hole, Wyoming, starting on Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank chief Mario Draghi are set to deliver speeches on Friday on the outlook for monetary policy and interest rates.Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.The dollar recovered on Thursday, helped by nerves over what message Fed policymakers will send from Jackson Hole and holding gains after U.S. jobless claims rose less than forecast.Silver fell 0.3 percent to $16.97 an ounce, while platinum rose 0.5 percent to $980.70 an ounce.Palladium added 0.2 percent to $934.40."With the palladium-platinum spread down to about $40, it''s getting close to lows we witnessed back in June, when platinum had the latest run to the upside," Hansen said."Based on the spread relationship, palladium should struggle to perform, in the short term at least."Additional reporting by Apeksha Nair in Bengaluru; Editing by Dale Hudson'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-precious-idINKCN1B403D'|'2017-08-24T04:21:00.000+03:00'
'398206a9ac7c4b67fd8d2456b481bd0d48120b06'|'China says will use all necessary means to defend interests against U.S. trade probe'|'August 24, 2017 / 9:14 AM / 7 hours ago China says will use all necessary means to defend interests against U.S. trade probe Reuters Staff 2 Min Read FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. Thomas White/Illustration/File Photo BEIJING (Reuters) - China will use all necessary means to defend the interests of the country and its companies against a U.S. trade investigation, a spokesman for the Ministry of Commerce said on Thursday. The ministry on Monday expressed "strong dissatisfaction" with the U.S. launch of the probe into China''s alleged theft of U.S. intellectual property, calling it "irresponsible". The probe is the Trump administration''s first direct measure against Chinese trade practices, which the White House and U.S. business groups say are bruising American industry. "We will take all the necessary measures to resolutely defend the interests of China and Chinese firms" in the face of the unilateral U.S. actions, commerce ministry official Gao Feng told reporters at a regular news conference. Gao also said that China''s support for overseas investment by Chinese firms will not change, but that oversight of deals will increase and projects related to China''s Belt and Road initiative will be given priority. China''s cabinet released guidelines to manage overseas investments, with certain sectors encouraged and others restricted or banned outright. Mergers and acquisitions by Chinese companies in countries linked to the Belt and Road initiative have been growing at a rapid rate, even as the government takes aim at China''s acquisitive conglomerates to restrict capital outflows. "We will further improve the overseas investment reporting management system," said Gao, adding China would push forward legislation to govern foreign investment. Reporting by Yawen Chen and Elias Glenn; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-trade-idINKCN1B40VH'|'2017-08-24T12:14:00.000+03:00'
'5db308dc5a0c3402b666e7a2d2180c435a8dd4fc'|'Insurer Aviva to sell Italian joint venture to Banco BPM'|'August 25, 2017 / 7:46 AM / 6 hours ago Insurer Aviva to sell Italian joint venture to Banco BPM Reuters Staff 2 Min Read Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. Stephen Hird/File Photo (Reuters) - Insurer Aviva ( AV.L ) said it would sell its 50 percent stake in its joint venture in Italy, Avipop Assicurazioni and its unit Avipop Vita to Italy''s Banco BPM ( BAMI.MI ). The joint venture, which distributes life and general insurance products in Italy, is owned by Aviva and Banco BPM. Aviva''s decision to sell the stake came after it received a notification in June of Banco BPM''s intention not to renew its bancassurance agreement with the insurer, it said in a statement. In 2016, the two businesses contributed 200 million pounds to Aviva''s IFRS net assets and generated about 14 million pounds in IFRS operating pretax profit. Aviva''s other joint ventures in Italy with UBI ( UBI.MI ), UniCredit ( CRDI.MI ), and its units Aviva Life and Aviva Italia are unaffected, it said. Aviva has previously said it was considering the future of its businesses in Spain, Italy and India. The insurer did not disclose a price for the sale. Reporting by Noor Zainab Hussain in Bengaluru '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-aviva-gb-divestiture-banco-bpm-idUKKCN1B50RJ'|'2017-08-25T10:45:00.000+03:00'
'c9c71eb4f18f030351b8aebd5b24b73a7c9e2aeb'|'Expedia to expand U.S. passenger rail booking presence -CEO'|'(Reuters) - Online travel provider Expedia Inc is looking to build up its rail booking services in the United States, Chief Executive Dara Khosrowshahi said in an interview with Reuters on Tuesday.The Bellevue, Washington-based company, which offers online bookings of hotels, flights and cars for travelers, is working to expand those capabilities to passenger train service on a global basis, Khosrowshahi said, looking to key markets like Europe, where it has already started offering rail bookings in the United Kingdom and Germany."Rail in Europe is incredibly important as far as a transportation medium," Khosrowshahi said in an interview. "It''s becoming increasingly important in the Asia-Pacific markets. And I think in the U.S., rail isn''t quite as strong, but we are certainly building up infrastructure on the back end to be able to expand our rail offering on a global basis."Plans for expanding its U.S. rail booking options are in the early stages, Khosrowshahi said, declining to provide further details.In June, the company acquired a majority stake in SilverRail Technologies Inc, an unlisted retailing and distribution platform for rail, at an undisclosed price.Although SilverRail is based in London, Expedia actually began partnering with the firm in 2010 for its corporate travel brand, Egencia, to provide rail options in the United States, where nearly all long-distance passenger train service is provided by U.S. government-owned Amtrak."With all the talk about being environmentally friendly, you know we do think it is a good way for people to get around, it''s a good transport mechanism and it''s one that we want to promote," Khosrowshahi said.Expedia shares, which are up over 29 percent over the past year, were trading at $147.61 after the market close on Tuesday.Reporting by Sophia Kunthara, editing by G Crosse'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-expedia-ceo-railways-idUSKCN1B22M8'|'2017-08-23T02:29:00.000+03:00'
'033115f5481ed71e5caaee21fa13bc91804f6a90'|'Vontobel to buy eastern European private banking portfolio from Notenstein'|'The logo of Swiss Vontobel private bank is seen at an office building in Zurich, Switzerland September 28, 2016. Arnd Wiegmann ZURICH (Reuters) - Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc ($2.1 billion) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said on Monday.The majority of the team managing the portfolio will move to Vontobel and the assets will be booked in Switzerland, Vontobel said in a statement.The pair did not disclose a price for the deal but a typical rule of thumb in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired.($1 = 0.9656 Swiss francs)Reporting by Joshua Franklin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-vontobel-hldg-m-a-notensteinlaroche-idINKCN1B10DZ'|'2017-08-21T03:36:00.000+03:00'
'dae58923d3c91ec7dcea32939e48e4d1e4f3ad34'|'China''s HNA boosts stake in Swiss airport retailer Dufry'|'August 21, 2017 / 5:46 AM / 2 hours ago China''s HNA boosts Dufry stake, pursues CWT purchase plan Kane Wu 3 Min Read FILE PHOTO: A duty free shop belonging to the Dufry group in a departure lounge at Denpassar international airport in Bali March 23, 2017. Thomas White/File Photo HONG KONG (Reuters) - Chinese conglomerate HNA Group has completed the acquisition of a 16.2 percent stake in Swiss airport retailer Dufry AG ( DUFN.S ) from Singaporean sovereign funds GIC and Temasek, Dufry and HNA said on Monday. No value for the deal was given, but the stake would be worth about $1.4 billion, given Dufry''s current market capitalization of $8.5 billion. HNA''s total stake in the Swiss group will rise to 20.92 percent, the firms said. HNA, one of China''s most acquisitive conglomerates with businesses spanning aviation to financial services, also said on Monday it is progressing its proposed $1 billion purchase of Singapore-listed logistics firm CWT Ltd ( CWTD.SI ). The moves come as China''s state planner said last week it will strengthen rules to defuse risks for domestic companies investing abroad, and curb "irrational" overseas investment in its Belt and Road initiative. M&A transactions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China''s acquisitive conglomerates to restrict capital outflows. Regulators in June ordered a group of lenders to assess exposure to some of the more aggressive dealmakers, including HNA. At least two of HNA''s overseas deals have hit a hurdle as a result of the crackdown on transferring money outside China, sources said. HNA said the Dufry shares purchase was in line with China''s Belt and Road policies, as Dufry''s businesses cover many countries and regions on the Belt and Road map. Dufry runs more than 2,200 duty-free and duty-paid shops across five continents. Dufry said the two companies have started to look at possible areas of collaboration, with a view to getting more business from domestic and international Chinese travelers. HNA said its acquisition of Dufry shares was funded entirely by offshore capital. HNA is now Dufry''s largest shareholder, a person familiar with HNA said. Separately, HNA, which has been in exclusive talks with CWT for more than a year, said one of its fully-owned subsidiaries will hold a meeting in September to seek approval from shareholders for a transaction. It expected a notice of the general meeting to be sent to shareholders on Monday. HNA said in April that its subsidiary HNA Belt and Road Investments (Singapore) Pte. Ltd would offer to buy CWT for nearly $1 billion. CWT''s shares rose 5 percent on Monday. Reporting by Kane Wu in Hong Kong; Additional reporting by Anshuman Daga in Singapore; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-hna-m-a-idINKCN1B10E9'|'2017-08-21T03:46:00.000+03:00'
'7df78c33db3f180a31834ff685d547f92b404a43'|'Are men more irrationally exuberant than women?'|'WOULD more women on the trading floor inject a dose of sanity into the world’s financial markets? This question gained prominence after the 2007-08 crisis. As Christine Lagarde, then France’s finance minister and now head of the IMF, quipped, had Lehman Brothers been Lehman Sisters, history would have been different. Many studies support this idea, showing that testosterone-laden men are prone to overconfidence in trading. Women are more cautious.But things may not be so simple. Previous research has mostly used evidence from the West. To test if the conclusions apply universally, Wang Jianxin of China’s Central South University, Daniel Houser of George Mason University and Xu Hui of Beijing Normal University looked at both America and China. And they found that in China’s markets, women can be just as manic as men. The economists arranged for 342 students to form experimental markets. They were allocated dividend-paying shares and tokens (in lieu of cash), and given 15 rounds to trade within gender-based groups. Participants could, in theory, calculate fair value of the shares in any given round but few did so.In America, the outcomes matched past experiments. Shares quickly inflated to a bubble in male-only trading groups, before crashing. Women-only groups traded the shares at a discount for much of the time. In China male-only markets were just as unhinged. But so were the female-only markets, going from bubble to bust just like the male-only ones.Critics will object that this was just an experiment. However, there is a long history of using such devices to study investment behaviour. Anecdotally, women have played a part in China’s market manias. In trading halls full of elderly day-traders, white-haired ladies sit alongside wizened men. Over the past two years women have also been on the front lines of protests after a series of online investment schemes collapsed.Why China’s women might be as bold—and reckless—as men is open to debate. Other research highlights Communist Party policies promoting equality. But in practice women in China are woefully underrepresented in the financial sector. Only when that changes will it be possible to judge if China truly has gender parity in irrational exuberance. Finance and economics "Half the sky"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727095-women-are-often-more-cautious-men-trading-not-china-are-men-more?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'447bdc60a29e0ddc2256b72ec9d178f1bb0fb0cc'|'LPC: US leveraged loans ready for strong second half'|'NEW YORK, Aug 25 (Reuters) - The sizzling US leveraged loan market is expected to maintain its breakneck pace in the second half and potentially set new volume records despite lower merger and acquisition activity as the strength of investor demand continues to see off concerns over mounting macroeconomic and geopolitical risks.Robust demand for floating-rate assets in a rising interest rate environment has pushed leveraged loan volume to US$874.7bn in the year to date, 77.5% higher than US$492.9bn raised at the same time last year.“If we keep the same levels, we’re going to have one of the highest years ever,” said a senior leveraged finance banker.Several M&A deals announced before the September 4 Labor Day holiday are expected to hit the market soon, including US$1.6bn of financing backing internet security company DigiCert’s purchase of Symantec’s web certification business. UBS is leading the loan financing with Credit Suisse, Jefferies, Goldman Sachs and Macquarie Group.Pharmacy manager PharMerica Corp also arranged US$1.1bn of commitments to back its buyout by private equity firm KKR and Co, too. Goldman Sachs will lead the first-lien portion while Morgan Stanley will lead the second-lien piece.Although buyout activity has strengthened in the third quarter, it has not been enough to meet overwhelming demand from loan buyers, including Collateralized Loan Obligation (CLO) funds, loan funds and foreign investors.Investors are favoring loans in the technology, healthcare, industrials and packaging sectors but the picture is mixed as other sectors including retail and energy remain under pressure, which is reflected in low secondary prices.Sponsors have lined up more than US$20bn of financing to back leveraged buyouts in the third quarter so far, which is 231.5% higher than the same period in 2016 when US$8.9bn of buyout financing priced, according to Thomson Reuters LPC data.Most of this volume has come as issuers take advantage of strong market conditions to extend maturities by refinancing or simply repricing debt lower in the primary market as secondary prices climbed, emphasizing strong investor appetite.Bankers are watchful of possible pitfalls from political concerns such as the debt ceiling negotiations or heightened tensions with North Korea, but said that it is mainly the current strength of the US economy that is reassuring investors to put their money into the asset class. OFF THE SHELVESThe extraordinary levels of investor demand for buyout deals that hit the market in the run up to Labor Day kept the market unusually busy in the August holiday period, bankers and investors said.Leveraged loans, especially large deals, can often take two weeks to go through syndication, but deals flew through the market in August, as pharmaceutical research services provider PAREXEL International Corp’s buyout loan to back its acquisitions by Pamplona Capital showed.The issuer launched a US$2.065bn seven-year term loan on August 7 and wrapped up pricing just three days later on August 10. The deal priced at 300bp over Libor, at the tight end of 300bp-325bp pricing guidance. Bank of America Merrill Lynch led the transaction.In another display of insatiable demand, office supplies retailer Staples Inc’s proposed US$2.4bn term loan backing Sycamore Partners’ buyout of the company’s delivery business was oversubscribed by the time the deal launched on August 2. As a result, the issuer was able to increase the size of the term loan to US$2.9bn and lower pricing to 400bp over Libor from 425bp over Libor. UBS led the deal.Bankers said that they expect issuers to be able to continue to access favorable borrowing conditions in the run up to year end, absent any market shocks. Private equity firms remain particularly well positioned to exploit market conditions with opportunistic deals.“The sponsors are very sophisticated,” the banker said. “They have their own terms. They’re always going to extract every single dollar and every single term that they can.” (Reporting by Jonathan Schwarzberg; Editing By Michelle Sierra and Tessa Walsh) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/loans-outlook-idINL2N1LB0OJ'|'2017-08-25T12:27:00.000+03:00'
'4192384ea84e17b78332b3e2ee2a89397b1ada65'|'Challenges ahead as Nilekani takes on second innings at Infosys'|'August 25, 2017 / 7:37 AM / 4 minutes ago Challenges ahead as Nilekani takes on second innings at Infosys Sankalp Phartiyal and Nivedita Bhattacharjee 5 Min Read The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. Abhishek N. Chinnappa/File Photo MUMBAI/BENGALURU (Reuters) - The return of former boss Nandan Nilekani to Infosys is intended as a return to normality for investors and the tech company''s 200,000 employees, drawing a line under the bitter public battle between board members and founders. The dramatic exit of Infosys'' chief executive Vishal Sikka late last week took uncertainty to new highs and prompted several days of falling shares. A group of 12 major institutional investors wrote to ask for Nilekani - one of Infosys'' seven co-founders, though largely absent from the spat - to come back on the board. He was appointed on Thursday. But Nilekani, a respected, jovial figure familiar from Davos debates and television commentary, faces an unenviable challenge as he comes back to the Infosys fold, a decade since his departure. He is returning as chairman to a different Infosys than the one he left when he stepped down as co-chairman to run India''s national ID project in 2009, having first served as chief executive from 2002 to 2007 and quadrupled revenues during that tenure. Nilekani was a pioneer in the outsourcing industry - famously telling journalist Thomas Friedman that it had made the world ''flat''. But while he was away, rolling out India''s billion-strong biometric database, the IT industry shifted. It is now facing unprecedented challenges: the traditional outsourcing business faces a margin squeeze and newer ventures have yet to make money. Anticipated work visa changes in the United States, the biggest market for Indian IT firms, could also become a headache for the company. Related Coverage Infosys chairman''s priorities: Focus on CEO search, new board, strategy "I think the challenges that Nilekani faces are the same as the challenges that Infosys faces, which are how do you steer the company through this transformation and how do you get growth," said Malay Shah, a senior director at Alvarez & Marsal, who worked with Infosys during Nilekani''s prior stint. "To that extent he has now put his reputation at stake, his name will get associated whether the company will be successful or not," said Shah. Nilekani should be aware of what''s in store. In 2013, when Infosys faced another crisis, co-founder Narayana Murthy returned to the group and is reported to have asked Nilekani to join him. He refused. Co-Chairman of the Board of Directors of Infosys Technologies Ltd. Nandan M. Nilekani speaks after a news conference on the outskirts of New Delhi September 21, 2008. B Mathur/File Photo WELL-CONNECTED He will also need to move fast on staff, first recruiting a chief executive to replace Sikka, whose dramatic departure last Friday triggered a drop in the shares. Sikka, who joined Infosys from German software giant SAP, pushed it to adopt automation and venture into transformational high-margin areas like big data, cloud and analytics. Nilekani, who together with family owns about 2.3 percent of Infosys and is worth $1.7 billion according to Forbes, is known for his networking talent - something he will need to tap. "Nandan''s a global face, he''s well connected... he has a track record of running Infosys as a CEO," said V. Balakrishnan, a former finance chief of Infosys who still owns shares. "What''s required is a face which will give comfort, help to restructure the board and hire a new CEO." RETAINING TALENT But he will also need to tackle broader retention. Sikka''s departure rattled the rank-and-file and senior level executives critical to rolling out its strategy and retaining clients. Analysts had warned that the growing uncertainty could spur some of Infosys'' top talent to jump ship and headhunters had reported a rise in the number of inquiries from senior Infosys executives looking to move. With Sikka at the helm, Infosys revamped its uptight work culture - from relaxing a formal dress code to allowing staff to check Facebook or Twitter during work hours. Infosys also tried to copy nimbler startups, by getting people to work in huddles, and encouraging creative events like hackathons. The moves, part of a plan to attract top tech talent, marked a big cultural shift from the Infosys run by Nilekani. Infosys'' interim CEO Pravin Rao told employees on Thursday, in an internal memo, that the appointment was a "major milestone in ensuring the smooth transition of our organization," adding the change would allow Infosys to deliver on promises made. Reporting by Sankalp Phartiyal, Nivedita Bhattacharjee and Euan Rocha; Additional reporting by Rachit Vats; Editing by Clara Ferreira Marques and Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-infosys-board-nilekani-idUKKCN1B50QM'|'2017-08-25T10:37:00.000+03:00'
'cba224d1ad904410a8ceb01bfd2b87180685a62b'|'VW engineer sentenced to 40-month prison term in diesel case'|'August 25, 2017 / 4:27 PM / 19 minutes ago VW engineer sentenced to 40-month prison term in diesel case David Shepardson and Joseph White 4 Min Read FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. Mike Blake/File Photo WASHINGTON/DETROIT (Reuters) - A federal judge in Detroit sentenced former engineer James Liang to 40 months in prison on Friday for his role in Volkswagen AG''s ( VOWG_p.DE ) multiyear scheme to sell diesel cars that generated more pollution than U.S. clean air rules allowed. U.S. District Court Judge Sean Cox also ordered Liang to pay a $200,000 fine, 10 times the amount sought by federal prosecutors. Cox said he hoped the prison sentence and fine would deter other auto industry engineers and executives from similar schemes to deceive regulators and consumers. Liang was part of a long-term conspiracy that perpetrated a "stunning fraud on the American consumer," Cox said, as the defendant''s family looked on in the courtroom. "This is a very serious and troubling crime against our economic system." Liang pleaded guilty earlier this year to misleading regulators, and had cooperated with U.S. law enforcement officials investigating Volkswagen. Prosecutors last week recommended that Liang, 63, receive a three-year prison sentence, reflecting credit for his months of cooperation with the U.S. investigation of Volkswagen''s diesel emissions fraud. Liang could have received a five-year prison term under federal sentencing guidelines. Liang''s lawyers had asked for a sentence of home detention and community service. Liang can appeal the sentence, Cox said. Volkswagen pleaded guilty in March to three felony charges under an agreement with prosecutors to resolve the U.S. criminal probe of the company itself. It agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators and offered to buy back about 500,000 vehicles. Volkswagen has admitted that it used software to deceive regulators in the United States and Europe from 2006 to 2015. The ruse allowed the automaker to sell diesel-equipped cars and sport utilities without installing emissions control systems that could have compromised performance or posed an inconvenience to customers, prosecutors charged. Prosecutors said the deception lasted a decade and first impacted vehicles in the 2009 model year in the United States. The German automaker declined to comment on Liang''s sentence on Friday. "Volkswagen continues to cooperate with investigations by the Department of Justice into the conduct of individuals. It would not be appropriate to discuss personnel matters," the company said in a statement. Liang’s lawyer, Daniel Nixon, on Friday urged Cox to consider a sentence of house arrest, saying Liang was not a "mastermind" of the emissions fraud. Liang "blindly executed a misguided loyalty to his employer," Nixon said. Federal prosecutor Mark Chutkow countered that Liang was a "pivotal figure" in designing the systems used to make Volkswagen diesels appear to comply with U.S. pollution standards, when instead they could emit up to 40 times the allowed levels of smog-forming compounds in normal driving. A prison term "would send a powerful deterrent message to the rest of the industry,” Chutkow said. Liang is still employed by Volkswagen but no longer works as an engineer. U.S. prosecutors have charged eight current and former Volkswagen executives in connection with the diesel emissions cheating probe. Liang is one of the lowest-ranking executives charged so far. Another VW executive, Oliver Schmidt, has pleaded guilty and is scheduled to be sentenced in Detroit on Dec. 6. Under a plea agreement, Schmidt could face up to seven years in prison and a fine of between $40,000 and $400,000 after admitting to conspiring to mislead U.S regulators and violating clean air laws. Reporting by Joseph White in Detroit and David Shepardson in Washington; Editing by Matthew Lewis'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-emissions-sentencing-idUKKCN1B522K'|'2017-08-25T19:26:00.000+03:00'
'f69a228aed49752bcc72a9968e5453895b969bc6'|'New data boosts case for extended use of AstraZeneca heart drug'|'August 24, 2017 / 6:02 AM / 10 hours ago New data boosts case for extended use of AstraZeneca heart drug Reuters Staff 1 Min Read The logo of AstraZeneca is seen on medication packages in a pharmacy in London, Britain April 28, 2014. Stefan Wermuth /File Photo LONDON (Reuters) - AstraZeneca''s blood-thinner Brilinta cuts the risk of cardiovascular death by 29 percent in patients with a history of past heart attacks who keep taking it beyond the standard 12-month initial period, according to new clinical trial data. The findings, to be presented at the Aug. 26-30 European Society of Cardiology congress, are from a sub-analysis of the Pegasus clinical trial, which first reported positive results in 2015. The trial studied subjects who had a heart attack within the past one to three years and was designed to prove the value of extended use of Brilinta, which is a key product for AstraZeneca. The sub-analysis also showed a risk reduction of 20 percent in all causes of death, while bleeding rates were consistent with the drug''s safety profile, AstraZeneca said on Thursday. Reporting by Ben Hirschler, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-astrazeneca-brilinta-idUKKCN1B40FF'|'2017-08-24T09:12:00.000+03:00'
'a98abb0943d6ba458b5eb7cd8bfa46f4e643e531'|'South Korea''s CJ buys Brazil soy protein maker from Chile''s Corpesca'|'SAO PAULO (Reuters) - Brazilian soy protein maker Selecta said its owners had sold a 90 percent stake to South Korea''s CJ CheilJedang Corp ( 097950.KS ) for 450 million reais ($143 million).CJ Chief Executive Officer Chul Ha Kim on Friday will host an event in Goiania, where Selecta is based, to provide additional details on its investment plans for Brazil.Chile''s Corpesca SA PES.SN sold its 60 percent stake, according to a statement from Selecta, one of the world''s largest producers of soy protein concentrate, which is used to produce animal feed.Minority shareholders also agreed to sell 30 percent of the company, which reports $360 million in annual revenue.Brazil''s agricultural sector has been a bright spot for an economy recovering from a brutal recession.Selecta said its name would change to CJ Selecta and that CJ had the option to acquire the remaining 10 percent stake in the next two years.The contract marks CJ''s debut in Brazil''s soy protein concentrate industry, where it already runs logistics, soy trading and bioscience businesses, Selecta said.The company, whose current soy processing capacity is 700,000 tonnes, said it expected to ramp up production by 50 percent with investments promised by the new owner.Reporting by Ana Mano; Editing by Lisa Von Ahn '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-selecta-m-a-cj-cheiljedang-idINKCN1B5296'|'2017-08-25T15:57:00.000+03:00'
'4e9fbf8f232c511582920b354a0ee64686b590c4'|'Missile Tension Deters Tourists From Visiting South Korea'|'Missile Tension Deters Tourists From Visiting South Korea Travel to the nation plunged almost 41% By More stories by Jiyeun Lee Escalating tension on the Korean peninsula is turning foreign tourists away from South Korea. The number of visitors plunged almost 41 percent in July from a year earlier, the biggest decline since a deadly respiratory virus hit the nation in 2015. While the drop was driven by a slump in Chinese tourism after Beijing banned package tours in retaliation for South Korea deploying theThaad missile shield, the number of visitors from Japan and Europe also slid as geopolitical risk increased, according to the Korea Tourism Organization. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-25/missile-tension-deters-tourists-from-visiting-south-korea'|'2017-08-25T05:55:00.000+03:00'
'164ece7c51c272770c40958cfa85efab041f17e6'|'Singapore July factory output rises fastest in seven months'|'August 25, 2017 / 5:11 AM / 8 hours ago Singapore July factory output rises fastest in seven months Reuters Staff 1 Min Read A general view of factories in the industrial district of Jurong in western Singapore April 4, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - Singapore''s industrial production in July grew at its fastest pace in seven months from a year earlier, helped by higher output of electronics and precision engineering products, data showed on Friday. Manufacturing output in July rose 21.0 percent from a year earlier, exceeding market expectations, data from the Singapore Economic Development Board showed. The median forecast in a Reuters survey was for a 14 percent expansion. Manufacturing output in July was the biggest increase since December, when it grew 22.4 percent from a year earlier. On a month-on-month and seasonally adjusted basis, industrial production rose 1 percent in July. The median forecast was for a contraction of 3.4 percent. Reporting by Fathin Ungku; Editing by Sunil Nair '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/singapore-economy-manufacturing-idINKCN1B50ES'|'2017-08-25T08:07:00.000+03:00'
'a789cf75f1733796425db0fb8894f6dddf2cb44f'|'Investor activism is surging in continental Europe'|'LEAVE it to the Americans to besiege European companies in August, when the entire continent is on holiday. It emerged this month that Corvex Management, an American hedge fund, had built up a $400m position in Danone, a French food giant. AkzoNobel, a Dutch paints-and-chemicals firm which has been under heavy fire from Elliott Advisors, a subsidiary of another American activist fund, agreed to appoint three new directors to its board. An even bigger skirmish is under way in Switzerland, where Third Point, an American fund run by Daniel Loeb, is seeking to shake up Nestlé, the world’s biggest food company. Ulf Mark Schneider, Nestlé’s new boss, is under pressure to present bold plans to investors in September.Such tussles used to be relatively rare in Europe. But shareholder activism is on the rise, with restive investors demanding corporate overhauls. Armand Grumberg, a mergers lawyer in Paris, last year counted 70 such campaigns in continental Europe. He expects this year to be even livelier. “It is the new normal,” he says. The surge in activism has several causes. As American activist funds jostle to find targets at home, some are seeking less well-trodden hunting grounds abroad. Relatively cheap European firms are tempting prey. Many Americans also see continental models of corporate governance as ripe for disruption. Americans (and Britons) think that boards must prioritise shareholders’ interests; Europeans, backed by courts, insist boards should also take the interests of staff, creditors and suppliers into account.It is not just Americans who have sprung into action. A London-based group, The Children’s Investment Fund, recently led a successful campaign to urge Safran, a French maker of aeronautical parts, to lower its offer price for Zodiac, a poorly run French producer of aeroplane seats and toilets. On the other side of the deal, a French fund called CIAM had invested in Zodiac and sought the Safran takeover.CIAM’s profile has risen in recent years. In 2013 it opposed a sale of Club Med, a tourism company in which it held a stake; that allowed a Chinese buyer, Fosun International, to step in with a higher bid. CIAM also campaigned for Disney to pay more to minority investors in Euro Disney, a subsidiary that was taken private in June. Anne-Sophie d’Andlau of CIAM calls such activism “new in France”, but says the trend is picking up. Activists previously struggled even to meet asset managers, for instance in Paris, says Ms d’Andlau. Now investors listen when she explains an idea.In Germany a new corporate-governance code, modelled on a British one, is emboldening activists, too: the latest version says that institutional investors “are expected to exercise their ownership rights actively”. Cevian Capital, a big Swedish activist group, has built up a holding in ThyssenKrupp, a German steelmaker. Knight Vinke, yet another active investor, has been trying to dismantle E.ON, a German energy conglomerate. A German-led investment fund, Active Ownership Capital (AOC), last year built a 7% stake in Stada, a maker of generic drugs near Frankfurt, eventually forcing changes to its board, managers and strategy. AOC was vindicated this month: two private-equity firms said on August 18th that they had acquired enough shares to complete a €4.1bn ($4.8bn) takeover of Stada. It will be Europe’s biggest such deal in four years.Many more campaigns are conducted behind the scenes, as funds work amicably with companies. For instance, the founders of Teleios Capital Partners, a Switzerland-based activist fund, say that in the past three years they have urged shake-ups at about two dozen companies. Of these, only three turned sufficiently adversarial to draw public attention.Some fights do inevitably spill into the open. When they do, Europeans usually try to avoid the rough-and-tumble approach associated with their American peers; it is crucial not to be seen as “aggressive” or like “cowboy Americans”, sniff local activists. A cautious approach makes it easier to win backing from other investors. Teleios recently set its sights on Kongsberg Automotive, a big, lumbering Norwegian car-parts maker. Founders of Teleios describe being chided at first in Norway, for example by local pension funds, for using methods “that were not how things were done”. By laying out detailed plans for Kongsberg and showing “humility”, they won enough allies to support big changes.If activists find Europe more fertile ground than they once did, they still face difficulties.In many countries corporate-governance rules remain a thicket. In the Netherlands foundations control some companies and may appoint directors or issue new stock. In Germany two tiers of boards govern firms, so an investor might win a seat on a supervisory board yet find no influence over a management board. In France long-term shareholders can claim double voting rights.Yet investors familiar with European ways can also benefit from such peculiarities. Kay Bommer of DIRK, a lobby group that represents over 300 listed companies in Germany, says that some clever activists try to exploit differences of opinion between supervisory and management boards of German firms. In France, activists with long-term horizons can make use of double voting rights themselves.Ms d’Andlau says her fund has no shortage of tempting targets, especially among firms worth €1bn-5bn in Germany, Italy, Spain and Switzerland. AOC sees “around 1,000” possible targets in Germany, Scandinavia and the Benelux countries. European bosses may be on holiday, but they cannot properly relax. Business "Call to action"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21727086-third-point-corvex-and-elliott-are-just-beginning-investor-activism-surging?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'2f64e5e27607cf3561cdbc200a1e50d846d5c3de'|'Chesapeake Energy idles Eagle Ford operations due to Hurricane Harvey'|'HOUSTON, Aug 25 (Reuters) - Chesapeake Energy Corp said on Friday it has suspended drilling and completion of new wells in the Eagle Ford shale for at least the weekend, and has also evacuated staff, as Hurricane Harvey makes landfall along the Texas coast."We anticipate our production may be affected in the region, although it is premature to speculate on the extent of the impact," spokesman Gordon Pennoyer said. (Reporting by Ernest Scheyder; editing by Diane Craft) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-chesapeake-enrgy-idINL2N1LB1KJ'|'2017-08-25T17:29:00.000+03:00'
'e134bc8bc51ab90239a8e51434a816b9a75084c2'|'Euro zone business growth maintains solid pace in August'|' 21 AM / a minute ago Euro zone business growth maintains solid pace in August Shrutee Sarkar 3 Min Read A worker moves a new Audi R8 car body in the automotive welding and assembly lines hall of the German car manufacturer''s plant in Neckarsulm July 3, 2013. Michaela Rehle/File Photo (Reuters) - Euro zone manufacturing businesses clocked their best month of growth in six-and-a-half years in August, offsetting the weakest services growth in seven months and keeping overall activity on steady path, a survey of private companies showed on Wednesday. IHS Markit''s Flash Eurozone Composite Purchasing Managers'' Index, considered a good guide to economic growth, edged up in August to 55.8 from 55.7 in July, slightly above the Reuters poll median estimate of 55.5. Anything above 50 is expansionary. Manufacturing activity grew at the fastest pace since April 2011, based on the strongest new export orders performance since February of that year. The euro zone manufacturing PMI rose to 57.4 from 56.6, beating the Reuters poll median forecast of 56.3, driven in by performance in Germany. But the PMI measuring euro zone services activity dipped to 54.9 from 55.4, the weakest in seven months, along with a slowdown in new orders growth. The services business expectations index fell to 63.5 from 65.3, also its lowest since the start of the year. Asked to explain the recent knock in confidence on a teleconference, IHS Markit associate director Andrew Harker said: "I would not read too much into it." The latest survey data point to 0.5 percent overall economic growth in the single currency bloc during the July-September period, compared with 0.6 percent in the previous quarter, IHS Markit said. That was a slight downgrade from July. "The latest PMI readings for the euro zone signal a continuation of the recent strong performance of the currency bloc''s economy. This stabilization in the rate of expansion is pleasing, following signs of growth easing in recent months," Harker said. That growth projection for the third quarter is higher than the 0.4 percent consensus among economists from the latest Reuters poll. "Overall, this is another positive set of numbers for the euro area, which continues to enjoy its best growth spell for a number of years," Harker said. Price pressures, while subdued, accelerated slightly. The Composite PMI output prices index rose to 52.2 from 51.7, the highest since May. Growth in hiring slowed slightly in both services and manufacturing, but remained solid, according to the survey. Reporting by Shrutee Sarkar, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKCN1B30QC'|'2017-08-23T11:07:00.000+03:00'
'28a9ee7c1af2b000708714e99fc641e80059c8ac'|'Trump prohibits dealings in new Venezuelan government, PDVSA debt'|'August 25, 2017 / 4:08 PM / an hour ago Trump sanctions seek to halt financing for Venezuela ''dictatorship'' David Lawder and Alexandra Ulmer 5 Min Read WASHINGTON/CARACAS (Reuters) - U.S. President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company in an effort to halt financing that fuels President Nicolas Maduro''s "dictatorship," the White House said on Friday. The order is Washington''s biggest sanctions blow to date against Maduro and is intended to punish his leftist government for what Trump has called an erosion of democracy in the oil-rich country, already reeling from an economic crisis. "Maduro may no longer take advantage of the American financial system to facilitate the wholesale looting of the Venezuelan economy at the expense of the Venezuelan people," U.S. Treasury Secretary Steven Mnuchin said on Friday. Banning Americans from trading new bonds will make it tricky for Venezuela''s ailing state-run company PDVSA [PDVSA.UL] to refinance its heavy debt burden. Investors had expected that it would seek to ease upcoming payments through such an operation, as it did last year, which usually requires new bonds be issued. That could push the cash-strapped company closer to a possible default, or bolster its reliance on key allies China and Russia, which have already lent Caracas billions of dollars. The decision also blocks Venezuela''s U.S. refiner Citgo Petroleum [PDVSAC.UL] from sending dividends back to the South American nation, a senior official said, in a further blow to PDVSA''s coffers. However, the order stops short of a major ban on crude trading that could have disrupted the oil industry and plunged Venezuela into an even more severe economic crisis amid food shortages and rampant inflation. It also protects holders of most existing Venezuelan government and PDVSA bonds, who were relieved the sanctions did not go further. Venezuelan and PDVSA bonds were trading broadly higher on Friday afternoon. Related Coverage U.S. trying to promote crisis in Venezuela: foreign minister Venezuela, which says Washington is seeking to sabotage socialism to get its hands on Venezuela''s crude reserves, slammed the sanctions as an effort to spark a humanitarian crisis. "These financial sanctions announced today are the worst aggressions to Venezuela in the last 200 years maybe ... Maybe after the Spanish empire was defeated by our liberators," Foreign Minister Jorge Arreaza said at the United Nations in New York. "What do they want? They want to starve the Venezuelan people," he added. Venezuela''s Oil Ministry and PDVSA did not immediately respond to a request for comment. U.S. President Donald Trump waves as he steps out from Air Force One in Reno, Nevada, U.S., August 23, 2017. Joshua Roberts PDVSA UNDER PRESSURE The sanctions heap fresh pressure on PDVSA, the financial engine of Maduro''s government, which is already struggling due to low global oil prices, mismanagement, allegations of corruption and a brain drain. Washington last month sanctioned PDVSA''s finance vice president Simon Zerpa, complicating some of the company''s operations as Americans are now banned from doing business with him. Trump has so far spared Venezuela from broader sanctions against its vital oil industry, but officials have said such actions are under consideration. The Republican president has also warned of a "military option" for Venezuela, although White House national security adviser H.R. McMaster said on Friday that no such actions are anticipated in the "near future." Opposition politicians applauded the targeted sanctions. "These sanctions are not against Venezuela, but rather the corrupt people who seek to sell the nation''s assets at a discount," said opposition lawmaker and economist Angel Alvarado. Venezuela has for months struggled to find financing because of PDVSA''s cash flow problems and corruption scandals have led institutions to tread cautiously, regardless of sanctions. Russia and its state oil company Rosneft have emerged as an increasingly important source of financing for PDVSA, according to a Reuters report. On at least two occasions, the Venezuelan government has used Russian cash to avoid imminent defaults on payments to bondholders, a high-level PDVSA official told Reuters. "At this point our view is that the country can scrape by without defaulting this year, largely with the help of Chinese and Russian backing and by further squeezing imports. Next year is a tossup," said Raul Gallegos, an analyst with the consultancy Control Risks. However, China has grown reticent to extend further loans because of payment delays and corruption. Russia has been negotiating financing in exchange for oil assets in Venezuela, sources have told Reuters, but going forward it would be difficult for the OPEC member to provide enough assets to keep up loans destined for bond payments. Venezuela''s government has around $2 billion in available cash to make $1.3 billion in bond payments by the end of the year and to cover the import of food and medicine, according to documents reviewed by Reuters. Additional reporting by Corina Pons in Caracas, Marianna Parraga in Houston, Tim Ahmann and Ayesha Rascoe in Washington, Rodrigo Campos and Riham Alkousaa in New York; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-venezuela-sanctions-idUSKCN1B5216'|'2017-08-25T19:06:00.000+03:00'
'5f35878d41a696a56cd3476e236d71646ec454a8'|'Without insurance, some vendors balk at stocking Sears’ shelves'|'August 25, 2017 / 5:07 AM / 8 hours ago Without insurance, some vendors balk at stocking Sears’ shelves Jessica DiNapoli and Richa Naidu 8 Min Read FILE PHOTO: A Sears department store is shown in El Cajon, California, U.S., August 8, 2017. Mike Blake/File Photo (Reuters) - U.S. department store operator Sears Holdings Corp is having trouble stocking shelves, as some vendors have fled while others are demanding stricter payment terms because of difficulties hedging against default risk. The strain in Sears'' supply chain is exacerbated by the scarcity and high cost of a type of vendor insurance known as accounts receivable puts, which ensure a supplier will be paid even if the retailer files for bankruptcy, according to interviews with Sears'' vendors and insurance brokers. "It''s too expensive," Michael Fellner, owner of Montreal-based women''s wear company Lori Michaels Apparel & Manufacturing Inc, said of the specialized vendor insurance. He said he stopped shipping to Sears in March, when his insurer stopped providing coverage. Two other small vendors told Reuters they stopped supplying Sears this year because they could not afford the insurance, whose cost spiked after Sears warned in March of "substantial doubt" over its ability to continue as a going concern. They asked not to be identified discussing confidential commercial arrangements. Sears'' vendors had previously benefited from support from Sears Chief Executive Eddie Lampert, who owns almost half of the company''s shares and is its largest lender. Through his hedge fund, ESL Investments Inc, Lampert invested in vendor insurance contracts worth $93.3 million in 2012, $234 million in 2013 and $80 million in 2014, according to filings with the U.S. Securities and Exchange Commission. Infographic ID: ''2ieMsTG'' Sears’ regulatory filings show no investment by Lampert in vendor insurance contracts since 2015. A Sears spokesman said the 55-year-old billionaire is not currently investing in these contracts and declined to say why. As Sears'' financials deteriorated, other hedge funds such as Avenue Capital Group, and traditional credit insurance firms such as Euler Hermes Group SA, have also exited the insurance market, brokers and investors said. They did not specify the timing of their withdrawal. Avenue Capital and Euler Hermes declined to comment. The dearth of market participants has made the insurance contracts more expensive and harder to come by, putting pressure on Sears'' ability to maintain a robust inventory of goods. Merchandise inventory at Sears, once the largest U.S. retailer, fell to $3.4 billion as of July 29 from $4.7 billion a year ago, the company disclosed on Thursday. Sears has attributed the inventory decline to its transformation to an online-oriented business from bricks-and-mortar stores. “We continue to work to manage our vendor relationships in a constructive manner… we will continue to ensure that our vendors deliver on their obligations to Sears,” Sears said in its second-quarter earnings statement on Thursday. EXPENSIVE INSURANCE Sears and other mall-based retailers have struggled for years as shoppers migrated to Amazon.com Inc and other online stores. The storied American retailer, whose roots date back to 1886, has accumulated $7.7 billion in losses since 2013, and seen annual revenue fall 44 percent to $22.1 billion as of the end of 2016. On Thursday, Sears reported a second-quarter net loss of $251 million, down from $395 million a year ago, indicating that its plans to close more than 300 stores this year and slash costs further are helping stem some of the earnings challenges. Brokers and investors said that Sears insurance contracts for vendors are currently quoted at more than 4 percent of the value of the vendor''s shipment per month, making them uneconomical for many suppliers whose profit margins are in the single digits. Three years ago, the contracts were being quoted at about 3 percent per month. LG Electronics Inc, which makes Kenmore-branded washing machines and refrigerators as well as LG-branded appliances, told Reuters it has not bought vendor insurance in the past year because of the cost. Instead, LG said it negotiated shorter payment schedules to minimize the risk of not being paid by Sears. It declined to say how short the payment period was. The typical payment schedule in the industry is close to 90 days, though it can vary by item. Sears has promised to pay some suppliers within 15 days, according to a source familiar with the matter who requested anonymity to discuss confidential commercial arrangements. Sears declined to comment. A 15-day payment schedule gives a vendor priority for repayment in the event of a bankruptcy. This is because claims received within 20 days of a bankruptcy filing are typically repaid in full. Some vendors are so keen for this protection, that they have offered Sears a small discount of around 5 percent on their merchandise, the source said. However, quicker payouts erode a retailer''s working capital. William Danner, president of CreditRiskMonitor.com Inc, told Reuters that at the end of the second quarter, Sears would likely have used $587 million to boost working capital – mostly from asset sales – due to the decision by some vendors to not extend as much credit. Sears'' available liquidity at the end of July was $810 million. “Even for a huge company like Sears, finding this much more capital is a burden. This apparent loss of confidence in Sears by its vendors is greater now than it was at the end of 2016,” he said. A spokesman for Sears declined to comment on the impact the lack of vendor insurance has had on its relationships with suppliers. A spokesman for Lampert did not respond to several requests for comment. Lampert has complained on several occasions that vendors are trying to exploit Sears'' woes to negotiate better terms. He said last month that some of its vendors reduced their support, "thereby placing additional pressure" on Sears. Sears took the issue to court in June, when it sued Ideal Industries Inc after the maker of Craftsman-branded tools declined to fulfill purchase orders because of Sears'' "known fragile financial condition," according to court documents. Ideal Industries declined to comment. The flight of some vendors has presented an opportunity for others. United National Consumer Suppliers, a wholesale distributor of overstocked goods such as beauty products and toys, now ships to Sears on the condition that it is paid within 30 days. "We actually didn''t do business with Sears until they found themselves in their recent challenges," said CEO Brett Rose. "As long as they pay their bills, we''ll keep shipping to them." Lampert has continued to support Sears in ways other than vendor insurance. He held about $1.7 billion in debt mainly backed by the company''s real estate and inventory as of April 29, according to regulatory filings. Vendor insurance contracts, on the other hand, are not backed by any collateral. Last month, Lampert extended a $200 million 151-day credit line to Sears at an annual interest rate of 9.75 percent. While the market for specialized vendor insurance contracts is opaque, at least one investment firm, Blackstone Group LP''s credit arm GSO Capital Partners LP, is backing Sears contracts through December, according to sources with knowledge of these contracts. They did not disclose their value. GSO declined to comment. Reporting by Jessica DiNapoli in New York and Richa Naidu in Chicago; additional reporting by Nathan Layne in New York; Editing by Greg Roumeliotis and Edward Tobin'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-sears-vendors-insight-idUSKCN1B50E9'|'2017-08-25T08:07:00.000+03:00'
'c53afcfbc49cf473c2bff066e1a503666f0d70c4'|'BHP explores $2 billion stake sale in Canada potash mine-sources'|'August 25, 2017 / 5:51 PM / 20 minutes ago BHP explores $2 billion stake sale in Canada potash mine-sources Reuters Staff 2 Min Read Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. TORONTO/NEW YORK (Reuters) - Anglo-Australian mining giant BHP Billiton Ltd is considering selling a 25 percent interest in its Canadian potash mine project, a stake that could be worth close to $2 billion, people familiar with the matter told Reuters. The move comes as activist investor Elliott Management Corp has been pushing the company for changes. BHP is working with an investment bank for the potential stake sale in its partly built Jansen, Saskatchewan potash project, the sources said this week. For BHP, the move will help share the risk of developing the mine and reduce its exposure to the project, said the sources, who asked not to be identified because the deliberations are confidential. BHP laid out options for the Jansen project in an investor presentation dated Aug. 22, saying it could wait, find a partner, divest or optimize it. BHP spokeswoman Bronwyn Wilkinson said it was too early in the process for the company to have determined the size of a potential stake sale. "If you bring in a partner, you can share the capital and risk and, depending on who the partner is, help secure an off-take (supply agreement) or offer expertise," Wilkinson said. Reporting by John Tilak in Toronto, Greg Roumeliotis in New York,;   Rod Nickel in Winnipeg; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-bhp-billiton-sale-idUKKCN1B528B'|'2017-08-25T20:49:00.000+03:00'
'cc07e1007ea584b2f8e078f77a6a5b6e135d59cd'|'Saudi foreign reserves resume falling in July'|'DUBAI, Aug 24 (Reuters) - Saudi Arabia''s foreign reserves resumed falling in July, central bank data showed on Thursday, suggesting the government may remain under pressure to draw them down to cover a budget deficit caused by low oil prices.Riyadh began liquidating the reserves in late 2014 and they dropped sharply from a record $737 billion in August that year. In June 2017, they rose month-on-month for the first time in over a year, prompting speculation that Riyadh might have cut its deficit enough to no longer need cash from the reserves.But Thursday''s data showed the central bank''s net foreign assets fell by $6.3 billion from June to $487 billion in July, their lowest level since early 2011. The reserves shrank 12.8 percent from a year earlier.The fall occurred despite the government''s launch of monthly domestic issues of Islamic bonds in July, which raised 17 billion riyals. Riyadh has said it wants to cover the deficit through debt sales as much as possible rather than by running down the reserves.Riyadh sold foreign securities in July to raise money, the data showed. The central bank''s holdings of foreign securities shrank by $4.3 billion from June to $333 billion, while deposits with banks abroad edged up by almost $1 billion to $95 billion.Thursday''s central bank data also pointed to a weak Saudi economy. Outstanding bank loans to the private sector shrank from a year earlier for the fifth straight month in July; they fell 1.3 percent, after a 1.4 percent drop in June. (Reporting by Andrew Torchia; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/saudi-cenbank-assets-idUSL8N1LA5RY'|'2017-08-25T01:18:00.000+03:00'
'6eb2becc4c949a5fe9cb7231d9382ff3782a3b86'|'CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion'|'August 24, 2017 / 6:50 AM / an hour ago CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion Reuters Staff 2 Min Read DUBLIN (Reuters) - CRH ( CRH.I ) ( CRH.L ) has sold its U.S. distribution business to Beacon Roofing Supply Inc. ( BECN.O ) for $2.63 billion (2.06 billion pounds) in cash and will use the proceeds for acquisitions elsewhere, the Irish building materials group said on Thursday. CRH, the world''s third-biggest building materials supplier, said it sold the business at 16 times earnings before interest, tax, depreciation and amortisation (EBITDA) and also announced the acquisition of a leading German lime and aggregates business for 600 million euros ($708 million). "When we look at the value we could crystallise through this transaction, no way could we create that value for our shareholders if we were to hang onto the business," CRH chief executive Albert Manifold told Reuters in a telephone interview. "We will redeploy that (cash) in the years ahead into higher growth and better opportunities. It doesn''t change the strategy of CRH overall, our U.S. distribution accounted for 5 percent of group EBITDA, it doesn''t shift the needle." Reporting by Padraic Halpin; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-crh-m-a-beacon-us-idUKKCN1B40I2'|'2017-08-24T09:49:00.000+03:00'
'91f1be09c2370236a5c36df76440a50d4a379e2d'|'CANADA STOCKS-Rising oil prices lift TSX futures'|'August 25, 2017 / 11:29 AM / 26 minutes ago CANADA STOCKS-Rising oil prices lift TSX futures Reuters Staff 3 Min Read Aug 25 (Reuters) - Futures pointed to a higher opening for Canada''s main stock index on Friday tracking gains in oil prices, which rose on concerns that Hurricane Harvey could disrupt U.S. oil supplies. The hurricane, which may become the biggest storm to hit the U.S. mainland in more than a decade, is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston - both important oil refining centres. U.S. light crude CLc1, also known as West Texas Intermediate or WTI, was up 30 cents at $47.73 a barrel by 1015 GMT. Brent crude LCOc1 was 30 cents higher at $52.34. September futures on the S&P TSX index were up 0.26 percent at 7:15 a.m. ET. Canada''s benchmark stock index inched higher on Thursday, boosted by a sharp jump in Fairfax Financial Holdings Ltd after it sold a Singapore insurer, while Canadian Imperial Bank of Commerce fell after it reported a rise in quarterly net income. Dow Jones Industrial Average e-mini futures were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.24 percent and Nasdaq 100 e-mini futures were up 0.3 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES The sharp reversal in Toronto''s home prices has thrown Canada''s biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago. Labor unions Unifor and the United Auto Workers said they will meet Canada''s Minister of Foreign Affairs Chrystia Freeland to discuss plans about the next round of North American Free Trade Agreement renegotiations in Mexico. ANALYST RESEARCH HIGHLIGHTS Canadian Imperial Bank Of Commerce: Canaccord Genuity cuts price target to C$116 from C$117 ; rating "buy" Corby Spirit and Wine Ltd: PI Financial cuts target price to C$24 from C$25.5 COMMODITIES AT 7:15 a.m. ET Gold futures: $1287.5; +0.08 percent US crude: $47.71; +0.59 percent Brent crude: $52.4; +0.69 percent LME 3-month copper: $6728; +0.6 percent U.S. ECONOMIC DATA DUE ON FRIDAY 0830 Durable goods for July: Expected -6.0 pct; Prior 6.4 pct 0830 Durables ex-transport for July: Expected 0.4 pct; Prior 0.1 pct 0830 Durables ex-defense mm for July: Prior 6.6 pct 0830 Nondefense cap ex-air for July: Expected 0.3 pct; Prior 0.0 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.25) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL4N1LB3S7'|'2017-08-25T19:29:00.000+03:00'
'44091c0abccab625b8c8e4192f56aa2789188922'|'PwC Japan exec denies political pressure on Toshiba audit'|'August 21, 2017 / 11:52 AM / 4 hours ago PwC Japan exec denies political pressure on Toshiba audit Reuters Staff 2 Min Read The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. Issei Kato TOKYO (Reuters) - The head of auditor PricewaterhouseCoopers Aarata LLC on Monday denied it came under political pressure to sign off on an annual financial report by Toshiba Corp, a move which helped the troubled Japanese conglomerate avert a delisting. PwC earlier this month endorsed Toshiba''s annual financial report with a "qualified opinion". But it also issued a separate, "adverse opinion" on corporate governance, saying Toshiba was late in booking losses at its U.S. nuclear power subsidiary Westinghouse. The auditor''s rare, two-part verdict came at a sensitive time for Prime Minister Shinzo Abe. While Abe has backed calls for more stringent corporate governance and accounting, analysts said a high-profile bankruptcy or delisting could have hurt a government already struggling with low approval ratings. "There was none whatsoever," Koichiro Kimura, CEO of PwC Aarata, told Reuters in a phone interview when asked about political pressure. PwC replaced Ernst & Young ShinNihon as Toshiba''s auditor after the laptops-to-nuclear conglomerate admitted in 2015 to inflating profits for years. In Toshiba''s annual report filed earlier this month, PwC said it believed that Westinghouse losses, booked in the year through March 2017, should have been recorded in the previous year -- an opinion Toshiba said it disagreed with. If the losses were booked in line with PwC''s opinion, last year would have been Toshiba''s second year of negative worth, in which liabilities exceed assets. Back-to-back years of negative worth is grounds for delisting. Reporting by Takahiko Wada, editing by Louise Heavens 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toshiba-accounting-pwc-idUSKCN1B11BH'|'2017-08-21T14:51:00.000+03:00'
'11ae112e98ce1e1bafe62bf424d6f496e8078acf'|'Gaming group GVC held takeover talks with Ladbrokes Coral - sources'|'August 22, 2017 / 5:24 PM / 39 minutes ago Gaming group GVC held takeover talks with Ladbrokes Coral: sources Ben Martin 2 Min Read LONDON (Reuters) - British online gambling company GVC Holdings ( GVC.L ) recently held talks about a takeover of bookmaker Ladbrokes Coral ( LCL.L ) but discussions ended without a deal, two sources familiar with the matter said. GVC''s proposal valued Ladbrokes Coral at about 2.7 billion pounds ($3.47 billion), or approximately 140 pence per share, the sources said. GVC was also prepared to increase the value of the deal by approximately 50 pence a share to about 3.6 billion pounds if the results of an ongoing UK government review into gambling were favorable for the industry, the sources also said. The talks and potential terms were first reported by the Financial Times and come after speculation that GVC had revived its interest in Ladbrokes Coral. The two companies held discussions about a possible deal last year, the sources said. Britain''s gambling sector has been transformed by a wave of deals as companies try to bulk up so that they can absorb the rising costs of stricter regulation and higher taxation. Ladbrokes completed its merger with Coral last year, while Paddy Power and Betfair have also merged and GVC bought Bwin. Ladbrokes Coral shares closed down 0.2 percent at 119.8 pence, giving the company a market capitalization of 2.3 billion pounds. GVC, which is also worth about 2.3 billion pounds, has grown quickly under chief executive Kenny Alexander, who has built the business through acquisitions. GVC is focused on online gaming and sports betting and owns the Foxy Bingo brand. A deal for Ladbrokes Coral would have marked a departure for GVC into betting shops because the bookmaker has about 3,600 sites. GVC shares closed at 750.5 pence, down less than 0.1 percent. Reporting by Ben Martin. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ladbrokes-coral-m-a-gvc-idUKKCN1B2202'|'2017-08-22T20:21:00.000+03:00'
'86c49aab887c2e79b158352c32bf1e83c14d7bff'|'UPDATE 2-U.S. Air Force awards contracts to Boeing, Northrop for ICBM replacement'|'(Adds Boeing comment)By Mike StoneAug 21 (Reuters) - The U.S. Air Force has awarded Boeing Co and Northrop Grumman Corp separate contracts to continue work on the replacement of the aging Minuteman III intercontinental ballistic missile system, the Pentagon said on Friday.Though the award for the new Ground-Based Strategic Deterrent (GBSD) comes amid rising tensions with North Korea, the Air Force had asked the defense industry last summer for proposals to replace the aging ICBM system and its nuclear cruise missiles as the military moved ahead with a costly modernization of its aging atomic weapons systems."The Minuteman III is 45 years old. It is time to upgrade," Air Force Chief of Staff General David Goldfein said in a statement on Monday.Northrop Grumman was awarded $328 million, and Boeing $349 million over the three-year contract.The relatively small award is a milestone that would allow Boeing and Northrop to continue parallel detailed development and prototyping for the Minuteman replacement. The Pentagon''s office of Cost Assessment and Program Evaluation (CAPE) has said the total could cost the United States $85 billion. The Air Force has estimated $62 billion.Lockheed Martin Corp, Northrop and Boeing were all competing for the contract which is needed to perform the three-year technology maturation and risk reduction (TMRR) phase of Minuteman replacement.A Lockheed representative said the company was "disappointed" and looked "forward to a debrief about the selection."Boeing''s Strategic Deterrence Systems Director, Frank McCall, said in a statement, "Since the first Minuteman launch in 1961, the U.S. Air Force has relied on our technologies for a safe, secure and reliable ICBM force." Boeing provided the Minuteman III missile for the current ground-based nuclear ICBM system.Northrop Grumman''s chief Wes Bush said in a statement, "We look forward to the opportunity to provide the nation with a modern strategic deterrent system that is secure, resilient and affordable."Secretary of the Air Force Heather Wilson said, "We are moving forward with modernization of the ground-based leg of the nuclear triad."Modernization of the U.S. nuclear force was expected to cost more than $350 billion over the next decade. The United States plans to replace its aging systems, including bombs, nuclear bombers, missiles and submarines. Some analysts estimated the cost at $1 trillion over 30 years."Our missiles were built in the 1970s. Things just wear out, and it becomes more expensive to maintain them than to replace them," Wilson said. (Reporting by Mike Stone; Editing by Tom Brown and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/boeing-pentagon-gbsd-idINL2N1L71D3'|'2017-08-21T20:28:00.000+03:00'
'b1f66562a42c470c2e28ced5099fd9712faedeeb'|'Moody''s ties U.S.''s top-notch rating to debt payments'|'August 24, 2017 / 6:44 PM / 18 minutes ago Moody''s ties U.S.''s top-notch rating to debt payments Richard Leong 4 Min Read (Reuters) - Moody''s Investors Service said on Thursday it would consider stripping the United States of its top-notch rating in the event of a default, not over late or skipped payments on non-debt obligations, as the federal government faces the possibility of running out of cash in coming weeks. The rating agency''s warning about a possible U.S. downgrade seemed less dire and narrower in scope than that of rival Fitch Ratings, who said on Wednesday that prioritising debt service payments over other government obligations, should the debt ceiling not be raised, "may not be compatible with ''AAA'' status." Delays on non-debt payments including salaries to federal employees and payments to social programs such as Social Security would not result in Moody''s stripping the U.S. government of its Aaa rating, the agency said in its annual analysis of the United States. "If the Treasury were to fail to meet some of its non-debt obligations as a result of a political deadlock over this issue, that would not affect the U.S. sovereign rating because our ratings reflect the risk of default and loss on government debt, not the risk of failed or delayed payment on non-debt obligations," Moody''s said. It is not clear whether investors would side with Moody''s on payment prioritisation as an assurance of the government''s full faith and credit on its debt. "If you run arrears of any kind, it''s a negative," said Robert Tipp, chief investment strategist at PGIM Fixed Income in Newark, New Jersey. "When you see a lot of smoke, you have to account for that in your rating." These assessments from Moody''s and Fitch came due to a possible showdown in Washington over increasing the federal statutory borrowing limit from $19.9 trillion before possibly running out money in late September. It is not clear how lawmakers, who are in recess and will return on Sept. 5, would achieve the votes to raise the debt ceiling even as Republicans control the White House and both chambers of Congress. On Thursday, President Donald Trump criticized fellow Republicans over their handling of the debt ceiling. U.S. government debt is seen as the most liquid and safest asset in the world. Traders fear a possible U.S. default would roil financial markets. The government''s interest payments in October are "relative small" but a sizable $35 billion in interest is due on Nov. 15 which is equivalent to the expected 16 percent of revenues for that month, Moody''s said. Interest rates on Treasury bills due in October were higher than those due in September and November on worries about delayed payments. US1MT=RR US3MT=RR If the U.S. Treasury Department cannot sell more debt in early October because the debt ceiling is not increased, the government would prioritise its obligations to preserve the full faith and credit of the U.S. government and financial market stability, Moody''s said. This may result in a partial government shutdown as it would delay or reduce 14 percent of its overall spending. "A shutdown of some government operations - as would be inevitable in such a scenario - would be disruptive to the economy, and more disruptive the longer any shutdown went on," Moody''s said. Chances the debt ceiling would not be increased in time are "low" despite how contentious it has been recently to achieve a borrowing increase, Moody''s said. If the government does miss debt payments, "that would, as we have indicated in the past, have negative rating implications," it said. Reporting By Richard Leong; Editing by Meredith Mazzilli and Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-moody-s-debtceiling-idUKKCN1B42DN'|'2017-08-24T21:44:00.000+03:00'
'fa0fefa9fcc42fe23d6d11a0167eceabf2f15f00'|'Demand at U.S. 5-year TIPS sale lowest in a year'|'NEW YORK, Aug 24 (Reuters) - Demand at Thursday''s $14 billion auction of U.S. five-year Treasury Inflation Protected Securities was the weakest in a year, resulting in their yield to come in higher than what traders had expected, Treasury data showed.The ratio of bids to the amount of five-year TIPS offered was 2.41, the lowest since 2.37 at a five-year TIPS sale a year earlier. The measure of overall auction demand was 2.52 at the prior 5-year TIPS auction in April. (Reporting by Richard Leong; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-auction-tips-idINL2N1LA16X'|'2017-08-24T15:15:00.000+03:00'
'36bbf899e5477ddc51e498db0bb1a8ff890e619a'|'UPDATE 1-Norway and China launch free-trade talks'|'OSLO (Reuters) - Norway and China have resumed talks on a bilateral free trade deal, Norway''s Industry Ministry said on Thursday, in another sign that their relationship was thawing after a row over the award of the Nobel Peace Prize to dissident Liu Xiaobo.Beijing suspended discussions immediately after the Norwegian Nobel Committee awarded the prize to Liu in 2010.The dissident was jailed for 11 years in 2009 for "inciting subversion of state power" after he helped write a petition known as "Charter 08" calling for sweeping political reforms.Liu died on July 13 from liver cancer.China and Norway agreed to resume full diplomatic relations late last year and in June stepped up energy cooperation. Several Norwegian firms, including Statoil ( STL.OL ), signed memoranda of understanding (MOUs) with Chinese partners."It is good that negotiations are resuming," Trade and Industry Minister Monica Maeland said in a statement.The two sides had agreed to meet once more before the end of the year to discuss the trade of goods, services and investments, the statement said.Initial reports from Norwegian negotiators were "very promising," Maeland said.A free trade deal would benefit producers of farmed salmon -- Norway is the world''s largest producer -- such as Marine Harvest ( MHG.OL ), Salmar ( SALM.OL ), Leroey ( LSG.OL ), Norway Royal Salmon ( NRSM.OL ) and Grieg Seafood ( GSFO.OL ).Reporting by Terje Solsvik, editing by Gwladys Fouche and Jon Boyle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-china-norway-trade-idUSKCN1B41DL'|'2017-08-24T16:07:00.000+03:00'
'c6364934deb77a6625fda13408ff5ad6121c17bd'|'Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge'|'FILE PHOTO - The logo of Tesla is seen in Taipei, Taiwan on August 11, 2017. Tyrone Siu/File Photo SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) next month plans to unveil an electric big-rig truck with a working range of 200 to 300 miles, Reuters has learnt, a sign that the electric car maker is targeting regional hauling for its entry into the commercial freight market.Chief Executive Elon Musk has promised to release a prototype of its Tesla Semi truck next month in a bid to expand the company''s market beyond luxury cars. The entrepreneur has tantalized the trucking industry with the prospect of a battery-powered heavy-duty vehicle that can compete with conventional diesels, which can travel up to 1,000 miles on a single tank of fuel.Tesla’s electric prototype will be capable of travelling the low end of what transportation veterans consider to be “long-haul” trucking, according to Scott Perry, an executive at Miami-based fleet operator Ryder System Inc ( R.N ). Perry said he met with Tesla officials earlier this year to discuss the technology at the automaker’s manufacturing facility in Fremont, California.Perry said Tesla’s efforts are centred on an electric big-rig known as a “day cab” with no sleeper berth, capable of travelling about 200 to 300 miles with a typical payload before recharging.“I’m not going to count them out for having a strategy for longer distances or ranges, but right out of the gate I think that’s where they’ll start,” said Perry, who is the chief technology officer and chief procurement officer for Ryder.Tesla responded to Reuters questions with an email statement saying, "Tesla’s policy is to always decline to comment on speculation, whether true or untrue, as doing so would be silly. Silly!”Tesla''s plan, which could change as the truck is developed, is consistent with what battery researchers say is possible with current technology. Tesla has not said publicly how far its electric truck could travel, what it would cost or how much cargo it could carry. But Musk has acknowledged that Tesla has met privately with potential buyers to discuss their needs.Reuters reported earlier this month that Tesla is developing self-driving capability for the big rig.Musk has expressed hopes for large-scale production of the Tesla Semi within a couple of years. That audacious effort could open a potentially lucrative new market for the Palo Alto, California-based automaker.Or it could prove an expensive distraction. Musk in July warned that the company is bracing for “manufacturing hell” as it accelerates production of its new Model 3 sedan. Tesla aims to produce 5,000 of the cars per week by the end of this year, and 10,000 per week some time next year.Tesla shares are up about 65 percent this year. But sceptics abound. Some doubt Musk''s ability to take Tesla from a niche producer to a large-scale automaker. About 22 percent of shares available for trade have been sold "short" by investors who expect the stock to fall.Musk, a quirky billionaire whose transportation ambitions include colonizing the planet Mars, has long delighted in defying conventional wisdom. At Tesla’s annual meeting in June, he repeated his promise of a battery-powered long-haul big rig."A lot of people don''t think you can do a heavy-duty, long-range truck that''s electric, but we are confident that this can be done," he said.While the prototype described by Ryder’s Perry would fall well short of the capabilities of conventional diesels, Musk may well have found a sweet spot if he can deliver. Roughly 30 percent of U.S. trucking jobs are regional trips of 100 to 200 miles, according to Sandeep Kar, chief strategy officer of Toronto-based Fleet Complete, which tracks and analyses truck movement.A truck with that range would be able to move freight regionally, such as from ports to nearby cities or from warehouses to retail establishments."As long as (Musk) can break 200 miles he can claim his truck is ''long haul'' and he will be technically right," Kar said.Interest in electric trucks is high among transportation firms looking to reduce their emissions and operating costs. Electric motors require less maintenance than internal combustion engines. Juice from the grid is cheaper than diesel.But current technology doesn’t pencil when it comes to powering U.S. trucks across the country. Experts say the batteries required would be so large and heavy there would be little room for cargo.An average diesel cab costs around $120,000. The cost of the battery alone for a big rig capable of going 200 to 400 miles carrying a typical payload could be more than that, according to battery researchers Shashank Sripad and Venkat Viswanathan of Carnegie Mellon University.Battery weight and ability would limit a semi to a range of about 300 miles with an average payload, according to a paper recently published by Viswanathan and Sripad. The paper thanked Tesla for "helpful comments and suggestions." Tesla did not endorse the work or comment on the conclusions to Reuters.A range of 200 to 300 miles would put Tesla at the edge of what the nascent electric truck industry believes is economically feasible, the researchers and industry insiders said.Transportation stalwarts such as manufacturer Daimler AG ( DAIGn.DE ) and shipping company United Parcel Service Inc ( UPS.N ), said they are focusing their electric efforts on short-haul trucks. That’s because smaller distances and lighter payloads require less battery power, and trucks can recharge at a central hub overnight.Daimler, the largest truck manufacturer in the world by sales, will begin production this year on an electric delivery truck. The vehicle will have a 100-mile range and be capable of carrying a payload of 9,400 pounds, about 1,000 pounds less than its diesel counterpart, according to Daimler officials.Daimler has been joined by a handful of startups such as Chanje, a Los Angeles-based manufacturer that has a partnership with Ryder to build 100-mile-range electric trucks for package delivery.Ryder and its customers believe electric trucks could cost more to buy but may be cheaper to maintain and have more predictable fuel costs. As batteries become cheaper and environmental regulation increases, the case for electric trucks could strengthen."This tech is being seen as a major potential differentiator. Everyone wants to understand how real it is," said Perry, the chief technology officer.Reporting by Marc Vartabedian; Additional reporting by Alexandria Sage and Eric Johnson; Editing by Peter Henderson and Marla Dickerson'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/tesla-trucking-exclusive-idINKCN1B42G7'|'2017-08-24T17:35:00.000+03:00'
'd0f6a381889baa72c3913131200455c6df3ba2d7'|'Global stocks heading for best weeks in six ahead of Yellen, Draghi speeches'|'Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. Pawel Kopczynski/Files NEW YORK (Reuters) - World stock markets advanced while the U.S. dollar weakened on Friday after Federal Reserve Chair Janet Yellen omitted monetary policy in a much-anticipated speech that left the possibility of a U.S. interest rate hike in December open to interpretation.U.S. Treasury yields dipped as Yellen''s speech at an annual meeting of central bankers in Jackson Hole, Wyoming, relieved some investors who had expected hawkish comments on the economy.Reforms enacted after the financial crisis a decade ago have strengthened the banking system without impeding economic growth, and future changes should be modest, Yellen said in prepared remarks."She didn''t say anything that the market wanted to know about Fed policy," Marc Chandler, chief global currency strategist at Brown Brothers Harriman & Co.Yields on the 10-year U.S. Treasury note slipped and the dollar weakened because "it was not that she said anything bullish for foreign currencies; it was that she didn''t say anything positive for the U.S.," Chandler said.MSCI''s index of stocks across the globe .MIWD PUS pared gains to be up 0.39 percent.European share markets closed lower, with the pan-regional FTSEurofirst 300 index .FTEU3 slipping 0.14 percent and the FTSE 100 index .FTSE in London off 0.08 percent. MSCI''s index of emerging market stocks .MSCIEF rose 0.45 percent."People had hoped for some excitement. The bond market is rallying with at least some people thinking (Yellen) would make the case for more rate hikes to take some steam out of the stock market," said Chris Low, chief economist at FTN Financial in New York.Rates futures implied traders saw a 37.2 percent chance of a rate hike at the Fed''s December meeting, down from almost 39 percent on Thursday, CME Group''s FedWatch tool showed.Benchmark 10-year U.S. Treasury notes US10YT=RR rose 7/32 in price, pushing the yield down to 2.1676 percent.The dollar index .DXY fell 0.53 percent, with the euro EUR= rising 0.66 percent to $1.1875 and the Japanese yen gaining 0.27 percent versus the greenback at 109.26 per dollar JPY= .The Dow Jones Industrial Average .DJI rose 71.8 points, or 0.33 percent, to 21,855.2. The S&P 500 .SPX gained 8.76 points, or 0.36 percent, to 2,447.73 and the Nasdaq Composite .IXIC added 2.16 points, or 0.03 percent, to 6,273.48.All 11 major S&P sectors rose. The S&P 500 and the Dow were on course to snap a two-week losing streak.Also helping sentiment on Wall Street was a report that said U.S. President Donald Trump will turn his attention to his campaign promise of implementing tax reform.National Economic Council Director Gary Cohn told the Financial Times that starting next week Trump''s agenda and calendar is going to revolve around tax reform.Mario Draghi, president of the European Central Bank, was scheduled to speak later in the afternoon at Jackson Hole.The Atlanta Fed''s GDP Now forecast model showed the U.S. economy is on track to grow at a 3.4 percent annualised pace in the third quarter based on the latest data on industrial output, home sales and durable goods orders.Oil prices rose as the dollar fell and as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade.U.S. crude CLcv1 rose 44 cents to $47.87 per barrel and Brent LCOcv1 was last at $52.42, up 38 cents.Reporting by Herbert Lash; Editing by Bernadette Baum and James Dalgleish '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/global-markets-idINKCN1B50ZE'|'2017-08-25T07:11:00.000+03:00'
'5b411c70cb8ee19c329bb1c485d03848ac23bc32'|'Investors seek gems among unloved small-caps'|'FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. Brendan McDermid/File Photo NEW YORK (Reuters) - U.S. small-cap stocks, highly sensitive to the fate of President Donald Trump''s policy ambitions, may face more selling pressure, leaving small-cap investors scrambling for quality names and more resilient sectors.Small-caps, which are more reliant on U.S. policy and economic conditions than are large multinationals, have fallen recently on rising doubts that Trump can deliver on pro-business promises such as tax cuts.After outperforming in late 2016 after Trump''s election, the S&P 600 index of smaller companies .SPCY has fallen 1.4 percent in 2017 while the Russell 2000 , which includes smaller firms, is up 1.4 percent versus the S&P 500''s 9.2 percent rise.With Russell 2000 and S&P 600 multiples above historical averages, small-cap investors are carefully picking their steps."There''s a lot of value in small-cap land if you can look through the rubble," said St. Denis Villere III, portfolio manager at Villere & Co in New Orleans, LA.Some strategists are bearish on the small-cap sector as a whole, citing a patchier earnings outlook than for multinationals as well as doubts about Trump''s agenda.And small-cap indexes, which are typically more volatile than the S&P 500, may face high volatility in coming months as U.S. lawmakers debate controversial issues such as the debt ceiling.Smaller companies are "much more at risk than the large and more internationally exposed companies," according to Michael Purves, Chief Global Strategist at Weeden & Co, who cited concerns about the lack of a "cohesive mood" in Washington.The S&P 600 price/earnings ratio is currently 19.7 compared with its long-term average of 17.3, while the Russell 2000 forward P/E is 25.4 compared with its 21.3 historical average.As a result, Jefferies equity strategist Steven DeSanctis says, the Russell 2000 could fall 10 percent or more, bringing it below where it was before Trump''s Nov. 8 election as valuations are high and "volatility is on the rise."EXERCISE CAUTION The bearishness is sending investors to seek value in specific small-cap sectors and stocks that still look cheap but have strong growth prospects.For example smaller financial and information technology stocks are strong value contenders while utilities and consumer staples stocks are out of favor among many investors."Given that the economy is better, we''re more cyclical biased. That leads us to companies from technology to industrials," said Michael Corbett, chief investment officer at Perritt Capital Management in Chicago, who focuses on small-caps. "Valuations within staples look expensive today, whether it''s food or utilities."Jefferies'' DeSanctis is bullish on the technology sector because of its exposure to strong overseas growth and he also likes financials and travel and leisure bets but is wary of retailers, real estate, utilities and materials."Financials are a longer-term trend. This is not a thing that''s six or 12 months. It''s longer-lasting outperformance," he said, citing higher rates and slow deregulation for banks.Villere is wary of utilities and energy companies but likes technology and some consumer companies.There is a divergence of performance between some individual small-cap sectors and their larger counterparts, potentially opening a value opportunity for investors.For example, the S&P 600 financials sector .SPSMCF is down 6.7 percent year-to-date compared with a 6.2-percent increase for its S&P 500 counterpart. But the S&P 600 financial sector''s forward P/E ratio of 15.9 is below its long-term average of 17.4 while the S&P 500 financial sector''s multiple of 13.8 compares with a long-term average of 12.8.In comparison, the S&P 600 utilities sector .6SP55 has risen 15.8 percent so far this year and its forward P/E of 23 is well above its long-term average of 16 versus a 12.8 percent rise for the S&P 500''s utility index .SPLRCU, which has a P/E of 17.9 compared with its long-term average of 13.9.Such divergences are making small-cap investors wary."It''s prudent to not get out of the market but move to higher quality. Try to invest in a more discerning way," said Chris Zaccarelli, Chief Investment Officer at Cornerstone Financial Partners, in Huntersville, NC.Reporting by Sinead Carew; Editing by James Dalgleish '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-usa-stocks-weekahead-idINKCN1B529W'|'2017-08-25T16:09:00.000+03:00'
'7e03929c62204514ec999fdaa4655c01513b4524'|'Around 50 investors interested in loss making Wolford - Kurier'|'VIENNA, Aug 25 (Reuters) - Around 50 investors have shown an interest in buying textiles company Wolford, the Austrian group''s finance chief was Quote: d as saying on Friday.Loss-making Wolford, which is in the middle of a restructuring, said in June that it was looking to sell an undefined majority stake in the company.The interested parties are mainly from North America and Asia and include private equity investors, Chief Financial Officer Brigitte Kurz was Quote: d as saying by Austrian daily Kurier.Earlier this month, the chairwoman of the supervisory board, Antonella Mei-Pochtler, resigned from her post to be able to participate in the ongoing bidding process.Wolford reported a loss before interest and tax (EBIT) of 15.7 million euros ($18.5 million) for the year to April 30, reflecting falling demand for its luxury tights, bras and shirts.The company has also had to deal with management changes. In July, the company''s CEO stepped down.Wolford agreed an extension of its credit lines until end of June next year and was granted a bridge loan of up to 10 million euros in July to cover its peak seasonal liquidity requirements.The Bregenz, western Austria-based company''s key markets are the United States, Germany, France, Austria and Britain. ($1 = 0.8481 euros) (Reporting by Kirsti Knolle. Editing by Jane Merriman) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/wolford-ma-idINL8N1LB124'|'2017-08-25T05:19:00.000+03:00'
'6ff3e0fee26b75ee19439ac6e963d999b7735f24'|'Air Berlin frequent flyer programme files for insolvency'|'August 25, 2017 / 11:37 AM / 7 hours ago Air Berlin frequent flyer programme files for insolvency Reuters Staff 2 Min Read FILE PHOTO:Airberlin sign is seen at Munich airport, Germany August 3, 2017. Picture taken August 3, 2017. Michaela Rehle/File Photo BERLIN (Reuters) - Air Berlin''s ( AB1.DE ) frequent flyer programme filed for insolvency on Friday, bad news for members with points on their accounts, which they can no longer use. The frequent flyer programme Top Bonus had already stopped members from using and collecting points amid uncertainty about its future after Air Berlin itself filed for insolvency last week. "Because of the situation with Air Berlin and the direct connection with the frequent flyer programme, Top Bonus had no other choice than to take this step," Top Bonus said in a brief statement on Friday. Air Berlin was forced to file for insolvency after major shareholder Etihad pulled the plug on further funding, although it is still flying thanks to a 150 million euro ($177 million)loan from the German government. Etihad bought a 70 percent stake in Top Bonus for 184 million euros in 2012, and the proceeds helped Air Berlin turn a net profit that year, the only time it has done so over the past decade. Bidders are currently jostling for the assets of Air Berlin, Germany''s second largest carrier. Lufthansa ( LHAG.DE ), Thomas Cook''s ( TCG.L ) Condor, easyJet ( EZJ.L ) and Ryanair ( RYA.I ) are among airlines interested in the carrier''s business or parts of it, while German aviation investor Hans Rudolf Woehrl is also working on a bid. Reporting by Victoria Bryan; Editing by Susan Fenton '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-air-berlin-lufthansa-frequent-flyer-idUSKCN1B51D1'|'2017-08-25T19:37:00.000+03:00'
'f71704bc88b4db7081d533f92ceb3e8822e1b760'|'CORRECTED-Iraq faces resistance from Asian buyers on "ambitious" oil price change'|'FILE PHOTO: A worker adjusts a valve of an oil pipe in Zubair oilfield in Basra, Iraq July 20, 2017. Essam Al-Sudani/File Photo SINGAPORE/DUBAI (Reuters) - Iraq''s proposal to change the way it prices crude oil in Asia faces resistance from refiners who fear that longer lead times between pricing and deliveries will expose them to more risk.Iraq''s state oil marketer SOMO surprised traders this week by seeking feedback on plans to switch its Basra crude benchmark in Asia to pricing based off the Dubai Mercantile Exchange from January 2018, dropping Quote: s based on assessments by oil pricing agency S&P Global Platts.The move would affect the price of about 2 million barrels per day (bpd) of crude oil supplies to Asia, mainly shipped to India, China and South Korea."The change is significant and will be watched very closely by not only Middle East producers but everyone involved," said Oystein Berentsen, managing director for Strong Petroleum in Singapore.The new method would price Basra crude using the monthly average of DME Oman futures two months before the oil loads. Other Middle East producers like Saudi Arabia, Kuwait and Iran price their oils based on the loading month.This means Iraqi crude loading in October would be priced off DME''s futures contracts in August. This poses a risk to buyers, who would only be notified by mid-September whether they had successfully bid for a cargo, making it hard for them to hedge against price changes in advance."We are not supportive. They need to fix their (supply) programme first, before trying to change the benchmark," said a senior crude buyer at an Asian refinery. He declined to give his name because he is not allowed to talk to media about market specifics.The different timing on the pricing compared with other producers also makes it difficult to compare values among crude grades, traders said.Some buyers were concerned that almost 80 percent of the crude used to price DME Oman futures goes to China, reflecting the economics and fundamentals of just one Asian buyer."Moving right away to DME Oman is very ambitious. I think it will cause a few hiccups because technically it''s going to be very hard," said Adi Imsirovic of Britain''s Surrey University Energy Economics Centre.SOMO has not commented on its motivation for the changes. Switching to DME could extract higher prices for SOMO. Monthly averages for DME Oman held about $3 a barrel above Platts Oman-Dubai assessments between March and July this year.Some traders support the move. Knowing Iraq''s crude prices two months before delivery allows traders holding Basra cargoes without fixed destinations more time to decide where to sell their oil, based on regional price differences.Whether SOMO will go ahead with the move has yet to be determined as the company is expected to resolve issues raised by customers, a source familiar with Iraq''s plan said.Iraq may change the benchmark but maintain the current pricing period for now, which means the crude would still be priced based on the same month it loads.SOMO did not respond to a Reuters request for comment.Platts, which dominates the global pricing of physical oil, declined to comment on how it would respond to the potential defection of the second-biggest producer from the Organization of the Petroleum Exporting Countries (OPEC).Reporting by Florence Tan in SINGAPORE and Rania El-Gamal in DUBAI; Additional reporting by Nidhi Verma in NEW DELHI; Editing by Henning Gloystein and Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/iraq-asia-oil-idINKCN1B513O'|'2017-08-25T13:06:00.000+03:00'
'bfb826ec38da1c52e44c4373967027aef8544ccf'|'CANADA STOCKS-TSX inches up, Tahoe plunges as court upholds mine suspension'|'August 25, 2017 / 2:46 PM / 21 minutes ago CANADA STOCKS-TSX inches up, Tahoe plunges as court upholds mine suspension Reuters Staff * TSX up 6.82 points, or 0.05 percent, at 15,082.98 * Six of the TSX''s 10 main groups move lower TORONTO, Aug 25 (Reuters) - Canada''s main stock index inched higher on Friday as gains for a string of financial stocks were partly offset by a plunge in Tahoe Resources Inc after a court upheld a suspension of the license for its Escobal project in Guatemala, one of the world''s largest silver mines. Tahoe was one of the most influential weights on the index, falling 19.2 percent to C$5.54, while pipeline companies also pulled back after sharp gains in recent sessions. Investors were buying into heavyweight financial stocks, which were up 0.3 percent overall, with Toronto-Dominion Bank adding 0.4 percent to C$65.01 and Bank of Nova Scotia up 0.3 percent to C$77.72. Both are due to report quarterly earnings next week. At 10:06 a.m. ET (1406 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 6.82 points, or 0.05 percent, at 15,082.98. Six of its 10 main groups were lower. The index is on track for a 0.9 percent gain on the week. Diversified miner Teck Resources Ltd rose 0.6 percent to C$30.76, continuing a steady climb higher since mid-June supported by a rally in the price of copper, which touched its highest level since late 2014. The energy group was barely higher despite oil prices jumping as U.S. refineries braced for Hurricane Harvey. Pipeline companies weighed on the group, with Enbridge Inc down 0.8 percent at C$50.79 and TransCanada Corp off 0.6 percent at C$63.02. As dividend-payers, pipeline firms are sensitive to changes in interest rate expectations. Investors are focused this week on the annual central banker symposium in Jackson Hole, Wyoming, for clues on the direction of European Central Bank and U.S. Federal Reserve policy. Fed Chair Janet Yellen did not mention monetary policy in prepared marks for a speech at the conference on Friday. (Reporting by Alastair Sharp; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1LB0RF'|'2017-08-25T17:46:00.000+03:00'
'6a3ec773bb37802f7457f3e47eb8a498e72c2b7d'|'UPDATE 1-Bavarian Nordic says first milestone payment under J&J deal could be in 2019'|'August 25, 2017 / 11:55 AM / 9 minutes ago UPDATE 1-Bavarian Nordic says first milestone payment under J&J deal could be in 2019 Reuters Staff * First milestone payment in J&J deal could come in 2019 * First clinical trials for HIV, hepatitis expected in 2018 * Will look for partnership for RSV * But may take on some risk in respiratory diseases (adds detail on RSV, Prostvac and partnerships) COPENHAGEN, Aug 25 (Reuters) - Danish biotech company Bavarian Nordic expects to get its first milestone payment under a deal with Janssen Pharmaceuticals in 2019, if clinical trials for vaccines targeting hepatitis B and HIV-1 get underway next year, a company executive said. Bavarian Nordic last month signed a deal with Janssen, a unit of Johnson & Johnson, with a potential value of up to $879 million including upfront, equity investment and milestone payments. The company will produce clinical material for HIV and hepatitis within the next six to nine months, and Janssen aims to begin clinical trials during 2018. "I think that if the studies get underway next year, the first milestone payment could happen in 2019," Bavarian''s Chief Financial Officer Ole Larsen told Reuters on Friday. The company in June posted positive data from a phase 2 study of a universal vaccine against respiratory syncytial virus (RSV) - a common cause of bronchiolitis and pneumonia. Larsen said that with the potential for such a vaccine the company would need to find a commercial partner for that as well. Still, depending on how the rest of the pipeline develops, Bavarian may begin to develop its own sales force for respiratory diseases in certain smaller regions such as the Nordic countries, Larsen said. The company expects to begin phase 3 clinical trials for RSV in the autumn of 2019, he said. The company''s shares have risen about 65 percent this year. The next big trigger could be results of a phase 3 trial for prostate cancer drug Prostvac, which according to Larsen are expected in November or December. The company earlier posted second quarter revenue of 397.3 million Danish crowns and maintained its financial expectations for the year. (Reporting by Jacob Gronholt-Pedersen, editing by David Evans and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/bavarian-nordic-johnsonjohnson-idUSL8N1LB2NT'|'2017-08-25T14:54:00.000+03:00'
'eb39f7b3707076894ff9c6f65a9d82b7f75f1202'|'Exclusive: Hudson''s Bay to review options after activist pressure - sources'|'FILE PHOTO: People shop inside at the Hudson''s Bay Company (HBC) flagship department store in Toronto January 27, 2014. Mark Blinch/File Photo (Reuters) - Hudson''s Bay Co, the owner of the Saks Fifth Avenue and Lord & Taylor retail chains, is seeking to carry out a review of its options, including going private, following pressure from an activist shareholder, people familiar with the matter said.Hudson''s Bay, which is already working with an investment bank to defend itself against activist hedge fund Land and Buildings, has been seeking to hire another financial adviser to carry out the review, the people said this week.The review will consider all available options, from the possibility of the company going private to potential sales of retail assets and real estate, the sources said, cautioning that no transaction is certain.The sources asked not to be identified because the deliberations are confidential. Hudson''s Bay did not immediately respond to a request for comment.Reporting by Carl O''Donnell and Lauren Hirsch in New York; Additional reporting by Greg Roumeliotis and Michael Flaherty in New York; Editing by Meredith Mazzilli '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-hudson-s-bay-m-a-exclusive-idUSKCN1B52DN'|'2017-08-26T03:01:00.000+03:00'
'05f296032c9dc548683871ec1cd896283a9ce2d0'|'Britain heads back to the Brexit table, plans in hand, economy in decline'|'August 25, 2017 / 9:56 AM / 8 hours ago Britain heads back to the Brexit table, plans in hand, economy in decline Jeremy Gaunt 4 Min Read FILE PHOTO: An official carries a Union Jack flag ahead of a news conference by Britain''s Secretary of State for Exiting the European Union David Davis and European Union''s chief Brexit negotiator Michel Barnier in Brussels, Belgium July 20, 2017. Francois Lenoir/File Photo LONDON (Reuters) - Britain''s economy is beginning to feel the Brexit pinch, or perhaps given the strong performance of the rest of the world economy, it should be punch. After a prolonged period of relatively benign economic numbers following last year''s vote to leave the European Union, there are now signs of a potentially serious slow down. They stretch from retrenching households to hesitant businesses, from a widening trade deficit to lackluster manufacturing. They also come just as the EU and Britain return to the negotiating table, the latter with a handful of new post-Brexit position papers. Since mid-August, London has been releasing official papers on issues such as trade, customs, the European Court of Justice, and what the province of Northern Ireland''s future border with EU member Ireland will look like. The performance of Britain''s pound over that period suggests few people were impressed enough with them -- or with the likelihood they will come to pass -- to overcome the economic signs. Running through the release of five official Brexit papers, the pound has lost more than 1.4 percent against the dollar since Aug 14 and the euro has gained the same against sterling. While the pound weakness is not directly linked to the papers, their release has clearly done nothing to improve confidence in the currency. That is at least in part because the UK economy is starting to feel the impact of Brexit. "Economic momentum looks uncertain. Monthly factory orders this year suggest that the sector is failing to capitalize from a weaker sterling and a pick-up in global trade," Jaisal Pastakia, investment manager at Heartwood Investment Management, said in note. Elsewhere, second quarter economic growth figures showed consumer spending slumping to a two and a half year low of just 0.1 percent quarter-on-quarter. Business investment was also at a standstill. Barclays said this was "highlighting just how much businesses are holding back investment in the face of high levels of uncertainty regarding the outlook for business conditions." Add to that a warning from Britain''s heavyweight food supply industry that EU workers it relies on are already leaving or considering doing so. BACK TO THE TABLE FILE PHOTO: Anti-Brexit, pro-European Union Remain supporters wave flags as they travel up and down the River Thames, outside the Houses of Parliament, in London, Britain August 19, 2017. Luke MacGregor/File Photo It is not completely linear, of course. Car manufacturing bounced back in July and the unemployment rate is falling. Last month''s purchasing managers indexes also pointed to steady -- albeit sluggish -- economic growth over the coming months. So the wheels have not come off. But the backdrop for Britain as it returns to the table on Monday is nonetheless a stark contrast to what the other side is experiencing. The euro zone, which comprises 19 of what will be the remaining 27 EU members, is flying high. The latest data shows annual growth at 2.2 percent, the highest for more than six years; economic sentiment is cruising at levels last seen before the financial crisis; even the bloc''s notoriously high unemployment rate is falling. Improvement is fairly widespread among euro zone countries, meanwhile. Florian Hense, an economist with Berenberg bank, notes the euro zone has now had 17 consecutive quarters of growth. "And most countries of the currency union were at the party," he said in a note. "Countries that have for a very long time... struggled do get a stable footing, are beginning to recover, too." Whether this continues or is peaking may become clearer in the coming week when various sentiment indicators, unemployment and manufacturing reports are released. The flash composite purchasing manager index has already shown the bloc to be well in expansion mode with no sign of an August slowdown. Inflation too will be on the agenda. It is expected to be 1.4 percent year-on-year, too far below the European Central Bank''s near 2 percent target to impact rates decisions on its own. But the growth picture is enough to have the ECB at least thinking about tapering its quantitative easing bond-buying programme. Some have taken to calling that QExit. Reporting by Jeremy Gaunt; Editing by Toby Chopra '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-global-economy-outlook-idUSKCN1B512N'|'2017-08-25T12:55:00.000+03:00'
'eca6e7386ba9f9ea677ee1ed853eab218c3f3859'|'Exclusive: Small UK companies complain after HSBC accounts frozen'|'The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. Reinhard Krause/Files LONDON (Reuters) - An avocado importer, an e-cigarette seller and a toilet-cleaning gun maker are among British companies that have had accounts closed or frozen by HSBC in the last two months, unintended casualties of a crackdown by the bank on illicit money flows.Dozens of companies have been affected, with some unable to pay staff and suppliers, and others suffering financial losses they fear could force them to close.The number is a tiny percentage of all business accounts at HSBC, but those affected are in the small business sector which the government has said it wants to encourage and hopes will thrive after Britain leaves the European Union.HSBC told Reuters there may have been "an issue with how we''ve been communicating" and that it would put right "any case where we have done something wrong". It unfroze the accounts of at least three companies whose cases were brought to the bank''s attention by Reuters."Inhibiting an account is always a last resort, so to get to that stage we will have done everything we can to contact the customer and get the information we need," said Amanda Murphy, head of commercial banking for HSBC UK.Fourteen companies told Reuters in interviews they had lost access to their accounts after answering questions from HSBC as part of a review of customers. The bank is trying to tighten checks on clients following a $1.9 billion fine in 2012 for allowing itself to be used to launder drug money from Mexico.More than 30 companies have lodged complaints with HSBC about their accounts being closed or frozen, according to sources with knowledge of the complaints and social media postings by the affected companies.David Johnston, whose company Interbrands (Europe) imports frozen avocados, said he received a letter on Aug 10 saying HSBC would freeze his foreign currency accounts on Aug 11, leaving him unable to pay his Mexican suppliers and a shipment stranded.More than two weeks later, the bank told him it had "no set timeline" for resolving the problem and that meanwhile he would be unable to make overseas payments, according to emails seen by Reuters.Johnston said HSBC had told him on Thursday it would unblock his account after Reuters'' inquiries. Agustin Larocca, whose firm Bellmonte supplies luxury e-cigarettes, said his account was also unfrozen after being blocked for nearly seven weeks because of the Reuters'' inquiries. A third company, MHL Consulting Engineers, said its account had also been unblocked.Anti-money laundering regulations prevent banks from informing customers why their accounts are being closed or suspended where such activity is suspected. In some cases, HSBC may be powerless to tell customers why they are suffering."ROUTINE CHECK" The problems of many of the businesses interviewed by Reuters date back to September 2015, when they received a questionnaire presented by the bank as a routine check.This followed HSBC''s launch of a programme called Safeguard after the 2012 fine to glean more information about customers.HSBC, which has a 10 billion pound ($12.8 billion) fund to support small businesses in Britain, started taking action in earnest this year. Some companies that had their accounts closed in July or this month said they had been under the impression they had provided all the information needed.Calan Horsman, whose company Loogun makes a hand-held water gun for toilet cleaning, said he was left in default to suppliers, with stock stuck in China and the company unable to pay staff, after his account was frozen."My business ground to a halt. I had to unload a container of product that was stuck in a port. We''ve lost a month in our production timeline," Horsman said.Like most of the other companies affected, Martyn Fisher''s company Fisher Fabrics does business abroad. It supplies customers in Asia from suppliers in China and South Korea."I should be the ideal business post-Brexit. I do nothing within the EU. I''m doing deals with all these countries that are supposed to be our trade partners after Brexit," he said after his company had its account frozen.Banks worldwide have in recent years shut thousands of customer accounts as they seek to avoid fines from U.S. authorities for abetting money laundering and sanctions-busting.More than 300 charities based in Britain have had their bank accounts closed in the last two years after being caught up in the crackdown, Reuters reported last month.($1 = 0.7812 pounds)Editing by Timothy Heritage'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/hsbc-smallmid-idINKCN1B41YM'|'2017-08-24T18:49:00.000+03:00'
'422a48870402b88d2cfb7788b976262e9f21c523'|'Canadian lender CIBC posts better than expected quarterly earnings'|'TORONTO, Aug 24 (Reuters) - Canadian Imperial Bank of Commerce reported third-quarter earnings ahead of market expectations, driven by strong performances across all of its businesses.Canada''s fifth-biggest lender said earnings per share, excluding one-off items, increased to C$2.77 from C$2.67 a year ago, in the quarter to June 30.Analysts had on average forecast earnings of C$2.66 per share, according to Thomson Reuters I/B/E/S data. (Reporting by Matt Scuffham; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/cibc-results-idINL8N1LA2PZ'|'2017-08-24T07:46:00.000+03:00'
'a83a7a3eb9b4733fa93aedd7ca0bce6bd8315980'|'UPDATE 1-U.S. Air Force picks Raytheon, Lockheed for next-gen cruise missile'|'Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. Kim Kyung-Hoon (Reuters) - The U.S. Air Force has awarded Lockheed Martin Corp and Raytheon Co separate $900 million contracts to continue work on a replacement for the AGM-86B air-launched nuclear cruise missile, the Pentagon said on Wednesday.Although the award for the new Long Range Standoff weapon (LRSO) comes amid rising tensions with North Korea, the Air Force had asked the defense industry last summer for proposals to replace the aging nuclear cruise missiles and intercontinental ballistic missile system as the military moved ahead with a costly modernization of its aging atomic weapons systems."This weapon will modernize the air-based leg of the nuclear triad," said Secretary of the Air Force Heather Wilson in a statement.LRSO, which is a plane launched weapon, "will be capable of penetrating and surviving advanced integrated air defense systems from significant standoff range" Lockheed Martin said in its statement about the award.The relatively small contract award is a milestone that allows Lockheed and Raytheon to continue parallel detailed development and prototyping for the cruise missile replacement.A sign marks the Raytheon offices in Woburn, Massachusetts, U.S. January 25, 2017. Brian Snyder For the next four and a half years, the companies will perform the technology maturation and risk reduction of the weapon. Once complete, the Air Force will choose a single contractor for engineering, manufacturing and deployment.The Air Force plans to procure approximately 1,000 LRSO flight bodies, with development and procurement costs estimated at about $10 billion, according to an Air Force spokesperson. Only some of the bodies will be armed with nuclear weapons, the others will be used for testing or spares.The Air Force has said it plans to start fielding LRSO by 2030.The current cruise missile was first fielded in the early 1980s with a 10-year life.On Monday, the Air Force awarded Boeing Co and Northrop Grumman Corp separate contracts to continue work on the replacement of the aging Minuteman III ICBM system.Modernization of the U.S. nuclear force was expected to cost more than $350 billion over the next decade. The United States plans to replace its aging systems, including bombs, nuclear bombers, missiles and submarines. Some analysts estimated the cost at $1 trillion over 30 years.Reporting by Mike Stone and Eric Walsh in Washington; Editing by Peter Cooney and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-lockheed-pentagon-lrso-idUSKCN1B32OB'|'2017-08-24T01:37:00.000+03:00'
'c23c7081abc1d12b00f8153cd7624e1cb43566d6'|'Daimler plans new holding structure for 2019 - Manager Magazin'|'Reuters TV United States  29 AM / 22 minutes ago Daimler plans new holding structure for 2019: Manager Magazin Reuters Staff 2 Min Read Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. Fabian Bimmer/File   German car and trucks maker Daimler ( DAIGn.DE ) is working on a corporate holding structure which could be ready by the company''s annual general meeting on April 5, 2019, Manager Magazin said on Thursday. The magazine said Chief Executive Dieter Zetsche and Chief Financial Officer Bodo Uebber have made a preliminary plan to split the company into three separate entities, a process which would unlock the value of the individual businesses. Mercedes-Benz cars and vans, Mercedes-Benz trucks and buses, and Mercedes-Benz financial services will separated, the magazine said, adding that new mobility services such as ride-hailing will be added to the financial services arm. Bodo Uebber may end up as head of the corporate holding structure, given that Dieter Zetsche is close to retirement, Manager Magazin said. When asked about the 2019 date for presenting a new company structure, the company told Reuters: "Daimler is continually reviewing its optimal strategic positioning and structural set up so that it can respond to a changing competitive landscape and market." In July, Daimler said it might split parts of its business into separate legal entities in a strategy overhaul. Legally separating the divisions may allow for a partial listing, a way to raise funds to invest in new services such as autonomous and electric cars. Analysts at Evercore ISI earlier this month said separating Daimler''s divisions could unlock value, with trucks and buses on their own worth 31 billion euros ($36 billion). The German company''s total market capitalization is around 64.8 billion euros, according to Thomson Reuters data. Reporting by Edward Taylor. Editing by Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-daimler-structure-2019-idUKKCN1B41AW'|'2017-08-24T14:18:00.000+03:00'
'd1952c3c7aa519c5336aa9f852e359d02b74db72'|'EMERGING MARKETS-Emerging stocks power to 3-year highs, Mexican peso steadies'|'August 24, 2017 / 8:27 AM / 44 minutes ago EMERGING MARKETS-Emerging stocks power to 3-year highs, Mexican peso steadies Claire Milhench 5 Min Read LONDON, Aug 23 (Reuters) - Emerging market equities hit three-year highs on Thursday and the Mexican peso steadied after U.S. President Donald Trump''s threats to terminate the NAFTA trade treaty were dismissed. MSCI''s benchmark emerging stocks index gained 0.5 percent, reversing the risk aversion that had gripped markets on Wednesday after Trump warned he might pull out of the North American Free Trade Agreement and revived threats to build a border wall with Mexico. Both Mexico and Canada dismissed Trump''s threat to scrap NAFTA as a negotiating tactic, helping the Mexican peso steady after initially falling over 1 percent against the dollar to one-week lows. Year-to-date, the peso has performed strongly, leading emerging forex gains. Turkey and Taiwan shares led gains in stock markets, up 0.7-0.8 percent , with Poland and Hong Kong up 0.4-0.5 percent, the latter reopening after a one-day closure for a typhoon. Per Hammarlund, chief emerging markets strategist at SEB, said the macroeconomic backdrop was still very favourable. "You have days where you might have a bit of a pull-back but given that EM equities have lagged developed markets, they are starting to catch up now and I think that trend will hold for a while." Investors are awaiting speeches from Federal Reserve chair Janet Yellen and European Central Bank President Mario Draghi at the Jackson Hole central banking conference this week for clues on the withdrawal of quantitative easing. But Hammarlund noted that both the Fed and the ECB had played down expectations. "The most likely outcome is they don''t signal too much ... but given the strong economic data we have seen there is still a risk of a more hawkish signal. That could cause some disruption for emerging markets," he said. Chinese mainland shares suffered their biggest fall in nearly two weeks, down 0.5 percent, led by a 6.7 percent fall in telecom company China Unicom after it rallied hard earlier in the week. Profits at China''s state-owned firms rose 23.1 percent in January-July from a year earlier, and China said it would defend itself and its companies against a U.S. trade investigation. The South African rand slipped 0.4 percent after consumer price inflation retreated to its lowest in nearly two years, boosting the chances of further interest rate cuts. A fall in precious metals prices also weighed on the rand. The Czech crown firmed 0.1 percent against the euro after business and consumer confidence rose, whilst the Hungarian forint was trading at fresh 27-month highs. In bond markets, Venezuela''s benchmark 2038 sovereign dollar bond touched its lowest level since May 2016, extending Wednesday''s losses after a report that the U.S. government was considering a ban on trading in the country''s debt. Polls have closed in Angola''s parliamentary elections, which are expected to usher in the ruling party''s defence minister as the first new leader for 38 years. Angolan dollar bonds were steady ahead of the results. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1080.84 +5.24 +0.49 +25.35 Czech Rep 1030.82 -0.51 -0.05 +11.85 Poland 2404.84 +13.78 +0.58 +23.46 Hungary 37813.20 +59.98 +0.16 +18.15 Romania 8337.15 -14.94 -0.18 +17.67 Greece 829.66 +0.50 +0.06 +28.90 Russia 1047.01 +2.05 +0.20 -9.14 South Africa 49727.26 -7.25 -0.01 +13.27 Turkey 09786.05 +833.31 +0.76 +40.50 China 3271.99 -15.71 -0.48 +5.42 India 31619.79 +51.78 +0.16 +18.75 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-idUSL8N1L949Z'|'2017-08-24T11:26:00.000+03:00'
'0da2a85923bf32e4ed90bed4beef5b23711d3485'|'BP''s Gulf oil production falls as key pipeline goes offline'|'August 25, 2017 / 8:01 PM / 13 minutes ago BP''s Gulf oil production falls as key pipeline goes offline Reuters Staff 1 Min Read FILE PHOTO - Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. Toby Melville/File Photo HOUSTON (Reuters) - BP Plc ( BP.L ) said on Friday its U.S. Gulf of Mexico oil production has slipped due to the shutdown of a pipeline system amid Hurricane Harvey, though it declined to say by how much. The Cameron Highway Oil Pipeline System, controlled by Genesis Energy LP ( GEL.N ), is offline due to the storm, limiting BP''s ability to pipe crude out of the Gulf from its Atlantis and Mad Dog platforms. BP''s Thunder Horse and Na Kika platforms continue to operate normally, the company said. Reporting by Ernest Scheyder; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-storm-harvey-bp-pipeline-idUKKCN1B52HU'|'2017-08-25T23:00:00.000+03:00'
'1e0ab915a47e0f086281df37fac586d76cb875fa'|'Oil steady on falling crude inventories, but rising output weighs'|'FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. Nick Oxford/File Photo LONDON (Reuters) - Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in U.S. crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico.Benchmark Brent crude LCOc1 was down 5 cents a barrel at $52.52 by 0745 GMT. U.S. light, sweet crude CLc1 was 5 cents lower at $48.36 a barrel.Both contracts had risen more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey."For the next few days, the U.S. market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday," said Sukrit Vijayakar, director of energy consultancy Trifecta."Operators in the area are already closing down platforms and evacuating workers as a precaution," he added.Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported.Royal Dutch Shell ( RDSa.AS ), Anadarko Petroleum ( APC.N ) and Exxon Mobil ( XOM.N ) have all taken steps to curb some oil and gas output at platforms in the Gulf.Beyond the weather, traders said declines in U.S. commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.U.S. crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016. C-OUT-T-EIADespite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. nL2N1L90VGCrude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March. C-STK-T-EIAAdditional teporting by Henning Gloystein in Singapore; Editing by David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-oil-idINKCN1B402S'|'2017-08-24T04:05:00.000+03:00'
'a9741b34cccdceceef1f07a8175f54587aa5c10c'|'EMERGING MARKETS-Brazil stocks up on gov''t asset-sale plan; Mexico peso flat'|'By Bruno Federowski SAO PAULO, Aug 24 (Reuters) - Brazilian stocks rose on Thursday after a government council announced a massive sale of state assets, fueling bets that the government will manage to rein in the growth of public debt and cut a widening budget gap. Brazil intends to sell stakes in some of the country''s busiest airports as well as oil exploration, highway and power dam licensing rights as President Michel Temer seeks to reduce state involvement in the economy. The announcement followed a surprise move on Tuesday to privatize state-controlled power utility Centrais Elétricas Brasileiras SA, which triggered a market-wide rally. Brazil''s benchmark Bovespa stock index rose 0.6 percent to a new six-year high, with shares of Eletrobras , as the power utility is known, the biggest gainers. Also helping fuel optimism was a decision by the lower house of Congress to approve the main text of a bill creating a new market-based lending benchmark for state development bank BNDES that would greatly reduce discretionary subsidies. "Coupled with well-behaved inflation, this sets the stage for the central bank to cut interest rates even more," analysts at the Magliano brokerage wrote in a client note. The Mexican peso traded nearly flat after Mexico and Canada dismissed U.S. President Donald Trump''s threats to scrap NAFTA, which had wreaked havoc in local markets the day before, as a negotiating tactic. Yields paid on Mexican interest-rate futures rose after minutes from the central bank''s last rate-setting meeting showed policymakers remained cautious with rising inflation, suggesting rate cuts may be farther off than expected. "The discussion among directors was biased toward the need to remain vigilant and ready to protect the integrity of the inflation targeting framework, rather than laying out the case for near-term rate cuts," Goldman Sachs'' economists wrote in a report. Mexican inflation was higher than expected in the first half of August, keeping pressure on the central bank to maintain high borrowing costs. Key Latin American stock indexes and currencies at 1620 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,082.00 0.6 24.74 MSCI LatAm 2,885.34 0.9 22.18 Brazil Bovespa 70,899.78 0.6 17.72 Mexico S&P/BVM IPC 51,427.03 0.29 12.67 Chile IPSA 5,134.24 0.12 23.68 Chile IGPA 25,642.86 0.11 23.67 Argentina MerVal 23,181.03 -0.35 37.02 Colombia IGBC 10,893.35 -0.74 7.56 Venezuela IBC 199,348.45 0.59 528.76 Currencies Latest Daily YTD pct pct change change Brazil real 3.1363 0.15 3.60 Mexico peso 17.6900 -0.04 17.26 Chile peso 637.9 0.36 5.14 Colombia peso 2,976.71 0.11 0.83 Peru sol 3.236 0.03 5.50 Argentina peso (interbank) 17.1750 0.38 -7.57 Argentina peso (parallel) 18.22 0.44 -7.68 (Reporting by Bruno Federowski)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1LA13M'|'2017-08-24T19:53:00.000+03:00'
'ee3eba769d6defd4a481c64f27496cfb403d73d6'|'U.S. jobless claims rise modestly as labor market tightens'|'A house-for-sale sign is seen inside the Washington DC Beltway in Annandale, Virginia January 24, 2016. Hyungwon Kang/Files WASHINGTON (Reuters) - U.S. home resales unexpectedly fell in July to an 11-month low as a chronic shortage of properties boosted prices, the latest sign that the housing market recovery was slowing.The cooling in housing activity reflects supply constraints rather than ebbing demand, which is being driven by a strong labor market. Other data on Thursday showed a slight increase in the number of people filing for unemployment benefits last week."Housing is far from being the economy''s growth star," said Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto. "It''s not even a major supporting actor."The National Association of Realtors said existing home sales fell 1.3 percent to a seasonally adjusted annual rate of 5.44 million units last month. That was the lowest level since August 2016. Sales rose 2.1 percent on a year-on-year basis.Economists had forecast sales gaining 0.9 percent to a rate of 5.57 million units last month. The NAR report followed data on Wednesday showing a 9.4 percent drop in sales of new single-family homes in July and the second weekly fall in applications for home purchase loans.Data this month also showed a dive in homebuilding and permits in July. Taken together, the reports suggest housing could remain a drag on economic growth in the third quarter. Housing subtracted nearly three-tenths of a percentage point from gross domestic product in the second quarter.Despite the housing slowdown, economists expect the Federal Reserve to outline a plan to begin unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at its Sept. 19-20 policy meeting.Fed officials are focused on the labor market and inflation. With inflation continuing to undershoot its 2 percent target even as the labor market nears full employment, the U.S. central bank is, however, likely to hold off raising interest rates again until December.The Fed has increased borrowing costs twice this year.ACUTE HOUSING SHORTAGE The PHLX index of housing stocks was little changed as were shares in the nation''s largest homebuilder, D.R. Horton. Shares of Lennar Corp fell 0.4 percent while those of Pultegroup advanced 0.4 percent. The overall U.S. stock market was trading lower.Job seekers line up to apply during "Amazon Jobs Day," a job fair being held at 10 fulfillment centers across the United States aimed at filling more than 50,000 jobs, at the Amazon.com Fulfillment Center in Fall River, Massachusetts, U.S., August 2, 2017. Brian Snyder Prices of U.S. Treasuries also fell. The dollar was slightly higher against a basket of currencies.The housing market has experienced an acute shortage of homes for sale for about two years. Builders have been unable to fill the inventory gap, citing a lack of land and skilled labor.They have also complained of being constrained by expensive building materials. Last month, there were 1.92 million previously owned houses on the market, down 9.0 percent from a year ago.Housing inventory has dropped for 26 straight months on a year-on-year basis. The median house price was $258,300 in July, a 6.2 percent rise from a year ago. That marked the 65th straight month of year-on-year price increases.In contrast, annual wage growth has struggled to break above 2.5 percent, locking out many first-time homebuyers from the market. They accounted for a third of transactions last month, well below the 40 percent share that economists and realtors say is needed for a robust housing market.At July''s sales pace, it would take 4.2 months to clear inventory, down from 4.8 months one year ago. Economists view a six-month supply as a healthy balance between supply and demand.Sales fell in the Northeast and Midwest but rose in the West and South. Economists say builders have mostly focused on the high end of the market, but that may change if the strengthening labor market, as expected, keeps housing demand elevated.In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 234,000 for the week ended Aug. 19.Claims have now been below 300,000, a threshold associated with a robust labor market, for 129 consecutive weeks. That is the longest such stretch since 1970, when the labor market was smaller.The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,750 to 237,750 last week, the lowest level since May.Low numbers of layoffs have helped reduce the unemployment rate to a 16-year low of 4.3 percent. The unemployment rate has fallen five-tenths of a percentage point this year.Reporting by Lucia Mutikani; Additional reporting by Lindsay Dunsmuir; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-economy-unemployment-idUSKCN1B41HS'|'2017-08-24T15:36:00.000+03:00'
'ad648c9821c178bce178cff4b66115f3598d3e81'|'American bosses continue to lobby, more quietly'|'IN CORPORATE America, “Trump” seems to be a dirty word, at least in public. After President Donald Trump seemed to equate the actions of white supremacists and their opponents in Charlottesville earlier this month, dozens of chief executives abandoned his advisory councils. Several organisations cancelled fundraising galas booked at Mr Trump’s Mar-a-Lago resort in Florida. Lloyd Blankfein, the boss of Goldman Sachs, an investment bank, compared Mr Trump to the dark shadow cast over parts of America by a solar eclipse: “We got through one, we’ll get through the other.”Look past the public repudiation, though, and the schism is less stark. As Jason Furman of Harvard University’s Kennedy School, who led the White House Council of Economic Advisers during Barack Obama’s presidency, points out, the bosses’ public rejection of Mr Trump has done nothing to sap their appetite to guide policy. Lower-ranking executives from large firms continue to serve on informal working groups to help the Treasury and the Commerce Department with deregulation. Others are advising on trade policy, trying to steer the administration away from its protectionist impulses. An insider at a trade association representing big business waves the Charlottesville furore aside, declaring: “The hard work of policymaking in Washington must continue.” One chief executive who left a White House advisory council explains that firms are still keen to work with the administration, albeit quietly: “Executive action will continue, so corporate working groups will continue.”They have already made progress. Under Mr Obama, the cost of new federal rules issued each year grew significantly from the levels of George W. Bush’s presidency, according to the American Action Forum, a conservative think-tank (see chart). The early months of the Trump era have already seen that trend reverse.But the big prize for firms remains tax reform. The chances of that are hurt by Mr Trump’s divisiveness, the Republicans’ slim majority in Congress, and by the need for tricky negotiations over funding the government and raising the debt ceiling, which will delay debate on taxes. Yet many business leaders still reckon that this is the best chance at tax reform since the sweeping Reagan-era overhaul of 1986.That is enough for some executives to stay close to the administration. “The president is not ultimately that powerful,” says another boss who left a White House advisory council. “Things get done in the Cabinet departments and various agencies.” Such optimism may be misplaced, according to William Galston of the Brookings Institution, a centre-left think-tank. “Business interest in reform is not diminished,” he says, “but the ability of the White House to get its way is diminished.” Business "Private interests"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21727096-even-they-repudiate-president-publicly-american-bosses-favour-his-pro-business?fsrc=rss'|'2017-08-26T08:00:00.000+03:00'
'8e7c4e6c1b771db397bae7263a334e582c1a58d7'|'UPDATE 1-Cost cuts help Wal-Mart''s South African arm Massmart'|'(Adds details)JOHANNESBURG, Aug 24 (Reuters) - Massmart Holdings Ltd , the South African arm of Wal-Mart, reported a small rise in half-year earnings on Thursday, helped by cost cuts as cash-strapped shoppers spent warily.Diluted headline earnings per share (EPS) came in at 149.3 cents in the six months ended June, compared with 145.8 cents a year earlier, said Massmart, which sells everything from food to televisions and refrigerators.Headline EPS, the most widely watched profit gauge in South Africa, strips out certain one-off items.But sales growth, at 0.5 percent, was slower than earnings growth, an indication that much of the profit increase came from reining in costs."The last six months rank among the most difficult trading conditions retailers have faced in recent memory," Chief Executive Mark Hayward said. "The challenging consumer environment demanded an intense focus on expense control."South African retailers have struggled as consumers battling job losses and high personal debt levels hold back on spending, but Massmart has lagged its closest rival Shoprite both on the stock market and operationally in recent years.Shoprite, which many investors had expected would lose from the 2011 entry of the world''s biggest retailer into South Africa, has defied a recession at home with double-digit earnings growth thanks to a focus on budget-conscious consumers.Shares in Massmart are down about 25 percent in the past five years, lagging a nearly one-third rise in Shoprite, Africa''s biggest retailer with outlets in countries such as Ghana, Angola and Nigeria. (Reporting by Tiisetso Motsoeneng; Editing by Gopakumar Warrier and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/massmart-results-idINL8N1LA0UX'|'2017-08-24T04:14:00.000+03:00'
'326d3fefa3312c9db84e4321802720bd3ae96188'|'Carillion''s shares shine on $385 million Manchester project win'|'August 24, 2017 / 10:13 AM / 8 hours ago Carillion''s shares shine on $385 million Manchester project win 3 Min Read FILE PHOTO: A Carillion sign is seen in Manchester, Britain July 13, 2017. Phil Noble/File Photo (Reuters) - Carillion ( CLLN.L ), the British builder which warned on profits last month, has been named as the main contractor on a 300 million pound ($385 million) Manchester property development, it said on Thursday. The contract win represents a vote of confidence from contractors and customers in Carillion''s ability to deliver on projects. The construction and support services company''s shares were up nearly 7 percent by 0930 GMT and were the biggest gainers on London''s FTSE midcap index .FMTC. Carillion has lost nearly 80 percent of its market value since mid-July, when it booked a 845 million pound writedown on problematic construction contracts and said Richard Howson would step down as chief executive. Howson has since been named chief operating officer. There has been speculation that the company may have to raise at least 500 million pounds and could announce a rights issue alongside its results on September 29. Property group Ask Real Estate, which is developing the Manchester project, confirmed separately that Carillion was the contractor for the development, which will include a hotel and offices built on a 1.74 acre site next to Manchester Central convention centre and the Hilton Tower. Ask had estimated last year that the project, to be built on the former Bauer Millett car showroom site, could comprise over 750,000 square feet of development at a projected value of about 300 million pounds. The news was first reported by trade publication Construction News. A spokesman for Carillion confirmed that the company was the main contractor on the project, declining to give any further details. Carillion, the second largest contractor for the British government, has won multiple public contracts since its July profit warning, including work worth 1.4 billion pounds to help to build Britain''s High Speed 2 railway. Under the Manchester contract, Carillion and Ask will work in partnership with Transport for Greater Manchester, Manchester City Council and Manchester Central. A spokeswoman for Ask said the developer would update the market on the project in mid to late September. Reporting by Esha Vaish in Bengaluru. Editing by Jane Merriman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-carillion-outlook-contract-idUKKCN1B411Z'|'2017-08-24T13:13:00.000+03:00'
'bd8ee58d8c36f018953fd97472ceff437ec3d7f2'|'Politics distinct from economics in Silk Road projects: China alliance'|'A map illustrating China''s silk road economic belt and the 21st century maritime silk road, or the so-called "One Belt, One Road" megaproject, is displayed at the Asian Financial Forum in Hong Kong, China January 18, 2016. Bobby Yip/Files BEIJING (Reuters) - China should differentiate between politics and economics when investing in renewable energy projects in countries along its Belt and Road initiative, the head of an industrial alliance said on Wednesday.India and Japan, along with Europe, Africa, Southeast Asia and the Middle East have the biggest potential for renewable energy growth by 2030, according to research by China New Energy International Alliance, an organisation backed by government associations and firms in the renewable energy sector."China''s national energy strategy, national strategy and renewable energy strategy are not necessarily matched ... To realize sustainable development in international renewable market, we should appropriately separate political relations and economic interest," Zhang Shiguo, vice chairman at China New Energy International Alliance, said at a conference.That means China may invest in projects in countries where Beijing does not have close political ties."Amid such complex international relations, we don''t necessarily refuse to have projects in countries with whom we don''t have close ties," he said in an interview on Thursday.The Belt and Road initiative is aimed at building a modern-day "Silk Road", connecting China by land and sea to Southeast, South and Central Asia, and beyond to the Middle East, Europe and Africa.Clean energy capacity is expected to grow by 4 percent by 2020 among the 64 countries alongside the Belt and Road initiative, while coal-fired power will decline, according to data from government think tank the Electric Power Planning and Engineering Institute (EPPEI)."India is the key market in South Asian region. However, it is hard (for Chinese enterprises) to enter the market considering current political relation," said Zhang.Since early June troops from China and India have been embroiled in a confrontation on a disputed frontier region, claimed by both China and India''s ally Bhutan."I agree that it is hard to tackle (the) Indian market, but opportunities come along with difficulties," Zhang said.Some power projects with 25 gigawatts (GW) installed capacity are in the preparatory stages and others with 23 GW capacity are planned in the South Asia region, the EPPEI data shows.Reporting by Muyu Xu and Beijing Newsroom; Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-silkroad-renewables-idINKCN1B41MM'|'2017-08-24T16:28:00.000+03:00'
'26752723c375f69f9831825774aae83427d6fa80'|'Dollar up before Yellen, Draghi speeches, Asia stocks head for weekly gain'|'August 25, 2017 / 1:30 AM / 2 hours ago Stocks rise, U.S. dollar eases on Yellen remarks 4 Min Read A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration NEW YORK (Reuters) - World stock markets advanced while the U.S. dollar weakened on Friday after Federal Reserve Chair Janet Yellen omitted monetary policy in a much-anticipated speech that left the possibility of a U.S. interest rate hike in December open to interpretation. U.S. Treasury yields dipped as Yellen''s speech at an annual meeting of central bankers in Jackson Hole, Wyoming, relieved some investors who had expected hawkish comments on the economy. Reforms enacted after the financial crisis a decade ago have strengthened the banking system without impeding economic growth, and future changes should be modest, Yellen said in prepared remarks. "She didn''t say anything that the market wanted to know about Fed policy," Marc Chandler, chief global currency strategist at Brown Brothers Harriman & Co. Yields on the 10-year U.S. Treasury note slipped and the dollar weakened because "it was not that she said anything bullish for foreign currencies; it was that she didn''t say anything positive for the U.S.," Chandler said. MSCI''s index of stocks across the globe .MIWD PUS pared gains to be up 0.39 percent. European share markets closed lower, with the pan-regional FTSEurofirst 300 index .FTEU3 slipping 0.14 percent and the FTSE 100 index .FTSE in London off 0.08 percent. MSCI''s index of emerging market stocks .MSCIEF rose 0.45 percent. "People had hoped for some excitement. The bond market is rallying with at least some people thinking (Yellen) would make the case for more rate hikes to take some steam out of the stock market," said Chris Low, chief economist at FTN Financial in New York. Rates futures implied traders saw a 37.2 percent chance of a rate hike at the Fed''s December meeting, down from almost 39 percent on Thursday, CME Group''s FedWatch tool showed. Benchmark 10-year U.S. Treasury notes US10YT=RR rose 7/32 in price, pushing the yield down to 2.1676 percent. The dollar index .DXY fell 0.53 percent, with the euro EUR= rising 0.66 percent to $1.1875 and the Japanese yen gaining 0.27 percent versus the greenback at 109.26 per dollar JPY= . The Dow Jones Industrial Average .DJI rose 71.8 points, or 0.33 percent, to 21,855.2. The S&P 500 .SPX gained 8.76 points, or 0.36 percent, to 2,447.73 and the Nasdaq Composite .IXIC added 2.16 points, or 0.03 percent, to 6,273.48. All 11 major S&P sectors rose. The S&P 500 and the Dow were on course to snap a two-week losing streak. Also helping sentiment on Wall Street was a report that said U.S. President Donald Trump will turn his attention to his campaign promise of implementing tax reform. National Economic Council Director Gary Cohn told the Financial Times that starting next week Trump''s agenda and calendar is going to revolve around tax reform. Mario Draghi, president of the European Central Bank, was scheduled to speak later in the afternoon at Jackson Hole. The Atlanta Fed''s GDP Now forecast model showed the U.S. economy is on track to grow at a 3.4 percent annualized pace in the third quarter based on the latest data on industrial output, home sales and durable goods orders. Oil prices rose as the dollar fell and as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. U.S. crude CLcv1 rose 44 cents to $47.87 per barrel and Brent LCOcv1 was last at $52.42, up 38 cents. Reporting by Herbert Lash; Editing by Bernadette Baum and James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-markets-idUSKCN1B504R'|'2017-08-25T04:31:00.000+03:00'
'2d496d84b23e20f92df20a8236fd0a504141885f'|'Iraq faces resistance from Asian buyers on "ambitious" oil price change'|'August 25, 2017 / 8:51 AM / 2 minutes ago Iraq faces resistance from Asian buyers on ''ambitious'' oil price change Florence Tan and Rania El Gamal 4 Min Read SINGAPORE/DUBAI (Reuters) - Iraq''s proposal to change the way it prices crude oil in Asia faces resistance from refiners who fear that longer lead times between pricing and deliveries will expose them to more risk. Iraq''s state oil marketer SOMO surprised traders this week by seeking feedback on plans to switch its Basra crude benchmark in Asia to pricing based off the Dubai Mercantile Exchange ( CME.O ) from January 2018, dropping quotes based on assessments by oil pricing agency S&P Global Platts ( SPGI.N ). The move would affect the price of about 2 million barrels per day (bpd) of crude oil supplies to Asia, mainly shipped to India, China and South Korea. "The change is significant and will be watched very closely by not only Middle East producers but everyone involved," said Oystein Berentsen, managing director for Strong Petroleum in Singapore. The new method would price Basra crude using the monthly average of DME Oman futures <0#1OQ> two months before the oil loads. Other Middle East producers like Saudi Arabia, Kuwait and Iran price their oils in the loading month. This means Iraqi crude loading in October would be priced off DME''s futures contracts in August. This poses a risk to buyers, who would only be notified by mid-September whether they had successfully bid for a cargo, making it hard for them to hedge against price changes in advance. "We are not supportive. They need to fix their (supply) programme first, before trying to change the benchmark," said a senior crude buyer at an Asian refinery. He declined to give his name because he is not allowed to talk to media about market specifics. The different timing on the pricing compared with other producers also makes it difficult to compare values among crude grades, traders said. Some buyers were concerned that almost 80 percent of the crude used to price DME Oman futures goes to China, reflecting the economics and fundamentals of just one Asian buyer. "Moving right away to DME Oman is very ambitious. I think it will cause a few hiccups because technically it''s going to be very hard," said Adi Imsirovic of Britain''s Surrey University Energy Economics Centre. SOMO has not commented on its motivation for the changes. Switching to DME could extract higher prices for SOMO. Monthly averages for DME Oman held about $3 a barrel above Platts Oman-Dubai assessments between March and July this year. Some traders support the move. Knowing Iraq''s crude prices two months before delivery allows traders holding Basra cargoes without fixed destinations more time to decide where to sell their oil, based on regional price differences. Whether SOMO will go ahead with the move has yet to be determined as the company is expected to resolve issues raised by customers, a source familiar with Iraq''s plan said. Iraq may change the benchmark but keep timing for lifting oil at a one-month gap. SOMO did not respond to a Reuters request for comment. Platts, which dominates the global pricing of physical oil, declined to comment on how it would respond to the potential defection of the second-biggest producer from the Organisation of the Petroleum Exporting Countries (OPEC). (This story corrects to say pricing is done in loading month, instead of one month before loading in paragraph 5.) Reporting by Florence Tan in SINGAPORE and Rania El-Gamal in DUBAI; Additional reporting by Nidhi Verma in NEW DELHI; Editing by Henning Gloystein and Tom Hogue'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-iraq-asia-oil-idUKKCN1B50WX'|'2017-08-25T11:50:00.000+03:00'
'359fdb9ba6121a9ba023853a4d8cd757f1ac5c80'|'Pegas''s board backs R2G takeover bid, dividend may stop'|'August 25, 2017 / 7:26 AM / 4 hours ago Pegas''s board backs R2G takeover bid, dividend may stop Reuters Staff 2 Min Read PRAGUE (Reuters) - The board of Pegas Nonwovens ( PGSN.PR ) has backed a takeover offer from R2G, the bidder said on Friday, adding it was ready to absorb short-term losses and would limit or halt the dividend. Investment firm R2G, the second largest shareholder in Pegas with a 10.82 percent stake, said in July its investment vehicle R2G Rohan Czech would bid 1,010 crowns per share, valuing Prague-listed Pegas at 8.9 billion crowns ($403 million). R2G said on Friday Pegas''s board supported the offer price, calling it "fair". The artificial textile maker''s shares were down 0.3 percent at 1,016 crowns at 0826 GMT. "(R2G Rohan Czech) is ready to absorb all short-term and mid-term losses and to limit or halt flow of finances to shareholders in order to ... build a stronger, more competitive and more global firm in the long-term," R2G said. A representative of Wood & Co, Pegas''s largest shareholder with a 28.8 percent stake, abstained in the board vote. J&T analyst Bohumil Trampota said shareholders were now likely to assume a wait-and-see position. "It seems R2G and Wood are not acting in concert, there could be a clash between the two now. Some investors might be disappointed there was no premium to existing share price offered," he said. R2G said there would be no clash. "Either Wood will take our offer and it will sell to us, or we will be there alongside each other in a longer term. There is no clash," R2G''s head of investments Jakub Dyba told Reuters. Wood & Co said it was glad to see other investors interested in developing Pegas and that it did not plan to sell. "We welcome stabilization of shareholders'' structure. At its current price, Pegas looks like an attractive investment opportunity to us, therefore we are not considering a sale," Wood & Co partner Jan Sykora told Reuters. ($1 = 22.1110 Czech crowns) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-pegas-nonwovens-m-a-r2g-idINKCN1B50PH'|'2017-08-25T05:26:00.000+03:00'
'a16a2893cf038f05d287e62657924b87cc91ce0e'|'Senator questions quick approval of Amazon''s Whole Foods purchase'|'Senator Amy Klobuchar (D-MN) questions Supreme Court nominee judge Neil Gorsuch during his Senate Judiciary Committee confirmation hearing on Capitol Hill in Washington March 21, 2017. Joshua Roberts WASHINGTON (Reuters) - A U.S. senator on Friday questioned the Federal Trade Commission''s quick approval of Amazon.com Inc''s purchase of Whole Foods Market Inc this week, less than three months after the $13.7 billion deal was announced.The FTC on Wednesday said it ended its antitrust investigation without seeking a second request for additional information on the deal that has sent shock waves through the grocery industry.Senator Amy Klobuchar, a Minnesota Democrat, said in a statement on Friday that she is concerned about the FTC''s decision to "not fully review" the deal, which was announced on June 16."Amazon''s increased access to data on consumers and their behavior, and its dominance in internet retail sales, raises questions about whether this merger harms consumers and suppresses competition," she said.Klobuchar said she would ask the FTC to explain why it made such a quick decision.Amazon declined comment on Klobuchar''s statement. The FTC did not immediately reply to a request for comment.After getting the approval of the FTC and Whole Foods shareholders this week, the Seattle-based company said on Thursday it planned to complete the acquisition on Monday and simultaneously introduce lower prices on some grocery staples.The world''s biggest online retailer also said it plans to start selling some Whole Foods-branded products on its website and will offer incentives to its Prime members at Whole Foods stores.Shares in major grocery stores fell sharply on Thursday over fears that Amazon''s move would spark a new round of price wars in the industry, but recovered some of those losses on Friday.Reporting by David Shepardson; Editing by Bill Rigby '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-whole-foods-m-a-amazon-com-idINKCN1B51W0'|'2017-08-25T13:21:00.000+03:00'
'8ad936eb01ac6543a1a90f425fe74217ef638214'|'Braving security fears, Chinese seek ''Silk Road'' riches in Pakistan'|'August 28, 2017 / 1:36 AM / 9 hours ago Braving security fears, Chinese seek ''Silk Road'' riches in Pakistan Drazen Jorgic and Brenda Goh 10 Min Read An Urdu language book about Chinese President Xi Jinping rests on a shelf with decorations at a Chinese restaurant in Islamabad, Pakistan June 9, 2017. Picture taken June 9, 2017. Caren Firouz LAHORE, Pakistan/SHANGHAI (Reuters) - Zhang Yang, a businessman from Chongqing in southwest China, is searching online forums for fellow stout-hearted entrepreneurs willing to cast aside security concerns and join him on a scouting mission to Pakistan. Zhang, 48, is one of a growing number of Chinese pioneers sensing an opportunity across the Himalayas in Pakistan, where Beijing has pledged to spend $57 billion on infrastructure projects as part of its "Belt and Road" initiative. Numbering in the thousands, this second wave of Chinese arrivals are following in the wake of workers on Belt and Road projects. Some are opening restaurants and language schools, while others are working out what products they could sell to a market of 208 million people, or what goods they could make cheaply in Pakistan to sell around the world. "A lot of industries are already saturated in China," said Zhang, who has worked in property, electrical appliances and household goods in China and says he wants to explore the potential for setting up factories or importing Chinese goods. "Pakistan''s development is behind China, so it will hold better opportunities compared to home." But the new arrivals face dangers, creating a headache for Pakistani security officials. Islamic State''s killing of two Chinese nationals in the restive Baluchistan province in June highlighted the risks posed by Islamist militants, who may see them as soft targets in their war with the state. Beijing has also long fretted about hardened Pakistani Islamist fighters linking up with the East Turkestan Islamic Movement (ETIM), a Uigher militant group Beijing accuses of seeking to split off its western region of Xinjiang, Pakistani officials say. Islamabad does not release immigration data but a source in the foreign ministry said about 71,000 Chinese nationals visited in 2016. A senior immigration official added 27,596 visa extensions were granted to Chinese that year, a 41 percent increase on 2015, suggesting more are staying in the country for longer. For Pakistan, the stakes in keeping all those Chinese nationals safe are high. Beijing''s infrastructure splurge has helped revive Pakistan''s sputtering economy, and deepening ties between the two nations have turned Pakistan into a key cog in China''s grand plan to build a modern-day "Silk Road" of land and sea trade routes linking Asia with Europe and Africa. While the first phase of the China Pakistan Economic Corridor (CPEC), as the Pakistan leg of this new Silk Road is called, concentrated on infrastructure projects, the second part will focus on setting up special economic zones and integrating Chinese firms into the local economy to help Pakistan develop its industries ranging from mining to agriculture. China has also surged to become by far the biggest source of foreign direct investment (FDI) for Pakistan, topping $1 billion in 2016/17, and is betting on its neighbor at a time when many Western companies are still put off by security concerns and corruption. "Pakistan really needs foreign investment and we are not going to miss out on this because of some idiots with a gun," said Miftah Ismail, a special adviser to Prime Minister Shahid Khaqan Abbasi. "We won''t let them mess with the Chinese." SECURITY CHALLENGE Pakistan receives friendly coverage in Chinese media and regularly features in state broadcaster CCTV''s programs on the Belt and Road initiative, which include promotions of CPEC and interviews with Chinese workers living in the country. That has not been enough to assuage concerns about security for Zhang and other Chinese businessmen and women who spoke to Reuters. "It''s a big lesson for us," said Derek Wang, referring to the Baluchistan killings. Wang, deputy chief executive of Infoshare, an Islamabad-based consultancy assisting Chinese entrepreneurs and businesses, said security was the number one concern of Chinese newcomers. Pakistan is taking the threat seriously. Guards and police with automatic rifles shield Chinese-staffed offices and language schools, while security officials say plainclothes officers form a less visible layer of protection at such sites. Unlike the engineers and construction workers who reside in heavily-guarded compounds while building the roads and power plants that make up CPEC, the entrepreneurs seeking riches on the back of it mostly arrive on their own and disperse across the country. Few inform authorities of their plans. "This is the biggest challenge right now," said Muhammad Faisal Rana, who heads an 8,000-strong Special Protection Unit set up by Punjab province in 2014 to guard foreigners. Ninety percent of those it protects are Chinese, he said. A view of the facade of a Chinese restaurant catering to the growing Chinese population in Islamabad, Pakistan June 10, 2017. Picture taken June 10, 2017. Caren Firouz Rana said growing numbers of Chinese entrepreneurs turn up with tourist visas. Many are conducting market research, while some launch their products and then flit back to China. "All these elements are sometimes out of our radar, and we have no idea from which flight they are coming in and where they are heading towards," he said. SPU officials have cultivated ties with guesthouses popular with Chinese and set up liaison desks at airports to register the Chinese entrepreneurs before they vanish, while governments in Sindh and Khyber Pakhtunkhwa provinces are accelerating plans to build up special protection units akin to the one in Punjab. LANGUAGE SCHOOLS, BRIBES In Islamabad, where Chinese visitors were seldom seen before 2014, their prominence is growing. They now outnumber other foreigners, and the country''s first-ever Chinese-language newspaper, Huashang, has been launched. Visitors arriving at the capitals airport are handed flyers written in Mandarin advertising a Chinese courier service, and in the city shop signs in the Chinese language are increasingly common. Chinese restaurants are sprouting to cater for new arrivals who are rarely fond of Pakistani food. Pakistanis, sensing their neighbor''s growing power, are flocking to study at new Chinese language schools. Slideshow (5 Images) A boom in business has prompted Ami Quin, a Chinese restaurateur and owner of a guesthouse for employees of Chinese telecommunications giant ZTE, to open a spa and a second guesthouse. "More and more people are very interested to come to Pakistan after CPEC," she said. "They are looking for partners all the time." In one of Quin''s restaurants in Islamabad, civil engineer Pan Denghao lamented the oppressive Pakistani heat but conceded the money and jobs on offer exceeded what young people like him could expect back home. "Every year in China you have so many graduates from colleges and universities, but the opportunities and chances for jobs are limited," said Pan, 25, whose company is building Islamabad''s new airport. Chinese businessmen who arrived before CPEC was unveiled in 2014 are capitalizing on their experience to launch consultancies, advising newcomers how to circumnavigate the country''s notorious bureaucracy or match them with Pakistani partners. Another Chinese businessman who did not wish to give his name, said he and fellow Chinese executives often pay bribes to speed up imports or obtain government permits. That used to be a regular aspect of Chinese life before President Xi Jinping''s anti-corruption drive of the past few years. "This is one of the reasons why us Chinese are comfortable here. We know how to deal with this," he said. SALARY, THEN SAFETY Although Chinese habits sometimes clash with local customs in a deeply conservative Muslim nation - Chinese restaurants, for example, sometimes turn a blind eye to customers drinking smuggled alcohol - there is little sign of hostility to the new arrivals from ordinary Pakistanis. Unlike Western nations, China is widely seen as having been a consistent ally to Pakistan, and Chinese visitors often recount stories of being let off minor misdemeanors - such as driving without a license - by police and government officials with comments like "you are our friends". Officials have portrayed the Islamic State killings in Baluchistan as a one-off, saying the two Chinese victims were targeted because they were Christian missionaries masquerading as business people. But at least one Chinese business delegation canceled its trip to Pakistan as a result of the attack. Pakistan has since tightened business visa rules for Chinese nationals and vowed improved security. At a CPEC site guarded by the Punjab SPU in Lahore, policemen clad in bullet-proof vests demonstrated to Reuters how armed officers sitting on the back of pick-up trucks shield Chinese executives when transporting them in convoys. One Chinese executive said police provided her with an armed convoy for a four-hour trip from the disputed Kashmir region to her office in Islamabad. "It was quite touching," she said. But security officials concede not everyone can be given round-the-clock protection, and many businessmen do not want their freedom curbed. Still, China-based recruiters such as Ms Yang, of Zaozhuang Xincai Services, say the Islamic State killings have not dented the stream of applicants seeking work in Pakistan, thanks to pay that can be more than four times what they would earn at home. "First concerns are about how high or low the salary is, when it will be paid," she said. "And then safety." Reporting by Drazen Jorgic and Brenda Goh; Additional reporting by Asif Shahzad and SHANGHAI Newsroom; Writing by Drazen Jorgic; Editing by Alex Richardson'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-china-silkroad-pakistan-insight-idUSKCN1B801X'|'2017-08-28T04:35:00.000+03:00'
'a3f94f938590c5f892eed7412079ac57f12d9bbd'|'Behind glitz of casinos, typhoon exposes Macau''s infrastructure woes'|' 21 AM / 5 minutes ago Behind glitz of casinos, typhoon exposes Macau''s infrastructure woes Farah Master 6 Min Read Supermarket staff sell goods outside a supermarket during power outages after Typhoon Hato hit in Macau, China August 24, 2017. Tyrone Siu MACAU (Reuters) - The glitzy exterior of Macau crumbled after a super typhoon steamrolled through the gambling centre, exposing critical infrastructure flaws and overwhelmed emergency services. Macau, a former Portuguese colony until 1999, was battered this week by Typhoon Hato, one of the strongest on record. At least nine people died, many are still missing and half the city remains without water and power. Once a sleepy enclave, the Chinese special administrative region over the past decade has seen opulent gambling palaces like the Venetian and Wynn Macau multiply, but critical public infrastructure has failed to keep pace, residents said. "It''s a long-time story of incompetence and a lack of caring to find a solution," said Jose Coutinho, a lawmaker in the Macau legislature, referring to lack of progress in tackling infrastructure problems. He added that with casino revenues booming, there was little pressure to do anything different. Sewage and power systems were still paralysed Friday, more than 48 hours after the typhoon hit Wednesday, as the city sweltered in temperatures that hit 31 degrees Celsius. At Macau''s only public hospital, Conde S. Januário Hospital, airconditioning was limited to sections. Queues of people could be seen in the main reception area while the emergency ward was packed with patients, particularly the elderly. "The situation is very urgent" said Jeffery Hong, who had volunteered to help out at the hospital, as he donned gloves and a mask outside the emergency ward. The overburdened hospital, with its cracked white walls, contrasts sharply with the glitz of the city''s 37 casinos, particularly the Grand Lisboa, located a short walk away, which were also struggling to get up and running Friday. A new public hospital for Macau is in the planning stages but authorities have given no concrete timeline for completion. Other developments, meanwhile, like a light rail service for the teeming city are massively delayed and over budget. Furious residents also said that Macau, home to 600,000 people, was woefully underprepared for the storm and that the government acted too late in issuing warnings about the typhoon. On Friday, Chinese soldiers made a rare trip out of their barracks to help bolster Macau''s relief efforts, with much of the city still reeling. [nL4N1LB1KJ] Some 500 residents also turned out to help clean up the city and streets, which were clogged with toppled trees and debris. At Macau''s main ferry terminal, no flushing water was available in the toilets. Outside, where tourists waited for buses to take them to the casinos, a car with its windscreen shattered had tipped off the end of an overpass into a flooded street. People’s Liberation Army (PLA) soldiers walk on a damaged street after Typhoon Hato hits in Macau, China August 25, 2017. Tyrone Siu "Many old people who work on the streets are in hospital so we need to help clean up," said Hong, the volunteer at the hospital. Macau''s public facilities need a desperate upgrade, said Sophie Lei, founder of the KW Charity Association, as she lamented deaths that she said were easily avoidable. "I am so shocked that people drowned inside a carpark and this happened in one of the richest places," she said, referring to several people drowned while trying to rescue their cars. Macau''s government, flush with tax revenues from the gaming industry, has accumulated a massive budget surplus and doles out an annual cash handout to residents. Expenditure on public infrastructure has been less than half of government revenues, however, and economists have been calling for higher public spending. A man holds a shovel as People’s Liberation Army (PLA) soldiers walking on a damaged street after Typhoon Hato hits in Macau, China August 25, 2017. Tyrone Siu Corruption and inefficiency has also dogged the government. In 2007 the former secretary for transport and public works, Ao Man-Long, was jailed for bribery, money laundering and abuse of power. In July, Ho Chio Meng, the territory''s chief public prosecutor until 2014 was jailed over the illegal awarding of 2,000 public contracts. That has made many residents cynical about the reasons for the disastrous aftermath of the typhoon. Wong Kit-wah, who came to Macau in the 1970s and now works as a construction contractor, blamed corruption for the territory''s lack of preparation for the storm. "Although this is a natural disaster the losses shouldn''t be so massive," he said. Raimundo Rosario, secretary for transport and public works and one of a new slate of government officials put in place in 2014, has been struggling to complete all the new infrastructure planned by the government previously scheduled for 2019. Casinos in Macau, which have been relying on back up generators, were trying to get back to business Friday. At the Grand Lisboa, the airconditioning had started to work but most restaurants remained shut. Some hotels had stopped checking in new guests due to a lack of power and water. "Its like we have gone back to the stone age," said a casino executive who declined to be named due to company policy. "People have to queue on the street for water? It is unbelievable to have no power and water more than 48 hours after," the executive said. "How can the government claim we are a first world city?" Reporting by Farah Master; additional reporting by Venus Wu'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-macau-economy-infrastructure-idUKKCN1B516C'|'2017-08-25T13:21:00.000+03:00'
'55746120bf44ae222eac81bd5bb0249e2cb808a9'|'General Motors details Brazil investments'|'UK heads back to Brexit table with economy slowing UK heads back to Brexit table with economy slowing UK heads back to Brexit table with economy slowing Reuters TV United States August 25, 2017 / 7:32 PM / 18 minutes ago General Motors details Brazil investments Reuters Staff 1 Min Read FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. Marco Bello/File Photo SAO PAULO (Reuters) - U.S. automaker General Motors Co ( GM.N ) on Friday announced 1.9 billion reais ($603 million) of investments in its Joinville factory in southern Brazil and 1.2 billion reais of capital spending in its plant on the outskirts of São Paulo. Together with a recent announcement in the southern Gravataí plant, the investments make up 4.5 billion reais of a capital spending plan totaling 13 billion reais between 2014 and 2020. Reporting by Alberto Alerigi Jr.; Writing by Brad Haynes; Editing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-gm-brazil-idUKKCN1B52F9'|'2017-08-25T22:30:00.000+03:00'
'8e56caea49e8054867d717df8e833107a9e68974'|'Deals of the day-Mergers and acquisitions'|'(Adds AirAsia, Platform Specialty Products, HTC Corp, Raízen Energia SA, Stada, Amazon.com, Banco Bradesco)Aug 24 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:** Thomas Cook''s German leisure airline Condor and Lufthansa are interested in taking on a number of planes from insolvent Air Berlin, sources familiar with the negotiations said.** Deutsche Post DHL has agreed to sell its British outsourcing subsidiary Williams Lea Tag to private equity group Advent International to focus on its core logistics service business, the two companies said.** Saudi Aramco and Saudi Basic Industries Corp (SABIC) have launched bidding for engineering work on their joint crude oil to chemicals project, industry sources said, a key step towards developing the $20-billion-plus complex.** A consortium that includes Western Digital is offering 1.9 trillion yen ($17.4 billion) for Toshiba Corp''s memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its U.S. nuclear business, sources said.** AirAsia Bhd Chief Executive Tony Fernandes said that the planned sale of the Malaysia-based carrier''s leasing unit to a South Korean group was "imminent" and there were no "roadblocks" to the sale.** Platform Specialty Products Corp has decided to abandon the sale of its agrochemicals business after the offers it attracted failed to meet its valuation expectations of more than $4.5 billion, people familiar with the matter said.** Smartphone maker HTC Corp is exploring options that could range from spinning off its virtual reality (VR) business to selling itself, Bloomberg reported, citing people familiar with the matter.** Brazil''s Raízen Energia SA is close to buying parent Royal Dutch Shell Plc''s Argentina gas station network for more than $1 billion, two people familiar with the plan said.** Phoenix Group, Britain''s largest owner of closed life assurance funds, is considering buying some of the bulk annuity portfolios that have come on the market in recent months, it said.** Mitsui Sumitomo Insurance Company (MSI) is acquiring Singapore''s First Capital Insurance for $1.6 billion from Canada''s Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia - a key target region for global players.** Irish building materials firm CRH has sold its U.S. distribution business to Beacon Roofing Supply Inc. for $2.63 billion in cash and will use the proceeds to continue an acquisition spree elsewhere, it said.** Chinese state-owned food group COFCO, which fully acquired Dutch-based grains trader Nidera in February after a three-year takeover, is considering a sale of Nidera''s Latin American seeds business, according to people familiar with its plans.** Russian bank Otkritie has sold its 19.8-percent stake in Cyprus-based Russian Commercial Bank and will use the proceeds to fund the development of its retail business in Russia, Otkritie said.** Stada said that Paul Singer, founder of activist investors Elliott, held nearly 10 percent of the generic drugmaker following a recent private equity buyout.** Amazon.com Inc said it plans to complete its $13.7 billion acquisition of Whole Foods Market Inc on Monday after winning antitrust approval from U.S. regulators on Wednesday.** Banco Bradesco SA''s acquisition of HSBC Bank Brasil Banco Múltiplo SA will have generated as much as 3.5 billion reais ($1.11 billion) in cost savings and synergies by the end of next year, Chief Financial Officer Alexandre Glüher said.** Australia''s antitrust regulator cleared a consortium led by News Corp Co-Chairman Lachlan Murdoch to buy free-to-air television broadcaster Ten Network Holdings Ltd , saying the move would not harm competition.** Russian oil firm Rosneft has struck deals with several buyers for almost its entire quota of Venezuelan crude for the remainder of the year, traders told Reuters on Wednesday, the first time it has conducted such a large sale of the OPEC member''s oil.** General Electric Co has resumed negotiations to sell its industrial solutions business to Swiss engineering company ABB Ltd, after the U.S. industrial conglomerate moderated its price expectations, people familiar with the matter said.** Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co, said on Wednesday it would sell 4.5 million shares of Hershey''s common stock.** Cubic Telecom, a supplier of data connections for cars and other "internet of things" devices, said it has closed a new $46.5 million (39.4 million euros) funding round from investors including chipmaker Qualcomm and Audi''s venture arm.Compiled by Tamara Mathias and Manas Mishra in Bengaluru'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1LA3IR'|'2017-08-24T08:02:00.000+03:00'
'fc0624ebb7100f800b2c9f7b7ca4bda4a45eef6d'|'Japan''s Tepco gets slapped with new U.S. lawsuit over Fukushima'|' 46 AM / 4 minutes ago Japan''s Tepco gets slapped with new U.S. lawsuit over Fukushima Reuters Staff 3 Min Read A power-generating turbine is seen at Tokyo Electric Power Co Holdings (TEPCO)''s South Yokohama Thermal Power Station in Yokohama, Japan July 18, 2017. Issei Kato TOKYO (Reuters) - Tokyo Electric Power Co Holdings ( 9501.T ) said on Thursday it has been hit with another lawsuit filed in a U.S. court seeking $5 billion for compensation over the 2011 Fukushima nuclear disaster, the second filed against the utility in a U.S. court. The suit filed by 157 individuals is seeking that amount to set up a compensation fund for the costs of medical tests and treatment they say they need after efforts to support the recovery from the world''s worst nuclear disaster since Chernobyl in 1986. The utility, known as Tepco, is being sued regarding improper design, construction and maintenance, claiming compensation for physical, mental and economic damages, the company said in a statement. A multi-plaintiff lawsuit was filed on Aug. 18, 2017, against Tokyo Electric Power Co and other parties in the Southern District Court in California, the legal information group Justia said on its website. Tepco has been hit with more lawsuits than in any previous Japanese contamination suit over the meltdowns of three reactors at its Fukushima Daiichi plant north of Tokyo after a massive earthquake and tsunami in March 2011. Radiation forced 160,000 people from their homes, many never to return, and destroyed businesses, fisheries and agriculture. In June, a federal appeals court cleared the way for a group of U.S. military personnel to file a suit against Tepco over radiation exposure that they say occurred during recovery efforts on board the USS Ronald Reagan. Tepco did not make clear whether the two suits involved the same plaintiffs but Justia has two cases listed. Shareholders of Tepco are suing the utility''s executives for a record 5.5 trillion yen (39.32 billion pounds) in compensation, in a long standing case. The company''s former chairman and other executives of the company appeared in court in June to answer charges of professional negligence, in the first criminal case after the meltdowns at the plant. They all pleaded not guilty. The criminal and civil legal cases do not threaten financial ruin for Tepco, which is backstopped by Japanese taxpayers. The company faces nearly $150 million of costs to decommission the Fukushima plant and clean up the surrounding area, according to the latest government estimate. Tepco shares fell nearly 1 percent on Thursday, in line with many of Japan''s other utilities, before the company announced the lawsuit. Reporting by Aaron Sheldrick'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tepco-fukushima-lawsuit-idUKKCN1B40T7'|'2017-08-24T11:45:00.000+03:00'
'7a8673cc3f6de98a86646d5b6bcdbe5226903bba'|'If convicted, Samsung''s Lee could be c/o Uijeongbu Prison'|'August 23, 2017 / 11:06 PM / 28 minutes ago If convicted, Samsung''s Lee could be c/o Uijeongbu Prison Joyce Lee and Haejin Choi 4 Min Read FILE PHOTO - Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. Kim Hong-Ji/File Photo SEOUL (Reuters) - If convicted and given a jail sentence, home for Jay Y. Lee, the billionaire de facto head of South Korean conglomerate Samsung, could be a crowded prison set in wooded hills just to the north of Seoul, where disgraced politicians and business leaders have previously served time. Lee, who has been tried on charges ranging from bribery to perjury in a scandal that triggered the dismissal from office of the country''s ex-president Park Geun-hye, will hear the verdict of a lower court on Friday. Prosecutors are seeking a 12-year jail term. The 49-year-old Samsung scion denies wrongdoing, and would almost certainly appeal any conviction, with his case likely to be fast-tracked to the Supreme Court for a final ruling, probably next year. In the event, then, of an upheld conviction, Lee would likely follow a route to Uijeongbu Prison taken previously by a former prime minister and the heads of the SK and Daesang conglomerates, among others. If sent to Uijeongbu, Lee would likely be held in a single cell, equipped with a TV, shelving, coat rack and electric fan. Prisoners are expected to work - tending the flower garden is seen as a popular choice, said a prison official, who didn''t want to be named as he is not authorised to speak to the media - and he would be allowed to exercise outdoors for an hour a day. They can also take up study courses in English or Japanese, and attend religious services. Chey Tae-won, the convicted SK chairman, dedicated a book he published while at the prison "to the Lord". Lawyers said white-collar crime inmates often reduce their manual work time by having "special meetings" with visitors, which can be granted at the discretion of the prison warden. Directing operations at Samsung Electronics, the world''s leading smartphone and memory chip maker, from prison, though, would be a challenge as most visits are restricted. Previous conglomerate, or chaebol, heads relied on leadership committees to mind the shop while they served their sentences. For now, pending this week''s lower court verdict, Lee remains in the Seoul Detention Centre where, since February, home has been a 6.56 square metre (71 square foot) cell, with a partitioned toilet. Meals are simple, normally rice and side-dishes, and cheap, costing 1,443 won ($1.26). The centre, in a Seoul suburb near apartments built by Samsung C&T and stores advertising Samsung Electronics'' smartphones, is the country''s third-most crowded correctional facility. A justice ministry official told Reuters that Lee could ask to be transferred - possibly to the newer 12-floor Seoul Eastern Detention Centre, which local media say has basketball courts, elevators and wall-mounted flat-screen TVs. A former top aide to ex-president Park, on trial for corruption, recently moved to the new Seoul facility. While preparing the lengthy appeal process, previous high-profile inmates have hired so-called ''butler lawyers'', who stay with detained clients for hours a day to get them out of their cells and into the more comfortable visitors'' rooms. Justice ministry data show SK chairman Chey had more than 1,600 meetings with his lawyers during his 17-month detention in 2013-14 - more than three meetings every day. Reporting by Joyce Lee and Haejin Choi; Editing by Miyoung Kim and Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-samsung-lee-prison-idUKKCN1B32PV'|'2017-08-24T02:06:00.000+03:00'
'62b230be8f175e590e30341ce90140361a633c0f'|'Vivendi, Telecom Italia send in views on ownership issue: source'|'FILE PHOTO - The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. Charles Platiau/File Photo ROME (Reuters) - Telecom Italia ( TLIT.MI ) and its main shareholder Vivendi ( VIV.PA ) have sent the Italian government their views on whether they should have notified it of a change of ownership at the phone company, a source close to the matter said."The opinions were sent on Wednesday," the source said.Vivendi, which owns 24 percent of the former Italian telecom monopolist, acknowledged on July 27 "direction and coordination activity" at Telecom Italia (TIM) but denied, in early August, it had "de facto control" under Italian law.Rome is looking into whether Vivendi failed to meet an obligation to notify it of its effective control of a firm it considers a strategic national asset.Its investigation aims at establishing whether the French media giant actually controls TIM and, in consequence, if Rome can exercise special powers over it."TIM reiterated it believes there was no obligation to notify the government," the source said.Earlier this month legal experts commissioned by TIM to give an opinion on Vivendi''s growing influence over the company said the French group''s role at TIM only related to management of the company and did not imply any change of ownership.The government had given the two companies until the end of Wednesday to present their positions.A spokesman for Vivendi confirmed that documents were due on Wednesday but did not say if they had been presented or what the papers contained.The Italian Industry ministry could not immediately be reached for a comment.Reporting by Alberto Sisto, additional reporting by Andy Callus in Paris, writing by Stephen Jewkes; editing by Diane Craft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-telecom-it-vivendi-italy-idINKCN1B32MM'|'2017-08-23T19:59:00.000+03:00'
'a217ee1e7153654450253fd4802b9facfd05b36a'|'Investor Benchmark claims ex-Uber CEO is a ''corrosive influence'''|'August 24, 2017 / 7:20 PM / an hour ago Investor Benchmark claims ex-Uber CEO is a ''corrosive influence'' Heather Somerville 4 Min Read FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. Shu Zhang/File Photo SAN FRANCISCO (Reuters) - Benchmark Capital called ousted Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick a "corrosive influence" on the ride-services company in a court filing on Thursday, the latest salvo in a battle between the two over Kalanick''s presence on Uber''s board. The dispute could determine who wields power at Uber as the world''s largest venture-backed company looks for a new CEO to help it overcome a year of scandals, rebuild its tarnished image and turn it into a profitable business. Legal hostilities started two weeks ago when Benchmark sued Kalanick in Delaware''s Chancery Court to force him off Uber''s board and rescind his ability to fill three board seats. (tmsnrt.rs/2hPzxYj) Last week Kalanick dismissed Benchmark''s lawsuit in a court filing as "a public and personal attack" without merit and called for the dispute to be moved to arbitration. Benchmark, an early Uber investor with a representative on the board, replied to that with its own filing on Thursday, ramping up its criticism of Kalanick and arguing that a Delaware court should decide Kalanick''s future on the Uber board, not arbitrators. Removing Kalanick from the board was necessary "to ensure Uber is protected from Mr. Kalanick''s corrosive influence and can promptly obtain the new leadership it needs to move forward," Benchmark''s court filing said, referring to Uber''s search for a new CEO. FILE PHOTO - An Uber sign is seen in a car in New York, U.S. June 30, 2015. Eduardo Munoz/File Photo A spokesman for Kalanick said Benchmark''s latest court filing relies on meritless personal attacks against Kalanick with no legal basis. "Benchmark’s shameful tactics and unfounded claims punish Uber, its employees and its investors at a critical time when the company most needs stability and leadership,” the spokesman said. Kalanick was forced to resign as Uber CEO in June, when shareholders representing about 40 percent of the company''s voting power signed a letter asking him to step down, following a succession of scandals at the company ranging from sexual harassment to evading regulation by some local authorities. Kalanick remains on the board and is involved in the company''s search for a new CEO. Benchmark''s Aug. 10 lawsuit says Kalanick "committed fraud" by concealing a range of misdeeds from the board when last year he requested that the board add three seats that he would have the sole right to appoint. Board members, including Benchmark, approved. The lawsuit says the firm never would have approved the request had it known certain things that it believes the CEO was hiding at the time, including details of an alleged theft of trade secrets that has led to a high-stakes legal fight with Alphabet Inc''s Waymo self-driving car unit. As a key shareholder, Benchmark''s approval was necessary to passing the board amendment. Benchmark owns 13 percent of Uber and controls 20 percent of the voting power. After an initial investment of $12 million (9.38 million pounds), its stake in Uber is now worth almost $9 billion. Kalanick holds about 10 percent of Uber stock and about 16 percent of its voting power. Reporting by Heather Somerville; Additional reporting by Dan Levine; Editing by Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-uber-benchmark-lawsuit-idUSKCN1B42FP'|'2017-08-24T22:20:00.000+03:00'
'f7e1ed3b5e41704f90071487cb3967dc37480248'|'U.S. Fed seeks comments on Libor alternatives'|'August 24, 2017 / 7:08 PM / 15 minutes ago U.S. Fed seeks comments on Libor alternatives Reuters Staff 3 Min Read (Reuters) - The U.S. Federal Reserve said on Thursday it requested public comments on a plan for the New York Federal Reserve and the Office of Financial Research to come up with three reference rates based on U.S. Treasuries-backed repurchase agreements (repos). These rates are intended as alternatives to the London interbank offered rate (Libor), which is a benchmark for $350 trillion (273.46 trillion pounds)worth of financial products worldwide including $150 trillion in derivatives. On June 22, the Alternative Reference Rates Committee (ARRC), a group of large international banks, adopted a repo-based benchmark due to concerns that a decline in short-term bank lending since the 2007-2009 financial crisis undermined faith in Libor, and posed risks to the trillions of dollars of derivatives backed by the rate. Libor has been in regulators'' crosshairs since its credibility was tarnished by a rate-rigging scandal emerging from the financial crisis. About a dozen global banks collectively have paid tens of billions of dollars in fines to settle the matter. "Because these rates are based on transactions secured by U.S. Treasury securities, they are essentially risk-free, providing a valuable benchmark for market participants to use in financial transactions," the Fed said in a statement. The most comprehensive of the three repo rates is the one selected by the ARRC, to be called the Secured Overnight Financing Rate (SOFR). It would include tri-party repo data from the Bank of New York Mellon, and cleared bilateral and GCF repo data from the Depository Trust & Clearing Corp. (DTCC), the Fed said in a statement. Another rate is the Tri-party General Collateral Rate (TGCR), which would be based only on tri-party repo data from the Bank of New York Mellon. The third rate, to be called the Broad General Collateral Rate (BGCR), would be based on tri-party repo data from Bank of New York Mellon and cleared GCF repo data from DTCC. Comments to the proposals on these rates are requested within 60 days of publication in the Federal Register, which is expected shortly, the Fed said. Reporting by Richard Leong and Karen Brettell; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-fed-libor-idUKKCN1B42EY'|'2017-08-24T22:18:00.000+03:00'
'03ac3ae7c32a662f40e870d19e209e35b24688c0'|'Artificial intelligence will create new kinds of work'|'WHEN the first printed books with illustrations started to appear in the 1470s in the German city of Augsburg, wood engravers rose up in protest. Worried about their jobs, they literally stopped the presses. In fact, their skills turned out to be in higher demand than before: somebody had to illustrate the growing number of books.Fears about the impact of technology on jobs have resurfaced periodically ever since. The latest bout of anxiety concerns the arrival of artificial intelligence (AI). Once again, however, technology is creating demand for work. To take one example, more and more people are supplying digital services online via what is sometimes dubbed the “human cloud”. Counter-intuitively, many are doing so in response to AI.  7   10   15   According to the World Bank, more than 5m people already offer to work remotely on online marketplaces such as Freelancer.com and UpWork. Jobs range from designing websites to writing legal briefs, and typically bring in at least a few dollars an hour. In 2016 such firms earned about $6bn in revenue, according to Staffing Industry Analysts, a market researcher. Those who prefer work in smaller bites can use “micro-work” sites such as Mechanical Turk, a service operated by Amazon. About 500,000 “Turkers” perform tasks such as transcribing bits of audio, often earning no more than a few cents for each “human-intelligence task”.Many big tech companies employ, mostly through outsourcing firms, thousands of people who police the firms’ own services and control quality. Google is said to have an army of 10,000 “raters” who, among other things, look at YouTube videos or test new services. Microsoft operates something called a Universal Human Relevance System, which handles millions of micro-tasks each month, such as checking the results of its search algorithms.These numbers are likely to rise. One reason is increasing demand for “content moderation”. A new law in Germany will require social media to remove any content that is illegal in the country, such as Holocaust denial, within 24 hours or face hefty fines. Facebook has announced that it will increase the number of its moderators globally, from 4,500 to 7,500.AI will eliminate some forms of this digital labour—software, for instance, has got better at transcribing audio. Yet AI will also create demand for other types of digital work. The technology may use a lot of computing power and fancy mathematics, but it also relies on data distilled by humans. For autonomous cars to recognise road signs and pedestrians, algorithms must be trained by feeding them lots of video showing both. That footage needs to be manually “tagged”, meaning that road signs and pedestrians have to be marked as such. This labelling already keeps thousands busy. Once an algorithm is put to work, humans must check whether it does a good job and give feedback to improve it.A service offered by CrowdFlower, a micro-task startup, is an example of what is called “human in the loop”. Digital workers classify e-mail queries from consumers, for instance, by content, sentiment and other criteria. These data are fed through an algorithm, which can handle most of the queries. But questions with no simple answer are again routed through humans.You might expect humans to be taken out of the loop as algorithms improve. But this is unlikely to happen soon, if ever, says Mary Gray, who works for Microsoft’s research arm. Algorithms may eventually become clever enough to handle some tasks on their own and to learn by themselves. But consumers and companies will also expect ever-smarter AI services: digital assistants such as Amazon’s Alexa and Microsoft’s Cortana will have to answer more complex questions. Humans will still be needed to train algorithms and handle exceptions.Accordingly, Ms Gray and Siddharth Suri, her collaborator at Microsoft Research, see services such as UpWork and Mechanical Turk as early signs of things to come. They expect much human labour to be split up into distinct tasks which can be delivered online and combined with AI offerings. A travel agency, for instance, might use AI to deal with routine tasks (such as booking a flight), but direct the more complicated ones (a request to create a customised city tour, say) to humans.Michael Bernstein of Stanford University sees things going even further. He anticipates the rise of temporary “firms” whose staff are hired online and configured with the help of AI. To test the idea, Mr Bernstein and his team developed a program to assemble such virtual companies for specific projects—for instance, recruiting workers and assigning them tasks in order to design a smartphone app to report injuries from an ambulance racing to a hospital.Working in such “flash organisations” could well be fun. But many fear that the human cloud will create a global digital proletariat. Sarah Roberts of the University of California, Los Angeles, found that content moderators often suffer from burnout after checking dodgy social-media content for extended periods. Mark Graham of the University of Oxford concludes that platforms for online work do indeed offer new sources of income for many, particularly in poor countries, but that these services also drive down wages. So governments need to be careful when designing big digital-labour programmes—as Kenya has done, hoping to train more than 1m people for online jobs.Technology is rarely an unalloyed bane or blessing. The printing press created new work for the wood engravers in Augsburg, but they quickly discovered that it had become much more repetitive. Similar trade-offs are likely in future.  "The human cumulus"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727093-humans-will-supply-digital-services-complement-ai-artificial-intelligence-will-create-new?fsrc=rss%7Cbus'|'2017-08-24T22:45:00.000+03:00'
'a64f629bb424d93cf5d8b1e43ac1622a91c14cbf'|'UPDATE 1-Brazil''s Raízen wants to bid for Shree Renuka ethanol mill -sources'|'(Adds context, auction details)By José Roberto Gomes and Tatiana BautzerSAO PAULO, Aug 24 (Reuters) - Brazil''s Raízen Energia SA is interested in bidding for an ethanol mill owned by the Brazilian subsidiary of India''s sugar producer Shree Renuka Sugars Ltd , which will be auctioned in early September, two sources with knowledge of the matter said.Raízen, which is a Brazilian joint venture between Cosan SA Industria e Comércio and Royal Dutch Shell, made a late request to join the auction and would have to receive a special authorization from creditors to bid, the sources said, asking to remain anonymous as they are not authorized to discuss the matter publicly.The mill is being sold as part of an in-court debt restructuring, and the deadline to submit documents to join the auction was Aug. 10. Renuka''s Brazil subsidiary filed for bankruptcy protection two years ago to renegotiate 2.7 billion reais ($859 million).Creditors would have to approve a new deadline to bidders and delay the auction date, one of the sources said. The auction is scheduled for Sept. 4.Raizen did not immediately return a request for comment. Renuka''s Brazil unit declined to comment.Reuters reported on Aug. 11 that Chinese commodities trader COFCO Corp has registered to take part in the auction. COFCO already owns four sugar and ethanol plants in Brazil capable of processing a combined 15 million tonnes of cane per year.$1 = 3.1449 reais Reporting by José Roberto Gomes and Tatiana Bautzer; Editing by Cynthia Osterman'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/shree-renuka-ethanol-raizen-idUSL2N1LA1RV'|'2017-08-25T04:24:00.000+03:00'
'0e694e440b72ccb3e9c4a97b5cf74871646dfb2d'|'UK is briefly in the black – but fixing the public finances will take time - Business - The Guardian'|'The government was in the happy – and unusual – position of being in the black in July. To the surprise of the City, tax receipts were higher than public spending. Not by much, but a surplus is still a surplus even if in the context of a £1.8tn economy it is small change.This, though, was a classic case of one swallow not making a summer. For a start, the deficit in the first four months of the financial year – a much better guide to the trend than a single month’s figures – was higher this year than last.Moreover, despite strong growth in employment, PAYE receipts last month were only 1.6% higher than in July 2016. That is entirely consistent with an economy in which workers struggling to secure a decent pay rise are not paying very much tax.UK public finances notch up first July surplus since 2002 Read more The first July surplus since 2002 was an improvement on a small £400m deficit in July 2016. But close examination of the Office for National Statistics data suggests that was the result of an £800m jump in receipts from self-employment.As a number of analysts pointed out, in 2016 the deadline for the self-employed fell on a weekend, with the result that many payments were not processed until August. To judge whether there has been any real improvement in self-employment receipts we will have to wait for the August data to come out.The bigger picture is this. On current trends, the public finances are likely to be in the red by about £50bn for the 2017-18 financial year as a whole – a bit worse than last year when the figures were flattered by a couple of one-off factors.Ministers will doubtless say that they have cut the deficit by two-thirds from its peacetime high of more than £150bn in 2009-10, but the real story is that repairing the hole in the public finances after the financial crash is taking a lot longer than it did after previous recessions.Seven years after the trough of the 1980-81 recession, the public finances were so strong that Nigel Lawson was able to cut the top rate of income tax from 60% to 40% and the standard rate from 27% to 25%. Seven years after the trough of the 1990-91 recession, Gordon Brown was running a budget surplus.On current plans, it will not be until the middle of the next decade before the books are finally balanced. That’s not because the government has been less assiduous in implementing austerity measures than the administrations in the 1980s and 1990s. It is because the initial shock from the financial collapse was more severe and the subsequent recovery, in large part due to ill-timed and excessive austerity, has been much weaker.Former Lloyds boss may have a case, but what can he gain? Eric Daniels was running Lloyds Bank when it received a £20bn bailout from the UK taxpayer in 2008. The 66-year-old American was chief executive when the high street lender was up to its neck in the protection payment insurance scandal, the mis-selling of which has so far cost Lloyds £18bn in compensation. He left the bank with a £5m pension pot in 2011 but, as the PPI bills mounted, had a £1.45m bonus for 2010 pared back to £300,000. As tends to be par for the course, Daniels subsequently picked up a portfolio of new jobs: here a role with a boutique investment bank, there a non-executive directorship with a private equity firm. He has been doing all right for himself and could have decided to continue living in lucrative obscurity.Instead, Daniels has decided to sue his former employers for a bonus – running into hundreds of thousands of pounds – that he says he should have received for hitting performance targets. Daniels can certainly afford the very best legal advice and he has no doubt been told that, by the terms of his contract, he has a case.But unless Lloyds decided to settle quietly out of court, it is hard to see what Daniels expects to gain from his action. Even if he is right by the letter of the law, he is wrong in every other way.The public was disgusted by the way in which the bankers behaved before, during and after the financial crash – and understandably so. There was a sense, as ordinary voters paid for the mistakes and malfeasances of the City, that the financiers simply didn’t get it. Daniels’ decision to sue Lloyds suggests that they still don’t.Topics Budget deficit Economics Lloyds Banking Group Financial sector Banking comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/22/uk-public-finances-financial-crash-recessions'|'2017-08-22T20:21:00.000+03:00'
'fc08ef53830de2f63955ded7e2ef03482bb40b5c'|'Israeli real estate developer Gazit-Globe Q2 profit gains'|' 23 AM / 26 minutes ago Israeli real estate developer Gazit-Globe Q2 profit gains Reuters Staff 1 Min Read JERUSALEM, Aug 22 (Reuters) - * Gazit-Globe, Israel''s largest real-estate company, reported higher net profit in the second quarter due to the depreciation of a number of currencies versus the shekel. * Net profit rose to 371 million shekels ($102.5 million) from 97 million a year earlier. * Property rental income slipped 3.8 percent to 689 million shekels, while net operating income (NOI) adjusted for exchange rates grew 4.7 percent to 490 million shekels. * Economic FFO (funds from operation) adjusted for exchange rates gained 43 percent to 175 million shekels. * Gazit-Globe raised its outlook for economic FFO to 635-649 million shekels in 2017 from 606-626 million, or to 3.25-3.32 shekels per share from 3.10-3.20 shekels a share. * The company said it would pay a quarterly dividend of 0.35 shekel per share, unchanged from the first quarter. ($1 = 3.6210 shekels) (Reporting by Steven Scheer, editing by Louise Heavens) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/israeli-real-estate-developer-gazit-glob-idUSL8N1L82SV'|'2017-08-22T14:23:00.000+03:00'
'16b26187877769d6c7cbb455f06f0bfa4e3d3226'|'VW in no hurry to sell assets, investments more important'|'A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. Kacper Pempel/File Photo WOLFSBURG, Germany (Reuters) - Volkswagen is more focused on its multi-billion-euro shift towards electric vehicles and transport services than any potential sale of motorcycle brand Ducati or transmissions maker Renk, its head of strategy told Reuters.Analysts and bankers have been expecting Europe''s biggest carmaker to sell assets soon to help meet the cost of its diesel emissions test cheating scandal, which has already reached as much as $25 billion.But Thomas Sedran said the German company was in no hurry to make divestments, which are opposed by its powerful labour unions, pointing to the group''s strong financial performance despite the "dieselgate" scandal."It''s much more important to discuss which new business fields the company will enter. Divestments are less relevant," he"Big decisions like how to expand or optimise the business portfolio of a global company need time and have to be developed by consensus. For Volkswagen, the topic of the business portfolio is very important but not time critical," he said.Volkswagen has asked banks to examine options for Ducati and Renk, including selling the two divisions, sources have said, as it reviews its businesses after announcing a major push into electric cars and services such as ride-hailing a year ago.Five bidders have been short-listed for Ducati, including Italy''s Benetton family, with offers ranging from 1.3-1.5 billion euros ($1.5-1.8 billion), a separate source said last month.But the potential deal currently does not have the support of a majority on Volkswagen''s supervisory board, with labour leaders - who occupy half the board seats - resisting a sale unless there are compelling financial reasons."Top management has a clear idea of what belongs to core business and what doesn''t," Sedran said, without elaborating. "It is now a question of how the supervisory board will assess this and what one wants to do."He said the range of possible changes was "far greater than just the things that are seized on in public discussion", adding the money to pay for the emissions scandal had to be found somewhere."So it''s perfectly plausible that we consider whether the time may have come to find a more suitable owner for certain business areas," said Sedran, a former head of General Motors in Europe who joined Volkswagen two months after the scandal broke.Since then, Volkswagen management has had to deal with an ever-growing number of "dieselgate" probes in Germany and abroad, as well as a new investigation into potential collusion among German carmakers.On the group''s long-running effort to produce a low-cost car for emerging markets, he said Czech brand Skoda would try to develop such a vehicle for India by 2020, one year later than planned after cooperation talks with Tata Motors collapsed.Skoda has developed "a series of ideas" for a cheap car for India that could then be used in other markets such as Brazil and Iran, Sedran said.The 52-year-old also poured cold water on union calls for production of a new model to be assigned to one of three German auto-making sites to boost plant utilisation."Short-term displacements of vehicles are always difficult at production peaks," he said. "To take cars out of one plant for the short term and give production to another plant doesn''t achieve much."($1 = 0.8511 euros)Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/volkswagen-strategy-idINKCN1B11H2'|'2017-08-21T15:53:00.000+03:00'
'cf887e13be989556720cfc7bf80898ebacd5840b'|'Flying water taxis highlight French startup frustrations'|'August 24, 2017 / 5:13 AM / 10 minutes ago Flying water taxis highlight French startup frustrations Mathieu Rosemain and Gwénaëlle Barzic 6 Min Read Anders Bringdal, founder and president, Camille Therond-Charles, deputy managing director and Alain Thebault, founder and vice-president of French startup SeaBubbles, are seen aboard a prototype of their water taxi, in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson PARIS (Reuters) - French yachtsman Alain Thebault wants to turn a boat design he used to break a world speed sailing record in 2009 into a clean, fast taxi service for the waterways of major cities. The SeaBubble won the backing of private investors - Thebault expects to raise between 50 to 100 million euros by the end of September. Emmanuel Macron, France''s pro-business president who wants to create a "startup nation", even championed the idea when he was economy minister. His office did not respond to requests for a comment about whether he still backed the project. SeaBubbles faces specific regulatory hurdles, not least trying to convince Parisian authorities to raise the speed limit of the River Seine. But like other startups, he fears his company will be held back by administrative bureaucracy if the idea takes off and he needs to grow fast. “It’s a road full of obstacles for two seabirds like Anders (Bringdal) and me,” he said of his business partner, a Swedish windsurfing champion. “If it’s getting too complicated… we’ll go where it’s the easiest.” He said it took two months for SeaBubbles to arrange a contract to lease two cars and a month for lawyers to register the company, a job he said could have been done in a few hours in some other countries. The SeaBubbles prototype preserves its battery by rising out of the water on legs at speed. Paris mayor Anne Hidalgo gave support to the idea with a ride up the River Seine in June. But the Bubble only has a chance of running in Paris if the authorities raise the Seine speed limit so it can go fast enough to rise out of the water, a request they have rejected so far. Hidalgo''s office did not respond to a request for comments on the project, including whether she thought the Paris speed limit should be changed. And while he got some initial funding from the state investment bank, it was demoralising when two applications for 200,000 euros in government subsidies were turned down. A spokeswoman said the money could only go to companies with a "proven business case". Thebault says "about 5" cities from around the world are interested in exploring whether the SeaBubble could become part of their public transport systems but he declined to name them. "PLENTY OF MONEY" The state investment bank Bpifrance, has been one of the driving forces behind the bursting startup scene with investments of 191 million euros in 2016. There are also private initiatives such as Station F, a 34,000 square-metre (366,000 sq ft) startup mega-campus in Paris that opened its doors at the end of June after a 250 million-euro investment by billionaire Xavier Niel. Growing investor confidence after this year''s election of Macron who has portrayed himself as a business-friendly president, has also helped. Anders Bringdal, founder and president, Camille Therond-Charles, deputy managing director and Alain Thebault, founder and vice-president of French startup SeaBubbles, are seen aboard a prototype of their water taxi, in the harbour of Saint-Tropez, France August 18, 2017. Picture taken August 18, 2017. Philippe Laurenson At the current pace, 2017 is on track to reach more than 700 deals by the end of the year, a jump of around 40 percent over 2016, according to venture tracking firm CB Insights. About $2.03 billion was invested in the first-half of the year compared with $2.1 billion for all of 2016. That makes France the second best-funded tech start-up scene after Britain, CB Insights said. Investors say startups are not being held up by financial concerns, rather by bureaucracy and labour laws that are designed to protect employees but can be cumbersome and expensive for businesses as they get going. “It’s not a matter of money. There’s plenty, plenty, plenty of money,” said Romain Lavault, a partner at Partech Ventures, a venture capital fund that also invested in SeaBubbles. HIRING AND FIRING France ranks 21st in this year’s World Economic Forum’s competitiveness report based on business sophistication, technology and innovation readiness. But it ranked 115 out of total of 138 countries in terms of the “burden of government regulation” and holds the 129th position for hiring and firing practices, based on 2015 data. "It''s more complicated to create a company in France," said Charles Gorintin, the co-founder of successful Paris-based digital insurance startup Alan. Restrictive labour laws are at the top of investors'' list of complaints. Any France-based company with 50 employees or more has to create a works council, organise labour unions elections and go through regular structured regulations with workers. Redundancies and layoffs can be expensive. Macron has promised changes. Very few French startups, have become a “unicorn," or a company valued $1 billion or more. Criteo ( CRTO.O ), a French startup currently listed on the Nasdaq stock exchange, is now worth $3.4 billion. “In France, even today, when you build a company, people tell you: it’s great, but you’re taking a huge risk,” said Jean-Baptiste Rudelle, its chief executive. “Silicon Valley has been around for 50 years. We’ll need at least 10 to 15 years before the French (startup) ecosystem can compete with it.” Nevertheless, Criteo is still based in Paris. Rudelle stays out of loyalty to the country where his business grew and because it produces top engineers, has a developing startup scene and good living standards. “Every single week I receive a resume from an American who wants to settle in Paris,” said Partech''s Lavault. “I''ve never seen so much interest before." Editing by Anna Willard'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-france-tech-idUKKCN1B40C2'|'2017-08-24T08:13:00.000+03:00'
'd0142d3a57a6c65eea502a231dc7e05da92bd8ca'|'Fiat Chrysler, VW in early-stage talks about light-utility vehicle JV - source'|'August 24, 2017 / 5:54 PM / a minute ago Fiat Chrysler, VW in early-stage talks about light-utility vehicle joint venture: source Reuters Staff 1   A Chrysler logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. Lucas Jackson/File Photo HAMBURG (Reuters) - Volkswagen ( VOWG_p.DE ) and Fiat Chrysler Automobiles ( FCHA.MI ) have held discussions on joining up to produce some light-utility vehicles, a source close to the matter said on Thursday. "It''s still very vague, we have to see if this will be pursued," the source said, without giving any details. Fiat Chrysler declined to comment. The news of the talks was first reported by the Wall Street Journal. The paper said such cooperation could include future versions of VW''s Caddy panel van and VW''s Amarok midsize pickup truck, but added there was still no clarity on the extent of any potential agreement. Reporting by Jan Schwartz in HAMBURG, additional reporting by Agnieszka Flak in MILAN; editing by Joe White and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-fiatchrysler-volkswagen-lightutility-idUKKCN1B4294'|'2017-08-24T20:49:00.000+03:00'
'3be0cadc537647b44df6f2a43625e381f5081441'|'Papa John''s Russian franchisee to expand in Central Asia, Poland'|'August 24, 2017 / 1:47 PM / 6 hours ago Papa John''s Russian franchisee to expand in Central Asia, Poland Reuters Staff 1 Min Read The Papa John''s store in Westminster, Colorado, U.S. August 1, 2017. Rick Wilking MOSCOW (Reuters) - U.S. pizza chain Papa John''s International Inc ( PZZA.O ) plans to expand into of Kazakhstan, Kyrgyzstan and Poland, the company''s franchisee in Russia and Belarus said on Thursday. PJ Western, the franchisee, will open 16 restaurants in Kazakhstan by 2022, with the first scheduled to open in Almaty this autumn, it said in a statement. The company also plans to open six restaurants in Kyrgyzstan''s capital city of Bishkek and 23 in Poland over the next three to five years. Tim O''Hern, chief development officer of Papa John''s International, said the company is excited about the expansion plans after it had success in Russia and Belarus. Chris Wynne, co-owner and CEO of PJ Western, told Reuters last month that the company was embarking on an aggressive expansion to small Russian towns and saw room for 60-80 store openings a year in the country over the next five years. Reporting by Maria Kiselyova; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-papa-john-s-expansion-idUSKCN1B41PL'|'2017-08-24T16:46:00.000+03:00'
'9c67c0b6ee449f98041ba763ed1710a8834a10f7'|'Seoul court to rule on Samsung scion Lee in bribery trial'|'* Prosecutors seek 12-year jail term on charges including bribery * If found guilty, Lee may face longest jail time for chaebol heir * Appeals likely to go to Supreme Court next year - experts * Lee''s extended absence could slow long-term strategic decisions By Joyce Lee and Soyoung Kim SEOUL, Aug 25 (Reuters) - A South Korean court will rule on Friday on corruption charges against Jay Y. Lee, the billionaire head of Samsung Group, after a six-month trial in a nationwide bribery scandal that triggered the dismissal from office of the country''s president. Lee, the 49-year-old heir to one of the world''s biggest corporate empires, has been held since February on charges that he bribed then president Park Geun-hye to help secure control of a conglomerate that owns Samsung Electronics , the world''s leading smartphone and chip maker, and has interests ranging from drugs and home appliances to insurance and hotels. Prosecutors have demanded a 12-year jail sentence for Lee, who also faces charges of embezzlement and perjury - potentially the longest prison term given to a South Korean business leader. The third-generation de facto head of the powerful Samsung Group, Lee has effectively directed operations since his father, Lee Kun-hee, was incapacitated by a 2014 heart attack. Some investors worry that a conviction and long jail term could leave a leadership vacuum, with no one to take the big decisions at Samsung, which has over five dozen affiliate companies and assets of 363.2 trillion won ($322.13 billion). Its listed companies make up around 30 percent of the market value of South Korea''s KOSPI stock index. Whatever Friday''s verdict, lawyers expect an appeal which could go all the way to the Supreme Court, with a final ruling probably next year. Prosecutors have said Samsung''s contributions to two funds backed by Park aimed to secure government support for a merger of two of its affiliates to tighten Lee''s grip on the conglomerate. Lee has denied wrongdoing, and his lawyers say the 2015 merger was done for business merits. "TOO BIG TO JAIL" Samsung, founded in 1938 by Lee''s grandfather, is a household name in South Korea and a symbol of the country''s dramatic rise from poverty following the 1950-53 Korean War. But over the years, it has also come to epitomize the cosy ties between politicians and powerful family-controlled business groups - or chaebols - which have been implicated in a series of corruption scandals. South Koreans, who once applauded the chaebols for catapulting the country into a global economic power, now criticize them for holding back the economy and squeezing smaller businesses. Investors say shares in chaebol firms trade at lower prices than they would otherwise because of their opaque corporate governance - the so-called ''Korea Discount''. "Chaebol leaders used to get the same sentencing every time, there was even a saying called the ''3-5 law'' - three years sentencing, five years probation," said Park Sangin, professor of economics at Seoul National University. "If Lee receives a heavy sentence, it can be seen as the shattering of the ''too-big-to-jail'' trend of the past." Lee''s father was convicted of tax evasion in 2009, and had a 3-year sentence suspended, with judges citing his "contribution to the country''s economic development" and his "patriotism through business enterprise from job creation." He was pardoned four months after the final ruling. South Korea''s new president, Moon Jae-in, who replaced the disgraced Park after a May 9 election, has pledged to rein in the chaebols, empower minority shareholders and end the practice of pardoning corporate tycoons convicted of white-collar crime. Lee''s trial has gripped the nation, and Friday''s closed courtroom verdict will be witnessed mainly by lawyers and Samsung officials. Around 30 members of the public will attend, having won seats through a lottery. The ruling is expected to affect the verdict in Park''s own corruption trial, expected later this year, as prosecutors argued the two took part in the same act of bribery. Prosecutors have also indicted top Samsung executives over the bribery scandal, including Choi Gee-sung, who headed the corporate strategy office, dubbed the ''control tower''. It has since been disbanded, and Choi has resigned. Experts were divided on how Friday''s ruling might go, with some lawyers expecting Lee to be found innocent on the major charges, saying much of the evidence at trial appeared circumstantial. (Additional reporting by Yuna Park and Haejin Choi; Editing by Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/samsung-lee-idINL4N1LA0AV'|'2017-08-24T13:00:00.000+03:00'
'405213790dd3f6f056f718904a16b578623d7735'|'BRIEF-U.S. announces indictment of two Societe Generale managers for Libor manipulation'|' 50 PM / 9 minutes ago BRIEF-U.S. announces indictment of two Societe Generale managers for Libor manipulation   Aug 24 (Reuters) - U.S. ANNOUNCES INDICTMENT OF TWO FRENCH BANK MANAGERS FOR ALLEGED ROLES IN LIBOR MANIPULATION -- STATEMENT U.S. SAYS DEFENDANTS KNOWINGLY INSTRUCTED SUBORDINATES TO SUBMIT INACCURATE DATA TO MAKE IT APPEAR THAT SOCIETE GENERALE WAS ABLE TO BORROW AT MORE FAVORABLE RATES THAN IT ACTUALLY COULD U.S. SAYS DANIELLE SINDZINGRE AND MURIEL BESCOND, BOTH FROM SOCIETE GENERALE, WERE CRIMINALLY CHARGED U.S. SAYS DEFENDANTS WERE CHARGED WITH ONE COUNT OF CONSPIRING TO TRANSMIT FALSE REPORTS OVER MARKET INFORMATION THAT TENDS TO AFFECT A COMMODITY, AND FOUR COUNTS OF TRANSMITTING SUCH REPORTS U.S. SAYS SINDZINGRE AND BESCOND WERE SOCIETE GENERALE''S GLOBAL HEAD OF TREASURY AND THE HEAD TREASURY PARIS, RESPECTIVELY ACCORDING TO INDICTMENT, DEFENDANTS'' MISCONDUCT CAUSED MORE THAN $170 MLN HARM TO GLOBAL MARKETS, U.S. SAYS 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/libor-announcement-idUSL2N1LA1N6'|'2017-08-24T22:49:00.000+03:00'
'70cee2707870e159142042788d5812ecf7c1caff'|'Thomas Cook''s Condor, Lufthansa eye Air Berlin planes: sources'|'A ''Condor'' airplane of German airline ''Lufthansa'' takes off at Frankfurt airport May 9, 2001. Ralph Orlowski/Files BERLIN/FRANKFURT (Reuters) - Thomas Cook''s German leisure airline Condor and Lufthansa are interested in taking on a number of planes from insolvent Air Berlin, sources familiar with the negotiations said on Thursday.Air Berlin, Germany''s second largest carrier, filed for insolvency last week after major shareholder Etihad pulled the plug on funding.The race is on for interested parties to agree a deal for parts of its business, including planes and crew, which would bring access to take-off and landing slots at airports such as Duesseldorf, Berlin Tegel, Munich and Hamburg.Condor is "in the process of preparing a concrete offer", one source said, adding Condor was interested in mainly short-haul routes, and also some long-haul ones.Lufthansa, which was first to talk with Air Berlin, on Wednesday said it had presented a term-sheet to the insolvent carrier, setting out its interest in taking over parts of the Air Berlin group.The German flagship carrier''s proposal for the carve-up of Air Berlin would see it taking over the insolvent carrier''s leisure airline unit Niki and other planes for a sum in the low hundreds of millions of euros, another source said.Those aircraft, up to 90, would include 38 crewed planes Lufthansa already leases from Air Berlin.The source further said a likely deal could be 80 planes for Lufthansa, 24 for Condor and 40 for easyJet.Passengers board an Air Berlin aircraft at Tegel airport in Berlin, Germany, June 14, 2017. Hannibal Hanschke/Files Air Berlin''s planes are currently being kept in the air thanks to a 150 million euro ($177 million) government loan. But if the money runs out and Air Berlin is grounded, the airport slots go into a pool where they will be divided up among airlines.Thomas Cook repeated an earlier statement that it stood ready to play an "active role".Its interest in a "double-digit" number of planes was first reported by Sueddeutsche Zeitung.EasyJet''s interest in up to 40 planes, with slots in Berlin and Hamburg, was reported by Handelsblatt. The British budget carrier declined to comment.Ryanair has said it would be interested in a bid for the whole of Air Berlin, as has German aviation investor Hans Rudolf Woehrl, who said he had been invited to talks with Air Berlin next week.Meanwhile, Lufthansa''s budget unit Eurowings seemed to be making an early attempt to attract any Air Berlin staff keen to find a new job while negotiations are still ongoing.Eurowings on Wednesday announced a recruitment drive, saying it was seeking around 200 pilots and 400 cabin crew qualified to fly and crew A320 planes. It did not specifically mention Air Berlin in the announcement on its website.($1 = 0.8481 euros)Editing by Mark Potter and David Evans'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-lufthansa-thomas-cook-grp-idINKCN1B41LI'|'2017-08-24T11:19:00.000+03:00'
'88491f856e31dea9971c44bf1380433f583ed2da'|'Activist investor Elliott holds almost 10 pct of Stada in wake of buyout'|'FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. Mike Blake/File Photo FRANKFURT (Reuters) - Stada STAGN.DE said on Thursday that Paul Singer, founder of activist investors Elliott, held nearly 10 percent of the generic drugmaker following a recent private equity buyout.Bain Capital and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.3 billion) bid, in the largest takeover of a listed German company by buyout firms.But Stada said on Thursday that Singer held 9.6 percent of the company''s shares as of Aug. 18, putting to rest speculation that he had tendered his shares to Bain and Cinven.Bain and Cinven acquired 63.8 percent of Stada during the takeover process.Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Susan Fenton'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-stada-buyout-idINKCN1B420Q'|'2017-08-24T14:15:00.000+03:00'
'8a73f0e7e04fb122896f05b1ebde0d19774b004e'|'Market signals big paper loss for Rome after Monte Paschi''s bank bailout'|'August 24, 2017 / 4:42 PM / 8 minutes ago Market signals big paper loss for Rome after Monte Paschi''s bank bailout Giulio Piovaccari and Danilo Masoni 3 Min Read FILE PHOTO: The entrance of Monte dei Paschi di Siena bank''s headquarters is seen in downtown Siena July 1, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - The Italian government faces a paper loss of more than 30 percent on its 3.85 billion euros ($4.54 billion) rescue of troubled lender Monte dei Paschi di Siena ( BMPS.MI ), according to grey-market trading in the bank''s new shares. The world''s oldest lender has not formally traded on the Milan bourse since December when the bank failed to raise enough capital to remove the threat of collapse. In July, Rome bailed it out, paying 6.49 euros per share for a controlling stake. Traders and fund managers said on Thursday that Monte dei Paschi''s shares were fetching between 4.14 and 4.35 euros in the grey market, where shareholders can sell them over-the-counter ahead of the resumption of trade on the exchange. Italy''s fourth-largest lender has not set a date for lifting the trade suspension, but says it will be in the autumn. The bank was brought low by years of ill-judged acquisitions and mismanagement. A price of 4.14 euros would represent a paper loss of about 1.39 billion euros for Rome on the first phase of its bailout. It has pledged to later buy out retail holders of bank bonds for 1.5 billion euros, taking its stake to as much as 70 percent. The government, though, has said it plans to hold its shares with a long-term aim of making a profit on its investment. However, some institutional investors are already looking to sell their stock on the grey market, hedging against the risk that its value could sink even further ahead of resumed trade. In the rescue, institutional investors who held subordinated bonds in Monte dei Paschi were forced to take losses. Their holdings were cancelled and instead they received shares. The grey-market share price is also supported by the credit default swap market, according to traders of default swaps. Monte dei Paschi last traded at 16.05 euros per share, having lost 90 percent of its market value in 2016. This last-traded price, however, cannot be compared to the grey market price given the bailout represents a complete overhaul of the bank''s balance sheet. ($1 = 0.8478 euros) Additional reporting by Massimo Gaia; Editing by Mark Bendeich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-banks-italy-monte-dei-paschi-idUKKCN1B423C'|'2017-08-24T19:41:00.000+03:00'
'b1b9ac4bce44bd810bb4a7a89a0c3daf86042985'|'PRESS DIGEST- Financial Times - Aug 25'|'August 24, 2017 / 11:13 PM / 7 minutes ago PRESS DIGEST- Financial Times - Aug 25 Reuters Staff 2 Min Read Aug 25 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Theresa May to force reporting of pay gap between bosses and workers on.ft.com/2iuABAW UK business investment stalls in year since Brexit vote on.ft.com/2itIK8T New data show UK vastly overestimated students overstaying visas on.ft.com/2g5ER9l Two SocGen managers accused of Libor manipulation on.ft.com/2iuLymh Overview UK Prime Minister Theresa May will put more pressure on boardroom pay next week by forcing listed companies to publish the ratio between the total remuneration of the chief executive and their average UK worker. Business investment in the UK continued to stagnate in the year since the EU referendum, according to official figures published by the Office National Statistics. The number of people leaving Britain has revealed that only 4,600 international students overstayed their visas last year, overturning previous estimates that the number was closer to 100,000, according to official figures. U.S. authorities charged two managers at French bank Societe Generale with taking part in a scheme to manipulate the global U.S. dollar Libor benchmark interest rate. Compiled by Bengaluru newsroom; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft-idUSL4N1LA61P'|'2017-08-25T02:11:00.000+03:00'
'f199bf65e702c21eecf53b11c009a88137f720e9'|'Brexit fears slow British growth, hit consumers and businesses'|'August 24, 2017 / 9:39 AM / 10 hours ago Brexit fears slow British growth, hit consumers and businesses David Milliken and Alistair Smout 4 Min Read LONDON (Reuters) - Britain''s economy suffered weakness on all fronts in the three months to June, with shoppers pinched by the pound''s tumble, exports failing to fill the gap, and business investment frozen by Brexit uncertainty. The Office National Statistics confirmed on Thursday the economy grew 0.3 percent in the second quarter after 0.2 percent in the first -- adding up to the slowest growth for any major advanced economy since the start of 2017. The data showed negligible growth in household spending and flat business investment. A separate report suggested the malaise will continue. The Confederation of British Industry said retail sales growth slowed in August at the fastest pace in more than a year. Last year Britain surprised most economists by continuing to grow strongly during the six months after the June vote to leave the European Union. The growth was powered by robust consumer spending, despite a fall of around 15 percent in the value of the pound after the financial markets downgraded Britain''s long-run prospects following the Brexit vote. But Thursday''s figures showed household spending is flagging with the weakest quarterly and annual growth since late 2014. Investment and foreign trade failed to compensate, despite a weaker currency and strong global economy. "Sterling''s depreciation is doing more harm than good," Samuel Tombs of consultancy Pantheon Macroeconomics said. Consumer price inflation rose to a four-year high of 2.9 percent in May off the back of the weaker pound, and real-term growth in household spending slid to a quarterly rate of just 0.1 percent in the three months to June, the ONS said. Flat year-on-year business investment undershot economists'' expectations for a modest 0.5 percent rise, while net trade contributed nothing to quarterly growth and acted as a 0.5 percent drag on Britain''s annual performance. "The most recent three months growth has been almost entirely reliant on spending by households and government ... which doesn''t feel like the most stable of foundations for a post-Brexit economy," said Lee Hopley, chief economist for manufacturing trade body EEF. FILE PHOTO: A woman shops in a supermarket in London, Britain April 11, 2017. Neil Hall/File Photo Barclays said the data was "highlighting just how much businesses are holding back investment in the face of high levels of uncertainty". BREXIT WORRIES Britain started formal talks to leave the EU in June, but businesses have complained that progress appears slow in light of the fixed deadline to leave in March 2019. EU negotiators want agreement on membership dues, existing EU immigrants'' rights and Britain''s land border with Ireland before starting more substantive talks on future trade arrangements later this year. The uncertainty and the weaker pound are also taking a toll on EU workers in Britain, who are crucial to some sectors. Other official data on Thursday showed net migration to Britain fell to a three-year low of 246,000 in the 12 months to March, as fewer EU immigrants arrived and growing numbers left. British farms, food processors and restaurants -- which all rely heavily on migrant workers -- also complained on Thursday that they faced labour shortages. High immigration has been an important component of British economic growth since the financial crisis, due to weak underlying productivity. On a per capita basis, Britain''s economy grew just 1.0 percent in the year to the end of June, its weakest rate in a year. Total growth was 1.7 percent, one of the weakest readings in four years. The Bank of England said earlier this month it expects the economy to grow 1.6 percent this year -- slower than it had previously forecast but in line with economists'' expectations. While it expects growth in household consumption to slow to 1.75 percent this year as inflation approaches 3 percent, it forecasts export volumes will rise by 3.5 percent and business investment will increase by 1 percent. Reporting by David Milliken Additional reporting by Andy Bruce Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-economy-idUKKCN1B40TX'|'2017-08-24T16:13:00.000+03:00'
'2ead19943facbd74a3ec057150ae805e7efd9e93'|'BP''s U.S. Gulf platforms, Texas chemical plant remain online'|'August 28, 2017 / 5:43 PM / 18 minutes ago BP''s U.S. Gulf platforms, Texas chemical plant remain online Reuters Staff 1 Min Read FILE PHOTO - A BP logo is seen at a petrol station in London, Britain, January 15, 2015. Luke MacGregor/File Photo HOUSTON (Reuters) - BP Plc ( BP.L ) said on Monday that its offshore oil platforms in the U.S. Gulf of Mexico and its Texas City chemical plant remain online during Tropical Storm Harvey. The company is closing its U.S. headquarters in Houston and asking its 5,000 employees to work remotely. The office will reopen only when conditions improve, said spokesman Jason Ryan. Reporting by Ernest Scheyder; Editing by Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-storm-harvey-bp-idUKKCN1B81VQ'|'2017-08-28T20:43:00.000+03:00'
'4b0e1044c6c51f179c454909f64e46e4cdc3dea6'|'Provident appoints new consumer credit boss in bid to stabilise business - Business - The Guardian'|'Provident Financial , the troubled doorstep lender, has drafted in the former head of its consumer credit arm in a bid to stabilise the business after its debt collection rates plunged.The company said Chris Gillespie would replace Andy Parkinson as managing director of the business immediately. Gillespie ran the division, which charges high interest on loans collected mainly from borrowers’ homes, from 2007 to 2013.Britain’s biggest doorstep lender published a second profit warning in two months on Tuesday after a botched business overhaul caused debt repayments to fall heavily. Peter Crook, Provident’s longstanding chief executive, quit abruptly and its main financial adviser said the consumer credit division was worthless .Provident Financial in race to fix technical problems and retain staff Read more Provident grew rapidly in the years after the financial crisis, stepping in to offer credit to people turned away by banks that reined in lending. Its loans are expensive, with £100 borrowed from Provident over 13 weeks requiring a £143 repayment.Crook replaced Provident’s 130-year-old army of self-employed collection agents this year with 2,500 full-time “customer experience managers” armed with tablet computers. But software problems created chaos in CEMs’ schedules and caused collection rates to plummet.Provident is racing to fix its technical problems as competitors seek to lure unhappy employees and customers. It has brought in managers from elsewhere in the company to support Gillespie.On Tuesday, shares in Provident Financial suffered one of the biggest one-day losses seen by a FTSE 100 company, losing two-thirds of their value at one stage. On Friday, they were the biggest gainers in the FTSE 100, rising 17% to 874p. They have plunged from £17.45 in the past week.Gillespie joined Albemarle & Bond from Provident as chief executive but left after six months after the ailing pawnbroker was bought in a rescue deal . He then spent brief spells running two small lenders and his LinkedIn profile says he has been working as a consultant while looking for new opportunities.Manjit Wolstenholme, Provident’s chairman, said Gillespie’s job was to rebuild links with customers, revive collections and bring order to the business.Wolstenholme, who is running the company after Crook’s departure, said: “My review of the business is ongoing as we move towards stabilising the Provident home credit business and improving the service to our customers. I intend to work closely with the new team on turning the home credit business around.”Provident joined the FTSE 100 index of leading public companies in 2015 as investors impressed by its growth sent its market value rising. It looks likely to be ejected from the index next week after its market value fell by more than £1bn in a week.Topics Provident Financial Financial sector Personal loans Borrowing & debt Bradford Yorkshire news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/25/provident-financial-consumer-credit-profit-warning-debt-repayments'|'2017-08-25T16:09:00.000+03:00'
'ef98d881b106f8bbeacc4518a92d1c3d2b457e8f'|'METALS-Copper up as China outlook brightens, stocks fall - Reuters'|'SYDNEY, Aug 25 (Reuters) - Copper was trading close to its highest in nearly three years on Friday, tracking a firmer London session on the back of robust demand signs in China and falling stockpiles.Investors are focused on fundamentals in commodities markets, pushing industrial commodities, such as copper, higher, according to ANZ bankFUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,708 a tonne by 0100 GMT, close to Thursday''s peak of $6,731.50, the highest since November 2014.* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 1.5 percent to 52,530 yuan ($7,887.39)a tonne.* SHFE ALUMINIUM: China aluminium futures were slightly firmer at 16,570 yuan, the highest in more than five years.* LME: Aluminium - up 25 percent since January - was flat at $2,109. Aluminium is finding fundamental support on expectations of a decline in supply as China braces for capacity shutdowns at its smelters over the winter months. The "tom-next" spread for aluminium, which is the cost of borrowing metal for a day and often a flashpoint for positioning tension, has flared to $10 backwardation.* RUSAL: Russian aluminium giant Rusal reported a 48 percent rise in second-quarter core earnings on Friday due to a higher aluminium price, and pointed to a positive outlook for the second half as supply in China tightens.* U.S. STEEL: American steel industry executives have appealed directly to President Donald Trump for immediate import restrictions in a letter seen by Reuters, as a U.S. Commerce Department national security probe languishes and steel imports surge back to 2015 levels.* For the top stories in metals and other news, click orMARKETS NEWS * A gauge of global equity markets edged lower on Thursday amid investor worries over U.S. government funding, but the U.S. dollar rebounded after recent weakness as central bankers convened for an annual policy summit at Jackson Hole, Wyoming.DATA/EVENT AHEAD (GMT) 0600 Germany Detailed GDP Q2 0600 Germany Import prices Jul 0645 France Consumer confidence Aug 0800 Germany Ifo business climate Aug 1230 U.S. Durable goods Jul 1400 Federal Reserve Chair Janet Yellen speaks in Jackson Hole 1900 European Central Bank President Mario Draghi speaksin Jackson HolePRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6600 Chinese yuan renminbi)Reporting by James Regan; Editing by Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1LB18O'|'2017-08-24T23:43:00.000+03:00'
'52e769ea21db37beef914252f1e7e73dfba7fb28'|'Artificial intelligence will create new kinds of work'|'WHEN the first printed books with illustrations started to appear in the 1470s in the German city of Augsburg, wood engravers rose up in protest. Worried about their jobs, they literally stopped the presses. In fact, their skills turned out to be in higher demand than before: somebody had to illustrate the growing number of books.Fears about the impact of technology on jobs have resurfaced periodically ever since. The latest bout of anxiety concerns the arrival of artificial intelligence (AI). Once again, however, technology is creating demand for work. To take one example, more and more people are supplying digital services online via what is sometimes dubbed the “human cloud”. Counter-intuitively, many are doing so in response to AI.  9   According to the World Bank, more than 5m people already offer to work remotely on online marketplaces such as Freelancer.com and UpWork. Jobs range from designing websites to writing legal briefs, and typically bring in at least a few dollars an hour. In 2016 such firms earned about $6bn in revenue, according to Staffing Industry Analysts, a market researcher. Those who prefer work in smaller bites can use “micro-work” sites such as Mechanical Turk, a service operated by Amazon. About 500,000 “Turkers” perform tasks such as transcribing bits of audio, often earning no more than a few cents for each “human-intelligence task”.Many big tech companies employ, mostly through outsourcing firms, thousands of people who police the firms’ own services and control quality. Google is said to have an army of 10,000 “raters” who, among other things, look at YouTube videos or test new services. Microsoft operates something called a Universal Human Relevance System, which handles millions of micro-tasks each month, such as checking the results of its search algorithms.These numbers are likely to rise. One reason is increasing demand for “content moderation”. A new law in Germany will require social media to remove any content that is illegal in the country, such as Holocaust denial, within 24 hours or face hefty fines. Facebook has announced that it will increase the number of its moderators globally, from 4,500 to 7,500.AI will eliminate some forms of this digital labour—software, for instance, has got better at transcribing audio. Yet AI will also create demand for other types of digital work. The technology may use a lot of computing power and fancy mathematics, but it also relies on data distilled by humans. For autonomous cars to recognise road signs and pedestrians, algorithms must be trained by feeding them lots of video showing both. That footage needs to be manually “tagged”, meaning that road signs and pedestrians have to be marked as such. This labelling already keeps thousands busy. Once an algorithm is put to work, humans must check whether it does a good job and give feedback to improve it.A service offered by CrowdFlower, a micro-task startup, is an example of what is called “human in the loop”. Digital workers classify e-mail queries from consumers, for instance, by content, sentiment and other criteria. These data are fed through an algorithm, which can handle most of the queries. But questions with no simple answer are again routed through humans.You might expect humans to be taken out of the loop as algorithms improve. But this is unlikely to happen soon, if ever, says Mary Gray, who works for Microsoft’s research arm. Algorithms may eventually become clever enough to handle some tasks on their own and to learn by themselves. But consumers and companies will also expect ever-smarter AI services: digital assistants such as Amazon’s Alexa and Microsoft’s Cortana will have to answer more complex questions. Humans will still be needed to train algorithms and handle exceptions.Accordingly, Ms Gray and Siddharth Suri, her collaborator at Microsoft Research, see services such as UpWork and Mechanical Turk as early signs of things to come. They expect much human labour to be split up into distinct tasks which can be delivered online and combined with AI offerings. A travel agency, for instance, might use AI to deal with routine tasks (such as booking a flight), but direct the more complicated ones (a request to create a customised city tour, say) to humans.Michael Bernstein of Stanford University sees things going even further. He anticipates the rise of temporary “firms” whose staff are hired online and configured with the help of AI. To test the idea, Mr Bernstein and his team developed a program to assemble such virtual companies for specific projects—for instance, recruiting workers and assigning them tasks in order to design a smartphone app to report injuries from an ambulance racing to a hospital.Working in such “flash organisations” could well be fun. But many fear that the human cloud will create a global digital proletariat. Sarah Roberts of the University of California, Los Angeles, found that content moderators often suffer from burnout after checking dodgy social-media content for extended periods. Mark Graham of the University of Oxford concludes that platforms for online work do indeed offer new sources of income for many, particularly in poor countries, but that these services also drive down wages. So governments need to be careful when designing big digital-labour programmes—as Kenya has done, hoping to train more than 1m people for online jobs.Technology is rarely an unalloyed bane or blessing. The printing press created new work for the wood engravers in Augsburg, but they quickly discovered that it had become much more repetitive. Similar trade-offs are likely in future.  Business   "The human cumulus"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21727093-humans-will-supply-digital-services-complement-ai-artificial-intelligence-will-create-new?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'
'17b5a9358dce41a3543f34f07673bbe3284dc692'|'Hyundai will launch pickup, more SUVs to reverse U.S. sales slide'|'August 23, 2017 / 1:50 AM / 4 hours ago Hyundai will launch pickup, more SUVs to reverse U.S. sales slide Paul Lienert and Hyunjoo Jin 3 Min Read The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co''s new Accent in Mexico City, Mexico August 2, 2017. Henry Romero DETROIT/SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) plans to launch a pickup truck in the United States as part of a broader plan to catch up with a shift away from sedans in one of the Korean automaker''s most important markets, a senior company executive told Reuters. Michael J. O''Brien, vice president of corporate and product planning at Hyundai''s U.S. unit, said Hyundai''s top management has given the green light for development of a pickup truck similar to a show vehicle called the Santa Cruz that U.S. Hyundai executives unveiled in 2015. Hyundai currently does not offer a pickup truck in the United States. O''Brien also said Hyundai plans to launch a small SUV called the Kona in the United States later this year. People familiar with the automaker''s plans said the pick-up truck is expected to be launched in 2020. They said separately that Hyundai plans to introduce three other new or refreshed SUVs by 2020. Under the plan, Hyundai Motor plans to roll out a new version of its Santa Fe Sport mid-sized SUV next year, followed by an all-new 7-passenger crossover which will replace a current three-row Santa Fe in early 2019 in the United Sates. A redesigned Tucson SUV is expected in 2020. So-called crossovers - sport utilities built on chassis similar to sedans - now account for about 30 percent of total light vehicle sales in the United States. Consumers in China, the world''s largest auto market, are also substituting car-based SUVs for sedans. Hyundai''s U.S. dealers have pushed the company to invest more aggressively in SUVs and trucks as demand for sedans such as the midsize Sonata and the smaller Elantra has waned. "We are optimistic about the future," said Scott Fink, chief executive of Hyundai of New Port Richey, Florida, which is Hyundai''s biggest U.S. dealer. "But we are disappointed that we don''t have the products today." Hyundai''s U.S. sales are down nearly 11 percent this year through July 31, worse than the overall 2.9 percent decline in U.S. car and light truck sales. Sales of the Sonata, once a pillar of Hyundai''s U.S. franchise, have fallen 30 percent through the first seven months of 2017. In contrast, sales of Hyundai''s current SUV lineup are up 11 percent for the first seven months of this year. "Our glasses are fairly clean," O''Brien said. "We understand where we have a shortfall." Reporting by Paul Lienert in DETROIT and Hyunjoo Jin in SEOUL; Additional reporting by Joe White in DETROIT; Editing by Nick Zieminski and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hyundai-motor-strategy-idUKKCN1B305Q'|'2017-08-23T04:49:00.000+03:00'
'72c2234999e1aea3bd3bae81fd45fc47bb2f96e0'|'EMERGING MARKETS-Brazil stocks hit six-year high on Eletrobras privatization'|'(Updates with details from Mexico, Quote: from bank) By Bruno Federowski SAO PAULO, Aug 22 (Reuters) - Brazilian stocks on Tuesday shot to a six-year high after the government unveiled plans to privatize power utility Centrais Elétricas Brasileiras SA, while Mexican shares rose after data showed the economy kept up steady growth in the second quarter. Brazil''s Bovespa stock index rose 2.0 percent, topping the 70,000 mark for the first time since January 2011. Common shares in Eletrobras, as the firm is known, rose as much as 40 percent in their biggest daily advance since 1993. Late on Monday, Brazil floated a proposal to cede control of the country''s biggest power utility, the boldest privatization yet amid a string of public asset sales and infrastructure concessions. The deal could fetch up to 20 billion reais ($6.4 billion), an official said. In Mexico, the national statistics agency said the economy grew by 0.6 percent quarter-on-quarter in the April-to-June period, helping to lift the main stock index almost 0.2 percent. The growth was just a tenth of a point slower than in the January-March period, offering the latest evidence that Latin America''s no. 2 economy is defying fears that U.S. President Donald Trump''s protectionist rhetoric could hurt activity. Most Latin American currencies rose, though the Mexican peso closed down slightly and the Brazilian real slipped 0.4 percent as investors awaited a meeting of central bankers in Jackson Hole, Wyoming, later this week. Federal Reserve Chair Janet Yellen on Friday is expected to give fresh clues on the Fed plan to roll back the extraordinary stimulus it introduced to fight the global financial crisis, removing a key driver of demand for emerging market assets. Yellen''s remarks would be "closely followed as latest U.S. inflation data have been weak, creating uncertainty over the Fed''s intention to raise its benchmark rate again in the next four months," lender Banco Base said in a note to clients. The Brazilian government''s plan to privatize Eletrobras also boosted demand for stock in other state-controlled companies, led by those holding Eletrobras debt. Shares of lender Banco do Brasil SA rose 4.4 percent, while oil company Petróleo Brasileiro SA jumped 3.4 percent. "The transaction is good news for state-owned firms as a whole. In particular, expectations of better management and incoming funds (at Eletrobras) are good news for Banco do Brasil," Lerosa Investimentos equity analyst Vitor Suzaki said. Analysts at Itaú BBA estimated the Eletrobras privatization could generate "at least 40 billion reais" in value through cost-cutting, asset sales and other optimization efforts. Still, the transaction will face sharp political opposition, they said. The share move tightened the spread of preferred shares over common shares to the smallest in a month as traders anticipated higher dividend payouts after privatization. Key Latin American stock indexes and currencies at 2300 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1072.52 0.83 24.38 MSCI LatAm 2856.72 1.14 22.05 Brazil Bovespa 70011.25 2.01 16.25 Mexico S&P/BVM IPC 51332.98 0.18 12.47 Chile IPSA 5114.69 0.25 23.20 Chile IGPA 25564.40 0.27 23.30 Argentina MerVal 22900.18 -0.29 35.36 Colombia IGBC 10959.04 0.25 8.20 Venezuela IBC 198024.39 1.07 524.58 Currencies daily % YTD % change change Latest Brazil real 3.1810 -0.40 2.14 Mexico peso 17.666 -0.06 17.42 Chile peso 640.80 0.27 4.67 Colombia peso 2984.95 0.07 0.55 Peru sol 3.238 0.03 5.44 Argentina peso (interbank) 17.21 0.32 -7.76 Argentina peso (parallel) 18.27 -0.11 -7.94 (Reporting by Bruno Federowski and Miguel Angel Gutierrez; Editing by Clive McKeef)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1L81OE'|'2017-08-23T02:33:00.000+03:00'
'cf96fb428ad31f1c085e8635f691f713df817d05'|'Gold steady ahead of central bank speeches at Jackson Hole'|'FILE PHOTO: An employee of Deutsche Bundesbank tests a gold bar with an ultrasonic appliance during a news conference in Frankfurt January 16, 2013. Lisi Niesner/File Photo NEW YORK/JOHANNESBURG (Reuters) - Gold firmed on Friday after U.S. Federal Reserve Chair Janet Yellen made no mention of monetary policy in her much-anticipated speech, while investors awaited clues from European Central Bank President Mario Draghi.U.S. short-term interest rate futures rose slightly, reflecting reduced expectations that the Fed will raise interest rates further this year, after Yellen skipped mention of it when speaking in Jackson Hole, Wyoming."That relieved the market of a little bit of concern about that," said Bill O''Neill, partner with Logic Advisors in Saddle River, New Jersey, adding this was positive for gold prices and pressured the dollar. [USD/]"She clearly came off dovish, saying maybe we need a few changes in bank regulation, but they should be modest."Gold is highly sensitive to rising interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the greenback.Draghi is scheduled to speak at the Jackson Hole central bankers meeting at 1900 GMT. [M/DIARY]Monday is a bank holiday in the United Kingdom.Spot gold XAU= was up 0.5 percent at $1,292.14 an ounce by 2:00 p.m. EST (1800 GMT) and was on track to close the week up 0.6 percent.U.S. gold futures GCcv1 settled up 0.5 percent at $1,297.90.Earlier, Dallas Fed President Robert Kaplan called for patience on raising interest rates any further but urged speed in reducing the Federal Reserve''s balance sheet.U.S. data showed home resales unexpectedly fell in July to an 11-month low as a chronic shortage of properties boosted prices, the latest sign that the housing market recovery was slowing. Weekly jobless claims rose, and new orders for key U.S.-made capital goods were better than expected in July.Escalating geopolitical concerns were also preventing gold prices from retreating significantly, market participants said.U.S. President Donald Trump said on Thursday that congressional leaders could have avoided a "mess" over raising the U.S. debt ceiling if they had taken his advice.Gold is used as an alternative investment during times of political and financial uncertainty.Palladium XPD= fell 0.2 percent to $929.90 per ounce after reaching $940.50, a 16-1/2 year high. It was on track to close the week up 0.5 percent, its third straight weekly rise."We believe that barring short-term corrections, likely driven by profit-taking given elevated tactical positioning, the palladium market is fundamentally constructive over the next couple of years," Standard Chartered said in a note, adding that both NYMEX and industry stocks were falling.Silver XAG= rose 0.9 percent to $17.07 an ounce, while platinum XPT= was down 0.6 percent at $972.99 an ounce.Additional reporting by Apeksha Nair in Bengaluru; Editing by Edmund Blair and Lisa Von Ahn '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-precious-idINKCN1B5042'|'2017-08-25T04:14:00.000+03:00'
'4f28e16908a664fc9440e08b6a09681b55c71c72'|'TREASURIES-Yields rise as central bank speeches in focus'|'(Updates prices) * Fed''s Yellen, ECB''s Draghi to speak on Friday * Investors seek signals ECB is close to paring bond purchases * Some Treasury bill yields rise on debt ceiling concerns By Karen Brettell NEW YORK, Aug 24 (Reuters) - U.S. Treasury yields edged higher on Thursday as investors waited on central bank speeches in Jackson Hole for fresh indications on monetary policy, while some Treasury bills weakened on concerns about the U.S. debt ceiling. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi were due to speak at the central bank conference in Wyoming on Friday. “We’re waiting to see if anything comes out of Jackson Hole, I don’t think anyone is putting any big positions on here,” said Lou Brien, a market strategist at DRW Trading in Chicago. Market participants will be watching for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will not deliver any new policy message at the event. The Fed is widely expected to announce a plan to reduce its balance sheet at its September meeting. Benchmark 10-year notes fell 6/32 in price to yield 2.19 percent, up from 2.17 percent on Tuesday. Benchmark yields have held in a tight range since falling to almost two-month lows on Friday on concerns about political discord in Washington and tensions between the United States and North Korea. Yields on Treasury bills due in early October rose on worries that payments on the debt could be delayed if U.S. lawmakers fail to raise the debt ceiling before the government runs out of funds, which is expected in late September. Concerns about the debt ceiling have increased since U.S. President Donald Trump said late on Tuesday that he would be willing to risk a government shutdown to secure funding for a border wall. Yields on Treasury bills due on Oct. 5 rose as high as 1.175 percent and bills due on Oct. 12 touched 1.206 percent, both the highest since Aug. 10. Republicans including Paul Ryan said they did not agree that a government shutdown is desirable. Fitch Ratings said on Wednesday that a failure by U.S. officials to raise the federal debt ceiling in a timely manner would prompt it to review the U.S. sovereign rating, "with potentially negative implications." (Editing by Nick Zieminski and Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LA1GW'|'2017-08-24T16:50:00.000+03:00'
'861be78603e9c562ecc70c698067ee8976eba253'|'Low world inflation dogs central bankers, even as economies grow'|'August 24, 2017 / 8:13 PM / 6 minutes ago Low world inflation dogs central bankers, even as economies grow Howard Schneider and Jonathan Spicer 5 Min Read FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo JACKSON HOLE, Wyo. (Reuters) - The world''s top central bankers gather in Jackson Hole, their confidence bolstered by a sustained return to economic growth that may eventually allow the European Central Bank and the Bank of Japan to follow the Federal Reserve in winding down their crisis-era policies. Yet in one key area, none of the world''s central banks has found the answer. Inflation remains well below their two percent targets, stoking a debate about whether they are missing signals of a less than healthy economy and the need for a slower path of "rate normalization", or that they simply don''t understand how inflation works in a globalized world. In Japan, officials have researched behavioral causes, wondering whether businesses and families are just slower to react to economic signals than thought. European officials have blamed slow-moving union wage contracts and online shopping, while U.S. policymakers have cited a lengthy sequence of "one-offs" in pricing from oil to cellphones to prescription drugs. In each case the response of policymakers has been the same: wait it out and talk confidently about inflation''s return, as the Fed has put it since 2013, over "the medium term". "Yes, our models aren''t perfect... Certainly the fact that we have had some low inflation readings is something that we take very seriously," said Cleveland Fed President Loretta Mester. Yet Mester is convinced the problem is not a weakening economy, but changes in how businesses set prices - a supply side issue she says leaves her comfortable pressing ahead with slow but steady interest rate increases. Not everyone is convinced by Mester''s approach. Concerns over the significance of a recent slide in inflation have renewed questions about whether a global tightening of monetary policy can proceed, with U.S. investors betting the Fed will have to hold off on more rate changes until later next year. Fed Chair Janet Yellen will have a chance to address the issue on Friday, as does European Central Bank President Mario Draghi, who is laying plans to scale back some of the bank''s crisis-era programs even as expected progress on inflation has receded into 2018 and 2019. The Bank of Japan''s horizon for meeting its inflation target is around 2020. Fed officials have not yet caved on inflation even though pricing in financial markets has shifted expectations of the next rate hike back to the middle of 2018 versus Fed forecasts of another increase this year. "But the debate has grown more active of late and uncertainty is elevated," TD Securities said of the outlook for inflation in a report ahead of Jackson Hole. "The risks are for a slower pace.” WHAT TARGET? The use of inflation targeting has been an important innovation in central banking, rooted in theories of how public expectations, central bank communication and other factors shape economic behavior. It was a recognition that how policymakers talked about inflation, and what households believed, would in part determine the outcome. But the developed world''s alignment around a two percent target has become a headache as much as a policy guide, with central banks trying to estimate and regulate something they acknowledge they don''t fully understand. Bank of Japan consultants have puzzled over whether people shop and save as if they fully see the future, or whether they look at the past and only slowly adapt to change. If the latter, then what central banks say is less important. Have a globalized supply chain, globalized wage rates, and frictionless markets anchored inflation for good? If so, then Fed officials relying on tight labor markets to lift wages and prices through resource competition will be disappointed. Failure to meet inflation targets has prompted calls for an overhaul of policy, with suggestions of a new goal linked to growth in gross domestic product, for example. Fed researchers recently conjectured that the central bank should convince the public it was shooting for 3 percent in order to get two percent. Others like San Francisco Fed President John Williams have suggested just raising the target. For the moment, though, the current target looks likely to stick -- and the global waiting game to continue. "Look, inflation is hard to forecast," Mester said in an interview with Reuters, noting that the most elaborate models don''t do much better than simply saying inflation will be two percent and leaving it at that. Additional reporting by Balazs Koranyi in Frankfurt and Leika Kihara in Tokyo; Editing by David Chance and Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-fed-inflation-idUSKCN1B42JL'|'2017-08-24T23:13:00.000+03:00'
'e952e968b9900ef8351b83fe700632d6fd6da3ad'|'UK''s Hunting posts much smaller loss, boosted by U.S. shale demand'|' 31 AM / 10 minutes ago Hunting posts much smaller loss, boosted by U.S. shale demand Reuters Staff 1 Min Read (Reuters) - Oilfield services company Hunting Plc ( HTG.L ) reported an 82 percent fall in first-half loss as U.S. shale companies drilled more wells, boosting demand for equipment and services. U.S. shale companies have kept pumping oil even as crude prices hover around $50 a barrel, helped by cost cuts and higher efficiencies. U.S. producers added about 231 oil rigs in the six months to June 30, a 44 percent jump, according to data from oil services firm Baker Hughes. Hunting also said it expected modest improvement in international drilling activity in the second half of the year. The company, which provides drilling and infrastructure support to oil explorers, said underlying loss from operations fell to $9.1 million in the six months ended June 30, from $50.8 mln a year earlier. Revenue jumped 39.6 percent to $318.9 million (249.26 million pounds). Reporting by Arathy S Nair in Bengaluru; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hunting-results-idUKKCN1B40HC'|'2017-08-24T09:30:00.000+03:00'
'48a9258dbc8a590f5a277fdea029d52f90bc8a37'|'Brevan Howard founder to return to London from Geneva -source'|' 08 PM / 21 minutes ago Brevan Howard founder to return to London from Geneva -source Reuters Staff 2 Min Read LONDON (Reuters) - Alan Howard, the co-founder of British hedge fund Brevan Howard Asset Management, is to move back to London from Geneva for personal reasons, a source familiar with the matter said on Monday. Howard moved to Switzerland in 2010, at a time when many other hedge fund staff were also repatriating to the country, attracted by lower taxes and lighter regulation compared to tough new EU rules brought in after the 2008 financial crisis. The firm said at the time that the option to open a new Geneva office was for staff who wanted to switch location "for personal reasons". The Wall Street Journal reported the news of Howard''s move to London earlier on Monday. Brevan Howard has around $11.9 billion in assets under management. It has seen an asset decline of nearly $25 billion since 2012, from a combination of market losses and client withdrawals. Its flagship macro fund has made losses of 3.9 percent in the first seven months of 2017, the source added. AH Fund, a fund solely managed by Howard, launched in March. [nL5N1H64CA] Reporting by Carolyn Cohn; Editing by Rachel Armstrong and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-brevan-howard-founder-idUKKCN1B11MU'|'2017-08-21T17:08:00.000+03:00'
'9962145bb6df4b4f7a3ac46ef018cb7f601d99f8'|'Wall Street set to open flat; focus on N.Korea, White House'|'August 21, 2017 / 1:02 PM / 44 minutes ago Wall St flat as North Korea worries remain; energy a drag Kimberly Chin 3 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. Andrew Kelly/File Photo (Reuters) - U.S. stocks were little changed on Monday as simmering tensions between the United States and North Korea kept investors on edge, while a drop in oil prices weighed on energy shares. Investors also are awaiting this week''s meeting at Jackson Hole, Wyoming, between Federal Reserve Chair Janet Yellen and global central bankers. Investors are angling for the slightest hint on where monetary policy is headed. "That confluence of strong growth and low inflation, which is somewhat like nirvana for equity investors, we don''t think can last forever," said Wayne Wicker, chief investment officer at ICMA-RC in Washington, D.C. "We''re hopefully getting a couple of more data points to see where the Fed takes their temperature on where they''re feeling the economy is at this juncture so that we can anticipate if something happens in the fourth quarter or not." The United States and South Korea began long-planned joint military exercises on Monday, heightening tensions with North Korea which called the drills a "reckless" step towards nuclear conflict. Part of the recent decline was due to escalating tensions between the United States and North Korea. The S&P 500 energy index .SPNY was down 0.8 percent, leading sector declines in the S&P 500, after crude oil prices fell nearly 2 percent, pulling back from last week''s rally. The Dow Jones Industrial Average .DJI was up 5.66 points, or 0.03 percent, to 21,680.17, the S&P 500 .SPX had lost 0.01 points to 2,425.54 and the Nasdaq Composite .IXIC had dropped 12.67 points, or 0.20 percent, to 6,203.86. While the benchmark S&P 500 index is still up 13.6 percent since the election, it had fallen 2.1 percent in the last two weeks. That''s the most since the two weeks before the election. Last week, U.S. President Donald Trump fired chief strategist Steve Bannon and disbanded some business councils, raising concerns about the Trump administration''s ability to implement its pro-growth agenda of tax cuts and infrastructure spending. The Dow briefly fell below its 50-day moving average, while the S&P 500 remained below the 50-day technical level. Nike ( NKE.N ) shares fell 2.8 percent after Jefferies cut its rating and price target on the stock. Johnson Controls ( JCI.N ) rose 3.2 percent to $38.22, among the top S&P gainers, after saying its CEO change would happen earlier than announced. Herbalife ( HLF.N ) was up 9.8 percent after the nutritional supplement maker said it would buy back $600 million of shares after ending talks to be taken private. Declining issues outnumbered advancing ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favoured decliners. Additional reporting by Sruthi Shankar in Bengaluru; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKCN1B11I3'|'2017-08-21T16:01:00.000+03:00'
'fad5dad99177c826c6853eec84f25f5964bbcdcd'|'At Fed conference, Trumponomics draws a not so subtle rebuttal'|'U.S. President Donald Trump waves as he walks on South Lawn of the White House in Washington, U.S., before his departure to Camp David, August 25, 2017. Yuri Gripas JACKSON HOLE, Wyo. (Reuters) - President Donald Trump''s name was rarely mentioned as top central bankers and economists spent Friday mulling the fate of the global economy at a mountain lodge here.But his presence loomed large at a Federal Reserve symposium, and even without citing the man in the White House, the presentations - from Fed chair Janet Yellen, European Central Bank President Mario Draghi and a host of researchers - amounted to a broad rebuttal of many of the ideas that carried Trump to office.It was a day when the president''s calls for financial deregulation and "America First" economic nationalism were countered by Yellen''s reminder of how a deep financial crisis wrecked the economy a decade ago, and economic research arguing that China and Mexico are less to blame for job losses than forces like technology."For some, memories of this experience may be fading - memories of just how costly the financial crisis was and of why certain steps were taken," Yellen said in arguing for only modest changes to existing regulations.Yellen is still in the running to be reappointed by Trump to a new term.Draghi, traveling from Frankfurt and representing a group of U.S. allies that the administration has sparred with over climate change, trade and other issues, gave a broad call for free trade and stronger multilateral institutions of the sort Trump has criticized."A turn toward protectionism would pose a serious risk for continued productivity growth and potential growth in the global economy," Draghi said in a lunch address that included a defense of the World Trade Organization, the Group of 20 and other global groups he felt should be strengthened.The rise of Trump, the vote by Britain to leave the European Union and the spread of opposition to globalization have worried central bankers and many mainstream economists who feel that the problems associated with globalization have overshadowed the benefits and morphed into broad opposition to it.Remedies for these issues may be outside the immediate sphere of monetary policy, but they are concerned that new waves of protectionism or reckless deregulation could threaten an economic system that is currently stable and that has returned to growth across the world.SKEPTICISM ABOUT TRUMP APPROACH In a panel on trade, there was more direct skepticism of Trump''s approach, even as economists and central bankers here agreed they had ignored for too long how difficult the adjustment would be for workers."We have lost the rhetoric on trade in terms of explaining to those who benefit why they do, such as cheaper products, while all of the focus has been on those who have lost," said Gita Gopinath, professor of international studies and economics at Harvard University and financial advisor to the chief minister of the Indian state of Kerala.But they also agreed that Trump''s seemingly singular focus on trade agreements won''t fix the problem."Renegotiating NAFTA and protectionist measures against China will not save jobs," University of Pennsylvania professor Ann Harrison said, arguing that the decline in manufacturing jobs was due to labor-saving management and technologies.Policy, the economists here said, should be aimed at improving job skills, local capital investment and safety net programs for displaced workers, the sort of micro-level efforts that can be hard to organize and finance and take time to show results."It is so much easier to bash China," Harrison said.Editing by David Chance and Cynthia OstermanOur '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-fed-trump-conference-idUSKCN1B52S7'|'2017-08-26T02:35:00.000+03:00'
'076fb45e3ad86e8e562942eeedcf23c5c9018221'|'Veritas Capital explores sale of nearly $3 billion in high-tech portfolio assets:'|'August 25, 2017 / 5:57 PM / 7 hours ago Veritas Capital explores sale of nearly $3 billion in high-tech portfolio assets: sources Mike Stone 4 Min Read WASHINGTON (Reuters) - New York-based private equity firm Veritas Capital is exploring the sale of two high-tech portfolio companies, worth nearly $3 billion in total, as it looks to raise cash to fund new deals this Fall, people familiar with the matter told Reuters. The potential sales of electronics component maker Excelitas Technologies Corp and radar component-maker Anaren Inc would be a major boost for the U.S. aerospace and defense-related M&A landscape, which has seen just $1 billion worth of deals so far this year - a 46 percent drop on the same period in 2016. Veritas has hired investment bank Goldman Sachs Group Inc to pursue a so-called dual track sale process for Excelitas which could see the Massachusetts-based company sold outright or floated via an initial public offering, the people said. If successful, Excelitas could fetch as much as $2 billion, they added. The private equity firm, which has investments in several national security and tech-sector assets, has also hired bankers to offload Anaren in a separate deal that could be worth more than $800 million, the same people told Reuters. Spokespeople for Veritas and Goldman Sachs declined to comment. Excelitas and Anaren did not immediately respond to a request for comment. The sources spoke on condition of anonymity because they were not authorized to discuss the talks. Excelitas makes products such as light-emitting diodes (LEDs) and flash lamps which are used in applications ranging from medical lighting to aerospace and defense equipment. Anaren produces microwave components for wireless, space and defense electronics providers and counts Raytheon Co, Lockheed Martin Corp., and Northrop Grumman Corp as customers. The New York-based company''s microwave assemblies are used in the United States'' Long Range Discrimination Radar (LRDR), the system the U.S. military is developing to track intercontinental ballistic missiles launched from places like North Korea. BARREN LANDSCAPE Deals in the aerospace and defense industry have slowed this year after the election of President Donald Trump sent asset prices soaring, making many buyers hold off on deals. Bucking the trend is a potential $20-plus billion mega-deal between two aircraft parts-makers United Technologies Corp and Rockwell Collins Inc, first reported on 4 August. The barren landscape could be could be good for Veritas, with many cash-rich buyers on the scout for assets, but the sensitive nature of the technology involved is also expected to invite intense U.S. regulatory scrutiny, bankers said. Veritas created Excelitas by acquiring the former illumination and detection solutions business of scientific instruments maker PerkinElmer Inc. for about $500 million in 2010. Excelitas went on to acquire more companies, including Kaiser Systems Inc, a manufacturer of high-voltage power systems, and Qioptiq, a maker of specialized optical components and lenses. Veritas had previously attempted to sell Excelitas in 2014, Reuters reported at the time, but no deal was reached. In 2014, Veritas paid $383 million to take Anaren private, delisting it from the NASDAQ stock exchange. Both sales are in their early stages and could be called off at any time, the people said. Reporting by Mike Stone in Washington; editing by Andrew Hay '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-veritas-m-a-excelitas-idINKCN1B528S'|'2017-08-25T15:57:00.000+03:00'
'dfdeccd8e4bbf6f3decdc0dde69991d10dace7f7'|'Exclusive - Small UK companies complain after HSBC accounts frozen'|'August 24, 2017 / 3:49 PM / 10 minutes ago Exclusive - Small UK companies complain after HSBC accounts frozen Lawrence White 5 Min Read FILE PHOTO: A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. Stefan Wermuth/File Photo LONDON (Reuters) - An avocado importer, an e-cigarette seller and a toilet-cleaning gun maker are among British companies that have had accounts closed or frozen by HSBC in the last two months, unintended casualties of a crackdown by the bank on illicit money flows. Dozens of companies have been affected, with some unable to pay staff and suppliers, and others suffering financial losses they fear could force them to close. The number is a tiny percentage of all business accounts at HSBC, but those affected are in the small business sector which the government has said it wants to encourage and hopes will thrive after Britain leaves the European Union. HSBC told Reuters there may have been "an issue with how we''ve been communicating" and that it would put right "any case where we have done something wrong". It unfroze the accounts of at least three companies whose cases were brought to the bank''s attention by Reuters. "Inhibiting an account is always a last resort, so to get to that stage we will have done everything we can to contact the customer and get the information we need," said Amanda Murphy, head of commercial banking for HSBC UK. Fourteen companies told Reuters in interviews they had lost access to their accounts after answering questions from HSBC as part of a review of customers. The bank is trying to tighten checks on clients following a $1.9 billion fine in 2012 for allowing itself to be used to launder drug money from Mexico. More than 30 companies have lodged complaints with HSBC about their accounts being closed or frozen, according to sources with knowledge of the complaints and social media postings by the affected companies. David Johnston, whose company Interbrands (Europe) imports frozen avocados, said he received a letter on Aug 10 saying HSBC would freeze his foreign currency accounts on Aug 11, leaving him unable to pay his Mexican suppliers and a shipment stranded. More than two weeks later, the bank told him it had "no set timeline" for resolving the problem and that meanwhile he would be unable to make overseas payments, according to emails seen by Reuters. Johnston said HSBC had told him on Thursday it would unblock his account after Reuters'' inquiries. Agustin Larocca, whose firm Bellmonte supplies luxury e-cigarettes, said his account was also unfrozen after being blocked for nearly seven weeks because of the Reuters'' inquiries. A third company, MHL Consulting Engineers, said its account had also been unblocked. FILE PHOTO: The HSBC building in Canary Wharf in London, Britain October 8, 2008. Kevin Coombs/File Photo Anti-money laundering regulations prevent banks from informing customers why their accounts are being closed or suspended where such activity is suspected. In some cases, HSBC may be powerless to tell customers why they are suffering. "ROUTINE CHECK" The problems of many of the businesses interviewed by Reuters date back to September 2015, when they received a questionnaire presented by the bank as a routine check. This followed HSBC''s launch of a programme called Safeguard after the 2012 fine to glean more information about customers. FILE PHOTO: People walk past a branch of HSBC bank in central London, Britain June 09, 2015. Neil Hall/File Photo HSBC, which has a 10 billion pound fund to support small businesses in Britain, started taking action in earnest this year. Some companies that had their accounts closed in July or this month said they had been under the impression they had provided all the information needed. Calan Horsman, whose company Loogun makes a hand-held water gun for toilet cleaning, said he was left in default to suppliers, with stock stuck in China and the company unable to pay staff, after his account was frozen. "My business ground to a halt. I had to unload a container of product that was stuck in a port. We''ve lost a month in our production timeline," Horsman said. Like most of the other companies affected, Martyn Fisher''s company Fisher Fabrics does business abroad. It supplies customers in Asia from suppliers in China and South Korea. "I should be the ideal business post-Brexit. I do nothing within the EU. I''m doing deals with all these countries that are supposed to be our trade partners after Brexit," he said after his company had its account frozen. Banks worldwide have in recent years shut thousands of customer accounts as they seek to avoid fines from U.S. authorities for abetting money laundering and sanctions-busting. More than 300 charities based in Britain have had their bank accounts closed in the last two years after being caught up in the crackdown, Reuters reported last month. Editing by Timothy Heritage'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hsbc-smallmid-exclusive-idUKKCN1B41YQ'|'2017-08-24T18:58:00.000+03:00'
'2fd7b4f81166b5aeb2d600c03a26c6b281b67ce2'|'If convicted, Samsung''s Lee could be c/o Uijeongbu Prison'|'August 23, 2017 / 11:08 PM / 2 hours ago If convicted, Samsung''s Lee could be c/o Uijeongbu Prison Joyce Lee and Haejin Choi 4 Min Read FILE PHOTO - Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. Kim Hong-Ji/File Photo SEOUL (Reuters) - If convicted and given a jail sentence, home for Jay Y. Lee, the billionaire de facto head of South Korean conglomerate Samsung, could be a crowded prison set in wooded hills just to the north of Seoul, where disgraced politicians and business leaders have previously served time. Lee, who has been tried on charges ranging from bribery to perjury in a scandal that triggered the dismissal from office of the country''s ex-president Park Geun-hye, will hear the verdict of a lower court on Friday. Prosecutors are seeking a 12-year jail term. The 49-year-old Samsung scion denies wrongdoing, and would almost certainly appeal any conviction, with his case likely to be fast-tracked to the Supreme Court for a final ruling, probably next year. In the event, then, of an upheld conviction, Lee would likely follow a route to Uijeongbu Prison taken previously by a former prime minister and the heads of the SK and Daesang conglomerates, among others. If sent to Uijeongbu, Lee would likely be held in a single cell, equipped with a TV, shelving, coat rack and electric fan. Prisoners are expected to work - tending the flower garden is seen as a popular choice, said a prison official, who didn''t want to be named as he is not authorised to speak to the media - and he would be allowed to exercise outdoors for an hour a day. They can also take up study courses in English or Japanese, and attend religious services. Chey Tae-won, the convicted SK chairman, dedicated a book he published while at the prison "to the Lord". Lawyers said white-collar crime inmates often reduce their manual work time by having "special meetings" with visitors, which can be granted at the discretion of the prison warden. Directing operations at Samsung Electronics, the world''s leading smartphone and memory chip maker, from prison, though, would be a challenge as most visits are restricted. Previous conglomerate, or chaebol, heads relied on leadership committees to mind the shop while they served their sentences. For now, pending this week''s lower court verdict, Lee remains in the Seoul Detention Centre where, since February, home has been a 6.56 square meter (71 square foot) cell, with a partitioned toilet. Meals are simple, normally rice and side-dishes, and cheap, costing 1,443 won ($1.26). The centre, in a Seoul suburb near apartments built by Samsung C&T ( 028260.KS ) and stores advertising Samsung Electronics'' ( 005930.KS ) smartphones, is the country''s third-most crowded correctional facility. A justice ministry official told Reuters that Lee could ask to be transferred - possibly to the newer 12-floor Seoul Eastern Detention Centre, which local media say has basketball courts, elevators and wall-mounted flat-screen TVs. A former top aide to ex-president Park, on trial for corruption, recently moved to the new Seoul facility. While preparing the lengthy appeal process, previous high-profile inmates have hired so-called ''butler lawyers'', who stay with detained clients for hours a day to get them out of their cells and into the more comfortable visitors'' rooms. Justice ministry data show SK chairman Chey had more than 1,600 meetings with his lawyers during his 17-month detention in 2013-14 - more than three meetings every day. Reporting by Joyce Lee and Haejin Choi; Editing by Miyoung Kim and Ian Geoghegan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/samsung-lee-prison-idINKCN1B32PQ'|'2017-08-24T02:07:00.000+03:00'
'5567061a1fc8d3f28c3eed15678da2c2f67ac36a'|'MIDEAST STOCKS-Most bourses lose steam as retail investors book profits'|'* Banks generally weak in Saudi, most REITs down* DP World falls on uninspiring first-half results* Dana Gas supports Abu Dhabi* Qatar worst performer in the region* Egypt''s Orascom Construction drops on net profit declineBy Celine AswadDUBAI, Aug 24 (Reuters) - Most stock markets in the Middle East declined on Thursday as local retail investors booked profits and institutional investors stayed on the sidelines, while Dubai port operator DP World underperformed because of uninspiring interim earnings."The region has been a retail-, momentum-driven market and I expect next week that trend will spill over," said a Dubai-based portfolio manager. With Eid al-Adha holidays due to start in the region from the middle of next week, many retail investors are starting to book profits.The Riyadh index fell 0.3 percent, snapping six straight sessions of gains, as a little over half of banks fell including one of this week''s top-performing stocks, Al Rajhi Bank, which retreated 0.9 percent.Most real estate investment trusts, which have been very active over the last several sessions, fell with Taleem REIT dropping 2.4 percent.The Dubai index closed flat after trading higher for most the day. Emaar Properties rose 1.3 percent but theme park operator DXBE Entertainments fell 0.8 percent.The Dubai-listed shares of Bahrain''s GFH Financial Group rose 1.1 percent after the company said its board had discussed distributing dividends "given the group''s recent good performance". It said it was consulting Bahrain''s central bank on what level of dividend would be appropriate.The Middle East''s largest listed port operator, DP World , fell 1.6 percent after the company reported a first-half net profit of $606 million, in line with analysts'' expectations.Profit was flat compared to the year-ago period but revenue was up almost 10 percent. The company said its like-for-like revenue rose 3 percent, driven mainly by an increase in containerised revenue.The Abu Dhabi index added 0.1 percent, gaining strength in the final hour of trade on the back of a 3.2 percent rise in Dana Gas.In Doha, the index fell 1.1 percent in very thin trade as four-fifths of the 20 most valuable shares declined including Qatar National Bank, which lost 2.2 percent.The index has been in a downtrend since late July, reversing some of the gains it made that month after a June sell-off that was triggered by the severing of diplomatic and trade links between Qatar and four other Arab states on June 5."Qatar has been underperforming its emerging market peers because of the political deadlock - money likes visibility and clarity," said a regional portfolio manager in Beirut.Kuwaiti telecommunications company Zain rose 1.0 percent. After the market closed, Zain said Oman Telecommunications had completed the purchase of a 9.84 percent stake in the company through a public auction of treasury shares in a deal which was previously announced.Zain group chief executive Bader Nasser al-Kharafi told reporters that proceeds from the transaction would be used to reduce debt and improve its operations. Omantel fell 0.4 percent on Thursday and the Kuwait index fell 0.5 percent.In Egypt, Orascom Construction sank 5.7 percent after it reported a 10.2 percent drop in second-quarter net profit attributable to shareholders. Revenue for the period also fell. The Cairo index slipped 0.5 percent.HIGHLIGHTS SAUDI ARABIA * The index fell 0.3 percent to 7,246 points.DUBAI * The index edged down 0.01 percent to 3,624 points.ABU DHABI * The index rose 0.1 percent to 4,494 points.QATAR * The index lost 1.1 percent to 8,952 points.EGYPT * The index fell 0.5 percent to 12,926 points.KUWAIT * The index declined 0.5 percent at 6,885 points.BAHRAIN * The index fell 0.2 percent to 1,302 points.OMAN * The index lost 0.2 percent to 4,947 points. (Editing by Andrew Torchia/Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL8N1LA3WP'|'2017-08-24T12:10:00.000+03:00'
'6766aab7e2114be0a3882a62317dfaaba87892a9'|'Thomas Cook''s Condor preparing offer for Air Berlin planes: source'|'People watch an aircraft operated by German carrier Air Berlin landing in Berlin''s Tegel airport, Germany, August 23, 2017. Fabrizio Bensch BERLIN/FRANKFURT (Reuters) - Thomas Cook''s ( TCG.L ) German leisure airline Condor and Lufthansa are interested in taking on a number of planes from insolvent Air Berlin ( AB1.DE ), sources familiar with the negotiations said on Thursday.Air Berlin, Germany''s second largest carrier, filed for insolvency last week after major shareholder Etihad pulled the plug on funding.The race is on for interested parties to agree a deal for parts of its business, including planes and crew, which would bring access to take-off and landing slots at airports such as Duesseldorf, Berlin Tegel, Munich and Hamburg.Condor is "in the process of preparing a concrete offer", one source said, adding Condor was interested in mainly short-haul routes, and also some long-haul ones.Lufthansa ( LHAG.DE ), which was first to talk with Air Berlin, on Wednesday said it had presented a term-sheet to the insolvent carrier, setting out its interest in taking over parts of the Air Berlin group.The German flagship carrier''s proposal for the carve-up of Air Berlin would see it taking over the insolvent carrier''s leisure airline unit Niki and other planes for a sum in the low hundreds of millions of euros, another source said.Those aircraft, up to 90, would include 38 crewed planes Lufthansa already leases from Air Berlin.The source further said a likely deal could be 80 planes for Lufthansa, 24 for Condor and 40 for easyJet.Air Berlin''s planes are currently being kept in the air thanks to a 150 million euro ($177 million) government loan. But if the money runs out and Air Berlin is grounded, the airport slots go into a pool where they will be divided up among airlines.Thomas Cook repeated an earlier statement that it stood ready to play an "active role".Its interest in a "double-digit" number of planes was first reported by Sueddeutsche Zeitung.EasyJet''s interest in up to 40 planes, with slots in Berlin and Hamburg, was reported by Handelsblatt. The British budget carrier declined to comment.Ryanair ( RYA.I ) has said it would be interested in a bid for the whole of Air Berlin, as has German aviation investor Hans Rudolf Woehrl, who said he had been invited to talks with Air Berlin next week.Meanwhile, Lufthansa''s budget unit Eurowings seemed to be making an early attempt to attract any Air Berlin staff keen to find a new job while negotiations are still ongoing.Eurowings on Wednesday announced a recruitment drive, saying it was seeking around 200 pilots and 400 cabin crew qualified to fly and crew A320 planes. It did not specifically mention Air Berlin in the announcement on its website.($1 = 0.8481 euros)Editing by Mark Potter and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-air-berlin-lufthansa-thomas-cook-grp-idUSKCN1B416F'|'2017-08-24T13:52:00.000+03:00'
'bf816b043233e9a2c3623de8a7101f7e9e8c1b71'|'Bradesco''s HSBC Brasil deal to generate $1.1 billion pre-tax savings'|'FILE PHOTO: The logo of Banco Bradesco is seen on a branch in Osasco financial centre, Brazil, August 3, 2015. Paulo Whitaker/File Photo SAO PAULO (Reuters) - Banco Bradesco SA''s acquisition of HSBC Bank Brasil Banco Múltiplo SA will have generated as much as 3.5 billion reais ($1.11 billion) in cost savings and synergies by the end of next year, Chief Financial Officer Alexandre Glüher said on Thursday.Bradesco ( BBDC4.SA ), Brazil''s No. 3 listed bank by assets, expects to end capturing synergies from the purchase of the HSBC Holdings Plc''s subsidiary by the end of next year, Glüher said at an event with investors. The estimate for synergies is before taxes, Glüher added.Bradesco paid about 16 billion reais for HSBC Bank Brasil, whose purchase was announced two years ago.Reporting by Gabriela Mello; Writing by Guillermo Parra-Bernal; Editing by James DalgleishOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-banco-bradesco-outlook-idUSKCN1B42E9'|'2017-08-25T03:00:00.000+03:00'
'549fb0167243415bf150a03f86a5f475b263c5bc'|'Activist investor Elliott holds almost 10 pct of Stada in wake of buyout'|'FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. Mike Blake/File Photo FRANKFURT (Reuters) - Stada STAGN.DE said on Thursday that Paul Singer, founder of activist investors Elliott, held nearly 10 percent of the generic drugmaker following a recent private equity buyout.Bain Capital and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.3 billion) bid, in the largest takeover of a listed German company by buyout firms.But Stada said on Thursday that Singer held 9.6 percent of the company''s shares as of Aug. 18, putting to rest speculation that he had tendered his shares to Bain and Cinven.Bain and Cinven acquired 63.8 percent of Stada during the takeover process.Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-stada-buyout-idUSKCN1B420Q'|'2017-08-25T00:13:00.000+03:00'
'1363b00756dfd7c20461028fb566f7657661ac69'|'Slowdown in London house price growth ebbs as Bristol sees steep fall - Money - The Guardian'|'The slowdown in the growth of London house prices appears to be abating, leaving Bristol as the UK city with the biggest drop in property prices expansion last month, according to new figures.Upward pressure on prices in the capital is returning following weak annual growth since the start of 2016, amid a fall in sales as homeowners refuse to sell up for lower valuations, according to the property firm Hometrack. Bristol recorded a steeper fall in house price growth, after a boom in recent years began to push homes in the city to unaffordable levels for an increasing number of buyers. Housing turnover across London has fallen by 17% since 2015, as affordability pressures ratchet up with higher prices. The average price of a home in the capital rose 2.8% to £494,300 in the year to July, albeit slower than the 11.2% expansion in the same period a year ago, the Hometrack figures show.House prices: Northants leads Midlands ''mini-boom'', says Rightmove Read more House prices in Bristol were 3.7% higher than in July 2016, compared with a growth rate of 14.3% a year ago. But while the average price for a property, £268,400, remains low compared to other cities, prices have rocketed about 60% since the financial crisis as growing numbers of people move to the area.Richard Donnell, research and insight director at Hometrack, said: “Affordability growth was starting to get stretched in Bristol, where we’ve seen a lot of growth. Brexit adds to uncertainty, compounding the affordability problems in some areas.”British consumers are coming under pressure from a dive in the value of the pound following the EU referendum, leading to higher prices for food and clothing, which are rising at a faster pace than wages. Private consumption is growing at the weakest rate in almost three years, as squeezed households tighten their belts , while the latest data also helps to explain lower levels of interest in moving house. The downward pressure on prices is greatest in the most expensive parts of London, where demand has been weaker since the end of 2014. Of 46 boroughs and districts in the capital monitored by Hometrack, seven recorded falling valuations, led by a 5.7% year-on-year decline in the City of London. Paul Lynam, chief executive of Secure Trust Bank, said: “Central London remains soft albeit prices appear to be stabilising. The upper end of the market is devoid of volume and this must be costing the Treasury in terms of revenue forgone from stamp duty.” He said his bank, which is based in Solihull, was continuing to see appetite for lending outside of central London. “Developers are getting prices at or above those anticipated when they commenced the projects and demand is good,” he said. Let’s move to Rochester, Kent: ‘It’s ravishingly beautiful’ Read more The property market has remained more buoyant in many regions outside London since the Brexit vote, as house prices continue to rise. Property valuations in Birmingham are growing at the fastest pace, at 8% in the year to July, with the average house costing £155,400. Other big cities including Manchester, Nottingham and Leeds are also experiencing annual growth rates above 5%.Annual house price growth across major UK cities stands at 5.3% compared to 7.4% in July 2016, according to Hometrack. Aberdeen was the only city from 20 watched by the research provider where prices are falling, with average valuations 16% lower than they were in December 2014 as a fall in the oil price hurts the local economy. Mortgage approvals from British banks hit a five-month high in July, according to data published on Friday from the trade body UK Finance. Lenders approved 41,587 mortgages for house purchases last month, up from 40,385 in June and 9% higher than July a year ago, the month that followed the Brexit vote.House price growth is helped by a marked shortage of houses for sale and lack of new properties being built, while high levels of employment and low mortgage rates are also pushing prices higher. Still, weaker spending power among consumers could put pressure on valuations. Howard Archer, chief economic adviser to the EY Item Club, said: “The fundamentals for house buyers are likely to remain weak over the coming months with consumers’ purchasing power continuing to be squeezed by inflation running higher than earnings growth. Housing market activity is likely to be hampered by weakened consumer confidence and limited willingness to engage in major transactions.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/25/slowdown-in-london-house-price-growth-ebbs-as-bristol-sees-steep-fall'|'2017-08-25T07:01:00.000+03:00'
'd99671e2970019506f050fda927a5464e3420eb8'|'China regulator hints at no more special treatment after Unicom deal'|'FILE PHOTO - Company logos of China Unicom are displayed at a news conference during the company''s announcement of its annual results in Hong Kong, China March 16, 2016. Bobby Yip/File Photo SHANGHAI (Reuters) - China''s securities regulator said that company ownership reform plans must strictly abide by existing regulations, hinting there will be no repeat of the special treatment given to China Unicom ( 600050.SS ) in its $11.7 billion restructuring.The China Securities Regulatory Commission (CSRC) said in a statement on Friday that it would "continue to support mixed-ownership reforms" of state-owned firms. However, it warned major shareholders that "any items related to the capital markets must strictly stick to existing laws, regulations and rules published by the securities regulator".China Unicom recently unveiled plans to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that some observers saw as a model case for revitalizing Chinese state firms with private capital.The deal immediately raised eyebrows among Chinese media and investors, who suspected it may have violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February.The CSRC reiterated on Friday that the deal was being treated as an exceptional case, due to the "major significance" of China Unicom''s reforms.The deal, in which Unicom''s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ) and Baidu ( BIDU.O ), for funds, caused confusion among investors when it was announced this month.Reporting by Samuel Shen and John Ruwitch; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-china-unicom-regulator-idINKCN1B5196'|'2017-08-25T09:06:00.000+03:00'
'143c14aeeacadac5cb57420b1d30d811f502ba2c'|'Sir Philip Green''s retail empire agrees to pay £30m to BHS creditors - Business'|'Sir Philip Green’s Arcadia retail empire has agreed to pay £30m to unsecured creditors of BHS following the collapse of the department store chain with the loss of 11,000 jobs . Arcadia, which owned BHS until it was sold to a consortium led by Dominic Chappell for £1 in 2015, on Friday agreed the deal with BHS’s liquidators, FRP Advisory, which will drop legal action filed against Green’s company.A spokesman for FRP said: “The liquidators of SHB Realisations, formerly BHS , reached an agreement with Arcadia Group in relation to a number of matters, including Arcadia’s floating charge dated 14 April 2015.“We can confirm that as part of the agreement, over £30m was released from reserves held in relation to Arcadia’s secured claim into the monies available for BHS unsecured creditors and the floating charge is to be released.”The settlement avoids the prospect of the retail billionaire fighting a lengthy legal battle over the demise of BHS. Green avoided another legal battle with the pension regulator by agreeing to pay £363m to rescue the BHS pension scheme . Chappell is to be prosecuted by the pensions watchdog for failing to provide information for an investigation into its sale. Chappell headed Retail Acquisitions, the company that acquired BHS. A year later, it collapsed with the loss of 11,000 jobs and a pension deficit of £571m.The Pensions Regulator is prosecuting Chappell for failing to comply with three notices for information issued under section 72 of the Pensions Act 2004. Failure to provide such information without a reasonable excuse is a criminal offence that can result in a fine.Green, who was pictured on Instagram spraying bottles of champagne among women in bikinis, also on Friday announced a deal to buy four franchise-run Topshop stores in Australia which collapsed into administration in May.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/25/sir-philip-green-retail-empire-arcadia-agrees-to-pay-30m-to-bhs-creditors'|'2017-08-25T20:55:00.000+03:00'
'1dd4f70183875b226e55caeb9fc336f96659ba2b'|'China''s R&F Properties roars back into the spotlight on Wanda deals'|'August 26, 2017 / 7:08 AM / 5 hours ago China''s R&F Properties roars back into the spotlight on Wanda deals Clare Jim 6 Min Read Chairman of R&F Properties Li Silian speaks during a strategic cooperation signing ceremony with Dalian Wanda Group and Sunac China Holdings Ltd. in Beijing, China July 19, 2017. Picture taken July 19, 2017. Jason Lee HONG KONG (Reuters) - Once the leader of the elite group of developers known as the "Five South China Tigers", Guangzhou R&F Properties ( 2777.HK ) gradually became overshadowed by bigger beasts, but it''s now back in focus even as many rivals shy from the limelight. The developer, with a market value of HK$52.5 billion (£5 billion), has grabbed international headlines over the past few weeks with two property deals linked to one of China''s richest men, Wang Jianlin, and his Dalian Wanda Group. On Tuesday, R&F said it had teamed up with China''s CC Land ( 1224.HK ) to buy Nine Elms Square in London in a 470 million pound ($606 million) deal. R&F stepped in after Wanda scrapped plans to buy the property, the latest setback for Wanda as Beijing tightens controls on overseas investment. The purchase came just weeks after R&F bought 77 hotels from Wanda for 19.9 billion yuan ($3 billion), as part of a $9 billion restructured deal. The pair of deals has prompted some analysts to suggest the Hong Kong-listed company is a white knight of billionaire Wang''s property to cinemas conglomerate. Wanda has become a target in China''s clampdown on capital outflows, and sources say Chinese banks have been told to stop providing funding for several of its overseas acquisitions in order to curb its appetite for offshore deals. "Wang Jianlin and I are long-time friends," R&F Chairman Li Sze Lim said at an earnings conference in Hong Kong on Tuesday. "We bumped into each other in an event in Beijing, and struck the deal after 20 to 30 minutes," he said, referring to the hotel purchase in July. Buying the hotels at a 40 percent discount showed Wang''s trust in R&F, he added. If indeed it took less than 30 minutes to strike a $3 billion deal, the pair must certainly be well-acquainted. Sources have told Reuters Wanda approached R&F about taking on some of the assets from the initial deal with Sunac China ( 1918.HK ) in order to speed up full payment. Wanda has declined to comment further on R&F, but Wang has told a press conference last month the hotel deal is a win for all parties, being a "rare chance in a hundred years" for R&F to acquire the portfolio at a discounted price. HOTEL POWERHOUSE A mathematics graduate, Li comes across as a modest and mellow businessman. Traditionally a low-profile tycoon, the 60-year old was born and grew up in Hong Kong. He made his fortune from China''s real estate market in the 1990s when he first ventured into the urban redevelopment projects and construction of low-end apartments in southern China''s Guangzhou city. Chairman of Dalian Wanda Group Wang Jianlin (C) and Chairman of R&F Properties Li Silian (C) attend a strategic cooperation signing ceremony in Beijing, China July 19, 2017. Picture taken July 19, 2017. Jason Lee Hong Kong was still a British colony when Li started the company in 1994 with his mainland Chinese partner Zhang Li, who is now co-chairman and CEO of R&F. Together with Country Garden ( 2007.HK ), China Evergrande Group <3333.HK, Agile Group ( 3383.HK ) and Hopson Development ( 0754.HK ), the five Guangzhou-based property developers are commonly known as the "Five South China Tigers" for their aggressive business style. In 2007, R&F ranked No.4 in terms of sales nationwide, but it slipped to 25th place in the first half of this year, trailing cross-town peers Country Garden and Evergrande, which ranked No.1 and No.3. R&F''s active investment in commercial property, in contrast with the other four, had helped the company expand by diversifying its income base during the boom years. Slideshow (2 Images) But when the financial crisis hit in 2008, these assets weighed on R&F''s cashflow as their cash turnover is much slower than residential property. Partnering with luxurious hotel management groups such as Hyatt Hotels ( H.N ) and InterContinental Hotels ( IHG.L ), R&F owned 34 high-end hotels across China prior to the deal with Wanda. Now, with 111 hotels in total, it has become the world''s biggest luxury hotel owner. "The London deal could be more related to Wanda rather than its overseas expansion strategy, because it had rarely talked about plans to flex its muscles overseas", said RHB Research analyst Toni Ho. "The hotel deal with Wanda was a surprise to the market too, though it''s a good buy given its long history and asset size in hotel business. The deal would help its expansion and profitability." Indeed, Li told reporters on Tuesday overseas business accounts for only "single digits" of the group to keep risk contained. The developer, which is awaiting a dual-listing in mainland China, has developments in Malaysia and Australia which accounted for 4 percent of R&F''s total contracted sales in the first six months of this year. R&F added its footprint in the U.K. earlier this year after snapping up Nestle Tower in south London for around 60 million pounds and Vauxhall Square for 157.77 million pounds. On Tuesday, the developer posted a 22 percent rise in core profit in the first six months to 2.1 billion yuan ($315.40 million), and it raised its full-year sales target to 80 billion yuan, 31 percent higher than the sales achieved last year. Moody''s Investors Service described the results as weak, highlighting persistently high debt leverage as consistent with its negative outlook on the company''s credit rating. Reporting by Clare Jim; Editing by Anne Marie Roantree and '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-r-f-properties-profile-idUKKCN1B606D'|'2017-08-26T10:08:00.000+03:00'
'cd0ee7794c1ba45def1f3cbf33f7d494b1998c11'|'Irish monthly retail sales rise on new car registrations'|'August 28, 2017 / 10:27 AM / 3 hours ago Irish monthly retail sales rise on new car registrations Reuters Staff 1 Min Read DUBLIN (Reuters) - Irish retail sales volumes rose 11.9 percent month-on-month in July, data showed on Monday, marking the traditional rush by consumers to buy cars with new vehicle registration plates that went on sale last month. However with new car sales down 10 percent so far this year as some motorists prefer to import cars from Britain due to the sharp fall in the value of sterling against the euro, annual retail sales growth remained subdued at 2.1 percent. Excluding the volatile car market, annual "core" sales remained near a 12-month high of 7 percent high, falling 0.2 percent month-on-month. Reporting by Padraic Halpin; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ireland-economy-retail-idUKKCN1B80YZ'|'2017-08-28T13:27:00.000+03:00'
'a53e904f3996481995c9dc35cc2f47c1702d904a'|'Steinhoff''s African listing overshadowed by Europe woes'|'August 25, 2017 / 5:09 PM / 32 minutes ago Steinhoff''s African listing overshadowed by Europe woes Tiisetso Motsoeneng and Laura Benitez 6 Min Read JOHANNESBURG/LONDON (Reuters) - A German investigation into alleged accounting fraud by senior managers at Steinhoff''s ( SNHG.DE ) ( SNHJ.J ) European operations couldn''t have come at a worse time for its top shareholder Christo Wiese. The South African retail magnate is about to split Steinhoff''s African businesses so investors can better judge the value of its faster-growing ones in the United States, Europe and Australia. He thinks doing so will improve returns for shareholders. But as he forges ahead with the separation next month, news of the fraud probe on Thursday wiped more than $2 billion off the value of Steinhoff''s shares, which are listed in Germany and Johannesburg and were valued at $20 billion on Friday. "It''s very bad timing for Steinhoff. You obviously don''t want to go into a listing with something like that hanging over your head. It''s a distraction and shareholders might start getting a bit grumpy," said Tota Tsotsotso, Managing Director at Bataung Capital in Johannesburg. Wiese, who owns nearly 22 percent of Steinhoff''s shares, said a report on the investigation by influential German monthly Manager Magazin, which implicated Steinhoff chief executive Markus Jooste, was "devoid of any truth", in comments to 702 Talk Radio on Friday. SENIOR MANAGERS UNDER SPOTLIGHT The crux of the allegations is that senior managers at Steinhoff inflated revenue figures by the sale of assets to purportedly external parties, which were actually associated with Steinhoff. Steinhoff has denied any wrongdoing, saying its own external audit found no evidence it had broken rules in the case which dates back to 2015. "What does he do? Delay the listing? I don''t think so," said one banker who has worked with Wiese in the past. "Remember, their offices were raided over the same issue in December of 2015, a week or so before the Frankfurt IPO and they went ahead with it. This is a minor bump. I''m pretty sure Wiese can get around it," the banker said. But Wiese has more than one problem on his hands. The company that is second only to IKEA in Europe''s furniture market and owns Poundland in the UK, Conforama in France and Mattress Firm in the United States, has seen one of its main money-spinners in Europe take a pounding. TROUBLE FOR NEW LOOK Shares in investment heavyweight Brait SE ( BATJ.J ), in which Wiese is the top shareholder, have dropped by half in the past year as weak consumer demand and tougher competition in Britain hurt one of its biggest sources of profit, no-frills clothing chain New Look [NEWOON.UL]. In June, Brait, which also owns Virgin Active and grocer Iceland Foods, slashed the value on its books of New Look by about 80 percent to 7.1 billion rand ($546 million). That meant New Look''s contribution to Brait''s net asset value fell to 15 percent from 45 percent, sending New Look''s bonds into freefall. "New Look has so far been a disappointing trade for the market, and that''s been further challenged by the weak consumer numbers which have been fast evolving," said Stefan Isaacs, fund manager of the M&G High Yield Bond fund. Bond investors said the company''s problems have been compounded by the loss of top managers and little evidence that a turnaround plan, that also includes expanding deeper in Europe and cutting costs, was bearing fruit. Kate Ormrod, GlobalData''s lead retail analyst, said New Look was being overshadowed by other value retailers such as Primark ( ABF.L ), H&M ( HMb.ST ) and Boohoo ( BOOH.L ). "That''s really down to product," she said. "Fast fashion retailers really have to be on point in terms of when product drops, is it appealing? And I don''t think they''ve quite been on the ball." New Look is pinning its hopes on recently named Dumont Lopez as its new chief creative director, who joins next month from Esprit. CAN LISTING BE A SUCCESS? If potential backers of Steinhoff''s African businesses can put the problems in Europe to one side, they will be investing in Steinhoff Africa Retail Ltd which will have annual sales of 52 billion rand. The business is targeting a valuation of around $5 billion and a free-float of at least 20 percent, suggesting a deal size of more than $1 billion. It is mainly made up of clothing, shoe and textile company Pepkor, but also includes furniture store JD Group and electronics brand Incredible Connection. The African businesses have been a drag on group earnings due to weak consumer spending, slowing economies and faltering currencies. Shares in Steinhoff on Friday recouped about 3 percent or only a quarter of the losses suffered the previous session that sent them to their lowest so far in Frankfurt and to levels last seen in 2014 in Johannesburg. "I thought the share price would jump a lot more but I suppose guys are bit wary and as far as German investors are concerned you''d probably find that they have higher standards on what''s acceptable and what''s not," said Michael Treherne, a fund manager at Vestact, which owns shares in Steinhoff. "If they''ve got a slight sense of wrongdoing, German investors would probably shun you and I suppose there''s that potential that they would stay away from the upcoming IPO of the African businesses." Additional reporting by Paul Sandle in London; Editing by Elaine Hardcastle'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-steinhoff-intlnl-probe-idUKKCN1B5264'|'2017-08-25T20:09:00.000+03:00'
'0908aa8dee0904efadc19f7e6dfcaf68ed9f7ad0'|'TREASURIES-Bonds steady before Yellen, Draghi speeches'|'* Fed''s Yellen, ECB''s Draghi to speak on Friday * Capital goods orders rose in July By Karen Brettell NEW YORK, Aug 25 (Reuters) - U.S. Treasury prices were steady as investors awaited indications of monetary policy from speeches by prominent central bankers gathered in Jackson Hole, Wyoming. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to address the annual economic policy conference in the Rocky Mountains. “Everything comes down to what Yellen is going to say,” said Mary Ann Hurley, vice president in fixed income trading at D.A. Davidson in Seattle. Investors will be watching to see if Yellen gives any indication on when the Fed plans to begin reducing its balance sheet, as well as how she references ongoing weakness in inflation. “It will be interesting to see how she touches on inflation and whether she keeps addressing it as being due to idiosyncratic factors,” said Hurley. Market participants will be also watching for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will not deliver any new policy message at the event. Benchmark 10-year notes were down 1/32 in price to yield 2.20 percent, little changed from Thursday. Yields for benchmark bonds have held in a tight range since falling to almost two-month lows last Friday on concerns about political discord in Washington and tensions between the United States and North Korea. Data this Friday showed that new orders for key U.S.-made capital goods rose slightly more than expected in July and shipments surged, pointing to an acceleration in business spending early in the third quarter. (Reporting by Karen Brettell; Editing by W Simon) ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LB0K0'|'2017-08-25T11:31:00.000+03:00'
'cfcba1a83823ca89c6577a2f42d85e5f144084ca'|'METALS-Copper up as China outlook brightens, stocks fall'|'August 25, 2017 / 1:44 AM / 15 hours ago METALS-Copper up as China outlook brightens, stocks fall Reuters Staff 3 Min Read SYDNEY, Aug 25 (Reuters) - Copper was trading close to its highest in nearly three years on Friday, tracking a firmer London session on the back of robust demand signs in China and falling stockpiles. Investors are focused on fundamentals in commodities markets, pushing industrial commodities, such as copper, higher, according to ANZ bank FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,708 a tonne by 0100 GMT, close to Thursday''s peak of $6,731.50, the highest since November 2014. * SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 1.5 percent to 52,530 yuan ($7,887.39)a tonne. * SHFE ALUMINIUM: China aluminium futures were slightly firmer at 16,570 yuan, the highest in more than five years. * LME: Aluminium - up 25 percent since January - was flat at $2,109. Aluminium is finding fundamental support on expectations of a decline in supply as China braces for capacity shutdowns at its smelters over the winter months. The "tom-next" spread for aluminium, which is the cost of borrowing metal for a day and often a flashpoint for positioning tension, has flared to $10 backwardation. * RUSAL: Russian aluminium giant Rusal reported a 48 percent rise in second-quarter core earnings on Friday due to a higher aluminium price, and pointed to a positive outlook for the second half as supply in China tightens. * U.S. STEEL: American steel industry executives have appealed directly to President Donald Trump for immediate import restrictions in a letter seen by Reuters, as a U.S. Commerce Department national security probe languishes and steel imports surge back to 2015 levels. * For the top stories in metals and other news, click or MARKETS NEWS * A gauge of global equity markets edged lower on Thursday amid investor worries over U.S. government funding, but the U.S. dollar rebounded after recent weakness as central bankers convened for an annual policy summit at Jackson Hole, Wyoming. DATA/EVENT AHEAD (GMT) 0600 Germany Detailed GDP Q2 0600 Germany Import prices Jul 0645 France Consumer confidence Aug 0800 Germany Ifo business climate Aug 1230 U.S. Durable goods Jul 1400 Federal Reserve Chair Janet Yellen speaks in Jackson Hole 1900 European Central Bank President Mario Draghi speaks in Jackson Hole '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1LB18O'|'2017-08-25T09:44:00.000+03:00'
'12731aff7f77f12d0b6887b889b7843401f5404e'|'Exclusive: New Russia sanctions disrupt major Intesa loan syndication'|'The Intesa Sanpaolo logo is seen outside the bank in downtown Milan, Italy January 18, 2016. Stefano Rellandini/Files LONDON/MILAN (Reuters) - Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar''s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia.Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year.Intesa invited about 15 banks to join the loan when it opened the syndication in May. A loan of this size would normally take between four and six weeks to syndicate, though deals involving emerging markets can sometimes take a few weeks longer.The banking sources said their compliance departments needed to understand the new sanctions.They also said the syndication was complicated by a political stand-off between Qatar and Saudi Arabia. Banks are taking a more cautious approach to deals involving Qatar as they are wary of damaging their relations with Saudi Arabia and the other three Gulf nations embroiled in the dispute."The syndication is stuck because of new U.S. sanctions on Russia. The new sanctions are so wide-reaching that they will surely impact all similar deals involving Russian state firms," said a London-based source with a large Western bank invited by Intesa to participate in the syndication.Intesa, Italy''s largest retail bank, declined to comment. The banking sources did not want themselves or their banks to be named because they were not cleared to speak about the deal and because talks between Intesa and the banks about the syndication are confidential.Last month, Washington imposed new sanctions on Russia in the strongest action against Moscow since 2014 following Russia''s annexation of Crimea and incursion in east Ukraine.The new round of sanctions was in part a response to conclusions by U.S. intelligence agencies that Russia meddled in the 2016 U.S. presidential election. The sanctions dashed hopes of a rapprochement between Moscow and Washington.The syndication was meant to spread the risk for Intesa which has so far lent all of the money. The loan helped commodities house Glencore and the Qatar Investment Authority buy 19.5 percent in Rosneft to help the Russian government plug budget holes.The Italian government says the loan is compliant with the new sanctions.COMPLICATED Intesa, which ranks as a fairly small investment banking player but has good connections in Russia, invited several French, Dutch and U.S. banks as well as China''s Bank of China and ICBC to participate in the deal.A source said ICBC and Bank of China had indicated they would be willing to participate in the deal, though they are more wary now given the political problems hitting Qatar. An official at ICBC declined to comment and one at BOC did not immediately respond to a request for comment.Bankers said the syndication was always expected to be complicated.Rosneft, its boss Igor Sechin and Russia’s top state banks are all subject to sanctions imposed after Russia’s annexation of Crimea from Ukraine in 2014, and some banks had refused to consider the deal on these grounds from the start.In addition to that, Glencore and QIA never disclosed full details of the deal, prompting the bankers to question whether they could go ahead with the syndication without knowing all beneficiaries of the transaction.A spike in tensions between Qatar and its Gulf neighbours including Saudi Arabia also happened just as Intesa started syndicating the loan."The regional dispute has not helped – it is tough," a London-based loan banker said."Political tensions around Qatar slowed the deal somewhat. But a real problem came when the U.S. imposed new sanctions (on Russia) in July," another London-based banking source said.Back in 2014, U.S. and European sanctions made it impossible for Russian state-owned companies and many private ones to raise new capital but left loopholes for raising money."With the new sanctions, I expect a lot of troubles with lending to projects led by Russian state firms... And possibly to many private ones," said one of the banking sources.($1 = 0.8477 euros)Additional reporting by Tessa Walsh and Shu Zhang; Writing by Dmitry Zhdannikov; editing by Anna Willard '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/intesa-loan-sanctions-idINKCN1B5178'|'2017-08-25T13:44:00.000+03:00'
'41ef9dc6af35fa0d60926bdd36f05d85ed6d45b2'|'Imperial Brands hires advisers to rescue Palmer & Harvey'|' 26 PM / 21 minutes ago Imperial Brands hires advisers to rescue Palmer & Harvey   View of a sign outside the Imperial Tobacco Seita cigarette plant in Carquefou, near Nantes, April 15, 2014. Stephane Mahe (Reuters) - Tobacco giant Imperial Brands ( IMB.L ) has hired advisers from EY to examine options for struggling cigarette wholesaler Palmer & Harvey (P&H). A spokesman for Imperial confirmed that the FTSE 100 maker of the Davidoff and Golden Virginia brands had appointed accounting firm EY to look at ways of securing the viability of P&H. It came after the Sunday Times reported the appointment of EY and also that cigarette manufacturer Japan Tobacco International had hired Deloitte to work on a plan to rescue the wholesaler. ( bit.ly/2wfUP4M ) Spokesmen for EY and Deloitte declined to comment and JTI did not return an email requesting comment. P&H is one of the UK''s largest private companies and Imperial and JTI are reportedly two of its biggest creditors.The troubled business has been rattled by grocer Tesco ( TSCO.L )''s 3.7 billion pound deal to acquire rival wholesaler Booker ( BOK.L ). Tesco reportedly accounts for some 40 percent of P&H''s sales and there has been speculation that P&H could lose some of this Tesco business because of the Booker deal, putting its finances under even greater strain. Reporting by Ben Martin in London, additional reporting by Martinne Geller, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-palmer-harvey-m-a-imperial-brands-idUKKCN1B70T6'|'2017-08-27T21:25:00.000+03:00'
'06053e9a82567135ab3783b3541e39d9da8840e6'|'China set to create world''s top utility with latest government merger'|'August 28, 2017 / 1:21 PM / 27 minutes ago China set to create world''s top utility with latest government merger Josephine Mason and Meng Meng 4 Min Read A logo of the Shenhua Group is seen atop of Shenhua Tower in Beijing March 21, 2013. Iris Zhao BEIJING (Reuters) - China''s top coal miner Shenhua Group Corp Ltd [SHGRP.UL] will take over China Guodian Group Corp [CNGUO.UL], among the country''s top five state power producers, in a deal that will create the world''s largest power utility worth $278 billion. The companies have been in talks about a merger for several months as Beijing aims to shake up its indebted and inefficient state sector, streamline the number of companies and create globally competitive firms in sectors including power generation, shipping and metals. The Guodian-Shenhua deal was announced on Monday by China''s State-owned Assets Supervision and Administration Commission (SASAC) in a one-line statement that gave no other details. In a filing later on Monday, Shenhua''s listed unit China Shenhua Energy Co Ltd ( 601088.SS ) said its parent will absorb Guodian as part of the deal and the new company will be called National Energy Group. Beijing has merged 15 SOEs since 2015 and currently manages 103 - a number that could eventually fall to about 40, state media reported. The combined entity would have an installed capacity topping 225 gigawatts (GW), leapfrogging EDF ( EDF.PA ) and Enel ( ENEI.MI ) to become the world''s biggest power company by capacity, according to Frank Yu, principal consultant for Asia-Pacific Power and Renewables at Wood Mackenzie. It would also be the largest wind power developer with 33 gigawatts of capacity and the biggest coal producer, he said. The deal will provide Guodian with a captive coal supply that will help manage its price risks for its main raw material, give it access to Shenhua''s infrastructure of rail, harbours and shipping fleet, as well as its deep cash reserves that will help the power producer pay off its large debts, analysts said. A worker fixes the company logo of China Guodian Corp at a building in Beijing, China January 24, 2013. Picture taken January 24, 2013. Stringer For Shenhua, a merger with a major state power provider such as Guodian - also a leading hydropower and renewables developer - could ease its dependence on polluting coal as smog-plagued China looks to move toward cleaner fuel. "The union of coal and utilities means both Shenhua and Guodian will balance their risks from commodities, but it will not necessarily boost its (the combined company''s) profit level," said Li Rong, power analyst with SIA Energy. TRILLIONS IN ASSETS Shenhua had assets worth 1.04 trillion yuan ($278.03 billion) at the end of April and Guodian had assets worth 800 billion yuan, according to company statements. On Friday, Shenhua''s listed unit China Shenhua Energy Co Ltd ( 601088.SS ) delivered its strongest interim results in four years, becoming one of the most profitable public commodity companies in the country. Government-enforced mining capacity cuts as part of the war on smog have helped fuel a spectacular rally in coal prices in China since the summer of 2016, defying forecasts that the industry was in terminal decline and hurting utilities'' profits. In Shenhua Energy''s filing, it said it will combine coal-fired power assets with Gourdian''s listed unit GD Power ( 600795.SS ), creating a new subsidiary that will include 40 plants across all major regions. GD will be the controlling shareholder of that entity, with Shenhua contributing 29.27 billion yuan and GD accounting for some 37.37 billion of the total value. China Guodian is one of five state power producers formed in 2002 after the restructuring of China''s state-owned power sector monopoly, along with China Huadian Corp [CNHUA.UL], State Power Investment Corp [CPWRI.UL], China Huaneng Group [HUANP.UL] and China Datang Corp [SASADT.UL]. Reporting by Josephine Mason; Editing by Tom Hogue and Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-power-shenhua-guodian-idUKKCN1B81CK'|'2017-08-28T16:21:00.000+03:00'
'931ae98eb1c5c82a22fd002db2dd913ef2e23dd1'|'Computacenter revenue up 15 percent on strong growth in Germany'|'August 25, 2017 / 7:29 AM / 10 minutes ago Computacenter to return 100 million pounds in fourth quarter, shares soar to 17-year high Justin George Varghese 3 Min Read (Reuters) - IT services provider Computacenter ( CCC.L ) said it would return 100 million pounds to shareholders in the fourth quarter, following a 15 percent rise in first-half revenue on favourable currency impact, strong growth in Germany and recovery in the United Kingdom. Shares in the company, which provides computer services to customers including Domino''s Pizza ( DOM.L ), rose 24 percent to their highest level since May 2000. Computacenter also reiterated it was on track for a "record performance" in 2017, and added that it is marginally ahead of the upgraded expectation made in April. The company said, when reporting an update to its first-quarter performance in April, that it would exceed 2017 expectations as market conditions for new investments in technology were "buoyant" at its German business. Computacenter''s 2017 pre-tax profit is expected to rise to 95.2 million pounds, according to analysts estimates compiled by Thomson Reuters. The company recorded a profit of 86.4 million a year ago. Computacenter, which had been impacted by weakness in its domestic market as the UK prepared to leave the European Union, said it does not see any "major impact" on its day to day business activities other than a drop in short term demand for its products and services and a change in forex rates. "Group is unable to comment on the likely impact when the United Kingdom withdraws from the European Union, as the terms and conditions remain under negotiation," the company said in a statement. Adjusted revenue from its U.K. business rose 5.1 percent to 678.3 million pounds in the first half of the year, recovering from earlier weakness, as growth across its segments offset lower margins at the region''s supply chain business. "The business is a reliable deliverer with good earnings underpin and cash generation," Investec analysts wrote in a note, after raising the stock''s target price by 11 pct. The company''s adjusted revenue on actual currency basis rose to 1.70 billion pounds for the six months ended June 30, from 1.48 billion pounds a year earlier. However, adjusted revenue was up just 8.7 percent on a constant currency basis. Computacenter said pre-tax profit rose 65 percent to 41.9 million pounds, driven by a 13.6 percent rise in revenue from its German business, its biggest by revenue. Reporting by Justin George Varghese in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-computacenter-results-idUKKCN1B50PT'|'2017-08-25T10:28:00.000+03:00'
'd476bba4f0cab8a8e4c5caf79da38cf0ef0912e5'|'Private consumption drives German growth in second quarter'|'August 25, 2017 / 6:47 AM / an hour ago Private consumption drives German growth in second quarter Reuters Staff 1 Min Read Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. Fabian Bimmer BERLIN (Reuters) - The German economy grew by 0.6 percent in the second quarter of 2017, helped by private consumption and state spending, data showed on Friday. Confirming a preliminary reading for growth, the Federal Statistics Office said consumption rose by 0.8 on the quarter and state spending 0.6 percent. Private consumption contributed 0.4 percentage points to growth. Investment in construction jumped 0.9 percent, adding 0.1 percentage points to growth. A growing population, increased job security and record-low interest rates are fuelling consumption and helping a property boom in Europe''s biggest economy. Investment in machinery and equipment rose 1.2 percent, adding 0.1 percentage points to the gross domestic product (GDP) growth rate. The data also showed that exports rose 0.7 percent on the quarter and imports increased by 1.7 percent, resulting in trade subtracting 0.3 percentage points from growth. Reporting by Joseph Nasr; Editing by Paul Carrel'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-economy-gdp-idUKKCN1B50L3'|'2017-08-25T09:46:00.000+03:00'
'6c54e60f856fae21d844cc11480c4ccf5999163d'|'Low world inflation dogs central bankers, even as economies grow'|'August 24, 2017 / 8:15 PM / a few seconds ago Low world inflation dogs central bankers, even as economies grow Howard Schneider and Jonathan Spicer 5   A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo JACKSON HOLE, Wyo. (Reuters) - The world''s top central bankers gather in Jackson Hole, their confidence bolstered by a sustained return to economic growth that may eventually allow the European Central Bank and the Bank of Japan to follow the Federal Reserve in winding down their crisis-era policies. Yet in one key area, none of the world''s central banks has found the answer. Inflation remains well below their two percent targets, stoking a debate about whether they are missing signals of a less than healthy economy and the need for a slower path of "rate normalization", or that they simply don''t understand how inflation works in a globalized world. In Japan, officials have researched behavioral causes, wondering whether businesses and families are just slower to react to economic signals than thought. European officials have blamed slow-moving union wage contracts and online shopping, while U.S. policymakers have cited a lengthy sequence of "one-offs" in pricing from oil to cellphones to prescription drugs. In each case the response of policymakers has been the same: wait it out and talk confidently about inflation''s return, as the Fed has put it since 2013, over "the medium term". "Yes, our models aren''t perfect... Certainly the fact that we have had some low inflation readings is something that we take very seriously," said Cleveland Fed President Loretta Mester. Yet Mester is convinced the problem is not a weakening economy, but changes in how businesses set prices - a supply side issue she says leaves her comfortable pressing ahead with slow but steady interest rate increases. Not everyone is convinced by Mester''s approach. Concerns over the significance of a recent slide in inflation have renewed questions about whether a global tightening of monetary policy can proceed, with U.S. investors betting the Fed will have to hold off on more rate changes until later next year. Fed Chair Janet Yellen will have a chance to address the issue on Friday, as does European Central Bank President Mario Draghi, who is laying plans to scale back some of the bank''s crisis-era programs even as expected progress on inflation has receded into 2018 and 2019. The Bank of Japan''s horizon for meeting its inflation target is around 2020. Fed officials have not yet caved on inflation even though pricing in financial markets has shifted expectations of the next rate hike back to the middle of 2018 versus Fed forecasts of another increase this year. "But the debate has grown more active of late and uncertainty is elevated," TD Securities said of the outlook for inflation in a report ahead of Jackson Hole. "The risks are for a slower pace.” WHAT TARGET? The use of inflation targeting has been an important innovation in central banking, rooted in theories of how public expectations, central bank communication and other factors shape economic behavior. It was a recognition that how policymakers talked about inflation, and what households believed, would in part determine the outcome. But the developed world''s alignment around a two percent target has become a headache as much as a policy guide, with central banks trying to estimate and regulate something they acknowledge they don''t fully understand. Bank of Japan consultants have puzzled over whether people shop and save as if they fully see the future, or whether they look at the past and only slowly adapt to change. If the latter, then what central banks say is less important. Have a globalized supply chain, globalized wage rates, and frictionless markets anchored inflation for good? If so, then Fed officials relying on tight labor markets to lift wages and prices through resource competition will be disappointed. Failure to meet inflation targets has prompted calls for an overhaul of policy, with suggestions of a new goal linked to growth in gross domestic product, for example. Fed researchers recently conjectured that the central bank should convince the public it was shooting for 3 percent in order to get two percent. Others like San Francisco Fed President John Williams have suggested just raising the target. For the moment, though, the current target looks likely to stick -- and the global waiting game to continue. "Look, inflation is hard to forecast," Mester said in an interview with Reuters, noting that the most elaborate models don''t do much better than simply saying inflation will be two percent and leaving it at that.   Balazs Koranyi in Frankfurt and Leika Kihara in Tokyo; Editing by David Chance and Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-fed-inflation-idUKKCN1B42JL'|'2017-08-24T23:11:00.000+03:00'
'25c040f2e28e983df9fb9c0bc4997a6308d452bc'|'Saudi foreign reserves resume falling in July'|'DUBAI, Aug 24 (Reuters) - Saudi Arabia''s foreign reserves resumed falling in July, central bank data showed on Thursday, suggesting the government may remain under pressure to draw them down to cover a budget deficit caused by low oil prices.Riyadh began liquidating the reserves in late 2014 and they dropped sharply from a record $737 billion in August that year. In June 2017, they rose month-on-month for the first time in over a year, prompting speculation that Riyadh might have cut its deficit enough to no longer need cash from the reserves.But Thursday''s data showed the central bank''s net foreign assets fell by $6.3 billion from June to $487 billion in July, their lowest level since early 2011. The reserves shrank 12.8 percent from a year earlier.The fall occurred despite the government''s launch of monthly domestic issues of Islamic bonds in July, which raised 17 billion riyals. Riyadh has said it wants to cover the deficit through debt sales as much as possible rather than by running down the reserves.Riyadh sold foreign securities in July to raise money, the data showed. The central bank''s holdings of foreign securities shrank by $4.3 billion from June to $333 billion, while deposits with banks abroad edged up by almost $1 billion to $95 billion.Thursday''s central bank data also pointed to a weak Saudi economy. Outstanding bank loans to the private sector shrank from a year earlier for the fifth straight month in July; they fell 1.3 percent, after a 1.4 percent drop in June. (Reporting by Andrew Torchia; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/saudi-cenbank-assets-idINL8N1LA5RY'|'2017-08-24T15:20:00.000+03:00'
'8938e5b46defb9277f282731580cb742517a4c83'|'Asia stocks brush off Wall Street slide after Trump''s comments, dollar sulks'|'August 24, 2017 / 12:50 AM / 7 minutes ago World stocks steady as focus shifts to Jackson Hole Danilo Masoni 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 18, 2017. Staff/Remote MILAN (Reuters) - World stocks steadied and the dollar edged up on Thursday as investors switched their focus from political concerns to speculation over shifts in monetary policy as the annual Jackson Hole gathering begins. The MSCI World index .WORLD, which fell to a five-week low on Monday following days of turmoil at the White House, a deadly attack in Spain and worries over North Korea, was flat. Wall Street futures ESc11YMc1NQc1 pointed slightly higher, while gains by cyclicals helped Europe''s STOXX 600 benchmark index inch up 0.4 percent. [nL4N1LA40Q] Earlier, the MSCI index of Asia-Pacific shares outside Japan .MIAPJ0000PUS also rose, shaking off jitters that shook markets after President Donald Trump threatened to shut down the U.S. government and end the North American Free Trade Agreement. Trump said on Tuesday he would be willing to risk a shutdown to secure funding for a wall along the U.S.-Mexico border. The world''s largest economy faces a late-September deadline to raise the its debt ceiling or risk defaulting on debt payments. "It''s easy to expect that Washington will produce negative catalysts in the next few weeks. The political scenario is quite explosive while the macro picture looks more reassuring," said Giuseppe Sersale, strategist at Anthilia Capital Partners. Markets were focussing on the central banking conference in Jackson Hole, Wyoming, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi were both due to speak, although significant new policy messages were considered unlikely. Still, "there are concerns about what central bankers will say as the market appears stretched, especially Wall Street, where valuations look to have reached a limit," said Enrico Vaccari, a fund manager at Italy''s Consultinvest. Vaccari said he saw risks of a stock market correction after Jackson Hole that was unlikely to leave Europe unscathed, even though valuations in the region had become attractive again compared with their U.S. peers. "Europe can''t make it on its own, especially because of the super-euro," he said. The dollar is down 14 percent against the common currency this year, but it edged up against some other major currencies after falling on worries about the shutdown risk, amid uncertainty over what message Fed policymakers will send over coming days. Traders from Citi said they leaned towards expecting a bullish message for the dollar from Yellen. "Our base case is for Yellen to be mildly hawkish," they told clients in a morning briefing. The dollar index .DXY, which tracks the U.S. currency against a basket of six other major currencies, gained 0.08 percent to 93.22 after falling 0.4 percent on Wednesday. The euro EUR=EBS was flat at $1.1804, after climbing on Wednesday on surveys that showed German and French manufacturing and services were expanding . In commodities, oil slipped as strength in the dollar more than offset support from potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey. Brent crude futures, LCOc1 the international benchmark for oil prices, were trading down 0.1 percent at $52.52 per barrel. Copper shone, with its price rising to a near three-year high on signs of higher demand in top consumer China while inventories fell in London warehouses. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Reporting by Danilo Masoni; additional reporting by Patrick Graham in London and Nichola Saminather in Singapore; Editing by Larry King and John Stonestreet 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1B4028'|'2017-08-24T03:53:00.000+03:00'
'408c5dede0e01190664b29710265ef7c6922d17d'|'Brexit fears slow British growth, hit consumers and businesses'|'Euro and Pound banknotes are seen in front of BREXIT letters in this picture illustration taken April 28, 2017. Dado Ruvic/Illustration/Files LONDON (Reuters) - Britain''s economy suffered weakness on all fronts in the three months to June, with shoppers pinched by the pound''s tumble, exports failing to fill the gap, and business investment frozen by Brexit uncertainty.The Office National Statistics confirmed on Thursday the economy grew 0.3 percent in the second quarter after 0.2 percent in the first -- adding up to the slowest growth for any major advanced economy since the start of 2017.The data showed negligible growth in household spending and flat business investment.A separate report suggested the malaise will continue. The Confederation of British Industry said retail sales growth slowed in August at the fastest pace in more than a year.Last year Britain surprised most economists by continuing to grow strongly during the six months after the June vote to leave the European Union.The growth was powered by robust consumer spending, despite a fall of around 15 percent in the value of the pound after the financial markets downgraded Britain''s long-run prospects following the Brexit vote.But Thursday''s figures showed household spending is flagging with the weakest quarterly and annual growth since late 2014. Investment and foreign trade failed to compensate, despite a weaker currency and strong global economy."Sterling''s depreciation is doing more harm than good," Samuel Tombs of consultancy Pantheon Macroeconomics said.Consumer price inflation rose to a four-year high of 2.9 percent in May off the back of the weaker pound, and real-term growth in household spending slid to a quarterly rate of just 0.1 percent in the three months to June, the ONS said.Flat year-on-year business investment undershot economists'' expectations for a modest 0.5 percent rise, while net trade contributed nothing to quarterly growth and acted as a 0.5 percent drag on Britain''s annual performance."The most recent three months growth has been almost entirely reliant on spending by households and government ... which doesn''t feel like the most stable of foundations for a post-Brexit economy," said Lee Hopley, chief economist for manufacturing trade body EEF.Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. Neil Hall/Files Barclays said the data was "highlighting just how much businesses are holding back investment in the face of high levels of uncertainty".BREXIT WORRIES Britain started formal talks to leave the EU in June, but businesses have complained that progress appears slow in light of the fixed deadline to leave in March 2019.EU negotiators want agreement on membership dues, existing EU immigrants'' rights and Britain''s land border with Ireland before starting more substantive talks on future trade arrangements later this year.The uncertainty and the weaker pound are also taking a toll on EU workers in Britain, who are crucial to some sectors.Other official data on Thursday showed net migration to Britain fell to a three-year low of 246,000 in the 12 months to March, as fewer EU immigrants arrived and growing numbers left.British farms, food processors and restaurants -- which all rely heavily on migrant workers -- also complained on Thursday that they faced labour shortages.High immigration has been an important component of British economic growth since the financial crisis, due to weak underlying productivity. On a per capita basis, Britain''s economy grew just 1.0 percent in the year to the end of June, its weakest rate in a year.Total growth was 1.7 percent, one of the weakest readings in four years.The Bank of England said earlier this month it expects the economy to grow 1.6 percent this year -- slower than it had previously forecast but in line with economists'' expectations.While it expects growth in household consumption to slow to 1.75 percent this year as inflation approaches 3 percent, it forecasts export volumes will rise by 3.5 percent and business investment will increase by 1 percent.Reporting by David Milliken Additional reporting by Andy Bruce Editing by Jeremy Gaunt'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/britain-economy-idINKCN1B40VD'|'2017-08-24T07:09:00.000+03:00'
'01e7de8174f50388a60f61f6b368e4fae209422a'|'Oil steady on falling crude inventories, but rising output weighs'|'August 24, 2017 / 1:08 AM / 40 minutes ago Oil steady on falling crude inventories, but rising output weighs Henning Gloystein 2 Min Read FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. Nick Oxford/File Photo SINGAPORE (Reuters) - Oil prices were little changed in early trade on Thursday, holding most of their gains from the previous session after another fall in U.S. crude inventories which is seen as a sign of a tighter market. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.48 per barrel at 0103 GMT, down 9 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.31 a barrel, down 10 cents. Crude futures rose more than 1 percent on Wednesday, also buoyed by potential output disruptions from a storm approaching the Gulf Coast. Traders said that ongoing declines in U.S. commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back, they said. "Another strong drawdown in U.S. crude oil inventories should see oil prices well supported," ANZ bank said, although it added that "there was a hint of cautiousness, with U.S. oil output continuing to push higher." U.S. oil production hit 9.53 million barrels per day (bpd) last week, the highest level since July 2015 and up over 13 percent from their most recent low in mid-2016. C-OUT-T-EIA Despite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. nL2N1L90VG Crude inventories fell by 3.3 million barrels in the week ending August 18, to 463.17 million barrels, down 13.5 percent from their record levels last March. C-STK-T-EIA Reporting by Henning Gloystein; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B402S'|'2017-08-24T04:05:00.000+03:00'
'13393bf5147ada33d5107d1d8be5f3a62409b787'|'Eager for red-hot cobalt gains, investors think small'|'August 24, 2017 / 4:20 PM / a minute ago Eager for red-hot cobalt gains, investors think small Nicole Mordant 4 Min Read FILE PHOTO: A sign is painted on a parking space for electric cars inside a car park in Hong Kong January 29, 2012. Tyrone Siu/File Photo VANCOUVER (Reuters) - Institutional investors hoping to profit from cobalt, this year''s high-flying metal, are buying into companies that are smaller than their usual fare to gain exposure to an industry supplying the burgeoning electric car market. Prices for cobalt CBD0, a key ingredient in lithium-ion batteries for electric vehicles, have spiked 83 percent this year on forecasts that demand will double in the next decade as consumers switch to less-polluting cars. Nearly all cobalt, which prolongs battery life, is mined as a by-product of copper and nickel, making it difficult for investors to get direct exposure. Much like the recent boom in lithium, another battery ingredient, cobalt''s surge has resulted from heady forecasts for ownership of electric vehicles. UBS in May said it expected them to account for 3.1 percent of global car sales in 2021 and 13.7 percent in 2025, up from 1 percent this year. In response, small cobalt-focused companies are mushrooming, mostly in Canada, a long-time hub for mining start-ups, but only one, Cobalt 27 Capital Corp ( KBLT.V ), concentrates entirely on the mineral. "To gain exposure to the cobalt theme in any pure way, you almost have to go down the market capitalization spectrum," said portfolio manager Ben Cleary of Sydney-based Tribeca Investment Partners. Institutions are often wary of small-cap stocks, which can be volatile and difficult to sell because of their small number of investors. Tribeca, which manages A$2.5 billion ($2 billion), owns shares of Canada''s Ecobalt Solutions Inc ( ECS.TO ), which is building a cobalt mine in Idaho. It also has stock in small Australian miner Cobalt One ( CO1.AX ), which is being acquired by Canada''s First Cobalt ( FCC.V ) in a three-way tie up to expand its exploration land in the province of Ontario. COBALT LISTINGS SURGE At the end of July, 110 companies mining or exploring for cobalt were on the Toronto Stock Exchange and TSX Venture Exchange, a market for smaller-capitalization stocks, compared with fewer than 30 in 2015, according to SNL Financial. FILE PHOTO: An electric car model Ioniq 2017, manufactured by Korea''s Hyundai, is seen during an exhibition by electricity distribution company Chilquinta to promote the concept of an intelligent city and a cultural change oriented towards sustainability in Valparaiso, Chile, June 7, 2017. Rodrigo Garrido/File Photo Some of the optimism is already built into cobalt stocks. Cobalt One has surged 30 percent this year, First Cobalt has nearly doubled, and Ecobalt has jumped 144 percent. Some junior miners point out that their projects are in more politically stable regions than the Democratic Republic of Congo, where more than half the world''s cobalt is produced. Last year Amnesty International said some mines there were using child labor. "(Tesla Inc ( TSLA.O ) Chief Executive Officer) Elon Musk and others are saying: ''Where do I get my cobalt if I don''t want to go to the Congo?''" said First Cobalt CEO Trent Mell. Tesla has said it would like to source raw materials for its "Gigafactory" battery plant in North America. At least two more cobalt explorers with Ontario projects are planning listings on the Toronto Stock Exchange in coming months, an industry source said, requesting anonymity because the information is not public. That would follow the June listing of Cobalt 27, which raised C$200 million ($159.21 million) in the market''s biggest mining initial public offering since 2012. BlackRock Inc ( BLK.N ), the world''s largest asset manager, bought Cobalt 27 shares, it said in a June 30 securities filing. Cobalt 27, which owns about 2,200 tonnes of cobalt and is not a miner or explorer, was created specifically to give institutions direct access to investing in the metal without the exploration and development risks facing miners, said CEO Anthony Milewski. "It is really the only pure play that exists," Milewski said. ($1 = 1.2661 Australian dollars) Reporting by Nicole Mordant in Vancouver; Editing by Lisa Von Ahn 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-mining-cobalt-canada-idUSKCN1B4212'|'2017-08-24T19:11:00.000+03:00'
'9d6325e26c66aff4d66f582613aa134032544000'|'Saudi Arabia, China plan joint $20 billion investment fund'|'August 24, 2017 / 7:15 AM / 20 minutes ago Saudi Arabia, China plan joint $20 billion investment fund Reuters Staff 1 Min Read JEDDAH, Saudi Arabia (Reuters) - Saudi Arabia and China plan to establish and operate jointly a $20 billion (15.63 billion pounds) investment fund, sharing costs and profits on a 50:50 basis, Saudi Energy Minister Khalid al-Falih told Reuters on Thursday. Falih was speaking on the sidelines of an economic conference of senior officials and businessmen from the two countries. He said that in addition to the fund, he expected 11 business agreements worth about $20 billion to be signed between the two sides on Thursday. He did not give details. Reporting by Reem Shamseddine and Katie Paul; Writing by Andrew Torchia 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-china-funds-idUKKCN1B40KQ'|'2017-08-24T10:15:00.000+03:00'
'895fa78ae835e3114c920f8837e5ec17e7aaf7cc'|'Britain says to rule on Fox-Sky advice as soon as possible'|'August 25, 2017 / 1:42 PM / 7 hours ago Britain says to rule on Fox-Sky advice as soon as possible Reuters Staff 1 Min Read The Sky News logo is seen on the outside of offices and studios in west London, Britain June 29, 2017. Toby Melville LONDON (Reuters) - Britain said on Friday it had received the additional advice it had requested on Rupert Murdoch''s bid to buy broadcaster Sky ( SKYB.L ), and it would decide whether to refer the deal for an in-depth review as soon as possible. Regulator Ofcom was asked to look again at the deal earlier this month after opponents lobbied Minister Karen Bradley, who was already deciding whether to refer Twenty-First Century Fox''s ( FOXA.O ) bid for a wide-ranging investigation. "The Secretary of State will now carefully consider that advice before making her decision on referral on the basis of all the evidence before her, and will do so as soon as is reasonably practicable," the Department for Digital, Culture, Media and Sport said. The government''s request to Ofcom came amid criticism from politicians worried about the U.S. company''s broadcasting standards. Reporting by Paul Sandle; editing by Kate Holton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sky-m-a-fox-idUKKCN1B51NW'|'2017-08-25T16:46:00.000+03:00'
'c93cbbe3a213b684b040635c1300c44b41600528'|'Exclusive: New Russia sanctions disrupt major Intesa loan syndication'|'August 25, 2017 / 10:33 AM / 5 hours ago Exclusive: Russia sanctions disrupt Italian bank''s 5 billion euro loan deal Sandrine Bradley , Stephen Jewkes and Dmitry Zhdannikov 5 Min Read The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. To match Insight ITALY-BANKS/FUND Stefano Rellandini - RTX2A32V LONDON/MILAN (Reuters) - Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar''s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia. Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year. Intesa ( ISP.MI ) invited about 15 banks to join the loan when it opened the syndication in May. A loan of this size would normally take between four and six weeks to syndicate, though deals involving emerging markets can sometimes take a few weeks longer. The banking sources said their compliance departments needed to understand the new sanctions. They also said the syndication was complicated by a political stand-off between Qatar and Saudi Arabia. Banks are taking a more cautious approach to deals involving Qatar as they are wary of damaging their relations with Saudi Arabia and the other three Gulf nations embroiled in the dispute. "The syndication is stuck because of new U.S. sanctions on Russia. The new sanctions are so wide-reaching that they will surely impact all similar deals involving Russian state firms," said a London-based source with a large Western bank invited by Intesa to participate in the syndication. Intesa, Italy''s largest retail bank, declined to comment. The banking sources did not want themselves or their banks to be named because they were not cleared to speak about the deal and because talks between Intesa and the banks about the syndication are confidential. Last month, Washington imposed new sanctions on Russia in the strongest action against Moscow since 2014 following Russia''s annexation of Crimea and incursion in east Ukraine. The new round of sanctions was in part a response to conclusions by U.S. intelligence agencies that Russia meddled in the 2016 U.S. presidential election. The sanctions dashed hopes of a rapprochement between Moscow and Washington. The syndication was meant to spread the risk for Intesa which has so far lent all of the money. The loan helped commodities house Glencore ( GLEN.L ) and the Qatar Investment Authority buy 19.5 percent in Rosneft ( ROSN.MM ) to help the Russian government plug budget holes. The Italian government says the loan is compliant with the new sanctions. COMPLICATED Intesa, which ranks as a fairly small investment banking player but has good connections in Russia, invited several French, Dutch and U.S. banks as well as China''s Bank of China and ICBC to participate in the deal. A source said ICBC and Bank of China had indicated they would be willing to participate in the deal, though they are more wary now given the political problems hitting Qatar. An official at ICBC declined to comment and one at BOC did not immediately respond to a request for comment. Bankers said the syndication was always expected to be complicated. Rosneft, its boss Igor Sechin and Russia’s top state banks are all subject to sanctions imposed after Russia’s annexation of Crimea from Ukraine in 2014, and some banks had refused to consider the deal on these grounds from the start. In addition to that, Glencore and QIA never disclosed full details of the deal, prompting the bankers to question whether they could go ahead with the syndication without knowing all beneficiaries of the transaction. A spike in tensions between Qatar and its Gulf neighbors including Saudi Arabia also happened just as Intesa started syndicating the loan. "The regional dispute has not helped – it is tough," a London-based loan banker said. "Political tensions around Qatar slowed the deal somewhat. But a real problem came when the U.S. imposed new sanctions (on Russia) in July," another London-based banking source said. Back in 2014, U.S. and European sanctions made it impossible for Russian state-owned companies and many private ones to raise new capital but left loopholes for raising money. "With the new sanctions, I expect a lot of troubles with lending to projects led by Russian state firms... And possibly to many private ones," said one of the banking sources. ($1 = 0.8477 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-intesa-loan-sanctions-idUSKCN1B5172'|'2017-08-25T13:37:00.000+03:00'
'd54443c6527fb203248c9ef74ef4b2a5c412c32c'|'Mitsui Sumitomo to buy Singapore-based First Capital Insurance for $1.6 billion'|'FILE PHOTO: Logos of Mitsui Sumitomo Insurance Company are seen at the company''s headquarters in Tokyo, Japan, May 19, 2016. Toru Hanai/File Photo SINGAPORE (Reuters) - Mitsui Sumitomo Insurance Company Ltd has agreed to buy Singapore-based non-life insurer First Capital Insurance Ltd from Canada''s Fairfax Financial Holdings ( FFH.TO ) for $1.6 billion, underscoring growing appetite among Japanese insurers to expand outside their home markets.Mitsui Sumitomo Insurance, the core firm of MS&AD Insurance Group Holdings ( 8725.T ), and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, Fairfax said in a statement on Thursday.It said the all-cash purchase will result in a realized net investment gain of approximately $900 million after tax.First Capital, the largest non-life insurer in Singapore, writes both personal and commercial lines of non-life insurance business across various classes such as fire, marine hull, marine cargo, motor and personal accident.The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year.Reporting by Anshuman Daga in SINGAPORE and Kanishka Singh in BENGALURU; Editing by Edwina Gibbs'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fairfax-fin-sale-mitsui-sumitomo-idINKCN1B32RC'|'2017-08-23T21:24:00.000+03:00'
'3172d2533e03c6a5e12ba5ff5be2e87e37f0d69f'|'Steel execs want Trump to restrict imports - Aug. 24, 2017'|'Trump predicts NAFTA termination President Trump began an investigation earlier this year into whether steel imports were threatening national security. Four months later, the steel industry wants action. Executives from 25 steel companies and industry groups wrote a letter to Trump on Wednesday demanding the president act. They say excess steel capacity and rising imports are hurting the American steel industry. "The need for action is urgent," the letter stated. Trump had directed Commerce Secretary Wilbur Ross in April to launch the probe. Ross originally said he hoped to wrap it up by the end of June, but the Commerce Department won''t give a new estimate now. An official told CNNMoney on Tuesday that the administration is "following the normal process of review." Since the announcement of the investigation, steel imports have continued "to surge," the executives said. Imports in June captured 30% of the U.S. market and hit their highest monthly total in more than two years, the letter argued. "The sustained surge of steel imports into the United States has hollowed out much of the domestic steel industry and threatens our ability to meet national security needs," the leaders wrote in the letter. Related: Why hasn''t Trump used his ''sledgehammer'' on trade? The letter was signed by top executives from Nucor Corp. ( NUE ) , ArcelorMittal USA ( AMSYF ) , United States Steel Corp ( X ) ., the American Iron and Steel Institute, and others. Tougher trade policies were a centerpiece of Trump''s campaign. He lambasted China and Mexico for stealing millions of jobs from the United States, and he promised to bring those jobs back with better trade deals or punishing tariffs. The United States is the world''s largest steel importer. Its top three import sources are Canada, Brazil and South Korea. Under a 1962 law, if the president invokes national security as the reason for the investigation, he can impose tariffs as high as he wants without approval from Congress. He can also get around an independent panel of U.S. trade judges. A trade official from the Clinton administration told Bloomberg in May that the law is a "big sledgehammer." If Ross determines that steel imports do threaten national security, it could start a trade war. The U.S. would probably impose tariffs, which could affect trade partners. Some or all could retaliate with tariffs on American products. However, Trump hinted in July that tariffs may not be coming soon, if at all. He told The Wall Street Journal that the administration would address steel tariffs after "we get finished up health care and taxes and maybe even infrastructure," according to a transcript published by Politico . Congress has so far failed to pass health care legislation and hasn''t even taken up taxes or infrastructure. CNNMoney (New York) First published August 24, 2017: 5:45 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/08/24/news/economy/trump-steel-imports/index.html'|'2017-08-25T01:45:00.000+03:00'
'761b49040bf16d96f58708d9da31299637470df4'|'Fintech startup AutoFi raises $10 mln'|' 02 AM / 13 minutes ago Fintech startup AutoFi raises $10 mln Reuters Staff 2 Min Read Aug 24 (Reuters) - AutoFi Inc, a financial technology startup catering to the auto industry, said on Thursday it raised $10 million in series A funding, bringing the total amount of equity funding to $17 million. The funding round included existing investors such as Crosslink Capital, Ford Motor Credit Co LLC and Lerer Hippeau Ventures. AutoFi''s platform helps prospective car buyers purchase and finance vehicles from a dealership''s website by connecting them to a network of lenders to complete the car-buying process. Currently, Ford Motor Credit Co, the lending arm of Ford Motor Co, uses the company''s software. The company also provides the technology to used-car buyers. AutoFi said it planned to use the funds to grow beyond Ford Credit and expand into international markets. The company will make announcements over the next few months around some national lenders joining its network, Chief Executive Kevin Singerman told Reuters. AutoFi also entered into a partnership with Tricor Automotive Group on Thursday to expand into Canada in the beginning of next year. Tricor is owned by Canadian automotive dealers and provides finance and insurance products to its shareholder-owned dealerships. (Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D''Silva) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/autofi-funding-idUSL4N1L85GH'|'2017-08-24T08:02:00.000+03:00'
'cf3ca415ec5e6a500b169b7c696c1a4c969b7b4d'|'Ford names former Key Safety exec Lou to head China operations'|'FILE PHOTO - Key Safety Systems Chief Executive Officer Jason Luo poses for a photograph during an interview with Reuters in Tokyo, Japan October 5, 2016. Issei Kato/FIle Photo SHANGHAI (Reuters) - Ford Motor Co ( F.N ) has appointed Jason Luo, head of auto parts maker Key Safety Systems, to run its China operations, a move seen as signaling its resolve to revive sales in the world''s biggest car market.The U.S. automaker hopes Luo, the first executive from mainland China to hold its top job there, will reprise his work at KSS, where he engineered a significant surge in China revenue.Ford''s overall China sales were down 7 percent in the first half of the year, worse than the industry average of a 3.8 percent climb.Foreign automakers in China are battling fierce competition from a swathe of local rivals, who are aggressively launching new models to grab market share. The market is also skewed by heavy government support for electric vehicles, prompting Ford to seek partners and expand local production.The U.S. automaker announced last week it was considering setting up a venture with Anhui Zotye Automobile Co ( 000980.SZ ) to build electric passenger vehicles in China under a new brand.FILE PHOTO - Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. Aly Song/File Photo Its Lincoln luxury unit also recently said it would start producing luxury SUVs in the country by 2019, and Ford is moving some production of its Focus small car to China.Luo, who has spent the last decade at the helm of Michigan-based KSS, also has wide experience in M&A - overseeing its $920 million sale to China''s Ningbo Joyson Electronic Corp ( 600699.SS ) and the $1.6 billion purchase of the healthier assets of bankrupt Japanese airbag maker Takata Corp this year.FILE PHOTO - Key Safety Systems Chief Executive Officer Jason Luo listens to a question during an interview with Reuters in Tokyo, Japan October 5, 2016. Issei Kato/File Photo "He''s got the experience of elevating KSS into a global company and Ford wants to further localize, so it''s not a surprise to see him come over," said Xing Lei, chief editor at China Automotive Review.Luo has a bachelor of science degree in Mechanical Engineering from Beijing Institute of Technology, China and master degrees from U.S. universities.The appointment will be effective Sept. 1.He takes the reins from Peter Fleet, who has since July held both the China job as well as his current role of group vice president and president of Ford Asia Pacific.Reporting by Brenda Goh; Additional reporting by Parikshit Mishra in Bengaluru; Editing by Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-ford-motor-management-china-idUSKCN1B32P1'|'2017-08-24T01:51:00.000+03:00'
'c5a15f0f735a363de8657da02b1decb998cd5c95'|'Appalling behaviour on London’s Tube'|'WITH 1.4bn passengers annually, the London Underground is one of the world’s busiest transport systems. It is also one of the most crowded, sometimes producing an element of friction among commuters over small acts of inconsideration. This week YouGov released the results of a survey of the things that most wind up passengers as they scurry around the Tube. Impatient commuters pushing to get into the carriage without letting riders off first are what drives people mad the most.The survey also revealed some interesting differences when broken down by gender: “manspreading” (unfurling one’s legs wide enough to take up unnecessary room) and being stared at are much more unpopular with women than with men, as is drunken behaviour. There is also a class divide in attitudes to certain behaviour. Richer people are less tolerant of dawdling at the ticket barrier, people who stand on the left side of the escalator (which is meant to be kept clear so others can walk on the left) and of music being played loudly from a device. 15 The rude behaviour of New Yorkers on the subway was surveyed by YouGov two years ago. Pushing into a subway car without letting others off again topped the list of grievances, but panhandling ranked second (which was not listed in the London study). Manspreading wasn’t mentioned specifically, but spreading out across multiple seats was the third top pet hate. Still, Dennis Green, an American journalist, caused a bit of a stir on Twitter recently when he wrote a column describing London’s Undergound as a “transportation paradise”, especially compared with the “crumbling infrastructure” of New York’s system.In London, when given only one option, most people say that refusing to give up a seat—for pregnant women, the elderly or disabled—is the most unacceptable conduct on the Tube. In New York, that transgression came way down the ranking, perhaps proving that, despite popular perceptions, Londoners do retain an element of courtesy towards their fellow travellers.Next The way airlines board planes affects how easily bugs are spread among passengers'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/manners-maketh-man?fsrc=rss'|'2017-08-25T21:27:00.000+03:00'
'0ee5919b25bfd76f50cacd0f97b519ec9cd83a53'|'RPT-Wall St Week Ahead-Investors seek gems among unloved small-caps'|'(Repeats Friday story with no changes)By Sinead CarewNEW YORK, Aug 25 (Reuters) - U.S. small-cap stocks, highly sensitive to the fate of President Donald Trump''s policy ambitions, may face more selling pressure, leaving small-cap investors scrambling for quality names and more resilient sectors.Small-caps, which are more reliant on U.S. policy and economic conditions than are large multinationals, have fallen recently on rising doubts that Trump can deliver on pro-business promises such as tax cuts.After outperforming in late 2016 after Trump''s election, the S&P 600 index of smaller companies has fallen 1.4 percent in 2017 while the Russell 2000, which includes smaller firms, is up 1.4 percent versus the S&P 500''s 9.2 percent rise.With Russell 2000 and S&P 600 multiples above historical averages, small-cap investors are carefully picking their steps."There''s a lot of value in small-cap land if you can look through the rubble," said St. Denis Villere III, portfolio manager at Villere & Co in New Orleans, LA.Some strategists are bearish on the small-cap sector as a whole, citing a patchier earnings outlook than for multinationals as well as doubts about Trump''s agenda.And small-cap indexes, which are typically more volatile than the S&P 500, may face high volatility in coming months as U.S. lawmakers debate controversial issues such as the debt ceiling.Smaller companies are "much more at risk than the large and more internationally exposed companies," according to Michael Purves, Chief Global Strategist at Weeden & Co, who cited concerns about the lack of a "cohesive mood" in Washington.The S&P 600 price/earnings ratio is currently 19.7 compared with its long-term average of 17.3, while the Russell 2000 forward P/E is 25.4 compared with its 21.3 historical average.As a result, Jefferies equity strategist Steven DeSanctis says, the Russell 2000 could fall 10 percent or more, bringing it below where it was before Trump''s Nov. 8 election as valuations are high and "volatility is on the rise."EXERCISE CAUTION The bearishness is sending investors to seek value in specific small-cap sectors and stocks that still look cheap but have strong growth prospects.For example smaller financial and information technology stocks are strong value contenders while utilities and consumer staples stocks are out of favor among many investors."Given that the economy is better, we''re more cyclical biased. That leads us to companies from technology to industrials," said Michael Corbett, chief investment officer at Perritt Capital Management in Chicago, who focuses on small-caps. "Valuations within staples look expensive today, whether it''s food or utilities."Jefferies'' DeSanctis is bullish on the technology sector because of its exposure to strong overseas growth and he also likes financials and travel and leisure bets but is wary of retailers, real estate, utilities and materials."Financials are a longer-term trend. This is not a thing that''s six or 12 months. It''s longer-lasting outperformance," he said, citing higher rates and slow deregulation for banks.Villere is wary of utilities and energy companies but likes technology and some consumer companies.There is a divergence of performance between some individual small-cap sectors and their larger counterparts, potentially opening a value opportunity for investors.For example, the S&P 600 financials sector is down 6.7 percent year-to-date compared with a 6.2-percent increase for its S&P 500 counterpart. But the S&P 600 financial sector''s forward P/E ratio of 15.9 is below its long-term average of 17.4 while the S&P 500 financial sector''s multiple of 13.8 compares with a long-term average of 12.8.In comparison, the S&P 600 utilities sector has risen 15.8 percent so far this year and its forward P/E of 23 is well above its long-term average of 16 versus a 12.8 percent rise for the S&P 500''s utility index, which has a P/E of 17.9 compared with its long-term average of 13.9.Such divergences are making small-cap investors wary."It''s prudent to not get out of the market but move to higher quality. Try to invest in a more discerning way," said Chris Zaccarelli, Chief Investment Officer at Cornerstone Financial Partners, in Huntersville, NC. (Reporting by Sinead Carew; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-weekahead-idUSL2N1LB1AY'|'2017-08-27T20:00:00.000+03:00'
'6e404dc3724a72f8f55ff131538c0faabe8ceb1d'|'Buckeye says no major damage to Corpus Christi facilities; plant remains shut'|'NEW YORK (Reuters) - U.S. terminal operator Buckeye Partners LP said on Sunday its facilities in Corpus Christi have not suffered major damage due to Tropical Storm Harvey.The company however will not restart the plant until there is clarity on the future status of the storm and the potential for more flooding in the region, a spokesman told Reuters via email.Equipment is currently being checked out as employees return to the plant, he said.Buckeye, which operates Buckeye Texas Processing (BTP), including a 50,000-barrel-per-day condensate splitter and a system to handle liquefied petroleum gas (LPG) at Corpus Christi, said on Saturday there was minor flooding at its facility.Reporting by Devika Krishna Kumar in New York; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-buckeye-partners-idUSKCN1B70R0'|'2017-08-27T20:12:00.000+03:00'
'a7d4428043397a3f1999e76f8c1d8e5bc659d135'|'Samsung, Biogen version of AbbVie''s Humira approved in Europe'|'August 25, 2017 / 1:00 AM / 5 minutes ago Samsung, Biogen version of AbbVie''s Humira approved in Europe Reuters Staff 2 Min Read FILE PHOTO - A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. Brian Snyder (Reuters) - Biogen Inc''s ( BIIB.O ) version of AbbVie Inc''s ABBV.O blockbuster arthritis drug Humira has been approved by European Union regulators, Biogen and joint venture partner Samsung Biologics ( 207940.KS ) said on Thursday. The new drug, Imraldi, marks the third European Commission approval for "biosimilar" versions from joint venture Samsung Bioepis of drugs in a class known as TNF inhibitors. Biosimilar copies of expensive biotech drugs are gaining momentum in Europe, which has been faster to adopt their use than the United States, and their potential to take business from companies making the original products is being monitored closely by investors. Imraldi was approved for the treatment of rheumatoid arthritis, juvenile idiopathic arthritis, axial spondyloarthritis, psoriatic arthritis, psoriasis, pediatric plaque psoriasis, adult and adolescent hidradenitis suppurativa, Crohn’s disease, pediatric Crohn’s disease, ulcerative colitis and uveitis. Last year, Samsung Bioepis received European Commission marketing authorization for Benepali, a biosimilar version of Amgen Inc''s ( AMGN.O ) Enbrel and for Flixabi, a version of Remicade, which is sold by Johnson & Johnson ( JNJ.N ). Earlier this year, Amgen won European approval for the first copy of Humira, also called adalimumab. The green lights clear the way for biosimilar copies of Humira to be launched in Europe in due course, although lawyers do not expect that to happen before October 2018, given the patents protecting adalimumab. Anti-TNF therapies represent some of the EU’s largest drug expenditures, costing an estimated $9 billion (7.03 billion pounds) a year, Biogen said in a statement. The company estimated that having lower-cost versions of the drugs in Europe could generate savings of over $11 billion between the patent expiry date of each reference product and 2020. Reporting by Deena Beasley in Los Angeles; Editing by Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-biogen-humira-idUKKCN1B5039'|'2017-08-25T04:00:00.000+03:00'
'f5123aaa55b4d0f06c3bdc0c665adc6f9a1487a4'|'Taper Tantrum? ECB reinvestments may soothe edgy bond markets'|'August 28, 2017 / 12:31 PM / an hour ago Taper Tantrum? ECB reinvestments may soothe edgy bond markets Dhara Ranasinghe 6 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, June 10, 2017. Ralph Orlowski/File Photo LONDON (Reuters) - As bond markets brace for an end to ECB stimulus, reinvesting funds from maturing bonds the bank holds could prevent the kind of "taper tantrum" that sent yields soaring in 2013 after the U.S. Federal Reserve signalled an end to its bond-buying scheme. The cash the European Central Bank receives when the bonds it holds are repaid or redeemed is set to pick up next year and accelerate in 2019, according to bank estimates. Dutch bank ABN AMRO calculates that over the next three years, reinvestments of maturing bonds including regional, sovereign and supranational debt could reach up to 640 billion euros ($756 billion). That cash going back into bond markets is important because it''s likely to coincide with a scaling back of the ECB''s 2.3 trillion euro asset-purchase scheme -- widely expected to begin in early 2018 -- and limit a rise in government borrowing costs. So far, reinvestment flows have been overshadowed by a focus on a tapering but are expected to grow in importance. "We will still have a great level of monetary policy accommodation through 2018 in Europe, no matter what the ECB decides in September," said Vincent Juvyns, global market strategist at JPMorgan Asset Management, referring to an upcoming meeting. The ECB began buying government bonds in March 2015 to lift economic growth and inflation and set a minimum maturity of two years, lowered to one year in January. Those purchases make up the bulk of the ECB''s asset purchase scheme. It redeploys the money it receives from maturing bonds back into the market and these reinvestments are in addition to monthly bond buys. The ECB does not give precise details on reinvestments but has said these would be done in a "flexible" way and run for "as long as necessary." Estimating reinvestments is difficult as the ECB provides limited information about asset buys, leaving markets guessing about upcoming volumes and resulting in differing estimates. The ECB declined to comment on the volume of reinvestments in the coming years. Since bonds bought by the central bank first started maturing in March, reinvestment flows have been small. Societe Generale calculates reinvestments averaged just 1.23 billion euros per month between March and June. It expects reinvestments to average 8.2 billion euros over the first half of 2018. SocGen rates strategist Ciaran O''Hagan expects the ECB to cut asset buys by a third to 40 billion euros a month from January, indicating that reinvestments would then equal about a quarter of net purchases. NAVIGATING QE EXIT ECB tapering is viewed as a major market event. Comments by ECB chief Mario Draghi in June, seen as paving the way for a scaling back of stimulus, pushed German bond yields DE10Y=TWEB to 18-month highs while the euro jumped to its strongest in over a year EUR= . [nL8N1JO1H3] In 2013, global markets took fright at the Fed''s first hint that it might unwind its monetary stimulus in what became known as the taper tantrum. Navigating a path out of extraordinary monetary stimulus without disrupting markets is one of the ECB''s biggest challenges. "A clear risk to the ECB''s taper is that the ECB could exit the programme too hastily and that it would unwarrantedly tighten financial conditions or, even worse, it could create a taper tantrum," said ABN AMRO senior rates strategist Kim Liu. "However, the increasing reinvestment flows will help the ECB. They are significant and mean that the ECB will still be a dominant buyer in the euro zone bond market for the years to come." Analysts expect bond yields to head up as the ECB tapers but say it is hard to gauge how much reinvestments could cap yields, which will also be influenced by the inflation outlook. Just how long the ECB will continue to reinvest proceeds from maturing bonds is not defined. The Fed finished tapering in 2014 but will only start cutting its bond holdings this year. [nW1N1ID00H] KEY BENEFICIARIES Germany is expected to receive the largest reinvestment flows, followed by Italy and France. That''s because these countries have higher shares in the capital key -- where the ECB buys a country''s bonds in line with the size of its economy. Redemptions in Germany, the bloc''s biggest economy, are likely to be skewed towards the latter half of 2018, according to ING. ING calculates that average monthly bond reinvestments next year could be around 11.5 billion euros. It also estimates monthly redemptions in Germany at 3.3 billion euros, compared with 2.9 billion euros in Italy and 1.9 billion euros in France. The ECB is not required to immediately reinvest redemptions, so it could smooth the purchases over several months. That could be beneficial for Italy, where markets face potential volatility heading into elections in 2018. "They (the ECB) will still be buying, just at a lower amount on a monthly basis...Ultimately the taper won''t have as much of an impact as they would have outright," said Marianne Winkelman, director of global bond, EM and FX trading at Loomis, Sayles and Company. Additional reporting by Balazs Koranyi in FRANKFURT and John Geddie and Saikat Chatterjee in LONDON, Graphic by Ritvik Carvalho; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-bonds-ecb-analysis-idUKKCN1B818Z'|'2017-08-28T15:31:00.000+03:00'
'722a863ed4f6b9a9d46477a62b694de42f5c6b32'|'UPDATE 2-Puerto Rico oversight board asks court to enforce furloughs'|'(Adds background on Puerto Rican economic crisis and labor disputes)By Nick BrownNEW YORK, Aug 28 (Reuters) - Puerto Rico''s federal oversight board on Monday sued Governor Ricardo Rossello, saying he has no authority to reject planned employee furloughs and pension cuts the board says are necessary to pull the bankrupt U.S. territory from economic crisis.Escalating a long-running power struggle between the federally appointed board and the governor, the lawsuit asks a U.S. federal court in San Juan to rule the planned furloughs and pension cuts are part of an economic turnaround plan that has been approved by the board."The governor must enforce and comply with all aspects of the ... fiscal plan," including pension cuts and furloughs set to begin on Thursday, the board said in a 23-page complaint.Rossello''s administration has said it will not impose furloughs or cuts, arguing they were not part of the original turnaround plan, but amendments added by the board.Puerto Rico, which earlier this year filed the biggest bankruptcy in U.S. municipal history, is struggling to regain economic stability in the face of a $72 billion debt load, a 45 percent poverty rate and near-insolvent public health and pension systems.Investors are watching closely to see if the island can use bankruptcy to address deep-seated structural problems, or if it will just cut debt.Labor is a key issue, and one shrouded in uncertainty lately, as one union has sued to block the furloughs and pension cuts while others have planned widespread protests on Wednesday.Puerto Rico''s seven-member financial oversight board, created by U.S. Congress last year, has called for $880 million in savings through "right-sizing" government. It has said furloughs of two days per month, excluding frontline law enforcement, alone would save $218 million this fiscal year.The board included furloughs and pension cuts as amendments to the island''s fiscal turnaround blueprint, which it approved in March.At the time, Rossello told Reuters he didn''t see "any way I can reduce pensions of people already having a hard time."He also said he was confident he could avoid the furloughs by meeting cost-saving benchmarks in other ways. ( reut.rs/2wD1AQO )On Aug. 4, the board reaffirmed both measures, saying the benchmarks had not been achieved and furloughs would be triggered.Rossello, the same day, said, "I do not accept nor will I execute the furlough," and has since argued that the measures, as amendments, are not enforceable parts of the turnaround plan.Reporting by Nick Brown; Editing by Cynthia Osterman and Paul Simao '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/puertorico-debt-labor-idINL2N1LE11V'|'2017-08-28T16:22:00.000+03:00'
'3f32179f2e6db006a270141b12481e43c492d9c5'|'Chinese insurer PICC Group in talks over Southeast Asia takeovers: executive'|'FILE PHOTO: The company logo of the People''s Insurance Company of China (PICC) is displayed at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. Bobby Yip/File Photo HONG KONG (Reuters) - Chinese insurance giant PICC Group is in talks to either acquire or buy a stake in several Southeast Asian insurers and expects some deals to close before the end of the year, a senior executive said on Monday.Xie Yiqun, vice president of the group, formally called People''s Insurance Company (Group) of China (PICC) ( 1339.HK ), said he expects one or two deals to materialize this year with a few more to come in the next two or three years.PICC''s overseas push is in line with China''s Belt and Road initiative, aimed at building a modern-day "Silk Road" that connects China by land and sea to Southeast, South and Central Asia, and beyond to the Middle East, Europe and Africa.PICC plans to set up offices and branches in certain Belt and Road countries, while also looking for investment and acquisition opportunities, Xie said at an earnings briefing."Insurance regulations vary from country to country," he said. "We have a map (of target markets). Our progress in each country varies as each has a different level of openness."Although Chinese outbounds deals are declining in the wake of increased scrutiny by Beijing, M&A deals by Chinese companies in Belt and Road countries are soaring, with investment for 2017 hitting $33 billion by mid-August, Thomson Reuters data showed.Executives for the insurer also said it was using Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect schemes as a new channel for investment and had spent 8 billion yuan to 10 billion yuan ($1.2 billion to $1.5 billion) on that in the first half of this year.The company said first-half net profit rose 14 percent to 8.82 billion yuan, helped by growth in total written premiums.($1 = 6.6395 Chinese yuan)Reporting by Kane Wu; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-picc-group-southeast-asia-idUSKCN1B80D3'|'2017-08-28T13:21:00.000+03:00'
'378ed864d7cc6b3530187b415470526f0abfcaa2'|'AstraZeneca taps AI for drug discovery in deal with Berg'|'August 28, 2017 / 2:09 PM / 7 hours ago AstraZeneca taps AI for drug discovery in deal with Berg Reuters Staff 3 Min Read FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London, Britain April 28, 2014. Stefan Wermuth /File Photo LONDON (Reuters) - AstraZeneca ( AZN.L ) has forged a research collaboration with Boston-based Berg, a specialist in artificial intelligence for drug hunting, in the latest sign of big pharma''s interest in using supercomputers for drug discovery. The tie-up will focus on finding and evaluating novel ways of treating Parkinson''s disease and other neurological disorders. Financial terms were not disclosed but the deal involves AstraZeneca providing Berg with chemical fragments that the U.S. company will search for potential drug candidates. Berg''s scientists have already used AI to find novel biological targets for new medicines by comparing detailed data from tissue samples collected from diseased and healthy individuals. AstraZeneca will have the right to secure an exclusive licence to any of the drug candidates coming out of the work. A growing number of big pharmaceutical companies, including GlaxoSmithKline ( GSK.L ), Sanofi ( SASY.PA ) and Merck ( MRK.N ) are exploring the potential of AI through alliances with start-ups. The aim is to harness modern computing systems to predict how molecules will behave and how likely they are to make a useful drug, thereby saving time and money on unnecessary tests. "2017 has really been the year when AI has been taken seriously and we are now seeing early signs of adoption and implementation in the broader industry," Niven Narain, chief executive of privately owned Berg, told Reuters. "In prior years there was some scepticism." For Berg, which also has its own experimental cancer drugs developed using AI in clinical trials, the deal with AstraZeneca is its first major pharma collaboration. Narain expects to announce more partnerships soon. "We have a few that are very close to being finalised," he said. Other young companies in the AI drug discovery sector include Britain''s BenevolentAI and Exscientia, and U.S. based firms Numerate, twoXAR, Atomwise and InSilico Medicine. Reporting by Ben Hirschler; Editing by Elaine Hardcastle'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-astrazeneca-ai-berg-idUKKCN1B81G8'|'2017-08-28T17:09:00.000+03:00'
'51418aa7a5d173de022448bc71b652211762b990'|'Former F1 driver Niki Lauda says might bid for Air Berlin´s Niki - Reuters'|'FRANKFURT, Aug 27 (Reuters) - Former F1 driver Niki Lauda is interested in buying back insolvent Air Berlin''s Niki, the Austrian airline he once owned, joining a slew of companies and investors vying to grab parts of the German carrier.Lauda expressed his interest in Niki in a letter to Air Berlin''s insolvency administrator but he has yet to look into Niki''s books, he told Austrian newspaper Kronen-Zeitung."Now let''s see what happens, whether I''ll be invited to the negotiations at all," he was Quote: d as saying.Air Berlin filed for insolvency after major shareholder Etihad pulled the plug on further funding. It is still flying thanks to a 150 million euro ($177 million) loan from the German government.Lufthansa, Thomas Cook''s Condor, easyJet and Ryanair are among airlines interested in the carrier''s business or parts of it, sources familiar with the negotiations have said. German aviation investor Hans Rudolf Woehrl is also working on a bid.Lauda set up Niki in 2003 after buying the Austrian arm of bankrupt German charter carrier Aero Lloyd. Air Berlin acquired a stake shortly after and gained full control over the years.Reporting by Ludwig Burger; editing by Susan Thomas '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-ma-lauda-idINL8N1LD0IC'|'2017-08-27T15:07:00.000+03:00'
'b077ba46232ad52cda5cba4c2ccdef9b5a15e064'|'UK opposition Labour to offer alternative soft Brexit in policy shift'|'FILE PHOTO - Britain''s opposition Labour Party leader Jeremy Corbyn stands in the garden at the Olive Tree Cafe in Swindon, Britain August 11, 2017. Peter Nicholls LONDON, (Reuters) - The opposition Labour Party says it would keep Britain in the European single market and customs union for a transitional period after Brexit, offering a clear alternative to the policies of Prime Minister Theresa May.The centre-left party would seek to maintain the "same basic terms" with the European Union, including the free movement of people, beyond March 2019 when Britain is set to leave the bloc, Labour''s Brexit spokesman Keir Starmer said on Sunday.Labour wanted to avoid a damaging "cliff edge" for the economy from an abrupt separation in less than two years.It would also aim to keep a form of customs union with the EU, and would possibly agree a new relationship with the single market, subject to negotiations, Starmer added in the Observer newspaper.Senior ministers in May''s Conservative government have ruled out remaining in the single market and customs union during any transitional phase following Brexit.Starmer said following EU rules for a period would allow goods and services to continue to flow between the EU and Britain without tariffs, customs checks or additional red tape.Starmer''s comments follow months of uncertainty and division on Labour''s position, and are aimed at providing a springboard for party leader Jeremy Corbyn to potentially defeat the Conservatives in any new election.May''s grip on power has been weakened following a botched early general election in June in which she lost her parliamentary majority, making it harder for her government to maintain a united stance on Brexit.NO TIME LIMITS Labour recognised that a transitional deal would not provide long-term certainty, Starmer said, and it would not resolve the question of migration, one of the key issues for voters in the referendum in 2016."That is why a transitional period under Labour will be as short as possible, but as long as necessary," he added.The Conservatives said Labour''s position was a "weak attempt to kick the can down the road"."Their leader can''t say they would end unlimited freedom of movement, they can''t decide whether we are leaving the single market and they have no vision for what Britain should look like outside the EU," a spokesman said."This week we will be heading out to negotiate a deal with the EU that avoids unnecessary disruption to people and businesses, and allows the UK to grasp the opportunities of Brexit. Labour are still arguing from the sidelines."Nigel Farage, former leader of the anti-EU UK Independence Party, also criticised the Labour move."Corbyn promised he would leave the single market. He has now betrayed every Labour voter at the General Election," he said on Twitter.Britain will return to Brexit talks on Monday after it sought to widen the debate by publishing a series of papers in the last two weeks on subjects ranging data.The EU wants to make progress on three areas settlement -- before moving on to the other subjects.The talks restart startsStarmer said Labour would make jobs and the economy a priority in any settlement."That means remaining in a form of customs union with the EU is a possible end destination for Labour, but that must be subject to negotiations," he added."It also means that Labour is flexible as to whether the benefits of the single market are best retained by negotiating a new single market relationship or by working up from a bespoke trade deal."($1 = 0.7762 pounds)Additional reporting by Elisabeth O''Leary; editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-labour-idINKCN1B7021'|'2017-08-27T06:30:00.000+03:00'
'c7506806265aa04f0dd94d1cb3dd0107ef77370f'|'Hurricane Harvey''s wallop on U.S. oil refiners is just beginning'|'August 26, 2017 / 12:54 AM / 6 hours ago Hurricane Harvey''s wallop on U.S. oil refiners is just beginning Erwin Seba 3 Min Read HOUSTON (Reuters) - Refiners from Corpus Christi, Texas, to Louisiana were working furiously to prepare for Hurricane Harvey which is packing winds of up to 130 miles per hour, and threatening "unprecedented" flooding, according to forecasters. The storm on Friday had shut 4.4 percent of U.S. oil processing capacity, causing by one estimate a week''s worth of product supply constraints. But up to a quarter of the nation''s refining output lies in the path of the major Gulf Coast storm, according to current forecasts. Refining staff were busy securing loose equipment, piling sandbags within plants and reviewing procedures for a shutdown if they became necessary, sources familiar with plant operations said on Friday. Ride-out crews, who are specially trained to remain during storms, are hunkered down in control rooms monitoring systems at the Citgo Petroleum Corp [PDVSAC.UL], Flint Hills Resources [FHR.UL] and Valero Energy Corp''s ( VLO.N ) plants in South Texas, the sources said. The companies operate four refineries, three in Corpus Christi and another in nearby Three Rivers, Texas. Since 2005 when hurricanes Katrina and Rita devastated the Gulf Coast, refiners have been hardening their plants to better sustain and recover from storms. For example, Phillips 66 ( PSX.N ) erected a 4.5-mile flood wall to protect its Alliance, Louisiana facility. Most refiners also have generators on raised platforms several feet off the ground or stationed off-site to provide power for repairs and to make preparations to restart after a loss of power. But Katrina and Rita proved back-up equipment was not the only issue. Refineries near New Orleans were disrupted after several feet of water poured onto their properties. Rita also took what was then BP Plc''s ( BP.L ) Texas City, Texas, refinery out of operation for seven months after a sudden shutdown of its cogeneration plant caused extensive damage to 27 miles of steam piping. Like the BP plant, refineries are most often shut after a hurricane by loss of utilities or supply systems. On Thursday, LyondellBasell Industries reduced production at its Houston refinery to conserve crude oil supplies, sources said, in anticipation of the closure of the Houston Ship Channel. The channel was closed to vessel traffic on Friday. Lyondell returned production to full on Friday afternoon after finding an additional supply of crude, the sources said. To conserve its available crude, Marathon Petroleum Corp ( MPC.N ) also reduced production at its 459,000 barrel-per-day Galveston Bay Refinery in Texas City, the former BP plant. Reporting by Erwin Seba; Editing by Gary McWilliams and Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-storm-harvey-refining-idUKKCN1B601G'|'2017-08-26T03:54:00.000+03:00'
'946d5a9af1b9bfd257d28fa6e3fabc2ca8aaed05'|'Exclusive: Hudson''s Bay to review options after activist pressure -'|'FILE PHOTO: People shop inside at the Hudson''s Bay Company (HBC) flagship department store in Toronto January 27, 2014. Mark Blinch/File Photo (Reuters) - Hudson''s Bay Co, owner of the Saks Fifth Avenue and Lord & Taylor retail chains, plans to review its options, including going private, following pressure from an activist shareholder, people familiar with the matter said.The Canadian retailer''s largest shareholder and executive chairman Richard Baker is looking for a new strategy after unsuccessful attempts this year to merge Hudson''s Bay with U.S. department store operators Macy''s Inc and Neiman Marcus.Hudson''s Bay, which is already working with an investment bank to defend itself against activist hedge fund Land and Buildings, has been seeking to hire another financial adviser to carry out the review, the sources said this week.The review will consider all available options, from the possibility of the company going private to potential sales of retail assets and real estate, the sources said, cautioning that no transaction is certain.The sources asked not to be identified because the deliberations are confidential. Hudson''s Bay declined to comment.Hudson''s Bay shares ended trading on Friday up 14.2 percent at C$11.45 on the news, giving the company a market capitalization of around C$2.1 billion ($1.7 billion). The company also had outstanding loans and borrowings totaling C$4.2 billion as of the end of April.Hudson''s Bay shares have lost close to 40 percent of their value in the last 12 months, as sales declined and consumers continued their shift away from department stores to online and discount retailers.Land and Buildings urged the company in June to consider going private and to monetize its real estate holdings. The hedge fund''s founder Jonathan Litt has called Hudson''s Bay "a real estate company, full stop."The 347-year-old company dates back to the fur-trading era and once claimed more than 40 percent of what is now Canada and a substantial chunk of what became Minnesota and North Dakota.Today, it owns more than $10 billion in real estate assets in North America and Europe, with the flagship Saks store on Fifth Avenue in New York alone valued at around $3.7 billion.Land and Buildings escalated the pressure last month, saying it would seek to nominate directors to serve on the company''s board unless the company took major steps to increase its stock price, including potentially selling Saks Fifth Avenue or exiting its business in Europe.Litt has also indicated he is open to Hudson''s Bay developing its own plan.Hudson''s Bay is not the first North American department store to consider going private this year. A group of Nordstrom Inc family members is also exploring ways to take the eponymous U.S. department store operator private.Hudson''s Bay has been successful over the years in attracting major property investors, such as RioCan Real Estate Investment Trust ( REI_u.TO ), in joint ventures that have allowed it to place more debt on its retail assets and seek to boost returns from rent and the value of the real estate.However, the strategy has reached its limits as the company''s sales have failed to keep pace with its ambitions for expansion. In addition to Saks Fifth Avenue in 2013, its acquisitions include Germany''s Galeria Kaufhof in 2015 and online shop Gilt Groupe last year.After reporting a wider-than-expected first-quarter loss in June, the company said it would cut about 2,000 jobs across North America.Hudson''s Bay has reported a fall in consolidated same-store sales for five consecutive quarters, and industry analysts and consultants expect another decline when the company reports second-quarter earnings next month.A bid by Hudson''s Bay for Macy''s was spurned earlier this year, as Hudson''s Bay struggled to put together the financing needed, Reuters reported at the time. Hudson''s Bay also explored an acquisition of debt-laden Neiman Marcus, which it subsequently abandoned.Reporting by Carl O''Donnell and Lauren Hirsch in New York; Additional reporting by Greg Roumeliotis and Michael Flaherty in New York and John Tilak and Solarina Ho in Toronto; Editing by Meredith Mazzilli, Tom Brown and Diane Craft '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-hudson-s-bay-m-a-exclusive-idINKCN1B52DN'|'2017-08-25T17:02:00.000+03:00'
'd187e05898779578e3902b294e6677874dcaf2f5'|'U.S. money funds held 20 pct T-bills due to October - Citi'|'NEW YORK, Aug 27 (Reuters) - U.S. money market funds at the end of July held $63 billion, or 20 percent, of outstanding Treasury bills due in October, when the government faces a deadline to increase the federal debt limit, according to Citi analysts.Yields on T-bills due in October have risen in the absence of a deal by lawmakers to raise the statutory borrowing cap, and they could rise more if members of Congress do not reach an agreement to raise the debt ceiling when they return from their summer recess next week, the analysts said in a research note published late Friday.They noted that money market fund managers had been slow to act on their bill holdings ahead of new industry rules going into effect last year."Given that the MMF (money market fund) community started clearing up at-risk bill issuance just 2-3 weeks going into the reform, we may see further sales going forward," they wrote. "Of course, some of that dynamic may be behind us since the data is as of end of July."On Friday, October T-bill yields ended about 8 basis points to 20 basis points higher than yields on issues maturing in September and November, Reuters and Tradeweb data showed.Last week, the White House said it was committed to making sure Congress raises the debt ceiling, currently at $19.9 trillion, before the government is expected to run out of cash at the end of September.If the government cannot issue more debt, traders fear, it will delay making interest and principal payments on its outstanding debt. A U.S. default could roil financial markets worldwide as investors rethink the creditworthiness of Treasuries.The consensus view is that the debt ceiling would be increased before the government''s cash is exhausted.Until a deal is clinched, the T-bill market is vulnerable to further selling by money funds, whose ownership of T-bills increased last year as a number of them converted into government-only funds in response to tighter regulations."We believe that default is highly unlikely but think the Oct bill dislocation can grow further," Citi analysts wrote. (Reporting by Richard Leong; Editing by Andrea Ricci) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-budget-ceiling-funds-idINL2N1LD0LI'|'2017-08-27T19:28:00.000+03:00'
'1884ec5e2e2b79c0e55e39b50f0506cd18ec6b4f'|'TREASURIES-Bonds firm before heavy data week, debt ceiling in focus'|'* Economic data this week includes August jobs report * Treasury to auction 2-year, 5-year notes on Monday * Debt ceiling concerns weigh on some Treasury bills By Karen Brettell NEW YORK, Aug 28 (Reuters) - U.S. Treasuries were steady on Monday as market participants waited on data that will culminate in Friday’s August employment report for further indications of the strength of the U.S. economy. The employment report is expected to show solid jobs gains, but wage data will be the main focus of any uptick in inflation. “If we got a crazy average hourly earnings number, that would jolt the market, but we’re not expecting that to happen,” said Praveen Korapaty, head of global interest rate strategy at Credit Suisse in New York. The median estimate of 60 economists polled by Reuters shows employers added 182,000 jobs in August. Other releases this week include second-quarter gross domestic product data on Wednesday and personal income figures on Thursday. Benchmark 10-year notes were last down 2/32 to yield 2.18 percent, up from 2.17 percent on Friday. The prospect of a government shutdown and even a default is also in focus as lawmakers face a deadline to raise the U.S. debt ceiling by late September or run out of funds. “The most interesting thing will be what’s happening on the legislative side in the U.S.,” said Korapaty. “It’s not clear to me that the debt ceiling legislation will have smooth sailing, and certainly the odds of a government shutdown are higher than what markets seem to be worried about at this point.” Yields on Treasury bills that are due on Oct. 5 were elevated on Monday at 1.14 percent but below the high of 1.24 percent reached on Aug. 10. The U.S. Treasury Department, meanwhile, will sell $88 billion in short- and intermediate-dated debt this week, including two auctions on Monday. The government will sell $26 billion in two-year notes and $34 billion in five-year notes on Monday, followed by a $28 billion auction of seven-year notes on Tuesday. (Reporting by Karen Brettell; Editing by Lisa Von Ahn) ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LE0GS'|'2017-08-28T11:32:00.000+03:00'
'55f06077f339b4a49843b2d511b4fd41d9e785bd'|'Glencore says it plans to sell its Rolleston coal mine in Australia'|'August 28, 2017 / 5:54 AM / 7 minutes ago Glencore says it plans to sell its Rolleston coal mine in Australia Reuters Staff 1 Min Read The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, July 18, 2017. Arnd Wiegmann SYDNEY (Reuters) - Miner Glencore PLC ( GLEN.L ) said on Monday it has launched a sale process for the Rolleston thermal coal mine in Australia together with its joint venture partners, Japanese trading houses Itochu Corp ( 8001.T ) and Sumitomo Corp ( 8053.T ). "This decision is part of Glencore''s ongoing programme to optimise its portfolio and redeploy capital into other opportunities," Glencore said in a statement. It didn''t disclose financial targets for the proposed sale. Reporting by James Regan; Editing by Kenneth Maxwell'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-glencore-australia-idUKKCN1B80FB'|'2017-08-28T08:54:00.000+03:00'
'799473fb82e9b4b5919bbc5c5e4cbbe4db49bc07'|'Telecoms group Altice announces 1 billion euros share buyback'|'PARIS, Aug 28 (Reuters) - Altice , the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, announced a 1 billion euros ($1.2 billion) share buyback programme and said it would continue to examine takeover opportunities.Altice said on Monday that the share buyback formed part of its general strategy to boost shareholder returns and reflected its confidence in meeting its near-term financial targets, with Altice also reiterating its 2017 financial guidance."Going forward, Altice will continue to assess the use of excess cash for either significantly accretive M&A (mergers and acquisitions) opportunities or further shareholder returns," the company said in a statement.Sources told Reuters earlier this month that Altice NV and its U.S. cable division were in the early stages of working on an offer to buy Charter Communications.$1 = 0.8386 euros Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/altice-stocks-idINFWN1LE05V'|'2017-08-28T04:14:00.000+03:00'
'0507fcb6dd598db250f4369f7b5d8d146e270154'|'PRESS DIGEST - Wall Street Journal - Aug 28'|'Aug 28 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc''s board has voted to appoint Expedia Inc Chief Executive Dara Khosrowshahi as its new CEO, capping a tumultuous nine-week search after Travis Kalanick resigned in late June, according to people familiar with the matter. on.wsj.com/2iBXIJZ- Facebook Inc is once again in hot water for allowing objectionable videos on its website, this time drawing a rare rebuke from a United Nations agency. on.wsj.com/2iAkySh- The Occupational Safety and Health Administration is reducing its reporting of fatalities in the United States, part of a series of moves by the agency that are cutting back the amount of information about workplace accidents made available to the public. on.wsj.com/2izt1Fa- Mall-based retailer Perfumania Holdings Inc has sought Chapter 11 protection with plans to reorganize around its better-performing stores. on.wsj.com/2iBQMN6- Wireless networks along the Texas coast suffered outages as a result of Hurricane Harvey, federal regulators said, leaving customers in some counties with limited or no cellphone service. on.wsj.com/2iztUO0 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1LE24E'|'2017-08-28T03:29:00.000+03:00'
'28b6dbcbb21f93490c4e888f87f253b0901c1473'|'China''s R&F Properties roars back into the spotlight on Wanda deals'|'* R&F involved in two property deals with Wang''s Dalian Wanda* Wang and R&F''s Li Sze Lim "long-term friends" - Li* Wanda targeted in Chinese clampdown on overseas investment* R&F now world''s largest owner of luxury hotelsBy Clare JimHONG KONG, Aug 26 (Reuters) - Once the leader of the elite group of developers known as the "Five South China Tigers", Guangzhou R&F Properties gradually became overshadowed by bigger beasts, but it''s now back in focus even as many rivals shy from the limelight.The developer, with a market value of HK$52.5 billion ($6.7 billion), has grabbed international headlines over the past few weeks with two property deals linked to one of China''s richest men, Wang Jianlin, and his Dalian Wanda Group.On Tuesday, R&F said it had teamed up with China''s CC Land to buy Nine Elms Square in London in a 470 million pound ($606 million) deal. R&F stepped in after Wanda scrapped plans to buy the property, the latest setback for Wanda as Beijing tightens controls on overseas investment.The purchase came just weeks after R&F bought 77 hotels from Wanda for 19.9 billion yuan ($3 billion), as part of a $9 billion restructured deal. The pair of deals has prompted some analysts to suggest the Hong Kong-listed company is a white knight of billionaire Wang''s property to cinemas conglomerate.Wanda has become a target in China''s clampdown on capital outflows, and sources say Chinese banks have been told to stop providing funding for several of its overseas acquisitions in order to curb its appetite for offshore deals."Wang Jianlin and I are long-time friends," R&F Chairman Li Sze Lim said at an earnings conference in Hong Kong on Tuesday. "We bumped into each other in an event in Beijing, and struck the deal after 20 to 30 minutes," he said, referring to the hotel purchase in July.Buying the hotels at a 40 percent discount showed Wang''s trust in R&F, he added.If indeed it took less than 30 minutes to strike a $3 billion deal, the pair must certainly be well-acquainted. Sources have told Reuters Wanda approached R&F about taking on some of the assets from the initial deal with Sunac China in order to speed up full payment.Wanda has declined to comment further on R&F, but Wang has told a press conference last month the hotel deal is a win for all parties, being a "rare chance in a hundred years" for R&F to acquire the portfolio at a discounted price.HOTEL POWERHOUSE A mathematics graduate, Li comes across as a modest and mellow businessman.Traditionally a low-profile tycoon, the 60-year old was born and grew up in Hong Kong. He made his fortune from China''s real estate market in the 1990s when he first ventured into the urban redevelopment projects and construction of low-end apartments in southern China''s Guangzhou city.Hong Kong was still a British colony when Li started the company in 1994 with his mainland Chinese partner Zhang Li, who is now co-chairman and CEO of R&F.Together with Country Garden, China Evergrande Group <3333.HK, Agile Group and Hopson Development , the five Guangzhou-based property developers are commonly known as the "Five South China Tigers" for their aggressive business style.In 2007, R&F ranked No.4 in terms of sales nationwide, but it slipped to 25th place in the first half of this year, trailing cross-town peers Country Garden and Evergrande, which ranked No.1 and No.3.R&F''s active investment in commercial property, in contrast with the other four, had helped the company expand by diversifying its income base during the boom years.But when the financial crisis hit in 2008, these assets weighed on R&F''s cashflow as their cash turnover is much slower than residential property.Partnering with luxurious hotel management groups such as Hyatt Hotels and InterContinental Hotels, R&F owned 34 high-end hotels across China prior to the deal with Wanda. Now, with 111 hotels in total, it has become the world''s biggest luxury hotel owner."The London deal could be more related to Wanda rather than its overseas expansion strategy, because it had rarely talked about plans to flex its muscles overseas", said RHB Research analyst Toni Ho."The hotel deal with Wanda was a surprise to the market too, though it''s a good buy given its long history and asset size in hotel business. The deal would help its expansion and profitability."Indeed, Li told reporters on Tuesday overseas business accounts for only "single digits" of the group to keep risk contained.The developer, which is awaiting a dual-listing in mainland China, has developments in Malaysia and Australia which accounted for 4 percent of R&F''s total contracted sales in the first six months of this year.R&F added its footprint in the U.K. earlier this year after snapping up Nestle Tower in south London for around 60 million pounds and Vauxhall Square for 157.77 million pounds.On Tuesday, the developer posted a 22 percent rise in core profit in the first six months to 2.1 billion yuan ($315.40 million), and it raised its full-year sales target to 80 billion yuan, 31 percent higher than the sales achieved last year.Moody''s Investors Service described the results as weak, highlighting persistently high debt leverage as consistent with its negative outlook on the company''s credit rating. ($1 = 7.8254 Hong Kong dollars) (Reporting by Clare Jim; Editing by Anne Marie Roantree and) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/rf-properties-profile-idINL4N1LA22U'|'2017-08-26T03:55:00.000+03:00'
'0c78a53fb067fdf25a3df6ff4e749a934beb54ce'|'At Fed conference, Trumponomics draws a not so subtle rebuttal'|'August 25, 2017 / 11:32 PM / in 14 hours At Fed conference, Trumponomics draws a not so subtle rebuttal Howard Schneider and Jonathan Spicer 4 Min Read JACKSON HOLE, Wyo. (Reuters) - President Donald Trump''s name was rarely mentioned as top central bankers and economists spent Friday mulling the fate of the global economy at a mountain lodge here. But his presence loomed large at a Federal Reserve symposium, and even without citing the man in the White House, the presentations - from Fed chair Janet Yellen, European Central Bank President Mario Draghi and a host of researchers - amounted to a broad rebuttal of many of the ideas that carried Trump to office. It was a day when the president''s calls for financial deregulation and "America First" economic nationalism were countered by Yellen''s reminder of how a deep financial crisis wrecked the economy a decade ago, and economic research arguing that China and Mexico are less to blame for job losses than forces like technology. "For some, memories of this experience may be fading - memories of just how costly the financial crisis was and of why certain steps were taken," Yellen said in arguing for only modest changes to existing regulations. Yellen is still in the running to be reappointed by Trump to a new term. Draghi, travelling from Frankfurt and representing a group of U.S. allies that the administration has sparred with over climate change, trade and other issues, gave a broad call for free trade and stronger multilateral institutions of the sort Trump has criticized. "A turn towards protectionism would pose a serious risk for continued productivity growth and potential growth in the global economy," Draghi said in a lunch address that included a defence of the World Trade Organization, the Group of 20 and other global groups he felt should be strengthened. The rise of Trump, the vote by Britain to leave the European Union and the spread of opposition to globalisation have worried central bankers and many mainstream economists who feel that the problems associated with globalisation have overshadowed the benefits and morphed into broad opposition to it. Remedies for these issues may be outside the immediate sphere of monetary policy, but they are concerned that new waves of protectionism or reckless deregulation could threaten an economic system that is currently stable and that has returned to growth across the world. SCEPTICISM ABOUT TRUMP APPROACH In a panel on trade, there was more direct scepticism of Trump''s approach, even as economists and central bankers here agreed they had ignored for too long how difficult the adjustment would be for workers. "We have lost the rhetoric on trade in terms of explaining to those who benefit why they do, such as cheaper products, while all of the focus has been on those who have lost," said Gita Gopinath, professor of international studies and economics at Harvard University and financial advisor to the chief minister of the Indian state of Kerala. But they also agreed that Trump''s seemingly singular focus on trade agreements won''t fix the problem. "Renegotiating NAFTA and protectionist measures against China will not save jobs," University of Pennsylvania professor Ann Harrison said, arguing that the decline in manufacturing jobs was due to labour-saving management and technologies. Policy, the economists here said, should be aimed at improving job skills, local capital investment and safety net programs for displaced workers, the sort of micro-level efforts that can be hard to organise and finance and take time to show results. "It is so much easier to bash China," Harrison said. Editing by David Chance and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-trump-conference-idINKCN1B52S5'|'2017-08-26T03:43:00.000+03:00'
'5987f8e14993b1044b2e08b028a169f1cf378006'|'Braving security fears, Chinese seek ''Silk Road'' riches in Pakistan'|'August 28, 2017 / 1:54 AM / 2 hours ago Braving security fears, Chinese seek ''Silk Road'' riches in Pakistan Drazen Jorgic and Brenda Goh 10 Min Read Rama, Editor in Chief of Hushang, a Mandarin language weekly newspaper, works at her office in Islamabad, Pakistan June 9, 2017. Picture taken June 9, 2017. Caren Firouz LAHORE, Pakistan/SHANGHAI (Reuters) - Zhang Yang, a businessman from Chongqing in southwest China, is searching online forums for fellow stout-hearted entrepreneurs willing to cast aside security concerns and join him on a scouting mission to Pakistan. Zhang, 48, is one of a growing number of Chinese pioneers sensing an opportunity across the Himalayas in Pakistan, where Beijing has pledged to spend $57 billion (£44 billion) on infrastructure projects as part of its "Belt and Road" initiative. Numbering in the thousands, this second wave of Chinese arrivals are following in the wake of workers on Belt and Road projects. Some are opening restaurants and language schools, while others are working out what products they could sell to a market of 208 million people, or what goods they could make cheaply in Pakistan to sell around the world. "A lot of industries are already saturated in China," said Zhang, who has worked in property, electrical appliances and household goods in China and says he wants to explore the potential for setting up factories or importing Chinese goods. "Pakistan''s development is behind China, so it will hold better opportunities compared to home." But the new arrivals face dangers, creating a headache for Pakistani security officials. Islamic State''s killing of two Chinese nationals in the restive Baluchistan province in June highlighted the risks posed by Islamist militants, who may see them as soft targets in their war with the state. Beijing has also long fretted about hardened Pakistani Islamist fighters linking up with the East Turkestan Islamic Movement (ETIM), a Uigher militant group Beijing accuses of seeking to split off its western region of Xinjiang, Pakistani officials say. Islamabad does not release immigration data but a source in the foreign ministry said about 71,000 Chinese nationals visited in 2016. A senior immigration official added 27,596 visa extensions were granted to Chinese that year, a 41 percent increase on 2015, suggesting more are staying in the country for longer. For Pakistan, the stakes in keeping all those Chinese nationals safe are high. Beijing''s infrastructure splurge has helped revive Pakistan''s sputtering economy, and deepening ties between the two nations have turned Pakistan into a key cog in China''s grand plan to build a modern-day "Silk Road" of land and sea trade routes linking Asia with Europe and Africa. While the first phase of the China Pakistan Economic Corridor (CPEC), as the Pakistan leg of this new Silk Road is called, concentrated on infrastructure projects, the second part will focus on setting up special economic zones and integrating Chinese firms into the local economy to help Pakistan develop its industries ranging from mining to agriculture. China has also surged to become by far the biggest source of foreign direct investment (FDI) for Pakistan, topping $1 billion in 2016/17, and is betting on its neighbour at a time when many Western companies are still put off by security concerns and corruption. "Pakistan really needs foreign investment and we are not going to miss out on this because of some idiots with a gun," said Miftah Ismail, a special adviser to Prime Minister Shahid Khaqan Abbasi. "We won''t let them mess with the Chinese." SECURITY CHALLENGE Pakistan receives friendly coverage in Chinese media and regularly features in state broadcaster CCTV''s programmes on the Belt and Road initiative, which include promotions of CPEC and interviews with Chinese workers living in the country. That has not been enough to assuage concerns about security for Zhang and other Chinese businessmen and women who spoke to Reuters. "It''s a big lesson for us," said Derek Wang, referring to the Baluchistan killings. Wang, deputy chief executive of Infoshare, an Islamabad-based consultancy assisting Chinese entrepreneurs and businesses, said security was the number one concern of Chinese newcomers. Pakistan is taking the threat seriously. Guards and police with automatic rifles shield Chinese-staffed offices and language schools, while security officials say plainclothes officers form a less visible layer of protection at such sites. Unlike the engineers and construction workers who reside in heavily-guarded compounds while building the roads and power plants that make up CPEC, the entrepreneurs seeking riches on the back of it mostly arrive on their own and disperse across the country. Few inform authorities of their plans. "This is the biggest challenge right now," said Muhammad Faisal Rana, who heads an 8,000-strong Special Protection Unit set up by Punjab province in 2014 to guard foreigners. Ninety percent of those it protects are Chinese, he said. Rana said growing numbers of Chinese entrepreneurs turn up with tourist visas. Many are conducting market research, while some launch their products and then flit back to China. "All these elements are sometimes out of our radar, and we have no idea from which flight they are coming in and where they are heading towards," he said. Pakistani men sign up for Chinese language classes at the China Pak Cultural Educational Institute in Islamabad, Pakistan June 9, 2017. Picture taken June 9, 2017. Caren Firouz SPU officials have cultivated ties with guesthouses popular with Chinese and set up liaison desks at airports to register the Chinese entrepreneurs before they vanish, while governments in Sindh and Khyber Pakhtunkhwa provinces are accelerating plans to build up special protection units akin to the one in Punjab. LANGUAGE SCHOOLS, BRIBES In Islamabad, where Chinese visitors were seldom seen before 2014, their prominence is growing. They now outnumber other foreigners, and the country''s first-ever Chinese-language newspaper, Huashang, has been launched. Visitors arriving at the capitals airport are handed flyers written in Mandarin advertising a Chinese courier service, and in the city shop signs in the Chinese language are increasingly common. Chinese restaurants are sprouting to cater for new arrivals who are rarely fond of Pakistani food. Pakistanis, sensing their neighbour''s growing power, are flocking to study at new Chinese language schools. A boom in business has prompted Ami Quin, a Chinese restaurateur and owner of a guesthouse for employees of Chinese telecommunications giant ZTE ( 000063.SZ ), to open a spa and a second guesthouse. "More and more people are very interested to come to Pakistan after CPEC," she said. "They are looking for partners all the time." Slideshow (5 Images) In one of Quin''s restaurants in Islamabad, civil engineer Pan Denghao lamented the oppressive Pakistani heat but conceded the money and jobs on offer exceeded what young people like him could expect back home. "Every year in China you have so many graduates from colleges and universities, but the opportunities and chances for jobs are limited," said Pan, 25, whose company is building Islamabad''s new airport. Chinese businessmen who arrived before CPEC was unveiled in 2014 are capitalising on their experience to launch consultancies, advising newcomers how to circumnavigate the country''s notorious bureaucracy or match them with Pakistani partners. Another Chinese businessman who did not wish to give his name, said he and fellow Chinese executives often pay bribes to speed up imports or obtain government permits. That used to be a regular aspect of Chinese life before President Xi Jinping''s anti-corruption drive of the past few years. "This is one of the reasons why us Chinese are comfortable here. We know how to deal with this," he said. SALARY, THEN SAFETY Although Chinese habits sometimes clash with local customs in a deeply conservative Muslim nation - Chinese restaurants, for example, sometimes turn a blind eye to customers drinking smuggled alcohol - there is little sign of hostility to the new arrivals from ordinary Pakistanis. Unlike Western nations, China is widely seen as having been a consistent ally to Pakistan, and Chinese visitors often recount stories of being let off minor misdemeanours - such as driving without a licence - by police and government officials with comments like "you are our friends". Officials have portrayed the Islamic State killings in Baluchistan as a one-off, saying the two Chinese victims were targeted because they were Christian missionaries masquerading as business people. But at least one Chinese business delegation cancelled its trip to Pakistan as a result of the attack. Pakistan has since tightened business visa rules for Chinese nationals and vowed improved security. At a CPEC site guarded by the Punjab SPU in Lahore, policemen clad in bullet-proof vests demonstrated to Reuters how armed officers sitting on the back of pick-up trucks shield Chinese executives when transporting them in convoys. One Chinese executive said police provided her with an armed convoy for a four-hour trip from the disputed Kashmir region to her office in Islamabad. "It was quite touching," she said. But security officials concede not everyone can be given round-the-clock protection, and many businessmen do not want their freedom curbed. Still, China-based recruiters such as Ms Yang, of Zaozhuang Xincai Services, say the Islamic State killings have not dented the stream of applicants seeking work in Pakistan, thanks to pay that can be more than four times what they would earn at home. "First concerns are about how high or low the salary is, when it will be paid," she said. "And then safety." (Graphic - China-Pakistan Economic Corridor: tmsnrt.rs/1NQp6Nn ) Reporting by Drazen Jorgic and Brenda Goh; Additional reporting by Asif Shahzad and SHANGHAI Newsroom; Writing by Drazen Jorgic; Editing by Alex Richardson '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-silkroad-pakistan-insight-idUKKCN1B8021'|'2017-08-28T04:53:00.000+03:00'
'37937eb7e2d6e72c5d47f2e0bfe8e41f1d27dcaa'|'Samsung’s boss is sentenced to prison'|'SAMSUNG’S founding family, the Lees, have good reason to dislike room 417 of Seoul’s Central District Court. In 2008 it was where Lee Kun-hee, the chairman of the sprawling South Korean conglomerate, was found guilty of tax evasion. On August 25th his son, Lee Jae-yong, the vice-chairman of Samsung Electronics, stood in the same room and was sentenced to five years in prison on charges including bribery, embezzlement and perjury. The elder Mr Lee has been in hospital since suffering a heart attack in 2014. Samsung now lacks both its official and de facto bosses.The younger Mr Lee, who plans to appeal against the verdict, was accused of paying bribes to Choi Soon-sil, a confidante of the country’s former president, Park Guen-hye. Prosecutors had argued that he hoped the payments would secure government support for an $8bn merger of two Samsung affiliates, Cheil Industries, the group’s unofficial holding company, and Samsung C&T, a construction firm. The state-run National Pension Service, the single biggest shareholder in C&T, voted for the plan in July 2015. The deal was controversial, but it helped Mr Lee consolidate his control over the group and clear the way for his succession.  The decision is a milestone in a broader influence-peddling scandal that brought down Ms Park. She was impeached in March and arrested soon after; she now awaits the verdict in her own trial. Mr Lee’s conviction bodes poorly for her.Less clear is what will happen to Samsung itself. Shares in Samsung Electronics, the group’s main earner, dipped by 1.05% following the verdict. Yet any slump may be fleeting. The group’s three chief executives were not caught up in the trial. While Mr Lee was awaiting the verdict in his case, the firm boasted record profits, thanks to booming demand for its memory chips. An analysis by the Asan Institute, a think-tank in Seoul, showed that each twist in the case had little impact on its share price. Last year had brought the disastrous release of the Galaxy Note 7 smartphone, which had an unfortunate habit of bursting into flames. But the firm unveiled a new model this week. Its share price has risen by more than one-third this year.Yet Mr Lee’s absence could create a power vacuum at the centre of the group, which might prevent it from making big bets. “The good thing about having a founding family is they can think about the long term,” says Yoo Kyung-Park of APG Asset Management, a Dutch pension firm that owns shares in Samsung Electronics. The Future Strategy Office, which acts as the group’s control tower, was dismantled in February after Mr Lee’s arrest. Two of its former executives were also jailed. Bosses will be unwilling to make major decisions without the family’s sign-off, says Park Sangin of Seoul National University: “In a monarchy you need a king.”One convicted South Korean boss, Chey Tae-won of SK Group, a telecoms and chemicals giant, avoided this problem by turning his jail cell into an office. While serving time for embezzlement earlier this decade, he held more than 1,600 meetings in 17 months. In theory Mr Lee could do the same. But the appetite for such behaviour is waning. Demands are intensifying to reform South Korea’s chaebol , the mighty conglomerates that helped forge the country’s economy but which are now often criticised for cosy ties with politicians. Byzantine structures allow the sons and grandsons of company founders to wield great influence, whether or not they have controlling stakes. The 26 Samsung affiliates, which operate in businesses from life insurance to smartphones, are controlled by the Lee family through a complex web of cross-shareholdings.So Mr Lee, if his conviction is upheld, may not be able to run Samsung from prison. Nor would he be likely to be freed early. In the past, bosses could rely on politicians to get them out of trouble. Mr Chey, the elder Mr Lee and Chung Mong-koo, the chairman of Hyundai Motor, who was nabbed for embezzlement, have all received presidential pardons. Mr Lee is unlikely to get such special treatment. Moon Jae-in, Ms Park’s successor, has promised to tame the chaebol and stop doling out pardons. He may be as good as his word.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business-and-finance/21727769-unlike-other-jailed-chaebol-bosses-he-may-not-be-pardoned-samsungs-boss-sentenced?fsrc=rss'|'2017-08-25T08:00:00.000+03:00'
'9b4a777cae38b96718af2f814bbd10b0f059300f'|'Rise in U.S. business spending bolsters economic outlook'|'August 25, 2017 / 3:18 PM / an hour ago Rise in U.S. business spending bolsters economic outlook Lucia Mutikani 4 Min Read File photo: A woman shops for a refrigerator at a store in Schaumburg, Illinois, near Chicago September 23, 2013. Jim Young WASHINGTON (Reuters) - New orders for key U.S.-made capital goods rose slightly more than expected in July and shipments surged, pointing to an acceleration in business spending early in the third quarter. The Commerce Department''s upbeat report on Friday also suggested the economy continued to gather momentum after growth slowed at the start of the year. Strength in business investment bolsters the case for the Federal Reserve to tighten monetary policy further. Non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, increased 0.4 percent last month after being unchanged in June. Economists had forecast these so-called core capital goods orders rising 0.3 percent last month. They were up 3.3 percent from a year ago. Shipments of core capital goods jumped 1.0 percent after an upwardly revised 0.6 percent increase in June. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement. They were previously reported to have gained 0.1 percent in June. Prices of U.S. Treasuries were trading lower and the dollar was weaker against a basket of currencies .DXY. U.S. stock index futures were higher. Businesses are boosting spending despite uncertainty over the prospect of tax cuts. President Donald Trump and his fellow Republicans in Congress have said they want to lower both corporate and individual taxes as part of an overhaul of the tax code, but few details have emerged. With lawmakers soon to be preoccupied with legislation to raise the country''s debt ceiling and keep the government funded beyond September, it is unclear how quickly the tax changes will be put on the legislative agenda. Business spending on equipment added 0.44 percentage point to the economy''s 2.6 percent annualised growth pace in the second quarter, the most in nearly two years. It has been buoyed by the energy sector, where oil and gas drilling has rebounded after declining in the wake of the collapse in crude oil prices. That is helping to offset some of the drag on manufacturing from declining motor vehicle production. Manufacturing accounts for about 12 percent of the U.S. economy. TRANSPORTATION ORDERS TUMBLE Last month, orders for machinery fell 1.4 percent, the biggest drop since May 2016, after rising 0.6 percent in June. Orders for computers and electronic products jumped 1.6 percent last month and bookings for electrical equipment, appliances and components vaulted 2.6 percent. But a 19 percent plunge in orders for transportation equipment weighed on overall orders for durable goods. Orders for these goods, which range from toasters to aircraft and are meant to last three years or more, tumbled 6.8 percent last month. The drop in durable goods orders was the biggest since August 2014 and followed a 6.4 percent increase in June. Orders for civilian aircraft plummeted 70.7 percent after soaring 129.3 percent in June. Boeing ( BA.N ) has reported on its website that it received only 22 aircraft orders in July, sharply down from 184 in the prior month. Orders for motor vehicles and parts fell 1.2 percent in July, the biggest drop since May 2016, after decreasing 0.7 percent in June. Auto sales peaked in December 2016 and slowing demand has led to three consecutive monthly declines in motor vehicle production. Reporting by Lucia Mutikani; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-economy-idUKKCN1B51VT'|'2017-08-25T18:18:00.000+03:00'
'9578c3826a0b974d813b4d5613f0fe8feecafcbb'|'UPDATE 1-Sears posts 2nd-qtr loss on fewer store visits'|'(Adds details)Aug 24 (Reuters) - Struggling U.S. retailer Sears Holdings Corp reported a quarterly loss on Thursday as fewer customers visited its stores and as the company offered more discounts amid intense industry competition.The retailer also said it would close 28 Kmart stores later this year, in addition to the 150 Sears and Kmart stores it plans to close by the end of its third quarter.Sears said sales at stores open for at least a year fell 11.5 percent in the second quarter ended July 29.Total revenue fell 22 percent to $4.37 billion, mainly due to store closures, which shaved off $770 million of revenue, the company said.Once the largest U.S. retailer, Sears has struggled with years of losses and declining sales as shoppers shift from the mall to the web. In February, the company said it would cut at least $1 billion in costs this year, mainly by monetizing its real estate.Sears, controlled by billionaire investor Eddie Lampert, said it earned $460 million in cash from real estate deals in the second quarter.Net loss attributable to Sears narrowed to $251 million, or $2.34 per share in the second quarter ended July 29, from $395 million or $3.70 per share, a year earlier.The company also said it had signed a deal with MetLife to reduce its pension liabilities.The agreement will annuitize an additional $512 million of Sears'' pension liabilities, with MetLife paying future pension benefits to about 20,000 retirees. (Reporting by Siddharth Cavale in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/searsholdings-results-idINL4N1LA3RX'|'2017-08-24T08:51:00.000+03:00'
'486af8be939b1e38db133649e3d815ed23f26d32'|'Slumping fertilizer producers gear up to fill truck demand'|'(Reuters) - Fertilizer companies, coping with a stubborn price slump, are banking on tighter emissions standards for diesel trucks in the United States and Europe to buoy their balance sheets.Nitrogen fertilizer producers including CF Industries Holdings Inc and Agrium Inc are accelerating output of diesel exhaust fluid (DEF), a water and urea solution used to reduce emissions of nitrogen oxide. The niche market offers premiums of $50 to $100 per short ton over the crop nutrients they sell at prices that are depressed due to excessive supplies.DEF demand has risen since the U.S. Environmental Protection Agency set tighter emissions controls in 2010 for diesel trucks made by Volvo [VOLVO.UL], Daimler AG and others. The European Union, in which DEF is known as AdBlue, introduced similar legislation in 2013.Fertilizer companies have increased DEF output this year to coincide with openings of several new or expanded U.S. nitrogen plants, and as lower-emission trucks replace aging vehicles on the road."We love it - it''s a great business for us," Bert Frost, CF Industries'' senior vice-president of sales, market development and supply chain, said in a recent interview. "It builds our customer base and gives us (options) on production."CF Industries started production this year in Louisiana to turn 400,000 tons of urea annually into DEF. Altogether, CF, the largest North American producer by capacity, can convert 800,000 tons of urea into DEF annually.DOUBLING DEMAND Total U.S. demand for DEF is about 1 million tons of urea equivalent, a fraction of North America''s annual consumption of 14 million tons of urea, Frost said. But he added that DEF demand is likely to double within five years as 60 percent of U.S. heavy diesel trucks are replaced by models with lower-emission engines.Engine technology called selective catalytic reduction (SCR) uses DEF to trigger a chemical reaction that converts nitrogen oxides, a pollutant, into natural components of air that are then expelled through the tailpipe.The market hinges on the administration of U.S. President Donald Trump, which pulled the United States out of the Paris climate change agreement, continuing the country''s move to lower-emission trucks.The U.S. administration is unlikely to roll back emissions standards because trucking companies benefit from using more fuel-efficient vehicles and manufacturers have made huge investments in technology, said Allen Schaeffer, executive director of Diesel Technology Forum, a nonprofit group.Global consumption of DEF may reach 10 million tonnes of urea equivalent annually by 2027 from 2 million currently, said Adam Panayi, research manager at Integer Research.The market for DEF will peak in the United States and Europe toward the end of the 2020s, while potential growth continues in developing markets such as China and India, he said.There may already be too much DEF available, said Andy Austin, senior vice-president of specialty products at Mansfield Energy Corp, which buys DEF from CF, Yara International ASA and Potash Corp of Saskatchewan, and distributes it to XPO Logistics Inc, United Parcel Service Inc and FedEx Corp for their trucks."I would say there is a glut," Austin said. "That risk is certainly there for (producers)."Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Matthew Lewis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-fertilizers-autos-idUSKCN1B424Q'|'2017-08-24T19:58:00.000+03:00'
'485523e2f22643f3549628f58e2709be4e381edb'|'Saudis may seek funding in Chinese yuan'|'August 24, 2017 / 10:34 AM / 41 minutes ago Saudis may seek funding in Chinese yuan Reem Shamseddine and Katie Paul 4 Min Read FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. To match Analysis CHINA-YUAN/ Thomas White/Illustration/File Photo JEDDAH, Saudi Arabia (Reuters) - Saudi Arabia is willing to consider funding itself partly in Chinese yuan, a senior Saudi official said on Thursday, raising the possibility of closer financial ties between the two countries. The Saudi government has started borrowing tens of billions of dollars abroad in the past year to cover a big budget deficit caused by low oil prices, but its foreign bond issues and loans have been denominated entirely in U.S. currency. Obtaining some funds in yuan could give Riyadh more financial flexibility and would mark a success for China, the biggest market for Saudi oil, in its drive to make the yuan a top international currency. "One of our main objectives is to diversify the funding basis of Saudi Arabia," Vice Minister of Economy and Planning Mohammed al-Tuwaijri told a Saudi-Chinese conference in Jeddah. "We will do that through access to investors or bodies of liquidity in the markets. China is by far one of the top markets. We will also access other technical markets in terms of unique funding opportunities, private placements, panda bonds and others." Tuwaijri added, "We will be very willing to consider funding in renminbi and other Chinese products, and Industrial and Commercial Bank of China ( 601398.SS ) and other divisions have shown interest for us to do that." Panda bonds are yuan-denominated bonds from non-Chinese issuers which are sold within China. An Liyan, chief executive of ICBC International, an arm of ICBC, the biggest Chinese bank, told the conference that her bank was willing to sponsor Saudi issues of panda bonds. Tuwaijri said Riyadh was interested in raising money abroad not just to cover its budget deficit but also, more importantly, to finance major investment projects that would expand its economy and create jobs. "Ideally, we would be funding through project finance and bond markets and other means," he said. Saudi Energy Minister Khalid al-Falih told Reuters on the sidelines of the conference that Saudi Arabia and China planned to establish a $20 billion investment fund on a 50:50 basis. "It is preliminary at this stage but the commitment from the top is there," Falih said. He said the fund would invest in sectors such as infrastructure, energy, mining and materials, but did not give further details of its strategy. China has announced plans to establish such joint investment funds around the world in recent years as a way to cement bilateral economic ties. In December 2015 Beijing said it would establish a $10 billion fund with the United Arab Emirates, and last October a plan for a fund with France was revealed. The Jeddah conference followed a visit to China by Saudi Arabia''s King Salman in March during which as much as $65 billion of business deals were signed in sectors including oil refining, petrochemicals, light manufacturing and electronics. Falih said on Thursday that he expected 11 business deals worth about $20 billion to be signed with China this week. He did not give details; some of the deals may be more detailed versions of agreements reached on the Asian tour, and some may be memorandums of understanding rather than concrete projects. Saudi Arabia is keen to attract Chinese investment to new industries, such as manufacturing and tourism, that it hopes to develop as part of efforts to diversify its economy beyond oil exports. But Riyadh is also eager to boost the profits of its main sovereign wealth fund, the Public Investment Fund, which is believed to have around $180 billion of assets. The PIF is looking at investment opportunities in China''s shipping and transport systems and other infrastructure, Tuwaijri said. Writing by Andrew Torchia; Editing by Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-china-idUKKCN1B413P'|'2017-08-24T13:33:00.000+03:00'
'f284fa92634d756a6779940af68012c7b82beb1b'|'Mexico''s stock exchange suspends ICA''s shares'|'MEXICO CITY, Aug 28 (Reuters) - Mexico''s stock exchange said on Monday that it suspended trading in shares of construction company ICA, as the firm has not met the deadline for presenting its financial earnings for the second quarter or given a reason for not doing so.ICA, which has been struggling under a high dollar-denominated debt load, said on Friday it and its subsidiaries had filed a pre-packaged bankruptcy plan that had been subscribed to by the majority of its creditors. (Reporting by Anthony Esposito) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-ica-idINL2N1LE0GO'|'2017-08-28T11:13:00.000+03:00'
'eb327a0135ffdacd617328bfc92a9fbadc87d9ba'|'Canada PM says nothing new about Trump''s threat against NAFTA'|'Canadian Prime Minister Justin Trudeau speaks during a news conference to present the outcome of the G20 leaders summit in Hamburg, Germany July 8, 2017. Wolfgang Rattay/File Photo OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau on Monday said there was nothing new to a threat by U.S. President Donald Trump to walk away from NAFTA and vowed Canada would stay in negotiations to modernize the trade pact."We have heard such comments before," Trudeau told reporters when asked about Trump''s statement. Trump renewed a threat to scrap NAFTA and criticized trading partners Canada and Mexico in a tweet on Sunday.Reporting by David Ljunggren; Editing by Chizu Nomiyama '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/trade-nafta-canada-idINKCN1B81YB'|'2017-08-28T21:25:00.000+03:00'
'a55a514fe0eb66254be98ca11a8b64a12691d5c5'|'U.S. gasoline prices jump as Hurricane Harvey knocks out Texas refineries'|'August 28, 2017 / 2:00 AM / an hour ago Oil markets roiled as Harvey hits U.S. petroleum industry 3 Min Read An oil tank damaged by Hurricane Harvey is seen near Seadrift, Texas, August 26, 2017. Rick Wilking LONDON (Reuters) - Oil markets were roiled on Monday after Tropical Storm Harvey wreaked havoc along the U.S. Gulf Coast over the weekend, crippling Houston and its port, and knocking out several refineries as well as some crude production. U.S. gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close. In turn, U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude. Brent futures LCOc1 gained as pipeline blockades in Libya slashed the OPEC state''s output by nearly 400,000 barrels per day. Harvey is the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries. The U.S. National Hurricane Center said Harvey was moving away from the coast but was expected to linger close to the shore through Tuesday. It said floods would spread from Texas eastward to Louisiana. Texas is home to 5.6 million barrels per day (bpd) of refining capacity, and Louisiana has 3.3 million bpd. Over 2 million bpd of refining capacity was estimated to be offline as a result of the storm. Spot prices for U.S. gasoline futures RBc1 surged 7 percent to a peak of $1.7799 per gallon, the highest level since late July 2015, before easing to $1.7529 by 1130 GMT. U.S. traders were seeking oil product cargoes from North Asia, several refining and shipping sources told Reuters, with transatlantic exports of motor fuel out of Europe expected to surge. "Global refining margins are going to stay very strong," said Olivier Jakob, managing director of Petromatrix. "If (U.S.) refineries shut down for more than a week, Asia will need to run at a higher level, because there''s no spare capacity in Europe." About 22 percent, or 379,000 bpd, of Gulf production was idled due to the storm as of Sunday afternoon, the U.S. Bureau of Safety and Environmental Enforcement said. There might also be around 300,000 bpd of onshore U.S. production shut in, trading sources said. Brent crude futures LCOc1 were up 20 cents at $52.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 44 cents at $47.43 a barrel. The price moves pushed the WTI discount versus Brent to as much as $5.21 per barrel, the widest in two years. Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1B802M'|'2017-08-28T05:00:00.000+03:00'
'83e77d09369096b276bda70690b44fdd3071f767'|'Germany''s ProSiebenSat.1 warns of weaker TV ad revenues in third quarter'|'August 28, 2017 / 6:57 PM / 11 minutes ago Germany''s ProSiebenSat.1 warns of weaker TV ad revenues in third quarter Reuters Staff 1 Min Read FILE PHOTO - Thomas Ebeling, CEO of Germany''s biggest commercial broadcaster ProSiebenSat.1 Media AG, poses before the company''s annual news conference in Unterfoehring, north of Munich February 28, 2013. Michael Dalder/File Photo FRANKFURT (Reuters) - German broadcaster ProSiebenSat.1 Media SE ( PSMGn.DE ) on Monday warned that TV advertising revenues in German-language markets would decline in the third quarter but it upheld its full-year profit guidance thanks to a better performance in other divisions. Revenue at the Broadcasting German-speaking segment would decline by a mid-single digit percentage year-on-year, where it had previously predicted an improvement, the company said in a statement. The company reaffirmed its target for full-year adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and adjusted net income to exceed the prior year''s level, banking on improved advertising trends in the fourth quarter. It added it was seeing a continued positive development of its TV distribution, content production and digital activities in the third quarter/ Reporting by Ludwig Burger; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-prosieben-media-outlook-idUKKCN1B81ZX'|'2017-08-28T21:57:00.000+03:00'
'9657e9f0cf265963debb5ece68fd138e6d12052c'|'Journalists aren’t the ‘elite’ – or from any other class either - Media'|'Most reporters and editors, like most nurses, are graduates. But all of them stand outside the social order View more sharing options Close Sunday 27 August 2017 07.00 BST J on Snow delivered a blockbuster of a lecture at the Edinburgh International Television Festival, some of it in full hair-shirt mode. Grenfell Tower, he said, had demonstrated that today’s journalism lay “comfortably with the elite, with little awareness, contact or connection with those not of the elite”. He felt “on the wrong side of the terrible divide that exists in present-day society and in which we are all, in this hall, major players. We can accuse the political classes for their failures, and we do. But we are guilty of them ourselves.” Well, of course there are lessons from Grenfell (including the hollowing-out of local news). But guilt – amid waves of diversity targets – can be overdone. Journalism, like many other jobs (say, nursing) has become an almost exclusively graduate calling over the years – though with rock-bottom wages, at the local level, that most nurses would jib at. It is, nevertheless, a kind of elite role in Grenfell terms. When Jon (educated Winchester Pilgrim’s School via Ardingly) looks around his own C4 News studio, who does he see? Matt Frei, educated at Westminster School and St Peter’s College, Oxford. Krishnan Guru-Murthy, educated at Queen Elizabeth’s Grammar School, Blackburn, and Hertford College, Oxford. Cathy Newman, educated at Charterhouse and Lady Margaret Hall, Oxford. With Fatima Manji, lately of the LSE, waiting in line. Is this some covert cause for shame? No: the camera sees a team of formidable professionals, experienced people – largely free from commercial pressures – who can uncover stories and pursue unpopular causes. They are not representatives of one class or another. They are trained journalists: and that training means an ability to dig and discover wherever the news takes them. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/aug/27/journalists-arent-elite-or-any-other-social-class'|'2017-08-27T03:00:00.000+03:00'
'b87afe76ef579d51cbec3a05d449019ae7bcc0a8'|'Kaufhof CEO says owner HBC meeting conditions of credit agreement'|'FRANKFURT, Aug 26 (Reuters) - The new chief executive of German department store chain Kaufhof, owned by Canada''s Hudson''s Bay Co (HBC), denied reports that the group was in a dispute with a lender consortium, in an interview by German weekly Welt am Sonntag.German daily Sueddeutsche Zeitung had reported earlier this month that HBC faced the scrutiny of a consortium of banks that financed the purchase of Kaufhof''s real estate for around 1.34 billion euros ($1.6 billion) roughly two years ago.Also, matter had told Reuters in July that Euler Hermes had slashed its trade credit insurance for suppliers of Kaufhof."HBC, or rather (the real estate''s owner) HBS, fulfils the necessary conditions of the credit agreement. The banks have confirmed this to us," the paper Quote: d Wolfgang Link as saying in a summary of an interview to be published on Sunday.Link told Welt am Sonntag that no suppliers had stopped their deliveries to the department stores.HBC, which also operates U.S. department store Saks and the upmarket Lord & Taylor department store chain, bought Germany''s leading department store from Metro for 2.8 billion euros in 2015.It does not break out financial results for Kaufhof, but it said in its first-quarter report last month that its European operations posted flat sales, after a 1.2 percent decline in 2016.Link told the paper that revenues at the 97 Kaufhof stores were "slightly below the year-earlier level" so far this year.$1 = 0.8386 euros Reporting by Matthias Inverardi; Writing by Maria Sheahan '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hudsons-bay-kaufhof-idINL5N1KM2L9'|'2017-08-26T10:14:00.000+03:00'
'f3944f42e0526db36bcca1ed6ee677b0d44d43b5'|'Top anti-graft inspector at China''s finance ministry under investigation for graft'|' 11 AM / 12 hours ago Top anti-graft inspector at China''s finance ministry under investigation for graft   BEIJING (Reuters) - The head of the anti-graft committee for China''s Ministry of Finance has been put under investigation himself for suspected graft, the ruling Communist Party''s anti-corruption watchdog said on Sunday. Mo Jiancheng was suspected of "serious discipline breaches", a euphemism for graft, the Central Commission for Discipline Inspection said in a statement. Mo, who became the top graft buster for the finance ministry in December 2015, was also a member of the ministry''s Party committee and previously served as deputy Party secretary and vice governor of Jiangxi province. Chinese President Xi Jinping has waged war on graft for over four years, vowing to continue until he has cleared the Communist Party of both high and low-level graft, which he warns could threaten the party''s existence if left unchecked. Inspection teams have been a core feature of the campaign, parachuted by central authorities into provinces or institutions to tackle entrenched corruption, in theory immune from bribery and pressure by local officials. The CCDI has in recent months made efforts to show it is serious about tackling corruption within its own ranks, which it refers to as "darkness hiding beneath the light". Reporting by Elias Glenn'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-corruption-idUKKCN1B705X'|'2017-08-27T09:11:00.000+03:00'
'1ef757bb4dea4040f4ac4b0da5875fec175734cc'|'France will make fresh proposals on STX shipyards to Italy: Le Maire'|'French Finance Minister Bruno Le Maire talks to reporters at the end of a meeting with his Italian counterpart Pier Carlo Padoan in Rome, Italy August 1, 2017. Tony Gentile PARIS (Reuters) - France will make new proposals to Italy with the hope of resolving their differences over the sale and joint control of STX shipyards before a Franco-Italian summit in September, Economy Minister Bruno Le Maire said on Monday.Paris angered Rome last month after it ordered a "temporary" nationalization of STX, cancelling a deal in which Italy''s state-owned Fincantieri ( FCT.MI ) and another Italian investor had agreed to buy a 54.6 percent stake.France took the decision after Fincantieri, which had bought the majority stake from its former Korean owners, refused joint-control with other French stakeholders."My wish is that we reach an agreement with our Italian friends on these shipyards by the end of September, and therefore I will resume discussions at the end of the week with my Italian counterpart," Le Maire said on France''s LCI television.Le Maire said France would make the new proposals in the coming days in the hope that during the Sept. 27 Franco-Italian summit, the heads of state would be able to reach agreement.While he gave no details on what the new proposals would contain, Le Maire said they should be extended to Franco-Italian cooperation in the field of naval defense."If there is no agreement, the nationalization remains in place, but I repeat, I do not believe it is the future of the Saint-Nazaire shipyards, I do not think it is the best option," Le Maire said.STX, based at Saint-Nazaire, on France''s west coast, builds both military and cruise ships.Reporting by Yann Le Guernigou; Writing by Bate Felix; Editing by Alison Williams '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-stx-m-a-fincantieri-france-idINKCN1B820I'|'2017-08-28T17:17:00.000+03:00'
'5ebc32479e2d43b42c88eff867e3a2840e388a27'|'ProSieben looking for investors in TV production, e-commerce units'|'August 28, 2017 / 7:40 PM / 13 minutes ago ProSieben looking for investors in TV production, e-commerce units Reuters Staff 2 Min Read FILE PHOTO - Thomas Ebeling, CEO of Germany''s biggest commercial broadcaster ProSiebenSat.1 Media AG, poses before the company''s annual news conference in Unterfoehring, north of Munich February 28, 2013. Michael Dalder/File Photo FRANKFURT (Reuters) - ProSiebenSat.1 Media SE said it would look for possible external investors to back its content production and digital commerce businesses, potentially via a separate stock market listing. "The company will enter discussions with interested third parties regarding a potential co-investment in or business combinations with its content production and digital commerce businesses through their respective holding entities," the broadcaster said in a statement late on Monday. "The review also includes the possibility for potential future public listings." It said it was looking into merging its TV advertising business in German-language markets with its Digital Entertainment division, whose activities include video-on-demand and online advertising, to cut costs. More details would be disclosed on Nov. 9, it added. Also on Monday, it warned that TV advertising revenues in German-language markets would decline in the third quarter but it upheld its full-year profit guidance thanks to a better performance in other divisions. Reporting by Ludwig Burger; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-prosieben-media-restructuring-idUKKCN1B821I'|'2017-08-28T22:39:00.000+03:00'
'061c1de3a0b5e302a2426d4ae03bc93c65502c4e'|'Canada PM says nothing new about Trump''s threat against NAFTA'|' 16 PM / an hour ago Canada PM says nothing new about Trump''s threat against NAFTA Reuters Staff 1 Min Read FILE PHOTO - Canada''s Prime Minister Justin Trudeau arrives at Rideau Hall in Ottawa, Ontario, Canada August 28, 2017. Chris Wattie OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau on Monday said there was nothing new to a threat by U.S. President Donald Trump to walk away from NAFTA and vowed Canada would stay in negotiations to modernize the trade pact. "We have heard such comments before," Trudeau told reporters when asked about Trump''s statement. Trump renewed a threat to scrap NAFTA and criticized trading partners Canada and Mexico in a tweet on Sunday. Reporting by David Ljunggren; Editing by Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trade-nafta-canada-idUKKCN1B81Y5'|'2017-08-28T21:17:00.000+03:00'
'5166108cb62519b4cc54811ba4b5c43c2e98a032'|'Blackstone hires Katsuyuki Kuki as chairman, representative director for Japan'|'Aug 27 (Reuters) - Blackstone has hired Katsuyuki Kuki to be its chairman and representative director for Japan, the private equity firm said on Sunday.Kuki previously served as chairman of banking at J.P. Morgan in Japan and spent nine years at the company.“Katsuyuki Kuki brings a wealth of insight to Blackstone from his 30 years of experience as a senior leader in Japan’s financial services industry," said Blackstone''s founder and chief executive, Stephen A. Schwarzman. "We look forward to his leadership and expertise in the country and greater Asia Pacific region, which is an increasingly important part of our business.”Kuki began his career at the Japan Development Bank and at Shearson Lehman Hutton in New York. He also held senior leadership positions at UBS Securities and Lehman Brothers in Japan.“I am excited to join Blackstone – a firm with such a strong reputation for excellence across the globe," Kuki said. "Alongside the talented existing team in Japan and senior leaders from across the firm, I look forward to continued growth and success in the country.” (Reporting by Dion Rabouin in New York; Editing by Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/blackstone-group-hire-kuki-idINL2N1LE01L'|'2017-08-27T23:24:00.000+03:00'
'b8c4916900755fa41e26b586149b6df68a03b043'|'CBS Corp agrees to buy Australia''s Ten Network'|'FILE PHOTO - The CBS "eye" and logo are seen outside the CBS Broadcast Center on West 57th St. in Manhattan, New York, U.S., April 29, 2016. Brendan McDermid/File Photo SYDNEY (Reuters) - CBS Corp ( CBS.N ), owner of the most-watched United States television network, agreed to buy Australian free-to-air broadcaster Ten Network Holdings Ltd ( TEN.AX ), the broadcaster''s administrators said on Monday.Australian broadcasters, and Ten in particular, have suffered large losses and are scrambling to cut costs as advertisers follow viewers, who have turned to streaming services, such as Netflix ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Amazon Prime.The youth-focused and struggling Ten was placed in administration in June, after creditors, including News Corp ( NWSA.O ) co-chairman Lachlan Murdoch, pulled a debt guarantee."The decision to enter an exclusive transaction deed with CBS followed a rigorous sales process," PPB Advisory and KordaMentha said in a joint statement, without giving a sale price.CBS had been a creditor, since it licensed shows such as NCIS and CSI: Crime Scene Investigation to the network.FILE PHOTO - A news crew''s microphone from Network 10, Australia''s third-largest free-to-air television network, is pictured in a hotel ballroom after administrators held the first meeting for creditors of the media company in Sydney, Australia, June 26, 2017. Jason Reed "CBS recognises the significance of Ten in the Australian broadcasting community," said Armando Nunez, president and chief executive of CBS Studios International."We are committed to the efficient, reliable and successful turnaround, operation and development of Ten."Ten''s administrators said the CBS purchase, which includes the company taking on its debts, will be put to creditors for approval, and also requires approval from Australia''s Foreign Investment Reivew Board.Last week, a Murdoch-led consortium also bid for the network, though its offer was dependent on an overhaul of Australian media ownership laws that prevent a single party from owning print, radio and television assets in the same market.No such conditions would apply to the CBS buyout.Reporting by Tom Westbrook in SYDNEY; Editing by Byron Kaye and Clarence Fernandez '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ten-network-m-a-cbs-corp-idINKCN1B8004'|'2017-08-27T22:09:00.000+03:00'
'a54b2374bc918efc9836272fafe5d0118f9df1c2'|'EMERGING MARKETS-Latam currencies firm after Yellen speech; Chile stocks hit high'|'(Adds details on Chilean stocks, analyst comment; changes dateline, previous SAO PAULO) By Sheky Espejo MEXICO CITY, Aug 25 (Reuters) - Most Latin American currencies firmed on Friday after U.S. Federal Reserve Chair Janet Yellen refrained from commenting on monetary policy in a speech, easing concerns of investors who had braced for a hawkish signal. Chilean stocks rose to a record high, boosted by gains in miner SQM and LATAM Airlines. At a conference in Jackson Hole, Wyoming, Yellen said regulations put in place after the 2007-2009 financial crisis had strengthened the financial system without impeding economic growth, and any future changes should remain modest. Further supporting Mexico''s peso were minutes this week from the last central bank meeting that suggested policymakers will not soon move to cut borrowing costs, which were raised to a more than eight-year high to fight a spike in inflation. "With a hawkish Banxico and low volatility the landscape is still positive for EM currencies," said Juan Carlos Alderete, strategist at Banorte-Ixe. Mexico''s peso firmed more that 0.7 percent while the Colombian peso gained nearly 1.3 percent. A batch of mixed U.S. economic data have cast a shadow on the nation''s economic recovery, driving some investors to dial back bets on an interest rate increase by the Fed this year. A slower path of U.S. rate hikes could boost demand for high-yielding assets, benefiting currencies from emerging-market economies. In Brazil, shares of meatpacker JBS SA jumped after an anti-corruption division within the Brazilian prosecutor general''s office on Thursday approved a leniency deal with its controlling shareholder, J&F Investimentos SA. Also boosting appetite for JBS shares was a Reuters report that state development bank BNDES is doing all it can to remove Chief Executive Officer Wesley Batista, who is at the center of a corruption scandal, from the company. Key Latin American stock indexes and currencies at 2002 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,087.38 0.46 25.53 MSCI LatAm 2,888.66 -0.04 23.46 Brazil Bovespa 71,017.22 -0.16 17.92 Mexico IPC 51,355.15 -0.22 12.52 Chile IPSA 5,176.11 0.45 24.68 Chile IGPA 25,842.31 0.45 24.64 Argentina MerVal 23,521.36 0.55 39.03 Colombia IGBC 10,897.56 -0.27 7.60 Venezuela IBC 203,085.94 1.67 540.54 Currencies Latest Daily YTD pct pct change change Brazil real 3.1528 -0.23 3.04 Mexico peso 17.6000 0.72 17.86 Chile peso 634.2 0.54 5.76 Colombia peso 2,923 1.27 2.69 Peru sol 3.236 0.03 5.50 Argentina peso (interbank) 17.2100 0.00 -7.76 Argentina peso (parallel) 18.23 0.16 -7.73 (Editing by Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1LB1R4'|'2017-08-25T23:46:00.000+03:00'
'7a6f977bccd3f92a4f4233a5f3edb615771e2a57'|'Globalisation''s castaways haunt central bankers'|'August 24, 2017 / 5:14 AM / 2 hours ago Globalization''s castaways haunt central bankers Jonathan Spicer and Howard Schneider 7 Min Read A clock tower is seen in the mostly vacant St. Lawrence Centre Mall in Massena, New York, U.S., June 19, 2017. Photo taken June 19, 2017. Jonathan Spicer MASSENA, New York/JACKSON HOLE, Wyoming (Reuters) - After a turbulent year of anti-globalization backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalization can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalization, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors ( GM.N ) car factory, an aluminum plant, and the Sears ( SHLD.O ) department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labor markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalized, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalization and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. (Graphic: tmsnrt.rs/2g7Wky9 ) They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. Shoppers enter the mostly vacant St. Lawrence Centre Mall in Massena, New York, U.S., June 19, 2017. Photo taken June 19, 2017. Jonathan Spicer Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Recognizing the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focused on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Fed’s bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. Thomas Jenison, Chairman of the St. Lawrence County Republicans, stands outside the party''s local office in Canton, New York, U.S., June 20, 2017. REUTER/Jonathan Spicer At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. “If we can keep people from being lost permanently, boy that’s a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighboring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburg attended by New York Fed President William Dudley. Plattsburg, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier ( BBDb.TO ), and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career center in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-fed-globalization-insight-idUKKCN1B40BB'|'2017-08-24T08:10:00.000+03:00'
'78b5402751c11abc9becd7a03971ce23ef7856a1'|'Tesco, Booker defend tie-up plan, say suppliers will benefit'|'August 24, 2017 / 12:30 PM / 7 hours ago Tesco, Booker defend tie-up plan, say suppliers will benefit Reuters Staff 2 Min Read FILE PHOTO - A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. Phil Noble/File Photo (Reuters) - British supermarket group Tesco and wholesaler Booker have rejected suggestions their planned 3.7 billion pound tie-up will hurt suppliers, saying they should benefit from growth and lower costs as a result of the deal. Tesco ( TSCO.L ), Britain''s biggest retailer, agreed a buy food supplier Booker ( BOK.L ) in January to tap into the fast growing catering sector. [nL5N1FH171] However, the deal is subject to an in-depth investigation by Britain''s Competition and Markets Authority (CMA). "We believe that suppliers will support the proposed merger – and the opportunities it brings for them, in terms of growth and additional revenue and/or in terms of efficiency and reduced cost," Tesco Chief Executive Dave Lewis and Booker counterpart Charles Wilson said in a joint letter to the CMA''s merger inquiry group. ( bit.ly/2vioqtb ) On concerns the companies might divert sales from one business to another by deteriorating the offer in either Tesco stores or to Booker retail customers, the CEOs said they had "absolutely no intention to do this". Booker supplies services to over 5,000 stores operating under the Premier, Londis, Budgens and Family Shopper brands, while Tesco runs more than 3,000 stores across Britain "We operate in distinct market sectors (wholesale and retail) and do not compete with each other," the statement added. The CMA''s in-depth phase 2 investigation lasts 24 weeks. Its final report will be published before Christmas, following an earlier provisional findings report. Reporting by Rahul B in Bengaluru; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-booker-group-m-a-tesco-idUKKCN1B41H6'|'2017-08-24T15:29:00.000+03:00'
'8a7bf3eb1d376224c549134ea0741aabbac36daa'|'REFILE-UPDATE 1-Germany''s Audi, shaken by emissions scandal, reshuffles management board'|'(Fixes typo in headline)* Audi says to replace four board members on Sept. 1* Says heads of finance, production, HR, sales to go* Appoints company veterans as successorsFRANKFURT, Aug 28 (Reuters) - Volkswagen''s premium carmaker Audi announced its biggest management reshuffle in years on Monday as it seeks a fresh start in the aftermath of the diesel emissions scandal.Audi, which is the biggest contributor of profits to VW, said it was replacing finance chief Axel Strotbek, production chief Hubert Waltl, human resources head Thomas Sigi and sales chief Dietmar Voggenreiter, effective Sept. 1.Chief Executive Rupert Stadler, who has come under fire from the media and unions for his handling of the group''s emissions scandal, remains in office, as expected.The statement gave no reason for the shake-up.People familiar with the matter had flagged the management reshuffle to Reuters. One said that Stadler had the backing of the Porsche and Piech families that control Volkswagen (VW), which is why his contract was extended by another five years in May.Audi is grappling with car recalls, prosecutor investigations and criticism from unions and managers over the diesel emissions scandal and its performance since news of the affair broke in 2015.Audi admitted in November 2015 that its 3.0 litre V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that allowed vehicles to evade U.S. emissions limits.Parent Volkswagen has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and has offered to buy back about 500,000 polluting U.S. vehicles.Audi named VW manager Wendelin Goebel, a confidant of VW CEO Matthias Mueller and Audi''s Stadler, to replace Sigi as personnel chief. Peter Koessler, the chief of Audi''s plant in Gyor, Hungary, will succeed Waltl as head of production.VW commercial vehicles sales chief Bram Schot will take over Voggenreiter''s job, and CFO Strotbek will be succeeded by Alexander Seitz, who has held positions in Latin America and at Chinese joint venture SAIC Volkswagen, according to Audi. (Reporting by Maria Sheahan; Editing by Christoph Steitz and Adrian Croft) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/audi-management-idINL8N1LE34I'|'2017-08-28T11:37:00.000+03:00'
'dfedfd6899b83cde0b08b6d3a25d9367d408d5bd'|'CANADA STOCKS-TSX falls as oil prices weigh on energy shares'|'August 28, 2017 / 1:45 PM / 21 minutes ago CANADA STOCKS-TSX falls as oil prices weigh on energy shares Reuters Staff 1 Min Read TORONTO, Aug 28 (Reuters) - Canada''s main stock index fell on Monday as a decline in oil prices weighed on the energy sector. The Toronto Stock Exchange''s S&P/TSX composite index was down 34.9 points, or 0.23 percent, at 15,021.09 shortly after the open.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1LE0IO'|'2017-08-28T21:45:00.000+03:00'
'2120f6422ba81eba21bf46f4550561268b47df53'|'Carnival cruise ships blocked from Galveston port by Hurricane Harvey'|'HOUSTON, Aug 25 (Reuters) - Carnival Corp said on Friday that three of its cruise ships are unable to return to the Port of Galveston, Texas, which is closed ahead of Hurricane Harvey.Two of the ships, the Carnival Freedom and the Carnival Valor, will head for New Orleans where they will pick up fresh supplies. Passengers will have the option of disembarking there, but Carnival advised them to not do so and said the ships will return to Galveston as soon as feasible.A third ship, the Carnival Breeze, will extend its stay in Cozumel, Mexico, and begin sailing back to Galveston this weekend, the company said.The next scheduled cruises on all three ships will be shortened and customers will receive refunds, the company said."We will continue to remain in close contact with port officials regarding their plans to re-open once the storm has passed," spokeswoman Christine de la Huerta said. (Reporting by Ernest Scheyder; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-cruise-idUSL2N1LB1XN'|'2017-08-26T00:21:00.000+03:00'
'074a2e081f6acaafee4a414787b21fc14a13c50f'|'UPDATE 1-Bristol-Myers, Daiichi Sankyo to test Opdivo combo for cancers'|' 07 PM / 9 minutes ago UPDATE 1-Bristol-Myers, Daiichi Sankyo to test Opdivo combo for cancers Reuters Staff 1 Min Read (Adds details) Aug 28 (Reuters) - Bristol-Myers Squibb Co and Daiichi Sankyo said they were evaluating a combination of Bristol-Myers'' immuno-oncology drug, Opdivo, with the Japanese company''s experimental drug in patients with breast and bladder cancers. Opdivo belongs to a new class of medicines called PD-1 checkpoint inhibitors, which work by taking the brakes off the immune system. The combination therapy involves Daiichi Sankyo''s DS-8201, which delivers chemotherapy directly to target cancer cells. The drug is in early stage clinical development to treat different breast and solid cancers. The companies said the clinical study in patients with HER2-expressing advanced breast and bladder cancer is expected to begin enrollment in the first quarter of 2018. Bristol-Myer''s blockbuster Opdivo is already approved to treat advanced melanoma and lung cancer, and competes with Merck & Co''s Keytruda. (Reporting by Manas Mishra in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/idUSL4N1LE5FS'|'2017-08-29T00:06:00.000+03:00'
'281e2bdbb72b71019c33c0a255b674e989686d0e'|'US STOCKS-S&P 500 e-mini futures open slightly lower'|'(Reuters) - U.S. S&P 500 e-mini futures opened about 0.15 percent lower on Sunday as trading for the week got under way.Futures prices ESv1 opened at 2,442.00, slipping after closing with a mix of gains and losses on major indexes on Friday following the Federal Reserve''s symposium in Jackson Hole, Wyoming.Reporting by Dion Rabouin; Editing by Sandra Maler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-stocks-idUSKCN1B70XD'|'2017-08-28T01:22:00.000+03:00'
'a13446589dda9c5931d76496a283335d77ff2caf'|'Dalian Wanda says report chairman prevented from leaving China "groundless"'|'August 28, 2017 / 3:03 AM / 17 minutes ago Dalian Wanda says report chairman prevented from leaving China is ''groundless'' Reuters Staff 2 Min Read FILE PHOTO: Wanda Group Chairman Wang Jianlin speaks before a signing ceremony between his company and the Abbott World Marathon Majors (WMM) in Beijing, China April 26, 2017. Thomas Peter/File Photo HONG KONG (Reuters) - Chinese conglomerate Dalian Wanda Group said on Monday a report claiming its billionaire chairman, Wang Jianlin, was prevented from leaving the country was "groundless" and that it planned to take legal action. Taiwanese news site Bowen Press had reported on Sunday that Wang, who was with his family, was stopped from leaving Tianjin airport on Friday and had been detained for a few hours. It was not clear from the report if Wang''s family had also been stopped from leaving. "That rumor first appeared in mid-August," Wanda said in a statement, adding it "was scotched" when it was shown that Wang had traveled to Lanzhou on the same day. The statement said the news report was issued with ill intent. Bowen Press could not be immediately reached for comment. Wanda, which has spent billions buying entertainment and sports companies in recent years, has become a target in China''s clampdown on capital outflows, and sources say Chinese banks have been told to stop providing funding for several of its overseas acquisitions in order to curb its appetite for offshore deals. Shares of Wang''s Wanda Hotel Development ( 0169.HK ) slid as much as 11 percent but pared the declines and were down 4.6 percent by 0415 GMT. Bonds of Dalian Wanda group companies bounced back from early losses after the statement. Squeezed for finance, Wanda last month agreed to sell 77 hotels to Guangzhou R&F Properties ( 2777.HK ) for 19.9 billion yuan ($3 billion) and 91 percent equity in 13 tourism projects to Sunac China ( 1918.HK ) for 43.8 billion yuan. It also said last week it had scrapped plans to buy Nine Elms Square in London. Reporting By Clare Jim and Umesh Desai; Editing by Anne Marie Roantree and Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-dalian-wanda-report-idUKKCN1B805B'|'2017-08-28T07:29:00.000+03:00'
'0f6e320cd2563899148ceecb2cf6840a97648100'|'Jeff Immelt says not pursuing Uber CEO job'|'August 27, 2017 / 4:52 PM / in 19 minutes Jeff Immelt says not pursuing Uber CEO job Heather Somerville 3 Min Read General Electric Co. Chief Executive Jeff Immelt delivers a speech during the opening of a new tower of the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico May 12, 2017. Daniel Becerril/File Photo (Reuters) - Uber Technologies Inc''s field of candidates for a new chief executive officer narrowed further on Sunday when Jeff Immelt, chairman of General Electric Co, said he was no longer in the running for the top leadership position. Uber''s board of directors has been searching for a new CEO since June, when investors forced out co-founder Travis Kalanick following months of criticism over his leadership abilities. Immelt was among three finalists for the job at the ride-services company, according to sources close to the situation. "I have decided not to pursue a leadership position at Uber," Immelt said on his Twitter account, adding that he had "immense respect for the company & founders." Immelt is known for his ambitious vision during his 16-year tenure as CEO of GE, refashioning the company into a digital enterprise focused on leading the emerging business of internet-connected industrial products. However, in the process he failed to win over Wall Street, and GE''s share price fell about 29 percent during his tenure. He stepped down from the job in June. Another finalist is Meg Whitman, the chief executive of Hewlett Packard Enterprise. While Whitman has previously said in the media she has no interest in the job and plans to stay at HPE, sources say she is very much still in the running. Uber''s next leader will be tasked with helping the company surmount a year of setbacks, remaking its tarnished image and creating a profitable business out of what has been a loss-making endeavor. Filling the job quickly is essential to restoring shareholder confidence in the company, which is valued at $68 billion. Kalanick was ousted following months of scandals. They included allegations of sexual harassment, a lawsuit alleging trade-secrets theft, a federal criminal probe over use of software to evade city regulators, and allegations of executive misconduct regarding a victim who was raped by her Uber driver in India, among other controversies. Complicating the CEO search is a legal battle between board members and shareholders sparked by Benchmark Capital, which on Aug. 10 sued Kalanick. Benchmark, an early Uber investor, wants to force the former CEO off the board and rescind his ability to fill two board seats. The venture firm also accuses Kalanick of meddling with the CEO search to reclaim power, something Kalanick has said is false. Two Uber investors have defended Kalanick and filed a motion to intervene in the lawsuit, which is playing out in Delaware''s Chancery Court. Editing by Andrew Hay and Mary Milliken '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/uber-ceo-idINKCN1B70PR'|'2017-08-27T19:49:00.000+03:00'
'6bafae0174b95183edd5f6edcb861bb5042fe904'|'Marathon Galveston Bay gasoline unit rates cut due to Harvey: sources'|'August 27, 2017 / 3:14 PM / 3 hours ago Marathon Galveston Bay gasoline unit rates cut due to Harvey: sources Reuters Staff 1 Min Read HOUSTON (Reuters) - Marathon Petroleum Corp has cut back production to 60 percent of capacity on the gasoline-producing unit at its 459,000 barrel per day (bpd) Galveston Bay Refinery in Texas City, Texas, said sources familiar with plant operations on Sunday. The 120,000 bpd capacity Fluidic Catalytic Cracking Unit 3 cut production overnight as Tropical Storm Harvey dumped rain on southeast Texas and shut down transportation throughout the area, the sources said. Reporting by Erwin Seba; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/storm-harvey-marathon-idINKCN1B70N0'|'2017-08-27T18:11:00.000+03:00'
'9f6fad3698afca983a096a4f9ed774b7e9aa442a'|'Dow Chemical plans to boost stake in Sadara JV to 50 percent'|'Sadara Chemical Co facility is seen in Jubail, Saudi Arabia April 30, 2015. Picture taken April 30, 2015. Saudi Aramco/Handout via REUTERS (Reuters) - U.S. chemical and seeds company Dow Chemical Co ( DOW.N ) said on Monday it plans to buy an additional 15 percent stake in Sadara Chemical Co, its joint venture with Saudi Aramco IPO-ARMO.SE.Dow, which currently owns a 35 percent stake in Sadara, said it signed a non-binding agreement with Aramco to boost that interest to 50 percent.The deal is expected to occur after Dow closes its merger with DuPont ( DD.N ).Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sadara-dow-saudi-aramco-idINKCN1B81D1'|'2017-08-28T11:27:00.000+03:00'
'dbb63153934ffe9a15f6f1b45706f84270e6cd12'|'AIG returns to pre-bailout paydays for CEO, top execs - Reuters'|'NEW YORK, Aug 27 (Reuters) - American International Group Inc''s new Chief Executive Brian Duperreault has pledged to revive the insurer''s glory days of top talent, underwriting discipline and fat profit margins.One thing he has already brought back: big pay packages.As he rejoined AIG in May, the 70-year-old insurance industry veteran received bigger awards than any of his predecessors since Maurice "Hank" Greenberg, the man who built the company into a behemoth and left under a cloud in 2005.Duperreault quickly hired as his deputy Peter Zaffino, a former colleague at broker Marsh & McLennan Cos Inc, with a lucrative sign-on bonus, as well as a senior executive to head technology initiatives.Shareholders are banking that these costly personnel moves will pay off, after watching AIG stock underperform rivals and the broader market for nearly a decade."He (Duperreault) comes with a visible long-term track record in terms of inspiring the operations and leading the personnel," said Mac Sykes, an analyst at investment firm Gabelli & Co, which owned about $58 million worth of AIG shares as of June 30. "It''s what AIG needs at this point."Sykes and others said they have no issue with Duperreault''s handsome pay package, as long as he performs."We didn''t react in a negative way, especially because they''re going to make a lot more money if they execute," said a portfolio manager whose fund owns a large AIG stake, but was not authorized to speak about it publicly.FLAWED INCENTIVES? In addition to a $16 million annual package for 2017, Duperreault received $12 million in cash for shares he forfeited from Hamilton Insurance Group Ltd, an insurance company he co-founded and led in his native Bermuda. On top of that he got options to buy up to 1.5 million AIG shares dependent on the share price hitting certain targets over the next seven years.AIG also agreed to pay Hamilton $40 million to get Duperreault out of a noncompete agreement and bought the company''s U.S. unit for $110 million.Excluding the sign-on award, Duperreault''s annual package is similar in size and structure to what CEOs of major rivals Prudential Financial Inc and MetLife Inc received for 2016.AIG spokeswoman Cindy Leggett-Flynn declined to comment on Duperreault''s compensation or the other payments required to bring him on board.But there can be risks to big pay packages if they do not properly incentivize executives, pay consultants said.AIG learned that the hard way when it nearly collapsed in 2008 due to massive exposure to derivatives based on plunging property prices, and needed a $182 billion taxpayer-funded bailout by the Federal Reserve and U.S. Treasury.After that, AIG withheld awards from some executives for inappropriate risk-taking, and paid its new CEO a nominal $1 salary in 2008. The company kept a lid on CEO pay throughout the period it was supported by the U.S. government, which ended in 2013.For a graphic showing AIG CEO pay since 2004, click on tmsnrt.rs/2fSflV9Corporate governance experts said they were most concerned about the structure of Duperreault''s longer-term stock option awards.To cash in the maximum number of his stock options, he must raise AIG''s stock price by $30, or about 50 percent of its current value, within the next seven years and it must stay at that level for 20 consecutive trading days. The earliest he could exercise all his options, if the share price hits certain levels, would be three years.That could encourage aggressive risk-taking for short-term profits that ultimately harm the company, some experts said.Duperreault''s options could vest more quickly than it may take for long-term risks he takes on to become apparent, said Adam Kolasinski, an executive compensation expert who teaches finance at Texas A&M University."If I were a board member, I would be very happy to grant a pay package even more generous than this one, provided it created good incentives," said Kolasinski. "I am afraid this one does not."SMALL FORTUNE Recruiters, consultants and industry sources said AIG had little choice but to spend a small fortune to get Duperreault to leave a firm where he was comfortable and well paid, to take a difficult job that few wanted. His predecessor, Peter Hancock, left under pressure from activist investor Carl Icahn, who was unhappy at dismal results and a static share price.Revamping AIG will require all Duperreault''s leadership skills and insurance know-how. He spent more than 20 years at AIG at the start of his career before transforming ACE Ltd into a global insurance powerhouse, revamping a troubled Marsh & McLennan and co-founding Hamilton before returning to AIG as CEO."How many people can step into that job?" asked David Larcker, director of the Corporate Governance Research Initiative at Stanford Graduate School of Business. "It''s a pretty small set."Duperreault is the first AIG CEO in a decade to focus on growth and investment rather than divestitures and cost-cutting in the wake of the 2007-2009 financial crisis. Investors are hoping this is the right approach, given AIG''s sluggish share price growth since the crisis.AIG''s stock closed at $60.78 on Friday, down 7 percent this year, compared to a 9 percent rise in the S&P 500 index. The stock must hit $90.99 for Duperreault to exercise the maximum number of his stock options over the next seven years, a challenge Wall Street is ready to see him take on."I''d rather see a package like this on the entry than a golden parachute on the exit," said Jeff Wilson, an equity analyst at Scharf Investments LLC, which owned about $186 million in AIG stock as of June 30.Reporting by Suzanne Barlyn in New York; Additional reporting by Ross Kerber in Boston; Editing by Lauren Tara LaCapra and Bill Rigby '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/aig-pay-idINL2N1L40OK'|'2017-08-27T08:04:00.000+03:00'
'424d2b73d70401bc5cd26f9f2e5aa6e22802c761'|'China must improve business environment for manufacturing sector - Premier Li'|'August 27, 2017 / 11:43 AM / 6 hours ago China must improve business environment for manufacturing sector - Premier Li Reuters Staff 1 Min Read Employees work along a production line of a textile factory in Suzhou, Jiangsu province, China, June 13, 2015. China''s factory sector contracted by the most in 15 months in July as shrinking orders depressed output, a preliminary private survey showed on July 24, 2015. Picture taken June 13, 2015. China Daily CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA - RTX1LLMA BEIJING (Reuters) - China should provide more fundraising services to companies, especially smaller firms, and look at fiscal and tax policies that support upgrading its manufacturing sector, Premier Li Keqiang said in remarks published on the government''s website. Li said market entry barriers should be lowered, vocational training improved and intellectual property protection increased as China looks to improve its manufacturing sector, which he said is still in the mid to low-end internationally. China has put forward its Made in China 2025 strategy, which aims to improve Chinese manufacturing and make Chinese firms world technology leaders. Li''s comments at a meeting with representatives from government departments and companies on Friday were published on the government''s website on Sunday. "Manufacturing is the foundation of economic development. In order to upgrade China''s economy and realise new industrialisation, we must rely on strengthening Chinese manufacturing," Li said. Reporting by Elias Glenn, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-idUKKCN1B70GI'|'2017-08-27T14:42:00.000+03:00'
'0b9305147edcb8ffc618d5284ff42f8338c884f8'|'METALS-Most Shanghai metals lower as shine comes off steel'|'SYDNEY, Aug 28 (Reuters) - Most Chinese base metals futures were lower on Monday as investors took profits following hefty gains last week.Metals linked with steel markets - nickel, zinc and lead - recorded the biggest losses, with only copper in positive territory."We''re seeing a pullback from last week in step with steel, and with the LME (London Metal Exchange) closed, there''s some loss in direction," a commodities trader in Sydney said.Monday is a market holiday in Britain and the London Metal Exchange will be closed.FUNDAMENTALS ZINC DOWN: The most traded Shanghai Futures Exchange zinc contract dropped more than 2 percent to 25,565 yuan ($3,846) a tonne by 0100 GMT. Zinc is chiefly used in steel galvanising. ShFE Nickel fell 1.8 percent, while lead lost 2.3 percent. Nickel is used in stainless steel.STEEL GAINS FADE: The most-traded rebar on the Shanghai Futures Exchange was down more than 2 percent, after last week clocking its fourth week of gains out of five.SHFE COPPER: ShFE copper eked out a modest 0.8 percent gain, building on a robust demand outlook for the metal in China. But traders said the contract could face some resistance attempting to retrace Friday''s intraday gains that swept the contract to its highest since March 2013.COPPER INVENTORIES: Copper found support after data showed weekly copper stocks in warehouses registered by the Shanghai Futures Exchange declined by 8.2 percent to 187,444 tonnes CU-STX-SGH. Meanwhile, on-warrant inventories - those not earmarked for removal - in London Metal Exchange (LME) depots have halved to 112,950 tonnes over the past six weeks MCUSTX-TOTAL.BHP POTASH: Anglo-Australian mining giant BHP Billiton is considering selling a 25 percent interest in its Canadian potash mine project, a stake that could be worth close to $2 billion, people familiar with the matter told Reuters.* For the top stories in metals and other news, click orMARKETS NEWS * The euro hit a 2 1/2-year high early on Monday after European Central Bank President Mario Draghi refrained from talking down the single currency, while oil prices rose after Hurricane Harvey struck at the heart of the U.S. energy industry.DATA/EVENTS 1230 U.S. Adv Good Trade Balance Jul 1430 U.S. Dalls Fed Mfg Bus Idx AugPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6465 Chinese yuan renminbi)Reporting by James Regan; Editing by Richard Pullin '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1LE1BA'|'2017-08-28T04:50:00.000+03:00'
'cc1aff62341db98a8a4626dc0613f89e0456b51b'|'Fiscal stimulus in downturns is safe even when debt is high: researchers'|'August 26, 2017 / 2:33 PM / 2 hours ago Fiscal stimulus in downturns is safe even when debt is high: researchers Reuters Staff 3 Min Read FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration/File Photo SAN FRANCISCO (Reuters) - Government spending in a recession can boost a country''s economy without permanently bloating its public debt, even if the debt is already quite large, researchers told an influential group of central bankers in Jackson, Wyoming, on Saturday. "Expansionary fiscal policies adopted when the economy is weak may not only stimulate output but also reduce debt-to-GDP ratios," University of California, Berkeley, professors Alan Auerbach and Yuriy Gorodnichenko said in a paper presented at the Kansas City Federal Reserve''s annual economic symposium. The symposium''s focus this year is on how best to foster a stronger global economy. After the 2007-2009 global financial crisis, fear of ballooning public debt pushed fiscal authorities in some countries to ratchet back government spending, a tactic that economists now think may have slowed recovery. But with debt levels high by historical standards in many countries, including the United States where debt is about 76 percent of the nation''s output, policymakers worry about the drag on growth. The research presented Saturday offers new evidence that fiscal stimulus in a recession is not only safe but effective even in heavily indebted countries. That may be particularly welcome news to central bankers including Federal Reserve Chair Janet Yellen and European Central Bank chief Mario Draghi, who face limited options of their own to combat a future downturn, given existing low interest rates and low inflation rates in their economies. Politicians in Washington are preparing for a potential showdown over U.S. debt next month, with Treasury Secretary Stephen Mnuchin warning that unless Congress lifts the country''s debt ceiling by Sept. 29 the government will no longer be able to pay its bills. Republicans have tried to use past debt ceiling debates as leverage to restrict government spending. The University of California researchers warned in their paper that fiscal stimulus when an economy is strong can indeed add to debt burdens and slow long-run growth. "Our results should not be interpreted as an unconditional call for an aggressive government spending in response to a deteriorating economy," they wrote. Still, they argued, the evidence suggests that fiscal spending during a downturn has less risk of downside than is often thought. "With tight constraints on central banks, one may expect -- or maybe hope for -- a more active response of fiscal policy when the next recession arrives," they wrote. Reporting by Ann Saphir; Editing by Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-fiscal-idINKCN1B60HS'|'2017-08-26T17:33:00.000+03:00'
'f8fca1392706ae4c26ee011902213414f8a4bc73'|'Pakistani bank says New York regulator seeks to fine it up to $630 million'|'August 28, 2017 / 11:52 AM / 6 hours ago Pakistani bank says New York regulator seeks to fine it up to $630 million Syed Raza Hassan 3 Min Read FILE PHOTO: The Habib Bank Limited (HBL) logo is seen on the head office building in Karachi, Pakistan, April 18, 2016. Akhtar Soomro/File Photo ISLAMABAD (Reuters) - The New York State Department of Financial Services (DFS) is seeking to fine Habib Bank Ltd nearly $630 million for deficiencies relating to compliance with state and federal laws at its only U.S. branch, an official of the Pakistan bank said on Monday. If imposed, the penalty would be the largest ever faced by a Pakistani financial institution. The DFS could not immediately be reached for comment. The compliance issues date to 2015 when the DFS told Karachi-listed Habib Bank (HBL) to institute a series of reforms pertaining to the bank''s policies for preventing illicit money transfers. A December 2015 DFS statement said it had "identified significant breakdowns" in the bank''s anti-money laundering compliance. Nausheen Ahmad, the bank''s company secretary, said in a statement on Monday that despite HBL''s "sincere and extensive remediation measures, DFS is still not appreciating or recognizing the significant progress that HBL has made at its branch in New York". She said HBL has received a notice from DFS , which "seeks to impose an outrageous civil monetary penalty of up to $629.625 million." HBL said that it will "vigorously contest" the fine in U.S. courts, adding that there will be no "material impact on HBL''s business outside of the United States". The statement added that HBL has submitted an application to DFS to shut its New York operations. STRICT RULES ON LAUNDERING US federal and state laws require financial institutions to have policies and procedures in place to detect and prevent illicit money transfers. The measures include everything from screening customers and reporting suspicious transactions to regulators. New York State imposed strict anti-money laundering regulations in 2015, which include requiring a bank''s chief compliance officer to certify whether it maintains the types of systems outlined in the rule to detect and prevent illicit money transfers. Examinations of HBL''s New York branch at the time "identified significant breakdowns" in the bank''s anti-money laundering compliance efforts but the nature of the breakdowns was unclear. In 2016, DFS "identified significant breakdowns" in risk management protocols at the New York branch of another bank, the National Bank of Pakistan, which was given 60 days to draw up an improved monitoring and oversight proposal. That bank continues to have a New York branch. On Sunday, Pakistan postponed a visit by a U.S. acting assistant secretary of state, officials said, as small protests broke out against President Donald Trump''s accusations that Islamabad was prolonging the war in Afghanistan. Writing by Saad Sayeed; Editing by Richard Borsuk '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/pakistan-bank-idINKCN1B8163'|'2017-08-28T09:52:00.000+03:00'
'b9040ba85991b2f335e4d21788b5ed34dfd4f20b'|'Warren Buffett tells CNBC he has not sold a share of Apple'|'August 30, 2017 / 4:46 PM / 2 hours ago Warren Buffett tells CNBC he has not sold a share of Apple Reuters Staff 3 Min Read Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. Rick Wilking/File Photo NEW YORK (Reuters) - Billionaire investor Warren Buffett told CNBC on Wednesday that he had not sold a share of Apple and was not concerned about Wells Fargo as a long-term investment, calling it a "terrific" bank. Buffett, chairman and chief executive of conglomerate Berkshire Hathaway Inc, said about Apple compared to IBM: "I feel more certain about the future as I look at a company like Apple than when I look at IBM now." Berkshire has disclosed a roughly $20 billion stake in Apple. Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third of them in the first and second quarters of 2017, CNBC reported in May, citing Buffett. Buffett also said Wednesday that he continued to have faith in investments in Bank of America Corp and Wells Fargo. Berkshire has become Bank of America''s largest shareholder by exercising its right to acquire 700 million shares at a steep discount, more than tripling an investment it made six years ago. When asked if U.S. food company Kraft Heinz would buy Mondelez, Buffett said: "I think the answer is no on that." He also said Kraft Heinz, which Berkshire controls along with Brazilian firm 3G Capital, would not again seek to buy Unilever Plc. Kraft Heinz withdrew its proposal for a $143 billion merger with larger rival Unilever Plc, the companies said in February. Following a six-month cooling off period required by UK takeover law which expired this month, there has been speculation over whether Kraft Heinz would come back for another shot at Anglo-Dutch consumer goods giant Unilever. "That was a misunderstanding, basically. We will not make hostile takeover offers, and we did not intend that to be hostile, but it turned out it was, and we immediately the next day, when I learned about it, we called it off," Buffett said on Kraft Heinz''s bid. When asked why he was silent about U.S. President Donald Trump''s administration, Buffett said: "I am not in the business of attacking any president, nor do I think I should be." He had supported Hillary Clinton in last year''s presidential election. Reporting by Sam Forgione; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/investing-buffett-cnbc-idINKCN1BA280'|'2017-08-30T19:45:00.000+03:00'
'3ed5b65d35d3e70f8c2101a70b517de8fb06902b'|'Harvey hits U.S. fuel supplies to Latin America'|'NEW YORK, Aug 27 (Reuters) - Tropical Storm Harvey could cause fuel shortages in Latin America after it shut in around 1 million barrels per day of U.S. gasoline and diesel exports typically destined for countries such as Mexico.Harvey barreled into Texas on Friday as the strongest hurricane to hit the state at the heart of the U.S. oil and gas industry in over 50 years.The United States is the world''s largest net fuel exporter, and most of those shipments sail from ports in Texas and Louisiana. Harvey shut down the ports of Corpus Christi and Houston in Texas, and both are major fuel export ports."Any hiccup in U.S. refined product exports is highly disruptive to the supply chain given the dependency of nations like Mexico and other Latin American countries on the U.S.," said Michael Tran, director of global energy strategy at RBC Capital Markets."The reliance on U.S. products is particularly key this year given that many refineries in Central and South America are running at abysmal levels."Latin American countries such as Mexico and Venezuela have become increasingly reliant on imports because they have failed to invest in expanding refineries to keep up with rising demand.The U.S. exported 2.49 million barrels per day (bpd) of refined products and 100,000 bpd of crude to Latin America in the first quarter, according to the Energy Information Administration. Over 950,000 bpd ended up in Mexico - the biggest overseas market for American-made fuel.Mexico depends on U.S. fuel to meet nearly three quarters of its domestic gasoline demand.A spokesperson for Mexican national oil company Pemex said its gasoline and diesel inventories were sufficient to make up any shortfall in supply Harvey may trigger.“New shipments via safe routes are on the way (to Mexico) and left on time from the southern Untied States before the hurricane arrived,” he said.He did not detail the volumes Mexico holds in stockpiles or how many days of demand could be covered with emergency supplies.Aside from waterborne shipments, the United States also sends supplies to Mexico via rail and road, but those flows have been hit too.Union Pacific Corp, the no. 1 U.S. railroad, said it was moving rail cars in yards prone to flooding to high elevations and would curtail trains operating through areas likely to be hit by excessive winds and rain that will impact operations.Serious disruption to global oil supplies could trigger a coordinated international release from the Paris-based International Energy Agency (IEA). The IEA has previously released emergency supplies to cushion the impact of natural disasters and war on international energy supplies.It is unclear when the port of Houston will reopen as Harvey is forecast to move closer to the area in coming days, dumping torrential rain. The port of Corpus Christi suffered minor infrastructure damages but was making preparations to restart, a spokeswoman said on Sunday.EUROPE Fuel supplies to Europe will also be disrupted by the storm. The United States is the biggest source of ultra low sulfur diesel to Europe and Latin America.Latin American countries such as Mexico will need to seek diesel supplies from Asia and the U.S. West Coast, traders said."They will have to pay high," said one trader of distillates, a group of fuels that includes diesel and jet fuel.Europe would be the most likely source of more gasoline for Latin America, said Vikas Dwivedi, global oil and gas strategist at Macquarie."If there are a lot of shutdowns, whatever capacity is running will get consumed in the U.S., it will have to be, so Latin America will have to get its barrels from elsewhere. It creates a domino effect," Dwivedi said.Harvey''s effect on the prices of gasoline and diesel will have an impact on fuel prices in Colombia, mining and energy minister German Arce told Reuters.At least 2 million bpd of Gulf refining capacity is currently offline and damage assessments at four Corpus Christi, Texas, area oil refineries were underway on Saturday, a first step toward resuming production. However, by Sunday, more refineries were shuttered as the threat of flooding grew.Alternative supplies for some Latin American countries would have come from within the region several years ago, but the largest fuel producers such as Brazil and Venezuela now have very limited capacity for exports.Just over a decade ago, which was the last time a storm as powerful hit the U.S. mainland, the country was the biggest net importer of refined products in the world."It''s a completely different world now than 2008 in terms of crude and products flows," said Matt Smith, director of commodity research at ClipperData. (Reporting by Devika Krishna Kumar in New York; Additional reporting by Marianna Parraga in Houston, David Alire Garcia in Mexico City, Julia Cobb in Bogota and Jessica Resnick-Ault in New York; Editing by Simon Webb and Andrew Hay) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-latinamerica-fuel-idINL4N1LB4ZG'|'2017-08-27T20:29:00.000+03:00'
'40f63d21f2d19033ac61e93d14ec1dc01646e9e1'|'Russian billionaire selling off Zaha Hadid-designed tower - sources'|'August 28, 2017 / 3:33 PM / an hour ago Russian billionaire selling off Zaha Hadid-designed tower - sources Olga Sichkar 3 Min Read A general view shows Dominion Tower, an office block designed by architect Zaha Hadid, in south-east Moscow, Russia August 28, 2017. Andrey Volkov MOSCOW (Reuters) - A conglomerate controlled by Russian billionaire Mikhail Gutseriev and his family is selling off a $400 million portfolio of assets, including Russia''s only completed building designed by architect Zaha Hadid, two real estate sources told Reuters. The Gutseriev family''s Safmar holding includes a bank, B&N, which, according to ratings agency Fitch, has seen a decline in liquidity. The holding has said it was considering a capital injection for the unit. Asked by Reuters if the property sell-off was linked to financial issues at the bank, a spokesman for Safmar said the group had long been seeking to sell non-core assets and they would not be sold at a discount. According to the two real estate sources, Safmar last week held a presentation for real estate consultants to pitch them the portfolio totalling 900 different assets. The holding was represented at the meeting by Sait-Salam Gutseriev, who is Mikhail Gutseriev''s brother and plays a lead role in Safmar''s real estate businesses, said the two sources, who attended the meeting. The most expensive single lot, according to a prospectus circulated by Safmar and seen by Reuters, is Dominion Tower, an office block in south-east Moscow designed by Hadid. The Iraqi-British architect, who won worldwide acclaim with her futuristic designs, died of a heart attack aged 65 last year. The prospectus valued the building in Moscow at 2.2 billion roubles ($37.64 million). The real estate sources said the portfolio was made up of assets that Safmar acquired when its businesses rescued struggling Russian banks and inherited their loan books, including physical assets that had been seized from borrowers who defaulted on their loans. An interior view shows Dominion Tower, an office block designed by architect Zaha Hadid, in south-east Moscow, Russia August 28, 2017. Andrey Volkov Other items in the prospectus included second-hand trucks, family dwellings, land and office buildings. The prospectus gave the total value of the assets as 22.9 billion roubles, or around $400 million. Slideshow (3 Images) The Safmar spokesman said the group had spoken previously of its readiness to sell non-core assets, including real estate assets, for the appropriate price. "That absolutely does not mean a discounted sell-off," the spokesman said in an email to Reuters. The spokesman also said the portfolio was not worth $400 million, but did not say what the correct figure was. The holding''s Chief Executive, Avet Mirakyan, told Reuters earlier this month Safmar was looking at divesting some of its real estate assets. He said that after a period of rapid expansion the group now wanted to consolidate. "In general, the same as any other business, we don''t have assets we want to be sitting in forever. If we see a good opportunity to exit from an asset, we will consider it," Mirakyan said. ($1 = 58.5495 roubles)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-russia-safmar-assets-idUKKCN1B81MU'|'2017-08-28T18:32:00.000+03:00'
'677de5b06548740b50f17ee955601e242ea6981c'|'Thyssenkrupp wins order to build fertiliser plant in Brunei'|'FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Germany''s Thyssenkrupp said it has won an order from Brunei to build a fertiliser plant in the southeast Asian state, in a much-needed boost to its struggling industrial solutions division.It did not disclose the value of the contract, awarded by state-run Brunei Fertiliser Industries. However, an industry source familiar with the matter said the order was worth a high triple-digit million euro sum.The plant, to be completed by 2021, will have a daily production capacity of 2,200 tonnes of ammonia and 3,900 tonnes of urea, Thyssenkrupp said."This major order will further strengthen our market position and growth in the Asia Pacific region," said Peter Feldhaus, CEO of Thyssenkrupp''s Industrial Solutions business, which builds industrial plants and ships.Analysts at Jefferies called the unit Thyssenkrupp''s "problem child" after it reported a sharp decline in third-quarter operating profit this month, due to low-margin legacy orders and underutilised chemical plants.Reporting by Christoph Steitz; Editing by Maria Sheahan and Susan Fenton '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/thyssenkrupp-brunei-idINKCN1B81Q2'|'2017-08-28T14:27:00.000+03:00'
'488a20d594e776bb8b0d16b06b88172a14425168'|'Whole Foods slashes prices on some produce; also selling Amazon''s Echo'|' 01 PM / an hour ago Whole Foods slashes prices on some produce; also selling Amazon''s Echo Reuters Staff 3 Min Read FILE PHOTO - Displays for the echo dot and echo are seen inside the Amazon Books store in the Time Warner Center at Columbus Circle in New York City, New York, U.S., May 25, 2017. Shannon Stapleton LOS ANGELES (Reuters) - On its first day as part of Amazon.com ( AMZN.O ), organic grocery chain Whole Foods Market Inc ( WFM.O ) slashed prices on popular items like avocados and apples on Monday by a third as it bid to shake off its "Whole Paycheck" reputation for high prices. In another sign of changes to come, a display offering Amazon''s Echo and smaller Echo Dot hands-free smart speakers for $99.99 (77.28 pounds)and $44.99, respectively, was nestled amid the colourful produce at the Whole Foods in downtown Los Angeles. Those gadgets sell for the same price on Amazon.com. The companies signalled last week that they would selectively cut Whole Foods prices starting on Monday, with further discounts in the works. Signs posted around the Los Angeles store announced the reductions. The price of Hass avocados was slashed by 33 percent to $1.99 each, down from $2.99. Fuji apples sell for $1.99 a pound, from $2.99 previously. Meat and fish prices were also cut. New York strip steak and boneless rib eye prices dropped to $13.99 per pound from $16.99, a reduction of nearly 18 percent, while the price for "responsibly farmed" Atlantic salmon filets fell to $9.99 per pound from $13.99, down almost 29 percent. The new Whole Foods prices, in some cases, were lower than those at a nearby Ralphs grocery store. Ralphs is owned by Kroger Co ( KR.N ), which has a reputation for competing aggressively on price. The downtown Los Angeles Ralphs was selling conventional avocados for $1.99, versus $1.49 at Whole Foods. Conventionally grown bananas were also priced higher at Ralphs: 59 cents a pound, against 49 cents at Whole Foods. Ralphs'' prices on Rib Eye steaks appeared to match the new Whole Foods prices. The companies displayed promotions for Amazon''s Echo speaker in tongue-in-cheek fashion in the produce section of the downtown Los Angeles store, with signs reading "Farm Fresh" and "Pick of the Season." The Echo plays a critical role in Amazon''s burgeoning ambitions to popularize and dominate the market for voice-controlled computing. Echo speakers are equipped with Amazon''s voice-controlled assistant Alexa, which competes with Apple Inc''s ( AAPL.O ) Siri. Users can direct Alexa to set timers, play music, read cooking recipes, order deliveries or car rides, and perform a host of other activities, hands-free. Whole Foods has 470 stores around the world, including nearly 450 in the United States. Shares of Amazon were up 0.2 percent at $946.65 in midday trading. Reporting by Lisa Baertlein in Los Angeles; Additional reporting by Jeffrey Dastin in San Francisco; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-amazon-com-whole-foods-prices-idUKKCN1B81X5'|'2017-08-28T21:01:00.000+03:00'
'2ae6b94551bbce4cf3d5ecc5fabc04169fa91726'|'Chicago school board approves $5.75 bln budget, debt issuance'|'CHICAGO, Aug 28 (Reuters) - The Chicago Board of Education approved on Monday a $5.75 billion fiscal 2018 budget, which assumes nearly $570 million in uncertain funding, and also a plan to issue up to $1.9 billion of debt.The Chicago Public Schools'' (CPS) budget for the fiscal year that began on July 1 counts on an additional $300 million from Illinois under a new statewide education funding formula that the House and Senate are scheduled to vote on this week. It also includes $269 million in new city dollars that have not been identified."It''s a difficult budget," Frank Clark, the board''s president, said at the board meeting, adding that the cash-strapped district could receive as much as $450 million under the new formula.Escalating pension payments have led to drained reserves, debt dependency and junk credit ratings for CPS, the nation''s third-largest public school system.Clark expressed optimism that a tentative funding formula deal announced by state legislative leaders last week will be approved. Illinois stopped the flow of $6.7 billion in state aid to its 852 school districts because a distribution mechanism is not in place.Payments to the CPS teachers'' retirement system are expected to climb from $784 million in fiscal 2018 to $889 million in fiscal 2022, according to a CPS budget presentation.The board approved $1.55 billion of tax anticipation notes CPS needs to fund operations between biannual property tax collections. Borrowing costs for the fiscal 2018 notes are expected to rise to about $79 million versus $35 million for the same amounts of notes borrowed in the previous fiscal year, according to the district''s budget documents.A refunding of up to $385 million of high-interest, variable-rate general obligation bonds issued in 2011, 2013 and 2015 was also approved by the board.Ahead of the budget vote, the spending plan received a failing grade from the Civic Federation, a Chicago-based government finance watchdog.The group pointed to a reliance on uncertain revenue and costly short- and long-term borrowing as the main reasons for its opposition to the budget, which it said fails to divert CPS "from its dismal fiscal trajectory."Moody''s Investors Service put the district''s B3 rating under review last month for a possible downgrade into the highly speculative Caa level, citing financial stress due to late or uncertain state funding. (Reporting by Karen Pierog in Chicago; Editing by Matthew Lewis) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/chicago-education-idINL2N1LE0M0'|'2017-08-28T19:38:00.000+03:00'
'a11c3043e67a140b2cf920bd657e076f54d61fea'|'Less lost luggage at the airport'|'WAITING to see if your checked bag will bump down the carousel and join you at your destination is one of the enduring anxieties of air travel. Though the number of “mishandled” bags—an industry term meaning lost or misplaced—is at an all-time low, six out of every 1,000 passengers can expect to be separated from their luggage for longer than they expected, or possibly even forever. These mishaps cost the airline industry $2.1bn a year and cause untold stress and inconvenience to passengers.From June 2018, however, travellers’ frustrations should ease when the International Air Transport Association’s Resolution 753 comes into effect. It will require mandatory tracking at four stages of a checked bag’s journey: when it is first handed to the airline, when it is loaded onto the aircraft, when it is delivered to the transfer area and when it is returned to the passenger. The resolution, which was devised in conjunction with Airlines for America, an industry group, was agreed to in 2013 and applies to the association’s 275 member airlines that account for 83% of global air travel. 4 12 In a similar way to how courier companies track parcels, airlines will be able to trace checked luggage as it moves through an airport and between planes, which is where almost half of the losses occur. As a result, aircraft should be loaded faster and baggage fraud reduced. When bags are misplaced they will be found and reunited with their owners more quickly. Airlines, airports and baggage-handlers will have access to the data, which will be standardised, allowing customer-service operators to advise passengers on the whereabouts of their lost bag and airports to know who to charge for mishandled suitcases. Less time and money will be spent generating lost-bag reports.In order to track suitcases, tags need to be scanned at the four stages of their transit. Traditional luggage-tags, which include information like a passenger’s name, the date, destination and a bar code, can be scanned by either lasers or by hand. However, the system is often labour intensive and sometimes tags get chewed up and bar codes become unreadable. The new regulations have forced the industry to look to newer technologies. Radio-Frequency Identification (RFID) chips offer a more efficient alternative. With the bag and passenger’s information held in a chip either in a tag or in the suitcase itself, they can be scanned en masse, are more robust than sticker tags and are almost 100% reliable.Qatar Airways, which is the first airline to comply with Resolution 753, has gone the extra mile by enabling its passengers to track their luggage themselves through an app. Others are also helping to smooth the baggage path. Horizn Studios, a Berlin-based design company, is selling suitcases with an optional GPS tracking system, as well as a Protective Guard Card that sends an alert when a wallet or suitcase strays more than 30 metres from its owner. Trace Me, a British research and development outfit, allows customers to register and trace their bag with SITA WorldTracer, a widely used tracking system in the airline industry.Despite all the new technology, there will still be some unlucky travellers who leave the airport without their bags. If that happens in London, the luggageless can turn for help to the Hotel Café Royal, which in partnership with matchesfashion.com, an online clothes retailer, offers Fashion Now. Following a phone consultation with a stylist, a selection of new clothes for those bereft of bags can be delivered to their hotel room within 90 minutes. With work, evening and sportswear packages for both men and women, the service lessens the distress of losing your luggage.Next Appalling behaviour on London’s Tube'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/emotional-baggage?fsrc=rss'|'2017-08-29T17:54:00.000+03:00'
'f0ed7ffab6a92e0dd811e41f8fc1eae5d27b2004'|'Euro surges to two-and-a-half year after Draghi comments, oil up after Harvey'|'Houston suffers ''devastating'' flooding from Harvey Houston suffers ''devastating'' flooding from Harvey Houston suffers ''devastating'' flooding from Harvey Reuters TV United States August 27, 2017 / 11:42 PM / 2 minutes ago Euro surges to two-and-a-half-year high after Draghi comments, oil up after Harvey Nichola Saminather 2 Min Read FILE PHOTO - The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. Kai Pfaffenbach SINGAPORE (Reuters) - The euro surged to its highest level since January 2015 against the dollar early on Monday, after European Central Bank President Mario Draghi failed to talk down the single currency''s strength as had been expected. Oil prices inched higher after Tropical Storm Harvey struck Texas over the weekend at the heart of the United States'' oil and gas industry, forcing operators to close several refineries and evacuate and close offshore platforms. Japanese and Australian stock futures were pointing to higher opens, but S&P E-mini futures were marginally lower. Speaking at the U.S. Federal Reserve''s annual conference in Jackson Hole, Wyoming, Draghi said the ECB''s ultra-easy monetary policy was working and the euro zone''s economic recovery has taken hold, but didn''t cite the common currency''s strength as a concern or discuss monetary policy specifically. [nL2N1LB1HG] The euro advanced 0.3 percent to $1.1953 on Monday, extending Friday''s 1 percent jump. "The EUR bulls will feed off anything they can get that suggests a less accommodative stance going forward," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note. The dollar was slightly lower at 109.26 yen after sliding 0.2 percent on Friday after Federal Reserve Chair Janet Yellen, speaking before Draghi at the same event, also didn''t address policy. Yellen''s remarks disappointed some investors who''d hoped for hints on the Fed''s path on interest rates and sent 10-year U.S. Treasury yields to their lowest level in a month. Investors viewed her remarks as reducing the likelihood the U.S. central bank will raise interest rates in December. U.S. oil inched higher to $47.88 a barrel, adding to Friday''s 0.9 percent gain. The Gulf Coast, where Texas is located, is home to about nearly half of the nation''s refining capacity, and the reduced supply could affect gasoline supplies across the U.S. Southeast and other parts of the country. Reporting by Nichola Saminather; Editing by Richard Pullin'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1B70YH'|'2017-08-28T02:39:00.000+03:00'
'ac93de7d85a2af01604bdccf7126fa4eb8398e98'|'U.S. EPA ends sponsorship of climate leadership program'|'FILE PHOTO: Environmental Protection Agency Administrator Scott Pruitt speaks during an interview for Reuters at his office in Washington, U.S., July 10, 2017. Yuri Gripas WASHINGTON (Reuters) - The U.S. Environmental Protection Agency will no longer sponsor an awards program honoring voluntary corporate actions to combat global warming, it announced on Friday, the agency''s latest move to undo Obama-era climate change programs. Since 2012, the EPA has been the lead sponsor of the Climate Leadership Awards program and conference, which recognizes companies that reduce greenhouse gas emissions in their internal operations and supply chains. In an email sent on Friday, the EPA announced it will no longer be involved in the awards or the conference. Under Administrator Scott Pruitt, who has repeatedly expressed doubts about climate change, the EPA has moved to undo dozens of Obama-era climate regulations in what it says is an effort to ease the regulatory burden on energy and agriculture companies. In the Trump administration''s budget proposal for 2018, the EPA was the target of the largest cut - 31 percent - a figure that Republican and Democratic lawmakers opposed. In Friday''s email, the EPA did not explain why it is eliminating the awards program, but apologized for the inconvenience of its announcement in the middle of the award application process. The awards were to be given out in Denver between Feb. 28 and March 2, 2018. “It shouldn’t be a surprise to anyone that we don’t plan to fund an awards ceremony on climate change,” said Jahan Wilcox, EPA spokesman. The agency spent $24,950 per year on sponsorship, plus travel and staff time for those managing the awards. NGO co-sponsors of the awards program and conference - C2ES and the Climate Registry - said on Friday they will continue to fund the awards and conference and are eager to work with new partners to host the program. The program has honored more than 115 companies and individuals since 2012, including Microsoft Corp ( MSFT.O ), Boeing Co ( BA.N ) and Mack Trucks ( VOLVb.ST ), as well as institutions like the University of California at Irvine. Reporting by Valerie Volcovici; Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-climatechange-epa-idUSKCN1B52PK'|'2017-08-26T01:12:00.000+03:00'
'0e78539c9808fc14a20cb1655a11f6f0fa788c78'|'CANADA STOCKS-TSX edges lower as Tahoe plunges but Hudson''s Bay, Aecon surge'|'(Adds comment from portfolio manager, details; updates prices)* TSX ends down 20.17 points, or 0.13 percent, at 15,055.99* Tahoe down 18 pct after Guatemala court upholds mine suspension* Six of TSX''s 10 main groups move lowerBy Alastair SharpTORONTO, Aug 25 (Reuters) - Canada''s main stock index inched lower on Friday, caught between a plunge in Tahoe Resources Inc and jumps in shares of retailer Hudson Bay Co and construction company Aecon Group.Tahoe ended down 18.7 percent at C$5.58 after hitting an all-time low, as a Guatemalan court upheld the suspension of the license for its Escobal project, one of the world''s largest silver mines. The stock had sunk from around C$11 a share to around C$7 in early July, when the mine was first closed.Hudson''s Bay Co spiked 14.2 percent higher to C$11.45 after sources told Reuters that the department store operator is seeking to carry out a review of its strategic options amid pressure from an activist investor.Construction company Aecon Group Inc jumped 20.2 percent to C$17.24 after it said it had engaged two financial advisers to explore a potential sale."If the market doesn''t recognize value, you may get activist shareholders who will," said Irwin Michael, portfolio manager at ABC Funds."I''m not surprised on Aecon, they''re minus a permanent CEO, and in the case of the Hudson''s Bay Company, I think there''s a lot of confusion out there about what the company really is, whether it''s a real estate company or a retailer."The Toronto Stock Exchange''s S&P/TSX composite index ended down 20.17 points, or 0.13 percent, at 15,055.99. Six of its 10 main groups fell.The index gained 0.7 percent gain on the week.Pipeline companies weighed on the energy group, with Enbridge Inc down 1.5 percent at C$50.40 and TransCanada Corp off 0.8 percent at C$62.89. As dividend-payers, pipeline firms are sensitive to changes in interest rate expectations.Investors are focused this week on the annual central banker symposium in Jackson Hole, Wyoming, for clues on the direction of European Central Bank and U.S. Federal Reserve policy. Fed Chair Janet Yellen did not mention monetary policy in prepared marks for a speech at the conference on Friday. (Reporting by Alastair Sharp; Editing by Paul Simao and James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1LB1NC'|'2017-08-25T23:39:00.000+03:00'
'c56791e368806fb2314c5d92d89e8d184a76644d'|'Homeowner''s lawsuit says Wells Fargo charged improper mortgage fees'|'August 29, 2017 / 3:15 PM / 21 minutes ago Homeowner''s lawsuit says Wells Fargo charged improper mortgage fees 3 Min Read A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. Mike Blake NEW YORK (Reuters) - A homeowner has filed a lawsuit accusing Wells Fargo & Co ( WFC.N ) of improperly charging thousands of customers nationwide to lock in interest rates when their mortgage applications were delayed. Filed on Monday in San Francisco federal court, the lawsuit said Wells Fargo managers pressured employees to blame homeowners for the delays, sometimes by falsely stating that paperwork was missing, so homeowners could be stuck with extra fees. Wells Fargo Spokesman Tom Goyda said the bank is reviewing past practices on rate lock extensions and will take steps for customers as appropriate. The lawsuit, which will request the court grant class action status, comes as Wells Fargo is trying to recover from a scandal last year when the bank was fined for opening accounts for customers without their authorization in order to boost sales figures. Last month, a new lawsuit accused it of charging several hundred thousand borrowers for auto insurance they did not request. Monday''s lawsuit accuses the bank of violating state and federal consumer protection laws, including the U.S. Real Estate Settlement Procedures Act and the U.S. Truth in Lending Act. Earlier this month, Wells Fargo disclosed that the Consumer Financial Protection Bureau was investigating the fees the company charged to lock in interest rates for delayed mortgage loans. In a securities filing, the bank said it was working with regulators to see if customers had been harmed by the fees. Interest rate locks are guarantees by a lender to lock in a set interest rate, usually for several weeks, while a loan is processed. If the rate lock expires before a loan closes, lenders often cover the cost of extending the lock if the delay was their fault. Wells Fargo usually locked in rates for 30 to 90 days but often took longer than that to process applications because of understaffing, the lawsuit said. The bank routinely blamed borrowers for delays and charged them to extend rate locks, according to the lawsuit. Fees could be significant, amounting to 0.125 percent to 0.25 percent of the loan amount, the complaint said. The named plaintiff, Nevada resident Victor Muniz, said he was charged $287.50 for a rate lock extension this year after his application for a mortgage was bogged down by bank delays. Muniz was told by a bank employee that Wells Fargo would pay to extend the rate lock but a regional manager reversed that decision, the lawsuit said. The case is Muniz v Wells Fargo & Co, U.S. District Court, California Northern District, No 17-cv-4995 Reporting By Dena Aubin; Editing by Bill Rigby and Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wellsfargo-mortgages-lawsuit-idUSKCN1B91VD'|'2017-08-29T18:15:00.000+03:00'
'35435005ada2ed3e3de3107c1ae7a2a7e8b87119'|'Indonesia''s APP denies plan to buy Eldorado Brasil'|'JAKARTA (Reuters) - Indonesia''s Asia Pulp & Paper Co (APP) and its parent Sinar Mas Group denied they were planning to buy pulpmaker Eldorado Brasil Celulose SA, which is up for sale after its controlling shareholders got ensnared in Brazil''s worst corruption probe.Two people familiar with the situation had told Reuters on Sunday APP is in advanced talks to buy control of Eldorado Brasil. O Globo newspaper had first reported APP''s talks earlier in the day."We would like to inform you that Asia Pulp and Paper (APP) is not acquiring Eldorado Brasil. However, Brazil remains an important market for us and we may explore the possibilities of further investment in the future," APP said in a statement.Gandi Sulistiyanto, managing director of Sinar Mas, denied in a telephone text message that there was a plan to buy the company and pointed to the APP statement.Reporting by Cindy Silvania in Jakarta; Editing by Ed Davies and Muralikumar Anantharaman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-eldorado-brasil-m-a-asia-pulp-pap-den-idINKCN1B80WE'|'2017-08-28T08:01:00.000+03:00'
'd237a613e58c2c497d76c5344e425697bb1a9ed6'|'U.S. stock futures fall, yen gains after North Korea fires missile over Japan'|'NEW YORK (Reuters) - Global equity prices slipped and investors flocked to safe-haven assets on Tuesday after North Korea fired a missile over northern Japan, fueling fresh tension between Washington and Pyongyang.The dollar fell to its lowest in more than 2-1/2 years against a basket of major currencies, benchmark 10-year Treasury yields fell and gold hit a more-than-nine-month peak.North Korea fired a ballistic missile over Japan''s northern Hokkaido island into the sea on Tuesday, prompting a warning from U.S. President Donald Trump that "all options are on the table" as the United States considers its response.MSCI''s world index, which tracks shares in 46 countries, fell to a one-week low as a dip in risk appetite dominated Asian and European stock markets.U.S. stocks pared losses after opening sharply lower."This is a long-term diplomatic issue that will be with us for a while," said Art Hogan, chief market strategist at Wunderlich Securities. "But our interpretation of the present danger ebbs and flows with Trump''s response. With a more measured response from the administration, rather than the ''fire and fury'' comment that we''d seen earlier, we see a less-dramatic effect on the market."The Dow Jones Industrial Average rose 11.02 points, or 0.05 percent, to 21,819.42, the S&P 500 lost 2.72 points, or 0.11 percent, to 2,441.52 and the Nasdaq Composite added 3.32 points, or 0.05 percent, to 6,286.34.Rising geopolitical tensions and a surging euro sent European shares to their lowest in six months and the pan-European STOXX 600 was down 1 percent, set for its worst daily performance in two months.Benchmark 10-year Treasury yields fell as low as 2.086 percent, the lowest since Nov. 10, on safety buying, before edging back up to 2.1171.Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 25, 2017. Brendan McDermid Gold, which is considered a good store of value during volatility in other markets, jumped to its highest since November."Funds and traders are filling their boots with gold at the moment and so far that''s justified," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.Spot gold was up 0.6 percent to $1,317.31. Other precious metals, including silver and platinum, also gained.In currency markets, the missile launch in part prompted short-term speculators such as macro hedge funds to buy back yen in an unwind of so-called "carry" trades, said Sireen Harajli, foreign exchange strategist at Mizuho in New York.Carry trades involve investors borrowing a low-yielding cheap currency like the yen to fund purchases of riskier and higher-yielding currencies.Harajli also said Japanese savers have been buying back the yen by selling non-yen assets in recent months, potentially given concerns about the U.S. political environment, making those savers a possible source of the yen''s gains on Tuesday.The greenback was down 0.38 percent against the yenat 108.83 yen, after falling as much as 0.9 percent earlier to a 4-1/2-month low of 108.28 yen.The dollar index, which measures the greenback against a basket of six major currencies, was 0.29 lower at 91.943, after hitting 91.621, its lowest since mid-January 2015.Crude oil prices slipped lower as the market grappled with the shutdown of 13 percent of refining capacity in the United States after a hurricane ripped through the heart of the country''s oil industry.Brent crude was down 0.4 percent at $51.68 a barrel, while U.S. crude was down 1.59 percent at $45.83.Reporting by Saqib Iqbal Ahmed; Additional reporting by Sam Forgione in New York, Eric Onstad in London, Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by Dan Grebler '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/global-markets-idINKCN1B82G6'|'2017-08-28T21:22:00.000+03:00'
'4decb7d618b9f5d985e1fb3f754d96a64b146584'|'Whole Foods overall prices still high after selective cuts - analyst'|'August 29, 2017 / 9:08 PM / 11 minutes ago Whole Foods overall prices still high after selective cuts - analyst Lisa Baertlein 2 Min Read FILE PHOTO - A customer enters the Whole Foods Market in Superior, Colorado United States July 26, 2017. Rick Wilking LOS ANGELES (Reuters) - Whole Foods shoppers may be premature in cheering Amazon.com''s ( AMZN.O ) steep price cuts on staples like bananas, avocados and beef, according to one analysis released on Tuesday that suggested the premium grocery chain has not yet shed its "Whole Paycheck" reputation for lofty prices. "Amazon appears to be taking a page out of the old Wal-Mart playbook on the price action front – that is, announcing a plethora of price actions that on the surface look deep, but in reality only reveal modest reductions," Gordon Haskett Research Advisors analyst Charles Grom wrote in a client note. "We will continue to monitor the situation going forward, but our initial checks suggest that Amazon''s bark may be greater than its bite," Grom wrote. Whole Foods stores around the country on Monday cut prices on selected items by as much as 43 percent. The move, on the day Amazon closed its $13.7 billion acquisition of Whole Foods, was broadly cheered by shoppers. But Grom said an analysis of prices on more than 100 products at a Whole Foods in Princeton, New Jersey, showed an average price decline of only 1.2 percent between Aug. 21 and Aug. 28th, dates that fell before and after the merger. Prices on about 78 percent of items were unchanged from the previous week, Grom said. The price adjustments varied by category. Dairy and yogurt were down the most with a 5.6 percent decline, while dry grocery and baking items prices posted the biggest gain of 4.9 percent. Among individual items, the price on a 16-ounce tub of Talenti Gelato fell to $3.49 from $5.79, or almost 40 percent, while the price on a 6-ounce box of Annie''s Mac and Cheese more than doubled, going from $1 to $2.19. Whole Foods did not immediately respond to a request for comment. Reporting by Lisa Baertlein in Los Angeles; Editing by David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-amazon-com-whole-foods-prices-idUKKCN1B92MP'|'2017-08-30T00:08:00.000+03:00'
'af893ab06007403dc08bd1b8636cee1b117a223d'|'JGB yields pull back from 4-month lows as risk aversion eases'|'TOKYO, Aug 30 (Reuters) - Japanese government bond yields pulled back from four-month lows on Wednesday as risk aversion that stemmed from the latest bout of tensions over the Korean Peninsula has eased for a while.The benchmark 10-year JGB yield was 0.5 basis point higher at 0.005 percent after touching zero percent on Tuesday, its lowest since April.The five-year yield was 1 basis point higher at minus 0.135 percent following a descent to a 3-1/2-month trough of minus 0.145 percent on Tuesday.JGB yields declined on Tuesday after North Korea launched a ballistic missile over Japan and fuelled investor demand for safe-haven debt.The rise in JGB yields on Wednesday was limited after the Bank of Japan conducted a regular debt-buying operation, purchasing 710 billion yen ($6.47 billion) of five- to 40-year JGBs.$1 = 109.7300 yen Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1LG28N'|'2017-08-30T02:55:00.000+03:00'
'9648a822de045873773cb956853b56038da17c3e'|'Dollar rebounds as North Korea missile test fears recede, Asia stocks flat'|'August 30, 2017 / 12:45 AM / 9 minutes ago Dollar rebounds as North Korea missile test fears recede, Asia stocks flat Nichola Saminather 3 Min Read Pedestrians walk past an electronic board showing the exchange rate between the yen and the U.S. dollar outside a brokerage at a business district in Tokyo, Japan, August 29, 2017. Kim Kyung-Hoon SINGAPORE (Reuters) - The dollar rebounded from a 2-1/2-year low on Wednesday as concerns about North Korea''s firing of a missile over Japan ebbed, but Asian stocks were muted despite Wall Street''s higher close. The dollar index .DXY, which tracks the greenback against a basket of six major peers, edged up 0.1 percent to 92.34. The dollar rose 0.15 percent to 109.825 yen JPY=D4 . On Tuesday, after slumping to a 4-1/2-month low versus the safe haven currency, the greenback closed up 0.5 percent. The yen tends to benefit during times of geo-political or financial stress as Japan is the world''s biggest creditor nation and there is an assumption that Japanese investors will repatriate funds in a crisis. The dollar was also little changed against the safe haven Swiss franc, buying 0.9555 early on Wednesday, after hitting its lowest since August 2015 in the previous session. "Calmer heads have prevailed once again in financial markets, with traders seemingly happy to cover short positions and add a touch of risk into their portfolio," said Chris Weston, chief market strategist at IG in Melbourne. U.S. President "Donald Trump produced a fairly measured response (to North Korea) and the view that ''all options are on the table'' suggests he is not ready to bring ''fire and fury''," Weston said, referring to Trump''s warning to Pyongyang earlier this month. Markets so far seemed to be dismissing North Korea''s statement on Wednesday that the test was a first step in military action in the Pacific to "contain" the U.S. territory of Guam. Reports of the launch by North Korean media were lacking the usual boasts of technical advances, indicating the test may not have accomplished its intended goals. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration/File Photo Currency traders are looking now to non-farm payrolls data for August, due on Friday. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat in early trade. South Korea''s KOSPI share index .KS11 and Australian shares both inched up 0.1 percent. Japan''s Nikkei .N225 rose 0.5 percent as the yen weakened. In commodities, gasoline hit a near-two-year high after Hurricane Harvey shut down nearly a fifth of the U.S''s refining capacity, and more closures are expected. U.S. gasoline futures [RBc1] rose 2.25 percent to $1.8234, bringing gains this week to 9.4 percent. The rise in crude inventories as a result of refinery shutdowns, however, weighed on oil prices. U.S. crude futures CLc1 fell 0.4 percent in early trade to $46.29 a barrel, after touching a five-week low on Tuesday. Global benchmark Brent LCOc1 slipped 0.2 percent to $51.91. Spot gold XAU= was little changed at $1,308.55 an ounce on Wednesday. On Tuesday, the precious metal jumped to its highest level since Trump was elected U.S. president, before closing flat. Reporting by Nichola Saminather; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1BA02Y'|'2017-08-30T03:44:00.000+03:00'
'cef4007efbd039eea43956f4239257f9de786ae9'|'Insurers see more demand from banks for cover against cyber attacks, rogue staff'|'August 30, 2017 / 11:00 AM / 9 hours ago Insurers see more demand from banks for cover against cyber attacks, rogue staff Carolyn Cohn 7 Min Read FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, November 9, 2016. Danish Siddiqui/File Photo LONDON (Reuters) - Banks are increasingly turning to insurance to protect their capital from "operational risks" like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court cases and IT outages, banks including Credit Suisse, Deutsche Bank and Lloyds are looking for ways to mitigate the costs of such episodes by taking out insurance. Most such insurance contracts are arranged privately and the details never publicized. But the practice gained new attention last year, when Credit Suisse sold a 220 million Swiss franc bond tied to its operational risk. Buyers were given generous coupons of more than 4 percent, but could lose their investment if the bank is hit with charges from employee malfeasance, cyber attack or other issues. The bond was linked to coverage provided by Zurich Insurance, which said it was seeing growing interest in operational risk policies, due to the rising frequency and severity of such risks. Banks were "interested in de-risking their balance sheets by transferring a portion of their operational losses and so mitigating the impact on equity capital," a Zurich spokesman said by email. As with all insurance, there can be a risk of "moral hazard", with banks that offload some of their risk becoming laxer about their own controls, said Domenico del Re, director at consultants PwC. Smaller financial firms in particular might prefer to buy insurance than spend much greater sums on risk management, he added. But he said insurers can also help cut those risks by scrutinizing firm''s controls closely. "Insurers are getting more and more sophisticated as risk management partners," he said. "If you think of the parallel with fire risk, by helping companies getting advice on where sprinklers should located, the same is happening with cyber: where insurers are linking up with IT and cyber specialists." Insurers are employing risk specialists with experience at major banks to help assess the practices of the financial institutions they cover, said Angelos Deftereos, senior underwriter for operational risk at XL Catlin. He cited his own background as an example: "Before joining XL Catlin, I was responsible for implementing the operational risk framework at the asset management division of Morgan Stanley. So I have an insight into these risks as well as how they are managed/controlled.” "BACK TO FUNDAMENTALS" The Basel Committee on Banking Supervision defines operational risk as "the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events". It can include cyber attacks, general IT outages, rogue traders and financial fraud, and is one of the risk areas against which banks need to set aside regulatory capital, along with market and credit risk. Regulators permit the largest banks to use insurance to reduce the their capital buffers for operational risk by up to 20 percent, although this might change: the Basel Committee that sets global rules has yet to release the results of a consultation on the issue last year. Banks first started to look at operational risk insurance before the financial crisis struck a decade ago. Their interest has renewed in the past year, insurers say. "The crisis is over, banks are getting back to fundamentals and now it''s back in focus," said Mark Fellows, financial institutions manager at U.S. insurer AIG. FILE PHOTO: A trader sits in front of the computer screens at his desk at the Frankfurt stock exchange, Germany, June 29, 2015. Ralph Orlowski/File Photo Major cyber attacks "WannaCry" and "NotPetya" earlier this year have driven more interest. There has been rising demand for operational risk insurance from banks in Britain, continental Europe, Australia and other parts of the developed world, brokers and insurers say. Banks can buy insurance against different aspects of operational risk, such as property, cyber or professional indemnity, but an umbrella policy fits more closely with their needs, they add. Paul Search, financial institutions practice leader at Willis Towers Watson, said the insurance "can cover the whole spectrum of operational losses incurred by a bank," in contrast to traditional insurance, "which remains siloed, risk type by risk type". Siobhan O''Brien, managing director, financial and professional practice at broker Marsh UK, said banks could typically buy operational risk insurance to cover three different aspects of operational risk for a total cover of up to $1 billion, from a range of insurers. Deutsche and Lloyds are among major banks that have said in company statements that they use operational risk insurance. Both declined to comment. Policies still usually require that the bank itself bears a big chunk of any losses, to ensure they do not loosen their controls. "That''s the tool the insurance industry uses to protect itself from the moral hazard," said Daniel Butler, managing director, operational risk solutions at broker Aon Benfield. There are additional risks for the insurers themselves. For example, offering insurance to banks classed by regulators as having global systemic importance - such as Barclays, Credit Suisse or JP Morgan - could potentially leave insurers themselves facing a similar burden. "If you provide operational risk insurance to an institution of systemic importance, you become systemically important yourself," said one senior insurer in the Lloyd''s of London market, whose firm did not provide operational risk insurance. Because of this, only the largest insurers tended to offer such insurance, he added. A second Lloyd''s market source said many insurers were reluctant to offer cover against operational risk because of the huge bills firms can run up as a result of rogue trading. Societe Generale rogue trader Jerome Kerviel triggered 4.9 billion euros ($5.78 billion) in losses in 2008. Kweku Adoboli caused 1.4 billion pounds ($1.80 billion) in losses at his employer UBS in 2011. Those who have offered operational risk insurance have found the insurance profitable, however, as there have been few claims, insurance specialists say. Providers of operational risk insurance include U.S. firms AIG and XL Catlin and Switzerland''s Zurich Insurance. Operational risk insurance can also be of use to other financial firms, such as asset managers, to cover risks such as dealer error or being accused by investors of violating their mandates, said XL Catlin''s Deftereos. Policies can take months or even years to develop because they are custom tailored to meet the institution''s needs and may also need to be signed off by regulators, brokers say. “There is no single price for operational risk insurance as there are too many variables to consider and each financial institution is different," Deftereos said. Additional reporting by Brenna Hughes Neghaiwi in Zurich and Huw Jones and Andrew MacAskill in London; editing by Peter Graff'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-banks-insurance-operational-risk-idUSKCN1BA1AR'|'2017-08-30T13:59:00.000+03:00'
'52901b7f4333bd7b3f1428d37ab75824bb5492c8'|'Under investor pressure, Goldman to explain trading strategy'|'August 29, 2017 / 11:40 PM / 10 hours ago Under investor pressure, Goldman to explain trading strategy Olivia Oran 4 Min Read A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. Brendan McDermid NEW YORK (Reuters) - Goldman Sachs Group Inc will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. The move is a break from tradition at Wall Street''s pre-eminent bank, which usually gives its investors little information about how it makes money. That was the case last month, when Goldman reported a stunning 40-percent decline in bond-trading revenue, much worse than rivals like Morgan Stanley and JPMorgan Chase & Co. Goldman Chief Financial Officer Marty Chavez said Goldman had trouble "navigating" the markets during a conference call to discuss second-quarter results on July 18, but did not offer specifics. That, and his vagueness over the causes of Goldman''s problems, unsettled some investors. "You were left with reading about what ''navigating the market,'' means and that doesn''t feel satisfying," said Ian McDonald, a U.S. bank analyst at Janus Henderson, which owns 2.5 million Goldman shares. "Did they cut too deep on the bench? Are they not in a position to be taking on risk as much as peers?" he asked. McDonald said he has faith in Goldman''s trading prowess and its stock, but wants the bank to do a better job of communicating its strategy. Goldman Sachs spokeswoman Ida Hoghooghi declined to comment. INVESTOR FRUSTRATION The level of investor frustration is testing Goldman''s time-tested "black-box" strategy of disclosing little and letting results speak for themselves. The bank does not offer targets or forecasts, and its quarterly disclosures are much sparser than those of its peers. President and Co-Chief Operating Officer Harvey Schwartz will break that tradition at an industry conference on Sept. 12, the people familiar with the matter told Reuters, and explain what management is doing to turn the bond-trading business around. That comes after two months of attempts by Goldman to patch up relations with investors. Executives including securities group co-head Pablo Salame have been meeting privately with investors and analysts to assuage concerns, the sources said. The executives have explained how Goldman is trying to get investment bankers and traders to generate more revenue by working more closely together, sources familiar with the conversations said. That attempt to soothe relations has not produced results. Seven investors who oversee a total of $3.3 billion in Goldman shares have told Reuters they are unsatisfied with management’s response so far. The appearance of Schwartz in September may help turn the tide. A former co-head of securities and Chavez''s predecessor, Schwartz has developed a reputation for explaining Goldman''s approach to complicated issues, like capital rules, in a way that investors understand and appreciate. In contrast Chavez - who took on his role in April - answered a long-running question about the viability of Goldman''s bond trading operation by saying: "It could be secular, it could be cyclical, doesn''t matter, who knows?" The words of the CFO have extra weight at Goldman as CEO Lloyd Blankfein does not participate in quarterly earnings calls. Reporting by Olivia Oran in New York; Editing by Lauren Tara LaCapra'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-goldman-sachs-investors-idUSKCN1B92WA'|'2017-08-30T02:40:00.000+03:00'
'5bafb65f8fb212ca7c216a183037271db90dec0e'|'FTSE firms as financials, ITV rise'|'August 30, 2017 / 9:15 AM / 6 hours ago FTSE firms as financials, ITV rise 4 Min Read Pedestrians pass the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s top share index rose on Wednesday, recovering some of the previous session''s losses as financials firmed and media stock ITV ( ITV.L ) crept higher. The blue chip FTSE 100 .FTSE index was up 0.4 percent at 7,363.59 points by 0853 GMT, while mid caps gained 0.5 percent. Financials added the most points to the sector, with HSBC ( HSBA.L ), Barclays ( BARC.L ) and Standard Chartered ( STAN.L ) all up between 0.2 to 1.3 percent. Banking stocks were hit particularly hard in the previous session as risky assets slid on geopolitical worries after North Korea fired a ballistic missile over Japan on Tuesday. "The FTSE 100 has actually held up quite well if you compare it to its European counterparts," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "That''s got something to do with ... the weaker pound and the higher weighting towards commodities, because we''ve seen a continued rally in commodities across the world," Roy added. Energy stocks and the materials sectors fell back a little on the day, however, with precious metals miners Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) taking a breather following Tuesday''s strong gains, when safe haven assets had been in demand. Randgold Resources declined 0.8 percent on the day, among the biggest FTSE fallers, while Fresnillo inched 0.6 percent lower. While the rally was broad-based, with Ashtead ( AHT.L ) and Sainsbury''s ( SBRY.L ) among the biggest gainers, ITV''s ( ITV.L ) shares topped the index with a 4.8 percent rise, regaining almost all of the previous session''s lost ground. ITV ended Tuesday with a loss of nearly 5 percent, caught up in a wider sell-off within the European media .SXMP sector after German peer ProSiebenSat.1 ( PSMGn.DE ) slumped after cutting its outlook for TV advertising. However, a more positive set of results from RTL Group ( RRTL.DE ) boosted the sector on Wednesday, in turn lifting shares in ITV. Outside of the blue chips earnings sparked some sizeable moves, with shares in industrial machinery group Diploma ( DPLM.L ) jumping 6.3 percent after the firm issued a trading statement for the third quarter. Numis also upgraded Diploma to "add" from "hold", saying that they expected revenue growth to track a little ahead of their estimates while the shares have retreated over the past three months. Shares in small cap equipment hire group HSS Hire ( HSS.L ) plummeted as much as 23 percent, however, after reporting half year earnings. "This update reinforces our concerns with respect to the group’s financial position, and believe that its financial leverage will limit its ability to support sufficient fleet growth to deliver sufficient core rental growth to deliver on its strategic ambitions," analysts at Liberum said in a note, reiterating their "sell" rating on HSS Hire. Reporting by Kit Rees; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1BA10T'|'2017-08-30T12:15:00.000+03:00'
'ac5d4c4305893da74dcc71ca1367211e983b9269'|'South Korea''s LG Electronics bid for ZKW in estimated $1.2 billion deal: Korea Economic Daily'|'Visitors walk past the showroom of LG Electronics during the Auto China 2016 show in Beijing, China April 26, 2016. Kim Kyung-Hoon/File Photo SEOUL (Reuters) - South Korea''s LG Electronics participated in a main bidding round to buy Austrian automotive light maker ZKW Group in a deal that could potentially fetch $1.2 billion, Korea Economic Daily said on Tuesday.LG Electronics, South Korea''s No.2 smartphone maker after Samsung Electronics, has been preparing for the deal for more than one and a half years with its parent LG Corp as part of efforts to diversify its auto electronics business, the report said, citing an industry official.The report said a preferred bidder is expected to be selected next month.An LG Electronics spokeswoman declined to comment. South Korea''s stock exchange asked the company to clarify the media report by noon Seoul time on Wednesday.Japan''s Panasonic Corp may buy ZKW Group, a person familiar with the matter said in December. But a ZKW spokesperson said at that time that it was not negotiating with Panasonic or other potential suitors.LG Electronics, along with affiliates like display maker LG Display Co Ltd and battery producer LG Chem, has identified the auto industry as a new growth driver and has been pushing to grow new businesses amid continued struggles for its mobile phones division. LG''s automotive clients include General Motors and Volkswagen ( VOWG_p.DE ).Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-zkw-m-a-lg-elec-idINKCN1B90HK'|'2017-08-29T04:13:00.000+03:00'
'7ea1fe05fd2260491e8b7aa1b0fcff58750199e4'|'Bain brings in Apple for last-minute $18 billion bid for Toshiba chip unit: sources'|'FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo TOKYO (Reuters) - A consortium led by Bain Capital has made a revised last-ditch offer for Toshiba Corp''s chip unit worth about $18 billion, bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said.The new offer comes as separate sources say the embattled Japanese conglomerate and Western Digital Corp are struggling to strike a deal ahead of their self-imposed deadline of Thursday.Toshiba has been scrambling to sell its flash memory unit - the world''s No. 2 producer of NAND chips - to cover billions in losses at its bankrupt U.S. nuclear business Westinghouse.Toshiba''s relationship with Western Digital, its joint venture partner for its chip business, has been rocky throughout the auction process - to the point that other bidders were favored first while the U.S. firm has also initiated legal action that threatens to derail any deal that does not have its consent.The revised offer is worth some 2 trillion yen ($18.2 billion). Bain and South Korean chipmaker SK Hynix Inc will be responsible for 1.1 trillion yen, while Apple will provide up to 400 billion yen and Japanese banks will give around 600 billion yen in support, one of the sources said.The proposal also calls for Toshiba to be part of the deal, investing 200 billion yen, the source said.A Bain-led group had previously been chosen by Toshiba as its preferred bidder. But those talks lapsed as Japan government investors who had been part of that consortium told Toshiba they were reluctant to close a deal in the face of the legal risks posed by Western Digital''s demands.Bain''s new offer is designed to get around that problem as it will invite the state-backed investors - the Innovation Network of Japan (INCJ) and the Development Bank of Japan (DBJ) - to invest in the business only after any arbitration with Western Digital is settled, the source said.The bid trumps the 1.9 trillion yen offered by the Western Digital-led consortium, which also includes U.S. private equity firm KKR & Co LP. Banking sources have previously said, however, that Western Digital was working to get its proposal up to 2 trillion yen.Bain''s revised bid was first reported by Japanese broadcaster NHK which said it would be structured so that Bain and Toshiba would each hold 46 percent of the unit.The sources declined to be identified as talks concerning the auction were private.Toshiba, Bain, SK Hynix, Western Digital and INCJ Representatives for Apple, DBJ and KKR were not immediately available for comment.People familiar with the matter have said Toshiba and Western Digital are bickering over the size of any potential stake to be held by the U.S. firm in the chip unit. For now, Western Digital plans to invest only through convertible bonds.But Toshiba wants to reach a deal soon and it is not clear if it will give serious consideration to Bain''s new proposal.Failure to clinch a deal in the next few weeks could mean that it may not clear all necessary regulatory approvals by the end of the financial year in March. That would likely lead to Toshiba reporting negative net worth for two years in a row, increasing its chances of being delisted.Reporting by Kentaro Hamada and Taro Fuse; Makiko Yamazaki, Naomi Tajitsu and Junko Fujita in Tokyo, and Joyce Lee in Seoul; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-idINKCN1BA13K'|'2017-08-30T07:45:00.000+03:00'
'c4acbdae08f69c3f976fcefd3b68e79f8636325c'|'DEALTALK-Brazil rushes to exit Eletrobras control as obstacles abound'|'(For more Reuters DEALTALKS, click on)By Guillermo Parra-Bernal, Luciano Costa and Rodrigo Viga GaierSAO PAULO/RIO DE JANEIRO, Aug 29 (Reuters) - Brazilian President Michel Temer''s rush to sell control of the country''s biggest power utility after acknowledging a wider budget deficit this year could come to haunt him as legal and political roadblocks threaten to slow the plan.The government opted to privatize Centrais Elétricas Brasileira SA, or Eletrobras, after divergences mounted with management over how to fix the company, four people familiar with the plan told Reuters. Investors cheered the move last week, sending common shares up 50 percent in a day.Policymakers have until the end of this week to explain how the plan will be executed. But they have yet to figure out how to structure Eletrobras'' new listing, set potential caps to the participation of new investors and determine whether the plan requires congressional approval, the people added."It''s a Gargantuan task, because you don''t often have to sort out constitutional limits, diplomatic issues and strategic issues accumulated for decades in about a week," said one of the people, who requested anonymity.Making Eletrobras a company with dispersed share ownership would dislodge politicians from control of a utility that for decades provided their cronies with lucrative jobs. The move is Temer''s most daring effort to reduce a bloated state amid public outrage over his party''s role in Brazil''s worst graft scandal.If successful, the deal could transform an industry long hobbled by erratic state meddling and a chronic lack of investment, while helping cut power rates in the long run, UBS Securities analyst Marcelo Sá said.Temer expects his austerity program to shrink a record budget gap and cut transfers to money-losing government firms. The National Treasury has used 4.3 billion reais ($1.4 billion) of taxpayer money to support Eletrobras over the past year."Eletrobras is a bottomless pit," one of the sources added.That shares have retained most of their gains since the announcement is a sign investors hope the deal will come swiftly, said Marcelo Gomes, head of Alvarez & Marsal Holdings LLC''s Brazil unit. He took a "flurry of calls from clients eager to know about the plan" the day after the announcement.The stock surge also eased resistance from holders of Eletrobras preferred shares, who are entitled to special dividend privileges, one of the people added.Rio de Janeiro-based Eletrobras declined to comment, as did the Energy Ministry and Temer''s office.OPAQUE STRUCTURE Before claiming victory, Temer must first untangle Eletrobras'' opaque corporate structure.Less than a dozen officials are working on the plan to split off two strategic Eletrobras assets that cannot be sold to private investors: scandal-ridden nuclear energy subsidiary Eletronuclear, and the Brazilian government''s stake in Itaipú, a giant hydropower dam it jointly owns with Paraguay.Under Brazil''s 1988 Constitution, no private-sector company can be involved in domestic nuclear energy activities. In the case of Itaipú, Paraguay may have to authorize moving the Brazilian stake to a wholly state-owned subsidiary of Eletrobras, two of the people said.Some doubt whether listing Eletrobras in the São Paulo Stock Exchange''s strictest governance segment is feasible, while others worry about the tight timetable for the deal as the October 2018 presidential election looms, the people said.One delicate issue is whether the plan needs congressional authorization. While the 1961 law that created Eletrobras set a minimum 51 percent voting stake for the government, a 1997 law governing state asset sales could validate the privatization."It appears to me that the plan was structured from back to front to fight resistance from any side," said Marcos Elías, a partner at São Paulo-based advisory firm Modena Capital who had long warned his clients that Eletrobras could be privatized.REGIONAL BOSSES The end of government control of Eletrobras could force a renegotiation of part of the utility''s 48 billion-real debt to avert early repayments, the people said, adding that Eletrobras must also reassure investors how it will deal with 65 billion reais in contingent liabilities.The announcement last week - a short statement released after market hours that surprised the company''s top brass - reflects government concerns that public aversion to privatizations could disrupt the process, the people said.In addition, the plan could trigger a short-term increase in power rates that could irk household and industrial consumers, analysts said.Regional political bosses in Temer''s party may try to exclude subsidiaries Chesf, Furnas and Eletronorte from the plan, said Eurasia Group analyst João Augusto de Castro Neves.Although the tricky politics of Eletrobras date back to its founding in 1961, the impact of government activism worsened dramatically five years ago, when Temer''s predecessor, Dilma Rousseff, forced the company to bear the brunt of drastic rate reductions.Her move triggered losses from which the utility has yet to recover.A privatization is more appealing to Chief Executive Officer Wilson Ferreira Jr than prior government proposals to sell key assets, the people said. The plan will allow him to continue with a 13-month-old turnaround of Eletrobras, they added.Still, Mining and Energy Minister Fernando Coelho Filho and Ferreira diverged on the way such a turnaround should be tackled, the people said. While Coelho wanted Eletrobras to sell generation and transmission assets, Ferreira argued it would kill the company.In the end, "Ferreira''s view prevailed, because he knew better that the hemorrhaging would only worsen if the company were dismantled," the person said.$1 = 3.16 reais Editing by Brad Haynes, Daniel Flynn and Dan Grebler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eletrobras-privatization-idINL2N1LB01T'|'2017-08-29T14:15:00.000+03:00'
'bd10e8bb5da678cb9d989babf34eaae67fcb959f'|'BHP Billiton shuts in Eagle Ford wells ahead of Harvey'|'WASHINGTON, Aug 25 (Reuters) - BHP Billiton Ltd said on Friday it had shut in all of its Eagle Ford oil wells and midstream operations ahead of Hurricane Harvey."BHP continues to monitor conditions in the Gulf of Mexico and is prepared to evacuate," said company spokeswoman Bronwyn Wilkinson.Reporting by Ruthy Munoz; Editing by Chris Reese '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-bhp-idINL2N1LB1YV'|'2017-08-25T19:59:00.000+03:00'
'a70b75d4cb3809965868aa411a6cba69303da157'|'Texas flood damage from Harvey may match Katrina-insurance group'|'WASHINGTON, Aug 27 (Reuters) - Flood damage in Texas from Hurricane Harvey may equal that from 2005''s Hurricane Katrina, the costliest natural disaster in U.S. history, said an insurance research group on Sunday.As heavy rain pounded Houston and Texas''s coastal counties, the Insurance Information Institute said it was still too soon to make precise estimates of the damage to homes and businesses."It could be a flood loss like Katrina because of the amount of water that''s coming in ... not as much wind as it will be water," said institute spokeswoman Loretta Worters.Hurricane Katrina resulted in more than $15 billion in flood insurance losses in Louisiana and Mississippi that were paid by the National Flood Insurance Program (NFIP), a federal program that is the only source of flood insurance for most Americans.The NFIP is already deeply in debt and likely will have to be bailed out again by U.S. taxpayers, as it was after Katrina, to cover the bill for flood damage claims from Harvey.Having dumped more than two feet (60 cm) of water on Houston already, Harvey, which hit the Texas coast as a Category 4 hurricane but is now a tropical storm, was expected to hover over Southeast Texas for several days and drop more than two more feet (60 cm) of water.When hurricanes hit, many U.S. homeowners suffer because they have no property insurance. Others who do have it often discover they are not covered for flooding. Wind damage from hurricanes is covered by property insurers; flood damage is not.For that, property owners must turn to the NFIP, which backs flood policies sold and serviced by private insurers, including Allstate, Assurant and others.The NFIP is managed by the U.S. Federal Emergency Management Agency. Policies are sold to property owners by dozens of private insurers, with premiums going to FEMA.A national poll by the Insurance Information Institute in 2016 showed only 12 percent of people in flood-prone coastal areas had flood insurance, down from 14 percent in 2015.The NFIP was created in 1968 after private insurers stopped selling flood coverage. Critics have said the program provides a misguided tax subsidy to coastal and river valley property owners, encouraging development in flood-prone, often environmentally sensitive areas such as wetlands.Congressional reform efforts, supported by a coalition of environmental activists and free-market advocates, have largely been thwarted by waterfront real estate interests.The NFIP owes $24.6 billion to the U.S. Treasury. Many lawmakers are skeptical that debt will ever be repaid. (Reporting by Kevin Drawbaugh; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-insurance-idUSL2N1LD0LF'|'2017-08-27T23:55:00.000+03:00'
'd779ebc92594c5772c800fa63bde35942c3258f4'|'US STOCKS SNAPSHOT-Dow drops 100 pts on N.Korea missile test'|'August 29, 2017 / 1:36 PM / 23 minutes ago US STOCKS SNAPSHOT-Dow drops 100 pts on N.Korea missile test Reuters Staff 1 Min Read Aug 29 (Reuters) - U.S. stocks opened sharply lower on Tuesday, with the Dow losing more than 100 points, as North Korea''s missile test over Japan escalated tensions with the United States, and President Donald Trump warned that "all options are on the table". The Dow Jones Industrial Average fell 123.16 points, or 0.56 percent, to 21,685.24. The S&P 500 lost 15.85 points, or 0.648463 percent, to 2,428.39. The Nasdaq Composite dropped 53.68 points, or 0.85 percent, to 6,229.34. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL4N1LF4US'|'2017-08-29T16:35:00.000+03:00'
'5dc0d8f3f0bcd173947003c62df833ac75dc42ac'|'UPDATE 2-Scotiabank quarterly earnings beat market expectations'|'* Q3 EPS C$1.66 vs forecast C$1.64* Quarterly dividend C$0.79, up C$0.03 (Adds further CEO comment, capital ratio)TORONTO, Aug 29 (Reuters) - Bank of Nova Scotia, Canada''s third-biggest lender, reported stronger than expected third-quarter results, driven by a robust performance from its domestic and international operations.The bank said on Tuesday that earnings per share increased to C$1.66 ($1.33) in the quarter to June 30 from C$1.54 a year ago. Analysts had on average forecast earnings of C$1.64, according to Thomson Reuters I/B/E/S data."The bank delivered strong quarterly earnings, generating double digit growth in our Canadian and international personal and commercial banking businesses," Chief Executive Brian Porter said in a statement.The bank reported net income of C$2.10 billion, compared with C$1.96 billion a year ago.Net income at the bank''s Canadian business grew by 12 percent to C$1.05 billion, benefiting in part from gains on the sale of real estate, as well as loan and deposit growth.Net income from the bank''s international business rose by 16 percent to C$614 million, reflecting loan and deposit growth and benefits from cost-cutting.Scotiabank, which has the biggest foreign presence of any Canadian bank, is focusing its international strategy on the Pacific Alliance, a Latin American trade bloc comprising Mexico, Peru, Chile and Colombia.The bank''s core tier 1 ratio, a key measure of its financial strength, was 11.3 percent, among the highest of major Canadian banks. Porter said this gave the bank "flexibility to grow and invest in our businesses as well as return capital to shareholders".Scotiabank reported an increase in its quarterly dividend of 3 cents to C$0.79, up 7 percent from the same quarter a year ago.$1 = 1.2462 Canadian dollars Reporting by Matt Scuffham, editing by Louise Heavens and Jane Merriman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/scotiabank-results-idINL8N1LF2RR'|'2017-08-29T08:24:00.000+03:00'
'a256d228814988b460bd5daba05310766e95b81f'|'MIDEAST STOCKS-Low investor turnout before Eid hurts most bourses, Kuwait resilient'|'* Saudi''s SAFCO down after proposing lower H1 dividend* Al Tayyar up as deal with government still ongoing* Speculative stocks weigh on Dubai* Egypt sees lowest volumes in almost one year* Kuwait firm before FTSE''s decision next monthBy Celine AswadDUBAI, Aug 27 (Reuters) - Thin news flow and upcoming Islamic holidays towards the end of the week kept many long-term equity investors away on Sunday, leaving stock markets in the Middle East vulnerable to profit- taking, but Kuwait''s index bucked the trend."Speculators are booking capital gains while long-term investors were dormant," said a Jeddah-based broker.Stock markets are often sparsely traded ahead of Eid al-Adha, he noted. The holidays will start on Wednesday in Saudi Arabia and Thursday in the United Arab Emirates.The Riyadh index retreated 0.3 percent on Sunday as some of last week''s best-performing banks fell; National Commercial Bank, which was up 5.4 percent last week, lost 1.5 percent.Saudi Arabia Fertilizers Co fell 0.8 percent after its board proposed a first-half cash dividend of 0.75 riyal per share, down from 1.5 riyals for the first half of 2016.But Al Tayyar Travel Group rose 1.9 percent in relatively active trade after the company said it was still "carrying on its business dealings" with the Ministry of Education.The company had previously stated that on average 30 percent of its total yearly revenue came from contracts with the ministry, and there was concern among some investors that Al Tayyar might lose a long-term contract with the government amid Riyadh''s austerity measures.In the UAE, Dubai''s index fell 0.6 percent as some shares favoured by speculative investors weakened, including GFH Financial Group, which lost 3.3 percent.Abu Dhabi''s index slipped 0.3 percent with the main drag coming from property-related shares; heavyweight Aldar Properties fell 1.3 percent.Qatar''s index declined 0.2 percent, its third straight session of losses. Shipper Qatar Navigation (Milaha) fell 1.4 percent but the largest listed lender, Qatar National Bank, rose 1.3 percent, reversing some of last week''s losses.In Cairo, the index fell 0.1 percent in the lowest trading volume since September 2016. Six of the top 10 most valuable shares fell including Commercial International Bank , which lost 0.7 percent.Kuwait''s index rose 0.4 percent in healthy volume, supported by gains in blue chips. Boubyan Petrochemical jumped 3.8 percent and Kuwait Finance House rose 1.0 percent.At the end of September, index compiler FTSE will announce its decision on whether to include Kuwait and Saudi Arabia in its secondary emerging market index. Analysts at Arqaam Capital believe the chances for both Saudi Arabia and Kuwait to meet FTSE''s inclusion criteria are high, but a bleak domestic economic outlook has been weighing on Saudi Arabia."We expect Kuwait to have a weight of 0.54 percent in the FTSE EM + China A All Cap Index, equivalent to $455 million in inflows," Arqaam Capital said in a report this month.The Kuwaiti index has outperformed its counterparts in the six-nation Gulf Cooperation Council this year; it is up by almost one-fifth since Jan. 1.HIGHLIGHTS SAUDI ARABIA * The index fell 0.3 percent to 7,225 points.DUBAI * The index lost 0.6 percent to 3,603 points.ABU DHABI * The index slipped 0.3 percent to 4,480 points.QATAR * The index declined 0.2 percent to 8,934 points.EGYPT * The index fell 0.1 percent to 12,913 points.KUWAIT * The index rose 0.4 percent at 6,914 points.BAHRAIN * The index was flat at 1,302 points.OMAN * The index rose 0.3 percent to 4,963 points. (Editing by Andrew Torchia) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mideast-stocks-idINL8N1LD0AR'|'2017-08-27T11:34:00.000+03:00'
'8b7ff188e6ac61b0408e513c5d602a3cccc67ce2'|'Insurers see more demand from banks for cover against cyber attacks, rogue staff'|'August 30, 2017 / 10:57 AM / 5 minutes ago Insurers see more demand from banks for cover against cyber attacks, rogue staff Carolyn Cohn 7 Min Read FILE PHOTO: A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. Kacper Pempel/Illustration/File Photo LONDON (Reuters) - Banks are increasingly turning to insurance to protect their capital from "operational risks" like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court cases and IT outages, banks including Credit Suisse, Deutsche Bank and Lloyds are looking for ways to mitigate the costs of such episodes by taking out insurance. Most such insurance contracts are arranged privately and the details never publicised. But the practice gained new attention last year, when Credit Suisse sold a 220 million Swiss franc bond tied to its operational risk. Buyers were given generous coupons of more than 4 percent, but could lose their investment if the bank is hit with charges from employee malfeasance, cyber attack or other issues. The bond was linked to coverage provided by Zurich Insurance, which said it was seeing growing interest in operational risk policies, due to the rising frequency and severity of such risks. Banks were "interested in de-risking their balance sheets by transferring a portion of their operational losses and so mitigating the impact on equity capital," a Zurich spokesman said by email. As with all insurance, there can be a risk of "moral hazard", with banks that offload some of their risk becoming laxer about their own controls, said Domenico del Re, director at consultants PwC. Smaller financial firms in particular might prefer to buy insurance than spend much greater sums on risk management, he added. But he said insurers can also help cut those risks by scrutinising firm''s controls closely. "Insurers are getting more and more sophisticated as risk management partners," he said. "If you think of the parallel with fire risk, by helping companies getting advice on where sprinklers should located, the same is happening with cyber: where insurers are linking up with IT and cyber specialists." Insurers are employing risk specialists with experience at major banks to help assess the practices of the financial institutions they cover, said Angelos Deftereos, senior underwriter for operational risk at XL Catlin. He cited his own background as an example: "Before joining XL Catlin, I was responsible for implementing the operational risk framework at the asset management division of Morgan Stanley. So I have an insight into these risks as well as how they are managed/controlled.” "BACK TO FUNDAMENTALS" The Basel Committee on Banking Supervision defines operational risk as "the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events". It can include cyber attacks, general IT outages, rogue traders and financial fraud, and is one of the risk areas against which banks need to set aside regulatory capital, along with market and credit risk. Regulators permit the largest banks to use insurance to reduce the their capital buffers for operational risk by up to 20 percent, although this might change: the Basel Committee that sets global rules has yet to release the results of a consultation on the issue last year. Banks first started to look at operational risk insurance before the financial crisis struck a decade ago. Their interest has renewed in the past year, insurers say. "The crisis is over, banks are getting back to fundamentals and now it''s back in focus," said Mark Fellows, financial institutions manager at U.S. insurer AIG. FILE PHOTO: A man types on a computer keyboard in this illustration picture taken February 28, 2013. Kacper Pempel/File Photo Major cyber attacks "WannaCry" and "NotPetya" earlier this year have driven more interest. There has been rising demand for operational risk insurance from banks in Britain, continental Europe, Australia and other parts of the developed world, brokers and insurers say. Banks can buy insurance against different aspects of operational risk, such as property, cyber or professional indemnity, but an umbrella policy fits more closely with their needs, they add. Paul Search, financial institutions practice leader at Willis Towers Watson, said the insurance "can cover the whole spectrum of operational losses incurred by a bank," in contrast to traditional insurance, "which remains siloed, risk type by risk type". Siobhan O''Brien, managing director, financial and professional practice at broker Marsh UK, said banks could typically buy operational risk insurance to cover three different aspects of operational risk for a total cover of up to $1 billion, from a range of insurers. Deutsche and Lloyds are among major banks that have said in company statements that they use operational risk insurance. Both declined to comment. Policies still usually require that the bank itself bears a big chunk of any losses, to ensure they do not loosen their controls. "That''s the tool the insurance industry uses to protect itself from the moral hazard," said Daniel Butler, managing director, operational risk solutions at broker Aon Benfield. There are additional risks for the insurers themselves. For example, offering insurance to banks classed by regulators as having global systemic importance - such as Barclays, Credit Suisse or JP Morgan - could potentially leave insurers themselves facing a similar burden. "If you provide operational risk insurance to an institution of systemic importance, you become systemically important yourself," said one senior insurer in the Lloyd''s of London market, whose firm did not provide operational risk insurance. Because of this, only the largest insurers tended to offer such insurance, he added. A second Lloyd''s market source said many insurers were reluctant to offer cover against operational risk because of the huge bills firms can run up as a result of rogue trading. Societe Generale rogue trader Jerome Kerviel triggered 4.9 billion euros in losses in 2008. Kweku Adoboli caused 1.4 billion pounds ($1.80 billion) in losses at his employer UBS in 2011. Those who have offered operational risk insurance have found the insurance profitable, however, as there have been few claims, insurance specialists say. Providers of operational risk insurance include U.S. firms AIG and XL Catlin and Switzerland''s Zurich Insurance. Operational risk insurance can also be of use to other financial firms, such as asset managers, to cover risks such as dealer error or being accused by investors of violating their mandates, said XL Catlin''s Deftereos. Policies can take months or even years to develop because they are custom tailored to meet the institution''s needs and may also need to be signed off by regulators, brokers say. “There is no single price for operational risk insurance as there are too many variables to consider and each financial institution is different," Deftereos said. Additional reporting by Brenna Hughes Neghaiwi in Zurich and Huw Jones and Andrew MacAskill in London; editing by Peter Graff'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-banks-insurance-operational-risk-idUKKCN1BA1AM'|'2017-08-30T13:59:00.000+03:00'
'4f7028ab3c31911f33a3875651675eb71b54dcff'|'EMERGING MARKETS-Chile peso eases as U.S. data triggers profit-taking'|'By Bruno Federowski SAO PAULO, Aug 30 (Reuters) - The Chilean peso weakened on Wednesday as stronger-than-expected U.S. economic data and falling prices of copper drove profit-taking on the currency''s recent rally. The peso closed 0.9 percent lower, breaking a string of seven straight daily gains triggered by a rally in futures of copper, a key export. The move came in the wake of stronger-than-expected U.S. second-quarter growth figures, which suggested that momentum remained solid in the third quarter. Fast private hiring in August also helped to boost the greenback, driving expectations for a solid U.S. August non-farm payrolls figure that could drive the Federal Reserve to raise interest rates for a third time this year. Expectations of tighter monetary policy in the United States initially depressed the Brazilian real, but the currency rebounded thanks to investor hopes that Congress would approve key fiscal measures this week. A congressional committee late on Tuesday approved softened budget targets for 2017 and 2018, paving the way for a final plenary vote ahead of an August 31 deadline. Lower house lawmakers were also set to vote later on Wednesday on the final amendments to a bill setting a lower benchmark rate for development bank BNDES that would phase out loan subsidies in coming years. "These votes may bring some calm to local markets," Correparti brokerage trader Jefferson Rugik said. Brazil''s benchmark Bovespa stock index fell 0.8 percent, tracking global risk-aversion following the strong U.S. reports. Shares of financial stocks led the losses as traders booked profits on recent gains. Key Latin American stock indexes and currencies at 1700 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,088.14 0.64 25.39 MSCI LatAm 2,866.71 -0.33 22.88 Brazil Bovespa 70,790.18 -0.76 17.54 Mexico S&P/BVM IPC 51,131.16 -0.36 12.02 Chile IPSA 5,149.07 -0.27 24.03 Chile IGPA 25,702.10 -0.24 23.96 Argentina MerVal 23,453.90 0.04 38.63 Colombia IGBC 10,883.79 -0.44 7.46 Venezuela IBC 225,468.08 6.77 611.14 Currencies Latest Daily YTD pct pct change change Brazil real 3.1591 0.11 2.85 Mexico peso 17.7475 0.53 16.88 Chile peso 630.9 -0.87 6.31 Colombia peso 2,941.25 -0.21 2.05 Peru sol 3.239 0.00 5.40 Argentina peso (interbank) 17.4000 0.00 -8.76 Argentina peso (parallel) 18.22 0.38 -7.68 (Reporting by Bruno Federowski; Editing by Andrew Hay) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL2N1LG1OQ'|'2017-08-30T15:20:00.000+03:00'
'e5b4ebae1903bab3cdba81244d75ce9992bd3fed'|'Trump says still wants to drop U.S. corporate tax rate to 15 percent'|'U.S. President Donald Trump boards Marine One helicopter as he departures the Oval Office of the White House for Springfield, Missouri, in Washington D.C., U.S. August 30, 2017. Carlos Barria SPRINGFIELD, Mo. (Reuters) - President Donald Trump said on Wednesday he still wants to see the U.S. corporate tax rate drop to 15 percent, saying cutting it is essential for the nation to regain its competitive edge."We must reduce the tax rate on American businesses so they keep jobs in America, create jobs in America and compete for workers right here in America," Trump said in a speech aimed at shoring up support for a broad tax-cut plan."Ideally ... we would like to bring our business tax rate down to 15 percent," he said.Reporting by Jim Oliphant; Writing by Tim Ahmann; Editing by Eric Beech '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-trump-tax-business-idINKCN1BA2K0'|'2017-08-30T17:26:00.000+03:00'
'75bec42ef013d677aa5231a5e76858ee8da32a8f'|'Slovenian banks reduce bad loans in June'|'LJUBLJANA, Aug 30 (Reuters) - Slovenian banks cut bad loans, whose repayment has been delayed by 90 days or more, to 3.1 billion euros ($3.70 billion) in June, or 7.5 percent of all loans, down from 7.7 percent a month before, the Bank of Slovenia said on Wednesday.It also said banks had made a joint net profit of 233 million euros in the first six months of the year, down from 249 million in the same period of 2016, mainly due to lower interest rate income.Bad loans have been falling gradually since 2013, when they represented about a fifth of all loans. In that year the government narrowly avoided an international bailout for its banking sector."The number of loans is rising, particularly to small and medium-sized companies. Long-term loans to companies increased by 7.6 percent year-on-year in June, while short-term loans are falling," the bank said.The total number of loans was up by 1.5 percent year-on-year, with loans to the non-banking sector up by 4.9 percent.Some of the biggest banks are still state-owned and the government controls about 45 percent of the banking sector.The rest are owned by foreign banks and investors, including U.S. investment firm Apollo Global Management, France''s bank Societe Generale, Italy''s Unicredit and Intesa Sanpaolo, Russia''s Sberbank, Austria''s Sparkasse and Addiko Bank. ($1 = 0.8369 euros) (Reporting by Marja Novak, editing by Louise Heavens)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/slovenia-banks-idINL8N1LG2KB'|'2017-08-30T07:57:00.000+03:00'
'1f291a85d35975018b32ecb729bd906907660b4c'|'PRESS DIGEST- British Business - Aug 30'|'Aug 30 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- Asos is little more than 100 million pounds ($129.28 million) short of overtaking the market value of Marks & Spencer Group Plc in what is being called the UK high street''s "Tesla moment". The Aim-listed internet-only fashion retailer was worth 4.93 billion pounds ($6.37 billion) yesterday compared with M&S''s 5.05 billion pounds ($6.53 billion). bit.ly/2wHJ3mf- The regime at Mitie Group Plc run by Baroness McGregor-Smith has come under investigation by UK''s Financial Conduct Authority. The announcement that FCA has begun an inquiry into the timing of a profit warning last September that preceded the departure of Lady McGregor-Smith from Mitie is the latest setback for the former chief executive of the FTSE 250 company. bit.ly/2wmsY2PThe Guardian- Downing Street has said UK government will not back away from its demand to kick off negotiations on a post-Brexit trade deal as soon as possible – even though the European commission president, Jean-Claude Juncker, flatly dismissed the idea on Tuesday. bit.ly/2wmzJBIThe Telegraph- UK Government will reboot its industrial strategy today with a 160 million pound ($206.85 million) injection into Britain''s drugs sector, with a major vaccines lab to prepare the country for emergency epidemics among the first initiatives to get support. bit.ly/2wmYlKK- UK Prime Minister Theresa May has been forced to abandon her flagship plan to reform executive pay, prompting relief among business leaders but criticism from ­unions and Labour MPs. bit.ly/2wmEDPiSky News- Tom and Ruth Chapman, who founded Matchesfashion.com, the online luxury fashion boutique, are close to sealing the sale of their company for about 800 million pound ($1.03 billion)to the private equity firm Apax Partners. bit.ly/2wHfKR1- Arnold Schwarzenegger is fronting a campaign warning consumers they only have two years to claim compensation for mis-sold payment protection insurance. The 42 million pound ($54.30 million) campaign is the brainchild of UK''s Financial Conduct Authority, which believes the sector''s biggest mis-selling scandal is far from over as the clock ticks down to the 29 August 2019 deadline for claims. bit.ly/2wHlqdHThe Independent- UK care home system is "teetering on a knife edge" thanks to a severe skills crisis that risks being worsened by Brexit, recruiters have warned. Care homes rely heavily on migrant labour and the risk of a staff shortage as a result of UK''s decision to leave the EU, coupled with fewer nurses already entering the profession, could "bring the entire system to a standstill", according to specialist nursing practice Clayton Recruitment. ind.pn/2wH7LDo- UK house price growth eased to its slowest in three months in August, underscoring the impact of a falling pound and an inflation jump on consumer appetite for big-ticket purchases. Nationwide''s monthly house price index showed on Tuesday that house prices rose 2.1 percent year-on-year in the month, down from a 2.9 percent rise in July and matching May''s four-year low. ind.pn/2wHhE47 ($1 = 0.7735 pounds) (Compiled by Bengaluru newsroom; Editing by Andrew Hay) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL2N1LG00L'|'2017-08-29T22:35:00.000+03:00'
'3c4d5ad66dfb25c280cd34ea6ffa96e791b615e1'|'Goldman downgrades chances on U.S. shutdown in the wake of Harvey'|' 28 PM / 24 minutes ago Goldman downgrades chances on U.S. shutdown in the wake of Harvey Reuters Staff 1 Min Read NEW YORK, Aug 30 (Reuters) - Goldman Sachs economists downgraded the likelihood of a U.S. government shutdown to 35 percent from their earlier call of 50 percent in the wake of Harvey, seen as one of the costliest U.S. storms on record. "Allowing a partial government shutdown when federal relief efforts are underway would pose greater political risks than under normal circumstances, raising the probability that lawmakers will find a way to resolve disagreements," the Goldman economists wrote in a research note published late Tuesday. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-shutdown-idUSL2N1LG16P'|'2017-08-30T17:26:00.000+03:00'
'db0a0bd5e55a74c5f4c3ff39a2b1b83cb1816feb'|'Russia 2030 bond, held by rescued Otkritie, falls to 21-mth low'|'LONDON, Aug 30 (Reuters) - Russia''s sovereign bond maturing 2030 fell more than 1.3 cent in price on Wednesday, a day after Otkritie Bank, which holds a significant proportion of the issue, was taken over by the country''s central bank.The $10.7 billion bond traded at the lowest level since November 2015, according to Tradeweb data.Otkritie is believed to hold around half of the outstanding amount of the 2030 issue. The central bank on Tuesday announced a rescue of the lender in what was one of the biggest bailouts in its history. It said it would take a minimum 75 percent stake .Other Russian sovereign bonds were mostly flat on the day but the size of the 2030 issue meant the average Russian sovereign bond yield spread over U.S. Treasuries rose 11 basis points on the day. The broader index was flat."The only reasonable explanation is that (Otkritie) are being forced to sell the bonds to get some cash," said Societe Generale strategist Regis Chatellier. "I don''t see pressure elsewhere (on the Russian curve)."Reporting by Sujata Rao; editing by Alexander Winning '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-russia-bonds-idINL9N14V01L'|'2017-08-30T08:22:00.000+03:00'
'98d138cd4540fba06aa680fea7627ba9684820e2'|'Nikkei falls to 4-month low after North Korea fires missile'|'TOKYO, Aug 29 (Reuters) - Japan''s Nikkei share average fell to a near four-month low on Tuesday morning as sentiment was soured after North Korea fired a missile over northern Japan earlier in the day.In early trade, the Nikkei opened down 0.7 percent and fell as low as 19,304.76, its lowest since May 1.The broader Topix dropped 0.5 percent to 1,592.77.North Korea fired a missile that flew over Japan and landed in the Pacific waters off the northern region of Hokkaido, South Korea and Japan said, in a sharp escalation of tensions on the Korean peninsula. (Reporting by Ayai Tomisawa; Editing by Chris Gallagher) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-morning-idUSL4N1L402U'|'2017-08-29T03:13:00.000+03:00'
'96cd6214860d178760b2786b57811bbc5be6a114'|'UPDATE 1-Infosys founder Murthy defends role in boardroom feud'|'August 29, 2017 / 2:31 PM / 35 minutes ago UPDATE 1-Infosys founder Murthy defends role in boardroom feud Reuters Staff 2 Min Read (Updates with details from call, background) MUMBAI, Aug 29 (Reuters) - Infosys Ltd founder Narayana Murthy on Tuesday defended his role in a months-long war of words with the company''s board that led to changes at the top, saying his actions were in the interest of shareholders. Speaking to investors on a conference call, Murthy said he hoped the company''s management would rally behind Nandan Nilekani, a co-founder and a former Infosys CEO, who was named as non-executive chairman last week. Vishal Sikka, the first CEO of Infosys drawn from outside its founders, resigned this month, blaming Murthy for creating an "untenable atmosphere". Sikka''s sudden exit sparked a sell-off that wiped billions of dollars off Infosys''s market value, forcing India''s No. 2 IT services firm to reshuffle its board and bring back Nilekani. On Tuesday, Murthy reiterated concerns about the previous board''s corporate governance practices, including the "excessive" severance paid to a former finance chief, but expressed hope that things would take a turn for the better under Nilekani''s leadership. "In fact, based on Nandan’s media interviews and the recent changes in the board, I believe that corrective actions have already begun," Murthy said. The return of Nilekani, who is credited with quadrupling Infosys'' revenue to $2 billion, has cheered investors - he is widely expected to end the board''s row with founder executives, help clients and boost employee morale. Nilekani told investors last week his priorities were to find a CEO, reconstitute the board and shape future strategy. (Reporting by Sankalp Phartiyal; Editing by Keith Weir and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/infosys-founder-idUSL4N1LF4X5'|'2017-08-29T22:31:00.000+03:00'
'220ed0eaafde4d19b35bba202d30a1e84f9bbc17'|'UK house price growth eases to three-month low in August - Nationwide'|'August 29, 2017 / 6:18 AM / 25 minutes ago UK house price growth cools to three-month low in August - Nationwide Reuters Staff 2 Min Read A row of houses are seen in London, Britain June 3, 2015. Suzanne Plunkett LONDON (Reuters) - British house price growth eased to a three-month low in August, adding to signs that the squeeze on household spending since last year''s Brexit vote has led to a slowdown in the housing market, a survey showed on Tuesday. Mortgage lender Nationwide said house prices rose 2.1 percent year-on-year in August, slowing from 2.9 percent in July and matching May''s four-year low. A Reuters poll of economists had pointed to annual growth of 2.5 percent. Britain''s housing sector has slowed sharply since the vote in June 2016 to leave the European Union, when prices were growing by more than 5 percent a year. "The moderation in price growth primarily reflects the squeeze on real wages and the slowdown in the pace that mortgage rates are falling," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics. "Prices likely will continue to struggle to rise much, given that inflation still has further to rise, consumer confidence has deteriorated sharply since June and lenders intend to reduce the supply of unsecured credit." Nationwide said house prices slipped 0.1 percent in August compared with the previous month, after rising 0.2 percent in July. Other house price surveys have painted a similar picture. The Royal Institution of Chartered Surveyors said British house prices rose at their slowest rate in over four years last month, while the number of sales slowed due to a limited supply of property and continued political uncertainty. On Wednesday the Bank of England is due to publish mortgage lending data for July. Reporting by Andy Bruce; editing by Kate Holton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-houseprices-idUKKCN1B90I1'|'2017-08-29T09:21:00.000+03:00'
'e4776ea3658f86abd688e2de5b705859dd81bcc5'|'China vows to step up protection of intellectual property'|'Chinese flag waves in front of the Great Hall of the People in Beijing, China, October 29, 2015. Jason Lee/Files BEIJING (Reuters) - China''s cabinet vowed to step up protection of intellectual property, state radio reported on Wednesday.China will also speed up reviews of patent applications, the State Council said after a meeting chaired by Premier Li Keqiang.Reporting by Beijing Monitoring Desk '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/china-trade-ip-idINKCN1BA1BZ'|'2017-08-30T09:11:00.000+03:00'
'cb6f4d4fafe1a8bebdd843bf5cd8dc90c9ef89fa'|'Canada auction of C$750 mln ultra long bond yields median 2.197 pct'|'TORONTO, Aug 29 (Reuters) - Canada sold C$750 million of its ultra-long bond, the first reopening since November 2014, at a median yield of 2.197 percent, the Bank of Canada said after an auction on Tuesday.The value of bids submitted by distributors of government securities for the 2.75 percent bond, which matures on Dec. 1, 2064, was C$2,039,240,000, while C$4.25 billion was outstanding after the auction.Details on Bank of Canada webpage: here (Reporting by Fergal Smith) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-bonds-idINL2N1LF134'|'2017-08-29T14:24:00.000+03:00'
'59203613fbdecec5f11b7c1e01d2f3088e2a3c17'|'An enforced move to Brum will cost Channel 4 dear - Media'|'Sunday 27 August 2017 07.00 BST Last modified on Sunday 27 August 2017 07.13 BST M oving out of London (to Salford for the BBC , shortly to Birmingham for C4) comes at a price. Just look at the figures, as assembled by Enders Analysis. The BBC lost 62% of its staff when it moved departments to MediaCity: that was twice as much per person on redundancy (£48,000) as on relocation (£27,000). The Office for National Statistics, incidentally, lost 90% of its London staff when it moved to Newport. Only 620 C4 employees are involved. They are commissioning and support staff. They do not make programmes and carry no manufacturing base with them. They are also highly skilled men and women, many of them also tied to London because of their partners’ jobs. If – on the BBC Salford model – 62% of C4 staff don’t go to Brum, that would be a near-£20m redundancy bill, £7m on relocation and another big chunk of cash on hiring replacements. Defections at an ONS level would obviously steepen costs. Reckon £35m gone in any case, says Enders. This is a heavy burden for C4 as advertising stalls, a prescription for upheaval that does no one any good: and an endgame that is pure political show, as government seeks to dragoon a state-created asset and thoroughly degrades it in the process. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/aug/27/channel-4-change-by-decree-will-cost-dear-birmingham-bbc-salford'|'2017-08-27T03:00:00.000+03:00'
'3b9d3256e2016050154e2b6056e7e81c222994ed'|'China July industrial profits rise at slowest pace in three months'|'August 27, 2017 / 2:13 AM / 5 minutes ago China July industrial profits rise at slowest pace in three months Reuters Staff 2 Min Read FILE PHOTO: An employee works at a steel factory in Dalian, Liaoning Province, China, June 27, 2016. Stringer BEIJING (Reuters) - Earnings growth for China''s industrial firms cooled in July after accelerating for three straight months, reinforcing expectations the economy will slow over coming quarters as higher lending costs and property market curbs bite. Profits earned by China''s industrial companies in July rose 16.5 percent from a year earlier to 612.7 billion yuan, slower than the previous month, the statistics bureau said on Sunday. That was the slowest rate of growth since profits rose 14.0 percent in April. Profit growth slowed in July because some companies halted production due to especially high temperatures, He Ping of the National Bureau of Statistics bureau said in a statement along with the data release. For the first seven months of the year, the firms notched up profits of 4.25 trillion yuan, a 21.2 percent jump from the same period last year and a touch slower than the 22.0 percent annual growth in the January-June period. Earnings for the industrial sector were boosted by a year-long, government-led construction spree, which fueled demand and prices for building materials. Government efforts to shut older, heavily polluting mines and factories have given commodity prices fresh impetus in recent weeks. Analysts say economic growth will slow eventually as measures to cool heated property prices and clamp down on riskier forms of lending put the brakes on activity. Beijing''s efforts to reduce debt have pushed up lending rates, signaling tighter margins and tougher operating conditions for firms as debt servicing costs go up - a sign of slowing earnings growth over coming months. Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Michael Perry'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-economy-industrial-profits-idUKKCN1B7019'|'2017-08-27T05:22:00.000+03:00'
'62a321019c2a966b2a3d0f7678bbb92b2c83d71e'|'Jeff Immelt says not pursuing Uber CEO job'|'August 27, 2017 / 5:12 PM / an hour ago Jeff Immelt says not pursuing Uber CEO job Reuters Staff 1 Min Read General Electric Co. Chief Executive Jeff Immelt delivers a speech during the opening of a new tower of the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico May 12, 2017. Daniel Becerril - RTS16EJX (Reuters) - Jeff Immelt, chairman of General Electric Co, said on Sunday he was no longer in the running for a leadership position at Uber Technologies Inc [UBER.UL] as the board of the beleaguered ride services company searches for a new chief executive. "I have decided not to pursue a leadership position at Uber," Immelt said on his Twitter account, adding that he had "immense respect for the company & founders." Writing by Mary Milliken; Editing by Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-uber-ceo-idUKKCN1B70QE'|'2017-08-27T20:10:00.000+03:00'
'3bc2069435c027fb028f614afacdca729d920d43'|'Deutsche Bank names Postbank CEO to management board'|'The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. Ralph Orlowski FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) has named the chief of its Postbank unit to its management board as the lender further integrates its retail arm in a commitment to its home market. Frank Strauss, Postbank CEO, will join Deutsche Bank''s board from Sept. 1 as co-head of private and commercial banking along with current board member Christian Sewing, Deutsche said on Tuesday. Germany''s largest bank acquired Postbank, once part of the nation''s postal service, as Europe''s debt crisis was unfolding and then unsuccessfully tried to sell it. Deutsche Bank, in an about-face and in a renewed commitment to the German domestic market, opted in March to instead integrate Postbank. At the time, the bank was reeling from hefty fines for management missteps involving U.S. mortgage securities and Russian trading schemes. "Our integrated Private & Commercial Bank will be a crucial factor for our success, especially in our home market of Germany,” Deutsche Bank Chief Executive Officer John Cryan said in a statement. Postbank is Germany''s largest retail bank. It has been under pressure as official interest rates remain low, forcing it to impose fees for previously free customer accounts. But Postbank has also served as a counterbalance to Deutsche Bank''s volatile investment bank. "Together with Christian Sewing, Frank Strauss will ensure that the upcoming merger will combine the best of both worlds," said Paul Achleitner, chairman of Deutsche Bank''s supervisory board. Strauss initially joined Deutsche Bank in 1995. He joined the management board of Postbank in 2011 and has been CEO since 2012. Reporting by Tom Sims; Editing by Maria Sheahan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-deutsche-bank-moves-idUSKCN1B91HP'|'2017-08-29T16:01:00.000+03:00'
'958f8eba9b6873dcbbfd8d4b8f3db9695220bacb'|'Austrian conservatives target multinationals and QE in economic draft'|' 06 PM / an hour ago Austrian conservatives target multinationals and QE in economic draft Reuters Staff 3 Min Read FILE PHOTO - Austria''s Foreign Minister Sebastian Kurz arrives for a news conference in Vienna, Austria, June 26, 2017. Leonhard Foeger VIENNA (Reuters) - The front-runner in Austria''s parliamentary election, the conservative People''s Party, wants to fight tax avoidance by multinationals and backs a swift end to the European Central Bank''s bond purchases, a draft of its economic programme shows. The People''s Party has been leading in opinion polls since 31-year-old Foreign Minister Sebastian Kurz took over as its leader in May. Kurz has until now provided few specific policies ahead of the Oct. 15 parliamentary election. A draft of his party''s economic programme, seen by Reuters on Monday, outlines broad objectives like slashing the country''s debt, without giving details. The document will do little to quiet critics who say Kurz lacks experience, particularly when it comes to the economy. But it provides an initial indication of his economic priorities. "We cannot accept that global companies use the international tax system to shift profits to where the least taxes are owed while our domestic companies are at a competitive disadvantage because they dutifully pay their taxes," the draft says. It calls for more work to be carried out on creating a system that would determine how much of a company''s profit should be taxed in a given country. It says transfers to shell companies in tax havens should be banned. The issue of multinationals'' taxes has often been raised since the European Commission ruled last year that tech giant Apple ( AAPL.O ) should pay billions of euros in back taxes to Ireland because a scheme to route profits through that country was illegal state aid. Apple is appealing the ruling. Chancellor Christian Kern, a Social Democrat, has seized on the issue, repeatedly saying it is unfair that multinationals like Starbucks ( SBUX.O ) should pay less tax in Austria than a tiny sausage stand on the street. The draft People''s Party programme says the European Central Bank (ECB) should end its bond purchases. The ECB has bought over 2 trillion euros'' worth of bonds, depressing borrowing costs and fuelling growth. "We clearly call for the ECB to turn away from the monetary policy of recent years as soon as possible," the draft says, describing the purchases as a short-term measure that rewards some countries "that previously pursued irresponsible policies". Reporting by Alexandra Schwarz-Goerlich; Writing by Francois Murphy; Editing by Andrew Roche'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-austria-election-idUKKCN1B81XR'|'2017-08-28T21:09:00.000+03:00'
'7eb297a7044b0e723f71664d1568ecd22a782331'|'ChargePoint plans listing, expansion to take on electric car boom'|'August 28, 2017 / 1:06 PM / 19 minutes ago ChargePoint plans listing, expansion to take on electric car boom Christoph Steitz 4 Min Read FRANKFURT (Reuters) - ChargePoint, operator of one of the world''s largest charging station networks for electric cars, targets an initial public offering within the next five years, as it expands further into Europe, its chief executive told Reuters. Demand for electric cars depends on a network of charging points, which utilities, engineering groups, automakers and start-ups are vying to provide and control before the sector takes off. French utility Engie ( ENGIE.PA ) has bought Dutch firm EV-Box, Germany''s Innogy ( IGY.DE ) is moving into the United States, and ChargePoint, with BMW ( BMWG.DE ), Daimler ( DAIGn.DE ) and Siemens ( SIEGn.DE ) among its owners, has entered Europe. Founded in 2007, Silicon Valley-based ChargePoint operates about 40,000 charging spots in the United States and Mexico. It sells the stations to service providers and hooks them up to its network that can be accessed via a smartphone app. It has so far raised nearly $300 million in funds, with Daimler and Siemens becoming investors this year. BMW first supplied funds in 2012, according to Crunchbase data. "We will probably look to be public within the next five years," Pasquale Romano said in an interview, adding the group was preparing to implement a reporting structure to comply with stock market requirements. "We''ll be ready. But the conditions have to be right." ChargePoint does not disclose its ownership structure, but Romano said that Daimler, BMW and Siemens together hold a significant stake. Its owners also include venture capital firms Linse Capital, Rho Capital Partners and Braemar Energy Ventures. EUROPE EXPANSION Much of ChargePoint''s hopes rest on its expansion in Europe, where the Volkswagen ( VOWG_p.DE ) diesel scandal has raised awareness for the need to switch to electric vehicles. "Europe is starting with a stronger political mandate," Romano said, adding ChargePoint was hiring "furiously" in Germany, France, the Netherlands and Britain, where it struck a deal to sell fast chargers in May, its first in Europe. ChargePoint, whose board of directors include former General Motors ( GM.N ) Chief Executive Rick Wagoner, is aiming to spend the $125 million it raised in a recent funding round to expand on the continent. Europe, however, is also a highly fragmented market, with differing e-mobility legislation and support schemes across various countries, requiring a specific strategy and business model for almost every market. In addition, ChargePoint will face stiff competition on the continent, most notably from Engie''s EV-Box, itself boasting more than 48,000 in installed charging points, as well as RWE''s ( RWEG.DE ) Innogy, with 5,800 charging points. According to its website, Tesla ( TSLA.O ) has 6,372 superchargers worldwide, which are slower than ChargePoint''s most modern chargers. "The market will consolidate around three to four players and we hope to be one of them. That''s how we look at it," Romano said, adding it was important to expand aggressively, possibly at the expense of immediate profitability. One potential business target could be a car consortium - which includes Daimler and BMW - aiming to install 400 super-fast charging stations across Europe. "Of course, we can help that consortium with our technology," Romano said. Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-chargepoint-ipo-idUKKCN1B81BF'|'2017-08-28T16:04:00.000+03:00'
'51f8b7eccc1a89deb519fb7162922717362ef6a6'|'EU mergers and takeovers (Aug 28)'|'BRUSSELS, Aug 28 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Brammer France SAS, owned by U.S. private equity firm Advent International, to acquire machine parts supplier Industrial Parts Holding (approved Aug. 25)NEW LISTINGS -- Irish agribusiness company ABP Food Group to acquire an additional stake in Linden Foods Limited, active in the slaughtering and processing of beef and ovine animals (notified Aug. 25/deadline Sept. 29)-- 3M to buy Johnson Controls'' safety gear unit Scott Safety for $2 billion (notified Aug. 25/deadline Sept. 29)-- Private equity group Triton to take joint control over Dutch mechanical and electrical engineering services provider Unica Groep (notified Aug. 25/deadline Sept. 29/simplified)-- Swiss asset manager Partners Group to buy UK software firm Civica for 1 billion pounds ($1.29 billion) (notified Aug. 25/deadline Sept. 29/simplified)EXTENSIONS AND OTHER CHANGES noneFIRST-STAGE REVIEWS BY DEADLINE AUG 31 -- French dairy company Groupe Lactalis to acquire German peer Omira (notified July 26/deadline Aug. 31)SEPT 1 -- Television holding groups ProSiebenSat.1 Media of Germany, France''s TV group TF1 and Mediaset with networks in Italy and Spain to establish a joint venture selling advertising space (notified July 27/deadline Sept. 1/simplified)SEPT 6 -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified)SEPT 8 -- General Electric Company and global investments provider Macquarie Corporate Holdings to acquire joint control of Markbygden ETT AB, an onshore wind farm project in Sweden (notified Aug. 3/deadline Sept. 8/simplified)SEPT 11 -- Cinven Capital Management and the Canada Pension Plan Investment Board to acquire joint control of GTA Travel Holding Ltd (notified Aug. 4/deadline Sept. 11)-- French banking group BNP Paribas Group to acquire sole control of PEH Milan Holdco S.r.l, thus establishing joint control of the latter''s two hotels in Italy with Starwood Hotels & Resorts Worldwide, a subsidiary of Marriott International, which manages the hotels (notified Aug. 4/deadline Sept. 11/simplified)SEPT 12 -- Telecommunications infrastructure maintenance company CTDI GmbH, jointly controlled by Communication Test Design, Inc. and Deutsche Telekom AG, to acquire EMEA electronics repair business of Regenersis Services Ltd. from CTDI Inc., changing current sole control to joint control via CTDI GmbH (notified Aug. 7/deadline Sept. 12/simplified)-- Private equity group Bridgepoint and Credit Mutuel Arkea to establish joint control of French asset manager Groupe Primonial (notified Aug. 7/deadline Sept. 12/simplified)SEPT 14 -- Norwegian-based DNB Bank ASA and Swedish Nordea Bank AB to establish a joint venture concerning their banking activities in Estonia, Latvia and Lithuania(notified Aug. 9/deadline Sept. 14)SEPT 15 -- Investment firm Centerbridge Partners L.P. and Enel Green Power Hellas S.A. to create a jointly controlled wind farm venture in Greece (notified Aug. 10/deadline Sept. 15/simplified)SEPT 18 -- Private equity firms CVC and PAI Partners to acquire the rest of Spanish retailer Cortefiel (notified Aug. 11/deadline Sept. 18/simplified)SEPT 20 -- China Investment Corporation to acquire European warehouse firm Logicor (notified Aug. 16/deadline Sept. 20/simplified)-- Buyout group KKR to acquire Dutch car park operator Q-Park (notified Aug. 16/deadline Sept. 20/simplified)SEPT 26 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge in 46 bln-euro deal (notified Aug. 22/deadline Sept. 26)-- French reinsurance company Scor to acquire MutRe, a French company involved in the reinsurance of companies'' insurance policies (notified Aug. 22/deadline Sept. 26/simplified)SEPT 27 -- Swedish real estate company Fastighets AB Balder to buy shares in Serena Properties, jointly owned by Finnish pension fund Varma (notified Aug. 23/simplified/deadline Sept. 27)SEPT 28 -- VCI ventures, a subsidiary of VW credit to acquire joint control of AutoGravity with DA Investments, subsidiary of Daimler (notified Aug. 24/simplified/deadline Sept. 28)JAN 8 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to Jan. 8 2018 after Commission opened in-depth investigation)DEADLINE SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information)-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline suspended on Aug. 22)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. ($1 = 0.7734 pounds) (Reporting by Foo Yun Chee) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma-idINL8N1LE490'|'2017-08-28T14:57:00.000+03:00'
'682d55e47ed2f6ae6e6305103617e0566b1bba1e'|'Swiss stocks - Factors to watch on Aug 28'|'ZURICH, Aug 28 (Reuters) - The Swiss blue-chip SMI was seen opening 0.35 percent down at 8,875 points on Monday, according to premarket indications by bank Julius Baer .The following are some of the main factors expected to affect Swiss stocks.NOVARTIS The Swiss drugmaker will seek regulatory approval this year for a new kind of anti-inflammatory heart drug, though some experts fear fatal infection risks and a high price may overshadow the medicine''s limited benefits. The share were indicated down 1.3 percent.For more clickALPIQ The Swiss utility on Monday suspended plans to unload nearly half of its hydroelectric plants, saying potential buyers failed to offer attractive prices and were not prepared to take on risks associated with the money-losing assets.For more clickCREDIT SUISSE Swiss newspaper Neue Zuercher Zeitung reported on Saturday that internal Credit Suisse emails show employees have been instructed not to destroy or delete documents related to so-called insurance "wrapper products" as part of a preservation notice following searches at the Swiss bank''s offices in France, the Netherlands, Britain and Australia in March.COMPANY STATEMENTS * Roche said it received priority review from the FDA for its Gazyva drug against previously untreated follicular lymphoma. The medicine, known as "son of Rituxan" because of similarities to the Swiss drugmaker''s blockbuster, is already approved to treat chronic lymphocytic leukemia and relapsed follicular lymphoma.* Ems Chemie said net profit for the first half of 2017 rose 6.5 percent to 229 million Swiss francs.* Aryzta said it has appointed Kevin Toland as its new CEO, and Juergen Steinemann as an independent director. Toland starts work as CEO on Sept. 12.* Alpiq said that it expects results in 2017 to miss those of the previous year as the company continues to be hurt by low wholesale energy prices and due to an unplanned shutdown of its Leibstadt nuclear power plant.* Kuros Biosciences said it received U.S. Food and Drug Administration clearance for magnetos putty and that it had filed for CE marking in Europe.ECONOMY SNB releases sight deposits at 0800 GMT (Reporting by Zurich newsroom) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/markets-swiss-stocks-idUSL8N1LC0CC'|'2017-08-28T12:56:00.000+03:00'
'f896054d9555758a11e938d302a7e64ac01e57fe'|'U.S. sanctions on Venezuela oil company CFO tangle financial deals -sources'|'Reuters TV United States August 30, 2017 / 1:03 PM / 16 minutes ago U.S. sanctions on Venezuela oil company CFO tangle financial deals: sources Alexandra Ulmer and Marianna Parraga 6 Min Read Simon Zerpa (R), vice president for finance at Venezuela''s state-owned oil company PDVSA, holds a replica of the sword of national hero Simon Bolivar next to Venezuela''s President Nicolas Maduro (C) during a ceremony in Caracas, Venezuela July 26, 2017. Picture taken July 26, 2017. Miraflores Palace/Handout via REUTERS CARACAS/HOUSTON (Reuters) - U.S. sanctions on the finance boss of Venezuela''s oil company PDVSA have led to some exports to the United States being blocked as banks and investment funds refuse to provide letters of credit to potential buyers, three financial sources said. U.S. businesses are barred from dealing with a sanctioned person or company and one of the sources said the sanctions on PDVSA''s Finance Vice President Simon Zerpa were deterring some businesses from investments with the company as so many of its transactions are linked to the finance department he leads. A Venezuelan oil shipment to the United States was blocked this month as lenders refused to provide letters of credit to PDVSA customers, the sources said. Letters of credit, issued by banks, guarantee to a seller that a buyer will pay a specified amount on time when a shipment is accepted. Without a letter of credit, shipments cannot be delivered and the shipper does not get paid. Blocking letters of credit for PDVSA oil chokes off cash that is desperately needed in the OPEC nation. Petróleos de Venezuela, S.A., commonly known as PDVSA, is the financial motor of President Nicolas Maduro''s leftist government, and it is operating within one of the deepest economic recessions Venezuela has ever experienced and widespread political unrest. In one instance, U.S. refiner PBF Energy ( PBF.N ) was unable to get a letter of credit for a Venezuelan crude cargo to be received at a U.S. port. The Suezmax tanker Karvounis has been anchored in the U.S. Gulf for more than a month. It partially discharged its cargo on Aug. 23 in New Orleans, according to Thomson Reuters vessel tracking data. A trader close to the deal said PBF Energy ultimately agreed to a prepayment, removing the need for a credit letter. It was unclear what would happen with the rest of the cargo. Some U.S. customers can import without a letter of credit if they pay up front. In July, the United States imposed sanctions on 13 senior Venezuelan officials, including the head of Venezuela’s army, the national police chief, the director of elections, and Zerpa. At the time, a U.S. official warned that the administration of U.S. President Donald Trump was readying tougher measures that could be part of a “steady drumbeat” of responses to the Venezuelan crisis. The most serious potential future step would be financial sanctions that would halt dollar payments for the country’s oil, starving the government of hard currency, or a total ban on oil imports to the United States, Venezuela’s biggest customer. This month the United States imposed its first economic sanctions on Venezuela, banning debt trades for government-issued bonds and bonds issued by PDVSA. The problem could spread to more cargoes if banks refuse to extend credit to companies that have a commercial relationship with PDVSA, the sources said. The sources said foreign oil companies funding projects in Venezuela and financial entities negotiating with PDVSA were avoiding signing agreements that could involve Zerpa. Two men refuel buses in a gas station in Caracas, Venezuela, August 25, 2017. Picture taken August 25, 2017. Andres Martinez Casares Major oil company China National Petroleum Corporation (CNPC) has pulled back from funding some operations at its joint venture in Venezuela, a source at PDVSA said. Neither PDVSA nor the Information Ministry responded to requests for comment. Zerpa was not immediately available to comment. "PDVSA will face additional trouble just by keeping a sanctioned individual as CFO," said Jorge Piedrahita, chief executive of broker-dealer Gear Capital Partners, who has been involved with Venezuelan debt for many years. "Even the Russians and China''s Development Bank should be worried about signing something with him as they can be subject to collateral damage from sanctions just by association." Slideshow (2 Images) A close Maduro ally, Zerpa, 34, rose to prominence by leading the bilateral Venezuela-China fund through which Caracas borrows from Beijing and repays loans in oil and fuel. Venezuela has borrowed over $60 billion from China, earning Zerpa the nickname "Zerpa the Chinese." Two additional financial sources said having Zerpa as the company''s head of finance had made it impossible for U.S. entities to assist PDVSA in debt refinancing, even before the U.S. economic sanctions. Even basic activities, such as a conference call with bondholders, are now essentially unthinkable, the sources said. Sanctions against Zerpa are having a knock-on effect on Wall Street, affecting imports of food and medicine to Venezuela made through funds headed by Zerpa, according to Delcy Rodriguez, president of Maduro''s new legislative assembly. "This wasn''t done to affect Venezuelan officials but rather the entire population," Rodriguez said on Monday. Zerpa has held several high-profile posts including heading Venezuela''s state economic development bank Bandes and off-budget investment fund Fonden. Opposition lawmakers have said he is an example of how the late Hugo Chavez''s "21st century socialism" has allowed unprepared political figures to wield power over financial deals. "I have a negative opinion of him because of the way he handled the Chinese fund," said opposition lawmaker Angel Alvarado, describing Zerpa as Maduro''s "finance tsar." U.S. pressure could force PDVSA to remove Zerpa from his post, at least on paper. However, PDVSA has had issues in the past that have led investors to tread cautiously with Venezuela. "In part, the sanctions codify an already existing situation in which PDVSA and the Republic have little to no access to international financial markets due to the combination of political risk, unsustainable policies, concerns about legality of new issues and reputational risk from providing funds to the Venezuelan government," investment firm Torino Capital wrote in a report to clients after Friday''s sanctions. Additional reporting by Brian Ellsworth and Corina Pons in Caracas; Writing by Alexandra Ulmer; Editing by Dan Flynn and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-venezuela-oil-sanctions-idUKKCN1BA1M6'|'2017-08-30T16:16:00.000+03:00'
'4709d413ebb2ba257120b52596f587a1f910a481'|'Petrofac reports 10.7 percent fall in first-half core earnings'|' 32 AM / 14 minutes ago Petrofac reports 10.7 percent fall in first-half core earnings   (Reuters) - British oilfield services company Petrofac Ltd ( PFC.L ) on Wednesday reported a 10.7 percent fall in core earnings for the first-half as subdued oil prices forced exploration and drilling companies to defer or cancel service contracts. Earnings before interest, tax, depreciation and amortization (EBITDA) fell to $323 million for the first half ended June 30. Revenue for the half year fell about 20 percent to $3.13 billion. Petrofac also declared a divided of 12.7 cents per share for the half year, a reduction of 42 percent compared to last year. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-petrofac-results-idUKKCN1BA0LD'|'2017-08-30T09:32:00.000+03:00'
'223a80643f45b96ae8c2f1ddf7b633d6cb6f58ba'|'S&P sees U.S. keeping AA+ rating if it avoids default'|'A view shows the Standard & Poor''s building in New York''s financial district February 5, 2013. Brendan McDermid NEW YORK (Reuters) - Standard & Poor''s said on Tuesday the United States would maintain its AA+ credit rating, its second highest, as long as the federal government avoids a default even if it does not increase the debt ceiling in a timely manner.S&P is the only one of the three major U.S. bond agencies that do not currently assign the top-notch AAA-rating to the world''s biggest economy.In August 2011, S&P stripped the United States of its coveted top rating over a debt ceiling showdown in Washington, citing "political brinkmanship" during the debate over raising the government''s legal borrowing limit.Six years later, S&P is taking a narrower scope to judge its rating for the United States."If the debt ceiling is not raised in a timely way, we expect, at a AA+ level of confidence, that the government will take necessary measures to avoid default on the debt which our ratings address," Robert Sifon-Arevalo, a managing director in S&P''s sovereign ratings group, said in a statement.Last week the other rating firms, Moody''s Investors Service and Fitch Ratings, staked out their views on the looming deadline in late September when Uncle Sam would run out of cash if it cannot borrow more to pay all its obligations.Similar to S&P, Moody''s said it would not downgrade the U.S. as long as it does not default. It would not remove its AAA-rating even if the government were to skip or delay payments on its non-debt obligations.Fitch, however, took a tougher stance that if the debt ceiling is not raised, prioritizing debt service payments over other government obligations "may not be compatible with ''AAA'' status."U.S. lawmakers are scheduled to return to work on Sept. 5 after their summer recess. They are expected to hammer out a deal to raise the debt ceiling, currently at $19.9 trillion, and to pass a budget in an effort to avoid a default and to keep the government operating.U.S. President Donald Trump threatened last week to shut down the government if Congress did not agree to fund his proposed wall between U.S. and Mexico.“We expect Congress to ultimately raise or suspend the debt ceiling, potentially with heated discussion," S&P''s Sifon-Arevalo said. "It remains our view that the debate about raising or suspending the ceiling weighs on the economy.”Reporting by Richard Leong; Editing by Chizu Nomiyama '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-debtlimit-s-p-idUSKCN1B92AY'|'2017-08-29T21:21:00.000+03:00'
'e9a7bee367b69df5f4e500793f61f72da71ff8e1'|'PRESS DIGEST-New York Times business news - Aug 29'|'Aug 29 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Dara Khosrowshahi, 48, is on the threshold of becoming one of the world''s most prominent entrepreneurs. On Sunday night, he was selected to be chief executive of Uber Technologies Inc, the ride-hailing company that is the world''s most valuable start-up. The deal is almost official, according to the travel reservations site Expedia Inc, which Khosrowshahi currently runs. nyti.ms/2iDUYMj- Hurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability. nyti.ms/2wO74sg- The drugmaker Gilead Sciences Inc said on Monday that it would buy Kite Pharma Inc for about $11.9 billion to bolster its aging portfolio with an emerging cancer treatment. nyti.ms/2iEIK64- The Food and Drug Administration announced a crackdown on dangerous stem cell clinics on Monday, while at the same time pledging to ease the path to approval for companies and doctors with legitimate treatments in the growing field. nyti.ms/2iEPAIH- The Guardian has established a nonprofit venture in the United States, theguardian.org, to focus on tapping philanthropic organizations — or even corporate foundations and think tanks — for financial help to report on issues including human rights and climate change. nyti.ms/2wjYNt1 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt-idINL4N1LF26V'|'2017-08-29T02:48:00.000+03:00'
'0adf3b73fdad88f70435201c9cf37eb883d25ea5'|'PRESS DIGEST- New York Times business news - Aug 30'|'Aug 30 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Domino''s Pizza Inc this week plans to start testing deliveries using Ford Motor Co self-driving Ford Fusion sedan outfitted with enough sensors, electronics and software to find its way to customers'' homes or offices in a section of this city 40 miles west of Detroit. nyti.ms/2x2Bp5I- A federal judge on Tuesday dismissed a defamation lawsuit filed by the former vice-presidential candidate Sarah Palin against The New York Times, saying Ms. Palin''s complaint failed to show that a mistake in an editorial was made maliciously. nyti.ms/2iHhPGD- Worried by a long-term rise in inequality, Britain announced on Tuesday a series of measures aimed at increasing transparency over executive compensation, hoping to ramp up pressure on companies that offer lavish salaries for bosses but restrict pay for regular employees. nyti.ms/2wh9Ipg- A deal unveiled on Tuesday between the mining company Freeport-McMoRan Inc and the Indonesian government which is meant to bring an end to years of rising public anger over American control of one of the mining industry''s crown jewels. It could also end a fight between the two sides that limited output at the mine and impacted metals prices worldwide. nyti.ms/2vHTDp1 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt-idINL4N1LG279'|'2017-08-30T02:50:00.000+03:00'
'0c9927f7abe660da712a44f711193f7e517b5401'|'Uber officially welcomes as CEO Expedia''s Dara Khosrowshahi'|'August 30, 2017 / 6:15 AM / 17 minutes ago Uber officially welcomes as CEO Expedia''s Dara Khosrowshahi Heather Somerville 3 Min Read FILE PHOTO: Expedia CEO Dara Khosrowshahi poses for a portrait during the 2010 Reuters Travel and Leisure Summit in New York, U.S. February 22, 2010. Lucas Jackson/File Photo SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] officially welcomed its new Chief Executive Dara Khosrowshahi, who has led online travel business Expedia Inc for 12 years, in a note sent to employees of the world''s biggest ride-services company late on Tuesday. The board had already selected Khosrowshahi as Uber''s next CEO in a vote on Sunday, two sources told Reuters. But the firm and its board had not spoken publicly on the decision until Tuesday evening Pacific Time, as contract negotiations were ongoing. Khosrowshahi''s appointment comes at a time when Uber is trying to recover from a series of crises that culminated in the ouster of its former CEO Travis Kalanick in June. It is also a key step toward filling a gaping hole in its top management which at the moment has no chief financial officer, head of engineering or general counsel. "The board and the executive leadership team are confident that Dara is the best person to lead Uber into the future," Uber''s eight-member board wrote in an email to employees that was also made public. Khosrowshahi emailed Expedia staff that he had accepted the job of Uber CEO, albeit "with truly mixed feelings." "This has been one of the toughest decisions of my life," he said in his email. Over his tenure, Khosrowshahi built Expedia into the largest online travel agency by bookings and its stock price grew more than six-fold since he became CEO in 2005. "I have to tell you that I''m scared," he wrote in the note, which was shared with Reuters. "I''ve been here at Expedia for so long that I''ve forgotten what life is outside of this place." He will join San Francisco-based Uber''s all-hands staff meeting Wednesday to take questions from employees, board members said in their email. He will also over the next few weeks meet with employees around the world and with drivers. Khosrowshahi, 48, is an Iranian immigrant who came to the United States with his parents in 1978 during the Iranian Revolution. He is described by those who know him as a friendly and steady hand, savvy businessman and calming influence in situations of chaos. And chaos certainly awaits him at Uber. He inherits at Uber a high-stakes lawsuit filed by Alphabet Inc''s Waymo that threatens Uber''s self-driving car business, a board divided by one investor''s lawsuit against Kalanick, and an organization struggling to overcome allegations of sexual harassment and executive misconduct. On Tuesday, Uber said it was cooperating with a preliminary investigation led by the U.S. Department of Justice into possible violations of bribery laws. Kalanick, who remains on the Uber board and was involved in hiring Khosrowshahi, welcomed his replacement. "Casting a vote for the next chief executive of Uber was a big moment for me and I couldn''t be happier to pass the torch to such an inspiring leader," Kalanick said in a statement. Reporting by Heather Somerville in San Francisco, additional reporting by Jeffrey Dastin; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-ceo-idUKKCN1BA0JL'|'2017-08-30T09:11:00.000+03:00'
'2790500ee0136232908074d2278b7a268e7bdf3f'|'BAML, FAB to get roles in IPO of Emaar''s UAE real estate unit: sources'|'A logo of Dubai''s Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Ahmed Jadallah/File Photo - RTX2AIDV DUBAI (Reuters) - Bank of America Merrill Lynch ( BAC.N ) and First Abu Dhabi Bank FAB.AD are set to join Goldman Sachs ( GS.N ) in getting roles in the share sale of the UAE real estate development business of Emaar Properties EMAR.DU, sources told Reuters on Tuesday.Dubai-based Emaar, the builder of the world''s tallest tower, is considering an initial public offering of up to 30 percent of the business by November in what could be the first listing on the Dubai Financial Market in nearly three years.A spokesman for Emaar, in which Dubai''s government owns a minority stake, said the list of banks was not yet finalised.First Abu Dhabi Bank (FAB) did not immediately respond to a Reuters request for comment, while Bank of America Merrill Lynch (BAML) declined to comment.Emaar is already working with Goldman Sachs on the IPO but other banks are expected to be appointed as coordinators and bookrunners. The sources close to the matter said it was unclear what exact roles BAML and FAB would have.BAML and National Bank of Abu Dhabi, one of the two banks later merged to create FAB, were among lenders involved when Emaar floated Emaar Malls in 2014.Emaar, whose interests span hotels, entertainment and shopping mall operations, earlier this month reported a 14.4 percent increase in second-quarter profit for its property business.Additional reporting by Dasha Afanasieva in London; Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-emaar-properties-ipo-idINKCN1B91CT'|'2017-08-29T10:09:00.000+03:00'
'0a3d96c6764543c1344e41ae3e70a0565d7939df'|'Damage unknown to Shell''s Perdido platform in U.S. Gulf'|'HOUSTON, Aug 27 (Reuters) - Royal Dutch Shell Plc said on Sunday it has not yet been able to assess damage to its deepwater Perdido platform in the U.S. Gulf of Mexico after evacuating it ahead of Tropical Storm Harvey, which came ashore as a hurricane.The company scrapped plans on Saturday to send a reconnaissance flight over the platform, about 200 miles (321 km) south of Freeport, Texas, said spokesman Curtis Smith. A second flight will be attempted on Sunday.Reporting by Ernest Scheyder; Editing by Sandra Maler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-shellgulf-idINL2N1LD0FN'|'2017-08-27T15:58:00.000+03:00'
'fc9e364b2d29bd6c04d8d85dfcd99924f54c12fa'|'Canada''s Toromont to buy Caterpillar dealer Hewitt for C$1.02 bln'|'A Caterpillar logo is pictured on the skid-steer loader at the construction site In Warsaw, Poland June 1, 2017. Kacper Pempel (Reuters) - Canada''s Toromont Industries Ltd said on Monday it would buy Hewitt Group, a dealer of Caterpillar Inc heavy equipment, for about C$1.02 billion in cash and shares.Toromont will pay Hewitt C$917.7 million in cash and 2.25 million Toromont shares, the company said on Monday.Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hewitt-m-a-toromont-indus-idINKCN1B814J'|'2017-08-28T09:37:00.000+03:00'
'3aa3bcc2d57f2956e311694024b7239af3cdaee1'|'Euro surges to two-and-a-half year after Draghi comments, oil up after Harvey'|'August 27, 2017 / 11:39 PM / 25 minutes ago Oil markets hit by Storm Harvey; U.S. dollar extends fall Saqib Iqbal Ahmed 4 Min Read NEW YORK (Reuters) - U.S. crude oil futures fell on Monday but gasoline prices surged to 2-year highs as Tropical Storm Harvey kept hammering the U.S. Gulf Coast, knocking out several refineries which backed up crude supplies and disrupted fuel production. The U.S. dollar dropped to its lowest in roughly 16 months against a basket of major currencies and a more than 2-1/2-year low against the euro, following comments from central bankers on Friday and worries over the storm hurting the U.S. economy. Harvey made landfall in Texas late on Friday as the most powerful hurricane to hit the region in more than 50 years and caused large-scale flooding, forcing refineries in the area to close. U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude. "The reduced inputs to those Gulf refineries will result in an increase in crude inventories," said Tony Headrick, energy market analyst at CHS Hedging. "That outweighs the outages in crude oil production from the storm." U.S. crude CLc1 settled down $1.30, or 2.7 percent, at $46.57 a barrel. The refinery shutdowns sent U.S. gasoline prices soaring. Spot prices for U.S. gasoline futures RBc1 surged 7 percent to a peak of $1.7799 per gallon, before easing to $1.7135. In the U.S. equity market, the Dow and the S&P were slightly lower. "We''re looking at this as more of a shorter term phenomenon and the energy stocks have held in relatively well," said Matt Miskin, market strategist at John Hancock Investments. Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Nick Oxford/File Photo "The market is not seeing that as a significant move but we''ll have to see how the dynamics play out over the course of the week." The Dow Jones Industrial Average .DJI fell 16.63 points, or 0.08 percent, to 21,797.04, the S&P 500 .SPX lost 0.29 point, or 0.01 percent, to 2,442.76 and the Nasdaq Composite .IXIC added 15.08 points, or 0.24 percent, to 6,280.72. European shares fell as the euro strengthened after European Central Bank chief Mario Draghi did not express concern about a strong currency in a closely watched speech. [nL8N1LE156] MSCI''s world index .MIWD PUS, which tracks shares in 46 countries, was little changed on the day. The U.S. dollar extended its weakness from last week. "The disappointment from (U.S. Federal Reserve Chair Janet) Yellen at Jackson Hole on Friday has carried over to trading this week," said Kathy Lien, managing director at BK Asset Management in New York. Yellen did not address monetary policy at the summit of central bankers in Wyoming. The impact of Harvey was also weighing slightly on the greenback, she added. The dollar index .DXY, which tracks the greenback against six major currencies, was down 0.58 percent at 92.202, after falling to 92.184, its lowest since May 2016. U.S. benchmark Treasury yields fell to two-month lows after strong demand for a five-year note auction and as market participants waited on U.S. economic data that will culminate on Friday with the August employment report. Benchmark 10-year notes US10YT=RR gained 5/32 in price to yield 2.155 percent. The weaker dollar helped gold XAU= rise to a more than nine-month high. Additional reporting by Sam Forgione and Julia Simon in New York and Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by Bernadette Baum and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1B70YM'|'2017-08-28T02:39:00.000+03:00'
'9a775fe54f6fe5fb0a43af93c55f9a470d31c9a5'|'Kurdistan pays $1 billion to Dana Gas, partners to settle $2.2 billion London case'|'August 30, 2017 / 4:35 PM / 13 minutes ago Kurdistan pays $1 billion to Dana Gas, partners to settle $2.2 billion London case Dmitry Zhdannikov 4 Min Read LONDON (Reuters) - Iraq''s Kurdistan has reached a full and final settlement with Dana Gas DANA.AD and its partners over a $2.24 billion (1.73 billion pounds) London court case that will see the semi-autonomous region immediately pay the UAE-based firm $1 billion, the two sides said on Wednesday. Dana Gas, its parent Crescent Petroleum and its partners filed a case against the KRG in the London Court of International Arbitration in October 2013 regarding their contract with the Kurdish government and accusing it of underpaying for gas liquids production. The KRG has argued that the case came amid its fight against Islamic state and as its budget suffered from a steep drop in revenues due to lower oil prices, which forced it to postpone and restructure payments to some counter-parties. Under the settlement, Kurdistan will immediately pay $600 million to the Pearl Consortium, in which Dana and Crescent own 70 percent and their partners Austria''s OMV ( OMVV.VI ), Hungary''s MOL MOLB.BU and Germany''s RWE ( RWEG.DE ) own 10 percent each. Kurdistan will also immediately pay another $400 million to go exclusively towards Pearl''s further development to increase production its fields. The balance of $1.24 billion will be reclassified from debt to outstanding costs to be recovered by Pearl from future revenues. "This settlement... opens a new chapter in the relationship between the parties and will take the development of the important natural gas sector to new heights," said Kurdistan Minister of Natural Resources Ashti Hawrami. Kurdistan has ramped up oil sales independent from Baghdad in past years and is hoping to steeply raise gas output and exports as it seeks economic and possibly political independence from the central government. "The settlement of all debts and restoration of full cooperation gives a positive outlook for further investment and full realisation of the enormous resource potential of the areas," Majid Jafar, chief executive of Crescent Petroleum, said in a statement. Pearl agreed to steeply raise gas production within two years while Kurdistan agreed to add two new blocks to Pearl''s two existing fields and improve the deal''s terms to levels it offers to international firms under production sharing agreements. The settlement is significant for both parties with Kurdistan settling the dispute at a time it is working on reshaping public finances and filling budget holes caused by a fall in crude prices. The semi-autonomous region will hold an independence referendum next month. For Dana, the Kurdish settlement will be eagerly watched by its bond holders which are disputing in courts in London and the UAE a move by Dana to restructure a $700 million sukuk bond on the grounds it is no longer sharia-compliant. The Pearl consortium says it has invested more than $1.2 billion and produced over 150 million barrels equivalent of gas and petroleum liquids in Kurdistan but non-payments from the region has complicated its finances. Pearl develops the Khor Mor and Chemchemal gas fields. Under the settlement it agreed to increase production at Khor Mor by 500 million cubic feet a day or 160 percent from the current levels within two years. Reporting by Dmitry Zhdannikov; Editing by Susan Fenton and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-dana-gas-arbitration-idUKKCN1BA274'|'2017-08-30T19:35:00.000+03:00'
'3a82208e3de09d04fbaf777c8d0363a47a9d80a1'|'Ghost tomato factory showcase for Nigeria''s farming problems'|'August 30, 2017 / 7:21 AM / 2 hours ago Ghost tomato factory showcase for Nigeria''s farming problems Ulf Laessing 6 Min Read A twin-blender machine is seen in the Dangote tomatoes processing factory in Kano, northwest Nigeria August 21, 2017. Akintunde Akinleye. KANO, Nigeria (Reuters) - At a state-of-the-art plant in northern Nigeria, shiny machines stand next to a conveyor belt ready to crush tomatoes to satisfy the country''s insatiable demand for tomato paste. But a lonely cleaner mopping the floor is the only sign of activity in Nigeria''s biggest tomato factory, equipped with the latest Italian and German technology. There aren''t enough tomatoes to run it. It''s a powerful symbol of Nigeria''s uphill challenge to build up agricultural production and end costly food imports to feed its 190 million people. The West African nation imports staples from milk to wheat to tomato paste, with funds it mainly earns from exporting oil. The conglomerate of Africa''s richest man, Aliko Dangote, launched the plant in March 2016, contracting Italian engineers working for months on a 350 euro-a-day allowances to set up the machines outside Kano, the main city in the north. On paper this looked like a smart move as Nigeria imports up to 400,000 tonnes of tomato paste annually. The tinned paste is an ingredient in Nigerian tomato stew, used as the base for a host of traditional meat stews, sauces, soups and rice dishes that are staples of Nigerian cooking. Dangote Group had thought of every technical detail, even setting up a control room linking its engineers to experts in Italy in case there was a problem. But it underestimated the difficulties involved in getting tomatoes, despite signing deals with some 5,000 farmers guaranteeing them to pay more than the market price. Lacking fertilizers and working with their bare hands, the farmers have been unable to produce the quality and quantity the plant needs to make paste. Much of the last season''s output was wiped out by a pest. The plant has been so far unable to find other supplies despite Nigeria producing some 1.5 million tonnes of tomatoes annually. A lack of good roads due to decades of corruption means tomatoes would perish on the way. Half of the country''s output gets wasted. Bar a few weeks, the plant has been standing idle, said its frustrated manager said A.L. Kaito, the managing director of Dangote Farms in charge of the plant. "We are trying to weather out the storm, the cost is horrendous," said Kaito. "It''s a nightmare." Dangote spent some 4 billion naira ($12.74 million) on the plant and now plans to set up its own tomato cultivation scheme for around ten billion naira to cover up to 70 percent of its needs, buying land and tractors. Experts from Israel, Mexico and Spain will be flown in. PROBLEMS The tomato plant hopes to restart work in January at just half of its capacity of 1,200 tonnes a day after the next season, in the meantime costing 5 million naira every month. A view of the Dangote tomatoes processing factory in Kano, northwest Nigeria August 21, 2017. Akintunde Akinleye. Dangote has kept workers sitting at home on the payroll: the Italians spent months training them on the new machines. The investment is paltry for its owner, who is spending billions of dollars on cement plants, sugar and rice schemes across Africa. His cement business alone posted revenues worth in 615 billion naira in 2016. But for President Muhammadu Buhari the idle plant is a major setback after another tomato factory in Lagos threw in the towel in November 2016, unable to import tomatoes due to a lack of hard currency as Nigeria struggles with recession. Buhari had, since his election in 2015, made it a priority to end dependency on food under the motto: "We must produce what we eat." To encourage agriculture investments like the Dangote plant, the government has waived duties for greenhouse and processing equipment. Slideshow (16 Images) It is also giving subsidies to rice farmers and is considering expanding the scheme to tomato growers, a senior official in the federal ministry of agriculture said. Officials had hoped to create jobs in agriculture to fight poverty in the north where some unemployed young men have joined an eight-year insurgency by Boko Haram jihadists. But experts and farmers say, after decades of corruption holding back road and electricity projects and an obsession with producing oil, it will take time to improve the tomato output. Low quality seed and a lack of power for pumping water means tomatoes can be grown only during the dry season, which creates a glut in March. Farmers then lay out their tomatoes alongside highways hoping motorists will buy them. Anything that does not get sold within 24 hours is usually wasted due to a lack of cold storage. They also ship some to Lagos, the southern megacity 1,000 km (600 miles) south of the factory. A basket of tomatoes sells for 2,000 naira in Lagos, but only around 10 percent of that ends up in farmers'' pockets as traders and truckers take their cut. "We don''t have fertilizers and there is no power for cold rooms," said Sani Yadakwari, chairman of the some 10,000 tomato farmers in Kano state. "We need subsidies for our production." Dangote has been supplying farmers with a Dutch seed which is expected to gradually boost the yield to 50 tonnes of tomatoes a hectare from 10 to 15 tonnes now, said Kaito. But Adamu Sani, an agronomist working for the World Bank, was sceptical production would rise soon as farmers needed to get trained to use the new seeds which had not been tested yet on a large scale in Nigeria. Dangote calls the plant the biggest in Africa. But the size might be a disadvantage: "The minimum capacity of the Dangote plant is too high for the little volumes you can get from farmers," Sani said. Editing by Peter Graff '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/nigeria-farming-idINKCN1BA0JX'|'2017-08-30T10:20:00.000+03:00'
'33c2b210c84f3a9c41c0b910287a0ebfa0ba9c85'|'Cinven starts clock on German industrial ceramics group sale -sources'|'FRANKFURT/LONDON (Reuters) - Buyout group Cinven is expecting bids worth as much as 2.4 billion euros ($2.9 billion) next month for German industrial ceramics group Ceramtec from Asian industry players and financial investors, people close to the matter said.First-round bids are due by Sept. 12 for the maker of technical ceramics used in products ranging from artificial hips and circuit boards to bearings and faucets, the people said.Japan''s Kyocera ( 6971.T ) and South Korea''s LG Chem ( 051910.KS ) are expected to take part in the auction, as are investors including BC Partners, CVC, Advent, CD&R, Bain, Partners and PSP, the sources said.The bidders are expected to value the company at 2.2-2.4 billion euros or 11-12 times Ceramtec''s 2017 expected earnings before interest, tax, depreciation and amortization (EBITDA) of about 200 million euros, they added.Bankers are working on debt financing of up to around 1.5 billion euros or about 7.5 times Ceramtec''s EBITDA, they said. Such a high leverage level has left some banks unable to provide committed financing, restricted by regulations that have tried to cap highly leveraged deals at no more than six times.Morgan Stanley ( MS.N ) and BAML ( BAC.N ), advisers to the seller, are providing staple financing that will be available to any potential buyer, giving certainty of funds for financing an acquisition, the sources said."Available debt levels, the speed at which buyout groups can act and the question of what strategic bidders would do with the highly regulated medical ceramics ops may give private equity investors an edge in this auction," one of the people said.Cinven declined to comment and the potential bidders declined to comment or were not immediately available for comment.Ceramtec traces its roots to porcelain manufacturer Thomaswerke, founded in 1903, which from the 1920s onwards supplied AEG with technical ceramics.It was acquired in 1985 by chemical group Hoechst, now part of Sanofi ( SASY.PA ), which renamed the group Hoechst CeramTec. After further ownership changes, KKR-owned Rockwood acquired the group in 2004.Cinven bought CeramTec for 1.5 billion euros in 2013 and unsuccessfully tried to list the company in 2015. It has strengthened the group with the acquisitions of U.S.-based peer DAI Ceramics in May 2016 and a British electro-ceramics business from Morgan Advanced Materials this year.($1 = 0.8385 euros)Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ceramtec-m-a-idINKCN1BA1Z2'|'2017-08-30T13:11:00.000+03:00'
'd22f701c4268eae0d61f361e2edf483a8347abb8'|'Arkema has no way to prevent chemical incident in Texas'|'Aug 30 (Reuters) - Arkema''s North America chief executive said on Wednesday the company has no way of preventing chemicals from catching fire or exploding at its heavily flooded plant in Crosby, Texas.The company evacuated remaining workers on Tuesday and Harris County ordered the evacuation of residents in a 1.5-mile(2.4-km) radius of the plant that makes organic chemicals.Richard Rowe, who is chief executive of the company''s North America unit, told reporters the company expects chemicals on site to catch fire or explode within the next six days. He said the company has no way to prevent a fire or potential explosion near the plant that is swamped by about six feet (1.83 m) of water. (Reporting by David Shepardson in Washington; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-arkema-idINL2N1LG229'|'2017-08-30T17:30:00.000+03:00'
'daee42c37a66758513a24b22fe10c0790d990705'|'Malaysia''s Axiata to buy Pakistan telecom towers firm for $940 million'|'FILE PHOTO: A security officer guards in front of the Axiata headquarters buiding in Kuala Lumpur May 28, 2014. Samsul Said KUALA LUMPUR (Reuters) - Malaysian telecommunications firm Axiata Group''s ( AXIA.KL ) infrastructure unit is buying telecom towers in Pakistan for $940 million in partnership with a local conglomerate, in what will be one of the biggest deals in the South Asian nation.Axiata subsidiary edotco Group Sdn Bhd and its Pakistani partner Dawood Hercules Corp ( DAWH.KA ) will acquire Deodar, the tower unit of Pakistan Mobile Communications Ltd, which will add more than 13,000 towers to its portfolio.The purchase will see edotco emerge as the world''s eighth-largest independent tower firm and the second-largest multi-country tower operator, with a portfolio of about 40,000 towers across six countries.Tower firms in Asia have been expanding by buying tower infrastructure from carriers, who, in many cases, are aiming to cut debt and focus on their core business."The acquisition of Deodar is a critical part of our growth strategy and ambition to position edotco as the leading independent telecommunications infrastructure services provider in Asia," edotco CEO Suresh Sidhu said in a statement on Wednesday.Sidhu told a media conference later that the acquisition, edotco''s biggest, is part of its strategy to focus on assets in South and Southeast Asia, according to the recording of the conference reviewed by Reuters.The deal, expected to be completed in the fourth quarter, would rank as one of Pakistan''s five biggest deals, according to Thomson Reuters data.Edotco has previously said it aimed to become Pakistan''s largest independent tower firm. In June, it bought Pakistan''s Tanzanite Tower Pte Ltd for $90 million in a deal involving about 700 towers.Axiata owns 62.4 percent of edotco, which in recent months raised $700 million from Malaysia''s $28 billion Retirement Fund Incorporated (KWAP), sovereign wealth fund Khazanah and Innovation Network Corp of Japan.The acquisition of the Deodar towers unit will be funded using $600 million raised via debt and the remainder via equity and is expected to immediately add to Axiata''s earnings, according to the statement.It was not immediately clear how the total acquisition cost is being split between the two partners.As part of the deal, though, Dawood Hercules will buy 45 percent of edotco Pakistan (Pvt) Ltd. Inam ur Rahman, CEO of Dawood Hercules, said the partnership strengthens the conglomerate''s long term commitment to technology infrastructure development in Pakistan.Pakistan Mobile Communications is also known by its brand name Jazz. Amsterdam-based Veon Ltd ( VON.AS ), which owns Jazz, said in a separate statement that the sale of Deodar will add to its earnings.Delta Partners Corporate Finance Ltd and Deutsche Bank are advising edotco on the acquisition.Axiata, Malaysia''s largest mobile operator by market value, also reported an 83 percent jump in quarterly profit. Shares of the company rose 1.7 percent on the national stock exchange on Wednesday.Reporting by A. Ananthalakshmi, additional reporting by Liz Lee; Editing by Christopher Cushing and Muralikumar Anantharaman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-axiata-group-m-a-pakistan-idUSKCN1BA0KC'|'2017-08-30T14:27:00.000+03:00'
'9cabd22f55496a2af58c8e046422f651cfef8902'|'S&P, Dow flat as strong data helps offset Trump''s North Korea comments'|'A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. Andrew Kelly/File Photo REUTERS - The S&P and the Dow opened little changed on Wednesday as investors focused on data that showed stronger-than-expected U.S. economic growth, helping offset worries over President Donald Trump''s latest tweet on North Korea.Gross domestic product increased at a 3.0 percent rate in the April-June period, the Commerce Department said in its second estimate.The upward revision in the second-quarter data from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.Adding to the positive sentiment, a report from payroll processor ADP showed that U.S. private employers added 237,000 jobs in August for its biggest monthly increase in five months, above the 183,000 jobs expected by economists.The strong data could strengthen the Federal Reserve''s case for another rate hike this year.Chances of a rate hike rose to 37 percent from 32 percent after the data, according to CME Group''s FedWatch tool.The ADP report comes ahead of the more comprehensive government payrolls data for August on Friday.Investors are also keeping an eye out on the ongoing tensions between the United States and North Korea after Trump dismissed any diplomatic negotiations with North Korea, saying "talking is not the answer," a day after Pyongyang fired a ballistic missile over Japan.The "U.S. has been talking to North Korea, and paying them extortion money, for 25 years. Talking is not the answer," Trump tweeted on Wednesday."We suspect the North Korea problem, although not yet causing a rush to exit will eventually take a negative toll on the markets," said Peter Cardillo, chief market economist at First Standard Financial.Also on the radar is Trump''s first speech specifically on tax policy later in the day. The speech, officials said, would be about "why" reforming the tax code was needed, not about "how" to reform it."Trump''s outline of tax reform today is likely to be well received by the markets," Cardillo said.At 9:42 a.m. ET (1342 GMT), the Dow Jones Industrial Average was up 2.2 points, or 0.01 percent, at 21,867.57, the S&P 500 was up 1.23 points, or 0.05 percent, at 2,447.53.The Nasdaq Composite was up 18.79 points, or 0.3 percent, at 6,320.68, on gains in Apple and Amazon.Eight of the 11 major S&P sectors were lower, with the energy index''s 0.52 percent fall leading the decliners.Crude oil prices slid, while gasoline futures hit their highest since mid-2015 on Wednesday as flooding and damage from Harvey shut over a fifth of U.S. refineries. [O/R]Tropical Storm Harvey made its second landfall in Louisiana on Wednesday, pouring down more water after setting rainfall records in Texas.Among stocks, shares of H&R Block fell 7.2 percent to $27.29, the top S&P percentage loser, after the tax preparation service provider reported a bigger-than-expected quarterly loss. Chico''s FAS declined 7.41 percent after the apparel retailer forecast gross margin declines and a bigger drop in full-year comparable sales.Dycom Industries fell 5.71 percent after the broadband fiber installer''s forecast missed expectations.Declining issues outnumbered advancers on the NYSE by 1,435 to 1,087. On the Nasdaq, 1,152 issues rose and 1,130 fell.Reporting by Sruthi Shankar Sriraj Kalluvila '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKCN1BA1NL'|'2017-08-30T17:31:00.000+03:00'
'f393f945dff67dcac7fbc9abcecf5cf40b352e2a'|'CEE MARKETS-Fx, stocks retreat on Korea, economies remain supportive'|'* Budapest, Warsaw retreat after strong gains on Korean tension * Zloty, forint lead easing of currencies * Economic data could fuel optimism, Hungarian central bank dovish By Sandor Peto BUDAPEST, Aug 29 (Reuters) - Central European stocks and currencies eased on Tuesday as risk aversion gripped global markets after a new missile test by North Korea reignited concerns over its tense relations with the United States. In equities markets, Budapest and Warsaw led the decline after recent strong gains. Budapest''s main index shed 1.8 percent by 0854 GMT, off a new record high set on Monday. Warsaw''s bluechip index fell 1.3 percent, retreating from a 28-month high in the previous session, led by a fall in the shares of BZ WBK. The bank''s stocks reached its highest level since April 2015 on Monday. The zloty shed almost half a percent against the euro to trade at 4.2655, off four-week highs set on Monday. The zloty and the forint were buoyed in the past weeks by macroeconomic figures which showed robust growth in Central Europe. The upbeat figures have not led to a hawkish turn in monetary policy in Hungary and Poland unlike in the Czech Republic where the central bank early this month launched the European Union''s first rate hike in more than five years. Hungary''s central bank (NBH) even flagged more easing via its unconventional tools last week, knocking down the forint from 28-month highs at 301.72 on Thursday. S&P lifted the outlook on Hungary''s sovereign rating to positive from stable late on Friday, but after the NBH comments the forint has been unable to benefit from the change. On Tuesday it eased 0.2 percent to 304.84. The jury is out on how it will behave after manufacturing sector activity (PMI) data due in the region''s main countries on Friday, which may confirm robust growth. "Hungarian PMI data are less indicative as elsewhere. Their strong levels in the past months did not correlate with industrial output," said Gergely Urmossy, analyst of Erste group in Budapest. "If the figures still lift the forint, it will happen through an improved regional sentiment," he said, adding that he expected the forint to continue to retreat in the longer term. Before Tuesday''s bout of risk aversion, regional assets were also buoyed by a meeting of central bankers in Jackson Hole on Friday which did not show a drift towards more hawkish monetary policies in the United States and the euro zone. The dollar''s slide also supports regional currencies and government bonds. Bond yields shed 1-2 basis points in Poland and 2-3 basis points in Hungary. Bonds bucked the trend in Romania where concerns over a rising budget deficit persist. CEE MARKETS SNAPSH AT 1054 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.111 26.101 -0.04% 3.43% 0 0 Hungary 304.84 304.29 -0.18% 1.31% forint 00 00 Polish zloty 4.2655 4.2468 -0.44% 3.24% Romanian leu 4.6032 4.5980 -0.11% -1.48% Croatian 7.4117 7.4143 +0.04 1.93% kuna % Serbian 118.97 119.10 +0.11 3.68% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1025.4 1035.9 -1.01% +11.2 7 1 7% Budapest 37427. 38097. -1.76% +16.9 55 59 5% Warsaw 2497.7 2531.3 -1.33% +28.2 1 1 2% Bucharest 8296.8 8363.1 -0.79% +17.1 7 4 0% Ljubljana 825.56 824.53 +0.12 +15.0 % 5% Zagreb 1895.4 1899.5 -0.22% -4.98% 0 0 Belgrade 720.46 724.75 -0.59% +0.43 % Sofia 714.51 713.94 +0.08 +21.8 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.016 0 +075b +1bps ps 5-year 0.069 0.051 +044b +9bps ps 10-year 0.899 0.015 +057b +6bps ps Poland 2-year 1.726 -0.007 +249b +1bps ps 5-year 2.599 -0.021 +297b +2bps ps 10-year 3.279 0.009 +295b +6bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.6 0.7 0.79 0 IBOR=> Hungary <BU 0.21 0.225 0.255 0.15 BOR=> Poland <WI 1.763 1.783 1.825 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1LF2A4'|'2017-08-29T07:34:00.000+03:00'
'90408400d0ae8249aeed097ecfee1864a9ff717d'|'Renault-Nissan to set up new China JV with Dongfeng Motor for electric cars'|'August 29, 2017 / 4:32 AM / an hour ago Renault-Nissan to set up new China JV with Dongfeng Motor for electric cars Norihiko Shirouzu 3 Min Read FILE PHOTO - A hostess poses next to Dongfeng Motor Corp A9 sedan at the Auto China 2016 auto show in Beijing, China, April 26, 2016. Kim Kyung-Hoon/File Photo BEIJING (Reuters) - Nissan Motor and its alliance partner Renault are setting up a new joint venture in China with Dongfeng Motor Group to design and build electric cars, joining a list of global automakers aiming to make such vehicles in China. The automakers are attempting to tap into a boom for such cleaner “new energy” vehicles in the world’s biggest auto market and gearing up to meet its anticipated stringent plug-in car quotas. Ford Motor Co announced earlier this month it was exploring setting up a joint venture with car maker Anhui Zotye Automobile Co to build electric vehicles in China under a new brand. Tesla, Daimler AG and General Motors have already announced plans for making electric vehicles in China, which wants electric and plug-in hybrid cars to make up at least a fifth of the country''s auto sales by 2025. The new joint venture, called eGT New Energy Automotive Co, will be owned 25 percent each by Nissan and Renault with Dongfeng owning 50 percent, Nissan and Renault said in a statement on Tuesday. FILE PHOTO - Visitors walk past a Renault logo on the car maker''s booth during the second media day of the 86th International Motor Show in Geneva, Switzerland, March 2, 2016. Denis Balibouse/File Photo They said eGT will design a new electric vehicle on a subcompact crossover SUV platform of the Renault-Nissan alliance. “The establishment of the new joint venture with Dongfeng confirms our common commitment to develop competitive electric vehicles for the Chinese market,” Carlos Ghosn, chairman and chief executive officer of the Renault-Nissan alliance, said in the statement. FILE PHOTO - Logo of the Nissan Motor Co. is displayed at the 44th Tokyo Motor Show in Tokyo, Japan, November 2, 2015. Issei Kato/File Photo The statement did not give details of financial commitments of the joint venture partners or say by when the vehicles will be launched. Dongfeng already partners Nissan in China. Both Nissan and Renault already market electric cars. Nissan''s Leaf compact hatchback has become the world''s top-selling electric car since its launch in 2010, while Renault began selling its Zoe model in 2012. The game changer for global automakers, many of whom until recently have resisted an industry shift to heavily electrified vehicles, is China - an auto market with strong potential for growth where stringent policies favoring cleaner energy cars are being aggressively pursued. Under China''s latest proposals, electric vehicle sales quotas, which are expected to take effect as early as 2018, are due to require 8 percent of automakers’ sales to be battery electric or plug-in hybrid vehicles by next year, rising to 10 percent in 2019 and 12 percent in 2020. Reporting By Norihiko Shirouzu in Beijing. Additional reporting by Naomi Tajitsu in Tokyo.; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-renault-nissan-dongfeng-idUKKCN1B90D1'|'2017-08-29T08:48:00.000+03:00'
'79a0f695e25731f039b4ed207ac711df39e2fd3b'|'Swedish government avoids no-confidence bid, dropping two planned tax hikes'|'August 26, 2017 / 8:03 AM / 17 hours ago Swedish government avoids no-confidence bid, dropping two planned tax hikes Reuters Staff 2 Min Read FILE PHOTO: Swedish Finance Minister Magdalena Andersson speaks to media in Harpsund, Sweden August 24, 2017. Anna Ringstrom STOCKHOLM (Reuters) - Sweden''s opposition has dropped plans for a no-confidence vote on some members of the minority centre-left coalition after it said on Saturday it would drop two of three planned tax hikes in its 2018 budget. The government said it would still go ahead with an airline tax, however. The daily Expressen reported earlier in the week that the coalition government had agreed with the Left Party, whose support it relies on, to withdraw plans for changes to tax rules for small companies and a measure to increase the number of people paying state income tax. The center-right opposition had threatened a vote of no-confidence in a number of government ministers if the minority coalition did not abandon its proposals to raise taxes. "It is regrettable that the government pushes through the airline tax, but we won''t demand a no-confidence vote due to that," Center Party leader Annie Loof of the opposition said on Twitter. Sweden''s usually stable bloc politics have been thrown into turmoil in recent years with the rise of the anti-immigration Sweden Democrats. Neither the centre-left nor center-right is able to form a majority government without them, which they are reluctant or committed not to do. "We still believe that these are proposals that could have contributed to even out gaps (in society)," Finance Minister Magdalena Andersson told a news conference, referring to the dropped tax plans. "But given the current circus in parliament we have decided to withdraw those proposals." Sweden''s next election will be held on Sept. 9, 2018. Reporting by Johannes Hellstrom; Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-sweden-tax-idUKKCN1B607K'|'2017-08-26T12:11:00.000+03:00'
'f03a376ecc3ec674519090f03a8d11261a4b8833'|'Moody''s says G20 GDP growth to exceed three percent, warns of geopolitical risks'|'August 30, 2017 / 3:46 AM / 3 hours ago Moody''s says G20 GDP growth to exceed three percent, warns of geopolitical risks Reuters Staff 3 Min Read A Moody''s sign is displayed on 7 World Trade Center, the company''s corporate headquarters in New York, February 6, 2013. Brendan McDermid HONG KONG (Reuters) - Moody''s Investors Service kept its forecast for G20 economic growth at just over 3 percent for this year and next, but warned of geopolitical risks, U.S. protectionism and spillovers from global monetary tightening and China''s deleveraging measures. The ratings agency said surprisingly strong data in the first half of the year prompted it to raise 2017 growth forecasts for China to 6.8 percent from 6.6 percent, for South Korea to 2.8 percent from 2.5 percent, and for Japan to 1.5 percent from 1.1 percent. It also expected the euro zone to accelerate in the rest of the year as suggested by robust sentiment indicators and revised upwards its forecasts for Germany, France and Italy. The agency cut its forecast for the United States, however, to 2.2 percent in 2017 and 2.3 percent in 2018 from a previous 2.4 percent and 2.5 percent, respectively, citing its weaker-than-expected first half performance and expectations of more modest fiscal stimulus than previously assumed. "The balance of risks is more favourable than it was at the beginning of the year," Moody''s said. "However, we note event risks related to conflicts in the Korean Peninsula, the South China Sea, and the Middle East." "The test firing of missiles by North Korea, intensification of aggressive rhetoric on both sides, and a hardline stance from the Trump administration have raised the risk of a conflict in the Korean Peninsula." The agency also said there appeared to be "renewed momentum" to address bilateral trade issues that the Donald Trump administration deemed as unfair trade practices, which could hurt growth if wide-ranging measures were introduced. For markets, it warned of risks of increased volatility due to historically elevated asset prices and broad investor expectations that interest rates would remain low even as the Federal Reserve and the European Central Bank said they were preparing to start rolling back unconventional stimulus. While raising its China forecasts, the agency warned the economy has become increasingly reliant on new debt to foster growth. The agency downgraded China''s ratings by one notch to A1 in May, saying the financial strength of the economy would erode in coming years. The agency revised its India forecast slightly lower to 7.1 percent as the government''s demonetisation move last year led to several months of acute shortages for manufacturing and construction firms in particular, although it said it expected the impact to ease in coming months. Reporting by Marius Zaharia; Editing by Jacqueline Wong '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-moody-s-ratings-global-idUKKCN1BA0BC'|'2017-08-30T06:46:00.000+03:00'
'f76840be60fc5333bdd4969335dac3311bbc46c0'|'Siemens buys self-driving software specialist Tass'|'FILE PHOTO: A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. Edgard Garrido/File Photo FRANKFURT (Reuters) - German industrial group Siemens has agreed to buy Dutch self-driving software specialist Tass International for an undisclosed sum to strengthen its automotive business, it said on Wednesday.Tass makes software that can simulate complex traffic scenarios, validate autonomous driving and advanced driver assistance systems and replicate the impact of a car crash on a human body.It has annual turnover of around 27 million euros ($32.3 million) and around 200 employees."Tass International is a proven leader in both integrated safety and autonomous driving, two fields of engineering that are increasingly important for the industry," Siemens'' Digital Factory unit Chief Executive Jan Mrosik said in a statement.Siemens said it would combine Tass''s software with its own advanced simulation products as well as electronic design capabilities from recently acquired Mentor Graphics.Siemens bought Mentor Graphics for $4.5 billion earlier this year. It was its biggest industrial software acquisition.Reporting by Georgina Prodhan; Editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-siemens-m-a-autos-idUSKCN1BA1BV'|'2017-08-30T14:05:00.000+03:00'
'60d2a71115044a3e8b22a6cdf5ea33f258526592'|'German watchdog demands on-the-ground management for banks post-Brexit'|' 11 PM / 43 minutes ago German watchdog demands on-the-ground management for banks post-Brexit Reuters Staff 2   Felix Hufeld, President of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) attends the G20 Germany 2017 Conference in Wiesbaden, Germany January 25, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Germany''s top financial watchdog demanded on Wednesday that banks moving to Europe in the wake of Brexit be managed hands-on and on the ground. Managers can''t fulfil their duties by just "casually dropping by", said Felix Hufeld, president of the German regulator BaFin. Hufeld was addressing a reception of foreign bankers in Frankfurt, which has convinced a number of banks to move operations to Germany''s financial capital as Britain prepares to exit the European Union. Fearing a threat to financial stability, regulators want to prevent banks currently in London from setting up mere shells here that would allow them to be licensed for operating in the European Union. "It must be ensured that executives also perform their tasks on the ground in full. Fly & Drive may be acceptable in individual cases for a transitional period, but in the long term we also expect top management to have more than a mere door sign in the EU 27 states," Hufeld said. Hufeld also advised banks seeking a foothold here to apply for a licence sooner rather than later and to use the move as an opportunity to upgrade outdated IT. Reporting by Tom Sims; Editing by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-regulation-idUKKCN1BA2AL'|'2017-08-30T20:11:00.000+03:00'
'0141c1cb80ebb9f4dd6befa4b09e1bdf309c2ca2'|'Fed''s Powell says new rules for bank directors don''t lower the bar'|'Jerome H. Powell, a governor on the board of the Federal Reserve System, prepares to testify to the Senate Banking Committee on Capitol Hill in Washington, U.S., June 22, 2017. Joshua Roberts CHICAGO (Reuters) - Federal Reserve Governor Jerome Powell on Wednesday delivered a robust defense of new regulations for bank directors, saying they would streamline the role directors play in the day-to-day oversight of their institutions, but don''t weaken their hand. "We do not intend that these reforms will lower the bar for boards or lighten the loads of directors," Powell told a banking conference at the Chicago Federal Reserve Bank. "The intent is to enable directors to spend less board time on routine matters and more on core board responsibilities." The draft rules, which were proposed this month and are in a 60-day comment period, have been criticized for potentially weakening the oversight of the board, whose risk-taking was seen as a key catalyst for the global financial crisis of 2007-2009. Under the changes, the Fed would bring specific regulatory concerns to bank management rather than the board. Directors have complained of being bogged down by paperwork required under regulations put in place after the financial crisis. Fed Chair Janet Yellen last week delivered a strong message that she would oppose any wholesale easing of post-crisis Wall Street reforms that Congress and a White House administration have suggested have slowed the economy. Powell on Wednesday sought to emphasize that the new guidance for bank directors will enhance their oversight ability, carving out a role that was separate from management rather than duplicative. Powell said the new guidance, which has been under development for several years, will take some time to implement. "It’s fair to say that we should have done it sooner," he said in response to a question on the timing of the proposal. "I feel strongly this is the right direction." The board''s responsibilities, he said, include overseeing management and holding it accountable to its strategy, and making sure that risk management and audits are conducted independently. "Failure to ensure the independence of these functions from the revenue generators and risk takers has been shown to be dangerous, and this is something for which the board is accountable," Powell said. Powell did not comment on monetary policy or the outlook for the U.S. economy. Writing by Ann Saphir with reporting by Michelle Price; Editing by Chizu Nomiyama '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-fed-powell-idUSKCN1BA1UM'|'2017-08-30T17:26:00.000+03:00'
'cc3f1f829a8a3d5b43e0448ccd77dd6c77ca7d2f'|'Decrying stitch-up, Ryanair won''t bid for Air Berlin assets'|'Ryanair CEO Michael O''Leary distributes sheets before a press conference in Berlin, Germany, August 30, 2017. Hannibal Hanschke BERLIN (Reuters) - Ryanair ( RYA.I ) will not bid for any assets of insolvent German airline Air Berlin ( AB1.DE ), its Chief Executive Michael O''Leary said on Wednesday, describing the process as "a stitch-up".Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses.O''Leary, the head of the Irish budget airline, has complained that the insolvency process was designed to help strengthen leading German airline Lufthansa ( LHAG.DE ). [nL8N1L84X7]"If there was a fair and open process we would get involved but we are not getting involved in this process because it''s a stitch-up," he told a news conference in Berlin on Wednesday, adding Ryanair had not been in contact with anyone from the German government, Air Berlin or the administrator.Taking his argument directly to Berlin, he said Ryanair had asked German and European anti-trust authorities to investigate what he said was a "conspiracy" between Air Berlin, Lufthansa and the German government which would lead to higher prices for consumers."(The insolvency process) is designed to deliver Air Berlin to Lufthansa sometime in the middle of September before the German election," he said.Germany''s economy ministry has previously rejected Ryanair''s claims that the insolvency was staged. It has also said a bridging loan of 150 million euros ($180 million) the government had granted Air Berlin did not breach anti-trust rules. [nL8N1L238C]Bidders for Air Berlin''s assets are racing to submit offers by a Sept. 15 deadline, with around 140 leased aircraft and valuable take-off and landing slots in Germany up for grabs.Germany holds a national election on Sept. 24.Lufthansa, which has the German government''s backing to take over major parts of Air Berlin, could acquire as many as 90 of its planes, including 38 aircraft it is already leasing from the airline and its leisure unit Niki, a source told Reuters this month.Britain''s easyJet ( EZJ.L ) and Thomas Cook''s ( TCG.L ) Condor could split the rest of the fleet between them, media reports have said, with easyJet interested in up to 40 planes and Condor a double-figure number.Former motor racing driver Niki Lauda has expressed interest in buying back leisure unit Niki, which he founded, and aviation investor Hans Rudolf Woehrl wants all of Air Berlin.Air Berlin is being kept in the air thanks to the government loan, which it has said would last for up to three months.($1 = 0.8398 euros)Reporting by Caroline Copley and Klaus Lauer; Writing by Maria Sheahan; Editing by Georgina Prodhan/Keith Weir '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-ryanair-hldgs-idINKCN1BA1S1'|'2017-08-30T11:56:00.000+03:00'
'e2e53166cb22c31f5fa31fae2c0d9e2f6d677d25'|'Macron says wants euro zone budget worth ''several points'' of bloc''s GDP'|'August 30, 2017 / 7:30 PM / 13 minutes ago Macron says wants euro zone budget worth ''several points'' of bloc''s GDP Reuters Staff 1 Min Read FILE PHOTO - French President Emmanuel Macron addresses a speech during the annual gathering of French Ambassadors at the Elysee Palace in Paris, France, August 29, 2017. Yoan Valat/Pool PARIS (Reuters) - French President Emmanuel Macron said he wanted euro zone countries to set up a budget worth "several points of the euro zone''s GDP", which would be funded by a share of taxation currently going to national budgets. Macron, who was elected in May on a pro-EU platform and had touted plans for a euro zone budget before, gave more details about the reform he plans to outline after the German elections, in a wide-ranging interview with Le Point magazine published on its website on Wednesday. "The creation of such a budget would first of all mean establishing a minimum level of solidarity to eventually be able to raise money in common, invest and absorb economic shocks that could hit Europe again," he told the paper. "Europe''s fiscal policy is too restrictive today compared with those of China, Russia or the United States, and our jobless are paying the price," he added. Reporting by Michel Rose; Editing by Ingrid Melander'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-france-reform-eurozone-idUKKCN1BA2KY'|'2017-08-30T22:31:00.000+03:00'
'81ac642e65952b24e8e666496e7b66643551a48c'|'China''s ICBC will follow cabinet rules on overseas M&A'|'FILE PHOTO: People walk past the headquarters of the ICBC bank in Beijing, China June 12, 2017. Thomas Peter/File Photo BEIJING (Reuters) - The world''s largest lender Industrial and Commercial Bank of China (ICBC) ( 601398.SS ) said on Wednesday it would follow restrictions set by the country''s cabinet on overseas acquisitions.Earlier this month, China''s State Council issued new guidelines to regulate overseas investment as the government looks to support capable firms investing overseas while restricting or banning deals in certain sectors."The State Council''s document has made it clear which (areas of overseas investment) are encouraged and which areas are restricted," Yi Huiman, chairman of ICBC, told Reuters on the sidelines of an earnings press conference."For overseas acquisitions in the areas under restriction, we will implement the government''s requirements. But for overseas acquisitions that are being encouraged, our financing is normal," Yi added.ICBC said 9 pct of its operating income and 10.9 percent of its pretax profit came from overseas in a half-year earnings report published on Wednesday on the Hong Kong stock exchange."Credit extension in our overseas financing programme in general is very normal," said Yi.China''s banking regulator earlier this year targeted for checks five of the country''s most active offshore buyers, including Dalian Wanda Group, HNA, Anbang Insurance Group and Fosun International, sources said.Reporting by Shu Zhang and Engen Tham; Additional reporting by Matthew Miller; Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-icbc-m-a-idINKCN1BA1QC'|'2017-08-30T11:41:00.000+03:00'
'a2efc33e082f89edeb63db7ddb25ffc9aea3e270'|'U.S. second-quarter GDP revised up, fastest in over two years'|'August 30, 2017 / 1:16 PM / 19 minutes ago U.S. second-quarter GDP revised up, fastest in over two years 6 Min Read An auto carrier driver unloads a new Ram pickup truck in Gaithersburg, Maryland November 7, 2013. Gary Cameron/Files WASHINGTON (Reuters) - The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. Gross domestic product increased at a 3.0 percent annualrate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment. Growth last quarter was the strongest since the first quarter of 2015 and followed a 1.2 percent pace in the January-March period. Economists had expected that second-quarter GDP growth would be raised to a 2.7 percent rate. Retail sales and business spending data so far suggest the economy maintained its stamina early in the third quarter. Other data on Wednesday showed private employers ramped up hiring in August, adding 237,000 jobs to their payrolls. That was up from 201,000 jobs in July. The ADP National Employment Report was released ahead of the government''s more comprehensive employment report on Friday, which is expected to show solid job gains in August and diminishing labor market slack. The dollar extended gains versus a basket of currencies on the data, while prices for U.S. Treasuries fell. U.S. stock index futures trimmed gains. Strong growth and a labor market that is near full employment support views the Federal Reserve will lay out a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities next month and increase interest rates in December. With GDP quickening in the second quarter, the economy grew 2.1 percent in the first half of 2017. That was up from the 1.9 percent reported last month. Republican President Donald Trump has set an ambitious 3.0 percent growth target for 2017, to be achieved through a mix of tax cuts, deregulation and infrastructure spending. The Trump administration has so far failed to pass any economic legislation and is yet to articulate plans for tax reform and infrastructure. Chances are slim that the Republican-controlled U.S. Congress will debate and pass tax reform legislation before the end of the year. So far, the political gridlock in Washington has not hurteither business or consumer confidence. ROBUST CONSUMER SPENDING Consumer spending, which makes up more than two-thirds of the U.S. economy, grew at a 3.3 percent rate, the fastest in a year, reflecting more spending on motor vehicles, cellphones, housing and utilities than previously estimated. That was revised up from the 2.8 percent pace reported in July and accounted for the bulk of the pickup in economic growth in the second quarter. But stronger consumer spending came at the expense of saving amid sluggish wage gains. The saving rate slipped to 3.7 percent from 3.9 percent in the first quarter. The second-quarter saving rate was previously reported at 3.8 percent. Households cannot, however, continue to rely on savings indefinitely to fund their consumption. This raises doubts on the sustainability of the robust pace of consumer spending. Despite the acceleration in consumer spending, inflation remained benign in the second quarter. The Fed''s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate as previously reported. Last quarter''s rise was the slowest in more than two years and followed a 1.8 percent rate of increase in the first quarter. The gross domestic purchases price index, another measure of inflation pressures in the economy, increased at a 0.8 percent rate as reported last month. Businesses helped to carry the economy in the secondquarter, with spending on equipment jumping at a rate of 8.8 percent. That was the fastest in nearly two years and was an upward revision to the 8.2 percent pace reported last month. It was the third straight quarterly increase. Investment on nonresidential structures increased at a 6.2 percent pace, rather than the previously reported 4.9 percent rate. That was still a moderation from the January-March period''s brisk 14.8 percent rate and reflected some cooling in spending on mining exploration, wells and shafts. Inventory investment had a neutral effect on second-quarter GDP as previously reported after chopping off 1.46 percentage points from output in the first quarter. Trade added two-tenths of a percentage point to growth instead of the previously reported 0.18 percentage point, marking a second straight quarterly contribution. Housing was a drag on growth in the last quarter, withinvestment on homebuilding contracting at a 6.5 percent rate, instead of the previously reported 6.8 percent pace. It was the the worst performance in nearly seven years. Motor vehicle production rebounded after two straight quarters of declines. Government spending contracted for a second straight quarter, weighed down by decreasing state and local government investment. Reporting by Lucia Mutikani; Editing by Andrea Ricci'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-economy-idINKCN1BA1NP'|'2017-08-30T11:16:00.000+03:00'
'458ef911c011a1fb82e9a384e008a0c038b1f0cf'|'Ghost tomato factory showcase for Nigeria''s farming problems'|'KANO, Nigeria (Reuters) - At a state-of-the-art plant in northern Nigeria, shiny machines stand next to a conveyor belt ready to crush tomatoes to satisfy the country''s insatiable demand for tomato paste.But a lonely cleaner mopping the floor is the only sign of activity in Nigeria''s biggest tomato factory, equipped with the latest Italian and German technology. There aren''t enough tomatoes to run it.It''s a powerful symbol of Nigeria''s uphill challenge to build up agricultural production and end costly food imports to feed its 190 million people. The West African nation imports staples from milk to wheat to tomato paste, with funds it mainly earns from exporting oil.The conglomerate of Africa''s richest man, Aliko Dangote, launched the plant in March 2016, contracting Italian engineers working for months on a 350 euro-a-day allowances to set up the machines outside Kano, the main city in the north.On paper this looked like a smart move as Nigeria imports up to 400,000 tons of tomato paste annually. The tinned paste is an ingredient in Nigerian tomato stew, used as the base for a host of traditional meat stews, sauces, soups and rice dishes that are staples of Nigerian cooking.Dangote Group had thought of every technical detail, even setting up a control room linking its engineers to experts in Italy in case there was a problem.But it underestimated the difficulties involved in getting tomatoes, despite signing deals with some 5,000 farmers guaranteeing them to pay more than the market price.Lacking fertilizers and working with their bare hands, the farmers have been unable to produce the quality and quantity the plant needs to make paste. Much of the last season''s output was wiped out by a pest.The plant has been so far unable to find other supplies despite Nigeria producing some 1.5 million tons of tomatoes annually. A lack of good roads due to decades of corruption means tomatoes would perish on the way. Half of the country''s output gets wasted.Bar a few weeks, the plant has been standing idle, said its frustrated manager said A.L. Kaito, the managing director of Dangote Farms in charge of the plant."We are trying to weather out the storm, the cost is horrendous," said Kaito. "It''s a nightmare."Dangote spent some 4 billion naira ($12.74 million) on the plant and now plans to set up its own tomato cultivation scheme for around ten billion naira to cover up to 70 percent of its needs, buying land and tractors. Experts from Israel, Mexico and Spain will be flown in.PROBLEMS The tomato plant hopes to restart work in January at just half of its capacity of 1,200 tons a day after the next season, in the meantime costing 5 million naira every month.People walk past baskets of tomatoes in the Yankaba market in Kano, northwest Nigeria August 23, 2017. Akintunde Akinleye Dangote has kept workers sitting at home on the payroll: the Italians spent months training them on the new machines.The investment is paltry for its owner, who is spending billions of dollars on cement plants, sugar and rice schemes across Africa. His cement business alone posted revenues worth in 615 billion naira in 2016.But for President Muhammadu Buhari the idle plant is a major setback after another tomato factory in Lagos threw in the towel in November 2016, unable to import tomatoes due to a lack of hard currency as Nigeria struggles with recession.Buhari had, since his election in 2015, made it a priority to end dependency on food under the motto: "We must produce what we eat."To encourage agriculture investments like the Dangote plant, the government has waived duties for greenhouse and processing equipment.Slideshow (9 Images) It is also giving subsidies to rice farmers and is considering expanding the scheme to tomato growers, a senior official in the federal ministry of agriculture said.Officials had hoped to create jobs in agriculture to fight poverty in the north where some unemployed young men have joined an eight-year insurgency by Boko Haram jihadists.But experts and farmers say, after decades of corruption holding back road and electricity projects and an obsession with producing oil, it will take time to improve the tomato output.Low quality seed and a lack of power for pumping water means tomatoes can be grown only during the dry season, which creates a glut in March.Farmers then lay out their tomatoes alongside highways hoping motorists will buy them. Anything that does not get sold within 24 hours is usually wasted due to a lack of cold storage.They also ship some to Lagos, the southern megacity 1,000 km (600 miles) south of the factory. A basket of tomatoes sells for 2,000 naira in Lagos, but only around 10 percent of that ends up in farmers'' pockets as traders and truckers take their cut."We don''t have fertilizers and there is no power for cold rooms," said Sani Yadakwari, chairman of the some 10,000 tomato farmers in Kano state. "We need subsidies for our production."Dangote has been supplying farmers with a Dutch seed which is expected to gradually boost the yield to 50 tons of tomatoes a hectare from 10 to 15 tons now, said Kaito.But Adamu Sani, an agronomist working for the World Bank, was skeptical production would rise soon as farmers needed to get trained to use the new seeds which had not been tested yet on a large scale in Nigeria.Dangote calls the plant the biggest in Africa. But the size might be a disadvantage: "The minimum capacity of the Dangote plant is too high for the little volumes you can get from farmers," Sani said.Editing by Peter Graff '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-nigeria-farming-idUSKCN1BA0IZ'|'2017-08-30T09:00:00.000+03:00'
'f28baf6ec0d1fad2d2c51fb83df2ca76a27ba601'|'NYSE seeks to delay after-market company announcements'|'Reuters TV United States August 30, 2017 / 5:57 PM / 18 minutes ago NYSE seeks to delay after-market company announcements Reuters Staff 2 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 25, 2017. Brendan McDermid (Reuters) - The New York Stock Exchange filed a proposal on Tuesday to delay the release of important company news immediately after official closing time to reduce investor confusion and market disruption. Publishing information after 4:00 p.m. can cause a company''s stock to trade in other markets at materially different prices than that of NYSE''s closing auction, the exchange operator said in a letter to the U.S. Securities and Exchange Commission. ( bit.ly/2gptNnJ ) If the proposal passes, listed companies will have to delay news releases till 4:05 p.m., or until the time the NYSE publishes the stock''s closing price for the day, whichever comes first. Designated market makers (DMMs) usually complete closing auctions for securities assigned to them within five minutes of the official closing time, the exchange said. Some companies issue statements, including earnings reports, which could adversely affect their stock prices, after U.S. markets close. As part of the proposed change, a listed company would not be able to issue important news between the official closing time and completion of the closing auction. DMMs, formerly known as "specialists", operate both manually and electronically to facilitate price discovery during market openings, closings and during periods of substantial trading imbalances or instability for thousands of NYSE-listed stocks. In order for the change to take effect, an SEC approval is needed. Reporting By Aparajita Saxena in Bengaluru; Editing by Martina D''Couto'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-nyse-regulations-idUKKCN1BA2DQ'|'2017-08-30T20:50:00.000+03:00'
'57638a19afe635c7c5ca38194d32ccd9f67ed515'|'Bain-led consortium in last-minute $18 billion bid for Toshiba chip unit - NHK'|'August 30, 2017 / 9:50 AM / an hour ago Bain adds Apple for last-minute $18 billion Toshiba chip unit bid - sources Kentaro Hamada and Taro Fuse 4 Min Read TOKYO (Reuters) - A consortium led by Bain Capital has made a revised last-ditch offer for Toshiba Corp''s chip unit worth about $18 billion (13.92 billion pounds), bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said. The new offer comes as separate sources say the embattled Japanese conglomerate and Western Digital Corp are struggling to strike a deal ahead of their self-imposed deadline of Thursday. Toshiba has been scrambling to sell its flash memory unit - the world''s No. 2 producer of NAND chips - to cover billions in losses at its bankrupt U.S. nuclear business Westinghouse. Toshiba''s relationship with Western Digital, its joint venture partner for its chip business, has been rocky throughout the auction process - to the point that other bidders were favoured first while the U.S. firm has also initiated legal action that threatens to derail any deal that does not have its consent. The revised offer is worth some 2 trillion yen(14.04 billion pounds). Bain and South Korean chipmaker SK Hynix Inc will be responsible for 1.1 trillion yen, while Apple will provide up to 400 billion yen and Japanese banks will give around 600 billion yen in support, one of the sources said. The proposal also calls for Toshiba to be part of the deal, investing 200 billion yen, the source said. By taking part in the bidding, Apple could help ensure a competitive supply chain and lessen its dependence on the chip division of Samsung, a key rival in the smart phone business. Apple buys memory chips from multiple vendors, including market leader Samsung. Combined, Toshiba and Western Digital could be almost as large as Samsung''s memory unit, which could give a combined company more negotiating leverage against Apple. "Apple is so big they need to multi-source," said Frank Gillett, an analyst with market research firm Forrester. He said Apple needed to keep as many chip suppliers as possible in the market to keep prices competitive. FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo A Bain-led group had previously been chosen by Toshiba as its preferred bidder. But those talks lapsed as Japanese government investors who had been part of that consortium told Toshiba they were reluctant to close a deal in the face of the legal risks posed by Western Digital''s demands. Bain''s new offer is designed to get around that problem as it will invite the state-backed investors - the Innovation Network of Japan (INCJ) and the Development Bank of Japan (DBJ) - to invest in the business only after any arbitration with Western Digital is settled, the source said. The bid trumps the 1.9 trillion yen offered by the Western Digital-led consortium, which also includes U.S. private equity firm KKR & Co LP. Banking sources have previously said, however, that Western Digital was working to get its proposal up to 2 trillion yen. Bain''s revised bid was first reported by Japanese broadcaster NHK which said it would be structured so that Bain and Toshiba would each hold 46 percent of the unit. The sources declined to be identified as talks concerning the auction were private. Toshiba, Bain, Western Digital, INCJ and Apple declined to comment. Representatives for DBJ and KKR were not immediately available for comment. People familiar with the matter have said Toshiba and Western Digital are bickering over the size of any potential stake to be held by the U.S. firm in the chip unit. For now, Western Digital plans to invest only through convertible bonds. Toshiba wants to reach a deal soon and it is not clear if it will give serious consideration to Bain''s new proposal. Failure to clinch a deal in the next few weeks could mean that it may not clear all necessary regulatory approvals by the end of the financial year in March. That would likely lead to Toshiba reporting negative net worth for two years in a row, increasing its chances of being delisted Reporting by Kentaro Hamada and Taro Fuse; Additional reporting by Makiko Yamazaki, Naomi Tajitsu and Junko Fujita in Tokyo, Joyce Lee in Seoul and Stephen Nellis in San Francisco; Editing by Edwina Gibbs and Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKCN1BA13V'|'2017-08-30T12:50:00.000+03:00'
'58b66f8bb0807a106ba89307cf05a05c6771c41e'|'Corelogic ups Harvey insured property loss estimate to $1.5-3 bln'|'Flood waters from Tropical Storm Harvey surround a power sub-station in Iowa, Calcasieu Parish, Louisiana, U.S., on August 29, 2017. Jonathan Bachman LONDON (Reuters) - Analytics firm Corelogic ( CLGX.N ) raised its estimate for insured property losses for wind and storm surge from Tropical Storm Harvey to $1.5-3 billion, it said on Wednesday.Corelogic''s previous estimate, made last week, was for insured property losses of $1-2 billion.The latest estimate, like the earlier estimate, does not include flood losses, a Corelogic spokeswoman said by email, adding that flood losses were "difficult to estimate at this point since the rain continues to fall".Reporting by Carolyn Cohn; editing by Simon Jessop '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-corelogic-idUSKCN1BA1VO'|'2017-08-30T17:35:00.000+03:00'
'957512cb6e5ca16f9d49e7f8d25652ef6a44cc5e'|'Morning News Call - India, August 29'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Minister of State for Finance Santosh Gangwar and L&T Reality CEO Shrikant Joshi at National Real Estate Development Council national convention in New Delhi. 10:00 am: Steel Minister Birender Singh Chaudhary, Steel Secretary Aruna Sharma, JSW Steel Joint Managing Director Seshagiri Rao at CII seminar ‘Steeling India 2017’ in New Delhi. 10:30 am: Farm Minister Radha Mohan Singh to inaugurate a seminar and attend “Sankalp Se Siddhi” program in New Delhi. 2:30 pm: ICRA webinar on ‘Credit Quality Trends in Loan Against Property’ in Mumbai. 6:30 pm: Infosys co-founder Narayana Murthy’s conference cal in Mumbai. 7:30 pm: Niti Aayog CEO Amitabh Kant, Textile Minister Smriti Irani at women awards event in New Delhi. LIVECHAT - INVESTMENT OUTLOOK We get an asset investment outlook in the context of the euro zone recovery with Rory McPherson, Head of Investment Strategy, Psigma Investment Management at 2.30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • India and China agree to end border standoff India and China have agreed to an "expeditious disengagement" of troops in a disputed border area where their soldiers have been locked in a stand-off for more than two months, India''s foreign ministry said on Monday. • Adani says to start Australian coal mine with own funds Adani Enterprises said on Monday it will start work in October on its Carmichael coal project in Australia using A$400 million ($317 million) of its own funds, even as it looks to lock in financing for the controversial mine. • India to sell up to 10 pct of utility NTPC in potential $2.2 billion deal India''s government said it will sell a 5 percent stake in top power producer NTPC Ltd through a stock market auction, with a greenshoe option to sell another 5 percent in a deal that could raise up to $2.2 billion. • Infosys shares rise as co-founder Nilekani returns as chairman Infosys Ltd shares rose more than 3 percent on Monday, their first day of trading since co-founder Nandan Nilekani returned to the company as chairman, on hopes a months-long row between the board and the founders would be resolved. • Creditor banks seek to sell at least 30 pct of Jaiprakash Power -source Creditor banks of Jaiprakash Power Ventures Ltd are seeking bidders to buy a stake of at least 30 percent in the Indian power producer, the majority of which they jointly own, a banker involved in the sale told Reuters on Monday. • Court jails self-styled "godman" for 20 years, security tight An Indian judge sentenced a self-styled "godman", whose followers went on a deadly rampage after he was convicted of rape last week, to 20 years'' jail on Monday, but a shoot-to-kill order, curfew and heavy police presence kept protesters at bay. GLOBAL TOP NEWS • North Korea fires missile over Japan, sharply escalating tensions North Korea fired a missile that flew over Japan and landed in waters off the northern region of Hokkaido early on Tuesday, South Korean and Japanese officials said, marking a sharp escalation of tensions on the Korean peninsula. • Harvey brings death, destruction to Houston as flood waters rise Floodwaters from Tropical Storm Harvey, which has already killed at least seven people in Texas and was expected to drive tens of thousands from their homes, will likely rise in the coming days, officials warned on Monday as heavy rains continued to pound the U.S. Gulf Coast. • Expedia''s Khosrowshahi poised to take Uber CEO job: memo Expedia Inc Chief Executive Dara Khosrowshahi is poised to accept Uber Technologies Inc''s offer to become its new CEO, according to an internal memo sent to Expedia staff, putting him in charge of turning around the loss-making, scandal-ridden company. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures was trading at 9,866.00, trading down 0.5 percent from its previous close. • Indian government bond prices are likely to rise in early trade after an overnight fall in U.S. Treasury yields, amid weaker investor sentiments following North Korea’s missile launch over northern Japan today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.54 percent-6.59 percent band. • The Indian rupee will likely open little changed against the dollar, as investors turned cautious following a missile fired by North Korea that flew over northern Japan, flaring up geopolitical risks. GLOBAL MARKETS • The S&P 500 and Dow ended little changed on Monday, with energy and bank shares lower as Tropical Storm Harvey crippled the U.S. energy hub in Texas, while tech and healthcare gave a light boost to the Nasdaq. • U.S. stock futures and Asian share markets tumbled, while the yen jumped to four-month highs against the dollar after North Korea fired a missile over northern Japan, setting up a tense start to trading for markets in the region. • U.S. benchmark Treasury yields fell to two-month lows on Monday after the government saw strong demand for a five-year note auction, and as market participants waited on data that will culminate on Friday with the August employment report. • Flooding from tropical storm Harvey caused ongoing large-scale U.S. refinery outages, while crude prices rose on the back of supply disruptions in Colombia and Libya. • The price of gold rose to its highest in nine and a half months as mounting geopolitical tensions over North Korea''s launch of a missile that flew over Japan stoked demand for safe-haven assets, while weighing heavily on the dollar and equities. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.85/63.88 August 28 -$19.56 mln $ 20.50 mln 10-yr bond yield 6.82 pct Month-to-date -$2.10 bln $1.70 bln Year-to-date $6.87 bln $22.84 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.9000 Indian rupees) (Compiled by Erum Khaled in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1LF1OU'|'2017-08-29T01:23:00.000+03:00'
'7410a4e5b73598e265df7733435db9b62af3892c'|'Freeport, Indonesia to end years of wrangling over mining rights'|'August 29, 2017 / 4:04 PM / 2 minutes ago Freeport, Indonesia to end years of wrangling over mining rights Wilda Asmarini and Hidayat Setiaji 6 Min Read Indonesia''s Finance Minister Sri Mulyani Indrawati (R) and Freeport McMoRan Chief Executive Officer Richard Adkerson (L) are seen at the start of a news conference at the Ministry of Energy and Mineral Resources in Jakarta, Indonesia August 29, 2017. Darren Whiteside JAKARTA (Reuters) - Indonesia on Tuesday agreed to let Freeport-McMoRan Inc ( FCX.N ) keep operating its giant Grasberg copper mine, after the U.S. company said it would cede control of its Indonesian unit, ending years of wrangling. Freeport has been in talks with Indonesia since late 2009 to work out how to shift to a new permit for Grasberg, the world''s second-biggest copper mine, as mandated in a mining law passed that year. The company said on Tuesday it had made a "major concession and compromise" in selling a 51 percent stake in PT Freeport Indonesia (PT-FI). The world''s biggest publicly listed copper miner said the deal would be structured such that it would retain control over operations and governance of PT-FI. Shares of Freeport were down 5.6 percent at $14.64 on Tuesday. The miner will also build a second smelter in Indonesia and plans to invest between $17 billion and $20 billion in Grasberg through 2031. "It is a short-term positive in that, it allows FCX to export for the foreseeable future," Clarksons Platou Securities analyst Jeremy Sussman said. "With that said, the up to $20 (billion) spend was more than we were anticipating, and material uncertainty still exists over ''fair market value''." Top-quality copper mines remain rare and the agreement underlines the mine''s importance to Freeport, which produces a quarter of its copper from Grasberg. It also marks the return of a more muscular stance from a host government, a trend that was common during the commodities boom. Freeport can "immediately apply" for a 10-year permit extension to mine at Grasberg beyond 2021, said Indonesian Energy and Mineral Resources Minister Ignasius Jonan, and a second extension could be proposed before 2031. "The mandate of the president, which has been agreed to by Freeport, is that the divestment should reach 51 percent," Jonan told a joint news conference, alongside Freeport Chief Executive Richard Adkerson. "All that is left is to discuss the timing. The price will be negotiated later." "We are committed to completing the documentation as soon as possible during 2017," Adkerson said in a statement. Freeport will need to divest a 41.64 percent of its Indonesian unit to a local entity to comply with new local ownership rules introduced in January, on top of the 9.36 percent stake it has already divested to the government. Freeport has insisted on a "fair market value" for the stake, while the government is seeking a much lower figure and said it should not include unmined copper reserves. Indonesia''s Finance Minister Sri Mulyani Indrawati (C), Freeport McMoRan Chief Executive Officer Richard Adkerson (L) and Indonesia''s Energy and Mineral Resources Minister Ignasius Jonan chat before the start of a news conference at the Ministry of Energy and Mineral Resources in Jakarta, Indonesia August 29, 2017. Darren Whiteside Last year, Freeport offered a 10.64 percent stake in Grasberg for $1.7 billion, valuing the mine at about $16.2 billion. The government counter-offered at $630 million. "The mechanics, valuation and timing of the 51 percent divestiture are all absolutely critical issues which must be resolved before the dispute can be regarded as finally settled," Jakarta-based foreign legal counsel Bill Sullivan told Reuters. "BETTER THAN NOTHING" The agreement also reduces the risk of another stoppage to copper concentrate exports from Grasberg. Global prices for the metal CMCU3 jumped earlier this year when negotiations soured and exports were halted. "If it wasn''t copper, this may have played out differently. But given copper''s long-term positive outlook and the billions of dollars already invested by Freeport in Grasberg, they must realize that 49 percent is better than nothing," said James Wilson, mining analyst for Argonaut Stockbroking in Perth. During Freeport''s five decades of operating Grasberg, in Indonesia''s eastern province of Papua, there has been frequent friction between the government and the company over revenue sharing and the mine''s social and environmental impact. Labour unrest emerged at Grasberg after Freeport put about 3,000 workers on indefinite leave earlier this year, as a result of the dispute over mining rights. "We hope that this (agreement) also brings to an end the worker strike," Tri Puspital, a leader at one of the Freeport workers'' unions, said on Tuesday. As part of the latest deal, PT-FI will convert its work contract to a special license, which will give it operating rights through 2041. Talks between Freeport and the government on Grasberg became more urgent this year as the company''s existing 30-year contract is due to expire in 2021 and the government demanded the miner accept the new permit or copper concentrate exports would be stopped. The new permit would also require Freeport to relinquish arbitration rights and pay new taxes and royalties, among other terms. Energy Minister Jonan said last week this transition would be a "test case" for Indonesia''s mining sector. NEW RULES Finance Minister Sri Mulyani Indrawati told the news conference the government was in the process of drafting new rules on taxes and royalties for miners. Under these rules, the government expects to increase its revenues from Freeport, and the miner could maintain tax rates for "the duration of its operations," Mulyani said. Additonal reporting by James Regan in Sydney and Yashaswini Swamynathan in Bengaluru; Writing by Fergus Jensen and Ed Davies; Editing by Christian Schmollinger, Susan Fenton and Maju Samuel'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-indonesia-freeport-idUKKCN1B91YY'|'2017-08-29T19:03:00.000+03:00'
'a0f61064342022163c031568597961ad2735280c'|'Tilney makes failed counter-bid for wealth manager Smith & Williamson'|' 09 PM / 35 minutes ago Tilney makes failed counter-bid for wealth manager Smith & Williamson Reuters Staff 2 Min Read LONDON (Reuters) - Wealth management firm Tilney has made an unsuccessful attempt to scupper Rathbone Brothers'' ( RAT.L ) proposed merger with rival Smith & Williamson by mounting its own counter-bid, two sources close to the matter told Reuters. The pursuit of S&W, which is owned by its employees and Canadian investment firm AGF, comes against the backdrop of a consolidation wave as the sector contends with higher regulatory costs and pricing pressure from cost-conscious investors amid low returns and competition from passive funds. Tilney approached S&W with its competing offer this month but no discussions were held, the sources said, declining to comment on the content of the offer. The wealth manager made its move after it emerged on Aug. 19 that S&W was holding exclusive talks with FTSE 250-listed Rathbone over an all-share deal, the sources added. Tilney, which manages 23 billion pounds ($29.78 billion) of assets and is majority owned by private equity house Permira, might consider reviving its interest in S&W if the Rathbone talks collapse, the sources said. Tilney, S&W and Rathbone   Sky News, which first reported the Tilney approach, said its plan involved an all-cash offer. The broadcaster previously reported that Rathbone had proposed a 2 billion pound all-share deal structured as a takeover. A third source told Reuters that the Rathbone offer values S&W at between 500 million pounds and 600 million pounds. Rathbone has a market capitalisation of 1.4 billion pounds. This year''s sector consolidation has has already seen British asset manager Henderson complete a $6 billion tie-up with U.S. firm Janus ( JHG.N ). Aberdeen Asset Management also sealed a merger with Standard Life to form Britain''s biggest active manager ( SLA.L ) with about 670 billion pounds of assets. Reporting by Ben Martin; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-smith-williamson-m-a-rathbone-tilney-idUKKCN1B91UJ'|'2017-08-29T18:09:00.000+03:00'
'7f0a85cd242a9ae6cd3aa8562db8e29bf11404d5'|'Hurricane Harvey may add to woes of U.S. flood insurance program'|'Street signs lie on the ground after winds from Hurricane Harvey escalated in Corpus Christi, Texas, U.S. August 25, 2017. Adrees Latif (Reuters) - The destruction that heavy rain and floods from Hurricane Harvey could inflict on Texas would add to the pile of debt owed by a federal flood insurance program that is due to expire in September, advocacy groups said.The National Flood Insurance Program (NFIP) owes $24.6 billion to the Treasury. Most of it covered claims from Hurricane Katrina in 2005, Superstorm Sandy in 2012, and floods in 2016, the program’s third most severe loss-year on record with losses exceeding $4 billion, according to the Federal Emergency Management Agency (FEMA), which manages it.The NFIP was extended 17 times between 2008 and 2012 and lapsed four times in that period. A 2012 law extended the program to September.The only source of flood insurance for most Americans, it will be in place for homeowners and businesses in Harvey''s path along the central Texas coast.But Harvey-related claims covered under the program could push it deeper into the red and possibly toward its borrowing limit of just over $30 billion, said Steve Ellis, vice president of Taxpayers for Common Sense, a nonpartisan budget watchdog in Washington, D.C.Federal law requires that homes in flood-risk areas have flood insurance before a mortgage can be completed. The program is the only flood insurance available to the vast majority of Americans, although a small market for private flood insurance is sprouting in flood-prone states such as Florida.Homebuilders, the real estate industry, and property owners in coastal communities have also long favored the program, which offers subsidized rates to many policyholders.Advocates for reforming the program, which is administered by FEMA, said that Harvey''s arrival so close to the program''s Sept. 30 expiration date could move lawmakers to action."It would be our hope that this storm lights a fire under Congress to make reforms to the program," said Laura Lightbody, project director for flood preparedness at the Pew Charitable Trusts, a non-partisan public policy group."Right now, it''s not on a sustainable path and carries a lot of other problems with it," Lightbody said. For example, she said, the program encourages development in flood-prone areas by making it easier to get insurance.There are about 435,000 NFIP policyholders in shoreline communities of Texas, according to a Pew analysis of flood exposure data from the National Oceanic and Atmospheric Administration.The NFIP would have to pay claims from premiums it receives, if it exhausts its current borrowing limit, Ellis said. That could slow down processing, unless Congress agreed to an increase. But it is unlikely that Harvey claims would wipe out NFIP''s borrowing authority, Ellis said.The FEMA spokeswoman declined to comment on the NFIP borrowing limit or what would happen if it was exceeded.POLITICAL FIX? U.S. lawmakers have been considering legislative actions to reform the NFIP, including updating U.S. government flood zone maps, making more coverage available through private insurers and limiting or excluding coverage through the program for certain high risk properties.The government has said it is impossible for the NFIP to repay its debt.There is bipartisan support to modernize the program and Senate and House lawmakers have held at least six hearings this year about ways to do it. At the same time, many groups have been lobbying for special interests.The National Association of Homebuilders said in June that it had worked with lawmakers to eliminate a provision from one bill that would have ended NFIP coverage for new homes constructed in so-called "100-year flood zones," areas estimated to have a one percent chance of flooding each year.Professional risk managers are among those pushing Congress to extend the program beyond September to buy time for reforms.Many businesses and institutions have building loans and leases that require NFIP flood policies, which would not be in effect if the program lapses, said Elizabeth Guimaraes, risk management director at Nova Southeastern University in Fort Lauderdale, Florida."We’re talking all across the board, people not being in compliance with loans and leases. It''s a huge problem," said Guimaraes, who is also a spokeswoman for the Risk Management Society (RIMS).Harvey''s timing may hasten congressional response. "These disasters do clarify the mind about the program," Ellis said.Editing by Kevin Drawbaugh '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/storm-harvey-flood-insurance-idINKCN1B60IX'|'2017-08-26T13:44:00.000+03:00'
'7af39b2e713050e67a3d6a6d1b1639926a63f81f'|'Harvey''s effects on fuel network hit U.S. motorists as gas prices rise'|'August 30, 2017 / 5:05 AM / 6 hours ago Harvey''s effects on fuel network hit U.S. motorists as gas prices rise Devika Krishna Kumar 5 Min Read A gas pump is covered with an out of service message as fuel ran out ahead of Hurricane Harvey''s arrival near the Texas coastal area, in Houston, Texas, U.S., August 25, 2017. Ernest Scheyder NEW YORK (Reuters) - U.S. drivers are starting to feel the effects of Tropical Storm Harvey in their wallets as the country''s fuel distribution network starting at the Gulf Coast and stretching across the country is squeezed by floods, refinery closures and dwindling supplies. At least 3.6 million barrels per day (bpd) of refining capacity is offline and more refineries are at risk of shut downs as the storm relentlessly dumps rain on Texas and heads toward Louisiana. The longer refineries remain shut, the more retail prices will increase, traders and analysts said. Two of the major pipelines delivering gasoline, diesel and jet fuel from the Gulf Coast are operating at reduced rates or plan to shut entirely, with wholesale markets in Chicago and the Gulf region seeing sharply higher prices. [PRO/U] "Basically this will affect everyone across the country on some level and your proximity to the supply chain will affect how severe the impact is to you," said Jeff Lenard, NACS vice president of strategic industry initiatives, which represents 80 percent of all gasoline volume sold in the country. In 2016, about 143.37 billion gallons (or about 3.41 billion barrels) of finished motor gasoline were consumed in the United States, according to the U.S. Department of Energy. That translates to a daily average of about 391.73 million gallons (or about 9.33 million barrels per day). The national average gas price has increased three cents since Friday, according to the American Automobile Association (AAA), the country''s largest motorists’ advocacy group. Analysts said that it could take a few days to weeks for price increases to be fully reflected at the pump. States likely to see the largest price increases are Texas, Louisiana, Arkansas, and Tennessee, AAA said. Prices are already up by six cents a gallon in Washington, D.C., Georgia and South Carolina since Friday, when the national average was about $2.35 a gallon. On Tuesday, the national average was $2.378 a gallon, according to AAA. Across Houston last week, motorists refueled before Hurricane Harvey struck, leaving many gas stations with empty tanks. After Hurricane Rita in 2005, processions of cars trailed tankers in Houston as they made deliveries to gas stations. Some fuel terminals in the Houston area were beginning to reopen with limited product, said Jesus Azanza, a spokesman at Texas Food & Fuel Association, a trade group representing more than 12,000 convenience stores and truck stops. The refueling process is slow, however, leaving some trucks waiting more than four hours to refuel, he said. Depots in some areas were inaccessible due to floods. "One of our members today attempted to load a truck, spent 5.5 hours waiting only to discover the bulk plant had run out of fuel. Crazy times!" Azanza said. On a normal day, the average time spent at the truck rack is about an hour. Even after the storm passes and refineries restart, roads damaged by flood waters and obstructed by trees and debris, could impede delivery for some time. Pipeline delivery is being throttled back due to the storm. The Explorer Pipeline, which hauls about 660,000 barrels a day of gasoline, diesel, fuel oil and jet fuel from the Gulf Coast to the Midwest, was due to shut its main lines on Wednesday. Colonial Pipeline, the largest refined products pipeline in the United States, is operating at reduced capacity due to limited supply out of Houston. That line is the key artery to the populous East Coast. Other pipelines that haul fuel from the Gulf Coast including the 700,000 bpd Kinder Morgan Plantation pipeline and Enterprise Products Partners'' TE Products system were functional. Sources have said that U.S. oil majors were meeting with industry partners to discuss what could be done to direct supplies into some of the hardest-hit areas. "Our Houston-area terminals currently have inventory and are able to provide fuel supply to the stations in the region once the flooding clears, roads reopen and service stations are assessed," a Chevron spokesman said in an email to Reuters. Exxon Mobil referred Reuters to trade associations, saying this is an industry-wide issue. The timing of the storm in Texas is particularly challenging to the fuel distribution system because several parts of the country were already facing disruptions due to high demand from the solar eclipse last week, experts said. "Last week was a week unlike any other in terms of stress to fuel distribution network ... peak month of gasoline demand (August) plus high demand for the eclipse plus the devastation in Gulf Coast and it''s a real challenge on the system," Lenard said. The U.S. Environmental Protection Agency has expanded its emergency fuel waivers to Louisiana and Georgia allowing more regions to sell higher volatility gasoline through September 15. Reporting by Devika Krishna Kumar; Editing by Toni Reinhold '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-gasoline-idUSKCN1BA0EU'|'2017-08-30T08:00:00.000+03:00'
'44828f222d724a4e6558b94aec7bb5aff546fd3c'|'Uber board votes to pick a new CEO'|'SAN FRANCISCO, Aug 27 (Reuters) - The Uber Technologies Inc board of directors said on Sunday it had voted on its pick for a new chief executive officer, but declined to disclose its choice publicly until informing employees.The board met during the weekend to deliberate over the selection of a new chief executive to lead the ride-services company out of a nearly year-long crisis. Earlier on Sunday, Jeff Immelt, chairman of General Electric Co, said he was no longer in the running for the job. That leaves Meg Whitman, chief executive of Hewlett Packard Enterprise, as the most likely candidate."The board has voted and will announce the decision to the employees first," a board spokeswoman said in an email to Reuters. (Reporting by Heather Somerville; Edited by Mary Milliken) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/uber-ceo-board-idINL2N1LE006'|'2017-08-27T22:19:00.000+03:00'
'b09cec64d1c783648e748947d2ef3fa61f2e82b6'|'China''s postal bank plans Shanghai listing, seeks to raise $785 million'|'FILE PHOTO: A man walks out of a Postal Savings Bank of China branch in Beijing April 23, 2015. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - State-owned Postal Savings Bank of China ( 1658.HK ), the country''s biggest lender by branches, said it was planning a Shanghai listing, seeking to raise around $785 million.The move follows its Hong Kong listing last year in which the bank raised $7.4 billion - the world''s biggest IPO since Alibaba''s U.S. listing in 2014.The bank plans to raise as much as 5.17 billion yuan ($785 million) in an issue that would consist of no more than 5.17 billion shares at par value of 1 yuan per share, it said in a stock exchange filing Monday night.The offering would further optimize the bank''s corporate governance structure and develop domestic and overseas financing platforms, it added.The bank reported first-half net profit of 26.6 billion yuan ($4 billion), up 14.5 percent year-on-year.Reporting by Kane Wu; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-post-bank-sharesale-idINKCN1BA094'|'2017-08-30T01:00:00.000+03:00'
'c05965b750ea754c0564c48b2b2571cecae008d0'|'Euro zone sentiment jumps more than expected in August'|'August 30, 2017 / 9:06 AM / 34 minutes ago Euro zone sentiment jumps more than expected in August Reuters Staff 1 Min Read FILE PHOTO: Night shot of illuminated city business district in Brussels, Belgium August 13, 2017. Eric Vidal BRUSSELS (Reuters) - Euro zone economic sentiment jumped more than expected in August thanks to more optimism in the industry and service sectors and among consumers, monthly survey data from the European Commission showed on Wednesday. The Commission''s economic sentiment index for the 19 countries sharing the euro rose to 111.9 in August from an upwardly revised 111.3 in July, beating expectations of economists polled by Reuters of a 111.3 reading. The Commission''s business climate index, which points to the phase of the business cycle, also recovered from a dip in July, rising to 1.09 in August from a revised 1.04. Optimism in industry rose to 5.1 this month from 4.5 in July and rose in the services sector, which is responsible for more than two thirds of euro zone economic growth, to 14.9 from 14.2, well above the long-term average of 9.5. Consumers were also more upbeat, with the index in that sector rising to -1.5 in August from -1.7 in July. Reporting By Jan Strupczewski; editing by Robert-Jan Bartunek'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-sentiment-idUKKCN1BA0ZB'|'2017-08-30T12:03:00.000+03:00'
'e294d0ac37fcb03fce22283649b4a756e5a417ef'|'UK consumer credit growth hits more than one-year low in July, mortgage approvals surge - BoE'|'August 30, 2017 / 8:37 AM / 5 hours ago Lending to UK consumers cools as economic confidence ebbs 3 Min Read Rows of houses are seen in North Kensington, London, Britain June 29, 2017. Hannah McKay LONDON (Reuters) - Lending to British consumers expanded at the weakest pace in more than a year in July as their confidence in the economy ebbed, according to figures that clouded the outlook for growth later this year. Annual growth in consumer credit slowed to 9.8 percent from 10.0 percent in June, the weakest increase since April 2016, the Bank of England said on Wednesday. Separate figures from the European Commission showed British consumer morale slipped this month, pulled down by deteriorating confidence in the state of the economy. Britain''s economy has had its slowest start to the year since 2012 as consumers have come under pressure from a big rise in inflation since sterling fell after last year''s Brexit vote. "With real income barely growing and the savings ratio at historically low levels, households are now significantly stretched financially," said Barclays economist Fabrice Montagne. The BoE said that in cash terms, consumer credit increased by 1.179 billion pounds in July - well below the 1.5 billion pound consensus in a Reuters poll of economists and marking the smallest rise this year. Wednesday''s data showed a mixed picture for the housing market. The BoE said lenders approved 68,689 mortgages in July compared with 65,318 in June, topping all forecasts in a Reuters poll of economists that pointed to 65,500 approvals. But the value of mortgage lending increased by 3.601 billion pounds in July, slowing from 4.134 billion pounds in June. Earlier this month the BoE said it expected mortgage approvals to average around 66,000 a month over coming quarters. Taken together, Wednesday''s figures painted a murky outlook for Britain''s economy. All five of the European Commission''s economic confidence indicators - covering industry, services, construction, retail and consumers - declined in August. British consumers'' confidence in the state of the economy over the last 12 months slid to a four-year low, the EC said. "The decline in (consumer) confidence is more striking when set against the backdrop of strengthening consumer sentiment in the euro area and U.S.," noted JPMorgan economist Allan Monks. Economic growth figures published last month showed sources of growth like net trade and investment have yet to compensate for the consumer-led slowdown, as the Bank of England hopes. A Reuters poll of economists earlier this month showed Britain''s economy looks likely to expand around 0.3 percent per quarter through to mid-2018, with a one-in-five chance of recession. [ECILT/GB] Reporting by Andy Bruce and Michael Urquhart; Editing by Hugh Lawson '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-lending-idUKKCN1BA0WT'|'2017-08-30T11:44:00.000+03:00'
'61bb92fdcc37e519a55897d816939df87a2bb508'|'Herbicide supplier Albaugh explores sale-sources'|'(Reuters) - Albaugh LLC is exploring a sale that could value the privately held U.S. producer of agricultural crop protection chemicals at more than $1.5 billion, including debt, according to people familiar with the matter.Albaugh, controlled by its 67-year-old founder Dennis Albaugh, is working with investment bank JPMorgan Chase & Co ( JPM.N ) to discuss a potential sale of the company following expressions of interest from private equity firms, the people said this week.There is no certainty that the negotiations will lead to any deal, the sources added, asking not to be identified because the matter is confidential.Albaugh did not respond to a request for comment, while JPMorgan declined to comment.Headquartered in Ankeny, Iowa, the heart of the U.S. grain belt, Albaugh makes and sells generic herbicides, fungicides, insecticides and seed treatments.It would not be the first time that Dennis Albaugh has sought to sell the company he founded in 1979. Israeli agrochemicals company MA Industries ended talks to acquire Albaugh for about $1 billion in 2011, blaming findings during due diligence. Albaugh, however, said MA Industries demanded changes to the deal''s terms and conditions.Last week, Platform Specialty Products Corp ( PAH.N ) decided to abandon the sale of its agrochemicals business after the offers it attracted failed to meet its valuation expectations of more than $4.5 billion. It will pursue a spinoff or initial public offering of the unit instead.Reporting by Greg Roumeliotis in New York; Editing by David Gregorio '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-albaugh-m-a-idINKCN1BA28K'|'2017-08-30T14:51:00.000+03:00'
'866d8e3ece329ca659dba2e5b7cc42a3020cb7d8'|'South Africa mulls merger of three state-owned airlines'|'August 30, 2017 / 8:40 AM / 4 hours ago South Africa mulls merger of three state-owned airlines Reuters Staff 1 Min Read FILE PHOTO: Passengers board a South African Airways the capital aircraft t the Hosea Kutako International Airport, outside Windhoek in Namibia, February 24, 2017. Siphiwe Sibeko/File Photo CAPE TOWN (Reuters) - South Africa''s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable amid increased competition and rising operational costs. "I believe the answer to all of it lies in how we rationalize the three companies and how we bring in a 25 percent shareholder to help us with both management as well as on finances," Public Enterprises Minister Lynne Brown told a parliamentary committee. Reporting by Wendell Roelf; Editing by James Macharia '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-safrica-airlines-idINKCN1BA0WY'|'2017-08-30T06:40:00.000+03:00'
'ad18584ca4c87892f750bd75eb3c63ba785d5053'|'Harvey barrels into Texas as Category 4 hurricane'|'August 26, 2017 / 5:41 AM / an hour ago At least one dead as Harvey threatens Texas with ''catastrophic'' floods Brian Thevenot 7 Min Read ROCKPORT, Texas (Reuters) - The most powerful storm to hit Texas in more than 50 years has killed at least one person and is now threatening catastrophic flooding as it lumbers inland and dumps torrential rains, authorities said on Saturday. Harvey hit Texas, the heart of the U.S. oil and gas industry, late Friday as a Category 4 hurricane with winds of 130 miles per hour (209 km per hour), making it the strongest storm to strike Texas since 1961. The storm has ripped off rooves, snapped powerlines, and triggered tornadoes and flash floods. It has weakened to a tropical storm, but is expected to lash Texas for days, bringing as much as 40 inches (102 cm) of rain. Texas utility companies said nearly a quarter of a million customers were without power. One person died in a house fire in the town of Rockport, 30 miles (48 km) north of the city of Corpus Christi, as Harvey roared ashore overnight, Mayor Charles Wax said in a news conference on Saturday, marking the first confirmed fatality from the storm. Earlier, Texas Governor Greg Abbott said he would activate 1,800 members of the military to help with the statewide cleanup while 1,000 people would conduct search-and-rescue operations. In Rockport, which took a direct hit from the storm, the streets were flooded and strewn with power lines and debris on Saturday. At a recreational vehicle sales lot, a dozen vehicles were flipped over and one had been blown into the middle of the street. "It was terrible," resident Joel Valdez, 57, told Reuters. The storm ripped part of the roof from his trailer home at around 4 a.m., he said. "I could feel the whole house move." Valdez said he stayed through the storm to look after his animals. "I have these miniature donkeys and I don''t know where they are," he said, as he sat in a Jeep with windows smashed by the storm. Resident Frank Cook, 56, also stayed through the storm. "If you have something left of your house, you''re lucky," he said, surveying the damage from his vehicle. Before the storm hit, Rockport''s mayor told anyone staying behind to write their names on their arms for identification in case of death or injury. A high school, hotel, senior housing complex and other buildings suffered structural damage, according to emergency officials and local media. Some were being used as shelters. Related Coverage About 25 percent of U.S. Gulf oil output offline due to Harvey The coastal city of Port Lavaca, farther north on the coast, had no power and some streets were flooded. "There is so much tree damage and debris that the cost of cleanup will be enormous," Mayor Jack Whitlow told Reuters, after touring the city earlier Saturday. The streets of Corpus Christi, which has around 320,000 residents, were deserted on Saturday, with billboards twisted and strong winds still blowing. City authorities asked residents to reduce use of toilets and faucets because power outages left waste water plants unable to treat sewage. A drill ship broke free of its mooring overnight and rammed into some tugs in the port of Corpus Christi, port executive Sean Strawbridge said. The crews on the tugs were safe, he added. The city was under voluntary evacuation ahead of the storm. A ranch house is surrounded by floodwaters from Hurricane Harvey near Port Lavaca, Texas, August 26, 2017. Rick Wilking Harvey was a Category 4 hurricane on the Saffir-Simpson scale when it hit the coast, the second-highest category, and the most powerful storm in over a decade to come ashore anywhere in the mainland United States. HEADING INLAND, STORM WEAKENS Harvey weakened to tropical storm from hurricane strength on Saturday, the U.S. National Hurricane Center said. The center of the storm was about 170 miles (241 km) west-southwest of Houston, moving at about 2 mph (4 kph), the center said in a morning update. Houston is the fourth most populous city in the United States and home to a third of the 6 million people that could be impacted by Harvey. Residents of the city received automatic cell phone warnings of flash floods early on Saturday. Authorities warned of the potentially life-threatening impact of close to 20 inches (60 cm) of rain falling on the city over several days. The storm''s outer bands had already dumped six inches of rainfall on parts of the city by early Saturday afternoon. The latest forecast storm track has Harvey looping back toward the Gulf of Mexico coast before turning north again on Tuesday. ( tmsnrt.rs/2g9jZ0W ) Slideshow (23 Images) "This rain will lead to a prolonged, dangerous, and potentially catastrophic flooding event well into next week," the National Weather Service said. Harvey has triggered flash floods, the NWS said. The size and strength of Harvey dredged up memories of Katrina, the 2005 hurricane that made a direct hit on New Orleans as a Category 3 storm, causing levees and flood walls to fail in dozens of places. About 1,800 died in the disaster made worse by a slow government emergency response. U.S. President Donald Trump, facing the first big natural disaster of his term, signed a disaster proclamation on Friday. He met with his cabinet and staff on Saturday to discuss the federal reaction to the storm, according to a White House statement. "President Trump emphasized his expectations that all departments and agencies stay fully engaged and positioned to support his number one priority of saving lives," according to the statement. GASOLINE PRICES SPIKE Utilities American Electric Power Company Inc and CenterPoint Energy Inc reported a combined total of around 240,000 customers without power. Several refiners shut down plants ahead of the storm, disrupting supplies and pushing prices higher. Many fuel stations ran out of gasoline before the storm hit, and the U.S. Environmental Protection Agency loosened gasoline specifications late on Friday to reduce shortages. The American Automobiles Association said pump prices rose 4 cents in four days in Texas to reach $2.17 a gallon on Friday. Disruptions to fuel supply drove benchmark gasoline futures to their highest price in four months. More than 45 percent of the country''s refining capacity is along the U.S. Gulf Coast, and nearly a fifth of the nation''s crude is produced offshore in the Gulf of Mexico. Just under 25 percent of Gulf output, or 429,000 barrels per day (bpd) had been shut in by the storm, the U.S. Bureau of Safety and Environmental Enforcement said on Saturday. For a graphic on hurricane Harvey, click tmsnrt.rs/2g9jZ0W For a graphic on Hurricanes in the North Atlantic, click tmsnrt.rs/2gcckz5 Additional reporting by Jessica Resnick-Ault, Jarrett Renshaw, Taylor Harris, Devika Krishna Kumar and Sophia Kunthara in New York; Liz Hampton, Ernest Scheyder and Gary McWilliams in Houston; Writing by Simon Webb and Richard Valdmanis; Editing by Matthew Lewis and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-idUSKCN1B6066'|'2017-08-26T08:30:00.000+03:00'
'f4a8d0ced315d13d50a2412e3d059e677a7af3f4'|'Tilney makes failed counter-bid for wealth manager Smith & Williamson'|'August 29, 2017 / 3:09 PM / 3 hours ago Tilney makes failed counter-bid for wealth manager Smith & Williamson Reuters Staff 2 Min Read LONDON (Reuters) - Wealth management firm Tilney has made an unsuccessful attempt to scupper Rathbone Brothers'' ( RAT.L ) proposed merger with rival Smith & Williamson by mounting its own counter-bid, two sources close to the matter told Reuters. The pursuit of S&W, which is owned by its employees and Canadian investment firm AGF, comes against the backdrop of a consolidation wave as the sector contends with higher regulatory costs and pricing pressure from cost-conscious investors amid low returns and competition from passive funds. Tilney approached S&W with its competing offer this month but no discussions were held, the sources said, declining to comment on the content of the offer. The wealth manager made its move after it emerged on Aug. 19 that S&W was holding exclusive talks with FTSE 250-listed Rathbone over an all-share deal, the sources added. Tilney, which manages 23 billion pounds ($29.78 billion) of assets and is majority owned by private equity house Permira, might consider reviving its interest in S&W if the Rathbone talks collapse, the sources said. Tilney, S&W and Rathbone declined to comment. Sky News, which first reported the Tilney approach, said its plan involved an all-cash offer. The broadcaster previously reported that Rathbone had proposed a 2 billion pound all-share deal structured as a takeover. A third source told Reuters that the Rathbone offer values S&W at between 500 million pounds and 600 million pounds. Rathbone has a market capitalization of 1.4 billion pounds. This year''s sector consolidation has already seen British asset manager Henderson complete a $6 billion tie-up with U.S. firm Janus ( JHG.N ). Aberdeen Asset Management also sealed a merger with Standard Life to form Britain''s biggest active manager ( SLA.L ) with about 670 billion pounds of assets. Reporting by Ben Martin; Editing by David Goodman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-smith-williamson-m-a-rathbone-tilney-idINKCN1B91UL'|'2017-08-29T13:09:00.000+03:00'
'dd667126a49e7c7ae7d2380b82b702e71679f7be'|'Lufthansa wants Air Berlin long-haul planes - source'|'August 29, 2017 / 9:52 AM / 2 hours ago Lufthansa wants Air Berlin long-haul planes - source Reuters Staff 3 Min Read German carrier Air Berlin aircrafts are pictured at Tegel airport in Berlin, Germany, June 14, 2017. Hannibal Hanschke FRANKFURT (Reuters) - German airline Lufthansa ( LHAG.DE ) aims to take on around a dozen of Air Berlin''s ( AB1.DE ) 17 long-haul aircraft in a carve-up of the insolvent carrier, a person familiar with the matter told Reuters on Tuesday. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses. At least half a dozen bidders for Air Berlin''s assets are now racing to submit offers by a mid-September deadline, with around 140 leased aircraft and valuable take-off and landing slots in Germany up for grabs, among other. Related Coverage Ryanair is interested in some Air Berlin assets, mainly routes Lufthansa is especially interested in Air Berlin''s routes to U.S. cities including New York and Washington D.C., the source said on Tuesday. "The plan foresees stationing two of the planes in Berlin and up to 10 in Duesseldorf," the person said. Earlier this month, a source had said Lufthansa could take on as many as 90 of Air Berlin''s roughly 140 leased planes, including 38 aircraft it is already leasing from Air Berlin and its leisure airline Niki. Thomas Cook''s ( TCG.L ) Condor, easyJet ( EZJ.L ) and Ryanair ( RYA.I ) are also among airlines interested in the carrier''s business or parts of it, sources familiar with the negotiations have said. Ryanair''s marketing chief Kenny Jacobs said on Tuesday that the Irish low-cost carrier was primarily interested in Air Berlin''s routes. Chief Executive Michael O''Leary has told Reuters he would also be interested in a bid for Air Berlin as a whole, but he has complained Ryanair hadn''t been invited to the process, which he sees as heavily favouring Lufthansa. German aviation investor Hans Rudolf Woehrl is also due to hold talks over Air Berlin''s assets on Wednesday, and former motor racing driver Niki Lauda has indicated his interested in buying back Niki, the Austrian airline he once owned. According to Air Berlin, bidders have until Sept. 15 to submit their offers. Reporting by Ilona Wissenbach and Peter Maushagen; Writing by Maria Sheahan; Editing by Tom Sims/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-timeline-idUKKCN1B90Y4'|'2017-08-29T14:26:00.000+03:00'
'81b2bec1f5bb74cbc0c879969fc2c40ac99c09cd'|'Toshiba may not finalise chip unit sale by Aug. 31 deadline - sources'|' 23 PM / 6 minutes ago Toshiba may not finalise chip unit sale by August 31 deadline: sources Taro Fuse 2 Min Read FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo TOKYO (Reuters) - Toshiba Corp may not seal a $17.5 billion deal to sell its memory chip unit by a self-imposed Aug. 31 deadline due to disagreements over details of an offer by the bidders, people familiar with the matter said late on Tuesday. Talks with a consortium led by Western Digital Corp were in final stages, with the head of the U.S. firm in Japan to hammer out details, the sources said, requesting anonymity because they were not authorised to speak with media. The two sides, however, could not yet agree on specifics such as the size of Western Digital''s future stake in the business, they said, while adding the two sides would continue negotiating. A Toshiba spokesman said the company could not comment on details of the talks. A Western Digital representative   Toshiba has been trying to sell the unit for months to pay down debt and cover the impact of over $6 billion in liabilities linked to U.S. nuclear arm Westinghouse. Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange. Given regulatory approvals could take six months, the company has been hoping to reach a deal by the end of August to ensure it can close the sale in time. In addition to Western Digital, the consortium includes U.S. private equity firm KKR & Co and the state-backed Innovation Network of Japan and Development Bank of Japan. Sources have said the group was offering around 1.9 trillion yen ($17.5 billion) for the business. Reporting by Taro Fuse and Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-toshiba-accounting-idUKKCN1B91VL'|'2017-08-29T18:35:00.000+03:00'
'cf9823b3186c28efbb37139d0172bcaf6793558f'|'UK Stocks-Factors to watch on Aug 29'|'Aug 29 (Reuters) - Britain''s FTSE 100 index is seen opening down 35 points on Tuesday, according to financial bookmakers. * GLENCORE: Glencore on Monday said it was looking to sell a second Australian coal mine, part of the Swiss-based resource giant''s rethink on how it deploys capital as its reins in debt and commodities prices rise. Separately, Zambian President Edgar Lungu has told Glencore''s Mopani Copper Mines (MCM) unit to accept higher electricity prices caused by the removal of state energy subsidies, his spokesman said on Saturday. * SHELL: Royal Dutch Shell Plc said on Sunday no damage from Harvey was seen to the Perdido production platform in the Gulf of Mexico by a U.S. Coast Guard overflight. Separately, Shell said it was shutting the Deer Park, Texas, refinery and chemical plant complex on Sunday due to Tropical Storm Harvey. Meanwhile, Brazil''s Raízen Combustíveis SA is close to buying parent Shell''s Argentina gas station network for more than $1 billion, two people familiar with the plan said. * PREMIER OIL: Premier Oil is in talks with UK government for Falkland oilfield financing, Financial Times reported on Monday.( on.ft.com/2iAGlcq ) * RESTAURANT GROUP: Restaurant Group is expected to post a steep drop in half-year profits, Telegraph reported on Monday.( bit.ly/2iCiRnx ) * BP: BP Plc said on Monday that its offshore oil platforms in the U.S. Gulf of Mexico and its Texas City chemical plant remain online during Tropical Storm Harvey. * BHP: Anglo-Australian mining giant BHP Billiton is considering selling a 25 percent interest in its Canadian potash mine project, a stake that could be worth close to $2 billion, people familiar with the matter told Reuters. * BRITAIN ECONOMY: Optimism across Britain''s services sector fell during the three months to August, and companies felt the pinch from rising costs even though new business largely held up, an industry survey showed on Tuesday. * OIL: Flooding from tropical storm Harvey caused ongoing large-scale U.S. refinery outages on Tuesday, while crude prices rose on the back of supply disruptions in Colombia and Libya. * The UK blue chip FTSE 100 index closed 0.1 percent down at 7,401.46 points on Friday, as strength in banks and energy firms was not enough to offset a drop in retailers, which fell back as concern over competition from Amazon reared its head again. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Bunzl PLC BNZL.L Half Year 2017 Earnings Release Polymetal International POLYP.L Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1LF2E9'|'2017-08-29T08:37:00.000+03:00'
'63593eaaef0cdfd5a7315836af3c1d61ff47f1df'|'Hunting says chairman to step down after 26 years'|'August 29, 2017 / 6:48 AM / an hour ago Hunting says chairman to step down after 26 years Reuters Staff 1 Min Read (Reuters) - Oilfield services company Hunting Plc ( HTG.L ) said its chairman, Richard Hunting, would step down next month after nearly three decades at the helm. The company, which provides drilling and infrastructure support to oil explorers, said it had appointed John Glick as chairman, effective Sept. 1. Hunting, who was elected as deputy chairman in 1989 and became chairman in 1991, will remain with the company as a non-independent, non-executive director. Glick, an industry veteran, was appointed as a non-executive director in 2015. The British company earlier this month promoted COO Jim Johnson as Chief Executive. The company reported a smaller first-half loss last week as U.S. shale companies drilled more wells, boosting demand for equipment and services. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hunting-chairman-idUKKCN1B90JZ'|'2017-08-29T09:48:00.000+03:00'
'a305ed9f6d0076d94fb6f1e91da3702327b209dc'|'Flooding knocks out U.S. refineries, crude hit by supply disruptions'|'An oil tank damaged by Hurricane Harvey is seen near Seadrift, Texas, August 26, 2017. Rick Wilking SINGAPORE (Reuters) - Flooding from tropical storm Harvey caused ongoing large-scale U.S. refinery outages on Tuesday, while crude prices rose on the back of supply disruptions in Colombia and Libya.Refinery shutdowns from the storm helped push U.S. gasoline prices to 2015 highs of $1.7799 per gallon on Monday, although they receded slightly to $1.7320 per gallon by 0138 GMT on Tuesday.U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.5 percent, to $46.80 a barrel, after falling more than 2 percent in the previous session.On international oil markets, Brent crude futures were up 20 cents or 0.4 percent, at $52.09 per barrel.Massive floods caused by Harvey forced several refineries to close along the U.S. Gulf Coast, while heavy rains were spreading into the greater Houston area, which has already been hit by catastrophic flooding."Harvey''s downpours will continue over Texas and Louisiana and slowly drift northward through the end of August, exacerbating the unprecedented flooding disaster that continues to unfold," said meteorological forecaster AccuWeather.U.S. refiners have been affected more than oil producers by Harvey, which has now been downgraded to a tropical storm. Sources said Motiva will decide on Tuesday morning (local time) whether to shut the 603,000-barrel-per-day (bpd) Port Arthur refinery, the nation''s largest, because of flooding."Data available so far point to sizably larger refining than production disruptions," U.S. bank Goldman Sachs said."We roughly estimate that the impact of Harvey on the U.S. oil market would be to increase domestic crude availability by 1.4 million bpd while removing 615,000-785,000 bpd of gasoline and 700,000 of distillate supplies. Larger refinery outages would increase these long crude and short product impacts," Goldman said."The shuttering of refining capacity in the Houston area will have a large impact on demand for crude for a while," said Greg McKenna, chief market strategist at futures brokerage AxiTrader."That will see crude inventories build up in the U.S.," he added.The expected U.S. crude build-up on Tuesday widened the WTI discount to Brent to $5.64 per barrel, its widest in over two years.Crude markets were also looking at disruptions in Libya and Colombia.In Libya, the 120,000 bpd Zawiya oil refinery was working at only half its capacity due to the shutdown at the Sharara oilfield, according to a refinery source.Sharara, which at 280,000 bpd is the OPEC member''s largest oilfield, has been shut for around a week due to militia blocking a pipeline linking it to the Zawiya oil terminal.In Colombia, a bomb attack by leftist ELN rebel group has halted pumping operations along the country''s second-largest oil pipeline, the 210,000 bpd Cano-Limon Covenas, sources from the military and state oil company Ecopetrol said.Reporting by Henning Gloystein; Editing by Richard Pullin '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/global-oil-idINKCN1B9041'|'2017-08-28T23:13:00.000+03:00'
'5d6cbc43f56e8705eeeea68980fa54a63ab1bd29'|'Japan imposes anti-dumping duty on China imports used in plastic bottles'|'TOKYO (Reuters) - The Japanese government on Tuesday approved a provisional anti-dumping duty to be applied to Chinese imports of a polymer resin used in plastic bottles for the remainder of 2017.The trade and finance ministries launched an investigation last year into imports of polyethylene terephthalate (PET) with a high degree of polymerization from mainland China after a request for a duty by four firms, including Mitsui Chemicals ( 4183.T ).The anti-dumping duties have not been officially set but are expected to range from 39.8 percent to 53 percent, a government source who is familiar with the matter said. No duty is imposed on Chinese imports of the product at present, the source said.Japan imported 364,258 tonnes of the product from China in the year ended March 2016, up 22 percent from the previous year and accounting for 55.2 percent of the country''s total imports, an interim government report showed earlier this month.The duties would take effect from Sept. 2 to Jan. 1 next year.If the Japanese government reached a final decision on imposing anti-dumping duties based on World Trade Organization rules, the duties, which could be revised, could be extended for up to five years, the source said.Reporting by Osamu Tsukimori; Editing by Richard Pullin '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/japan-chemicals-china-idINKCN1B90GM'|'2017-08-29T08:46:00.000+03:00'
'4a78d40917fc0342bae1f0a9fc22b5027111cf5b'|'Brazil antitrust body recommends rejection of Petrobras gas unit sale'|'The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - A body of Brazil''s Cade antitrust watchdog on Monday recommended rejecting the acquisition of a liquefied petroleum gas distribution unit owned by state-controlled oil company Petroleo Brasileiro SA ( PETR4.SA ) by Ultragaz Participações Ltda.The watchdog division said the sale of Liquigas Distribuidora SA should be rejected by Cade´s board because the new player could have excessive regional market power that would be difficult to resolve through divestitures.In a statement, Cade´s panel said the deal would eliminate one of the four competitors controlling 85 percent of the market and would create incentives to price collusion.Petrobras agreed to sell Liquigas to Ultragaz, a unit of Brazilian industrial conglomerate Ultrapar Participações SA ( UGPA3.SA ), last November for 2.8 billion reais ($884 million), as part of a large asset sale program to cut its debt.If the Cade board rejects the Liquigas sale, it would be the third large deal blocked this year by the antitrust body.In June, Cade blocked the sale of education group Estacio Participacoes SA ( ESTC3.SA ) to rival Kroton Educacional SA ( KROT3.SA ).Earlier this month, Cade rejected the sale of fuels distribution firm Alesat to Ipiranga, a company also controlled by Ultrapar.Reporting by Tatiana Bautzer; Editing by Dan Grebler '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-liquigas-m-a-antitrust-idUSKCN1B829D'|'2017-08-29T05:41:00.000+03:00'
'4adef636e993d181c200ede7268d77bac0d30558'|'Recruiter InterQuest warns on fees as Brexit hits financial services unit'|'August 29, 2017 / 7:41 AM / 8 minutes ago Recruiter InterQuest warns on fees as Brexit hits financial services unit Reuters Staff 2 Min Read (Reuters) - Technology-focused recruiter InterQuest Group ( ITQ.L ) said on Tuesday that challenging market conditions in financial services, one of its core markets, would materially impact net fee income for the year. The company, which places people in temporary and permanent jobs in Britain, Europe and North America, said in June that it was facing challenges because of Britain''s vote to leave the EU and the outcome of the general elections. Recruitment companies have faced a challenging London market over the past year as Brexit uncertainty causes companies to hire fewer people and candidates move jobs less frequently. Hiring in the financial industry has particularly taken a hit, even as a number of finance companies have committed to moving some operations to continue serving clients in the single market. "Market conditions in one of the company''s core markets, financial services, remain challenging, specifically in the contracting market which is experiencing pressure on margins," InterQuest said in a statement on Tuesday. The result is that the company is more reliant on fees from permanent placements which are more volatile. InterQuest said it expects earnings before interest, taxes, and amortization (EBITA) to be about 3.1 million pounds ($4.02 million) for the year ending Dec. 31. Shares in the AIM-listed company were down 15 percent at 38 pence at 0718 GMT. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-interquest-group-outlook-idUKKCN1B90ON'|'2017-08-29T10:42:00.000+03:00'
'b73370c258f9572630223a4d981537eb581eb784'|'FCA enlists Schwarzenegger in insurance mis-selling campaign'|'August 29, 2017 / 11:36 AM / 3 hours ago FCA enlists Schwarzenegger in insurance mis-selling campaign Lawrence White and Huw Jones 3 Min Read FILE PHOTO: A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. Toby Melville/File Photo LONDON (Reuters) - The animatronic head of actor and former California Governor Arnold Schwarzenegger mounted on tank tracks urges consumers to "make a decision", in a campaign launched on Tuesday to raise awareness of Britain''s costliest consumer mis-selling scandal. The Financial Conduct Authority (FCA), Britain''s financial services regulator, has set a deadline of Aug. 29, 2019 for people in Britain to complain about Payment Protection Insurance (PPI) they may have been mis-sold. Banks including Lloyds ( LLOY.L ) and RBS ( RBS.L ) have paid out more than 27 billion pounds ($35 billion) in redress since 2007 to customers who were mis-sold the debt repayment insurance policies. But the regulator estimates there are around 30 million policies that have not yet been claimed against. So far, around 80 percent of complaints made about PPI policies have been upheld, with compensation payouts averaging between 2,000 and 3,000 pounds, according to the FCA. The campaign launched on Tuesday is aimed at helping people decide whether to make a claim or not, and could lead to a sharp rise in complaints and further compensation payouts by the banks, the FCA said. "There were 64 million of these policies sold, this is industrialised mis-selling," said Megan Butler, director of supervision at the FCA. "As far as we can tell there are likely to be millions of people who may be owed thousands of pounds," Butler told Reuters. The campaign will run in cinemas, on television and online and will cost 42 million pounds, to be paid for by the 18 firms which had the most PPI complaints. FILE PHOTO: FILE PHOTO: A woman shelters under an umbrella as she walks past a branch of the Royal Bank of Scotland in the City of London, Britain, September 17, 2013. Stefan Wermuth/File Photo/File Photo Butler said she would not speculate on what the upper number would be for the remaining compensation bill, but it will be "material". Some 12 million people have received compensation, which equates to 24 million policies, with complaints on another 4 million policies turned down. The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren Following the Supreme Court''s "Plevin" ruling, consumers can also claim for "excessive" commission paid on a policy, even if their mis-selling complaint on the policy itself was turned down. Butler estimated that a million people could make such claims, but the amount owed is likely to be lower than cash being paid out for actual mis-selling. Regulatory reforms put in place in recent years would stop such large scale mis-selling, which took place in the 1990s and early 2000s before the FCA was launched, from happening again. "An awful lot of this dates back to an earlier period of regulation, and indeed no regulation," Butler said. New accountability rules which make people personally responsible for the design and distribution of financial products are already triggering changes in behaviour, she said. Regulators have also turned their gaze to other areas such as car finance and people''s new ability to cash in pension pots. Reporting by Lawrence White and Huw Jones; Editing by Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-regulation-ppi-idUKKCN1B919Q'|'2017-08-29T15:03:00.000+03:00'
'e73a0ff8a79aeab72f91e6fd233491641bda295d'|'Ticket resellers'' sneaky tactics leave Australians fed up, Choice says - Money - The Guardian'|'More than three-quarters of Australians buying tickets to go to concerts and sporting events have been tricked into using an online resale company, a study by the consumer group Choice has found.Choice says its study of the ticket resale industry has found fans are fed up with unfair sales tactics that deliberately confuse, overcharge and hit them with extra fees.Viagogo, TicketmasterResale, Seatwave and Stubhub drew the most complaints from Australians for sneaking in additional, unavoidable fees throughout the checkout process, Choice said.But the report also took aim at the search engine Google for promoting advertising for popular events such as the forthcoming Ashes cricket Tests by the resale sites.Viagogo: ACCC launches legal action against ''misleading'' ticket reseller Read more“From Ed Sheeran and Adele to Cirque Du Soleil and the Cricket World Cup, consumers are being hoodwinked into thinking they’re dealing with the official ticket seller,” says Tom Godfrey, Choice’s head of media.“Search engines such as Google are complicit in the confusion because they allow resale websites to place paid links above official sites in search results. Our study found 76% of fans in all three countries who found their ticket through a Google search thought they were visiting an official primary ticketing site, not a resale site.“Once you land on a resale site you don’t really stand a chance, with resellers using tricky tactics such as disguising buttons to look similar to authorised sellers or making ‘official’ claims.He told the ABC: “Clearly Google has a lot of work to do. As you go through these sites, claims that these resellers are the official site, claims that they offer consumer protection, lead consumers to believe that everything is OK, and it just isn’t.”The study urged promoters, venues and ticketing companies to show the seat and row number, the venue, the original price and any restrictions as part of measures to prevent consumers being ripped off. It cited one example where an AFL fan paid $70 for a match in Perth but the ticket was later revealed to be a $7 child’s ticket.Topics Ticket prices Consumer affairs Business (Australia) news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/30/ticket-resellers-sneaky-tactics-leave-australians-fed-up-choice-says'|'2017-08-30T06:21:00.000+03:00'
'9d38329b1607ef9a2ad848fe3841481373ef8bfb'|'May seeks to ease Japan''s Brexit fears during trade visit'|'August 29, 2017 / 9:40 PM / 3 minutes ago PM May seeks to ease Japan''s Brexit fears during trade visit William James and Kiyoshi Takenaka 5 Min Read LONDON/TOKYO (Reuters) - British Prime Minister Theresa May will look to ease corporate Japan''s worries about Brexit during a three-day visit to the country from Wednesday focused on progress on a bilateral trade deal for when Britain leaves the European Union. May''s first trip to Japan as prime minister comes at a difficult moment, with Japanese attention focused on North Korea''s Tuesday missile test and Britain''s Brexit negotiators recently on the receiving end of sharp criticism from EU officials. May will lead a 15-strong business delegation, including Standard Life Investment ( SLA.L ) chief executive Keith Skeoch, and carmaker Aston Martin''s CEO Andy Palmer, pitching Britain and Japan as the "perfect partners for the future". She will meet Japanese Prime Minister Shinzo Abe in Kyoto before traveling to Tokyo for an investment conference and banquet. May and Abe are due to speak publicly on Thursday following one-to-one talks. "My discussions with Prime Minister Abe will focus on how we can prepare the ground for an ambitious free trade agreement after Brexit, based on the EU-Japan agreement which I very much hope is nearing conclusion," May said in a statement ahead of her departure. May will also discuss defense cooperation, describing Japan as "our closest security partner in Asia". She will become the first European leader to attend a meeting of Japan''s National Security Council and will also visit its flagship helicopter carrier ''Izumo'' for a briefing with military officials. North Korea fired a ballistic missile over Japan''s northern Hokkaido island into the sea early on Tuesday, prompting warnings to residents to take cover and drawing a sharp reaction from Abe. May also strongly condemned the launch. Japan''s foreign ministry said the two leaders are expected to agree on the importance of China''s role in ramping up pressure on North Korea. BREXIT EFFECT Japan has been unusually outspoken about its concerns that Britain''s departure from the EU, which was decided by a public vote in 2016, could affect current and future Japanese investments in Britain. FILE PHOTO: Britain''s Prime Minister Theresa May leaves Downing Street in London, Britain July 19, 2017. Neil Hall Britain is the second most important destination for Japanese investment after the United States, with firms like Nissan ( 7201.T ), Toyota ( 7203.T ) and Hitachi ( 6501.T ) investing billions in carmaking, energy and transport. During a visit to London by Abe in April, Britain said that Japanese companies had already invested over 40 billion pounds ($52 billion) in the British economy. But Japan is also an important destination for British investment. Aston Martin said on Tuesday it will open an advanced product planning office next year in Japan to better understand the needs of Asian buyers and tap into new technologies. The firm is hoping to boost demand from Japan and the United States partly as a way to mitigate against any risks from Brexit which could add costs and delays to the 15 percent of cars it currently sells into the European Union. Speaking ahead of May''s visit, Japanese Deputy Chief Cabinet Secretary Yasutoshi Nishimura said Tokyo had to react to "a sense of crisis among businesses" over Brexit, and gather information about the British negotiating strategy. Britain has published a series of papers setting out how it wants to settle its divorce with the EU, and is pushing for talks to move on to discuss the future relationship between the two - something of critical importance to investors. But European Commission President Jean-Claude Juncker insisted on Tuesday that the new relationship could not be discussed until initial differences had been resolved, and the EU''s chief negotiator Michel Barnier said on Monday he was concerned at the slow progress made so far. Japan''s foreign ministry said Abe is expected to ask May to maintain transparency and predictability regarding Brexit so that any impact on corporate activity will be minimized - echoing concerns Abe expressed in April about a Brexit cliff-edge. May''s spokeswoman said the prime minister would reiterate Britain''s position that it is seeking to agree a time-limited Brexit transition period after March 2019 to avoid a sudden change in trading and regulatory conditions for businesses. "What they will discuss in private I can''t pre-empt, but that is our position and she''ll be setting that out if he (Abe) asks," the spokeswoman said. ($1 = 0.7724 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-japan-britain-idUKKCN1B92OZ'|'2017-08-30T00:35:00.000+03:00'
'9474edcd38e0809cc388a9f219163042de49342c'|'US STOCKS-S&P, Dow flat as strong data helps offset Trump''s N.Korea comments'|'August 30, 2017 / 2:10 PM / an hour ago US STOCKS-S&P, Dow flat as strong data helps offset Trump''s N.Korea comments Reuters Staff * Q2 GDP up 3.0 pct vs prior est of 2.6 pct * August ADP data shows biggest monthly increase in 5 months * H&R Block down after bigger-than-expected quarterly loss * Indexes up: Dow 0.01 pct, S&P 0.05 pct, Nasdaq 0.30 pct (Updates to open) By Sruthi Shankar and Tanya Agrawal Aug 30 (Reuters) - The S&P and the Dow opened little changed on Wednesday as investors focused on data that showed stronger-than-expected U.S. economic growth, helping offset worries over President Donald Trump''s latest tweet on North Korea. Gross domestic product increased at a 3.0 percent rate in the April-June period, the Commerce Department said in its second estimate. The upward revision in the second-quarter data from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment. Adding to the positive sentiment, a report from payroll processor ADP showed that U.S. private employers added 237,000 jobs in August for its biggest monthly increase in five months, above the 183,000 jobs expected by economists. The strong data could strengthen the Federal Reserve''s case for another rate hike this year. Chances of a rate hike rose to 37 percent from 32 percent after the data, according to CME Group''s FedWatch tool. The ADP report comes ahead of the more comprehensive government payrolls data for August on Friday. Investors are also keeping an eye out on the ongoing tensions between the United States and North Korea after Trump dismissed any diplomatic negotiations with North Korea, saying "talking is not the answer," a day after Pyongyang fired a ballistic missile over Japan. The "U.S. has been talking to North Korea, and paying them extortion money, for 25 years. Talking is not the answer," Trump tweeted on Wednesday. "We suspect the North Korea problem, although not yet causing a rush to exit will eventually take a negative toll on the markets," said Peter Cardillo, chief market economist at First Standard Financial. Also on the radar is Trump''s first speech specifically on tax policy later in the day. The speech, officials said, would be about "why" reforming the tax code was needed, not about "how" to reform it. "Trump''s outline of tax reform today is likely to be well received by the markets," Cardillo said. At 9:42 a.m. ET (1342 GMT), the Dow Jones Industrial Average was up 2.2 points, or 0.01 percent, at 21,867.57, the S&P 500 was up 1.23 points, or 0.05 percent, at 2,447.53. The Nasdaq Composite was up 18.79 points, or 0.3 percent, at 6,320.68, on gains in Apple and Amazon . Eight of the 11 major S&P sectors were lower, with the energy index''s 0.52 percent fall leading the decliners. Crude oil prices slid, while gasoline futures hit their highest since mid-2015 on Wednesday as flooding and damage from Harvey shut over a fifth of U.S. refineries. Tropical Storm Harvey made its second landfall in Louisiana on Wednesday, pouring down more water after setting rainfall records in Texas. Among stocks, shares of H&R Block fell 7.2 percent to $27.29, the top S&P percentage loser, after the tax preparation service provider reported a bigger-than-expected quarterly loss. Chico''s FAS declined 7.41 percent after the apparel retailer forecast gross margin declines and a bigger drop in full-year comparable sales. Dycom Industries fell 5.71 percent after the broadband fiber installer''s forecast missed expectations. Declining issues outnumbered advancers on the NYSE by 1,435 to 1,087. On the Nasdaq, 1,152 issues rose and 1,130 fell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL4N1LG4TZ'|'2017-08-30T17:09:00.000+03:00'
'e00034ba79aae703a11d24c172c2dd49dce640cf'|'GST council to decide timing for raising levy on luxury cars, SUVs: Jaitley'|'August 30, 2017 / 9:05 AM / 6 hours ago Cabinet approves raising levy on luxury cars, SUVs Reuters Staff 3 Min Read People watch sports and luxury cars at a "Super Car Show" in Mumbai April 5, 2009. Over 40 luxury and sports cars were showcased in the one-day show and entourage. Arko Datta NEW DELHI (Reuters) - India''s cabinet on Wednesday approved raising the maximum levy on luxury cars and sports utility vehicles (SUVs), drawing criticism from several car makers. Rahil Ansari, India head of German luxury car maker Audi, said the move could lead to a double-digit dip in sales and force the company to rethink its plans for the country. The levy is part of a nationwide goods and services tax (GST) launched last month to replace a multitude of provincial and national levies in the biggest tax reform in 70 years. Under the new sales tax, vehicles are taxed at 18 percent or 28 percent with an additional levy of 15 percent on some types of cars. The cabinet passed an executive order, or ordinance, to raise the maximum levy to 25 percent from 15 percent, Finance Minister Arun Jaitley said. "The ordinance is only an enabling law. This does not mean the cess (levy) will automatically increase," Jaitley said, adding that a panel of federal and state finance chiefs that form the GST council will decide on the timing and amount of increase. BMW i8 plug-in hybrid sports car is pictured at the Indian Auto Expo in Greater Noida, on the outskirts of New Delhi, India, February 3, 2016. Anindito Mukherjee Raising the levy will make luxury cars and SUVs more expensive and could hurt sales of companies like Mercedes-Benz, BMW, Volvo and Jaguar Land Rover, owned by Tata Motors. Audi''s Ansari said the move will be "detrimental", and force the company to raise prices and redraw its India plans. Slideshow (4 Images) "This is bound to adversely impact sales by possibly a double-digit reduction and will consequently reduce revenues for the company, dealers and perhaps also tax revenues for the government," Ansari said, adding that any increase should be postponed by 6 to 12 months. Rohit Suri, managing director for Jaguar Land Rover in India said that since the implementation of GST, demand for luxury cars has been on the rise and a continuation of this would create jobs and enable more investments in local manufacturing. "We earnestly hope the government and GST council will give due consideration to this matter and desist from raising the cess," Suri said. Sales of auto makers such as Toyota Motor, Mahindra & Mahindra and Maruti Suzuki that sell SUVs in India could also be affected. Reporting by Rajesh Kumar Singh and Aditi Shah; Editing by Malini Menon, Sherry Jacob-Phillips and Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-cars-gst-jaitley-idINKCN1BA0ZH'|'2017-08-30T12:05:00.000+03:00'
'ff75e9154b704c7e1d071459ed63a3a923cd2e3d'|'German consumer group plans more compensation cases against VW'|'August 30, 2017 / 1:10 PM / 11 minutes ago German consumer group plans more compensation cases against VW Reuters Staff 3 Min Read FILE PHOTO: A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer BERLIN (Reuters) - German consumer rights group myRight will appeal against an expected defeat on Thursday in its first case seeking compensation from Volkswagen ( VOWG_p.DE ) over its emissions scandal and plans to file more cases soon. Europe''s largest automaker has pledged billions to compensate U.S. owners of Volkswagen (VW) diesel-powered cars, but has so far rejected any compensation for the 8.5 million affected vehicles in Europe where different legal rules weaken the chances of affected customers winning a pay out. The regional court in Braunschweig is due to rule on Thursday on the first case brought by U.S. law firm Hausfeld on behalf of myRight. Hausfeld represents aggrieved VW owners and shareholders on both sides of the Atlantic. "We do not assume that the Braunschweig court will decide in favour of the consumer. In our view, that is completely inappropriate and also appealable," Hausfeld lawyer Christopher Rother said in a statement on Wednesday. MyRight and Hausfeld want the case to be escalated as quickly as possible to the European Court of Justice in their bid to force VW to buy back all affected vehicles at the original price. MyRight has accused VW of breaching European Union law by selling cars with software that was banned under EU rules. VW has said the software that cheated emissions tests does not violate European law but is in the process of removing it, insisting that will inflict no loss of value on car owners. MyRight said it planned to launch at least another 10 test cases on behalf of consumers after environmental group Deutsche Umwelthilfe brought cases in the 10 most polluted cities in Germany seeking to withdraw the licence of affected VW cars. MyRight founder Jan-Eike Andresen said those cases showed the emissions scandal was set to escalate despite an agreement brokered by the government earlier this month to overhaul engine software on 5.3 million diesel cars. "The government is trying to show before the election that it has everything under control, but the opposite is true," Andresen said. "It is now up to the courts because politicians have sat back and done nothing." In Germany, test cases aim to resolve generic or common issues for other related cases, but unlike in a U.S. class action, they do not have the legal effect of resolving all individual claims. Separately, myRight has gathered 25,000 VW owners for a class action lawsuit it plans to file by October. Reporting by Emma Thomasson; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-volkswagen-emissions-lawsuit-idUKKCN1BA1ML'|'2017-08-30T16:10:00.000+03:00'
'2fe7e86a57b8080886cf14e6e53003749729e25f'|'Linde, Praxair get second antitrust request from FTC'|'The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - Linde ( LING.DE ) and Praxair ( PX.N ) said late on Monday they were responding to a second request from the U.S. Federal Trade Commission regarding their planned $74 billion merger and were in a pre-notification phase with the European Commission.The German and U.S. industrial gases groups said in a U.S. regulatory filing they still expected the all-share merger of equals, which is subject to anti-trust review in approximately 24 jurisdictions, to close in the second half of 2018."This is a typical step in review of a transaction of this size, and was expected," Linde said of the second request from the FTC.The deal will create a global leader to overtake France''s Air Liquide ( AIRP.PA ) with a combined market value of $74 billion, revenue of $28.7 billion and 88,000 staff.The two companies said they had submitted notifications to anti-trust authorities in China, India and South Korea in mid-August, and planned to make formal filings in Brazil, Canada, Mexico and Russia in mid-September.A tender offer is running for Linde shareholders to exchange their shares for stock in the new combined company, and Praxair will hold a special meeting for its shareholders to vote on the deal on Sept. 27.The tender period for Linde shareholders ends on Oct. 24, and the offer must be accepted for 75 percent of stock for the deal to go through. The Praxair shareholder vote requires a simple majority.Linde shares were down 0.7 percent in early trading, broadly in line with the German blue-chip DAX .GDAXI .Reporting by Georgina Prodhan; Editing by Christoph Steitz and Maria Sheahan '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-linde-m-a-praxair-idINKCN1B90KJ'|'2017-08-29T04:58:00.000+03:00'
'638b07ffca61f677fb3b02a9f677596e30838b95'|'Murdoch pulls Fox News from Sky platform as UK mulls takeover deal'|'News Corp CEO Rupert Murdoch delivers remarks at an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. Jonathan Ernst LONDON (Reuters) - Rupert Murdoch has pulled his Fox News channel from the Sky platform in Britain, where the government is assessing a bid by the media mogul to buy the broader Sky pay-TV company for $15 billion.In a statement, Murdoch''s Twenty-First Century Fox said it had decided it was no longer in its commercial interest to provide Fox News in Britain, where only a few thousand viewers watch it.Critics of Murdoch and his company regularly cite the right-leaning Fox News channel as a reason why Murdoch should not be allowed to buy the 61 percent of Sky it does not already own.Fox agreed to buy full control of the European pay-TV group Sky in December, but the British government is still deciding whether to refer the deal for a full investigation which could add months to the approval process.The government has not found any problems with regard to Twenty-First Century Fox''s commitment to broadcasting standards, but it is examining whether the deal would give the company too much influence over the news agenda in the country."Fox News is focused on the U.S. market and designed for a U.S. audience and, accordingly, it averages only a few thousand viewers across the day in the UK", the company said."We have concluded that it is not in our commercial interest to continue providing Fox News in the UK."The Fox News channel was no longer available on the Sky platform from 1600 local time on Tuesday.Sky shares closed down 0.5 percent at 950.5 pence, while Fox''s were up 1 percent to $27.52 at 1700 GMT.Reporting by Kate Holton; Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sky-m-a-fox-idINKCN1B91YF'|'2017-08-29T13:59:00.000+03:00'
'b0921f063b88fada12ed2dc0e59c31c3e4d090f6'|'Peru''s Buenaventura seeks partner for arsenic copper project'|'August 29, 2017 / 4:22 PM / 25 minutes ago Peru''s Buenaventura seeks partner for arsenic copper project Reuters Staff 1 Min Read SANTIAGO, Aug 29 (Reuters) - Buenaventura, a leading Peruvian miner, will look for a partner to develop a plant that reduces the arsenic level in copper, the firm''s chief executive said on Tuesday. The company plans to locate the installation next to its existing Rio Seco manganese plant in the Peruvian province of Huaral, Buenaventura CEO Victor Gobitz said at a mining conference in Santiago, the Chilean capital. "We have the space, and we''re obtaining all the licenses and permits to have an arsenic copper plant in the future," he said in a presentation. "It''s a great technical and financial challenge," he added. "As part of the strategy of Buenaventura, we''re going to work formally to look for partners in the development of this project." Gobitz neither gave information on how long it could take to construct the plant nor its possible cost. Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by W Simon'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/buenaventura-arsenic-idUSL2N1LF11J'|'2017-08-29T19:18:00.000+03:00'
'9c4e36965eabb819b17ec6d861652f1ae6c408de'|'Bombardier out of running for $3.2 bln New York transit contract'|'August 29, 2017 / 7:23 PM / an hour ago Bombardier out of running for $3.2 billion New York transit contract Reuters Staff 2 Min Read FILE PHOTO - A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland on May 22, 2017. Denis Balibouse/File Photo MONTREAL (Reuters) - Canada''s Bombardier Inc ( BBDb.TO ) is out of the running for an estimated $3.2 billion New York City subway contract, in what the plane and train maker on Tuesday called a disappointment. Bombardier Transportation spokesman Eric Prud''Homme said the company''s proposal to supply more than 1,000 subway cars to the Metropolitan Transportation Authority (MTA) was "no longer under consideration," but declined to specify a reason because the contract had not yet been awarded. "We are extremely disappointed as we spent considerable time developing an innovative solution that included world-class subway cars, an attractive delivery schedule, a competitive price, and the creation of US jobs, many in New York State," he wrote by email. MTA spokesman Kevin Ortiz declined to comment on the subway contract. The Montreal-based company is in the middle of a turnaround plan to improve performance and profitability, including that of its German-headquartered rail division, which in July reported stronger second quarter margins and sales. Bombardier has faced recent challenges in its North American business, including accusations of delays by a Canadian client, the Toronto-area transit agency Metrolinx. In 2016, the company lost a $1.3 billion rail contract from another longstanding client, the Chicago Transit Authority, to China''s CRRC Corp Ltd ( 601766.SS ). Bombardier''s rail division is said to be in advanced talks to form joint ventures with rival rail giant Siemens ( SIEGn.DE ) of Germany, although a deal has not been finalized. Reporting By Allison Lampert; Editing by Tom Brown '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bombardier-new-york-idUSKCN1B92FB'|'2017-08-29T22:20:00.000+03:00'
'ca4cd657f0d0d1c8a2e1a24eebcaa593dddfd534'|'Delaware judge hands ex-Uber CEO a victory in lawsuit by Benchmark'|'Reuters TV United States August 30, 2017 / 8:18 PM / 3 minutes ago Delaware judge hands ex-Uber CEO a victory in lawsuit by Benchmark Tom Hals and Heather Somerville 1 Min Read FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. Shu Zhang/File Photo GEORGETOWN, Del./SAN FRANCISCO (Reuters) - A Delaware judge on Wednesday stayed a lawsuit brought by Uber Technologies Inc [UBER.UL] investor Benchmark Capital against ousted Chief Executive Officer Travis Kalanick, handing the embattled executive a victory. The judge, from a courtroom in Georgetown, Delaware, sent the case to arbitration, moving the legal battle out of the public eye. Judge Sam Glasscock stopped short of dismissing the lawsuit, however, as Kalanick had requested. Reporting by Tom Hals in Georgetown and Heather Somerville in San Francisco; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-benchmark-lawsuit-idUKKCN1BA2PE'|'2017-08-30T23:14:00.000+03:00'
'726067cc86a9458fad1fdb8e74d3a6ad578508ce'|'PRESS DIGEST- New York Times business news - Aug 28'|'August 28, 2017 / 4:56 AM / 6 minutes ago PRESS DIGEST- New York Times business news - Aug 28 Reuters Staff 2 Min Read Aug 28 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Uber Technologies Inc chose Dara Khosrowshahi, who leads online travel company Expedia Inc, to be its chief executive on Sunday, two people with knowledge of the decision said. The selection capped a contentious search process as the ride-hailing company seeks to move past a turbulent period. nyti.ms/2xF4JfD - CBS Corp, owner of the most-watched United States television network, agreed to buy Australian free-to-air broadcaster Ten Network Holdings Ltd, the broadcaster''s administrators said on Monday. nyti.ms/2wLhwRB - The formal agenda and corridor conversations at the annual conference hosted by the Federal Reserve Bank of Kansas City instead of arguing about the best ways to return to faster economic growth, focused mostly on making sure things don''t get worse. nyti.ms/2ghh46v - A Memphis movie theater''s announcement that it will discontinue its annual screening of "Gone With the Wind" over concerns that the film is insensitive has prompted a heated discussion online. nyti.ms/2xEYQ20 (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1LE223'|'2017-08-28T07:52:00.000+03:00'
'b40e36764782de658642c600cead01e9ce808bd5'|'Advisory Board to sell healthcare, education units in $2.58 billion deal'|'August 29, 2017 / 12:19 PM / in 6 hours Advisory Board to sell healthcare, education units in $2.58 billion deal Divya Grover 3 Min Read (Reuters) - Advisory Board Co said it would sell its healthcare business to UnitedHealth Group Inc''s Optum unit and education business to private equity firm Vista Equity Partners, for a total deal value of $2.58 billion. Shares of the company, which was targeted by activist fund Elliott Management, rose 6.2 percent to $52.95 in morning trading on Tuesday. The company, which provides research and software tools as well as consulting services to healthcare and education firms, said it would sell its education business for $1.55 billion and its healthcare business for $1.3 billion, including debt. The sale of the education business is expected to close by the end of this year or in early 2018, after which Advisory Board will merge its healthcare unit with Optum, the company said. Insurer UnitedHealth''s Optum business, which manages drug benefits and offers healthcare data analytics services, will also acquire Advisory Board''s equity interest in healthcare technology provider Evolent Health Inc. "It''s a smart, congruent and synergistic acquisition (for UnitedHealth)," Mizuho Securities analyst Sheryl Skolnick wrote in a note. The combined deal would give Advisory Board''s shareholders about $54.29 per share in cash, including a fixed amount of $52.65 per share and the after-tax value of its 7.6 percent stake in Evolent, at closing. Advisory Board said in February it would explore options, including a sale of part or the entire company, after activist fund Elliott Management said the company''s stock was "significantly undervalued". Elliott had a nearly 5 percent stake in the company as of June 30, according to Thomson Reuters data. On Tuesday, Advisory Board said Elliott agreed to vote in favor of the deals. "Given that the company went through a detailed - and fairly lengthy - sales process, we do not believe that other bidders will emerge for the asset," William Blair analyst Ryan Daniels said in a client note. Goldman Sachs & Co and Allen & Co were financial advisers to Advisory Board, while Skadden served as legal adviser. Evercore and Macquarie Capital were the financial advisers to Vista Equity Partners, while Kirkland & Ellis LLP was its legal adviser. Reporting by Divya Grover in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-advisory-bd-co-divestiture-idINKCN1B91DY'|'2017-08-29T10:19:00.000+03:00'
'a9eb8bbc402381932852473715006933f00972ae'|'Uber to end post-trip tracking of riders as part of privacy push'|'August 29, 2017 / 5:02 AM / an hour ago Uber to end post-trip tracking of riders as part of privacy push Dustin Volz 4 Min Read FILE PHOTO - An Uber sign is seen in a car in New York, U.S. June 30, 2015. Eduardo Munoz/File Photo PALO ALTO, Calif. (Reuters) - Uber Technologies Inc [UBER.UL] is pulling a heavily criticized feature from its app that allowed it to track riders for up to five minutes after a trip, its security chief told Reuters, as the ride-services company tries to fix its poor reputation for customer privacy. The change, which restores users'' ability to share location data only while using the app, is expected to be announced on Tuesday and rolled out to Apple Inc ( AAPL.O ) iPhone users starting this week. It comes as Uber tries to recover from a series of crises culminating in the ouster of Chief Executive Travis Kalanick and other top executives. Dara Khosrowshahi, the CEO of travel-booking company Expedia Inc ( EXPE.O ) is set to become Uber''s new chief executive, sources have told Reuters. The location-tracking update is unrelated to executive changes, said Joe Sullivan, Uber’s chief security officer, in an interview with Reuters. Sullivan and his team of about 500 have been working to beef up customer privacy at Uber since he joined in 2015. "We’ve been building through the turmoil and challenges because we already had our mandate," said Sullivan, who is a member of the executive leadership team that has been co-running Uber since Kalanick left in June. An update to the app made last November eliminated the option for users to limit data gathering to only when the app is in use, instead forcing them to choose between letting Uber always collect location data or never collect it. Uber said it needed permission to always gather data in order to track riders for five minutes after a trip was completed, which the company believed could help in ensuring customers'' physical safety. The option to never track required riders to manually enter pickup and drop-off addresses. But the changes were met with swift criticism by some users and privacy advocates who called them a breach of user trust by a company already under fire for how it collects and uses customers'' data. Uber said it never actually began post-trip tracking for iPhone users and suspended it for Android users. Sullivan said Uber made a mistake by asking for more information from users without making clear what value Uber would offer in return. If Uber decides that tracking a rider’s location for five minutes is valuable in the future, it will seek to explain what the value is and allow customers to opt in to the setting, he said. Sullivan said Uber was committed to privacy but had previously suffered "a lack of expertise" in the area. The change comes two weeks after Uber settled a U.S. Federal Trade Commission complaint that the company failed to protect the personal information of drivers and passengers and was deceptive about its efforts to prevent snooping by its employees. Uber agreed to conduct an audit every two years for the next 20 years to ensure compliance with FTC requirements. The location-tracking changes will initially only be available to iPhone users, but Uber intends to bring parity to Android devices, Sullivan said. The changes are part of a series of updates expected in the coming year to improve privacy, security and transparency at Uber, Sullivan said. Reporting by Dustin Volz; Editing by Jonathan Weber and Bill Rigby '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-privacy-idUKKCN1B90EN'|'2017-08-29T08:06:00.000+03:00'
'fd17987577fbae8a53a2524b282f33b37aec9432'|'Brazil sees 10 billion reais revenue from Eletrobras privatisation - official'|'A view of the headquarters of Brazil''s power company Eletrobras in downtown Rio de Janeiro August 20, 2014. Pilar Olivares/File Photo RIO DE JANEIRO (Reuters) - Brazil''s government expects 2018 revenue of up to 10 billion reais ($3.16 billion) from the privatisation process of power holding company Eletrobras ( ELET5.SA ), deputy energy minister Paulo Pedrosa said on Tuesday.Pedrosa told reporters on the sidelines of a seminar in Rio that the Eletrobras privatisation model was unlikely to be ready this week. He also said the government was ready to sell hydroelectric dams operated by Companhia Energética de Minas Gerais SA ( CMIG4.SA ) and that at least four groups were interested in the assets.Reporting by Marcelo Teixeira; Editing by Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/eletrobras-privatisation-cemig-idINKCN1B92T3'|'2017-08-30T01:45:00.000+03:00'
'0fbf05b3b622d9100a94d79a81b23c992cfbc2ff'|'Ryanair CEO says won''t make offer for Air Berlin assets'|'August 30, 2017 / 1:56 PM / 29 minutes ago Ryanair CEO says won''t make offer for Air Berlin assets Reuters Staff 2 Min Read FILE PHOTO: Ryanair CEO Michael O''Leary poses before a press conference in Berlin, Germany, August 30, 2017. Hannibal Hanschke BERLIN (Reuters) - Irish low-cost carrier Ryanair ( RYA.I ) will not make an offer for assets of insolvent German airline Air Berlin ( AB1.DE ), its Chief Executive Michael O''Leary said on Wednesday, citing what he said was an intransparent carve-up process. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses. O''Leary has complained that the insolvency process was designed to help strengthen German flagship carrier Lufthansa ( LHAG.DE ). "If there was a fair and open process we would get involved but we are not getting involved in this process because it''s a stitch-up," he told a news conference on Wednesday. He said Ryanair had asked German and European anti-trust authorities to investigate what he said was a "conspiracy" between Air Berlin, Lufthansa and the German government. "We believe (the insolvency) was triggered to put maximum pressure on politicians ahead of federal elections in September," he said. Reporting by Caroline Copley and Klaus Lauer; Writing by Maria Sheahan; Editing by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-ryanair-hldgs-idUKKCN1BA1RZ'|'2017-08-30T16:56:00.000+03:00'
'e622894ef982fb604d84bc2a0aaf275d4ca3ab6e'|'Exclusive: Russia''s Lukoil studying sale of Swiss trader Litasco - sources'|'FILE PHOTO: The logo of Russian oil company Lukoil is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Sergei Karpukhin/File Photo LONDON/MOSCOW (Reuters) - Russian oil major Lukoil is considering selling its Swiss unit Litasco because new U.S. sanctions on Russia will make it harder for the Geneva-based energy trader to raise new funds, industry sources said.Litasco could be sold towards the end of this year, possibly as a first step towards divestment of other overseas assets by Lukoil to enable Russia''s second largest oil producer to focus on tapping fields in Siberia, a senior industry source said."One of the reasons behind the sale idea is sanctions. The sale will also help divert a big chunk of working capital from trading activities towards upstream projects in Russia," the source told Reuters on condition of anonymity as he is not authorized to discuss the possible sale in public.Lukoil controls refineries in Romania, Bulgaria, Italy and the Netherlands. ItThe sources did not say how much Lukoil might raise by selling Litasco, one of the largest global energy traders. Most trading houses are not publicly listed and the book value of rivals range from $2 billion to $6 billion.The sale of Litasco would provide more evidence of how the latest U.S. sanctions have complicated lending to Russian companies -- state and private -- and even hit overseas entities only indirectly connected with Russia.Banking sources told Reuters last week that Italian bank Intesa Sanpaolo had encountered problems syndicating a loan to mining and commodities trading group Glencore and Qatar''s wealth fund to fund their purchase of a stake in the Russian oil major Rosneft because of the new U.S. sanctions.The sanctions, signed into law by President Donald Trump on Aug. 2, were Washington''s strongest action against Moscow since 2014, when it first took steps to punish Russia over its annexation of Crimea from Ukraine and Russian support for separatists in east Ukraine.Lukoil, which is a private company co-owned by its management without any ownership by the state, has been on the sanctions list since 2014 but it is not barred from selling assets.MAJOR TRADING HOUSE The new sanctions were in part a response to conclusions by U.S. intelligence agencies that Russia meddled in the 2016 U.S. presidential election. The sanctions dashed hopes of a rapprochement between Moscow and Washington.Set up in 2000, Litasco has been one of the most successful traders of Russian oil in the past decade. It focuses on selling Lukoil''s crude and products worldwide, serving its refineries in Europe and adding value through trading.Third-party contracts have increased substantially over the past few years as Litasco''s footprint expanded into the United States, Asia and Africa.Litasco traded 3.2 million barrels per day of oil and products in 2016, its chief executive told Reuters this year,putting it on a par with rival trading houses such as Mercuria and Gunvor and behind only the world''s top three trading houses -- Vitol, Glencore and Trafigura."Gradually, Litasco will become an independent trading house like Vitol or Trafigura," said a second industry source, confirming plans for the sale.But oil trading -- where a standard-sized cargo with crude costs over $50 million -- is a capital-intensive business which requires trading houses to have tens of billions of dollars of credit lines readily available from dozens of global banks.The sanctions have since 2014 complicated new capital-raising by Russian firms and the new U.S. measures have thrown lending patterns into disarray, with lawyers from big Western banks trying to establish what is still permitted under the latest restrictions. Olesya Astakhova,; Writing by Dmitry Zhdannikov, Editing by Timothy Heritage '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-russia-lukoil-litasco-idINKCN1BA1LN'|'2017-08-30T10:56:00.000+03:00'
'7bf32e24aedec3e3c8ea383308e483e9df567206'|'Ryanair says not hopeful over Air Berlin/Lufthansa antitrust complaint'|'An Air Berlin sign is seen at their headquarters in Berlin, Germany August 15, 2017. Axel Schmidt DUBLIN (Reuters) - Ryanair ( RYA.I ) is not hopeful that its complaint to competition authorities over plans by Lufthansa ( LHAG.DE ) to take over parts of insolvent rival Air Berlin ( AB1.DE ) will halt the deal, its chief commercial officer said on Tuesday.Ryanair has filed a complaint with German and European Union competition authorities over the insolvency process, which it describes as a "conspiracy" because it believes that Lufthansa will gain a bigger share of the German market."This would not be allowed in any other European country, we have of course made a complaint to the German cartel office and the European Commission. We shall see what happens but we are not entirely hopeful," David O''Brien told a news conference.Ryanair Chief Executive Michael O''Leary said last week that the Irish airline would also be interested in bidding for the whole of Air Berlin, but O''Brien said the Lufthansa bid would probably succeed.Reporting by Padraic Halpin, editing by Louise Heavens '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-m-a-ryanair-idINKCN1B90XX'|'2017-08-29T07:54:00.000+03:00'
'e06d075782e027c482152bff083b75371edbbbd5'|'GLOBAL MARKETS-Stocks tumble, yen gains after N.Korea fires missile over Japan'|'* U.S. stock futures dive as much as 0.85 pct* Europe share markets seen opening lower* Yen, Swiss franc and gold all gain* Market expects continuing ''chicken game'' on N.Korea - strategistBy Hideyuki SanoTOKYO, Aug 29 (Reuters) - U.S. stock futures and Asian share markets tumbled on Tuesday, while the yen jumped to four-month highs against the dollar after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang.S&P mini futures fell as much as 0.85 percent on the news before paring losses to trade 0.55 percent down. On Monday, the index was little changed as investors tried to assess the fallout from Tropical Storm Harvey.European shares are expected to fall, with spread-betters looking at a lower opening of 0.5 to 0.6 percent for Britain''s FTSE, France''s CAC and Germany''s DAX.Japan''s Nikkei was down 0.9 percent to a four-month low at one point, then pared losses to be 0.5 percent off.South Korea''s Kospi shed as much as 1.6 percent, helping to drag down MSCI''s broadest index of Asia-Pacific shares outside Japan 0.6 percent."All sectors are tumbling, which clearly shows that North Korea risks are the reasons behind it," said Cho Byung-hyun, a stock analyst at Yuanta Securities in Seoul.North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific about 1,180 kilometres (735 miles) off the northern region of Hokkaido, in a sharp escalation of tensions on the Korean peninsula.North Korea has conducted dozens of ballistic missile tests under young leader Kim Jong-Un, but firing projectiles over mainland Japan is his first."The missile flew across Japan this time, so the implications will likely be a bit different from previous ones," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.North Korea threatened earlier this month to fire missiles into the sea near the U.S. Pacific territory of Guam, a host to major U.S. military installations, after President Donald Trump warned Pyongyang would face "fire and fury" if it threatened the United States.The yen rose 0.8 percent to 108.33 to the dollar, its highest since April, despite Japan''s proximity to North Korea, and last stood at 108.79.The yen tends to benefit during times of geopolitical or financial stress as Japan is the world''s biggest creditor nation and there is an assumption that Japanese investors will repatriate funds should a crisis materialize.The safe-haven Swiss franc hit a one-month high of 0.9498 franc to the dollar and last traded at 0.9523 franc on the dollar, up 0.3 percent. The Swiss currency gained 0.4 percent versus the euro to 1.1396 per euro.The euro hit a its 2 1/2-year high of $1.1986 and last stood at $1.1970, maintaining its uptrend after European Central Bank chief Mario Draghi did not express concern about the currency''s recent rise in his speech at Jackson Hole.Gold also jumped 0.9 percent to $1,324 per ounce, hitting its highest level since Nov 9.Investors also rushed to the safety of U.S. Treasuries, pushing down the 10-year yield to a two-month low of 2.122 percent.On the other hand, the South Korean won retreated 0.8 percent against the dollar to 1,127 won."Financial markets think the only realistic option for the U.S. and North Korea will be to sit down and talk at some point because other options are too costly for everyone involved," said Masayoshi Kichikawa, chief strategist at Sumitomo Mitsui Asset Management."But no one cannot rule out the risk of accidents. Markets think the chicken game will continue for now and North Korea will remain a risk," he added.However, North Korea is not the only problem Trump is facing.Investors are looking at what will happen to his push for tax reforms. He is expected to begin a major effort this week to convince the public of the need for them.He would also need to work with the Congress to raise the debt ceiling and pass a budget by the end of next month, and investors expect acrimonious negotiations.On Monday, U.S. shares were narrowly mixed as investors tried to assess the damage from Harvey, the most powerful hurricane to strike Texas in more than 50 years.Crude oil prices bounced back a tad on the back of supply disruptions in Colombia and Libya, a day after U.S. crude futures dropped on worries that refinery shutdowns caused by to the flooding could boost inventory.U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4 percent, to $46.77 a barrel, after having falling to as low as $46.15 in the previous session.U.S. gasoline price, which surged as much as 7 percent to a two-year peak of $1.7799 per gallon on Monday, traded at $1.7381 in early Tuesday trade.Additional reporting by Dahee Kim in Seoul; Editing by Shri Navaratnam and Richard Borsuk '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets-idUSL4N1LE5WV'|'2017-08-29T08:52:00.000+03:00'
'eb89a2ca322b981cfedd3510ccb17a8f52c91408'|'UPDATE 1-New York regulator may fine Habib Bank up to $630 million'|'Mon Aug 28, 2017 / 10:14 PM EDT U.S. watchdog may fine Habib Bank, Pakistan''s biggest lender, up to $630 million Syed Raza Hassan FILE PHOTO: The Habib Bank Limited (HBL) logo is seen on the head office building in Karachi, Pakistan, April 18, 2016. Reuters/Akhtar Soomro/File Photo ISLAMABAD (Reuters) - The New York State Department of Financial Services (DFS) said it is seeking to fine Habib Bank Ltd, Pakistan''s biggest lender, up to $630 million for "grave" compliance failures relating to anti-money laundering rules and sanctions at its only U.S. branch. If imposed, the penalty on Habib Bank (HBL) ( HBL.KA ) would be the largest-ever faced by a Pakistani financial institution. Karachi-listed HBL plans to surrender the foreign bank license for its New York branch, according to the DFS, which intends to expand its review of the bank''s transactions. The DFS said in a filing that HBL''s compliance was "dangerously weak" and that "serious and persistent" failings found at its New York branch appeared to affect the entire Habib banking enterprise, posing "grave risks" to the banking system. Nausheen Ahmad, the bank''s company secretary, said in a statement on Monday that DFS did not recognize "the significant progress that HBL has made at its branch in New York" and that the bank would vigorously contest the proposed fine in U.S. courts. HBL said the closure of its New York operation would have no material impact on HBL''s business outside the United States. Pakistan''s central bank said the potential fine posed no imminent risks to HBL or the country''s banking system. ADVERTISEMENT The DFS said in a filing that its investigation had found that HBL held a U.S. clearing account with Saudi''s largest private bank Al Rajhi, which has been linked in the media and by the U.S. Senate to Al Qaeda and the financing of extremism. The regulator also found instances of so-called "wire-stripping", where a bank deliberately strips out information related to a payment, such as the originator or beneficiary, that may raise suspicions. In one such instance of wire-stripping, the payment concerned involved a Chinese weapons manufacturer that was subject to U.S. non-proliferation sanctions, the DFS said. The DFS also said HBL had not screened more than 4,000 transactions because the parties involved were on a "good-guy" list of customers identified by the bank as very low risk. However, more than 150 screening terms, such as names or entities, on the so-called good guy list directly corresponded to entities that had been sanctioned by the U.S. Treasury Department, it said. These included a transaction that involved the leader of a Pakistani militant group and an international arms dealer. The DFS said its probe also uncovered payments totaling more than $27,000 sent to an account at the bank''s head office associated with an individual wanted by the FBI for cyber crimes. SERIOUS DEFICIENCIES The DFS said HBL''s compliance issues dated back to 2006, when the bank agreed with regulators to address problems with the bank''s sanctions laws compliance program. Since then, HBL has struggled to comply with the agreement, the DFS said, noting a 2015 inspection identified "serious deficiencies" in the bank''s anti-money laundering controls. HBL, majority-owned by the Pakistani government, subsequently agreed to introduce a range of measures to guard against money laundering and sanctions violations, including improving management oversight, tightening customer due diligence and suspicious transaction monitoring. But a 2016 inspection revealed ongoing problems, including insufficient training, documentation, oversight, and a U.S.-dollar clearing account with Saudi Arabia''s Al Rajhi, which "presented Habib Bank with a significant risk of being used for terrorist financing," the DFS said. ADVERTISEMENT New York State imposed strict anti-money laundering regulations in 2015, and the DFS has since pursued several aggressive enforcement actions against foreign banks for anti-money laundering control lapses over the past two years. These include Agricultural Bank of China ( 601288.SS ), Mega International Commercial Bank of Taiwan and National Bank of Pakistan ( NBPK.KA ). In 2013, the DFS imposed a $2.4 billion fine on BNP Paribas for sanctions breaches. (Writing by Saad Sayeed; Additional reporting and writing by Michelle Price; Editing by Steve Orlofsky and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-pakistan-bank-idUSKCN1B827B'|'2017-08-29T00:06:00.000+03:00'
'e140b13ff2b1ee196b326d4b5d7d0e0605d948eb'|'Deals of the day- Mergers and acquisitions'|'Aug 28 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:** Indonesia''s Asia Pulp & Paper Co (APP) and its parent Sinar Mas Group denied they were planning to buy pulpmaker Eldorado Brasil Celulose SA, which is up for sale after its controlling shareholders got ensnared in Brazil''s worst corruption probe.** Fusion Telecommunications International Inc will buy the cloud and business services unit of Birch Communications in a deal that creates a combined company worth about $950 million, including debt, according to people familiar with the matter.** Creditor banks of Jaiprakash Power Ventures Ltd are seeking bidders to buy a stake of at least 30 percent in the Indian power producer, the majority of which they jointly own, a banker involved in the sale told Reuters.** China''s top-five state power producer China Guodian Group Corp will merge with coal giant Shenhua Group Corp Ltd, the Chinese government said, a deal that will create the world''s largest power utility.** PICC Group, parent of the China''s biggest non-life insurer, is in talks with potential targets in Southeast Asia, with deals likely executed before the end of the year, a top company executive said.** Miner Glencore Plc said it has kicked off a bid to sell its Rolleston thermal coal mine in Australia, together with its joint venture partners, Japanese trading houses Itochu Corp and Sumitomo Corp.** KBank, Thailand''s fourth-largest commercial bank, has taken a 9.99 percent stake in Bank Maspion Indonesia for $20 million to help strengthen its regional presence, the bank said.** CBS Corp, the United States'' most-watched television network, said it plans to buy its biggest customer in Australia, Ten Network Holdings Ltd, and launch its streaming service in the country.** A consortium led by Western Digital Corp is close to an agreement to buy Toshiba Corp''s $17.4 billion chip business, with the U.S. firm''s CEO in Tokyo to finalize the long and contentious talks, a person familiar with the matter said.** ExxonMobil said it has completed the acquisition of Jurong Aromatics, a refining and petrochemical plant in Singapore, that will meet fast-growing demand in Asia.** Brazil''s Raízen Combustíveis SA is close to buying parent Royal Dutch Shell Plc''s Argentina gas station network for more than $1 billion, two people familiar with the plan said on Friday. (Compiled by Akankshita Mukhopadhyay in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1LE3DT'|'2017-08-28T08:02:00.000+03:00'
'392e7302af4e0b743f6146f9403e7f421094c512'|'LVMH looking to turn historic Paris grounds into theme park'|'August 29, 2017 / 1:15 PM / 4 hours ago LVMH looking to turn historic Paris grounds into theme park Pascale Denis 2 Min Read Marc-Antoine Jamet, president of Jardin d''Acclimatation and secretary-general of LVMH, attends a news conference to present the plan for the Jardin d''Acclimatation in Paris to become one of France''s top three amusement parks, France, August 29, 2017. Gonzalo Fuentes PARIS (Reuters) - Luxury goods giant LVMH ( LVMH.PA ) is to lead a 60 million euros ($72 million) plan to turn the capital''s 157 year-old Jardin d''Acclimatation into one of France''s top three amusement parks. LVMH, which has managed the park since 1984, holds an 80 percent stake in a partnership with Compagnie des Alpes ( CDAF.PA ), a theme parks and ski resorts developer. Paris officials last year renewed LVMH''s concession for the 18-hectare Jardin d''Acclimatation in the west of the city, opening the way for a renovation of the garden and its attractions. The concession contract runs for 25 years. Work will begin on Sept. 4 and last until May 1, 2018 to build 17 new attractions, some of which will be themed around ''steampunk'', a science fiction subgenre that takes its inspiration from 19th-century industrial steam-powered machines. Compagnie des Alpes and LVMH, controlled by billionaire Bernard Arnault, want to raise annual visitor numbers to some 3 million by 2025 from 2 million at present, which would place it behind Disneyland Paris but ahead of Parc Asterix. "Our goal is for Jardin d''Acclimatation to rank second or third among theme parks in France," Delphine Pons, head of development at Compagnie des Alpes, told a news conference. In March, Arnault had also unveiled plans to renovate a disused public building near his Louis Vuitton Foundation which sits next to the Jardin d''Acclimatation in the Bois de Boulogne, near Paris'' chic 16th district. [nL5N1GL4YR] The Musee National des Arts et Traditions Populaires was built in 1972 but has been vacant since 2005, and Arnault aims to turn it into an arts and crafts center in a 158 million euros revamp by renowned architect Frank Gehry. Reporting by Pascale Denis; Writing by Dominique Vidalon; Editing by Sudip Kar-Gupta '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lvmh-park-idUKKCN1B91IT'|'2017-08-29T16:15:00.000+03:00'
'5974a1c40a2759a2cd3c3483ba5669c2418468af'|'COLUMN: Brave decision! Adani to start Australian coal mine on its own: Russell'|'FILE PHOTO: A reclaimer places coal in stockpiles at the coal port in Newcastle, Australia, June 6, 2012. Daniel Munoz/File Photo LAUNCESTON, Australia (Reuters) - Adani Enterprises'' decision to start building Australia''s biggest coal mine would appear at face value to be a straightforward announcement that a major project is finally getting underway.The Indian conglomerate said on Aug. 28 that it will start work in October on the Carmichael coal mine in Queensland state, initially using A$400 million ($317 million) of its own funds.There is no reason to doubt Adani intends to do exactly what it said it was planning to do by starting to build the $4 billion mine, with a goal to ship coal by 2020.But there are several reasons to be sceptical about the timing of the announcement, and perhaps about its motivations.It would be a brave board of company directors that approved spending hundreds of millions of dollars when there is still considerable uncertainty over the future of the overall project.The Carmichael is slated to cost $4 billion in just its initial phase, consisting of a 25 million tonne a year mine, and a near 400 km (240 mile) railway to an existing export harbour.This is scaled back from a $16 billion mine to produce 60 million tonnes of thermal coal a year, although Adani says it still aims to build Carmichael up to this capacity eventually.Even the current plan for 25 million tonnes a year would make Carmichael the biggest coal mine in top exporter Australia, as well as the largest coal-mining project underway globally.Adani still needs to secure financing for an amount under A$2 billion for Carmichael, and has appointed corporate finance firm Grant Samuels to advise it on getting loans, Reuters reported on Aug. 10, citing two sources with knowledge of the matter.Securing funding for the mine, however, is proving a challenge for Adani, because some banks are reluctant to be associated with a venture to produce the fuel most heavily blamed for contributing to global climate change.Deutsche Bank and Commonwealth Bank of Australia have already said they will not provide funding.It is virtually certain that any bank that does agree to provide money will face some form of protests from environmentalists, farmers and other groups that have mounted a sustained campaign against Adani''s mine.That may lead Australian and Western banks with strong consumer operations in Australia to reconsider funding Adani, reducing the pool of available lenders for the project.GOVERNMENT MONEY NEEDED Even if Adani does manage to secure the funds to allow the project to go ahead, it is also reliant on winning some A$900 million from Australia''s federal government to help build the railway line.The Carmichael project is among five that have been shortlisted for potential funding by the government''s rural development body, Reuters reported on July 14, citing a source with knowledge of the issue.Both the Liberal Party-led federal government of Prime Minister Malcolm Turnbull and the Labor Party-led Queensland state government have been supportive of the Carmichael mine, which would seem to indicate that there is a good chance the government loan will be forthcoming.But the point is that it hasn''t yet been granted, or at least no public announcement has been made.This means Adani is either massively confident it will get both private and government funding for Carmichael, or it is seeking to show how committed it is to the project by saying it will start without outside funding.Either way, it seems a bit of a gamble on Adani''s part, although the announcement that it will start building the mine could also be seen as a way of applying some subtle pressure on the government to pony up the cash.Even if Adani does secure government and bank financing, the project will still face hurdles, with environmentalists likely to step up their campaign if building work actually commences.In the past, green activists have used tactics such as chaining themselves to equipment to stop work they consider harmful to the environment, and filing numerous court actions to either halt or delay projects.Adani has said the Carmichael mine will create up to 10,000 direct and indirect jobs, and generate $22 billion in taxes and royalties in the first half of its planned life.Adani also states that the coal produced will be exported to India, mainly for use in its own power plants.This is a somewhat controversial statement, given the current Indian government aims to reduce coal imports to zero in coming years, and appears to be working towards that goal.India''s coal imports were 119.2 million tonnes for the first eight months of the year, according to vessel-tracking and port data compiled by Thomson Reuters Supply Chain and Commodity Forecasts.While this figure may change slightly as the final cargoes for August are assessed, the figure is still down some 13 percent from the 137.3 million tonnes imported in the January to August period last year.As things stand, Adani has committed to spend its own money on a mine that can''t be completed without yet-to-be finalised government and private loans, to supply coal to a country that has a policy of not wanting it.Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/column-russell-coal-adani-ent-idINKCN1B90DX'|'2017-08-29T02:48:00.000+03:00'
'8ee3d2341371d2bb42c2d3c44714eaf4aae81aa7'|'CBS Corp agrees to buy Australia''s Ten Network'|'August 28, 2017 / 12:28 AM / 10 minutes ago CBS Corp agrees to buy Australia''s Ten Network Reuters Staff 2 Min Read FILE PHOTO - The CBS "eye" and logo are seen outside the CBS Broadcast Center on West 57th St. in Manhattan, New York, U.S., April 29, 2016. Brendan McDermid/File Photo SYDNEY (Reuters) - CBS Corp ( CBS.N ), owner of the most-watched United States television network, agreed to buy Australian free-to-air broadcaster Ten Network Holdings Ltd ( TEN.AX ), the broadcaster''s administrators said on Monday. Australian broadcasters, and Ten in particular, have suffered large losses and are scrambling to cut costs as advertisers follow viewers, who have turned to streaming services, such as Netflix ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Amazon Prime. The youth-focused and struggling Ten was placed in administration in June, after creditors, including News Corp ( NWSA.O ) co-chairman Lachlan Murdoch, pulled a debt guarantee. "The decision to enter an exclusive transaction deed with CBS followed a rigorous sales process," PPB Advisory and KordaMentha said in a joint statement, without giving a sale price. CBS had been a creditor, since it licenced shows such as NCIS and CSI: Crime Scene Investigation to the network. FILE PHOTO - A news crew''s microphone from Network 10, Australia''s third-largest free-to-air television network, is pictured in a hotel ballroom after administrators held the first meeting for creditors of the media company in Sydney, Australia, June 26, 2017. Jason Reed "CBS recognises the significance of Ten in the Australian broadcasting community," said Armando Nunez, president and chief executive of CBS Studios International. "We are committed to the efficient, reliable and successful turnaround, operation and development of Ten." Ten''s administrators said the CBS purchase, which includes the company taking on its debts, will be put to creditors for approval, and also requires approval from Australia''s Foreign Investment Review Board. Last week, a Murdoch-led consortium also bid for the network, though its offer was dependent on an overhaul of Australian media ownership laws that prevent a single party from owning print, radio and television assets in the same market. No such conditions would apply to the CBS buyout. Reporting by Tom Westbrook in SYDNEY; Editing by Byron Kaye and Clarence Fernandez'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ten-network-m-a-cbs-corp-idUKKCN1B800R'|'2017-08-28T03:28:00.000+03:00'
'24b6a2788701537921995264dd7c23886bb3b8ad'|'Airline profits could feel squeeze from Tropical Storm Harvey'|'August 29, 2017 / 4:38 PM / 11 minutes ago Airline profits could feel squeeze from Tropical Storm Harvey Alana Wise 2 Min Read NEW YORK, Aug 29 (Reuters) - Tropical Storm Harvey has already caused thousands of flight cancellations around Houston and flooding could cripple regional aviation through the U.S. Labor Day holiday, taking a big bite out of airline profits during one of the busiest travel periods of the year. The storm has dumped several feet of rain in Houston and the surrounding areas, forcing the temporary closure of three airports. Airlines have canceled thousands of flights since the storm made landfall on Friday and normal operations will likely not resume until Wednesday or Thursday even under the best-case scenario. However, conditions might put off normal service much longer, through the close of the traditionally busy Labor Day travel period, which had been projected to be even busier this year. The exact financial impact was not yet known, but even minor storms can cost airlines millions of dollars. A late winter storm earlier this year forced Delta Air Lines to cancel thousands of flights, resulting in a $125 million negative impact. Since Sunday, airlines have canceled more than 5,000 flights into and out of Houston, including all scheduled flights through Wednesday, according to the website flighware.com that tracks flight delays and cancellations. Southwest Airlines, one of the region''s largest carriers, said it was possible that the storm could prohibit normal flight schedules at Houston Intercontinental and New Orleans International airports through Sept. 5. The seven-day Labor Day travel period stretches from Wednesday, Aug. 30 through Tuesday, Sept. 5. United Airlines, which has a major hub operation based in Houston, has canceled about 2,000 flights through Thursday. (Reporting by Alana Wise and David Shepardson; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-airlines-idUSL2N1LF13F'|'2017-08-29T19:38:00.000+03:00'
'f80a345ffb03093be6e67864886000b3f450ab9a'|'Airbus says hopes M&A talk will not distract United Tech from operational priorities'|'The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. Regis Duvignau PARIS (Reuters) - Airbus has urged United Technologies ( UTX.N ) to stay focused on fixing industrial problems that have delayed aircraft deliveries even if it presses ahead with reported plans to buy avionics supplier Rockwell Collins ( COL.N )The two U.S. aerospace suppliers have been discussing a tie-up for around a month and a person familiar with the matter said on Tuesday a deal could come as early as next week. [nL4N1LF594]"We will only comment on the implications of such a deal when it becomes real," an Airbus spokesman said. "Today, our total focus is on delivering planes and we hope that any potential M&A would not distract UTC from their top operational priority."Delays in receiving engines from UTC subsidiary Pratt & Whitney have disrupted deliveries of Airbus A320neo jets, drawing criticism from the European planemaker''s management.The unusual warning to UTC before any acquisition is completed is the first public sign that the possible deal to create a new parts giant may trigger questions from major planemakers.Reporting by Tim Hepher; Editing by Ingrid Melander '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-airbus-united-tech-idINKCN1BA206'|'2017-08-30T13:31:00.000+03:00'
'3042481cfc5212b698d95c3ee8b82fcaaf814433'|'Rapid rise in personal borrowing is cooling, says Bank of England - Money'|'The rapid growth in borrowing by consumers appears to be slowing amid a squeeze on households, despite remaining at levels unseen since the financial crisis.The annual rate of growth for consumer borrowing through credit cards, overdrafts and personal loans slowed to 9.8% in July, the lowest rate of expansion since April 2016, according to the Bank of England . The growth rate was a little weaker than in recent months, when the pace of expansion was above 10%.Spending by British consumers is growing at the weakest rate in almost three years , as households come under pressure to tighten their belts from higher prices fuelled by a drop in the value of the pound since the EU referendum. Wages rose by 2.1% in June, while inflation stood at 2.6% in July, leading to negative earnings growth.Credit card lenders ''targeting people struggling with debt'' Read moreThe figures come as research from Citizens Advice suggests credit card lenders may be targeting people struggling with unaffordable levels of debt , a practice that it said Britain’s financial watchdog should ban.Weaker levels of growth in consumer credit could relieve pressure on the Bank to raise interest rates to slow the rapid expansion in the supply of money. Sluggish GDP growth and inflation coming close to its peak could put off a rate rise until late 2018, or even early 2019.Howard Archer, chief economic adviser to the EY Item Club, said the figures would be a relief to the Bank. “While any interest rate hikes would be limited and gradual, even small increases could cause problems for many consumers given high borrowing levels,” he said.In cash terms, consumer credit increased by £1.2bn last month, below the estimate from a poll of City economists surveyed by Reuters and the smallest rise this year.Still, at the current pace of expansion, Britons are racking up debt at almost five times the growth rate of earnings. Total unsecured borrowing by consumers also remains at levels unseen since the financial crisis – at £201.5bn, the highest level since December 2008.Paul Hollingsworth, a UK economist at the consultancy Capital Economics , said: “Given that credit is still rising fairly strongly, it suggests that households are confident enough to borrow in order to maintain spending while real incomes are being squeezed.”The figures from Threadneedle Street also show lenders approved 68,689 mortgages last month compared with 65,318 in June, returning to levels seen earlier this year. The value of mortgage lending increased by £3.6bn, slowing from £4.1bn in June.Even so, mortgage approvals remain well below the average monthly levels seen in recent decades. Demand for new home loans could also be being stoked by record low rates on offer, encouraging borrowers to remortgage in order to lock in bargain deals. The effective rate on new individual mortgages was 1.95% in July, according to the Bank, the first time this measure has fallen below 2%.Archer said: “While July’s marked pick-up in mortgages may ease some concerns over tepid housing market activity, we have doubts that it marks the start of a significant upturn.”There could also be signs that businesses are about to invest more, as borrowing by firms stood at £8.9bn last month, its highest level since July 2014. However, this may jar with recent indicators of business confidence, while the most recent figures from the Office for National Statistics reveal firms’ investment in the UK economy showed no growth at all in the second quarter.Instead, the surge in corporate borrowing could reflect firms fearing higher interest rates and locking in low borrowing costs, according to Samuel Tombs, the chief UK economist at the consultancy Pantheon Macroeconomics. “The risk of a near-term rate hike, however, has receded, suggesting that corporate borrowing will fall back soon,” he said.Topics Borrowing & debt Credit cards Banks and building societies Bank of England Economics Financial sector news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/aug/30/personal-borrowing-bank-of-england-consumer-credit-cards'|'2017-08-30T14:19:00.000+03:00'
'22accbcf0681c8e43c462ee0daa51a62b9469d42'|'U.S Coast Guard monitoring stranded cruise ships -chief'|'HOUSTON, Aug 26 (Reuters) - The U.S. Coast Guard is monitoring two cruise ships that have been unable to dock due to tropical storm Harvey and is preparing alternative arrangements, one of its commanders said on Saturday in a press conference.Three cruise ships operated by Carnival Corp carrying about 20,000 passengers have been stranded in the U.S. Gulf of Mexico waiting to dock at Galveston port. Two of them were temporarily diverted to New Orleans on Friday and the third has stayed in Cozumel, Mexico, the firm said."We talk daily with the cruise ship operators as well as the city of Galveston and the Galveston Port Authority in order to try to identify opportunities to be able to get these cruise ships in," said Kevin Oditt, commander of the Coast Guard sector Houston-Galveston.The Coast Guard unit in Corpus Christi, Texas rescued 15 people from distressed vessels near Port Aransas earlier on Saturday. (Reporting by Marianna Parraga and Ruthy Munoz; editing by Gary McWilliams and Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-coast-guard-idUSL2N1LC0ML'|'2017-08-27T00:45:00.000+03:00'
'7e091b46a0c857ba02ad701d24c65ac158ea1ce3'|'Bunzl''s first-half adjusted pretax profit rises 18 percent'|' 24 AM / 21 minutes ago Bunzl''s first-half adjusted pretax profit up 18 percent Reuters Staff 2 Min Read (Reuters) - British business supplies distributor Bunzl Plc ( BNZL.L ) posted an 18 percent rise in first-half profit, as benefits from recent acquisitions continued to support its growth during the period. Adjusted pretax profit rose to 248.3 million pounds in the six months ended June 30, from 210.6 million pounds a year ago, said the company, which supplies products ranging from safety gear for builders and packaging materials for supermarkets. Group revenue rose 20 percent to 4.11 billion pounds, while organic revenue grew 3.7 percent. The company had in June estimated a 3 percent to 4 percent rise in first-half underlying revenue, helped by acquisitions as well as business wins in North America. As a supplier of low-value products such as carrier bags and toilet rolls to supermarkets, hospitals and hotels, Bunzl is more exposed to consumer spending than most of its support services peers that contract orders from large private firms and public budgets. However, while a slide in UK consumer confidence has squeezed retail sales there, most of Bunzl''s revenue comes from North America, where it expects to see an uplift from President Donald Trump''s plan for more local manufacturing. Buznl had said last year that it was still keen on purchasing smaller businesses in the UK as Britain had not become any less attractive since it voted to leave the EU. Reporting by Esha Vaish and Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier and Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bunzl-results-idUKKCN1B90IJ'|'2017-08-29T09:24:00.000+03:00'
'09f4e3448335eb67e4d71ed8383ba59c9ba2e125'|'EMERGING MARKETS-Chile peso touches 2-year high vs dollar as copper soars'|'August 29, 2017 / 5:07 PM / 8 minutes ago EMERGING MARKETS-Chile peso touches 2-year high vs dollar as copper soars Reuters Staff 4 Min Read By Bruno Federowski SAO PAULO, Aug 29 (Reuters) - The Chilean peso on Tuesday hit the strongest level in over two years as prices of copper soared, lifted by falling global inventories of the base metal, a key Chilean export. Benchmark copper futures touched levels last seen in September 2014, extending the previous week''s gains. Also helping underpin the copper rally was a depreciation of the dollar against a basket of major currencies after North Korea launched a missile that flew over northern Japan, fueling global risk aversion. A weaker greenback generally makes dollar-priced metals cheaper for non-U.S. investors, boosting demand. The Chilean peso strengthened 0.5 percent to 625 per dollar, leading gains among currencies in Latin America. "We may start to see technical corrections toward 640, but in general barring a copper collapse, the peso is heading for an under-650 closing for the year," 4Cast strategists wrote in a client note. The stronger peso fostered expectations of downward pressure on inflation, fueling bets that the central bank will further cut interest rates over the coming months. Other regional currencies seesawed as escalating geopolitical tensions kept investors at bay. The Mexican peso slipped about 0.2 percent, but traders refrained from pushing it even lower following its biggest loss since April on Monday. In Brazil, the real dipped while the benchmark Bovespa stock index was near flat. Shares of Centrais Elétricas Brasileiras SA were the biggest decliners as traders booked profits after a recent rally triggered by a plan to privatize the state-controlled power utility. Rising shares of power utility Cia Energética de Minas Gerais SA helped to offset that pressure as it took further steps to sell its stake in Light SA. Key Latin American stock indexes and currencies at 1720 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,081.44 -0.34 25.84 MSCI LatAm 2,866.67 -0.44 23.01 Brazil Bovespa 71,051.98 0.05 17.97 Mexico S&P/BVM IPC 51,226.60 -0.08 12.23 Chile IPSA 5,155.79 -0.3 24.19 Chile IGPA 25,734.57 -0.28 24.12 Argentina MerVal 23,432.35 -0.21 38.51 Colombia IGBC 10,906.58 0.11 7.69 Venezuela IBC 211,166.19 2.17 566.03 Currencies Latest Daily YTD pct pct change change Brazil real 3.1691 -0.23 2.53 Mexico peso 17.9045 -0.18 15.86 Chile peso 625.15 0.53 7.29 Colombia peso 2,945.23 0.04 1.91 Peru sol 3.242 -0.12 5.31 Argentina peso (interbank) 17.3400 -0.61 -8.45 Argentina peso (parallel) 18.26 0.27 -7.89 (Reporting by Bruno Federowski, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1LF17T'|'2017-08-29T20:06:00.000+03:00'
'7deae65ade281706a89a8871613ca84ba44e4c9d'|'Whole Foods slashes prices on some produce, also selling Amazon''s Echo'|'August 28, 2017 / 6:01 PM / 8 hours ago Whole Foods slashes prices on some produce, also selling Amazon''s Echo 5 Min Read Customers shop at a Whole Foods store in New York City, U.S., August 28, 2017. Brendan McDermid LOS ANGELES/CHICAGO (Reuters) - On its first day as part of Amazon.com ( AMZN.O ), organic grocery chain Whole Foods Market Inc ( WFM.O ) slashed prices on popular items like avocados and apples on Monday by a third as it bid to shake off its "Whole Paycheck" reputation for high prices. In another sign of changes to come, a display offering Amazon''s Echo and smaller Echo Dot hands-free smart speakers for $99.99 and $44.99, respectively, was nestled amid the colorful produce at the Whole Foods in downtown Los Angeles. Those gadgets sell for the same price on Amazon.com. The companies signaled last week that they would selectively cut Whole Foods prices starting on Monday, and promised more discounts in the future. Major supermarket chains and grocery sellers, including Kroger Co ( KR.N ), Sprouts Farmers Market Inc ( SFM.O ), Supervalu Inc ( SVU.N ), Costco Wholesale Corp ( COST.O ) and Wal-Mart Stores Inc ( WMT.N ), already were grappling with growing pricing pressure when Whole Foods and Amazon announced their $13.7 billion merger deal on June 16. And, shares in those food sellers have fallen on worries that Amazon could disrupt the grocery business in the same way it did with books and electronics. Signs posted in Whole Foods'' 450 U.S. stores trumpeted the changes. The price of organic Hass avocados was slashed by 33 percent to $1.99 each, down from $2.99, in the Whole Foods in downtown Los Angeles. Organic Fuji apples sell for $1.99 a pound, from $2.99 previously. Boneless rib eye prices dropped to $13.99 per pound from $16.99 in downtown Los Angeles, a reduction of nearly 18 percent, while the price for "responsibly farmed" Atlantic salmon filets fell to $9.99 per pound from $13.99, down almost 29 percent. Price cuts varied slightly from city to city. For example, a Whole Foods in Chicago''s West Loop reduced organic avocado prices by 20 percent, while Bloomberg reported that a Manhattan store chopped the price on organic Fuji apples by 43 percent. The downtown Los Angeles Whole Foods prices, in some cases, were lower than those at a nearby Ralphs grocery store owned by Kroger, which competes aggressively on price. Ralphs was selling conventional avocados for $1.99, versus $1.49 at Whole Foods. Conventionally grown bananas were also priced higher at Ralphs: 59 cents a pound, against 49 cents at Whole Foods. Tomatoes are pictured at a Whole Foods store in San Diego, California, U.S., August 28, 2017. Mike Blake Some analysts estimate that Whole Foods would have to cut prices by 10 to 15 percent overall to truly compete with other food sellers. Nevertheless, its surgical paring of prices on popular staples could force other retailers to follow. That would only add pressure on those retailers, who already were preparing for another step down in prices as German discounters Aldi and Lidl expand in the United States and intensify the price war historically led by Wal-Mart ( WMT.N ). Shazneen Gandhi, 41, in Los Angeles said the Amazon-Whole Foods merger is a frequent topic of conversation among her friends and fellow mothers. Slideshow (4 Images) "We''re really expecting great things," said Gandhi, who closely tracks grocery prices for her business selling prepared organic meals. Cynthia Von Weiss, 62, groused about the "ridiculous" high price for chicken salad as she shopped at the West Loop Whole Foods and said the store would have to aggressively compete with local grocers to win her loyalty. "We''ll see what happens ... If I could come in here and spend something comparable to Mariano''s or Jewel, or ideally Trader Joe''s, then they got a customer for life," she said. Mariano''s is owned by Kroger and Jewel is owned by Albertsons Cos. As part of Amazon''s putting its stamp on the grocer, Whole Foods stores displayed promotions for Amazon''s Echo speaker in tongue-in-cheek fashion, with signs reading "Farm Fresh" and "Pick of the Season." The Echo plays a critical role in Amazon''s burgeoning ambitions to popularize and dominate the market for voice-controlled computing. Echo speakers are equipped with Amazon''s voice-controlled assistant Alexa, which competes with Apple Inc''s ( AAPL.O ) Siri. Users can direct Alexa to set timers, play music, read recipes, order deliveries, and perform a host of other activities. Shares of Amazon were up 0.1 percent at $946.01 in afternoon trading. Sprouts was the hardest hit of the food sellers. Its shares tumbled 9.8 percent on Monday, compared with the 2.7 percent drop for Supervalu and the less than 1 percent decline for the remainder of the group. Reporting by Lisa Baertlein in Los Angeles; Additional reporting by Jeffrey Dastin in San Francisco; Editing by Bernadette Baum and Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-amazon-com-whole-foods-prices-idUKKCN1B81X1'|'2017-08-28T23:41:00.000+03:00'
'672edefa960918a912d15f57e1990452cf6c9020'|'U.S. buyout firm to buy CPA Global for 2.4 billion pounds - source'|'August 28, 2017 / 11:52 PM / 5 hours ago U.S. buyout firm to buy CPA Global for 2.4 billion pounds: source Parikshit Mishra 1 Min Read (Reuters) - U.S. buyout firm Leonard Green & Partner has agreed to buy intellectual property services provider CPA Global for 2.4 billion pounds ($3.10 billion) including debt, a source familiar with the matter said on Tuesday. An announcement on the transaction is expected on Tuesday, the source also added. The Financial Times earlier reported on the deal. ( on.ft.com/2wEGtO4 ) Reuters reported in July that CPA''s owner Cinven had decided to sell the business, hiring Goldman Sachs and JP Morgan as advisers and the business could fetch up to 2 billion pounds. Cinven acquired CPA Global in 2012 from Intermediate Capital Group and the founder shareholders for around 950 million pounds, backed with 555 million pounds of debt financing. Cinven declined to comment on the deal while Leonard Green & Partner and CPA Global and were not immediately available for comment outside regular business hours. Reporting by Parikshit Mishra in Bengaluru; Editing by Richard Chang and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-cpaglobal-m-a-leonard-green-idUKKCN1B82HR'|'2017-08-29T03:13:00.000+03:00'
'3c37080705638feeb8487aa8d58ec72ca7ba3a47'|'United Tech makes progress in Rockwell Collins talks: source'|'(Reuters) - United Technologies Corp ( UTX.N ), owner of jet-engine maker Pratt & Whitney, has made progress in its talks to acquire aircraft component manufacturer Rockwell Collins Inc ( COL.N ) as it seeks to bulk up its aerospace business, a person familiar with the matter said on Tuesday.The two companies are close to agreeing on an acquisition price and could announce a deal as early as next week, said the source, who asked not to be identified because the negotiations are confidential.The person did not comment on a possible price. The Wall Street Journal reported earlier on Tuesday that the companies were discussing a per-share price for Rockwell Collins of $140 or less.Rockwell shares were up 2 percent at $130.54 at midday on Tuesday, giving the company a market capitalization of around $21 billion. United Technologies shares were up 1.7 percent at $117.28.United Technologies, which also owns Otis Elevator and air-conditioner maker Carrier, declined to comment. Rockwell Collins did not immediately respond to requests for comment.United Technologies and Rockwell Collins have been trying to hammer out a deal for more than a month. Reuters reported on Aug. 4 that United Technologies had made an offer for Rockwell.A combination of the two large aerospace suppliers would meld Rockwell''s commercial and military aircraft avionics business with United Technologies'' broad portfolio that includes aircraft engines, structures, cockpit and cabin controls, ventilation systems and other electronic and mechanical devices used in aviation.United Technologies'' Pratt & Whitney engine unit has had production problems with its new Geared Turbofan engine, prompting delays of new Airbus ( AIR.PA ) A320neo aircraft. United Technologies also has noted weakness in demand for Otis elevators, particularly in China, which has weighed on results.In April, Rockwell acquired B/E Aerospace, a maker of aircraft seats, lavatories and galleys, a deal that broadened its product lines but drew questions from analysts and investors who saw little logic in combining the two businesses.Rockwell expanded its avionics business with a deal to provide aircraft data networking services, known as FOMAX, for all new Airbus A320 aircraft starting in 2018.A deal with United Technologies would open the way for Rockwell to capitalize on "connected aircraft" that can transmit sophisticated data about onboard systems, routes and weather, allowing airlines to improve operations and maintenance.It would also give Farmington, Connecticut-based United Technologies, which has a market capitalization of $94 billion, the option of separating aerospace from the company''s other industrial units.Reporting by Mike Stone in New York; Editing by Matthew Lewis '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-rockwell-collins-m-a-utc-idINKCN1B91X7'|'2017-08-29T13:44:00.000+03:00'
'2d9cbbb785ddff2081e178b8d54b110afda9da60'|'Greece offers latest effort to reform public sector, a key bailout demand'|' 09 PM / an hour ago Greece offers latest effort to reform public sector, a key bailout demand Reuters Staff 3   A Greek national flag flutters atop the Athens University, Greece, May 5, 2016. Alkis Konstantinidis/File Photo ATHENS (Reuters) - Greece''s government presented a three-year plan to overhaul the country''s public sector on Wednesday, the latest attempt to fix a problem that helped plunge the country into its worst crisis in decades seven years ago. Athens, which has signed up for three international bailouts since 2010, has promised its lenders to shrink and modernise its administration to cut costs, make it more efficient and end a legacy of patronage hiring. The leftist-led government says it aims to evaluate and educate state workers, distribute staff according to the sector''s needs and seek candidates with digital skills, create online databases and simplify regulation by 2019. "We are addicted to doubt, it''s a reflex, when political leaderships announce a public sector reform," said Administrative Reconstruction Minister Olga Gerovassili, promising that by 2020 the Greek state sector will be independent and de-politicised. Despite repeated reforms, the public sector continues to underperform. Corruption is still a problem, red tape blocks reforms and the use of electronic data systems remains limited. Overhauling it has been a tough task mainly because of political and union resistance. State workers are protected from firing by the constitution, a right established more than a century ago, and such layoffs can be challenged in Greek courts. Before the financial crisis, the public sector was a safe haven for many Greeks and for decades the political elite used the system to secure votes, often just before elections. Over the years, it grew uncontrollably, and in 2010, when Greece signed up to its first bailout, the government had to conduct a census to find out it was employing almost a fifth of the country''s workforce, then about 4 million people. The wider public sector has shrunk by about 18 percent since then, according to government data, mainly due to early retirements and a cap on hirings. In 2016, it employed 565,671 people, according to government data. But opposition parties say the government, which came to power for the first time in 2015, has brought little change and continues political hirings. It denies the allegations, saying that decades of socialist and conservative rule are behind the sector''s woes. Reporting by Renee Maltezou, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-greece-state-idUKKCN1BA29Z'|'2017-08-30T20:09:00.000+03:00'
'a28cccb201c1b58cc1ae835af7092e04baf7545c'|'Spectris divests U.S. barcoding business to Omron for $157 million'|'August 30, 2017 / 6:40 AM / 2 hours ago UK''s Spectris divests U.S. barcoding business to Omron for $157 million Reuters Staff 1 Min Read FILE PHOTO: Japan''s Omron Corp. demonstrates a table tennis playing robot at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2014 in Chiba, east of Tokyo, October 7, 2014. Issei Kato (Reuters) - Spectris Plc ( SXS.L ) sold its U.S.-based barcoding business to Omron Corp ( 6645.T ) for $157 million in cash, the measuring instruments maker said on Wednesday. The company said the sale of industrial code reader Microscan Systems is likely to close in early fourth-quarter and is expected to raise 2017 adjusted earnings per share by about 2 pence. Omron, a Japan-based producer of factory automation equipment, said it planned to acquire the U.S. peer from Spectris as it seeks to use the Internet of Things (IoT)to connect virtually all components and machines. Through the acquisition, Omron said it expects to acquire a diversity of code readers incorporating Microscan''s 2D code reading technology, and integrate them with Omron''s automation technology. Reporting by Justin George Varghese in Bengaluru; Editing by Sunil Nair '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-spectris-divestiture-idUKKCN1BA0LX'|'2017-08-30T09:36:00.000+03:00'
'2e7c12f4117dfa2429bdb153fe9303f1bdf12a4a'|'Google, Apple face off over augmented reality technology'|'August 30, 2017 / 12:04 AM / 12 hours ago Google, Apple face off over augmented reality technology Stephen Nellis 4 Min Read A 3D printed Android mascot Bugdroid is seen in front of a Google logo in this illustration taken July 9, 2017. Dado Ruvic/Illustration SAN FRANCISCO (Reuters) - Alphabet Inc''s ( GOOGL.O ) Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple Inc''s ( AAPL.O ) iPhone over next-generation smartphone features. Phone-based augmented reality (AR), in which digital objects are superimposed onto the real world on screen, got a huge boost from the popularity of the Pokémon Go game. The game, launched in the United States in July last year, sent players into city streets, offices, parks and restaurants to search for colorful animated characters. Analysts expected the game to make $3 billion for Apple over two years as gamers buy "PokéCoins" from its app store. Google''s take on the technology will first be available on the Samsung Galaxy S8 and Google''s own Pixel phone. The company said in a blog post that it hoped to make the system, called ARCore, available to at least 100 million users, but did not set a date for a broad release. Apple in June announced a similar system called ARKit that it plans to release this fall on "hundreds of millions" of devices. Google and Apple will jockey for the attention of customers and software developers who will build the games, walking guides and other applications that would make AR a compelling feature. Many tech industry leaders envision a future in which eyeglasses, car windshields and other surfaces can overlay digital information on the real world. Google and Microsoft Corp ( MSFT.O ) have already experimented with AR glasses. "AR is big and profound," Apple Chief Executive Tim Cook told investors earlier in August. "And this is one of those huge things that we''ll look back at and marvel on the start of it." Apple and Google have had to make compromises to bring the technology to market. In Apple''s case, the Cupertino, California-based company decided to make its AR system work with devices capable of running iOS 11, its next-generation operating system due out this fall. This means it will work on phones going back to the iPhone 6s, which have a single camera at the back and standard motion sensors, rather than a dual camera system found on newer models such as the iPhone 7 Plus or special depth-sensing chips in competing phones. That limits the range of images that can be displayed. Google initially aimed to solve this problem with an AR system called Tango that uses a special depth-sensor, but only two phone makers so far support it. With ARCore, Google changed course to work on phones without depth sensors. But the fragmentation of the Android ecosystem presents challenges. To spread its AR system beyond the Galaxy S8 and Pixel phone, Google will have to figure out how account for the wide variety of Android phone cameras or require phone makers to use specific parts. Apple, however, is able to make its system work well because it knows exactly which hardware and software are on the iPhone and calibrates them tightly. Michael Valdsgaard, a developer with the furniture chain IKEA, called the system "rock solid," noting that it could estimate the size of virtual furniture placed in a room with 98 percent accuracy, despite lacking special sensors. "This is a classic example of where Apple''s ownership of the whole widget including both hardware and software is a huge advantage over device vendors dependent on Android and the broader value chain of component vendors," said Jan Dawson, founder and chief analyst of Jackdaw Research. Reporting by Stephen Nellis; Editing by Jonathan Weber and Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-google-apple-idUSKCN1BA001'|'2017-08-30T03:03:00.000+03:00'
'416f809f3a50cdf8d5c304617e3d3ae315fdc272'|'Lebanon embarks on long-delayed reforms but debt problems mount'|'August 30, 2017 / 6:05 AM / 3 hours ago Lebanon embarks on long-delayed reforms but debt problems mount 5 Min Read People shop at a supermarket in Beirut, Lebanon August 28, 2017. Mohamed Azakir BEIRUT (Reuters) - Lebanon has begun reforms to repair its fragile economy after years of paralysis in decision-making but is under pressure to do more to prevent its rising debt spinning out of control. President Michel Aoun, elected last year after 29 months without a head of state, signed off last week on public sector pay rises and tax increases to cover their cost -- part of a series of government moves that have prompted Moody''s rating agency to lift its outlook for Lebanon to stable from negative. But finance ministry estimates indicate the measures will have little impact on the fiscal balance or debt burden, the world''s third highest in terms of debt-to-GDP ratio and the main reason why Moody''s has also downgraded its credit rating. Economists are calling for other reforms to boost revenue and stop the debt rising, including passing a budget, reforming the heavily subsidized electricity sector, raising fuel tax and tax collection and improving the investment environment. "They''ve gotten government working again, they''ve gotten institutions moving again. The hope is they start tackling those major issues with the same seriousness and effectiveness," said Wissam Harake, a World Bank economist based in Beirut. Until Aoun was elected on Oct. 31 last year, Lebanon had gone nearly two-and-a-half years without a president because parliament was unable to agree on a candidate. Since then, Prime Minister Saad Hariri''s government has taken steps to improve stability and boost the economy by agreeing legislation intended to kick-start the development of its oil and gas industry and passing an electoral law paving the way to a parliamentary election next year. "The stable outlook reflects the return to a fully-functioning government, which will support reform momentum going forward," Moody''s said. LITTLE TO SPEND ON INFRASTRUCTURE Economic growth has been battered by six years of war in neighboring Syria and political divisions, slowing to just over 1 percent a year from an average of 8 percent before the Syrian war, officials have said. Lebanon''s debt has also risen strongly since Syria''s civil war began in 2011. Moody''s says the debt-to-Gross Domestic Product ratio, which indicates a country''s ability to pay back its debt, will reach almost 140 percent in 2018. "Recent fiscal reforms are very unlikely to reduce the deficit in 2017 and 2018 ... further action will be needed to reverse the rising debt trajectory," Moody''s said on Saturday, changing its rating to B3 from B2. Value-Added Tax (VAT) Building in Beirut, Lebanon August 28, 2017. Mohamed Azakir With revenues and growth low, the country relies on deposits made into local banks by millions of expatriate Lebanese. The banks buy government debt which finances the expanding budget deficit and debt. But deposits are sensitive to political risk and economists say the government needs to generate higher revenues and boost growth to put the economy on a firmer footing. Debt interest payments in 2016 accounted for about 48 percent of Lebanon''s domestic revenues, up from 38 percent in 2014, said Harake, the World Bank economist. With large sums spent on subsidizing the antiquated electricity sector, Lebanon has little revenue left to upgrade water, telecoms, roads and other crumbling infrastructure needed to encourage tax-generating industry and growth. Slideshow (2 Images) CENTRAL BANK''S ROLE The International Monetary Fund wants the government to raise taxes, particularly on fuel, and strengthen tax compliance to stem debt growth but Lebanon''s business community says the proposed increases would undermine growth. Garbis Iradian, chief Middle East and North Africa economist for the Institute of International Finance, a global association of financial institutions, said the increases might result in some short-term inflationary pressure but were needed. "Lebanon is undertaxed," he said, comparing it to countries such as Turkey, Morocco and Jordan. Lebanon''s central bank quietly steered policy in the absence of political leadership, using stimulus packages and costly financial engineering to keep foreign reserves stable and growth ticking over. Central bank Governor Riad Salameh has said he will stabilize the economy for "as long as it takes" for the government to become more effective, pass a budget and tackle the structural deficit. Financial sources say confidence in Salameh is high, but economists and bankers have said the central bank cannot carry the burden indefinitely. "Without the government coming in with structural reform then monetary policy or central bank activity by itself cannot solve long-term structural issues," Harake said. Editing by Timothy Heritage '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-lebanon-economy-analysis-idUKKCN1BA0IN'|'2017-08-30T09:03:00.000+03:00'
'f66a1ecbcdd16bc6adbc1fc3f5cd8a5cb841122b'|'METALS-Copper touches near 3-year high as inventories and dollar slip'|'August 29, 2017 / 10:21 AM / 28 minutes ago METALS-Copper touches near 3-year high as inventories and dollar slip Reuters Staff * LME/ShFE arb: tmsnrt.rs/2oQ5nm20 (Adds closing prices, update on Grasberg mine) By Zandi Shabalala JOHANNESBURG, Aug 29 (Reuters) - Copper rallied to its highest in three years on Tuesday as inventories in London and Shanghai fell and the dollar sank after North Korea raised geopolitical tensions by launching a missile that flew over northern Japan. Benchmark copper jumped 1.9 percent to close at $6,791.50 tonne. It earlier touched $6,843.50, a level last seen in September 2014. "The main input to copper is the continued weakness of the dollar which has been particularly aggressive today," said Ole Hansen, a commodities analyst at Saxo Bank, adding that falling stocks had provided underlying support over the last week. A weaker greenback generally makes dollar-priced metals cheaper for non-U.S. investors, boosting demand. NORTH KOREA: North Korea sharply escalated geopolitical tensions with the missile launch that drew a sharp reaction from Japanese Prime Minister Shinzo Abe. LME STOCKS: Inventories in warehouses registered by both the London and Shanghai exchanges showed declines. On-warrant stocks - those not earmarked for removal - in London Metal Exchange (LME) shed 775 tonnes to 112,175 after fresh cancellations. SHANGHAI STOCKS: Weekly copper stocks in warehouses registered by the Shanghai Futures Exchange declined by 8.2 percent to 187,444 tonnes CU-STX-SGH. STOCKS: Risky assets such as stocks fell while safe-haven gold jumped over 1 percent as tensions between Washington and Pyongyang grew. NICKEL: Three-month nickel on the London Metal Exchange ended up 2 percent at $11,710. At one point the contract rose to $11,885, the highest since Nov. 28, 2016. The metal largely used to make stainless steel is up 18 percent this year in London mainly on the back of supply disruptions and higher steel prices. "Nickel has supply issues that are still playing out and that''s helping, particularly when we see steel prices going up too," said a commodities trader in Sydney. GRASBERG: Indonesia on Tuesday agreed to let Freeport-McMoRan Inc keep operating its giant Grasberg copper mine, after the U.S. company said it would cede control of its Indonesian unit, ending years of wrangling. TRUMP DECLINES CHINA PROPOSAL: U.S. President Donald Trump last month rejected a Chinese proposal to cut steel overcapacity, despite the endorsement of some of his top advisers, the Financial Times said, citing people familiar with the matter. PRICES: Aluminium ended with gains of 1.2 percent to $2,095, lead ended 2.3 percent higher at $2,378, tin inched up 0.1 percent to $20,350, while zinc was 1.5 percent higher at $3,110. Additional reporting by James Regan in Sydney; Editing by Adrian Croft and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1LF38E'|'2017-08-29T19:19:00.000+03:00'
'fa1b353d4ae24eb4dd2a1dfb25bdea828d4bccc5'|'Flooding knocks out U.S. refineries, crude hit by supply disruptions'|'FILE PHOTO: Clouds from Hurricane Harvey are seen in the background as smoke rises from a burn off at an oil refinery in Corpus Christi, Texas, U.S. August 26, 2017. Adrees Latif/File Photo New York (Reuters) - Crude prices slipped more than 1.5 percent lower on Tuesday as the market grappled with the shutdown of more than 16 percent of refining capacity in the United States after a hurricane ripped through the heart of the country''s oil industry.U.S. gasoline futures RBc1 were up about 4.8 cents by 12:21 p.m. (1621 GMT) That was well off the two-year high of $1.7799 per gallon hit the previous day on news of the refinery closures.Worries about U.S. refining knocked crude prices lower despite disruptions in oil production elsewhere in the world.U.S. West Texas Intermediate (WTI) crude CLc1 edged down 62 cents or 1.3 percent to $45.95 a barrel at 12:34 p.m. EDT (1634 GMT). International Brent crude futures LCOc1 were down 20 cents or 0.4 percent to $51.69 a barrel.The discount for U.S. WTI versus Brent rose to almost $6 a barrel, its widest in more than two years. CL-LCO1=RMotiva Enterprises [RIC:RIC:MOTIV.UL] was cutting production at the largest U.S. refinery due to flooding within the Port Arthur, Texas, sources said. Motiva has still not decided whether to shut down the refinery completely.Sources told Reuters ExxonMobil was shutting its Beaumont, Texas refinery.At least 3 million bpd of refining capacity is offline, or more than 16 percent of total U.S. capacity, based on company reports and Reuters estimates. The Gulf is home to nearly half of U.S. refining capacity."That’s a reason why we’re seeing lower oil prices as a whole," said Mark Watkins, regional investment manager at U.S. Bank, on the refinery damages, "We’re going to see a build up in crude inventories."A damaged oil tank near Seadrift. Rick Wilking The damage assessment could lead to more volatility. Some refineries were preparing for restarts, but heavy rains were expected to last through Wednesday, adding to catastrophic flooding in Houston.The storm has set a rainfall record for tropical cyclones in Texas, the National Weather Service said.Refineries in Europe and Asia were gearing up to replace the lost oil products, while the International Energy Agency said it could release emergency oil stocks in the event of extended outages.Tropical Storm Harvey, which has been downgraded from a hurricane, hit oil refiners harder than crude producers.Barclays bank said in a note that the storm''s impact would "linger for several more weeks".Crude markets were also eyeing disruptions in Libya and Colombia.In Libya, militia pipeline blockades closed three oilfields and forced state-run National Oil Corp to declare force majeure at several sites.In Colombia, a bomb attack by the leftist ELN rebel group halted pumping operations along the country''s second-largest oil pipeline.Yet crude remains in ample supply. Jefferies bank said it was lowering its fourth-quarter Brent oil price estimates to $55 a barrel from $60 and its 2018 forecast to $57 from $64.Additional reporting by Libby George in London, Henning Gloystein in Singapore; Editing by Dale Hudson and David Gregorio '|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-global-oil-idUSKCN1B903Z'|'2017-08-29T09:12:00.000+03:00'
'f38b4bb0c394d0f01c4f34c50048c23b5f38666d'|'UPDATE 1-Abbott releases new round of cyber updates for St. Jude pacemakers'|'The ticker and trading information for St. Jude Medical is displayed where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 28, 2016. Brendan McDermid/File Photo NEW YORK (Reuters) - Abbott Laboratories said on Tuesday it would issue updates to reduce the risk of its St. Jude heart implants being hacked and to warn patients that the devices'' batteries may run down earlier than expected.It was the second round of updates for the heart implants that Abbott has announced since buying medical device maker St. Jude Medical earlier this year.The U.S. government launched a probe last year of claims the devices were vulnerable to potentially life-threatening hacks that could cause implanted devices to pace at potentially dangerous rates or cause them to fail by draining their batteries.The company also identified a separate problem with lithium batteries in its heart devices last year. St. Jude recalled some of its 400,000 implanted heart devices last October due to risk of premature battery depletion, which was linked to two deaths in Europe.The U.S. Food and Drug Administration said then that hospitals should return unused devices and warned patients with an already implanted device to seek immediate medical attention if they get a low-battery alert."Abbott is resolving all old St. Jude Medical issues," Abbott spokeswoman Candace Steele Flippin said.The new update will provide doctors with an earlier warning when the batteries in Abbott''s implantable cardioverter defibrillators are at risk of early depletion.Abbott said it would also update the software embedded in pacemakers to reduce the risk of hacking. The company said there have been no reports of unauthorized access to any patient''s implanted device and that compromising the security of the devices would require a complex set of circumstances.The FDA said it approved the update to ensure that it addresses the cyber security vulnerabilities, and reduces the risk of patient harm.The FDA and the Department of Homeland Security confirmed in January that St. Jude devices were vulnerable to hacking. But they said they knew of no cyber attacks on patients with the company''s cardiac implants.The FDA said the benefits of continuing treatment outweighed cyber risks, and DHS said only an attacker "with high skill" could exploit the vulnerability.They launched the probe in August after short-selling firm Muddy Waters and cyber security firm MedSec Holdings said the devices were riddled with security flaws that made them vulnerable to potentially life-threatening hacks.When Muddy Waters went public with the claims, it also disclosed it was shorting shares of St. Jude Medical, which was preparing to sell itself to Abbott. The short-selling firm said it believed that disclosure of the vulnerabilities could cause the $25 billion deal to fall apart, but Abbot completed the deal in January.Reporting by Michael Erman; Editing by Dan Grebler and Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-abbott-cyber-idUSKCN1B921V'|'2017-08-29T19:22:00.000+03:00'
'a2b9c5e4a94c6061ae4bafa89ae35acf8e39bc13'|'Angola to issue $2 bln Eurobond - finance ministry'|'LUANDA, Aug 28 (Reuters) - Angola is in talks with banks to issue $2 billion worth of Eurobonds, its Finance Ministry said on Monday, as Africa''s second largest crude producer looks to raise money in the midst of an economic crisis caused by a fall in the price of oil.The Finance Ministry said in a statement the purpose of the Eurobond issuance was to help lengthen the maturities of Angola''s debt and provide a reference point for national borrowers looking to access international markets.No bank has yet been selected to lead the debt issuance, it said, denying media reports that Russian bank VTB Bank PJSC had already been chosen."This process has several strategic objectives, namely the extension of the debt profile and the creation of a reference price for national agents," the finance ministry said.The debt issuance was approved Aug. 4 by presidential decree. Angola first issued a Eurobond in October 2015.After years of rapid oil-fueled growth, averaging 7.2 percent between 2003 and 2015, Angola’s economy shrunk 3.6 percent last year, according to government data published in April but later removed from its website.Following elections last week, a new president will take office in September, replacing Jose Eduardo dos Santos who ruled Angola for 38 years. Provisional results released on Friday gave a resounding victory to the ruling MPLA party and its presidential candidate, João Lourenço.Lourenço has promised to revive the country''s economy by diversifying away from oil and attracting more foreign investment. He has not ruled out negotiating a deal with the World Bank or the International Monetary Fund. (Reporting by Stephen Eisenhammer; Editing by James Macharia) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/angola-eurobonds-idINL8N1LE3V1'|'2017-08-28T13:37:00.000+03:00'
'178894272c59cf9cbdab07b126b4329a79869226'|'Texas flood damage from Harvey may match Katrina-insurance group'|'WASHINGTON, Aug 27 (Reuters) - Flood damage in Texas from Hurricane Harvey may equal that from 2005''s Hurricane Katrina, the costliest natural disaster in U.S. history, said an insurance research group on Sunday.As heavy rain pounded Houston and Texas''s coastal counties, the Insurance Information Institute said it was still too soon to make precise estimates of the damage to homes and businesses."It could be a flood loss like Katrina because of the amount of water that''s coming in ... not as much wind as it will be water," said institute spokeswoman Loretta Worters.Hurricane Katrina resulted in more than $15 billion in flood insurance losses in Louisiana and Mississippi that were paid by the National Flood Insurance Program (NFIP), a federal program that is the only source of flood insurance for most Americans.The NFIP is already deeply in debt and likely will have to be bailed out again by U.S. taxpayers, as it was after Katrina, to cover the bill for flood damage claims from Harvey.Having dumped more than two feet (60 cm) of water on Houston already, Harvey, which hit the Texas coast as a Category 4 hurricane but is now a tropical storm, was expected to hover over Southeast Texas for several days and drop more than two more feet (60 cm) of water.When hurricanes hit, many U.S. homeowners suffer because they have no property insurance. Others who do have it often discover they are not covered for flooding. Wind damage from hurricanes is covered by property insurers; flood damage is not.For that, property owners must turn to the NFIP, which backs flood policies sold and serviced by private insurers, including Allstate, Assurant and others.The NFIP is managed by the U.S. Federal Emergency Management Agency. Policies are sold to property owners by dozens of private insurers, with premiums going to FEMA.A national poll by the Insurance Information Institute in 2016 showed only 12 percent of people in flood-prone coastal areas had flood insurance, down from 14 percent in 2015.The NFIP was created in 1968 after private insurers stopped selling flood coverage. Critics have said the program provides a misguided tax subsidy to coastal and river valley property owners, encouraging development in flood-prone, often environmentally sensitive areas such as wetlands.Congressional reform efforts, supported by a coalition of environmental activists and free-market advocates, have largely been thwarted by waterfront real estate interests.The NFIP owes $24.6 billion to the U.S. Treasury. Many lawmakers are skeptical that debt will ever be repaid. (Reporting by Kevin Drawbaugh; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-insurance-idINL2N1LD0LF'|'2017-08-27T18:58:00.000+03:00'
'0d8db06719d1042520d577491ca925d41773476c'|'Harvey hits U.S. fuel supplies to Latin America'|'NEW YORK (Reuters) - Tropical Storm Harvey could cause fuel shortages in Latin America after it shut in around 1 million barrels per day of U.S. gasoline and diesel exports typically destined for countries such as Mexico.Harvey barreled into Texas on Friday as the strongest hurricane to hit the state at the heart of the U.S. oil and gas industry in over 50 years.The United States is the world''s largest net fuel exporter, and most of those shipments sail from ports in Texas and Louisiana. Harvey shut down the ports of Corpus Christi and Houston in Texas, and both are major fuel export ports."Any hiccup in U.S. refined product exports is highly disruptive to the supply chain given the dependency of nations like Mexico and other Latin American countries on the U.S.," said Michael Tran, director of global energy strategy at RBC Capital Markets."The reliance on U.S. products is particularly key this year given that many refineries in Central and South America are running at abysmal levels."Latin American countries such as Mexico and Venezuela have become increasingly reliant on imports because they have failed to invest in expanding refineries to keep up with rising demand.The U.S. exported 2.49 million barrels per day (bpd) of refined products and 100,000 bpd of crude to Latin America in the first quarter, according to the Energy Information Administration. Over 950,000 bpd ended up in Mexico - the biggest overseas market for American-made fuel.Mexico depends on U.S. fuel to meet nearly three quarters of its domestic gasoline demand.A spokesperson for Mexican national oil company Pemex said its gasoline and diesel inventories were sufficient to make up any shortfall in supply Harvey may trigger.“New shipments via safe routes are on the way (to Mexico) and left on time from the southern Untied States before the hurricane arrived,” he said.He did not detail the volumes Mexico holds in stockpiles or how many days of demand could be covered with emergency supplies.Aside from waterborne shipments, the United States also sends supplies to Mexico via rail and road, but those flows have been hit too.Union Pacific Corp, the no. 1 U.S. railroad, said it was moving rail cars in yards prone to flooding to high elevations and would curtail trains operating through areas likely to be hit by excessive winds and rain that will impact operations.Serious disruption to global oil supplies could trigger a coordinated international release from the Paris-based International Energy Agency (IEA). The IEA has previously released emergency supplies to cushion the impact of natural disasters and war on international energy supplies.It is unclear when the port of Houston will reopen as Harvey is forecast to move closer to the area in coming days, dumping torrential rain. The port of Corpus Christi suffered minor infrastructure damages but was making preparations to restart, a spokeswoman said on Sunday.EUROPE Fuel supplies to Europe will also be disrupted by the storm. The United States is the biggest source of ultra low sulfur diesel to Europe and Latin America.Latin American countries such as Mexico will need to seek diesel supplies from Asia and the U.S. West Coast, traders said."They will have to pay high," said one trader of distillates, a group of fuels that includes diesel and jet fuel.Europe would be the most likely source of more gasoline for Latin America, said Vikas Dwivedi, global oil and gas strategist at Macquarie."If there are a lot of shutdowns, whatever capacity is running will get consumed in the U.S., it will have to be, so Latin America will have to get its barrels from elsewhere. It creates a domino effect," Dwivedi said.Harvey''s effect on the prices of gasoline and diesel will have an impact on fuel prices in Colombia, mining and energy minister German Arce told Reuters.At least 2 million bpd of Gulf refining capacity is currently offline and damage assessments at four Corpus Christi, Texas, area oil refineries were underway on Saturday, a first step toward resuming production. However, by Sunday, more refineries were shuttered as the threat of flooding grew.Alternative supplies for some Latin American countries would have come from within the region several years ago, but the largest fuel producers such as Brazil and Venezuela now have very limited capacity for exports.Just over a decade ago, which was the last time a storm as powerful hit the U.S. mainland, the country was the biggest net importer of refined products in the world."It''s a completely different world now than 2008 in terms of crude and products flows," said Matt Smith, director of commodity research at ClipperData.Reporting by Devika Krishna Kumar in New York; Additional reporting by Marianna Parraga in Houston, David Alire Garcia in Mexico City, Julia Cobb in Bogota and Jessica Resnick-Ault in New York; Editing by Simon Webb and Andrew Hay '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-latinamerica-fuel-idUSKCN1B70XF'|'2017-08-28T01:28:00.000+03:00'
'28c336f9e03234620936fcb5062f5187d672395c'|'Insurers count cost of Harvey and growing risk from climate change'|'August 28, 2017 / 4:27 PM / in an hour Insurers count cost of Harvey and growing risk from climate change Tom Sims 4 Min Read FILE PHOTO: A military helicopter flies over a destroyed house after Hurricane Harvey struck in Rockport, Texas, August 26, 2017. Rick Wilking/File Photo FRANKFURT (Reuters) - Damages from Hurricane Harvey''s ravaging of Houston and the Texas Gulf Coast are estimated to be well below those from the major storms that hit New Orleans and New York in recent years, insurance executives have said. Though insurers should swallow the claims easily, given that there have been relatively few natural disasters so far this year, the storm will weigh on an industry struggling to contain prices while sustained low interest rates suppress returns on its investment holdings. The early assessment of damage from Harvey, made while rain continued to pelt the fourth-largest city in the United States, came as a scientist from the world''s largest reinsurer predicted that climate change is likely to result in more intense storms in the future. "There are more thunder storms in parts of Europe and the United States than in past decades," said Ernst Rauch, head of Munich Re''s Corporate Climate Centre, which monitors climate change risks. "They are more severe. We will not necessarily see an increase in frequency, but we can see an increase in intensity. If we see this, we would have to adjust our risk premium." Harvey, which has been downgraded to a tropical storm since making landfall, has struck only days before senior insurance executives meet in Monte Carlo to haggle over reinsurance renewals against the backdrop of insurance sector complaints that premiums are too low. EARLY ESTIMATES German-based Munich Re and Hannover Re, two of the world''s largest reinsurers, said current information suggests that insured losses from Harvey are likely to fall well short of the $75 billion for Katrina in 2005 and $30 billion for Sandy in 2012. Air Worldwide, a provider of catastrophe risk modeling software and consulting services, said early on Monday that insured losses from Harvey''s wind and storm surge were estimated at between $1.2 billon and $2.3 billion. That figure does not include flooding. "Harvey will be way, way below Katrina," Munich Re''s Rauch said. A storage facility that took damage from a tornado that spun off of Hurricane Harvey after the storm made landfall on the Texas Gulf coast, in Katy, Texas, U.S. August 26, 2017. Nick Oxford The relatively low damage estimates will be of little comfort to citizens whose homes are under water or whose safety is still threatened. Houston is facing worsening flooding in the coming days as the storm dumps more rain on the city, swelling rivers to record levels and forcing federal engineers on Monday to release water from reservoirs in an effort to control the rushing currents. Other major insurers, including Swiss Re, said it is too early to gauge the impact of the storm. CLAIMS TO ACCELERATE “There are so many areas that have been hit by devastating winds and now the massive flooding, and insurance adjusters are having to wait for first responders to simply check on the safety and welfare of citizens," said Mark Hanna of the Insurance Council of Texas. Claims, however, are expected to accelerate. "We have just over 2,000 claims across all lines of business," said Farmer''s Insurance spokesman Trent Frager. "While that may sound low, residents who are evacuated haven''t (yet) been able to assess and report damage for claims handling." Harvey, the most powerful hurricane to strike Texas in more than 50 years, first hit land on Friday and has killed at least two people. It is forecast to remain in the Texas Gulf Coast area for several more days. Reinsurance stocks suffered on Monday, with shares in Hannover Re down 1.3 percent and Munich Re off 0.9 percent while French reinsurer Scor dropped by 1.5 percent. Shares of U.S. insurer Allstate lost 1.3 percent while Travelers Companies lost 2.7 percent, with the S&P 500 property and casualty insurance index down 1.8 percent and on track for its worst day since last October. For a graphic on hurricanes in the North Atlantic, click: here Additional reporting by John O''Donnell in Frankfurt, Paul Arnold in Zurich and Aparajita Saxena in Bangalaru; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-storm-harvey-insurance-idINKCN1B81PS'|'2017-08-28T19:55:00.000+03:00'
'f49068caec1330fe763b89ac79ae4e6c119bcbff'|'Audi announces reshuffle of management board'|'FILE PHOTO: Rupert Stadler (L), CEO of German car maker Audi AG, leaves the so-called "Dieselgate" meeting with German ministers in Berlin, Germany, August 2, 2017. Hannibal HanschkeFile Photo FRANKFURT (Reuters) - Volkswagen''s ( VOWG_p.DE ) premium carmaker Audi ( NSUG.DE ) announced its biggest management reshuffle in years on Monday as it seeks a fresh start in the aftermath of the diesel emissions scandal.Audi, which is the biggest contributor of profits to VW, said it was replacing finance chief Axel Strotbek, production chief Hubert Waltl, human resources head Thomas Sigi and sales chief Dietmar Voggenreiter, effective Sept. 1.Chief Executive Rupert Stadler, who has come under fire from the media and unions for his handling of the group''s emissions scandal, remains in office, as expected.The statement gave no reason for the shake-up.People familiar with the matter had flagged the management reshuffle to Reuters. One said that Stadler had the backing of the Porsche and Piech families that control Volkswagen (VW), which is why his contract was extended by another five years in May.FILE PHOTO: People gather around the Audi e-tron Sportback concept car at the Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. Aly Song/File Photo Audi is grappling with car recalls, prosecutor investigations and criticism from unions and managers over the diesel emissions scandal and its performance since news of the affair broke in 2015.Audi cars are parked in front of the company''s headquarters in Ingolstadt, Germany, March 15, 2017. Lukas Barth Audi admitted in November 2015 that its 3.0 litre V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that allowed vehicles to evade U.S. emissions limits.Parent Volkswagen has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and has offered to buy back about 500,000 polluting U.S. vehicles.Audi named VW manager Wendelin Goebel, a confidant of VW CEO Matthias Mueller and Audi''s Stadler, to replace Sigi as personnel chief. Peter Koessler, the chief of Audi''s plant in Gyor, Hungary, will succeed Waltl as head of production.VW commercial vehicles sales chief Bram Schot will take over Voggenreiter''s job, and CFO Strotbek will be succeeded by Alexander Seitz, who has held positions in Latin America and at Chinese joint venture SAIC Volkswagen, according to Audi.Reporting by Maria Sheahan; Editing by Christoph Steitz and Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-audi-management-idUSKCN1B81BQ'|'2017-08-28T16:10:00.000+03:00'
'b1016163ba15ac84a11a0487b748bf7f282743bd'|'Japan July household spending unexpectedly falls despite tight job market'|'FILE PHOTO : A woman carries a shopping bag at a shopping district in Tokyo, Japan August 14, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Japan''s household spending unexpectedly fell in July from a year earlier after last month''s spike, casting some doubt on the sustainability of a domestic demand-driven economic recovery seen as vital to boosting tepid inflation.The data keeps pressure on policymakers betting that a tightening labour market will boost wages and lift consumption, thereby allowing companies to raise prices and help the Bank of Japan achieve its ambitious 2 percent inflation goal.Household spending slid 0.2 percent in July from a year earlier after hitting a two-year high in June, government data showed on Tuesday, confounding a median market forecast for a 0.7 percent increase.The jobless rate was flat at 2.8 percent in July and 1.52 jobs were available per applicant, the highest since 1974, separate data showed, a sign the economy continued to enjoy what many analysts consider as near full employment."We are not too worried about the slowdown in household spending in July as strong job growth continues to support household incomes," said Marcel Thieliant, senior Japan economist at Capital Economics."The upshot is that even though the tight labour market has yet to result in a marked pick-up in wage growth, strong job gains continue to support household incomes."Japan''s economy expanded at the fastest pace in more than two years in the second quarter as consumer and company spending picked up.But price and wage growth remain stubbornly weak with firms still wary of passing on profits to employees, raising doubts over whether the second-quarter''s bounce can be sustained.The uncertain outlook on consumption has not only discouraged many companies from raising prices but has also driven some to cut prices.Retail giant Aeon said last week it will cut the prices of 114 food and grocery items at 2,800 outlets to attract consumers, and make up the cost by streamlining operations.Core consumer prices rose 0.5 percent in July from a year earlier, marking a seventh straight gaining month but still quite a distance from the BOJ''s 2 percent target.Editing by Shri Navaratnam '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-idINKCN1B82H1'|'2017-08-28T21:43:00.000+03:00'
'b046849c3b1a340d415803d651bbd6e6013a18bb'|'Investors most neutral on U.S. longer-dated bonds in 5 years - JPMorgan'|'NEW YORK, Aug 29 (Reuters) - Investors ratcheted up their caution on owning longer-dated U.S. Treasury debt, raising their neutral stance to the strongest level in five years, JPMorgan Chase & Co''s latest client survey showed on Tuesday.The share of investors who said they were holding longer-dated Treasuries equal to their benchmarks rose to 75 percent, the most since Aug. 27, 2012, and higher than 70 percent a week ago, JPMorgan said.Reporting by Richard Leong; Editing by Chizu Nomiyama '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/treasuries-jpmorgan-idINL2N1LF0PN'|'2017-08-29T11:54:00.000+03:00'
'1f2e409bf7869aa88a6336654b81b63f890eff8c'|'North Korea tensions send European shares to six-month low'|'August 29, 2017 / 7:33 AM / 39 minutes ago North Korea tensions, strong euro send European shares to six-month low Helen Reid and Danilo Masoni 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 28, 2017. Staff/Remote LONDON (Reuters) - Rising geopolitical tensions and a surging euro sent European shares to their lowest in six months on Tuesday after a missile launch by North Korea sapped Asian markets. The pan-European STOXX 600 fell 1.5 percent, set for its worst daily performance in nearly 14 months and firmly on track to make August its third month of losses in a row. Political risks and a strengthening currency denting exporters have put pressure on European benchmarks. On Tuesday the euro EUR=EBS surged above $1.20 for the first time since January 2015, after European Central Bank Chief Mario Draghi refrained from talking down the currency which has gained 14 percent year-to-date against the dollar. The euro effect combined with a broader risk-aversion mood to send euro zone stocks and blue-chips down 1.3 percent. Britain''s FTSE .FTSE fell 1.4 percent and the exporter-heavy DAX .GDAXI hit a five-month low. North Korea fired a missile over northern Japan, weakening Asian stocks and the U.S. dollar overnight. As geopolitical concerns spread to European markets, all sectors fell and among the only bright spots were gold miners Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ), up 3.1 to 3.8 percent as the price of gold soared to a 9 1/2 month high with investors rushing into safe haven assets. Banking stocks .SX7P sank 1.3 percent to a two-month low. The VSTOXX .V2TX, a gauge of European investor anxiety, jumped to its highest in a week. German commercial broadcaster Prosiebensat ( PSMGn.DE ) fell as much as 13 percent to a near three-year low after flagging a weaker outlook for advertising in the third quarter, the third cut in advertising guidance this year according to Deutsche Bank analysts. [nL8N1LF1FY] "The most direct negative read-through is for German peer RTL," said analysts at the German bank. "But this also represents another major piece of evidence of the disconnect between solid European macro trends and weakening TV ad momentum," they added. German peer RTL Group ( RRTL.DE ) dropped 8 percent, while Spanish and British broadcasters Mediaset Espana ( TL5.MC ) and ITV ( ITV.L ) both also fell 3.5 to 5 percent. The losses heaped pressure on the media sector .SXMP, the second worst-performing in Europe this year, down 2.5 percent on the day. Lundin Petroleum ( LUPE.ST ) sank 7 percent after its Korpfjell prospect, a joint venture with Statoil ( STL.OL ) in the Arctic Barents Sea, found no oil and only non-commercial quantities of natural gas. Shares in French investment firm Wendel ( MWDP.PA ) jumped 3.5 percent after an upgrade to "buy" from Societe Generale, whose analysts praised the firm for increasing its loan-to-value ratio and the share of unlisted assets in its portfolio. With the Jackson Hole symposium yielding no big change to monetary policy expectations, and an earnings season meeting lukewarm share reactions, catalysts to support European equities were scarce. Some investors expected a correction, though valuations in the region remained attractive relative to Wall Street. Reporting by Helen Reid and Danilo Masoni; Editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1B90O5'|'2017-08-29T10:28:00.000+03:00'
'f144430a73a60c272e94021763f4a6bcdd6403af'|'RBI says got back almost all of banned currency notes'|'August 30, 2017 / 12:21 PM / in 4 hours RBI recovers almost all banned currency notes: report Suvashree Choudhury and Neha Dasgupta 3 Min Read People queue outside a bank to withdraw cash and deposit their old high denomination banknotes in Mumbai, India December 2, 2016. Danish Siddiqui/files MUMBAI/NEW DELHI (Reuters) - Indians returned almost all of the estimated 15.4 trillion rupees ($242 billion) in high-currency bills removed from circulation in a shock move late last year, the Reserve Bank of India (RBI) said in its annual report out on Wednesday. A total of 15.28 trillion rupees was returned to the central bank through lenders, a number that could renew scrutiny about the effectiveness of the measure announced by Prime Minister Narendra Modi in November. By rendering 500 and 1,000 rupees illegal in one stroke and imposing restrictions on how the money could be returned to lenders, Modi had been intending to make it difficult for hoarders of undeclared wealth, or black money, to exchange their undeclared cash for legal tender. But it seems that nearly all of it was returned by individuals, implying that there was a very small amount of unaccounted money held in cash by those seeking to conceal it. Finance Minister Arun Jaitely however stressed that the exercise was not just aimed at unearthing unaccounted wealth but also about improving digitisation, getting more people under the tax net, and curbing terrorist financing. "The real object of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, a blow to terrorism," Jaitley said. "And we do believe that in each of these areas, the effect of demonetisation has been extremely positive." A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India June 7, 2017. Shailesh Andrade/File Photo According to official data, direct tax collection went up 19 percent during April-July from a year ago, while digital transactions have also seen a sharp rise - but still remain quite small compared to cash. In a separate statement, the government said the transactions of more than 300,000 firms were under suspicion post demonetisation, while 37000 shell companies were identified as involved in hiding black money. Economists say the measure has had a positive impact, including bringing in cash into the banking system, and hence lowering the cost of loans, even as significant parts of the economy were disrupted. Slideshow (3 Images) "While this shows that demonetisation exercise has not yielded a large one time gain, it has led to financialisation of dormant savings and helped bring down lending rates," said A. Prasanna, economist at ICICI Securities Primary Dealership Ltd in Mumbai. Modi''s so-called "demonetisation" bill contributed to the growth easing to its slowest pace at 6.1 percent in January-March, its slowest pace since late 2014 as large parts of India''s economy was dependent on cash transactions. Jaitley said the impact was temporary, adding that a greater number of banking transactions will help the economy recover quickly. Although opposition parties tried to make a big issue out of disruption caused by demonetisation, it has failed to dent the appeal of Modi''s Bharatiya Janata Party (BJP), which has since scored key electoral wins, including a victory in Uttar Pradesh. ($1 = 64.0150 Indian rupees) Reporting by Suvashree Dey Choudhury; Additional reporting by Devidutta Tripathy; Editing by Rafael Nam and Alison Williams'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-rbi-cash-idINKCN1BA1HV'|'2017-08-30T15:20:00.000+03:00'
'20d8e40464229410dc94db8dd7ff2fd5ea5e1aed'|'UK retailers see Brexit hit to consumers without detailed customs plans'|'A shopper reaches for a box of tea in a supermarket in London, Britain April 11, 2017. Neil Hall/File Photo LONDON (Reuters) - British shoppers could face higher prices and less choice unless Britain and the European Union can agree how to handle thorny issues like haulage and food safety after Brexit, an industry body said on Wednesday.While Britain''s government has already outlined its broad vision for a future customs agreement with the EU, the British Retail Consortium said it was still waiting for crucial details around the trade of consumer goods.It called for significant investment in ports and transport infrastructure so new systems are ready when Brexit takes place in March 2019, as well as agreements to prevent goods being held up at the border because of extra checks."Whilst the government has acknowledged the need to avoid a cliff-edge after Brexit day, a customs union in itself won''t solve the problem of delays at ports," said BRC chief executive Helen Dickinson."So to ensure supply chains are not disrupted and goods continue to reach the shelves, agreements on security, transit, haulage, drivers, (sales taxes) and other checks will be required to get systems ready for March 2019."The BRC''s report is the latest in a string of appeals from industry groups for more clarity about how trade and immigration will operate in practice after Brexit.Nearly half of businesses operating in Britain''s food supply chain say European Union workers are thinking about leaving because of uncertainty around Brexit, according to a survey last week conducted by several trade bodies.Earlier this month Britain outlined two possible approaches to a new customs relationship with the EU after leaving the bloc and its customs union.It described a "highly streamlined customs arrangement" that would borrow from existing systems while expanding the use of technology, or a new customs partnership that could mirror the EU''s requirements for imports from the rest of the world.The proposals were dismissed as "fantasy" by one senior EU official.Separately, the BRC reported British shop prices fell 0.3 percent in August compared with a year ago, following a contraction of 0.4 percent in July, pointing to a growing financial squeeze on British households.Prices for non-food goods declined at the slowest rate since April 2013."The reality is that with protection from hedging policies coming to an end, non-food retailers are running out of options for protecting shoppers from the significant increases in the price of imported goods since the EU referendum in June last year," Dickinson from the BRC said."We expect non-food prices to continue trending towards year on year inflation."Reporting by Andy Bruce; Editing by Hugh Lawson '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-retail-idINKCN1B92UY'|'2017-08-30T02:16:00.000+03:00'
'8907300d2693738b2415c83c803954f21ff1c447'|'Hyundai resumes production in China after supply hiccup'|'Reuters TV United States August 30, 2017 / 4:40 AM / 3 hours ago Hyundai resumes production in China after supply hiccup Hyunjoo Jin and Joyce Lee 3 Min Read FILE PHOTO: A Hyundai logo is seen outside a factory in Beijing, China April 8, 2017. Picture taken April 8, 2017. Muyu Xu SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) said on Wednesday it had resumed production in China after a supply disruption forced the suspension of operations last week, complicating its efforts to lift sagging sales in the world''s biggest auto market. The production stoppage, although resolved, adds to investor concerns after the South Korean carmaker posted its smallest quarterly profit in five years amid political headwinds linked to diplomatic tensions between Seoul and Beijing. Hyundai had to cut production at its four factories in China earlier this year due to slumping sales. Its fifth China factory was scheduled to start production this month. Hyundai Motor''s sales from its Chinese factories plummeted 64 percent to 105,000 vehicles in April-June alone. "The effects of the China production halt are yet unclear, but Hyundai''s third-quarter results are likely to be lower than the previous quarter partly due to continued weak performance in China," said Park Sang-won, analyst at Heungkuk Securities. Hyundai shares pared losses after skidding to their lowest level in more than four months on Wednesday, falling as much as 3.8 percent. They were trading down 0.4 percent at 0504 GMT (1.04 a.m. ET), compared to a flat wider market .KS11 . Hyundai said earlier on Wednesday its joint venture with China''s BAIC Motor Corp Ltd ( 1958.HK ) began shutting down production last week after a fuel-tank components supplier refused to provide parts due to non-payment. BAIC declined to comment and Reuters could not immediately reach the joint venture, Beijing Hyundai, for comment. South Korean firms are weathering a Chinese backlash over Seoul''s decision to deploy a U.S. missile defense system to counter threats from nuclear-armed North Korea. China says the system poses a threat to its national security. Hyundai''s weak brand image has put it at a disadvantage in China versus local and global rivals such as Honda Motor ( 7267.T ), Toyota Motor ( 7203.T ) and General Motors ( GM.N ), which all saw higher China sales for last month. Additional reporting by Adam Jourdan; Editing by Stephen Coates '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-hyundai-motor-stocks-china-idUKKCN1BA0DN'|'2017-08-30T08:17:00.000+03:00'
'24a1ea6d16d79f0112d3e291866385442907a479'|'Crude dips, gasoline spikes as floods knock out almost a quarter of U.S. refineries'|'August 30, 2017 / 2:08 AM / 16 minutes ago Gasoline jumps, crude down; Harvey shuts 24 percent of U.S. refining Julia Simon 4 Min Read Employees close a valve of a pipe at a PetroChina refinery in Lanzhou, Gansu province January 7, 2011. Stringer/File Photo NEW YORK (Reuters) - Gasoline futures surged on Wednesday to another two-year high and crude oil was down, as flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages. Refineries with output of at least 4.4 million barrels per day (bpd) were offline on Tuesday, representing nearly 24 percent of U.S. production, according to Reuters estimates and company reports. Restarting plants under even the best conditions can take a week or more. On Wednesday, Valero said that due to flooding they were fully shutting their Port Arthur refinery. U.S. gasoline futures RBc1 were up 5.5 percent at $1.8810 a gallon, having hit $1.9140, the highest since July 2015. Diesel futures HOc1 advanced slightly to $1.6657 a gallon, having touched the highest since January at $1.7161 earlier in the session. While infrastructure restarts following the storm are expected to extend into the coming weeks, on Wednesday Marathon Petroleum Corp was restarting its Galveston Bay Refinery, said sources familiar with plant operations. Brent oil LCOc1, the international crude benchmark, was down $1.07, or 2 percent, at $50.93 a barrel at 1:45 p.m. EDT (1745 GMT). U.S. crude CLc1 was down 44 cents, or 0.95 percent, to $46.00. The spread between Brent and U.S. crude hit its widest in more than two years on Tuesday, before rising slightly to $4.92. "Certainly the spread widening out between WTI/Brent is Harvey-driven. You''ve pretty much sapped a major chunk of Gulf Coast refining demand," said Anthony Scott, managing director of analytics at BTU Analytics in Denver. Gains intensified for refined products after sources on Wednesday said Total''s Port Arthur, Texas, refinery had been shut by a power outage resulting from the storm. Gasoline margins RBc1-Clc1 climbed, as the gasoline crack spread jumped 12.5 percent to $23.45 a barrel, the highest on a seasonal basis since 2012. "Crude is always easier to replace than products," said Olivier Jakob, analyst at Petromatrix. "If the refineries stay shut for more than a week or 10 days, it''s going to be very problematic." Harvey made landfall on Friday as the most powerful hurricane to hit Texas in more than 50 years, resulting in the death of at least 17 people. In addition to shutting oil refineries, about 1.4 million bpd of U.S. crude production has been disrupted, equivalent to 15 percent of total output, Goldman Sachs said. On Wednesday industry sources told Reuters that Shell staff are reboarding the Perdido oil and gas platform in the Gulf of Mexico in preparation for a restart. Still, effects of the damages and shutdowns are expected to ripple for weeks. Explorer shut two main lines carrying fuel to the Chicago market Tuesday, and the main Colonial Pipeline to the U.S. East Coast was running at reduced rates. The market shrugged off weekly inventory figures from the U.S. Energy Department, which reflect stocks prior to the storm. Crude inventories USOILC=ECI fell by 5.4 million barrels in the latest week, far more than the decrease of 1.9 million barrels analysts had expected. Refining capacity utilization rose to 96.6 percent, the highest since 2005, a figure that will fall sharply due to massive shut-ins on the Gulf. West African crude differentials were steady as strong margins countered Harvey''s impact. Reporting by Julia Simon in New York; Editing by Chris Reese'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1BA079'|'2017-08-30T10:05:00.000+03:00'
'41a0eb3447994c561d162efb1036cd46f0e31084'|'South Africa mulls merger of three state-owned airlines'|'FILE PHOTO: Passengers board a South African Airways the capital aircraft t the Hosea Kutako International Airport, outside Windhoek in Namibia, February 24, 2017. Siphiwe Sibeko/File Photo CAPE TOWN (Reuters) - South Africa''s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday.The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable amid increased competition and rising operational costs."I believe the answer to all of it lies in how we rationalize the three companies and how we bring in a 25 percent shareholder to help us with both management as well as on finances," Public Enterprises Minister Lynne Brown told a parliamentary committee.Reporting by Wendell Roelf; Editing by James Macharia '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-safrica-airlines-idUSKCN1BA0WY'|'2017-08-30T16:40:00.000+03:00'
'3df261f5e64f80e2966fd7890a2daa561a42f4a3'|'PRESS DIGEST- Financial Times - Aug 29'|'Aug 29 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* EU demands that Britain "start negotiating seriously" over Brexit. on.ft.com/2wE5id1* North Korea launches ballistic missile that flies over Japan. on.ft.com/2wEDRQg* U.S. drugmaker Gilead agrees $12 bln deal to buy rival Kite Pharma. on.ft.com/2wE5gBHOverview* The European Union''s chief negotiator Michel Barnier said on Monday he was concerned at the slow progress of Brexit talks, while his British counterpart David Davis called for "imagination and flexibility" to move on.* North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific waters off the northern island of Hokkaido, South Korea and Japan said, in a sharp escalation of tensions on the Korean peninsula.* Gilead Sciences Inc agreed to buy Kite Pharma Inc in a nearly $12 billion deal on Monday, as it looks to replace flagging sales from hepatitis C drugs with an emerging and expensive class of cancer immunotherapies that are expected to generate billions of dollars in revenue. (Compiled by Bengaluru newsroom; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL8N1LE59T'|'2017-08-28T21:18:00.000+03:00'
'8ad6fe26e6e6ebecfca322f14aeadfa36b494b07'|'PPI claims to end, insider selling on Wall Street and Lloyds sells London HQ'|'Save to myFT August 29, 2017 The Financial Times banking team discusses the biggest banking stories of the week, bringing you global insight and commentary on the top issues concerning this sector. Your browser does not support playing this file but you can still download the MP3 file to play locally. Patrick Jenkins and guests discuss the UK regulator''s eye-catching ad to remind people about the PPI claims deadline, Wall Street bankers and how they seem to be selling their own shares and Lloyds Bank''s decision to sell it''s London headquarters. With special guest Megan Butler of the UK Financial Conduct Authority. Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t copy articles from FT.com and redistribute by email or post to the web. Save to myFT'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'http://rss.ft.com/rss/companies/banks'|'2017-08-29T19:03:00.000+03:00'
'fb7408c0b884cb52fd38f31b3c4d5c110649ae0c'|'Alphabet''s Google to inform EU antitrust regulators on compliance plan'|'The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. Mike Blake BRUSSELS (Reuters) - Google ( GOOGL.O ) has submitted details of how it plans to stop favoring its shopping service to comply with a European Union antitrust order, EU regulators said on Tuesday.The world''s most popular Internet search engine, a unit of Alphabet Inc, had earlier on Tuesday said it would meet the EU deadline to do so.Google was hit with a record 2.4 billion euro ($2.9 billion) fine from the EU over the practice in June and had until midnight on Tuesday to come up with proposals to end the anti-competitive behavior.The European Commission said on June 27 that Google had abused its dominance in Europe to give prominent placements in searches to its own comparison shopping service, demoting those of rivals.As well as ordering Google to come up with a solution, the Commission said the U.S. company must stop the practice by Sept. 28.Failure to do so could expose the company to penalty payments of as much as 5 percent of Alphabet''s average daily worldwide turnover -- or around $12 million a day, based on the parent company''s 2016 turnover of $90.3 billion."Google will continue to be under an obligation to keep the Commission informed of its actions by submitting periodic reports," a spokesman for the EU executive said after saying the proposal had been received.Lobbying group ICOMP, whose members include Google rivals online mapping services Hot Map and Streetmap, as well as CEPIC (Centre of the Picture Industry) and TradeComet which owns a rival search engine, said regulators should publicize Google''s proposal."These affect everyone in the online and mobile worlds, so they must be made public for evaluation," ICOMP head Michael Weber said.Google is also under fire from the EU over practices related to its smartphone mobile operating system Android, where it may face a landmark fine by the end of the year, and regarding online search advertising.Reporting by Foo Yun Chee; Editing by Philip Blenkinsop/Jeremy Gaunt '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-eu-google-antitrust-idUSKCN1B91NI'|'2017-08-29T17:00:00.000+03:00'
'e012aeb2021bdd5d400b3df1f1fd31fab16965cc'|'Mexico approves new stock exchange; aims for start early next year'|'August 29, 2017 / 2:33 PM / 3 hours ago Mexico approves new stock exchange; aims for start early next year Reuters Staff 2 Min Read A screen displaying exchange rates are seen at the Mexican stock market building in Mexico City, Mexico November 11, 2016. Carlos Jasso MEXICO CITY (Reuters) - Mexico''s government on Tuesday approved a new, second bourse, the Institutional Stock Exchange, which hopes to capture part of the equities market in Latin America''s No. 2 economy and entice more companies to issue stock. Known by its Spanish acronym BIVA, the new stock exchange aims to be operating by the start of next year, its president Santiago Urquiza said on Monday. It will compete with the Mexican Stock Exchange, or BMV ( BOLSAA.MX ). The finance ministry announced the approval of the exchange in the government''s official gazette. Urquiza said he sees considerable potential for new public offerings from companies with annual sales of between 500 million pesos and 1 billion pesos ($28 million to $56 million). BIVA will be backed by technology from Nasdaq, the second biggest U.S. exchange, which is used by more than 70 markets around the world, according to Urquiza. He expected the number of publicly traded companies in Mexico could increase over the next three years by about 30 percent to around 200 listings while daily volume in Mexican stocks could grow 50 percent to around 20 billion pesos. Writing by Dave Graham; Editing by Jeffrey Benkoe '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-mexico-exchange-idUSKCN1B91QX'|'2017-08-29T22:33:00.000+03:00'
'da8643729f410c18c08c3e87429b56cd2fbcef5c'|'Japan July jobless rate flat at 2.8 percent'|'TOKYO (Reuters) - Japan''s jobless rate was flat at 2.8 percent in July and the availability of jobs improved for the fifth straight month to reach the highest level since 1974, government data showed on Tuesday.The seasonally adjusted unemployment rate matched economists'' median forecast, data by the Internal Affairs ministry showed.The jobs-to-applicants ratio rose to 1.52 from 1.51 in June, also matching the median forecast.For details click on PREVIEWTo view full table, click on the internal affairs ministry''s website -- here(Note: The jobs-to-applicants ratio can be seen in Japanese on the labour ministry''s website.)Reporting by Sumio Ito and Leika Kihara; Editing by Chang-Ran Kim '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-jobs-idINKCN1B82H7'|'2017-08-28T21:43:00.000+03:00'
'a2873ce56ab4f5721242b43a6f3b934a5b09db8e'|'''They kept us stewing, then came euphoria'': how to sell your business - Guardian Small Business Network'|'T he sale of a company is a major milestone for any business owner. But what happens next? “There is a little bit of seller’s remorse that occurs. You’ve spent years building a business, and it is your baby,” says Stephen Chandler, co-founder of email security company MessageLabs, which was sold to Symantec in 2008 for $700m (£550m).MessageLabs enabled emails to be scanned for viruses and malware in the cloud before they reached a person’s inbox. Its 20,000 plus business clients included the Bank of England and the Federal Reserve.Chandler initially explored a stock market flotation. But, with the financial crisis on the horizon, a trade sale seemed the better option. After a month of talks, an agreement in principle was made with US software company Symantec. Then began the arduous due diligence process in which MessageLabs faced questions from its buyers, lawyers and company personnel. “[It was] formidable, to say the least,” says Chandler. Symantec had around 100 working on the sale, while there were only four involved on MessageLabs’ side, including Chandler.The business was sold just as Lehman Brothers was collapsing and global stock markets fell. But the deal was briefly delayed while Symantec’s board meeting was called to discuss the crash. “After keeping us stewing for an hour and a half, they came on the phone and said they were good to close the deal. Then there was euphoria,” says Chandler. “It was a life-changing amount of money for a lot of our staff.” Most employees held share options, and several held shares too.In 2009, Chandler co-founded the venture capital firm Notion Capital , which backs companies in the SaaS (software as a service) space. He enjoys advising businesses, enabling them to grow and be acquired.Two other entrepreneurs who’ve enjoyed a successful exit are husband and wife team, Joe and Wendy White. They were the co-founders of website-building business Moonfruit. The business, which launched in 1999, narrowly survived the dotcom crash of 2001. By 2011 it was a major player. Buyer interest was growing and the founders decided it was time to cash out.The Whites appointed Californian bank Viant Capital to court buyers and manage the selling process. They chose an American bank as the companies that had shown interest in Moonfruit were US-based. Joe says finding an experienced party to do this was wise choice. “When you are selling your first business, the number of [business] transactions you’ve seen is precisely zero. Yet you are going up against corporate development teams, who might be acquiring four to five companies per year.” He adds that bankers typically take a share of the transaction value from the sellers, in this case Moonfruit’s shareholders.Facebook Twitter Pinterest Joe and Wendy White.Moonfruit was sold to directory company Yell Group for $37m. The Whites stayed with the business for two years, enabling it to integrate. Now they mentor and invest in entrepreneurs through Entrepreneur First . The pre-seed investment company has backed startups such as Magic Pony , which was sold to Twitter, and nano-satellite business OpenCosmos .White, like Chandler, says he wants to use his own experience and money to boost entrepreneurship. “What California has done so well is recycling its entrepreneurial talent and money back into the [startup] eco-system. We want to do that too by investing in ... and creating the kinds of companies that you don’t often see in Europe.”For entrepreneurs keen to ready their business for sale, Mark Hardwicke, managing partner at Invenio Corporate Finance , with 23 years experience of leading acquisition teams, offers some advice. “Critical, and often overlooked is the timing of a sale. It is always better to market a company when the future of the business looks bright and profits are increasing.”''Peter Jones: ''The government needs real business advice'' Read moreOf course, buyers come with different motives. Some see an opportunity to increase sales or expertise within their company. Hardwicke says these types of buyer will find a business attractive if it provides them with access to new products, services, geographies or markets. In other words: “Opportunities that open doors or fill a hole in an existing portfolio”. Meanwhile, strategic buyers may acquire a business to halt a competitor or potential market threat.Hot sectors The latest Global Technology M&A (markets and acquisitions) report [pdf] from EY showed that company exits reached record levels in 2016, with $466.6bn worth of deals made. The most popular areas for buyers are cloud-based services and software as a service (SaaS) companies. The report also predicts companies in the sectors of Artificial Intelligence (AI) and Internet of Things (IoT) to feature prominently in market and acquisitions activity in 2017 and beyond.Richard Goold, head of technology law at EY, says: “Soon, almost every software company will be a combination of cloud, AI and machine learning.”Five qualities that make a business valuable A successful exit can take many forms. However, a recent report, The Art of Exiteering , from Stephen Chandler’s Notion Capital, examined 20 successful European tech exits, including Moonfruit and MessageLabs. Here were the common themes:1) Problem solvingSuccessful companies are appealing because they make life easier or better for their buyers; they possess a solution to a big problem.2) A great teamEven if an entrepreneur has a great idea, they won’t succeed without a great management team.3) US expansionThe big money is across the Atlantic, but buyers there are unlikely to be interested unless you have a substantial presence in the US.4) Good administration and governanceThe selling process is long and hard, so commit staff and resources and bring in external help.5) Buyer awarenessAcquirers have different motivations for wanting to buy a company. Understanding what they see as valuable is key to getting a strong valuation.Topics Accessing expertise Small business Entrepreneurs Artificial intelligence (AI) Computing features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/small-business-network/2017/aug/30/stewing-euphoria-how-to-sell-business-entrepreneurs-buyers'|'2017-08-30T09:00:00.000+03:00'
'94763cf093e1c28db5965193928e73572dc49063'|'Gold climbs to nine-a-half-month high on rising North Korea tensions'|'August 29, 2017 / 1:08 AM / in 2 hours Gold hits more than nine-month peak after N.Korea missile test Eric Onstad 3 Min Read An employee places gold bars in the Kazakhstan''s National Bank vault in Almaty, Kazakhstan, September 30, 2016. Mariya Gordeyeva/File Photo LONDON (Reuters) - Gold jumped to its highest since November on Tuesday as investors bought bullion as insurance against falling prices of other assets after North Korea tested a missile over Japan. "Funds and traders are filling their boots with gold at the moment and so far that''s justified," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "No matter where you look you can''t point your finger at anything that''s gold negative. Stocks are coming off hard, the dollar has weakened and now also against the yen, which has been the missing link, while bond yields are also taking a beating." Spot gold, which rose for a third straight session, was up 0.9 percent at $1,321.04 an ounce by 0940 GMT after touching $1,325.94, its highest since Nov. 9. U.S. gold futures for December delivery rose 0.9 percent to $1,327. Spot gold had climbed by 1.4 percent on Monday, breaking through key resistance and marking its biggest one-day percentage rise since mid-May after comments by the head of the European Central Bank boosted the euro and hit the dollar. Gains were then extended after North Korea fired a ballistic missile over Japan''s northern Hokkaido island into the sea early on Tuesday in a sharp escalation of tensions on the Korean peninsula. "North Korea''s missiles over the Japanese Hokkaido islands obviously fuelled buying for the flight to safety," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. European stocks fell more than 1 percent to a six-month low, also weighed down by the strengthening euro. [MKTS/GLOB] Geopolitical risks can boost demand for safe-haven assets such as gold, which is considered a good store of value during volatility in other markets. The next targets for gold are $1,337 an ounce, based on the November high after the U.S. election, and around $1,375, last year''s peak after Britain''s vote to leave the European Union, Hansen said. Holdings of SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, rose 1.1 percent to 814.36 tonnes on Monday. Among other precious metals, silver rose 0.4 percent to $17.48 after touching $17.63, its highest since June 8. Platinum gained 0.9 percent to $995.50 after marking its highest since March 2 at $1,000,40. Palladium was up 0.9 percent at $941.75, having hit a more than 16-year high of $948.50. Additional reporting by Apeksha Nair and Arpan Varghese in Bengaluru; Editing by David Goodman '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/global-precious-idINKCN1B903Q'|'2017-08-28T23:08:00.000+03:00'
'7910146aad1c18436391d809edad001f918babb1'|'US STOCKS-Wall St ticks up as fear over North Korea dissipates'|' 47 PM / 22 minutes ago US STOCKS-Wall St ticks up as fear over North Korea dissipates Reuters Staff * Nike drops after Morgan Stanley cuts price target * Best Buy tumbles on sales growth warning * Trump warns N.Korea but focus shifts to Texas * Indexes up: Dow 0.3 pct, S&P 0.1 pct, Nasdaq 0.4 pct (Updates prices, changes comment, byline) By Rodrigo Campos NEW YORK, Aug 29 (Reuters) - U.S. stocks recovered on Tuesday from steep early losses brought by fears of escalation of hostilities in the Korean Peninsula, with major indexes steadily climbing into positive territory. The S&P 500 fell as much as 0.66 percent after U.S. President Donald Trump warned that all options are on the table for the United States to respond to North Korea''s firing of a ballistic missile over a Japanese island into the sea in a new show of force. "When the President says ''All options are on the table,'' the best strategy for investors is sometimes to do nothing," said Brian Jacobsen, senior investment strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. Market analysts were relieved that the rift did not escalate further, with Trump''s focus on the devastation caused by Tropical Storm Harvey, the most powerful hurricane to strike Texas in 50 years when it made landfall last week. "While it''s possible all these unfortunate events can add up to something more consequential, the economy is pretty darn big and resilient," Jacobsen said. The storm shuttered refineries across the U.S. energy hub in Texas but stocks in the energy sector were little changed, with declines in oil services companies mostly offset by gains in refiners and some producers. Ernesto Ramos, head of equities at BMO Global Asset Management in Chicago, described the market reaction to the flooding in Houston and surrounding areas as a "very stock specific situation." Shares of insurers fell on uncertainty over their liabilities. An index of industry stocks dropped 0.5 percent to its lowest in two months. In late trading, the Dow Jones Industrial Average rose 61.02 points, or 0.28 percent, to 21,869.42, the S&P 500 gained 3 points, or 0.12 percent, to 2,447.24 and the Nasdaq Composite added 23.52 points, or 0.37 percent, to 6,306.53. Best Buy tumbled 11.3 percent to $55.38 after it warned that its strong quarterly sales performance should not be seen as a new normal. United Technologies rose 2.3 percent to $118.04 as it made progress in talks to acquire aircraft component manufacturer Rockwell Collins Inc as it seeks to bulk up its aerospace business. Rockwell''s shares rose 1.9 percent to $130.43. Nike fell 2.0 percent to $52.65 after Morgan Stanley cut its price target by $4, to $64. Declining and advancing issues were about even on the NYSE; on Nasdaq, a 1.18-to-1 ratio favored advancers. Reporting by Rodrigo Campos; Editing by Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL2N1LF1NV'|'2017-08-29T22:47:00.000+03:00'
'445d77c712f88d00b78ff61a4ca4b6e1083b9797'|'EU moves to close share trading loophole'|'August 29, 2017 / 2:19 PM / 17 minutes ago EU moves to close share trading loophole Huw Jones 2 Min Read Detail of a European map, including Great Britain, is seen on the face of a Euro coin in London, Britain, January 31, 2016. Toby Melville LONDON (Reuters) - The European Union has moved to close a loophole that could have allowed banks to hook up with each other to skirt tougher transparency rules for share trading from January. The bloc''s executive European Commission has published an amendment to its "MiFID II" law that comes into force in just six months'' time. The law toughens up transparency requirements by pushing more trading onto regulated public platforms. The Commission said an amendment would stop banks that execute a client''s share order in-house - known as systematic internalizing or SI - from teaming up with each other and "high frequency traders" to act as a virtual trading platform, a service that would require a separate license. Brussels was worried that traders would take advantage of "ambiguity" in the MiFID II law. "A clear goal of MiFID II is indeed to ensure that multilateral trading takes place on regulated trading venues, subject to pre- and post-trade transparency requirements," the Commission said in an emailed statement on Tuesday. The amendment also make sure that banks cannot gain an advantage by making own account trading appear as "riskless", meaning capital is not put at risk. "This ensures that SIs will assume market risk when they deal on own account and hence cannot replicate the functioning of multilateral trading venues by matching trades between themselves," a Commission official said. "The Commission will continue to monitor market developments closely to address any risk of circumvention of MiFID 2 rules." The EU executive it was unable to make changes to the "tick size" or price increments of shares traded in-house at banks, saying the tick regime was written for exchanges and not for in-house trading. The changes will need rubber stamping by the European Parliament and EU states before coming into effect in about three months'' time. Reporting by Huw Jones; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-eu-markets-regulations-idUKKCN1B91PD'|'2017-08-29T17:14:00.000+03:00'
'048aeea2810d04e69f07b1ae22d3a6666c1899b2'|'Germania asks court to block government bridge loan to Air Berlin'|'FRANKFURT (Reuters) - German airline Germania has asked a court to block the German government from providing Air Berlin ( AB1.DE ) with a 150 million euro ($180.5 million) bridge loan before the European Commission has given its approval, the Berlin court said on Tuesday.The regional court said in a statement it would hold a hearing on the matter on Sept. 15.Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses. It will now be carved up among investors, with bids due by mid-September.Reporting by Maria Sheahan; Editing by Tom Sims '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-court-idINKCN1B91LB'|'2017-08-29T11:44:00.000+03:00'
'9f75bc70c581267d1163b512da4d7523faa29b1a'|'Canada''s Eldorado Gold says employee dies at Greece mine'|' 07 PM / 15 minutes ago Canada''s Eldorado Gold says employee dies at Greece mine Reuters Staff 1 Min Read Aug 29 (Reuters) - Canadian miner Eldorado Gold said on Tuesday a contractor died in an accident at its under-construction Skouries gold and copper mine in Greece. An investigation related to the incident is underway, Eldorado said. The employee was struck by a branch from a falling tree on Monday, the company said. The mine is expected to start production in 2020. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eldorado-gold-fatality-idUSL4N1LF5FK'|'2017-08-29T21:02:00.000+03:00'
'68fdac70e497ac380cc9685edda2b0bebfad028c'|'China July industrial profits up 16.5 percent'|'August 27, 2017 / 1:49 AM / 5 hours ago China July industrial profits rise at slowest pace in three months Reuters Staff 4 Min Read An employee works at a silk factory in Nantong, Jiangsu province, China July 17, 2017. Stringer BEIJING (Reuters) - Earnings growth for China''s industrial firms cooled in July after accelerating for three straight months, reinforcing expectations the economy will slow over coming quarters as higher lending costs and property market curbs bite. Profits earned by China''s industrial companies in July rose 16.5 percent from a year earlier to 612.7 billion yuan (£71.55 billion), slower than the previous month, the statistics bureau said on Sunday. That was the slowest rate of growth since profits rose 14.0 percent in April. Profit growth slowed in July because some companies halted production due to especially high temperatures, He Ping of the National Bureau of Statistics bureau said in a statement along with the data release. For the first seven months of the year, the firms notched up profits of 4.25 trillion yuan, a 21.2 percent jump from the same period last year and a touch slower than the 22.0 percent annual growth in the January-June period. Earnings for the industrial sector were boosted by a year-long, government-led construction spree, which fuelled demand and prices for building materials. Government efforts to shut older, heavily polluting mines and factories have given commodity prices fresh impetus in recent weeks. [IRONORE/] Strong earnings, in turn, have opened the way for fresh investment, and given the country''s long ailing "smokestack" industries more cash flow which could, in theory, be used to start paying down a mountain of debt. Aluminum Corp of China Ltd (Chalco) ( 601600.SS ) ( 2600.HK ) reported on Aug. 17 that its six-month net profit rose more than tenfold year-on-year as it cashed in sky-high aluminium prices. A day later, China''s top state-run aluminium smelter said it will be making further investment in raising output in the second half of the year. The manufacturing sector, which accounts for 88 percent of industrial profits, saw profit growth of 18.1 percent in the first seven months, trending down only slightly from 18.5 percent in the first half. STALLING OUT But analysts say economic growth is starting to slow as measures to cool heated property prices and clamp down on riskier forms of lending put the brakes on activity. Beijing''s efforts to reduce debt have pushed up lending rates, signalling tighter margins and tougher operating conditions for firms as debt servicing costs go up - a sign of slowing earnings growth over coming months. In addition to slower profit growth, Sunday''s data showed profit margins and account receivables days outstanding weakened slightly in July after improving for the last two months. Industrial firms'' net profit margin fell to 6.09 percent in July from 6.11 in June. Weaker performance in the industrial sector is in line with July economic data that was mostly weaker than expected, after forecast-beating GDP growth of 6.9 percent in the first half. At the end of July, industrial firms'' liabilities were 6.6 percent higher than a year earlier, compared with a 6.4 percent increase at the end of June. Profits at China''s state-owned firms were up 44.2 percent at 927.4 billion yuan in January-July, compared with a 45.8 percent rise in the first six months. The data covers large companies with annual revenue of more than 20 million yuan from their main operations. Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Michael Perry and Christopher Cushing '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-industrial-profits-idUKKCN1B7011'|'2017-08-27T04:49:00.000+03:00'
'64506ea0c589e2029bc42399e3a96f23f5bcdb5e'|'Damage unknown to Shell''s Perdido platform in U.S. Gulf'|'HOUSTON (Reuters) - Royal Dutch Shell Plc said on Sunday it has not yet been able to assess damage to its deepwater Perdido platform in the U.S. Gulf of Mexico after evacuating it ahead of Tropical Storm Harvey, which came ashore as a hurricane.The company scrapped plans on Saturday to send a reconnaissance flight over the platform, about 200 miles (321 km) south of Freeport, Texas, said spokesman Curtis Smith. A second flight will be attempted on Sunday.Reporting by Ernest Scheyder; Editing by Sandra Maler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-shellgulf-idUSKCN1B70SL'|'2017-08-27T20:55:00.000+03:00'
'c23fd69bfe055feb3f79fc07e53f501d488f7796'|'Indonesia''s APP denies plan to buy Eldorado Brasil'|'JAKARTA (Reuters) - Indonesia''s Asia Pulp & Paper Co (APP) and its parent Sinar Mas Group denied they were planning to buy pulpmaker Eldorado Brasil Celulose SA, which is up for sale after its controlling shareholders got ensnared in Brazil''s worst corruption probe.Two people familiar with the situation had told Reuters on Sunday APP is in advanced talks to buy control of Eldorado Brasil. O Globo newspaper had first reported APP''s talks earlier in the day."We would like to inform you that Asia Pulp and Paper (APP) is not acquiring Eldorado Brasil. However, Brazil remains an important market for us and we may explore the possibilities of further investment in the future," APP said in a statement.Gandi Sulistiyanto, managing director of Sinar Mas, denied in a telephone text message that there was a plan to buy the company and pointed to the APP statement.Reporting by Cindy Silvania in Jakarta; Editing by Ed Davies and Muralikumar Anantharaman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-eldorado-brasil-m-a-asia-pulp-pap-den-idUSKCN1B80WE'|'2017-08-28T18:04:00.000+03:00'
'64b0c8454217d0086b5df434aeea70af7f0de874'|'Whole Foods shareholder lawsuit concerning overcharges is dismissed'|'August 29, 2017 / 8:24 PM / 9 minutes ago Whole Foods shareholder lawsuit concerning overcharges is dismissed Jonathan Stempel 3 Min Read FILE PHOTO - A customer enters the Whole Foods Market in Superior, Colorado United States July 26, 2017. Rick Wilking (Reuters) - A federal judge has dismissed a lawsuit accusing the former Whole Foods Market Inc and several executives of intentionally defrauding shareholders by routinely overpricing prepackaged products in its supermarkets. U.S. District Judge Lee Yeakel rejected arguments that Whole Foods executives had to have known about the overcharges, and that they led to inflated financial results, misstatements about shoppers'' "sentiment and tolerance" for its pricing, and a lower stock price once the truth became known. In his decision late Friday, the Austin, Texas-based judge said the allegations in the proposed class action "do not give rise to a cogent and compelling inference" that Whole Foods intended to commit securities fraud. Amazon.com Inc ( AMZN.O ) bought Austin-based Whole Foods on Monday. Shawn Williams, a lawyer for plaintiffs led by the Employees'' Retirement System of the State of Hawaii, did not immediately respond on Tuesday to requests for comment. Whole Foods did not immediately respond to a similar request. Shareholders sued Whole Foods after New York City''s Department of Consumer Affairs revealed in June 2015 that all 80 prepackaged foods it tested from the retailer had mislabelled weights, with overcharges as high as $14.84 (11.49 pounds)for coconut shrimp. While the federal appeals court in Manhattan on June 2 said shoppers could sue Whole Foods over the mislabelling, Yeakel said this had no bearing on securities fraud claims. Whole Foods settled the New York City probe for $500,000, following apologies from former co-Chief Executives John Mackey and Walter Robb. The retailer is hoping the takeover by Seattle-based Amazon will help it shed its "Whole Paycheck" nickname. It lowered some prices on Monday, cutting the cost of bananas to 49 cents a pound from 79 cents and "responsibly farmed" Atlantic salmon to $9.99 a pound from $13.99. The shareholder lawsuit had been amended twice prior to Friday''s dismissal, and Yeakel said it cannot be amended again. The case is Markman v Whole Foods Market Inc et al, U.S. District Court, Western District of Texas, No. 15-00681 Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-amazon-com-whole-foods-lawsuit-idUKKCN1B92JL'|'2017-08-29T23:24:00.000+03:00'
'f8eaec9a96fa11b280bc99469ebe906716220903'|'Russia''s Sistema says no plans to cut stake in MTS to pay Rosneft'|'August 30, 2017 / 5:55 PM / 30 minutes ago Russia''s Sistema says no plans to cut stake in MTS to pay Rosneft Reuters Staff 3 Min Read MOSCOW (Reuters) - Russian conglomerate Sistema ( SSAq.L ) said on Wednesday it had no plans to reduce its stake in mobile phone operator MTS ( MBT.N ) to pay oil giant Rosneft ( ROSN.MM ) a $2 billion (1.55 billion pounds)settlement and would be able to raise the funds from banks. A court in the Russian region of Bashkortostan ruled last week that Sistema should pay 136.3 billion roubles (1.80 billion pounds)to settle the claim that Rosneft-controlled oil producer Bashneft ( BANE.MM ) was stripped of assets when Sistema was the owner. Sistema, controlled by businessman Vladimir Yevtushenkov, has said it plans to appeal. "We''ll be able to raise the money necessary to comply with the court''s demands from banks. Obviously we''ll have to use our shares in (mobile phone operator) MTS and other assets as collateral. But we can raise this money," Sistema''s Chief Executive Mikhail Shamolin was quoted by the RIA news agency as saying. Analysts have said Sistema''s net debt would almost triple should it lose the appeal and that it might have to borrow money, sell assets or take out more dividends from its subsidiaries. Shamolin said Sistema did not intend to sell MTS shares, news agencies TASS and Interfax reported. Sistema earlier on Wednesday reported a net loss of 1.3 billion roubles for the second quarter, but said the operation of its businesses had not been affected by the court order and that its financial position remained solid. New-York listed shares in MTS ( MBT.N ), Russia''s biggest mobile phone operator, were up 3.5 percent by 1717 GMT at $9.7, while Sistema''s London-listed shares were down 1.9 percent at $3.9. Sistema also said on Wednesday that it had asked the court to partially lift a freeze on its assets, after it was ordered to pay less in damages to Rosneft than the oil firm had sought. The court froze 185 billion roubles worth of Sistema assets in June, including 31.76 percent of shares in MTS, 100 percent of shares in clinic chain Medsi and 90.47 percent of Bashkirian Power Grid company. Sistema requested the release of 6.54 percent of shares in MTS, in which it has a 50 percent stake, as well as its entire interest in Medsi, a spokesman for Sistema said. The court will consider the request on Sept. 5. Separately, Sistema continues to contest the court''s decision to freeze its other assets. It said previously that it could not receive any income on the frozen shares and analysts estimated it could miss out on about 15 billion roubles in dividends from subsidiaries this year. Reporting by Maria Kiselyova; Editing by Greg Mahlich and Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-russia-sistema-results-idUKKCN1BA2DJ'|'2017-08-30T20:55:00.000+03:00'
'1c879bb449270e0c4d93610993c3dc461a4e2b9f'|'Fed''s Powell says new rules for bank directors don''t lower the bar'|'CHICAGO, Aug 30 (Reuters) - Federal Reserve Governor Jerome Powell on Wednesday delivered a robust defense of new regulations for bank directors that streamline the role they play in the day-to-day oversight of their institutions.The rules, proposed last month by the U.S. central bank, have been criticized for potentially reducing the checks on bank management, whose risk-taking was seen as a key catalyst for the global financial crisis of 2007-2009.The proposed rules shift more of the onus on handling regulatory issues to senior management, rather than the boards of directors, who have complained of being swamped by the minutiae of their oversight responsibilities."We do not intend that these reforms will lower the bar for boards or lighten the loads of directors," Powell said in remarks prepared for delivery to a banking conference at the Chicago Federal Reserve Bank. "The intent is to enable directors to spend less board time on routine matters and more on core board responsibilities."Those responsibilities, he said, include overseeing management and holding it accountable to its strategy, and making sure that the bank keeps risk management separate from its revenue generation.Powell''s comments come less than a week after Fed Chair Janet Yellen delivered a strong message that she would oppose a wholesale easing of post-crisis Wall Street reforms that Congress and a White House administration have suggested have slowed the economy.Powell did not comment on monetary policy or the outlook for the U.S. economy. (Writing by Ann Saphir with reporting by Michelle Price; Editing by Chizu Nomiyama) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/usa-fed-powell-idUSN9N1KV002'|'2017-08-30T21:10:00.000+03:00'
'fcbed4c75d853dc29fc84a114d1a4aefeec4f6d2'|'Briton extradited from Germany to face bank hacking charges'|'Briton extradited from Germany to face bank hacking charges Daniel Kaye accused of using infected network to attack Lloyds and Barclays Read next Play audio for this article Pause 00:00 00:00 The alleged perpetrator of a cyber attack that hit two of Britain’s largest banks earlier this year has been extradited from Germany to face charges. The National Crime Agency said on Wednesday that Daniel Kaye, 29, of Surrey, is accused of using an infected network of computers, called the “Mirai#14 botnet” to attack and blackmail Lloyds Banking Group and Barclays . The attack brought down digital services at Lloyds intermittently for more than two days in January, leaving many customers temporarily unable to use services such as checking their balance or sending payments. The NCA said Barclays fended off an apparent cyber assault in the same month. Cyber crime is on the rise, with attackers developing increasingly sophisticated hacking methods to break through banks’ defences. It is one of the biggest risks to global banking, threatening to defraud customers and cripple lenders. Lloyds suffered from a denial of service attack, a type of assault that floods a company’s website in order to hamper its services. Although banks are frequently targeted by denial of service attacks about once a month — sometimes all at once by the same perpetrator — the Lloyds incident was particularly heavy , a banker close to the situation said at the time. Mr Kaye is also facing a charge that he endangered human welfare with an alleged cyber attack against Lonestar MTN, Liberia’s biggest internet provider. The charges come after an investigation by the NCA with support from the German BKA, the country’s federal criminal police office. Mr Kaye was returned to the UK by NCA officers on Wednesday under a European Arrest Warrant and remains in custody. He will appear at Westminster Magistrates Court on Thursday. Recommended'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/6fd9e404-8da2-11e7-9084-d0c17942ba93'|'2017-08-30T21:20:00.000+03:00'
'526a3fa750d5a090abd8bd42c94fccb2ff57a34c'|'Britain''s Co-op in exclusive takeover talks for wholesaler Nisa'|'August 30, 2017 / 10:01 AM / 8 minutes ago Britain''s Co-op in exclusive takeover talks for wholesaler Nisa Reuters Staff 2 Min Read LONDON (Reuters) - Co-operative Group ( 42TE.L ) is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s ( SBRY.L ) suspended its own bid talks for the wholesale group. Britain''s biggest retailers have set their sights on operators within the fast-growing convenience store sector after Tesco ( TSCO.L ) agreed to buy Booker ( BOK.L ) for 3.7 billion pounds ($4.8 billion). Sainsbury''s, the country''s second largest supermarket, said on Aug. 15 it had suspended bid talks with Nisa until the regulator gave its verdict on the Tesco-Booker deal, leaving the door open to the Co-op. In a letter to shareholders, Nisa said it had granted the Co-op a period of exclusive access to its books from Wednesday. "Thereafter, and subject to the results of the due diligence, it is anticipated that the Co-op could be in a position to make a final offer to the members for your consideration," Nisa Chairman Peter Hartley said. Nisa''s members operate almost 2,500 retail stores around the country. ($1 = 0.7735 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nisa-m-a-co-op-idUKKCN1BA14O'|'2017-08-30T13:01:00.000+03:00'
'eb12c1deec63a4ed2de6e042edc727ce70578b91'|'Britain''s Co-op in exclusive takeover talks for wholesaler Nisa'|'LONDON (Reuters) - Britain''s Co-operative Group ( 42TE.L ) is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s ( SBRY.L ) suspended its own bid talks for the wholesale group.Britain''s biggest retailers have set their sights on operators within the fast-growing convenience store sector after Tesco ( TSCO.L ) agreed to buy Booker ( BOK.L ) for 3.7 billion pounds ($4.8 billion).Sainsbury''s, the country''s second largest supermarket, said on Aug. 15 it had suspended bid talks with Nisa until the regulator gave its verdict on the Tesco-Booker deal, leaving the door open to the Co-op.In a letter to shareholders, Nisa said it had granted the Co-op a period of exclusive access to its books from Wednesday."Thereafter, and subject to the results of the due diligence, it is anticipated that the Co-op could be in a position to make a final offer to the members for your consideration," Nisa Chairman Peter Hartley said.Nisa''s members operate almost 2,500 retail stores around the country.($1 = 0.7735 pounds)Reporting by Fanny Potkin '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-nisa-m-a-co-op-idINKCN1BA14I'|'2017-08-30T08:00:00.000+03:00'
'2c14af3a125aeabea72ebbc61de266c2288651a5'|'Toyota invests in ride-hailing firm Grab, to install recorders in rental cars'|'August 30, 2017 / 3:20 AM / 2 hours ago Toyota joins Grab''s $2.5 billion fund raising, unveils tie-up Reuters Staff 3 Min Read FILE PHOTO: People wait for the start of Grab''s fifth anniversary news conference in Singapore June 6, 2017. Edgar Su/File Photo TOKYO/SINGAPORE (Reuters) - Toyota Motor Corp''s trading arm became the latest participant in ride-hailing firm Grab''s current financing round that is expected to raise $2.5 billion, led by Chinese peer Didi Chuxing and Japan''s SoftBank Group Corp. Toyota Tsusho Corp, in which Toyota Motor is the biggest stakeholder, has invested an undisclosed sum in Grab, the companies said in separate statements on Wednesday. The investment is the latest in a Southeast Asian startup as major companies seek growth in the region''s huge developing economies with young, tech-savvy demographics. Toyota Motor said it would install its driving recorder devices in vehicles operated by Grab, as the automaker expands further into new driving services. Under a pilot program, Toyota will have its TransLog device installed in 100 rental cars operated by Singapore-based Grab, enabling the companies to analyze driving patterns as well as offer improved access to connected car services. Didi and SoftBank are already investors in Grab and other ride-hailing services globally. In July, Grab said the pair would add $2 billion and that $500 million would come from others, making the fundraising Southeast Asia''s biggest-ever single round of financing. FILE PHOTO: A Toyota logo is seen on media day at the Mondial de l''Automobile, the Paris auto show, in Paris, France, September 29, 2016. Jacky Naegelen/File Photo A person close to Grab has said the $2.5 billion fund raising would value the company at $6 billion. Grab operates private car, motorcycle, taxi and carpooling services across seven countries with 1.2 million drivers. It said it has a market share of 95 percent in third-party taxi-hailing and 72 percent in private-vehicle hailing in Southeast Asia. But its share could be under threat as San Francisco-based Uber, the world''s largest ride-hailing service, is expected to increase its focus on the region after it folded its China business into Didi last year. The ride-hailing sector is currently dominated by technology firms, but automakers such as Toyota, Volkswagen ( VOWG_p.DE ), and General Motors have been investing in tie-ups with these service providers to hedge against the shift in the vehicle market away from private ownership. Toyota has already tied up with Uber, providing flexible vehicle leasing terms for Uber drivers, while the two also plan to share research and development efforts. This agreement also includes an undisclosed investment in Uber. Reporting by Naomi Tajitsu in TOKYO and Anshuman Daga in SINGAPORE; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-toyota-grab-idUKKCN1BA0AL'|'2017-08-30T06:17:00.000+03:00'
'e9eaa69f55a0537ddacb5040d4ef7c590610111d'|'PRESS DIGEST- British Business - Aug 29'|'Aug 29 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- The European Union''s chief negotiator Michel Barnier has warned Britain to start "negotiating seriously" as the stand-off over the Brexit divorce bill intensified. Speaking before the latest round of talks began in Brussels today, Barnier voiced frustration at the government''s "ambiguity" and the failure of ministers to publish a position paper on UK''s potential financial liabilities. bit.ly/2wEdnyb- High street lenders are enjoying windfall gains from a 115 billion pounds ($148.61 billion) Bank of England funding scheme that was supposed to boost growth rather than profits. Net interest margins for some of the biggest users of the Bank''s term funding scheme have risen significantly since it was launched as part of a post-Brexit stimulus package in August last year. bit.ly/2wE7PnmThe Guardian- Companies that are publicly listed in the UK will be obliged to publish the pay ratio between their chief executive and their average British worker under government plans. The proposals, which will be announced on Tuesday and will come into force by next June, will also aim to give workers a voice at the boardroom level. bit.ly/2wDpvzK- Manufacturers are demanding that the UK government provide urgent clarity on the future of EU workers'' rights, warning they will face shortages of skilled staff if they cannot recruit from Europe after Brexit. bit.ly/2wDpBr6The Telegraph- The pension deficits weighing down thousands of Britain''s businesses grew by billions of pounds last year, with black holes widening ­despite moves to close "gold-plated" defined benefit schemes. The total cost of pension liabilities among blue-chip FTSE 100 companies grew 95 billion pounds to 681 billion pounds in 2016, according to JLT Employee Benefits. bit.ly/2wEezl9- Nissan Motor Co Ltd will increase production at its Sunderland plant by a fifth and double the amount of parts it sources from within the UK in an attempt to offset higher costs following Britain''s withdrawal from the EU. The Japanese car company will step up production by 20 percent to around 600,000 vehicles per year. bit.ly/2wEedLpSky News- Leading shareholders in Dixons Carphone Plc want directors to accelerate a search for its next boss after last week''s shock profit warning wiped nearly a quarter off the company''s stock market value. bit.ly/2wEcBkXThe Independent- Ministers in Britain have spent almost 40 million pounds in an "appalling" attempt to stop sick and disabled people receiving the financial help they are entitled to. Freedom of Information requests have exposed how taxpayers'' money has been spent on futile legal battles to prevent vulnerable people receiving help. ind.pn/2wEBjBt- The skills shortage in the UK''s service sector has hit its worst level in at least 19 years, a new survey of British firms has found. The proportion of services firms saying their businesses will be held back by a lack of appropriately skilled professional or clerical staff rose to the highest ever recorded on the Confederation of British Industry''s quarterly survey, since it began in 1998. ind.pn/2wEtrQF$1 = 0.7738 pounds Compiled by Bengaluru newsroom; Editing by Peter Cooney '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-business-idUSL2N1LF00J'|'2017-08-29T03:22:00.000+03:00'
'343659728235e1a12c5cf7a644722703ac56f9d5'|'Mexico''s Bimbo to invest $129 mln in Mexico City distribution hub'|'August 29, 2017 / 7:27 PM / 7 minutes ago Mexico''s Bimbo to invest $129 mln in Mexico City distribution hub Reuters Staff 1 Min Read MEXICO CITY, Aug 29 (Reuters) - Mexican breadmaker Bimbo on Tuesday said in a filing with the Mexican stock exchange that it would invest 2.3 billion pesos ($129 million) in a new distribution center in Mexico City. ($1 = 17.8653 Mexican pesos) (Reporting by Veronica Gomez)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mexico-bimbo-idUSE1N1FF03R'|'2017-08-29T22:25:00.000+03:00'
'68bbb79b519cc60c4ef00c61e2a1a68a78f6a0a9'|'Shire defends record as UBS cuts price target on staff satisfaction reviews'|'August 29, 2017 / 3:58 PM / 4 hours ago Shire defends record as UBS cuts price target on staff satisfaction reviews Reuters Staff 2 Min Read FILE PHOTO: A sign sits in front of Shire''s manufacturing facility in Lexington, Massachusetts July 18, 2014. Brian Snyder LONDON (Reuters) - Shire ( SHP.L ) is weathering a period a major change well, the company said on Tuesday, as analysts at UBS cut their price target on the stock in response to signs of falling staff satisfaction at the drugmaker. A trawl of 20,000 employee reviews from careers website Glassdoor showed a major decline in staff satisfaction at Shire in 2017, with the company coming 24th out of 26 biopharmaceutical companies on "overall satisfaction", UBS said. Shire, which recently lost its chief financial officer and head of research, faces testing times after buying United States-based Baxalta in its biggest ever deal, leading to inevitable upheaval and challenges. In 2015 and 2016 Shire and Baxalta were just below the middle of the pack on most employee satisfaction measures. "Neither markets nor employees seem as confident as management that things are on track," UBS said, reducing its 12-month price target to 40.95 pounds a share from 45 pounds while rating the stock neutral. Shire''s chief human resources officer, Joanne Cordeiro, said the drugmaker''s own surveys painted a more encouraging picture. "We are in the late stages of significant corporate transformation as we have evolved into the global leader in rare diseases," she said. "Our internal engagement marks for Shire are high despite these changes. We are focussed on working to ensure we continue to build the best organisation for our employees, patients and shareholders." Reporting by Ben Hirschler; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-shire-staff-idUKKCN1B91Y3'|'2017-08-29T19:02:00.000+03:00'
'7e166322c84bbf9be9c828fa64fdf7d30e4a1c38'|'Germania asks court to block govt bridge loan to Air Berlin'|'FRANKFURT, Aug 29 (Reuters) - German airline Germania has asked a court to block the German government from providing Air Berlin with a 150 million euro ($180.5 million) bridge loan before the European Commission has given its approval, the Berlin court said on Tuesday.The regional court said in a statement it would hold a hearing on the matter on Sept. 15.Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses. It will now be carved up among investors, with bids due by mid-September.$1 = 0.8313 euros Reporting by Maria Sheahan; Editing by Tom Sims '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-lufthansa-court-idINF9N1L0013'|'2017-08-29T11:39:00.000+03:00'
'651e7037c93ee1d5e565437968757cea7b76d455'|'Mitie investigated by FCA over results and profit warning - Business'|'The City regulator has launched an investigation into Mitie over its annual results and the timing of a September 2016 profit warning, adding to problems at the outsourcing company as it tries to revive its fortunes.The provider of pest control, cleaning and security services said on Tuesday it was informed of the probe by the Financial Conduct Authority on Friday and was “fully cooperating”.Outsourcing companies such as Mitie, Capita and Carillion have been hit over the past year by rising labour costs and unplanned changes on contracts that were taken on during the financial downturn, often with paper-thin margins.A failure by some clients to renew or commission new contracts has compounded the problem, leading Mitie to issue two more profit warnings in quick succession to its first in September 2016.Last month, Britain’s accounting watchdog said it was investigating Deloitte over its auditing of Mitie’s books.Companies are required to announce promptly material changes in their financial prospects to investors, and Britain’s financial watchdog has previously fined oil services group Lamprell and JJB Sports for failing to make timely disclosures.Mitie is in the midst of a turnaround drive under new chief executive Phil Bentley, who took over in December. It has since restated its historic accounts, announced it would appoint a new auditor and sold a loss-making unit.The company expects to return to modest growth in underlying profit this year, but could face fines and investigations into employees if it is found by the FCA to have breached rules.Mitie shares, which almost halved in value last year, closed down 0.4% at 267p.Topics Mitie Services sector news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/29/mitie-fca-results-profit-warning-deloitte'|'2017-08-30T01:56:00.000+03:00'
'd93fd0c98357c4fcebcf696baf1a050f48c9ef98'|'UPDATE 1-Airline profits could feel squeeze from Tropical Storm Harvey'|'(Adds Quote: , background, details)By Alana Wise and David ShepardsonNEW YORK, Aug 29 (Reuters) - Tropical Storm Harvey has already caused thousands of flight cancellations around Houston and could cripple regional aviation through the U.S. Labor Day holiday, taking a bite out of airline profits during one of the year''s busiest travel periods.Since making landfall on Friday, the deadly storm has dumped several feet of rain on Houston and surrounding areas, forcing the temporary closure of three airports.Normal regional airline operations will likely not resume until Wednesday or Thursday, even under the best-case scenario.The Houston airport authority has not said when it will reopen, but the Federal Aviation Administration said it would not be before Wednesday for Hobby Airport and Thursday for Houston Intercontinental Airport."They are going to be opened when conditions allow us to operate safely. Period. I don''t want to put a date on it," Houston Airports System spokesman Bill Begley said.A government official briefed on the matter said with limited jet fuel in place and impassable roads, Houston airports may officially reopen this week but are not likely to resume anything close to full operations until next week.Currently just one road to Hobby is open and all roads near Houston Intercontinental remain impassable. A big issue is getting TSA officials, flight crews and passengers to the airports.This could mean service disruptions that last through the close of the Labor Day travel period, which had been projected to be even busier than normal this year.The exact financial impact was not yet known, but even minor storms can cost airlines millions of dollars. A late winter storm earlier this year forced Delta Air Lines Inc to cancel thousands of flights, resulting in a $125 million negative impact.Since Sunday, airlines have canceled more than 5,000 flights into and out of Houston, including all scheduled flights through Wednesday, according to the air travel monitoring website flighware.com."There is no question that the devastation affecting one of the largest metropolitan centers in the United States and a major air travel hub, as well as outlying areas and other cities in the region, will curtail the passenger volumes previously projected for this period," said John Heimlich, vice president and chief economist of trade group Airlines for America.Southwest Airlines Co, one of the region''s largest carriers, said it was possible the storm could prohibit normal flight schedules at Houston Intercontinental and New Orleans International airports through Sept. 5.The seven-day Labor Day travel period stretches from Wednesday, Aug. 30 through Tuesday, Sept. 5.United Airlines, which has a major hub operation in Houston, has canceled about 2,000 flights through Thursday.Reporting by Alana Wise and David Shepardson; Editing by Meredith Mazzilli and Andrew Hay '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-airlines-idUSL2N1LF1DO'|'2017-08-29T22:12:00.000+03:00'
'b52c812749d9fcea486fd41b2324657f98ca3886'|'UPDATE 1-South Africa''s rand slightly firmer, breaks past key 13.00 level'|'August 29, 2017 / 4:21 PM / 10 minutes ago UPDATE 1-South Africa''s rand slightly firmer, breaks past key 13.00 level Reuters Staff 2 Min Read (Updates prices) JOHANNESBURG, Aug 29 (Reuters) - South Africa''s rand broke past a key level on Tuesday, recovering for early concerns about North Korea''s missile launch, while gold stocks rose in a generally lower session. The rand traded 0.38 percent stronger at 12.9850 per dollar, breaking past the critical 13.00 to touch its strongest level in about four weeks. This recouped all the losses suffered in early deals following news of the launch, which raised fears of war. "The problem with ... catastrophe trade(s) is that there is only a very small chance of a massive market event and a near certain chance that nothing will happen," said John Cairns, a currency strategist at Rand Merchant Bank. "As with all the previous missile launches, (one should) expect risk aversion to die away rapidly, and for risk assets to recoup their losses." said John Cairns, a currency strategist at Rand Merchant Bank. "The problem with the catastrophe trade is that there is only a very small chance of a massive market event and a near certain chance that nothing will happen.". The rand will look for direction from economic data later in the week in the form of July money supply and private sector credit data on Wednesday, as well as producer price inflation figures and trade numbers due on Thursday. On the bourse, traders piled into gold mining shares as the price of bullion cruised higher after North Korea fired a missile early on Tuesday that flew over Japan. AngloGold Ashanti rose 7.8 percent, making it the biggest gainer on the exchange, while rival Harmony added 7 percent. Overall, investors took their cue from a downbeat tone in major overseas markets. The JSE Top-40 index lost 0.35 percent to 49,883 and the broader All-share index lost 0.26 percent to 56,409. In fixed income, the yield for the benchmark government bond due in 2026 was flat at 8.580 percent. (Reporting by Tiisetso Motsoeneng)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/safrica-markets-idUSL8N1LF523'|'2017-08-29T19:18:00.000+03:00'
'befb9a1a1ba102aafa2b07ccede388b9be4be85d'|'DEALTALK-Brazil rushes to exit Eletrobras control as obstacles abound'|'August 29, 2017 / 4:14 PM / 17 minutes ago DEALTALK-Brazil rushes to exit Eletrobras control as obstacles abound Reuters Staff (For more Reuters DEALTALKS, click on) By Guillermo Parra-Bernal, Luciano Costa and Rodrigo Viga Gaier SAO PAULO/RIO DE JANEIRO, Aug 29 (Reuters) - Brazilian President Michel Temer''s rush to sell control of the country''s biggest power utility after acknowledging a wider budget deficit this year could come to haunt him as legal and political roadblocks threaten to slow the plan. The government opted to privatize Centrais Elétricas Brasileira SA, or Eletrobras, after divergences mounted with management over how to fix the company, four people familiar with the plan told Reuters. Investors cheered the move last week, sending common shares up 50 percent in a day. Policymakers have until the end of this week to explain how the plan will be executed. But they have yet to figure out how to structure Eletrobras'' new listing, set potential caps to the participation of new investors and determine whether the plan requires congressional approval, the people added. "It''s a Gargantuan task, because you don''t often have to sort out constitutional limits, diplomatic issues and strategic issues accumulated for decades in about a week," said one of the people, who requested anonymity. Making Eletrobras a company with dispersed share ownership would dislodge politicians from control of a utility that for decades provided their cronies with lucrative jobs. The move is Temer''s most daring effort to reduce a bloated state amid public outrage over his party''s role in Brazil''s worst graft scandal. If successful, the deal could transform an industry long hobbled by erratic state meddling and a chronic lack of investment, while helping cut power rates in the long run, UBS Securities analyst Marcelo Sá said. Temer expects his austerity program to shrink a record budget gap and cut transfers to money-losing government firms. The National Treasury has used 4.3 billion reais ($1.4 billion) of taxpayer money to support Eletrobras over the past year. "Eletrobras is a bottomless pit," one of the sources added. That shares have retained most of their gains since the announcement is a sign investors hope the deal will come swiftly, said Marcelo Gomes, head of Alvarez & Marsal Holdings LLC''s Brazil unit. He took a "flurry of calls from clients eager to know about the plan" the day after the announcement. The stock surge also eased resistance from holders of Eletrobras preferred shares, who are entitled to special dividend privileges, one of the people added. Rio de Janeiro-based Eletrobras declined to comment, as did the Energy Ministry and Temer''s office. OPAQUE STRUCTURE Before claiming victory, Temer must first untangle Eletrobras'' opaque corporate structure. Less than a dozen officials are working on the plan to split off two strategic Eletrobras assets that cannot be sold to private investors: scandal-ridden nuclear energy subsidiary Eletronuclear, and the Brazilian government''s stake in Itaipú, a giant hydropower dam it jointly owns with Paraguay. Under Brazil''s 1988 Constitution, no private-sector company can be involved in domestic nuclear energy activities. In the case of Itaipú, Paraguay may have to authorize moving the Brazilian stake to a wholly state-owned subsidiary of Eletrobras, two of the people said. Some doubt whether listing Eletrobras in the São Paulo Stock Exchange''s strictest governance segment is feasible, while others worry about the tight timetable for the deal as the October 2018 presidential election looms, the people said. One delicate issue is whether the plan needs congressional authorization. While the 1961 law that created Eletrobras set a minimum 51 percent voting stake for the government, a 1997 law governing state asset sales could validate the privatization. "It appears to me that the plan was structured from back to front to fight resistance from any side," said Marcos Elías, a partner at São Paulo-based advisory firm Modena Capital who had long warned his clients that Eletrobras could be privatized. REGIONAL BOSSES The end of government control of Eletrobras could force a renegotiation of part of the utility''s 48 billion-real debt to avert early repayments, the people said, adding that Eletrobras must also reassure investors how it will deal with 65 billion reais in contingent liabilities. The announcement last week - a short statement released after market hours that surprised the company''s top brass - reflects government concerns that public aversion to privatizations could disrupt the process, the people said. In addition, the plan could trigger a short-term increase in power rates that could irk household and industrial consumers, analysts said. Regional political bosses in Temer''s party may try to exclude subsidiaries Chesf, Furnas and Eletronorte from the plan, said Eurasia Group analyst João Augusto de Castro Neves. Although the tricky politics of Eletrobras date back to its founding in 1961, the impact of government activism worsened dramatically five years ago, when Temer''s predecessor, Dilma Rousseff, forced the company to bear the brunt of drastic rate reductions. Her move triggered losses from which the utility has yet to recover. A privatization is more appealing to Chief Executive Officer Wilson Ferreira Jr than prior government proposals to sell key assets, the people said. The plan will allow him to continue with a 13-month-old turnaround of Eletrobras, they added. Still, Mining and Energy Minister Fernando Coelho Filho and Ferreira diverged on the way such a turnaround should be tackled, the people said. While Coelho wanted Eletrobras to sell generation and transmission assets, Ferreira argued it would kill the company. In the end, "Ferreira''s view prevailed, because he knew better that the hemorrhaging would only worsen if the company were dismantled," the person said. $1 = 3.16 reais Editing by Brad Haynes, Daniel Flynn and Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eletrobras-privatization-idUSL2N1LB01T'|'2017-08-29T19:14:00.000+03:00'
'f75ade088f5bb7a1cf32f7f5882aa9c2d587ffac'|'Codelco chairman says cautious about short-term copper price'|'August 29, 2017 / 1:51 PM / 7 minutes ago Codelco chairman says cautious about short-term copper price Reuters Staff 1 Min Read SANTIAGO, Aug 29 (Reuters) - The chairman of Chilean state-owned copper company Codelco said on Tuesday that he is cautious about a recent rally in copper prices , even as he is more optimistic in the medium- and long-term. "I''m a little skeptical...in the short-term," Oscar Landerretche said a mining conference in Chilean capital Santiago. "It''s true that all of the fundamentals are good in the medium- and long-term...but I would be very cautious." (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/codelco-copper-idUSC0N1IK01F'|'2017-08-29T16:47:00.000+03:00'
'805ad732baa10b85a3b513cbea283403b1182cf5'|'Despite new U.S. sanctions, Russian oil traders say it''s business as usual'|'A pump jack is seen at the Ashalchinskoye oil field owned by Russia''s oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. Picture taken July 27, 2017. Sergei Karpukhin MOSCOW (Reuters) - Russian oil companies will quickly find ways to work around tighter restrictions imposed this month by the United States on the foreign finance they can use, multiple Russian oil industry sources told Reuters.The new restrictions cut the period that U.S.-based entities can provide finance to Russian energy firms from 90 to 60 days and are part of a fresh package of U.S. sanctions that U.S. President Donald Trump approved on Aug. 2.Initiated by Congress, the sanctions were in part designed to punish Moscow further for its 2014 annexation of Ukraine''s Crimea peninsula and to sanction it for what U.S. intelligence agencies say was its meddling in the U.S. presidential election, something Russia denies.In particular, the measures were designed to hurt Russia''s energy sector, its biggest source of revenue.But though the new steps are an inconvenience that could cause Russian oil companies to incur extra costs, the sources, who work for Russian oil firms and Russian and foreign oil trading houses, said that they were only incrementally worse than sanctions that have been in place since 2014.Oil companies had learned to adapt then and would do so again now, they said.None of the oil trade sources said they knew of any transactions having been disrupted as a result of the new measures."Business as usual," said one Russian oil trader, who spoke on condition of anonymity, when asked to describe how the industry was coping with the new curbs.Still, of all the various measures targeting the energy sector, the restriction cutting the financing duration would have the biggest direct impact even if there were ways to mitigate it, the industry sources said.POTENTIAL WORKAROUNDS The initial sanctions, imposed in 2014 soon after Russia annexed Crimea, effectively cut off Russian energy companies from long-term Western debt of the kind they had used heavily to fund investments in new projects.However, by allowing financing lasting up to 90 days, the initial sanctions kept the door open to trade finance, the routine debt operations that most oil companies depend on.In crude oil transactions, the selling party usually does not get paid in full until weeks after the shipment of oil has been delivered. To mitigate liquidity gaps, an oil trader steps in and makes pre-payments to the oil producer.Now that the financing period has been reduced by a third, to 60 days, Russian energy companies will have to become more resourceful, said the industry sources.One workaround, according to a second oil trading source, is that the energy firms will free up cash of their own. That could be done by selling off assets, though the more likely scenario is that they will dip into their cash reserves."The companies right now have significant volumes of liquidity," said the trader, who did not want to be identified because he was not authorised to speak to the media.Alternatively, said the same source, energy companies can use external finance, but break it down into many increments so the lender does not fall foul of the sanctions. That requires more deals with more parties."It''s an increase in operational and financial costs," said the second oil trading source.Another trader, who works for a major Western company, said the sector had already learned how to deal with a shorter financing window when the initial sanctions were imposed, so the industry would adapt again."Okay, so it (the financing period) is being cut, that means we need to turn it around in 60 days, not 90," said the trader. "You need to keep a close eye on it. But it hasn''t had a strong effect."Traders said they expected that the new, tighter restrictions would result in Russian banks handling more of the finance for energy trading transactions. Before sanctions, that was a role played largely by big international trading houses and Western banks.Several Russian banks are already subject to U.S. and European Union sanctions, so have little to fear from providing finance to Russian energy companies, even if it exceeds the 60-day limit.In one case this year Russian state oil company Zarubezhneft was seeking a buyer for 1.8 million tonnes of Urals crude oil for loading from the Baltic port of Primorsk between July 2017 and December 2018. The terms of the sale were that the buyer would have to pre-finance the deal.Oil trading sources told Reuters that the cargo was sold to VTB Trading, a unit of Russian state lender VTB, which has been subject to U.S. sanctions since 2014.Additional reporting by Kira Zavyalova; Writing by Christian Lowe; Editing by Peter Graff '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-trump-russia-sanctions-idINKCN1B91JW'|'2017-08-29T16:23:00.000+03:00'
'25cc1c564acf04576eab8865cf4024d6448e448c'|'Alphabet''s Google to inform EU antitrust regulators on compliance plan'|'August 29, 2017 / 2:00 PM / 21 minutes ago Alphabet''s Google acts to comply with EU antitrust order 2 Min Read The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. Mike Blake BRUSSELS (Reuters) - Google ( GOOGL.O ) has submitted details of how it plans to stop favoring its shopping service to comply with a European Union antitrust order, EU regulators said on Tuesday. The world''s most popular Internet search engine, a unit of Alphabet Inc, had earlier on Tuesday said it would meet the EU deadline to do so. Google was hit with a record 2.4 billion euro ($2.9 billion) fine from the EU over the practice in June and had until midnight on Tuesday to come up with proposals to end the anti-competitive behavior. The European Commission said on June 27 that Google had abused its dominance in Europe to give prominent placements in searches to its own comparison shopping service, demoting those of rivals. As well as ordering Google to come up with a solution, the Commission said the U.S. company must stop the practice by Sept. 28. Failure to do so could expose the company to penalty payments of as much as 5 percent of Alphabet''s average daily worldwide turnover -- or around $12 million a day, based on the parent company''s 2016 turnover of $90.3 billion. "Google will continue to be under an obligation to keep the Commission informed of its actions by submitting periodic reports," a spokesman for the EU executive said after saying the proposal had been received. Lobbying group ICOMP, whose members include Google rivals online mapping services Hot Map and Streetmap, as well as CEPIC (Centre of the Picture Industry) and TradeComet which owns a rival search engine, said regulators should publicize Google''s proposal. "These affect everyone in the online and mobile worlds, so they must be made public for evaluation," ICOMP head Michael Weber said. Google is also under fire from the EU over practices related to its smartphone mobile operating system Android, where it may face a landmark fine by the end of the year, and regarding online search advertising. Reporting by Foo Yun Chee; Editing by Philip Blenkinsop/Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-eu-google-antitrust-idUKKCN1B91NI'|'2017-08-29T16:59:00.000+03:00'
'f4e1bfb5322627484901b3dc8f1f8e0e32e886cd'|'Toshiba may not finalise chip unit sale by Aug. 31 deadline - sources'|'Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo, Japan, June 25, 2015. Yuya Shino/Files TOKYO (Reuters) - Toshiba Corp may not seal a $17.5 billion deal to sell its memory chip unit by a self-imposed Aug. 31 deadline due to disagreements over details of an offer by the bidders, people familiar with the matter said late on Tuesday.Talks with a consortium led by Western Digital Corp were in final stages, with the head of the U.S. firm in Japan to hammer out details, the sources said, requesting anonymity because they were not authorised to speak with media.The two sides, however, could not yet agree on specifics such as the size of Western Digital''s future stake in the business, they said, while adding the two sides would continue negotiating.A Toshiba spokesman said the company could not comment on details of the talks. A Western Digital representative declined to comment.Toshiba has been trying to sell the unit for months to pay down debt and cover the impact of over $6 billion in liabilities linked to U.S. nuclear arm Westinghouse.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take six months, the company has been hoping to reach a deal by the end of August to ensure it can close the sale in time.In addition to Western Digital, the consortium includes U.S. private equity firm KKR & Co and the state-backed Innovation Network of Japan and Development Bank of Japan. Sources have said the group was offering around 1.9 trillion yen ($17.5 billion) for the business.($1 = 108.6900 yen)Reporting by Taro Fuse and Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/toshiba-accounting-idINKCN1B91W4'|'2017-08-29T18:27:00.000+03:00'
'23ea60cb331dfa5ffe48416cb3cd010e0c367311'|'Uber to end post-trip tracking of riders as part of privacy push'|'August 29, 2017 / 5:02 AM / 9 hours ago Uber to end post-trip tracking of riders as part of privacy push Dustin Volz 4 Min Read FILE PHOTO - An Uber sign is seen in a car in New York, U.S. June 30, 2015. Eduardo Munoz/File Photo PALO ALTO, Calif. (Reuters) - Uber Technologies Inc is pulling a heavily criticized feature from its app that allowed it to track riders for up to five minutes after a trip, its security chief told Reuters, as the ride-services company tries to fix its poor reputation for customer privacy. The change, which restores users'' ability to share location data only while using the app, is expected to be announced on Tuesday and rolled out to Apple Inc iPhone users starting this week. It comes as Uber tries to recover from a series of crises culminating in the ouster of Chief Executive Travis Kalanick and other top executives. Dara Khosrowshahi, the CEO of travel-booking company Expedia Inc is set to become Uber''s new chief executive, sources have told Reuters. The location-tracking update is unrelated to executive changes, said Joe Sullivan, Uber’s chief security officer, in an interview with Reuters. Sullivan and his team of about 500 have been working to beef up customer privacy at Uber since he joined in 2015. "We’ve been building through the turmoil and challenges because we already had our mandate," said Sullivan, who is a member of the executive leadership team that has been co-running Uber since Kalanick left in June. An update to the app made last November eliminated the option for users to limit data gathering to only when the app is in use, instead forcing them to choose between letting Uber always collect location data or never collect it. Uber said it needed permission to always gather data in order to track riders for five minutes after a trip was completed, which the company believed could help in ensuring customers'' physical safety. The option to never track required riders to manually enter pickup and drop-off addresses. But the changes were met with swift criticism by some users and privacy advocates who called them a breach of user trust by a company already under fire for how it collects and uses customers'' data. Uber said it never actually began post-trip tracking for iPhone users and suspended it for Android users. Sullivan said Uber made a mistake by asking for more information from users without making clear what value Uber would offer in return. If Uber decides that tracking a rider’s location for five minutes is valuable in the future, it will seek to explain what the value is and allow customers to opt in to the setting, he said. Sullivan said Uber was committed to privacy but had previously suffered "a lack of expertise" in the area. The change comes two weeks after Uber settled a U.S. Federal Trade Commission complaint that the company failed to protect the personal information of drivers and passengers and was deceptive about its efforts to prevent snooping by its employees. Uber agreed to conduct an audit every two years for the next 20 years to ensure compliance with FTC requirements. The location-tracking changes will initially only be available to iPhone users, but Uber intends to bring parity to Android devices, Sullivan said. The changes are part of a series of updates expected in the coming year to improve privacy, security and transparency at Uber, Sullivan said. Reporting by Dustin Volz; Editing by Jonathan Weber and Bill Rigby '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-uber-privacy-idUSKCN1B90EN'|'2017-08-29T08:01:00.000+03:00'
'bceee9f9d02cf6d5d92d4d6a70481dd74114a95a'|'EU mergers and takeovers (Aug 29)'|'August 29, 2017 / 3:47 PM / an hour ago EU mergers and takeovers (Aug 29) Reuters Staff 6 Min Read BRUSSELS, Aug 29 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- General Electric and global investments provider Macquarie Corporate Holdings to acquire joint control of Markbygden ETT AB, an onshore wind farm project in Sweden (approved Aug. 28) NEW LISTINGS -- German car parts maker Aunde Achter & Ebels GmbH and Bader GmbH and Co to set up a joint venture (notified Aug. 25/deadline Sept. 29/simplified) EXTENSIONS AND OTHER CHANGES -- French dairy company Groupe Lactalis to acquire German peer Omira (notified July 26/deadline Aug. 31) SEPT 1 -- Television holding groups ProSiebenSat.1 Media of Germany, France''s TV group TF1 and Mediaset with networks in Italy and Spain to establish a joint venture selling advertising space (notified July 27/deadline Sept. 1/simplified) SEPT 6 -- Pamplona Capital to acquire biopharmaceutical company Parexel (notified Aug. 1/deadline Sept. 6/simplified) SEPT 11 -- Cinven Capital Management and the Canada Pension Plan Investment Board to acquire joint control of GTA Travel Holding Ltd (notified Aug. 4/deadline Sept. 11) -- French banking group BNP Paribas Group to acquire sole control of PEH Milan Holdco S.r.l, thus establishing joint control of the latter''s two hotels in Italy with Starwood Hotels & Resorts Worldwide, a subsidiary of Marriott International, which manages the hotels (notified Aug. 4/deadline Sept. 11/simplified) SEPT 12 -- Telecommunications infrastructure maintenance company CTDI GmbH, jointly controlled by Communication Test Design, Inc. and Deutsche Telekom AG, to acquire EMEA electronics repair business of Regenersis Services Ltd. from CTDI Inc., changing current sole control to joint control via CTDI GmbH (notified Aug. 7/deadline Sept. 12/simplified) -- Private equity group Bridgepoint and Credit Mutuel Arkea to establish joint control of French asset manager Groupe Primonial (notified Aug. 7/deadline Sept. 12/simplified) SEPT 14 -- Norwegian-based DNB Bank ASA and Swedish Nordea Bank AB to establish a joint venture concerning their banking activities in Estonia, Latvia and Lithuania(notified Aug. 9/deadline Sept. 14) SEPT 15 -- Investment firm Centerbridge Partners L.P. and Enel Green Power Hellas S.A. to create a jointly controlled wind farm venture in Greece (notified Aug. 10/deadline Sept. 15/simplified) SEPT 18 -- Private equity firms CVC and PAI Partners to acquire the rest of Spanish retailer Cortefiel (notified Aug. 11/deadline Sept. 18/simplified) SEPT 20 -- China Investment Corporation to acquire European warehouse firm Logicor (notified Aug. 16/deadline Sept. 20/simplified) -- Buyout group KKR to acquire Dutch car park operator Q-Park (notified Aug. 16/deadline Sept. 20/simplified) SEPT 26 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge in 46 bln-euro deal (notified Aug. 22/deadline Sept. 26) -- French reinsurance company Scor to acquire MutRe, a French company involved in the reinsurance of companies'' insurance policies (notified Aug. 22/deadline Sept. 26/simplified) SEPT 27 -- Swedish real estate company Fastighets AB Balder to buy shares in Serena Properties, jointly owned by Finnish pension fund Varma (notified Aug. 23/deadline Sept. 27/simplified) SEPT 28 -- VCI ventures, a subsidiary of VW credit to acquire joint control of AutoGravity with DA Investments, subsidiary of Daimler (notified Aug. 24/simplified/deadline Sept. 28) SEPT 29 -- Irish agribusiness company ABP Food Group to acquire an additional stake in Linden Foods Limited, active in the slaughtering and processing of beef and ovine animals (notified Aug. 25/deadline Sept. 29) -- 3M to buy Johnson Controls'' safety gear unit Scott Safety for $2 billion (notified Aug. 25/deadline Sept. 29) -- Private equity group Triton to take joint control over Dutch mechanical and electrical engineering services provider Unica Groep (notified Aug. 25/deadline Sept. 29/simplified) -- Swiss asset manager Partners Group to buy UK software firm Civica for 1 billion pounds ($1.29 billion) (notified Aug. 25/deadline Sept. 29/simplified) DEC 6 -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline Dec. 6) JAN 8 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to Jan. 8 2018 after Commission opened in-depth investigation) DEADLINE SUSPENDED -- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline suspended on Aug. 22) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eu-ma-idUSL8N1LF5D2'|'2017-08-29T18:47:00.000+03:00'
'32d8da9ed6e6a105ea41af1def4606cc8909fde9'|'Swiss stocks - Factors to watch on Aug 28'|'ZURICH, Aug 28 (Reuters) - The following are some of the main factors expected to affect Swiss stocks on Monday.NOVARTIS The Swiss drugmaker will seek regulatory approval this year for a new kind of anti-inflammatory heart drug, though some experts fear fatal infection risks and a high price may overshadow the medicine''s limited benefits.For more clickCREDIT SUISSE Swiss newspaper Neue Zuercher Zeitung reported on Saturday that internal Credit Suisse emails show employees have been instructed not to destroy or delete documents related to so-called insurance "wrapper products" as part of a preservation notice following searches at the Swiss bank''s offices in France, the Netherlands, Britain and Australia in March.COMPANY STATEMENTS * Ems Chemie said net profit for the first half of 2017 rose 6.5 percent to 229 million Swiss francs.* Aryzta said it has appointed Kevin Toland as its new CEO, and Juergen Steinemann as an independent director. Toland starts work as CEO on Sept. 12.* Alpiq said that it expects results in 2017 to miss those of the previous year as the company continues to be hurt by low wholesale energy prices.* Kuros Biosciences said it received U.S. Food and Drug Administration clearance for magnetos putty and that it had filed for CE marking in Europe.* Roche said it had received priority review from the FDA for its Gazyva medicine against previously untreated follicular lymphoma.ECONOMY SNB releases sight deposits at 0800 GMT (Reporting by Zurich newsroom)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-swiss-stocks-idINL8N1LC0CC'|'2017-08-28T02:54:00.000+03:00'
'5faab257c50076447f5d64af08b5fb3bc73de421'|'German government says Air Berlin bridging loan on schedule'|'August 28, 2017 / 9:48 AM / 4 hours ago German government says Air Berlin bridging loan on schedule Reuters Staff 1 Min Read An aircraft operated by German carrier Air Berlin lands in Berlin''s Tegel airport, Germany, August 23, 2017. Fabrizio Bensch BERLIN (Reuters) - A German government bridging loan for insolvent Air Berlin ( AB1.DE ) has not yet been paid out but the timetable for disbursing the credit is on schedule, a spokeswoman for the Economy Ministry said on Monday. "There are a few technical details but the credit is there and everything is progressing according to the timetable," the spokeswoman told a regular government news conference in Berlin. The government has agreed a 150-million-euro ($179 million) loan to ensure that flights continue for a period of three months and to secure the positions of the airline''s 7,200 employees in Germany. Reporting by Caroline Copley; Editing by Paul Carrel'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-government-idUKKCN1B80VW'|'2017-08-28T12:48:00.000+03:00'
'd7c1272c9e5c0a944d69109563c69966cb08cd76'|'Telecoms group Altice announces 1 billion euros share buyback'|'August 28, 2017 / 6:16 AM / 39 minutes ago Telecoms group Altice announces 1 billion euros share buyback Reuters Staff 1 Min Read PARIS, Aug 28 (Reuters) - Altice , the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, announced a 1 billion euros ($1.2 billion) share buyback programme and said it would continue to examine takeover opportunities. Altice said on Monday that the share buyback formed part of its general strategy to boost shareholder returns and reflected its confidence in meeting its near-term financial targets, with Altice also reiterating its 2017 financial guidance. "Going forward, Altice will continue to assess the use of excess cash for either significantly accretive M&A (mergers and acquisitions) opportunities or further shareholder returns," the company said in a statement. Sources told Reuters earlier this month that Altice NV and its U.S. cable division were in the early stages of working on an offer to buy Charter Communications. $1 = 0.8386 euros Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/altice-stocks-idUSFWN1LE05V'|'2017-08-28T14:16:00.000+03:00'
'8869d346e8dba5a4350b940a2cdd5ba6d255eb4f'|'Linde, Praxair received second request from U.S. anti-trust regulator'|'FRANKFURT, Aug 29 (Reuters) - Linde and Praxair received a second request for information in August from U.S. antitrust regulator FTC regarding their planned merger and are in the process of responding, they said in a regulatory filing late on Monday.The two companies said they still expected the deal to close in the second half of 2018. (Reporting by Georgina Prodhan; Editing by Christoph Steitz) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/linde-ma-praxair-idINFWN1LF041'|'2017-08-29T04:48:00.000+03:00'
'5a6f5ffdf2ec0cfaf483cb5985e55ce73b357a31'|'LGT sees assets swell to 181 billion Swiss francs after ABN Amro buy'|'The logo of Liechtenstein''s LGT bank is seen at a branch in Zurich, Switzerland August 29, 2017. Arnd Wiegmann ZURICH (Reuters) - Liechtenstein''s LGT Bank, owned by the mini-state''s ruling family, hopes to stand out in Asia''s crowded private banking market by touting the clan''s own track record of preserving wealth.LGT is trying to tap into Asia''s emerging ranks of millionaires and billionaires, a similar strategy to bigger rivals like UBS and Credit Suisse. But unlike LGT, they don''t have a prince as CEO."In Asia I am asked very frequently: how did your family manage to transfer the wealth over generations?" LGT Chief Executive Prince Max von und zu Liechtenstein told Reuters in an interview."For Asia - where the money tends to be new or more recently generated - that is a big issue for them to get right."Max is the second son of Crown Prince Hans-Adam II, whose family has ruled Liechtenstein, a principality of just 38,000 people sandwiched between Switzerland and Austria, since the country''s formation in 1719.LGT signalled its intent to expand in emerging economies last year when it bought ABN Amro''s private banking operations in Asia and the Middle East, which came with $20 billion in assets.Max left the door open for further acquisitions, saying the bank "will continue to scan opportunities".In 2016, Asian Private Banker placed LGT 15th on its league table of biggest private banks in the region by assets with $29.1 billion.Earnings posted on Tuesday showed LGT''s overall assets under management for private and institutional clients swelled 19 percent year-on-year to 181 billion Swiss francs ($189.71 billion) thanks to the ABN acquisition and 9.6 billion in net new money. Net profit rose 22 percent to 151.8 million francs."PLENTY OF RISKS" The Liechtenstein family''s holdings include Austrian palaces and a winery, and in 2011 Forbes dubbed them Europe''s richest monarchs. Swiss magazine Bilanz in 2016 pegged their net worth at 8.5 billion Swiss francs.LGT is keen to play up its bloodline across the business and central to its offering is a private equity-heavy portfolio that closely matches the investment strategy of the Liechtenstein family."It is called the Princely Portfolio," said Max, a Harvard-educated 48-year-old who started out in banking as an investment analyst at JPMorgan in New York.Stable family ties can be a strong selling point in Asia, where wealth managers sometimes display a Qing Dynasty scroll in their offices with an inscription meaning "three generations under one roof, five generations of prosperity".With political tensions still high and sub-zero interest rates in Europe, Max is keeping a cautious outlook, however."At this point we are on a very promising track," he said. "But as we have all learnt, things can turn very quickly. There are still plenty of risks around."($1 = 0.9541 Swiss francs)Reporting by Joshua Franklin; Editing by Michael Shields '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lgt-bank-results-idINKCN1B90GY'|'2017-08-29T03:58:00.000+03:00'
'50eada693b036f22169a051d55acdbe15fa92cc2'|'Chipmaker Littelfuse to buy IXYS for $750 million'|'(Reuters) - Chipmaker Littelfuse Inc ( LFUS.O ) said on Monday it would buy peer IXYS Corp ( IXYS.O ) for about $750 million in cash and stock as the company expands into the lucrative automotive market.IXYS shareholders can elect to receive either $23 per share in cash or 0.1265 of a share of Littelfuse common stock.The deal value of $23 per share, represents a premium of 44 percent to IXYS''s close on Friday.In its biggest deal ever, Littelfuse expects to achieve more than $30 million of annualized cost savings within the first two years after the close of the transaction.The transaction is expected to close in the first calendar quarter of 2018.The deal is the latest example of M&A activity among chipmakers getting into the automotive market.Earlier this year, Intel Corp ( INTC.O ) agreed to buy Israeli autonomous vehicle technology firm Mobileye ( MBLY.N ) for $15.3 billion.Last year, chipmaker Qualcomm Inc ( QCOM.O ) agreed to buy NXP Semiconductors NV ( NXPI.O ) for about $38 billion, making it the leading supplier to the fast-growing automotive chips market.Morgan Stanley & Co LLC served as financial advisers to Littelfuse, while, Needham & Company LLC advised IXYS.Wachtell, Lipton, Rosen and Katz provided legal counsel to Littelfuse and Latham & Watkins LLP counseled IXYS.Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-ixys-m-a-littelfuse-idUSKCN1B80YC'|'2017-08-28T18:18:00.000+03:00'
'de20eb907348d9c28a91c584c0a476217d225b74'|'Western Digital CEO in Japan to finalize Toshiba chip deal: source'|'FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo TOKYO (Reuters) - A consortium led by Western Digital Corp ( WDC.O ) is close to an agreement to buy Toshiba Corp''s ( 6502.T ) $17.4 billion chip business, with the U.S. firm''s CEO in Tokyo to finalize the long and contentious talks, a person familiar with the matter said.The consortium and Toshiba aim to announce a deal on Thursday when the board of the embattled Japanese conglomerate is due to meet, separate people familiar with the matter also said.A deal would mark an end to months of uncertainty for Toshiba, which is scrambling to sell its flash memory unit - the world''s No. 2 producer of NAND chips - to cover billions in losses at its bankrupt U.S. nuclear business Westinghouse.It would also be a remarkable victory for Western Digital, Toshiba''s joint venture partner for its chip business, after relations with the Japanese firm frayed to point where other bidders were chosen first and the U.S. firm initiated legal action that threatened to derail any deal.Sources declined to be identified as the discussions were private.Western Digital, Toshiba and a state-backed fund, the Innovation Network of Japan, which is a member of the consortium declined to comment. Representatives for U.S. private equity firm KKR & Co ( KKR.N ) and the Development Bank of Japan, also members, were not immediately available for comment.While Western Digital is very much in the driver''s seat in talks, it has made several key concessions to secure a deal that Toshiba is willing to accept and that will keep the unit out of the hands of rival chip firms, sources have said.Its financial participation in the deal is limited to 150 billion yen ($1.4 billion) through convertible bonds, and its stake will be no more than a third when those bonds are converted, they said. A stake of more than a third would allow Western Digital to veto board decisions.The U.S. firm will also not seek a management role, they said.Other members of group, which is offering 1.9 trillion yen ($17.4 billion), will include the Innovation Network Corp of Japan and the Development Bank of Japan as well as KKR, with each putting up 300 billion yen, they said. Japanese banks and companies will also provide financing.But it remains to be seen if a deal will be concluded by Thursday. Some senior executives at Toshiba Memory have threatened to quit if a deal with Western Digital is struck, sources say.Both sides, however, have reason to cooperate.Toshiba wants to close the sale by the end of the financial year in March to ensure it is not in negative net worth, where its liabilities exceed assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take more than six months, Toshiba has been hoping to reach a deal by the end of the month to ensure it can close the sale in time.For its part, Western Digital is eager to keep investing in their joint venture to keep up with industry leader Samsung Electronics ( 005930.KS ), which recently announced 20.4 trillion won ($18.2 billion) of new investments into NAND production lines.The U.S. firm, which has taken legal action against Toshiba arguing that any deal will need its consent, only appeared to gain the upper hand in talks over the past month.Before that, Toshiba had picked a consortium of Japanese government-backed funds, U.S. private equity firm Bain Capital LP and South Korean chip maker SK Hynix Inc ( 000660.KS ) as its preferred bidder.Shares in Toshiba ended trade on Monday up 0.6 percent. It has lost around 30 percent in market value since late last year when the company flagged that its Westinghouse division was facing billions in losses.Reporting by Makiko Yamazaki; Additional reporting by Kentaro Hamada and Ritsuko Ando; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-idINKCN1B806H'|'2017-08-28T01:24:00.000+03:00'
'03b015d64abf5c31408bffc763bbb651a72ad6ce'|'U.S. goods trade deficit widens in July; retail inventories fall'|'August 28, 2017 / 2:32 PM / 3 hours ago U.S. goods trade deficit widens in July; retail inventories fall Reuters Staff 3 Min Read Trucks wait in a queue for the border customs control to cross into U.S. at the World Trade Bridge in Nuevo Laredo, Mexico, November 2, 2016. Picture taken November 2, 2016. Daniel Becerril WASHINGTON (Reuters) - The U.S. goods trade deficit increased in July as exports fell, suggesting that trade would make a modest contribution to economic growth in the third quarter. The Commerce Department said on Monday the goods trade gap increased 1.7 percent to $65.1 billion last month. Exports declined 1.3 percent, weighed down by an 8.0 percent tumble in shipments of motor vehicles. There were also decreases in exports of consumer goods last month. Capital goods exports rose 1.5 percent. "Early on in the third-quarter data cycle, we think trade will be a slightly positive factor for growth during the quarter," said Daniel Silver, an economist at JPMorgan in New York. "With the July data now in hand for capital goods shipments and related trade flows, we think real equipment spending will be strong in the third quarter." Imports fell 0.3 percent, reflecting a 2.8 percent drop in motor vehicle imports as well as a 1.7 percent decline in industrial supplies. Capital goods imports rose 2.0 percent last months and imports of consumer goods dipped 0.1 percent. "The readings on consumer and capital goods imports are consistent with our view of ongoing expansion in U.S. economic activity, led by household and business spending," said Michael Gapen, chief economist at Barclays Capital in New York. The government will publish its comprehensive trade report, which includes services, next week. Trade added nearly two-tenths of a percentage point to the economy''s 2.6 percent annualized growth rate in the second quarter. The Commerce Department also reported on Monday that wholesale inventories increased 0.4 percent in July after rising 0.6 percent in June. However, retail inventories fell 0.2 percent after advancing 0.6 percent in June. Retail inventories, excluding motor vehicles and parts, the component that goes into the calculation of gross domestic product also fell 0.2 percent last month after rising 0.5 percent in June. Despite July''s soft inventory data, economists remained optimistic that inventory investment would contribute to growth in the third quarter. Inventory investment had a neutral impact on second-quarter GDP after slicing 1.46 percentage points from output in the first three months of the year. Reporting By Lucia Mutikani; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-usa-economy-trade-idINKCN1B81H8'|'2017-08-28T17:37:00.000+03:00'
'f64fc8536ee35871e9516e9c7a5d4b54f8f4136b'|'Air Berlin lenders eye asset sale by mid-September - sources'|' 02 PM / an hour ago Air Berlin lenders eye asset sale by mid-September - sources Ilona Wissenbach and Peter Maushagen 2 Min Read FRANKFURT (Reuters) - The buyers of insolvent Air Berlin''s ( AB1.DE ) assets will likely be picked by mid-September, people familiar with the matter told Reuters, as the race for the carrier''s coveted take-off and landing slots in Germany heats up. Suitors have until Sept. 13 to make bids and present their business plans to the airline''s administrator and lenders, two sources told Reuters. A committee of creditors overlooking the liquidation aim to come to an agreement who will buy what shortly thereafter, the sources said, with one of them saying the decision could come as early as Sept. 15. Another source cautioned that the schedule was ambitious because new suitors keep lining up. Air Berlin Chief Executive Thomas Winkelmann has said time is of the essence and wants a deal before the end of September. The carrier, which declined to comment, has been in talks with interested parties since it filed for insolvency on Aug. 15 after its major shareholder, Gulf carrier Etihad, denied it any further funding. Lufthansa ( LHAG.DE ), Thomas Cook''s ( TCG.L ) Condor, easyJet ( EZJ.L ) and Ryanair ( RYA.I ) are among airlines interested in the carrier''s business or parts of it, sources familiar with the negotiations have said. German aviation investor Hans Rudolf Woehrl is also working on a bid and former F1 driver Niki Lauda has indicated his interested in buying back Air Berlin''s Niki, the Austrian airline he once owned. Air Berlin is being kept in the air thanks to a 150 million euro (138.91 million pounds)government loan. Part of Air Berlin''s appeal to bidders lies in its access to take-off and landing slots at airports such as Duesseldorf, in Germany''s most populous region. Writing by Ludwig Burger, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-m-a-idUKKCN1B81XH'|'2017-08-28T21:02:00.000+03:00'
'982a8e57bc489e771fc0a5ed32a9f38d61cd97dd'|'Puerto Rico oversight board asks court to enforce furloughs'|'Aug 28 (Reuters) - Puerto Rico''s federal oversight board on Monday said it filed a lawsuit to enforce planned furloughs and pension cuts for government employees, which the island''s governor has said he will not impose.The lawsuit asks a U.S. federal judge in San Juan to declare the measures to be part of the fiscal turnaround plan for Puerto Rico that the board approved earlier this year, and which the governor has no authority to refuse, the board said in a statement on Monday. (Reporting by Nick Brown; Editing by Cynthia Osterman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/puertorico-debt-labor-idUSL2N1LE0ZY'|'2017-08-29T01:40:00.000+03:00'
'9c458674c35351015be1be2548271b6e962a1787'|'Indonesia''s APP close to buying Eldorado Brasil, sources say'|'August 27, 2017 / 8:23 PM / 3 hours ago Indonesia''s APP close to buying Eldorado Brasil, sources say Guillermo Parra-Bernal 2 Min Read SAO PAULO (Reuters) - Indonesia''s Asia Pulp & Paper Co Ltd is in advanced talks to buy control of peer pulpmaker Eldorado Brasil Celulose SA, which went up for sale after controlling shareholders Wesley and Joesley Batista got ensnared in Brazil''s worst corruption probe, two people familiar with the situation said on Sunday. The people, who requested anonymity to discuss the matter freely, said APP submitted earlier this month a bid valuing Eldorado Brasil at about 15 billion reais ($4.8 billion). The Batista family''s holding company J&F Investimentos SA owns 81 percent of Eldorado Brasil. Such a stake would cost APP between 6 billion reais and 7 billion reais, said the people, noting that the Indonesian company would fully assume Eldorado Brasil''s 8 billion reais in debt. While neither person said a deal is certain, both said that an announcement could come as early as this week. In a statement, São Paulo-based J&F declined to comment on the transaction, adding that "the sale process remains in due course." Jakarta-based APP did not immediately respond to an email seeking comment. Eldorado is among the flagship assets J&F put up for sale after the two meatpacking tycoons agreed to pay a record-setting 10.3 billion-real fine for their role in corruption scandals that have hurt President Michel Temer''s administration. Fallout from the scandal forced the brothers to shed assets and refinance debt to honor that fine. Buying Eldorado could help foreign pulpmakers expand in Brazil, where lawmakers have discussed easing sales of land to foreign investors. Land in Brazil offers global pulpmakers advantages, such as more-productive soil than Scandinavia and Chile. Reuters reported on Aug. 4 that talks between J&F and Chilean pulpmaker Empresas Copec SA for Eldorado sank due to price disagreements, and that three competing offers - including APP''s - emerged as a result. O Globo newspaper first reported the deal earlier in the day. Reporting by Guillermo Parra-Bernal; Editing by Andrea Ricci '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-eldorado-brasil-m-a-asia-pulp-pap-idINKCN1B70VH'|'2017-08-27T18:23:00.000+03:00'
'b2c68f892389470651d342500c259b3dafe94676'|'PRESS DIGEST- British Business - Aug 28'|'Aug 28 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Four in five BHS stores lie vacant a year after the department store chain closed its doors as the failure of the retailer continues to haunt the high street. bit.ly/2wggF8l* Most of the five million people who have valuable pension rights clocked up from previous jobs are being neglected by their ex-employers, according to former pensions minister Steven Webb. bit.ly/2wgGxksThe Guardian* AstraZeneca, Britain''s second-largest drugmaker, is to announce further investment in its Macclesfield site in northern England, in a boost for Britain''s 60 billion pounds life sciences industry. bit.ly/2wAQN9D* Traditional broadcasters such as the BBC, ITV and Sky could lose a combined 1 billion pounds per year if rival services from Amazon, Facebook and YouTube become dominant players in the TV industry over the next decade, according to a report by OC&C Strategy Consultants. bit.ly/2wBhdYPThe Telegraph* Analytics upstart AppScatter is planning to float on the London Stock Exchange''s junior Aim market with a value of 41 million pounds. bit.ly/2wBaSgd* British cannabis-derived medicines company GW Pharma is planning to gear up its plant growing and processing operations in the UK over the next year. bit.ly/2wB8gi8Sky News* Canyon Bridge Capital Partners has hired advisers from the Wall Street bank Citi to work on an offer for Imagination , one of Britain''s leading technology businesses, according to Sky News. bit.ly/2wg5igv* Lee Jae-yong, the billionaire heir to the Samsung empire has been sentenced to five years in prison after being convicted of offering bribes to South Korea''s former president. bit.ly/2wgo879The Independent* Aldi customers have been advised to check their bank accounts after the supermarket chain doubled-charged shoppers for their purchases. ind.pn/2wAXY1y* German business confidence fell less than expected in August after climbing to three record highs in a row, suggesting that a consumption-led upswing in Europe''s largest economy will continue despite concern about a car emissions scandal. ind.pn/2wAVDDR (Compiled by Bengaluru newsroom; Editing by Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL8N1LD0S2'|'2017-08-27T21:14:00.000+03:00'
'975c71feea13fb9cc443934126a1229b5c491740'|'Chinese insurer PICC Group in talks over Southeast Asia takeovers: executive'|'August 28, 2017 / 5:24 AM / in an hour China''s PICC in talks to acquire, buy stakes in Southeast Asian insurers Kane Wu 2 Min Read FILE PHOTO: The company logo of the People''s Insurance Company of China (PICC) is displayed at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. Bobby Yip/File Photo HONG KONG (Reuters) - Chinese insurance giant PICC Group is in talks to either acquire or buy a stake in several Southeast Asian insurers and expects some deals to close before the end of the year, a senior executive said on Monday. Xie Yiqun, vice president of the group, formally called People''s Insurance Company (Group) of China (PICC) ( 1339.HK ), said he expects one or two deals to materialize this year with a few more to come in the next two or three years. PICC''s overseas push is in line with China''s Belt and Road initiative, aimed at building a modern-day "Silk Road" that connects China by land and sea to Southeast, South and Central Asia, and beyond to the Middle East, Europe and Africa. PICC plans to set up offices and branches in certain Belt and Road countries, while also looking for investment and acquisition opportunities, Xie said at an earnings briefing. "Insurance regulations vary from country to country," he said. "We have a map (of target markets). Our progress in each country varies as each has a different level of openness." Although Chinese outbounds deals are declining in the wake of increased scrutiny by Beijing, M&A deals by Chinese companies in Belt and Road countries are soaring, with investment for 2017 hitting $33 billion by mid-August, Thomson Reuters data showed. Executives for the insurer also said it was using Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect schemes as a new channel for investment and had spent 8 billion yuan to 10 billion yuan ($1.2 billion to $1.5 billion) on that in the first half of this year. The company said first-half net profit rose 14 percent to 8.82 billion yuan, helped by growth in total written premiums. ($1 = 6.6395 Chinese yuan) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-picc-group-southeast-asia-idINKCN1B80D3'|'2017-08-28T03:24:00.000+03:00'
'88cfb0928c0a23f2800c4458e89b693bd70f430a'|'Buckeye Partners aims to restart Corpus Christi facility by Tuesday'|'NEW YORK, Aug 28 (Reuters) - U.S. oil terminal operator Buckeye Partners LP said on Monday it was working to fully restart operations at its oil processing facility in Corpus Christi, Texas, by early Tuesday afternoon.Based on the latest assessment of equipment, the company is working to fully restart operations in the next 24 hours, a spokesman told Reuters in an email.All employees have been safely accounted for and a regular work schedule has resumed at the Corpus Christi processing and marine terminal facilities, he said.The company said on Sunday its facilities in Corpus Christi had not suffered major damage due to Tropical Storm Harvey.Buckeye, which operates Buckeye Texas Processing (BTP), including a 50,000-barrel-per-day condensate splitter and a system to handle liquefied petroleum gas (LPG) at Corpus Christi, said on Saturday there was minor flooding at its terminal. (Reporting by Devika Krishna Kumar in New York; Editing by Dan Grebler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-buckeye-partners-idINL2N1LE12S'|'2017-08-28T16:22:00.000+03:00'
'dbe7b2da1517bcc2249a7707204ede8997b6efbd'|'Mexican minister heads to Washington after Trump NAFTA threats'|'August 29, 2017 / 4:09 PM / 2 hours ago Mexican minister heads to Washington after Trump NAFTA threats Ana Isabel Martinez 1 Min Read Mexico''s Foreign Minister Luis Videgaray announces the dual year 2017-2018 between Mexico and Colombia, during a news conference in Mexico City, Mexico July 18, 2017. Carlos Jasso MEXICO CITY (Reuters) - Mexico''s foreign minister Luis Videgaray will travel to Washington on Tuesday after threats by U.S. President Donald Trump to scrap the North American Free Trade Agreement, although a foreign ministry source said the trip was pre-planned. A source in the foreign ministry briefed on the trip said it was organized before Trump''s latest warnings that he would prefer to scrap NAFTA than negotiate. A second round of talks to re-negotiate the 23-year-old agreement are due to start in Mexico on Sept. 1. '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-trade-nafta-idUSKCN1B91ZX'|'2017-08-29T19:09:00.000+03:00'
'220674f5ef9bd53db0da1b19b355c9dc61aa6587'|'UPDATE 1-Canada''s ultra-long bond attracts solid demand at C$750 mln auction'|'(Adds analyst Quote: s and details throughout)By Fergal SmithTORONTO, Aug 29 (Reuters) - Canada sold C$750 million of its ultra-long bond, the first reopening since November 2014, at an allotment yield of 2.220 percent, the Bank of Canada said after an auction on Tuesday.The value of bids submitted by distributors of government securities for the 2.75 percent bond, which matures on Dec. 1, 2064, was more than C$2 billion to leave a bid-to-cover ratio of 2.72."There was pretty good demand for the bond," said Jimmy Jean, senior economist at Desjardins Capital Markets.Reopening of the ultra-long bond comes after the Bank of Canada raised interest rates last month for the first time in nearly seven years, pushing up borrowing costs for shorter-dated issues. Meanwhile, yields on longer-dated bonds have held at historically low levels."The government has chosen to seize on that opportunity," Jean said.The difference between the 2-year yield and the 30-year yield has narrowed by more than 50 basis points this year to a spread of 103 basis points.Ultra-long bonds have a term to maturity of 40 years or more and are not as common as 30-year issuance. Canada is one of the few leading industrialized nations with an undisputed AAA rating, and its bonds are in high demand.C$4.25 billion was outstanding on the 2064 bond after the auction. The low yield was 2.150 percent, while the median was 2.197 percent.Details on Bank of Canada webpage: here (Reporting by Fergal Smith; Editing by Andrew Hay) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-bonds-idINL2N1LF150'|'2017-08-29T15:45:00.000+03:00'
'e7efe77566ac74e44268975ea0594c2b7a13237a'|'Fujifilm says aims to spend $4.5 billion on M&A over three years'|'FILE PHOTO: Fujifilm''s company logo (top) is seen at its exhibition hall nearby the headquarters of Fujifilm Holdings Corp in Tokyo, Japan June 12, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Fujifilm Holdings Corp ( 4901.T ) said it aimed to spend 500 billion yen ($4.54 billion) in strategic acquisitions over three years as it seeks growth outside its traditional photographic film business, which has been shrinking.The company in December announced a deal to buy Takeda Pharmaceutical''s ( 4502.T ) 71 percent stake in Wako Pure Chemical Industries for $1.3 billion in a bid to expand its healthcare business. Last year, it was outbid for Toshiba Medical Systems by Canon Inc ( 7751.T ).Reporting by Ritsuko Ando; Editing by Chang-Ran Kim '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-fujifilm-outlook-idUSKCN1BA0KY'|'2017-08-30T09:30:00.000+03:00'
'3fa82cc6a24f1cb66d254bfd437a8baf7ca92def'|'U.S. second-quarter GDP growth revised up, fastest in over two years'|'August 30, 2017 / 12:36 PM / 8 minutes ago U.S. second-quarter GDP growth revised up, fastest in over two years 6 Min Read An auto carrier driver unloads a new Ram pickup truck in Gaithersburg, Maryland November 7, 2013. Gary Cameron WASHINGTON (Reuters) - The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment. Growth last quarter was the best since the first quarter of 2015 and followed a 1.2 percent pace in the January-March period. Economists had expected that second-quarter GDP growth would be raised to a 2.7 percent rate. Retail sales and business spending data so far suggest the economy maintained its stamina early in the third quarter. Economists saw a limited impact on growth from Hurricane Harvey, which devastated parts of Texas. "The impact on the national economy will be minor," said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh. "While some output will be lost in the wake of the storm, most of the difference will be made up in the months ahead." Growth estimates for the third quarter are as high as a 3.4 percent rate. Other data on Wednesday showed private employers ramped up hiring in August, adding 237,000 jobs to their payrolls. That was up from 201,000 jobs in July. The ADP National Employment Report was released ahead of the government''s more comprehensive employment report on Friday, which is expected to show solid job gains in August and diminishing labor market slack. The dollar firmed against a basket of currencies, while prices for U.S. Treasuries fell. U.S. stocks rose. Related Coverage Morgan Stanley trims U.S. third quarter GDP growth view to 2.5 percent Strong growth and a labor market that is near full employment support views the Federal Reserve will announce a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities next month and increase interest rates in December. With GDP quickening in the second quarter, the economy grew 2.1 percent in the first half of 2017. While that was up from the 1.9 percent reported last month, economists said it was unlikely growth this year would breach Republican President Donald Trump''s ambitious 3.0 percent target. "Underlying domestic demand in the economy is consistent with near three percent growth but the supply-side of the economy is not capable of delivering such a pace of growth at this point," said John Ryding, chief economist at RDQ Economics in New York. The Trump administration is targeting tax cuts, deregulation and infrastructure spending to boost growth. However, it has so far failed to pass any economic legislation and is yet to articulate plans for tax reform and infrastructure. Chances are slim that the Republican-controlled U.S. Congress will debate and pass tax reform legislation before the end of the year. Touting the second-quarter growth pace, Trump said on Wednesday he was ready to work with Congress on tax reform. "This is our once-in-a-generation opportunity to deliver real tax reform for everyday hard-working Americans and I am fully committed to work with Congress to get this job done and I don''t want to be disappointed by Congress, do you understand?" Trump said at an event in Springfield, Missouri. So far, the political gridlock in Washington has not hurt either business or consumer confidence. ROBUST CONSUMER SPENDING Consumer spending, which makes up more than two-thirds of the U.S. economy, grew at a 3.3 percent rate, the fastest in a year, reflecting more spending on motor vehicles, cellphones, housing and utilities than previously estimated. That was revised up from the 2.8 percent pace reported in July and accounted for the bulk of the pickup in economic growth in the second quarter. But stronger consumer spending came at the expense of saving amid sluggish wage gains. The saving rate slipped to 3.7 percent from 3.9 percent in the first quarter. The second-quarter saving rate was previously reported at 3.8 percent. Households cannot, however, continue to rely on savings indefinitely to fund their consumption. This raises doubts on the sustainability of the robust pace of consumer spending. Despite the acceleration in consumer spending, inflation remained benign in the second quarter. The Fed''s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate as previously reported. Last quarter''s rise was the slowest in more than two years and followed a 1.8 percent rate of increase in the first quarter. Businesses helped to carry the economy in the second quarter, in part buoyed by a rebound in corporate profits. Spending on equipment jumped at a rate of 8.8 percent. That was the fastest in nearly two years and was an upward revision to the 8.2 percent pace reported last month. Investment on nonresidential structures increased at a 6.2 percent pace, rather than the previously reported 4.9 percent rate. Inventory investment had a neutral effect on second-quarter GDP as previously reported after chopping off 1.46 percentage points from output in the first quarter. Trade added two-tenths of a percentage point to growth. Housing was a drag on growth in the last quarter, with investment on homebuilding recording its worst performance in nearly seven years. Government spending contracted for a second straight quarter, weighed down by decreasing state and local government investment. Motor vehicle production rebounded after two straight quarters of declines. Reporting by Lucia Mutikani; Editing by Andrea Ricci'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-economy-gdp-idUKKCN1BA1JN'|'2017-08-30T22:32:00.000+03:00'
'398099f548c388d624f91a1e40525fb4060db179'|'Second Mexico exchange aims to open at start of 2018 -bourse chief - Reuters'|'MEXICO CITY, Aug 28 (Reuters) - Mexico''s new, second stock exchange BIVA aims to be operating by the start of next year, as it bids to capture part of the existing market in Latin America''s No. 2 economy and entice more companies to issue stock, the new exchange''s president said on Monday.The Institutional Stock Exchange, known by its Spanish acronym BIVA, is set to formally receive its operating license at an event in Mexico City on Tuesday. It will compete with the Mexican Stock Exchange, or BMV.BIVA president Santiago Urquiza told Reuters that he saw a lot of potential for new public offerings from companies with annual sales of between 500 million pesos and 1 billion pesos ($28 million to $56 million)."There is a very big seedbed of highly prepared and institutionalized companies ... which are very close to the requirements to be listed," said Urquiza, who is also president of financial infrastructure provider CENCOR.BIVA will be backed by technology provided by Nasdaq, the second-biggest U.S. exchange, that is used by more than 70 markets around the world, he said.Urquiza said he expected the number of publicly traded companies in Mexico could increase over the next three years by about 30 percent to around 200 while daily volume in Mexican stocks could grow 50 percent to around 20 billion pesos. ($1 = 17.9300 Mexican pesos) (Reporting by Sheky Espejo) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-exchange-idINL2N1LE1QL'|'2017-08-29T00:28:00.000+03:00'
'291548904e43e7347176e2638c4278ba726b5382'|'Power of love: China''s latest arranged match rattles utilities'|'August 29, 2017 / 12:24 PM / in 42 minutes Power of love: China''s latest arranged match rattles utilities Meng Meng and Josephine Mason 4 Min Read FILE PHOTO: A company logo of China Shenhua Energy Co Ltd is displayed at a news conference in Hong Kong, China March 16, 2010. Bobby Yip/File Photo BEIJING (Reuters) - Beijing announced its latest arranged marriage by matching the country''s top coal miner with one of its biggest utilities to create a global powerhouse worth $280 billion on China''s Valentine''s Day. But even as couples across the country celebrated the Qixi Festival, the union may spark jealousy elsewhere. Other power companies fear they will lose critical thermal coal supplies just months ahead of winter and face a bigger rival with an outsized role in the market. After a months-long courtship, China''s State-owned Assets Supervision and Administration Commission (SASAC) announced the deal to combine the nation''s largest coal miner Shenhua Group Corp Ltd with one of its biggest utilities China Guodian Corp in a statement on Monday. The new entity will eclipse EDF and Enel to become the biggest global power company with around 225 gigawatts of capacity. The deal is also expected to spur more dealmaking across the power sector, as Beijing aims to streamline China''s indebted and inefficient state sector. For smaller utilities in the world''s top consumer of the fuel, many of whom buy coal from Shenhua, the spectre of losing a major supplier has stirred worries. "We are very concerned whether they will give us enough supply for winter," said a coal buyer for China Resources Power Group Holding Co Ltd, a top power company headquartered in Beijing. Shenhua accounted for 8 percent of the 3.64 billion tonnes of coal China produced last year. While a small portion of the total, it was more than double what second-largest miner Shanxi Coking Coal Group Ltd produced. The buyer for China Resources said his company is meeting a Shenhua executive next week to discuss terms and volume for the upcoming winter, when demand for heating is expected to surge in the country''s cold northern regions. "We don''t know where the renegotiation will head, but Shenhua will definitely give Guodian a priority for winter supply," the buyer said. Utilities'' margins have been squeezed hard over the past year as government-enforced mining capacity cuts as part of Beijing''s war on smog have helped fuel a spectacular rally. Those prices have boosted miners'' earnings, reviving an industry which many experts had said was in terminal decline. Shenhua was one of the most profitable public commodity companies in the first half of this year. FILE PHOTO: A worker fixes the company logo of China Guodian Corp at a building in Beijing, China January 24, 2013. Picture taken January 24, 2013. Stringer/File Photo Any shake-up could be good news for exporters like Australia and Russia, spurring demand for Chinese coal imports. Shenhua and Guodian did not return calls seeking comment. IT''S COLD OUTSIDE Some sources downplayed any long-term impact, noting power companies typically have diversified sources of supply. Utilities are more alert to potential supply constrictions this winter than ever before. Last year, the government had to scramble to avert a winter power crisis after forcing mines to slash output, tightening supplies and triggering a historic price rally. If Shenhua reduces how much it sells to third parties, a source at a major utility said, smaller, inland utilities may have "difficulties finding new suppliers" because they lack the financial clout to pay more to source from further afield. "In the short term, it might grow tight in some regions due to the merger," he said, although his company doesn''t buy much coal from Shenhua. Given the size of Shenhau''s coal output, the prospect of competing for supplies will likely spark further consolidation in the power sector, said Frank Yu, principal consultant for Asia-Pacific Power and Renewables at Wood Mackenzie. "Other power generators will naturally worry about playing on an uneven ground with biased coal supply terms. That concern will facilitate other win-win mergers as countermeasures," he said on Tuesday. That''s in line with Beijing''s broader plan to reform the energy sector, removing the conflicts between coal miners and power generators, he said. ($1 = 6.5918 Chinese yuan)'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/china-power-shenhua-guodian-idINKCN1B91EA'|'2017-08-29T10:24:00.000+03:00'
'db0939c5238fa6bcbaba89fa81df9f59dbb2c547'|'Air Berlin says deadline for offers is September 15'|'August 29, 2017 / 9:52 AM / 4 minutes ago Air Berlin says deadline for offers is September 15 Reuters Staff 2 Min Read FILE PHOTO:German carrier Air Berlin''s aircrafts are pictured at Tegel airport in Berlin, Germany, September 29, 2016. Axel Schmidt/File Photo FRANKFURT (Reuters) - Bidders for assets of insolvent German airline Air Berlin ( AB1.DE ) have until Sept. 15 to submit their offer, a spokesman for Air Berlin said in an e-mailed statement on Tuesday. "Air Berlin will complete the investor process quickly," he added. People familiar with the matter had told Reuters on Monday that the buyers of Air Berlin''s assets would likely be picked by mid-September, as the race for the carrier''s coveted take-off and landing slots in Germany heats up. Lufthansa ( LHAG.DE ), Thomas Cook''s ( TCG.L ) Condor, easyJet ( EZJ.L ) and Ryanair ( RYA.I ) are among airlines interested in the carrier''s business or parts of it, sources familiar with the negotiations have said. German aviation investor Hans Rudolf Woehrl is also working on a bid and former F1 driver Niki Lauda has indicated his interested in buying back Air Berlin''s Niki, the Austrian airline he once owned. Related Coverage '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/air-berlin-lufthansa-timeline-idUSKCN1B90Y2'|'2017-08-29T12:53:00.000+03:00'
'a4e0f3e5e4c20acebbfb54fa6664826b0659ea3f'|'Retailer Perfumania announces recapitalization, Chapter 11 filing'|'Aug 27 (Reuters) - Perfumania Holdings Inc, a U.S. retailer with exclusive distribution rights to several Trump-branded colognes, said on Sunday it had initiated a recapitalization and was filing voluntary petitions for Chapter 11 relief in U.S. bankruptcy court.The company said in a statement that it planned to reduce its retail store count, increase investments in its e-commerce business and become a privately held company. The company also said it would "continue to operate in the normal course of business."Perfumania’s wholesale businesses, Parlux, holds the exclusive distribution rights to U.S. President Donald Trump’s fragrances Empire and Success, as well as daughter Ivanka Trump’s fragrance. The company’s portfolio also includes fragrances from celebrities such as Rihanna, Jessica Simpson and Jay Z.Perfumania said its Parlux and Five Star Fragrance subsidiaries were not included in the Chapter 11 filings.“Our employees can be assured that during this time and beyond they will continue to receive their salaries and benefits,” said Michael Katz, Perfumania''s president and chief executive officer."Our retail customers can continue to purchase the brands they love at our stores and online, and our wholesale and retail customers will not see any interruption in the flow of merchandise," he said. "There will be no changes to our license agreements and we will continue to uphold our obligations, and our valued vendors and suppliers will be paid in full." (Reporting by Dion Rabouin in New York; Editing by Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/retailer-perfumania-announces-recapitali-idINL2N1LE00W'|'2017-08-27T22:59:00.000+03:00'
'3bc13b03993e0a59b53f1ff52a20224df8701066'|'US STOCKS-Wall St set for higher open; Harvey puts energy in focus'|'* Dollar falls to 16-month low before recovering slightly* Kite Pharma soars after $11.9 bln deal with Gilead* Home Depot, Lowe''s up on hopes of post-Harvey gains* Futures up: Dow 22 pts, S&P 3.75 pts, Nasdaq 1.25 pts (Adds details, comments, updates price)By Sruthi Shankar and Tanya AgrawalAug 28 (Reuters) - Wall Street was set to open slightly higher on Monday, even as investors assessed the impact of Tropical Storm Harvey on the U.S. economy.Stocks of refiners, pipeline operators, insurers and home improvement retailers will be in focus after Harvey was set to dump more rain on Houston on Monday, worsening flooding that has paralyzed the country''s energy hub.Harvey has knocked out a quarter of oil production from the Gulf of Mexico, prompting fears it could overturn years of excess U.S. oil capacity and low prices.U.S. crude futures, which earlier hit two-year highs, dipped more than 1 percent to $47.38 over concerns that refinery shutdowns could reduce demand for American crude."The unfortunate event from Hurricane Harvey will have some sort of impact on the numbers, down the line ... at this point, it does not appear to affect equities," said Andre Bakhos, managing director at Janlyn Capital.U.S. economic growth had more than halved in the quarter after Hurricane Katrina mauled Louisiana in August 2005."The Wall Street population is thinner than usual, and we''ve had no fresh news of any type, whether it''s on the geopolitical front or from the administration, that has materially impacted traders'' outlook," said Bakhos.Dow e-minis were up 22 points, or 0.1 percent, with 21,013 contracts changing hands at 8:34 a.m. ET (1234 GMT).S&P 500 e-minis were up 3.75 points, or 0.15 percent, with 128,391 contracts traded.Nasdaq 100 e-minis were up 10.25 points, or 0.18 percent, on volume of 30,705 contracts.The dollar index fell to as low as 92.372, its weakest since early May 2016, before recovering a little to trade down 0.28 percent at around 92.48.The currency has been under pressure after Federal Reserve Chair Janet Yellen stayed silent on monetary policy in a much-anticipated speech on Friday.Among stocks, Marathon Oil, Valero Energy and ConocoPhillips were up about 1.3 percent. Oil majors Exxon inched up 0.1 percent and Chevron rose 0.6 percent.Home Depot was up 1.55 percent, while Lowe''s rose 1.91 percent as the two largest U.S. home improvement chains could be among the biggest beneficiaries of post-Harvey recovery.Shares of Kite Pharmaceuticals soared 28.89 percent after Gilead Sciences agreed to buy the immunotherapy developer in an all-cash deal valued at $11.9 billion. Shares of Gilead gained 1.3 percent. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-stocks-idINL4N1LE418'|'2017-08-28T11:02:00.000+03:00'
'2b3af44e6a115980f622292c40972493dcf8fa30'|'Australian leader hints at a clean energy target by year''s end'|'August 28, 2017 / 11:16 AM / 9 hours ago Australian leader hints at a clean energy target by year''s end Reuters Staff 3 Min Read Australian Prime Minister Malcolm Turnbull reacts during a media conference in Sydney, Australia, July 30, 2017. AAP/Sam Mooy/via REUTERS SYDNEY (Reuters) - Australia could adopt a clean energy target by the end of the year, heeding the call of national energy providers and scientists as a means to cut carbon emissions and cap soaring power prices. Australian Prime Minister Malcolm Turnbull said the government was "carefully considering" the recommendation by the nation''s chief scientist Alan Finkel as a way to ensure affordable, reliable and cleaner power. "We''re certainly aiming to make a decision by the end of the year," Turnbull told Australian Broadcasting Corp. Finkel in June led a list of recommendations presented to the government aimed at ending a decade of political warfare over climate policy, meaning coal-fired power generation using carbon-capture technology could potentially be used alongside gas and renewable sources such as wind and solar. Energy companies argue they need long-term policy certainty to invest in new power generation and bring down electricity bills - and the key to unlocking that was to roll out a national clean energy target. The government is awaiting a report from the Australian Energy Market Operator, which Turnbull labeled "a critical thing" before moving to decide on a target. "First, we need to be satisfied as to what the gap in baseload power is going to be over the next five and 10 years," he said. Finkel''s report was commissioned last October after tornadoes triggered a state-wide blackout in South Australia that came as a wake-up call to politicians as it left homes in the dark for up to eight hours and crippled industry for nearly two weeks. The state has since contracted with Tesla Inc to build the world''s biggest grid-scale lithium-ion battery and is also installing a new solar thermal plant to replace coal-fired power. "The lack of a transparent, credible and enduring emissions reduction mechanism for the electricity sector is now the key threat to system reliability," the review said. The energy crisis has crept up on Australia, despite its rich endowment of coal and gas, as individual states have promoted rooftop solar and wind power in the absence of stable carbon policy at a federal level, and coal- and gas-fired plants have shut. Reporting by James Regan; editing by Susan Thomas'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-australia-power-idUSKCN1B812W'|'2017-08-28T19:16:00.000+03:00'
'cb3a36912e9f44c3752f938bf1e1e99907e0543f'|'PRESS DIGEST - Wall Street Journal - Aug 28'|'Aug 28 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc''s board has voted to appoint Expedia Inc Chief Executive Dara Khosrowshahi as its new CEO, capping a tumultuous nine-week search after Travis Kalanick resigned in late June, according to people familiar with the matter. on.wsj.com/2iBXIJZ- Facebook Inc is once again in hot water for allowing objectionable videos on its website, this time drawing a rare rebuke from a United Nations agency. on.wsj.com/2iAkySh- The Occupational Safety and Health Administration is reducing its reporting of fatalities in the United States, part of a series of moves by the agency that are cutting back the amount of information about workplace accidents made available to the public. on.wsj.com/2izt1Fa- Mall-based retailer Perfumania Holdings Inc has sought Chapter 11 protection with plans to reorganize around its better-performing stores. on.wsj.com/2iBQMN6- Wireless networks along the Texas coast suffered outages as a result of Hurricane Harvey, federal regulators said, leaving customers in some counties with limited or no cellphone service. on.wsj.com/2iztUO0 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-wsj-idUSL4N1LE24E'|'2017-08-28T08:28:00.000+03:00'
'fff88d8dc1a49d9455b421d65007b3ae9274e153'|'PRESS DIGEST- New York Times business news - Aug 30'|'August 30, 2017 / 4:48 AM / 2 hours ago PRESS DIGEST- New York Times business news - Aug 30 Reuters Staff 2 Min Read Aug 30 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Domino''s Pizza Inc this week plans to start testing deliveries using Ford Motor Co self-driving Ford Fusion sedan outfitted with enough sensors, electronics and software to find its way to customers'' homes or offices in a section of this city 40 miles west of Detroit. nyti.ms/2x2Bp5I - A federal judge on Tuesday dismissed a defamation lawsuit filed by the former vice-presidential candidate Sarah Palin against The New York Times, saying Ms. Palin''s complaint failed to show that a mistake in an editorial was made maliciously. nyti.ms/2iHhPGD - Worried by a long-term rise in inequality, Britain announced on Tuesday a series of measures aimed at increasing transparency over executive compensation, hoping to ramp up pressure on companies that offer lavish salaries for bosses but restrict pay for regular employees. nyti.ms/2wh9Ipg - A deal unveiled on Tuesday between the mining company Freeport-McMoRan Inc and the Indonesian government which is meant to bring an end to years of rising public anger over American control of one of the mining industry''s crown jewels. It could also end a fight between the two sides that limited output at the mine and impacted metals prices worldwide. nyti.ms/2vHTDp1 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt-idUSL4N1LG279'|'2017-08-30T07:47:00.000+03:00'
'0a4c5582af96cce688dac18814161c744970a560'|'M&S in talks to transfer Hong Kong and Macau stores to franchise partner'|'August 30, 2017 / 7:44 AM / 3 hours ago M&S in talks to transfer Hong Kong and Macau stores to franchise partner Reuters Staff 1 Min Read A sign is displayed outside a Marks & Spencer store in London, Britain January 7, 2016. Toby Melville (Reuters) - Marks & Spencer ( MKS.L ) has opened talks to sell its wholly owned Hong Kong and Macau stores to franchise partner Al-Futtaim, the British company said on Wednesday. The food and clothing retailer said it has begun talks on the potential sale of the stores, which Al-Futtaim would continue to operate under the M&S franchise. The talks are expected to take several months to complete. The move follows a strategic review by M&S last November, in which the company laid out plans to shut more than 80 stores at home and abroad as well as seek joint ventures and franchise partnerships to operate in fewer wholly-owned markets. The Hong Kong and Macau stores would continue to trade as normal, the company said on its website. ( bit.ly/2xLZnzj ) Al-Futtaim has worked in partnership with M&S since 1998 and today operates 43 M&S stores across seven markets in the Middle East, Singapore and Malaysia. Reporting by Esha Vaish in Bengaluru; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-m-s-divestiture-idUKKCN1BA0SF'|'2017-08-30T10:44:00.000+03:00'
'ff73dcfce7920c70302baeb690a2de804d1a06da'|'American Express targets debt-leery consumers with new card features'|'NEW YORK (Reuters) - American Express Co is unveiling a new option that could tempt young, budget-conscious consumers into taking on credit card debt.On Wednesday, the No. 1 U.S. card issuer by spending will roll out a feature that will allow customers to borrow for big purchases like furniture, medical expenses, airplane tickets or weddings, while separating those balances from everyday items like $2 cups of coffee.American Express is also adding a feature that will allow customers to immediately pay for small purchases from their bank accounts.Under the new option as many as 10 purchases of at least $100 each can be siloed into installment plans, American Express said. A $1,000 purchase, for example, could be covered in six monthly installments of $172.18 – costing an additional $33.06, or $5.51 a month, in finance fees. That is virtually the same as AmEx would charge in interest for a revolving balance on the account.Other monthly spending would be interest free as long the cardholder pays in full by the due date.Together, the options will allow cardholders to decide what purchases deserve interest payments and better manage their budgets in real time, said Jeff Chwast, head of global lending new products and capabilities at American Express."You''ll know exactly how much you''ll be charged before you set up the plan, which is very different than a normal credit-card revolve feature," Chwast said in an interview last week.In adding the features, American Express is responding to a generational shift that has hurt credit-card lenders.Young Americans who grew up during the Great Recession and saw parents struggle with debt, or who faced their own problems with cards before the implementation of financial reforms in 2010, have eschewed racking up balances, industry research has shown.At the same time, big banks such as JPMorgan Chase & Co and Citigroup Inc have been enhancing rewards for spending on their credit cards and have taken market share from American Express.AmEx still has more spending on its cards than any other U.S. issuer, with 22.1 percent of the total last year, according to The Nilson Report. However, its market share fell from the prior year, partly because mega-retailer Costco shifted its jointly branded cards to Citigroup from American Express.American Express slipped in outstanding balances as well, ranking fourth last year with 10.7 percent.The test of whether its new features succeed may come down to whether debt-leery customers are willing to pay AmEx a little more for big-ticket items.American Express is hoping the changes will lead more customers to use its cards and thereby increase company revenue, Chwast said."We believe customers will be taking out their American Express card to pay, rather than other cards," Chwast said.Reporting by David Henry in New York; Editing by Lauren Tara LaCapra and Steve Orlofsky '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-american-express-cards-loans-idUSKCN1B92TW'|'2017-08-30T02:02:00.000+03:00'
'aee7a7b3cdcdc28a41175dfadb9c993bebe95ae4'|'Brazil may list, keep control of post office - source'|'BRASILIA, Aug 30 (Reuters) - Brazil''s government could list the national postal service without giving up control, underscoring growing momentum to privatize state assets after President Michel Temer decided to sell a majority stake in the largest power utility, a person familiar with the matter said on Wednesday.The plan to list Empresa Brasileira de Correios e Telégrafos SA will come on the heels of efforts to turn the postal service around, said the source, who asked for anonymity because it has not been made public.In recent months, the Temer administration has launched a massive worker retirement plan and cut costs, although the person said the magnitude of such efforts has been deemed as insufficient by officials.Correios, as the Brasilia-based postal service is known, confirmed that a dismissal plan is under study, but declined to comment on the plan to list it.Temer opted to privatize Centrais Elétricas Brasileira SA , the nation''s largest power utility, after divergences mounted with management over how to fix the company, four people familiar told Reuters this week. If successful, the Eletrobras deal could unleash a series of other privatizations, UBS Securities analysts said last week.Still, some officials want Correios to be sold to private investors, the person said. The source added that the Communications Ministry is working on the best plan possible for the money-losing agency.The pension fund of Correios has also endured heavy losses because of erratic investment decisions during the leftist Workers Party''s tenure in power. (Reporting by Leo Goy and Lisandra Paraguassú; Writing by Guillermo Parra-Bernal; Editing by Alistair Bell) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brazil-correios-listing-idINL2N1LG16K'|'2017-08-30T13:09:00.000+03:00'
'91ff7030c2dc83d500c3ff4045d64cc125f8488f'|'BRIEF-Prosiebensat 1 Media confirms group financial FY 2017 outlook'|' Prosiebensat 1 Media confirms group financial FY 2017 outlook Reuters Staff 1 Min Read Aug 28 (Reuters) - Prosiebensat 1 Media Se * Prosiebensat 1 Media - expecting Q3 2017 revenues of its broadcasting German-speaking segment to decline by a mid-single digit percentage compared to prior year * Prosiebensat 1 Media SE says group financial outlook for FY 2017 confirmed * TV advertising revenues to develop below previous expectations for Q3 2017 * Prosiebensat 1 Media SE says also confirms its communicated dividend policy and financial leverage target range  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-prosiebensat-1-media-confirms-grou-idUSFWN1LE0OI'|'2017-08-28T21:35:00.000+03:00'
'e7d88435c1a4de8b51c9d5589f62b3d836306866'|'Indonesia''s APP close to buying Eldorado Brasil, sources say - Reuters'|'SAO PAULO, Aug 27 (Reuters) - Indonesia''s Asia Pulp & Paper Co Ltd is in advanced talks to buy control of peer pulpmaker Eldorado Brasil Celulose SA, which went up for sale after controlling shareholders Wesley and Joesley Batista got ensnared in Brazil''s worst corruption probe, two people familiar with the situation said on Sunday.The people, who requested anonymity to discuss the matter freely, said APP submitted earlier this month a bid valuing Eldorado Brasil at about 15 billion reais ($4.8 billion). The Batista family''s holding company J&F Investimentos SA owns 81 percent of Eldorado Brasil.Such a stake would cost APP between 6 billion reais and 7 billion reais, said the people, noting that the Indonesian company would fully assume Eldorado Brasil''s 8 billion reais in debt. While neither person said a deal is certain, both said that an announcement could come as early as this week.In a statement, São Paulo-based J&F declined to comment on the transaction, adding that "the sale process remains in due course." Jakarta-based APP did not immediately respond to an email seeking comment.Eldorado is among the flagship assets J&F put up for sale after the two meatpacking tycoons agreed to pay a record-setting 10.3 billion-real fine for their role in corruption scandals that have hurt President Michel Temer''s administration. Fallout from the scandal forced the brothers to shed assets and refinance debt to honor that fine.Buying Eldorado could help foreign pulpmakers expand in Brazil, where lawmakers have discussed easing sales of land to foreign investors. Land in Brazil offers global pulpmakers advantages, such as more-productive soil than Scandinavia and Chile.Reuters reported on Aug. 4 that talks between J&F and Chilean pulpmaker Empresas Copec SA for Eldorado sank due to price disagreements, and that three competing offers - including APP''s - emerged as a result. O Globo newspaper first reported the deal earlier in the day.$1 = 3.1595 reais Reporting by Guillermo Parra-Bernal; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eldorado-brasil-ma-asia-pulp-pap-idINL2N1LD0JN'|'2017-08-27T18:13:00.000+03:00'
'83c85fd20c205a14e1d91ff97cb612e5a82cbebe'|'Tropical Storm Harvey disrupts businesses, but some may benefit'|'Aug 27 (Reuters) - Tropical Storm Harvey is challenging a wide range of industries beyond energy, including insurers, home improvement retailers and automakers, but some sectors may benefit.The hurricane could weigh on energy stocks, be mixed for insurers and boost home improvement companies, analysts said on Sunday.Home improvement companies Lowe''s and Home Depot have temporarily frozen prices for lumber and roofing materials at stores in the area affected by Tropical Storm Harvey, even as flooding has forced the chains to close dozens of stores, the companies said on Sunday.Home Depot has so far announced the closure of 42 stores while Lowe''s has closed 14 stores in Houston and the surrounding area."Right now we have to play it by ear just to see what the conditions are going to be in those areas," said Sarah Lively, a spokeswoman for Lowe''s. "We are reopening those stores as quickly as possible."The companies are preparing for strong demand once the storm has passed and property owners can begin repairs. Both companies said building supplies had already been sent to nearby emergency response centers.Lively said Lowe''s had already sent "500 truckloads" of supplies to the impacted area. At Home Depot, spokesman Matt Harrigan said preparations began "as soon as the storm was on the radar."Companies in other sectors are still assessing the impact of the storm, which washed over manufacturing supply lines and transportation routes that run from Mexico through southern Texas.Ford Motor Co, General Motors Co and Fiat Chrysler Automobiles NV said on Sunday they had thus far not seen any impact or issues with getting parts across the storm zone but were monitoring the storm closely. The area of Mexico south of the storm zone is a major center for auto parts manufacturing.Texas is a significant vehicle market, particularly for pickup trucks built by the big three Detroit automakers. In the short term, the storm is likely to hamper operations at dealers. But longer term, "it seems there has been enough flooding to damage thousands of light vehicles that will need replacing,” said Nick Colas, an independent analyst based in New York City.BNSF Railway Co. told customers on Friday it was halting train traffic in and out of its yard on Galveston Island, Texas, until further notice, company spokesman Gus Melonas said.Union Pacific Corp, the No. 1 U.S. railroad, said late last week it would move rail cars in yards prone to flooding to high elevations and would curtail trains operating through areas likely to be hit by excessive winds and rain that will impact operations.For insurers, the storm could be a mixed blessing."Insurers -- from a long term point of view they can raise their rates but some insurers, if they have a particular geographic or sector concentration can get really beaten up. Maybe the winners are the companies that have the least damage but the most license to increase their premiums," said Michael Purves, chief global strategist at Weeden & Co.Harvey was expected to not have a big impact on the market as a whole."Markets, based on Asian trading, appear bullish. So I don''t expect much of an impact on equities," said Jack Ablin, Chief Investment Officer, BMO Private Bank, a part of BMO Financial Group.Colas said there would possibly be some chatter tomorrow about the effect of rebuilding on Q3/Q4 GDP, but said that would probably be small. (Reporting by Dion Rabouin and Megan Davies in New York and Joseph White in Detroit; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-companies-idUSL2N1LD0J8'|'2017-08-28T04:25:00.000+03:00'
'4e373dad8e27dbb7433b4c2ca974151a0e747813'|'Oil markets roiled as Harvey hits U.S. petroleum industry'|'Flames emerge from a pipeline at Nahran Umar field, north of Basra, Iraq August 23, 2017. Picture taken August 23, 2017. Essam Al-Sudani NEW YORK (Reuters) - U.S. crude oil futures fell more than 3 percent on Monday but gasoline prices surged to two-year highs as Tropical Storm Harvey kept hammering the U.S. Gulf Coast, knocking out several refineries which backed up crude supplies and disrupted fuel production.Massive floods caused by the storm forced refineries in the area to close. In turn, U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude.“The reduced inputs to those Gulf refineries will result in an increase in crude inventories," said Tony Headrick, energy market analyst at CHS Hedging, "That outweighs the outages in crude oil production from the storm.”U.S. West Texas Intermediate (WTI) crude futures were down $1.48 or 3.1 percent to 46.39 at 1:31 p.m. EDT (1731 GMT) Brent crude futures were down 70 cents or 1.3 percent at $51.71 per barrel.The WTI discount versus Brent expanded to as much as $5.48 per barrel, its widest in two years.Prompt U.S. gasoline differentials in the Gulf Coast hit a five-year high.Spot prices for U.S. gasoline futures surged 7 percent to a peak of $1.7799 per gallon, the highest since late July 2015, before easing to $1.7078 by 1:33 p.m. EDT (1733 GMT), up 2.5 percent.Harvey, the most powerful hurricane to hit Texas in more than 50 years, killed at least two people, caused large-scale flooding and forced closure of Houston port and several refineries.The International Energy Agency in Paris said it was monitoring the storm are ready to respond to major oil supply disruptions.The U.S. National Hurricane Center said Harvey was expected to linger close to the shore through Tuesday, with floods spreading from Texas eastward to Louisiana.Texas is home to 5.6 million bpd of refining capacity, and Louisiana has 3.3 million bpd. Estimates say the storm has taken more than 2 million bpd of refining capacity offline.Sources said the Motiva Port Arthur refinery in Texas, the largest U.S. refinery, was considering a shutdown.U.S. traders were seeking oil product cargoes from North Asia, several refining and shipping sources told Reuters, with transatlantic fuel exports from Europe expected to surge."Global refining margins are going to stay very strong," said Olivier Jakob, managing director of Petromatrix."If (U.S.) refineries shut down for more than a week, Asia will need to run at a higher level, because there''s no spare capacity in Europe."On Monday Mexico''s Pemex said supply of fuel was guaranteed in light of Harvey.About 22 percent, or 379,000 bpd, of Gulf production was idled due to the storm as of Sunday afternoon, the U.S. Bureau of Safety and Environmental Enforcement said.There might also be around 300,000 bpd of onshore U.S. production shut in, trading sources said.In Libya pipeline blockades by militia brigades have slashed the OPEC state''s output by nearly 400,000 bpd.The market was also waiting for data on U.S. crude and refined product inventories. Analysts polled by Reuters forecast that U.S. crude inventories fell for the ninth straight week, while refined products also declined. The American Petroleum Institute (API) releases its data on Tuesday, and the U.S. government data is due on Wednesday.Additional reporting by Ahmad Ghaddar in London, Henning Gloystein in Singapore; Editing by Dale Hudson and David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-oil-idINKCN1B80JK'|'2017-08-28T16:56:00.000+03:00'
'9c5cb66cfd1fce7492cb04a92dad4b7e0c3aa0ff'|'U.S. coding school Galvanize to lay off 11 percent of workforce'|'A woman works on her laptop computer at Galvanize in San Francisco, California, U.S., April 1, 2014. Courtesy of Galvanize/Handout via REUTERS (Reuters) - Galvanize, a for-profit software coding school that has raised $63 million in venture funding, plans to lay off 11 percent of its workforce, the company said on Tuesday.The five-year-old startup said the downsizing will affect 37 people at the company''s headquarters in Denver, effective Friday, Robin Olsen, a spokeswoman, said. Galvanize has approximately 350 employees.The layoffs come as Galvanize shifts its focus to teaching online students and serving corporate clients, the company said in a statement."In order to adjust to evolving market demands we made the difficult decision to reduce our workforce today," Galvanize said. "These actions are consistent with our overall strategy to build a more product-focused platform that enables a continuous learning environment."The layoffs come a month after two other so-called "coding boot camps," Dev Bootcamp in San Francisco and Iron Yard of Greenville, South Carolina, announced plans to shut down by the end of 2017. In the past year, eight coding schools have closed, up from years past, according to review website Course Report. Currently there are 95 coding schools in the United States.Coding boot camps are for-profit schools that promise to train students to be software engineers and land coveted tech jobs within a matter of weeks. The average tuition for the boot camps is $11,400, according to Course Report.Last month, Galvanize announced that co-founder Jim Deters would step down as chief executive officer and become chairman. The company has not yet named Deters'' replacement.Since 2011, the boot camps have raised more than $250 million, but the layoffs at Galvanize are the latest indicator that the companies may not live up to investor expectations, said Jeff Casimir, executive director of Turing School of Software & Design, a non-profit coding school in Denver."How could you (undertake an) IPO in an environment where programs are shutting down, or who would acquire that kind of company?" Casimir said. "Neither outcome seems likely."It is no longer enough to rely on a business model that is focused on teaching students in person, said Jake Schwartz, CEO and co-founder of New York''s General Assembly, which has raised $120 million in venture capital."It is very difficult to do this without getting to scale," Schwartz said. "Scale is not just about geography, but it''s also about how many people can you reach and how many different ways can you reach them?"Reporting by Salvador Rodriguez in San Francisco; Editing by Lisa Shumaker and Jeffrey Benkoe '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-galvanize-layoffs-idUSKCN1B92AD'|'2017-08-29T21:13:00.000+03:00'
'e8faeb4284c82c128986d81abe09504d9d278f4e'|'Wall Street to open lower as N.Korea missile test rattles investors'|'A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. Andrew Kelly/File Photo REUTERS - U.S. stocks were set to open sharply lower on Tuesday as North Korea''s missile test over Japan escalated tensions with the United States, and President Donald Trump warned that "all options are on the table".The Dow e-minis were down 108 points, while the Nasdaq 100 e-minis were down 46 points.The missile, tested early on Tuesday, flew over Japan and landed in the Pacific about 735 miles off the northern region of Hokkaido, a rare occasion when North Korea fired projectiles over mainland Japan."Threatening and destabilizing actions only increase the North Korean regime''s isolation in the region and among all nations of the world. All options are on the table," Trump said in a statement.Earlier this month, North Korea threatened to fire four missiles into the sea near the U.S. Pacific territory of Guam after Trump warned that the reclusive country would face "fire and fury" if it threatened the United States."It is a risk-off mode and ... investors are either staying on the sidelines for this dust to settle or booking their gains," said Naeem Aslam, chief market analyst at Think Markets UK.Investors scampered to safe-haven assets, with gold jumping to its highest since November and the benchmark U.S. 10-year treasury yield dipping to its lowest since the day after the Nov. 8 U.S. presidential election.The news also jolted the CBOE Volatility index, which rose 1.94 points to 13.26.Investors have been pouring into exchange-traded products (ETPs) linked to Vix, particularly and, that were up about 13 percent and were among the most active issues in premarket trading. iShares MSCI Emerging Markets ETF was down nearly 1 percent.The S&P and the Dow ended little changed on Monday, with energy and bank shares lower as Tropical Storm Harvey crippled the U.S. energy hub in Texas."The effects of Hurricane Harvey are still going to remain prominent as the flooding continues. It is going to have some serious economic impact and just how large that would be is still unclear," Aslam said.At 8:30 a.m. ET (1230 GMT), Dow e-minis were down 108 points, or 0.5 percent, with 51,360 contracts changing hands.S&P 500 e-minis were down 13.25 points, or 0.54 percent, with 363,037 contracts traded.Nasdaq 100 e-minis were down 46 points, or 0.79 percent, on volume of 67,545 contracts.U.S.-listed shares of gold miners including Kinross Gold and Harmony Gold were up about 5 percent in premarket trading.Dow component Nike fell 2.31 percent after Morgan Stanley cut its price target by $4 to $64.Finish Line plunged about 29 percent after the sporting goods retailer cut its full-year profit forecast and adopted a poison pill.Electronics retailer Best Buy were down about 1 percent despite raising its full-year revenue forecast.Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-stocks-idINKCN1B91HX'|'2017-08-29T11:05:00.000+03:00'
'bee129d7c074a1720e351d8c1c43e49d65d8d636'|'Japan Finance Minister Aso to meet US Vice President Pence in early Sept to discuss economy, trade'|'August 29, 2017 / 3:14 AM / an hour ago Japan Finance Minister Aso to meet US Vice President Pence in early Sept to discuss economy, trade Tetsushi Kajimoto 3 Min Read Japanese Finance Minister Taro Aso waits for U.S. Secretary of the Treasury Steven Mnuchin (not seen) before a bilateral meeting, during a G7 for Financial ministers, in the southern Italian city of Bari, Italy, May 12, 2017. Alessandro Bianchi TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Tuesday that he would visit the United States from Sept. 4 to hold informal talks with Vice President Mike Pence ahead of a second round of bilateral economic talks later this year. Aso, who doubles as deputy prime minister, also plans to meet top economic officials of U.S. President Donald Trump''s administration, government sources told Reuters on condition of anonymity. Asked if the two sides would discuss North Korea, Aso said Pence was not the person directly in charge of the matter so he did not know how the issue would be discussed. North Korea fired a missile that flew over Japan and landed in waters off the northern region of Hokkaido early on Tuesday, marking a sharp escalation of tensions on the Korean peninsula. Aso has earlier expressed hope that the second round of economic talks would be held in October. "There are some areas that need to be adjusted, so we are going to adjust them in order to hold (the next round of talks) by the end of this year," Aso told reporters after a cabinet meeting. Japan-U.S. trade talks "have dealt with frictions in the past, starting from the negotiations on textile in the 1960s, but this time we approached (the United States), calling for cooperation but not frictions," Aso said. He and Pence would likely discuss issues such as trade, investment and economic policies in accordance with the first round of economic talks launched in April, Aso added. Aso will also hold informal talks with Gary Cohn, Trump''s top economic adviser, and U.S. Commerce Secretary Wilbur Ross and U.S. Treasury Secretary Steven Mnuchin during his visit scheduled for Sept 4-6, the sources said. Aso and Pence have led the U.S.-Japan economic dialogue. However, some analysts worry that Trump''s administration, which is facing growing domestic turmoil, could pile pressure on the country''s trading partners for concessions that would boost U.S. exports under his "America First" policy. The upcoming talks could also include the issue of safeguard tariffs Japan has imposed on frozen beef from the United States and some other countries. Reporting by Tetsushi Kajimoto; additional reporting by Yoshifumi Takemoto; Editing by Chris Gallagher and Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-aso-idUKKCN1B909C'|'2017-08-29T07:14:00.000+03:00'
'b79fbb38db867194441d6d0b85187564cc111e05'|'UK financial watchdog investigates Mitie over September profit warning'|' 23 AM / 19 minutes ago UK financial watchdog investigates Mitie over September profit warning Reuters Staff 2 Min Read (Reuters) - Britain''s financial watchdog is investigating outsourcing company Mitie Group ( MTO.L ) over the "timeliness" of its profit warning in September and the preparation and content of its financial information, the company said on Tuesday. Mitie said the Financial Conduct Authority had informed it about the investigation on Aug. 25, which will also look at the manner of preparation and content of its financial information, position and results for the year ended March 31. "The company is fully cooperating with the (Financial Conduct Authority) but does not intend to update the market until completion of the investigation," Mitie said in a brief statement. Pressure has been piling up on the provider of pest control, cleaning, security and healthcare services, which last month said that accounting body, the Financial Reporting Council, was investigating Deloitte''s auditing of its books. British outsourcing companies such as Mitie, Capita ( CPI.L ) and Carillion ( CLLN.L ) have been hit this year by rising labour costs and expenses related to unplanned changes to contracts which were taken on during the financial downturn, often with paper-thin margins. A failure by some clients to renew or commission new contracts has compounded the problem. Mitie, which employs 53,000 people to work with central government, the National Health Service and across the transport network, warned on profits three times last year, blaming uncertainty around Britain''s decision to leave the European Union and the higher costs. It appointed Phil Bentley, formerly of British Gas, as chief executive in October last year and the new management team commissioned KPMG to review its accounts. Mitie has since predicted a return to modest growth in underlying profit, citing new contracts and cost cuts. On Tuesday, representatives of the FCA and Mitie declined to comment on the matter. Reporting by Esha Vaish in Bengaluru, editing by Jane Merriman and Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mitie-group-probe-idUKKCN1B90I7'|'2017-08-29T09:22:00.000+03:00'
'c4342c5bafa27671d6e8755b93e52dd7f39d256c'|'Trump declines Chinese proposal to cut steel overcapacity - FT'|'August 29, 2017 / 12:12 AM / 3 hours ago Trump declines Chinese proposal to cut steel overcapacity - FT Reuters Staff 2 Min Read (Reuters) - U.S. President Donald Trump last month rejected a Chinese proposal to cut steel overcapacity, despite the endorsement of some of his top advisers, the Financial Times said, citing people familiar with the matter. Beijing proposed cutting steel overcapacity by 150 million tonnes by 2022 in a deal twice rejected by Trump, who instead urged advisers to find ways to impose tariffs on imports from China, the paper said, citing the sources. ( on.ft.com/2iCb7Sn ) The deal was endorsed by U.S. Commerce Secretary Wilbur Ross a week before U.S. and Chinese officials held a high-level economic dialogue, the FT added, citing a U.S. official and another person familiar with the matter. White House spokeswoman Natalie Strom declined to comment on the "purported internal discussions" between the president and his cabinet members when contacted by Reuters. Last week, American steel industry executives appealed to Trump for immediate import restrictions in a letter seen by Reuters, saying the industry was suffering the consequences of government inaction. Total steel imports through July were up 22 percent from the same period a year ago, the American Iron and Steel Institute said in a report. Pressure over trade between China and the United States seems likely to grow in future and Beijing should prepare, China''s hawkish Global Times newspaper said on Tuesday. "China should not overly focus on the Trump administration''s actions," it said in an online editorial. "Instead, it should begin drafting retaliatory measures against the United States so as to gain an upper hand." Reporting by Ishita Chigilli Palli in Bengaluru, David Lawder in Washington and John Ruwitch in Shanghai; Editing by Peter Cooney and Clarence Fernandez '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-trade-china-steel-idINKCN1B900T'|'2017-08-28T22:12:00.000+03:00'
'84203c977269eee65a1aff105c22837afdf35de1'|'Biggest economic risk for Houston: People will leave and never come back 28,'|'FEMA official: We''ll be in Texas for years There''s no doubt that the Houston economy will take a hit from Hurricane Harvey. But a lot depends on how many city residents stick around after the water recedes. The reason: Population levels affect the number of jobs available and, ultimately, the level of economic activity. Twelve years after Katrina, the population of New Orleans still hasn''t recovered. It currently has about 90,000 fewer residents, down 18% from prestorm levels. The number of jobs in the New Orleans metropolitan area is also down nearly 10% in that same time period. Related: What Hurricane Harvey will mean for gas prices Most experts doubt that Houston will experience anything close to the population loss suffered by New Orleans. "Houston is not New Orleans. It''s a large, diverse, fast growing economy," said Mark Zandi, chief economist with Moody''s Analytics. While the city''s unemployment is above the national average following the bust in oil prices in early 2016, it has been improving, falling to 5.3% in the most recent reading. Much of the economic growth in the Houston region has been fueled by the influx of new residents to the area. Ironically, many of the people who left New Orleans after Katrina ended up in Houston. About 42,000 New Orleans residents filed their taxes from Houston in 2006, the year after Katrina, according to an analysis of IRS data by Moody''s Analytics. About 12,000 taxpayers moved back to New Orleans in the subsequent five years, which suggests that many are still in Houston and facing another devastating storm. And it''s not just a decline in population that can hurt the economy -- even a slowdown in Houston''s remarkable growth will hurt the city''s bottom line. The Houston metropolitan area has grown by about 850,000 people between 2010 and 2016. Anything less than that pace of growth going forward will be a drag on the local economy. Related: Dealing with the damage - Tips for filing insurance claims after Harvey Houston has endured three major floods since 2015, and if it comes to be thought of as a city with a big flooding risk, like New Orleans, it will be much harder for the city to attract new residents. "What we''re talking about is, what type of reputation, what type of image will Houston have going forward," said Jim Blackburn, the co-director of the severe storm center at Rice University in Houston. How Houston will fare post Harvey also depends a lot on how much the insurance companies pay out. The challenge is that most of the damage that Harvey has inflicted could be attributed to flooding, which is typically not covered by a homeowner policies. And many affected homeowners may not have policies from the federal government''s National Flood Insurance Program , which does cover such damage. For example, only 15% of homes in Harris County, which includes Houston, have flood insurance. Federal aid for people without flood insurance who have lost their homes could help buffer any hit to the city, but it''s too early to say whether that will be forthcoming. Without that aid, household wealth and spending in the region will suffer an even bigger blow. CNNMoney (New York)   28, 2017: 4:36 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/08/28/news/economy/hurricane-harvey-economy/index.html'|'2017-08-29T00:38:00.000+03:00'
'9202dbb1f76d9f2019f698c0399f36c216fff5ec'|'Debt cut for Greece not on agenda for now, Germany''s Schaeuble says'|'August 28, 2017 / 10:08 PM / 7 hours ago Debt cut for Greece not on agenda for now, Germany''s Schaeuble says Reuters Staff 3 Min Read FILE PHOTO - German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. Fabrizio Bensch/File Photo BERLIN (Reuters) - Greece must press ahead with implementing its reforms-for-aid program and become more competitive, German Finance Minister Wolfgang Schaeuble was quoted as saying, adding that debt relief for Athens was "currently" not on the agenda. Euro zone finance ministers and the International Monetary Fund reached an agreement on Greece in June, paving the way for new emergency loans for Athens while leaving the contentious issue of debt relief for later. Asked in an interview with the newspaper Mannheimer Morgen if he could envisage a partial cut in debt for Greece, Schaeuble said, "That''s currently not on the agenda at all." Chancellor Angela Merkel and Schaeuble do not want to discuss any details of debt relief for Greece before federal elections on Sept. 24, in which the far-right euro-skeptic AfD party is forecast to enter parliament for the first time. Starting a discussion about debt relief would send the wrong signal to Athens at a time when the economy was doing better and recovering, Schaeuble told Mannheimer Morgen. "The country doesn''t need a debt cut now, but it must continually work on its competitiveness," Schaeuble said. He pointed out that Greece''s borrowing costs for the next 10 to 15 years were already relatively low. "Above all, as long as member states are responsible for financial and economic policy, they must also bear the consequences of their own decisions themselves", he said. Schaeuble, whose insistence on reforms to public finances in Athens have long made him a hate figure for many Greeks, has signaled his readiness to deepen euro zone integration as long as risks and liabilities arising from political decisions remain linked. Merkel''s conservative Christian Democrats are leading the center-left Social Democrats by about 15 percentage points in opinion polls and are the heavy favorites to retain power after the election. Schaeuble, who has been finance minister since 2009 and will turn 75 on Sept. 18, has signaled his willingness to continue as finance minister. But Merkel could be forced to sacrifice him to secure a coalition deal. Reporting by Michael Nienaber, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-greece-germany-idUKKCN1B82BB'|'2017-08-29T01:03:00.000+03:00'
'0b112687cbda3f5db4ffb137b827db6517b7977c'|'Ghost tomato factory showcase for Nigeria''s farming problems'|'August 30, 2017 / 6:08 AM / 15 minutes ago Ghost tomato factory showcase for Nigeria''s farming problems Ulf Laessing 6 Min Read A view of the Dangote tomatoes processing factory in Kano, northwest Nigeria August 21, 2017. Picture taken August 21, 2017. Akintunde Akinleye. KANO, Nigeria (Reuters) - At a state-of-the-art plant in northern Nigeria, shiny machines stand next to a conveyor belt ready to crush tomatoes to satisfy the country''s insatiable demand for tomato paste. But a lonely cleaner mopping the floor is the only sign of activity in Nigeria''s biggest tomato factory, equipped with the latest Italian and German technology. There aren''t enough tomatoes to run it. It''s a powerful symbol of Nigeria''s uphill challenge to build up agricultural production and end costly food imports to feed its 190 million people. The West African nation imports staples from milk to wheat to tomato paste, with funds it mainly earns from exporting oil. The conglomerate of Africa''s richest man, Aliko Dangote, launched the plant in March 2016, contracting Italian engineers working for months on a 350 euro-a-day allowances to set up the machines outside Kano, the main city in the north. On paper this looked like a smart move as Nigeria imports up to 400,000 tonnes of tomato paste annually. The tinned paste is an ingredient in Nigerian tomato stew, used as the base for a host of traditional meat stews, sauces, soups and rice dishes that are staples of Nigerian cooking. Dangote Group had thought of every technical detail, even setting up a control room linking its engineers to experts in Italy in case there was a problem. But it underestimated the difficulties involved in getting tomatoes, despite signing deals with some 5,000 farmers guaranteeing them to pay more than the market price. Lacking fertilizers and working with their bare hands, the farmers have been unable to produce the quality and quantity the plant needs to make paste. Much of the last season''s output was wiped out by a pest. The plant has been so far unable to find other supplies despite Nigeria producing some 1.5 million tonnes of tomatoes annually. A lack of good roads due to decades of corruption means tomatoes would perish on the way. Half of the country''s output gets wasted. Bar a few weeks, the plant has been standing idle, said its frustrated manager said A.L. Kaito, the managing director of Dangote Farms in charge of the plant. "We are trying to weather out the storm, the cost is horrendous," said Kaito. "It''s a nightmare." Dangote spent some 4 billion naira (9.85 million pounds) on the plant and now plans to set up its own tomato cultivation scheme for around ten billion naira to cover up to 70 percent of its needs, buying land and tractors. Experts from Israel, Mexico and Spain will be flown in. PROBLEMS The tomato plant hopes to restart work in January at just half of its capacity of 1,200 tonnes a day after the next season, in the meantime costing 5 million naira every month. A labourer washes the floor at the Dangote tomatoes processing factory in Kano, northwest Nigeria August 21, 2017. Akintunde Akinleye. Dangote has kept workers sitting at home on the payroll: the Italians spent months training them on the new machines. The investment is paltry for its owner, who is spending billions of dollars on cement plants, sugar and rice schemes across Africa. His cement business alone posted revenues worth in 615 billion naira in 2016. But for President Muhammadu Buhari the idle plant is a major setback after another tomato factory in Lagos threw in the towel in November 2016, unable to import tomatoes due to a lack of hard currency as Nigeria struggles with recession. Buhari had, since his election in 2015, made it a priority to end dependency on food under the motto: "We must produce what we eat." To encourage agriculture investments like the Dangote plant, the government has waived duties for greenhouse and processing equipment. Slideshow (3 Images) It is also giving subsidies to rice farmers and is considering expanding the scheme to tomato growers, a senior official in the federal ministry of agriculture said. Officials had hoped to create jobs in agriculture to fight poverty in the north where some unemployed young men have joined an eight-year insurgency by Boko Haram jihadists. But experts and farmers say, after decades of corruption holding back road and electricity projects and an obsession with producing oil, it will take time to improve the tomato output. Low quality seed and a lack of power for pumping water means tomatoes can be grown only during the dry season, which creates a glut in March. Farmers then lay out their tomatoes alongside highways hoping motorists will buy them. Anything that does not get sold within 24 hours is usually wasted due to a lack of cold storage. They also ship some to Lagos, the southern megacity 1,000 km (600 miles) south of the factory. A basket of tomatoes sells for 2,000 naira in Lagos, but only around 10 percent of that ends up in farmers'' pockets as traders and truckers take their cut. "We don''t have fertilizers and there is no power for cold rooms," said Sani Yadakwari, chairman of the some 10,000 tomato farmers in Kano state. "We need subsidies for our production." Dangote has been supplying farmers with a Dutch seed which is expected to gradually boost the yield to 50 tonnes of tomatoes a hectare from 10 to 15 tonnes now, said Kaito. But Adamu Sani, an agronomist working for the World Bank, was sceptical production would rise soon as farmers needed to get trained to use the new seeds which had not been tested yet on a large scale in Nigeria. Dangote calls the plant the biggest in Africa. But the size might be a disadvantage: "The minimum capacity of the Dangote plant is too high for the little volumes you can get from farmers," Sani said. Editing by Peter Graff'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nigeria-farming-idUKKCN1BA0IV'|'2017-08-30T09:08:00.000+03:00'
'43e4db06e64bdeee00c8517cc41746fdd008e2de'|'UK insurers need to decide on moving EU policies by November'|'August 30, 2017 / 11:45 AM / 11 minutes ago UK insurers need to decide on moving EU policies by November Huw Jones and Carolyn Cohn 4 Min Read LONDON (Reuters) - Insurers in Britain face crunchtime within weeks if the government and the European Union do not allow millions of cross-border policies to continue to run undisturbed beyond Brexit. While Britain is not due to leave the bloc until March 2019, insurers say they need to know by November whether they must move contracts with EU customers out of Britain, due to the lengthy legal process involved. Britain and the EU are currently negotiating divorce terms. "The preferred option would be something in the negotiations that gives the regulators the appropriate political approval to start working on a mechanism to allow these existing contracts to continue operating as they are," Hugh Savill, director of regulation at the Association of British Insurers, told Reuters in an interview. Leaving contracts to operate unchanged after Britain has left the EU is known as "grandfathering". Without this, an insurer would have to move contracts for EU customers to a new EU subsidiary after 2019 for them to remain in the same legal jurisdiction as the customer, or sell that portion of their business. Both options involve a court process, which takes time to implement with Brexit only 19 months away. "You have to go to court to get approval for transfer, and you also need the approval of the regulator at both ends. That means the transfer has to start by November 2017 otherwise you run out of time," Savill said, adding that the process could affect millions of contracts. "If the government has not negotiated something that looks reasonably trustworthy in the next couple of months, companies will have to start putting this alternative contingency planning into action." The issue is particularly acute for long-term insurance contracts such as pensions, or contracts where policyholders can make claims for years after the policy expires, such as professional indemnity cover. The specialist Lloyd''s of London market has also called for grandfathering of contracts, saying it would be impossible to transfer all the contracts in time. Insurers in Britain are regulated by the Bank of England''s Prudential Regulation Authority. A PRA spokesman referred to a letter from PRA chief executive Sam Woods to parliament this month in which he said there is a possibility of a significant increase in the volume of transfers. "We are engaging further with firms and trade bodies to examine the possible mitigants to these risks and determine which are likely to be most effective," Woods told parliament. But Paul Merrey, a partner at accounting firm KPMG, said some insurers have already begun court transfers, with others expected to start later this year. "It''s an issue both ways, for UK and EU insurers, but it''s fair to say that the process might be easier for EU insurers transferring portfolios to the UK than for UK insurers transferring to the EU," Merrey said, adding that the process can vary between countries. The BoE has said that about 7 percent of general insurance contracts undertaken in Britain and 3 percent of life insurance contracts are written by insurers elsewhere in Europe. Early movers want to avoid potential court bottlenecks. "There is not enough court time, there are not enough independent experts – the scale of the challenge and demands on the regulators'' time are significant," Merrey said. Reporting by Huw Jones and Carolyn Cohn; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-insurance-idUKKCN1BA1F9'|'2017-08-30T14:45:00.000+03:00'
'2ce9943e2cf0597cfd08a6e5cd405d1f218098d6'|'RBS reported me to three credit reference agencies for one missed payment - Money'|'I missed a repayment on my RBS credit card because I didn’t receive that month’s statement. The first I knew about it was when I got a letter stating I had been charged £12. RBS customer services were very accommodating and removed the charge since I had always paid in full and on time. However, it said that the debt had been reported to three credit reference agencies. It has taken three letters to RBS CEO Ross McEwan (none of which have been acknowledged), around 12 calls to different divisions of RBS credit cards, three letters to credit reference agency Experian and two to Equifax to try to get a notice of correction applied to my record. The third credit reference agency I have not managed to make contact with at all. Initially, RBS refused point blank to send any notice of correction. It then agreed to look into it but nothing has happened. RA, London It is, of course, your responsibility to pay your credit card bill regardless of whether you receive a statement, but it’s depressing that RBS did not send a reminder and give you a chance to make the payment, especially, as you say, you have an unblemished record.Companies registered with credit reference agencies wield enormous and largely unchecked power, for they can report any debt – however minute or justifiable – and impede your chances of getting credit. Moreover, the marker remains for six years and you cannot have it removed even if you dispute it.All you can do is apply a note explaining why you contest it and even that, as you’ve found, can be hard to coax out of a corporate monolith.When The Observer intervenes RBS decides to remove the marker and refund the late payment fee and interest as a gesture of goodwill because it was your first missed payment. It confirms debts are automatically referred, regardless of circumstance.It would now be wise to pay your card by monthly direct debit and set up an online account.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Credit cards Your problems with Anna Tims Borrowing & debt Rating agencies Royal Bank of Scotland Consumer rights Consumer affairs features'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/aug/30/rbs-missed-credit-card-payment-credit-reference-agency'|'2017-08-30T09:00:00.000+03:00'
'03193ebfaf9fa6b6c6e4bfddd14fceb20b939048'|'PRESS DIGEST - Wall Street Journal - Aug 30 - Reuters'|'Aug 30 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Justice Department has taken preliminary steps to investigate whether managers at Uber Technologies Inc violated a U.S. law against foreign bribery, according to people familiar with the matter. on.wsj.com/2gpbwqM- Even before he takes the job as Uber Technologies Inc''s new chief executive, fresh challenges confront Expedia Inc CEO Dara Khosrowshahi, with news of a federal bribery probe into Uber and public disagreement over how the board''s decision to hire him unfolded. on.wsj.com/2gohMyZ- Apple Inc is scrambling to strike deals with Hollywood studios to offer ultrahigh-definition films on its new Apple TV, but discussions have been hampered by disagreements over pricing, according to people with knowledge of the talks. on.wsj.com/2gnOqR4- A federal appeals court ordered the Federal Communications Commission to give two firms affiliated with Dish Network Corp another chance at success in an airwaves auction where the FCC determined they were ineligible for crucial small-business discounts. on.wsj.com/2go4kuV- Low-cost airline Allegiant Travel Co will venture into real estate with a sprawling resort on Florida''s Gulf Coast, even as hotel development slows nationwide amid a glut of rooms. on.wsj.com/2gpSi4l (Compiled by Bengaluru newsroom)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1LG24L'|'2017-08-30T02:16:00.000+03:00'
'18d8098b7902b063f0326193936a39b21549a8d5'|'China-backed fund to decide whether to take deal to Trump: sources'|'U.S. President Donald Trump listens during his joint news conference with Finnish President Sauli Niinisto at the White House in Washington, U.S., August 28, 2017. Kevin Lamarque (Reuters) - A China-backed private equity fund will decide this week whether to seek U.S. President Donald Trump''s approval for its proposed $1.3 billion acquisition of U.S. chipmaker Lattice Semiconductor Corp ( LSCC.O ), people familiar with the matter said on Tuesday.Buyout firm Canyon Bridge Capital Partners has spent close to eight months trying unsuccessfully to persuade the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for potential national security threats, to clear the deal.Critics of the deal worry that technology gained through the acquisition could be used by China''s military, but the companies have argued that it poses no such risk.The U.S. president has the final authority to suspend or prohibit such investments.This would be the first such case to hit Trump''s desk if the merger partners decide to seek his review, and the fourth time in the last three decades that a CFIUS case would go to the White House. U.S. presidents have sided with the committee to block the past three questionable deals.The Lattice deal''s woes underscore a U.S. drive to prevent the transfer of sensitive technology to China. Chinese suitors have faced intense regulatory scrutiny in their pursuit of U.S. chip makers, which has jettisoned some deals in recent years.The latest 75-day CFIUS review of the Lattice deal, the third since it was announced in November, expires at the end of this week.The two sides have decided to not seek an extension from the committee, and instead may take the deal to Trump for review, as the regulations allow, the sources said.The sources asked not to be identified because the deliberations are confidential.No final decision has been made, and Canyon Bridge and Lattice may opt to terminate the deal, the sources said.Lattice Chief Executive Darin Billerbeck, who would keep his job if the merger is completed, is in favor of taking the deal to Trump for review, one of the sources said.Lattice and Canyon Bridge declined to comment. A CFIUS spokesman did not immediately respond to a request for comment.U.S. regulatory scrutiny of the Lattice deal grew after Reuters reported in late November that Canyon Bridge, based in Palo Alto, California, was funded partly by cash originating from China''s central government and had indirect links to its space program.Portland, Oregon-based Lattice makes programmable chips known as "field programmable gate arrays" that allow companies to put their own software on silicon chips for different uses. It does not sell chips to the U.S. military, but its two biggest rivals, Xilinx Inc ( XLNX.O ) and Intel Corp''s ( INTC.O ) Altera, make chips that are used in military technology.The companies have extended their agreement to the end of September.Trump''s approach to relations with China has been mixed. He has criticized Chinese trade practices but also wants Chinese cooperation in tackling North Korea''s nuclear ambitions.In the most recent example of a direct rejection by a U.S. president of a CFIUS application, Barack Obama in December blocked China''s Grand Chip Investment GmbH from acquiring German semiconductor equipment supplier Aixtron SE ( AIXGn.DE ).(This story removes extraneous ''to'' in fifth paragraph.)Reporting by Greg Roumeliotis in New York and Liana B. Baker in San Francisco; Editing by Richard Chang '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lattice-m-a-canyonbridge-idINKCN1B92KA'|'2017-08-29T18:34:00.000+03:00'
'dbaf71db386a7ea9da36d1994827c46cc5499f84'|'U.S. court grants Dish affiliates new chance to win $3 billion in auction credits'|'FILE PHOTO: A Dish Network receiver hangs on a house in Somerville, Massachusetts, U.S., February 21, 2017. Brian Snyder/File Photo WASHINGTON/NEW YORK (Reuters) - Two companies largely owned by Dish Network will have an opportunity to nullify about $500 million in fines and be eligible once again for $3.3 billion in credits for a wireless spectrum auction, if they can demonstrate that they are independent entities, a U.S. appeals court ruled on Tuesday.Northstar Wireless LLC and SNR Wireless LicenseCo LLC won 43.5 percent of the wireless spectrum licenses up for bid in a 2015 government auction and expected to use credits covering 25 percent of the $13.3 billion in bids. But the Federal Communications Commission ultimately said the firms, which are 85 percent owned by Dish, were ineligible for the small business credits.The FCC adopted new rules in 2015 to prevent companies from using similar tactics in future auctions.After being denied the credits, Northstar and SNR did not complete all purchases of spectrum and were fined hundreds of millions of dollars. The exact amount depends on a final re-auction but the two firms have made partial payments to the FCC totaling about $500 million.The appeals court said the FCC reasonably found that Dish exercised "de facto" control over the companies, but it must offer an "opportunity" for the firms to renegotiate agreements with Dish that could give them enough independence to satisfy the FCC. But the court added: "Nothing in our decision requires the FCC to permit a cure."Dish said it was "pleased this has been referred back to the FCC. We look forward, along with NorthStar and SNR, to working with the FCC to address any concerns they may have."Dish shares were up 1.5 percent on Tuesday.Tina Pelkey, a spokeswoman for FCC chairman Ajit Pai, said the court found the FCC "reasonably determined that Dish abused a program designed to help small businesses. This is an important victory for American taxpayers."She added the firms "claiming over $3 billion in taxpayer-funded discounts were not independent small businesses, but rather under the control of Dish. Going forward, we need to make sure that this program is available only to legitimate small businesses that actually control their own destinies."The discounts, up to 25 percent of the bidding costs, are aimed at helping new entrants compete.Reuters reported in 2015 Northstar Wireless LLC and SNR were also backed by financial firms Catalyst and BlackRock Inc.BTIG Research analyst Walter Piecyk said in a research note the decision was "a positive development for Dish as it could ultimately result in $3.8 billion of incremental value to the company" if the credits are reinstated.Piecyk said the FCC in 2015 "effectively changed the rules after the auction ended and denied bidding credits to the two bidders in which Dish had made an investment."Reporting by David Shepardson; Editing by David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-fcc-dish-idUSKCN1B929B'|'2017-08-29T20:59:00.000+03:00'
'083e5c4a7392768259a06e2e2a7ae740af5ead45'|'Power of love - China''s latest arranged match rattles utilities'|'Reuters TV United States August 29, 2017 / 11:23 AM / 2 hours ago Power of love: China''s latest arranged match rattles utilities Meng Meng and Josephine Mason 5 Min Read FILE PHOTO: A company logo of China Shenhua Energy Co Ltd is displayed at a news conference in Hong Kong, China March 16, 2010. Bobby Yip/File Photo BEIJING (Reuters) - Beijing announced its latest arranged marriage by matching the country''s top coal miner with one of its biggest utilities to create a global powerhouse worth $280 billion on China''s Valentine''s Day. But even as couples across the country celebrated the Qixi Festival, the union may spark jealousy elsewhere. Other power companies fear they will lose critical thermal coal supplies just months ahead of winter and face a bigger rival with an outsized role in the market. After a months-long courtship, China''s State-owned Assets Supervision and Administration Commission (SASAC) announced the deal to combine the nation''s largest coal miner Shenhua Group Corp Ltd [SHGRP.UL] with one of its biggest utilities China Guodian Corp [CNGUO.UL] in a statement on Monday. The new entity will eclipse EDF ( EDF.PA ) and Enel ( ENEI.MI ) to become the biggest global power company with around 225 gigawatts of capacity. The deal is also expected to spur more dealmaking across the power sector, as Beijing aims to streamline China''s indebted and inefficient state sector. For smaller utilities in the world''s top consumer of the fuel, many of whom buy coal from Shenhua, the spectre of losing a major supplier has stirred worries. "We are very concerned whether they will give us enough supply for winter," said a coal buyer for China Resources Power Group Holding Co Ltd ( 0836.HK ), a top power company headquartered in Beijing. Shenhua accounted for 8 percent of the 3.64 billion tonnes of coal China produced last year. While a small portion of the total, it was more than double what second-largest miner Shanxi Coking Coal Group Ltd [SHANXA.UL] produced. Related Coverage Factbox: Shenhua and Guodian - China''s latest state marriage The buyer for China Resources said his company is meeting a Shenhua executive next week to discuss terms and volume for the upcoming winter, when demand for heating is expected to surge in the country''s cold northern regions. "We don''t know where the renegotiation will head, but Shenhua will definitely give Guodian a priority for winter supply," the buyer said. Utilities'' margins have been squeezed hard over the past year as government-enforced mining capacity cuts as part of Beijing''s war on smog have helped fuel a spectacular rally. FILE PHOTO: A worker fixes the company logo of China Guodian Corp at a building in Beijing, China January 24, 2013. Picture taken January 24, 2013. Stringer/File Photo Those prices have boosted miners'' earnings, reviving an industry which many experts had said was in terminal decline. Shenhua was one of the most profitable public commodity companies in the first half of this year. Any shake-up could be good news for exporters like Australia and Russia, spurring demand for Chinese coal imports. Shenhua and Guodian did not return calls seeking comment. IT''S COLD OUTSIDE Some sources downplayed any long-term impact, noting power companies typically have diversified sources of supply. Utilities are more alert to potential supply constrictions this winter than ever before. Last year, the government had to scramble to avert a winter power crisis after forcing mines to slash output, tightening supplies and triggering a historic price rally. If Shenhua reduces how much it sells to third parties, a source at a major utility said, smaller, inland utilities may have "difficulties finding new suppliers" because they lack the financial clout to pay more to source from further afield. "In the short term, it might grow tight in some regions due to the merger," he said, although his company doesn''t buy much coal from Shenhua. Given the size of Shenhau''s coal output, the prospect of competing for supplies will likely spark further consolidation in the power sector, said Frank Yu, principal consultant for Asia-Pacific Power and Renewables at Wood Mackenzie. "Other power generators will naturally worry about playing on an uneven ground with biased coal supply terms. That concern will facilitate other win-win mergers as countermeasures," he said on Tuesday. That''s in line with Beijing''s broader plan to reform the energy sector, removing the conflicts between coal miners and power generators, he said. Reporting by Meng Meng and Josephine Mason; Editing by Tom Hogue'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-power-shenhua-guodian-analysis-idUKKCN1B918C'|'2017-08-29T14:56:00.000+03:00'
'e9486a593013737f7d2cde8a1120df841e32297c'|'Russia, in one of biggest bail-outs in its history, rescues Otkritie bank'|' 54 PM / 4 minutes ago Russia, in one of biggest bail-outs in its history, rescues Otkritie bank Oksana Kobzeva and Andrey Ostroukh 6 Min Read MOSCOW (Reuters) - Russia''s central bank launched one of the biggest banking bail-outs in its history on Tuesday, saying it would rescue troubled private lender Otkritie which has suffered a sustained run on its deposits amid worries about its loan portfolio. The central bank said it planned to tap its own funds in order to become a major investor in Otkritie, the country''s seventh-biggest bank by assets according to Interfax data. The bail-out is likely to stoke anxiety about the wider state of the Russian banking sector, fuelling speculation that other big banks may have similar problems. It also raises questions about the central bank''s supervisory performance. Otkritie is the country''s largest private lender by assets, according to second-quarter data from Interfax, and some of its shareholders are connected to major state entities, a fact that prompted some analysts to believe it was too big and influential to be allowed to fail. "On one hand, the central bank’s comment (on Otkritie) is a relief for the market," said Dmitry Polevoy, chief economist at ING Bank in Moscow. "On the other, the overall situation and the central bank’s action raises questions about the quality of the central bank’s supervision of one of Russia’s largest systemically important lenders." The central bank did not say how much it was spending on the bail-out, but said it planned to take a minimum 75 percent stake after evaluating Otkritie''s financial position. Until now, the biggest banking bail-out in Russia was a 395-billion-rouble (5.20 billion pounds)rescue of Bank of Moscow in 2011, Russia''s fifth-biggest lender by assets at the time. Otkritie bank, part of the wider Otkritie group, grew rapidly in recent years, snapping up banks such as Nomos, non-pension funds and insurers, and even the diamond business of Russian oil producer Lukoil ( LKOH.MM ). But Dmitry Tulin, the central bank''s first deputy chairman, told a news briefing that its business practices had been questionable. "This (expansion) was financed via borrowing and key risks were taken," he said. "The bank''s operations are connected to high risks and need to be seriously changed." Tulin, who took up his role at the central bank supervising the country''s banking sector in October 2016, said he did not expect turmoil in the wider banking sector in the near future. He said the central bank had known of Otkritie''s problems before he began supervising the sector. CLEAN-UP The regulator will now assess the bank''s provisions and capital, a process that will take up to three months. If the bank''s capital is deemed to be in the red, Otkritie shareholders would lose their ownership rights completely. "The capital disclosed in (the previous) reports seems to have been significantly higher than in reality," said Tulin. According to Otkritie''s latest financial statements, for 2016, it had a non-performing loan ratio of 7.5 percent, while its Tier 1 capital was at a healthy 12.3 percent comparable to the country''s top lender Sberbank ( SBER.MM ). Its capital ratio, last disclosed as of Aug. 1 under Russian accounting standards, was above the central bank''s requirements. The central bank said Otkritie''s owners and executives had agreed to cooperate to help restore the lender''s balance sheet. In the meantime, Otkritie and its businesses would operate as usual, it said. Otkritie said it welcomed the bail-out. "This is positive news for the bank''s clients and the whole banking sector," Managing Director Alexander Dmitriev said in a statement. "I want to underline that the bank''s shareholders have turned to the central bank themselves." The central bank is trying to clean up the banking sector, shutting down banks it believes pose a risk to the system. It revoked the license of Yugra Bank, a top 20 lender, last month after saying it had falsified its accounts. Otkritie''s problems came into focus in early July after Kremlin-backed rating agency ACRA assigned the lender a BBB- rating, citing the "low quality of its loan portfolio". Investors began to sell off Otkritie''s shares this month and Moody''s put its ratings on review for a possible downgrade soon afterwards, saying it was concerned by the "elevated volatility of the bank''s customer deposits, which puts pressure on its liquidity position". In June and July, Otkritie''s customer deposits contracted by 435 billion roubles ($7.40 billion), equivalent to 18 percent of the bank''s total liabilities as of June 1, Moody''s said. The central bank said that corporate clients withdrew 389 billion roubles from the bank between July 3 and Aug. 24, with another 139 billion taken out by retail clients. Rouble liquidity in the Russian interbank market rose unexpectedly this month as the banking sector started borrowing more from the central bank, seen as a symptom of deteriorating trust in the interbank lending market. "At a certain point, the bank owners realized they couldn''t solve the issue with capital on their own and turned to the central bank with a proposal to start discussing financial rehabilitation measures," Tulin told reporters. Otkritie is 65 percent owned by Otkritie Holding, which in turn is owned by a group of executives from oil major Lukoil ( LKOH.MM ), state-owned VTB bank ( VTBR.MM ), Otkritie and others. Shares of Otkritie rose 2.4 percent on the central bank''s announcement. Otkritie''s $500 million bond, which matures in April 2019, was up 34 cents, according to Tradeweb data, while the November 2019 issue jumped 11 cents. Additional reporting by Katya Golubkova and Jack Stubbs in MOSCOW and by Alexander Winning and Sujata Rao in LONDON; Editing by Andrew Osborn and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-russia-banks-otkritie-idUKKCN1B928N'|'2017-08-29T20:48:00.000+03:00'
'c430a8d52fc956d90e3690e910b1d5f6304d056c'|'TREASURIES-Yields lowest since November after North Korea fires missile'|'(Adds Quote: s, auction, economic outlook; Updates prices)* North Korea missile sparks safety buying* Treasury to sell $28 bln seven-year notes* Friday''s employment report in focusBy Karen BrettellNEW YORK, Aug 29 (Reuters) - Benchmark 10-year Treasury yields fell to their lowest since last November on Tuesday on safety buying after North Korea fired a ballistic missile over Japan''s northern Hokkaido island into the sea.The action prompted warnings to residents to take cover and drew a sharp reaction from Japanese Prime Minister Shinzo Abe."That has the market spooked, and that’s what’s behind the move lower in rates today," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.Ten-year Treasury yields dropped as low as 2.086 percent, the lowest since Nov. 10, two days after Donald Trump won the U.S. presidential election, before rising back to 2.10 percent.The yield curve between two-year and 10-year notes flattened to 77 basis points, from 83 basis points late on Monday, the lowest level since June 27.Some reluctance to buy bonds at their lowest yields of the year was seen possibly capping the rally."The question becomes how heavily positioned in Treasuries do you want to be when yields are at year-to-date lows," said Goldberg. "I think that’s making it a little bit difficult to be positioned extremely."The Treasury will sell $28 billion in seven-year notes on Tuesday, the final sale of $88 billion in new short- and intermediate-dated supply.A $34 billion sale of five-year notes on Monday saw strong demand with dealers taking a record low share, while direct bidders bought their biggest stake since July 2014. The Treasury also sold $26 billion of two-year notes on Monday.Market participants are also focused on a busy week of data this week, culminating in Friday''s employment report for August.Longer-term investors will evaluate what impact Tropical Storm Harvey may have on the economy, after bringing catastrophic flooding to Texas.Editing by Jeffrey Benkoe and Chizu Nomiyama '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LF0JS'|'2017-08-29T10:44:00.000+03:00'
'e2cf88e2bc8ea436ad20fec5d608abc2b7cc8fbb'|'RPT-Uber to end post-trip tracking of riders as part of privacy push'|'(Repeats story first published earlier on Tuesday)By Dustin VolzPALO ALTO, Calif., Aug 29 (Reuters) - Uber Technologies Inc is pulling a heavily criticized feature from its app that allowed it to track riders for up to five minutes after a trip, its security chief told Reuters, as the ride-services company tries to fix its poor reputation for customer privacy.The change, which restores users'' ability to share location data only while using the app, is expected to be announced on Tuesday and rolled out to Apple Inc iPhone users starting this week. It comes as Uber tries to recover from a series of crises culminating in the ouster of Chief Executive Travis Kalanick and other top executives.Dara Khosrowshahi, the CEO of travel-booking company Expedia Inc is set to become Uber''s new chief executive, sources have told Reuters.The location-tracking update is unrelated to executive changes, said Joe Sullivan, Uber’s chief security officer, in an interview with Reuters. Sullivan and his team of about 500 have been working to beef up customer privacy at Uber since he joined in 2015."We’ve been building through the turmoil and challenges because we already had our mandate," said Sullivan, who is a member of the executive leadership team that has been co-running Uber since Kalanick left in June.An update to the app made last November eliminated the option for users to limit data gathering to only when the app is in use, instead forcing them to choose between letting Uber always collect location data or never collect it.Uber said it needed permission to always gather data in order to track riders for five minutes after a trip was completed, which the company believed could help in ensuring customers'' physical safety. The option to never track required riders to manually enter pickup and drop-off addresses.But the changes were met with swift criticism by some users and privacy advocates who called them a breach of user trust by a company already under fire for how it collects and uses customers'' data. Uber said it never actually began post-trip tracking for iPhone users and suspended it for Android users.Sullivan said Uber made a mistake by asking for more information from users without making clear what value Uber would offer in return. If Uber decides that tracking a rider’s location for five minutes is valuable in the future, it will seek to explain what the value is and allow customers to opt in to the setting, he said.Sullivan said Uber was committed to privacy but had previously suffered "a lack of expertise" in the area.The change comes two weeks after Uber settled a U.S. Federal Trade Commission complaint that the company failed to protect the personal information of drivers and passengers and was deceptive about its efforts to prevent snooping by its employees.Uber agreed to conduct an audit every two years for the next 20 years to ensure compliance with FTC requirements.The location-tracking changes will initially only be available to iPhone users, but Uber intends to bring parity to Android devices, Sullivan said.The changes are part of a series of updates expected in the coming year to improve privacy, security and transparency at Uber, Sullivan said. (Reporting by Dustin Volz; Editing by Jonathan Weber and Bill Rigby) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/uber-privacy-idINL2N1LF01Q'|'2017-08-29T08:59:00.000+03:00'
'96200d985b767eaffdf48f449ec6d3b2ebfc60fa'|'Oil major Total sees growth in North Sea output with Edradour & Glenlivet start-up'|'August 30, 2017 / 6:30 AM / 16 minutes ago Oil major Total sees growth in North Sea output with Edradour & Glenlivet start-up Reuters Staff 1 Min Read A logo for oil giant Total is seen at a petrol station in London February 12, 2008. Stephen Hird/File Photo PARIS (Reuters) - Oil major Total ( TOTF.PA ) said it has started production at its Edradour & Glenlivet gas and condensate fields in the United Kingdom, which is expected to boost its North Sea output with an additional 56,000 barrels of oil equivalent a day. "We have completed this project ahead of schedule and 30 percent under the initial budget," Arnaud Breuillac, Total''s president for exploration and production, said in a statement. The Edradour and Glenlivet development is near the French oil and gas giant''s existing Laggan-Tormore fields which started production in February 2016. Total''s UK unit operates Edradour & Glenlivet with a 60 percent interest, alongside partners DONG E&P ( DENERG.CO ) and SSE E&P ( SSE.L ) which each have 20 percent stakes. Reporting by Bate Felix; Editing by Sudip Kar-Gupta'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-northsea-total-production-idUKKCN1BA0L5'|'2017-08-30T09:30:00.000+03:00'
'70ba28e18423ada3e157554b57523cbd31fca3f0'|'European stocks bounce back as strong earnings in focus'|' 36 AM / 17 minutes ago European stocks bounce back as strong earnings in focus Reuters Staff 3 Min Read FILE PHOTO: Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 28, 2017. Staff/Remote LONDON (Reuters) - Investors piled back into European stocks on Wednesday, boosting indexes higher in a relief rally after geopolitical concerns caused a sharp dip across equity markets. The pan-European STOXX 600 gained 0.6 percent, recovering nearly all the ground lost in the previous session when North Korea''s missile launch sparked a sell-off. Euro zone stocks and blue-chips .STOXX50E rose in line. Banking stocks .SX7P, which had led the risk-averse move lower on Tuesday, were the strongest performers, up 0.9 percent, helping Italy''s bank-heavy index .FTMIB outperform. Investors'' focus turned back to encouraging earnings news on Wednesday, driving gains across all sectors. Shares in German broadcaster RTL ( RRTL.DE ) jumped 6.3 percent to the top of the STOXX after it boosted second-quarter revenue, beating expectations despite an advertising market it called challenging. RTL helped the media sector .SXMP gain 0.8 percent, recovering from the nine-month low hit in the previous session after broadcaster Prosiebensat ( PSMGn.DE ) cut its outlook for advertising revenues. French medical equipment supplier Biomerieux ( BIOX.PA ) rose 3.4 percent after raising its 2017 forecasts, bolstered by a strong first half. Stronger first-half profit and growing business volume helped Swiss insurer Baloise ( BALN.S ) shares gain 5.2 percent. One weak spot was Swedish property developer JM ( JM.ST ) whose shares sank 4.6 percent after Norwegian building association OBOS said it sold all its shares in the firm. Though European stocks have seen some sharp moves in recent weeks, punctuating an unusually calm year, sell-offs have tended to fizzle out as shares are supported by global investors’ continued confidence in the region’s economic growth and relatively cheap valuations compared to the U.S. market. Earnings growth also provided support. With the majority of company reports through, Thomson Reuters data estimated earnings growth for the STOXX 600 at 16 percent year-on-year for the second quarter. Reporting by Helen Reid, Editing by Kit Rees'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1BA0RF'|'2017-08-30T10:31:00.000+03:00'
'15ae2bab2c00b633ee119e5d525cfa07ee81c94a'|'Carrefour warns of 2017 profit fall as new CEO faces up to challenges'|'August 30, 2017 / 7:38 PM / an hour ago Carrefour warns of 2017 profit fall as new CEO faces up to challenges Dominique Vidalon 3 Min Read FILE PHOTO - Alexandre Bompard, attends the company''s 2015 annual results presentation in Paris, France, February 18, 2016. Benoit Tessier PARIS (Reuters) - New Carrefour ( CARR.PA ) CEO Alexandre Bompard on Wednesday pledged to boost profitability and cash flow after the world''s second-largest retailer warned 2017 operating profit could fall by around 12 percent and cut its sales growth target. That was after the French group posted a steeper-than-expected fall in first-half earnings, as cut-throat competition hit margins at home and losses increased in Argentina. Elsewhere in Europe, profits also declined as the integration of recently-acquired Eroski stores in Spain and Billa stores in Romania weighed on margins, but profits rose in Brazil, the company''s second-largest market after France. In his first public comments since taking over on July 18, Bompard said he was aware he faced an "extraordinarily difficult" task at Carrefour, but was convinced it had a "great potential". Investors want Bompard to boost the performance of the group''s French hypermarkets, a goal that has eluded several predecessors amid competition from online rivals and price discounting from rivals such as unlisted Leclerc.. They also want him to catch up in the digitalisation of retail, notably after Amazon''s $13.7 billion bid to buy Whole Foods Market sent shockwaves through global food retailers. In response to these expectations, Bompard on Wednesday vowed to accelerate online expansion, "breathe new life" into the French hypermarkets and simplify the group''s organisation. FILE PHOTO - A man looks at preserved food in a Carrefour supermarket in Cabrera de Mar, near Barcelona, Spain May 19, 2017. Albert Gea/File Photo He said he would provide details on his turnaround plan by the end of the year. To save cash, though, he immediately announced Carrefour would cut capital expenditure for 2017 to 2.2-2.3 billion euros from the 2.4 billion previously planned. First-half group operating profit was 621 million euros 571.49 million pounds), down 21.5 percent at constant exchange rates. This was below the average estimate of 666 million in a Reuters poll. At current exchange rates the fall was 12.1 percent. Carrefour predicted that at current exchange rates its full-year operating profit would decline roughly by as much as in the first half. It also cut its 2017 sales growth goal to 2-4 percent at constant exchange rates from 3-5 percent previously. Carrefour Brazil went public last month in Brazil''s largest initial public offering in four year. In Brazil, the profitability of the distribution business continued to increase though financial services were impacted by a change in the regulation on consumer credit, the group said. Bompard, 44, replaced Georges Plassat, 68, who had been CEO since 2012.. In a sign of a new era, Carrefour said Laurent Vallee, 46, would replace Jerome Bedier, 61, as general secretary for the group. Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-carrefour-results-idUKKCN1BA2LJ'|'2017-08-30T22:38:00.000+03:00'
'386d37e8a21da7aa1951b9d813a94196e08b9513'|'Warren Buffett tells CNBC he has not sold a share of Apple'|'Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. Rick Wilking NEW YORK (Reuters) - Billionaire investor Warren Buffett told CNBC on Wednesday that he had not sold a share of Apple ( AAPL.O ) and was not concerned about Wells Fargo ( WFC.N ) as a long-term investment and that it was a "terrific" bank.Buffett, chairman and chief executive of conglomerate Berkshire Hathaway Inc ( BRKa.N ), said about Apple: "I''ve never sold a share." Buffett said he was more certain about Apple''s future than that of IBM ( IBM.N ).Reporting by Sam Forgione; Editing by Phil Berlowitz '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-investing-buffett-cnbc-idINKCN1BA21E'|'2017-08-30T13:41:00.000+03:00'
'f56a38afa7c9d98330ec1dde1b5b106584853988'|'Russia bank rescue eases market concerns about contagion'|'August 29, 2017 / 5:48 PM / an hour ago Russia bank rescue eases market concerns about contagion Andrey Ostroukh and Zlata Garasyuta 4 Min Read MOSCOW (Reuters) - A central bank rescue of Russian bank Otkritie has eased market concerns that other banks could be in trouble, prompting banking stocks to reverse three days of losses. Russia''s central bank stepped in on Tuesday to take at least a 75 percent stake in Otkritie, the country''s biggest privately-owned bank, to plug a hole in its balance sheet. The bailout highlights problems among Russia''s banks and the challenge the authorities face in trying to clean up the sector. Bank of Moscow, a mid-sized lender, had to be rescued in 2011 but since then the central bank opted for revoking licences, shutting down more than 200 banks over the past two years. The central bank blamed poor management for problems at Otkritie, exacerbated by excessive spending. But the swift action to rescue Otkritie has gone a long way to reducing the risks of broader contagion, financial analysts said. "Everyone is breathing a sigh of relief. The panicky mood has been dampened down," Maxim Ryabov, a trader with Russian brokerage BCS, said. The Moscow stock exchange''s financial sector index was up 1.5 percent at 1125 GMT on Wednesday after falling for three days in a row. .MICEXFNL The index is down 15 percent so far this year, underperforming the broader benchmark Micex index that has lost 10.4 percent since the beginning of this year. Shares in Russia''s second-biggest bank, VTB ( VTBR.MM ), which is a shareholder in Otkritie, were up more than 6 percent, after having fallen for several days. "The central bank cannot really allow to create an aura of vulnerability around a major bank because there are other banks that are rumoured to be in trouble," Lubomir Mitov, Chief Economist for Central and Eastern Europe at UniCredit, said. "So they basically took the step to ensure that nobody loses their money," he said. "The whole idea is to create some sense of stability in the banking system". The central bank said that Otkritie''s obligations to creditors and bondholders would be honoured, reducing the risk of a domino effect taking down other banks. Other Russian banks hold Otkritie bonds and loans they made to Otkritie on the interbank market. Credit rating agency Fitch had already flagged up concerns over a number of Russia''s banks which could have liquidity problems because they had seen an outflow of deposits in the past few weeks or had borrowed heavily from the central bank. "Otkritie, B&N Bank, Promsvyazbank and Credit Bank of Moscow are among the banks that have been subject to Russian media speculation in recent weeks, regarding the liquidity position of some and the potential knock-on effect on others," Fitch said in a statement published on Aug. 18. The central bank did not say how much money it would put into Otkritie, or where the cash would come from. A 75 percent stake in Otkritie would be worth $51 billion, based on the current value of the 7 percent of the bank''s shares that represent its free float on the Moscow Exchange. But the central bank is likely to pay much less for the shares held by investors. Shares in Otkritie were down 0.5 percent ( OFCB.MM ) on Wednesday. Yields on Otkritie bonds, which act as a gauge of the risk of owning the bank''s paper, fell to 36 percent on Wednesday, from a record high of 82 percent his shortly before the bailout on Tuesday. Shares in Credit Bank of Moscow ( CBOM.MM ) were 0.5 higher, Promsvyzbank shares rose 0.8 percent ( PSBR.MM ). The other bank mentioned by Fitch, B&N, is not publicly traded. Additional reporting by Katya Golubkova in MOSCOW and Marc Jones in LONDON; Writing by Christian Lowe; Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-banks-otkritie-idUKKCN1B9288'|'2017-08-30T17:33:00.000+03:00'
'78e4a7b236e66bd4e69caf5ff44cd3f676ff569b'|'UPDATE 1-Share of investors neutral on U.S. longer-dated bonds at 5-yr high -JPMorgan'|'August 29, 2017 / 2:31 PM / 37 minutes ago UPDATE 1-Share of investors neutral on U.S. longer-dated bonds at 5-yr high -JPMorgan Reuters Staff 3 Min Read (Adds background, table) NEW YORK, Aug 29 (Reuters) - Investors ratcheted up their caution on owning longer-dated U.S. Treasury debt, bringing the share of investors with a neutral stance to the highest in five years, JPMorgan Chase & Co''s latest client survey showed on Tuesday. The share of investors who said they were holding longer-dated Treasuries equal to their benchmarks rose to 75 percent, the most since Aug. 27, 2012 and higher than 70 percent a week ago, JPMorgan said. U.S. benchmark Treasury yields fell to their lowest since November on Tuesday on safe-haven demand following North Korea firing a ballistic missile over northern Japan. U.S. bond yields have slipped in recent days on doubts about the prospects of a U.S. tax overhaul and plans for fiscal stimulus from Washington. At 10:10 a.m. (1410 GMT), the 10-year Treasury note was yielding 2.115 percent, lower than the 2.215 percent a week earlier. Earlier on Tuesday it hit 2.086 percent, the lowest since Nov. 10, Reuters data showed. JPMorgan surveyed clients bond fund managers, central banks and sovereign wealth funds, as well as market makers and hedge funds. The chart below displays the latest survey results of JPMorgan''s Treasury clients: All clients Long Neutral Shorts Net Position Aug. 28 7 75 18 -11 Aug. 21 7 70 23 -16 Aug. 14 11 59 30 -19 Aug. 7 18 57 25 -7 July 31 18 59 23 -5 July 24 18 57 25 -7 July 17 14 66 20 -6 Active clients Aug. 28 0 90 10 -10 Aug. 21 0 90 10 -10 Aug. 14 10 70 20 -10 Aug. 7 20 60 20 0 July 31 20 60 20 0 July 24 20 60 20 0 July 17 20 70 10 10 * NOTE: Positive value denotes net long, negative value denotes net short (Reporting by Richard Leong; Editing by Chizu Nomiyama and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/treasuries-jpmorgan-idUSL2N1LF0QD'|'2017-08-29T22:31:00.000+03:00'
'ddfbe6188c8060378250cfbf696c57bae9e4b1d1'|'Ryanair is interested in some Air Berlin assets, mainly routes'|'DUBLIN (Reuters) - Ryanair is interested in some assets belonging to insolvent rival Air Berlin ( AB1.DE ), principally routes, the Irish airline''s chief marketing officer said on Tuesday.Ryanair Chief Executive Michael O''Leary raised the possibility last week of bidding for the whole of Air Berlin, but Europe''s largest airline by passenger numbers has complained that it has not been given access to data as part of the insolvency process."We are interested in some of the assets of Air Berlin, principally the routes that we could make work well and we''re interested in the process running the way the process should run," Kenny Jacobs told a news conference.Reporting by Padraic Halpin, editing by Louise Heavens '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-air-berlin-m-a-ryanair-routes-idUSKCN1B910U'|'2017-08-29T18:16:00.000+03:00'
'de85910c39161925e9fde0a4225bf5f94c0243d3'|'World leaders need to take centre stage and shove central bankers into the wings - Business'|'Central bankers were back in the spotlight this weekend as some of the biggest names gathered in the US ski resort of Jackson Hole.Investors were hopeful of a sign from Federal Reserve boss Janet Yellen and Mario Draghi, the head of the European Central Bank , to illuminate the future path of interest rates in their respective jurisdictions.Yellen is under pressure to talk up the strength of the US economy and worry out loud about the threat of inflation. This would be seen as a proxy for saying that interest rate rises will resume soon.Financial traders want Draghi to be more explicit about when he will stop pumping money into the eurozone economy. They understand that interest rates are unlikely to nudge upwards, but believe it is reasonable for him to say when the ECB expects to ease back on the current policy, which amounts to €60bn of quantitative easing a month, and allow their City clients to plan their investments.Little was said to startle the trading community. Yellen was more concerned with rebutting Republican claims that financial regulation was holding back growth . Draghi talked obliquely and left no one any the wiser.Most observers were already aware that the conference in Wyoming was a holding operation. That’s why the heads of many major central banks were absent, including Bank of England governor Mark Carney.But the level of anticipation was still great, and illustrated a disturbingly high level of anxiety around the smallest changes in interest rates. Unfortunately this is an almost daily feature of the stock and bond markets, which have given up on governments of any colour doing something significant to boost investment and growth.There was a flurry of excitement when Donald Trump was elected president on a platform of steep tax cuts and infrastructure spending commitments. Markets raced ahead as Trump talked about 3%-plus growth in perpetuity, or at least for the majority of his presidency.That euphoria soon dissipated as Trump found himself mired in rows with Congress over Obamacare and, more recently, the prospect of a shutdown of the federal government as Congressional rules prevent Washington borrowing more money – the so-called debt ceiling.Investors saw that the global economy would continue to rely for growth on consumer spending spurred by cheap central bank money. This is the new normal, and underpins why the majority of central banks are cutting rates at the moment, not raising them.Indonesia is among those to have cut their main interest rate. Likewise Brazil and Hungary. Some countries have increased rates, but the balance is with the cutters.This all goes to show that every country these days needs low rates to keep its economy moving. But as the 2008 financial crash illustrated, plentiful credit is a dangerous route to growth. In the end, banks lend to people and businesses that cannot repay – and the system falls over.The answer must be for governments to take centre stage and shove the central bankers bank into the wings. The forum for this should be the G20, which is the most inclusive and representation international grouping that is not so unwieldy that it cannot make decisions.G20 leaders gathered in Hamburg last month to no great effect. All the talk was of Trump’s private meetings with Russia leader Vladimir Putin, and protests on the city’s streets against globalisation.It was one of several missed opportunities for Chinese president Xi Jingping, Indian prime minister Narendra Modi and Mexican president Enrique Peña Nieto, who sat with the other 16 national leaders and European Union representative Jean-Claude Juncker, to call for an end to beggar-thy-neighbour policymaking. It just leaves every country reluctant to take on the burden of investment by itself. Instead, they prefer the invisible hand of the central bank, and spending is funded by debt, not tax receipts.If Trump won’t play ball, they should continue without him, as they did when he quit the COP20 climate deal. Otherwise another crash looms.Action on betting is vital For British bookmakers, waiting for the government’s review into the gambling industry must feel like watching a roulette wheel slowly come to a halt. Due in early summer but shelved until October, the review could be an inflection point for gambling regulation.Focus on problem gambling is sharper than ever after last week’s report by the Gambling Commission, which concluded that the government and the industry were not doing enough to tackle it. One key finding is that the number of addicts who play fixed-odds betting terminals (FOBTs) – the controversial machines that let punters stake £100 every 20 seconds – has increased significantly.Public anger about FOBTs has grown and, while the Treasury fears that curbing the machines could diminish its tax take, No 11’s voice may be drowned out by the prospect of an easy political win.The review’s verdict on gambling advertising, which has ballooned in recent years, will be just as significant. As it stands, ads such as those featuring Ray Winstone’s disembodied head urging punters to “bet now!” (responsibly) can’t appear before the 9pm watershed except during a live sports event. Given the sheer volume of televised sport, it is an exception that renders the rule all but useless. Again, the government will face intense lobbying – those ads are hugely lucrative for broadcasters.However, important as the review is, it distracts from a less visible but larger problem: the lack of resources for treating addicts. While counselling organisations such as GamCare and YGAM do great work, specialist treatment in the UK is woefully thin on the ground. There is just one gambling addiction clinic in the UK , in London and funded by the GambleAware charity. It has a six-month waiting list.Gambling is not afforded the same priority as alcoholism or drug addiction within Public Health England. Improving treatment should now attract as much focus as clipping the gambling industry’s wings.Workers still locked out of the boardroom Greg Clark is going to disappoint millions of workers this week when his white paper on corporate governance is published.Clark is one of the cabinet’s more thoughtful characters. As business secretary, he has impressed executives with his grasp of the subject and steady approach. Yet this will count for little on the shopfloor when he confirms that Theresa May’s proposal of a place for workers’ representatives on the board has bitten the dust. Bosses will get to choose between designating a non-exec to represent workers, nominating a director from the workforce, or establishing an advisory council. This will have “access” to board members, according to Whitehall leaks.The government is also expected to abandon a proposal to “legislate to make executive pay packages subject to strict annual votes by shareholders”.Clark will say that, in the round, his reforms make big business more accountable: but without direct access, workers remain on the sidelines.Topics Global economy Business leader Federal Reserve European Central Bank Janet Yellen Mario Draghi Banking reform comment'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/business/2017/aug/27/central-banks-governments-debt-spending-investment'|'2017-08-27T03:00:00.000+03:00'
'4a88c58022001a3061a63a114ad390024ca02514'|'ProSieben looking for investors in TV production, e-commerce units'|'August 28, 2017 / 7:42 PM / 2 hours ago ProSieben looking for investors in TV production, e-commerce units Ludwig Burger 3 Min Read The logo of Germany''s biggest commercial broadcaster ProSiebenSat.1 Media AG is pictured in front of their headquarters in Unterfoehring, near Munich, Germany in this February 26, 2014 file photo. Michaela Rehle FRANKFURT (Reuters) - ProSiebenSat.1 Media SE ( PSMGn.DE ) said it was looking for possible external investors to back its content production and digital commerce businesses, potentially via separate stock market listings. "The company will enter discussions with interested third parties regarding a potential co-investment in or business combinations with its content production and digital commerce businesses through their respective holding entities," the broadcaster said in a statement late on Monday. "The review also includes the possibility for potential future public listings." ProSieben has long been struggling to encourage viewers of its TV shows, such as "Germany''s Next Top Model", to spend money and view ads on its online sites, which include Internet dating and travel agencies. It said it was also looking into merging its TV advertising business in German-language markets with its Digital Entertainment division, whose activities include video-on-demand and online advertising, to cut costs. More details would be disclosed on Nov. 9, it added. Sources with knowledge of the talks told Reuters in June that ProSieben held informal talks with a number of peers about possible tie-ups over the past 12-18 months. After a promising start, ProSieben''s streaming platform Maxdome has lost ground to U.S. online competitors such as Netflix and Amazon ( AMZN.O ), and the German group has been aiming to defend its position in the media market by supplying its own content to its streaming rivals. Also on Monday, it warned that TV advertising revenues in German-language markets would decline in the third quarter but it upheld its full-year profit guidance thanks to a better performance in other divisions while banking on a recovery in TV ad sales later in the year. "After a promising start into the quarter, early customer feedback for the month of September - which is in terms of revenue contribution the most important month of the current reporting period - suggests that previous expectations ... are unlikely to be met," it said. Reporting by Ludwig Burger; Editing by Andrew Bolton '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-prosieben-media-restructuring-idINKCN1B821K'|'2017-08-28T17:42:00.000+03:00'
'63f16767c067168c28bd94d76e6e3b9402ccef9b'|'Ryanair says not hopeful over Air Berlin/Lufthansa antitrust complaint'|'An Air Berlin sign is seen at their headquarters in Berlin, Germany August 15, 2017. Axel Schmidt DUBLIN (Reuters) - Ryanair ( RYA.I ) is not hopeful that its complaint to competition authorities over plans by Lufthansa ( LHAG.DE ) to take over parts of insolvent rival Air Berlin ( AB1.DE ) will halt the deal, its chief commercial officer said on Tuesday.Ryanair has filed a complaint with German and European Union competition authorities over the insolvency process, which it describes as a "conspiracy" because it believes that Lufthansa will gain a bigger share of the German market."This would not be allowed in any other European country, we have of course made a complaint to the German cartel office and the European Commission. We shall see what happens but we are not entirely hopeful," David O''Brien told a news conference.Ryanair Chief Executive Michael O''Leary said last week that the Irish airline would also be interested in bidding for the whole of Air Berlin, but O''Brien said the Lufthansa bid would probably succeed.Reporting by Padraic Halpin, editing by Louise Heavens '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-air-berlin-m-a-ryanair-idUSKCN1B90XX'|'2017-08-29T17:52:00.000+03:00'
'b76a5b71b06006103ccdabee176bf79033ae452a'|'Shire defends record as UBS cuts price target on staff satisfaction reviews'|'August 29, 2017 / 3:51 PM / 10 minutes ago Shire defends record as UBS cuts price target on staff satisfaction reviews Reuters Staff 2 Min Read LONDON, Aug 29 (Reuters) - Shire is weathering a period a major change well, the company said on Tuesday, as analysts at UBS cut their price target on the stock in response to signs of falling staff satisfaction at the drugmaker. A trawl of 20,000 employee reviews from careers website Glassdoor showed a major decline in staff satisfaction at Shire in 2017, with the company coming 24th out of 26 biopharmaceutical companies on "overall satisfaction", UBS said. Shire, which recently lost its chief financial officer and head of research, faces testing times after buying United States-based Baxalta in its biggest ever deal, leading to inevitable upheaval and challenges. In 2015 and 2016 Shire and Baxalta were just below the middle of the pack on most employee satisfaction measures. "Neither markets nor employees seem as confident as management that things are on track," UBS said, reducing its 12-month price target to 40.95 pounds a share from 45 pounds while rating the stock neutral. Shire''s chief human resources officer, Joanne Cordeiro, said the drugmaker''s own surveys painted a more encouraging picture. "We are in the late stages of significant corporate transformation as we have evolved into the global leader in rare diseases," she said. "Our internal engagement marks for Shire are high despite these changes. We are focused on working to ensure we continue to build the best organisation for our employees, patients and shareholders." (Reporting by Ben Hirschler; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/shire-staff-idUSL8N1LF565'|'2017-08-29T18:49:00.000+03:00'
'a7ed915378edbbe5f4f17bce4f25dbf32009849a'|'TPP countries consider amendments to stalled trade deal - sources'|'August 29, 2017 / 6:58 AM / 37 minutes ago TPP countries consider amendments to stalled trade deal - sources Reuters Staff 3 Min Read Delegates participate in the opening session of the Trans Pacific Partnership senior leaders meeting in Sydney, Australia August 28, 2017. Jason Reed SYDNEY (Reuters) - The 11 countries committed to the Trans-Pacific Partnership are considering amendments to the trade deal, three sources said on Tuesday, as officials meet in Sydney for talks to re-energize the stalled agreement. Among the areas being discussed, Vietnam has raised the prospect of changes to labour rights and intellectual property (IP) provisions in the original pact, one source familiar with the talks told Reuters. Vietnam had been one of the countries expected to enjoy the biggest economic benefits from TPP through greater access to U.S. markets. However, the original 12-member TPP, which aims to cut trade barriers in some of Asia''s fastest-growing economies, was thrown into limbo in January when U.S. President Trump withdrew from the agreement. Trump''s move fulfilled a campaign pledge to put "America first" - a policy that aimed to bring manufacturing jobs back to the United States. Although the remaining members have publicly said they remain committed to the deal, implementation of the agreement linking 11 countries with a combined GDP of $12.4 trillion has stalled - raising fears that other countries will follow the U.S. lead and withdraw. Eager to keep all members onboard, representatives from the remaining countries are considering changes to the original TPP deal, three sources familiar with the talks said. "We’re all open to evaluating what we can do and what viable alternatives there may be," Edgar Vasquez, Peru''s deputy trade minister, told Reuters. The first session of the three-day Trans Pacific Partnership senior leaders meeting begins in Sydney, Australia August 28, 2017. Jason Reed While no agreement is expected at the end of the three-day meeting, Vietnam''s desire to shelve the IP provisions around pharmaceutical data is likely to win broad support, with Japanese and New Zealand officials also indicating their support for the change, two other sources said. The original TPP agreement was seen as particularly onerous on Vietnam, which be forced to make significant reforms, analysts said. "There''s not much sense to agree to provisions they don''t really want such as stronger monopolies on medicines if they are not going to get access to the U.S. market," said Patricia Ranald, research associate, University of Sydney. The original TPP offered an eight-year window before competitors can have access to proprietary pharmaceutical data, which critics said would impede development of cheap generics. Potential amendments, however, require delicate positioning. While Trump has said he will not change his mind on TPP, the remaining members are hopeful a future U.S. president will commit to the agreement, a cornerstone of former President Barack Obama''s pivot to Asia. But analysts said wholesale changes, while ensuring the support of smaller members, would repel the United States. "The more you change the agreement, it is going to be harder to get the U.S. to sign on when it is ready to," said Shiro Armstrong, research fellow at the Crawford School of Economics in Canberra. Reporting by Colin Packham and Alison Bevege in Sydney; Additional reporting by Charlotte Greenfield in Wellington; Kaori Kaneko in Tokyo and Mitra Taj in Lima; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trade-tpp-australia-idUKKCN1B90KM'|'2017-08-29T09:57:00.000+03:00'
'3bcdca32c5a593285082a3a463c15c5ab3b27e90'|'Buyout firm Leonard Green to buy CPA Global for 2.4 billion pounds: Financial Times - Reuters'|'August 28, 2017 / 11:53 PM / 3 hours ago U.S. buyout firm to buy CPA Global for 2.4 billion pounds: source Parikshit Mishra 1 Min Read (Reuters) - U.S. buyout firm Leonard Green & Partner has agreed to buy intellectual property services provider CPA Global for 2.4 billion pounds ($3.10 billion) including debt, a source familiar with the matter said on Tuesday. An announcement on the transaction is expected on Tuesday, the source also added. The Financial Times earlier reported on the deal. ( on.ft.com/2wEGtO4 ) Reuters reported in July that CPA''s owner Cinven had decided to sell the business, hiring Goldman Sachs and JP Morgan as advisers and the business could fetch up to 2 billion pounds. Cinven acquired CPA Global in 2012 from Intermediate Capital Group and the founder shareholders for around 950 million pounds, backed with 555 million pounds of debt financing. Cinven declined to comment on the deal while Leonard Green & Partner and CPA Global and were not immediately available for comment outside regular business hours. Reporting by Parikshit Mishra in Bengaluru; Editing by Richard Chang and Cynthia Osterman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cpaglobal-m-a-leonard-green-idINKCN1B82HR'|'2017-08-28T21:53:00.000+03:00'
'be2e764c31206628ab81ffc06e3eb32a0c527b4f'|'CANADA STOCKS-TSX slides on N. Korea, gold miners shine on flight to safety'|'August 29, 2017 / 3:16 PM / 16 minutes ago CANADA STOCKS-TSX slides on N. Korea, gold miners shine on flight to safety Reuters Staff * TSX down 62.34 points, or 0.41 percent, to 14,989.69 * Eight of the TSX''s 10 main groups were down TORONTO, Aug 29 (Reuters) - Canada''s main stock index fell on Tuesday in tandem with global markets rattled by fresh tensions over North Korea after the reclusive state fired a ballistic missile over northern Japan into the sea. The test is one of the most provocative ever from North Korea and came as U.S. and South Korean forces conduct annual military drills in the region. U.S. President Donald Trump warned that "all options are on the table" after the missile test. Canada''s top banks had the biggest impact on the index''s declines, with Bank of Montreal sliding 2.0 percent to C$90.56, and Bank of Nova Scotia declining 0.6 percent to C$76.73. The retreat came even as both banks reported third- quarter profit that beat forecasts. The overall financial services sector gave up 0.7 percent. Energy stocks were also a big drag on the index, falling 0.8 percent, hurt by lower oil prices which extended Monday''s declines on concerns over rising crude inventories due to the fallout from Harvey, a hurricane downgraded to a tropical storm. Enbridge Inc was down 1.1 percent to C$49.33, while Encana Corp was down 1.3 percent to C$11.12. Thirteen percent of U.S. refining capacity was shut down after Harvey tore through the heart of the country''s petroleum industry. U.S. crude prices fell 1.0 percent to $46.12 a barrel. At 10:29 a.m. ET (1429 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 62.34 points, or 0.41 percent, to 14,989.69. Of the index''s 10 main groups, materials and healthcare were the only sectors that made gains. The materials sector rose 0.7 percent, helped by gold mining stocks that benefited from investors fleeing riskier assets toward safe-haven bullion, which jumped to its highest level since November. Gold futures rose 1.1 percent to $1,323.8 an ounce. Agnico Eagle Mines increased 2.5 percent to C$63.56, and Barrick Gold Corp was up 1.0 percent to C$22.26. Prometic Life Sciences was another bright spot, soaring 23.3 percent to C$1.48 after it said the U.S. Food and Drug Administration granted the company a rare pediatric disease designation for its plasminogen replacement therapy. Overall, declining issues outnumbered advancing ones on the TSX by 152 to 88, for a 1.73-to-1 ratio on the downside. (Reporting by Solarina Ho; Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-idUSL2N1LF0UR'|'2017-08-29T18:15:00.000+03:00'
'b4f408d48b8628e4e8f0021fd7f8dc26216ef8e2'|'Low rates ''weigh heavily'' on smaller German banks - watchdogs'|'August 30, 2017 / 8:11 AM / 40 minutes ago Low rates ''weigh heavily'' on smaller German banks - watchdogs Reuters Staff 2 Min Read FRANKFURT (Reuters) - Ultra low official interest rates continue to "weigh heavily" on Germany''s smaller banks, two watchdogs said on Wednesday. Germany''s bank regulators, the Bundesbank and BaFin, surveyed about 1,500 small and medium-sized banks, accounting for 88 percent of institutions and 41 percent of total assets. The findings showed that banks expect pretax profit to fall by an overall 9 percent over the next five years, the watchdogs said. That corresponds to a 16 percent decline in the banks'' total return on capital. While steep, that is less than the 25 percent decline in return on capital anticipated in the previous survey two years ago. "While these institutions are planning ahead somewhat more positively than two years ago, it should be noted that this finding solely indicates that their profitability - which started low - is deteriorating at a slower pace than before," said Andreas Dombret, a Bundesbank board member who oversees banking supervision. "The phase of stagnation caused by low interest rates is far from over," he said. The regulators welcomed the fact that banks were finding alternative sources of income to counter low rates. Those sources include imposing fees and commissions. Profitability would worsen further if rates remained ultra low for the foreseeable future. Banks'' return on capital would shrink by 40 percent if interest rates were to remain stable until 2021, they said. Reporting by Tom Sims; Editing by Maria Sheahan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-banks-rates-idUKKCN1BA0V1'|'2017-08-30T11:11:00.000+03:00'
'ebe3a068bafc84e130db34c6f2753a042e346b67'|'Dollar rebounds as North Korea missile test fears recede, Asia stocks flat'|'August 30, 2017 / 12:50 AM / 3 hours ago Dollar recovers on measured U.S. response to N.Korea missile test Abhinav Ramnarayan and Jemima Kelly 5 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) shortly before the closing bell in New York January 4, 2016. Lucas Jackson/Files LONDON (Reuters) -  -  on Wednesday after the United States'' measured response to North Korea''s missile test soothed jittery investors who turned their focus to positive economic data. Flooding and damage from Tropical Storm Harvey raised the risk of fuel shortages and pushed gasoline futures to their highest since mid-2015, but elsewhere the mood was sanguine. Wall Street was set for gains on Wednesday, with stock futures pointing to a 0.05 percent rise, following strong sessions in Europe and Asia. European and Asian stocks reversed losses from the day before when investors were spooked by Pyongyang''s firing   Japan. Fears that this could   latest   any threat of new sanctions. Trump, who has vowed not to let North Korea develop nuclear missiles that can hit the mainland United States, said the world had received North Korea''s latest message "loud and clear". "Instead of the (U.S.) President responding to the escalation via Twitter, as has happened on many recent occasions, the White House issued an official statement to condemn the action," said IronFX analyst Charalambos Pissouros. "This may have been interpreted by investors as a sign that the US will approach the situation in a more measured and diplomatic manner, as opposed to raining down ''fire and fury''," he said. He was referring to U.S. President Donald Trump''s remarks earlier this month in which he said he would respond with "fire and fury" if North Korea persisted in threatening his country. North Korean media reports on the launch also lacked their usual claims of technical advances, indicating the test may not have succeeded as planned. The dollar recovered from a four-month low, rising 0.3 percent against a basket of currencies and 0.1 percent against the Japanese yen. The recovery in the greenback had begun during Tuesday''s U.S. trading session, with data showing U.S. consumer confidence hitting a five-month high and house prices rising again. "A series of strong economic data reminded traders and investors that the (Federal Reserve) is on course to shrink its balance sheet and lift rates again," said Markus Allenspach, an analyst at Julius Baer. The yield on U.S. 10-year Treasuries was back up at 2.13 percent, having sunk below 2.10 on Tuesday for the first time since the day after the 2016 presidential election. In Europe, the pan-European STOXX 600 gained 0.6 percent, recovering nearly all the ground lost   and banking stocks - which had led the risk-averse move lower on Tuesday - were also up 0.6 percent. This followed gains in Asia: MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.6 percent while Japan''s Nikkei rose 0.7 percent. Euro zone government bond yields, which fell to fresh lows on Tuesday, edged up on Wednesday as higher than forecast inflation in Spain was expected to be followed by similar data in Germany, defying the euro''s recent strength. Crude oil slid and gasoline futures touched their highest in over two years on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages. U.S. gasoline futures rose 5.8 percent to $1.8874, bringing gains this week to well over 10 percent. A rise in crude inventories as a result of refinery shutdowns, however, weighed on oil prices. U.S. crude futures fell 0.6 percent to $46.17 a barrel, after touching a five-week low on Tuesday. Global benchmark Brent slipped 0.5 percent to $51.67. Spot gold rose 0.1 percent to $1,310.86 an ounce on Wednesday. On Tuesday, the precious metal jumped to its highest since Trump was elected U.S. president. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Reporting by Abhinav Ramnarayan and Jemima Kelly, Additional reporting by Nichola Saminather; Editing by Andrew Heavens and Ken Ferris'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets-idINKCN1BA03E'|'2017-08-30T03:48:00.000+03:00'
'278aa3392f8778ca896028b7671f5274e18e0fc1'|'Pantheon Resources says Texas projects halted before Storm Harvey'|'August 30, 2017 / 7:03 AM / 31 minutes ago Pantheon Resources says Texas projects halted before Storm Harvey Reuters Staff 1 Min Read (Reuters) - Oil and gas explorer Pantheon Resources Plc ( PANR.L ) said its operations in east Texas were suspended in advance of the tropical storm Harvey, which has led to a shutdown of nearly a fifth of U.S. oil-refining capacity. Pantheon said it had no information showing that any of the wellheads or associated facilities had been compromised by high water levels, however the human resource needed on site to continue operations had been impacted. The AIM-listed company, which has a working interest in several conventional projects in Tyler and Polk counties, said it would likely be early September before it could assess any damage to the locations and roads. Oil prices slid on Wednesday as refinery shutdowns in the wake of Hurricane Harvey cut U.S. demand for crude, the most important feedstock for the petroleum industry. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.36 per barrel at 0640 GMT, down 8 cents from their last close. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-storm-harvey-pantheon-idUKKCN1BA0NY'|'2017-08-30T10:02:00.000+03:00'
'3ec870d0c17cbb5ccb3f81898e3a78c612d5b7db'|'Swedish government avoids no-confidence bid, dropping two planned tax hikes'|' 12 AM / 34 minutes ago Swedish government avoids no-confidence bid, dropping two planned tax hikes Reuters Staff 2 Min Read Swedish Finance Minister Magdalena Andersson speaks to media in Harpsund, Sweden August 24, 2017. Anna Ringstrom STOCKHOLM (Reuters) - Sweden''s opposition has dropped plans for a no-confidence vote on some members of the minority centre-left coalition after it said on Saturday it would drop two of three planned tax hikes in its 2018 budget. The government said it would still go ahead with an airline tax, however. The daily Expressen reported earlier in the week that the coalition government had agreed with the Left Party, whose support it relies on, to withdraw plans for changes to tax rules for small companies and a measure to increase the number of people paying state income tax. The centre-right opposition had threatened a vote of no-confidence in a number of government ministers if the minority coalition did not abandon its proposals to raise taxes. "It is regrettable that the government pushes through the airline tax, but we won''t demand a no-confidence vote due to that," Center Party leader Annie Loof of the opposition said on Twitter. Sweden''s usually stable bloc politics have been thrown into turmoil in recent years with the rise of the anti-immigration Sweden Democrats. Neither the centre-left nor centre-right is able to form a majority government without them, which they are reluctant or committed not to do. "We still believe that these are proposals that could have contributed to even out gaps (in society)," Finance Minister Magdalena Andersson told a news conference, referring to the dropped tax plans. "But given the current circus in parliament we have decided to withdraw those proposals." Sweden''s next election will be held on Sept. 9, 2018. Reporting by Johannes Hellstrom; Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sweden-tax-idUKKCN1B609G'|'2017-08-26T12:11:00.000+03:00'
'74335eaa1582f5067bd9280e77e8fa3e9715cbf4'|'At Fed conference, Trumponomics draws a not so subtle rebuttal'|'August 25, 2017 / 11:32 PM / 8 hours ago At Fed conference, Trumponomics draws a not so subtle rebuttal Howard Schneider and Jonathan Spicer 4 Min Read U.S. President Donald Trump waves as he walks on South Lawn of the White House in Washington, U.S., before his departure to Camp David, August 25, 2017. Yuri Gripas JACKSON HOLE, Wyo. (Reuters) - President Donald Trump''s name was rarely mentioned as top central bankers and economists spent Friday mulling the fate of the global economy at a mountain lodge here. But his presence loomed large at a Federal Reserve symposium, and even without citing the man in the White House, the presentations - from Fed chair Janet Yellen, European Central Bank President Mario Draghi and a host of researchers - amounted to a broad rebuttal of many of the ideas that carried Trump to office. It was a day when the president''s calls for financial deregulation and "America First" economic nationalism were countered by Yellen''s reminder of how a deep financial crisis wrecked the economy a decade ago, and economic research arguing that China and Mexico are less to blame for job losses than forces like technology. "For some, memories of this experience may be fading - memories of just how costly the financial crisis was and of why certain steps were taken," Yellen said in arguing for only modest changes to existing regulations. Yellen is still in the running to be reappointed by Trump to a new term. Draghi, traveling from Frankfurt and representing a group of U.S. allies that the administration has sparred with over climate change, trade and other issues, gave a broad call for free trade and stronger multilateral institutions of the sort Trump has criticized. "A turn toward protectionism would pose a serious risk for continued productivity growth and potential growth in the global economy," Draghi said in a lunch address that included a defense of the World Trade Organization, the Group of 20 and other global groups he felt should be strengthened. The rise of Trump, the vote by Britain to leave the European Union and the spread of opposition to globalization have worried central bankers and many mainstream economists who feel that the problems associated with globalization have overshadowed the benefits and morphed into broad opposition to it. Remedies for these issues may be outside the immediate sphere of monetary policy, but they are concerned that new waves of protectionism or reckless deregulation could threaten an economic system that is currently stable and that has returned to growth across the world. SKEPTICISM ABOUT TRUMP APPROACH In a panel on trade, there was more direct skepticism of Trump''s approach, even as economists and central bankers here agreed they had ignored for too long how difficult the adjustment would be for workers. "We have lost the rhetoric on trade in terms of explaining to those who benefit why they do, such as cheaper products, while all of the focus has been on those who have lost," said Gita Gopinath, professor of international studies and economics at Harvard University and financial advisor to the chief minister of the Indian state of Kerala. But they also agreed that Trump''s seemingly singular focus on trade agreements won''t fix the problem. "Renegotiating NAFTA and protectionist measures against China will not save jobs," University of Pennsylvania professor Ann Harrison said, arguing that the decline in manufacturing jobs was due to labor-saving management and technologies. Policy, the economists here said, should be aimed at improving job skills, local capital investment and safety net programs for displaced workers, the sort of micro-level efforts that can be hard to organize and finance and take time to show results. "It is so much easier to bash China," Harrison said. Editing by David Chance and Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-fed-trump-conference-idUKKCN1B52S7'|'2017-08-26T02:30:00.000+03:00'
'bd855f20f7e7ca263705701ec272be77f906776b'|'LPC: ECi pre-markets debt package backing LBO, merger with Exact'|'NEW YORK, Aug 30 (Reuters) - Bank of America Merrill Lynch and RBC Capital Markets are sounding out investors on a US$570 million financing package that will back the buyout of ECi, a US enterprise resource planning (ERP) software provider, and its merger with Dutch ERP company Exact Software, according to four sources familiar with the situation.The financing for the transaction will comprise a US$50m revolver and a US$380m term loan B led by BAML, and a US$140m second-lien term loan led by RBC, two of the sources said. The revolver will be undrawn at close.Syndication of the debt will begin after Labor Day.BAML and RBC declined to comment.Private equity firm Apax Partners on August 14 said it would acquire ECi and combine it with three units of Exact, which it has owned since 2015.Fort Worth, Texas-based ECi makes cloud-based software and services for small- and medium-sized businesses (SMB) in the distribution, field services, building and construction and manufacturing industries. In conjunction with the buyout, Apax will merge ECi with Exact’s Macola, JobBOSS and MAX segments, which are based in the US and also service SMB manufacturers.The deal will be marketed off of US$80.8m of pro forma last 12 months’ earnings before interest, tax, depreciation and amortization, including US$12m of synergies. Based on that figure, leverage will stand at 4.7 times through the first lien and 6.4 times total.Capitalization of the combined company will feature US$363m of equity, including US$59m that will be rolled over from current ECi sponsor The Carlyle Group.Carlyle did not respond to requests for comment. A spokesperson for Apax declined to comment.The transactions are expected to close in the third quarter. (Reporting by Andrew Berlin; Editing By Michelle Sierra and Jon Methven) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eci-exact-idINL2N1LG1FX'|'2017-08-30T13:44:00.000+03:00'
'655d39830836fef1147f0443dcf6a10699c8eb61'|'Oil dips as U.S. floods cause large-scale refinery shutdowns'|'FILE PHOTO: The Exxon Mobil Beaumont Polyethylene Plant is seen during tropical storm Harvey in Beaumont, Texas, U.S. August 28, 2017. Jonathan Bachman/File Photo NEW YORK (Reuters) - Gasoline futures surged on Wednesday to another two-year high and crude oil was down, as flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages.Refineries with output of at least 4.4 million barrels per day (bpd) were offline on Tuesday, representing nearly 24 percent of U.S. production, according to Reuters estimates and company reports. Restarting plants under even the best conditions can take a week or more.On Wednesday, Valero said that due to flooding they were fully shutting their Port Arthur refinery.U.S. gasoline futures RBc1 were up 5.5 percent at $1.8810 a gallon, having hit $1.9140, the highest since July 2015. Diesel futures HOc1 advanced slightly to $1.6657 a gallon, having touched the highest since January at $1.7161 earlier in the session.While infrastructure restarts following the storm are expected to extend into the coming weeks, on Wednesday Marathon Petroleum Corp was restarting its Galveston Bay Refinery, said sources familiar with plant operations.Brent oil LCOc1, the international crude benchmark, was down $1.07, or 2 percent, at $50.93 a barrel at 1:45 p.m. EDT (1745 GMT). U.S. crude CLc1 was down 44 cents, or 0.95 percent, to $46.00.The spread between Brent and U.S. crude hit its widest in more than two years on Tuesday, before rising slightly to $4.92."Certainly the spread widening out between WTI/Brent is Harvey-driven. You''ve pretty much sapped a major chunk of Gulf Coast refining demand," said Anthony Scott, managing director of analytics at BTU Analytics in Denver.Gains intensified for refined products after sources on Wednesday said Total''s Port Arthur, Texas, refinery had been shut by a power outage resulting from the storm.Gasoline margins RBc1-Clc1 climbed, as the gasoline crack spread jumped 12.5 percent to $23.45 a barrel, the highest on a seasonal basis since 2012."Crude is always easier to replace than products," said Olivier Jakob, analyst at Petromatrix. "If the refineries stay shut for more than a week or 10 days, it''s going to be very problematic."Harvey made landfall on Friday as the most powerful hurricane to hit Texas in more than 50 years, resulting in the death of at least 17 people.In addition to shutting oil refineries, about 1.4 million bpd of U.S. crude production has been disrupted, equivalent to 15 percent of total output, Goldman Sachs said.On Wednesday industry sources told Reuters that Shell staff are reboarding the Perdido oil and gas platform in the Gulf of Mexico in preparation for a restart.Still, effects of the damages and shutdowns are expected to ripple for weeks. Explorer shut two main lines carrying fuel to the Chicago market Tuesday, and the main Colonial Pipeline to the U.S. East Coast was running at reduced rates.The market shrugged off weekly inventory figures from the U.S. Energy Department, which reflect stocks prior to the storm.Crude inventories USOILC=ECI fell by 5.4 million barrels in the latest week, far more than the decrease of 1.9 million barrels analysts had expected. Refining capacity utilization rose to 96.6 percent, the highest since 2005, a figure that will fall sharply due to massive shut-ins on the Gulf.West African crude differentials were steady as strong margins countered Harvey''s impact.Reporting by Julia Simon in New York; Editing by Chris Reese '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-oil-idUSKCN1BA07E'|'2017-08-30T05:12:00.000+03:00'
'67265b5efae03fda6c43771a489916aeb602b1a5'|'Sensex, Nifty bounce back; financials lead'|'August 30, 2017 / 7:16 AM / in 7 hours Sensex, Nifty end higher; financial, metal stocks lead Reuters Staff 1 Min Read A NSE (National Stock Exchange) building is seen in Mumbai, India, July 10, 2017. Shailesh Andrade/Files REUTERS - Indian shares rose about 1 percent on Wednesday, recovering most of the previous session''s losses, as financials such as HDFC Bank bounced back, while metal stocks rose on higher commodity prices. The broader NSE index closed 0.9 percent higher at 9,884.40, while the benchmark BSE index ended up 0.82 percent at 31,646.46. HDFC Bank rose 1.4 percent, while JSW Steel Ltd ended 4.9 percent higher. Reporting by Krishna V Kurup in Bengaluru; Editing by Gopakumar Warrier '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-stocks-sensex-nifty-idINKCN1BA0P5'|'2017-08-30T10:14:00.000+03:00'
'b7b78861d6d21d2c769483042e32ad10cdd10655'|'UPDATE 1-Russia''s Otkritie sub-debt, shares fall as bail-in fears return'|'(Updates prices, adds background, Quote: s)By Sujata Rao and Alexander WinningLONDON, Aug 30 (Reuters) - Russian bank Otkritie''s dollar bond maturing in April 2019 tumbled to a record low on Wednesday, reversing the previous day''s gains as fears returned that holders of the lender''s subordinated debt would be asked to contribute to its rescue.The Russian central bank mounted one of its biggest ever bailouts of a financial institution on Tuesday, taking up to 75 percent of Otkritie, the country''s biggest private lender.Authorities said at the time there were no plans for the bank''s creditors to share the cost of Otkritie''s rescue - a bail-in in market parlance - and this spurred a huge rally in the bank''s shares and dollar bonds.But while most of Otkritie''s bonds have held onto their gains, the 2019 issue - which almost doubled in price to 85 cents on Tuesday - reversed that bounce and fell almost 40 cents at one point on Wednesday, according to Tradeweb data.After opening around 75 cents, the $500 million issue tumbled to just over 38 cents, a record low."We saw how much the Otkritie bonds bounced yesterday ... because of the headline from the central bank and no bail-in was seen," said Richard Segal, an emerging debt strategist at Manulife Asset Management.But closer scrutiny of the central bank''s statement indicated a bail-in is possible after authorities carry out a scrutiny of Otkritie''s capital situation, Segal noted."From the market price, we can see the market sees a strong chance of a bail-in."The central bank said it had not ruled out that in the event of Otkritie''s base capital falling below key thresholds of 5.125 percent and 2 percent, "it could lead to subordinated claims being ended (written off) or changed (converted) into shares".It added that the size of the bail-in would depend on how much money would be needed to achieve the required capital levels.The central bank''s first deputy chairman, Dmitry Tulin, may have further spooked markets after he told reporters that Otkritie''s capital shown in its accounts was most likely "higher than in reality".Such a bail-in is most likely to affect the April 2019 bond, which is classed as junior or subordinated debt and therefore lower in repayment priority. With minority shareholders also potentially on the hook, Otkritie shares tumbled 2 percent as well, ceding Tuesday''s gains."Yesterday the mechanism which the central bank announced was very comfortable for all holders of senior debt...All senior creditors were saved," an analyst at a Russian bank said. "But as regards subordinated debt, there is still a large amount of uncertainty about their fate."Markets are also speculating over what assets Otkritie could liquidate to raise its capital levels. That has hit prices of Russia''s 2030 sovereign Eurobond, which fell 1.3 cent at one point to 21-month lows, according to Tradeweb.Otkritie is estimated to hold around half of the outstanding $10.7 billion bond."Since they need to raise funds, the market seems to be speculating that Otkritie will need to sell the (2030) bonds," one fund manager said. "They have other assets they can liquidate more easily but that''s the link the market seems to be making."Reporting by Sujata Rao and Alexander Winning; additional reporting by Marc Jones in London and Oksana Kobzeva in Moscow; editing by Mark Heinrich '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-russia-otkritie-idINL8N1LG3NS'|'2017-08-30T11:34:00.000+03:00'
'8e7a00598229f360932b18319924f420c1361446'|'Under investor pressure, Goldman to explain trading strategy'|'August 29, 2017 / 11:48 PM / an hour ago Under investor pressure, Goldman to explain trading strategy Olivia Oran 4 Min Read FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo NEW YORK (Reuters) - Goldman Sachs Group Inc ( GS.N ) will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. The move is a break from tradition at Wall Street''s pre-eminent bank, which usually gives its investors little information about how it makes money. That was the case last month, when Goldman reported a stunning 40-percent decline in bond-trading revenue, much worse than rivals like Morgan Stanley ( MS.N ) and JPMorgan Chase & Co ( JPM.N ). Goldman Chief Financial Officer Marty Chavez said Goldman had trouble "navigating" the markets during a conference call to discuss second-quarter results on July 18, but did not offer specifics. That, and his vagueness over the causes of Goldman''s problems, unsettled some investors. "You were left with reading about what ''navigating the market,'' means and that doesn''t feel satisfying," said Ian McDonald, a U.S. bank analyst at Janus Henderson, which owns 2.5 million Goldman shares. "Did they cut too deep on the bench? Are they not in a position to be taking on risk as much as peers?" he asked. McDonald said he has faith in Goldman''s trading prowess and its stock, but wants the bank to do a better job of communicating its strategy. Goldman Sachs spokeswoman Ida Hoghooghi declined to comment. INVESTOR FRUSTRATION The level of investor frustration is testing Goldman''s time-tested "black-box" strategy of disclosing little and letting results speak for themselves. The bank does not offer targets or forecasts, and its quarterly disclosures are much sparser than those of its peers. President and Co-Chief Operating Officer Harvey Schwartz will break that tradition at an industry conference on Sept. 12, the people familiar with the matter told Reuters, and explain what management is doing to turn the bond-trading business around. That comes after two months of attempts by Goldman to patch up relations with investors. Executives including securities group co-head Pablo Salame have been meeting privately with investors and analysts to assuage concerns, the sources said. The executives have explained how Goldman is trying to get investment bankers and traders to generate more revenue by working more closely together, sources familiar with the conversations said. That attempt to soothe relations has not produced results. Seven investors who oversee a total of $3.3 billion (£2.5 billion) in Goldman shares have told Reuters they are unsatisfied with management’s response so far. The appearance of Schwartz in September may help turn the tide. A former co-head of securities and Chavez''s predecessor, Schwartz has developed a reputation for explaining Goldman''s approach to complicated issues, like capital rules, in a way that investors understand and appreciate. In contrast Chavez - who took on his role in April - answered a long-running question about the viability of Goldman''s bond trading operation by saying: "It could be secular, it could be cyclical, doesn''t matter, who knows?" The words of the CFO have extra weight at Goldman as CEO Lloyd Blankfein does not participate in quarterly earnings calls. Reporting by Olivia Oran in New York; Editing by Lauren Tara LaCapra'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-goldman-sachs-investors-idUKKCN1B92WQ'|'2017-08-30T02:47:00.000+03:00'
'b19400cd86bb4b39d547719119a31a565cc910cc'|'Britain''s Co-op in exclusive takeover talks for wholesaler Nisa'|'LONDON (Reuters) - Britain''s Co-operative Group ( 42TE.L ) is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s ( SBRY.L ) suspended its own bid talks for the wholesale group.Britain''s biggest retailers have set their sights on operators within the fast-growing convenience store sector after Tesco ( TSCO.L ) agreed to buy Booker ( BOK.L ) for 3.7 billion pounds ($4.8 billion).Sainsbury''s, the country''s second largest supermarket, said on Aug. 15 it had suspended bid talks with Nisa until the regulator gave its verdict on the Tesco-Booker deal, leaving the door open to the Co-op.In a letter to shareholders, Nisa said it had granted the Co-op a period of exclusive access to its books from Wednesday."Thereafter, and subject to the results of the due diligence, it is anticipated that the Co-op could be in a position to make a final offer to the members for your consideration," Nisa Chairman Peter Hartley said.Nisa''s members operate almost 2,500 retail stores around the country.($1 = 0.7735 pounds)Reporting by Fanny Potkin '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-nisa-m-a-co-op-idUSKCN1BA14I'|'2017-08-30T17:57:00.000+03:00'
'80061f4bf5854faf5ce3424f18e42fd55a8cf1d4'|'Brazil court keeps Oi''s Anatel debt in restructuring -company'|'SAO PAULO, Aug 29 (Reuters) - A Rio de Janeiro court decided that billions of reais in debt the telecom company Oi SA has with Brazil''s regulator Anatel should be included in the firm''s in-court debt restructuring, Oi said on Tuesday.The decision, if confirmed, is a blow to Brazil''s prosecutor''s office, which wanted Oi''s debt with the federal telecommunications watchdog to be treated separately and with a different status.Representatives for the Rio appeals court, which according to Oi confirmed a ruling from a previous court, could not be immediately reached for comment or confirmation.In an unrelated statement, the company said the Rio de Janeiro court authorized payment to small creditors before the largest ones, as proposed by the phone carrier in May.Oi''s bankruptcy protection case, opened last year, is the largest ever in Brazil with a total debt above 60 billion reais ($18.96 billion) and around 55,000 creditors.$1 = 3.1647 reais Reporting by Leonardo Goy and Guillermo Parra-Bernal; Writing by Marcelo Teixeira; Editing by Sandra Maler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oi-sa-restructuring-idINL8N1LF6HQ'|'2017-08-29T20:10:00.000+03:00'
'880f7166e854a5c0480774d22bb051ad9ff43dc4'|'Fujifilm says aims to spend $4.5 billin on M&A over three years'|' 30 AM / 21 minutes ago Fujifilm says aims to spend $4.5 billion on M&A over three years   FILE PHOTO: Fujifilm''s company logo (top) is seen at its exhibition hall nearby the headquarters of Fujifilm Holdings Corp in Tokyo, Japan June 12, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Fujifilm Holdings Corp ( 4901.T ) said it aimed to spend 500 billion yen ($4.54 billion) in strategic acquisitions over three years as it seeks growth outside its traditional photographic film business, which has been shrinking. The company in December announced a deal to buy Takeda Pharmaceutical''s ( 4502.T ) 71 percent stake in Wako Pure Chemical Industries for $1.3 billion in a bid to expand its healthcare business. Last year, it was outbid for Toshiba Medical Systems by Canon Inc ( 7751.T ). Reporting by Ritsuko Ando; Editing by Chang-Ran Kim'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-fujifilm-outlook-idUKKCN1BA0KY'|'2017-08-30T09:28:00.000+03:00'
'32af9646d1b7cd4408e592c007d08a77999a8e9d'|'U.S. awards indirect bidders fewest 2-year notes since Dec'|'NEW YORK, Aug 28 (Reuters) - The U.S. Treasury Department on Monday awarded fund managers, foreign central banks and other indirect bidders the lowest amount of two-year government notes at an auction since December, Treasury data showed.Indirect bidders ended up with 45.80 percent of the $26 billion of new two-year Treasuries offered, which was their smallest share at a two-year auction since 32.74 percent in December. (Reporting by Richard Leong) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-auction-2year-idINL2N1LE0RB'|'2017-08-28T13:44:00.000+03:00'
'3ef9c098577f311ff49ae4628b6a1beebab98a77'|'China likely to unveil NEV car quotas soon, but delay implementation: sources'|'August 30, 2017 / 11:02 AM / 8 hours ago China likely to unveil NEV car quotas soon, but delay implementation: sources Norihiko Shirouzu 3 Min Read FILE PHOTO: A Roewe 950 hybrid electric car is displayed with its plug-in charger at an electric car dealership in Shanghai, China, January 11, 2017. Aly Song/File Photo BEIJING (Reuters) - China is likely to delay implementing tough new sales quotas for electric plug-in vehicles, giving global automakers more time to prepare, four automaker and industry officials told Reuters. Based on their conversations with Chinese policymakers, the people said a final scheme for sales quotas on electric plug-in cars could be introduced within days or weeks. But they would not be enforced until 2019, a year later than initially planned, said the people, who declined to be named because of the sensitivity of the issue, cautioning that things could still change. Global automotive manufacturers wrote to the head of China''s Ministry of Industry and Information Technology (MIIT) in June, urging a softening of the proposals for so-called new energy vehicles (NEVs), which cover all-electric battery vehicles and mainly electric plug-in hybrids. Keen to combat air pollution and close a competitive gap between its newer domestic automakers and their global rivals, China wants to set goals for electric and plug-in hybrid cars to make up at least a fifth of Chinese auto sales by 2025. FILE PHOTO: A battery is about to be installed on a electric car at a BYD assembly line in Shenzhen, China May 25, 2016. Bobby Yip/File Photo Under latest proposals, 8 percent of automakers'' sales would have to be battery electric or plug-in hybrid models by next year, rising to 10 percent in 2019 and 12 percent in 2020. Automakers have sought to delay bringing in the quotas, a more flexible system of credits, and want China to reconsider penalties for not reaching the quotas. China would most likely introduce NEV sales quotas for 2018, but not implement them until a year later, the four people said, indicating automakers would not be penalized if they fail to meet the new quotas straightaway. The MIIT did not respond to requests for comment. The final version of the sales quota scheme could be unveiled "soon, as the public comments phase is over and the draft has been reviewed a final time by the NDRC, MOFCOM and AQSIQ," one of the officials said, referring to the National Development and Reform Commission, China''s top regulator, the Ministry of Commerce, and the General Administration of Quality Supervision, Inspection and Quarantine, a regulatory agency. "That ''soon'' could for all I know be as soon as this week or by the end of September," the person said. Reporting by Norihiko Shirouzu, with additional reporting by Cheng Fang in BEIJING; Editing by Ian Geoghegan'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-autos-china-electric-idUSKCN1BA1B9'|'2017-08-30T14:02:00.000+03:00'
'b2eb78a649dcaef49f8154e6e096f9f1d23eb26b'|'Government labor strife is latest test for fractured Puerto Rico'|'NEW YORK, Aug 30(Reuters) - Puerto Rico''s already frail economy faces a fresh test this week, as the bankrupt U.S. territory''s financial overseers try to force a defiant governor to furlough public workers, the single biggest block of employees on the island.An escalating power struggle between the democratically elected Governor Ricardo Rossello and the federally appointed oversight panel culminated on Monday when the board sued Rossello, saying he had no authority to reject pension cuts and furloughs ordered by the board. The measures are set to begin Sept 1.A competing lawsuit from the American Federation of State, County and Municipal Employees (AFSCME), which represents 12,000 Puerto Rican workers, argues the exact opposite - that the measures violate the U.S. Constitution, and should be halted.At least six unions are staging protests on Wednesday to oppose the austerity, featuring a midday march to the board''s San Juan offices.Puerto Rico, shouldering $72 billion in debt, has filed the biggest government bankruptcy in U.S. history as it reels from a shrinking population, a 45 percent poverty rate and near-insolvent public health and retirement systems.As hostility over labor now mounts, stakes are high - and the island''s investors are taking note.Defeating the furloughs and pension cuts could undercut the board’s authority to impose politically unappealing structural fixes that Puerto Rico may need, and for which investors have long agitated - labor reform included.As of July, more than a quarter of all non-farm jobs in Puerto Rico were in the public sector. This is a higher percentage than any U.S. state, and roughly 10 percentage points above the U.S. average of 15.2 percent, according to data from the U.S. Bureau of Labor Statistics.Yet, should the board''s proposals take effect, thousands of state-level government workers would suffer cuts to their income, which could crimp spending capacity among public employees and perpetuate labor strife.“For any plan to restructure Puerto Rico to be legitimate, it needs buy-in from employees,” said Matt Fabian, a municipal debt analyst at MMA Inc.Some municipalities have already cut hours or wages. The board has said its proposed two-day-a-month furloughs could save $218 million this fiscal year, nearly a quarter of the $880 million of savings from government "right-sizing" that the board has called for.Investors welcome labor reform. But as the issue becomes increasingly contentious, some fret that the board''s arrival in 2016, under the federal Puerto Rico rescue law dubbed PROMESA, has only made the island''s economic picture more chaotic."Everyone''s goals should be aligned," said Ben Eiler, managing partner at First Southern Securities, which has offices in Puerto Rico and trades the island''s debt.But the board and Rossello have been anything but aligned. The former was tapped by U.S. lawmakers to help Puerto Rico restructure debt and cut spending. The latter, elected last November, is struggling to balance a campaign promise of fiscal stability with protecting the mostly poor voters who elected him.Rossello may see political advantage in going to the mat to avoid furloughs, rather than embrace them as an alternative to layoffs, said Tracy Gordon, a municipal debt expert and senior fellow at the Urban-Brookings Tax Policy Center."Even if he loses," Gordon said, "at least he''s known for taking a stand."Eiler would rather both sides compromise quickly. He says achieving labor peace is key, not just for workers, but for investors who want to see the island''s economy grow.Noting a Rossello initiative to privatize some public assets, Eiler said "the unions'' cooperation is imperative" for public-private partnerships."It can dramatically affect the sales price," he said.Reporting by Nick Brown; Editing by Dan Burns and Chizu Nomiyama '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/puertorico-debt-labor-idINL2N1LF211'|'2017-08-30T14:19:00.000+03:00'
'67a6b29870a79f22e5b4d4982d27c51850ce9dba'|'TREASURIES-Prices gain on safety buying after North Korea fires missile'|'(Adds auction results, Quote: s, updates prices) * North Korean missile sparks flight-to-safety buying * Treasury sells $28 bln seven-year notes to strong demand * Friday''s U.S. employment report in focus By Karen Brettell NEW YORK, Aug 29 (Reuters) - U.S. benchmark 10-year Treasury note yields fell on Tuesday to their lowest since last November after North Korea fired a ballistic missile over northern Japan and into the sea, sparking safety buying of the bonds. The action prompted a warning from U.S. President Donald Trump, calls to residents to take cover and drew a sharp reaction from Japanese Prime Minister Shinzo Abe. "That has the market spooked, and that’s what’s behind the move lower in rates today," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. Ten-year Treasury yields dropped as low as 2.086 percent, the lowest since Nov. 10, 2016 - two days after Trump won the U.S. presidential election - before rising back to 2.14 percent. The yield curve between two- and 10-year Treasuries flattened as far as 77 basis points, from 83 basis points late on Monday and the narrowest level since June 27. Some reluctance to buy bonds at their lowest yields of the year was seen as capping the rally. "The question becomes how heavily positioned in Treasuries do you want to be when yields are at year-to-date lows," said Goldberg. "I think that’s making it a little bit difficult to be positioned extremely." The Treasury Department saw strong demand for its $28 billion sale of U.S. seven-year notes, despite the debt paying the lowest yields since October. Indirect bidders, which include fund managers and foreign central banks, purchased 68.80 percent of the latest seven-year note offering , their biggest share since the record high 81.69 percent in April. Market participants are also focused on a busy week of data this week, culminating in Friday''s closely-watched U.S. employment report for August. August payrolls numbers have missed expectations for the past six consecutive years, and for 13 out of the last 17 years, which could lead to a modest rally in Treasuries if it occurs again, said Mike Schumacher, head of rate strategy at Wells Fargo in New York. Buying for month-end extensions may also boost bonds through Thursday, with potentially further strength on Friday as the extension is larger than average. "The month-end index extension is pretty large. Most of that will probably happen on the 31st, but still you could have some knock-on effects on the first," Schumacher said. Investors are also evaluating whether Tropical Storm Harvey is likely to have a lasting impact on the U.S. economy, after bringing catastrophic flooding to Texas. (Editing by G Crosse) ) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-bonds-idINL2N1LF1FN'|'2017-08-29T16:54:00.000+03:00'
'bc704c14deb212451df911a88f5ffe05a9f7d266'|'In China, to snag a new home buyers may need to pay huge price for parking space'|'People look at a sculpture made of 13 scrapped cars of various colours created by Gu Yuan and Sun Yeli at a cultural industrial park in Wuhan, Hubei province, May 8, 2013. Stringer/Files HONG KONG (Reuters) - The cost of car parking spaces in new apartment projects in some Chinese cities is soaring as developers roll out their latest secret weapon to counter home price caps imposed by municipal authorities.As if contending with sky-high homes prices wasn''t enough, some buyers are now forced to fork out as much as 1 million yuan ($151, 821) for car parking spaces in major second-tier cities, such as Tianjin, Xiamen, Hangzhou, Nanjing and Suzhou. They are sold with an apartment worth as little as 2.4 million yuan, in bundled deals that make it compulsory for residents to purchase the parking space."There''s a price cap on apartments, but not on parking spaces, so we''re bundle-selling them with apartments to compensate," said a Shanghai-based developer who declined to be identified due to the sensitivity of the issue."Recently we sold parking spaces in Xiamen for over 1 million yuan each. Last year one only cost less than 200,000," he said, referring to spaces in the port city in Fujian province in southeastern China.To fend off speculators and defuse a housing bubble, major cities across China have slapped a series of restrictions on property markets, including imposing limits on developers'' selling prices.That''s prompted property companies to find ways to ride out the tightening measures or skirt them, including delaying the launch of new home sales in the hope that when authorities relax some rules, buyers will jump back into the market and they can release more supply at higher prices.Top-tier cities such as Shanghai and Beijing have seen a surge in car park prices in the past three to five years, with some asking prices over one million yuan, mostly due to a massive shortage. But second-tier cities are catching up in the past year, and this time driven by bundle-selling, property agents said.As China’s car park marketplace is not active and transparent, it is unclear exactly how much average prices have gained in different cities in the past few years."In almost every city with a price cap policy in place, if they allow developers to bundle-sell car park spaces, it is happening," said Clement Luk, the CEO for eastern China at realtor Centaline. "In the past, in cities like Nanjing and Suzhou, many car park spaces were below 100,000 yuan, but now many cost over 300,000. Is this a natural price appreciation? Definitely not."He said the bundling had been adopted to skirt price cap policies and manipulate selling prices.Authorities in Hangzhou, Nanjing and Tianjin did not reply to emails for comment. Officials in Xiamen and Suzhou could not be reached by email or phone.Shimao Property, a higher-end developer based in Shanghai, said at an earnings conference on Tuesday that when it is seeking a pre-sales permit for a development it does ask the authorities concerned if it can raise some prices for renovation costs and car parking spaces, said Vice President Jason Hui. He noted it was much easier to get permission to do this in tier two cities than in the biggest ones.A multi-storey car park is seen next to an apartment building at a housing estate in Jinan, Shandong province, China March 12, 2017. Stringer/Files In Xiamen, the bundle-selling strategy has also had an impact on general car park prices. According to the city''s official housing website, a high-end project by China Vanke, the country''s No. 2 developer, was selling a car park space for as much as 750,000 yuan, while state-backed Poly Real Estate was selling spaces for 500,000 yuan bundled with smaller apartments.Vanke said the project concerned, Huxin Island, does not involve bundling and home buyers are not forced to acquire a parking space. “The pricing of the car parks is set according to market, we’ve followed through the approval process accordingly,” a company spokesman said.Poly could not be reached for comment.PARKING PERILS A property sales manager in Tianjin told Reuters the price of car park spaces in the port city in prime locations had jumped to more than 350,000 yuan - from around 100,000 yuan- this year and some developers there were also bundle-selling.A woman surnamed Tian, who doesn''t own a car, told Reuters she bought an apartment last month in the second-tier city of Hangzhou for 3.4 million yuan. She had no choice but to pay an additional 500,000 yuan for a parking space."The sales person said I could only buy an apartment if I also bought a car park space, otherwise it''s impossible," said Tian, who declined to give her full name due to the sensitivity of the issue. She also declined to give the name of the developer."Of course I think bundle-selling is not reasonable, but what can I do? There''s a shortage of apartments; developers are the boss."Tian said she may buy a car or would consider sub-letting or selling the space if that was an option.In China, a developer may only sell parking spaces to home owners of the residential development, and many have strict rules to keep non-tenants out of a development, limiting the prospects of sub-letting for home buyers, property agents said.Bundling has already caught the attention of Shanghai authorities. Officials in the commercial capital announced measures in late July to prohibit the practice, ordering developers to stop forcing buyers to purchase a car parking space with an apartment."Governments in the first-tier cities have stepped in to stop this loophole, I think other cities will follow suit eventually," said Luk from Centaline.($1 = 6.5867 Chinese yuan renminbi) Shanghai Newsroom; Editing by Martin Howell '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/china-property-carpark-idINKCN1BA0U6'|'2017-08-30T06:05:00.000+03:00'
'395ae07e2f2dcb46bc0bc07354a0fa28f2c66c27'|'China Three Gorges unit seeking $1.5 billion from new investors: sources'|'HONG KONG (Reuters) - China Three Gorges New Energy, a unit of the country''s top hydropower developer, plans to raise about 10 billion yuan ($1.5 billion) from new investors to develop its wind power business, sources with knowledge of the matter said.The wholly owned unit of state giant China Three Gorges Corporation is in talks with China Life Insurance ( 601628.SS ), Chinese private equity firms and other institutional investors, the sources told Reuters.Beijing has been calling on state-owned firms to reform their ownership structure by bringing in new capital from private investors and this fundraising is part of the mixed-ownership plans, they said.The private share sale would be roughly equivalent to 30 percent of the company, one of the sources said, adding that the unit was looking to go public on the Shanghai stock exchange in about three years.The deal is likely to be finalised by the end of the year, the sources said, declining to be identified as the financing plans were not public.Three Gorges and China Life did not immediately respond to requests for comment. A representative for Three Gorges New Energy could not be immediately reached for comment.Three Gorges New Energy plans to use part of the proceeds to build offshore wind power plants and acquire photovoltaic and wind stations across the country, the sources added.Reporting by Julie Zhu; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-threegorges-fundraising-idINKCN1BA0YA'|'2017-08-30T06:55:00.000+03:00'
'c184444eb811137809e6387f1900110ce531af33'|'Oil dips as U.S. floods cause large-scale refinery shutdowns'|'August 30, 2017 / 2:15 AM / an hour ago Crude dips, gasoline spikes as floods knock out almost a quarter of U.S. refineries Henning Gloystein 3 Min Read FILE PHOTO: The Exxon Mobil Beaumont Polyethylene Plant is seen during tropical storm Harvey in Beaumont, Texas, U.S. August 28, 2017. Jonathan Bachman/File Photo SINGAPORE (Reuters) - Oil prices slid on Wednesday but gasoline spiked to its highest since mid-2015 as flooding and storm damage in the wake of Hurricane Harvey knocked out almost a quarter of U.S. refineries, crimping demand for crude but raising fears of fuel shortages. Hurricane Harvey, which has been downgraded to a storm, has caused massive floods across coastal Texas, including in Houston. It is now moving into Louisiana, where more floods are expected. "Catastrophic and life-threatening flooding continues in southeastern Texas and portions of southwestern Louisiana," the National Hurricane Center (NHC) said in its latest note. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.31 per barrel at 0522 GMT (1.22 a.m. ET), down 13 cents from their last close. Brent crude futures LCOc1 were down 21 cents, at $51.79 a barrel. In the refined product market, price movements have been more dramatic. U.S. gasoline prices RBc1 were over 3 percent higher at $1.8396 per gallon. Prices earlier climbed to the most since July 31, 2015, at $1.842. Diesel futures HOc1 also jumped, gaining 1.2 percent to $1.6854 a barrel and were earlier at their highest since Jan. 9 at $1.697. "As of August 29, we estimate U.S. refining production offline was 4.1 million barrels per day (bpd); this represents 23 percent of total U.S. refining production," Goldman Sachs said in a note to clients. Goldman also said around 1.4 million bpd of crude production was disrupted, equivalent to 15 percent of total U.S. output. The NHC said the next 24 hours would remain dangerous. "There is a danger of life-threatening inundation, from rising water moving inland from the coastline, during the next 12 to 24 hours," the NHC said, adding that 6 to 12 inches of rain could fall in far east Texas and southwestern Louisiana. The largest refinery in the United States, Motiva Enterprises'' 603,000 barrel-per-day (bpd) plant in Port Arthur, Texas, was shutting down on Tuesday night because of flooding. "Severe flooding due to tropical storm Harvey is affecting refinery capacity and therefore crude demand," ANZ bank said. Preparing for more rain and floods, Total ( TOTF.PA ) cut production in half at its 225,500 bpd refinery, also in Port Arthur. Restarting plants even under good conditions can take weeks. Beyond the impact of Harvey, the American Petroleum Institute (API) said on Tuesday that U.S. crude inventories fell by 5.780 million barrels last week, an indicator that the U.S. oil market is gradually tightening. The figures, however, do not reflect the impact from Harvey. Government data for last week is due to be published by the Energy Information Administration (EIA) later on Wednesday. Traders said that EIA data would take weeks to fully reflect the impact of the storm and floods. Reporting by Henning Gloystein; Editing by Christian Schmollinger and Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1BA07E'|'2017-08-30T05:08:00.000+03:00'
'78a5e63fc6e730c593c7277dbbc047c6d4ab0ce3'|'In China, to snag a new home buyers may need to pay huge price for parking space'|'August 30, 2017 / 8:07 AM / an hour ago In China, to snag a new home buyers may need to pay huge price for parking space Clare Jim 6 Min Read A multi-storey car park is seen next to an apartment building at a housing estate in Jinan, Shandong province, China March 12, 2017. Stringer HONG KONG (Reuters) - The cost of car parking spaces in new apartment projects in some Chinese cities is soaring as developers roll out their latest secret weapon to counter home price caps imposed by municipal authorities. As if contending with sky-high homes prices wasn''t enough, some buyers are now forced to fork out as much as 1 million yuan ($151, 821) for car parking spaces in major second-tier cities, such as Tianjin, Xiamen, Hangzhou, Nanjing and Suzhou. They are sold with an apartment worth as little as 2.4 million yuan, in bundled deals that make it compulsory for residents to purchase the parking space. "There''s a price cap on apartments, but not on parking spaces, so we''re bundle-selling them with apartments to compensate," said a Shanghai-based developer who declined to be identified due to the sensitivity of the issue. "Recently we sold parking spaces in Xiamen for over 1 million yuan each. Last year one only cost less than 200,000," he said, referring to spaces in the port city in Fujian province in southeastern China. To fend off speculators and defuse a housing bubble, major cities across China have slapped a series of restrictions on property markets, including imposing limits on developers'' selling prices. That''s prompted property companies to find ways to ride out the tightening measures or skirt them, including delaying the launch of new home sales in the hope that when authorities relax some rules, buyers will jump back into the market and they can release more supply at higher prices. Top-tier cities such as Shanghai and Beijing have seen a surge in car park prices in the past three to five years, with some asking prices over one million yuan, mostly due to a massive shortage. But second-tier cities are catching up in the past year, and this time driven by bundle-selling, property agents said. As China’s car park marketplace is not active and transparent, it is unclear exactly how much average prices have gained in different cities in the past few years. "In almost every city with a price cap policy in place, if they allow developers to bundle-sell car park spaces, it is happening," said Clement Luk, the CEO for eastern China at realtor Centaline. "In the past, in cities like Nanjing and Suzhou, many car park spaces were below 100,000 yuan, but now many cost over 300,000. Is this a natural price appreciation? Definitely not." He said the bundling had been adopted to skirt price cap policies and manipulate selling prices. Authorities in Hangzhou, Nanjing and Tianjin did not reply to emails for comment. Officials in Xiamen and Suzhou could not be reached by email or phone. Shimao Property ( 0813.HK ), a higher-end developer based in Shanghai, said at an earnings conference on Tuesday that when it is seeking a pre-sales permit for a development it does ask the authorities concerned if it can raise some prices for renovation costs and car parking spaces, said Vice President Jason Hui. He noted it was much easier to get permission to do this in tier two cities than in the biggest ones. In Xiamen, the bundle-selling strategy has also had an impact on general car park prices. According to the city''s official housing website, a high-end project by China Vanke ( 2.SZ ) ( 2202.HK ), the country''s No. 2 developer, was selling a car park space for as much as 750,000 yuan, while state-backed Poly Real Estate ( 600048.SS ) was selling spaces for 500,000 yuan bundled with smaller apartments. Vanke said the project concerned, Huxin Island, does not involve bundling and home buyers are not forced to acquire a parking space. “The pricing of the car parks is set according to market, we’ve followed through the approval process accordingly,” a company spokesman said. Poly could not be reached for comment. PARKING PERILS A property sales manager in Tianjin told Reuters the price of car park spaces in the port city in prime locations had jumped to more than 350,000 yuan - from around 100,000 yuan- this year and some developers there were also bundle-selling. A woman surnamed Tian, who doesn''t own a car, told Reuters she bought an apartment last month in the second-tier city of Hangzhou for 3.4 million yuan. She had no choice but to pay an additional 500,000 yuan for a parking space. "The sales person said I could only buy an apartment if I also bought a car park space, otherwise it''s impossible," said Tian, who declined to give her full name due to the sensitivity of the issue. She also declined to give the name of the developer. "Of course I think bundle-selling is not reasonable, but what can I do? There''s a shortage of apartments; developers are the boss." Tian said she may buy a car or would consider sub-letting or selling the space if that was an option. In China, a developer may only sell parking spaces to home owners of the residential development, and many have strict rules to keep non-tenants out of a development, limiting the prospects of sub-letting for home buyers, property agents said. Bundling has already caught the attention of Shanghai authorities. Officials in the commercial capital announced measures in late July to prohibit the practice, ordering developers to stop forcing buyers to purchase a car parking space with an apartment. "Governments in the first-tier cities have stepped in to stop this loophole, I think other cities will follow suit eventually," said Luk from Centaline. ($1 = 6.5867 Chinese yuan renminbi) Additional reporting by Shanghai Newsroom; Editing by Martin Howell'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-property-carpark-idUKKCN1BA0UP'|'2017-08-30T11:06:00.000+03:00'
'23c2f632d9bafdc1302f7a7aaa72baf01f983303'|'Warren Buffett tells CNBC he has not sold a share of Apple'|'August 30, 2017 / 3:38 PM / 2 hours ago Warren Buffett tells CNBC he has not sold a share of Apple Reuters Staff 3 Min Read Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. Rick Wilking NEW YORK (Reuters) - Billionaire investor Warren Buffett told CNBC on Wednesday that he had not sold a share of Apple ( AAPL.O ) and was not concerned about Wells Fargo ( WFC.N ) as a long-term investment, calling it a "terrific" bank. Buffett, chairman and chief executive of conglomerate Berkshire Hathaway Inc ( BRKa.N ), said about Apple compared to IBM ( IBM.N ): "I feel more certain about the future as I look at a company like Apple than when I look at IBM now." Berkshire has disclosed a roughly $20 billion stake in Apple. Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third of them in the first and second quarters of 2017, CNBC reported in May, citing Buffett. Buffett also said Wednesday that he continued to have faith in investments in Bank of America Corp ( BAC.N ) and Wells Fargo. Berkshire has become Bank of America''s largest shareholder by exercising its right to acquire 700 million shares at a steep discount, more than tripling an investment it made six years ago. When asked if U.S. food company Kraft Heinz ( KHC.O ) would buy Mondelez ( MDLZ.O ), Buffett said: "I think the answer is no on that." He also said Kraft Heinz, which Berkshire controls along with Brazilian firm 3G Capital, would not again seek to buy Unilever Plc ( ULVR.L ). Kraft Heinz withdrew its proposal for a $143 billion merger with larger rival Unilever Plc, the companies said in February. Following a six-month cooling off period required by UK takeover law which expired this month, there has been speculation over whether Kraft Heinz would come back for another shot at Anglo-Dutch consumer goods giant Unilever. "That was a misunderstanding, basically. We will not make hostile takeover offers, and we did not intend that to be hostile, but it turned out it was, and we immediately the next day, when I learned about it, we called it off," Buffett said on Kraft Heinz''s bid. When asked why he was silent about U.S. President Donald Trump''s administration, Buffett said: "I am not in the business of attacking any president, nor do I think I should be." He had supported Hillary Clinton in last year''s presidential election. Reporting by Sam Forgione; Editing by Phil Berlowitz '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-investing-buffett-cnbc-idUKKCN1BA21E'|'2017-08-30T18:35:00.000+03:00'
'3f373cbcd9b39eacf59891fac01f041de2dfaebc'|'Russia''s bailed out bank, backed by Kremlin insiders, grew too fast'|'August 30, 2017 / 6:47 PM / 2 minutes ago Russia''s bailed out bank, backed by Kremlin insiders, grew too fast 5 Min Read A man walks past the logo of Russian bank Otkritie in Moscow, Russia August 30, 2017. Sergei Karpukhin MOSCOW (Reuters) - The rise of Russia''s Otkritie bank - brought to an abrupt halt this week with a central bank bailout - was a tale of breakneck growth, lavish parties and support from within President Vladimir Putin''s inner circle. At a time when Russia''s biggest banks were retrenching due to the world economic slowdown and Western sanctions on the country, Otkritie was snapping up assets from diamonds to pension funds and rival banks. It grew to become Russia''s biggest private bank, although only the seventh largest overall behind state lenders. During this rise the seeds of Otkritie''s problems were sown, according to the central bank, even before it finally stumbled in an ill-fated attempt to grow into insurance. "Otkritie group was growing very rapidly by all measures over recent years and this was financed by debt, while major risks were taken by the bank," Dmitry Tulin, first deputy chairman at the central bank, said. "The bank''s capital was clearly insufficient compared with the operations it undertook and the amount of risk," he told a briefing on Tuesday. At many steps along the way, Otkritie enjoyed the support of state-owned VTB, Russia''s second-biggest bank. VTB''s chief Andrei Kostin is well connected: his office wall is decorated with photographs of himself posing with Putin. However, VTB''s own growth has been curbed for the past few years. It has been called on to prop up major Russian industrial groups struggling to repay their loans and it spent years absorbing a failed lender, Bank of Moscow. On top of that, the Western sanctions imposed over Russia''s role in the Ukraine crisis have restricted VTB''s access to international debt markets. VTB did not immediately respond to Reuters questions about its ties to Otkritie. However, several Russian bankers who spoke to Reuters before the bailout described Otkritie as a private extension of VTB. During a banking crisis in 2009, VTB bought a 20 percent stake in the Otkritie group, selling its holdings five years later. Then in 2015 VTB got a 9.9 percent stake in the group after the state bank converted a loan it had made to an Otkritie-related company into equity. VTB bank also funded many of Otkritie''s acquisitions. In 2012, VTB provided the finance for Otkritie to buy Nomos Bank, a deal that catapulted Otkritie into the front rank of Russian banking. In September 2014, VTB sold part of its stake in Cyprus-registered RCB bank to Otkritie. In May this year, Otkritie also closed a $1.45 billion deal to buy the diamond business of energy group Lukoil. VTB partly financed that deal, Interfax news agency reported. ACQUISITION TRAIL The group that controls Otkritie started to expand its banking business in 2008, snapping up a small lender, RBR, and renaming it Otkritie. As of the second quarter this year, Otkritie Bank had assets of 2.45 trillion roubles ($42 billion), according to Interfax data. In total, it has snapped up more than 10 banks, including Nomos, Bank Khanty-Mansiyisk and Petrocommerce, which used to be closely linked to Lukoil. In 2014 Otkritie took over the troubled Trust bank in a central bank-approved bailout. This rescue gave access to cheap central bank funds, but also burdened it with problematic assets. It was an attempt to buy the Rosgosstrakh insurance company late last year that finally tipped Otkritie over the edge, officials said. This would have made Otkritie group the country''s top insurer. Otkritie''s owners, in preparation for the planned acquisition, poured 40 billion roubles of the bank''s money into helping the insurer with its liquidity problems. Rosgosstrakh posted a net loss of 33 billion roubles last year. Otkritie underestimated the insurer''s problems, said Tulin. "The bank has spent a significant amount of liquidity ... and it became obvious it would have to acknowledge a fall in its capital adequacy ratio," Tulin said. "At a certain point, the bank''s shareholders realized they couldn''t solve the problem with capital on their own. Operations with Rosgosstrakh became the catalyst for the (bailout) process." As late as June this year, Otkritie was projecting the image of an ambitious, successful bank. In the Russian business world it was renowned for its loud parties, especially those it threw each year during an international economic forum in St Petersburg. On a rainy evening in June, business associates, officials and journalists alike packed into a courtyard in the city center that had been transformed into a party venue. Executives from gold producers and energy companies sipped cocktails along with government officials, while listening to DDT, one of the Russia''s top rock bands. "This is the best thing about the Forum," a government official told Reuters the following morning. ($1 = 58.4125 roubles)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-russia-banks-otkritie-fall-idUKKCN1BA2HP'|'2017-08-30T21:37:00.000+03:00'
'c708a8f6221d44e8974c42556777d1f01d54eaaa'|'Indonesia''s APP not yet in binding agreement to buy Eldorado Brasil'|'SAO PAULO, Aug 29 (Reuters) - Indonesia''s Asia Pulp & Paper Co Ltd has not yet signed a binding agreement to buy pulpmaker Eldorado Brasil Celulose SA, the Brazilian company said in a securities filing on Tuesday.APP is in advanced talks to acquire Eldorado, which went up for sale after controlling shareholders Wesley and Joesley Batista got ensnared in Brazil''s worst corruption probe, Reuters reported on Aug. 24. (Reporting by Tatiana Bautzer; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eldorado-ma-asia-pulp-pap-idINL2N1LF1YA'|'2017-08-29T19:35:00.000+03:00'
'40762c36a06d39c652efee8e945a099b32146e93'|'Rubik''s Cube maker sues Duncan Toys, Toys "R" Us over knock-off cube'|' 09 PM / an hour ago Rubik''s Cube maker sues Duncan Toys, Toys "R" Us over knock-off cube Jonathan Stempel 2 Min Read FILE PHOTO - Erno Rubik, the creator of the puzzle, solves a Rubik''s cube as he poses during the world''s largest Rubik''s Cube championship in Aubervilliers, near Paris, France, July 15, 2017. Stephane Mahe NEW YORK (Reuters) - The Rubik''s Cube has delighted and confounded millions of players since Hungarian architecture professor Erno Rubik created it in 1974. Now the company that makes the twisting puzzle wants to stop the maker of Duncan yo-yos from selling an alleged knock-off. Rubik''s Brand Ltd has sued Duncan Toys Co and the retailer Toys "R" Us to halt sales of a puzzle cube, which Duncan calls "Quick Cube," that it said copies the world''s best-selling puzzle game. The defendants did not immediately respond on Tuesday to requests for comment. According to the complaint filed Monday night in the U.S. District Court in Manhattan, Duncan''s 3X3 cube "mimics the features and overall appearance" of the Rubik''s Cube, mainly differing in its colors and "slight rounding" of the corners. Rubik''s Brand, which is based in London, said this amounted to trademark infringement and unfair competition, and that Toys "R" Us was also liable for selling Duncan''s cubes. FILE PHOTO - Erno Rubik, the creator of the puzzle, holds a Rubik''s cube as he poses during the world''s largest Rubik''s Cube championship in Aubervilliers, near Paris, France, July 15, 2017. Stephane Mahe "Consumers who expect to receive plaintiff''s Rubik''s Cube puzzle, for which plaintiff has developed a national and international reputation, will be disappointed when using defendants'' imitation," which causes "irreparable harm" to Rubik''s Brand''s reputation and goodwill, the complaint said. Toys "R" Us sells the Rubik''s Cube for $15.99 and Duncan''s Quick Cube for $4.99, according to its website. The lawsuit seeks to recoup alleged illegal profits and triple damages, and the destruction of unauthorised cubes. Duncan is based in Middlefield, Ohio, and its parent, Baraboo, Wisconsin-based Flambeau Inc, is also a defendant. Toys "R" Us is based in Wayne, New Jersey. Rubik''s Cube became a fad in the United States soon after its launch there in 1980, under a licence to Ideal Toy Co, but remained on the market after demand fell. Roughly 100 million Rubik''s Cubes have been sold worldwide, the complaint said. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-duncantoys-rubiksbrand-lawsuit-idUKKCN1B925G'|'2017-08-29T20:09:00.000+03:00'
'485983f85d76e8d987f81b0ca87090fb83edd5de'|'UK''s Spectris divests U.S. barcoding business to Omron for $157'|'August 30, 2017 / 6:40 AM / 2 hours ago UK''s Spectris divests U.S. barcoding business to Omron for $157 million Reuters Staff 1 Min Read FILE PHOTO: Japan''s Omron Corp. demonstrates a table tennis playing robot at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2014 in Chiba, east of Tokyo, October 7, 2014. Issei Kato (Reuters) - Spectris Plc ( SXS.L ) sold its U.S.-based barcoding business to Omron Corp ( 6645.T ) for $157 million in cash, the measuring instruments maker said on Wednesday. The company said the sale of industrial code reader Microscan Systems is likely to close in early fourth-quarter and is expected to raise 2017 adjusted earnings per share by about 2 pence. Omron, a Japan-based producer of factory automation equipment, said it planned to acquire the U.S. peer from Spectris as it seeks to use the Internet of Things (IoT)to connect virtually all components and machines. Through the acquisition, Omron said it expects to acquire a diversity of code readers incorporating Microscan''s 2D code reading technology, and integrate them with Omron''s automation technology. Reporting by Justin George Varghese in Bengaluru; Editing by Sunil Nair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-spectris-divestiture-idINKCN1BA0LX'|'2017-08-30T04:40:00.000+03:00'
'36cc84a821a88284a9da8125264568aeed0f8935'|'Russia 2030 bond, held by rescued Otkritie, falls to 21-mth low'|'August 30, 2017 / 10:21 AM / 15 minutes ago Russia 2030 bond, held by rescued Otkritie, falls to 21-mth low Reuters Staff 2 Min Read LONDON, Aug 30 (Reuters) - Russia''s sovereign bond maturing 2030 fell more than 1.3 cent in price on Wednesday, a day after Otkritie Bank, which holds a significant proportion of the issue, was taken over by the country''s central bank. The $10.7 billion bond traded at the lowest level since November 2015, according to Tradeweb data. Otkritie is believed to hold around half of the outstanding amount of the 2030 issue. The central bank on Tuesday announced a rescue of the lender in what was one of the biggest bailouts in its history. It said it would take a minimum 75 percent stake . Other Russian sovereign bonds were mostly flat on the day but the size of the 2030 issue meant the average Russian sovereign bond yield spread over U.S. Treasuries rose 11 basis points on the day. The broader index was flat. "The only reasonable explanation is that (Otkritie) are being forced to sell the bonds to get some cash," said Societe Generale strategist Regis Chatellier. "I don''t see pressure elsewhere (on the Russian curve)." Reporting by Sujata Rao; editing by Alexander Winning'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-russia-bonds-idUSL9N14V01L'|'2017-08-30T13:21:00.000+03:00'
'be7a55aba846288a93b119d7250009eb135039da'|'BHP hires Barclays, Citi for U.S. shale gas divestment - sources'|'August 31, 2017 / 10:58 AM / 2 hours ago BHP hires Barclays, Citi for U.S. shale gas divestment - sources Clara Denina and Dasha Afanasieva 2 Min Read FILE PHOTO: A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. Stefan Wermuth - File Photo LONDON (Reuters) - BHP Billiton ( BHP.AX ) ( BLT.L ), the world''s largest miner, has hired Barclays ( BARC.L ) and Citigroup ( C.N ) to help it exit its underperforming U.S. shale oil and gas business, which could fetch around $10 billion (7.76 billion pounds), two banking sources said. U.S. activist investor Elliott Advisors, which has built up a 5 percent stake in BHP''s London-listed arm, has urged changes including divestment of its U.S. petroleum business and ending its dual listing in Britain and Australia, to boost shareholder value. BHP said last week it is exiting its unconventional onshore shale assets Eagle Ford, Permian, Haynesville and Fayetteville, which it acquired at the height of the oil boom. It will keep its conventional assets in the U.S. Gulf of Mexico, Australia and Trinidad and Tobago. It said in May that its gas-rich Fayetteville field in Arkansas was under review, after attempts to sell it in 2015 were shelved due to a gap in valuations. The miner''s entire petroleum division is valued at more than $20 billion. BHP, Barclays and Citi declined to comment. "The sellside advisors have only invited strategic players to bid for the onshore business at this point, which is likely to be sold in separate packages, some of which will draw more interest than others," one source said. Analysts put the Permian assets between $2.5 billion and $3.5 billion and the Eagle Ford asset at up to $3 billion. "Companies like Chevron, Occidental and Exxon Mobil are all capable of doing this kind of deal, so the Permian and Eagle Ford assets will be an easy sale," the second source said. "Gas-rich Haynesville and Fayetteville may be less attractive," the source added. Additional reporting by Barbara Lewis in London. Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bhp-billiton-divestiture-shale-idUKKCN1BB1BD'|'2017-08-31T13:58:00.000+03:00'
'94debf45731b72bd656571289435a68c8dacda80'|'Macau''s Galaxy Entertainment posts 81 percent rise in first-half profit'|'August 31, 2017 / 12:23 AM / 5 hours ago Macau''s Galaxy Entertainment posts 81 percent rise in first-half profit Reuters Staff 2 Min Read A logo of Galaxy Macau, part of the Galaxy Entertainment Group (GEG), is displayed at a news conference on the gaming resort''s results in Hong Kong, China February 28, 2017. Bobby Yip/File Photo HONG KONG (Reuters) - Macau casino operator Galaxy Entertainment Group ( 0027.HK ) posted an 81 percent rise in net profit for the first half year due to resurgent demand from gamblers in the world''s biggest casino hub. Galaxy is one of six listed casino operators in the Chinese territory of Macau, which is the only place in the country where citizens are legally allowed to gamble. The industry is recovering from a more than two-year decline that coincided with a government campaign against ostentatiousness among public officials. Macau''s overall market has grown over the past year, with new resorts increasing competition for casino operators such as Wynn Macau Ltd ( 1128.HK ), MGM China Holdings Ltd ( 2282.HK ), SJM Holdings Ltd ( 0880.HK ), Sands China Ltd ( 1928.HK ) and Melco Resorts & Entertainment Ltd ( MLCO.O ). Reporting by Farah Master; Editing by Richard Pullin '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/galaxy-entertainment-results-idINKCN1BB00Y'|'2017-08-30T22:23:00.000+03:00'
'9679f84d5371ebe870e0f21534969bae39a36ac7'|'Cargill, an intensely private firm, sheds light on the food chain'|'ANGLERS love a record catch. Fish farmers, too. So when a salmon bred and raised near this village at the head of a Norwegian fjord was pulled out of captivity earlier this year weighing a sumo-sized 17kg, it was cause for jubilation. “It was fantastic,” says Einar Wathne, head of aquaculture at Cargill, the world’s biggest food-trading firm. Not only was it produced in 15 months, one-fifth faster than usual, it also looked and tasted good. Mr Wathne’s Norwegian colleagues celebrated by eating it sashimi-style shortly after its slaughter.Cargill is a company usually associated with big boots rather than waders. America’s largest private company has built a reputation after 152 years of existence as middleman to the world, connecting farmers with buyers of human and animal food everywhere. Through a trading network that spans 70 countries (and that includes scores of ports, terminals, grain and meat-processing plants and cargo ships), it supplies information and finance to farmers, influences what they produce based on the needs of its food-industry customers, and connects the two.Latest updates Whatever she may say, Theresa May won’t fight the next election Bagehot''s notebook 2 hours ago Retail   6   6   11   19   a day ago See all updates Its purchase of EWOS, a Norwegian fish-food company, in 2015 for $1.5bn was its first big foray into aquaculture. It was the second-biggest acquisition in Cargill’s history. That made it quite a splash for David MacLennan, Cargill’s chief executive since 2013, who took over the company just as a dozen fat years in the agriculture industry had drawn to a close. He is now fishing for future sources of growth.The firm’s foray into the salmon business should help in two ways. First, it is part of Cargill’s attempt to expand into higher-value markets. One of its traditional mainstays, the trading of bulk agricultural commodities, has struggled since the end, in around 2013, of a China-led commodities supercycle. The firm has also suffered from a recent slump in demand for grains for biofuels. Consumption of farmed fish across the world has boomed, meanwhile, partly at the expense of beef, pork and other meats. Fish feed is its highest-cost component, and more efficient ways of feeding are key to the salmon industry’s growth.Second, Cargill can learn via the salmon-feeding business how to deal with increasingly picky consumers. Mr Wathne notes that salmon is a “premium” product, so consumers want to know not just where it came from, but where what it is fed on comes from. Fishermen of wild salmon, a well-connected bunch, are keen to turn public opinion against the farmed kind. That battle could make Cargill better at handling traceability in more established parts of its food business, such as meats.Cargill faces a particularly hard task building trust with increasingly information-hungry consumers. To its critics the company epitomises the faceless character of “Big Agriculture”, with boots that trample on the environment, animal welfare, and on small farmers. “I recognise that we are big, and because we are privately owned and because we are primarily business-to-business...it is harder to have that transparency,” says Mr MacLennan. “We want to be more well known.”Some of his eight predecessors would have spluttered over his idea of more disclosure, which involves wider use of social media, more interviews and more engagement with NGOs. Since generations of Cargill and MacMillan families built the company up from a regional grain trader, born in Iowa in 1865, into a global giant, it has kept out of the limelight, preferring to leave that to the customers whose branded products it provides ingredients for, such as McDonald’s Chicken McNuggets and Danone’s baby formula. Its taste for privacy has not always served it well; the title of a book published in 1995, “Invisible Giant”, sums up Cargill’s sinister reputation in the eyes of anti-globalists. “In the absence of information people will make up their own story,” Mr MacLennan says.Private ownership has given Cargill room to take a long-term view, but had also enabled management to get away with subpar performance in a business with 150,000 employees and revenues of $110bn. Before Mr MacLennan and his finance chief, Marcel Smits, launched a management reshuffle and streamlined the company in 2015, its weak returns would have been a red rag to an activist investor had it been a public company, says Bill Densmore of Fitch, a ratings agency.The cost-cutting that has ensued, and a recent upswing in demand for American meat that particularly favoured Cargill, has pushed returns higher than those of its main listed rivals, Archer Daniels Midland and Bunge (see chart ). Yet Craig Pirrong, an expert on trading companies at the University of Houston, says private ownership constrains Cargill’s ability to raise capital to invest in fixed assets as it expands and moves upmarket. Mr MacLennan says he has sought since 2013 to introduce “a bit of more of a public-company culture”. He stresses, though, that there is “no intention of going public”.The big traders largely squandered the commodities boom of the past decade. Returns languished despite an unprecedented surge in demand for agricultural products, such as cereals, chicken and fish. In that time, Mr MacLennan says, farmers invested in new soil-mapping technologies to improve yields, better seeds and more storage facilities. An ability to hold on to grain until market conditions are favourable has given farmers clout in their relationship with the traders. New entrants, such as China’s own trading powerhouse, COFCO, and Glencore, an Anglo-Swiss firm, are also making the competition more cut-throat. Meanwhile, a series of bountiful harvests in North and South America in recent years has produced record stocks of grain, reducing prices.To diversify Cargill’s sources of revenue, Mr MacLennan has sold $2bn-worth of assets since 2015, such as a second-tier American pork business, and invested $3.5bn in more value-added products, such as cooked meats, branded chicken, animal nutrition and food ingredients. Some current and former Cargill employees think such investments may be opportunistic, rather than enduring. If supply disruptions—bad weather, say, or a trade war between America and China—raised the volatility of food prices again, they expect Cargill to pour its capital back into bulk commodities. Though remaining committed to agriculture, Mr MacLennan rejects that idea. “If we were to do that, it would be a failure,” he says.Moving closer to the consumer brings new sources of complexity. These include understanding widespread public rejection of genetically modified organisms (GMOs). Though Cargill handles huge cargoes of GM corn and soyabeans, it has recently had some of its non-GM ingredients certified by an NGO which verifies that food is not bioengineered. This has angered the pro-GMO farmers that it serves.Cargill is also making bets on early-stage technology. In August it took a share in a “meatless-meat” company, Memphis Meats, that produces beef, chicken and duck out of the cells of living animals, rather than from carcasses. This represents a potential insurgency against the conventional meat industry. Cargill is also co-investing with Calysta, a Silicon Valley startup, in a factory costing up to $500m that will produce up to 200,000 tonnes of fish food, known as FeedKind, made out of bacteria fed on methane. It is a novel approach to reducing the amount of freshly caught seafood, such as anchovies, in fish food, but is untested at scale.Like counterparts facing upheaval in other industries, Cargill worries that the supply of food from farm to table is being disrupted. As Richard Payne of Accenture, a consultancy, puts it, the threat for traders is that farmers at one end of the supply chain use more technology to handle their own pricing, financing and logistics, and retailers at the other end of the chain, under pressure from tech-led firms such as Amazon, squeeze food manufacturers and their suppliers. Still, one-and-a-half centuries of business has taught Cargill not to get caught in the middle.This article appeared in the Business section of the print edition under the headline "Middleman to the world"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727935-epitome-big-agriculture-tries-predict-future-food-cargill-intensely-private?fsrc=rss%7Cbus'|'2017-08-31T22:51:00.000+03:00'
'c4eb299b84368e7b55540cffc8e2a9af44115998'|'Ford looks at self-driving systems for commercial trucks - executive'|' 27 PM / 32 minutes ago Ford looks at self-driving systems for commercial trucks - executive Reuters Staff 1   A Ford logo is pictured at a store of the automaker, in Mexico City, Mexico, April 5, 2016. Edgard Garrido/File Photo (Reuters) - Ford Motor Co ( F.N ) is considering deploying self-driving vehicle technology in larger commercial vehicles and is working with multiple partners to put its autonomous vehicles on the road, a senior Ford executive told Reuters on Tuesday. "We''ve been talking with different partners in different industries" about potential applications for Ford''s first self-driving vehicle in 2021, including ride-sharing and delivery services," Sherif Marakby, vice president of autonomous vehicles and electrification at Ford, said in an interview. Marakby recently rejoined Ford from ride-services company Uber Technologies Inc [UBER.UL], where he oversaw development of self-driving vehicles. Reporting by Paul Lienert in Detroit; Editing by Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ford-motor-autonomous-idUKKCN1BA2C9'|'2017-08-30T20:27:00.000+03:00'
'e650b5b578e4f5a8d8845a6b4db95b67ba6c2ba7'|'CANADA STOCKS-TSX higher shortly after open as banks lead gains'|'TORONTO, Aug 30 (Reuters) - Canada''s main stock index was higher shortly after the open on Wednesday as investors brush aside the latest comments on North Korea from U.S. President Donald Trump, with financial stocks leading broad gains.The Toronto Stock Exchange''s S&P/TSX composite index rose 25.08 points, or 0.17 percent, to 15,107.78. Energy stocks, hurt by lower oil prices, were the only main sector in the red. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1LG133'|'2017-08-30T16:45:00.000+03:00'
'54619a0332e6bcb295f3bb59e789e3bb966dc4ae'|'Samsung’s boss is sentenced to prison'|'SAMSUNG’S founding family, the Lees, have good reason to dislike room 417 of Seoul’s Central District Court. In 2008 it was where Lee Kun-hee, the chairman of the sprawling South Korean conglomerate, was found guilty of tax evasion. On August 25th his son, Lee Jae-yong, the vice-chairman of Samsung Electronics, stood in the same room and was sentenced to five years in prison on charges including bribery, embezzlement and perjury. The elder Mr Lee has been in hospital since suffering a heart attack in 2014. Samsung now lacks both its official and de facto bosses.The younger Mr Lee, who plans to appeal against the verdict, was accused of paying bribes to Choi Soon-sil, a confidante of the country’s former president, Park Guen-hye. Prosecutors had argued that he hoped the payments would secure government support for an $8bn merger of two Samsung affiliates, Cheil Industries, the group’s unofficial holding company, and Samsung C&T, a construction firm. The state-run National Pension Service, the single biggest shareholder in C&T, voted for the plan in July 2015. The deal was controversial, but it helped Mr Lee consolidate his control over the group and clear the way for his succession.Latest updates Samsung’s boss is sentenced to prison Business and finance 15 hours ago Courts repeatedly chastise Texas for voting-rights violations Democracy in America 16 hours ago Thailand’s former prime minister, Yingluck Shinawatra, may have fled Asia 16 hours ago Appalling behaviour on London’s Tube Gulliver 18 hours ago Construction’s productivity puzzle Graphic detail 19 hours ago The Vatican’s secretary of state visits Moscow for the first time in 19 years Erasmus 19 hours ago See all updates The decision is a milestone in a broader influence-peddling scandal that brought down Ms Park. She was impeached in March and arrested soon after; she now awaits the verdict in her own trial. Mr Lee’s conviction bodes poorly for her.Less clear is what will happen to Samsung itself. Shares in Samsung Electronics, the group’s main earner, dipped by 1.05% following the verdict. Yet any slump may be fleeting. The group’s three chief executives were not caught up in the trial. While Mr Lee was awaiting the verdict in his case, the firm boasted record profits, thanks to booming demand for its memory chips. An analysis by the Asan Institute, a think-tank in Seoul, showed that each twist in the case had little impact on its share price. Last year had brought the disastrous release of the Galaxy Note 7 smartphone, which had an unfortunate habit of bursting into flames. But the firm unveiled a new model this week. Its share price has risen by more than one-third this year.Yet Mr Lee’s absence could create a power vacuum at the centre of the group, which might prevent it from making big bets. “The good thing about having a founding family is they can think about the long term,” says Yoo Kyung-Park of APG Asset Management, a Dutch pension firm that owns shares in Samsung Electronics. The Future Strategy Office, which acts as the group’s control tower, was dismantled in February after Mr Lee’s arrest. Two of its former executives were also jailed. Bosses will be unwilling to make major decisions without the family’s sign-off, says Park Sangin of Seoul National University: “In a monarchy you need a king.”One convicted South Korean boss, Chey Tae-won of SK Group, a telecoms and chemicals giant, avoided this problem by turning his jail cell into an office. While serving time for embezzlement earlier this decade, he held more than 1,600 meetings in 17 months. In theory Mr Lee could do the same. But the appetite for such behaviour is waning. Demands are intensifying to reform South Korea’s chaebol , the mighty conglomerates that helped forge the country’s economy but which are now often criticised for cosy ties with politicians. Byzantine structures allow the sons and grandsons of company founders to wield great influence, whether or not they have controlling stakes. The 26 Samsung affiliates, which operate in businesses from life insurance to smartphones, are controlled by the Lee family through a complex web of cross-shareholdings.So Mr Lee, if his conviction is upheld, may not be able to run Samsung from prison. Nor would he be likely to be freed early. In the past, bosses could rely on politicians to get them out of trouble. Mr Chey, the elder Mr Lee and Chung Mong-koo, the chairman of Hyundai Motor, who was nabbed for embezzlement, have all received presidential pardons. Mr Lee is unlikely to get such special treatment. Moon Jae-in, Ms Park’s successor, has promised to tame the chaebol and stop doling out pardons. He may be as good as his word.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21727769-unlike-other-jailed-chaebol-bosses-he-may-not-be-pardoned-samsungs-boss-sentenced?fsrc=rss'|'2017-08-25T08:00:00.000+03:00'
'b44bd87cc1ec507cb038ec73ee2c690e9fe56d74'|'France will need to close nuclear reactors - minister'|'August 30, 2017 / 7:21 AM / 2 hours ago France will need to close nuclear reactors: minister Reuters Staff 1 Min Read French Minister of Ecological and Social Transition Nicolas Hulot speaks during the questions to the government session at the National Assembly in Paris, France, July 12, 2017. Charles Platiau PARIS (Reuters) - French Environment Minister Nicolas Hulot reiterated on Wednesday that France will need to close several nuclear reactors in order to meet a target to cut the share of atomic energy in power generation to 50 percent by 2025. Hulot, who said in July France will need to close up to 17 of its 58 reactors, did not specify a number, but said that the Fessenheim plant - long earmarked as a closure candidate - would be among them. A schedule for plant closures will be decided in a multi-year energy plan to be presented in 2018, he said on France Info Radio. "We need to make a rational decision on which reactors to close, taking into account economic social and security factors," Hulot said. "We will close several reactors, but I’ll do it in a socially acceptable way. Fessenheim will close, so too other reactors," he added. Reporting by Geert de Clercq; Editing by Bate Felix '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-france-nuclearpower-idUKKCN1BA0PX'|'2017-08-30T10:19:00.000+03:00'
'bb109162c4a788b696258c4be2674562aba56e1c'|'Cargill-partner Evolva cuts 43 percent of workers to stem losses - Reuters'|'August 30, 2017 / 5:55 AM / in 3 hours Cargill-partner Evolva cuts 43 percent of workers to stem losses Reuters Staff 2 Min Read ZURICH (Reuters) - Evolva ( EVE.S ) is cutting 43 percent of its workforce, paring locations and jettisoning additional management by year''s end as the Swiss-based sugar substitute maker seeks to arrest widening losses, it said in a statement on Wednesday. Evolva, whose partnership with U.S.-food giant Cargill on stevia-based sweetener EverSweet has faced delays, said it will trim its headcount to 100 from 178 people to reduce operating expenses by 11 million Swiss francs ($11.52 million) starting in the second quarter of 2018. The company, which previously reported its first-half loss widened to 20.3 million francs, will spin off its Chennai, India, branch into an independent research and development services group. Additionally, Chief Business Officer Pascal Longchamp, science head Jorgen Hansen and India head Panchapagesa Murali will step down before the end of 2017. "Our leadership and operations will be significantly optimized to ensure that our products achieve their full potential and our innovation engine remains strong," said Chief Executive Simon Waddington, who was appointed in July. Evolva said guidance on product revenues - forecast to more than triple in 2017 over the previous year - is not expected to be affected by the restructuring. Reporting by John Miller; Editing by Biju Dwarakanath '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-evolva-layoffs-idINKCN1BA0HT'|'2017-08-30T03:55:00.000+03:00'
'1785829645cd4ff27e8bad4ebbf4b53b8b5cd6ec'|'RPT-UPDATE 1-Airbus hopes M&A talk does not distract United Tech from operations'|'(Repeats story to widen distribution)By Ingrid Melander and Alwyn ScottPARIS/NEW YORK, Aug 30 (Reuters) - Airbus has urged supplier United Technologies Corp to stay focused on fixing industrial problems that have delayed new aircraft deliveries even if it presses ahead with plans to buy avionics and seats maker Rockwell Collins Inc.The two U.S. aerospace suppliers have been discussing a tie-up for around a month and a person familiar with the matter said on Tuesday a deal could come as early as next week."We will only comment on the implications of such a deal when it becomes real," an Airbus spokesman said. "Today, our total focus is on delivering planes and we hope that any potential M&A would not distract UTC from their top operational priority."Delays in receiving engines from United Technologies subsidiary Pratt & Whitney have disrupted deliveries of Airbus A320neo jets, drawing criticism from the European planemaker''s management.United Technologies said in July that the problems will be fixed by year-end and that it still expects to deliver between 350 and 400 engines this year.The unusual warning to United Technologies before any acquisition is completed is the first public sign that the possible deal to create a large, combined supplier may be ringing alarms at the world''s largest planemakers.United Technologies and Rockwell Collins declined to comment on the remarks from the Airbus spokesman.Boeing Co declined to comment on the potential impact of a merger between the two suppliers.Boeing does not use Pratt engines, but its aircraft have major parts and systems made by United Technologies and Rockwell, such as avionics, seats and air conditioning.In the past, Boeing has raised concerns about mergers among suppliers in cases where a combination could lead to higher prices or cause production problems.In some cases, Boeing has used its power in reassigning supply contracts to new owners to oppose deals, but those were typically with much smaller suppliers than Rockwell or United Technologies.Rockwell Collins shares fell after Boeing said in July that it had set up an avionics group to make aircraft controls and electronics, a move seen as potentially threatening to Rockwell Collins and United Technologies. (Reporting by Tim Hepher and Alwyn Scott; Editing by Ingrid Melander and Bill Rigby) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/airbus-nl-utc-idINL2N1LH0WI'|'2017-08-31T12:27:00.000+03:00'
'8f639f94b365009b0ba2ba8214f9cd43f87a3584'|'Western Digital CEO in Japan to finalise Toshiba chip deal - source'|'August 28, 2017 / 3:21 AM / 41 minutes ago Western Digital CEO in Japan to finalise Toshiba chip deal - source Reuters Staff 2 Min Read A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake TOKYO (Reuters) - Western Digital Corp''s chief executive is in Tokyo to finalise an agreement to buy Toshiba Corp''s memory chip business, ending months of dispute over the auction, a person familiar with the matter told Reuters on Monday. Toshiba is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse. A group including Western Digital, U.S. private equity firm KKR & Co and Japanese government investors are offering around 1.9 trillion yen ($17.3 billion) for the unit, separate sources previously told Reuters. The U.S. firm is offering 150 billion yen through convertible bonds, they said. The group and Toshiba aim to announce a deal by Aug. 31 when Toshiba''s board meets, other people said on Monday. Both Western Digital and Toshiba declined to comment. A KKR representative could not be immediately reached. Some senior Toshiba executives had initially balked at Western Digital''s offer, but sources said on Friday that the U.S. firm took a conciliatory tack and decided not to seek a management role in the new business and limit its stake to no more than one-third even when it converts the bonds to equity. Toshiba and Western Digital are the world''s second and third largest producer of NAND chips. Reporting by Makiko Yamazaki; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKCN1B806F'|'2017-08-28T06:59:00.000+03:00'
'c9c9c179ed58230d64c1f8b7168690d092b4c18c'|'Ghost tomato factory showcase for Nigeria''s farming problems'|'August 30, 2017 / 6:11 AM / 6 hours ago Ghost tomato factory showcase for Nigeria''s farming problems Ulf Laessing 6 Min Read People walk past baskets of tomatoes in the Yankaba market in Kano, northwest Nigeria August 23, 2017. Akintunde Akinleye KANO, Nigeria (Reuters) - At a state-of-the-art plant in northern Nigeria, shiny machines stand next to a conveyor belt ready to crush tomatoes to satisfy the country''s insatiable demand for tomato paste. But a lonely cleaner mopping the floor is the only sign of activity in Nigeria''s biggest tomato factory, equipped with the latest Italian and German technology. There aren''t enough tomatoes to run it. It''s a powerful symbol of Nigeria''s uphill challenge to build up agricultural production and end costly food imports to feed its 190 million people. The West African nation imports staples from milk to wheat to tomato paste, with funds it mainly earns from exporting oil. The conglomerate of Africa''s richest man, Aliko Dangote, launched the plant in March 2016, contracting Italian engineers working for months on a 350 euro-a-day allowances to set up the machines outside Kano, the main city in the north. On paper this looked like a smart move as Nigeria imports up to 400,000 tons of tomato paste annually. The tinned paste is an ingredient in Nigerian tomato stew, used as the base for a host of traditional meat stews, sauces, soups and rice dishes that are staples of Nigerian cooking. Dangote Group had thought of every technical detail, even setting up a control room linking its engineers to experts in Italy in case there was a problem. But it underestimated the difficulties involved in getting tomatoes, despite signing deals with some 5,000 farmers guaranteeing them to pay more than the market price. Lacking fertilizers and working with their bare hands, the farmers have been unable to produce the quality and quantity the plant needs to make paste. Much of the last season''s output was wiped out by a pest. The plant has been so far unable to find other supplies despite Nigeria producing some 1.5 million tons of tomatoes annually. A lack of good roads due to decades of corruption means tomatoes would perish on the way. Half of the country''s output gets wasted. Bar a few weeks, the plant has been standing idle, said its frustrated manager said A.L. Kaito, the managing director of Dangote Farms in charge of the plant. "We are trying to weather out the storm, the cost is horrendous," said Kaito. "It''s a nightmare." Dangote spent some 4 billion naira ($12.74 million) on the plant and now plans to set up its own tomato cultivation scheme for around ten billion naira to cover up to 70 percent of its needs, buying land and tractors. Experts from Israel, Mexico and Spain will be flown in. PROBLEMS The tomato plant hopes to restart work in January at just half of its capacity of 1,200 tons a day after the next season, in the meantime costing 5 million naira every month. A twin-blender machine is seen in the Dangote tomatoes processing factory in Kano, northwest Nigeria August 21, 2017. Akintunde Akinleye. Dangote has kept workers sitting at home on the payroll: the Italians spent months training them on the new machines. The investment is paltry for its owner, who is spending billions of dollars on cement plants, sugar and rice schemes across Africa. His cement business alone posted revenues worth in 615 billion naira in 2016. But for President Muhammadu Buhari the idle plant is a major setback after another tomato factory in Lagos threw in the towel in November 2016, unable to import tomatoes due to a lack of hard currency as Nigeria struggles with recession. Buhari had, since his election in 2015, made it a priority to end dependency on food under the motto: "We must produce what we eat." To encourage agriculture investments like the Dangote plant, the government has waived duties for greenhouse and processing equipment. Slideshow (8 Images) It is also giving subsidies to rice farmers and is considering expanding the scheme to tomato growers, a senior official in the federal ministry of agriculture said. Officials had hoped to create jobs in agriculture to fight poverty in the north where some unemployed young men have joined an eight-year insurgency by Boko Haram jihadists. But experts and farmers say, after decades of corruption holding back road and electricity projects and an obsession with producing oil, it will take time to improve the tomato output. Low quality seed and a lack of power for pumping water means tomatoes can be grown only during the dry season, which creates a glut in March. Farmers then lay out their tomatoes alongside highways hoping motorists will buy them. Anything that does not get sold within 24 hours is usually wasted due to a lack of cold storage. They also ship some to Lagos, the southern megacity 1,000 km (600 miles) south of the factory. A basket of tomatoes sells for 2,000 naira in Lagos, but only around 10 percent of that ends up in farmers'' pockets as traders and truckers take their cut. "We don''t have fertilizers and there is no power for cold rooms," said Sani Yadakwari, chairman of the some 10,000 tomato farmers in Kano state. "We need subsidies for our production." Dangote has been supplying farmers with a Dutch seed which is expected to gradually boost the yield to 50 tons of tomatoes a hectare from 10 to 15 tons now, said Kaito. But Adamu Sani, an agronomist working for the World Bank, was skeptical production would rise soon as farmers needed to get trained to use the new seeds which had not been tested yet on a large scale in Nigeria. Dangote calls the plant the biggest in Africa. But the size might be a disadvantage: "The minimum capacity of the Dangote plant is too high for the little volumes you can get from farmers," Sani said. Editing by Peter Graff '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-nigeria-farming-idUKKCN1BA0IZ'|'2017-08-30T09:08:00.000+03:00'
'57f6b92f614fcdff5af050b0ba3be233679e3cac'|'Smaller UK manufacturers already feeling Brexit strains - survey'|'August 30, 2017 / 12:40 PM / 15 minutes ago Smaller UK manufacturers already feeling Brexit strains - survey Reuters Staff 2 Min Read LONDON (Reuters) - The process of Britain''s departure from the European Union has already hurt around 40 percent of small and medium-sized British manufacturers, an industry survey showed on Wednesday. The quarterly National Manufacturing Barometer, conducted by business consultancies SWMAS and Economic Growth Solutions, chimed with other surveys showing robust manufacturing activity right now, but nervousness about the future. While 45 percent of small- and medium-sized (SME) manufacturers expected profits to improve over the next six months, a similar proportion thought business conditions will deteriorate once Britain leaves the European Union. "SME manufacturers are sending a clear message to government. The vast majority want to see free trade with the EU maintained to help minimise the cost of imports and keep red tape to a minimum," said Simon Howes, chief executive of the Exelin Group, which owns SWMAS. "Some manufacturers are already seeing the cost of materials rise due to recent falls in the value of sterling against the euro and uncertainty over the future of the UK''s trade arrangements with the EU." The survey showed 41 percent of manufacturers thought the Brexit process had already had a negative impact on their business. Half of the respondents cited a free trade agreement with the European Union as their top priority. Earlier this month Britain outlined plans for a future customs agreement with the EU and an interim deal to ease companies'' Brexit concerns. One senior EU official described such proposals as "fantasy". SME manufacturers'' investment intentions slipped compared with the previous quarter, the survey showed. Sources of growth like net trade and investment have yet to compensate for the consumer-led slowdown, as the Bank of England hopes, according to the latest official data. The National Manufacturing Barometer was conducted in July and had 331 respondents. Reporting by Andy Bruce; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-manufacturing-idUKKCN1BA1KD'|'2017-08-30T15:40:00.000+03:00'
'cf0d9c375de0081e47e2fbe390304ad6b5af0ac3'|'M&S in talks to transfer Hong Kong and Macau stores to franchise partner'|'A sign is displayed outside a Marks & Spencer store in London, Britain January 7, 2016. Toby Melville (Reuters) - Marks & Spencer has opened talks to sell its wholly owned Hong Kong and Macau stores to franchise partner Al-Futtaim, the British company said on Wednesday.The food and clothing retailer said it has begun talks on the potential sale of the stores, which Al-Futtaim would continue to operate under the M&S franchise. The talks are expected to take several months to complete.The move follows a strategic review by M&S last November, in which the company laid out plans to shut more than 80 stores at home and abroad as well as seek joint ventures and franchise partnerships to operate in fewer wholly-owned markets.The Hong Kong and Macau stores would continue to trade as normal, the company said on its website. ( bit.ly/2xLZnzj )Al-Futtaim has worked in partnership with M&S since 1998 and today operates 43 M&S stores across seven markets in the Middle East, Singapore and Malaysia.Reporting by Esha Vaish in Bengaluru; Editing by David Goodman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-m-s-divestiture-idUSKCN1BA0SH'|'2017-08-30T15:44:00.000+03:00'
'33bf5503a1ddb65b7be20aece626f5900bd7340e'|'China''s Fosun not under investigation over overseas deals: CEO'|'Fosun International Ltd Chief Executive Officer Wang Qunbin attends a news conference in Hong Kong, China March 29, 2017. Bobby Yip - RC19286A2300 HONG KONG (Reuters) - Fosun International Ltd, one of the China''s most acquisitive dealmakers, hasn''t been investigated by the country''s regulators over its overseas investments and deals, Chief Executive Officer Wang Qunbin said on Thursday.The conglomerate, which has assets in Brazil, Portugal, France, Canada and the United States, supports the Chinese government''s new guidelines to regulate overseas investment, he said.He added that Beijing is looking to support capable firms investing overseas while restricting or banning deals in certain sectors."The new guidelines are good news for Fosun''s globalization and overseas investments," Wang said at a news conference to discuss the company''s first-half results. "Fosun always insists on genuine investments which are in line with the regulation."The company reported a 33.6 percent jump in its first-half net profit due to strong performances at key businesses including Fosun Pharma, Club Med and Yuyuan.Reporting by Julie Zhu; Writing by Elzio Barreto; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fosun-intl-results-idINKCN1BB0AD'|'2017-08-31T01:32:00.000+03:00'
'cd98164e7a1976b1e07c1e26c6acaf5908b88e2e'|'Russia''s Sistema plans no sale of MTS stake after row with Rosneft -Ifax'|'MOSCOW, Aug 30 (Reuters) - Russian business conglomerate Sistema said on Wednesday it has no plans to sell shares in mobile operator MTS, the Interfax news agency reported.Sistema is considering various options of raising funds, including borrowing from banks, Interfax Quote: d Mikhail Shamolin, the company''s chief executive officer, as saying.Sistema''s statement was made after a court ruled last week that Sistema should pay Russian state oil producer Rosneft 136.3 billion roubles ($2.3 billion) to settle a claim that oil producer Bashneft, controlled by Rosneft, was stripped of assets when Sistema was the owner.Earlier on Wednesday, Sistema said it had asked the court to partially lift a freeze on its assets after it was ordered to pay less in damages to Rosneft than it had sought. (Reporting by Denis Pinchuk; Writing by Dmitry Solovyov; Editing by Maria Kiselyova) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-tema-idINR4N1L101Z'|'2017-08-30T13:15:00.000+03:00'
'337d07b771d58b9003edb9bde7ac12fe8f13e155'|'Will corporate tax cuts help the middle class? 30,'|'Why tax reform is so hard President Trump is embarking on his first concerted sales pitch for tax reform during a speech in Missouri on Wednesday. Here''s a backgrounder on a key argument the administration has been making to sell the benefits of tax reform for average Americans. The pitch: Corporate tax cuts will be great for the middle class. The theory: If Congress cuts corporate tax rates and reforms business taxes, that will boost investment in the United States -- and that, in turn, will create jobs and boost wages. The reality: It''s a definite maybe. But even if benefits occur for the middle class, they may not be as great or as immediate as promised. The economic debate: Economists and tax policy experts seem to agree that workers bear some of the burden of corporate taxes. The idea is this: the more tax companies pay, the fewer jobs they create and the lower their wages. The question is how much of the tax burden is borne by workers. It''s a matter of debate. Treasury Secretary Steven Mnuchin''s frequent assertions that workers bear 70% to 80% of the corporate tax burden are at the high end of estimates. The Joint Committee on Taxation, the nonpartisan congressional brain trust behind tax policy, estimates that workers bear only 25%. And the Treasury Department''s own Office of Tax Analysis in 2015, under President Obama, put the number even lower, at just 19%. Other factors: Time and magnitude may affect whether a corporate tax cut helps workers. Any benefits could take years to be fully realized. The JCT measures the effects over a decade. Of course, a lot of other things can happen in the economy or in an industry in the intervening years that undercut those potential benefits. And the benefits may never be realized if lawmakers simply pass a temporary tax cut for a few years, since temporary tax cuts are not considered good for sustained growth. How low the new rate would be is also a factor. If it''s not significantly lower relative to other countries, it''s unlikely to be very competitive, muting its potential to boost investment and the U.S. economy. Related: How tax reform could change your 401(k) tax break Arguments why a corporate tax cut won''t help -- and may even hurt -- the middle class: U.S. corporate profits today are very high and corporations are already sitting on nearly $2 trillion in cash here and abroad. Yet wages and job creation haven''t gone up much. The counterargument to the administration''s push is, what''s to say a big tax cut now would make a difference -- especially if a lot of the money from those tax cuts gets distributed to shareholders in the early years? What''s more, since it will be politically difficult to agree on ways to offset the costs of tax cuts, there''s a fair chance they will be financed through government borrowing. That is to say, they''ll increase deficits. If that happens, Democrats say, conservatives are likely to use that increased debt as a reason to call for even deeper spending cuts to programs critical to low- and middle-income families.   1:51 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/08/30/news/economy/corporate-tax-cuts-middle-class/index.html'|'2017-08-30T21:53:00.000+03:00'
'507fc83aef5a7724028f2f69951d9a01a95235d0'|'Q&A-Twists and turns in Toshiba''s chip business sale'|'TOKYO, Aug 31 (Reuters) - Toshiba Corp is unlikely to seal a long-awaited $17.3 billion deal to sell its memory chip unit by its self-imposed deadline of Aug 31, as a last-minute offer on Wednesday left executives comparing rival offers with hours to go.The following are key questions and answers on the protracted sale, why the delays matter and what comes next.Q. What''s going on with Toshiba''s memory chip sale? A. A consortium including Western Digital, U.S. private equity firm KKR & Co, the state-backed Innovation Network of Japan and Development Bank of Japan is offering around 1.9 trillion yen ($17.3 billion) for Toshiba''s chip business, according to people familiar with the talks.The two sides are in final-stage discussions and had aimed to announce a deal on Thursday, when Toshiba''s board meets. But they have yet to reach a deal.Earlier talks with another bidding group, including private equity firm Bain Capital and South Korean chip maker SK Hynix , broke down after Western Digital, which has investment in Toshiba''s main chip plant, went to court to defend its right to consent to any sale.Sources with knowledge of the matter said late on Wednesday that Bain had revised its offer to 2 trillion yen, including an investment from tech giant Apple. Q. Why does Toshiba need to sell the chips unit, and why did it want a deal this week? A. Toshiba has been trying to sell the unit for months, in an attempt to pay down debt and cover the impact of over $6 billion in liabilities linked to U.S. nuclear arm Westinghouse.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.That would be a dramatic blow to already bruised shareholders and make it tougher for Toshiba to raise money.Given regulatory approvals could take months, the company had been hoping to reach a deal by end-August to ensure it can close the sale in time. Q. What is the Western Digital group offering? A. The consortium is offering around 1.9 trillion yen, with the U.S. firm offering 150 billion yen through convertible bonds, according to sources.KKR and the two Japanese funds will offer 300 billion yen each, or 900 billion in total, the sources said.Toshiba''s lenders including Sumitomo Mitsui Banking Corp and Mizuho Bank would also extend a total of around 700 billion yen in loans, while other Japanese companies will also invest around 50 billion yen to ensure domestic firms hold a combined 60 percent stake, the sources said.Toshiba is also expected to keep a 100 billion yen stake in the business, they said. Q. What is the rival bid? A. The Bain-led consortium has made a revised offer worth around $18 billion, bringing in Apple to help bolster the bid.Bain and South Korean chipmaker SK Hynix Inc will be responsible for 1.1 trillion yen, while Apple will provide up to 400 billion yen and Japanese banks will give around 600 billion yen in support, one of the sources said.The proposal also calls for Toshiba to be part of the deal, investing 200 billion yen, the source said.Bain will invite the state-backed investors - the Innovation Network of Japan (INCJ) and the Development Bank of Japan (DBJ) - to invest in the business only after any arbitration with Western Digital is settled, the source said.Q. Are there any antitrust concerns? A. Western Digital is seeking to allay regulators'' concerns by contributing funds through convertible bonds, avoiding taking an equity stake upfront.In the rival bid, peer SK Hynix will also participate through financing.But some analysts warn this does not mean regulators will give it an easy pass. Q. Why all the fuss to avoid a delisting? A. A delisting would complicate Toshiba''s ability to raise money from markets or banks. Toshiba is already barred from issuing equity as a result of the 2015 scandal.It would be the first major delisting in Japan for over a decade; even camera maker Olympus averted one in 2012, following a scandal around hidden losses. ($1=110 yen) (Reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Neil Fullick) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/toshiba-accounting-idUSL4N1LF2ZT'|'2017-08-31T03:18:00.000+03:00'
'9145fffb396e33693f531856db6a035bfbda206f'|'Dow Chemical plans to boost stake in Sadara JV to 50 pct'|'Sadara Chemical Co facility is seen in Jubail, Saudi Arabia April 30, 2015. Picture taken April 30, 2015. Saudi Aramco/Handout via REUTERS (Reuters) - U.S. company Dow Chemical ( DOW.N ) plans to buy an additional 15 percent stake in its $20 billion joint venture with Saudi Aramco IPO-ARMO.SE, the companies said on Monday.Dow, which owns a 35 percent stake in Sadara Chemical, said it had signed a non-binding agreement with Aramco to boost that interest to 50 percent.The deal is expected to follow the spin-off of Materials Science Co within 18 months and a creditors'' reliability test, which is part of the limited-recourse financing used to fund the construction of the complex.Once the transaction is complete, the Sadara Chemical IPO-SACH.SE joint venture will be 50:50 owned by the two partners.In May, Sadara''s chief executive said Aramco planned to cut its stake in Sadara via an initial public offering.A statement gave no update on the listing of Sadara, which is due to take place on the Saudi stock market. It did not disclose any financial terms.Sadara said this month it had commissioned the last plant at its petrochemicals complex in Jubail, in eastern Saudi Arabia.The Sadara complex has 26 integrated facilities and the capacity to produce more than 3 million tonnes of products per year.Many products are being made in the kingdom for the first time, including isocyanates, as the world''s top oil-exporting country moves downstream.Sadara will transform the kingdom "from a consumer and importer to a global exporter," Saudi Energy Minister Khalid al-Falih has said.Reporting by Ahmed Farhatha and Reem Shamseddine; Editing by Sai Sachin Ravikumar and Dale Hudson '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-sadara-dow-saudi-aramco-idUSKCN1B81D1'|'2017-08-28T16:24:00.000+03:00'
'e0639b4c322ab1297dd165fff99b79bc633405d9'|'UPDATE 1-Texas flood damage from Harvey may match Katrina-insurance group'|'(Adds comments from industry executives)WASHINGTON, Aug 27 (Reuters) - Flood damage in Texas from Hurricane Harvey may equal that from 2005''s Hurricane Katrina, the costliest natural disaster in U.S. history, said an insurance research group on Sunday.As heavy rain pounded Houston and Texas''s coastal counties, the Insurance Information Institute said it was still too soon to make precise estimates of the damage to homes and businesses."It could be a flood loss like Katrina because of the amount of water that''s coming in ... not as much wind as it will be water," said institute spokeswoman Loretta Worters.Hurricane Katrina resulted in more than $15 billion in flood insurance losses in Louisiana and Mississippi that were paid by the National Flood Insurance Program (NFIP), a federal program that is the only source of flood insurance for most Americans.But Andrew Siffert, the resident Meteorologist at insurance broker BMS Group said it was easy to understand that Harvey will easily reach well over $10 billion in economic loss, and estimated the insured loss at over $5 billion. That figure did not include money that would be paid by NIFP, he added.The NFIP is already deeply in debt and likely will have to be bailed out again by U.S. taxpayers, as it was after Katrina, to cover the bill for flood damage claims from Harvey.Having dumped more than two feet (60 cm) of water on Houston already, Harvey, which hit the Texas coast as a Category 4 hurricane but is now a tropical storm, was expected to hover over Southeast Texas for several days and drop more than two more feet of water.When hurricanes hit, many U.S. homeowners suffer because they have no property insurance. Others who do have it often discover they are not covered for flooding. Wind damage from hurricanes is covered by property insurers; flood damage is not."Wind related losses will likely be in excess of $2 billion in insured loss," Siffert said.For flood damage, property owners must turn to the NFIP, which backs flood policies sold and serviced by private insurers, including Allstate, Assurant and others.John Dickson, president of NFS Edge Insurance Agency told Reuters, "As of a few hours ago, our business and National Flood Services, the parent company for NFSS has seen over 2,000 claims on NFIP, the federal program."The NFIP is managed by the U.S. Federal Emergency Management Agency. Policies are sold to property owners by dozens of private insurers, with premiums going to FEMA.A national poll by the Insurance Information Institute in 2016 showed only 12 percent of people in flood-prone coastal areas had flood insurance, down from 14 percent in 2015.Dickson estimated as much as 15 percent of the Houston area was insured for flood.The NFIP was created in 1968 after private insurers stopped selling flood coverage. Critics have said the program provides a misguided tax subsidy to coastal and river valley property owners, encouraging development in flood-prone, often environmentally sensitive areas such as wetlands.Congressional reform efforts, supported by a coalition of environmental activists and free-market advocates, have largely been thwarted by waterfront real estate interests.The NFIP owes $24.6 billion to the U.S. Treasury. Many lawmakers are skeptical that debt will ever be repaid. (Reporting by Kevin Drawbaugh; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-insurance-idINL2N1LE029'|'2017-08-28T00:34:00.000+03:00'
'3b126830da4e33442d8f164cde08363495fb4df1'|'COLUMN-Harvey may succeed where OPEC has struggled by boosting oil prices: Russell'|'(The opinions expressed here are those of the author, a columnist for Reuters.)* Graphic of storm Harvey''s path: tmsnrt.rs/2gg5KaMBy Clyde RussellLAUNCESTON, Australia, Aug 28 (Reuters) - Hurricane Harvey may achieve in global crude oil markets in a few days what OPEC and its allies have struggled to achieve in months - a tightening of supplies and a rise in prices.Harvey, which has been downgraded to a tropical storm, hit the coast of Texas on Friday as the most powerful hurricane to hit the U.S. state in more than 50 years, causing widespread damage and flooding.The region where the storm struck is home to some 2.2 million barrels per day (bpd) of refining capacity as well as being a major shipment point for both imports and exports of crude oil and fuel products.The refining capacity that has been idled because of the storm is about 11.2 percent of the U.S. total, and the immediate impact is being felt in gasoline prices.Benchmark U.S. gasoline futures jumped as much as 6.8 percent in early trade on Monday in Asia to touch $1.7799 a gallon.Brent crude, the global oil benchmark, rose as much as 0.8 percent in early Asian trade, reaching as high as $52.84 a barrel.So far, this would imply the crude market is fairly relaxed about the impact of Harvey, but it''s possible the effect of the storm will travel far beyond U.S. gasoline prices, given the United States'' status as an emerging power in crude and refined product exports.It has been U.S. shale oil output that has largely frustrated efforts by the Organization of the Petroleum Exporting Countries (OPEC) and their allies to drive crude prices higher this year by restricting their own production.While much of the offshore crude production in the Gulf of Mexico was shut in ahead of Harvey''s passage, the yet to be quantified damage from the storm may lie with the onshore, shale oil output that was in the storm''s path.The Eagle Ford shale basin lies in the path of the storm and producers in the region have idled production.Among those oil companies that have halted operations in the Eagle Ford are ConocoPhillips, which produced 161,000 bpd of oil equivalent at the end of 2016 in the region, BHP Billiton with 99,000 bpd and Murphy Oil with 46,000 bpd, according to a report from S&P Global Platts.The risk is that this onshore production takes longer to return than the market may expect, given the apparent widespread damage to infrastructure from flooding in the region and the length of time it may take floodwaters to recede.If this is the case, customers for U.S. crude and product exports may well find themselves scrambling to line up replacement cargoes.GLOBAL IMPACT The fallout from Harvey won''t just be limited to the United States and close neighbours.China imported about 130,000 bpd from the United States in the first seven months of the year, including some 174,000 bpd in July, making it the 15th biggest supplier to the world''s top crude buyer, according to customs data.The United States has been exporting around 1 million bpd of crude in recent months, and while not all of this will be affected by Harvey, as much as three-quarters of this is shipped from the U.S. Gulf Coast region.It''s not only U.S. exports of crude that will be affected, the region is also a hub for imports.This means that trade flows will be disrupted, with some cargoes likely to be diverted.Overall, this makes it more likely that prices will rise in the short term as suppliers of crude to the U.S. Gulf Coast seek new buyers, and buyers of U.S. crude seek new supplies.It''s also likely that the spread between various crude grades will be affected, as the U.S. mainly exports light crude but imports heavier grades.A loss of U.S. exports of light crude may stoke demand for similar grades from suppliers such as Angola and Nigeria, while shippers of heavier crudes may have to offer discounts if cargoes headed for the United States have to be diverted.While Harvey may have a short-term impact on global crude and product markets, the question is how quickly U.S. production and exports return to normal.Even assuming it takes no more than a few weeks, Harvey''s impact may be somewhat longer lasting.In effect the storm has given OPEC and its allies, such as Russia, some breathing space.It does appear that Saudi Arabia, OPEC''s leading producer, is shipping less crude as it works to translate production cuts into lower exports.If other producers can follow suit in the next couple of months, it''s possible that any tightness caused by the impact of the hurricane can simply be extended, leading to a sustained price rally.Editing by Richard Pullin '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/column-russell-storm-harvey-crude-idUSL4N1LE18L'|'2017-08-28T05:01:00.000+03:00'
'c69a4f02979d8430e4e9f4c7191ded8aa627449b'|'Murdoch pulls Fox News from Sky platform as UK mulls takeover deal'|'August 29, 2017 / 4:00 PM / 7 minutes ago Murdoch pulls Fox News from Sky platform as UK mulls takeover deal Reuters Staff 2 Min Read FILE PHOTO: Rupert Murdoch, News Corp. and 21st Century Fox CEO, speaks during the annual Lowy Lecture at the Sydney Town Hall October 31, 2013. David Gray/File photo LONDON (Reuters) - Rupert Murdoch has pulled his Fox News channel from the Sky platform in Britain, where the government is assessing a bid by the media mogul to buy the broader Sky ( SKYB.L ) pay-TV company for $15 billion. In a statement, Murdoch''s Twenty-First Century Fox ( FOXA.O ) said it had decided it was no longer in its commercial interest to provide Fox News in Britain, where only a few thousand viewers watch it. Critics of Murdoch and his company regularly cite the right-wing Fox News channel as a reason why Murdoch should not be allowed to buy the 61 percent of Sky it does not already own. Fox agreed to buy full control of the European pay-TV group Sky in December, but the British government is still deciding whether to refer the deal for a full investigation which could add months to the approval process. The government has not found any problems with regard to Twenty-First Century Fox''s commitment to broadcasting standards, but it is examining whether the deal would give the company too much influence over the news agenda in the country. "Fox News is focussed on the U.S. market and designed for a U.S. audience and, accordingly, it averages only a few thousand viewers across the day in the UK", the company said. "We have concluded that it is not in our commercial interest to continue providing Fox News in the UK." The Fox News channel was no longer available on the Sky platform from 1600 local time on Tuesday. Reporting by Kate Holton; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-sky-m-a-fox-idUKKCN1B91YH'|'2017-08-29T19:03:00.000+03:00'
'b0d588855484beae6751efbf07a8272cedd82ade'|'ACS sounds out Chinese funds to partner on potential Abertis bid: report'|'The logo Spanish infrastructure company Abertis is seen outside his main office in Madrid, Spain, June 1, 2016. Sergio Perez MADRID (Reuters) - Spanish builder ACS ( ACS.MC ) is sounding out Chinese funds with headquarters in Hong Kong to partner on a potential counter-bid for toll road company Abertis ( ABE.MC ), Expansion newspaper reported on Tuesday citing investment fund sources.ACS declined to comment on the report on Tuesday.ACS confirmed in July it was considering making an offer for Spain''s Abertis after Italian infrastructure group Atlantia (ATL.MI), controlled by the Benetton family, bid more than 16 billion euros ($18.6 billion) in May.Atlantia had offered 16.50 euros per share, looking to create the world’s biggest toll road company.Reporting By Sonya Dowsett. Editing by Jane Merriman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-abertis-acs-funds-idINKCN1B90NN'|'2017-08-29T05:28:00.000+03:00'
'16c1790a2cd5181a59120d0d24f08c91943eb1f1'|'Uber officially welcomes Expedia''s Dara Khosrowshahi as CEO'|'August 30, 2017 / 6:20 AM / 6 hours ago Uber officially welcomes Expedia''s Dara Khosrowshahi as CEO Heather Somerville 3 Min Read Dara Khosrowshahi poses for a portrait during the 2010 Reuters Travel and Leisure Summit in New York, U.S. on February 22, 2010. Lucas Jackson/Files SAN FRANCISCO (Reuters) - Uber Technologies Inc officially welcomed its new Chief Executive Dara Khosrowshahi, who has led online travel business Expedia Inc for 12 years, in a note sent to employees of the world''s biggest ride-services company late on Tuesday. The board had already selected Khosrowshahi as Uber''s next CEO in a vote on Sunday, two sources told Reuters. But the firm and its board had not spoken publicly on the decision until Tuesday evening Pacific Time, as contract negotiations were ongoing. Khosrowshahi''s appointment comes at a time when Uber is trying to recover from a series of crises that culminated in the ouster of its former CEO Travis Kalanick in June. It is also a key step toward filling a gaping hole in its top management which at the moment has no chief financial officer, head of engineering or general counsel. "The board and the executive leadership team are confident that Dara is the best person to lead Uber into the future," Uber''s eight-member board wrote in an email to employees that was also made public. Khosrowshahi emailed Expedia staff that he had accepted the job of Uber CEO, albeit "with truly mixed feelings." "This has been one of the toughest decisions of my life," he said in his email. Over his tenure, Khosrowshahi built Expedia into the largest online travel agency by bookings and its stock price grew more than six-fold since he became CEO in 2005. The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. Tyrone Siu/Files "I have to tell you that I''m scared," he wrote in the note, which was shared with Reuters. "I''ve been here at Expedia for so long that I''ve forgotten what life is outside of this place." He will join San Francisco-based Uber''s all-hands staff meeting Wednesday to take questions from employees, board members said in their email. He will also over the next few weeks meet with employees around the world and with drivers. Khosrowshahi, 48, is an Iranian immigrant who came to the United States with his parents in 1978 during the Iranian Revolution. He is described by those who know him as a friendly and steady hand, savvy businessman and calming influence in situations of chaos. And chaos certainly awaits him at Uber. He inherits at Uber a high-stakes lawsuit filed by Alphabet Inc''s Waymo that threatens Uber''s self-driving car business, a board divided by one investor''s lawsuit against Kalanick, and an organization struggling to overcome allegations of sexual harassment and executive misconduct. On Tuesday, Uber said it was cooperating with a preliminary investigation led by the U.S. Department of Justice into possible violations of bribery laws. Kalanick, who remains on the Uber board and was involved in hiring Khosrowshahi, welcomed his replacement. "Casting a vote for the next chief executive of Uber was a big moment for me and I couldn''t be happier to pass the torch to such an inspiring leader," Kalanick said in a statement. Reporting by Heather Somerville in San Francisco, additional reporting by Jeffrey Dastin; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/uber-ceo-khosrowshahi-idINKCN1BA0JB'|'2017-08-30T09:16:00.000+03:00'
'88b464162fb7b6b4f1269e7d8c5e96cb9ca4f285'|'Amazon''s Alexa to chat up Microsoft''s Cortana'|'August 30, 2017 / 1:58 PM / 2 hours ago Alexa allies with Cortana to take on Google Assistant, Siri Supantha Mukherjee and Munsif Vengattil 3 Min Read (Reuters) - Amazon.com Inc ( AMZN.O ) and Microsoft Corp ( MSFT.O ) have joined forces to let their voice-controlled virtual assistants talk to each other, offering users the ability to seamlessly tap into work, their homes and shop online. The partnership is the first time two technology companies open up their artificial intelligence-powered virtual aides to each other, and will be aimed at outsmarting rivals Google Assistant and Apple''s Siri. The move in itself is rare as most virtual assistants are known to use data from their own ecosystems and not talk to one another. Users of Amazon''s Alexa will be able to ask Microsoft''s Cortana to do a range of activities — from booking a meeting to reading work email. And Cortana users will be able to call on Alexa to play music or turn on house lights. Not to be left behind, Alphabet Inc ( GOOGL.O ) said on Wednesday Google Assistant will soon be available on third-party speakers and other home appliances. ( bit.ly/2vERgEc ) "Starting later this year, with manufacturers like LG, you''ll be able to control your appliances, including washers, dryers, vacuums and more from your Assistant on your smart speaker, Android phone or iPhone," Google said. The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. Carlos Jasso/Illustration Several technology companies are trying to grab a share in smart homes, which allow consumers to control various connected appliances such as refrigerators and lights from a central hub or a smartphone. "In the long run it would seem that Amazon has more to gain from this deal, as Cortana remains trapped within the PC...while Amazon has won a powerful ally in its battle against Google," Atlantic Equities analyst James Cordwell said. While Amazon introduced voice-controlled Alexa with its Echo speakers in 2014, Google launched Assistant on its Google Home speakers last year. Apple Inc ( AAPL.O ) in June introduced HomePod, powered by Siri. Amazon Echo devices will claim a 70.6 percent share of the U.S. market this year compared with a 23.8 percent share for Google Home, research firm eMarketer said in May. ( reut.rs/2x5gUp6 ) Users will be able to turn to their Echo device later this year and say, "Alexa, open Cortana," or turn to their Windows 10 device and say, "Cortana, open Alexa," the companies said. "It is surprising to me that these competitors have collaborated, that speaks to the quality of their respective CEOs," Wedbush Securities analyst Michael Pachter said. "They understand that they will benefit more by working together than trying to destroy one another." Reporting by Supantha Mukherjee and Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-amazon-com-microsoft-partnership-idUSKCN1BA1RX'|'2017-08-30T16:51:00.000+03:00'
'64fe5a84602d04ff8f40d837084dfb488276e566'|'Toshiba misses own deadline for chip unit sale, increasing future risks'|'TOKYO (Reuters) - Toshiba Corp ( 6502.T ) failed to seal a deal to sell its prized chip business by an internal deadline of Thursday, raising doubts about whether it can plug a balance sheet hole in time to avoid a delisting and keep the unit competitive.The embattled Japanese conglomerate said in a statement it has tried but so far not come to an agreement and it was continuing to talk with three suitors - a consortium led by Western Digital ( WDC.O ) as well as groups led by Bain Capital and by Taiwan''s Foxconn ( 2317.TW ).The sale of the world''s No. 2 maker of NAND chips - worth $17 billion to $18 billion - has become a contentious battle marked by a slew of revised bids, changing alliances among bidding groups and the threat of legal action from joint venture partner Western Digital.Despite frayed relations between Western Digital and Toshiba, one source familiar the matter said early this week that their discussions were in final stages, with Steve Milligan, the chief executive of the U.S. firm, in town to hammer out details.But the two sides are struggling to come to an agreement over the U.S. company''s future stake in the business, several sources have said.Toshiba was working under creditor pressure to strike a deal by the end of the month, sources with direct knowledge have said, as any later would make it difficult to gain regulatory approvals before its books closed in March.But in a sign that an agreement might not be too far off, Toshiba Chief Executive Satoshi Tsunakawa told the firm''s creditor banks on Wednesday: "Please give me an extra week or so," according to separate sources familiar with the sale process.The sources, who declined to be identified as they were not authorised to speak on the matter, said Tsunakawa did not say which bidding group was favoured but repeated his determination to get a deal done and dusted by March.Without the money to cover billions in liabilities at it bankrupt nuclear unit Westinghouse, Toshiba would likely have to book negative net worth for a second year running, which could result in it being delisted.FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo Just as importantly, delays are set to only make rival Samsung Electronics'' ( 005930.KS ) upper hand in NAND chips stronger, allowing it to capitalise on a boom in demand for semiconductors and extend its lead in advanced 3D chips."Toshiba must build a factory in order to satisfy demand for 3D NAND, but right now Toshiba doesn''t have the money," said Lee Kyu-jin, senior analyst at Ebest Investment & Securities."Meanwhile, Samsung is showing drive in the 3D NAND market, including building a factory dedicated to 3D NAND in order to dominate demand."BAIN BRINGS IN APPLE Efforts to strike a deal have been complicated by Bain''s last minute resubmission of a 2 trillion yen ($18.1 billion) offer, bringing in Apple Inc ( AAPL.O ) to help bolster its bid, sources said late on Wednesday.The bid trumps the 1.9 trillion yen offered by the Western Digital-led consortium, which also includes U.S. private equity firm KKR & Co LP ( KKR.N ). Banking sources have previously said, however, that Western Digital was working to get its proposal up to 2 trillion yen.A senior banking official familiar with the talks said Toshiba was still likely to sign a deal with the Western Digital group, as legal risks posed by the U.S. firm, which argues no deal can be done without its consent, make it difficult to accept any other offer.Foxconn, the world''s largest contract electronics maker formally known as Hon Hai Precision Industry ( 2317.TW ), is seen as an unlikely winner in the race due to its deep ties with China and the Japanese government''s desire to keep key semiconductor technology owned by Japanese-U.S. capital.There is also some doubt about Toshiba''s resolve to sell the unit as some executives at the chip unit would prefer no deal if it is going to be bought by Western Digital and have threatened to quit if the U.S. firm wins out, sources have said.Separate sources familiar with Toshiba''s thinking have also said the Japanese conglomerate may consider tapping financial investors to boost capital so that it could avoid a delisting in the event that it decides not to sell the chip unit.Reporting by Makiko Yamazaki; Taiga Uranaka, Taro Fuse and Kentaro Hamada in Tokyo, Joyce Lee and Heekyong Yang in Seoul; Editing by Clara Ferreira-Marques and Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-idINKCN1BB00U'|'2017-08-30T22:22:00.000+03:00'
'619459585e2ed0e4ee209a047de62655f51b7cd5'|'New Energy Investment to sell 1.8 pct stake in Dong Energy'|'COPENHAGEN, Aug 30 (Reuters) - New Energy Investment, indirectly owned by investment bank Goldman Sachs, is selling a 1.78 percent stake in Danish utility and offshore wind farm developer Dong Energy.Goldman Sachs said on Wednesday it had launched the sale of the 7.5 million shares to institutional investors in a so-called accelerated bookbuild offering.Goldman Sachs, Nordea and Danske Bank are acting as joint global bookrunners for the offering.State-controlled Dong Energy became one of the biggest IPOs of last year when a group of investors including the Danish state, Goldman Sachs and Danish pension funds sold shares on the Copenhagen stock exchange. (Reporting by Jacob Gronholt-Pedersen; Editing by Mark Potter) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/dongenergy-equity-idINL8N1LG5ET'|'2017-08-30T14:02:00.000+03:00'
'e6996afbb55c27d50d2cd8f6ae2def73033a122a'|'Tour insurers say Kanye West not cooperating with $10 million claim'|'August 30, 2017 / 10:21 PM / 2 hours ago Tour insurers say Kanye West not cooperating with $10 million claim Reuters Staff 3 Min Read FILE PHOTO: Kanye West accepts the Video Vanguard Award at the 2015 MTV Video Music Awards in Los Angeles, California, August 30, 2015. Mario Anzuoni/File Photo LOS ANGELES (Reuters) - Syndicates of Lloyd''s of London insurance market filed a countersuit to Kanye West''s claim that he was owed $10 million (£7.7 billion) after cancelling his tour last year, saying it found "substantial irregularities" in the rapper''s medical history. The counterclaim was filed in federal court in Los Angeles on Tuesday, saying West''s Very Good Touring Inc had failed to cooperate in the insurance company''s investigation into the claim for cancelled concerts, according to the court documents. Without going into details, Lloyd''s also noted that its policies exclude any losses caused directly or indirectly by the possession or use of illegal drugs, the impact of prescription drugs not used as prescribed, or the use of alcohol. The court documents said in order to protect West "from public disclosure of details of his private life," Lloyd''s would not include specific information it had obtained in relation to the claim. Lloyd''s did say the underwriters'' investigation found "substantial irregularities in Mr. West''s medical history." West, 40, sued Lloyd’s, an insurance market housing more than 80 syndicates in London, for nearly $10 million in insurance payouts after he abruptly cancelled his Saint Pablo tour in November 2016 with more than 20 shows left. The musician''s lawsuit, filed in early August, said he was hospitalized with a “serious, debilitating medical condition,” following a week of no-shows, curtailed concerts and on-stage political rants. West''s lawsuit said Lloyd’s had suggested "they may deny coverage of the claim on the unsupportable contention that use of marijuana by Kanye caused the medical condition." In its countersuit, Lloyd''s said West''s company and other representatives "have delayed, hindered, stalled and or refused to provide information both relevant and necessary for Underwriters to complete their investigation of the claim." "Underwriters are informed and believe, and thereon these same persons have wilfully concealed and or misrepresented relevant facts in an effort to thwart Underwriters'' investigation," the counterclaim added. West''s lawyer, Howard E. King, said in a statement on Wednesday that Lloyd''s did not "want to honour a legitimate claim but can''t find a factual basis to deny a claim." Lloyd''s is seeking a jury trial. Representatives did not immediately return requests for comment. Reporting by Piya Sinha-Roy; Editing by Chris Reese'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-people-kanyewest-idUKKCN1BA2YQ'|'2017-08-31T01:20:00.000+03:00'
'512db8b729098217a990a51cade9c9115ffbce2a'|'Wells Fargo finds more unauthorized accounts, online billpay problems'|'Reuters TV United States August 31, 2017 / 1:08 PM / 5 minutes ago Wells Fargo finds more unauthorized accounts, online bill pay problems Dan Freed 3 Min Read FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. Mike Blake/File Photo (Reuters) - Wells Fargo & Co hiked the tally of accounts that were potentially opened without customers’ knowledge by 1.4 million on Thursday after an expanded review of improper sales practices. The announcement is the latest in a drip feed of bad news about Wells Fargo, nearly a year after a sales scandal badly damaged the bank''s reputation. Wells will return $2.8 million to customers who appear to have had consumer and small business accounts opened without permission. It also uncovered about 528,000 potentially unauthorized online bill pay enrollments, a newly disclosed problem, and will return $910,000 to customers who were affected. The scandal over phony accounts first erupted last September, when Wells Fargo reached a $190 million settlement with regulators over the matter. That led to the departure of a chief executive, a divisive shareholder meeting and disclosures of other sales practice problems ranging from unwanted auto insurance to improper mortgage fees. The problems reported on Thursday came after a third party hired by Wells Fargo examined accounts stemming back to 2009, a broader timeframe than a review conducted last year. The bank previously disclosed the expanded review in a quarterly securities filing, but not its results. The bank also faces multiple regulatory probes and private lawsuits, and some Democratic lawmakers have called on Republican leaders to summon bank leaders to appear before Congress to answer for the auto insurance problems. A pending settlement for one private lawsuit led Wells to review accounts dating back to 2002, Chief Executive Tim Sloan said on a conference call with reporters. "With the expanded analysis now complete, we will focus on remediation and making things right for our customers," he said. The unauthorized online bill pay fees were small, Sloan said, often $1. They resulted from branch employees setting up accounts in order to achieve product sales goals that have since been eliminated. The bank has refunded these amounts. Wells Fargo shares fell slightly in morning trading, shedding 0.4 percent to $51.16. The additional refunds amount to a tiny fraction of the bank''s quarterly earnings, but investors who spoke to Reuters in recent weeks said they were less worried about the hard costs than a degradation of the bank''s once-pristine brand. They also expressed concern about Wells becoming an easy political target, going into the midterm elections. Warren Buffett, who runs Wells Fargo''s largest investor, Berkshire Hathaway Inc, said this week he still considers it a great bank despite selling some of his holdings. But he acknowledged the bank will likely find more problems now that it is shining a light in dark places. "There''s never just one cockroach in the kitchen," he said on CNBC. (Story corrects and reframes the first and third paragraphs to show the estimated number of accounts affected rather than the number of customers affected) Reporting by Dan Freed in New York;   David Henry and Olivia Oran; Editing by Lauren Tara LaCapra and Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-wells-fargo-accounts-idUKKCN1BB1QF'|'2017-08-31T19:06:00.000+03:00'
'11018ab671abe1b5801c7a033f9008fc8cdc106c'|'Aston Martin says Brexit non-tariff trade barriers the biggest worry'|'August 31, 2017 / 9:07 AM / an hour ago Aston Martin says Brexit non-tariff trade barriers the biggest worry Reuters Staff 3 Min Read Aston Martin CEO Andy Palmer peers down the lines of a display model of a AM-RB 001 ahead of the 2017 Canadian International Autoshow where the company and Red Bull Racing reveal the $3 million Aston Martin AM-RB 001 hypercar in Toronto, Ontario, Canada, February 15, 2017. Peter Power TOKYO (Reuters) - The head of luxury British carmaker Aston Martin said on Thursday that non-tariff barriers to trade, which could slow down the export of the firm''s top-end models, were his biggest concern about Brexit. Chief Executive Andy Palmer, who is accompanying Prime Minister Theresa May as part of a trade mission to Japan, said that whilst the firm could absorb any tariffs due to the high price of its cars and the fall in the pound, new bureaucratic delays caused by customs checks would be a disaster. "If I was to list my priorities from top to bottom I start with non-tariff barriers being the thing that I worry about the most," Palmer told reporters on the sidelines of a Japan-UK business forum in Tokyo. "What I can''t cope with is my cars being stuck at a French port for six months," he said. Palmer said he was "cautious rather than nervous" over the current lack of clarity over post-Brexit trading terms, as Britain and the EU hammer out complicated divorce terms and backed May''s stance of copying EU trade deals as a starting point. "It makes sense because you''re starting from something you know. You''ve suddenly removed one of those big uncertainties," he said. Since the Brexit referendum vote in June last year, Japan''s Nissan ( 7201.T ) and Toyota ( 7203.T ) have announced major investments in their British plants, although both were given reassurances that post-Brexit competitiveness would be maintained, according to sources familiar with the matter. Palmer said whilst the investments were positive, there were still several firms which had yet to commit to their British sites in the years ahead. "It''s the companies that are yet to make a decision that you need to worry about," he said. "I don''t want to speculate who they might be, but there are some." Peugeot-maker PSA ( PEUP.PA ), Volkswagen-owned Bentley ( VOWG_p.DE ) and Ford ( F.N ) are among the major carmakers which are due to make investment decisions about their British plants over the next two years. Reporting by William James in Tokyo; Writing by Costas Pitas in London; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-astonmartin-idUKKCN1BB0XZ'|'2017-08-31T12:06:00.000+03:00'
'e2d66ade537fed2c8ceac6f7149c72745d8e7fc2'|'Car makers, retailers rush to open, restock Houston after Harvey'|'A car dealership is covered by Hurricane Harvey floodwaters near Houston, Texas August 29, 2017. Rick Wilking DETROIT (Reuters) - Houston area car retailers and automakers are rushing to reopen dealerships and beef up inventory to replace many thousands of vehicles damaged in flooding from Hurricane Harvey.Pete DeLongchamps, vice president for manufacturer relations at Group 1 Automotive Inc, the third-largest U.S. auto dealer group, said the company prepared for the storm with a plan designed after Hurricane Katrina in 2005. This included moving moved inventory to higher ground and cleaning roof drains to avoid cave-ins.Group 1 thus lost a "relatively small percentage" of inventory and reopened its roughly 25 dealerships in the Houston and Beaumont area by Thursday."Things have been moving fast and furious with a large number of tow-ins already," DeLongchamps said. "Our customers have lost a lot of vehicles we need to help them replace."Harvey brought record flooding to Houston and killed at least 35 people. The storm is expected to briefly depress already slowing U.S. auto sales but could eventually help boost demand as damaged cars are replaced. Automakers report U.S. August sales on Friday.Estimates for the number of Harvey-damaged vehicles needing replacement range up to 500,000.By Thursday AutoNation Inc, the largest U.S. auto retail chain, had reopened its 17 Houston stores and is moving cars and trucks from other regions, company spokesman Marc Cannon said.The company plans to move 500 to 1,000 used cars to an AutoNation USA used car store and stage a sale Sept 21-23, when many would-be buyers should have insurance checks to replace destroyed vehicles, Cannon said.AutoNation is still assessing how many vehicles it lost, but it too moved vehicles to higher ground ahead of the storm.General Motors Co spokesman Jim Cain said the number of damaged vehicles at dealerships "is relatively modest.""But there are still several dealerships that are inaccessible, so the number will increase," he said. GM will move new and used vehicles to Houston, "but it won''t be done until the infrastructure and our dealers are ready."Ford Motor Co is still assessing damage and inventory needs, a spokeswoman said.CarMax Inc, the biggest U.S. used car dealer, will reopen its six Houston area stores on Labor Day, spokeswoman Claire Hunter said. "We are mobilizing additional inventory to the region as we speak," Hunter said.Paul Lips, chief operating officer at ADESA, a unit of KAR Auction Services Inc which with Manheim dominates the U.S. car auction industry, said Houston inventory is "dry and ready for sale.""Once roads are clear and employees can return safely to work, we will reopen business as usual," he said.Group 1''s DeLongchamps said the high inventory levels that have been a concern for the U.S. auto industry this year amid slackening sales are now a positive.As vehicles sell, the retailer plans to replenish inventory by drawing from surpluses at other dealers."We have one guy in our office here whose sole job is to match inventory to sales," in the Houston area, DeLongchamps said. "We call him the ''inventory czar.''"In afternoon trading, AutoNation shares were up 4.5 percent, Group 1 was up 3.4 percent, while CarMax had risen 2 percent and KAR was up nearly 1 percent. GM shares were up 2 percent and Ford was up 1.2 percent.Additional reporting by Joseph White; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-storm-harvey-autos-idUSKCN1BB2J8'|'2017-08-31T20:30:00.000+03:00'
'e88b68f3ed5569d2b815055cee05ff50b5b8027d'|'How the mortgage interest deduction could be cut in tax reform 31,'|'Why tax reform is so hard Much has been made of the fact that key Republicans working on tax reform have promised to preserve the popular mortgage interest deduction. But they never promised not to modify it. "We recognize ... you need to maintain the mortgage interest deduction. Whether it can be improved and how it works, that''s the ... discussion we''ll have on an ongoing basis," House Speaker Paul Ryan told CNBC recently. The "how it works" part is most likely the first order of business. Related: Will Republicans kill the estate tax? Tax writers are looking to replace some of the revenue they''d lose from the trillions in tax cuts they want to make. And the mortgage deduction is one of the most expensive tax breaks on the books, estimated to cost more than $80 billion a year in the next decade. "Everybody knows it''s politically fraught, but the primary motivator is the money," said Gordon Gray, a former Senate Budget Committee staffer who is now director of fiscal policy at the American Action Forum, a center-right think tank. Today, homeowners who itemize deductions on their tax return may deduct the interest they pay on mortgages worth up to $1 million combined for their primary residence and second home. They also may deduct the interest on up to $100,000 in home-equity loans, unless they''re subject to the Alternative Minimum Tax. Related: How tax reform could change your 401(k) tax break One change to the deduction that lawmakers are considering, according to various reports, is lowering the $1 million loan cap to $500,000, which former House Ways and Means Chairman Dave Camp proposed doing in 2014. Doing so could raise between roughly $100 billion and $300 billion over a decade, the Tax Foundation estimates, depending on whether the change is phased in and whether it only applies to new mortgages or existing ones as well. That money would largely come out of the pockets of higher-income taxpayers, since they disproportionately benefit from the mortgage break. Related: How tax reform could hit charitable giving Of course, any change to the mortgage tax break will raise concerns of disrupting the housing market, with the strongest coming from the powerful real estate lobby. "Proposals limiting tax incentives for homeownership would cause home values everywhere to plunge," the National Association of Realtors said in a talking points memo about tax reform. But those concerns aren''t just limited to a change in the mortgage deduction. Republicans have already proposed other measures that effectively would reduce the tax benefits of homeownership. They want to eliminate most itemized deductions , including the one that homeowners take for property taxes. They want to double the standard deduction, which would drastically reduce the number of people who itemize in the first place -- from about 30% of filers today to about 5% -- since the only reason to itemize is if your deductions exceed the standard deduction. And they want to reduce income tax rates, which would l ower the value of the mortgage tax break for those who do itemize. CNNMoney (New York)   31, 2017: 10:17 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/08/31/news/economy/mortgage-interest-deduction-tax-reform/index.html'|'2017-08-31T18:17:00.000+03:00'
'3c4012ab4a8ba41094332a7e425d35723081e9fd'|'UPDATE 1-BAT restructures as e-cigarettes go mainstream'|'(Adds details, background, company comments)By Justin George Varghese and Martinne GellerAug 31 (Reuters) - British American Tobacco said on Thursday it has reorganized its regional management structure following the acquisition of Reynolds American to bring its vaping and heated tobacco products into the main business."Now that we have built a successful NGP (next generation products) business which is poised for substantial growth, we will be fully integrating NGP to leverage the scale and expertise of the whole group to drive growth in an area that is fast becoming a key part of our mainstream business," BAT said in a statement.Kingsley Wheaton, the managing director of NGP will manage this integration process, the company said.BATS has been looking to double the number of countries where it sells vaping products this year and again in 2018, as it chases rivals Philip Morris International to grab a share of a growing market.BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking.Philip Morris is ahead of BAT in the market for tobacco-based vaping devices, which some analysts think will be more popular than traditional e-cigarettes with regular smokers.Last month BAT completed the acquisition of Reynolds American in a deal valued at over $49 billion which it said would help boost its position in the small but growing market for vaping and electronic cigarettes.BAT said earlier this year it had the biggest vaping business in the world outside of the United States and intended to take Reynold''s own NGP portfolio, led by vaping brand Vuse, into its international markets.Also last month the U.S. Food and Drug Administration (FDA) proposed cutting nicotine in cigarettes to "non-addictive" levels in a major regulatory shift designed to move smokers toward potentially less harmful e-cigarettes.BAT, which in January quit plans to market a nicotine inhaler called Voke, plans to double the number of markets where it offers cigarette alternatives this year, and again next year.Under the management reorganisation announced on Thursday BAT said it has appointed Jack Bowles, hitherto director for the Asia-Pacific region, to the newly created role of chief operating officer for the international business, excluding the United States.The company said it also intended to "simplify" the regional management structure to add three regions, Americas and Sub-Saharan Africa, Europe and North Africa, Asia-Pacific and Middle East.Ricardo Oberlander has been appointed regional director for the Americas and Sub-Saharan Africa and Tadeu Marroco has been made head of Europe and North Africa, while Johan Vandermeulen becomes the director for the new Asia-Pacific and Middle East region. (Reporting By Justin George Varghese in Bengaluru and Martinne Geller in London; Editing by Greg Mahlich) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brit-am-tobacco-moves-idINL8N1LH1HQ'|'2017-08-31T05:56:00.000+03:00'
'a5195d3142d2f2c5c0cba773024bbb08fcc27f1d'|'UPDATE 1-BBVA in talks to sell Chilean bank to Scotiabank'|'FILE PHOTO: A woman with an umbrella walks past a BBVA bank branch in central Madrid, Spain, April 4, 2016. Andrea Comas/File Photo MADRID/TORONTO (Reuters) - BBVA ( BBVA.MC ) said on Thursday it was looking at the possible sale of its retail bank in Chile after Canada''s Bank of Nova Scotia ( BNS.TO ) expressed an interest in buying up to 100 percent.On Wednesday, BBVA Chile BHI.SN had a market value of 1.2 billion euros ($1.4 billion).Spain''s second-biggest lender said it could not say if the negotiations would lead to an agreement or what the terms of an eventual agreement would be.A spokesman at BBVA said the Spanish bank was not considering exiting Chile altogether, where it also has a consumer finance unit.Bank of Nova Scotia, or Scotiabank, confirmed in a statement on Thursday that it is in "non-binding, exploratory discussions" with BBVA Spain to acquire BBVA Chile."At this time, no formal agreement is in place and there can be no assurance that this process will result in a final agreement," it said.Scotiabank, which has the biggest foreign presence of any Canadian bank, is focusing its international strategy on the Pacific Alliance, a Latin American trade bloc comprising Mexico, Peru, Chile and Colombia.The bank said this week its capital strength, which is the strongest of Canada''s major banks, gave it "flexibility to grow and invest."BBVA has a 68 percent stake in BBVA Chile, while 29 percent belongs to the Chilean family Said and the rest of the shares are in free float.A weak first-half performance for BBVA in Spain showed margins were still under pressure from record low interest rates and it has been relying on its strong performance in Mexico to boost earnings.Mexico accounts for around 40 percent of group profits.In South America, which accounts for around 15 percent of group profits, earnings fell 3 percent to 404 million euros in the first six months of 2017. In Chile it booked a net profit of 96 million euros in the first half.BBVA''s shares were up 1.85 percent at 7.475 euros at 0923 GMT, when Spain''s blue-chip Ibex index .IBEX was up nearly 0.7 percent.Several brokers, including Alantra Equities and Jefferies, said such a deal could be positive for BBVA, helping to simplify its structure and providing a boost of up to 0.9 percentage points to BBVA''s capital adequacy ratio.Reporting By Jesús Aguado; Editing by Greg Mahlich and Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bbva-chile-bank-of-nova-scotia-idUSKCN1BB109'|'2017-08-31T12:24:00.000+03:00'
'3b6ddf876d708428e64fb7ce7352826c43fa1a7e'|'Dollar rebounds, Asia stocks gain as North Korea missile fears recede'|'August 30, 2017 / 12:45 AM / 31 minutes ago Global stocks, dollar rebound on upbeat data; yields rise Saqib Iqbal Ahmed 4 Min Read FILE PHOTO - Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks, the dollar and U.S. Treasury yields rose on Wednesday after economic data indicated solid momentum, keeping alive the prospect of a U.S. interest rate increase in December. Gasoline futures surged and crude oil prices fell as flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages. Gross domestic product data on Wednesday showed the U.S. economy grew faster than initially thought in the second quarter, while a separate report showed U.S. private-sector employers added 237,000 jobs in August, the biggest monthly increase in five months. "The second-quarter GDP revisions were strong, and when coupled with the first-quarter revisions, the overall level seems relatively impressive for the first half of the year," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. On Wall Street, stocks gained as the unexpectedly strong U.S. economic growth data outweighed concerns about escalating tensions between the United States and North Korea. Investors also awaited President Donald Trump''s first speech specifically on tax reforms, a key contributor to the rally in stocks since his victory in November. "Tax reform has been one of the biggest reasons for the rally and I think it is going to go through," said Ben Barzideh, wealth adviser at Piershale Financial Group. The Dow Jones Industrial Average .DJI rose 43.75 points, or 0.2 percent, to 21,909.12, the S&P 500 .SPX gained 13.12 points, or 0.54 percent, to 2,459.42 and the Nasdaq Composite .IXIC added 67.52 points, or 1.07 percent, to 6,369.41. European stocks rose in a relief rally a day after geopolitical concerns caused a sharp dip across equity markets. The pan-European STOXX 600 closed 0.7 percent higher. MSCI''s world index .MIWD PUS, which tracks shares in 46 countries, was up 0.2 percent. In the bond market, benchmark 10-year U.S. Treasury notes US10YT=RR were down 3/32 in price to yield 2.15 percent, up from 2.14 percent on Tuesday. Concerns about rising tensions with North Korea, and risks surrounding the U.S. government’s need to raise the debt ceiling next month, however, remained forefront in investors’ minds. The dollar, which rose on speculation that the European Central Bank could step in to weaken the euro, also was helped by the strong data. The euro EUR= was 0.63 percent lower to $1.1897, on pace for its worst day in more than three weeks. "People are starting to sit back and wonder: ''what is the ECB going to do about inflation still being below expectations in Europe?''," said Dean Popplewell, chief currency strategist at Oanda in Toronto. The ECB is set to hold a policy meeting next week. The dollar index .DXY, which measures the greenback against a basket of six major currencies, was 0.65 percent higher at 92.852. The greenback briefly pared gains after Trump dismissed any diplomatic negotiations with Pyongyang, saying "talking is not the answer." With Tropical Storm Harvey shutting over a fifth of U.S. refineries, U.S. gasoline futures RBc1 were up 4.4 percent at $1.8624 a gallon, having hit $1.9231, the highest since July 2015. Brent oil LCOc1, the international benchmark for crude trading, was down $1.08 at $50.92 a barrel. U.S. crude CLc1 was down 38 cents to $46.06. Gold XAU= steadied as the stronger dollar pushed bullion off Tuesday''s 9-1/2-month high, but it remained firmly above $1,300 an ounce on renewed tensions between Washington and North Korea. (For a graphic on World FX rates in 2017 click - tmsnrt.rs/2kIQHol ) Reporting by Saqib Iqbal Ahmed; Additional reporting by Karen Brettell and Sam Forgione in New York and Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by Chizu Nomiyama and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1BA02W'|'2017-08-30T08:54:00.000+03:00'
'1ef79126b1810d5f72bff8776fe139332323cfd4'|'Ahead of takeover, luxury shoemaker Jimmy Choo''s profit almost triples'|'August 31, 2017 / 7:51 AM / an hour ago Ahead of takeover, luxury shoemaker Jimmy Choo''s profit almost triples Reuters Staff 2 Min Read Aug 31 (Reuters) - Luxury shoemaker Jimmy Choo Plc, which is being bought by U.S. retailer Michael Kors, said its pretax profit for the half year almost tripled, helped by its retail and licensing businesses. Pretax profit for the six month to June 30 was 18.1 million pounds ($23.4 million), compared to 6.6 million pounds last year. Revenue for the period rose 4.5 percent to 201.6 million pounds. Michael Kors agreed two months ago to buy Jimmy Choo for $1.2 billion, snapping up the British company whose towering stilettos have been made famous by celebrity customers from Princess Diana to Kendall Jenner. Jimmy Choo Chairman Peter Harf said the deal opened up exciting opportunities. "The shared vision and distinctive appeal of these two iconic brands will provide an exciting platform to achieve global leadership in luxury retail," Harf said in a statement. Revenue at the company''s Japan unit rose 11 percent at constant currency helped by continued growth in its Men''s section. Excluding Japan, the company''s Asia business grew 8.2 percent at constant currency, driven by strong demand for seasonal fashion offerings. Shares in the company were up about 0.2 percent at 0740 GMT on the London stock market, trading close to the 230p offer price. ($1 = 0.7747 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/jimmy-choo-results-idUSL8N1LH1YB'|'2017-08-31T10:49:00.000+03:00'
'0ed9a71eb068e00edfa1dfde1a9924c79f3e3ae3'|'French government outlines gradual cut plans'|'French Finance Minister Bruno Le Maire talks to reporters at the end of a meeting with his Italian counterpart Pier Carlo Padoan in Rome, Italy August 1, 2017. Tony Gentile JOUY-EN-JOSAS, France (Reuters) - The French government outlined on Wednesday tax cuts it plans to make over President Emmanuel Macron''s five-year term, in line with election promises to ease the country''s considerable fiscal burden.Finance Minister Bruno Le Maire said the 2018 budget bill to be presented in a month would see corporate tax on profits over 500,000 euros ($596,000) gradually cut, starting in 2019, to 25 percent by 2022 from 33.3 percent currently.Rates would fall faster and sooner on profits of less than 500,000 euros."Our taxation must be simple and stable. It must encourage risk taking and reward work," Le Maire said in a speech at the MEDEF national employers'' federation two-day end-of-summer seminar outside of Paris.Related Coverage Macron says wants euro zone budget worth ''several points'' of bloc''s GDPMacron says more cuts to popular French housing benefits possibleHe said corporate tax would be cut to 31 percent in 2019, 28 percent in 2020, 26.5 percent in 2021 and 25 percent by the end of Macron''s term in 2022.Le Maire also confirmed that an existing payroll tax credit scheme would be transformed in 2019 into a permanent decrease in employers charges.Macron''s government has inherited a 4.5 billion euro hole in this year''s budget from its Socialist-led predecessor, reducing its scope for more rapid tax cuts.While companies will have to wait until 2019 for the corporate tax burden to ease, Le Maire said that a planned flat tax of about 30 percent on capital income and gains would take effect next year.Eager not to be seen giving tax relief only to companies, Prime Minister Edouard Philippe said last week that workers would get an "unprecedented" boost to their spending power next year with a cut to their payroll contributions to the welfare system.Macron, elected in May with a pro-business reformist campaign, hopes to boost growth and jobs by cutting taxes while also giving companies more freedom to set working conditions and easing rules on hiring and firing.His centrist government is due on Thursday to present an overhaul of the labour code after weeks of consultations with unions.MEDEF has warned that reform will make or break any hopes of Macron succeeding with his reform agenda, while the hardline CGT union is planning a Sept. 12 protest against it.The government''s tricky task of carrying out Macron''s reforms is complicated by the strained public finances, which gives no room for costly concessions to ease growing public discontent as his popularity ratings nosedive.Despite the previous government''s overspending, Philippe has pledged to honour an EU commitment to keep the budget deficit this year to no more than 3.0 percent of economic output for the first time in a decade.Reporting by Leigh Thomas; Editing by Ingrid Melander '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/france-reform-idINKCN1BA2KI'|'2017-08-30T17:31:00.000+03:00'
'08f486f99a0c1ce915ec653688046b8ff53854c2'|'India raises $1.4 billion from NTPC share sale - stock exchange data'|'August 30, 2017 / 6:19 PM / in an hour India raises $1.4 billion from NTPC share sale - stock exchange data Reuters Staff 2 Min Read FILE PHOTO - A worker levels a salt pan near electricity pylons in Mumbai, India, January 16, 2017. Shailesh Andrade/File Photo MUMBAI (Reuters) - The Indian government has raised 91.36 billion rupees ($1.4 billion) from a share sale in state-run utility NTPC Ltd ( NTPC.NS ), according to Reuters calculations based on stock exchange data. The share sale was part of New Delhi''s asset sales programme to raise funds by paring stakes in state-run and private sector companies to help meet its fiscal deficit target. It aims to raise a total 725 billion rupees from such sales during the current financial year to March. The government, which owned nearly 70 percent of NTPC before the share sale, initially aimed to sell an up to 10 percent stake, or a total of 824.5 million shares. However, it had received bids for about 548 million shares by the end of the two-day auction on the stock exchanges, with institutional investors subscribing to 463.5 million of those. bit.ly/2wTcodX The cut-off price per share was set at 168 rupees. Retail investors are being offered a 5 percent discount on the cut-off price. Reporting by Devidutta Tripathy; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/ntpc-sharesale-idINKCN1BA2FF'|'2017-08-30T21:25:00.000+03:00'
'81c26ca71bafa83db0e8eb43b26f548c4696cbb0'|'Hyundai Motor says production in China resumed'|'FILE PHOTO: A Hyundai logo is seen outside a factory in Beijing, China April 8, 2017. Picture taken April 8, 2017. Muyu Xu SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) said on Wednesday it had resumed production in China after a supply disruption forced the suspension of operations last week, complicating its efforts to lift sagging sales in the world''s biggest auto market.The production stoppage, although resolved, adds to investor concerns after the South Korean carmaker posted its smallest quarterly profit in five years amid political headwinds linked to diplomatic tensions between Seoul and Beijing.Hyundai had to cut production at its four factories in China earlier this year due to slumping sales. Its fifth China factory was scheduled to start production this month.Hyundai Motor''s sales from its Chinese factories plummeted 64 percent to 105,000 vehicles in April-June alone."The effects of the China production halt are yet unclear, but Hyundai''s third-quarter results are likely to be lower than the previous quarter partly due to continued weak performance in China," said Park Sang-won, analyst at Heungkuk Securities.Hyundai shares pared losses after skidding to their lowest level in more than four months on Wednesday, falling as much as 3.8 percent. They were trading down 0.4 percent at 0504 GMT (1.04 a.m. ET), compared to a flat wider market .KS11 .Hyundai said earlier on Wednesday its joint venture with China''s BAIC Motor Corp Ltd ( 1958.HK ) began shutting down production last week after a fuel-tank components supplier refused to provide parts due to non-payment.BAIC declined to comment and Reuters could not immediately reach the joint venture, Beijing Hyundai, for comment.South Korean firms are weathering a Chinese backlash over Seoul''s decision to deploy a U.S. missile defense system to counter threats from nuclear-armed North Korea. China says the system poses a threat to its national security.Hyundai''s weak brand image has put it at a disadvantage in China versus local and global rivals such as Honda Motor ( 7267.T ), Toyota Motor ( 7203.T ) and General Motors ( GM.N ), which all saw higher China sales for last month.Additional reporting by Adam Jourdan; Editing by Stephen Coates '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-hyundai-motor-stocks-china-idUSKCN1BA0DN'|'2017-08-30T07:37:00.000+03:00'
'c3102f8a6af6eb7af3de5fcd0c5a271a3001e025'|'Uber picks Dara Khosrowshahi as its new boss'|'“A LEADER is a dealer in hope,” said Napoleon Bonaparte. For much of this year Uber, the ride-hailing firm, has lacked both leadership and optimism. But on August 27th news leaked that Uber had poached as its new chief executive Dara Khosrowshahi, the boss of Expedia, an online-travel company. Mr Khosrowshahi is seen as both an astute dealmaker and a canny manager. In his 12 years at the helm of Expedia, the gross value of its hotel and other travel bookings more than quadrupled and its pre-tax earnings more than doubled.Can he rally the troops? Uber is a fast-growing company that was last year valued privately by investors at around $68bn, but it has suffered a host of setbacks, which led to the ousting of Travis Kalanick, its co-founder and boss, in June. The firm faces a criminal probe by America’s Department of Justice into a covert software feature that tracked regulators, as well as allegations of incubating a sexist culture. It must also contend with multiple lawsuits. 20 hours ago How Mr Khosrowshahi is less well-known than two other finalists for the job—Jeff Immelt, who until recently was CEO of General Electric, and Meg Whitman, who runs Hewlett Packard Enterprise. But he is widely admired. He moved to America from Iran as a child (and has been an outspoken critic of President Donald Trump’s restrictive policy on immigration). On his watch Expedia acquired Orbitz and Travelocity, two competitors, and successfully integrated them. That is proof he can build a healthy corporate culture, says Erik Blachford, who used to be the CEO of Expedia and is now at TCV, a venture-capital firm.Mr Khosrowshahi’s finance skills will be just as valuable to Uber. He served as a chief financial officer at IAC, an internet conglomerate owned by Barry Diller, and as a former dealmaker at Allen & Co, an investment bank. “More New York than Silicon Valley” is how one entrepreneur describes him (although for more than a decade he has lived in the Seattle area, where Expedia is headquartered). Financial acumen will be helpful if and when Uber goes for an initial public offering. An IPO would make Mr Khosrowshahi wealthier still: last year he was one of America’s highest paid bosses, earning around $95m in total compensation.But his first priority will be to fill out Uber’s executive ranks. Techies like telling the joke that Uber is the first fully autonomous company, because almost all its key positions, including a chief financial officer and chief operating officer, have been vacant. He will also need to decide how much to favour international expansion in the face of huge losses. Uber is growing quickly but bleeding money: in the first half of 2017 it lost around $1.4bn. It has already retrenched in China and Russia, but has to choose between spending heavily to attract customers and drivers or driving towards profitability more quickly.Two damaging lawsuits will also demand attention. One was filed earlier this year by Waymo, a self-driving car company owned by Google’s parent firm, Alphabet. It accuses Uber of knowingly buying a self-driving car startup called Ottomotto which had stolen Waymo’s intellectual property. The more that emerges in court, the worse Uber looks. The affair is scheduled to go to trial in October, but Mr Khosrowshahi might decide that a better course would be to settle the lawsuit.The other suit involves Benchmark Capital, an early investor in Uber and a former ally of Mr Kalanick, who remains on the company’s board and, along with his co-founder and another early executive, controls the majority of super-voting shares. Benchmark has accused Mr Kalanick of fraud and sued to try to stop him from intervening in Uber’s affairs and appointing additional board members. Benchmark has claimed that Mr Kalanick hid critical details about the state of the firm when he asked in 2016 for Benchmark’s and other board members’ support to add three more board seats. Such a lawsuit is unprecedented. Venture capitalists in the Valley rarely, if ever, fight with the founders of startups in such a public manner. A hearing is due on August 30th, after which a judge will rule on whether to block Mr Kalanick from filling empty board seats while Benchmark’s lawsuit is ongoing.All the legal wrangling makes things awkward for the new boss. Mr Khosrowshahi will need to deal tactfully with Benchmark, which still has a representative on Uber’s board, as well as with Mr Kalanick, who feels unjustly pushed out of the top job and who still wields significant influence. But other senior people at the firm also need to shape up. News of Mr Khosrowshahi’s hiring is believed to have been leaked by an anonymous board member before anything was formally announced to staff. That left many of Uber’s employees annoyed; no one likes learning important news about their company from press reports. To inspire hope, Uber’s whole board, as well as Mr Khosrowshahi, will have to show leadership.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21727855-he-must-tackle-huge-losses-lawsuits-and-meddling-predecessor-uber-picks-dara?fsrc=rss'|'2017-08-29T08:00:00.000+03:00'
'06b89e026d8b0fa46c829a54e3a696b24d76bd04'|'Toshiba misses own deadline for chip unit deal, continues talks with three suitors'|'FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo TOKYO (Reuters) - Japan''s embattled Toshiba Corp said it would continue negotiating with three bidding groups for its prized memory chip unit, failing to seal a deal by its self-imposed deadline of Thursday.Toshiba''s board met earlier in the day to review a $17 billion offer by a consortium led by Western Digital, as well as bids from groups led by Bain Capital and by Hon Hai Precision Industry."Toshiba intends to continue negotiations with possible bidders to reach definitive agreement which meets Toshiba''s objectives at the earliest date," it said in a statement.Reporting by Makiko Yamazaki; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-suitors-idINKCN1BB0BM'|'2017-08-31T02:02:00.000+03:00'
'bef8d152f5ce4b7997004a1039c0fd8624d0915a'|'Japan''s ANA to raise $1.3 bln in euro-yen convertible bonds'|'August 31, 2017 / 7:37 AM / an hour ago Japan''s ANA to raise $1.3 bln in euro-yen convertible bonds Reuters Staff 1 Min Read TOKYO, Aug 31 (Reuters) - Japanese airline ANA Holdings said on Thursday it is raising 140 billion yen ($1.3 billion) in euro-yen convertible bonds to fund fleet upgrades and share buybacks. ANA said it would spend about 70 billion yen on investments in fleet upgrading, including Boeing 787 and Airbus A320neo by the end of March 31. The company said it would buy back up to 70 billion yen worth of its own shares, or 7.1 percent of the outstanding shares by the end of March 31. ANA said it would issue convertible bonds in two tenors, maturing in 2022 and 2024 respectively. $1 = 110.4600 yen Reporting by Taiga Uranaka; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/ana-convertible-bonds-idUSL4N1LH35B'|'2017-08-31T10:34:00.000+03:00'
'343875d7c2932fd3b0cc25d8524419cd53b6b0a5'|'Online betting boosts profits for Ladbrokes Coral'|'August 31, 2017 / 6:38 AM / 40 minutes ago Online betting boosts profits for Ladbrokes Coral Reuters Staff 2 Min Read (Reuters) - Betting company Ladbrokes Coral Group ( LCL.L ) reported a 7 percent rise in first-half operating profit on Thursday driven by strong trading online. The company said operating profit for the six months to June 30 rose to 158.8 million pounds. Revenue rose 1 percent to 1.19 billion pounds. The company was formed last year when Ladbrokes joined forces with Coral in a $3.4 billion merger. Sources said last week that online gambling company GVC ( GVC.L ) had recently discussed a takeover of the group but talks ended without a deal. Britain''s gambling sector has been transformed by a wave of deals as companies try to bulk up so that they can absorb the rising costs of stricter regulation and higher taxation. The merger of Ladbrokes and Coral was one of a number in the sector, with Paddy Power and Betfair also having joined forces. Ladbrokes has been trying to strengthen its online gambling offering as a possible crackdown by the government on betting terminals in high street shops threatens to hit its retail operations. Online revenue, a key focus area for the company, rose 17 percent to 374.5 million pounds with big increases in Britain, Italy and Australia. Revenue from retail operation in the UK fell 6 percent with a 7 percent decline in comparable over-the-counter staking. Ladbrokes Coral trades from over 3,500 shops across England, Wales and Scotland under the Ladbrokes and Coral brands. Reporting by Rahul B in Bengaluru; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ladbrokes-coral-results-idUKKCN1BB0L0'|'2017-08-31T10:01:00.000+03:00'
'8fe964dd6a52a17f5743a48a99936359c847cdcc'|'BAT restructures to help e-cigarettes go mainstream'|'FILE PHOTO - People walk past the British American Tobacco offices in London, Britain October 21, 2016. Stefan Wermuth/File Photo (Reuters) - British American Tobacco ( BATS.L ) has reorganized its regional management structure to integrate its vaping products with its core business, in a push by the world’s biggest listed tobacco company to help cigarette alternatives go mainstream.The move, announced on Thursday, follows the company’s $49 billion takeover of U.S. peer Reynolds American, which added Camel cigarettes and Vuse e-cigarettes to a BAT portfolio that includes Lucky Strike cigarettes, Vype e-cigarettes and the glo tobacco-heating device."Now that we have built a successful NGP (next generation products) business which is poised for substantial growth, we will be fully integrating NGP to leverage the scale and expertise of the whole group to drive growth in an area that is fast becoming a key part of our mainstream business," BAT said in a statement.BAT wants to double the number of countries where it sells vaping products this year and again in 2018, as it jostles for position in a growing market against rivals Philip Morris International ( PM.N ) and Imperial Brands ( IMB.L ).BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking.Philip Morris, maker of Marlboro cigarettes, is ahead of BAT in the market for tobacco-based vaping devices, which some analysts believe will be more popular than traditional e-cigarettes with regular smokers, and its shares have been at a bigger premium to its peers. ( bit.ly/2xOLU9R )Last month, the U.S. Food and Drug Administration (FDA) proposed cutting nicotine in cigarettes to "non-addictive" levels in a push to move smokers toward potentially less harmful e-cigarettes.Under the management reorganization announced on Thursday BAT appointed Asia-Pacific Director Jack Bowles to the newly created role of chief operating officer for the international business, excluding the United States.Shares were up around 1.5 percent at 1322 GMT on Thursday.Jefferies analyst Owen Bennett said the changes could add some uncertainty for BAT in the near term, but in the longer term it reinforced the importance of cigarette alternatives to tobacco companies, which face slowing sales globally."Whereas those companies that were better positioned for emerging market growth in the past were favoured, the key differentiator now is likely to be who is positioned best in emerging products, given the recent slowdown in emerging market cigarettes," the analyst said.Japan Tobacco said last week it would buy the Philippines'' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month, as it deepens its push into emerging markets.For a graphic on British American Tobacco vs Philip Morris (YTD) bit.ly/2xOLU9RReporting By Justin George Varghese in Bengaluru and Martinne Geller in London; Editing by Greg Mahlich and Susan Thomas '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-brit-am-tobacco-moves-idINKCN1BB0LI'|'2017-08-31T11:43:00.000+03:00'
'eb0bcc12ff72e6e45849a03708a532623f6560bd'|'Volkswagen U.S. plant building 400 Atlas SUVs a day -executive'|'August 31, 2017 / 6:30 PM / an hour ago Volkswagen U.S. plant building 400 Atlas SUVs a day: executive Reuters Staff 1 Min Read FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. Mike Blake/File Photo (Reuters) - German automaker Volkswagen''s ( VOWG_p.DE ) U.S. plant in Chattanooga, Tennessee, is building 400 Atlas SUVs a day, close to capacity and on pace to reach 100,000 per year, Matthias Erb, who heads VW''s North American engineering team, said on Thursday. Erb said the plant can boost production further if demand for the new Atlas warrants. Reporting by David Shepardson in Washington; Editing by Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-autos-volkswagen-idUSKCN1BB2PK'|'2017-08-31T21:24:00.000+03:00'
'44c32971909a42ea8e87c6ea5070fd0cda1ea141'|'Greece says Eldorado mine arbitration to start in September'|'August 31, 2017 / 2:09 PM / 17 minutes ago Greece says Eldorado mine arbitration to start in September Reuters Staff 1 Min Read ATHENS (Reuters) - Greece plans to start an arbitration process next month to settle its differences with Canada''s Eldorado Gold Corp over its gold mine development plans in northern Greece, its energy minister said on Thursday. Greece had previously planned to start the process this month. "We have decided to resort to arbitration to stop the tug of war which has been going on for many years and have things cleared up," Energy Minister George Stathakis told Greek state television. Stathakis said the arbitration process will begin on Sept. 15 and will last three months. Eldorado is developing the Skouries and Olympias projects in northern Greece, where it also operates the Stratoni mine. Skouries has been a particular flash point with the authorities, with differences lasting for years over testing methods applied to comply with environmental regulations. Reporting by Angeliki Koutantou, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-greece-eldoradogold-arbitration-idUSKCN1BB1XL'|'2017-08-31T22:09:00.000+03:00'
'2a472e4bf62daf875f37fb4ffeac3415ace8f0c2'|'UPDATE 2-Arkema expects chemical fire at flooded Texas plant'|'August 30, 2017 / 7:34 PM / 2 hours ago More fires expected after blast at Arkema''s flooded Texas plant Ben Gruber 5 Min Read CROSBY, Texas (Reuters) - Chemical maker Arkema SA ( AKE.PA ) said it expected more fires after two explosions hit its flooded plant 25 miles northeast of Houston on Thursday, sickening more than a dozen law enforcement personnel and prompting an evacuation of the surrounding area. The French company said all four of its systems to cool the organic peroxides produced at its Crosby, Texas, plant and stored onsite in refrigerated containers were expected to fail, triggering their degradation and eventually more fires. Arkema and local officials said they believed the smoke from the blaze was non-toxic, but they urged people to stay away as the fire burns itself out, "Any smoke is going to be an irritant," Richard Rennard, the head of one of Arkema''s business units, told reporters near the scene. "Certainly, these things burn when they degrade, and there is the possibility that an explosion could happen." Shares of Arkema fell 1.9 percent in Paris trading. Rennard and Crosby Assistant Fire Chief Bob Rayall both said pops heard at the scene were the sounds of container pressure valves failing as force from the warming chemical built up. One of nine containers with the organic peroxides had caught fire, and Rennard said Arkema expected the remaining eight to burn eventually. Company officials do not expect to have access to the site for up to five more days because of high water levels. Related Coverage FEMA: Plume from flood-hit Arkema chemical plant ''incredibly dangerous'' The peroxides, which are used to make plastic resins, polystyrene, paints and other products, are extremely flammable if they are not kept at low temperatures. The U.S. Environmental Protection Agency said it had emergency personnel on the scene, and initial indications are "no concentrations of concern for toxic materials." The EPA is sending air-monitoring personnel to the site. The Federal Aviation Administration said Wednesday it had temporarily barred flights from the area because of the risk of fire or explosion. Arkema said on Wednesday it had no way to prevent fires because the plant has about 6 feet (1.83 m) of water due to flooding from Harvey. The hurricane came ashore in Texas last week, knocking out power to the plant''s cooling system. A fire burns at the flooded plant of French chemical maker Arkema SA in Crosby, Texas, U.S. August 31, 2017. Adrees Latif The company said the Harris County Emergency Operations Center notified it at about 2 a.m. (0700 GMT) of two explosions and black smoke coming from the plant. Harris County Sheriff Ed Gonzalez told reporters 15 deputies were taken to a hospital after concerns some may have inhaled fumes. All have since been released, his office said later on Twitter. The plant had been closed since Friday, and the company evacuated remaining workers on Tuesday. Harris County ordered the evacuation of several hundred residents within a 1.5-mile (2.4 km) radius on Tuesday. Slideshow (5 Images) "We want local residents to be aware that product is stored in multiple locations on the site, and a threat of additional explosion remains," Arkema said. "Please do not return to the area within the evacuation zone." In a risk management plan filed with the EPA in 2014, Arkema said a worse-case scenario at the plant could threaten people as far as 23 miles away, affecting a population of more than 1 million. Such a scenario would entail the complete rupture of its isobutylene or sulfur dioxide feedstock tanks and the failure of all backup safety systems. On Thursday, Arkema said it did not expect the fire to extend beyond the organic peroxide tanks. An Arkema official did not immediately respond to a question about whether the current evacuation area could be expanded. Harris County Emergency Management referred questions on the Arkema risk management plan to local and county fire officials, who did not immediately respond to phone calls. One resident pleaded with police to check on an elderly couple, Leo and LeJane Opelia, who she said live two streets from the plant and returned home on Wednesday night to look in on their cats and belongings after leaving earlier. “I heard from them last night, and now I keep trying to call them, and I can’t reach them,” said a tearful Frances Breaux. “I just want to make sure that they are OK.” She said police told her the area was too dangerous to enter. Reporting by Ben Gruber in Crosby, Texas; Additional reporting by David Shepardson, Susan Heavey, and David Alexander in Washington; Jon Herskovitz in Austin; and Brendan O''Brien in Chicago; Editing by Janet Lawrence and Lisa Von Ahn'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-arkema-idUSKCN1BA2LF'|'2017-08-31T00:52:00.000+03:00'
'fef2a76d544c48faf592affb9b0248164608bee7'|'UPDATE 1-UK Stocks-Factors to watch on Aug 31'|'(Adds company news items and futures)Aug 31 (Reuters) - Britain''s FTSE 100 index is seen opening up 14 points on Thursday, according to financial bookmakers, with futures up 0.2 percent ahead of the cash market open.* ASTRAZENECA: Britain''s AstraZeneca offered to buy Japanese drugmaker Daiichi Sankyo Co last year, a business magazine reported on Thursday, sending the stock soaring before trade was suspended.* BAT: British American Tobacco said on Thursday it has reorganized its regional management structure to integrate the next generation products (NGP) business following the completion of the Reynolds American Inc acquisition.* LADBROKES: British betting company Ladbrokes Coral Group reported a 7 percent rise in first-half operating profits on Thursday which it said was due to strong trading online.* RESTAURANT GROUP: Britain''s Restaurant Group Plc reported a 30.4 percent drop in its underlying first-half pretax profit on Thursday, as slowing consumer spending weighed on sales.* HAYS: Recruiter Hays declared a special dividend of 4.25 pence on Thursday, after posting higher full-year profit supported by growth in continental Europe and improving hiring trends in the U.K. as the impact of the Brexit vote faded.* SHELL: Royal Dutch Shell staff have returned to a major oil and gas platform in the Gulf of Mexico in preparation to restart production one week after its shutdown due to Hurricane Harvey, industry sources said on Wednesday.* CO-OPERATIVE GROUP: Britain''s Co-operative Group is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s suspended its own bid talks for the wholesale group.* OIL: Gasoline prices hit $2 a gallon for the first time since 2015 on Thursday as flooding from storm Harvey knocked out almost a quarter of U.S. refineries, while crude prices stabilised following a slump the previous day.* EX-DIVS: Croda, G4S, Hammerson, Intercontinental Hotel Group and St James'' Place will trade without entitlement to their latest dividend pay-out on Thursday, trimming 1.15 points off the FTSE 100 according to Reuters calculations.* The UK blue chip FTSE 100 index ended up 0.4 percent at 7,365.26 points on Wednesday, recovering some of the previous session''s losses as financials firmed and media stock ITV crept higher.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1LH2W8'|'2017-08-31T14:47:00.000+03:00'
'b507051fac03ef9fe27c73d48c7db00d130e5305'|'Nestle shuts Swiss skin health products factory'|' 49 PM / 3 hours ago Nestle to shut Swiss factory in cost-cutting push John Revill and Martinne Geller 4 Min Read The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. Pierre Albouy ZURICH/LONDON (Reuters) - Nestle ( NESN.S ) plans to close a skin cream factory in Switzerland and shift production elsewhere in response to a slowdown in a business once seen as one of its rising stars. The move comes as Nestle''s new chief executive Mark Schneider overhauls Europe''s largest company, which has come under pressure from an activist shareholder pushing the food giant to react more quickly to industry changes. Nestle Skin Health said on Thursday it would close the Egerkingen factory in northern Switzerland, where it makes Daylong sun cream and products for dry skin, with the potential loss of 190 jobs. It plans over the next 12 to 18 months to transfer manufacturing to other factories. Nestle Skin Health announced in 2015 it would build a new plant in Brazil, scheduled to open in 2018. Skin treatments have been a major part of a push by the world''s largest food maker into higher-growth and more profitable health products to counter a slowdown in its traditional food businesses, which range from Purina pet food to Perrier water. But the three-year-old unit, born when Nestle took over its Galderma joint venture with L''Oreal ( OREP.PA ), has not performed as well as expected. "The business is still in the expansion phase, but the results have been disappointing," said Patrik Schwendimann, an analyst at Zuercher Kantonalbank. He estimates that Nestle Skin Health had sales of about 2.3 billion Swiss francs ($2.38 billion) last year and that margins for that unit, combined with Nestle Health Science, were around 9.2 percent, down from 12.5 percent in 2015. "Companies in the health area should be getting margins of at least 15 to 20 percent in the mid-term," he said. Nestle does not break out results for its skin health business separately, but said in July the business had lower second-quarter sales volumes and pricing, hurt by a soft performance in China and pressure from generic versions of its prescription medicines. The company sells dozens of different products via prescription, over the counter and as corrective and aesthetic products which are used by doctors. NO HOLY COWS Nestle has responded by launching an overhaul of its skin health business, aiming to simplify its organisation and geographical footprint. One analyst saw Thursday''s move as a sign that Nestle''s new CEO is being decisive about cutting costs and improving profits. "For me it''s a clear indication that the CEO is really now implementing and executing his plan at high speed, in all Nestle''s businesses, by looking at underperformers, tracking costs and improving cash returns," said Jean-Philippe Bertschy at Vontobel. "No more holy cows at Nestle." Nestle said production costs at the Egerkingen site had been rising because volumes were low and the factory was not running at full capacity. Since Schneider took over as CEO in January, he has dropped the company''s long-term growth target, announced a 20 billion Swiss franc share buyback plan and the intention to sell its U.S. confectionery business. Schneider, who joined Nestle last year from German health care company Fresenius, is expected to give more details of his strategy at an investor seminar next month. In June, activist shareholder Daniel Loeb''s Third Point Capital revealed a $3.5 billion stake in Nestle, and urged it publicly to take steps to improve shareholder returns. ($1 = 0.9648 Swiss francs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nestle-factory-closure-idUKKCN1BB1O9'|'2017-08-31T15:49:00.000+03:00'
'daa2fa821f6278b831ab2266321bfc68baf3991b'|'Brazil law to ease access to secured credit for corporate borrowers - Valor'|'SAO PAULO, Aug 31 (Reuters) - A new law allowing Brazilian companies to electronically register receivables and other guarantees as collateral could accelerate corporate loan disbursements and cut interest rates in the segment, Valor Econômico newspaper reported on Thursday.The supply of available credit for Brazilian companies could rise by as much as 480 billion reais ($153 billion) with the new system, Valor said, citing Cerc, a privately owned receivables registration company. The stock of available receivables and assets that could be used for guarantees is 1.9 trillion reais, Valor said.The law, which was signed by President Michel Temer on Wednesday, will pave the way for the creation of "duplicata digital," a mechanism by which collateral for commercial notes does not have to be registered by a notary.The new law should also lead to the creation of companies that would register those guarantees electronically, Valor said. An integrated registration system for those assets should reduce significantly the risk of fraud on those transactions, which has been commonplace in Brazil for years, the newspaper added."The measure has the potential to enhance the flow and quality of credit markets," Otávio Damaso, a central bank director in charge of oversight, told Valor.The move underscores efforts by policymakers to tackle chronic credit shortages by simplifying loan origination processes. Such moves include replacing a business-friendly interest-rate peg for state development bank BNDES loans with another that reflects market borrowing costs more closely.The central bank did not have an immediate comment on the Valor report.$1 = 3.1460 reais Reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/brazil-banks-collateral-idUSL2N1LH18Q'|'2017-09-01T02:49:00.000+03:00'
'4f2637757b3841dd7871b400beff29f02a0b1f80'|'Saudi Aramco uses new technology to re-explore vast Empty Quarter'|'August 31, 2017 / 12:34 PM / 5 hours ago Saudi Aramco uses new technology to re-explore vast Empty Quarter Reem Shamseddine 3 Min Read Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. Hamad I Mohammed KHOBAR, Saudi Arabia (Reuters) - Oil giant Saudi Aramco is using new technology to re-explore areas of the vast Arabian desert known as the Empty Quarter, which could help to bolster its proven reserves of oil and gas before the company offers its shares to the public. A team of about 900 people is using advanced seismic technology developed over the last few years to explore 15,400 square kilometres (5,950 square miles) around Turayqa in Saudi Arabia, Aramco said in a statement. Turayqa, discovered in 2013, is an onshore conventional gas field that contains no oil. Part of the area was previously explored by joint ventures involving Aramco and foreign companies, Aramco said. The JVs failed to find recoverable quantities of oil and gas. "Data processing is ongoing. The area partially covers areas relinquished by some of the joint ventures," the company told Reuters. Aramco set up four consortia in 2003 and 2004 to explore the Empty Quarter, but they ended their search after failing to find commercial volumes of gas. The new seismic technology may improve the chances of successful exploration, though it cannot by itself prove the existence of oil and gas reserves; drilling is needed for that. Seismic technology uses artificially induced shockwaves in the earth. While conventional crews have 9,000 frequencies available to monitor the results, the crew at Turayqa has over 50,000. "The seismic data acquisition technology that is being deployed is truly phenomenal," said a former executive at the company. It not only provides a three-dimensional picture of the structure of rock going down several kilometres (miles), but also tells the user physical characteristics of the rock, such as its density and fluid saturation, he said. "It is something that far exceeds what was achievable on land 10 years ago." Industry analysts said it was not clear whether Aramco''s new exploration efforts would affect the company''s estimate of its oil and condensate reserves, which total 261 billion barrels and have been unchanged for many years. Any change in the reserves could affect next year''s planned international offer of a stake of roughly 5 percent in Aramco, since some investors'' models are based on valuations of the reserves. Private analysts have calculated the offer could value the whole company at around $1 trillion or more, though the government has predicted at least $2 trillion (1.56 trillion pounds). An industry source familiar with Aramco''s operations said that at the very least, its exploration effort in the Empty Quarter and around the kingdom would help the company maintain its current reserves estimate for some time to come. "At current production of 10 million barrels per day, and assuming reserves of 261 billion barrels, a discovery of 1.5 percent of the reserves replaces the reserves depleted in a year," he said. Editing by Andrew Torchia and Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-aramco-technology-seismic-idUKKCN1BB1ML'|'2017-08-31T15:33:00.000+03:00'
'af027980ab9b805d0a97baafeb3524dc5ddf4c8c'|'Gasoline spikes, crude slumps as Harvey wreaks havoc on U.S. refiners'|'August 31, 2017 / 12:37 AM / 39 minutes ago Oil rises, gasoline jumps 10 percent as U.S. refineries reel Libby George 4 Min Read The Valero Houston Refinery is threatened by the swelling waters of the Buffalo Bayou after Hurricane Harvey inundated the Texas Gulf coast with rain, in Houston, Texas, U.S. August 27, 2017. Nick Oxford NEW YORK (Reuters) - Gasoline futures surged 10 percent on Thursday as almost a quarter of U.S. refining capacity remained offline and traders scrambled to reroute millions of barrels of fuel, while oil prices rose nearly 3 percent. U.S. gasoline futures RBc1 have rallied roughly 26 percent from the previous week to a two-year high above $2 a gallon, buoyed by fears of a fuel shortage days ahead of the Labor Day weekend that typically brings a surge in driving. Gasoline was up 21.03 cents, or 11.2 percent, at $2.0950 at 1:53 p.m. (1753 GMT). Hurricane Harvey, which brought record flooding to the U.S. oil heartland of Texas and killed at least 35 people, has paralyzed at least 4.4 million barrels per day (bpd) of refining capacity, according to company reports and Reuters estimates. The shutdowns led the U.S. government to tap its strategic oil reserves for the first time in five years on Thursday, releasing 500,000 barrels of crude to a working refinery in Louisiana. Traders were also scrambling to redirect fuel to the United States. U.S. West Texas Intermediate (WTI) crude futures CLc1 recovered some early-week losses, trading $1.24 per barrel higher at $47.20 per barrel at 1309 EDT (1709 GMT). It was still on track to close the month down just under 6 percent, the steepest monthly loss since March. Related Coverage U.S. releases 1 million barrels of oil from strategic reserve International benchmark Brent crude LCOc1 was up $1.47 per barrel, or 2.89 percent, at $52.33 a barrel. It had fallen by just over 2 percent in the previous session. "The market has turned in reverse pretty sharply," said Gene McGillian, manager of market research at Tradition Energy. "You do have some signs of rebalancing, regardless of Harvey." Prices fell on Wednesday despite a drop in U.S. crude stocks, which are typically watched closely by oil investors as a sign of balance. The data showed a 5.39 million barrel drop in commercial crude stocks last week. They are now 14.5 percent below the record levels hit in March. C-STK-T-EIA [S/EIA] OPEC output also fell this month by 170,000 bpd from a 2017 high, a Reuters survey found, as renewed unrest cut supplies in Libya and other members stepped up compliance with a production-cutting deal Analysts said the status of U.S. refineries could be a key to oil prices going forward. "We could see rising U.S. crude inventories in the next couple of weeks until demand from refineries recovers. But by the end of September I expect the situation to be almost back to normal," said Frank Schallenberger, head of commodity research at LBBW. Analysts at Goldman Sachs and Stifel said they expected U.S. infrastructure outages to last several months but said it was difficult to estimate the exact damage. Others saw potential for operational refineries to delay typical September seasonal maintenance to benefit from high prices. "Refineries outside the affected area may delay maintenance to benefit from high processing margins," said Commerzbank oil analyst Carsten Fritsch. "Hence, the negative impact on crude oil demand and oil product supply might be less severe than feared." The trend for shrinking oil stocks and expectations for a rise in global oil demand growth meant analysts polled on a monthly basis by Reuters raised their oil price forecasts for the first time in six months. OILPOLL Additional reporting by Karolin Schaps in Amsterdam and Henning Gloystein in Singapore; Editing by David Goodman and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1BB01Z'|'2017-08-31T03:34:00.000+03:00'
'2f6bca7097d4f193e075b12ee717567e4ce877bc'|'Dollar, Asia shares find relief in U.S. economic rebound'|' 47 AM / 5 minutes ago U.S. data sends stocks higher; yields slip Saqib Iqbal Ahmed 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 31, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks rose and Treasury prices gained slightly on Thursday after data showed U.S. inflation increased at its slowest pace since late 2015, boosting expectations that the Federal Reserve will hold off from increasing interest rates again this year. The dollar gave up early gains against a basket of major currencies, and gold prices rose as simmering tensions on the Korean peninsula supported sentiment. U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015. Investors'' focus will then turn to the monthly U.S. payrolls report, to be released on Friday. "The outlook for the U.S. and the global economy remains relatively positive and most investors do not see a recession ahead," said Michael Sheldon, chief investment officer of RDM Financial Group at HighTower. "Given that backdrop, equity markets are likely to grind higher over the next few quarters and pullbacks are likely to be bought by investors." U.S. stocks extended gains after U.S. Treasury Secretary Steven Mnuchin said President Donald Trump''s administration has a detailed plan on tax reform and is still on track to execute the agenda by the end of this year. "Even if investors aren''t taking him at his word they expect him to do all he can. This is a market that has heard tax reform so often. It wants to see if they can deliver," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. MSCI''s world index .MIWD PUS, which tracks shares in 46 countries, was up 0.6 percent, and touched a three week high. The Dow Jones Industrial Average .DJI rose 59.76 points, or 0.27 percent, to 21,952.19, the S&P 500 .SPX gained 14.06 points, or 0.57 percent, to 2,471.65 and the Nasdaq Composite .IXIC added 57.33 points, or 0.9 percent, to 6,425.64. European stocks rallied after Reuters reported that the euro''s rapid gains are worrying a growing number of European Central Bank policymakers, raising the chance asset purchases will be phased out only slowly. The pan-European STOXX 600 closed up 0.77 percent. The euro EUR= , which hit a more than 2-1/2-year high against the dollar on Tuesday, slipped on the Reuters report, before recovering to trade up 0.18 percent at $1.1902. The dollar index .DXY, which measures the greenback against a basket of six major rivals, weakened after the U.S. inflation data. The index was 0.21 percent lower on the day at 92.686, having risen as high as 93.347. The weaker dollar and continued security concerns related to North Korea helped gold prices rise. Spot gold XAU= was up 0.83 percent at $1,319.22 an ounce. In the bond market, benchmark 10-year U.S. Treasury notes US10YT=RR were up 4/32 in price to yield 2.133 percent, down from 2.145 percent on Wednesday. Trading volumes were relatively low, however, with some investors reluctant to buy Treasuries given yields are near their lowest since November. Gasoline futures RBc1 surged 13.5 percent as almost a quarter of U.S. refining capacity remained offline due to Tropical Storm Harvey and traders scrambled to reroute millions of barrels of fuel. U.S. crude CLc1 settled up $1.27 or 2.76 percent, at $47.23 a barrel and Brent traded up $1.45 or 2.85 percent at $52.31 Reporting by Saqib Iqbal Ahmed; Additional reporting by Karen Brettell and Sam Forgione in New York and Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1BB02Y'|'2017-08-31T03:55:00.000+03:00'
'f877b18e8d810d8f65bab62560e7eaa69617ce45'|'Bertelsmann aims to close Penguin Random House deal in fourth quarter'|'August 31, 2017 / 7:22 AM / 2 hours ago Bertelsmann aims to close Penguin Random House deal in fourth quarter Reuters Staff 1 Min Read Pencils with the logo of German media group Bertelsmann CEO are seen at the annual news conference Berlin, Germany, March 22, 2016. Fabrizio Bensch/File Photo FRANKFURT (Reuters) - German media group Bertelsmann aims to close its $1 billion deal to raise its stake in Penguin Random House to 75 percent in the fourth quarter, it said on Thursday. Bertelsmann reported a 1.4 percent organic increase in first-half revenue to 8.13 billion euros ($9.67 billion), driven by broadcaster RTL Group, which reported results on Wednesday. Operating earnings before interest, tax, depreciation and amortization (EBITDA) were flat at 1.1 billion euros. Reporting by Georgina Prodhan; Editing by Maria Sheahan '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-bertelsmann-results-idINKCN1BB0O1'|'2017-08-31T05:22:00.000+03:00'
'815fae39aef38b1f01b1d654291eb05b0af616ca'|'Future of oil takes centre stage in Norwegian election'|'August 31, 2017 / 2:06 PM / 14 minutes ago Future of oil takes centre stage in Norwegian election Gwladys Fouche 6 Min Read Workers unload containers from the Normand Leader ship in the port of Dusavik, Norway August 28, 2017. Picture taken August 28, 2017. Gwladys Fouche STAVANGER, Norway (Reuters) - The future of Norway''s oil sector is emerging as a key issue for voters in a Sept. 11 parliamentary election, nowhere more so than in the oil capital of Stavanger. The right-wing bloc of Conservative Prime Minister Erna Solberg is neck-and-neck in opinion polls with an opposition grouping led by Jonas Gahr Stoere''s Labour. Should neither secure a majority, the smaller Green party - which pledges to stop oil exploration and phase out production within 15 years - could become kingmakers. There is little chance of the Greens being able to call time on Norway''s number one industry, which all major parties back to the hilt, accounts for half of national exports and employs over 180,000 people. But they have been gradually gathering support over the past four years and are polling at about 5 percent of the vote, underlining changes in Norwegian society and divisions over the future of oil. Should they hold the balance of power, they could seek to force compromises to trim the oil industry''s ambitions, with environmentalists in recent months focusing on the need to limit oil companies'' expansion in the Arctic. The Norwegian oil sector is still in recovery mode after thousands of local jobs were lost when crude prices crashed between 2014 and 2016. So the risk of any curbing of its prospects is high in people''s minds in Stavanger, a windswept west coast city set among fjords. "If you were to just close down this industry, what are we supposed to live off? This is a big question for many," said Egil Ellingsen, 38, a Lutheran pastor who said he had counselled many people in the area who had lost their jobs. Ellingsen organised a public debate at his church last weekend with local parliamentary candidates, attended by about 800 people. The subject of jobs - how to create them, how people would survive if the oil industry declined - surfaced regularly during the debate. At one point Ellingsen asked the local Green candidate: "Can you give me concrete examples of what jobs people could do if oil stops?" The candidate cited the offshore wind industry and the forestry and fisheries sectors as examples. ''WE NEED CLEAR DIRECTION'' Such assurances are not assuaging the concerns of workers at Dusavik port, outside Stavanger, which Total ( TOTF.PA ), ExxonMobil ( XOM.N ) and Statoil ( STL.OL ) use to ship equipment to their platforms in the North Sea. On a cloudy morning, staff are unloading drilling fluid from the Normand Leader ship just back from the Johan Sverdrup oil and gas field, which Norwegian state-controlled Statoil and its partners are developing offshore. Production at the giant field - up to 3.3 billion barrels of oil - is due to start in 2019 but it is already keeping the harbour busy. Rune Veenstra, the managing director of the port poses for the picture in Dusavik, Norway August 28, 2017. Picture taken August 28, 2017. Gwladys Fouche After Johan Sverdrup was discovered in 2010, the port''s operator, NorSea Group, invested 220 million crowns ($28.53 million) in its infrastructure to accommodate increased activity. Even as crude prices plunged, it kept all its 150 full-time employees at Dusavik, but let go the 20-30 workers who were on temporary contracts at Dusavik and its sister port in nearby Tananger. Rune Veenstra, the port''s managing director, said the election campaign was sending out conflicting signals and creating uncertainty. What his company needed more than anything was clarity and predictability so that it can make long-term investments, he added. "If we can''t have a clear direction, it is no good for anyone," Veenstra told Reuters. ECONOMY ON THE MEND Taxi driver Atif Nisar poses for a picture in Stavanger, Norway August 28, 2017. Picture taken August 28, 2017. Gwladys Fouche The main parties say they will not give ground to the Greens or any other group seeking to curb Norway''s oil sector, which is pivotal to a national economy that is turning a corner after a couple of slow years. In the first half of 2017, the economy grew more than expected and reached 0.7 percent in the second quarter, data from Statistics Norway showed on Aug. 24. The current government coalition, the centre-right Conservatives and the populist Progress Party, claim credit for the turnaround. Their approach has been to cut taxes on businesses and individuals and plug the gap thanks to Norway''s near-$1 trillion sovereign wealth fund. "This is a sign that the economic policy that the government has been running over the last years has been (right)," Health Minister Bent Hoeie, a Conservative, told Reuters. That view is shared among some voters, such as 47-year-old Finn, a former oil worker who says he will vote for the Conservatives. When Reuters met him in October 2015, Finn had just been laid off and was looking for work ( reut.rs/2iwkxPq ). He is now employed by a state agency working for the Norwegian armed forces. "I am interested in schools and creating workplace opportunities ... the Conservatives have a better programme," he said. He declined to give his full name. But Labour, which was in government in 2005-2013, is emphasising that, even though the economy is on the up, there are still challenges to address if the country wants to finance its cradle-to-grave welfare state in the future. "We have to make sure that more of those who are outside (the job market) get an opportunity to have a job in the future," Hadia Tajik, Labour''s deputy leader, told Reuters. Many Labour supporters told Reuters they would vote for the party because it was best at delivering good public services, such as schools and hospitals. "When Labour was in power, the schools, the hospitals, everything was good. Now it is not," said Atif Nisar, a 39-year-old taxi driver. "My whole family has decided, we are all voting Labour." Additional reporting by Terje Solsvik in Oslo; Editing by Pravin Char'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-norway-election-oil-idUKKCN1BB1X6'|'2017-08-31T17:05:00.000+03:00'
'dc6512e079c296280c8a09b80b75cade0dc02dfe'|'First Quantum boosts Minera Panama stake to 90 pct'|'August 31, 2017 / 12:52 PM / 8 minutes ago First Quantum boosts Minera Panama stake to 90 pct Reuters Staff 1 Min Read Aug 31 (Reuters) - Canadian miner First Quantum Minerals Ltd said on Thursday it would boost its stake in Minera Panama SA unit to 90 percent in a deal valued at $635 million. The company, which currently owns 80 percent of the unit, said it signed an agreement to buy a 10 percent stake from South Korean copper miner LS-Nikko Copper. The deal would also include some shareholder loans in the unit. First Quantum said it would make the payment for the deal over five years. (Reporting by Anirban Paul in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/firstquantum-minerapanama-idUSL4N1LH4V9'|'2017-08-31T15:51:00.000+03:00'
'92324c1902c4a57f18b15f88d2e0c985db3e7dde'|'Deals of the day- Mergers and acquisitions'|'(Updates Toshiba, ZF, Adds ICBC, Noble Group, Ryan Air, Sistema, Airbus, ECi, Dong Energy, Eiffage, MMI Holdings, Albaugh LLC, BroadSoft)Aug 30 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** The world''s largest lender Industrial and Commercial Bank of China (ICBC) said it would follow restrictions set by the country''s cabinet on overseas acquisitions.** Trader Noble Group is expected to pick a buyer for its oil and liquefied natural gas units by mid-September to cover debts and reduce credit exposure after a first half loss of $1.9 billion, sources familiar with the matter said.** Ryanair will not bid for any assets of insolvent German airline Air Berlin, its Chief Executive Michael O''Leary said, describing the process as "a stitch-up".** Russian conglomerate Sistema said it had no plans to reduce its stake in mobile phone operator MTS to pay oil giant Rosneft a $2 billion settlement and would be able to raise the funds from banks.** Airbus has urged United Technologies to stay focused on fixing industrial problems that have delayed aircraft deliveries even if it presses ahead with reported plans to buy avionics supplier Rockwell Collins.** Bank of America Merrill Lynch and RBC Capital Markets are sounding out investors on a $570 million financing package that will back the buyout of ECi, a U.S. enterprise resource planning (ERP) software provider, and its merger with Dutch ERP company Exact Software, according to four sources familiar with the situation.** New Energy Investment, indirectly owned by investment bank Goldman Sachs, is selling a 1.78 percent stake in Danish utility and offshore wind farm developer Dong Energy .** Construction group Eiffage maintained its full-year target for higher profits and revenue after posting an increase in first-half earnings, and said it was in talks over buying a business from Italy''s Saipem.** Financial services group MMI Holdings Namibia, a local unit of South African-listed MMI Holdings, has bought a 70 percent stake in short-term insurer Quanta Insurance, the companies said.** Albaugh LLC is exploring a sale that could value the privately held U.S. producer of agricultural crop protection chemicals at more than $1.5 billion, including debt, according to people familiar with the matter.** BroadSoft Inc, a U.S. provider of software that helps companies offer cloud-based communications services, is exploring its options, including the potential sale of the company, according to people familiar with the matter.** German auto supplier ZF said it has sold its Body Control Systems division to China''s Luxshare as it reshapes its portfolio of technologies for a new era of self-driving and electric cars.** German industrial group Siemens has agreed to buy Dutch self-driving software specialist Tass International for an undisclosed sum to strengthen its automotive business, it said.** Germany''s Allianz plans to pay $35 million for 98 percent stake in Nigerian insurer Ensure Insurance in a push for growth in Africa, where many people are uninsured.** India''s Bird Group said it is interested in buying state-owned carrier Air India''s ground-handling business, making it the second company to formally show interest in bidding for a part of the ailing airline.** A consortium led by Bain Capital has made a revised last-ditch offer for Toshiba Corp''s chip unit worth about $18 billion, bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said.** Britain''s Co-operative Group is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s suspended its own bid talks for the wholesale group.** Immofinanz said it might agree a new schedule for its merger with rival Austrian property group CA Immo , after talks are currently on hold.** Kuwait Foreign Petroleum Exploration Co (KUFPEC) said it had agreed to buy an additional 15 percent of Norway''s Gina Krog offshore oil field from France''s Total for $317 million.** Two major Abu Dhabi real estate developers, Eshraq Properties and Reem Investments, said they aimed to merge as an economic slowdown in the emirate puts the housing market under pressure.** Spectris Plc sold its U.S.-based barcoding business to Omron Corp for $157 million in cash, the measuring instruments maker said.** Malaysian telecommunications firm Axiata Group''s infrastructure unit is buying telecom towers in Pakistan for $940 million in partnership with a local conglomerate, in what will be one of the biggest deals in the South Asian nation.** Shares of China Evergrande Group rose 3.5 percent after Hong Kong-based Chinese Estates Holdings Ltd bought shares in the mainland property developer.** Indonesia''s Asia Pulp & Paper Co Ltd has not yet signed a binding agreement to buy pulpmaker Eldorado Brasil Celulose SA, the Brazilian company said in a securities filing. (Compiled by Akankshita Mukhopadhyay and Laharee Chatterjee in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1LG3HS'|'2017-08-30T08:02:00.000+03:00'
'c2127d2309d309335317538dd17813882d8e1b9d'|'Germany''s Salzgitter has no plans to close U.S. factories - CEO in Die Welt'|'August 31, 2017 / 9:19 AM / 5 hours ago Germany''s Salzgitter has no plans to close U.S. factories: CEO in Die Welt Reuters Staff 2 Min Read Heinz Joerg Fuhrmann, CEO of Germany''s traditional steelmaker Salzgitter AG talks at a symposium of steelmakers in Duesseldorf, Germany February 16, 2016. Wolfgang Rattay FRANKFURT (Reuters) - German steelmaker Salzgitter is not planning to close factories in the United States, where it is suffering from import duties that were slapped on some of its products, the group''s chief executive told a German newspaper. In March, the U.S. Department of Commerce issued a final finding that European and Asian producers dumped certain carbon and alloy steel cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent. For Salzgitter, duties were set at 22.9 percent. "In general, current politics in the United States are not an invitation for foreign investments. We would examine investments in the USA more closely now than a few years ago," Heinz Joerg Fuhrmann told Die Welt in an interview. "But what is clear already is that there will not be factory closures on our side," he said. Salzgitter, in which the state of Lower Saxony owns 26.5 percent, employs 1,411 staff, or 8.2 percent, of its core workforce in the America region. The area accounted for 12 percent of consolidated sales in 2016. With peer Dillinger Huette, Salzgitter operates two U.S. plants that make tubes needed for pipelines in the oil and gas industry, mostly sourcing from Salzgitter''s German steel plants at prices Fuhrmann said were "in line with the market". Reporting by Christoph Steitz; Editing by Edmund Blair '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-steel-salzgitter-idUSKCN1BB0Z1'|'2017-08-31T12:16:00.000+03:00'
'66bcbb03dfb5c2fa4e3c712f992123e2af53bb9c'|'PRESS DIGEST- Financial Times - Aug 31'|'Aug 31 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* Theresa May vows to fight next UK election as prime minister. on.ft.com/2vtn7Ma* New Uber chief aims for IPO within 18-36 months. on.ft.com/2vtLXv6* Co-op makes revised 140 mln pounds offer for UK convenience chain Nisa. on.ft.com/2vtOcyvOverview* British Prime Minister Theresa May said she wanted to continue as Britain''s leader beyond the next parliamentary election, not due until 2022, dismissing expectations she could stand down after Brexit as early as 2019.* Uber Technologies Inc''s new Chief Executive Dara Khosrowshahi told employees on Wednesday the ride-services company would change its culture and may go public in 18 to 36 months.* Britain''s Co-operative Group is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s suspended its own bid talks for the wholesale group. (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL8N1LG70R'|'2017-08-30T21:32:00.000+03:00'
'630ca5f0a20e1aaf5ae3824374c408e734b85efd'|'British online betting company 888 fined $1 million for failing to protect customers'|' 36 PM / 21 minutes ago British online betting company 888 fined $1 million for failing to protect customers Reuters Staff 3 Min Read (Reuters) - British online betting company 888 Holdings was fined a record 7.8 million pounds ($10 million) on Thursday for failing to protect vulnerable customers from addictive gambling. Britain''s Gambling Commission said that a technical glitch in 888''s system allowed more than 7,000 customers between October 2015 and September 2016 to keep accessing one of 888''s platforms, and deposit 3.5 million pounds, even though they had chosen to be excluded from it. The issue went undetected for a "prolonged period of time" during which those customers were able to gamble 50.6 million pounds in total, using deposits and recycled winnings, the commission said. Its fine of 7.8 million pounds was the highest it has ever handed out to a company. 888 operates two separate technological platforms: one for casino, poker and sport and a separate one for bingo. However, the glitch meant people who excluded themselves from the casino, poker and sport platform still had access to these accounts on their bingo platform. In addition, the commission said that 888 also failed to recognise “visible signs of problem gambling behaviour displayed by an individual customer, which was so significant that it resulted in criminal activity”. The commission said that the particular individual customer staked over 1.3 million pounds -- 55,000 pounds stolen from an employer -- and gambled over three to four hours a day over a 13-month period. The fine of 7.8 million pounds includes repayment of the 3.5 million pounds of deposits made by the 7,000 customers affected and compensation of 62,000 pounds to the employer from whom money was stolen. 888 agreed to pay a further 4.25 million pounds to a socially responsible cause to invest in measures to tackle gambling-related harm. Sarah Harrison, chief executive at the Gambling Commission said, "safeguarding consumers is not optional" and said the fine will ensure that "lessons are learnt". 888 said in a statement that it accepted the conclusion of the review. Gambling companies in the UK made over 13 billion pound between October 2015 and September 2016, according to data from the commission. Charities have warned that fixed-odds betting machines are highly addictive and can enable gamblers to lose hundreds of pounds in less than a minute. Britain''s ministry for culture, media and sports, which regulates the gambling industry, launched a consultation last October into the maximum wagers that should be allowed on gambling machines, including those known as fixed-odds betting terminals. Reporting by Rahul B in Bengaluru; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-888-holdings-fine-idUKKCN1BB21U'|'2017-08-31T17:36:00.000+03:00'
'b3aa1e449ab7d08daa9fb8655dcde66f6bdb698f'|'Expedia picks CFO Okerstrom to replace Khosrowshahi as CEO'|'August 30, 2017 / 9:23 PM / an hour ago Expedia picks CFO Okerstrom to replace Khosrowshahi as CEO Reuters Staff 1 Min Read FILE PHOTO - Visitors browse at the stand of global online travel brand Expedia during the International Tourism Trade Fair (ITB) in Berlin, Germany, March 9, 2016. Fabrizio Bensch (Reuters) - Expedia Inc ( EXPE.O ) named Chief Financial Officer Mark Okerstrom as its new chief executive, replacing Dara Khosrowshahi, who left to take over the top job at Uber Technologies Inc [UBER.UL]. Khosrowshahi, who led the travel-booking site for 12 years, will continue to be a board member, the company said in a statement on Wednesday. Okerstrom, who has been Expedia''s CFO and executive vice president of operations for the last six years, was also named to the company''s board, the travel-booking site said. "There was no other candidate that the board considered," Expedia Chairman Barry Diller said. Okerstrom was Khosrowshahi''s "principal partner" in running Expedia, the company said. During Khosrowshahi''s tenure, Expedia became the largest online travel agency by bookings and its stock price grew more than six-fold. Expedia shares were marginally up in extended trading on Wednesday. Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-expedia-ceo-idUKKCN1BA2VI'|'2017-08-31T01:04:00.000+03:00'
'541716fabe5c86e6842b87863f8e847ecce9feec'|'Harley sales recovery far off as young buyers turn to used bikes'|'Aug 30 (Reuters) - Harley-Davidson enthusiast Jo Verrette, 65, finally sold her 2006 model Harley Deluxe this year for $6,500, a third of what she bought it for, after listing it on Craigslist on and off for two years.Verrette sold the motorcycle to a 36-year old man. She is among thousands of aging baby boomers - the company''s core customer group - who are unloading their bikes, keeping prices of used Harleys in the market low and pressuring sales of new motorcycles.Analysts expect Harley-Davidson Inc''s sales growth to be weak for at least the next few years as younger buyers prefer cheaper, used Harley models or shop for less expensive motorcycles offered by Honda Motor Co Ltd and BMW ."So long as the base of ridership declines (in the United States), it will be an uphill battle for (Harley-Davidson). I have a projection of total motorcycle ridership for the country declining for at least the next five years," Bernstein analyst David Beckel said.Harley-Davidson''s U.S. retail sales hit a five-year low last year. The company said last month new-motorcycle sales fell about 8 percent through June this year in the United States, forcing it to lower its full-year shipment forecast and cut production and jobs.Dramatically low used-bike prices have encouraged young Americans to buy their first Harleys, giving them an opportunity to own a storied brand even as they worry about paying off home and student loans.But it''s not helping Harley-Davidson''s bottom line."I guess they (Harley) can take comfort in the fact that people are still interested in the brand. But certainly (used Harley bikes) don''t do anything for the company and it sure doesn''t do anything for the shareholders," Longbow Research analyst David MacGregor said.Indeed, Chief Financial Officer John Olin said on a post-earnings call last month that through May the company saw healthy sales growth of used Harleys, a market more than twice the size of new motorcycle sales.Harley-Davidson has done more this year to encourage dealers to bring used-motorcycle buyers into the family, said Jim Woodruff, chief operating officer of auction services provider National Powersport Auctions (NPA)."It''s more acceptable for an authorized Harley dealer to have more used inventory this year than last year."But some dealers said it would take Harley-Davidson a long time to capitalize off that trend as it could take up to five years for a buyer of a used Harley to upgrade to a new one.MILLENNIAL DRIVE After years of targeting older, affluent riders, Harley-Davidson is now focusing its marketing strategies on a younger generation as it seeks to expand its fan base.The company recently started a social media campaign and last week launched 13 motorcycles with its new Milwaukee-Eight engine and futuristic styling. ( prn.to/2wibDK7 )Harley-Davidson has also partnered with motorcycle rental company EagleRider, which serves more than 100,000 riders annually and offers bike tours across the United States.The company, which says 3 million people ride its various motorcycles in the United States, is aiming to add another 2 million riders in the country by 2027. (Reporting by Ankit Ajmera and Rachit Vats in Bengaluru; Additional reporting by Anna Driver in New York; Editing by Sayantani Ghosh and Saumyadeb Chakrabarty) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/harleydavidson-sales-idINL4N1LA4OB'|'2017-08-30T14:27:00.000+03:00'
'2dece344d2a859bb6c39c1867c68c02bf9d541c0'|'RBI seeks to steer more companies to bankruptcy court: source'|'August 30, 2017 / 6:20 AM / 14 hours ago RBI seeks to steer more companies to bankruptcy court: source Reuters Staff 2 Min Read A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, June 7, 2017. Shailesh Andrade/Files MUMBAI (Reuters) - The Reserve Bank of India (RBI) has asked banks to send at least 20 companies that defaulted on their debts to bankruptcy court if their problems are not resolved by about mid-December, a senior banker with direct knowledge of the matter said on Wednesday. Reuters was not able to determine the exact list of companies in the list, but the senior banker said he knew of at least 20 companies named, based on information provided to his bank by the RBI. Local media had reported on the list late on Tuesday. The RBI declined to comment. The latest list of companies that could be sent to bankruptcy court was drafted after the RBI in June asked banks to take 12 of India''s biggest defaulters to bankruptcy court under new powers given to it. The RBI in June also had given lenders six months to finalise resolution plans for other non-performing accounts not listed among the initial 12. The RBI''s efforts come as the country seeks to resolve more than $150 billion in stressed assets in Asia''s third-largest economy, that are delaying the private investments needed to boost economic growth. The banker also said banks had been asked to make adequate provisions for the loans to companies in the latest list in line with the central bank''s earlier directive. Reporting by Devidutta Tripathy and Tommy Wilkes; Editing by Stephen Coates'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-bankruptcy-rbi-idINKCN1BA0JV'|'2017-08-30T09:20:00.000+03:00'
'6861942187faa1289d98ad3dd9c38abf244f6c4e'|'PRESS DIGEST- British Business - Aug 30'|'Aug 30 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- Asos is little more than 100 million pounds ($129.28 million) short of overtaking the market value of Marks & Spencer Group Plc in what is being called the UK high street''s "Tesla moment". The Aim-listed internet-only fashion retailer was worth 4.93 billion pounds ($6.37 billion) yesterday compared with M&S''s 5.05 billion pounds ($6.53 billion). bit.ly/2wHJ3mf- The regime at Mitie Group Plc run by Baroness McGregor-Smith has come under investigation by UK''s Financial Conduct Authority. The announcement that FCA has begun an inquiry into the timing of a profit warning last September that preceded the departure of Lady McGregor-Smith from Mitie is the latest setback for the former chief executive of the FTSE 250 company. bit.ly/2wmsY2PThe Guardian- Downing Street has said UK government will not back away from its demand to kick off negotiations on a post-Brexit trade deal as soon as possible – even though the European commission president, Jean-Claude Juncker, flatly dismissed the idea on Tuesday. bit.ly/2wmzJBIThe Telegraph- UK Government will reboot its industrial strategy today with a 160 million pound ($206.85 million) injection into Britain''s drugs sector, with a major vaccines lab to prepare the country for emergency epidemics among the first initiatives to get support. bit.ly/2wmYlKK- UK Prime Minister Theresa May has been forced to abandon her flagship plan to reform executive pay, prompting relief among business leaders but criticism from ­unions and Labour MPs. bit.ly/2wmEDPiSky News- Tom and Ruth Chapman, who founded Matchesfashion.com, the online luxury fashion boutique, are close to sealing the sale of their company for about 800 million pound ($1.03 billion)to the private equity firm Apax Partners. bit.ly/2wHfKR1- Arnold Schwarzenegger is fronting a campaign warning consumers they only have two years to claim compensation for mis-sold payment protection insurance. The 42 million pound ($54.30 million) campaign is the brainchild of UK''s Financial Conduct Authority, which believes the sector''s biggest mis-selling scandal is far from over as the clock ticks down to the 29 August 2019 deadline for claims. bit.ly/2wHlqdHThe Independent- UK care home system is "teetering on a knife edge" thanks to a severe skills crisis that risks being worsened by Brexit, recruiters have warned. Care homes rely heavily on migrant labour and the risk of a staff shortage as a result of UK''s decision to leave the EU, coupled with fewer nurses already entering the profession, could "bring the entire system to a standstill", according to specialist nursing practice Clayton Recruitment. ind.pn/2wH7LDo- UK house price growth eased to its slowest in three months in August, underscoring the impact of a falling pound and an inflation jump on consumer appetite for big-ticket purchases. Nationwide''s monthly house price index showed on Tuesday that house prices rose 2.1 percent year-on-year in the month, down from a 2.9 percent rise in July and matching May''s four-year low. ind.pn/2wHhE47 ($1 = 0.7735 pounds) (Compiled by Bengaluru newsroom; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-business-idUSL2N1LG00L'|'2017-08-30T03:35:00.000+03:00'
'f78bb798c68d2a22fbab68cd1291cd55266f1144'|'Home Capital''s Buffett plan opposed by shareholder proxy ISS'|'FILE PHOTO - The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. Chris Helgren TORONTO (Reuters) - Home Capital Group Inc ( HCG.TO ) could face a revolt over U.S. billionaire Warren Buffett''s plan to increase his stake in the business after proxy advisory firm Institutional Shareholder Services (ISS) recommended shareholders vote against it. Home Capital and Buffett''s Berkshire Hathaway Inc ( BRKa.N ) investment vehicle agreed in June to a deal worth up to C$400 million ($318 million) for an initial stake of 20 percent in the business. The position could increase to 38 percent if Home Capital shareholders give approval in a vote on Sept. 12. Under the terms of the deal, Berkshire Hathaway can purchase the additional shares at a price of C$10.30 per share. Shares in Home Capital rose 1.6 percent at C$13.45 on Wednesday. Home Capital benefited from Buffett''s initial investment as well as a C$2 billion credit facility. The deal helped rebuild confidence in the financial strength of the company after depositors withdrew funds from its high interest savings and Guaranteed Investment Certificate accounts. Home Capital''s executives had emphasized the importance of having an investor of Buffett''s credibility backing the company. However, ISS said much of the benefit is already in place after the initial transaction and questioned the benefits for Home Capital''s shareholders of Buffet increasing his stake. "The proposed Berkshire second tranche appears to offer nominal additional reputational and strategic benefits to those already established under the Berkshire first tranche, while dilution cost of the discounted second tranche is substantial," ISS said in a statement. ($1 = 1.2593 Canadian dollars) Reporting by Matt Scuffham; Editing by Jeffrey Benkoe '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-homecapital-buffett-idUSKCN1BA1WW'|'2017-08-30T17:44:00.000+03:00'
'c061b34fe9d75f9d9a2fa67afb1a9896a3a268bc'|'Car makers, retailers rush to open, restock Houston after Harvey'|'August 31, 2017 / 5:28 PM / an hour ago Car makers, retailers rush to open, restock Houston after Harvey Nick Carey 4 Min Read DETROIT, Aug 31 (Reuters) - Houston area car retailers and automakers are rushing to reopen dealerships and beef up inventory to replace many thousands of vehicles damaged in flooding from Hurricane Harvey. Pete DeLongchamps, vice president for manufacturer relations at Group 1 Automotive Inc, the third-largest U.S. auto dealer group, said the company prepared for the storm with a plan designed after Hurricane Katrina in 2005. This included moving moved inventory to higher ground and cleaning roof drains to avoid cave-ins. Group 1 thus lost a "relatively small percentage" of inventory and reopened its roughly 25 dealerships in the Houston and Beaumont area by Thursday. "Things have been moving fast and furious with a large number of tow-ins already," DeLongchamps said. "Our customers have lost a lot of vehicles we need to help them replace." Harvey brought record flooding to Houston and killed at least 35 people. The storm is expected to briefly depress already slowing U.S. auto sales but could eventually help boost demand as damaged cars are replaced. Automakers report U.S. August sales on Friday. Estimates for the number of Harvey-damaged vehicles needing replacement range up to 500,000. By Thursday AutoNation Inc, the largest U.S. auto retail chain, had reopened its 17 Houston stores and is moving cars and trucks from other regions, company spokesman Marc Cannon said. The company plans to move 500 to 1,000 used cars to an AutoNation USA used car store and stage a sale Sept 21-23, when many would-be buyers should have insurance checks to replace destroyed vehicles, Cannon said. AutoNation is still assessing how many vehicles it lost, but it too moved vehicles to higher ground ahead of the storm. General Motors Co spokesman Jim Cain said the number of damaged vehicles at dealerships "is relatively modest." "But there are still several dealerships that are inaccessible, so the number will increase," he said. GM will move new and used vehicles to Houston, "but it won''t be done until the infrastructure and our dealers are ready." Ford Motor Co is still assessing damage and inventory needs, a spokeswoman said. CarMax Inc, the biggest U.S. used car dealer, will reopen its six Houston area stores on Labor Day, spokeswoman Claire Hunter said. "We are mobilizing additional inventory to the region as we speak," Hunter said. Paul Lips, chief operating officer at ADESA, a unit of KAR Auction Services Inc which with Manheim dominates the U.S. car auction industry, said Houston inventory is "dry and ready for sale." "Once roads are clear and employees can return safely to work, we will reopen business as usual," he said. Group 1''s DeLongchamps said the high inventory levels that have been a concern for the U.S. auto industry this year amid slackening sales are now a positive. As vehicles sell, the retailer plans to replenish inventory by drawing from surpluses at other dealers. "We have one guy in our office here whose sole job is to match inventory to sales," in the Houston area, DeLongchamps said. "We call him the ''inventory czar.''" (Additional reporting by Joseph White; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-autos-idUSL2N1LH18J'|'2017-08-31T20:26:00.000+03:00'
'0e184e50c4fdfcc1d6b2dcf966e3845ea975da29'|'German joblessness drops further, retail sector shows some weakness'|' 18 AM / 16 minutes ago German joblessness drops further, retail sector shows some weakness Michael Nienaber and Caroline Copley 3 Min Read BERLIN (Reuters) - German unemployment fell slightly less than expected in August while retail sales posted a surprisingly big monthly drop in July, data showed on Thursday, casting some doubt over whether a consumption-led upswing in Europe''s biggest economy will last. Household spending has overtaken exports as the main driver of growth as Germans revel in record-high employment, increased job security, rising real wages and ultra-low borrowing costs. The economy''s rude health has helped centre-right Chancellor Angela Merkel, who polls show looks set to win a Sept. 24 federal election, burnish her economic credentials with voters and promise full employment by 2025. In a sign of some weakness in consumer spending, retail sales fell by 1.2 percent on the month in real terms in July, data from the Federal Statistics Office showed on Thursday. That compared with the Reuters consensus forecast for a 0.4 percent fall and followed an upwardly revised increase of 1.3 percent in June. On the year, retail sales rose 2.7 percent, undershooting the consensus forecast for an increase of 3.5 percent. Sal. Oppenheim economist Ulrike Kastens cautioned against reading too much into the retail figures for July, pointing out that the highly volatile indicator was often subject to revision and that the sector enjoyed an unusually strong month in June. "Germany''s economic engine is still running smoothly. Private consumption will contribute to overall growth also in the third quarter," Kastens added. A survey last week showed already buoyant consumer sentiment continued to rise further heading into September. Economists expect the German economy to continue its consumption-led upswing in the second half of the year after gross domestic product grew by 2.0 percent on the year in the first quarter and by 2.1 percent in the second. The government predicts calendar-adjusted growth of 1.9 percent for 2017. That would be on a par with last year''s performance, which was the strongest among the G7 group of the world''s most industrialised countries. The export industry also showed strength as engineering orders jumped by 10 percent in real terms in July from the previous year, the VDMA industry association said on Thursday. [B4N1GM026] The jobless total fell by 5,000 to 2.532 million in seasonally adjusted terms, the Federal Labour Office said. This came in marginally weaker than the consensus forecast in a Reuters poll for a fall of 6,000. The unemployment rate was unchanged at 5.7 percent, the lowest level since reunification in 1990. "The labour market is continuing its positive trend," said Detlef Scheele, head of the Labour Office. "The strong growth in employment is continuing and companies'' demand for new staff is still high." writing by Michael Nienaber; Editing by Jon Boyle'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy-idUKKCN1BB168'|'2017-08-31T13:17:00.000+03:00'
'2998acfda38f5f3b66fa3ec332342c3606cdae3c'|'Exclusive: Russia''s Lukoil studying sale of Swiss trader Litasco - sources'|'August 30, 2017 / 12:56 PM / 10 minutes ago Exclusive: Russia''s Lukoil considers selling Swiss trader Litasco Dmitry Zhdannikov and Alexander Ershov 4 Min Read FILE PHOTO: The logo of Russian oil company Lukoil is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Sergei Karpukhin/File Photo LONDON/MOSCOW (Reuters) - Russian oil major Lukoil is considering selling its Swiss unit Litasco because new U.S. sanctions on Russia will make it harder for the Geneva-based energy trader to raise new funds, industry sources said. Lukoil''s chief executive, Vagit Alekperov, later confirmed the company was considering selling Litasco, Interfax news agency reported. He gave no details other than to say Lukoil''s board would decide on the matter in November. A senior industry source told Reuters Litasco could be sold later this year, possibly as a first step towards divestment of other overseas assets by Lukoil to enable Russia''s second largest oil producer to focus on tapping fields in Siberia. "One of the reasons behind the sale idea is sanctions. The sale will also help divert a big chunk of working capital from trading activities towards upstream projects in Russia," the source told Reuters on condition of anonymity as he is not authorized to discuss the possible sale in public. Lukoil controls refineries in Romania, Bulgaria, Italy and the Netherlands. The sources did not say how much Lukoil might raise by selling Litasco, one of the largest global energy traders. Most trading houses are not publicly listed and the book value of rivals range from $2 billion to $6 billion. The sale of Litasco would provide more evidence of how the latest U.S. sanctions have complicated lending to Russian companies -- state and private -- and even hit overseas entities only indirectly connected with Russia. Banking sources told Reuters last week that Italian bank Intesa Sanpaolo had encountered problems syndicating a loan to mining and commodities trading group Glencore and Qatar''s wealth fund to fund their purchase of a stake in the Russian oil major Rosneft because of the new U.S. sanctions. The sanctions, signed into law by President Donald Trump on Aug. 2, were Washington''s strongest action against Moscow since 2014, when it first took steps to punish Russia over its annexation of Crimea from Ukraine and Russian support for separatists in east Ukraine. Lukoil, which is a private company co-owned by its management without any ownership by the state, has been on the sanctions list since 2014 but it is not barred from selling assets. MAJOR TRADING HOUSE The new sanctions were in part a response to conclusions by U.S. intelligence agencies that Russia meddled in the 2016 U.S. presidential election. The sanctions dashed hopes of a rapprochement between Moscow and Washington. Set up in 2000, Litasco has been one of the most successful traders of Russian oil in the past decade. It focuses on selling Lukoil''s crude and products worldwide, serving its refineries in Europe and adding value through trading. Third-party contracts have increased substantially over the past few years as Litasco''s footprint expanded into the United States, Asia and Africa. Litasco traded 3.2 million barrels per day of oil and products in 2016, its chief executive told Reuters this year, putting it on a par with rival trading houses such as Mercuria and Gunvor and behind only the world''s top three trading houses -- Vitol, Glencore and Trafigura. "Gradually, Litasco will become an independent trading house like Vitol or Trafigura," said a second industry source, confirming plans for the sale. But oil trading -- where a standard-sized cargo with crude costs over $50 million -- is a capital-intensive business which requires trading houses to have tens of billions of dollars of credit lines readily available from dozens of global banks. The sanctions have since 2014 complicated new capital-raising by Russian firms and the new U.S. measures have thrown lending patterns into disarray, with lawyers from big Western banks trying to establish what is still permitted under the latest restrictions. Additional reporting by Olesya Astakhova,; Writing by Dmitry Zhdannikov, Editing by Timothy Heritage '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-russia-lukoil-litasco-idUKKCN1BA1LN'|'2017-08-30T15:58:00.000+03:00'
'19a41f49bc22d6cdda4367ebcb0293d12282880c'|'PRESS DIGEST - Wall Street Journal - Aug 30'|'August 30, 2017 / 4:15 AM / 2 hours ago PRESS DIGEST - Wall Street Journal - Aug 30 Reuters Staff 2 Min Read Aug 30 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - The Justice Department has taken preliminary steps to investigate whether managers at Uber Technologies Inc violated a U.S. law against foreign bribery, according to people familiar with the matter. on.wsj.com/2gpbwqM - Even before he takes the job as Uber Technologies Inc''s new chief executive, fresh challenges confront Expedia Inc CEO Dara Khosrowshahi, with news of a federal bribery probe into Uber and public disagreement over how the board''s decision to hire him unfolded. on.wsj.com/2gohMyZ - Apple Inc is scrambling to strike deals with Hollywood studios to offer ultrahigh-definition films on its new Apple TV, but discussions have been hampered by disagreements over pricing, according to people with knowledge of the talks. on.wsj.com/2gnOqR4 - A federal appeals court ordered the Federal Communications Commission to give two firms affiliated with Dish Network Corp another chance at success in an airwaves auction where the FCC determined they were ineligible for crucial small-business discounts. on.wsj.com/2go4kuV - Low-cost airline Allegiant Travel Co will venture into real estate with a sprawling resort on Florida''s Gulf Coast, even as hotel development slows nationwide amid a glut of rooms. on.wsj.com/2gpSi4l (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-wsj-idUSL4N1LG24L'|'2017-08-30T07:14:00.000+03:00'
'd87fdb7033912616c732193854ffc3fb1c299bb7'|'Traders rush to ship oil from Louisiana as Harvey looms'|'NEW YORK/HOUSTON (Reuters) - Oil traders were scrambling on Tuesday to move crude and fuel supplies through ports in Louisiana as Tropical Storm Harvey barrelled towards the state, threatening to close the last major oil terminals still operating on the U.S. Gulf Coast.Harvey pummelled the heart of the U.S. energy industry in Texas, dumping a record amount of rain and triggering catastrophic flooding in Houston. Harvey was the strongest storm to hit the state in more than 50 years, forcing operators to shut refineries, pipelines and ports.Harvey was forecast to come ashore in western Louisiana near the Texas border on Wednesday. The region includes the St. James trading hub, with more than 2.5 million barrels per day (bpd) of refining capacity. It is also home of the Louisiana Offshore Oil Port, the largest privately owned U.S. crude storage terminal.Louisiana had become the last exit and entry point into refinery row on the U.S. Gulf Coast. Its ports import and export millions of barrels per day (bpd) of crude and fuel. Texas and Louisiana are home to 45 percent of total U.S. refining capacity."Louisiana is open and being used as much as possible to discharge fuel and load exports," a trader at a refinery said.Other traders also said they were hurrying to take advantage of the closing window to import fuel into the U.S. Gulf as prices skyrocket. Prices in the region have risen as supply falls due to refinery closures.According to Eikon shipping data, the Ridgebury Julia, a tanker carrying oil products, was diverted earlier this week. It was originally going to Corpus Christi, Texas. As of Tuesday, it changed its destination to New Orleans.Buyers for Latin America, where many countries are heavily reliant on U.S. supplies, are trying to buy cargoes. Asian refiners are also keen to buy U.S. cargoes and concerned about delays to those they have already bought, shipping sources said.The window for shipping is closing as conditions deteriorate and Harvey moves east towards refineries and ports in the state.The prices in spot markets for gasoline in the Gulf have soared above benchmark prices in New York Harbor, according to Reuters data.U.S. crude prices have fallen because refiners are processing less oil. That has pushed U.S. crude prices below prices for crude elsewhere, making it cheap for international refiners if they can still get a cargo out.U.S. crude''s discount to London''s Brent futures <WTCLc1-LCOc1 grew on Tuesday, touching the contract''s widest level of $5.90 a barrel.PORTS A spokeswoman for LOOP declined to comment when asked about the level of interest in using the port in recent days.In Texas, Shell was assessing the impact of Harvey, but a spokesman did not respond to a question about the status of its Sugarland terminal in St. James, used for crude exports.On Monday, the Port of Corpus Christi Authority said it had restored power to several facilities and was working to return to normal operations next week. Transfers from one ship to another near the port have also been delayed, sources said.Vessels moving in and out of Energy Transfer Partners'' Nederland terminal in Texas have been delayed, sources said. An ETP spokeswoman did not respond to a request for comment on the terminal.The Houston Ship Channel was shut, and the Port of Houston will remain closed on Wednesday.The backlog in unexported refined products will be a challenge to Texas Gulf Coast refiners, according to Sandy Fielden, an analyst at Morningstar.Damage to roads and fuel stations may delay some refinery restarts, he said, because they would quickly run out of storage of fuel produced.Editing by Simon Webb and David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/storm-harvey-crude-exports-idINKCN1B92R7'|'2017-08-30T01:12:00.000+03:00'
'0a3285ec35264b8c5cdea7623ccb2389dcaddd02'|'Ball to cease production at three beverage packaging plants'|'Aug 30 (Reuters) - Ball Corp* Ball to cease production at three beverage packaging plants, build state-of-the-art specialty beverage packaging facility in Southwestern U.S.* Will begin construction on new beverage packaging facility in Goodyear, Arizona, expected to begin production in Q2 of 2018* Will record a total after-tax charge of approximately $22 million, majority being recorded in Q3 2017* Ball corp - Birmingham, Chatsworth And Longview employees may be provided benefits and outplacement services in accordance with bargaining process '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-ball-to-cease-production-at-three-idINASB0BHOW'|'2017-08-31T00:01:00.000+03:00'
'9be2d7101e3a8eecdc56032157b32ecb2f770d39'|'LSE would gain from takeover of ''hidden jewel'' Euroclear - UBS analysts'|'Thu Aug 31, 2017 / 11:37 AM BST LSE would gain from takeover of ''hidden jewel'' Euroclear - UBS analysts Huw Jones A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. Reuters/Toby Melville/File Photo LONDON (Reuters) - A London Stock Exchange Group ( LSE.L ) takeover of "hidden jewel" Euroclear would make financial sense and give rival Deutsche Boerse ( DB1Gn.DE ) a run for its money, UBS analysts said on Thursday. UBS analysts Michael Werner and Alex Leng said they looked at the merits of a merger between LSE and Euroclear in a 32-page report. There has also been media speculation about a possible deal and LSE said in June it was interested in operating a settlement house. "We believe a Euroclear acquisition would be value-accretive for LSE," the UBS analysts said. The LSE would need to pay 6.69 billion euros (6.15 billion pounds) for a 100 percent stake, they said. "In addition, we believe a Euroclear acquisition by LSE would be a negative for Deutsche Boerse-owned Clearstream, Euroclear''s main competitor, as it would face stronger competition from Euroclear under LSE''s stewardship." A takeover would also give the LSE control over its own settlement house after Britain leaves the European Union, Brussels-based Euroclear comes under the bloc''s rules. ADVERTISEMENT LSE and Euroclear had no immediate comment. After LSE''s planned merger with Deutsche Boerse collapsed earlier this year, there has been speculation about what the two exchanges might do next. Euroclear is owned by more than 150 of its users, mainly banks, and settles stock and bond trades for LSE and rival pan-European exchange Euronext ( ENX.PA ). Settlement refers to the final leg of a trade when legal ownership is swapped for payment, coming after trading and clearing. LSE, which trades UK and European shares, already has its own clearing house, LCH. The exchange has said that collateral management, or helping customers find assets like bonds to back trades, is a growth area. Euroclear looks after about 27 trillion euros of assets for customers or half the European settlement market, and owning it would give the LSE access to collateral. "We think Euroclear has not been the most efficiently run organisation ... We believe a Euroclear acquisition would be consistent with the recent comments from LSE''s management," the UBS analysts said. UBS analysts also raised their 12-month share prices target for LSE to 3,900 pence, up from 3,350 pence to reflect "strong" first half results and renewal of its clearing contract with Euronext. At 1000 GMT, LSE shares were little changed at 3,947 pence. ADVERTISEMENT The analysts said LSE had pursued an acquisition strategy that has been "best-in-class" among its European peers. "This begs the questions, are there any more hidden jewels like LCH or Russell Investments remaining for LSE to acquire?" UBS analysts said. (Reporting by Huw Jones. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-euroclear-m-a-lse-idUKKCN1BB196'|'2017-08-31T13:37:00.000+03:00'
'cf6d8e9e1e825d581131cd06b2078044a231bfff'|'PRESS DIGEST- British Business - Aug 31'|'Aug 31(Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* An energy price cap for two million of the most vulnerable households will be fast-tracked into place by January, under Ofgem plans to be unveiled within weeks. bit.ly/2vu418p* The tax authorities are chasing large businesses for 24.8 billion pounds ($32.03 billion) of potential underpayments, 3 billion pounds more than last year, as they step up efforts to close loopholes and stamp out avoidance. Investigations by the large business directorate at HM Revenue & Customs (HRMC) have identified the sum as tax that might be recovered from previous years. bit.ly/2vtOW6UThe Guardian- The alleged mastermind behind a series of cyber-attacks on Lloyds and Barclays banks that disrupted up to 20 million accounts has been extradited from Germany to face charges in the UK. The British man, Daniel Kaye, 29, is accused of attempting to blackmail the banks after using an infected network of computers known as the Mirai#14 botnet. bit.ly/2eGz7za- Mike Ashley, the billionaire owner of Newcastle United, is moving from the pub to the golf course in his latest high court dispute with a former business partner . bit.ly/2eGwAFhThe Telegraph- Britain''s slowdown could have run its course as business lending is rising, mortgage lending growing at a steady pace and the boom in consumer credit, appears to be moderating, according to figures from Bank of England. bit.ly/2eGA9v2- Dunelm delivered a shock to shareholders after abruptly parting ways with chief executive John Browett following what is understood to be a clash of leadership styles. bit.ly/2eGz7iKSky News- Royal Mail is to be relegated from the FTSE 100 nearly four years after its controversial privatisation. Shares in the delivery business have fallen more than 15 percent so far this year as it faces a cocktail of headaches including declining letter volumes and rumblings of industrial action. bit.ly/2eGxt0G- The Co-op Group has moved into pole position to swoop on Nisa Retail, trumping its rival J Sainsbury in an accelerating battle to consolidate Britain''s convenience store market. The board of Nisa Retail has granted a period of exclusivity to the Co-op to negotiate a takeover of the member-owned business. bit.ly/2eGyB4nThe Independent- The final casualty of the latest strike by some British Airways cabin crew is flight BA122 from Doha. The outbound flight was cancelled on Wednesday and the return leg is consequently axed. ind.pn/2eGxT71- Two thirds of firms say they intend to employ permanent new staff to cope with new EU rules designed to protect peoples'' private information after a number of high-profile data breaches, a survey by the UK Information Commissioner''s Office revealed. ind.pn/2eGy3f0 ($1 = 0.7743 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1LG6IV'|'2017-08-30T22:25:00.000+03:00'
'32047fe8a56f04aa9ce0cbfd54211dd6fee97a4e'|'China''s wealth managers look to profit from risk and capital crackdowns'|'August 30, 2017 / 11:07 PM / an hour ago China''s wealth managers look to profit from risk and capital crackdowns Sumeet Chatterjee and Julie Zhu 6 Min Read FILE PHOTO: A Chinese stone lion sits beside a branch of China Merchants Bank in Shanghai January 20, 2010. Aly Song/File Photo HONG KONG (Reuters) - As regulatory crackdowns in China hit risky investment products and capital outflows, the country''s private banks are looking to profit as they target a bigger share of growing wealth in the world''s second-largest economy. Wealth managers like Noah Holdings ( NOAH.N ) and units of China Merchants Bank ( 600036.SS ) and China International Capital (CICC) ( 3908.HK ) are casting wider nets to tap affluent clients, who have so far remained outside mainstream private banking. They are now targeting small cities, where the wealthy have traditionally relied on shadow banking investment products that promise high returns but are illiquid and opaque, according to bankers and consultants working for the wealth managers. Beijing''s clampdown since last year on sending capital outside the country was also opening up opportunities for domestic wealth managers in China, they said. China''s onshore private wealth market has grown rapidly in the last few years. This year, it is set to reach $28 trillion (21.66 trillion pounds), nearly three times the country''s gross domestic product in 2016, making it the second-largest such market after the United States. But only about 10-12 percent of China''s high net worth individuals, or those with more than 10 million yuan in investable assets, are served by professional wealth managers, which compares with roughly 20 percent in South Korea and 55-60 percent in the United States and Europe, according to Noah. That proportion is likely to rise as wealth managers promote their investment advice and products more widely, and as awareness grows of how to diversify from bank deposits and property investments, the bankers said. "The government is trying to clean up and trying to push the money into regulated channels with transparent investment schemes," said Wu Bo, head of CICC''s wealth management business. "That plays to our advantage." Wu, whose firm manages about $100 billion worth of private individual wealth, said the migration of money to wealth advisors represented an important business opportunity for firms like his. Chinese wealth managers face little competition from bigger foreign rivals such as Credit Suisse ( CSGN.S ) and JPMorgan ( JPM.N ) in the onshore market, said an executive at a consultancy that works with wealth managers. Regulatory restrictions and a less developed capital market have deterred some global banks from setting up a private banking presence in China. Offshore businesses remain the preferred route for many international wealth management firms who want to tap into the millionaires spawned by China''s booming technology sector and its surging stock market. FILE PHOTO: Brochures on buying China Merchants Bank shares are distributed outside a bank in Hong Kong, China September 8, 2006. Bobby Yip/File Photo LOW-PROFILE CLIENTS Noah is one of the local private banks who are now looking beyond cities like Beijing and Shanghai, where rivals including HSBC ( HSBA.L ) and some fintech giants are expanding their footprints and offerings to serve wealthy clients. Founded in 2003, Noah, which has assets under management of $63 billion, plans to add more people to win new business in smaller cities such as the industrial centre of Shenyang in the northeast and the coastal city of Wenzhou. "We see a lot of entrepreneurs in the second- and third-tier cities who are low-profile," said Noah''s president, Kenny Lam, referring to cities with populations of about 7 to 10 million. FILE PHOTO: People stand at a branch of China Merchants Bank in Shanghai, China January 20, 2010. Aly Song/File Photo Noah plans to increase its headcount of 1,200 by 5-10 percent a year for the next three to five years in order to tap those opportunities. In places like Wenzhou, Lam said: "When you see them, you don''t know them having hundreds of millions, they will be in a t-shirt and jeans and say ''Kenny, can you teach me about private equity?''." Each of China''s 22 provinces have over 20,000 high net worth individuals, with nine counting more than 50,000 each, according to a study by the consulting firm Bain & Co and China Merchants Bank released in June. Regional wealth distribution is now becoming more balanced, and a number of rich individuals in central and western China, and regions associated with the Belt and Road infrastructure and trade initiative, have increased significantly, the report said. The push into smaller cities, however, is also raising concerns about risk management, checks and balances, and how carefully wealth managers are conducting background checks on clients, according to the consultants. It is also fuelling demand for more compliance executives. "That, I would say, is the biggest risk or challenge for the Chinese wealth managers, as much as their global peers," said the consulting executive, referring to the client due-diligence process to ascertain sources of wealth. The executive, who declined to be named while discussing client matters, said the due-diligence process was particularly onerous in China. The country has a more lax corporate governance culture and that sometimes made it difficult to ascertain even company ownership structures, the executive said. "The know-your-client process is very important in China and also very difficult as in many cases the real source of wealth is not disclosed," the executive said. Reporting by Sumeet Chatterjee, Julie Zhu and Jessica Macy Yu; Editing by Philip McClellan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-wealth-management-idUKKCN1BA31J'|'2017-08-31T02:31:00.000+03:00'
'821a20750d244992262be2e7d241bced3ebefd50'|'Naspers comes under fire for free-riding on Tencent'|'SOUTH AFRICA’S stockmarket has Naspers largely to thank for its recent record highs. Shares in the media and internet group have soared by 45% this year; even before then it was Africa’s most valuable firm. So recent unrest among shareholders in Naspers might seem unwarranted. But in the days before its annual general meeting in Cape Town on August 25th, noisy debate erupted, chiefly about executive pay. Many investors reckon that Bob van Dijk, its boss, is being rewarded for success that he did little to create.The source of good fortune for Naspers lies about 7,000 miles (11,265km) away. In 2001 Koos Bekker, Mr van Dijk’s predecessor, made a brilliant investment of $32m in a little-known Chinese technology firm called Tencent. Today its 33% stake is worth $130bn, as measured by Tencent’s value on the Hong Kong stock exchange; that dwarfs the $100bn valuation of Naspers itself on the Johannesburg stock exchange. Shares in the latter rise and fall on news from Hong Kong. In its last financial year, the firm’s share of profits from its Tencent holding in effect represented all of the group’s trading profits; the “rump” of the business, which Mr van Dijk has control over, lost money (see chart).Latest updates Whatever she may say, Theresa May won’t fight the next election Bagehot''s notebook an hour ago Retail   6   6   11   19   a day ago See all updates So shareholders are dismayed that last year Mr van Dijk got a raise of 32%, to $2.2m. They say it is hard to see how much he is being rewarded for his own performance, and how much for that of Tencent. Although 79% of votes at the AGM were cast in favour of the pay policy, most are thought to have come from unlisted shares with special voting rights. Some of those shares are indirectly linked to company directors. Allan Gray, an influential asset manager, warned before the AGM that the pay policy was not aligned with shareholders’ interests. The majority of ordinary investors may have voted against. Mr Bekker, now the group’s chairman, swatted away any concerns. He compared corporate governance to star footballers washing their hands after going to the toilet: a nice idea, but less important than recruiting the best players for the team.Shareholders have grumbled about pay at Naspers before, to no avail. The latest spat is more vocal and reflects deeper concern about its progress after two decades of reinvention. In the 1990s its prospects were uncertain. Founded in 1915 as Nasionale Pers (“National Press”), an Afrikaner nationalist publishing house, it was initially slow to acknowledge its long-time support of apartheid. With its roots in newspapers, it then had to adapt to the digital age. Mr Bekker refashioned it around new media, expanding its pay-TV business across Africa and investing in budding tech firms around the world.Many of those investments have been slow to pay off. It was not long ago—the start of 2016—that Naspers was worth more than its Tencent stake but it is now worth less. The gap is widening. That may be because investors think Tencent’s shares, up by 70% since the start of the year, are overvalued, or because foreign capital is fleeing South Africa’s turbulent politics. But some see it as a sign that investors are losing patience with Naspers. Its e-commerce division posted trading losses of $731m last year. “The market has become increasingly disillusioned with the ability of management to pull rabbits out of the hat,” says Mark Ingham, an independent analyst.Even the firm’s popular pay-television service, which has 12m subscribers across Africa, is struggling, because of tumbling local currencies that make buying American content more expensive, and fiercer competition from firms such as Netflix and StarTimes, a Chinese rival.And yet the group may still defy the doubters over time. Its online classified-ads businesses, under brands such as OLX and letgo, together have 330m monthly users in 40 countries. Sean Ashton of Anchor Capital, which owns Naspers shares, optimistically reckons that total profits in the “rump” could soon grow faster than Tencent’s profits (which rose by 42% in 2016).Although the Tencent effect draws criticism, it also means that Naspers has more money to experiment. At the AGM, Mr Bekker rejected the idea that Naspers should sell its Tencent stake and give a short-term boost to shareholders. It could be hard to find a buyer, and the Chinese government would probably want a say. For at least a while longer, the firm’s profits look sure to be made in China.This article appeared in the Business section of the print edition under the headline "A dime’s worth"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727949-shareholders-africas-most-valuable-firm-attack-bosses-pay-naspers-comes-under-fire?fsrc=rss%7Cbus'|'2017-08-31T22:51:00.000+03:00'
'e3081eed9b4eb5aeab6bceca9b421b07f5f43b70'|'Volkswagen U.S. plant building 400 Atlas SUVs a day - executive'|'FILE PHOTO: The Volkswagen Chattanooga Assembly Plant in Chattanooga, Tennessee November 4, 2015. Tami Chappell/File Photo (Reuters) - German automaker Volkswagen''s ( VOWG_p.DE ) U.S. plant in Chattanooga, Tennessee, is building 400 Atlas SUVs a day, close to capacity and on pace to reach 100,000 per year, Matthias Erb, who heads VW''s North American engineering team, said on Thursday.Erb said the plant can boost production further if demand for the new Atlas warrants.Reporting by David Shepardson in Washington; Editing by Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/autos-volkswagen-idINKCN1BB2PW'|'2017-08-31T21:34:00.000+03:00'
'db614b52190cb1f9a246f23e664c739a23259431'|'Rathbone Brothers terminates merger talks with Smith & Williamson'|'(Reuters) - Rathbone Brothers ( RAT.L ) has abandoned an attempt to merge with rival wealth manager Smith & Williamson (S&W) after failing to agree a deal that would have been "in the best interests" of its shareholders.The FTSE 250 company said on Thursday it had carried out "very extensive due diligence and negotiations" but had ended exclusive talks between the two British firms.The collapse of discussions potentially opens the way for competitor Tilney to revive an unsuccessful counterbid that Reuters reported earlier this week.Tilney launched its approach after Rathbones confirmed earlier this month that it was holding discussions about an all-share merger with S&W, which is owned by current and former employees and Canadian investment firm AGF."We continue to believe that our proposition was both a compelling strategic and value creation opportunity for all Smith & Williamson''s stakeholders," Rathbones'' boss Philip Howell said in a statement."The potential combination was intended to accelerate Rathbones'' existing strategy, but ultimately we were unable to agree terms that offered our shareholders an appropriate balance of risk and reward."The wealth manager said the cost of working on the failed deal would see it take a charge of about 5 million pounds ($6.5 million) in 2017.Rathbones'' proposal valued S&W at between 500 million pounds and 600 million pounds, a source told Reuters earlier this week.Rathbones'' shares closed down 0.5 percent at 27.80 pounds on Thursday, giving it a market capitalization of around 1.4 billion pounds.Two sources told Reuters on Tuesday that Tilney, a wealth manager controlled by private equity house Permira, had failed in an attempt to open discussions with S&W.The sources said at the time that Tilney would consider making a fresh bid if the Rathbones talks collapsed.S&W and Tilney did not return requests for comment.Editing by Jane Merriman and David Evans '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-rathbone-m-a-smith-merger-idINKCN1BB2TA'|'2017-08-31T17:18:00.000+03:00'
'bd5a8339b6e1df4050b182ac00ce6b25ce303012'|'Brazil''s Equatorial Energia wants to bid for Cesp, sources say'|'SAO PAULO (Reuters) - Brazil''s Equatorial Energia SA ( EQTL3.SA ) is among the companies interested in bidding for the control of Companhia Energética de São Paulo, which will be auctioned on Sept. 26, two sources with knowledge of the matter said on Wednesday.The state of São Paulo will auction its controlling stake in the company, which operates three hydroelectric dams, for a minimum price of around 2 billion reais ($633 million).Lawyers and bankers say the interest for Cesp seems to be weaker than for similar assets sold recently. "The dams'' operation licenses expire between 2020 and 2028, and that may explain the low investors'' turnout", said Jose Roberto Oliva Júnior, partner at law firm Pinheiro Neto Advogados.The sources say China Three Gorges Corp may also bid. The persons could not speak for attribution because they are not authorized to discuss the matter publicly.Cesp, as the power company is known, Equatorial and Three Gorges declined to comment. Banco Fator SA, adviser to São Paulo State in the privatization process, also declined to comment.Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-cesp-m-a-idUSKCN1BA2UG'|'2017-08-31T00:05:00.000+03:00'
'bcac8b618c08e95f1d96da2ed6e2006a16524636'|'Deals of the day-Mergers and acquisitions'|'(Updates Air Berlin, AstraZeneca; Adds Rathbone Brothers, Stada)Aug 31 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:** Rathbone Brothers has abandoned an attempt to merge with rival wealth manager Smith & Williamson (S&W) after failing to agree a deal that would have been "in the best interests" of its shareholders.** Activist investor Elliott Management said it wanted at least 74.40 euros per share for its stake in Stada as private equity firms Bain Capital and Cinven seek to tighten their grip on the German generic drugmaker.** Canadian miner First Quantum Minerals Ltd said it would boost its stake in unit Minera Panama SA to 90 percent in a deal valued at $635 million to increase its copper mining operations.** Deutsche Asset Management plans to launch the sale of its stake in British water company Kelda Group as soon as next month with an estimated valuation of close to 1 billion pounds ($1.3 billion), sources close to the matter told Reuters.** BBVA said it was looking at the possible sale of its retail bank in Chile after Canada''s Bank of Nova Scotia expressed an interest in buying up to 100 percent.** The field of bidders for Air Berlin''s assets appeared to narrow further when aviation investor Hans Rudolf Woehrl stepped back from the process to search for a partner.** French luxury department store Galeries Lafayette is to buy a majority stake in online and catalog retailer La Redoute, the companies said, in a deal Lafayette said would deliver cost-savings and boost its digital businesses.** Japanese drugmaker Daiichi Sankyo denied that it received a takeover bid last year from Britain''s AstraZeneca , following speculation that sent its share price soaring as much as 13 percent and triggered a trade suspension.** Brazil''s Equatorial Energia SA is among the companies interested in bidding for the control of Companhia Energética de São Paulo, which will be auctioned on Sept. 26, two sources with knowledge of the matter said on Wednesday.** BroadSoft Inc, a U.S. provider of software that helps companies offer cloud-based communications services, is exploring its options, including the potential sale of the company, according to people familiar with the matter. (Compiled by Akankshita Mukhopadhyay and Laharee Chatterjee in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1LH3VB'|'2017-08-31T08:10:00.000+03:00'
'46d77835f4ca7908dfc1e0901a6f8b77be91d2cb'|'German tourism body blames aviation regulation for Air Berlin failure'|'August 31, 2017 / 11:52 AM / an hour ago German tourism body blames aviation regulation for Air Berlin failure Reuters Staff 2 Min Read FILE PHOTO: German carrier Air Berlin''s aircrafts are pictured at Tegel airport in Berlin, Germany, September 29, 2016. Axel Schmidt/File Photo BERLIN (Reuters) - German taxes and regulation have allowed foreign airlines to take market share from German carriers and contributed to the failure of Air Berlin ( AB1.DE ), Germany''s tourism trade body said on Thursday. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses. "Conditions distorting competition allow foreign competitors to carve out an increasingly large part of passenger volume," Michael Frenzel, President of the federal association of Germany''s tourism sector, said. The association, which represents travel-related industries including tour operators, hotels and airlines, called on the German government to ease the burden of costs such as Germany''s air travel tax, which was introduced in 2010. At the same time, Frenzel said the association had no interest in a national champion, after Germany''s Economy Minister Brigitte Zypries said she would welcome it if Lufthansa ( LHAG.DE ) took over substantial parts of Air Berlin. "The days of big national carriers are over," Frenzel said. Tourism generates around 290 billion euros of annual revenues in Germany, accounting for around 3.9 percent of the economy and providing nearly 3 million jobs, according to the association. Reporting by Gernot Heller; Writing by Maria Sheahan. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-tourism-idUKKCN1BB1I6'|'2017-08-31T14:52:00.000+03:00'
'aef335db0ccf54d21b0aca1ceb143540a7b0b977'|'Nikkei climbs to 2-week highs as U.S. data bolsters dollar-yen'|'August 31, 2017 / 6:32 AM / an hour ago Nikkei climbs to 2-week highs as U.S. data bolsters dollar-yen Reuters Staff * Daiichi Sankyo soars after report of rebuffed AstraZeneca offer * Nikkei volatility index down from highs but market still wary * U.S. political woes keep investors cautious - analyst By Lisa Twaronite and Ayai Tomisawa TOKYO, Aug 31 (Reuters) - Japan''s Nikkei share average rose to two-week highs on Thursday, after bright U.S. economic data pushed up the dollar against the yen, which in turn lifted cyclical stocks such as automakers and financial companies. The Nikkei finished up 0.7 percent at 19,646.24 after reaching as high as 19,687.99, its loftiest level since Aug. 17. For the month, it slipped 1.4. "Despite today''s gains, the Nikkei could be starting the new month with a relatively heavy tone, after a monthly loss," said Yutaka Miura, a senior technical analyst at Mizuho Securities. "You can''t really say that investors'' risk sentiment has recovered, as much of the gains are due to short-covering," he said. Investors remain nervous about the prospect of a U.S. government shutdown, and a potential debt default if lawmakers don''t raise the nation''s debt ceiling by the end of September. While North Korea''s arms development remains a threat, some of the alarm raised by regional tensions following its latest missile test moderated. "Extreme fears about North Korea have receded," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Research Center. The Nikkei Volatility Index, which rose 2.5 percent to 15.14 on Thursday, spiked to a one-week high of 16.32 on Tuesday after North Korea fired a ballistic missile over Japan''s northern Hokkaido island into the sea. On Thursday, Japanese exporters benefited from a weaker yen, as the dollar gained on strong U.S. gross domestic product data and U.S. private-sector employers that bolstered expectations for a solid U.S. jobs report later this week. Subaru Corp rose 0.6 percent, Honda Motor Co gained 1.4 percent, and Hitachi Ltd soared 1.7 percent. Daiichi Sankyo Co shares soared as much as 13 percent and was up 5.3 percent before trading was suspended, after a business magazine reported that Britain''s AstraZeneca offered to buy Japanese drugmaker last year. The online version of Nikkei Business magazine, citing unidentified sources, said Daiichi Sankyo declined the offer. Banking stocks gained, with the Tokyo Stock Exchange banking sub-index up 1.5 percent. Mitsubishi UFJ Financial Group rose 2.1 percent and Sumitomo Mitsui Financial Group was up 2 percent. Meanwhile, Fujifilm Holdings rose as much as 4 percent after it said on Wednesday it would buy back up to 16 million of its shares, representing 3.7 percent of total outstanding, for up to 50 billion yen. The broader Topix gained 0.6 percent to 1,617.41. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close-idUSL4N1LH2PB'|'2017-08-31T14:32:00.000+03:00'
'ad34c918916090c776227a2d5eaab8e5ec6fac3e'|'Total says over 90 percent output from Edradour & Glenlivet will be gas'|'August 31, 2017 / 9:38 AM / 18 minutes ago Total says over 90 percent output from Edradour & Glenlivet will be gas Reuters Staff 1 Min Read PARIS, Aug 31 (Reuters) - French oil and gas major Total said on Thursday that more than 90 percent of output from its Edradour & Glenlivet gas and condensate fields in the United Kingdom would be gas. A spokeswoman for the company said the fields, which are expected to boost Total''s North Sea output with an additional 56,000 barrels of oil equivalent a day, will reach plateau production next year. Reporting by Bate Felix; Editing by Sudip Kar-Gupta'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/northsea-total-output-idUSL8N1LH2V2'|'2017-08-31T12:37:00.000+03:00'
'2a8b812a025818482e3b28a63444f8d03f219847'|'Faced with new bid, Toshiba looks set to miss chip sale deadline'|'August 31, 2017 / 12:18 AM / 4 hours ago Toshiba misses target date for chip unit sale, increasing business risks Makiko Yamazaki 5 Min Read TOKYO (Reuters) - Toshiba Corp ( 6502.T ) failed to seal a deal to sell its prized chip business by an internal deadline of Thursday, raising doubts about whether it can plug a balance sheet hole in time to avoid a delisting and keep the unit competitive. The embattled Japanese conglomerate said in a statement it has tried but so far not come to an agreement and it was continuing to talk with three suitors - a consortium led by Western Digital ( WDC.O ) as well as groups led by Bain Capital and by Taiwan''s Foxconn ( 2317.TW ). The sale of the world''s No. 2 maker of NAND chips - worth $17 billion to $18 billion - has become a contentious battle marked by a slew of revised bids, changing alliances among bidding groups and the threat of legal action from joint venture partner Western Digital. Despite frayed relations between Western Digital and Toshiba, one source familiar the matter said early this week that their discussions were in final stages, with Steve Milligan, the chief executive of the U.S. firm, in town to hammer out details. But the two sides are struggling to come to an agreement over the U.S. company''s future stake in the business, several sources have said. Toshiba was working under creditor pressure to strike a deal by the end of the month, sources with direct knowledge have said, as any later would make it difficult to gain regulatory approvals before its books closed in March. But in a sign that an agreement might not be too far off, Toshiba Chief Executive Satoshi Tsunakawa told the firm''s creditor banks on Wednesday: "Please give me an extra week or so," according to separate sources familiar with the sale process. The sources, who declined to be identified as they were not authorised to speak on the matter, said Tsunakawa did not say which bidding group was favoured but repeated his determination to get a deal done and dusted by March. Without the money to cover billions in liabilities at it bankrupt nuclear unit Westinghouse, Toshiba would likely have to book negative net worth for a second year running, which could result in it being delisted. FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo Just as importantly, delays are set to only make rival Samsung Electronics'' ( 005930.KS ) upper hand in NAND chips stronger, allowing it to capitalise on a boom in demand for semiconductors and extend its lead in advanced 3D chips. "Toshiba must build a factory in order to satisfy demand for 3D NAND, but right now Toshiba doesn''t have the money," said Lee Kyu-jin, senior analyst at Ebest Investment & Securities. "Meanwhile, Samsung is showing drive in the 3D NAND market, including building a factory dedicated to 3D NAND in order to dominate demand." BAIN BRINGS IN APPLE Efforts to strike a deal have been complicated by Bain''s last minute resubmission of a 2 trillion yen ($18.1 billion) offer, bringing in Apple Inc ( AAPL.O ) to help bolster its bid, sources said late on Wednesday. The bid trumps the 1.9 trillion yen offered by the Western Digital-led consortium, which also includes U.S. private equity firm KKR & Co LP ( KKR.N ). Banking sources have previously said, however, that Western Digital was working to get its proposal up to 2 trillion yen. A senior banking official familiar with the talks said Toshiba was still likely to sign a deal with the Western Digital group, as legal risks posed by the U.S. firm, which argues no deal can be done without its consent, make it difficult to accept any other offer. Foxconn, the world''s largest contract electronics maker formally known as Hon Hai Precision Industry ( 2317.TW ), is seen as an unlikely winner in the race due to its deep ties with China and the Japanese government''s desire to keep key semiconductor technology owned by Japanese-U.S. capital. There is also some doubt about Toshiba''s resolve to sell the unit as some executives at the chip unit would prefer no deal if it is going to be bought by Western Digital and have threatened to quit if the U.S. firm wins out, sources have said. Separate sources familiar with Toshiba''s thinking have also said the Japanese conglomerate may consider tapping financial investors to boost capital so that it could avoid a delisting in the event that it decides not to sell the chip unit. Reporting by Makiko Yamazaki; Additional reporting by Taiga Uranaka, Taro Fuse and Kentaro Hamada in Tokyo, Joyce Lee and Heekyong Yang in Seoul; Editing by Clara Ferreira-Marques and Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-toshiba-accounting-idUSKCN1BB00U'|'2017-08-31T03:16:00.000+03:00'
'497426badc1876b8543f716c55ab0671eac93498'|'U.S. judge rejects Wyoming VW environmental claims lawsuit'|'August 31, 2017 / 5:10 PM / 17 minutes ago U.S. judge rejects Wyoming VW environmental claims lawsuit Reuters Staff 1 Min Read FILE PHOTO: An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. Mike Blake/File Photo (Reuters) - A U.S. judge in California on Thursday rejected a lawsuit by the state of Wyoming potentially seeking more than $1 billion in additional penalties for environment damages in the German automaker''s excess diesel emissions scandal. The ruling is a victory for the world''s largest automaker by sales and could help prevent environmental claims by about a dozen states and some counties in Texas from going forward. VW said in a statement it was pleased with the ruling. Reporting by David Shepardson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-emissions-idUKKCN1BB2GS'|'2017-08-31T19:53:00.000+03:00'
'9ffd62b0304e7721afb79b87e4e912c5dea7d495'|'Rathbone Brothers terminates merger talks with Smith & Williamson'|'August 31, 2017 / 5:45 PM / an hour ago Rathbone Brothers terminates merger talks with Smith & Williamson Reuters Staff 1 Min Read (Reuters) - British wealth manager Rathbone Brothers ( RAT.L ) said on Thursday that it had terminated talks with UK-based financial services provider Smith & Williamson over a possible all-share merger. Rathbone said it would incur a charge of about 5 million pounds in 2017 for the expenses related to the merger talks. The company had said earlier this month that it was in exclusive merger talks with Smith & Williamson. Reporting by Parikshit Mishra in Bengaluru. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-rathbone-m-a-smith-merger-idUKKCN1BB2L6'|'2017-08-31T20:45:00.000+03:00'
'335f7bb9f1e8f749d969aa6bde5326b735ac47fe'|'Recruiter Hays declares special payout, says Brexit vote impact fading'|'August 31, 2017 / 6:27 AM / 9 minutes ago British recruiter Hays declares special payout as profit rises Reuters Staff 2 Min Read (Reuters) - Britain-based Recruiter Hays ( HAYS.L ) declared a special dividend on Thursday after posting a 17 percent rise in full-year profit and building a cash surplus, helped by growth in continental Europe, while hiring in Britain steadied. The firm, which places workers areas such as finance and IT, had said in 2015 it would consider a special dividend as it paid off debts and built a cash surplus. Hays said it ended 2016 with a net cash position of 111.6 million pounds. "As a result of our strong financial and cash performance and a confident outlook, we have proposed the payment of the group''s first special dividend of 61.6 million pounds," Chief Executive Alistair Cox said in a statement. Hays reported a full-year operating profit to 211.5 million pounds in the year ending in June, in line with its July estimate of 209.5 million. It had reported profit of 181 million pounds a year ago. Earnings were supported by a record performance in Germany, its largest market, while Australia had seen strong growth, the company said. Hays said activity in the British hiring market had steadied after slipping in the immediate aftermath of Britain''s 2016 vote to leave the European Union, resulting in the company exiting the year with modest private sector growth. Public sector hiring in the UK was challenging, it added. British staffing firms, which faced uncertainty after the Brexit vote, have offset the impact with growth in their international businesses. "We continue to see strong overall net fee growth across our international businesses ... Conditions in the UK are overall broadly stable," the company said in a statement. Hays declared a special dividend of 4.25 pence per share, even as it proposed a 11 percent increase in full-year dividend to 3.22 pence, taking its total dividend payouts to 108.3 million pounds. Reporting by Esha Vaish in Bengaluru; Editing by Christian Schmollinger and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hays-results-idUKKCN1BB0JK'|'2017-08-31T09:28:00.000+03:00'
'b89feb9b91141faf794bc5a64a41aee0cdf454bf'|'Berlin and Paris struggle to bridge euro zone reform gap'|'August 31, 2017 / 4:08 PM / 7 minutes ago Berlin and Paris struggle to bridge euro zone reform gap Noah Barkin and Michel Rose 6   French President Emmanuel Macron and German Chancellor Angela Merkel attend a news conference following a Franco-German joint cabinet meeting at the Elysee Palace in Paris, France, July 13, 2017. Stephane Mahe /File Photo BERLIN/PARIS (Reuters) - French President Emmanuel Macron''s push for an ambitious overhaul of Europe''s single currency bloc is running up against robust resistance in Berlin despite conciliatory public signals from German Chancellor Angela Merkel. Nearly four months into Macron''s presidency, senior German officials say they are still waiting for ideas from Paris that might bridge the gap between France''s push for more euro zone burden-sharing and Germany''s insistence that member states take primary responsibility for their own economic problems. Although the true test for a Franco-German "grand bargain" on deeper euro zone integration will come after the German election on Sept. 24, early exchanges between technocrats in the two capitals have yielded little to no progress, according to people involved. "There is a new elan with Macron. But so far the ideas are the same ones that we''ve been hearing from Paris for years," said one senior German official. "We have not advanced at all," said another top official. "It is hard to see where the middle ground lies." Europe''s common currency area is emerging from the economic and financial crisis that began nearly a decade ago and almost tore it apart. But the turmoil of past years exposed deep flaws in Europe''s architecture, and with an array of new challenges emerging - from Brexit to U.S. President Donald Trump - people are watching closely to see if France and Germany, the historic drivers of European integration, can revive their troubled partnership and restore confidence in the bloc. During his campaign for the Elysee, Macron called for a big leap forward in European cooperation towards a so-called fiscal union. He is pushing for the creation of a euro zone finance minister and parliament, as well as a stand-alone budget for the currency bloc to cushion economic shocks in individual member states and head off future crises. In an interview with French weekly Le Point on Wednesday, he offered the first clues about what such a budget might look like, suggesting it could be funded by tax revenues that currently go into national budgets and total several hundred billions of euros. Merkel, while voicing support for Macron''s budget idea, ruled out sums that large earlier this week, speaking of "small contributions". TIGHT WINDOW Both the German and French sides say it will be important to have a rough plan for euro zone reform in place before German coalition talks begin in earnest, most likely in the second half of October. That way, reform ideas can be embedded in the German coalition agreement, a detailed policy blueprint for the new government that can run over 200 pages. One path, if Merkel emerges victorious as polls suggest, would be for Berlin and Paris to hold a bilateral summit on euro zone reform in early October and then present initial ideas to European partners at an EU summit scheduled for Oct. 19-20. FILE PHOTO: German Chancellor Angela Merkel and French President Emmanuel Macron attend welcome ceremony at the Chancellery in Berlin, Germany May 15, 2017. Fabrizio Bensch/File Photo The window for clinching an agreement involving all 19 members of the currency bloc is tight. German officials believe it must be completed in the first half of 2018, before the EU enters crunch time in its Brexit negotiations with Britain and begins thorny talks on a long-term budget for the EU. "If we don''t manage to come up with something in the first half of 2018 it will get messy," the second official said. The most concrete proposal on the table right now comes from German Finance Minister Wolfgang Schaeuble. He has floated the idea of transforming the euro zone''s rescue fund, the European Stability Mechanism (ESM), into a fully fledged European Monetary Fund (EMF) that would have more powers to support vulnerable member states. Backed by Merkel, this proposal is viewed with suspicion by some members of Macron''s entourage, who see it as a plot by Berlin to undermine his more ambitious budget vision. They point out that the ESM is run by a German, Klaus Regling, is an intergovernmental body in which the Germans have a de facto veto, and that Schaeuble''s plan would weaken the European Commission by stripping away its budget oversight responsibilities. Back in May, two economists who have worked with Macron in the past, Laurence Boone and Shahin Vallee, dismissed the EMF idea as a "dead end". LIMITED APPETITE Four months on however, with no obvious compromise in sight, Schaeuble''s idea is looking like a more realistic solution, even if it does fall short of what Macron has promised. "We are not among those who think it''s absurd," said one person close to Macron, describing it as a possible "first step" in a progressive strengthening of the euro zone. "What is interesting about it is that it could be put in place fairly quickly." In Berlin, the appetite for making big concessions to Macron seems limited. An economic rebound in the euro area has reduced the sense of urgency. And German officials say other challenges - from protecting the EU''s external borders to forging a common approach on refugees - are at least as important as reforming the euro zone. While keen to see Macron succeed, they believe his political fate will ultimately hinge on his ability to push through domestic reforms to reduce unemployment and stimulate the French economy, not an overhaul of the euro zone. People in Merkel''s party are also aware that her room for manoeuvre could become more limited after the election if she ends up switching coalition partners, dumping the Macron-friendly Social Democrats (SPD) in favour of the more critical Free Democrats (FDP).   Andreas Rinke and Gernot Heller in Berlin, Luke Baker and Marine Pennetier in Paris, Francesco Guarascio in Brussels; editing by Giles Elgood'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-france-germany-idUKKCN1BB2AS'|'2017-08-31T19:09:00.000+03:00'
'1aeb2271b03690e7820727687a6149470fc545b5'|'The parable of St Paul'|'PAUL POLMAN runs Europe’s seventh-most valuable company, Unilever, worth $176bn, but he is not a typical big cheese. A Dutchman who once considered becoming a priest, he believes that selling shampoo around the world can be a higher calling and detests the Anglo-Saxon doctrine of shareholder primacy, which holds that a firm’s chief purpose is to enrich its owners. Instead Mr Polman preaches that companies should be run “sustainably”—by investing, paying staff fairly, and by making healthy products with as little damage as possible to the environment. This is actually better for profits in the long run, he argues: society and shareholders need not be in conflict.Mr Polman’s beliefs were tested in February when Unilever received a bid from Kraft-Heinz, a ketchup-to-hot dog gorilla controlled by Warren Buffett and 3G Capital, a fund known for ripping costs out of multinationals. If, in its own mind, Unilever is a good corporate citizen, then it sees Kraft as an angry American with no interest in the planet, heavy debts, no growth, very little foreign presence, and an obsession with self-harming cost cuts.Latest updates Whatever she may say, Theresa May won’t fight the next election Bagehot''s notebook an hour ago Retail   6   6   11   19   a day ago See all updates Kraft’s bid fizzled when Mr Buffett got cold feet, but the clash of ideologies is not over. For one thing, Unilever seems to have been pressured into adopting some 3G-style tactics. In April it promised to lift operating margins by 3.6 percentage points by 2020, to carry out a share buy-back and to exit its poorly performing margarine business. Its investment in brands and plant and equipment is expected to be flat in 2017, having risen in former years.After a “cooling off” spell required by British takeover rules, Kraft can now bid again. Inspired by 3G, activist hedge funds are stalking two rivals, Nestlé and Danone, and other peers are slashing costs. Mr Polman will probably stand down within two years—he wants his successor to be a Unilever insider—raising the question of whether his vision is coherent and will endure.There are two key tests. Has Unilever really been socially virtuous while creating lots of value for its owners? And does the market for corporate control function as it should, so that such a firm can survive? Start with the question of virtue. Since early 2009, when Mr Polman took over, emissions, water usage and waste have fallen by 43%, 38% and 96% respectively, per unit of production. Investment (including capital spending, research, branding and marketing) has risen to 20% of sales, from 18%. Tax payments have risen from 25% to 30% of underlying profits.So far so good. But Mr Polman has not been as nice to staff as you might expect. Their numbers have stayed at 170,000 (Kraft meanwhile has cut its workforce by 20% since 2013) but pay as a share of the firm’s output, or its “gross-value-added”, has fallen from 46% to 39%. Unilever’s pay per employee has been flat in dollar terms even as its top few managers have got 24% more on average. Mr Polman received $9m last year, a third more than his predecessor got (though less than his American peers).He argues that sustainability is good for shareholders because investment creates growth. Consumers, staff and regulators are attracted to firms that exhibit good conduct. For shareholders the clearest sign of success is Unilever’s global market share, which has risen from 16% to 18% since 2008, according to Alliance Bernstein, a brokerage. That is impressive given that local firms are gaining ground from multinationals in the emerging economies where Unilever makes almost two-thirds of its sales.But currency weakness has been a drag. Free cashflow per share has risen by 65% in dollar terms—a fairly average performance compared with a basket of ten Unilever rivals. Total return (share price appreciation plus dividends) was 138% in 2008-16 in dollars, behind the average for the peer group, although not by much. Mr Polman’s boldest claims about his firm are over the top, but broadly speaking Unilever has been run in a fairly sustainable way and delivered reasonable results for its owners.What about the second question—whether such a firm can survive with a fragmented base of shareholders, some of whom may be out for a fast buck? Takeovers should happen only when the target is badly run or if combining two firms will yield synergies. But Unilever is well managed and Kraft’s probable changes—more debt, and cost-cutting—it can do itself.Kraft is a “roll-up”, a firm that relies on acquisitions and cost cuts to mask low growth. Its sales have declined for the past nine quarters. Roll-up strategies usually end badly for investors. Still, cheap debt means that, while such firms remain on a winning streak, they can operate on a vastly greater scale than before (a combined Kraft-Unilever might have had as much as $120bn of debt). Many bosses, including, probably, Mr Polman, think normal firms need protecting from them. Britain could adjust its takeover rules in favour of target companies. More countries could alter their fiscal codes to stop tax breaks for leveraged buyers or they could copy France’s “Florange” law, which limits the voting rights of short-term shareholders.Society v shareholder valueIn fact, Unilever’s close encounter with Kraft suggests the jury is still out on whether capitalism is too myopic to allow firms to operate virtuously. The outcome so far broadly shows that markets work. Unilever’s shares were undervalued. Some of the changes that it has made were actually in the pipeline anyway (for example, in 2016 Mr Polman said margins would rise by up to 3.2 percentage points by 2020). Kraft’s bid forced the company to fine-tune its strategy and articulate it better. As a result Unilever’s total return is now almost at the top of its peer group.But much depends on the next 24 months. Kraft could bid again. An activist may attack Unilever. Mr Polman’s successor could repudiate his approach. Mr Polman is no saint, but his legacy is to have made one of Europe’s biggest companies a test case of how far shareholder primacy should go. If Unilever can’t keep half an eye on the greater good, no firm can. Watch it closely.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727908-unilever-worlds-biggest-experiment-corporate-do-gooding-parable-st-paul?fsrc=rss%7Cbus'|'2017-08-31T22:51:00.000+03:00'
'e0d70f223656a042e4de1a20114219a6776dc1fd'|'Pricey housing markets mean co-living buildings are on the rise'|'MONDAY is “Game of Thrones” night at The Collective’s Old Oak building. Millennials congregate in TV rooms around the 11-storey, 550-person block. Some gather at the cinema, lounging on bean bags decorated with old graphics from Life magazine. Nothing gets residents out of their rooms like the hit TV show. This is not a student dorm, however. It is home.The Collective is a pioneer of a new property format known as “co-living”. Instead of self-contained flats, residents live in tiny rooms with 12 square metres of floor space. Most contain just a bed and a bathroom. During a two-night stay your correspondent could barely fit his shoulders into the shower cubicle.Latest updates Whatever she may say, Theresa May won’t fight the next election Bagehot''s notebook an hour ago Retail   6   6   11   19   a day ago See all updates It is outside these rooms that the building makes its pitch. It comes with a gym, spa, libraries, a good restaurant and a cinema. Residents get access to all of these amenities, as well as their room, for a rental payment of £800-£1,000 ($1,033-$1,292) a month. That includes all bills and high-speed Wi-Fi; they pay extra for meals in the restaurant. Residents have come up with their own services, too. The Collective houses a “library of things”, or a shared repository of useful objects—hammers, tape measures and even tents.Rising rents have opened up a gap in the market. The ratio of average rents to incomes in London rose from a quarter to a third between 2004 and 2014. In New York, average rents have grown from 29% of average income in 2002 to 34% in 2014. Most young professionals moving to thriving cities face a difficult choice between spending a big share of their income on renting their own place, or moving in with strangers in a shared house to save money. The Collective offers something different.Old Oak, the firm’s first building in north-west London, has been 97% occupied for most of this year. The Collective is putting up two more co-living buildings in London, one in Stratford and one in Canary Wharf. The notion of tiny rooms and shared luxury services is fairly new and little tested, but the property industry is paying attention. Jack Sibley of TH Real Estate, a property investment manager, calls it “one of the most promising ideas for the future of living to emerge for some time”.The next step for Reza Merchant, The Collective’s founder, is expansion abroad. He is close to striking deals on buildings in Boston and New York, and is talking to developers in Berlin, where historically low rents have been rising fast for the city’s young, creative types. The Collective has no real competitors in Britain but its move to America will see it run into Ollie, a co-living firm in New York.Both of Ollie’s existing co-living buildings are smaller than Old Oak (the largest of its kind in the world). But the American firm will soon run a co-living space over 13 floors of a building in Long Island City in the borough of Queens. It is being developed by Quadrum Global, a property investment company, whose financial models predict that co-living will substantially outperform conventional rented flats in future because the return per square foot is so high.WeWork, a private firm that is the world’s largest provider of shared workspaces and is valued at an estimated $20bn, has a residential arm, WeLive, that is running co-living units out of a leased building on Wall Street in Manhattan. It has joined forces with a property firm in Seattle called Martin Selig to construct a new 36-storey building, 23 floors of which will be dedicated to co-living.The model will get tweaked as developers see what works and what doesn’t. Mr Merchant is using data gathered from Old Oak to refine The Collective’s new buildings. Rooms will be slightly larger, because the tiny square footage is one of the main reasons residents give for moving on. Sensors monitor use of the common spaces, and in the new complexes the kitchens will all be on one floor, rather than scattered around the building. Most of Old Oak’s shared spaces are in fact fairly empty; the liveliest area is the launderette, where residents mingle and watch TV as they wait for washing cycles.Maria Carvalho, a social-sciences academic at the London School of Economics, moved into the building because she wanted to live with other people, but did not want to have to find roommates. “I would call it a hipster commune, not a hippy commune,” she says. She particularly likes meeting friends walking home from the train station but says kitchen utensils often go missing. (With too many co-livers to be able to know everyone personally, CCTV is used in these areas as a guarantor of good conduct and cleanliness.)The Collective and other companies like it have a choice to make, says Roger Southam of Savills, a property firm. They could continue focusing on incoming workers to big cities, providing minimal private living space alongside attractive shared areas. But Mr Southam sees much more potential if co-living spaces can give residents slightly more private space, allowing them to attract people already living in cities. Starting from the smallest of rooms and working up may let co-living firms hit upon the perfect balance of shared and private space. Who, after all, doesn’t want a cinema in the basement?This article appeared in the Business section of the print edition under the headline "Rent collective"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21727948-co-living-hipsters-not-hippies-pricey-housing-markets-mean-co-living-buildings-are?fsrc=rss%7Cbus'|'2017-08-31T22:51:00.000+03:00'
'7405eb74148c92ff06391c86b355f233cbfa5a3b'|'Russia''s VTB sees no risks for itself from Otkritie bailout'|'The logo of Russian bank VTB is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Sergei Karpukhin MOSCOW (Reuters) - VTB ( VTBR.MM ), Russia''s second biggest lender, sees no risks for itself from the central bank''s bailout of Otkritie bank, it said on Thursday.State-controlled VTB, which holds just under a 10 percent stake in Otkritie group, the holding company that controls Otkritie bank, supported the group via loans and other instruments during its rapid growth.Asked about its role in Otkritie''s expansion, VTB said it worked with financial institutions "purely on a market basis.""Our cooperation with Otkritie is built on the same principles of openness and competitiveness as with other partners," it said in emailed replies to Reuters questions.The central bank said this week Otkritie group, whose other shareholders include holding company executives as well as Lukoil''s top managers and some others, grew too rapidly, with its capital failing to keep up with the expansion.VTB said its share in Otkritie bank''s liabilities was around 3 percent at its peak in the fourth quarter of 2015 and had fallen to insignificant levels since then. Those liabilities, it said, include trading operations with debt instruments."Other Russian financial institutions have worked with Otkritie in a much bigger scale," VTB said, without naming those institutions.The bank, which spent a couple of years absorbing Bank of Moscow, Russia''s biggest banking bail out to date, said Otkritie''s financial rescue did not pose any risks to VTB as it did not have credit risk secured by Otkritie bank shares.Under the bailout plan, the central bank will take a minimum of a 75 percent stake in Otkritie bank, Russia''s biggest private bank and seventh largest by assets. The stake may increase to 100 percent if the bank''s capital turns negative.VTB said it helped to finance Otkritie group''s purchase of a diamond business from Lukoil ( LKOH.MM ) for $1.45 billion, a deal that completed in May.That loan, VTB said, was provided at market rates and was not secured by Otkritie bank or group''s shares, but rather by other assets."We do not plan to pull out of Otkritie''s equity or to increase our current share. Neither do we plan to invest our own funds into the bank," VTB said.Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-russia-banks-otkritie-vtb-idINKCN1BB257'|'2017-08-31T13:08:00.000+03:00'
'd95f43107f712d55bab8404ed66cb17ba562cceb'|'World''s No. 1 solar panel maker wants slice of Brazil market - executive'|'August 31, 2017 / 8:30 PM / 12 minutes ago World''s No. 1 solar panel maker wants slice of Brazil market - executive Luciano Costa 3 Min Read SAO PAULO (Reuters) - China''s Trina Solar, the world''s largest maker of photovoltaic panels, is looking to grab a piece of Brazil''s nascent solar power market despite tough economic conditions, the company''s Latin America chief said. Trina ( TSLy.D ) opened an office in Brazil this year, aiming to become a major player by focussing on small-scale projects such as those that place solar panels on residential and business rooftops. Trina has ruled out building a plant in Brazil, as some competitors have, preferring to initially import panels from China, Álvaro García-Maltrás, the company''s main executive for Latin America, said in an interview on Wednesday. Brazil has turned to solar energy later than other countries in Latin America. Heavily dependent on hydropower projects, the country only recently decided to diversify its energy mix by adopting solar-friendly policies. But Brazil''s deepest recession on record, with a total economic contraction of 8 percent for 2015 and 2016, dealt a blow to early solar projects, with some being cancelled outright. "The main reason for us to start investing in Brazil was not related to large projects," García-Maltrás said. "The market for distributed generation is enough to make this sector very attractive and it is not subject to the uncertainties we''ve seen in the official rounds (for licensing large projects)." The executive said Trina believed the market for small-scale solar generation facilities in Brazil would double every year for the next three or four years. Demand for equipment from this segment would be larger than from large solar parks, he said. Trina''s plan to import all its panels means it cannot tap Brazilian government financing for projects that use locally produced panels. But García-Maltrás said the company could still be competitive. Chinese rival PV producer BYD Co Ltd ( 002594.SZ ) and Canadian Solar Inc ( CSIQ.O ) have built plants in Brazil, and are looking to supply large-scale projects that could benefit from lower-interest financing from Brazil''s development bank BNDES. "We''re a conservative company. We want to be certain of our moves and investments," García-Maltrás said. "We would need some assurance that doing this would make economic sense. We are ready (to invest in a local unit), but we should not do so in the short term." Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/brazil-power-trina-idINKCN1BB2YY'|'2017-08-31T23:29:00.000+03:00'
'0dc92bd398cd8e8d870a52a160dbc153d7fddae1'|'UPDATE 3-U.S. releases 500,000 barrels of oil from strategic reserve'|'(Adds details of the exchange in paragraph 3)WASHINGTON, Aug 31 (Reuters) - The U.S. Energy Department said on Thursday it would release 500,000 barrels of crude oil from the Strategic Petroleum Reserve as Tropical Storm Harvey''s disruption of the petroleum industry has spiked motor fuel prices.The oil will be delivered to the Phillips 66 refinery in Lake Charles, Louisiana, according to a department statement. That plant has not been affected by the storm, which has hammered the Gulf Coast for several days.The release, the first emergency release from the reserve since 2012, includes 200,000 barrels of sweet crude and 300,000 barrels of sour crude oil, the statement said. It was an exchange agreement, meaning the government will loan crude to Phillips 66, which is required to replace the reserve''s oil at a later date.The reserve, established in the early 1970s after the Arab oil embargo caused panics over fuel supply, currently contains 679 million barrels of oil. It is a small release of crude for a country that uses nearly 20 million barrels of petroleum daily.Harvey shut down about a quarter of the country''s refining output after it lashed Houston with record floods before it spread to the Louisiana coast, another refining hub.U.S. gasoline prices surged anew in morning trade after the Colonial Pipeline Co, which operates the biggest U.S. fuel transport system, said it would shut its main lines to the Northeast amid outages at pumping points and lack of supply from refiners.The Energy Department "will continue to provide assistance as deemed necessary, and will continue to review incoming requests for SPR crude oil," spokeswoman Jess Szymanski said.Senator Edward Markey, a Democrat, urged the department this week to also release gasoline from the country''s emergency gasoline reserve, which holds a total of 1 million barrels of oil in three locations in the Northeast: New York Harbor, Boston and Maine. (Reporting by Timothy Gardner; Editing by Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-crude-idUSL2N1LH0JQ'|'2017-08-31T16:34:00.000+03:00'
'53006cc800965907e7c0f55ad097fa78f23aa4b1'|'Austrian court rejects Spanish extradition request for Ukrainian tycoon Firtash'|'Ukrainian oligarch Dmytro Firtash arrives at court in Vienna, Austria, February 21, 2017. Heinz-Peter Bader/Files VIENNA (Reuters) - An Austrian court has rejected a Spanish extradition request for Ukrainian oligarch Dmytro Firtash, potentially paving the way for the businessman to face bribery allegations in the United States.A Vienna appeals court in February overturned a lower court''s ruling that Firtash should not be extradited to the United States because the request was politically motivated due to Firtash''s links with Russia. It said the U.S. bribery accusations were purely criminal in nature.The Spanish extradition request linked to money laundering allegations came on the same day as that appeal was over-ruled.Firtash, who denies wrongdoing, is a former supporter of Ukraine''s ousted pro-Russian president Viktor Yanukovich. Firtash made a fortune selling Russian gas to the Kiev government.Firtash retains influence in Ukraine thanks to his part-ownership of Inter, a top television channel, and his gas distribution and fertiliser businesses."The request from Spain has been rejected," a spokeswoman for the Vienna criminal court said on Wednesday.The judge in charge had not received all the information he had asked the Spanish authorities to provide, the spokeswoman said. The Spanish High Court declined to comment.A U.S. grand jury indicted Firtash in 2013, along with a member of India''s parliament and four others, on suspicion of bribing Indian government officials to gain access to minerals used to make titanium-based products.Prosecutors in Vienna, acting on behalf of Spain, have two weeks to appeal the rejection of the request, the Austrian court spokeswoman said.It is unclear what impact the rejection of the Spanish request will have on Firtash''s case in the United States, but a judicial source said it was unlikely that the U.S. extradition process would proceed before the Spanish issue was resolved.Firtash''s spokespeople were not immediately available for comment.Firtash has said he would return to Ukraine, if allowed to.Reporting by Shadia Nasralla; Editing by Alison Williams '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/ukraine-firtash-austria-extradition-idINKCN1BA237'|'2017-08-30T14:07:00.000+03:00'
'450aa1f33b783937efe4acd5cc845ad14feabd91'|'BBVA in talks to sell Chilean bank'|'August 31, 2017 / 6:45 AM / 40 minutes ago BBVA in talks to sell Chilean bank Reuters Staff 1 Min Read MADRID, Aug 31 (Reuters) - BBVA said on Thursday it was looking at the possible sale of its retail bank in Chile after Canada''s Bank of Nova Scotia expressed its interest in acquiring up to 100 percent of the unit. However, Spain''s second-biggest lender said it could not say if the negotiations would lead to an agreement nor the terms of such agreement if it was finally reached. (Reporting By Jesús Aguado; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/bbva-chile-bank-of-nova-scotia-idUSL8N1LH1GM'|'2017-08-31T14:45:00.000+03:00'
'70c5fd902a21855d9e4e9a91e094626030059a57'|'Debt collector Arrow Global''s first half profit rises'|'August 31, 2017 / 6:58 AM / an hour ago Debt collector Arrow Global''s first half profit rises Reuters Staff 2 Min Read (Reuters) - European debt purchaser and manager Arrow Global Group Plc ( ARWA.L ) reported a 35.5 percent rise in first-half underlying profit after tax, driven by a jump in debt collections and revenue from asset management. Arrow Global, which buys defaulted debt accounts from retail banks and credit card companies, said underlying profit after tax rose to 25.8 million pounds in the six months ended June 30, from 19.1 million pounds a year earlier. Revenue rose 47.6 percent to 149.8 million pounds. Arrow Global, which services portfolios in Britain, Portugal, Holland, Belgium, France and most recently entered Italy, said it would meet its earnings expectations for the full year. "Pressure for continued banking reform across Europe is evident," Arrow Global said. The company expects further sales of non-performing loans and non-core assets across portfolios such as unsecured, secured, small- and medium-sized enterprises and commercial real estate, it said. Separately, Arrow Global said it agreed to buy Mars Capital''s British and Irish mortgage servicing businesses for an enterprise value of 15.5 million pounds and announced a strategic partnership with investment management firm Oaktree Capital Management. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-arrow-global-grp-results-idUKKCN1BB0MV'|'2017-08-31T09:58:00.000+03:00'
'77f64179cf7ae40f41cfdc6612ec02a2722c1bf8'|'Frankfurt luxury flat prices rise on hopes of Brexit banking bonanza'|'August 30, 2017 / 4:14 PM / an hour ago Frankfurt luxury flat prices rise on hopes of Brexit banking bonanza 3 Min Read FILE PHOTO: The skyline of Frankfurt, Germany, April 15, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The prices of new luxury flats in Frankfurt have jumped by 25 percent in the past year, according to fresh data, fuelled by market hopes that thousands of London bankers will move to the city after Brexit. The rise puts the price of an upmarket two-bedroom flat at up to roughly 1 million euros ($1.2 million), making the small city, which has struggled with the reputation of being among Germany''s dullest, also one of its most expensive. Britain''s plan to leave the EU has caused banks and money managers in London to look at moving parts of their business elsewhere to enable them to sell across the continent without additional costs or trade hurdles after Brexit. Frankfurt and Dublin have emerged as popular choices. The rise in property prices in Frankfurt, shown in city data comparing the price of newly built apartments in the first six months of 2017 with a year earlier, comes as Frankfurt prepares to build 20 new skycrapers within five years to provide offices and apartments. There are currently more than 30 high-rise buildings on its skyline. While a long-running property boom driven by low interest rates has prompted such building, the potential migration of bankers from London has increased investor enthusiasm, and prices, this year. FILE PHOTO: The skyline with its characteristic banking towers is pictured at the end of a sunny spring day in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo "We are ready for Brexit," said Mark Gellert, a spokesman for Frankfurt town hall''s planning division. "We can imagine that the people who come to Frankfurt due to Brexit will take up this offer of high-end apartments." The data showed that the price spiral is concentrated on new luxury apartments, while other properties in less fashionable locations remain affordable. Dublin has also seen house prices jump, by more than 11 percent in the year to June, according to Ireland''s Central Statistics Office. House prices in London during that time rose by less than 3 percent. Slideshow (2 Images) A recent study commissioned by Frankfurt''s chief promoter, predicted that there would be 10,000 new bankers in the city within four years and that their arrival could create tens of thousands of additional jobs, from estate agents to building workers. Some, however, are sceptical that this will happen. "You can see the optimism that Frankfurt will profit from Brexit already filtering through in rising property prices," said Christine Kuhl, a head hunter with Odgers Berndtson in Frankfurt. "But the hiring of new staff has yet to start and I don''t expect it until Spring next year. Some of the optimism about thousands of extra jobs is also overdone. The real impact of Brexit may be more modest." ($1 = 0.8393 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-property-centres-idUKKCN1BA244'|'2017-08-30T19:13:00.000+03:00'
'cb65be5270b1f69121825e857a93e72a2ca51679'|'Russia''s VTB says sees no risks from Otkritie bank''s bail out'|'The logo of Russian bank VTB is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Sergei Karpukhin MOSCOW (Reuters) - VTB ( VTBR.MM ), Russia''s second biggest lender, sees no risks for itself from the central bank''s bailout of Otkritie bank, it said on Thursday.State-controlled VTB, which holds just under a 10 percent stake in Otkritie group, the holding company that controls Otkritie bank, supported the group via loans and other instruments during its rapid growth.Asked about its role in Otkritie''s expansion, VTB said it worked with financial institutions "purely on a market basis.""Our cooperation with Otkritie is built on the same principles of openness and competitiveness as with other partners," it said in emailed replies to Reuters questions.The central bank said this week Otkritie group, whose other shareholders include holding company executives as well as Lukoil''s top managers and some others, grew too rapidly, with its capital failing to keep up with the expansion.VTB said its share in Otkritie bank''s liabilities was around 3 percent at its peak in the fourth quarter of 2015 and had fallen to insignificant levels since then. Those liabilities, it said, include trading operations with debt instruments."Other Russian financial institutions have worked with Otkritie in a much bigger scale," VTB said, without naming those institutions.The bank, which spent a couple of years absorbing Bank of Moscow, Russia''s biggest banking bail out to date, said Otkritie''s financial rescue did not pose any risks to VTB as it did not have credit risk secured by Otkritie bank shares.Under the bailout plan, the central bank will take a minimum of a 75 percent stake in Otkritie bank, Russia''s biggest private bank and seventh largest by assets. The stake may increase to 100 percent if the bank''s capital turns negative.VTB said it helped to finance Otkritie group''s purchase of a diamond business from Lukoil ( LKOH.MM ) for $1.45 billion, a deal that completed in May.That loan, VTB said, was provided at market rates and was not secured by Otkritie bank or group''s shares, but rather by other assets."We do not plan to pull out of Otkritie''s equity or to increase our current share. Neither do we plan to invest our own funds into the bank," VTB said.Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-russia-banks-otkritie-vtb-idUSKCN1BB257'|'2017-08-31T18:04:00.000+03:00'
'5d5f857803aa2b207bc347faca5041b4fc9cc261'|'Southern Co seeks approval to complete Georgia nuclear reactors'|'Aug 31 (Reuters) - Southern Co said on Thursday it was planning on completing two unfinished nuclear reactors in Georgia despite billions of dollars of cost overruns that pushed the main contractor, Westinghouse Electric Co LLC, into bankruptcy.The project known as Plant Vogtle is the first new U.S. nuclear power plant since the Three Mile Island accident in 1979. Southern said it expected the two reactors to be completed by the end of 2022.The decision by Southern Co''s Georgia Power Co affiliate must be approved by the state''s utility regulator, and Southern said in a regulatory filing a decision was expected by February.Reporting by Tom Hals in Wilmington, Delaware; Editing by Chizu Nomiyama '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-nuclear-georgia-idINL2N1LB1Z3'|'2017-08-31T11:12:00.000+03:00'
'e509d61a560ce209aba5868446e0a8c06c515882'|'Bank of Korea leaves rates at record low, as expected'|'SEOUL (Reuters) - South Korea''s central bank held the key interest rate steady on Thursday, as expected, as it assesses the effect of government measures to curb a frenzied housing market and evaluates geopolitical risks.A Bank of Korea media official did not elaborate on the monetary policy committee''s decision to keep the base rate steady at record-low 1.25 percent. Governor Lee Ju-yeol is due to hold a news conference from 11:20 a.m. (0220 GMT).All 19 analysts in a Reuters poll forecast the central bank would hold rates this week but most see the bank tightening policy sometime next year.Reporting by Dahee Kim and Choonsik Yoo; Editing by Eric Meijer '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/southkorea-economy-rates-idINKCN1BB04Q'|'2017-08-30T23:17:00.000+03:00'
'c0dc352c4fc84a721e5dc9095f3dafc9dfb1726f'|'Shares in retailer Carrefour slump after profit warning'|'August 31, 2017 / 7:39 AM / 2 hours ago Shares in retailer Carrefour slump after profit warning 2 Min Read A general view of a Carrefour supermarket in Sao Paulo, Brazil July 18, 2017. Paulo Whitaker PARIS (Reuters) - Shares in Carrefour ( CARR.PA ) slumped on Thursday after the world''s second-largest retailer warned 2017 operating profit could fall by around 12 percent. Carrefour shares were down by around 10 percent in early trading, among the worst performing stocks in Europe, while Carrefour''s French rival Casino ( CASP.PA ) also lost ground. Late on Wednesday, the French supermarket retailer posted a steeper-than-expected fall in first-half earnings and cut its sales growth target, highlighting the challenges faced by new company head Alexandre Bompard. HSBC analysts also cut their rating on Carrefour to "reduce" from "hold". "Carrefour lacks momentum, has lost its scale advantage, and already has low profitability. The outlook is challenging," wrote HSBC. Cut-throat competition hit Carrefour''s margins at home and losses increased in Argentina. Profits also declined as the integration of recently-acquired Eroski stores in Spain and Billa stores in Romania weighed on margins, although earnings rose in Brazil, the company''s second-largest market after France. JP Morgan cut its rating on Carrefour to "neutral" from "overweight", while analysts at Jefferies also downgraded the stock to "hold" from "buy". "The biggest worry remains France, where headline French EBIT (earnings before interest and tax) missed estimates by 3 percent and declined by 113 million euros year-on-year on margins down 70 basis points," wrote JP Morgan analysts. Additional reporting by Helen Reid; Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-carrefour-results-stocks-idUKKCN1BB0Q0'|'2017-08-31T11:00:00.000+03:00'
'2ccb664260bb68d653f9650fedb14c35f6c957d3'|'Yahoo must face litigation by data breach victims -U.S. judge'|'August 31, 2017 / 3:12 PM / an hour ago Yahoo must face litigation by data breach victims: U.S. judge Jonathan Stempel 3 Min Read A sign advertising the internet company Yahoo is pictured at sun rise in down town San Francisco, California February 5, 2016. Mike Blake (Reuters) - A U.S. judge said Yahoo must face nationwide litigation brought on behalf of well over 1 billion users who said their personal information was compromised in three massive data breaches. Wednesday night''s decision from U.S. District Judge Lucy Koh in San Jose, California, was a setback for efforts by Verizon Communications Inc, which paid $4.76 billion for Yahoo''s Internet business in June, to limit potential liability. The breaches occurred between 2013 and 2016, but Yahoo was slow to disclose them, waiting more than three years to reveal the first. Revelations about the scope of the cyber attacks prompted Verizon to lower its purchase price for the company. In a 93-page decision, Koh rejected Yahoo''s contention that breach victims lacked standing to sue, and said they could pursue some breach of contract and unfair competition claims. "All plaintiffs have alleged a risk of future identity theft, in addition to loss of value of their personal identification information," the judge wrote. Koh said some plaintiffs also alleged they had spent money to thwart future identity theft or that fraudsters had misused their data. Others, meanwhile, could have changed passwords or canceled their accounts to stem losses had Yahoo not delayed disclosing the breaches, the judge said. While many claims were dismissed, Koh said the plaintiffs could amend their complaint to address her concerns. "We believe it to be a significant victory for consumers, and will address the deficiencies the court pointed out," John Yanchunis, a lawyer for the plaintiffs who chairs an executive committee overseeing the case, said in an interview. "It''s the biggest data breach in the history of the world." Verizon spokesman Bob Varettoni said the New York-based company declined to comment on pending litigation. Yahoo is now part of a Verizon unit called Oath. In court papers, Yahoo had argued that the breaches were "a triumph of criminal persistence" by a "veritable ''who''s who'' of cybercriminals," and that no security system is hack-proof. On March 15, the U.S. Department of Justice charged two officers of the Russian Federal Security Service and two hackers in connection with the second breach in late 2014. The August 2013 breach affected more than 1 billion accounts, while the 2014 breach affected more than 500 million. A third breach occurred in 2015 and 2016. The case is In re: Yahoo Inc Customer Data Security Breach Litigation, U.S. District Court, Northern District of California, No. 16-md-02752. Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-verizon-yahoo-breach-idUSKCN1BB25Q'|'2017-08-31T18:04:00.000+03:00'
'98c96bf26624182e0221e46cd61eb41255ef5769'|'Chesnara to focus on UK, Dutch acquisitions as first half profit jumps'|'August 31, 2017 / 6:57 AM / 42 minutes ago Chesnara to focus on UK, Dutch acquisitions as first half profit jumps Reuters Staff 2 Min Read (Reuters) - Life insurance takeover specialist Chesnara Plc ( CSN.L ) said it would focus on acquisitions in Britain and the Netherlands but was open to opportunities in other regions. "The benefits (of entering new regions) would need to outweigh the challenge of adding another regulatory environment," Chairman Peter Mason said, as the firm announced a jump in first half pretax profit. The company, based in the English city of Preston, said in June it could move its headquarters to the Netherlands or Sweden depending on the regulatory situation after Britain leaves the European Union but said it had "no current intention to do so". "Having established regulated entities in several European countries together with the fact we do not trade or share resource across territories, means I remain of the view that whatever the outcome from the Brexit negotiations, we expect it to have little direct impact on our business model," Mason said. Chesnara, which mainly buys life insurance funds closed to new customers, reported a surge in first-half pretax profit driven by strength in its domestic business and gains from its acquisition of Legal and General Nederland. IFRS pretax profit rose to 51.6 million pounds in the six months ended June 30, from 200,000 pounds a year earlier. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-chesnara-results-idUKKCN1BB0MH'|'2017-08-31T09:57:00.000+03:00'
'580da31d084a0f7d40cf09b6243722891c0d7aca'|'Faced with new bid, Toshiba looks set to miss chip sale deadline'|'August 31, 2017 / 12:24 AM / 3 hours ago Toshiba misses own deadline for chip unit sale, increasing future risks Makiko Yamazaki 3 Min Read FILE PHOTO - A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. Yuriko Nakao/File Photo TOKYO (Reuters) - Toshiba Corp failed to seal a deal to sell its prized chip business by a self-imposed deadline of Thursday, raising doubts about whether it can plug a balance sheet hole in time to avoid a delisting and keep the chips unit competitive. The board of the embattled Japanese conglomerate met earlier in the day to review a $17 billion (13.17 billion pounds) offer by a consortium led by Western Digital, as well as bids from groups led by Bain Capital and by Taiwan''s Foxconn. Toshiba said in a statement it was continuing to talk with all three suitors and had not made any decision to reduce the pool of candidates. "Toshiba intends to continue negotiations with possible bidders to reach a definitive agreement which meets Toshiba’s objectives at the earliest possible date," it said. Sources familiar the matter have said talks with Western Digital were in final stages but the two sides were struggling to come to an agreement over the U.S. company''s future stake in the business. Complicating matters, Bain Capital resubmitted an offer, worth some $18 billion, at the last minute, bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said late on Wednesday. Foxconn, the world''s largest contract electronics maker formally known as Hon Hai Precision Industry, has also put in an offer. The Japanese conglomerate has been trying to sell its prized memory chip unit for months, in an attempt to cover billions in of dollars in liabilities linked to U.S. nuclear arm Westinghouse. A senior banking official familiar with the talks said Toshiba was still likely to sign a deal with the Western Digital group, as legal challenges from Western Digital, its joint venture partner for its chips business, made it difficult to accept other any other offer. Failure to come to a deal soon could mean that Toshiba might not gain the necessary regulatory approvals by the end of the financial year in March. Without that, it would have to report negative net worth for the second year running and face a potential delisting, a blow to shareholders and a likely hit for the group''s funding costs. Frayed trust and wasted time may mean that both Toshiba and Western Digital, the world''s No. 2 and No. 3 NAND flash memory producers, would fall further behind industry leader Samsung Electronics, which is pouring billions of dollars into production upgrades to stay ahead. "Samsung has been buying up advanced production equipment for (next-generation) three-dimensional NAND chips to widen its lead," Satoru Oyama, senior principal analyst at research firm IHS. "Western Digital and Toshiba really need each other because they can''t compete against Samsung without partners," he added. Reporting by Makiko Yamazaki; Additional reporting by Taiga Uranaka; Editing by Clara Ferreira-Marques and Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKCN1BB00W'|'2017-08-31T03:25:00.000+03:00'
'8281e28991f1a6278a992824fc3b1f088e70f6f0'|'Expedia picks CFO Mark Okerstrom as new CEO'|'August 30, 2017 / 9:23 PM / 17 hours ago Expedia taps CFO Okerstrom to replace Khosrowshahi as CEO Reuters Staff 2 Min Read (Reuters) - Expedia Inc on Wednesday named Mark Okerstrom as its new president and chief executive, replacing Dara Khosrowshahi who left the U.S. travel-booking company to take the top job at car-ride provider Uber Technologies Inc [UBER.UL]. Khosrowshahi, who led the parent of Expedia.com for 12 years, will remain a board member. Okerstrom, who had been chief financial officer and executive vice president of operations for the last six years, was also named to the board, said the company, whose other websites include Hotels.com, Hotwire.com, Travelocity.com and Orbitz.com. "There was no other candidate that the board considered," Expedia Chairman Barry Diller said in a statement. Okerstrom was Khosrowshahi''s "principal partner" in running Expedia, the company said. During Khosrowshahi''s tenure, Expedia became the largest online travel agency by bookings and its stock price grew more than six-fold. On a conference call with reporters on Wednesday, Okerstrom described Uber and Expedia as "complementary" businesses and hinted at a possible future partnership between the industry leaders. "Given our close relationship, who knows? There''s probably ways that we can work much more closely together than we ever have before," Okerstrom said. "We now have a much closer tie to Uber than we''ve ever had before. And, yeah, sure, keep your eye out. Maybe there will be something that comes out." Expedia shares edged up 0.2 percent in extended trading after closing 0.4 percent lower at $143.44. Reporting by Alana WIse in New York and Arunima Banerjee in Bengaluru; editing by Anil D''Silva and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-expedia-ceo-idUSKCN1BA2VE'|'2017-08-31T00:21:00.000+03:00'
'c066a41d5b620dbf372a9c49d2e4746259524160'|'The gap between India’s richer and poorer states is widening'|'COUNTRIES find it easier to get rich once their neighbours already are. East Asia’s growth pattern has for decades been likened to a skein of geese, from Japan at the vanguard to laggards such as Myanmar at the rear. The same pattern can often be seen within big countries: over the past decade, for example, China’s poorer provinces have grown faster than their wealthier peers. India is different. Far from converging, its states are getting ever more unequal. A recent shake-up in the tax system might even make matters worse.Bar a few Mumbai penthouses and Bangalore startup offices, all parts of India are relatively poor by global standards. Taken together, its 1.3bn people make up roughly the third and fourth decile of the world’s population, with an income per head (adjusted for purchasing power) of $6,600 dollars. But that average conceals a vast gap. In Kerala, a southern state, the average resident has an annual income per head of $9,300, higher than Ukraine, and not too far from the global median. With just $2,000 or so, his fellow Indian in Bihar, a landlocked state of 120m people, is closer to a citizen of Mali or Chad, in the bottom decile globally. 20 hours ago How The gap has been widening. In 1990, point out Praveen Chakravarty and Vivek Dehejia of the IDFC Institute, a think-tank, India’s three richest large states had incomes just 50% higher than the three poorest—roughly the same divergence as in America or the EU today, and more equal than in China. Now the trio is three times richer (see chart).It is true that in some rich parts of the world, income gaps between regions have in recent decades been widening. But India’s experience still puzzles economists. Poor countries benefit from technology developed in richer ones—from trains to mobile phones. Workers in less rich countries accept lower wages, so firms build new factories there.The catch-up process ought to be all the faster if barriers to the movement of goods or people are lower. Regions within China have been converging rapidly, partly owing to the market, as factories move production inland, where wages are cheaper, and partly to government attempts to lift poorer regions by investing heavily in their infrastructure. Arvind Subramanian, chief economic adviser to India’s government, earlier this year wrote that its states’ divergence is “a deep puzzle”. The brief bout of liberalisation in 1991 probably played a part, by unevenly distributing the spoils of more rapid overall growth. But that burst of inequality should have self-corrected as the forces of equalisation came into play.One theory blames this divergence on states’ isolation even in the Indian domestic market, as a result of lousy infrastructure, red tape and cultural barriers. Moving stuff from state to state can be as troublesome as exporting. Internal migration that would generate catch-up growth is stymied by cultural and linguistic barriers: poor northern states are Hindi-speaking, unlike the richer south. Cuisines differ enough for internal migrants to grumble. It is harder to have access to benefits and state subsidies outside your home state.Mr Subramanian thinks such arguments are overdone. India may not have mass migration on the scale that transformed China, but is still sizeable, he argues, and has been rising as a share of the population even as convergence has gone into reverse. Inter-state trade is healthy, suggesting suitably porous borders.Another theory looks at India’s development model: growth has relied more on skill-intensive sectors such as IT than on labour-intensive manufacturing. This may have stymied the forces of convergence seen elsewhere, Mr Subramanian posits. Perhaps, however low their labour costs, the poorer places lack the skills base to poach jobs from richer rivals.A more likely explanation is that the reasons some states lagged in the first place—mainly to do with poor governance—are still largely in place. Bihar’s low wage costs make it look attractive on paper as a place to set up a factory. But many firms seem to conclude they do not compensate for its difficulties.If that idea is correct, the introduction of a new goods-and-services tax (GST) on July 1st might have worsened the divergent trend. Lots of state-level levies have been replaced with a single tax. Although barriers to interstate trade have become markedly lower, states have also forgone some fiscal autonomy, such as offering tax breaks to lure in investors. That may make it harder for poor states to catch up, says Mr Chakravarty.Mr Subramanian notes, however, that the forces of convergence are gaining strength. Despite falling behind on income, poorer states have been catching up on human-development measures such as infant mortality and life expectancy. Fertility rates in the northern Hindi belt are fast falling to levels already reached by, for example, Tamil Nadu, a rich southern state. India’s “demographic dividend” is largely an opportunity for its poorer states—if they can create enough jobs to grasp it.Convergence is obviously desirable in a country where the straggling states are home to some of the world’s poorest people. But it might also help avert a political peril: that rich states start wondering if being lumped with far poorer peers is in their interests. In many states regional political parties compete with the national ones that have mostly dominated the federal government and quashed any talk of separatism. The questions over the divergent fortunes of Indian’s states are puzzling. They may yet become more serious.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21727867-economists-are-baffled-arguing-poorer-states-should-be-catching-up?fsrc=rss'|'2017-08-30T08:00:00.000+03:00'
'1200781ea6d6669ce38798242c6d5b8003904b89'|'Daiichi Sankyo denies receiving takeover bid from AstraZeneca'|' 44 PM / 13 minutes ago Daiichi Sankyo denies receiving takeover bid from AstraZeneca Reuters Staff 1 Min Read LONDON (Reuters) - Japan''s Daiichi Sankyo ( 4568.T ) denied on Thursday it had received a takeover bid last year from British drugmaker AstraZeneca ( AZN.L ), as reported earlier by the online version of Nikkei Business. "This is not the fact," the company said in a short statement. AstraZeneca had earlier declined to comment on the report, which sent the Japanese group''s share price soaring as much as 13 percent and triggered a trade suspension. Reporting by Ben Hirschler; Editing Martinne Geller'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-daiichi-sankyo-m-a-denial-idUKKCN1BB232'|'2017-08-31T17:43:00.000+03:00'
'5b634da364d822ba1d806ac5799b0e6d3382bd5c'|'"Safe-haven" euro could complicate ECB plan to roll back stimulus'|'August 31, 2017 / 3:47 PM / 3 minutes ago ''Safe-haven euro could complicate ECB plan to roll back stimulus 7 Min Read FILE PHOTO: An employee shows fifty-euro notes in a bank in Sarajevo, March 19, 2012. Dado Ruvic/File Photo LONDON (Reuters) - The euro''s rise above $1.20 this week has prompted talk that it is becoming a safe haven for investors, posing a problem for the European Central Bank as it plans to roll back its huge economic stimulus in the coming months. Many remain sceptical that a currency which has undergone ordeals such as the Greek debt crisis in recent years can join the Swiss franc CHF= as a place to store money in times of market stress. Nevertheless, the euro''s EUR=EBS continuing strength against the dollar in the past two weeks despite concerns about a standoff between the United States and North Korea which have sent spasms of selling through global stock markets. Add in a series of high-level departures from the U.S. administration and President Donald Trump''s failure so far to get his plans for corporate tax cuts and big infrastructure spending through Congress, and some investors are reassessing their attitude towards the single currency. "Disappointment about U.S. reflation and disarray in the White House have enhanced the relative attraction of the euro to the extent that a discussion around its safe-haven credentials has opened up," said Jane Foley, senior FX strategist at Rabobank in London. In recent years, investors'' appetite for risk and the euro''s value have largely moved in tandem. Particularly during flare-ups in the euro zone debt crisis in 2011 and 2013, a selloff in equities or emerging market debt would drag the euro lower. But now the euro seems to be gathering momentum. If the currency sheds its role as a proxy for risk appetite, ECB policymakers who meet next week will have to factor in its economic impact. In particular they will be wary of a strong euro hurting exporters and undermining their efforts to push low inflation back up to the ECB''s target, just as they are preparing to start winding down a 2 trillion euro ($2.4 trillion) plus bond-purchase programme. The euro is still far from an undisputed safe haven, with memories of the debt crisis fresh and policymakers struggling to push wage growth higher. However, its near 14 percent rise versus the dollar this year has led investors to note its structural strengths. Consensus forecasts for euro zone and U.S. economic growth in 2017 are both around 2 percent. But while the European forecast has been revised up since the start of the year, the U.S. figure has been roughly halved. On top of the that, the euro zone''s current account surplus is growing. Net inflows into European equity mutual funds have totalled 23.4 billion euros since May compared with net outflows from U.S. counterparts of about 24 billion euros, according to Thomson Reuters Lipper data. Speculators'' long positions in the euro are at their biggest in five years while some of the world''s largest bond investors are buying European debt, betting that the strong currency will delay the ECB plans to roll back stimulus. EURNETUSD= The single currency EUR=EBS hit a fresh 2-1/2 year high above $1.20 on Tuesday after ECB President Mario Draghi made no mention of the currency''s strength at a central bank conference in Jackson Hole last week. At the same time, 10-day correlations between the .VIX index, a measure of risk appetite, and the euro approached their lowest levels of this year. The euro traded around $1.1850 on Thursday. "The breakdown in correlation between risk appetite and the euro is because the general outlook for the euro zone looks less bad," said Rory McPherson, head of investment strategy at Psigma Investment Management. The euro''s relative undervaluation on a trade-weighted basis was boosting its value, he added. On many banks'' internal models, the euro is still considered relatively undervalued on a purchasing parity basis by between 5 and 10 percent against a trade-weighted basket of currencies. FADING DOLLAR Still, the inflows from equity fund managers or hedge funds haven''t impressed global central banks or large pension funds which remain broadly underweight the euro in their holdings. Data for the quarter ending March from the International Monetary Fund show euro assets have broadly stagnated around 16 percent of global currency reserves, compared with those in dollars which have topped 60 percent in the last four quarters. But the breakdown in correlations between risk and the euro is a big attraction in itself for those investors who favour assets that are relatively immune to market swings and who have so far been cautious about the euro''s outlook. "Most institutional investors remain underweight (euro assets) and many currency investors have been trying to time the top of the euro rally in the last few months, indicating the level of scepticism that still persists in the market," said James Binny, head of currency for EMEA at State Street Global Advisors in London. Recent Reuters equity polls have highlighted the long-term scepticism among banks and strategy desks, with analysts'' forecasts consistently undershooting market prices. The euro''s strength also indicates the headwinds for the U.S. economy and currency as markets have reduced their expectations of Federal Reserve interest rate increases this year, a major support for the dollar. "Since the start of the year, we have been trimming our growth forecasts for the U.S. while the momentum is behind the euro zone economy," said Stephen Gallo, European head of FX strategy at BMO Financial Group in London. LINE IN THE SAND But the euro''s rise will raise some concerns among ECB policymakers which may be mentioned at the next Governing Council meeting on Sept. 7. While the currency''s strength received only a passing mention in minutes of their July meeting, analysts say it will play a prominent role during discussions this time. Rapid gains by the euro are worrying a growing number of ECB policymakers, raising the chance that its asset purchases will be phased out only slowly, three sources familiar with discussions told Reuters. The ECB did not comment for this article. "The ECB is in a delicate situation as it will have to pull a rabbit out of its hat to slow the euro rally and merely talking down the currency won''t help," said Thomas Flury, global head of currency strategy at UBS Group AG. ($1 = 0.8438 euros) Reporting by Saikat Chatterjee;   John Geddie, Helen Reid and Balazs Koranyi in FRANKFURT; editing by David Stamp'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/uk-global-forex-euro-idUSKCN1BB294'|'2017-08-31T18:50:00.000+03:00'
'412413b65d7da8f761ecba2e253a9568ea7c235a'|'UPDATE 1-Campbell Soup''s quarterly sales, profit miss estimates'|'(Adds details, shares)Aug 31 (Reuters) - Campbell Soup Co reported lower-than-expected quarterly sales and profit, as retailers clamped down on soup inventories and the company warned that its 2018 sales could fall.Shares of the company, which also sells Pepperidge Farm snacks and Prego pasta sauce, fell 4.5 percent to $48 before the bell on Thursday.Campbell Soup, like other packaged food makers, has been struggling as consumers opt for organic, healthier alternatives instead of processed foods and make more purchases online than at stores, which are the company''s biggest distributors.The company said it expected its full-year sales to be flat to down 2 percent and adjusted profit to be $3.04 to $3.11 per share.Analysts on average had expected earnings of $3.19 per share, according to Thomson Reuters I/B/E/S.The company reported a net income of $318 million, or $1.04 per share, in the fourth quarter ended July 30, compared with a loss of $81 million, or 26 cents per share, a year earlier.Excluding certain items, the company earned 52 cents per share.Net sales fell 1.4 percent to $1.66 billion, hurt in part by retailers stocking fewer soups.Analysts on average had expected a profit of 55 cents per share and revenue of $1.69 billion. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/campbell-soup-results-idINL4N1LH4LX'|'2017-08-31T09:42:00.000+03:00'
'28af55e94848987b57380fe35eedf6e938874868'|'Goldman plots return to banking growth mode through hires, investments'|'August 31, 2017 / 9:56 AM / 22 minutes ago Goldman plots return to banking growth mode through hires, investments Elzio Barreto 4 Min Read A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. Brendan McDermid HONG KONG (Reuters) - Goldman Sachs Group Inc ( GS.N ) plans to add about half a dozen senior bankers over the next six months or so and invest more in Asia using its balance sheet as the Wall Street firm seeks to switch to a growth mode in investment banking, a top executive said. After years of squeezing costs with lower headcount, tighter compensation and retrenchment from some segments in investment banking following the global financial crisis, Goldman is ready to change tack, said Gregg Lemkau, who was named co-head at its investment banking division in May. "The mindset we''re taking on is one of a shift towards growth," Lemkau said in one of his first media interviews since assuming the new post, during a trip through Asia. "We''ve probably squeezed about as much as we can out of the business and as we look ahead, we see an opportunity to invest in growth to try to drive the business forward." Investment banking accounted for about 22 percent of Goldman''s half-year 2017 revenue. Goldman''s shift to a growth focus in investment banking, which has not been detailed before, comes amid a weak performance in its core bond-trading unit, and an expected rollback of onerous regulations for banks under the administration of U.S. President Donald Trump. The New York-based firm hired Credit Suisse veteran Jeff Douthit in June, naming him a partner and head of global business and consumer services. It could add another two or three more senior hires by the end of the year and another two or three in early 2018, Lemkau said. "The initial focus is on a handful of strategic hires globally to try and really grow the top line and drive the business," he added. "We''re not going to start adding aggressively… but we would like to strategically and selectively enhance the team." STRATEGIC PRIORITIES The company has hired about 25 people, mostly junior bankers, over the past nine months to one year in Japan, Australia and other countries in Asia, betting GDP growth in China and other emerging economies will drive its investment banking revenue. It plans to add more senior staff in China, after it hired China-focused banker Bill Chu to its investment banking team in the country in July. "The strategic priorities have been on building out the regional footprint with a particular focus on China," Lemkau said. "The growth in China, even in a more subdued GDP environment, is still much more significant than anything else we see globally." Goldman also plans to broaden and deepen coverage of companies, including unlisted ones, to tap investment banking opportunities in debt financing, equity issuance or merger and acquisitions (M&A) advice, he added. The bank, an early backer of tech companies including Uber Technologies Inc [UBER.UL] and music streaming service Spotify, could also increase equity investments through its merchant banking business, especially in Asia. "If you look at our business opportunity globally, investment banking fees in Asia aren''t as large as they are in the U.S. or Europe, so the ability to create potential upside through principal investing is even greater," Lemkau said, declining to specify potential deals. He said U.S. M&A activity is expected to rebound in the coming months as companies scout new opportunities. Deals have declined in the aftermath of Trump''s election due to uncertainty about his tax reform and deregulation agenda. The consumer sector, as well as technology, media and telecommunications (TMT) could lead the rebound in deals, Lemkau said. "You can envision the largest eight cable, telecom, wireless companies in the U.S. becoming three in the next few years. Any one of those would be a mega transaction. That''s a place where there''s a lot of expected activity and strategic positioning," he said. Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-goldman-sachs-banking-idUKKCN1BB13W'|'2017-08-31T12:56:00.000+03:00'
'c0be6c7337c691b663dafaf6735f8586032abdf0'|'Ahead of takeover, luxury shoemaker Jimmy Choo''s profit almost triples'|'August 31, 2017 / 7:55 AM / 2 hours ago Ahead of takeover, luxury shoemaker Jimmy Choo''s profit almost triples Reuters Staff 2 Min Read Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. Brendan McDermid (Reuters) - Luxury shoemaker Jimmy Choo Plc ( CHOO.L ), which is being bought by U.S. retailer Michael Kors ( KORS.N ), said its pretax profit for the half year almost tripled, helped by its retail and licensing businesses. Pretax profit for the six month to June 30 was 18.1 million pounds, compared to 6.6 million pounds last year. Revenue for the period rose 4.5 percent to 201.6 million pounds. Michael Kors ( KORS.N ) agreed two months ago to buy Jimmy Choo for $1.2 billion, snapping up the British company whose towering stilettos have been made famous by celebrity customers from Princess Diana to Kendall Jenner. Jimmy Choo Chairman Peter Harf said the deal opened up exciting opportunities. "The shared vision and distinctive appeal of these two iconic brands will provide an exciting platform to achieve global leadership in luxury retail," Harf said in a statement. Revenue at the company''s Japan unit rose 11 percent at constant currency helped by continued growth in its Men''s section. Excluding Japan, the company''s Asia business grew 8.2 percent at constant currency, driven by strong demand for seasonal fashion offerings. Shares in the company were up about 0.2 percent at 0740 GMT on the London stock market, trading close to the 230p offer price. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-jimmy-choo-results-idUKKCN1BB0RQ'|'2017-08-31T11:42:00.000+03:00'
'349477b0cbd8f89efcbe6c9281b3429cdac14b11'|'AstraZeneca sought to buy Japan''s Daiichi Sankyo last year -report'|'FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London, Britain April 28, 2014. Stefan Wermuth /File Photo TOKYO (Reuters) - Britain''s AstraZeneca PLC offered to buy peer Daiichi Sankyo Co Ltd last year, a business magazine reported on Thursday, sending the Japanese drugmaker''s share price soaring as much as 13 percent and triggering a trade suspension.Daiichi Sankyo, which has a market value of about $16 billion, declined the offer, the online version of Nikkei Business reported citing unidentified sources.AstraZeneca and Daiichi Sankyo declined to comment when contacted by Reuters.AstraZeneca may have targeted Daiichi Sankyo for its expertise in antibody drug conjugates, a new kind of "armed antibody" that can carry a cancer-killing payload to tumour cells, the magazine reported.The two firms have a long-standing relationship which includes a 2015 agreement to jointly commercialise constipation drug Movantik in the United States, and a 2010 deal to supply and promote blockbuster heartburn treatment Nexium in Japan.Last month, AstraZeneca''s prospects in cancer drugs suffered a setback when an immunotherapy treatment failed to help patients in a closely watched trial.That led to speculation of AstraZeneca itself becoming a takeover target.The drugmaker has been banking on cancer treatment to help revive its fortunes following a wave of patent expirations on its biggest products, but a decline in cash flow could impact its ability to make any major acquisitions.It has "limited flexibility around the balance sheet", Goldman Sachs analysts said in a report this week, given a need for ongoing investment and commitments to prior acquisitions, including Acerta, for which it has further payment obligations.At Daiichi Sankyo, the Japanese drugmaker earlier this year said it would spend 15 billion yen ($136 million) to raise production of antibody drug conjugates.On Wednesday it announced a tie-up to test a combination of its antibody drug conjugate DS-8201 with immuno-oncology drug Opdivo from Bristol-Myers Squibb Co.Daiichi Sankyo''s share price was up 5 percent when trading was suspended. AstraZeneca was little changed in early London trade.($1 = 110.4700 yen)Reporting by Sam Nussey; Ben Hirschler; Editing by Edwina Gibbs and Christopher Cushing '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/daiichi-sankyo-m-a-astrazeneca-idINKCN1BB0GN'|'2017-08-31T03:58:00.000+03:00'
'6070e8667b3076403678b53dcb14dfa218848afb'|'Diverging paths: As China''s big banks improve, smaller lenders lag'|'August 31, 2017 / 9:51 AM / 7 minutes ago Diverging paths: As China''s big banks improve, smaller lenders lag Engen Tham and Matthew Miller 5 Min Read FILE PHOTO: People walk past the headquarters of the ICBC bank in Beijing, China June 12, 2017. Thomas Peter/File Photo SHANGHAI/BEIJING (Reuters) - After a tough two years, China''s largest banks are reporting green shoots, with the top four turning in consensus-beating profits and promising an upbeat second half. But smaller, national and regional lenders - which control about a third of China''s banking assets - are still feeling the strain, hit by a regulatory crackdown on risky activity that has made it difficult to sell some products and access the capital on which they have often relied. Many have reported shrinking balance sheets after years of expansion. The result, analysts say, is likely to be a funding squeeze for China''s struggling firms, which have depended on these banks for life-or-death credit and could now be pushed to costlier borrowing or grey market offers. "Small- and medium-sized companies would suffer along with smaller banks," said Du Yang, acting head of the asset management team at China Securities International. Lending may slow in any case into the second half, as some banks have exhausted most of their annual credit quota amid the push to bring shadow financing activities to the main loan book, raising the spectre of corporate defaults as financing costs climb in the world''s No.2 economy. And the pain, as ever, is likely to be concentrated in China''s rust-belt regions. Sophie Jiang, analyst at Nomura, however, believes smaller balance sheets at mid-tier and regional lenders will lead to better capital allocation, as inefficient firms are squeezed out. "We think this is good for the real economy." TWO HALVES For now, it is a tale of diverging paths. "This year, there has been some differentiation among banks. Large banks have experienced relatively better stability in their operations," Fang Heying, the vice president of China CITIC Bank, told reporters last week. By contrast joint stock banks - smaller lenders that are not fully state-owned - have "generally seen a decline in revenue". Fang''s own bank saw operating income slip and assets shrink. At Shengjing Bank Co, a regional bank based in the northern province of Liaoning, first-half operating income fell almost 17 percent. Total assets, after increasing 29 percent in 2016, slowed to a more modest 3.7 percent growth. China Minsheng Bank, the nation''s biggest private lender, saw assets drop 2.18 percent in the first half, after increasing more than 30 percent in 2016. Deposits also fell. "A lot of these small banks need to rely on the interbank market to seek their source of funding," said Ken Shih, a DBS analyst, adding that higher interest rates have also increased costs. Larger banks fare better. Indeed, most medium-sized listed banks reported contracting net interest margins (NIMs) - the difference between interest paid and earned, a key indicator of profitability. But recovery seems to have set in for the bigger players, such as Industrial and Commercial Bank of China Ltd (ICBC) and Bank of China Ltd (BoC), that saw NIMs widen for the first time in more than two years, following six benchmark interest rate cuts in 2014-15. GOOD NEWS AT THE TOP The emerging gulf in the sector comes as China''s financial watchdogs unleash a ''regulatory storm'' aimed at controlling risk, reckless loans and at improving supervision. The government has focused particularly on non-traditional interbank borrowing and financing, a key source of balance sheet expansion for many smaller national and regional banks. Xiao Yuanqi, head of the prudential regulation bureau of the China Banking Regulatory Committee, has said the crackdown, including efforts to tighten disclosure rules on off-balance sheet wealth management products - a key component of shadow banking credit - was working. "Taking the ox by the nose, we grasped the three main problems of the banking sector: interbank, wealth management products and off-balance-sheet business," Xiao said. But for the top lenders, pushing into the consumer segment with a boost in personal loans, 2017 still looks good, with asset quality, even overdue loans, improving. Bankers at ICBC, BoC and Bank of Communications Co Ltd (BoCom) expect core lending business to improve during the rest of this year. At the world''s largest bank, ICBC, personal loans were up 9 percent at the end of June from end-2016, helped by a 11.6 percent rise in residential mortgages. For China Construction Bank Corp, personal consumer loans more than doubled over the same period. Investor confidence in the biggest five state-owned banks has soared and fueled a share price rally, led by ICBC which has gained more than 30 percent in Shanghai so far this year. Reporting by Engen Tham and Matthew Miller; Additional reporting by Shu Zhang; Editing by Clara Ferreira Marques and Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-banks-idUKKCN1BB13F'|'2017-08-31T12:51:00.000+03:00'
'30aef694386b6f594deb57c2312f4b0c8d1a8fc5'|'UPDATE 1-First Quantum boosts Minera Panama stake to 90 pct'|'(Adds details, background)Aug 31 (Reuters) - Canadian miner First Quantum Minerals Ltd said on Thursday it would boost its stake in unit Minera Panama SA to 90 percent in a deal valued at $635 million to increase its copper mining operations.The company, which currently owns 80 percent of the unit, said it signed an agreement to buy a 10 percent stake from South Korean miner LS-Nikko Copper.Copper prices have been recovering after a slump in 2016, helped in part by demand from top metals consumer China, but remain well below their 2011 peak.The deal will also include some shareholder loans in the Minera Panama unit and LS-Nikko''s stake in a joint venture with Korea Resources Corp.First Quantum said it would pay for the deal over a five year period. (Reporting by Anirban Paul in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/firstquantum-minerapanama-idINL4N1LH4Y3'|'2017-08-31T11:22:00.000+03:00'
'f70ea486055690fffcd2fb5ded966e390f4894e1'|'CANADA STOCKS-TSX edges higher as TD rallies on strong beat, GDP tops forecast'|'(Updates with stock moves, details on results, GDP data)* TSX up 27.91 points, or 0.18 percent, to 15,161.04* Seven of the TSX''s 10 main groups are up* TD rallies 2.9 percent to C$66.77TORONTO, Aug 31 (Reuters) - Canada''s main stock index rose on Thursday as Toronto Dominion Bank posted the strongest earnings beat among the country''s top banks and quarterly data showed Canada''s economic growth accelerated far more than expected.TD Bank, Canada''s second-biggest lender, was by far the biggest influence on the index. Its shares rallied 2.9 percent to C$66.77 after it reported earnings that topped expectations by a wider margin than its rivals in a quarter in which Canadian banks have outperformed market forecasts. TD''s performance was bolstered by strong results from its North American retail businesses.Canadian Western Bank was up 2.5 percent to C$29.42 following better-than-expected results.Robust consumer spending and energy exports during the second quarter fueled Canada''s economy, which grew at its best pace in nearly six years. Gross domestic product grew at an annualized 4.5 percent, far more than the 3.7 percent economists had forecast, reinforcing expectations the Bank of Canada will raise interest rates in October.At 10:32 a.m. ET (1432 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 31.47 points, or 0.21 percent, to 15,164.6.Of the index''s 10 main groups, seven were in positive territory. The heftily weighted financials group gained 0.4 percent.Oil and gas stocks, which climbed 0.6 percent, were helped by crude oil prices that bounced more than 2 percent. Prices had suffered steep losses on demand concerns following record flooding from Hurricane Harvey in the United States that knocked out a quarter of the country''s refining capacity.Cenovus Energy rose 2.4 percent to C$9.66. Encana Corp rose 1.8 percent to C$11.60.The materials group, home to resource firms, added 0.5 percent as gold miners benefited from bullion prices that rose on a weaker U.S. dollar.Goldcorp Inc gained 1.2 percent to C$17.10.Magna International Inc was another influential gainer, up 1.3 percent to C$59.55. The company says it is developing a new self-driving vehicle system.A 0.7 percent decline in consumer staples stocks, however, and a 0.6 percent fall in telecoms tempered gains.Advancing issues outnumbered declining ones on the TSX by 149 to 93, for a 1.60-to-1 ratio on the upside.The index posted 6 new 52-week highs and 1 new lows. (Reporting by Solarina Ho; Editing by Dan Grebler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-idINL2N1LH0YG'|'2017-08-31T12:47:00.000+03:00'
'48f8a84867743f80b1c4b890114d092793718ac0'|'Elliott demands at least 74.40 eur/shr for Stada minority stakeholders'|'FRANKFURT (Reuters) - Activist investor Elliott Management said on Thursday it wanted at least 74.40 euros per share for its stake in Stada ( STAGn.DE ) as private equity firms Bain Capital and Cinven seek to tighten their grip on the German generic drugmaker.Bain and Cinven this month won control of Stada with a sweetened 5.3 billion-euro ($6.3 billion) bid, in the largest private-equity funded takeover of a German listed company, offering 66.25 euros per share.At the end of the offer period the buyout groups had secured acceptances for close to 64 percent of Stada''s shares, just about clearing the minimum threshold for the deal to go through.They are now trying to win over more investors, such as index-tracking equity funds which were previously not allowed to tender their shares, to get above 75 percent.That milestone would allow them to tap into Stada''s cashflow to service their debt, but it would also trigger a mandatory buyout offer to minority shareholders as part of the so-called domination agreement under Germany''s takeover code.Shareholders holding out for a better deal such as Elliott typically challenge such an offer in court, hoping for a court-appointed auditor to value their shares at a higher price than they bought them for.Stada said a week ago that Bain and Cinven plan to negotiate a domination agreement.Elliott has accumulated a stake of 13.3 percent, or 15.2 percent when taking stock options into account, Stada said on Thursday.A spokesman for Bain and Cinven said they had taken note of Elliott''s demands and declined to comment further.With the shares trading up 0.2 percent at 78.60 euros at 0948 GMT on Thursday, buyers of the stock appeared to be betting on an even higher compensation deal than Elliott demands.Reporting by Patricia Weiss and Maria Sheahan; Writing by Ludwig Burger; Editing by Balazs Koranyi, Greg Mahlich '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-stada-arzneimitt-m-a-elliott-idUSKCN1BB0LS'|'2017-08-31T14:46:00.000+03:00'
'fe260e1fcd2c198e952e6b679e77e1982a7abea5'|'Diplomatic spat casts long shadow over Hyundai factory town in China'|'August 31, 2017 / 8:39 AM / 5 hours ago Diplomatic spat casts long shadow over Hyundai factory town in China Pei Li and Joseph Campbell 6 Min Read BEIJING (Reuters) - In the industrial outskirts of Beijing, a local community in the shadow of a giant Hyundai Motor Co manufacturing complex is feeling the fallout from a fierce diplomatic standoff between China and South Korea. Workers said shifts at the cluster of Hyundai plants had been slashed as Hyundai struggles with plunging sales in China amid the year-long dispute. Suppliers, meanwhile, have been hit by falling orders. Local entrepreneurs and officials said housing markets and businesses in the area, a suburban district in the northeast of the city called Migezhuang, had seen sharp drops in demand. The slump for the mini-economies that have grown around the carmaker''s operations underscores how the hammering South Korean businesses have taken in China is affecting local interests too. "Fewer people are coming to my store," said Li Gonghe, who has been running a convenience shop in the area since 2004. "If there were 50 people that came to my store before, now there are only five," Li said. Hyundai workers "are getting too many days off and the whole village is paying for it." Hyundai''s four plants around China - three in the suburbs northeast of Beijing - halted production last week after a supplier refused to provide parts due to non-payment. Production was restarted on Wednesday, but not before rattling investors and weighing on Hyundai''s shares. The South Korean carmaker has seen sales in China, the world''s largest auto market, tumble over 60 percent in recent months, in large part because of a chill between China and South Korea over Seoul''s deployment of a U.S. anti-missile system. South Korea says the Terminal High Altitude Area Defense system is needed to counter threats from North Korea. China says it poses a threat to its national security. SHIFTS REDUCED Workers at the local plants, operated by a joint venture between Hyundai and BAIC Motor Corp Ltd, said shifts and overtime had been significantly cut, hitting salaries. "In May, June and July, we only worked one week per month," one worker, Liu Haipeng, said outside the gates of one factory. "We are having too many vacation days. Who knows what''s going to happen in future." He said workers at a nearby South Korean factory supplying to Hyundai had recently protested against the cuts. Hyundai and BAIC declined to comment. A security guard checks on a truck loaded with Hyundai cars as it leaves a plant of Hyundai Motor Co in Beijing, China, August 30, 2017. Thomas Peter Hyundai cut production at its four factories in China earlier this year due to slumping sales. A fifth China factory was scheduled to start production in August. Xu Xianlong, 52, another worker at the Beijing plants, said employees were often being put on temporary leave because of recent slow demand. Like Liu, he said that he now only worked one week each month, while his earning power had been cut by a quarter. "Workers are on furlough too much," he said. "I only worked one day in May. So I didn''t get any pay that month at all." MOUNTING LOSSES Hyundai is not the only South Korean company feeling the heat in China. The South Korean conglomerate Lotte Group had around 90 of its Lotte Mart retail stores around the country closed over various safety violations earlier this year. Slideshow (13 Images) The closures, which came after Lotte approved a land swap deal with the South Korean government in February that enabled Seoul to deploy the missile defense system, are still in effect. "Although Lotte Mart stores have corrected safety issues, Chinese officials have not made a single visit to the stores. Hence it has been impossible for us to reopen the stores," a Lotte Group spokesman said. He added that the company was facing "mounting losses" in the country, though it had no plans to pull out. He asked not to be named due to the sensitivity of the issue. "Products have been just sitting in storage, we have been paying rent while we are not making money, and been paying our Chinese employees," the spokesman said. "Although we are not paying full wage, it''s been a financial burden to the company." Chinese tourists to South Korea, traditionally a popular destination, have also plummeted, after bans on Chinese tour groups traveling to the country. Cruise operators have removed South Korean ports from itineraries and some flight routes have been cut. Chinese tourist numbers to South Korea dropped 69.3 percent in July, according to the latest figures from the Korea Tourism Organization, following similar drops each month since March. Back in Migezhuang, near the Beijing Hyundai plant, the carmaker''s troubles have locals worried. "There are over 800 local residents in the village, and around 1,200 to 1,300 workers from outside are living here, most of them at Hyundai factory," Liu Yanjun, a village cadre, told Reuters in her government office. "Locals rely on the rent they get from factory workers." Zhai Sixing, 65, was a migrant construction worker from Shandong province until he put his life savings into opening a restaurant in the area five years ago. "The workers aren''t doing overtime anymore, and have stopped coming to dine here," he said. "If it continues like this, I''m going to close down this place and go back to my hometown." Reporting by Pei Li and Joseph Campbell in BEIJING and Heekyong Yang in SEOUL; Writing by Adam Jourdan; Editing by Philip McClellan'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-hyundai-china-thaad-idUSKCN1BB0UX'|'2017-08-31T11:30:00.000+03:00'
'2aeead8bdb9be92866714ab29ef1cef4a2ee746d'|'US STOCKS SNAPSHOT-Wall St opens higher as data dims rate hike chances'|'August 31, 2017 / 1:33 PM / 24 minutes ago US STOCKS SNAPSHOT-Wall St opens higher as data dims rate hike chances Reuters Staff 1 Min Read Aug 31 (Reuters) - Wall Street opened higher on Thursday as data showed U.S. inflation increased at its slowest pace since late 2015, boosting expectations that the Federal Reserve will hold off from increasing interest rates again this year. The Dow Jones Industrial Average rose 41.32 points, or 0.19 percent, to 21,933.75. The S&P 500 gained 5.36 points, or 0.22 percent, to 2,462.95. The Nasdaq Composite added 15.84 points, or 0.25 percent, to 6,384.15. (Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL4N1LH52H'|'2017-08-31T16:33:00.000+03:00'
'42592e15d57134b9e1df4a145f6d6dbd59deaf67'|'Chinese magnate revamps Hollywood deal amid crackdown on overseas investment'|'August 31, 2017 / 6:38 AM / 2 hours ago Chinese magnate revamps Hollywood deal amid crackdown on overseas investment Reuters Staff 2 Min Read FILE PHOTO: Recon Group CEO Tony Xia attends a news conference for Recon Group’s acquisition of soccer club Aston Villa in Beijing, China, July 18, 2016. Jason Lee/File Photo BEIJING/SHANGHAI (Reuters) - A Chinese magnate, known for the purchase of English soccer club Aston Villa, has revised a plan to buy the majority of a Hollywood studio for $100 million due to increased government scrutiny over outbound deals in the entertainment sector. Tony Xia said in a tweet on Thursday he would no longer conduct the acquisition via his listed firm Recon Wenyuan Cable Co Ltd, but through a separate non-listed entity due to a "new Chinese policy of film industry restriction." The government has been tightening regulation following big-money deals overseas, especially in areas such as film, sports and real estate, due to concern about high levels of debt. It has also restricted the export of capital to deter investment abroad, particularly in sectors unrelated to a firm''s core business, in the hope of stemming depreciation of the yuan. In February, Recon Wenyuan said it planned to spend up to $100 million to buy 51 percent of Millennium Film, whose productions include "The Expendables". On Thursday, it said interested parties would not pursue the deal as it could not be completed before a previously agreed deadline of Aug. 31. Later on Thursday, Xia retweeted a Twitter post stating Xia had dropped the deal, and attached a comment saying the post was not accurate and that another entity would "continue the deal". Xia is not the first magnate to cut a listed firm from a deal. Gao Jisheng''s Lander Sports Development Co Ltd pulled out of a deal for English soccer club Southampton in April, before completing it independently earlier this month. China''s cabinet issued rules on acquisitions abroad for the first time this month, possibly signaling a further slowing of funds that have flowed overseas in recent years. Thomson Reuters data showed outbound mergers and acquisitions this year fell 42 percent as of Aug. 14 versus the same period last year. Reporting by Pei Li and Adam Jourdan; Editing by Christopher Cushing '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-recon-holding-investment-idUKKCN1BB0KV'|'2017-08-31T09:42:00.000+03:00'
'68eca4eea354159b3cb579d716350be0e0e82969'|'UPDATE 1-Carrefour plunge rattles retail stocks as Europe extends gains'|'Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 30, 2017. Staff/Remote LONDON (Reuters) - European shares rose for a second day on Thursday following heavy losses on jitters over North Korea but posted a third straight month of decline, while a profit warning from Carrefour sank the retail sector.The pan-European STOXX 600 ended up 0.8 percent, boosted by strong gains for miners and construction stocks, while the retail sector dropped 1.3 percent.Also buoying the market was a Reuters report that rapid gains in the euro, which helped drag the STOXX to a six-month low this week, were worrying a growing number of ECB policymakers, raising the chance asset purchases will be phased out only slowly.Carrefour ( CARR.PA ) shares fell 13 percent, their biggest daily drop in 20 years, after the French supermarket chain warned 2017 profit could decline by 12 percent and cut its sales growth target.It reported weaker-than-expected first-half earnings as intense retail competition weighed on margins."Although Carrefour''s weak first-half results are partly related to some external or non-recurring factors (integration of Eroski stores in Spain, change in credit regulation in Brazil), they also illustrate the group''s structural challenges," Barclays analysts wrote.French peer Casino ( CASP.PA ) fell 2.8 percent as investors saw similar pressures hitting it. Analysts at Jefferies said Carrefour''s results had forced a re-evaluation of their investment thesis.The retail index .SXRP has been one of the worst-performing in Europe this year as competition and structural pressures mount."It''s been a tough time for the sector, with the more macro theme that Amazon is slowly eating everyone''s lunch, though that''s not the case in Europe to the same extent as the U.S.," said Paul Harper, equity strategist at DNB Bank."Another problem is that the retail sector is relatively highly priced, so there''s not really much room for disappointment," he added.Pernod Ricard ( PERP.PA ) shares slipped 1.9 percent after the world''s second-biggest spirits group said currency exchange would be a bigger weight on earnings than previously expected.[nL8N1LH288]Miners Antofagasta ( ANTO.L ), Anglo American ( AAL.L ) and Glencore ( GLEN.L ) rose sharply, helping to lift the index as copper prices gained on stronger Chinese demand.Chipmakers AMS ( AMS.S ) and Dialog Semiconductor ( DLGS.DE ) rose 5.1 and 4.3 percent respectively as the suppliers to smartphone maker Apple ( AAPL.O ) benefited from increased investor enthusiasm ahead of the next iPhone release, a trader said.Though banking stocks .SX7P helped stoke gains on Thursday, they suffered their worst monthly losses since June last year when Britain''s vote to exit the EU roiled markets.The STOXX 600 ended in the red for a third month.While a global consensus has formed this year around stronger prospects for European equities, the region’s main benchmarks have slipped in the summer as company earnings were measured up against lofty expectations and a surging euro reined stocks back."You can explain a significant chunk of the dip by the currency," DNB Bank''s Harper said."Consensus earnings for the MSCI Europe peaked in mid-May and estimates started lowering in the second quarter as analysts had to mark to market their currency assumptions."Reporting by Helen Reid and Danilo Masoni; Editing by Kit Rees and Dale HudsonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks-idUSKCN1BB0P7'|'2017-08-31T11:53:00.000+03:00'
'216e82cdcba39497b854853eed5d41af81083984'|'Daiichi Sankyo denies receiving takeover bid from AstraZeneca'|'LONDON (Reuters) - Japan''s Daiichi Sankyo denied on Thursday it had received a takeover bid last year from British drugmaker AstraZeneca, as reported earlier by the online version of Nikkei Business."This is not the fact," the company said in a short statement.AstraZeneca had earlier declined to comment on the report, which sent the Japanese group''s share price soaring as much as 13 percent and triggered a trade suspension.Reporting by Ben Hirschler; Editing Martinne Geller '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-daiichi-sankyo-m-a-denial-idUSKCN1BB20K'|'2017-08-31T22:29:00.000+03:00'
'34bacb82d5f2660cac2b0ff70e33d986a7e55d7c'|'BBVA in talks to sell Chilean bank'|'MADRID, Aug 31 (Reuters) - BBVA said on Thursday it was looking at the possible sale of its retail bank in Chile after Canada''s Bank of Nova Scotia expressed its interest in acquiring up to 100 percent of the unit.However, Spain''s second-biggest lender said it could not say if the negotiations would lead to an agreement nor the terms of such agreement if it was finally reached. (Reporting By Jesús Aguado; Editing by Greg Mahlich) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/bbva-chile-bank-of-nova-scotia-idINL8N1LH1GM'|'2017-08-31T04:46:00.000+03:00'
'0c08cfafc785144c2d8c75a30b92e7b0fe23a7df'|'Hurricane Harvey wreaks havoc on American air travel'|'Donald Trump went to the Texas coast on August 29th to see for himself the disaster-relief effort in response to Hurricane Harvey. But few other people are able to travel there. The storm has brought record-breaking rains and devastating floods to the Houston area, killing at least 30 people so far (the toll is expected to rise as the waters recede). The human and economic damage is extensive, but Harvey has had repercussions in a wide variety of less critical areas, including business travel.Across America, more than 9,000 flights have been cancelled since Friday , nearly all due to Harvey. On August 29th, as the storm continued to dump water on Houston and threaten New Orleans 350 miles to the east, more than 1,500 flights to, from, or within the United States were cancelled as of mid-afternoon and twice as many were delayed, according to FlightAware , a flight tracker. 19 hours ago How Half a dozen airports around Houston are closed, including the city’s two big international airports. The resulting chaos is hitting flyers well beyond Texas. More than 50m passengers passed through Houston’s airports last year. George Bush Intercontinental Airport is a major hub for United Airlines, which announced that the airport would remain closed until at least noon on Thursday. It serves more than 70 international destinations, so many travellers who aren’t starting or ending their trips in Texas—those flying from the east coast to Asia or Mexico, for example—still find themselves stranded by its closure. Houston’s second-biggest airport, William P. Hobby, is a hub for Southwest Airlines. The airport closed on Sunday morning, but Southwest still managed to rescue 500 stranded passengers before Hobby’s runways proceeded to turn into vast lakes .United and Southwest passengers have borne the brunt of the cancellations. On Tuesday, 19% of all United flights were cancelled, as were 8% of Southwest flights. United is waiving fees for changing flights for customers flying into or out of 15 cities in Texas and Louisiana. Southwest is allowing passengers in Houston to fly into or out of four other cities in Texas until September 5th, an indication of just how long the effects of the storm are likely to be felt.As damaging as Harvey has been to the country’s flight network, the consequences are not as widespread as when a storm hits the east coast, which has the busiest airspace (in 2012, Superstorm Sandy caused more than 18,000 flights to be cancelled over five days).Snowstorms may get the most attention for wreaking havoc on flight schedules, but it is actually the summer months that see the most weather-related flight delays in America. In this sense, the situation in Houston isn’t all that atypical. Except when you’re talking about 50 inches of rain, a climbing death count, and tens of thousands of people forced into emergency shelters, there’s really nothing typical. But in an unfortunate twist to Harvey, a separate storm system is threatening America’s south-east.Next Less lost luggage at the airport'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/amid-deluge?fsrc=rss'|'2017-08-30T18:55:00.000+03:00'
'3ffc82ce371c0e4e59a8c3293b149fdb1ed65052'|'Arkema confirms Texas explosions, warns of risk of more blasts'|'August 31, 2017 / 9:31 AM / 33 minutes ago Arkema confirms Texas explosions, warns of risk of more blasts Reuters Staff 1 Min Read PARIS, Aug 31 (Reuters) - French chemicals group Arkema confirmed on Thursday two explosions at its plant in Crosby, Texas, and added there was a risk of further explosions at the site. "We want local residents to be aware that the product is stored in multiple locations on the site, and a threat of additional explosion remains," Arkema said in a statement. "Please do not return to the area within the evacuation zone until local emergency response authorities announce it is safe to do so," it added. (Reporting by Sudip Kar-Gupta in Paris and David Shepardson in Houston; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-arkema-blast-idUSP6N1KX012'|'2017-08-31T12:29:00.000+03:00'
'8e7200de2ff70cc56dacfab7b0039912adf41bf4'|'Westfield has put an expiry date on our wedding gift voucher - Money'|'We were given a £50 gift voucher for Westfield Stratford City shopping centre as a wedding present in May last year, which had to be collected from the centre. We went to pick it up this June and were told it had expired the previous month.Nowhere on the details of the order confirmation form, which we had to take along as proof of purchase, does it mention a 12-month deadline.Westfield insisted that even though it was not mentioned on the form, there was notification on the terms and conditions page and also on the delivery page before purchase.Crucially, as we were not the purchaser, we had no way of knowing. PM, LondonThere is indeed no mention of this vital detail anywhere on the order confirmation form your friend gave you, despite a section headed “important information”.Westfield tells me that the 12-month expiry date is outlined in the terms and conditions and the point of sale. It seems oblivious to the logic that, as gift cards are usually given as gifts, the recipient won’t have seen the pre-purchase information.Only after The Observer points this out does it twig. “We appreciate that the gift card confirmation note should also contain the expiry date, which would assist customers if the gift card is provided as a present,” it says.“We have updated this process to ensure the gift card confirmation note also includes the expiry date. As a gesture of goodwill, and to say ‘thank you’ for raising a customer need, we have extended the gift card.”Two weeks after this promise you have still not been contacted, however, and it is certain there will be many other recipients in the same boat.The very existence of expiry dates is contentious since the store has pocketed the money and will profit handsomely if customers forget to use their cards in time. Gail Cohen, director general of the UK Gift Card & Voucher Association, explains that it is to help businesses manage their accounts and to shield them from future liabilities.Expiry policies must be displayed on the card or voucher, but in your case it wasn’t, strictly speaking, a voucher – rather the confirmation of the online purchase of one which had to be collected instore.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Consumer rights Your problems with Anna Tims Westfield Shops and shopping Consumer affairs Retail industry features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/aug/31/westfield-wedding-gift-voucher-expiry-date'|'2017-08-31T03:00:00.000+03:00'
'e1bb59530c7945f640f517901e1854e79061ed3f'|'Nestle shuts Swiss skin health products factory'|'August 31, 2017 / 12:48 PM / 2 hours ago Nestle shuts Swiss skin health products factory Reuters Staff 3 Min Read FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. Pierre Albouy/File Photo ZURICH (Reuters) - Nestle said on Thursday it was closing a Swiss factory which makes products for its skin health business, responding to a slowdown in a business once seen as one of its rising stars. Nestle Skin Health said it will close the Egerkingen factory in northern Switzerland, where it makes Daylong sun cream and products for dry skin, with the loss of 190 jobs. Skin health has been part of the food maker''s push into higher growth and more profitable health products to counter a slowdown in its traditional packaged food business. The business was set up in 2014 when Nestle incorporated the half stake in skin care company Galderma it bought from L''Oreal with the half it already owned. Nestle does not break out results for its skin health business separately, but said in July the business had lower sales volumes and pricing during the second quarter of this year as pressure on generics in the prescription business weighed on growth as did China''s soft performance. Patrik Schwendimann, an analyst at Zuercher Kantonalbank, estimates that Nestle''s Skin Health Business had sales of roughly 2.3 billion Swiss francs ($2.38 billion) last year, up from 2.2 billion francs a year earlier. Profit margins for skin health and Nestle Health Science combined were around 9.2 percent last year, down from 12.5 percent in 2015. "The business is still in the expansion phase, but the results have been disappointing," said Schwendimann. "They are aiming for higher margins and higher sales growth especially when companies in the health area should be getting margins of at least 15 to 20 percent in the mid term." Nestle has responded by launching an overhaul of its skin health business where it aims to simplify its organization and its geographical footprint. The company currently sells dozens of different products via prescription, over the counter and as corrective and aesthetic products which are used by doctors. Nestle said production costs at the Egerkingen site had been rising because volumes were low and the factory was not running at full capacity. "Nestle Skin Health does not foresee a significant volume increase over the next years in Egerkingen, even taking into account growth forecasts for markets served by the factory," the company said. Production will be transferred to other Nestle skin health factories, with its commercial business for Switzerland moved to Zurich and its team in consumer products development moved to the Swiss canton of Vaud. Reporting by John Revill, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-nestle-factory-closure-idUSKCN1BB1OD'|'2017-08-31T15:47:00.000+03:00'
'42b8d93f3a9254cd04ecdbf9956f0f9218f7efa3'|'Miners keep FTSE on track for second monthly gain'|'August 31, 2017 / 9:38 AM / an hour ago Miners help Britain''s FTSE score second monthly gain 4 Min Read Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s top share index rose on Thursday, extending gains from the previous session as support from commodities-related stocks and financials helped the blue-chip index score its second consecutive monthly gain. The FTSE 100 .FTSE ended up 0.9 percent, while mid-caps rose almost 1 percent. Mining stocks were the standout performers, with Antofagasta ( ANTO.L ), Anglo American ( AAL.L ), Glencore ( GLEN.L ) and Rio Tinto ( RIO.L ) among the top gainers as the price of copper strengthened. [MET/L] Mining companies have been among the best performers in August, with the sector < .FTNMX1770> ending the month up 7.3 percent. Precious metals miner Randgold Resources ( RRS.L ) has led the way, climbing 12 percent this month as geopolitical jitters resulting from tensions between North Korea and the United States have propped up demand for safe-haven assets. Peer Fresnillo ( FRES.L ) has gained 5.2 percent this month. "The strength in industrial metals has been something of a saviour for the FTSE," said Jasper Lawler, head of research at London Capital Group, adding that recent weakness in sterling has also been a contributing factor. "No matter what gets thrown at the market, there still seems to be a fair bit of resilience, so even with all the concern around North Korea and more domestically about the Brexit negotiations, there''s an underlying confidence that we''re still in a bull market." Financials also extended their recovery from the week''s earlier flight from riskier assets after North Korea launched a missile over Japan on Tuesday. While individual moves were generally rather muted, downgrades from brokers weighed on shares in security firm G4S ( GFS.L ), which fell 3.2 percent after UBS cut its rating on the stock to "neutral" from "buy". However, UBS analysts added that they had turned positive on the broader UK outsourcing sector because of growing earnings momentum. TP ICAP ( TCAPI.L ) rose 6.3 percent after Morgan Stanley raised its price target on the interdealer broker on prospects of generous dividend increases. Shares in troubled subprime lender Provident Financial Group (PFG) ( PFG.L ) also dropped 1 percent after downgrades from brokers Jefferies and Canaccord Genuity. Provident''s shares have dived 57 percent this month after a profit warning prompted by problems at its door-to-door lending business. "PFG now faces a layer of uncertainty brought about by the disastrous implementation of a new operating model in home collect credit. This makes both forecasting and valuation more than usually difficult," Jefferies analysts said in a note. "In the short term its dividend-paying capacity is impaired and over the longer term we now use a lower payout ratio." Jefferies cut its rating on Provident to "hold" from "buy". Provident Financial will also be excluded from the FTSE 100 index in the quarterly reshuffle, FTSE said on Wednesday, along with Royal Mail ( RMG.L ), while NMC Health ( NMC.L ) and housebuilder Berkeley Group ( BKGH.L ) will join the top share index. Among mid caps, UK construction services firm Carillion ( CLLN.L ) will be relegated to the small caps, along with Northgate ( NTG.L ) and Petra Diamonds ( PDL.L ). The changes will be implemented after the market closes on Sept. 15, taking effect at the start of trading on Sept. 18. Reporting by Kit Rees; Editing by David Goodman/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1BB11X'|'2017-08-31T12:46:00.000+03:00'
'0665fd2f97b1576c7de7b1be8232bb828b7ec23e'|'Toshiba to continue talks with bidders for chip unit: Jiji'|'FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp will continue negotiating with three potential buyers, including a group led by Western Digital Corp , on the sale of its memory chip unit, Jiji reported Thursday.Toshiba''s board met on Thursday to review competing offers for the chip unit. Toshiba has been trying to sell the unit for months to cover the impact of over $6 billion in liabilities linked to U.S. nuclear arm Westinghouse.Reporting by Makiko Yamazaki; Editing by Neil Fullick '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-negotiating-idINKCN1BB094'|'2017-08-31T01:02:00.000+03:00'
'5798ab7493c682948889d98ab36c5d1d92e4f46f'|'South Korean court orders Kia Motors to pay about $374 million to workers'|'FILE PHOTO: The logo of Kia Motor is seen during an unveiling ceremony for Kia Motor''s The New Soul in Seoul, South Korea, August 22, 2016. Kim Hong-Ji/File photo SEOUL (Reuters) - A South Korean court gave workers a partial victory on Thursday in a closely watched pay dispute with Kia Motors, ordering the automaker to pay about 420 billion won ($373.33 million) in unpaid wages.The payout, though significantly less than the roughly 1 trillion demanded by workers, is a blow to South Korean automakers as it will raise labor costs just as they are battling a sales slump in major market China.Shares in Kia Motors were down 3.3 percent and its bigger affiliate Hyundai Motor was 1.4 percent lower after the ruling, while the wider market was flat.Related Coverage Kia Motors says expects to pay about 1 trillion won due to wage rulingThe workers in their claim said regular bonuses should be included as part of a base pay used to calculate overtime, compensation for unused annual leave, severance pay and other payments.The judge at Seoul Central District Court said it was "inappropriate" for Kia to argue that the claim posed a threat to the South Korean economy, Asia''s fourth-largest.Kia Motors said it disagreed with the decision and was considering an appeal.The case goes back to an original claim in 2011 of 659 billion won in unpaid wages. With interest it came to more than 1 trillion won.The South Korean automakers'' association had warned before the ruling that the case could deal a "fatal blow" to the competitiveness of the country''s auto industry, which has been hard hit by geo-strategic tensions on the Korean peninsular.South Korean firms like Hyundai and Lotte have been battered by Chinese boycotts and regulatory pressure over Seoul''s decision to deploy a U.S. missile defense system to counter threats from nuclear-armed North Korea.China says the system poses a threat to its national security.Hyundai Motor - which together with Kia is the world''s No.5 automaker - in July posted its smallest quarterly net profit in five years. Sales from its Chinese factories plummeted 64 percent in April-June aloneReporting by Joyce Lee and Hyunjoo Jin; Writing by Jane Chung; Editing by Stephen Coates '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-kia-motors-wages-idUSKCN1BB06N'|'2017-08-31T04:51:00.000+03:00'
'07282e9dbc9a0d2a6817161a89576738a58a4172'|'China factory sector growth unexpectedly speeds up in August, services slows - official PMIs'|'August 31, 2017 / 1:52 AM / 4 hours ago China factory growth unexpectedly speeds up in August in further global boost Elias Glenn 5 Min Read FILE PHOTO - Employees work at a production line inside a factory of Saic GM Wuling, in Liuzhou, Guangxi Zhuang Autonomous Region, China, June 19, 2016. Norihiko Shirouzu/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 14 AUG FOR ALL IMAGES BEIJING (Reuters) - Growth in China''s manufacturing sector unexpectedly accelerated in August, suggesting the world''s second-largest economy is still expanding at a healthy clip despite rising financing costs and a cooling housing market. Along with stronger U.S. economic growth reported overnight, China''s official factory readings indicated the global economy remains on solid footing for now, despite concerns that growth may begin to fade in coming months. China''s resilience so far this year has surprised economists and given an extra boost to a global recovery despite Beijing''s crackdown on riskier types of lending and ever-tougher curbs to get the overheated housing market under control. The official Purchasing Managers'' Index (PMI) released on Thursday rose to 51.7 in August from the previous month''s 51.4, confounding economists'' expectations for a marginal decline. Production, total new orders and business expectations all shifted into higher gear, while a separate industry survey showed activity in the steel sector expanded at the fastest pace since April 2016 thanks to a year-long, government-led construction boom. In particular, a sharp pick-up in input prices bodes well for resource companies'' earnings and investment in coming months, ANZ said. "The price-driven recovery will continue at least in the third quarter", said Raymond Yeung, Greater China chief economist for ANZ in Hong Kong. "On the demand side, infrastructure spending and fixed asset investment continue to maintain (at decent levels)...I see no reason for a sharp downturn even after the fourth quarter this year." The sustained rally in industrial commodities'' prices largely reflects stronger demand for building materials and government efforts to reduce excess capacity by shutting inefficient and heavily polluting mines and mills. Demand is so robust that futures prices for steel reinforcing bars used in construction have surged 9 percent this month and more than 50 percent this year. Output prices also rose at the fastest pace since December, indicating strong pricing power for producers, which should fatten profit margins and give firms extra breathing room in the country''s fight against a rapid build-up in debt. "We expect domestic steel production and sales to remain strong in September, with market prices remaining elevated," the China Federation of Logistics & Purchasing (CFLP) said in survey on the sector. DEFYING GRAVITY? China''s economy grew by a faster-than-expected 6.9 percent in the first half, with resurgent exports and robust retail sales adding to the momentum from the infrastructure building spree and record lending by state-controlled banks last year. China watchers still maintain the economy will start to lose some altitude eventually, as higher financing costs for companies and homeowners start to drag on activity. But they do not foresee a sharp slowdown, especially as the government is keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle in the autumn. After a strong start to 2017, the government looks certain to comfortably meet or beat its full-year growth target of around 6.5 percent. ANZ is forecasting 6.7 percent. However, analysts did note a number of areas that bear watching, including a slowdown in new export orders. A separate official reading on China''s services sector showed expansion slowed to 53.4 in August from 54.5 in July, the slowest pace of growth since May 2016, but still comfortably above a reading of 50, which separates growth from contraction. China''s leaders are counting on growth in services and consumption to rebalance their economic growth model from its heavy reliance on investment and exports. Slower growth was seen in the property and financial sectors, while the information technology, broadcasting and aviation industries expanded strongly, the National Bureau of Statistics (NBS) said in a statement along with the data. A sub-index for the construction sector fell to 58.0 in August from 62.5 in July. While still quite robust, the lower reading may suggest the strong economic impulse from the massive government infrastructure spending is starting to fade. Data for July came in mostly below expectations as growth in imports faltered, while industrial output grew at the slowest pace since early this year. "Looking ahead, if we are right to believe that tighter policy will continue to weigh on investment spending in the coming quarters, then we doubt that the current pace of industrial output growth can be sustained for long," Capital Economics'' economist Julian Evans-Pritchard wrote in a note. The data on Thursday showed manufacturers cranked up production in August, with a reading of 54.1 from 53.5 in July, while new factory orders rose to 53.1 from 52.8 in July. That suggested domestic demand picked up, as export orders fell to 50.4, the lowest reading since January and down from the previous month''s 50.9. Reporting by Elias Glenn; Editing by Kim Coghill '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKCN1BB06P'|'2017-08-31T04:56:00.000+03:00'
'2b9dfaa21f9c70e87b303c799b014dce436f0637'|'UPDATE 2-Campbell Soup says 2018 to remain difficult, warns of sales drop'|'FILE PHOTO: Tins of Campbell''s Tomato Soup are seen on a supermarket shelf in Seattle, Washington, U.S. February 10, 2017. Chris Helgren/File Photo (Reuters) - Campbell Soup Co ( CPB.N ) posted quarterly earnings below Wall Street estimates and warned fiscal 2018 sales could decline as the company was unable to reach an agreement with a key customer for a promotional program ahead of the holiday season.Shares of the maker of packaged goods brands, including Pepperidge Farm snacks and Prego pasta sauce, fell 5.9 percent to $47.28 on Thursday.Campbell Soup, like other packaged food makers, has been struggling as consumers opt for organic, healthier alternatives instead of processed foods and make more purchases online than at stores, which are the company''s biggest distributors.Despite making inroads into fresh foods through its acquisition of Bolthouse Farms and Plum Organics, the unit has been unable to consistently report a profit in the last few quarters.Sales at Campbell''s fresh foods business, rose 1 percent, however, the unit had an operating loss of $8 million in the quarter."Looking ahead to fiscal 2018, we expect the operating environment to remain difficult," Chief Executive Denise Morrison said in a statement.On a post-earnings call, Morrison said soup sales in the United States would fall, particularly in the first half, as it was unable to reach an agreement over a promotional program with a key customer."We expect significantly weaker performance in the first half and relatively better performance in the second half of this fiscal year," Chief Financial Officer Anthony DiSilvestro said on the call.Campbell expects fiscal year 2018 sales to be flat to down 2 percent, which translates to $7.89 billion to $7.73 billion, and adjusted profit to be $3.04 to $3.11 per share.Analysts on average had expected revenue of $8.01 billion and earnings of $3.19 per share, according to Thomson Reuters I/B/E/S."The quality of the quarter was soft, in our view...the quarter would have been much worse had CPB not pulled back on marketing," J.P. Morgan analyst Ken Goldman said in a note.Excluding certain items, the company earned 52 cents per share. Net sales fell 1.4 percent to $1.66 billion due to weak demand for its V8 vegetable juices and as retailers stocked up on fewer soup products.Analysts on average had expected a profit of 55 cents per share and revenue of $1.69 billion for the company''s fourth quarter.Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-campbell-soup-results-idUSKCN1BB1F9'|'2017-08-31T15:44:00.000+03:00'
'5952ddf5f3b10fbc7ac249ff4ab0da76ff9c1692'|'Morning News Call - India, August 31'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:15 am: Finance Minister Arun Jaitley, Power Minister Piyush Goyal, NITI Aayog CEO Amitabh Kant, Vedanta Resources Chairman Anil Agarwal, Laurus Labs CEO Satyanarayana Chava and other corporate executives to speak at India Summit 2017 in New Delhi. 10:00 am: Power Minister Piyush Goyal, Railway Minister Suresh Prabhu, Finance Secretary Ashok Lavasa and other government officials at Business & Climate Summit 2017 in New Delhi 11:45 am: Automotive Component Manufacturers Association of India President Pratham Kapur to release the performance report of auto component industry for FY17 in New Delhi. 5:00 pm: Government to release July Infrastructure output data in New Delhi. 5:30 pm: Government to release April-June GDP data in New Delhi. LIVECHAT - ECONOMICS Professor Reto Foellmi, professor of international economics at the University of St. Gallen joins us for a view of the economic outlook at 2.30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • India seen posting stronger economic growth as shock from cash clampdown fades India''s economy likely showed further signs of recovery in the latest quarter from a shock cash squeeze late last year, but the rebound is not expected to be strong enough to help it reclaim the crown of the world''s fastest-growing major economy. • India cabinet approves raising levy on luxury cars, SUVs India''s cabinet on Wednesday approved raising the maximum levy on luxury cars and sports utility vehicles (SUVs), drawing criticism from several car makers. • India central bank recovers almost all banned currency notes -report Indians returned almost all of the estimated 15.4 trillion rupees in high-currency bills removed from circulation in a shock move late last year, the Reserve Bank of India said in its annual report out on Wednesday. • Bird Group says keen to buy Air India''s ground-handling unit Bird Group on Wednesday said it is interested in buying state-owned carrier Air India''s ground-handling business, making it the second company to formally show interest in bidding for a part of the ailing airline. • India raises $1.4 billion from NTPC share sale - stock exchange data The Indian government has raised 91.36 billion rupees from a share sale in state-run utility NTPC Ltd , according to Reuters calculations based on stock exchange data. • Death toll from Mumbai floods jumps to 14, rain eases up Two toddlers were among 14 people killed in Mumbai after floods caused by heavy monsoon rains destroyed homes and disrupted traffic in India''s financial capital, police said, but lighter-than-feared rain on Wednesday helped relief efforts. GLOBAL TOP NEWS • Faced with new bid, Toshiba looks set to miss chip sale deadline Toshiba Corp looks set to miss its own deadline of Aug 31 to agree an $17.3 billion sale of its chips business, a deal that would plug a gaping balance sheet hole and help the group avoid an embarrassing and potentially costly delisting. • Harvey moves into Louisiana with at least 25 dead, 17 missing Tropical Storm Harvey spun across southeastern Texas into Louisiana on Wednesday, sending more people fleeing for shelter after swamping Houston with record rains and flooding that killed at least 25 and drove tens of thousands from their homes. • China factory sector growth unexpectedly speeds up in August, services slows - official PMIs Growth in China''s manufacturing sector unexpectedly accelerated in August, suggesting the world''s second-largest economy is still expanding at a healthy clip despite rising financing costs and a cooling housing market. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,860.50, trading down 0.2 percent from its previous close. • Indian government bonds are likely to fall in early trade as investors await fresh supply of notes from a weekly debt auction tomorrow. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52 percent-6.57 percent band. • The Indian rupee will likely open little changed against the dollar, as upbeat economic data from the U.S and China lifted regional shares, offsetting broad strength in the greenback. GLOBAL MARKETS • U.S. stocks rose on Wednesday after stronger-than-expected U.S. economic growth outweighed concerns about escalating tensions between the United States and North Korea and uncertainty in the aftermath of Hurricane Harvey. • Investors rediscovered a taste for the dollar and Asian shares as upbeat Chinese and U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background. • U.S. Treasury yields held near nine-month lows on Wednesday as concerns about rising tensions with North Korea kept a bid for the bonds, and offset data that showed solid economic momentum. • Gasoline prices hit fresh 2-year highs as flooding from tropical storm Harvey knocked out almost a quarter of U.S. refineries, while crude oil prices fell again on the resulting drop in demand. • Gold prices edged lower early as the dollar gained on positive U.S. economic data, but the yellow metal was buoyed by safe haven demand amid a standoff over North Korea. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.89/63.92 August 30 -$1.95 mln $82.32 mln 10-yr bond yield 6.8 pct Month-to-date -$2.05 bln $1.96 bln Year-to-date $6.92 bln $23.10 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.9850 Indian rupees) (Compiled by Erum Khaled in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-morningcall-idUSL4N1LH1ML'|'2017-08-31T06:17:00.000+03:00'
'50973a2995b3adec6cce0061e8f691c6659b761a'|'Department store operator Bon-Ton turns to turnaround advisers -sources'|'(Reuters) - U.S. department store chain Bon-Ton Stores Inc ( BONT.O ) is hiring advisers to help it turn around its business and slash its debtload, as it struggles to cope with the sector''s downturn, according to people familiar with the matter.The move underscores the woes of the bricks-and-mortar retail sector, which has been plagued by numerous bankruptcies this year as consumers increasingly move their spending to e-commerce companies such as Amazon.com Inc ( AMZN.O ).Bon-Ton has tapped advisory firm AlixPartners LLP to provide operational advice on its turnaround efforts, and is also interviewing banks to appoint an advisor to review strategic options including debt restructuring, the sources said this week.The sources asked not to be identified because the deliberations are confidential. Bon-Ton and AlixPartners did not respond to requests for comment.Bon-Ton serves smaller communities in 26 states across the U.S. Northeast, Midwest and Great Plains under banners including Bon-Ton, Younkers and Bergner''s.The York, Pennsylvania-based company has been suffering from years of losses, including a loss of $33.2 million for the quarter that ended July 29.Bon-Ton''s debt totaled about $850 million as of July 29. A portion of the company''s revolving credit facility expires next year. Bon-Ton''s market capitalization is just $15 million.The department store operator''s debt is trading well below its face value, indicating investor concerns over its ability to make a full repayment. The company''s $350 million in collateral-backed bonds maturing in 2021 were trading at about 38 cents on the dollar on Thursday, according to Thomson Reuters data.Bon-Ton has been seeking to cut costs and capture a bigger slice of the online shopping pie. It has also been offering products made in the local communities surrounding its stores in a program called "Close to Home."William Tracy, the company''s former chief operating officer, took over as Bon-Ton''s CEO this month. He had previously held management positions at shoe and accessories seller Nine West, New York retailer Fortunoff and Canadian department store operator Hudson''s Bay Company ( HBC.TO ).Hudson''s Bay is considering going private following pressure from an activist shareholder, Reuters reported last week. Nordstrom Inc ( JWN.N ), another U.S. department store operator, is also considering being taken private by members of the Nordstrom family.AlixPartners has advised several retailers in financial distress, including fashion house BCBG Max Azria Global Holdings LLC, which filed for bankruptcy in February.Reporting by Jessica DiNapoli in New York; Editing by Matthew Lewis '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-bon-ton-stores-restructuring-idINKCN1BB2C6'|'2017-08-31T14:24:00.000+03:00'
'9c0ac26205e4f314f6661fc1bcc3b86b97cd33a3'|'UPDATE 1-Debt collector Arrow Global sees opportunities from European banking reforms'|'(Adds CEO comments, share movement)By Noor Zainab HussainAug 31 (Reuters) - European debt purchaser and manager Arrow Global said it sees more opportunities to buy non-performing loans (NPLs) and non-core assets from banks in Europe, driven by the continued reform of the region''s banking sector.Collection companies such as Arrow Global, Intrum and Hoist Finance have benefited from the fact that Europe''s banks are under pressure from regulators to offload the almost 1 trillion euros of non-performing loans on their books.The European Banking Authority (EBA) expects bank''s boards to have a strategy in place for dealing with non performing loans, while the European Union is consulting on plans to strengthen the secondary market for NPLs, which may boost demand."When those strategies are in place, they (EBA) will then hold those bank boards accountable for delivering the strategies," Lee Rochford, Arrow''s chief executive told Reuters."There are lots of proactive moves particularly in Europe where it has been a little bit slower than it has here in UK in terms of shifting non performing loans," he added.Deloitte, one of the world''s top four accounting firms, said in a report that the European loan portfolio market had a slow start in the first half of 2017, as sellers and investors pushed deals into the second half of the year.However, with a large number of ongoing deals still in the pipeline for the second half, the total market for 2017 is currently set to exceed the record deal making of the previous two years when over 100 billion euros ($118.83 billion)of deals were concluded, Arrow said. ( bit.ly/2xOCPy5 )The eurozone''s bad debts are finally beginning to fall, according to ECB data released in April, but still stand at some 931 billion euros.Arrow reported a 35.5 percent rise in first-half underlying profit after tax on Thursday, driven by a jump in debt collections and revenue from asset management.The company said it had acquired debt portfolios with a face value of 968.2 million pounds ($1.25 billion) for a purchase price of 125.1 million pounds in the period ended June, up 30.3 percent from a year earlier.Shares in Arrow Global were up 5.25 percent at 460.7 pence at 0946 GMT. ($1 = 0.8415 euros) ($1 = 0.7753 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri and Rachel Armstrong)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/arrow-global-grp-results-idINL4N1LH3JK'|'2017-08-31T07:48:00.000+03:00'
'387ff3028de7cf7639014ef50e3d7a87dde22a2a'|'METALS-London copper set for 3rd monthly gain as China factories rev up demand hopes'|'MELBOURNE, Aug 31 (Reuters) - London copper led industrial metals higher in Asia on Thursday, setting the scene for a third monthly gain in a row after healthy growth at China''s factories in August fed expectations of better metals demand.FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange rose 0.6 percent to $6806 a tonne by 0207 GMT, reversing small losses seen in the previous session. Copper earlier this week struck its highest in since Sept 2014 at $6843.50 and was set to log gains of near 7 percent for August, a third monthly advance.* SHFE COPPER: Shanghai Futures Exchange copper reversed early losses to trade up 0.1 percent at 52780 yuan ($8000)a tonne.* CHINA PMI: Growth in China''s manufacturing sector unexpectedly accelerated in August, suggesting the world''s second-largest economy is still expanding at a healthy clip despite rising financing costs and a cooling housing market.* CHINA WEALTH: As regulatory crackdowns in China hit risky investment products and capital outflows, the country''s private banks are looking to profit as they target a bigger share of growing wealth in the world''s second-largest economy.* U.S. ECONOMY: The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.* GLENCORE COPPER: Zambian electricity utility Copperbelt Energy Corporation (CEC) and Glencore''s Mopani Copper Mines have reached an agreement to restore full power supply to the mine from Wednesday, the president''s office said on Wednesday.* For the top stories in metals and other news, click orMARKETS NEWS * Investors rediscovered a taste for the dollar and Asian shares on Thursday as upbeat Chinese and U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background.DATA AHEAD (GMT) 0600 Germany Retail sales Jul0645 France Producer prices Jul0800 Germany Unemployment rate Aug0900 Euro zone Inflation flash Aug0900 Euro zone Unemployment rate Jul1230 U.S. Personal income Jul1230 U.S. Weekly jobless claims1345 U.S. Chicago PMI1400 U.S. Pending home sales JulPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.5977 Chinese yuan renminbi)Reporting by Melanie Burton; Editing by Kenneth Maxwell '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1LH1L9'|'2017-08-31T00:26:00.000+03:00'
'f287574b73b4a29d1996c8479e7d2e47085bf18f'|'Warburg Pincus invests in Canadian insurer SCM Insurance'|'(Reuters) - Private equity firm Warburg Pincus [WP.UL] made a majority investment in SCM Insurance Services, the privately owned Canadian insurance services provider said on Thursday.SCM did not disclose financial terms but said the investment would help grow its business in Canada and the United States, which it entered in May.The deal marks Warburg Pincus'' second investment in Canada since 2016 when it invested in oil and gas company MainSail Energy. The firm also has stakes in Canadian oil sands companies MEG Energy Corp ( MEG.TO ) and Osum Oil Sands Corp.Reporting by Anirban Paul in Bengaluru; Editing by Bernard Orr '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-scminsurance-investment-idINKCN1BB25K'|'2017-08-31T13:08:00.000+03:00'
'6c54184199067ecacd273352d1da033e256d5fd8'|'EMERGING MARKETS-Emerging stocks set for longest monthly run of gains since 2003'|'LONDON, Aug 31 (Reuters) - A modest dollar bounce took some of the steam out of emerging markets on Thursday, with equities edging further off recent three-year highs though they were set to end August with an eighth straight month of gains.Russian assets, however, rose as investors cheered a central bank bailout of top private lender Otkritie.In currencies, the dollar''s recovery on the back of upbeat U.S. economic data hurt Turkey''s lira, South Africa''s rand and China''s yuan.The losses in the yuan, which drew it away from a 14-month high, came despite growth in China''s manufacturing sector unexpectedly accelerating in August.MSCI''s global emerging market share index slipped 0.2 percent but was up 1.8 percent for August and on course for its longest run of monthly gains since 2003.Appetite for emerging markets has been stoked ultra-low interest rates in developed markets and an improving economic growth. The sector has for the most part, shrugged off geopolitical tensions stoked by nuclear-armed North Korea.Russian equities rose 0.8 percent and headed for the strongest month since December, partly due by a rally in Russian banks on relief that the central bank stepped in to bail out private lender Otkritie.Otkritie''s shares fell 5 percent on Thursday, adding to steep losses a day earlier."Otkritie is a systemically relevant bank, and having troubles there could have damaging contagion effects on other Russian banks," said Sergey Dergachev, senior portfolio manager at Union Investments.But he added: "The quick reaction by the Russian central bank and de-facto saving senior creditors and depositors was strong and correct."Russian stocks have bucked this year''s bullish emerging market trend, falling around 10 percent as oil prices have weakened and as a hoped-for warming of ties between the Kremlin and U.S. President Donald Trump did not materialise.In frontier markets, Tajikistan started investor meetings ahead of a planned Eurobond. The central Asian country is targeting a 10-year debut issue.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1086.45 -1.55 -0.14 +26.00Czech Rep 1028.46 -0.41 -0.04 +11.59Poland 2524.39 -0.18 -0.01 +29.59Hungary 37876.33 -27.55 -0.07 +18.35Romania 8076.36 -150.24 -1.83 +13.99Greece 819.92 -3.73 -0.45 +27.39Russia 1090.41 +6.00 +0.55 -5.37South Africa 49874.43 +199.51 +0.40 +13.60Turkey 10275.48 -147.63 -0.13 +41.13China 3361.00 -2.63 -0.08 +8.29India 31699.73 +53.27 +0.17 +19.05Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.12 26.05 -0.27 +3.38Poland 4.26 4.25 -0.16 +3.41Hungary 306.10 305.70 -0.13 +0.89Romania 4.59 4.59 +0.03 -1.17Serbia 119.02 119.02 +0.00 +3.64Russia 58.46 58.52 +0.11 +4.80Kazakhstan 338.04 335.32 -0.80 -1.30Ukraine 25.68 25.58 -0.39 +5.14South Africa 13.02 12.99 -0.23 +5.46Kenya 102.95 103.10 +0.15 -0.56Israel 3.59 3.59 +0.12 +7.39Turkey 3.46 3.45 -0.41 +1.84China 6.60 6.59 -0.06 +5.27India 63.94 63.99 +0.07 +6.26Brazil 3.16 3.16 -0.02 +2.94Mexico 17.77 17.71 -0.35 +16.55Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 319 -2 .07 8 02.31 1All data taken from Reuters at 09:37 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT.Reporting by Alexander Winning and Sujata Rao, editing by Pritha Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-idUSL8N1LH2MV'|'2017-08-31T13:08:00.000+03:00'
'47256ef8f0ba4a384bd51bd30e5b15401210258c'|'Ryanair boss: May should be doing Brexit deal, not drinking sake - Business - The Guardian'|'Thursday 31 August 2017 15.30 BST First published on Thursday 31 August 2017 14.57 BST Ryanair has stepped up warnings that flights between the UK and Europe are imperilled by Brexit , with the airline’s chief executive Michael O’Leary claiming that the prospect of disrupting aviation was one of the quickest and best ways for the EU27 to “stick it to the British”. O’Leary said that only “panic and fudge” would now allow flights to continue, and an interim deal would effectively mean Britain “rolling over” on its previous red lines on freedom of movement and submitting to European regulation. As airline schedules and flight bookings released almost a year in advance, Ryanair insists it needs legal certainty before autumn 2018 in order to sell flights departing after March 2019, when Brexit takes effect. Business Today: sign up for a morning shot of financial news Read more He also criticised Theresa May on Sky News: “I fail to see what she’s doing in Japan for three days at the moment, why she’s not in Brussels or in Frankfurt or in Paris, which is where these negotiations need to take place. “She’s just come back from three weeks’ holidays in the Swiss Alps. Now, everybody is entitled to their holidays, but there’s a crisis coming down the road here for the UK economy in the next 12 months. “Brexit is going to be a disaster for the UK economy. She needs to be over there negotiating or at least removing these roadblocks, not swanning around Japan drinking tea and sake.” He said earlier: “If Britain gets pushed out of the EU , it is absolutely the legal position that flights must stop. You’ve got to negotiate that bilaterally. And yet David Davies and the other geniuses in Brussels can’t negotiate the departure bill, the EU citizen rights ... they haven’t got round to talking about aviation. “If we don’t know the legal basis for which they’re being operated we’ll be forced to cancel those flights by December 2018 so we can put those flights on sale in Europe.” He said Europe was set against a deal: “What the British have underestimated is to the extent that the voices in Europe are lobbying against a deal on flights ... There’s an increasing awareness in the corridors of power in Paris, Brussels and Frankfurt that aviation is the one to stick it to the British government over, because [its effects] come six months before March 2019.” O’Leary claimed: “All bookings for summer 2019 will carry a government health warning, that this is subject to regulatory approval.” He added: “What is increasingly likely to happen is that there will be no flights. Mrs May and the Brexiteers will be trying to explain that to you in 12 months’ time, why getting a car to Scotland or a ferry to Ireland are the only options on offer.” Accused of being hysterical, he conceded he did “not really believe there will be disruption of flights in April 2019 – but only because Britain will roll over. It’s the whole myth of Brexit .” While Ryanair has this week joined the industry group Airlines UK, to lobby for more certainty over Brexit, his competitors have not aired concerns in such drastic terms, and easyJet has described O’Leary as scaremongering. O’Leary said other airlines were “in denial”, but added: “You’ll see not just us but other airlines start to scream at Mrs May.” He claimed easyJet was “secretly shitting themselves” over Brexit. O’Leary produced a document which had been circulated in Brussels showing that carriers including Air France-KLM and Lufthansa were demanding full regulatory convergence in any deal, and stopping all cabotage rights – meaning UK carriers such as easyJet would not be able to fly domestic routes within Europe. Air passengers react to alcohol crackdown: ''Get as many in as you can'' Read more EasyJet recently took out the £10m insurance policy of setting up a new company in Austria , easyJet Europe, to operate its intra-EU flights after 2019, although the head office of easyJet plc remains in Britain. O’Leary predicted: “That ownership and control structure won’t survive a hard Brexit. Even the Germans can see their way through that one. The charade is going to be hugely ineffective.” He added: “The French and Germans aren’t sitting on the sidelines: they’re going to actively shaft [British Airways owner IAG] and easyJet. This is an historic opportunity for them.” Responding to O’Leary’s claims, an easyJet spokesman said: “All passengers, all airlines and all governments want there to be flights between the UK and Europe because of the huge value they bring.” He added: “EasyJet Europe is just as secure as Ryanair – it is a Europe-based, European-owned airline.” O’Leary was speaking in London as Ryanair announced six new routes for 2018 as part of its biggest ever flight schedule from the capital, with flights from Stansted to Aalborg, Denmark, Dusseldorf and Frankfurt in Germany, Oradea in Romania and Pardubice in the Czech Republic, as well as Luton to Bydgoszcz, Poland. He used the opportunity to reiterate Ryanair’s call for a crackdown on alcohol sales at airports, saying: “We have to deal with the discomfort to our fellow passengers, diversions of aircraft, and danger when it becomes out of hand.” He said the airline had written to the Civil Aviation Authority proposing reforms including limiting purchases to two alcoholic drinks per boarding card, but had yet to receive a response. Topics'|'theguardian.com'|'http://www.theguardian.com/business/ryanair/rss'|'https://www.theguardian.com/business/2017/aug/31/ryanair-may-brexit-deal-michael-oleary-uk-europe'|'2017-08-31T21:57:00.000+03:00'
'5a647367a1990f73020eeac579e10f1774e890c1'|'UPDATE 1-Mexico''s next deepwater oil joint venture seen requiring $10.7 bln'|'(Adds details on project, Quote: s)By David Alire Garcia and Adriana BarreraMEXICO CITY, Aug 30 (Reuters) - A coveted deepwater oil project that Mexico''s state oil company Pemex wants to develop with a partner will require some $10.7 billion in investment and could eventually add 174,000 barrels of new output per day, a senior regulator said on Wednesday.Top oil sector regulator Juan Carlos Zepeda told Reuters in an interview that the auction to pick a partner for Pemex''s Nobilis-Maximino deepwater project will likely coincide with a previously scheduled deepwater auction set for Jan. 31.The first commercial barrels from Nobilis-Maximino are seen by 2024, with peak output of 174,000 barrels of oil equivalent (boe) and 265 million cubic feet of natural gas per day coming online in 2026.Zepeda leads the National Hydrocarbons Commission, the upstream regulator that both runs the auctions and supervises new contracts."Presumably, the (Nobilis-Maximino) contract will be identical to the Trion contract," said Zepeda, referring to the deal inked between Pemex and Australia''s BHP Billiton to develop the nearby Trion deepwater project, also located in the Gulf of Mexico''s Perdido Fold Belt.BHP Billiton won the rights to be Pemex''s Trion partner last December, beating out Britain''s BP.A sweeping energy reform finalized in 2014 ended Pemex''s decades-long production monopoly while simultaneously allowing the company to enter into first-ever joint venture partnerships in a bid to attract more investment and reverse a 13-year output slump.Estimated reserves in Nobilis-Maximino are about 502 million boe compared with 485 million boe in Trion.Nobilis-Maximino is also closer to the U.S.-Mexico maritime border, which would likely make building transportation infrastructure faster and cheaper.Zepeda said production costs for Nobilis-Maximino should average about $27 per barrel, less than Trion''s roughly $30 per barrel.Exploration expenditures so far allocated by Pemex for Maximino-Nobilis total about $1 billion, covering six exploration wells and three delimitation wells already drilled.Pemex executives have previously said the firm expects its partner to include past investment in the joint venture''s cost structure, so the Mexican oil giant would not have to put in additional capital until the partner reached that threshold.Equity partners for Pemex on three other joint ventures, or farm outs, are set be selected in October, two onshore projects and another in shallow waters, and Zepeda said still more are planned."We should expect to launch new partnerships, farm outs this year," he said. "Some may be awarded this year and others in the first semester next year." (Reporting by David Alire Garcia and Adriana Barrera; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-oil-idINL2N1LG2N5'|'2017-08-30T20:40:00.000+03:00'
'49389a5ca9616c58cd5730d4fe00a7ae418ed86a'|'The pre-teen superstars stopping disease in Iraqi refugee camps - Global Development Professionals Network'|'I n the 45-degree heat and billowing dust of Kapartu camp in northern Iraq , staying neat and tidy presents a challenge, but there is one group of people who are always immaculately turned out and easily identifiable as humanitarians: a collection of children aged 11 to 13 who take great pride in their roles as junior health workers (JHWs). Smartly dressed in clean black T-shirts, black caps, and with lanyards round their necks, these children help fight the spread of infection, promote healthy habits and humanitarian ideals.“I like wearing it, and my friends also like me wearing it,” says Hyatt, who is unsure of her age but thinks she is 12. “They wish they could dress like me and be a junior health worker.”A few years ago in 2014, Hyatt was one of an estimated 300,000 people living in the Iraqi city of Sinjar when Islamic State laid siege. The majority were Yazidi, an ancient religious minority who became a particular Isis target; under the threat of rape and enslavement they fled the city. Many spent weeks trapped in the mountains during August, unable to access clean drinking water and exposed to terrible conditions.She was picked out of a class of 38 to be the JHW. Like every JHW I speak to, she says it was a great morale boost. “Now I have more confidence, and it’s made it much easier to talk to other people,” she says. “I talk to my friends and classmates about how they should go to school every day and about hygiene, especially handwashing, because they are bad at this. It frustrates me when I see people skipping handwashing.”The thing I like most is talking to peopleHussein, 13 NGO International Medical Corps (IMC) started the scheme when they realised that children are much more likely to listen to peers than to adults, and that children needed extra help because they are much more susceptible to infection. Alex Bartoloni, community health worker for IMC, explains that the kids need JHWs they can look up to. “We go to fourth, fifth and sixth grade classrooms and ask who is the best student, as well as who is charismatic and communicates best,” he says. “They get a couple of days of training on humanitarian ideals as well as hygiene. To spread the message, they use comics and skits, paintings and murals, and then on a day-to-day basis they’ll talk to their classmates.”Polio, typhoid, measles and cholera are in danger of spreading around the camp, so the scheme is of great importance. The JHWs dispense advice about how hands should be washed and whether water is safe to drink. Children are often weak when they arrive so their immune systems are vulnerable to infection.Facebook Twitter Pinterest Junior health workers Jackline and Navin do the rounds. Photograph: Helen Nianias In Kapartu camp for internally displaced people (IDPs) there are 30 JHWs, but across the IMC’s projects in Iraqi refugee camps there are a couple of hundred children promoting these messages.“We also give them clothes so they look like aid workers,” Bartoloni says. “They enjoy the fact they’re listened to as humanitarians in the T-shirts and the caps.”Hussein, 13, fled Sinjar with his family after Isis launched their deadly attack in 2014. They were hungry and thirsty, unable to go down the mountain to the river to get water because Isis fighters would kill them. Hussein now lives in Kapartu and is a JHW in the camp. “The thing I like most is talking to people,” he says. “I like feeling important and I have a lot of responsibility.”However, despite the aims of the scheme, there are the same problems found around the world when working with teenagers. One JHW has been caught smoking several times by IMC staff, who are frustrated that a child meant to be teaching other kids about healthy habits is smoking. “I have friends who have smoked before, and if you smoke it stops you being hungry,” he protests. “Lots of the children here start smoking young, at eight, nine or 10. Other kids drink beer around the camp, too. They go outside Kapartu to a shop where you can get it for $1.” Surgery must be a core part of health care – even in the poorest countries Read more Cigarettes are popular because they’re so cheap – you can get one for $0.25 (£0.19). While I’m speaking to the boy, Bartoloni chips in, telling him off in a reproachful voice. “Do you think you can run around and play football if you smoke? Messi doesn’t smoke.”Adults also do unhealthy things all the time, like smoking and swimming in the fetid ponds behind the camp on hot days. Making them aware of the risks is another benefit of the JHW scheme. Thirteen-year-old Zainab explains that it is difficult to keep grownups on-message. She is evangelical about the healthy habits, talking to her friends about them every day. However, her single attempt to address her father’s smoking didn’t go well. “One time I tried to talk to him about it but he said: ‘For me, it’s OK.’” Does her mother listen to her? “For sure.” Her mother, who is sitting across the sheltered yard outside the family tent, nods and laughs.In a different tent across the camp, Habib, a 12-year-old boy with brilliant auburn hair and a shy smile, walks in with his copy of the comic Back to My Home pressed to his chest. It’s one of the materials IMC gives to the children in the camp to help explain the healthy habits. “It’s the story of all refugees escaping Isis from Sinjar,” he says. “It’s about two kids, one called Ahmed and the other is called Majid and they’re on their own without their parents.” Dilemmas that come up in the story include identifying safe and unsafe drinking water, as well as personal hygiene, and the spread of disease. Navin, 12, also brings the comic to show me. “It’s good – it’s our reality and that’s why we like it.”The children I speak to all have families, but they carry more responsibility for their own personal safety than the majority of children on the planet. “Children are the mostly likely to become sick in a displacement situation, and when children get sick they’re often the most severely affected,” says Bartoloni. According to Unicef, there are 1.4 million children displaced by violence in Iraq alone. Many IDP and refugee camps operate beyond capacity, which means hygiene is often compromised and disease can rapidly spread.The junior health worker scheme gives actionable advice on what to do to guard against leishmaniasis – a nasty disease spread by sandfly bites – and they are able to explain to bored children with few resources or outlets for entertainment why playing in garbage is a bad idea.“We hope that the values we have taught them today will help them thrive and give them a bright and healthier future,” says Zaid Sulaiman Jallood, community health officer in the camp. “The kids are very creative and we give them the right support to make themselves positive influencers.” Many junior health workers want to be doctors, scientists or teachers, so Isis may have indirectly created a new generation of responsible health professionals.Topics Global health innovation - global development professionals network Iraq Middle East and North Africa Children Young people features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/aug/31/the-pre-teen-superstars-stopping-disease-in-iraqi-refugee-camps'|'2017-08-31T03:00:00.000+03:00'
'00d18a9edc3fc9772862d99616b45d9b7842c876'|'GE''s new CEO preparing job cuts in bid to reduce costs: source'|'NEW YORK (Reuters) - General Electric Co is making plans to significantly reduce corporate staff in an effort to cut spending and boost profits under its new chief executive, and the company already has halted hiring in certain technology positions, a person familiar with the situation told Reuters.New Chief Executive Officer John Flannery has told senior-level executives to prepare for cuts at headquarters and other areas of the company that do not produce revenue or profit."The cutting is going to start and it''s going to be aggressive," said the source, who had direct knowledge of the discussions.It was not known how many jobs would be eliminated.GE declined to discuss details but noted that in March it announced plans to reduce overhead."We have a plan to take out $2 billion in cost by the end of 2018," GE spokeswoman Jennifer Erickson said. "We''ve said John is reviewing all aspects of the company. He will present to investors in November."Flannery is not waiting until November to begin making reductions, the source said.General Electric Co''s incoming chief executive John Flannery is shown in this undated handout photo provided June 12, 2107. Courtesy General Electric/Handout via Files Analysts have said GE would need to cut spending by more than $2 billion because it is increasing spending in other areas, such as its digital business. GE also is changing financial targets and strategy for GE Digital and its Predix industrial internet system to boost sales.GE''s profit and cash flow under former CEO Jeff Immelt disappointed investors, and GE stock has fallen 23 percent this year.GE''s $2 billion cost-reduction target was set in March after the company''s leaders talked with activist investor Nelson Peltz, whose Trian Fund Management owns about $2 billion in GE stock.In cutting corporate overhead Flannery would limit the size of its new Boston headquarters, according to the source.GE said earlier this month that it would delay construction of part of its headquarters to save money.Staff reductions would affect people working in such areas as human resources, recruiting, corporate security, helicopter and jet operations, procurement, auditing and possibly finance, the source said.Reductions also are expected in information technology, where a hiring freeze is in place, though they would not include people working on Predix and its applications or digital sales, the source said.Reporting by Alwyn Scott; Editing by Toni Reinhold '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/ge-jobs-idINKCN1BB1C7'|'2017-08-31T09:09:00.000+03:00'
'955f81c43d80f3743d6a60eecfecaa477b06f442'|'Japan July industrial output falls 0.8 percent month-on-month'|'A worker walks near a factory at the Keihin industrial zone in Kawasaki, Japan February 28, 2017. Issei Kato/File Photo TOKYO (Reuters) - Japan''s industrial output fell more than expected in July, pulling back from the previous month''s gain, as manufacturers curbed production of general-purpose and electrical machinery in a likely sign of a temporary slowdown in factory activity.Industrial output fell 0.8 percent in July from the previous month, dragged down by production of semiconductor production equipment, turbines and power generators, preliminary data from the Ministry of Economy, Trade and Industry reading compared with the median estimate of a 0.5 percent drop in a Reuters poll of economists, following a 2.2 percent increase in June.Still, manufacturers forecast factory output would rebound in August, underscoring the view that Japan''s economy, the world''s third-largest, is on track to extend a growth run in the current quarter on the back of better external and domestic demand."Production fell in reaction to June''s gains but it remains in a recovery trend," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "Likewise the overall economy will continue a steady expansion in the current quarter, although we cannot expect such robust growth seen in the previous quarter."The rainy and cool weather in August may dampen consumer spending in Japan, while in the U.S. - Japan''s key export market - damages wrought by hurricane Harvey was a source of concern, Tokuda said.Besides the weather factors, there''s no immediate risk to Japan''s growth at least until later this year when China''s economy could start to slow, and next year when the ongoing tech boom may peak out, he added.Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect output to rise 6.0 percent in August and decline 3.1 percent in September.The ministry stuck to its assessment of industrial output, saying production is picking up over time.Japan''s economy expanded at the fastest pace in more than two years in the second quarter -- growing at a 4 percent annualised rate -- as consumer and company spending picked up.Analysts expect the economy to continue growing at a healthy clip in coming quarters, offering the Bank of Japan hope that a tight labour market will finally start to boost wages and consumer spending.Reporting by Tetsushi Kajimoto; Editing by Kim Coghill & Shri Navaratnam '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-output-idINKCN1BA335'|'2017-08-30T22:02:00.000+03:00'
'3f268f13798317bb90d5d2acba97519d83bc2f10'|'German tourism body blames aviation regulation for Air Berlin failure'|'BERLIN, Aug 31 (Reuters) - German taxes and regulation have allowed foreign airlines to take market share from German carriers and contributed to the failure of Air Berlin, Germany''s tourism trade body said on Thursday.Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses."Conditions distorting competition allow foreign competitors to carve out an increasingly large part of passenger volume," Michael Frenzel, President of the federal association of Germany''s tourism sector, said.The association, which represents travel-related industries including tour operators, hotels and airlines, called on the German government to ease the burden of costs such as Germany''s air travel tax, which was introduced in 2010.At the same time, Frenzel said the association had no interest in a national champion, after Germany''s Economy Minister Brigitte Zypries said she would welcome it if Lufthansa took over substantial parts of Air Berlin."The days of big national carriers are over," Frenzel said.Tourism generates around 290 billion euros of annual revenues in Germany, accounting for around 3.9 percent of the economy and providing nearly 3 million jobs, according to the association. (Reporting by Gernot Heller; Writing by Maria Sheahan. Editing by Jane Merriman) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-lufthansa-tourism-idINL8N1LH42O'|'2017-08-31T09:46:00.000+03:00'
'67d1234782615d0318ab2302913590f3fd7610bc'|'UK funds raise equity exposure to 18-month high as easy-money party continues'|'August 31, 2017 / 11:12 AM / 3 hours ago UK funds raise equity exposure to 18-month high as easy-money party continues Claire Milhench 4   British investors ramped up holdings of equities in August to levels not seen since December 2015 and cut cash to at least five-year lows, betting that easy money policies will continue. Reuters'' monthly poll of 14 UK-based asset managers was carried out from Aug. 16 to 29, straddling the Jackson Hole meeting at which central bankers showed no sign of ending their super-loose credit policies. This offset market jitters caused by tensions over North Korea. UK-based funds raised their equity allocation 2.9 percentage points to 50.9 percent, whilst slashing cash levels 2.1 percentage points to 4.8 percent. "The global economic recovery is still on track and with central banks continually being supportive in their monetary policies then opportunities remain in global equity markets," said Peter Lowman, chief investment officer of wealth manager Investment Quorum. He added the "buy on the dips mentality" remained resilient, with a "wall of money" still on the sidelines. The nuclear stand-off between North Korea and the United States wiped $1 trillion off global shares mid-month, with tensions escalating at end-August. Trevor Greetham, head of multi-asset at Royal London Asset Management (RLAM), said the initial sell off had triggered the first "buy" signal from the house''s contrarian sentiment indicator since the French elections in April. As a result he had added to stocks, citing the positive fundamental backdrop. All the managers who answered a specific question on the nuclear stand-off did not expect a military confrontation between the United States and North Korea before year-end. Mouhammed Choukeir, chief investment officer, Kleinwort Hambros, argued that geopolitical crises tended not to affect markets for long. "Analysing 16 serious crises since 1950, only four saw the S&P down one month or 12 months later. Even during those four, geopolitical factors tended to simply coincide with more mundane detractors, such as elevated valuations," he said. DEBT CEILING U.S. President Donald Trump also threatened in the month to shut down the U.S. government in order to secure funding for a border wall with Mexico. A September battle is looming over increasing the federal debt ceiling, which limits how much the U.S. government can borrow. Yet 85 percent of managers who answered a question on the funding battle thought the chance of a U.S. technical default was less than 50/50. Within equity portfolios, investors trimmed U.S. exposure to 29.9 percent, one-year lows, whilst adding slightly to emerging markets, which now account for 20.5 percent. Euro zone equities were cut to 16.7 percent from 18.3 percent, although 85 percent of managers who answered a question on European stocks thought they could rally further in 2017. Thomas McDonald, a portfolio manager at Russell Investments, was one of those who argued Europe''s economy was in good shape. "Earnings season has also been strong and combined with a constructive global backdrop, absent any major geopolitical events we think the path of least resistance in the near term for European equities is higher." However, Kamil Amin, an investment strategist at Charles Stanley, argued there would have to be some weakness in the euro to support the next leg higher, whilst inflation would need to stay muted. "From a positioning standpoint, technicals alone are unlikely to support further upside from here based on the fact that most managers are already overweight risk assets in Europe," he said. Reporting by Claire Milhench Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-funds-poll-uk-idUKKCN1BB1D3'|'2017-08-31T14:40:00.000+03:00'
'e5e0b7d801c66c87b6d1040fa8670a9f3769876d'|'Deals of the day- Mergers and acquisitions'|'August 31, 2017 / 10:09 AM / 3 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 3 Min Read (Updates Air Berlin, AstraZeneca; Adds Rathbone Brothers, Stada) Aug 31 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** Rathbone Brothers has abandoned an attempt to merge with rival wealth manager Smith & Williamson (S&W) after failing to agree a deal that would have been "in the best interests" of its shareholders. ** Activist investor Elliott Management said it wanted at least 74.40 euros per share for its stake in Stada as private equity firms Bain Capital and Cinven seek to tighten their grip on the German generic drugmaker. ** Canadian miner First Quantum Minerals Ltd said it would boost its stake in unit Minera Panama SA to 90 percent in a deal valued at $635 million to increase its copper mining operations. ** Deutsche Asset Management plans to launch the sale of its stake in British water company Kelda Group as soon as next month with an estimated valuation of close to 1 billion pounds ($1.3 billion), sources close to the matter told Reuters. ** BBVA said it was looking at the possible sale of its retail bank in Chile after Canada''s Bank of Nova Scotia expressed an interest in buying up to 100 percent. ** The field of bidders for Air Berlin''s assets appeared to narrow further when aviation investor Hans Rudolf Woehrl stepped back from the process to search for a partner. ** French luxury department store Galeries Lafayette is to buy a majority stake in online and catalog retailer La Redoute, the companies said, in a deal Lafayette said would deliver cost-savings and boost its digital businesses. ** Japanese drugmaker Daiichi Sankyo denied that it received a takeover bid last year from Britain''s AstraZeneca , following speculation that sent its share price soaring as much as 13 percent and triggered a trade suspension. ** Brazil''s Equatorial Energia SA is among the companies interested in bidding for the control of Companhia Energética de São Paulo, which will be auctioned on Sept. 26, two sources with knowledge of the matter said on Wednesday. ** BroadSoft Inc, a U.S. provider of software that helps companies offer cloud-based communications services, is exploring its options, including the potential sale of the company, according to people familiar with the matter. (Compiled by Akankshita Mukhopadhyay and Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day-idUSL4N1LH3VB'|'2017-08-31T13:08:00.000+03:00'
'281205e8aa8176c707242cc8a56285fa39f88acb'|'AstraZeneca aims to offset drug setback at big cancer congress'|'August 31, 2017 / 12:59 PM / 8 hours ago AstraZeneca aims to offset drug setback at big cancer congress Ben Hirschler 3 Min Read FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. Stefan Wermuth LONDON (Reuters) - After last month''s big clinical trial setback in lung cancer, AstraZeneca will seek to rebuild its oncology reputation next week when it unveils full details of two key clinical trials tackling the disease in different ways. The British drugmaker has already said the studies, known as PACIFIC and FLAURA, met their pre-defined goals but the exact scale of the benefit will only be disclosed at the European Society for Medical Oncology (ESMO) congress in Madrid on Sept. 9. The PACIFIC study will reveal how much the infused immunotherapy drug Imfinzi can help with early or non-metastatic lung cancer, where it is not possible to operate. There are currently no approved treatments for this stage of disease and strong data could open up a $1 billion-plus opportunity - though it will still be smaller than for late-stage disease, where a combination of Imfinzi and tremelimumab failed to work as hoped. While details are being kept under wraps, doctors are optimistic. ESMO president-elect Solange Peters of the Centre Hospitalier Universitaire Vaudois in Lausanne told the Medscape website: "I''ve seen the data, and it''s absolutely exciting." AstraZeneca''s oncology business head Jamie Freedman, meanwhile, described the results as "potentially transformative". The FLAURA study will show how well AstraZeneca''s new pill Tagrisso holds lung cancer at bay in patients with a particular genetic mutation. In this case, doctors want evidence that it is substantially better than older medicines that act in a similar way. The ESMO meeting, which runs from Sept. 8 to 12, will also be important for other drugmakers, with physicians and investors keen to see how Eli Lilly''s experimental CDK4/6 drug abemaciclib compares with marketed products from Pfizer and Novartis. Bristol-Myers Squibb, Merck & Co and Roche will also give updates on how their immunotherapies are progressing across a range of clinical trials, while smaller companies will disclose data on other novel medicines. These include U.S. biotech company Incyte, which on Thursday reported promising results for a small melanoma study testing its IDO drug epacadostat - a new kind of immunotherapy - with Merck''s established drug Keytruda. The Incyte data were released in a scientific abstract posted online ahead of the ESMO congress. Reporting by Ben Hirschler; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-astrazeneca-cancer-idUSKCN1BB1OZ'|'2017-08-31T15:48:00.000+03:00'
'd26b5557bf0389c0257762b8977af12dcdb18750'|'Expedia picks CFO Mark Okerstrom as new CEO'|'(Reuters) - Expedia Inc named Chief Financial Officer Mark Okerstrom as its new chief executive, replacing Dara Khosrowshahi, who left to take over the top job at Uber Technologies Inc [UBER.UL].Khosrowshahi, who led the travel-booking site for 12 years, will continue to be a board member, the company said in a statement on Wednesday.Okerstrom, who has been Expedia''s CFO and executive vice president of operations for the last six years, was also named to the company''s board, the travel-booking site said."There was no other candidate that the board considered," Expedia Chairman Barry Diller said.Okerstrom was Khosrowshahi''s "principal partner" in running Expedia, the company said. During Khosrowshahi''s tenure, Expedia became the largest online travel agency by bookings and its stock price grew more than six-fold.Expedia shares were marginally up in extended trading on Wednesday.Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D''Silva '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-expedia-ceo-idINKCN1BA2VE'|'2017-08-31T00:24:00.000+03:00'
'47e550ba4ca1406fae5844437053f07f0d759477'|'Cargill predicts Brazil to export 5 million tonnes of corn in Aug'|'August 31, 2017 / 3:04 PM / 13 minutes ago Cargill predicts Brazil to export 5 million tonnes of corn in Aug Reuters Staff 1 Min Read SAO PAULO, Aug 31 (Reuters) - A Brazil Cargill executive predicted on Thursday that the country will have exported 5 million tonnes of corn in August, with the U.S.-based agriculture firm accounting for a large share of the trade. Brazil is expected to account for 50 percent of global corn exports between this August and January next year, Paulo Sousa, the leader of Cargill''s unit responsible for grains, oilseed and cotton, told an industry conference. "Cargill will be the leader," he said in relation to the company''s ratio of Brazil''s August corn exports, declining to elaborate. (Reporting by Ana Mano, writing by Jake Spring)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-meat-siavs-cargill-ltd-idUSS0N1IR00T'|'2017-08-31T18:02:00.000+03:00'
'19f1342da88e895dc8dfa45a8a43d463c30c1603'|'Refund for table shattering and rise in personal borrowing cools - Money'|'Money Talks Refund for table shattering and rise in personal borrowing cools Plus, sky-high pension deficits among UK top companies, and a parking firm meets its legal match over fine • Sign up to receive Money Talks each week An Argos customer had trouble getting a refund after aglass-topped garden patio table shattered. Photograph: Alamy Money Talks Refund for table shattering and rise in personal borrowing cools Plus, sky-high pension deficits among UK top companies, and a parking firm meets its legal match over fine • Sign up to receive Money Talks each week View more sharing options'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/31/money-talks-refund-table-shattering-rise-in-personal-borrowing-cools'|'2017-08-31T21:44:00.000+03:00'
'83d76c03aaa8ef1ea68c5666dc8d1ad77be124e7'|'Gold inches lower as dollar gains on strong U.S. economic data'|'August 31, 2017 / 1:13 AM / 3 hours ago Gold inches lower as dollar gains on strong U.S. economic data Reuters Staff 2 Min Read FILE PHOTO: An employee of Deutsche Bundesbank tests a gold bar with an ultrasonic appliance during a news conference in Frankfurt January 16, 2013. Lisi Niesner/File Photo BENGALURU (Reuters) - Gold prices edged lower early on Thursday as the dollar gained on positive U.S. economic data, but the yellow metal was buoyed by safe haven demand amid a standoff over North Korea. FUNDAMENTALS * Spot gold XAU= was down 0.1 percent to $1,307.20 per ounce as of 0055 GMT. U.S. gold futures GCcv1 for December delivery eased 0.1 percent to $1,312.70. * Investors rediscovered a taste for the dollar and Asian shares rose on Thursday as upbeat U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background. [MKTS/GLOB] [USD/] * U.S. President Donald Trump turned his populist rhetoric to tax reform on Wednesday, calling for "pro-American" business tax cuts as a way to create jobs and telling Congress that it needs to deliver. * The Commerce Department said its second estimate of U.S. gross domestic product showed that it increased at a 3.0 percent annual rate in the second quarter, its quickest pace in more than two years * U.S. private-sector employers hired 237,000 workers in August for the biggest monthly increase in five months, beating economists'' expectations, a report by a payrolls processor showed on Wednesday. * The United States called on Wednesday for "concerted action" by the international community to pressure North Korea into abandoning its banned nuclear and missile programmes and said it was working on new sanctions. * Tropical Storm Harvey inflicted more damage on the heart of the U.S. energy industry on Wednesday, threatening to squeeze supplies across the country for weeks. * Holdings of the largest gold-backed exchange-traded-fund (ETF), New York''s SPDR Gold Trust GLD, rose 0.3 percent on Tuesday, while the largest silver-backed ETF, New York''s iShares Silver Trust SLV, remained unchanged during the same period. [GOL/ETF] Reporting by Arpan Varghese in Bengaluru; Editing by Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/global-precious-idINKCN1BB04A'|'2017-08-30T23:13:00.000+03:00'
'5c7561d612c499498338185cefcdfbea794d96d6'|'Six big banks join blockchain digital cash settlement project'|'August 31, 2017 / 8:29 AM / 6 hours ago Six big banks join blockchain digital cash settlement project Reuters Staff 2 Min Read FILE PHOTO: The offices of Swiss bank UBS are seen in the financial district of the City of London, Britain October 31, 2012. Chris Helgren/File Photo ZURICH (Reuters) - Six new banks have joined a UBS-led ( UBSG.S ) effort to create a digital cash system that would allow financial markets to make payments and settle transactions quickly via blockchain technology. The group aims to launch the system late next year. Barclays ( BARC.L ), Credit Suisse ( CSGN.S ), Canadian Imperial Bank of Commerce ( CM.TO ), HSBC ( HSBA.L ), MUFG ( 8306.T ) and State Street ( STT.N ) have joined the group developing the "utility settlement coin" (USC), a digital cash equivalent of each of the major currencies backed by central banks, UBS said on Thursday. The group is in discussions with central banks and regulators and is aiming for a "limited ''go live''" in the latter part of 2018, UBS''s head of strategic investment and fintech innovation told the Financial Times. The Swiss bank first launched the concept in September 2015 with London-based blockchain company Clearmatics, and was later joined on the project by BNY Mellon ( BK.N ), Deutsche Bank ( DBKGn.DE ), Santander ( SAN.MC ) and brokerage ICAP. The USC would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with. Blockchain works as a tamper-proof shared ledger that can automatically process and settle transactions using computer algorithms, with no need for third-party verification. Because it does not require manual processing, nor authentication through intermediaries, the technology can make payments faster, more reliable and easier to audit. Reporting by Brenna Hughes Neghaiwi Editing by Jeremy Gaunt '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-blockchain-banks-idUSKCN1BB0UA'|'2017-08-31T11:15:00.000+03:00'
'48b02277d06abb0d3c825876f049d5c3ec1abaa1'|'Global funds raise European stocks to five-year highs, cut U.S. equities'|'August 31, 2017 / 11:06 AM / 7 minutes ago Global funds raise European stocks to five-year highs, cut U.S. equities Claire Milhench 4 Min Read LONDON (Reuters) - Global investors raised their euro zone equity exposure to the highest level in at least five years in August, citing loose central bank policy, robust growth and strong company earnings. They cut their U.S. stock holdings to 13-month lows. The finings come from Reuters monthly asset allocation polls of 48 fund managers and chief investment officers in Europe, the United States, Britain and Japan, conducted between Aug. 16-29. In this period the euro zone delivered its best manufacturing performance in 6-1/2 years despite a strong euro, whilst the European Central Bank (ECB) maintained its ultra-easy monetary policy. Poll participants lifted euro zone stock allocation to 20.5 percent of their global equity portfolios, with almost 90 percent of managers who answered a question on the outlook for European equities saying they could touch fresh highs this year. Since May the market has come off the boil and looks set to end August down 0.7 percent, yet managers cited cheap relative valuations, strong growth momentum and positive earnings revisions as reasons to be cheerful. Didier Saint-Georges, managing director and member of the investment committee at Carmignac, struck a note of caution. Although he thought a short-term recovery was possible, he said analysts'' estimates were no longer being revised upwards and ECB tapering was looming. "If the U.S. market holds its own, there is room for a second wind in European equities. Otherwise, the latter will struggle to perform much," he said. Investors cut their U.S. equity holdings almost 1 percentage point to 38.5 percent in August, the lowest level since July 2016. The S&P 500 .SPX is ending August down around 0.5 percent after volatile trading. It fell 1.5 percent on Aug. 17, its biggest daily loss in three months, on fresh concerns President Donald Trump will be unable to deliver on his campaign promises to cut taxes and boost spending. SHUTDOWN A late-September deadline is now looming for U.S. officials to raise the debt ceiling or risk default. Trump has threatened to shut down the U.S. government in order to secure funding for a border wall with Mexico. Yet 84 percent of managers who answered a question on the funding battle thought the chance of a U.S. technical default was less than 50/50. "The huge fiscal, economic and reputational costs that emerge from a technical default suggest an intense game of chicken that could result in a compromise around the last week of September," said Peter van der Welle, a strategist at Robeco. He thought U.S. equities and other risky assets could take a hit, as the political hassle around the debt ceiling could reduce the likelihood of congressional approval for Trump''s tax and infrastructure plans, while higher Treasury yields would imply higher funding costs for U.S. corporates. The United States and North Korea are also at a tense nuclear stand off, an issue that wiped $1 trillion off global shares mid-month. But investors who answered a question on this issue were unanimous in saying they did not expect a military confrontation between the United States and North Korea before year-end. Despite the mid-month selloff, investors raised their overall equity allocation by 1 percentage point to 47.1 percent, the highest level since January 2016. But several managers expressed caution, with some warning that volatility would increase if central banks started to tighten in concert. Trevor Greetham, head of multi-asset at Royal London Asset Management (RLAM), also noted that valuations were starting to get a bit stretched. "There is a risk that excessive hawkishness from central banks or escalation in geopolitical events could trigger a more pronounced sell off than we''ve seen so far this year, but we would be willing to buy the dip given a benign longer term outlook for growth and inflation," he said. Additional reporting by Maria Pia Quaglia Regondi and Hari Kishan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-funds-poll-global-idUKKCN1BB1CH'|'2017-08-31T14:06:00.000+03:00'
'13d355af451fed4c903f74e1908756e82ffb8db7'|'Diverging paths: As China''s big banks improve, smaller lenders lag'|'FILE PHOTO: People walk past the headquarters of the ICBC bank in Beijing, China June 12, 2017. Thomas Peter/File Photo SHANGHAI/BEIJING (Reuters) - After a tough two years, China''s largest banks are reporting green shoots, with the top four turning in consensus-beating profits and promising an upbeat second half.But smaller, national and regional lenders - which control about a third of China''s banking assets - are still feeling the strain, hit by a regulatory crackdown on risky activity that has made it difficult to sell some products and access the capital on which they have often relied. Many have reported shrinking balance sheets after years of expansion.The result, analysts say, is likely to be a funding squeeze for China''s struggling firms, which have depended on these banks for life-or-death credit and could now be pushed to costlier borrowing or grey market offers."Small- and medium-sized companies would suffer along with smaller banks," said Du Yang, acting head of the asset management team at China Securities International.Lending may slow in any case into the second half, as some banks have exhausted most of their annual credit quota amid the push to bring shadow financing activities to the main loan book, raising the spectre of corporate defaults as financing costs climb in the world''s No.2 economy.And the pain, as ever, is likely to be concentrated in China''s rust-belt regions.Sophie Jiang, analyst at Nomura, however, believes smaller balance sheets at mid-tier and regional lenders will lead to better capital allocation, as inefficient firms are squeezed out. "We think this is good for the real economy."TWO HALVES For now, it is a tale of diverging paths."This year, there has been some differentiation among banks. Large banks have experienced relatively better stability in their operations," Fang Heying, the vice president of China CITIC Bank, told reporters last week.By contrast joint stock banks - smaller lenders that are not fully state-owned - have "generally seen a decline in revenue". Fang''s own bank saw operating income slip and assets shrink.At Shengjing Bank Co, a regional bank based in the northern province of Liaoning, first-half operating income fell almost 17 percent. Total assets, after increasing 29 percent in 2016, slowed to a more modest 3.7 percent growth.China Minsheng Bank, the nation''s biggest private lender, saw assets drop 2.18 percent in the first half, after increasing more than 30 percent in 2016. Deposits also fell."A lot of these small banks need to rely on the interbank market to seek their source of funding," said Ken Shih, a DBS analyst, adding that higher interest rates have also increased costs. Larger banks fare better.Indeed, most medium-sized listed banks reported contracting net interest margins (NIMs) - the difference between interest paid and earned, a key indicator of profitability.But recovery seems to have set in for the bigger players, such as Industrial and Commercial Bank of China Ltd (ICBC) and Bank of China Ltd (BoC), that saw NIMs widen for the first time in more than two years, following six benchmark interest rate cuts in 2014-15.GOOD NEWS AT THE TOP The emerging gulf in the sector comes as China''s financial watchdogs unleash a ''regulatory storm'' aimed at controlling risk, reckless loans and at improving supervision.The government has focused particularly on non-traditional interbank borrowing and financing, a key source of balance sheet expansion for many smaller national and regional banks.Xiao Yuanqi, head of the prudential regulation bureau of the China Banking Regulatory Committee, has said the crackdown, including efforts to tighten disclosure rules on off-balance sheet wealth management products - a key component of shadow banking credit - was working."Taking the ox by the nose, we grasped the three main problems of the banking sector: interbank, wealth management products and off-balance-sheet business," Xiao said.But for the top lenders, pushing into the consumer segment with a boost in personal loans, 2017 still looks good, with asset quality, even overdue loans, improving.Bankers at ICBC, BoC and Bank of Communications Co Ltd (BoCom) expect core lending business to improve during the rest of this year.At the world''s largest bank, ICBC, personal loans were up 9 percent at the end of June from end-2016, helped by a 11.6 percent rise in residential mortgages.For China Construction Bank Corp, personal consumer loans more than doubled over the same period.Investor confidence in the biggest five state-owned banks has soared and fuelled a share price rally, led by ICBC which has gained more than 30 percent in Shanghai so far this year.Reporting by Engen Tham and Matthew Miller; Additional reporting by Shu Zhang; Editing by Clara Ferreira Marques and Himani Sarkar '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/china-banks-idINKCN1BB17W'|'2017-08-31T08:29:00.000+03:00'
'f0661e7adb6a8eff9128a219c16fbe018175693e'|'''Safe-haven euro could complicate ECB plan to roll back stimulus'|'August 31, 2017 / 3:47 PM / 7 minutes ago ''Safe-haven euro could complicate ECB plan to roll back stimulus 8 Min Read FILE PHOTO: An employee shows fifty-euro notes in a bank in Sarajevo, March 19, 2012. Dado Ruvic/File Photo LONDON (Reuters) - The euro''s rise above $1.20 this week has prompted talk that it is becoming a safe haven for investors, posing a problem for the European Central Bank as it plans to roll back its huge economic stimulus in the coming months. Many remain sceptical that a currency which has undergone ordeals such as the Greek debt crisis in recent years can join the Swiss franc CHF= as a place to store money in times of market stress. Nevertheless, the euro''s EUR=EBS continuing strength against the dollar in the past two weeks despite concerns about a standoff between the United States and North Korea which have sent spasms of selling through global stock markets. Add in a series of high-level departures from the U.S. administration and President Donald Trump''s failure so far to get his plans for corporate tax cuts and big infrastructure spending through Congress, and some investors are reassessing their attitude towards the single currency. "Disappointment about U.S. reflation and disarray in the White House have enhanced the relative attraction of the euro to the extent that a discussion around its safe-haven credentials has opened up," said Jane Foley, senior FX strategist at Rabobank in London. In recent years, investors'' appetite for risk and the euro''s value have largely moved in tandem. Particularly during flare-ups in the euro zone debt crisis in 2011 and 2013, a selloff in equities or emerging market debt would drag the euro lower. But now the euro seems to be gathering momentum. If the currency sheds its role as a proxy for risk appetite, ECB policymakers who meet next week will have to factor in its economic impact. In particular they will be wary of a strong euro hurting exporters and undermining their efforts to push low inflation back up to the ECB''s target, just as they are preparing to start winding down a 2 trillion euro ($2.4 trillion) plus bond-purchase programme. The euro is still far from an undisputed safe haven, with memories of the debt crisis fresh and policymakers struggling to push wage growth higher. However, its near 14 percent rise versus the dollar this year has led investors to note its structural strengths. Consensus forecasts for euro zone and U.S. economic growth in 2017 are both around 2 percent. But while the European forecast has been revised up since the start of the year, the U.S. figure has been roughly halved. On top of the that, the euro zone''s current account surplus is growing. Net inflows into European equity mutual funds have totalled 23.4 billion euros since May compared with net outflows from U.S. counterparts of about 24 billion euros, according to Thomson Reuters Lipper data. Speculators'' long positions in the euro are at their biggest in five years while some of the world''s largest bond investors are buying European debt, betting that the strong currency will delay the ECB plans to roll back stimulus. EURNETUSD= The single currency EUR=EBS hit a fresh 2-1/2 year high above $1.20 on Tuesday after ECB President Mario Draghi made no mention of the currency''s strength at a central bank conference in Jackson Hole last week. At the same time, 10-day correlations between the .VIX index, a measure of risk appetite, and the euro approached their lowest levels of this year. The euro traded around $1.1850 on Thursday. "The breakdown in correlation between risk appetite and the euro is because the general outlook for the euro zone looks less bad," said Rory McPherson, head of investment strategy at Psigma Investment Management. The euro''s relative undervaluation on a trade-weighted basis was boosting its value, he added. On many banks'' internal models, the euro is still considered relatively undervalued on a purchasing parity basis by between 5 and 10 percent against a trade-weighted basket of currencies. FADING DOLLAR Still, the inflows from equity fund managers or hedge funds haven''t impressed global central banks or large pension funds which remain broadly underweight the euro in their holdings. Data for the quarter ending March from the International Monetary Fund show euro assets have broadly stagnated around 16 percent of global currency reserves, compared with those in dollars which have topped 60 percent in the last four quarters. But the breakdown in correlations between risk and the euro is a big attraction in itself for those investors who favour assets that are relatively immune to market swings and who have so far been cautious about the euro''s outlook. "Most institutional investors remain underweight (euro assets) and many currency investors have been trying to time the top of the euro rally in the last few months, indicating the level of scepticism that still persists in the market," said James Binny, head of currency for EMEA at State Street Global Advisors in London. Recent Reuters equity polls have highlighted the long-term scepticism among banks and strategy desks, with analysts'' forecasts consistently undershooting market prices. The euro''s strength also indicates the headwinds for the U.S. economy and currency as markets have reduced their expectations of Federal Reserve interest rate increases this year, a major support for the dollar. "Since the start of the year, we have been trimming our growth forecasts for the U.S. while the momentum is behind the euro zone economy," said Stephen Gallo, European head of FX strategy at BMO Financial Group in London. LINE IN THE SAND But the euro''s rise will raise some concerns among ECB policymakers which may be mentioned at the next Governing Council meeting on Sept. 7. While the currency''s strength received only a passing mention in minutes of their July meeting, analysts say it will play a prominent role during discussions this time. Rapid gains by the euro are worrying a growing number of ECB policymakers, raising the chance that its asset purchases will be phased out only slowly, three sources familiar with discussions told Reuters. The ECB did not comment for this article. "The ECB is in a delicate situation as it will have to pull a rabbit out of its hat to slow the euro rally and merely talking down the currency won''t help," said Thomas Flury, global head of currency strategy at UBS Group AG. ($1 = 0.8438 euros) Reporting by Saikat Chatterjee; Additional reporting by John Geddie, Helen Reid and Balazs Koranyi in FRANKFURT; editing by David Stamp'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-forex-euro-idUKKCN1BB294'|'2017-08-31T18:55:00.000+03:00'
'a3063c32a12f976de075bf3bdb089ba4df498920'|'CEE MARKETS-Romanian stocks plunge on tax change hurting banks'|'* Bucharest stocks at 7-week low, Banca Transilvania falls 4.4 pct * Tax change, unfriendly government rhetoric hits Bucharest banks * Zloty eases ahead of key flash CPI data * Crown gives up gain posted on hawkish rate setter comments By Sandor Peto and Luiza Ilie BUDAPEST/BUCHAREST, Aug 31 (Reuters) - Banks led Romanian stocks lower on Thursday after the government introduced rules which could lift their corporate tax burden and speculation over other measures that could be brought it. While Central European stocks were mostly rangebound, Bucharest''s main index fell 1.9 percent by 0856 GMT, setting 7-week lows. Banca Transilvania shares fell 4.4 percent to two-month lows, continuing to drift off record high levels reached early this month around the publication of strong first-half results. On Wednesday, the government changed the rules for corporate profit tax, by imposing a cap of 30 percent for deductions on divested debt. Analysts have said the change will likely hurt banks, which have massively sold non-performing loans in recent years at a fraction of their original value. Also there was speculation that the government, which is struggling to keep the budget deficit under 3 percent of GDP, may want to impose a small tax on banks'' assets. Last week the central bank defended the banking system, saying it was liquid and solvent, after Prime Minister Mihai Tudose said the government may release a list of banks that had not reported profits. Such burdens on banks were also increased in Hungary from 2010 onwards and in Poland last year, including higher taxes and schemes to help troubled borrowers. But tensions between those governments and banks have eased by now, and the region''s banking systems are gettig rid of the problematic assets accumulated in the 2008-2009 global crisis. Regional economies are continuing to power ahead, partly helped by surging wages as employers fight an exodus of workers into richer Western European countries. Poland published a breakdown of its 3.9 percent second-quarter annual economic growth on Thursday. Comsumption, surging 4.3 percent, could slow later this year. But investments, another key component of economic output, could keep annual growth near a strong 4 percent, Bank Millennium economist Urszula Krynska said. The zloty eased 0.1 percent to 4.2615 against the euro ahead of flash August Polish inflation data, due at 1200 GMT, which can provide clues about price trends in the entire region. The Czech central bank became the first European Union central bank early this month to lift rates since 2012, to react to a rise in inflation to above its target. Hawkish comments from two Czech central bankers lifted the crown to two-week highs of 26.02 on Wednesday, but the currency slid back to 26.098 on Thursday, down 0.2 percent. A weaker currency lifts the prices of imported goods, thus increasing the odds of a new central bank rate hike. CEE MARKETS SNAPSH AT 1056 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.098 26.053 -0.17% 3.48% 0 5 Hungary 306.11 305.78 -0.11% 0.89% forint 00 00 Polish zloty 4.2615 4.2558 -0.13% 3.34% Romanian leu 4.5920 4.5928 +0.02 -1.24% % Croatian 7.4160 7.4125 -0.05% 1.88% kuna Serbian 119.10 119.10 +0.00 3.57% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1030.7 1028.8 +0.18 +11.8 1 7 % 4% Budapest 37949. 37903. +0.12 +18.5 87 88 % 8% Warsaw 2519.6 2524.5 -0.19% +29.3 9 7 5% Bucharest 8072.8 8226.6 -1.87% +13.9 3 0 4% Ljubljana 816.52 818.09 -0.19% +13.7 9% Zagreb 1887.7 1888.7 -0.05% -5.37% 8 1 Belgrade 725.98 726.24 -0.04% +1.20 % Sofia 705.73 706.54 -0.11% +20.3 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.08 0.138 +068b +15bp ps s 5-year 0.043 0.002 +038b +0bps ps 10-year 0.917 0.033 +055b +3bps ps Poland 2-year 1.712 -0.032 +247b -2bps ps 5-year 2.631 -0.007 +296b -1bps ps 10-year 3.309 0.008 +294b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.62 0.74 0.83 0 IBOR=> Hungary <BU 0.21 0.21 0.26 0 BOR=> Poland <WI 1.763 1.79 1.821 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1LH2L3'|'2017-08-31T07:45:00.000+03:00'
'7c48e1e389b121604f5aa004e269f71d26148f8b'|'UPDATE 1-Southern Co plans to complete lone new U.S. nuclear plant project'|'(Adds details throughout, company and industry background)By Tom HalsAug 31 (Reuters) - Southern Co said on Thursday it would seek to complete two unfinished nuclear reactors in the U.S. state of Georgia despite billions of dollars of cost overruns that pushed the main contractor, Westinghouse Electric Co LLC, into bankruptcy.The project known as Plant Vogtle is the first new U.S. nuclear power plant to be built since the Three Mile Island accident in 1979, and completing it would provide hope for a struggling U.S. nuclear industry.Southern said it now expected the two reactors to be completed by the end of 2022. The project was initially expected to produce power in 2016.The decision by Southern Co''s Georgia Power Co affiliate must be approved by the state''s utility regulator. A decision is expected by February.The project''s future became uncertain after Westinghouse filed for bankruptcy in March and said it could not complete its fixed-price contract for the plant.Georgia Power highlighted in a statement Vogtle''s promise to provide clean, stable power for up to 80 years. However, the company also said capital costs to finish the project will total $9.45 billion and ratepayer groups have already mounted campaigns to kill the project.Vogtle and a similar twin-reactor project in South Carolina known as V.C. Summer were approved a decade ago, and were seen at the time as the dawn of a new era of U.S. nuclear power plant construction.Both plants were designed and being constructed by Pittsburgh-based Westinghouse, a subsidiary of Toshiba Corp of Japan, and were touted as quicker to build and safer than prior plants.Since then, however, cheap natural gas flooded the market, the Fukushima accident in Japan dampened enthusiasm for nuclear power and the Trump administration is now unwinding steps aimed at countering climate change.Both plants were also dogged by massive setbacks and cost overruns.In July, the V.C. Summer project was scrapped by its owners SCANA Corp and state utility Santee Cooper.Unlike V.C. Summer, Vogtle had a larger corporate backer in Southern Co and a $3.68 billion settlement with Toshiba, which promised only $2.2 billion for failing to complete the South Carolina project.The Vogtle project hinges on ailing Toshiba making good on its settlement, which will be paid in installments, and U.S. lawmakers extending production tax credits.Vogtle''s success also depends the Department of Energy extending loans to help finance construction.Georgia Power said Bechtel, a San Francisco-based engineering company, would manage construction. (Reporting by Tom Hals in Wilmington, Del.; Editing by Chizu Nomiyama and Matthew Lewis) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-nuclear-georgia-idINL2N1LH0QM'|'2017-08-31T13:51:00.000+03:00'
'394c9ffc0e221b9be60b719417f62464e36d6879'|'CANADA STOCKS-TSX opens higher as TD results, GDP data tops forecasts'|'TORONTO, Aug 31 (Reuters) - Canada''s main stock index rose on Thursday as Toronto Dominion bank posted the strongest earnings beat among the country''s top banks and quarterly data showed Canada''s economic growth accelerated far more than expected.The Toronto Stock Exchange''s S&P/TSX composite index rose 36.32 points, or 0.24 percent, to 15,169.45 shortly after the open. Seven of the index''s 10 main sectors made gains. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open-idUSL2N1LH0S5'|'2017-08-31T16:41:00.000+03:00'
'5d5b8b6e13f78e90fe47f9551e94fb4addbd413d'|'UPDATE 2-Bank of Korea stands pat as household debt, North Korea eyed'|'* Base rate kept at 1.25 pct (Reuters poll 1.25 pct)* Governor Lee: No change in view on economy* Lee: More time needed to assess developments* Analysts say economy not yet strong enough for rate hike (Adds comments from news conference, updates markets)By Dahee Kim and Choonsik YooSEOUL, Aug 31 (Reuters) - South Korea''s central bank kept its key interest rate unchanged at a record low on Thursday, as expected, saying there was still "a considerable amount of uncertainty" despite affirming its confidence in an economic recovery.Governor Lee Ju-yeol declined at a news conference after the decision was announced to give any guidance on the near-term direction of monetary policy, but his references to South Korea''s heavy household debt suggested the central bank was leaning towards tightening.The September contract on 3-year treasury bond futures dropped by 6 ticks to 109.23 at 0332 GMT from 109.29 just before Lee''s news conference started. The won and stocks showed a muted reaction."The governor did not say so outright but his comments as a whole gave an impression that the central bank may raise interest rates if needed to contain household debt," said Kim Jina, fixed income analyst at IBK Securities.Lee said the Bank of Korea''s (BOK) seven-member monetary policy committee voted unanimously to keep the base rate unchanged at a record-low 1.25 percent, where it has been since June last year.All 19 analysts in a Reuters poll forecast the central bank would hold rates this week, but most see the bank tightening policy sometime next year.Lee held back from making new comments on the household debt problem but he did acknowledge its scale. South Korea''s household debt stands at more than 90 percent of gross domestic product and poses a potentially serious risk to the economy.He said the central bank needed more time to assess its policy stance and to study the effects of a series of economic and financial policy packages introduced by the new government in the past few weeks.Heightened tensions over North Korea''s repeated missile firings are another big factor that could hurt the economy, Lee said, but added it would be premature to quantify their impact.The government of President Moon Jae-in has pledged to keep the housing market from overheating and to manage household debt. It is due to unveil fresh steps aimed at containing growth in household borrowing next month.Those measures would follow laws announced early this month to raise capital gains taxes on owners of multiple homes and impose fresh mortgage curbs to rein in speculators. They are the most stringent on record and demonstrate the government''s deep concerns over rampant household debt.The central bank will also be watching closely for the effects of an 11 trillion won ($9.79 billion) supplementary budget that was approved by parliament in late July. The budget will mainly focus on creating social service jobs.The BOK has kept its policy rate unchanged since June 2016 and is widely expected to hike rates sometime next year as the economy improves.There are, however, lingering doubts that the recovery is unquestionably rock-solid, and policymakers have expressed concerns that economic gains may be too narrowly focused in some sectors and not as broadly based as they would like. ($1 = 1,123.5500 won) (Reporting by Choonsik Yoo and Dahee Kim; Additional reporting by Christine Kim; Editing by Eric Meijer) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/southkorea-economy-rates-idINL4N1LA26P'|'2017-08-31T02:51:00.000+03:00'
'2b86cc737c3b926d44a2f7b679f0ceb3985b5723'|'Cash flowing again from Fed''s flood-threatened Houston branch'|'August 31, 2017 / 8:00 PM / 35 minutes ago Cash flowing again from Fed''s flood-threatened Houston branch 3 Min Read The Federal Reserve Bank branch is pictured in Houston, Texas, U.S., August 30, 2017. Carlo Allegri (Reuters) - Cash has begun flowing again from the Federal Reserve''s steel and cement vault in Houston, heading for banks in the hurricane-ravaged region after several days of flooding halted armored-truck deliveries and stranded employees overnight. In the wake of Hurricane Harvey this week, water rose to the property of the U.S. central bank''s office in downtown Houston but did not reach the building or its above-ground vault, senior Fed officials said in an interview on Thursday. The floods, which drenched the Gulf of Mexico coast and killed at least 35 people, marooned the Fed branch for a few days and stopped its cash shipments just as demand surged from nearby lenders. The first truck re-started deliveries on Wednesday, joining a fleet of others making emergency trips from the Fed''s San Antonio and Dallas offices to local banks that, in many cases, were not able to open on Monday. "If in a certain location the logistics around a vault are imperiled, like in Houston, it puts much more burden on Dallas and San Antonio for re-routing ... so that we can serve outlying areas of Houston," Robert Kaplan, president of the Dallas Fed region that oversees Houston, told Reuters. The Federal Reserve Bank branch is pictured in Houston, Texas, U.S., August 30, 2017. Carlo Allegri Those branches are delivering "a very high" amount of cash now, he added from the regional Fed headquarters in Dallas, without giving specifics. Meanwhile, in the Fed''s 400-seat call center in Dallas, the first of about 100 agents from the Federal Emergency Management Agency have begun to set up shop. FEMA was concerned it would not have the physical capacity to handle calls from its existing center in nearby Denton, so the Dallas Fed offered its space, said its chief operating officer Meredith Black. The facilities normally field calls for the U.S. Treasury to help people set up direct deposit of their federal benefit checks. Dallas is one of the U.S. central bank''s 12 regional branches, supervising private lenders throughout Texas as well as parts of Louisiana and Oklahoma. (For a map of Hurricane Harvey flooding in Houston and region, click tmsnrt.rs/2erCMUT ) Reporting by Jonathan Spicer and Ann Saphir; Editing by Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-storm-harvey-fed-idUSKCN1BB2WN'|'2017-08-31T23:01:00.000+03:00'
'd1badffa9ad9ea61abd93d2b3da29c01df2aa935'|'METALS-London copper set for 3rd monthly gain as China revs up demand hopes'|'August 31, 2017 / 7:33 AM / an hour ago METALS-London copper set for 3rd monthly gain as China revs up demand hopes Reuters Staff (Adds comment, detail, and updates prices) By Melanie Burton MELBOURNE, Aug 31 (Reuters) - London copper led industrial metals higher in Asia on Thursday, setting the scene for a third straight monthly gain after healthy growth at China''s factories in August fed expectations of stronger global metals demand. Growth in China''s manufacturing sector unexpectedly accelerated in August, suggesting the world''s second-largest economy is still expanding at a healthy clip despite rising financing costs and a cooling housing market. "Overall, our reading of PMI is that China''s underlying economy development is resilient. Supply side reform and government policy supports to private enterprises are having a positive impact on overall economy," said broker Argonaut Securities of Hong Kong in a report. "We think this positive development in China''s economy is a tailwind for commodity demand, which should not be underestimated any more." FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.6 percent at $6,807 a tonne, as of 0724 GMT, reversing minor losses from the previous session. Earlier this week, copper struck its highest since September 2014 at $6,843.50, and was set to log gains of near 7 percent for August, climbing for the third month in a row. * SHFE COPPER: Shanghai Futures Exchange copper reversed early losses to trade up 0.2 percent at 52,820 yuan ($8,010) a tonne. * Broker Jefferies has raised its copper price forecast on expectations of "significant positive impact of electric vehicles". It sees EV copper demand at 2.08 million tonnes by 2035 from 80,000 tonnes this year, driving prices to $3.25 a pound from 2018, while an extended period above $4.0 a pound is "increasingly likely." * CHINA WEALTH: As regulatory crackdowns in China hit risky investment products and capital outflows, the country''s private banks are looking to profit as they target a bigger share of growing wealth in the world''s second-largest economy. * U.S. ECONOMY: The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. * GLENCORE COPPER: Zambian electricity utility Copperbelt Energy Corporation (CEC) and Glencore''s Mopani Copper Mines have reached an agreement to restore full power supply to the mine from Wednesday, the president''s office said on Wednesday. * MARKETS: Investors discovered a taste for the dollar and commodities on Thursday as upbeat Chinese and U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1LH36V'|'2017-08-31T10:32:00.000+03:00'
'1dd834f60bb0eeb1815319f84545bf1a60037514'|'UK consumer confidence edges up in August - GfK'|'August 30, 2017 / 11:03 PM / 10 hours ago UK consumer confidence edges up in August - GfK Reuters Staff 2 Min Read FILE PHOTO- Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. Peter Nicholls/File Photo LONDON, Aug 31 (Reuters) - Britain''s consumer confidence improved slightly this month on July''s one-year low, although the mood around economic prospects over the next year remained sombre, a survey showed on Thursday. The monthly consumer sentiment index from market research firm GfK rose to -10 from -12 in July, confounding expectations for a fall to -13 in a Reuters poll of economists. It was unclear whether August''s rise was significant or merely a "dead-cat bounce" in an otherwise declining trend, said GfK, which compiles the survey on behalf of the European Commission. Britain''s economy has had its slowest start to the year since 2012 as consumers have come under pressure from a big rise in inflation since sterling fell after last year''s Brexit vote. The European Commission''s version of the GfK figures - which differ because they are adjusted to take seasonal variations into account - showed consumer morale in Britain declined during August. GfK carried out its survey between Aug. 1 and 15. Reporting by Andy Bruce, editing by Kate Holton; andy.bruce@thomsonreuters.com; +442075423484; Reuters Messaging: andy.bruce.thomsonreuters.com@reuters.net'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKCN1BA316'|'2017-08-31T09:53:00.000+03:00'
'7d75f18919ed9ac1d9c7801564d707c0eeec00a9'|'Facebook Watch steps up competition with YouTube for ad dollars'|'August 31, 2017 / 1:03 PM / 5 minutes ago Facebook Watch steps up competition with YouTube for ad dollars Jessica Toonkel 3 Min Read The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau (Reuters) - Facebook Inc launched its Watch video service to all users on Thursday with plans to allow anyone to submit shows, as the No. 1 social media network takes on Alphabet Inc''s rival YouTube to boost advertising revenue. The move comes as advertisers are increasingly shifting budgets from television to online as more viewers prefer to watch their favorite shows on their smartphones and tablets. On Watch, which Facebook began testing earlier this month, more than 2 billion users can see hundreds of shows from the likes of Vox, Buzzfeed, Discovery Communications, Walt Disney & Co''s ABC as well as live sports like Major League Baseball. Americans are spending over 73 minutes per day watching digital video, up more than 7 percent from last year, according to eMarketer data. TV watching has dropped 2 percent from last year to 244 minutes a day, a trend that is expected to continue. Facebook is initially paying content creators for shows to drive interest. The company is paying $10,000-$35,000 for shorter form shows and up to $250,000 for longer form scripted shows, sources told Reuters in May. The company declined to comment on how much it is spending on shows. Facebook plans to eventually open the platform to everyone to submit shows for approval and share 55 percent of ad revenue, said Dan Rose, vice president of partnerships at Facebook, in an interview. Facebook is testing how ads will work within the shows, he added. Over the past few years, Facebook has been gaining on YouTube, the leader in the digital video space, in terms of winning over advertisers, and Watch should help solidify its position, said Paul Verna, a senior analyst with eMarketer. Facebook said Watch is more personal and community-oriented than competitors. For example, it can suggest shows based on a user''s interests and friends can share their thoughts as they watch a video, or participate in groups dedicated to a show. "We think our unique opportunity is around community and engaging with people on topics they love to talk about," said Rose. For example, fans of the exercise program "CrossFit" can watch and share commentary on live CrossFit events streamed on Facebook while chatting in groups, Rose said. Reporting by Jessica Toonkel; Editing by Anna Driver and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-facebook-television-idUKKCN1BB1P9'|'2017-08-31T16:04:00.000+03:00'
'a32cbe22adfe4513cc851ba8e83cc8f78c9868a2'|'Warburg Pincus invests in Canadian insurer SCM Insurance'|'(Reuters) - Private equity firm Warburg Pincus [WP.UL] made a majority investment in SCM Insurance Services, the privately owned Canadian insurance services provider said on Thursday.SCM did not disclose financial terms but said the investment would help grow its business in Canada and the United States, which it entered in May.The deal marks Warburg Pincus'' second investment in Canada since 2016 when it invested in oil and gas company MainSail Energy. The firm also has stakes in Canadian oil sands companies MEG Energy Corp ( MEG.TO ) and Osum Oil Sands Corp.Reporting by Anirban Paul in Bengaluru; Editing by Bernard Orr '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-scminsurance-investment-idUSKCN1BB25K'|'2017-08-31T18:02:00.000+03:00'
'6310baf6ebe398fdcc9237dcf26e4bb55f346912'|'Mexican tycoon Slim takes stake in PBF Energy'|'MEXICO CITY, Aug 31 (Reuters) - Mexican billionaire Carlos Slim has taken a 5.4 percent stake in refiner PBF Energy Inc , his second energy investment this month, according to a filing with the U.S. Securities and Exchange Commision.Slim and family members bought nearly 5.9 million shares on Aug. 22 of PBF Energy, which has refineries in California, Delaware, Louisiana, New Jersey and Ohio.PBF Energy shares have rallied more than 17 percent since that day, while the S&P 500 Energy Index is up less than 1 percent over the same period.Slim and family bought a 5.1 percent stake in PBF Logistics LP, a PBF Energy subsidiary, on Aug. 14, according to a SEC filing made public on Aug. 21. (Reporting by Michael O''Boyle; Editing by Bill Rigby) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/pbf-slim-idINL2N1LH1I3'|'2017-08-31T17:13:00.000+03:00'
'5bca474b3a7991f17a7fc58220d0f3f58ec88f1c'|'Dollar, commodities cheered by China, U.S. economic news'|'August 31, 2017 / 12:48 AM / 4 minutes ago Dollar, commodities cheered by China, US economic news 5 Min Read A bank employee counts U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, May 12, 2016. Athit Perawongmetha LONDON (Reuters) - Investors rediscovered a taste for the dollar and commodities on Thursday as upbeat Chinese and U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background. One big gainer was U.S. gasoline which surged 6 percent to two-year peaks RBc1 as flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity. Prices are now up more than 20 percent in the past week. [O/R] Adding to the bullish mood, a survey showed Chinese factory growth unexpectedly accelerated in August, confounding forecasts for a slight slowdown. The official PMI firmed to 51.7, from 51.4 in July. That gave a fresh boost to industrial metals, with copper CMCU3 nearing its highest since late 2014 and on track for gains of 7 percent for August. [MET/L] European share markets opened firmer, with the Eurostoxx 600 up 0.3 percent and London''s FTSE .FTSE , Germany''s DAX .GDAXI and France''s CAC40 ahead by 0.25 - 0.4 percent. Attention was on euro zone inflation data due at 1000 GMT. It is expected to show another small rise and should give the European Central Bank comfort ahead of its policy meeting next week. U.S. core inflation figures, which will be closely scrutinised by the Federal Reserve as it looks to push on with its recent run of rate hikes, are also due later. ECONG7 "It is almost like we have ended up with a default risk-on, which is in part predicated by the very benign pricing for what central banks do next," said head of global macro strategy at State Street Global Markets, Michael Metcalfe. "And that is why the inflation numbers now will be important," especially with energy prices and commodity prices having risen over the last couple of months. "The period where we could have expected favourable inflation numbers (for keeping interest rates low) may have passed." In Asia, Japan''s Nikkei .N225 closed up 0.7 percent, its best level in two weeks, helped by a pullback in the yen. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged down 0.1 percent on the day but was a modest 0.3 percent firmer for the month. Emerging market stocks .MSCIEF took a breather too. But August has been their eighth straight month of gains and are now up almost 30 percent since the start of the year. [EMRG/FRX] Wall Street had got a boost on Wednesday when data showed the U.S. economy grew at an upwardly revised 3 percent annualised pace in the second quarter, courtesy of robust consumer spending and strong business investment. Other figures showed U.S. private-sector employers hired 237,000 workers in August, the biggest monthly increase in five months and an upbeat omen for payrolls on Friday. The Dow .DJI rose 0.12 percent, while the S&P 500 .SPX gained 0.46 percent and the Nasdaq .IXIC 1.05 percent. [.N] SEEKING AN ANSWER The better economic news helped distract from rumblings in the Korean peninsula and lifted the U.S. dollar. President Donald Trump on Wednesday declared "talking is not the answer" to the tense standoff with North Korea over its nuclear missile development, but his defence chief said diplomatic solutions were still available. Against a basket of major currencies, the U.S. dollar crept ahead to 92.929 .DXY and away from a 2-1/2-year low of 91.621 touched on Tuesday. [/FRX] The dollar also bounced to 110.50 yen JPY= , off a 4-1/2-month low of 108.25. The euro retreated to $1.1890 EUR= from its top of $1.2069, weighed in part by speculation the European Central Bank might start to protest at the currency''s strength. "The ECB meeting is coming up next week and there are rising risks of verbal intervention from Mario Draghi," said Deutsche Bank strategist George Saravelos. "Despite this the euro level does not appear particularly extreme and most importantly the ECB has not been driving recent appreciation anyway," he added. "Verbal rhetoric may cause a correction but is unlikely to be enough to derail euro strength." The currency has risen sharply this year against the dollar as pessimism over the euro bloc has dissipated and its economy has started to gain some traction. The bounce in the dollar shaved 0.5 percent off the price of gold to $1,302.50 an ounce XAU=, short of Tuesday''s 9-1/2-month high of $1,325.94. [GOL/] With so much U.S. refinery capacity shut in the wake of Tropical Storm Harvey, oil prices were hit by demand concerns. Brent LCOc1 eased 9 cents to $50.77 a barrel, while U.S. crude CLc1 hovered at $46.05. Additional reporting by Wayne Cole in Sydney; Editing by Jon Boyle '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1BB03B'|'2017-08-31T09:21:00.000+03:00'
'0fe25c9dc636187b145c1516fde31aded936a095'|'Mining''s new normal: Tackling growth in the shadow of austerity'|'August 31, 2017 / 10:53 AM / 3 hours ago Mining''s new normal: Tackling growth in the shadow of austerity James Regan and Barbara Lewis 6 Min Read FILE PHOTO - Officials stand near the grinding mill at BHP Billiton''s Olympic Dam copper and uranium mine located in South Australia, May 24, 2016. Sonali Paul/File Photo SYDNEY/LONDON (Reuters) - Global mining heads may have thought they''d seen it all in the last five years, navigating a recovery after a commodities boom turned to bust. As the cycle turns, it brings a new challenge: tackling growth in an industry still scarred by its excesses. It comes just in time for Ken MacKenzie, who starts as chairman of BHP BHP.L, the world''s biggest miner, on Sept. 1. Like peers Rio Tinto ( RIO.AX )( RIO.L ) and Glencore ( GLEN.L ), BHP has just racked up its best profit and cash flow in years on rising global demand for staples likes iron ore and coal. But this time, amid the cash piles, investors are reminding miners of messy mega-deals that cost previous executives their jobs. With activists like Elliott Management in their ranks, those investors want miners to balance investment in new and existing deposits with decent dividends, and a pledge to keep debt under control. "Greater returns are warranted to some degree, and it''s what everyone ultimately wants," said Bennelong Australian Equity Partners manager Julian Beaumont, who manages shares in BHP. "But at the same time there has to be discipline with enough capital available to grow and control debt." Sober investment may be familiar territory for MacKenzie, a 53-year-old Canadian veteran of the packaging industry, who was hired in June to succeed former Ford Motor Co ( F.N ) head Jac Nasser. But close scrutiny of how he, BHP Chief Executive Andrew Mackenzie (no relation) and their peers at Rio and Glencore spend profits will be a test in mining''s brave - lean - new world. BHP, Rio and Glencore declined Reuters'' requests for comment for this story. DEBT FOCUS Just a few years ago, with China''s economy surging, miners went on a buying spree: the high water mark was Rio''s acquisition of aluminium producer Alcan for $38 billion (29.49 billion pounds). About the same time, former BHP CEO Marius Kloppers was lining up an $80 billion spending budget. Now, investors want cleaner balance sheets. Big projects are necessary - reserves must be replenished and are ever tougher to find. But ambitious ones like BHP''s Jansen potash mine in Canada need to be tackled with partners - hence efforts to sell a $2 billion stake. "Commodities prices have helped with cash and we''re seeing dividends, but things can turn very quickly, so I''d expect to see some prudence on their part," said Jason Beddow, chief executive at Argo Investments, which holds BHP and Rio shares. "I''d like to see them focus on paying down debt. BHP''s MacKenzie held around 100 meetings with shareholders, including Elliott, to sound out concerns before his official start as chairman, BHP has said. In August Elliott became the second-biggest investor in BHP''s London-listed arm, giving the fund the power to propose resolutions seeking board changes. Pressure from activists to shake up boardrooms cost the scalps of two BHP directors last week, both with long careers in oil and gas. Elliott declined Reuters'' requests for comment for this article. THE HARDEST LINE The first in deep trouble when things went sour, Rio was also the quickest to recover. Of the big three, Rio''s shares are performing closest to benchmark indices and it now has the strongest balance sheet of the majors - something CEO Jean-Sebastien Jacques, appointed in July 2016, insists he will nurture with conservative targets on capital expenditure. A number of fund managers contacted by Reuters for this article said Glencore had taken the hardest line in resisting richer payouts for investors. Glencore declared a flat first-half dividend, despite generating $2.5 billion in profits from higher coal, copper and other commodity prices. Unlike the other mining bosses, Glencore''s CEO Ivan Glasenberg is a major shareholder - but also one of the few remaining executives with a track record of opportunistic deals. For now, Glasenberg says his priority is keeping an investment grade rating by limiting debt and boosting returns. ''IS THAT SMART?'' A key indicator for how miners handle the new investor ambience will be how BHP deals with its $20 billion foray into shale deposits in the United States, an asset bought a half-decade ago in a world of high oil prices. BHP is alone among the big three with assets in this field. Widely diverging views on how BHP should handle this show how tough it may be to keep investors happy. At the prodding of investors triggered by Elliott, BHP said in August the business was now under review and may be sold, at the right price. But with oil CLc1 trading below $50 a barrel, sector consultants Rystad Energy estimated the division is worth only $5.1 billion. "BHP wants to sell shale at the bottom of the cycle," said Ben Clark, a fund manager for TMS Capital who manages Rio shares, adding shareholders would see returns battered. "Is that smart?"'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mining-investment-analysis-idUKKCN1BB1AO'|'2017-08-31T13:53:00.000+03:00'
'3760d80fa05ba4465faa56c1941a3021f17ddace'|'Pernod Ricard confident on acceleration in profit growth for 2017-2018'|'August 31, 2017 / 5:57 AM / 4 hours ago Pernod Ricard confident on acceleration in profit growth for 2017-2018 Reuters Staff 2 Min Read A barman of French drinks maker Pernod Ricard group prepares drinks for clients at the " Club Pernod" in Marseille, France, April 27, 2016. Jean-Paul Pelissier/Files PARIS (Reuters) - French spirits maker Pernod Ricard said on Thursday it was confident that profits for the current financial year would show an acceleration from the 2016/17 underlying profit growth of 3.3 percent it reported on Thursday. Cost cuts, robust sales in its top market of the United States, and stronger demand in China offset weakness in India as Pernod posted the rise in earnings. Pernod - the world''s second-biggest spirits group behind Britain''s Diageo - also handed investors a 7 percent dividend hike, and the owner of Mumm champagne and Martell cognac was confident it would improve its performance. Pernod Ricard forecast underlying profit growth from recurring operations of between 3 percent and 5 percent for the full year up to June 30, 2018. This would be an acceleration from the 3.3 percent rise in profit from recurring operations in the 2016/2017 full financial year, when profits came in at 2.394 billion euros ($2.84 billion) - slightly below the average of 2.42 billion euros in an Inquiry Financial poll for ThomsonReuters. The 2016/17 performance was near the high end of Pernod''s guidance for underlying operating profit growth of 2-4 percent. ($1 = 0.8420 euros) '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/pernod-results-idINKCN1BB0GG'|'2017-08-31T03:57:00.000+03:00'
'd4dba8f51e4c89ad757405279eda764918aaa981'|'Magna pitches new self-driving vehicle system'|'DETROIT (Reuters) - Auto supplier Magna International Inc on Thursday said it is developing a system automakers can use to enable vehicles to drive themselves without requiring bulky rooftop sensors or other compromises to vehicle styling.Magna is one of several major automotive technology suppliers competing to profit from helping automakers offer automated driving functions in future cars. Delphi Automotive PLC, Continental AG, Siemens AG, Robert Bosch GmbH and Japan''s Denso Corp are among the incumbent auto suppliers jumping into the self-driving car race against technology companies such as Alphabet Inc''s Waymo, Intel Corp and China''s Baidu Inc.Magna said in a statement that its Max4 system is designed to provide fully autonomous driving combining cameras, LiDAR and ultrasonic sensors and a computing platform that are integrated into the car''s body. Other autonomous vehicle sensor systems rely on LiDAR sensors that spin on top of the vehicle''s roof.Automakers will be responsible for completing the systems to enable autonomous driving. Magna''s parts of the system are either production ready or nearly production ready, the company said.Magna said the Max4 system can be designed so that drivers can turn on the autonomous driving function using a button, and turn it off as they do cruise control by either tapping the brake or hitting a button.Magna outlined the Max4 system ahead of the Frankfurt auto show, which opens to the public Sept. 16.Reporting by Joseph White; Editing by Tom Brown '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-autos-magna-intl-selfdriving-idUSKCN1BB14X'|'2017-08-31T13:00:00.000+03:00'
'ddc2df92ef6d817a90cfcb1a674d3d2b4bf71ecc'|'U.S. house prices to keep rising on supply constraints: Reuters poll'|'August 31, 2017 / 6:49 AM / 6 hours ago U.S. house prices to keep rising on supply constraints: Reuters poll Hari Kishan 4 Min Read A woman holds a piece of paper advertising a home for sale in Santa Monica, California, U.S., March 21, 2017. Lucy Nicholson BENGALURU (Reuters) - U.S. house prices are forecast to rise by a cumulative 10 percent over this year and next, driven by a scarcity of new homes, low interest rates and steadily-increasing demand, a Reuters poll of property market analysts showed. Over three-quarters of the experts surveyed Aug. 17-30 also said the U.S. home ownership rate, which a year ago was languishing at a four-decade low, will climb over the next two years. The survey results suggest the steady recovery from a housing market crisis that first started about a decade ago - when homes lost almost a third of their value and unemployment surged - is expected to continue. The latest poll coincides with a series of weak housing data releases. U.S. home resales and starts fell in July to their lowest levels in nearly a year on a chronic shortage of properties even as home borrowing costs are down broadly. But the cooling in housing turnover reflects supply bottlenecks rather than falling demand. "The recent drop in mortgage interest rates has not boosted housing market activity, which is being constrained by a severe lack of inventory," said Matthew Pointon, property economist at Capital Economics. "With housing starts faltering, we doubt inventory levels will improve much this year, so home sales will see little growth. Instead, prices are set to be driven up." The S&P/Case Shiller composite index of prices in 20 metropolitan areas is forecast to rise at more than double the rate of inflation and wage growth this year, by 5.7 percent, followed by 4.3 percent next year. Those median forecasts were slightly up from a Reuters poll three months ago. The range of forecasts also showed a shift up from a poll in May, with higher highs and higher lows. While U.S. house prices have regained all of their losses from the financial crisis and the unemployment rate has fallen to a 16-year low, housing inventory is still at just half of where it was at its peak in 2007, at the start of the crisis. Housing inventory has now dropped for 26 straight months on a year-over-year basis, pushing house prices up. The monthly median house price has risen for almost 5-1/2 years and the latest data show it was up 6.2 percent in July compared with a year ago. Existing home sales are forecast to average a seasonally adjusted annual rate of 5.60 million units until the second half of next year, according to the poll, more than a 20 percent drop from the peaks of 2005, suggesting housing shortages are here to stay. HOME OWNERSHIP ON THE RISE But with a couple of hundred thousand or so jobs still being added to the economy each month along with extremely low interest rates, building companies are likely to continue constructing homes to capture that solid demand. Indeed, expectations now are for the home ownership rate to go higher over the next two years. The home ownership rate, which measures the total number of homes owned by their occupants, hit a 40-year low of 62.9 percent last year. It has since crept up slowly to 63.7 percent, but is still a long way from reaching its recent peak. "Gradual loosening of credit along with gradually increasing confidence in the housing market will push homeownership rates higher, although nothing close to the 69 percent seen in 2004 during the last housing market up-cycle," said Daren Blomquist, senior vice president at ATTOM Data Solutions, an online property data website. Rising house prices remain an obstacle for first-time buyers, however, particularly those who are saddled with huge amounts of student debt. "Affordability is now at its lowest point of the year and it is happening with sales weakening. That seems to imply that prices are becoming a problem," said Robert Brusca, chief economist at FAO Economics. Asked to rate affordability of U.S. housing on a scale of 1 being the cheapest and 10 the most expensive, the median answer was 6. That has not changed in more than a year of polling. Polling by Vivek Kumar Mishra and Sujith Pai; Editing by Ross Finley and Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-property-poll-idUSKCN1BB0LY'|'2017-08-31T14:49:00.000+03:00'
'9df5f437aadf20a1520454fce41ad17d79c39651'|'Magna pitches new self-driving vehicle system'|'DETROIT, Aug 31 (Reuters) - Auto supplier Magna International Inc on Thursday said it is developing a system automakers can use to enable vehicles to drive themselves without requiring bulky rooftop sensors or other compromises to vehicle styling.Magna is one of several major automotive technology suppliers competing to profit from helping automakers offer automated driving functions in future cars. Delphi Automotive PLC, Continental AG, Siemens AG, Robert Bosch GmbH and Japan''s Denso Corp are among the incumbent auto suppliers jumping into the self-driving car race against technology companies such as Alphabet Inc''s Waymo, Intel Corp and China''s Baidu Inc.Magna said in a statement that its Max4 system is designed to provide fully autonomous driving combining cameras, LiDAR and ultrasonic sensors and a computing platform that are integrated into the car''s body. Other autonomous vehicle sensor systems rely on LiDAR sensors that spin on top of the vehicle''s roof.Automakers will be responsible for completing the systems to enable autonomous driving. Magna''s parts of the system are either production ready or nearly production ready, the company said.Magna said the Max4 system can be designed so that drivers can turn on the autonomous driving function using a button, and turn it off as they do cruise control by either tapping the brake or hitting a button.Magna outlined the Max4 system ahead of the Frankfurt auto show, which opens to the public Sept. 16. (Reporting by Joseph White; Editing by Tom Brown)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/autos-magna-intl-selfdriving-idINL2N1LG2HH'|'2017-08-31T08:00:00.000+03:00'
'7735db546229db89815a29d846fffd8958dad825'|'Bumpy Brexit risk does not justify record low rates - BoE''s Saunders'|'August 31, 2017 / 7:42 AM / 7 hours ago Bumpy Brexit risk does not justify record low rates - BoE''s Saunders 4 Min Read People walk past the Bank of England in the City of London, Britain, August 23, 2017. Hannah McKay CARDIFF (Reuters) - The Bank of England should not keep interest rates at their record low as an insurance policy against the risk of a "bumpy Brexit" and it needs to start raising borrowing costs now, BoE policymaker Michael Saunders said. Saunders, one of two BoE rate-setters who have voted recently for a rise in bank rate, said in speech on Thursday that the central bank risked being rushed into sharper rate hikes in future, potentially hurting growth, if it did not start to ease the economy off its near-zero rates now. "We do not need to be putting the brakes on so much that the economy weakens sharply," he told an audience in Cardiff. "But, our foot no longer needs to be quite so firmly on the accelerator in my view." Britain''s economy has shown one of the weakest growth rates in the Group of Seven nations so far this year as the fall in the value of the pound pinched the spending power of consumers. But at the same time the Brexit hit to sterling has pushed up inflation above the BoE''s 2 percent target, leading to the split among the central bank''s rate-setters. Earlier this month, they voted 6-2 to keep rates at 0.25 percent and the BoE warned that Brexit was weighing on the economy. But Saunders, in his speech, said there should be no automatic implications for rates if Brexit does not go smoothly, something which could push down the value of the pound further. That could add to inflation which Saunders said was already likely to hit roughly 3 percent soon. He repeated Governor Mark Carney''s comments last year that the Bank was "not indifferent" to the level of the pound, but he said there was no particular level that worries the Bank. INFLATIONARY PRESSURES Saunders also said the economy was likely to "not be too bad" in the coming quarters, saying there had been a marked improvement in Britain''s export performance since the pound''s sharp fall last year. There was little or no slack left in Britain''s economy and domestically generated inflation pressure - largely through higher wages - was likely to rise, Saunders said. The pound has fallen further against a range of currencies over the last month, with the fall against the euro particularly acute. Saunders said this in part reflected perceptions of improved economic growth in other European economies. While striking a more upbeat tone than the BoE''s central forecast, Saunders conceded there were risks to his view. There was no sign at present that productivity - arguably Britain''s biggest economic challenge - was about to improve. Other potential risks included a sharper decline in consumer spending and it was unclear how changes in inward migration might affect the economy, he said. Official data last week showed net migration to Britain fell to a three-year low in the 12 months to March, as fewer EU immigrants arrived and growing numbers left. Saunders noted that job vacancies in the three industry sectors that are most reliant on EU workers - accommodation and food services, administration and support, and manufacturing - had increased at 10 times the rate for all sectors. Editing by William Schomberg; Editing by Jon Boyle'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-boe-saunders-idUKKCN1BB0QC'|'2017-08-31T12:35:00.000+03:00'
'6f068cd3bdb2ded6a167a54708e533f53ee6eefd'|'Restaurant Group says half year adjusted pretax profit down 30.4 percent'|'August 31, 2017 / 6:31 AM / 35 minutes ago Restaurant Group says half year adjusted pretax profit down 30.4 percent Reuters Staff 2 Min Read (Reuters) - Restaurant Group Plc ( RTN.L ) reported a 30.4 percent drop in underlying first-half pretax profit on Thursday, as slowing consumer spending weighed on sales. Britain''s restaurant and pub operators have seen customers cut down on spending as inflation has risen. Restaurant Group is also facing increased competition from food-focused pubs and a drop in visitors to retail shopping parks, where many of its outlets are located. It said in March it had put the brake on expansion plans until it could verify its brand and location strategy was "sufficiently robust". Restaurant Group has rolled out a new menu for its Frankie & Benny''s chain focused on lower-cost meals, price reductions on several items and more items targeted at families. "The new menu is considerably more competitive than the previous version, with entry prices reduced by 22 percent... As a consequence, our prices on key value indicator dishes are now significantly lower than our peer set," the company said in a statement. The group hired Andy McCue, former boss of betting firm Paddy Power, last September to help drive its recovery. He will be joined by a new finance head, Kirk Davis, who is coming in from pubs company Greene King in February. Restaurant Group, which operates more than 500 restaurants and pubs in the UK, said adjusted profit before tax for the 26 weeks to July 2 fell to 25.5 million pounds ($32.9 million) from 36.6 million pounds a year ago. The company, which operates under a number of brands that also include Chiquito, said sales at outlets open over a year fell 2.2 percent. Reporting by Sanjeeban Sarkar and Rahul B in Bengaluru; Editing by Greg Mahlich and John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-restaurant-group-results-idUKKCN1BB0K9'|'2017-08-31T10:00:00.000+03:00'
'60bcf0ae12ac4e317acee2ca77d02f93e8437056'|'RPT-Russia''s bailed out bank, backed by Kremlin insiders, grew too fast'|'(Repeats Wednesday item)* Otkritie bank being rescued by central bank* Lender experienced a meteoric rise* Many of its deals financed by state lender VTB* Officials say growth was too risky, financed by debtBy Katya Golubkova and Oksana KobzevaMOSCOW, Aug 30 (Reuters) - The rise of Russia''s Otkritie bank - brought to an abrupt halt this week with a central bank bailout - was a tale of breakneck growth, lavish parties and support from within President Vladimir Putin''s inner circle.At a time when Russia''s biggest banks were retrenching due to the world economic slowdown and Western sanctions on the country, Otkritie was snapping up assets from diamonds to pension funds and rival banks.It grew to become Russia''s biggest private bank, although only the seventh largest overall behind state lenders. During this rise the seeds of Otkritie''s problems were sown, according to the central bank, even before it finally stumbled in an ill-fated attempt to grow into insurance."Otkritie group was growing very rapidly by all measures over recent years and this was financed by debt, while major risks were taken by the bank," Dmitry Tulin, first deputy chairman at the central bank, said."The bank''s capital was clearly insufficient compared with the operations it undertook and the amount of risk," he told a briefing on Tuesday.At many steps along the way, Otkritie enjoyed the support of state-owned VTB, Russia''s second-biggest bank.VTB''s chief Andrei Kostin is well connected: his office wall is decorated with photographs of himself posing with Putin.However, VTB''s own growth has been curbed for the past few years. It has been called on to prop up major Russian industrial groups struggling to repay their loans and it spent years absorbing a failed lender, Bank of Moscow.On top of that, the Western sanctions imposed over Russia''s role in the Ukraine crisis have restricted VTB''s access to international debt markets.VTB did not immediately respond to Reuters questions about its ties to Otkritie.However, several Russian bankers who spoke to Reuters before the bailout described Otkritie as a private extension of VTB.During a banking crisis in 2009, VTB bought a 20 percent stake in the Otkritie group, selling its holdings five years later. Then in 2015 VTB got a 9.9 percent stake in the group after the state bank converted a loan it had made to an Otkritie-related company into equity.VTB bank also funded many of Otkritie''s acquisitions. In 2012, VTB provided the finance for Otkritie to buy Nomos Bank, a deal that catapulted Otkritie into the front rank of Russian banking. In September 2014, VTB sold part of its stake in Cyprus-registered RCB bank to Otkritie.In May this year, Otkritie also closed a $1.45 billion deal to buy the diamond business of energy group Lukoil. VTB partly financed that deal, Interfax news agency reported.ACQUISITION TRAIL The group that controls Otkritie started to expand its banking business in 2008, snapping up a small lender, RBR, and renaming it Otkritie. As of the second quarter this year, Otkritie Bank had assets of 2.45 trillion roubles ($42 billion), according to Interfax data.In total, it has snapped up more than 10 banks, including Nomos, Bank Khanty-Mansiyisk and Petrocommerce, which used to be closely linked to Lukoil.In 2014 Otkritie took over the troubled Trust bank in a central bank-approved bailout. This rescue gave access to cheap central bank funds, but also burdened it with problematic assets.It was an attempt to buy the Rosgosstrakh insurance company late last year that finally tipped Otkritie over the edge, officials said. This would have made Otkritie group the country''s top insurer.Otkritie''s owners, in preparation for the planned acquisition, poured 40 billion roubles of the bank''s money into helping the insurer with its liquidity problems. Rosgosstrakh posted a net loss of 33 billion roubles last year.Otkritie underestimated the insurer''s problems, said Tulin. "The bank has spent a significant amount of liquidity ... and it became obvious it would have to acknowledge a fall in its capital adequacy ratio," Tulin said."At a certain point, the bank''s shareholders realised they couldn''t solve the problem with capital on their own. Operations with Rosgosstrakh became the catalyst for the (bailout) process."As late as June this year, Otkritie was projecting the image of an ambitious, successful bank.In the Russian business world it was renowned for its loud parties, especially those it threw each year during an international economic forum in St Petersburg.On a rainy evening in June, business associates, officials and journalists alike packed into a courtyard in the city centre that had been transformed into a party venue.Executives from gold producers and energy companies sipped cocktails along with government officials, while listening to DDT, one of the Russia''s top rock bands."This is the best thing about the Forum," a government official told Reuters the following morning. ($1 = 58.4125 roubles) (Additional reporting by Alexander Winning in LONDON; Editing by Christian Lowe and David Stamp) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-banks-otkritie-fall-idINL8N1LG67H'|'2017-08-31T04:02:00.000+03:00'
'8b764ab6e54c8fa44e112ccf6adb4f705e3127b3'|'Chinese magnate revamps Hollywood deal amid crackdown on overseas investment'|'FILE PHOTO: Recon Group CEO Tony Xia attends a news conference for Recon Group’s acquisition of soccer club Aston Villa in Beijing, China, July 18, 2016. Jason Lee/File Photo BEIJING/SHANGHAI (Reuters) - A Chinese magnate, known for the purchase of English soccer club Aston Villa, has revised a plan to buy the majority of a Hollywood studio for $100 million due to increased government scrutiny over outbound deals in the entertainment sector.Tony Xia said in a tweet on Thursday he would no longer conduct the acquisition via his listed firm Recon Wenyuan Cable Co Ltd, but through a separate non-listed entity due to a "new Chinese policy of film industry restriction."The government has been tightening regulation following big-money deals overseas, especially in areas such as film, sports and real estate, due to concern about high levels of debt.It has also restricted the export of capital to deter investment abroad, particularly in sectors unrelated to a firm''s core business, in the hope of stemming depreciation of the yuan.In February, Recon Wenyuan said it planned to spend up to $100 million to buy 51 percent of Millennium Film, whose productions include "The Expendables".On Thursday, it said interested parties would not pursue the deal as it could not be completed before a previously agreed deadline of Aug. 31.Later on Thursday, Xia retweeted a Twitter post stating Xia had dropped the deal, and attached a comment saying the post was not accurate and that another entity would "continue the deal".Xia is not the first magnate to cut a listed firm from a deal. Gao Jisheng''s Lander Sports Development Co Ltd pulled out of a deal for English soccer club Southampton in April, before completing it independently earlier this month.China''s cabinet issued rules on acquisitions abroad for the first time this month, possibly signaling a further slowing of funds that have flowed overseas in recent years. Thomson Reuters data showed outbound mergers and acquisitions this year fell 42 percent as of Aug. 14 versus the same period last year.Reporting by Pei Li and Adam Jourdan; Editing by Christopher Cushing '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-recon-holding-investment-idINKCN1BB0KV'|'2017-08-31T04:38:00.000+03:00'
'52f53b6221e1cd58cbabb62009805bd352ab2fbb'|'ECB unease over firmer euro risks slowing asset purchase exit - sources'|'August 31, 2017 / 10:13 AM / 4 hours ago ECB unease over firmer euro risks slowing asset purchase exit: sources Balazs Koranyi and Francesco Canepa 5 Min Read European Central Bank (ECB) President Mario Draghi is seen after a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. Ralph Orlowski FRANKFURT (Reuters) - Rapid gains by the euro against the dollar are worrying a growing number of policymakers at the ECB, raising the chance its asset purchases will be phased out only slowly, three sources familiar with discussions told Reuters. The scheme is due to expire at the end of 2017 but formal talks over its future are only beginning, meaning the European Central Bank is highly unlikely to take any decision at next Thursday''s rate meeting, the sources said. Pressure is building for a gentle rather than a rapid reduction in the pace of asset buying from some policymakers, particularly in the bloc''s weaker economies, who are concerned that the strong euro could dampen inflation and hamper growth by making exports dearer, the sources said. "The exchange rate has become a bigger issue," one of the sources told Reuters. "It is now less favorable for an exit and a stronger argument for a muddle-through option." The ECB has said it will announce in autumn if it will extend the asset buys, known as quantitative easing (QE) and launched two and a half years ago to bring down borrowing costs, revive growth and prop up inflation. ECB head Mario Draghi has said that the programme will continue until the central bank is happy that inflation is consistent with its medium-term target of just below 2 percent. STILL DISJOINTED As the ECB prepares for what is its biggest policy decision in years, the worries over the euro show just how far it remains from achieving its goal of integrating the currency zone''s stubbornly divergent economies. Germany and Northern Europe are ready to dial back monetary stimulus as their growth rates pick up, just as southern nations take on the added burden of uncompetitive exports on top of high unemployment. The debate also exposes the dilemma the ECB faces in trying to reconcile robust GDP growth with inflation -- which edged up across the euro zone to 1.5 percent in August -- expected to undershoot its target for years. "The huge appreciation in the euro is already causing monetary tightening and is equivalent to an increase in interest rates," another source said. Rate setters were already wary of euro strength in July, minutes of the discussion at that month''s policy meeting showed, fretting that an overshoot could undo the very stimulus they hoped to achieve. But the currency has risen steadily since then and gained 13 percent against the dollar since the start of the year, mostly on growing speculation about an end to the asset purchases. It hit a two-and-a-half-year high of $1.2069 on Tuesday before edging back below $1.19 on Thursday. The ECB, which declined to comment for this article, has often said that exchange rates are set by the market and it does not target any particular level. "You can''t have it both ways - a strong economy and at the same time a weak currency... You should also not call it euro ''strength'' but rather ''non-weakness''," the third source said. TAPER VS EXTEND The sources said no policy proposals had been made and the formal discussion within the ECB''s governing council would only begin next week as agreed at the July meeting. Hawkish policymakers tend to favor a relatively rapid exit from QE, perhaps over six to nine months, with the ECB''s guidance alluding to the bank''s intent to phase out asset purchases in its policy statement. Led by Jens Weidmann, the President of the powerful Bundesbank who has already called for a "quick and orderly" exit - they argue that no extension of what is an emergency monetary tool is warranted given rapid growth. [nL8N1L93S8] In the opposite camp, doves favor an extension of the 60-billion-euro-a-month scheme at a reduced but steady pace and revisiting the issue of exit only next year, once German wage negotiations wrap up. But any meaningful extension of the 2.3 trillion euro ($2.73 trillion) scheme could run up against asset purchase limits that the ECB has itself imposed. Without a change to the programme''s key parameters, the ECB could buy between 30 to 40 billion euros of bonds in the first half of 2018 but would be severely constrained thereafter, the sources said. It could further relax a requirement to buy bonds in proportion to each country''s ECB shareholding, or include new asset classes such as stocks, as raised in July by one policymaker but not given consideration, or non-performing bank loans. For legal reasons the ECB is unlikely to remove a cap that limits it to buying only a third of each country''s debt, as Draghi himself suggested in July. To conform with a European Court of Justice ruling on a separate bond purchase scheme, the ECB may in any case favor maintaining either an end date or a commitment to phase out purchases, the sources added. ($1 = 0.8412 euros) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ecb-policy-idUKKCN1BB15J'|'2017-08-31T13:09:00.000+03:00'
'37f83bd6ef97296a353998e10086c223a02106fc'|'China''s state oil refiners seek higher fourth quarter fuel export quotas as margins surge - sources'|'August 31, 2017 / 9:52 AM / 8 minutes ago China''s state oil refiners seek higher fourth quarter fuel export quotas as margins surge - sources Chen Aizhu and Florence Tan 3 Min Read Site of an oil field is seen at sunset in Karamay, Xinjiang Uighur Autonomous Region, China, May 7, 2017. Picture taken May 7, 2017. Stringer BEIJING/SINGAPORE (Reuters) - China''s state-owned oil refiners are seeking extra oil-product export quotas for the fourth quarter to reap higher overseas profits and to offload surplus supplies, said three sources with knowledge of the matter on Thursday. Chinese state refiners submitted their requests to the Ministry of Commerce two weeks ago, requesting for extra quotas as some of them have used up most of their allocated volumes in August, the sources said. "We are requesting for quotas to export more jet fuel and gasoline to meet demand in other parts of the Asia," said one of the sources, an official from a state refiner who declined to be named as he is not authorized to speak with the media. A ramp-up in Chinese fuel exports would be timely as an arbitrage window to ship jet fuel from Asia to the United States in the wake of Hurricane Harvey has opened. The storm has shut a fifth of U.S. oil refining capacity, triggering worries about a fuel supply crunch. Refinery outages in the United States could provide export opportunities even as U.S. inventories remain high, said another of the sources, an official with a state refiner. The sources said that they are likely to receive the extra quotas they requested. However, they did not provide their requested volumes. The Ministry of Commerce will issue the fourth-quarter quotas next month. China''s overall fuel exports C-FUEXP during the January to July period are already 8.5 percent higher than the same period in 2016 at 28.25 million tonnes, the country''s General Administration of Customs has reported. The extra quotas could spur higher crude demand in the world''s largest importer as the extra fourth-quarter allocation is filled. Beijing has granted 32.365 million tonnes of fuel export quotas so far this year to state-owned companies China National Petroleum Corp, Sinopec Corp, China National Offshore Oil Corp and Sinochem Group. "Gasoline and diesel exports have enjoyed good margins recently that''s why companies hope to ship out more," a Beijing-based oil products trader said. The gasoline crack spread GL92-SIN-CRK has spiked to $15.63 a barrel as of Thursday, up from $8.56 on July 3. The diesel crack GOSGCKMc1 has shot up to $15.76, from $12.46 on Aug. 22. China controls export quotas every quarter to ensure sufficient fuel supplies for domestic needs. This year, Beijing tightened export volumes after the companies did not use all of last year''s allocation and on environmental concerns, trade sources said. The government is also set to keep in place a ban on fuel exports from independent refineries. Reporting by Chen Aizhu in BEIJING, Florence Tan and Jessica Jaganathan in SINGAPORE; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-oil-idUKKCN1BB13N'|'2017-08-31T12:52:00.000+03:00'
'5f31b18de67db491934c22a7290cc1e71da40971'|'Colonial says fuel lines east of Lake Charles, Louisiana, remain operational'|'August 31, 2017 / 3:09 PM / 7 minutes ago Colonial says fuel lines east of Lake Charles, Louisiana, remain operational Reuters Staff 1 Min Read NEW YORK, Aug 31 (Reuters) - Colonial Pipeline, the biggest U.S. fuel system, said on Thursday its main lines east of Lake Charles, Louisiana remain operational, modifying its previous statement that would suspend service on the lines due to Storm Harvey. The company said fuel lines between Houston and Hebert, Texas remain down due to the storm, but were expected to return to service Sunday. It said deliveries east of Lake Charles are dependent on ability to get supplies as refineries remain shuttered. Of the 26 refineries that connect to the Colonial system, 13 are located between Houston and Lake Charles. The company did not disclose volumes of fuel currently moving east of Lake Charles. (Reporting by Devika Krishna Kumar in New York; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-colonial-co-idUSL2N1LH0ZL'|'2017-08-31T18:09:00.000+03:00'
'28e8bdd3a8943cec12a633cb7ea2b14636ae1e24'|'Forget stereotypes ... how to recruit talented, neurodiverse employees - Guardian Small Business Network'|'J ames Neely used to work in an open-plan office. His journey to work included busy, stressful train journeys. “I tended to isolate myself from people, so I had my headphones on and turned up all day and I wore a cap to limit my peripheral vision and reduce the light,” he says.However, the 33-year-old data analyst struggled to find the quiet he needed at work. Eventually he had a breakdown. During subsequent treatment for anxiety and depression he was diagnosed with an autistic spectrum condition.Neely now works for Auticon , a company that employs 15 full time IT consultants who have autism. They work on projects at major companies in the UK, including Experian and GlaxoSmithKline. Neely’s found comfort in his new role. “We have back-office support from project managers and job coaches,” he says. This takes off some of the pressure if a difficult situation arises.The Danish beermakers brewing up work for autistic people Read moreThe job coaches encourage Auticon’s consultants to take regular time off, which, Neely says, helps to “avoid the build up of anxiety or sensory overload”. They also assist them with prioritising tasks and ensure the workplace environment is comfortable.In the UK, just 16% of autistic adults are in full time employment, according to the National Autistic Society . And yet research has shown autistic traits can be associated with high numbers of unusual responses on divergent thinking tasks; a mark of creativity, which is sought after by ambitious startups. Meanwhile, research from University of Montreal suggests that people with autism are up to 40% better at problem solving.Ray Coyle, Auticon’s CEO, says there’s a strong business case for employing neurodiverse people. One of Auticon’s clients, Siemens, say the two Auticon consultants who were working for them increased the team’s product testing efficiency by 50% within their first week.Facebook Twitter Pinterest Auticon’s CEO Ray Coyle. Photograph: Grey CorporateCoyle adds: “The fact that Auticon is profitable [revenues have grown by around 50% each year since 2014] shows that our business model is sound and reflects the quality of our workforce.”Dr Linda Buchan is director of Cheshire-based Axia-ASD Ltd, which offers assessment services, including for autism spectrum disorders. She says while running a small business with neurodiverse staff can bring particular challenges, the benefits are clear. Buchan has dyspraxia. She says many people assume dyspraxia just affects coordination, but it goes much further. “Dyspraxia can affect any muscle groupings in the body, it can affect your sense of time, distance and visual tracking too.”For Buchan, who employs 11 people, dyspraxia affects her ability to do admin; she struggles with dates and finds writing difficult. To stay organised, she relies on lists. But she also notes the positive sides. “Dyspraxic people can go off on tangents and that can take you to a really interesting place. We’re good at noticing detail and we can be good at innovating and coming up with off-the-wall ideas.”Buchan’s company has more neurodiverse than neurotypical staff – she says the exact split is vague due to lack of formal diagnosis in some cases – but she says this isn’t deliberate. “It’s more that there’s a like-mindedness,” she adds.Sarah Hendrickx, an autism consultant and trainer, suggests that simple changes can make a huge difference to neurodiverse people’s experience of work. “[For example, neurodiverse] people can find it difficult to take in a lot of information from multiple sources at once.” This can make group meetings a challenge, and so Hendrickx recommends providing an agenda in plenty of time, that minutes are taken and that clear action points are emailed to attendees afterwards.The recruitment process could be better streamlined too, adds Hendrickx. She is autistic, dyslexic and has Tourette syndrome, and was diagnosed as an adult: “Some highly talented, unusual thinkers may have struggled for many years to find their niche, and [might] not look great on paper.”Having an autism diagnosis doesn’t automatically make you good at mathsRay Coyle, CEO of AuticonTo improve the recruitment process, Hendrickx suggests offering work trials, which allow candidates to demonstrate their capability. She also recommends focusing less on CVs and more on evidencing the skill required for the job. “Put your preconceptions to one side – don’t assume that someone who doesn’t play the interview game well or make eye contact is bored or arrogant.” Neurodiverse people may only answer the questions asked and may not know how to expand in ways that will highlights their skills or experience, she adds.However, when hiring neurodiverse staff it is crucial to keep assumptions to a minimum, however positive, says Coyle. “Having an autism diagnosis doesn’t automatically make you good at maths. Some autistic people are chatty and sociable, whereas others prefer to avoid small talk. Some of our consultants love repetitive, structured tasks, while others thrive in creative areas.”Nicola Whiting is chief operating officer at cybersecurity firm Titania , which works for organisations such as Nato and the FBI. Her company, which employs 50 people, has made practical changes to its recruitment process and workplace culture in order to attract young apprentices with autism.“We completely changed our job adverts after speaking to people on the spectrum. We used to say we were inclusive and would take anyone as long as they could do the job. What we found was that unless you specifically said ‘neurodiverse’ or ‘autism’ they didn’t apply.” Similarly, she says, changing some of the assumptions about what makes a good worker is important. “If you’re not customer-facing, why would you need to be awesome at presenting? It’s looking at the detail and saying what do we actually need [from a candidate who takes on this role] rather than what we condition ourselves to think we need.”Whiting has found that what’s good for neurodiverse people has wider benefits: “Asking what [type of] working environment is preferable, not springing surprises on people and clear communication are good for everyone.”Topics Accessing expertise Small business Entrepreneurs Autism Work & careers features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/aug/31/forget-stereotypes-talented-neurodiverse-recruitment-entrepreneurs'|'2017-08-31T03:00:00.000+03:00'
'745c47be1bf9a4c22a7e18e7d7fb2e5d7327896e'|'Goldman plots return to banking growth mode through hires, investments'|'A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. Brendan McDermid HONG KONG (Reuters) - Goldman Sachs Group Inc plans to add about half a dozen senior bankers over the next six months or so and invest more in Asia using its balance sheet as the Wall Street firm seeks to switch to a growth mode in investment banking, a top executive said.After years of squeezing costs with lower headcount, tighter compensation and retrenchment from some segments in investment banking following the global financial crisis, Goldman is ready to change tack, said Gregg Lemkau, who was named co-head at its investment banking division in May."The mindset we''re taking on is one of a shift towards growth," Lemkau said in one of his first media interviews since assuming the new post, during a trip through Asia."We''ve probably squeezed about as much as we can out of the business and as we look ahead, we see an opportunity to invest in growth to try to drive the business forward." Investment banking accounted for about 22 percent of Goldman''s half-year 2017 revenue.Goldman''s shift to a growth focus in investment banking, which has not been detailed before, comes amid a weak performance in its core bond-trading unit, and an expected rollback of onerous regulations for banks under the administration of U.S. President Donald Trump.The New York-based firm hired Credit Suisse veteran Jeff Douthit in June, naming him a partner and head of global business and consumer services.It could add another two or three more senior hires by the end of the year and another two or three in early 2018, Lemkau said."The initial focus is on a handful of strategic hires globally to try and really grow the top line and drive the business," he added. "We''re not going to start adding aggressively… but we would like to strategically and selectively enhance the team."STRATEGIC PRIORITIES The company has hired about 25 people, mostly junior bankers, over the past nine months to one year in Japan, Australia and other countries in Asia, betting GDP growth in China and other emerging economies will drive its investment banking revenue.It plans to add more senior staff in China, after it hired China-focused banker Bill Chu to its investment banking team in the country in July."The strategic priorities have been on building out the regional footprint with a particular focus on China," Lemkau said. "The growth in China, even in a more subdued GDP environment, is still much more significant than anything else we see globally."Goldman also plans to broaden and deepen coverage of companies, including unlisted ones, to tap investment banking opportunities in debt financing, equity issuance or merger and acquisitions (M&A) advice, he added.The bank, an early backer of tech companies including Uber Technologies Inc [UBER.UL] and music streaming service Spotify, could also increase equity investments through its merchant banking business, especially in Asia."If you look at our business opportunity globally, investment banking fees in Asia aren''t as large as they are in the U.S. or Europe, so the ability to create potential upside through principal investing is even greater," Lemkau said, declining to specify potential deals.He said U.S. M&A activity is expected to rebound in the coming months as companies scout new opportunities. Deals have declined in the aftermath of Trump''s election due to uncertainty about his tax reform and deregulation agenda.The consumer sector, as well as technology, media and telecommunications (TMT) could lead the rebound in deals, Lemkau said."You can envision the largest eight cable, telecom, wireless companies in the U.S. becoming three in the next few years. Any one of those would be a mega transaction. That''s a place where there''s a lot of expected activity and strategic positioning," he said.Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-goldman-sachs-banking-idUSKCN1BB11I'|'2017-08-31T12:32:00.000+03:00'
'0512f6434f266c78e98cf4523e88d406f0761fd1'|'Japan''s ANA to raise $1.3 bln in euro-yen convertible bonds'|'TOKYO, Aug 31 (Reuters) - Japanese airline ANA Holdings said on Thursday it is raising 140 billion yen ($1.3 billion) in euro-yen convertible bonds to fund fleet upgrades and share buybacks.ANA said it would spend about 70 billion yen on investments in fleet upgrading, including Boeing 787 and Airbus A320neo by the end of March 31.The company said it would buy back up to 70 billion yen worth of its own shares, or 7.1 percent of the outstanding shares by the end of March 31.ANA said it would issue convertible bonds in two tenors, maturing in 2022 and 2024 respectively.$1 = 110.4600 yen Reporting by Taiga Uranaka; Editing by Christian Schmollinger '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ana-convertible-bonds-idINL4N1LH35B'|'2017-08-31T05:35:00.000+03:00'
'ba938fbba81cf60b46f2ffd4ac4eb6d23fc636c4'|'Tokyo to Paris: could city waterways ease air pollution? - Guardian Sustainable Business'|'Once bustling thoroughfares for boats of all kinds, to some entrepreneurs the rivers in major cities are a source of untapped potential.They envisage passenger vessels expanding beyond sightseeing trips and becoming a daily means of travel for residents.If successful it could ease the pressure on congested roads and crowded public transport and help tackle air pollution .But boat operators face some major challenges. They have to be able to scale up their services to carry larger numbers of passengers, as well as trying to reduce the environmental impact of boats dependent on high-polluting diesel fuel.French company SeaBubbles shows the challenge faced on scale. It has been testing its electric water taxi, powered by lithium batteries, along the Seine in Paris this summer. CEO Anders Bringdal says he wants to make waterway transport easier, as well as reducing its associated noise and pollution levels.He says the company plans to build multiple docking stations at several piers so dozens of boats can be zipping along the river at any one time. However, the craft can only accommodate four passengers.Some of those trying to grow also face administrative battles to use waterways.In Japan, Tokyo Water Taxi is hoping to have a fleet of 60 yellow vessels on the network of rivers and canals flowing into Tokyo Bay in time for the capital hosting the 2020 Olympic Games, having launched its first two diesel-powered boats last summer.“The Odaiba area of downtown Tokyo in particular could benefit,” says CEO Hajime Tabata. “The volume of traffic for land transportation is often at maximum capacity, so waterways could be used to alleviate the congestion.”Despite its ambitions, however, the biggest challenge for Tabata’s company is the lack of available landing piers, with more than 100 wharfs along Tokyo’s waterways subject to a complex web of regulations and ownership disputes.In other cities, travelling by water is already more commonplace. In Hong Kong, the Star Ferry fleet carries more than 70,000 people over the bay between Hong Kong island and Kowloon each day. And in Istanbul, around 300,000 people a day use a variety of private ferries and water taxis to cross the Bosphorus, the river that divides the city in two.But this is still only a fraction of the commuters and holidaymakers travelling in both cities. And ferries and water taxis have not prevented Istanbul being rated one of the most congested cities in the world.These ferries and water taxis are also all running on diesel fuel, part of a maritime industry that contributes a growing amount of nitrogen dioxide, sulphur dioxide and particular matter alongside carbon dioxide emissions.Uber for coaches: can these startups revolutionise intercity travel? Read moreIn London, MBNA Thames Clippers has been slowly building a service geared toward daily commuters as well as tourists, helped by Transport for London’s decision to integrate ticketing, allowing Londoners to hop on and off boats by swiping their Oyster and contactless cards. It carried 4 million passengers in 2016.But while the company claims its retrofitted catamarans have cut particulate emissions by 50% and nitrogen oxide emissions by 40%, the boats are still powered by diesel.There are examples of boat operators changing this. In Hamburg, one operator has added a hybrid-powered ferry to its fleet crossing the Elbe river, a prototype vessel that uses both diesel and electric power sources.And in Southampton, a company called REAPsystems has developed a hybrid system for water taxi boats, one able to switch easily between a fuel engine and electric motor.The company will take their hybrid water taxi boat to Venice next year, where a hotel operator will run it on a passenger route through the canals and out to the airport throughout the summer.“We wanted to show that a more sustainable system is possible – hybridisation is a step toward getting rid of diesel,” said REAPsystems’ founder Dennis Doerffel. “Ultimately we have to replace existing transport technologies, if they pollute, with more sustainable ones.”However, without a growth in passenger numbers, the major investments in cleaner river transport technology are unlikely to come to fruition, says Rupert Fausset, a transport and energy expert at Forum for the Future.“It remains very challenging to scale up river transport and make it sustainable too,” says Fausset. “But I’m an optimist, so I would not rule out people developing more sustainable systems using new kinds of propulsion and new fuel cells in the future.”Topics Guardian sustainable business Transport Transport Rivers Water transport features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/aug/31/tokyo-paris-city-waterways-rivers-solve-congestion-air-pollution'|'2017-08-31T03:00:00.000+03:00'
'6cba6b7ff9c16daecb0086ed80cf54b46719b9f1'|'BAT changes regional management structure after Reynolds deal'|'August 31, 2017 / 6:46 AM / 2 hours ago BAT restructures to help e-cigarettes go mainstream Justin George Varghese and Martinne Geller 4 Min Read Attendees try British American Tobacco''s new tobacco heating system device ''glo'' after a news conference in Tokyo, Japan, November 8, 2016. Kim Kyung-Hoon (Reuters) - British American Tobacco ( BATS.L ) has reorganized its regional management structure to integrate its vaping products with its core business, in a push by the world’s biggest listed tobacco company to help cigarette alternatives go mainstream. The move, announced on Thursday, follows the company’s $49 billion (38 billion pounds) takeover of U.S. peer Reynolds American, which added Camel cigarettes and Vuse e-cigarettes to a BAT portfolio that includes Lucky Strike cigarettes, Vype e-cigarettes and the glo tobacco-heating device. "Now that we have built a successful NGP (next generation products) business which is poised for substantial growth, we will be fully integrating NGP to leverage the scale and expertise of the whole group to drive growth in an area that is fast becoming a key part of our mainstream business," BAT said in a statement. BAT wants to double the number of countries where it sells vaping products this year and again in 2018, as it jostles for position in a growing market against rivals Philip Morris International ( PM.N ) and Imperial Brands ( IMB.L ). BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking. Philip Morris, maker of Marlboro cigarettes, is ahead of BAT in the market for tobacco-based vaping devices, which some analysts believe will be more popular than traditional e-cigarettes with regular smokers, and its shares have been at a bigger premium to its peers. ( bit.ly/2xOLU9R ) Last month, the U.S. Food and Drug Administration (FDA) proposed cutting nicotine in cigarettes to "non-addictive" levels in a push to move smokers towards potentially less harmful e-cigarettes. Under the management reorganization announced on Thursday BAT appointed Asia-Pacific Director Jack Bowles to the newly created role of chief operating officer for the international business, excluding the United States. Shares were up around 1.5 percent at 1322 GMT on Thursday. Jefferies analyst Owen Bennett said the changes could add some uncertainty for BAT in the near term, but in the longer term it reinforced the importance of cigarette alternatives to tobacco companies, which face slowing sales globally. "Whereas those companies that were better positioned for emerging market growth in the past were favoured, the key differentiator now is likely to be who is positioned best in emerging products, given the recent slowdown in emerging market cigarettes," the analyst said. Japan Tobacco said last week it would buy the Philippines'' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month, as it deepens its push into emerging markets. British American Tobacco vs Philip Morris (YTD) bit.ly/2xOLU9R Reporting By Justin George Varghese in Bengaluru and Martinne Geller in London; Editing by Greg Mahlich and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-brit-am-tobacco-moves-idUKKCN1BB0LW'|'2017-08-31T09:51:00.000+03:00'
'93f473a6d3975325690f296a91b48a40cc71f4ed'|'UPDATE 3-Harvey may cause long-term disruption on Houston''s rail tracks'|'(Adds details on Union Pacific assets, paragraphs 5-6, 8)By Nick Carey and Eric M. JohnsonAug 30 (Reuters) - Major U.S. railroads have warned it could be a long time before normal operations resume in the Houston area where Tropical Storm Harvey caused catastrophic flooding that overwhelmed roads, bridges and train tracks.The closure of rail lines in the grain transport hub and nexus for cross-border traffic with Mexico presents a costly headache for customers ranging from automakers to farmers who use the lines to send ethanol, cereals and auto parts to and from Mexico or to be loaded onto ships.The top two U.S. railroads, Union Pacific Corp and Berkshire Hathaway Inc''s BNSF Railway, have suspended operations in the area affected by the storm, as has regional railroad Kansas City Southern."We don''t have a historical precedent with this one," said Thomas Williamson, owner of Florida-based rail broker Transportation Consultants Co. "I expect service to be disrupted anywhere from two to six weeks."Union Pacific, the No. 1 U.S. railroad, said that as of midday on Wednesday, sections of track were out of service in 18 of its 28 Houston-area subdivisions, and it was sending traffic along alternate routes through Longview and Dallas to avoid the Houston area.The railroad said it was using helicopters and drones to inspect track and facilities in areas without road access with a goal to assess damage before week''s end, and workers were reassembling major rail yards at Settegast, near downtown Houston, and Englewood.According to a Midwest-based conductor at the railroad who spoke on condition of anonymity, parts of Union Pacific''s Englewood Yard were flooded as of late Tuesday.The company, which has been rerouting rail traffic away from Houston, said traffic entering or leaving through the north and east sides of Houston was still on hold, and its main line between Houston and San Antonio, to the west, was still out of service.BNSF said in a Tuesday customer announcement that normal train flows in the area were unlikely to resume for "an extended period."A spokesman at CSX Corp, the No. 3 U.S. railroad, which has so far been unaffected by Harvey, said on Wednesday it was "closely watching the weather conditions in Louisiana and the southwestern portion of our operating network." (Reporting by Nick Carey in Detroit and Eric M. Johnson in Seattle; Additional reporting by Jarrett Renshaw in New York and Michael Hirtzer and Karl Plume in Chicago; Editing by Bill Rigby and Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-rail-idINL2N1LG1PG'|'2017-08-30T15:52:00.000+03:00'